Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2023 | |
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 N.W. 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, $1.00 par value per share | |
Trading Symbol | USCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 19,622,380 | |
Amendment Flag | false | |
Entity Central Index Key | 0001901637 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and due from banks | $ 5,586 | $ 6,605 |
Interest-bearing deposits in banks | 57,665 | 47,563 |
Total cash & cash equivalents | 63,251 | 54,168 |
Investment securities held to maturity, net of allowance for credit losses of $0 (fair value $169,167 and $169,088, respectively) | 186,428 | 188,699 |
Investment securities available for sale, at fair value | 229,409 | 230,140 |
Federal Home Loan Bank stock, at cost | 6,143 | 2,882 |
Loans held for investment, net of allowance of $18,887 and $17487, respectively | 1,561,507 | 1,489,851 |
Accrued interest receivable | 8,216 | 7,546 |
Premises and equipment, net | 5,135 | 5,263 |
Bank owned life insurance | 43,048 | 42,781 |
Deferred tax assets, net | 39,567 | 42,360 |
Lease right-of-use asset | 13,652 | 14,395 |
Other assets | 7,465 | 7,749 |
Total assets | 2,163,821 | 2,085,834 |
Deposits: | ||
Demand deposits | 633,606 | 629,776 |
Money market and savings accounts | 900,478 | 915,853 |
Interest-bearing checking | 50,573 | 66,675 |
Time deposits over $250,000 | 245,805 | 216,977 |
Total deposits | 1,830,462 | 1,829,281 |
Federal Home Loan Bank advances | 120,000 | 46,000 |
Lease liability | 13,652 | 14,395 |
Accrued interest and other liabilities | 15,849 | 13,730 |
Total liabilities | 1,979,963 | 1,903,406 |
Commitments and contingencies (see Note 10 and 18) | ||
Stockholders' Equity: | ||
Additional paid-in capital on common stock | 305,921 | 311,282 |
Accumulated deficit | (99,620) | (104,104) |
Accumulated other comprehensive loss | (42,065) | (44,751) |
Total stockholders' equity | 183,858 | 182,428 |
Total liabilities and stockholders' equity | 2,163,821 | 2,085,834 |
Preferred Stock Class C [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class D [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class E [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 19,622 | 20,001 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Held for sale, allowance for credit loss | $ 0 | $ 0 |
Investment securities held to maturity, fair value | 169,167,000 | 169,088,000 |
Loans held for investment, allowance | $ 18,887,000 | $ 17,487,000 |
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 | 19,622,380 | 20,000,753 |
Common stock, shares outstanding | 19,622,380 | 20,000,753 |
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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income: | ||
Loans, including fees | $ 19,711 | $ 12,982 |
Investment securities | 2,286 | 2,329 |
Interest-bearing deposits in financial institutions | 382 | 31 |
Total interest income | 22,379 | 15,342 |
Interest expense: | ||
Interest-bearing deposits | 43 | 16 |
Money market and savings accounts | 4,785 | 551 |
Time deposits | 1,057 | 259 |
Federal Home Loan Bank advances and other | 497 | 137 |
Total interest expense | 6,382 | 963 |
Net interest income before provision for credit losses | 15,997 | 14,379 |
Provision for credit losses | 201 | |
Net interest income after provision for credit losses | 15,796 | 14,379 |
Non-interest income: | ||
Service fees | 1,205 | 900 |
Bank Owned life insurance income | 267 | 266 |
(Loss) gain on sale of securities available for sale, net | (21) | 21 |
Gain on sale of loans held for sale, net | 347 | 334 |
Loan settlement | 161 | |
Other non-interest income | 539 | 529 |
Total non-interest income | 2,070 | 1,945 |
Non-interest expense: | ||
Salaries and employee benefits | 6,377 | 5,875 |
Occupancy | 1,299 | 1,270 |
Regulatory assessment and fees | 224 | 213 |
Consulting and legal fees | 358 | 517 |
Network and information technology services | 478 | 387 |
Other operating expense | 1,440 | 1,350 |
Total non -interest expense | 10,176 | 9,612 |
Net income before income tax expense | 7,690 | 6,712 |
Income tax expense | 1,881 | 1,858 |
Net income | 5,809 | 4,854 |
Net income available to common stockholders | 5,809 | 4,854 |
Common Class A [Member] | ||
Non-interest expense: | ||
Net income available to common stockholders | $ 5,809 | $ 4,854 |
Per share information: | ||
Net income per share, basic | $ 0.29 | $ 0.24 |
Net income per share, diluted | $ 0.29 | $ 0.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 5,809 | $ 4,854 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on investment securities | 3,637 | (22,775) |
Amortization of net unrealized (loss) gain on securities transferred from available-for-sale to held-to-maturity | (60) | 65 |
Reclassification adjustment for loss (gain) included in net income | 21 | (21) |
Tax effect | (912) | 5,789 |
Total other comprehensive income (loss), net of tax | 2,686 | (16,942) |
Total comprehensive income (loss) | $ 8,495 | $ (12,088) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital On Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] Accumulated Deficit [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] Common Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] Additional Paid-In Capital On Common Stock [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] Accumulated Deficit [Member] | Cumulative Effect Period Of Adoption Adjusted Balance [Member] Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2021 | $ 203,897 | $ 19,992 | $ 310,666 | $ (124,245) | $ (2,516) | ||||||
Balance, shares at Dec. 31, 2021 | 19,991,753 | ||||||||||
Net income | 4,854 | 4,854 | |||||||||
Other comprehensive income (loss) | (16,942) | (16,942) | |||||||||
Exercise of stock options | 102 | $ 9 | 93 | ||||||||
Exercise of stock options, shares | 9,000 | ||||||||||
Issuance of Class A common stock, net of offering costs of $6,048 | 102 | $ 9 | 93 | ||||||||
Issuance of Class A common stock, net of offering costs of $6,048, shares | 9,000 | ||||||||||
Stock based compensation | 128 | 128 | |||||||||
Balance at Mar. 31, 2022 | 192,039 | $ 20,001 | 310,887 | (119,391) | (19,458) | ||||||
Balance, shares at Mar. 31, 2022 | 20,000,753 | ||||||||||
Balance at Dec. 31, 2022 | 182,428 | $ 20,001 | 311,282 | (104,104) | (44,751) | $ (1,325) | $ 181,103 | $ 20,001 | $ 311,282 | $ (105,429) | $ (44,751) |
Balance, shares at Dec. 31, 2022 | 20,000,753 | 20,000,753 | |||||||||
Net income | 5,809 | 5,809 | |||||||||
Other comprehensive income (loss) | 2,686 | 2,686 | |||||||||
Repurchase of Class A common stock | (5,867) | $ (500) | (5,367) | ||||||||
Repurchase of Class A common stock, shares | 500,000 | ||||||||||
Restricted stock issued | $ 121 | (121) | |||||||||
Restricted stock issued, shares | 121,627 | ||||||||||
Stock based compensation | 127 | 127 | |||||||||
Balance at Mar. 31, 2023 | $ 183,858 | $ 19,622 | $ 305,921 | $ (99,620) | $ (42,065) | ||||||
Balance, shares at Mar. 31, 2023 | 19,622,380 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 5,809 | $ 4,854 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 201 | |
Depreciation and amortization | 150 | 188 |
(Accretion) Amortization of premiums on securities, net | (38) | 169 |
Accretion of deferred loan fees, net | (93) | (807) |
Stock based compensation | 127 | 128 |
Loss (gain) on sale of available for sale securities | 21 | (21) |
Gain on sale of loans held for sale | (347) | (334) |
Increase in cash surrender value of bank owned life insurance | (267) | (266) |
Decrease in deferred tax asset | 1,881 | 1,858 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable | (670) | (328) |
Other assets | 284 | (2,838) |
Accrued interest and other liabilities | 1,943 | 3,000 |
Net cash provided by operating activities | 9,001 | 5,603 |
Cash flows from investing activities: | ||
Purchase of investment securities held to maturity | (2,432) | |
Proceeds from maturities and pay-down of investment securities held to maturity | 2,406 | 2,626 |
Purchase of investment securities available for sale | (7,667) | (42,794) |
Proceeds from maturities and pay-down of investment securities available for sale | 3,261 | 14,788 |
Proceeds from sales of investment securities available for sale | 8,617 | 14,558 |
Net increase in loans held for investment | (77,413) | (617) |
Purchase of loans held for investment | (70,175) | |
Additions to premises and equipment | (22) | (155) |
Proceeds from the sale of loans held for sale | 4,847 | 3,643 |
Proceeds from the redemption of Federal Home Loan Bank stock | 3,570 | |
Purchase of Federal Home Loan Bank stock | (6,831) | |
Net cash used in investment activities | (69,232) | (80,735) |
Cash flows from financing activities: | ||
Proceeds from issuance of Class A common stock, net | 102 | |
Repurchase of Class A common stock | (5,867) | |
Net increase in deposits | 1,181 | 122,915 |
Proceeds from Federal Home Loan Bank advances | 158,000 | |
Repayments on Federal Home Loan Bank advances | (84,000) | |
Net cash provided by financing activities | 69,314 | 123,017 |
Net increase in cash and cash equivalents | 9,083 | 47,885 |
Cash and cash equivalents at beginning of year | 54,168 | 46,228 |
Cash and cash equivalents at end of year | 63,251 | 94,113 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 6,044 | 961 |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfer of loans held for investment to loans held for sale | $ 4,500 | $ 3,309 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Overview USCB Financial Holdings, Inc., a Florida corporation incorporated in 2021, is a bank owned subsidiary, U.S. Century is a Florida in South Florida. The Bank owns transactions closed at the Bank. Licensed Florida Peninsula Title LLC began operations in 2021. Basis of Presentation The accompanying unaudited consolidated financial Form 10-Q and do not (“U.S. opinion periods presented have with the Form 10-K/A for the year ended December 31, 2022. Principles of Consolidation The balances are eliminated in consolidation. Use of Estimates To on available most significant estimates and income taxes. Reclassifications Certain amounts in the Reclassifications had no impact on the net income or stockholders’ equity of the Company. Recently Issued Accounting Standards Adoption of New Accounting Standards Measurement of Credit Losses on Financial Instruments On Measurement of Credit Losses on Financial Instruments, as an expected of including accounted instruments) and ASC 326 amended the accounting presented as intend to sell or believes that it is more likely than not they will be required to sell. Under CECL, internal Historical credit losses provide expected credit is used to aid management in the assessment of qualitative factor adjustments applied to expected credit losses. The economic regression analyses economic factors were used to determine suitable loss drivers A fundamentally utilizes an expected discounted cash run determine the lifetime of the instrument is the difference between the sum of the present value of future cash the measurement date. Management elected a long-term average loss rate is calculated for implemented measurements based on the loan portfolio. For loans collectively 1.3 84 % were evaluated method and 251.0 16 % were $ 7.9 Portfolio segments are the level at which loss assumptions are applied to a pool of loans based on the similarity of risk characteristics inherent currently segments the portfolio based on collateral codes for purpose of establishing reserves. Each of these segments is paired Company has established relationships between internal segmentation and loss driver for each loan portfolio segment is derived from a the Federal Reserve Bank projections of U.S. residential Research Group revert on a loans. The model incorporates qualitative factor adjustments in order to calibrate the model for risk that may not management's expectation model. The credit losses within other liabilities. collectively evaluated loan portfolio. The impact of adoption of the ASU 2016-13 was an increase to the allowance for credit losses on loans receivables of $ 1.1 259 adjustment resulted in a decrease of $ 1. 3 million in retained earnings. See “Allowance for Credit Losses” section in Note 3 for more information on the allowance of credit losses (”ACL”). Trouble Debt Restructuring In March 02, Financial Instruments-Credit Losses (Topic standard whether modifications, and disclosures table (see basis. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements. Issued and Not Yet Adopted Reference Rate Reform In Reference Rate Reform on 2021-01 which provides optional guidance for a the effects of) 2024. The ASU will have a material effect on our business operations and consolidated financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments Securities [Abstract] | |
Investment Securities | 2. On Measurement of Credit Losses on Financial Instruments, as an expected of including loan receivables and for-sale debt securities. One down on available-for-sale debt will be required to sell. CECL requires loss credit performance issued bonds in HTM the explicit guarantee of the US Government is sufficient to conclude that a credit loss reserve is not required. The securitizations. measurement Moody’s baseline economic represents the likelihood a borrower will default. Within the Moody’s model, this is determined using historical default data, adjusted for the current economic environment. LGD projects the expected loss if a borrower were to default. At 175.4 mortgage-backed no reserves on 11.0 corporate bonds. The required resulting amount of allowance was immaterial at March 31, 2023. There was no The following tables value of investment securities at the dates indicated (in thousands): During the 26 value 74.4 63.8 unrealized loss 10.6 comprehensive income (“AOCI”) March 31, $ 60 9.7 Gains identification basis. The following table presents calls of AFS debt securities for the three months ended March 31, 2023 and 2022 (in thousands): The amortized indicated (in thousands). Actual maturities may differ call or prepay separately. At March 31, 2023, there were no securities held in the portfolio from any one issuer in an amount greater than 10% total mortgage obligations and December 31, 2022. Information pertaining length of dates (in thousands): As of 133.4 the AFS portfolio associated with changes in the cost basis of the securities upon transfer between portfolios. ASC Topic losses to be recorded as an allowance rather than through a under ASC Topic factors like review of credit investment is expected to has concluded that no allowance was required. At 53.7 collateralized 294.6 attributable to a combination of factors, including relative changes in interest rates since the time of purchase. The sponsored entities. The municipal Based security holdings are a quality. Management expects to recover the entire amortized cost basis of these securities. At December 31, 2022, the Company does not intend to sell debt securities that are in it is not more than likely cost basis. Therefore, management does 31, 2022. Pledged Securities The Company maintains 20.0 guaranteed with investment securities upon withdrawal. Any on prevailing no t have under this agreement. The Company is a Qualified Public Depositor (“QPD”) with the State authority to maintain public deposits from cities, municipalities, and the State of Florida. These public deposits are secured by securities pledged 25 % of the also maintain a minimum amount of pledged securities to be in the public funds program. As of 206.3 to the State of Florida for these twenty one 62.3 As of December 31, 204.2 pledged eighteen $ 49.0 The Federal The BTFP institutions pledging These assets will be valued at par. The Company had no 24.3 to the Federal Reserve Bank of Atlanta for the BTFP program. March 31, 2023 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 10,184 $ - $ (1,353) $ 8,831 Collateralized mortgage obligations 110,180 - (21,343) 88,837 Mortgage-backed securities - residential 72,690 - (12,124) 60,566 Mortgage-backed securities - commercial 37,043 6 (4,449) 32,600 Municipal securities 25,064 - (5,754) 19,310 Bank subordinated debt securities 16,831 18 (1,352) 15,497 Corporate bonds 4,035 - (267) 3,768 $ 276,027 $ 24 $ (46,642) $ 229,409 Held-to-maturity: U.S. Government Agency $ 44,792 $ 126 $ (5,182) $ 39,736 U.S. Treasury 9,951 - (8) 9,943 Collateralized mortgage obligations 67,404 161 (7,019) 60,546 Mortgage-backed securities - residential 41,842 483 (4,237) 38,088 Mortgage-backed securities - commercial 11,399 - (644) 10,755 Corporate bonds 11,040 - (941) 10,099 $ 186,428 $ 770 $ (18,031) $ 169,167 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 Three Months Ended Mach 31, Available-for-sale: 2023 2022 Proceeds from sale and call of securities $ 8,617 $ 14,558 Gross gains $ 3 $ 158 Gross losses (24) (137) Net realized (loss) gain $ (21) $ 21 Available-for-sale Held-to-maturity March 31, 2023: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ 11,460 $ 11,426 Due after one year through five years 4,035 3,768 9,531 8,616 Due after five years through ten years 17,831 16,329 - - Due after ten years 24,064 18,478 - - U.S. Government Agency 10,184 8,831 44,792 39,736 Collateralized mortgage obligations 110,180 88,837 67,404 60,546 Mortgage-backed securities - residential 72,690 60,566 41,842 38,088 Mortgage-backed securities - commercial 37,043 32,600 11,399 10,755 $ 276,027 $ 229,409 $ 186,428 $ 169,167 March 31, 2023 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 $ 4,281 $ (245) $ 44,285 $ (7,474) $ 48,566 $ (7,719) U.S. Treasury 9,943 (8) - - 9,943 (8) Collateralized mortgage obligations - - 149,381 (32,872) 149,381 (32,872) Mortgage-backed securities - residential - - 96,290 (18,600) 96,290 (18,600) Mortgage-backed securities - commercial 4,185 (55) 36,610 (6,534) 40,795 (6,589) Municipal securities - - 19,310 (5,754) 19,310 (5,754) Bank subordinated debt securities 6,245 (220) 8,369 (1,131) 14,614 (1,351) Corporate bonds - - 13,867 (770) 13,867 (770) $ 24,654 $ (528) $ 368,112 $ (73,135) $ 392,766 $ (73,663) 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) |
Loans
Loans | 3 Months Ended |
Mar. 31, 2023 | |
Loans [Abstract] | |
Loans | 3. On accordance allowance for credit losses (“ACL”) methodology that replaces its ACL section in this note for further information under legacy GAAP and may not be comparable to current period presentation. The following table is a summary of the distribution of loans held for investment by type (in thousands): At 358.8 338.1 commercial real Reserve Bank of Atlanta. The Company was a participant in the Small Business loans. These loans the funds had to be used towards payroll cost, loans are forgivable under 308 at March 31, 2023 and $ 1.3 The Company recognized $ 1 1.0 ended Statements of Operations. Allowance for Credit Losses In general, the to estimate the cash flow analyses. Management engaged in development of a from FFIEC Call Report filings is used forecasts in projective models. Economic receivables use at product growth long-term average loss rate is calculated and economic expectations are made through qualitative factors. Qualitative factors used in the ACL methodology include: • • • • • • • • ACL for ended December 31, 2022, and prior periods, it was estimated under the incurred loss model. Changes in the allowance thousands): The ACL and the outstanding balances in the specified loan categories as of March 31, are as follows (in thousands): Credit Quality Indicators The Company grades loans based loan agreement based on payment periodically. The Company's internally assigned credit risk grades are as follows: Pass – Loans indicate different levels of satisfactory financial condition and performance. Special Mention close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligator or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful the added characteristic that the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loss – Loans classified as loss are considered uncollectible. Loan credit exposures by internally assigned grades are presented below for the periods indicated (in thousands): The Company had charge offs totaling 5 originated within 2023. Loan Aging The Company The Company The following December 31, 2022 (in thousands): Nonaccrual Status The following table and still accruing as of March 31, 2023: The Company did no t have loans in nonaccrual status as of December 31, 2022. Accrued interest no attributable to nonaccrual loans outstanding during the three months these loans for 2 0 respectively, had these loans performed in accordance with their original terms. Collateral-Dependent Loans A expected to no loans as of March 31, 2023 and as of December 31, 2022. Impaired Loans The following table includes the unpaid principal balances for applicable, on the basis of impairment methodology as of December 31, 2022 (in thousands): Net investment balance is the unpaid principal balance of the loan adjusted for the remaining net deferred loan fees. The thousands): Interest income recognized on impaired loans for the three months ended March 31, 2022 was $ 91 Loan Modifications to Borrowers Experiencing Financial Difficulties The Company did no t have new modifications to borrowers experiencing financial difficulties and no that subsequently defaulted during for the three months ended March 31, 2023. March 31, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential Real Estate $ 184,427 11.7 % $ 185,636 12.3 % Commercial Real Estate 987,757 62.5 % 970,410 64.4 % Commercial and Industrial 160,947 10.2 % 126,984 8.4 % Foreign Banks 97,405 6.1 % 93,769 6.2 % Consumer and Other 149,410 9.5 % 130,429 8.7 % Total 1,579,946 100.0 % 1,507,228 100.0 % Less: Deferred fees (cost) 448 (110) Total 1,580,394 1,507,338 Less: Allowance for credit losses 18,887 17,487 Total $ 1,561,507 $ 1,489,851 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended March 31, 2023 Beginning balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Cumulative effect of adoption of accounting principle (1) 1,238 1,105 (2,158) 23 858 1,066 Provision for credit losses (2) 221 (795) 318 29 512 285 Recoveries 8 - 44 - 2 54 Charge-offs - - - - (5) (5) Ending Balance $ 2,819 $ 10,453 $ 2,367 $ 772 $ 2,476 $ 18,887 Three Months Ended March 31, 2022 Beginning balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Provision for credit losses (157) 425 (426) 34 124 - Recoveries 32 - 6 - - 38 Charge-offs (16) - - - (5) (21) Ending Balance $ 2,357 $ 9,183 $ 2,355 $ 491 $ 688 $ 15,074 (1) Impact of CECL adoption on January 1, 2023 (2) Provision for credit losses excludes $ 84 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total March 31, 2023: Allowance for credit losses: Individually evaluated for impairment $ 149 $ - $ 96 $ - $ 94 $ 339 Collectively evaluated for impairment 2,670 10,453 2,271 772 2,382 18,548 Balances, end of period $ 2,819 $ 10,453 $ 2,367 $ 772 $ 2,476 $ 18,887 Loans: Individually evaluated for impairment $ 7,155 $ - $ 558 $ - $ 171 $ 7,884 Collectively evaluated for impairment 177,272 987,757 160,389 97,405 149,239 1,572,062 Balances, end of period $ 184,427 $ 987,757 $ 160,947 $ 97,405 $ 149,410 $ 1,579,946 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 As of March 31, 2023 Term Loans by Origination Year Revolving Loans Total 2023 2022 2021 2020 2019 Prior Residential real estate Pass $ 2,736 $ 40,571 $ 27,348 $ 7,224 $ 10,119 $ 90,718 $ 5,711 $ 184,427 Total 2,736 40,571 27,348 7,224 10,119 90,718 5,711 184,427 Commercial real estate Pass 25,800 342,353 226,774 107,237 81,305 197,272 4,474 985,215 Substandard - - 1,842 700 - - - 2,542 Total 25,800 342,353 228,616 107,937 81,305 197,272 4,474 987,757 Commercial and industrial Pass 35,181 39,173 35,534 9,402 17,571 2,994 19,928 159,783 Substandard - - - - 486 308 370 1,164 Total 35,181 39,173 35,534 9,402 18,057 3,302 20,298 160,947 Foreign banks Pass 47,410 49,995 - - - - - 97,405 Total 47,410 49,995 - - - - - 97,405 Consumer and other loans Pass 18,948 76,401 49,777 714 501 1,504 1,394 149,239 Substandard - - - - - 171 - 171 Total 18,948 76,401 49,777 714 501 1,675 1,394 149,410 Total Pass 130,075 548,493 339,433 124,577 109,496 292,488 31,507 1,576,069 Special Mention - - - - - - - - Substandard - - 1,842 700 486 479 370 3,877 Doubtful - - - - - - - - Total $ 130,075 $ 548,493 $ 341,275 $ 125,277 $ 109,982 $ 292,967 $ 31,877 $ 1,579,946 As of December 31, 2022 Pass Special Mention Substandard Doubtful Total Loans Residential real estate: Home equity line of credit 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 - 704,909 967,465 - 2,945 - 970,410 Commercial and industrial: 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 Accruing As of March 31, 2023 Current Past Due 30- 89 Days Past Due 90 Days or > and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 606 $ - $ - $ 606 $ - $ 606 1-4 family residential 128,622 1,156 - 129,778 - 129,778 Condo residential 52,859 1,184 - 54,043 - 54,043 182,087 2,340 - 184,427 - 184,427 Commercial real estate: Land and construction 34,986 - - 34,986 - 34,986 Multi-family residential 175,358 - - 175,358 - 175,358 Condo commercial 53,583 - - 53,583 - 53,583 Commercial property 723,770 - - 723,770 - 723,770 Leasehold improvements 60 - - 60 - 60 987,757 - - 987,757 - 987,757 Commercial and industrial: Secured 153,810 2,343 - 156,153 486 156,639 Unsecured 4,059 249 - 4,308 - 4,308 157,869 2,592 - 160,461 486 160,947 Foreign banks 97,405 - - 97,405 - 97,405 Consumer and other 149,239 171 - 149,410 - 149,410 Total $ 1,574,357 $ 5,103 $ - $ 1,579,460 $ 486 $ 1,579,946 Accruing As of December 31, 2022: Current Past Due 30-89 Days Past Due 90 Days or > 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 March 31, 2023 Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccruals Loans Past Due Over 90 Days and Still Accruing Residential real estate $ - $ - $ - $ - Commercial real estate - - - - Commercial and industrial - 486 486 - Consumer and other - - - - $ - $ 486 $ 486 $ - December 31, 2022 Unpaid Principal Balance Net Investment Balance Valuation Allowance Impaired Loans with No Specific Allowance: Residential real estate $ 3,551 $ 3,544 $ - Commercial real estate 393 393 - 3,944 3,937 - Impaired Loans with Specific Allowance: Residential real estate 3,655 3,626 155 Commercial and industrial 82 82 41 Consumer and other 196 196 98 3,933 3,904 294 Total $ 7,877 $ 7,841 $ 294 Three Months Ended March 31, 2022 Residential real estate $ 8,181 Commercial real estate 649 Commercial and industrial 137 Consumer and other 220 Total $ 9,187 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 4. The Company’s provision for income taxes is presented in the following table for the dates indicated (in thousands): The actual expense for 21 % for before provision for income taxes) as follows (in thousands): The Company’s deferred tax assets and deferred tax liabilities as of the dates indicated were (in thousands): March 31, 2023 December 31, 2022 Deferred tax assets: Net operating loss $ 19,998 $ 21,720 Allowance for credit losses 4,787 4,432 Lease liability 3,460 3,648 Unrealized losses on available for sale securities 14,281 15,193 Deferred loan fees - - Depreciable property 170 158 Stock option compensation 406 373 Accruals 234 723 Deferred tax assets: 43,336 46,247 Deferred tax liability: Deferred loan cost (113) (28) Lease right of use asset (3,460) (3,648) Deferred expenses (165) (175) Other, net (31) (36) Deferred tax liability (3,769) (3,887) Net deferred tax assets $ 39,567 $ 42,360 The Company 75.0 97.7 expiring in various amounts between 2031 and 2036 and which are limited to offset, to the extent permitted, future earnings of the Company. In assessing the realizability of portion or upon the generation of future taxable Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The major tax jurisdictions of Florida. With few exceptions, authorities for years before 2019. For the three months ended March 31, 2023 and 2022, the Company did no t have any unrecognized tax benefits as a result of no recorded as a result of tax uncertainties. Three Months Ended March 31, 2023 2022 Current: Federal $ - $ - State - - Total - - Deferred: Federal 1,472 1,442 State 409 416 Total 1,881 1,858 Total $ 1,881 $ 1,858 Three Months Ended March 31, 2023 2022 Federal taxes at statutory rate $ 1,615 $ 1,409 State income taxes, net of federal tax benefit 334 289 Bank owned life insurance (68) (67) Other, net - 227 Total $ 1,881 $ 1,858 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements | 3 Months Ended |
Mar. 31, 2023 | |
Off-Balance Sheet Arrangements [Abstract] | |
Off-Balance Sheet Arrangements | 5. The Company is a party to meet the financial instruments include unfunded letters of amount recognized in the commitments and conditional obligations as it does for on-balance sheet instruments. The Company's exposure to for unused lines of credit, and standby letters of credit is represented by the contractual amount of these commitments. A March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Commitments to grant loans and unfunded lines of credit $ 81,506 $ 95,461 Standby and commercial letters of credit 3,542 4,320 Total $ 85,048 $ 99,781 Commitments to extend established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Unfunded lines of credit customers. These lines not be drawn upon to the total extent to which the Company committed. Standby performance of arrangements. Essentially all letters of credit have fixed maturity upon, they do not generally present a significant liquidity risk to the Company. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Derivatives [Abstract] | |
Derivatives | 6. The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk exposure. The notional amount of by the individual interest rate swap agreements. The Company enters into interest rate 17 15 with 40.9 33.9 December 31, 2022, respectively. corresponding Company to provide the counterparty with funds to be held as collateral which the Company reports as other assets under the Consolidated Balance accounting purposes. The following table reflects the Company’s customer-related interest rate swaps at the dates indicated (in thousands): Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability March 31, 2023: Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 40,896 $ 1,287 Other assets/Other liabilities $ 4,673 $ 4,673 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 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 7. Determination of Fair Value The Company determine fair value disclosures. In financial instrument is the price that would be received to between market However, in many where quoted techniques. Those techniques are of future cash flows. The fair (that is, market conditions. change in the depends on the facts and circumstances and requires within the range that is most representative of fair value under current market conditions. Fair Value Hierarchy In accordance with this at fair assumptions used to determine fair value. Level 1 entity has the equity securities sources for market transactions involving identical assets or liabilities. Level 2 asset liabilities; quoted prices by observable market data for substantially the full term of the asset or liability. Level 3 significant whose value well as instruments for which determination of fair value requires significant management judgment or estimation. A significant to the fair value measurement. Items Measured at Fair Value on a Recurring Basis AFS investment securities: for such Management reviews pricing methodologies provided observable market information is party broker-dealers are classified securities, pricing models or discounted cash flow analyses utilizing inputs observable in the market where available. Derivatives: classified within Level 2 of the hierarchy. The March 31, 2023 and December 31, 2022 for each of the fair value hierarchy levels (in thousands): Items Measured at Fair Value on a Non-recurring Basis Individually Evaluated Loans ASC 326 eliminates loans guidance, individual 3.9 approximately $ 3.6 294 credit losses at of expected cash flows estimates of changes in economic conditions are considered a Level 3 valuation. Other Real estimate of valuation technique and the appraiser uses the value for changes in market conditions subsequent to the a consequence of the considered a Level 3 valuation. The following and December 31, 2022 for each of the fair value hierarchy levels (in thousands): The following table presents quantified information about Level 3 value on a non-recurring basis at December 31, 2022 (in thousands): There were no 2022. Items Not Measured at Fair Value The following table presents the value as of December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 8,831 $ - $ 8,831 $ - $ 8,655 $ - $ 8,655 Collateralized mortgage obligations - 88,837 - 88,837 - 95,541 - 95,541 Mortgage-backed securities - residential - 60,566 - 60,566 - 60,879 - 60,879 Mortgage-backed securities - commercial - 32,600 - 32,600 - 27,954 - 27,954 Municipal securities - 19,310 - 19,310 - 18,483 - 18,483 Bank subordinated debt securities - 15,497 - 15,497 - 14,919 - 14,919 Corporate bonds - 3,768 - 3,768 - 3,709 - 3,709 Total - 229,409 - 229,409 - 230,140 - 230,140 Derivative assets - 4,673 - 4,673 - 5,011 - 5,011 Total assets at fair value $ - $ 234,082 $ - $ 234,082 $ - $ 235,151 $ - $ 235,151 Derivative liabilities $ - $ 4,673 $ - $ 4,673 $ - $ 5,011 $ - $ 5,011 Total liabilities at fair value $ - $ 4,673 $ - $ 4,673 $ - $ 5,011 $ - $ 5,011 Level 1 Level 2 Level 3 Total March 31, 2023: Individually evaluated loans $ - $ - $ - $ - December 31, 2022: Impaired loans $ - $ - $ 3,639 $ 3,639 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 Consumer and other loans 98 Discounted cash flow Adj. for differences in net operating income expectations Total $ 3,639 Fair Value Hierarchy Carrying Amount Level 1 Level 2 Level 3 Fair Value Amount March 31, 2023: Financial Assets: Cash and due from banks $ 5,586 $ 5,586 $ - $ - $ 5,586 Interest-bearing deposits in banks $ 57,665 $ 57,665 $ - $ - $ 57,665 Investment securities held to maturity, net $ 186,428 $ - $ 169,167 $ - $ 169,167 Loans held for investment, net $ 1,561,507 $ - $ - $ 1,518,178 $ 1,518,178 Accrued interest receivable $ 8,216 $ - $ 1,248 $ 6,968 $ 8,216 Financial Liabilities: Demand deposits $ 633,606 $ 633,606 $ - $ - $ 633,606 Money market and savings accounts $ 900,478 $ 900,478 $ - $ - $ 900,478 Interest-bearing checking accounts $ 50,573 $ 50,573 $ - $ - $ 50,573 Time deposits $ 245,805 $ - $ - $ 241,263 $ 241,263 FHLB advances $ 120,000 $ - $ 118,852 $ - $ 118,852 Accrued interest payable $ 567 $ - $ 327 $ 240 $ 567 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 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 8. Common Stock In July 4,600,000 10.00 40.0 million after deducting underwriting discounts and expenses. In December 2021, the Company acquired all of the Bank, which (the “Reorganization”) effected under the Florida Business Corporation Act. Each outstanding share of the common stock, 1.00 one newly 1.00 Company’s wholly owned subsidiary. In the same designations, held in the Bank, and stock as they previously owned of the Bank’s common stock. The Company issued 121,627 pursuant to the Company’s 2015 equity incentive plan in March 2023. During 500,000 weighted average price per share of $ 11.74 . The aggregate purchase price for these transactions was approximately 5.9 million, Company’s 250,000 repurchase under this program. Shares of the of March 31, were 19,622,380 20,000,753 , respectively. Dividends Declaration of dividends by the Board is No the Board for the common stock classes for the three months ended no dividends declared and unpaid as of March 31, 2023 and 2022. The capitalized” guidelines as of December 31, 2022 and for the Company and the Bank were 13.20 % and 13.12 %, respectively. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings securities. Basic number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by shares outstanding for the period the period determined common stock options and are only included in the calculation of diluted EPS when their effect is dilutive. The following table reflects the calculation March 31, 2023 and 2022 (in thousands): The following table reflects the calculation of basic and diluted ended March 31, 2023 and 2022 (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Net Income $ 5,809 $ 4,854 Less: Preferred stock dividends - - Net income available to common stockholders $ 5,809 $ 4,854 Three Months Ended March 31, 2023 2022 Class A Class A Basic EPS Numerator: Net income available to common shares $ 5,809 $ 4,854 Denominator: Weighted average shares outstanding 19,855,409 19,994,953 Earnings per share, basic $ 0.29 $ 0.24 Diluted EPS Numerator: Net income available to common shares $ 5,809 $ 4,854 Denominator: Weighted average shares outstanding for basic EPS 19,855,409 19,994,953 Add: Dilutive effects of assumed exercises of stock options 85,197 114,830 Weighted avg. shares including dilutive potential common shares 19,940,606 20,109,783 Earnings per share, diluted $ 0.29 $ 0.24 Anti-dilutive stock options excluded from diluted EPS 572,500 - |
Loss Contingencies
Loss Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Loss Contingencies [Abstract] | |
Loss Contingencies | 10. Loss contingencies, including management, none of on the Company’s Consolidated Financial Statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Consolidated Financial Statement Presentation | Basis of Presentation The accompanying unaudited consolidated financial Form 10-Q and do not (“U.S. opinion periods presented have with the Form 10-K/A for the year ended December 31, 2022. |
Principles of Consolidation | Principles of Consolidation The balances are eliminated in consolidation. |
Use of Estimates | Use of Estimates To on available most significant estimates and income taxes. |
Reclassifications | Reclassifications Certain amounts in the Reclassifications had no impact on the net income or stockholders’ equity of the Company. |
Recently Issued Accounting Standards - Not Yet Adopted | Recently Issued Accounting Standards Adoption of New Accounting Standards Measurement of Credit Losses on Financial Instruments On Measurement of Credit Losses on Financial Instruments, as an expected of including accounted instruments) and ASC 326 amended the accounting presented as intend to sell or believes that it is more likely than not they will be required to sell. Under CECL, internal Historical credit losses provide expected credit is used to aid management in the assessment of qualitative factor adjustments applied to expected credit losses. The economic regression analyses economic factors were used to determine suitable loss drivers A fundamentally utilizes an expected discounted cash run determine the lifetime of the instrument is the difference between the sum of the present value of future cash the measurement date. Management elected a long-term average loss rate is calculated for implemented measurements based on the loan portfolio. For loans collectively 1.3 84 % were evaluated method and 251.0 16 % were $ 7.9 Portfolio segments are the level at which loss assumptions are applied to a pool of loans based on the similarity of risk characteristics inherent currently segments the portfolio based on collateral codes for purpose of establishing reserves. Each of these segments is paired Company has established relationships between internal segmentation and loss driver for each loan portfolio segment is derived from a the Federal Reserve Bank projections of U.S. residential Research Group revert on a loans. The model incorporates qualitative factor adjustments in order to calibrate the model for risk that may not management's expectation model. The credit losses within other liabilities. collectively evaluated loan portfolio. The impact of adoption of the ASU 2016-13 was an increase to the allowance for credit losses on loans receivables of $ 1.1 259 adjustment resulted in a decrease of $ 1. 3 million in retained earnings. See “Allowance for Credit Losses” section in Note 3 for more information on the allowance of credit losses (”ACL”). Trouble Debt Restructuring In March 02, Financial Instruments-Credit Losses (Topic standard whether modifications, and disclosures table (see basis. The adoption of ASU 2022-02 did not have a material impact on the Company’s consolidated financial statements. Issued and Not Yet Adopted Reference Rate Reform In Reference Rate Reform on 2021-01 which provides optional guidance for a the effects of) 2024. The ASU will have a material effect on our business operations and consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Securities [Abstract] | |
Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation | March 31, 2023 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 10,184 $ - $ (1,353) $ 8,831 Collateralized mortgage obligations 110,180 - (21,343) 88,837 Mortgage-backed securities - residential 72,690 - (12,124) 60,566 Mortgage-backed securities - commercial 37,043 6 (4,449) 32,600 Municipal securities 25,064 - (5,754) 19,310 Bank subordinated debt securities 16,831 18 (1,352) 15,497 Corporate bonds 4,035 - (267) 3,768 $ 276,027 $ 24 $ (46,642) $ 229,409 Held-to-maturity: U.S. Government Agency $ 44,792 $ 126 $ (5,182) $ 39,736 U.S. Treasury 9,951 - (8) 9,943 Collateralized mortgage obligations 67,404 161 (7,019) 60,546 Mortgage-backed securities - residential 41,842 483 (4,237) 38,088 Mortgage-backed securities - commercial 11,399 - (644) 10,755 Corporate bonds 11,040 - (941) 10,099 $ 186,428 $ 770 $ (18,031) $ 169,167 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 |
Schedule of Realized Gains and Losses | Three Months Ended Mach 31, Available-for-sale: 2023 2022 Proceeds from sale and call of securities $ 8,617 $ 14,558 Gross gains $ 3 $ 158 Gross losses (24) (137) Net realized (loss) gain $ (21) $ 21 |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date | Available-for-sale Held-to-maturity March 31, 2023: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ 11,460 $ 11,426 Due after one year through five years 4,035 3,768 9,531 8,616 Due after five years through ten years 17,831 16,329 - - Due after ten years 24,064 18,478 - - U.S. Government Agency 10,184 8,831 44,792 39,736 Collateralized mortgage obligations 110,180 88,837 67,404 60,546 Mortgage-backed securities - residential 72,690 60,566 41,842 38,088 Mortgage-backed securities - commercial 37,043 32,600 11,399 10,755 $ 276,027 $ 229,409 $ 186,428 $ 169,167 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | March 31, 2023 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 $ 4,281 $ (245) $ 44,285 $ (7,474) $ 48,566 $ (7,719) U.S. Treasury 9,943 (8) - - 9,943 (8) Collateralized mortgage obligations - - 149,381 (32,872) 149,381 (32,872) Mortgage-backed securities - residential - - 96,290 (18,600) 96,290 (18,600) Mortgage-backed securities - commercial 4,185 (55) 36,610 (6,534) 40,795 (6,589) Municipal securities - - 19,310 (5,754) 19,310 (5,754) Bank subordinated debt securities 6,245 (220) 8,369 (1,131) 14,614 (1,351) Corporate bonds - - 13,867 (770) 13,867 (770) $ 24,654 $ (528) $ 368,112 $ (73,135) $ 392,766 $ (73,663) 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) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Loans [Abstract] | |
Summary of Loans Held for Investment | March 31, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential Real Estate $ 184,427 11.7 % $ 185,636 12.3 % Commercial Real Estate 987,757 62.5 % 970,410 64.4 % Commercial and Industrial 160,947 10.2 % 126,984 8.4 % Foreign Banks 97,405 6.1 % 93,769 6.2 % Consumer and Other 149,410 9.5 % 130,429 8.7 % Total 1,579,946 100.0 % 1,507,228 100.0 % Less: Deferred fees (cost) 448 (110) Total 1,580,394 1,507,338 Less: Allowance for credit losses 18,887 17,487 Total $ 1,561,507 $ 1,489,851 |
Allowance for Credit Losses | Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended March 31, 2023 Beginning balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Cumulative effect of adoption of accounting principle (1) 1,238 1,105 (2,158) 23 858 1,066 Provision for credit losses (2) 221 (795) 318 29 512 285 Recoveries 8 - 44 - 2 54 Charge-offs - - - - (5) (5) Ending Balance $ 2,819 $ 10,453 $ 2,367 $ 772 $ 2,476 $ 18,887 Three Months Ended March 31, 2022 Beginning balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Provision for credit losses (157) 425 (426) 34 124 - Recoveries 32 - 6 - - 38 Charge-offs (16) - - - (5) (21) Ending Balance $ 2,357 $ 9,183 $ 2,355 $ 491 $ 688 $ 15,074 (1) Impact of CECL adoption on January 1, 2023 (2) Provision for credit losses excludes $ 84 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total March 31, 2023: Allowance for credit losses: Individually evaluated for impairment $ 149 $ - $ 96 $ - $ 94 $ 339 Collectively evaluated for impairment 2,670 10,453 2,271 772 2,382 18,548 Balances, end of period $ 2,819 $ 10,453 $ 2,367 $ 772 $ 2,476 $ 18,887 Loans: Individually evaluated for impairment $ 7,155 $ - $ 558 $ - $ 171 $ 7,884 Collectively evaluated for impairment 177,272 987,757 160,389 97,405 149,239 1,572,062 Balances, end of period $ 184,427 $ 987,757 $ 160,947 $ 97,405 $ 149,410 $ 1,579,946 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 |
Loan Credit Exposures | As of March 31, 2023 Term Loans by Origination Year Revolving Loans Total 2023 2022 2021 2020 2019 Prior Residential real estate Pass $ 2,736 $ 40,571 $ 27,348 $ 7,224 $ 10,119 $ 90,718 $ 5,711 $ 184,427 Total 2,736 40,571 27,348 7,224 10,119 90,718 5,711 184,427 Commercial real estate Pass 25,800 342,353 226,774 107,237 81,305 197,272 4,474 985,215 Substandard - - 1,842 700 - - - 2,542 Total 25,800 342,353 228,616 107,937 81,305 197,272 4,474 987,757 Commercial and industrial Pass 35,181 39,173 35,534 9,402 17,571 2,994 19,928 159,783 Substandard - - - - 486 308 370 1,164 Total 35,181 39,173 35,534 9,402 18,057 3,302 20,298 160,947 Foreign banks Pass 47,410 49,995 - - - - - 97,405 Total 47,410 49,995 - - - - - 97,405 Consumer and other loans Pass 18,948 76,401 49,777 714 501 1,504 1,394 149,239 Substandard - - - - - 171 - 171 Total 18,948 76,401 49,777 714 501 1,675 1,394 149,410 Total Pass 130,075 548,493 339,433 124,577 109,496 292,488 31,507 1,576,069 Special Mention - - - - - - - - Substandard - - 1,842 700 486 479 370 3,877 Doubtful - - - - - - - - Total $ 130,075 $ 548,493 $ 341,275 $ 125,277 $ 109,982 $ 292,967 $ 31,877 $ 1,579,946 As of December 31, 2022 Pass Special Mention Substandard Doubtful Total Loans Residential real estate: Home equity line of credit 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 - 704,909 967,465 - 2,945 - 970,410 Commercial and industrial: 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 |
Aging Analysis of Accruing and Total Non-Accruing Loans | Accruing As of March 31, 2023 Current Past Due 30- 89 Days Past Due 90 Days or > and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 606 $ - $ - $ 606 $ - $ 606 1-4 family residential 128,622 1,156 - 129,778 - 129,778 Condo residential 52,859 1,184 - 54,043 - 54,043 182,087 2,340 - 184,427 - 184,427 Commercial real estate: Land and construction 34,986 - - 34,986 - 34,986 Multi-family residential 175,358 - - 175,358 - 175,358 Condo commercial 53,583 - - 53,583 - 53,583 Commercial property 723,770 - - 723,770 - 723,770 Leasehold improvements 60 - - 60 - 60 987,757 - - 987,757 - 987,757 Commercial and industrial: Secured 153,810 2,343 - 156,153 486 156,639 Unsecured 4,059 249 - 4,308 - 4,308 157,869 2,592 - 160,461 486 160,947 Foreign banks 97,405 - - 97,405 - 97,405 Consumer and other 149,239 171 - 149,410 - 149,410 Total $ 1,574,357 $ 5,103 $ - $ 1,579,460 $ 486 $ 1,579,946 Accruing As of December 31, 2022: Current Past Due 30-89 Days Past Due 90 Days or > 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 |
Amortized cost basis of loans on nonaccrual status | March 31, 2023 Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccruals Loans Past Due Over 90 Days and Still Accruing Residential real estate $ - $ - $ - $ - Commercial real estate - - - - Commercial and industrial - 486 486 - Consumer and other - - - - $ - $ 486 $ 486 $ - |
Impaired Loans | December 31, 2022 Unpaid Principal Balance Net Investment Balance Valuation Allowance Impaired Loans with No Specific Allowance: Residential real estate $ 3,551 $ 3,544 $ - Commercial real estate 393 393 - 3,944 3,937 - Impaired Loans with Specific Allowance: Residential real estate 3,655 3,626 155 Commercial and industrial 82 82 41 Consumer and other 196 196 98 3,933 3,904 294 Total $ 7,877 $ 7,841 $ 294 Three Months Ended March 31, 2022 Residential real estate $ 8,181 Commercial real estate 649 Commercial and industrial 137 Consumer and other 220 Total $ 9,187 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | March 31, 2023 December 31, 2022 Deferred tax assets: Net operating loss $ 19,998 $ 21,720 Allowance for credit losses 4,787 4,432 Lease liability 3,460 3,648 Unrealized losses on available for sale securities 14,281 15,193 Deferred loan fees - - Depreciable property 170 158 Stock option compensation 406 373 Accruals 234 723 Deferred tax assets: 43,336 46,247 Deferred tax liability: Deferred loan cost (113) (28) Lease right of use asset (3,460) (3,648) Deferred expenses (165) (175) Other, net (31) (36) Deferred tax liability (3,769) (3,887) Net deferred tax assets $ 39,567 $ 42,360 |
Statutory Tax Expense | Three Months Ended March 31, 2023 2022 Federal taxes at statutory rate $ 1,615 $ 1,409 State income taxes, net of federal tax benefit 334 289 Bank owned life insurance (68) (67) Other, net - 227 Total $ 1,881 $ 1,858 |
Provision for Income Taxes | Three Months Ended March 31, 2023 2022 Current: Federal $ - $ - State - - Total - - Deferred: Federal 1,472 1,442 State 409 416 Total 1,881 1,858 Total $ 1,881 $ 1,858 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Off-Balance Sheet Arrangements [Abstract] | |
Schedule of Financials Instruments with Off-Balance Sheet Risk | March 31, 2023 December 31, 2022 Commitments to grant loans and unfunded lines of credit $ 81,506 $ 95,461 Standby and commercial letters of credit 3,542 4,320 Total $ 85,048 $ 99,781 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivatives [Abstract] | |
Summary of Interest Rate Swaps | Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability March 31, 2023: Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 40,896 $ 1,287 Other assets/Other liabilities $ 4,673 $ 4,673 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets Measured At Fair Value On Recurring Basis | March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 8,831 $ - $ 8,831 $ - $ 8,655 $ - $ 8,655 Collateralized mortgage obligations - 88,837 - 88,837 - 95,541 - 95,541 Mortgage-backed securities - residential - 60,566 - 60,566 - 60,879 - 60,879 Mortgage-backed securities - commercial - 32,600 - 32,600 - 27,954 - 27,954 Municipal securities - 19,310 - 19,310 - 18,483 - 18,483 Bank subordinated debt securities - 15,497 - 15,497 - 14,919 - 14,919 Corporate bonds - 3,768 - 3,768 - 3,709 - 3,709 Total - 229,409 - 229,409 - 230,140 - 230,140 Derivative assets - 4,673 - 4,673 - 5,011 - 5,011 Total assets at fair value $ - $ 234,082 $ - $ 234,082 $ - $ 235,151 $ - $ 235,151 Derivative liabilities $ - $ 4,673 $ - $ 4,673 $ - $ 5,011 $ - $ 5,011 Total liabilities at fair value $ - $ 4,673 $ - $ 4,673 $ - $ 5,011 $ - $ 5,011 |
Schedule Of Assets Measured At Fair Value On A Nonrecurring Basis | Level 1 Level 2 Level 3 Total March 31, 2023: Individually evaluated loans $ - $ - $ - $ - December 31, 2022: Impaired loans $ - $ - $ 3,639 $ 3,639 |
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 Consumer and other loans 98 Discounted cash flow Adj. for differences in net operating income expectations Total $ 3,639 |
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 March 31, 2023: Financial Assets: Cash and due from banks $ 5,586 $ 5,586 $ - $ - $ 5,586 Interest-bearing deposits in banks $ 57,665 $ 57,665 $ - $ - $ 57,665 Investment securities held to maturity, net $ 186,428 $ - $ 169,167 $ - $ 169,167 Loans held for investment, net $ 1,561,507 $ - $ - $ 1,518,178 $ 1,518,178 Accrued interest receivable $ 8,216 $ - $ 1,248 $ 6,968 $ 8,216 Financial Liabilities: Demand deposits $ 633,606 $ 633,606 $ - $ - $ 633,606 Money market and savings accounts $ 900,478 $ 900,478 $ - $ - $ 900,478 Interest-bearing checking accounts $ 50,573 $ 50,573 $ - $ - $ 50,573 Time deposits $ 245,805 $ - $ - $ 241,263 $ 241,263 FHLB advances $ 120,000 $ - $ 118,852 $ - $ 118,852 Accrued interest payable $ 567 $ - $ 327 $ 240 $ 567 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Calculation Of Net Income (Loss) Available To Common Stockholders Before Being Allocable Between Class A And Class B Common Shares | Three Months Ended March 31, 2023 2022 Net Income $ 5,809 $ 4,854 Less: Preferred stock dividends - - Net income available to common stockholders $ 5,809 $ 4,854 |
Calculation Of Basic And Diluted Earnings (Loss) Per Common Share Class | Three Months Ended March 31, 2023 2022 Class A Class A Basic EPS Numerator: Net income available to common shares $ 5,809 $ 4,854 Denominator: Weighted average shares outstanding 19,855,409 19,994,953 Earnings per share, basic $ 0.29 $ 0.24 Diluted EPS Numerator: Net income available to common shares $ 5,809 $ 4,854 Denominator: Weighted average shares outstanding for basic EPS 19,855,409 19,994,953 Add: Dilutive effects of assumed exercises of stock options 85,197 114,830 Weighted avg. shares including dilutive potential common shares 19,940,606 20,109,783 Earnings per share, diluted $ 0.29 $ 0.24 Anti-dilutive stock options excluded from diluted EPS 572,500 - |
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 ($) | Dec. 31, 2022 USD ($) $ / shares | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 USD ($) | |
Significant Accounting Policies Disclosure [Line Items] | ||||
Loans outstanding | $ 1,507,338 | $ 1,580,394 | ||
Loans pledged as collateral | 1,507,228 | 1,579,946 | ||
Common stock, stock split conversion ratio | 1 | |||
Federal Home Loan Bank stock, at cost | 2,882 | 6,143 | ||
Bank owned life insurance | 42,781 | 43,048 | ||
Allowance for credit losses | $ 15,057 | 17,487 | 18,887 | $ 15,074 |
Reserve on unfunded commitments | 99,781 | 85,048 | ||
Stockholders' equity | 203,897 | 182,428 | 183,858 | 192,039 |
Accumulated deficit | (104,104) | (99,620) | ||
Collectively evaluated for impairment | 1,499,351 | 1,572,062 | ||
Individually evaluated for impairment | 7,877 | 7,884 | ||
Discounted Cash Flow [Member] | ||||
Significant Accounting Policies Disclosure [Line Items] | ||||
Collectively evaluated for impairment | $ 1,300,000 | |||
Percentage of loans evaluated | 84% | |||
Remaining life method [Member] | ||||
Significant Accounting Policies Disclosure [Line Items] | ||||
Collectively evaluated for impairment | $ 251,000 | |||
Percentage of loans evaluated | 16% | |||
Cumulative Effect Period Of Adoption Adjustment [Member] | ||||
Significant Accounting Policies Disclosure [Line Items] | ||||
Allowance for credit losses | 1,066 | |||
Increase in allowance for credit losses | 1,100 | |||
Increase in reserve on unfunded commitments | 259 | |||
Accumulated deficit | (1,400) | |||
Retained Earnings [Member] | ||||
Significant Accounting Policies Disclosure [Line Items] | ||||
Stockholders' equity | $ (124,245) | (104,104) | $ (99,620) | $ (119,391) |
Retained Earnings [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||||
Significant Accounting Policies Disclosure [Line Items] | ||||
Stockholders' equity | $ (1,325) | |||
Common Class A [Member] | ||||
Significant Accounting Policies Disclosure [Line Items] | ||||
Common stock, par value | $ / shares | $ 1 | $ 1 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 USD ($) Item | Dec. 31, 2022 USD ($) Item | |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Number of investment securities | Item | 26 | |
Investment securities available for sale, amortized cost | $ 276,027,000 | $ 280,295,000 |
Investment securities available for sale, at fair value | 229,409,000 | 230,140,000 |
Available for sale securities, allowance for credit loss | 0 | |
Borrowing from BTFB | 0 | |
Held To Maturity Securities | 186,428,000 | 188,699,000 |
Held for sale, allowance for credit loss | 0 | 0 |
Securities Sold Under Agreements To Repurchase [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Pledged under public funds, fair value | 0 | |
Asset Pledged As Collateral With Right [Member] | Bank Term Funding Program [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Pledged under public funds, fair value | $ 24,300,000 | |
Florida [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Ratio of outstanding uninsured deposits for public deposits secured by securities pledged | 25% | |
Pledged under public funds, fair value | $ 206,300,000 | 204,200,000 |
Maximum [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Pledged under public funds, fair value | 20,000,000 | |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 4,035,000 | 4,037,000 |
Investment securities available for sale, at fair value | 3,768,000 | 3,709,000 |
Held To Maturity Securities | $ 11,040,000 | $ 11,090,000 |
Corporate Bond Securities [Member] | Florida [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Number of investment securities | Item | 21 | 18 |
Pledged under public funds, fair value | $ 62,300,000 | $ 49,000,000 |
Mortgage Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Investment securities available for sale, at fair value | 294,600,000 | |
Unrealized losses | 53,700,000 | |
US Government and US Agency Issued Bonds and Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Held To Maturity Securities | 175,400,000 | |
Investment Grade Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Held To Maturity Securities | 11,000,000 | |
Investment Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Investment securities available for sale, amortized cost | 74,400,000 | |
Investment securities available for sale, at fair value | 63,800,000 | |
Net unrealized gain | (60,000) | $ (10,600,000) |
Unrealized losses | 133,400,000 | |
Unamortized net unrealized loss | $ 9,700,000 |
Investment Securities (Schedule
Investment Securities (Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available-for-sale: | ||
Amortized Cost | $ 276,027 | $ 280,295 |
Unrealized Gains | 24 | 20 |
Unrealized Losses | (46,642) | (50,175) |
Fair Value | 229,409 | 230,140 |
Held-to-maturity: | ||
Amortized Cost | 186,428 | 188,699 |
Unrealized Gains | 770 | 425 |
Unrealized Losses | (18,031) | (20,036) |
Fair Value | 169,167 | 169,088 |
U.S. Government Agency [Member] | ||
Available-for-sale: | ||
Amortized Cost | 10,184 | 10,177 |
Unrealized Losses | (1,353) | (1,522) |
Fair Value | 8,831 | 8,655 |
Held-to-maturity: | ||
Amortized Cost | 44,792 | 44,914 |
Unrealized Gains | 126 | 25 |
Unrealized Losses | (5,182) | (5,877) |
Fair Value | 39,736 | 39,062 |
U.S. Treasury [Member] | ||
Held-to-maturity: | ||
Amortized Cost | 9,951 | 9,841 |
Unrealized Losses | (8) | (13) |
Fair Value | 9,943 | 9,828 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale: | ||
Amortized Cost | 110,180 | 118,951 |
Unrealized Losses | (21,343) | (23,410) |
Fair Value | 88,837 | 95,541 |
Held-to-maturity: | ||
Amortized Cost | 67,404 | 68,727 |
Unrealized Gains | 161 | 28 |
Unrealized Losses | (7,019) | (7,830) |
Fair Value | 60,546 | 60,925 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale: | ||
Amortized Cost | 72,690 | 73,838 |
Unrealized Losses | (12,124) | (12,959) |
Fair Value | 60,566 | 60,879 |
Held-to-maturity: | ||
Amortized Cost | 41,842 | 42,685 |
Unrealized Gains | 483 | 372 |
Unrealized Losses | (4,237) | (4,574) |
Fair Value | 38,088 | 38,483 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale: | ||
Amortized Cost | 37,043 | 32,244 |
Unrealized Gains | 6 | 15 |
Unrealized Losses | (4,449) | (4,305) |
Fair Value | 32,600 | 27,954 |
Held-to-maturity: | ||
Amortized Cost | 11,399 | 11,442 |
Unrealized Losses | (644) | (665) |
Fair Value | 10,755 | 10,777 |
Municipal Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 25,064 | 25,084 |
Unrealized Gains | ||
Unrealized Losses | (5,754) | (6,601) |
Fair Value | 19,310 | 18,483 |
Bank Subordinated Debt Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 16,831 | 15,964 |
Unrealized Gains | 18 | 5 |
Unrealized Losses | (1,352) | (1,050) |
Fair Value | 15,497 | 14,919 |
Corporate Bonds [Member] | ||
Available-for-sale: | ||
Amortized Cost | 4,035 | 4,037 |
Unrealized Gains | ||
Unrealized Losses | (267) | (328) |
Fair Value | 3,768 | 3,709 |
Held-to-maturity: | ||
Amortized Cost | 11,040 | 11,090 |
Unrealized Losses | (941) | (1,077) |
Fair Value | $ 10,099 | $ 10,013 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments Securities [Abstract] | ||
Proceeds from sales and call of securities | $ 8,617 | $ 14,558 |
Gross Gains | 3 | 158 |
Gross Losses | (24) | (137) |
Net realized gains (losses) | $ (21) | $ 21 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available-for-sale, Amortized Cost: | ||
Due after one year through five years | $ 4,035 | |
Due after five years through ten years | 17,831 | |
Due after ten years | 24,064 | |
Amortized Cost | 276,027 | $ 280,295 |
Available-for-sale, Fair Value: | ||
Due after one year through five years | 3,768 | |
Due after five years through ten years | 16,329 | |
Due after ten years | 18,478 | |
Fair Value | 229,409 | 230,140 |
Held-to-maturity, Amortized Cost: | ||
Due within one year | 11,460 | |
Due after one year through five years | 9,531 | |
Amortized Cost | 186,428 | 188,699 |
Held-to-maturity, Fair Value: | ||
Due within one year | 11,426 | |
Due after one year through five years | 8,616 | |
Fair Value | 169,167 | 169,088 |
U.S. Government Agency [Member] | ||
Available-for-sale, Amortized Cost: | ||
Amortized Cost | 10,184 | 10,177 |
Available-for-sale, Fair Value: | ||
Fair Value | 8,831 | 8,655 |
Held-to-maturity, Amortized Cost: | ||
Amortized Cost | 44,792 | |
Held-to-maturity, Fair Value: | ||
Fair Value | 39,736 | 39,062 |
U.S. Treasury [Member] | ||
Held-to-maturity, Fair Value: | ||
Fair Value | 9,943 | 9,828 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 110,180 | |
Amortized Cost | 110,180 | 118,951 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 88,837 | |
Fair Value | 88,837 | 95,541 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 67,404 | |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 60,546 | |
Fair Value | 60,546 | 60,925 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 72,690 | |
Amortized Cost | 72,690 | 73,838 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 60,566 | |
Fair Value | 60,566 | 60,879 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 41,842 | |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 38,088 | |
Fair Value | 38,088 | 38,483 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 37,043 | |
Amortized Cost | 37,043 | 32,244 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 32,600 | |
Fair Value | 32,600 | 27,954 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 11,399 | |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 10,755 | |
Fair Value | $ 10,755 | $ 10,777 |
Investment Securities (Availabl
Investment Securities (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | $ 24,654 | $ 77,864 |
Unrealized Losses, Less than 12 months | (528) | (5,402) |
Fair Value, 12 Months or More | 368,112 | 315,942 |
Unrealized Losses 12 Months Or Longer | (73,135) | (74,208) |
Fair value | 392,766 | 393,806 |
Unrealized Losses | (73,663) | (79,610) |
U.S. Government Agency [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 4,281 | 11,407 |
Unrealized Losses, Less than 12 months | (245) | (1,093) |
Fair Value, 12 Months or More | 44,285 | 36,310 |
Unrealized Losses 12 Months Or Longer | (7,474) | (7,616) |
Fair value | 48,566 | 47,717 |
Unrealized Losses | (7,719) | (8,709) |
U.S. Treasury [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 9,943 | 9,828 |
Unrealized Losses, Less than 12 months | (8) | (13) |
Fair Value, 12 Months or More | ||
Unrealized Losses 12 Months Or Longer | ||
Fair value | 9,943 | 9,828 |
Unrealized Losses | (8) | (13) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 16,500 | |
Unrealized Losses, Less than 12 months | (963) | |
Fair Value, 12 Months or More | 149,381 | 139,965 |
Unrealized Losses 12 Months Or Longer | (32,872) | (34,962) |
Fair value | 149,381 | 156,465 |
Unrealized Losses | (32,872) | (35,925) |
Mortgage-Backed Securities - Residential [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 5,059 | |
Unrealized Losses, Less than 12 months | (564) | |
Fair Value, 12 Months or More | 96,290 | 91,742 |
Unrealized Losses 12 Months Or Longer | (18,600) | (19,348) |
Fair value | 96,290 | 96,801 |
Unrealized Losses | (18,600) | (19,912) |
Mortgage-Backed Securities - Commercial [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 4,185 | 10,052 |
Unrealized Losses, Less than 12 months | (55) | (1,173) |
Fair Value, 12 Months or More | 36,610 | 26,823 |
Unrealized Losses 12 Months Or Longer | (6,534) | (5,300) |
Fair value | 40,795 | 36,875 |
Unrealized Losses | (6,589) | (6,473) |
Municipal Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | ||
Unrealized Losses, Less than 12 months | ||
Fair Value, 12 Months or More | 19,310 | 18,483 |
Unrealized Losses 12 Months Or Longer | (5,754) | (6,601) |
Fair value | 19,310 | 18,483 |
Unrealized Losses | (5,754) | (6,601) |
Bank Subordinated Debt Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 6,245 | 11,295 |
Unrealized Losses, Less than 12 months | (220) | (670) |
Fair Value, 12 Months or More | 8,369 | 2,619 |
Unrealized Losses 12 Months Or Longer | (1,131) | (381) |
Fair value | 14,614 | 13,914 |
Unrealized Losses | (1,351) | (1,051) |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 13,723 | |
Unrealized Losses, Less than 12 months | (926) | |
Fair Value, 12 Months or More | 13,867 | |
Unrealized Losses 12 Months Or Longer | (770) | |
Fair value | 13,867 | 13,723 |
Unrealized Losses | $ (770) | $ (926) |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans pledged as collateral | $ 1,579,946,000 | $ 1,507,228,000 | |
Interest income recognized attributable to nonaccrual loans | 0 | $ 0 | |
Allocated of specific allowance for TDR loans | 294,000 | ||
Charge-offs | 5,000 | 21,000 | |
Total Nonaccruals | 486,000 | 0 | |
Loans performed in accordance with their original terms [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Interest income recognized attributable to nonaccrual loans | 2,000 | 0 | |
Paycheck Protection Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan amount | 308,000 | 1,300,000 | |
Interest income recognized attributable to nonaccrual loans | 1,000 | 1,000,000 | |
Collateral Pledged [Member] | Loans performed in accordance with their original terms [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans pledged as collateral | 0 | 0 | |
Interest income recognized on impaired loans | 91,000 | ||
Defaults on loans modified as TDR | 0 | ||
Total TDRs | 0 | ||
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans pledged as collateral | 160,947,000 | 126,984,000 | |
Allocated of specific allowance for TDR loans | 98,000 | ||
Charge-offs | |||
Total Nonaccruals | 486,000 | ||
Commercial and Industrial [Member] | Federal Home Loan Bank Advances [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans pledged as collateral | $ 358,800,000 | $ 338,100,000 |
Loans (Summary of Loans Held fo
Loans (Summary of Loans Held for Investment) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 1,579,946 | $ 1,507,228 |
Less: Deferred fees (cost) | 448 | (110) |
Total loans net of unearned income | 1,580,394 | 1,507,338 |
Less: ACL | 18,887 | 17,487 |
Total net loans | $ 1,561,507 | $ 1,489,851 |
Percent of Total | 100% | 100% |
Residential Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 184,427 | $ 185,636 |
Percent of Total | 11.70% | 12.30% |
Commercial Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 987,757 | $ 970,410 |
Percent of Total | 62.50% | 64.40% |
Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 160,947 | $ 126,984 |
Percent of Total | 10.20% | 8.40% |
Foreign Banks [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 97,405 | $ 93,769 |
Percent of Total | 6.10% | 6.20% |
Consumer and Other [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 149,410 | $ 130,429 |
Percent of Total | 9.50% | 8.70% |
Loans (Allowance for Credit Los
Loans (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | $ 17,487 | $ 15,057 | |
Provision for credit losses | 285 | ||
Recoveries | 54 | 38 | |
Charge-offs | (5) | (21) | |
Ending balance | 18,887 | 15,074 | |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | 339 | $ 294 | |
Collectively evaluated for impairment | 18,548 | 17,193 | |
Balances, end of period | 18,887 | 15,074 | 17,487 |
Loans: | |||
Individually evaluated for impairment | 7,884 | 7,877 | |
Collectively evaluated for impairment | 1,572,062 | 1,499,351 | |
Balances, end of period | 1,579,946 | 1,507,228 | |
Release due to unfunded commitments | 84 | ||
Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 1,066 | ||
Allowance for Credit Losses: | |||
Balances, end of period | 1,066 | ||
Residential Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 1,352 | 2,498 | |
Provision for credit losses | 221 | (157) | |
Recoveries | 8 | 32 | |
Charge-offs | (16) | ||
Ending balance | 2,819 | 2,357 | |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | 149 | 155 | |
Collectively evaluated for impairment | 2,670 | 1,197 | |
Balances, end of period | 2,819 | 2,357 | 1,352 |
Loans: | |||
Individually evaluated for impairment | 7,155 | 7,206 | |
Collectively evaluated for impairment | 177,272 | 178,430 | |
Balances, end of period | 184,427 | 185,636 | |
Residential Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 1,238 | ||
Allowance for Credit Losses: | |||
Balances, end of period | 1,238 | ||
Commercial Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 10,143 | 8,758 | |
Provision for credit losses | (795) | 425 | |
Recoveries | |||
Charge-offs | |||
Ending balance | 10,453 | 9,183 | |
Allowance for Credit Losses: | |||
Collectively evaluated for impairment | 10,453 | 10,143 | |
Balances, end of period | 10,453 | 9,183 | 10,143 |
Loans: | |||
Individually evaluated for impairment | 393 | ||
Collectively evaluated for impairment | 987,757 | 970,017 | |
Balances, end of period | 987,757 | 970,410 | |
Commercial Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 1,105 | ||
Allowance for Credit Losses: | |||
Balances, end of period | 1,105 | ||
Commercial and Industrial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 4,163 | 2,775 | |
Provision for credit losses | 318 | (426) | |
Recoveries | 44 | 6 | |
Charge-offs | |||
Ending balance | 2,367 | 2,355 | |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | 96 | 41 | |
Collectively evaluated for impairment | 2,271 | 4,122 | |
Balances, end of period | 2,367 | 2,355 | 4,163 |
Loans: | |||
Individually evaluated for impairment | 558 | 82 | |
Collectively evaluated for impairment | 160,389 | 126,902 | |
Balances, end of period | 160,947 | 126,984 | |
Commercial and Industrial [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | (2,158) | ||
Allowance for Credit Losses: | |||
Balances, end of period | (2,158) | ||
Foreign Banks [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 720 | 457 | |
Provision for credit losses | 29 | 34 | |
Recoveries | |||
Charge-offs | |||
Ending balance | 772 | 491 | |
Allowance for Credit Losses: | |||
Collectively evaluated for impairment | 772 | 720 | |
Balances, end of period | 772 | 491 | 720 |
Loans: | |||
Collectively evaluated for impairment | 97,405 | 93,769 | |
Balances, end of period | 97,405 | 93,769 | |
Foreign Banks [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 23 | ||
Allowance for Credit Losses: | |||
Balances, end of period | 23 | ||
Consumer and Other [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 1,109 | 569 | |
Provision for credit losses | 512 | 124 | |
Recoveries | 2 | ||
Charge-offs | (5) | (5) | |
Ending balance | 2,476 | 688 | |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | 94 | 98 | |
Collectively evaluated for impairment | 2,382 | 1,011 | |
Balances, end of period | 2,476 | $ 688 | 1,109 |
Loans: | |||
Individually evaluated for impairment | 171 | 196 | |
Collectively evaluated for impairment | 149,239 | 130,233 | |
Balances, end of period | 149,410 | 130,429 | |
Consumer and Other [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | $ 858 | ||
Allowance for Credit Losses: | |||
Balances, end of period | $ 858 |
Loans (Term Loans by Originatio
Loans (Term Loans by Origination Year) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
2023 | $ 130,075 | |
2022 | 548,493 | |
2021 | 341,275 | |
2020 | 125,277 | |
2019 | 109,982 | |
Prior | 292,967 | |
Revolving Loans | 31,877 | |
Total | 1,579,946 | $ 1,507,228 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 130,075 | |
2022 | 548,493 | |
2021 | 339,433 | |
2020 | 124,577 | |
2019 | 109,496 | |
Prior | 292,488 | |
Revolving Loans | 31,507 | |
Total | 1,576,069 | 1,503,280 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | 1,842 | |
2020 | 700 | |
2019 | 486 | |
Prior | 479 | |
Revolving Loans | 370 | |
Total | 3,877 | 3,948 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 2,736 | |
2022 | 40,571 | |
2021 | 27,348 | |
2020 | 7,224 | |
2019 | 10,119 | |
Prior | 90,718 | |
Revolving Loans | 5,711 | |
Total | 184,427 | 185,636 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 2,736 | |
2022 | 40,571 | |
2021 | 27,348 | |
2020 | 7,224 | |
2019 | 10,119 | |
Prior | 90,718 | |
Revolving Loans | 5,711 | |
Total | 184,427 | 185,636 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Residential Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 25,800 | |
2022 | 342,353 | |
2021 | 228,616 | |
2020 | 107,937 | |
2019 | 81,305 | |
Prior | 197,272 | |
Revolving Loans | 4,474 | |
Total | 987,757 | 970,410 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 25,800 | |
2022 | 342,353 | |
2021 | 226,774 | |
2020 | 107,237 | |
2019 | 81,305 | |
Prior | 197,272 | |
Revolving Loans | 4,474 | |
Total | 985,215 | 967,465 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | 1,842 | |
2020 | 700 | |
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 2,542 | 2,945 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 35,181 | |
2022 | 39,173 | |
2021 | 35,534 | |
2020 | 9,402 | |
2019 | 18,057 | |
Prior | 3,302 | |
Revolving Loans | 20,298 | |
Total | 160,947 | 126,984 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 35,181 | |
2022 | 39,173 | |
2021 | 35,534 | |
2020 | 9,402 | |
2019 | 17,571 | |
Prior | 2,994 | |
Revolving Loans | 19,928 | |
Total | 159,783 | 126,177 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | 486 | |
Prior | 308 | |
Revolving Loans | 370 | |
Total | 1,164 | 807 |
Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 47,410 | |
2022 | 49,995 | |
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 97,405 | 93,769 |
Foreign Banks [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 47,410 | |
2022 | 49,995 | |
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 97,405 | 93,769 |
Foreign Banks [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Foreign Banks [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Foreign Banks [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 18,948 | |
2022 | 76,401 | |
2021 | 49,777 | |
2020 | 714 | |
2019 | 501 | |
Prior | 1,675 | |
Revolving Loans | 1,394 | |
Total | 149,410 | 130,429 |
Consumer and Other [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 18,948 | |
2022 | 76,401 | |
2021 | 49,777 | |
2020 | 714 | |
2019 | 501 | |
Prior | 1,504 | |
Revolving Loans | 1,394 | |
Total | 149,239 | 130,233 |
Consumer and Other [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Consumer and Other [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | 171 | |
Revolving Loans | ||
Total | $ 171 | 196 |
Consumer and Other [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total |
Loans (Aging Analysis of Accrui
Loans (Aging Analysis of Accruing and Total Non-Accruing Loans) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | $ 1,579,946,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 1,579,460,000 | $ 1,507,228,000 |
Non-Accrual | 486,000 | 0 |
Balances, end of period | 1,579,946,000 | 1,507,228,000 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 184,427,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 184,427,000 | 185,636,000 |
Non-Accrual | ||
Balances, end of period | 184,427,000 | 185,636,000 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 606,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 606,000 | 623,000 |
Non-Accrual | ||
Balances, end of period | 606,000 | 623,000 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 129,778,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 129,778,000 | 132,178,000 |
Non-Accrual | ||
Balances, end of period | 129,778,000 | 132,178,000 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 54,043,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 54,043,000 | 52,835,000 |
Non-Accrual | ||
Balances, end of period | 54,043,000 | 52,835,000 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 987,757,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 987,757,000 | 970,410,000 |
Non-Accrual | ||
Balances, end of period | 987,757,000 | 970,410,000 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 34,986,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 34,986,000 | 38,687,000 |
Non-Accrual | ||
Balances, end of period | 34,986,000 | 38,687,000 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 175,358,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 175,358,000 | 176,820,000 |
Non-Accrual | ||
Balances, end of period | 175,358,000 | 176,820,000 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 53,583,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 53,583,000 | 49,994,000 |
Non-Accrual | ||
Balances, end of period | 53,583,000 | 49,994,000 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 723,770,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 723,770,000 | 704,909,000 |
Non-Accrual | ||
Balances, end of period | 723,770,000 | 704,909,000 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 60,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 60,000 | |
Non-Accrual | ||
Balances, end of period | 60,000 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 160,947,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 160,461,000 | 126,984,000 |
Non-Accrual | 486,000 | |
Balances, end of period | 160,947,000 | 126,984,000 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 156,639,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 156,153,000 | 121,680,000 |
Non-Accrual | 486,000 | |
Balances, end of period | 156,639,000 | 121,680,000 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 4,308,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 4,308,000 | 5,304,000 |
Non-Accrual | ||
Balances, end of period | 4,308,000 | 5,304,000 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 97,405,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 97,405,000 | 93,769,000 |
Non-Accrual | ||
Balances, end of period | 97,405,000 | 93,769,000 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 149,410,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 149,410,000 | 130,429,000 |
Non-Accrual | ||
Balances, end of period | 149,410,000 | 130,429,000 |
Current [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,574,357,000 | 1,502,357,000 |
Current [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 182,087,000 | 182,053,000 |
Current [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 606,000 | 623,000 |
Current [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 128,622,000 | 131,120,000 |
Current [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 52,859,000 | 50,310,000 |
Current [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 987,757,000 | 970,385,000 |
Current [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 34,986,000 | 38,687,000 |
Current [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 175,358,000 | 176,820,000 |
Current [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 53,583,000 | 49,994,000 |
Current [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 723,770,000 | 704,884,000 |
Current [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 60,000 | |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 157,869,000 | 125,981,000 |
Current [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 153,810,000 | 121,649,000 |
Current [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 4,059,000 | 4,332,000 |
Current [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 97,405,000 | 93,769,000 |
Current [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 149,239,000 | 130,169,000 |
Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 5,103,000 | 4,871,000 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 2,340,000 | 3,583,000 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,156,000 | 1,058,000 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,184,000 | 2,525,000 |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 25,000 | |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 25,000 | |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 2,592,000 | 1,003,000 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 2,343,000 | 31,000 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 249,000 | 972,000 |
Past Due 30-89 Days [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | $ 171,000 | $ 260,000 |
Loans (Loan Credit Exposures) (
Loans (Loan Credit Exposures) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 1,579,946 | $ 1,507,228 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 184,427 | 185,636 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 606 | 623 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 129,778 | 132,178 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 54,043 | 52,835 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 987,757 | 970,410 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 34,986 | 38,687 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 175,358 | 176,820 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 53,583 | 49,994 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 723,770 | 704,909 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 60 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 160,947 | 126,984 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 156,639 | 121,680 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 4,308 | 5,304 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 97,405 | 93,769 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 149,410 | 130,429 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,576,069 | 1,503,280 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 184,427 | 185,636 |
Pass [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,736 | 623 |
Pass [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 132,178 | |
Pass [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 52,835 | |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 985,215 | 967,465 |
Pass [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 38,687 | |
Pass [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 176,820 | |
Pass [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 49,601 | |
Pass [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 702,357 | |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 159,783 | 126,177 |
Pass [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 120,873 | |
Pass [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 5,304 | |
Pass [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 97,405 | 93,769 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 149,239 | 130,233 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 3,877 | 3,948 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,542 | 2,945 |
Substandard [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 393 | |
Substandard [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,552 | |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,164 | 807 |
Substandard [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 196 | |
Substandard [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 171 | 196 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Doubtful [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans |
Loans (Nonaccrual Status) (Deta
Loans (Nonaccrual Status) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With No Related Allowance | 486,000 | |
Loans Past Due Over 90 Days and Still Accruing | ||
Total Nonaccruals | 486,000 | $ 0 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With No Related Allowance | ||
Loans Past Due Over 90 Days and Still Accruing | ||
Total Nonaccruals | ||
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With No Related Allowance | ||
Loans Past Due Over 90 Days and Still Accruing | ||
Total Nonaccruals | ||
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With No Related Allowance | 486,000 | |
Loans Past Due Over 90 Days and Still Accruing | ||
Total Nonaccruals | 486,000 | |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With No Related Allowance | ||
Loans Past Due Over 90 Days and Still Accruing | ||
Total Nonaccruals |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance Recorded: Unpaid Principal Balance | $ 3,944 | |
Impaired Loans with Specific Allowance Recorded: Unpaid Principal Balance | 3,933 | |
Unpaid Principal Balance | 7,877 | |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 3,904 | |
Impaired Loans with No Specific Allowance Recorded: Net Investment Balance | 3,937 | |
Net Investment Income | 7,841 | |
Valuation Allowance | 294 | |
Average Recorded Investment | $ 9,187 | |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance Recorded: Unpaid Principal Balance | 3,551 | |
Impaired Loans with Specific Allowance Recorded: Unpaid Principal Balance | 3,655 | |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 3,626 | |
Impaired Loans with No Specific Allowance Recorded: Net Investment Balance | 3,544 | |
Valuation Allowance | 155 | |
Average Recorded Investment | 8,181 | |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with No Specific Allowance Recorded: Unpaid Principal Balance | 393 | |
Impaired Loans with Specific Allowance Recorded: Unpaid Principal Balance | 82 | |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 82 | |
Impaired Loans with No Specific Allowance Recorded: Net Investment Balance | 393 | |
Valuation Allowance | 41 | |
Average Recorded Investment | 649 | |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Loans with Specific Allowance Recorded: Unpaid Principal Balance | 196 | |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 196 | |
Valuation Allowance | $ 98 | |
Average Recorded Investment | 137 | |
Consumer and Other [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | $ 220 |
Leases (ROU Assets And Leases L
Leases (ROU Assets And Leases Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
ROU Assets: Operating leases | $ 13,652 | $ 14,395 |
Lease liabilities: Operating leases | $ 13,652 | $ 14,395 |
Leases (Future Lease Payment Ob
Leases (Future Lease Payment Obligations And Reconciliation To Lease Liability II) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Lease liability | $ 13,652 | $ 14,395 |
Premises And Equipment (Summary
Premises And Equipment (Summary Of Premises And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, net | $ 5,135 | $ 5,263 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | 75,000,000 | |
State And Local Jurisdiction [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 97,700,000 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Deferred: | ||
Federal | $ 1,472 | $ 1,442 |
State | 409 | 416 |
Total deferred | 1,881 | 1,858 |
Total tax expense | $ 1,881 | $ 1,858 |
Income Taxes (Statutory Tax Exp
Income Taxes (Statutory Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Abstract] | ||
Federal taxes at statutory rate | $ 1,615 | $ 1,409 |
State income taxes, net of federal tax benefit | 334 | 289 |
Bank owned life insurance | (68) | (67) |
Other, net | 227 | |
Total tax expense | $ 1,881 | $ 1,858 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss | $ 19,998 | $ 21,720 |
Allowance for credit losses | 4,787 | 4,432 |
Lease liability | 3,460 | 3,648 |
Unrealized loss on available for sale securities | 14,281 | 15,193 |
Deferred loan fees | ||
Depreciable property | 170 | 158 |
Stock option compensation | 406 | 373 |
Accruals | 234 | 723 |
Deferred tax asset | 43,336 | 46,247 |
Deferred tax liabilities: | ||
Deferred loan costs | (113) | (28) |
Lease right of use asset | (3,460) | (3,648) |
Deferred expenses | (165) | (175) |
Other, net | (31) | (36) |
Deferred tax liability | (3,769) | (3,887) |
Net deferred tax asset | $ 39,567 | $ 42,360 |
Deposits (Schedule Of Deposits
Deposits (Schedule Of Deposits By Types) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Interest-bearing transaction accounts | $ 50,573 | $ 66,675 |
Total deposits | $ 1,830,462 | $ 1,829,281 |
Equity Based And Other Compensa
Equity Based And Other Compensation Plans (Narrative) (Details) | 1 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1 |
Equity Based And Other Compen_2
Equity Based And Other Compensation Plans (Schedule Of Stock Options Activity) (Details) | 1 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1 |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements (Schedule of Financials Instruments with Off-Balance Sheet Risk) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 85,048 | $ 99,781 |
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 | 81,506 | 95,461 |
Standby and Commercial Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 3,542 | $ 4,320 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - Interest Rate Swap [Member] $ in Millions | Mar. 31, 2023 USD ($) Item | Dec. 31, 2022 USD ($) Item |
Derivatives Fair Value [Line Items] | ||
Number of instruments with loan customers | Item | 17 | 15 |
Notional amount | $ | $ 40.9 | $ 33.9 |
Derivatives (Summary of Interes
Derivatives (Summary of Interest Rate Swaps) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 40,900 | $ 33,900 |
Not Designated as Hedging Instrument [Member] | Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 40,896 | 33,893 |
Collateral Amount | 1,287 | 1,278 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 4,673 | 5,011 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability | $ 4,673 | $ 5,011 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans carrying amount | $ 1,561,507,000 | $ 1,489,851,000 | |
Impaired loan impairment charge | 5,000 | $ 21,000 | |
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 | ||
Impaired loans fair value | 3,639,000 | ||
Impaired loan impairment charge | $ 294,000 | ||
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 | ||
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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 229,409,000 | $ 230,140,000 |
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 | 229,409,000 | 230,140,000 |
Derivative assets | 4,673,000 | 5,011,000 |
Total assets at fair value | 234,082,000 | 235,151,000 |
Derivative liabilities | 4,673,000 | 5,011,000 |
Total liabilities at fair value | 4,673,000 | 5,011,000 |
U.S. Government Agency [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 | 8,831,000 | 8,655,000 |
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 | 88,837,000 | 95,541,000 |
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 | 60,566,000 | 60,879,000 |
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 | 32,600,000 | 27,954,000 |
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 | 19,310,000 | 18,483,000 |
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 | 15,497,000 | 14,919,000 |
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 | 3,768,000 | 3,709,000 |
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 | |
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 | 229,409,000 | 230,140,000 |
Derivative assets | 4,673,000 | 5,011,000 |
Total assets at fair value | 234,082,000 | 235,151,000 |
Derivative liabilities | 4,673,000 | 5,011,000 |
Total liabilities at fair value | 4,673,000 | 5,011,000 |
Level 2 [Member] | U.S. Government Agency [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 | 8,831,000 | 8,655,000 |
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 | 88,837,000 | 95,541,000 |
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 | 60,566,000 | 60,879,000 |
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 | 32,600,000 | 27,954,000 |
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 | 19,310,000 | 18,483,000 |
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 | 15,497,000 | 14,919,000 |
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 | 3,768,000 | 3,709,000 |
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 | |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans fair value | $ 3,639 | |
Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans fair value | 3,639 | |
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 | |
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 | |
Level 3 [Member] | Other [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans fair value | $ 98 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Investment securities held to maturity | $ 169,167 | $ 169,088 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and due from banks | 5,586 | 6,605 |
Interest-bearing deposits in banks | 57,665 | 47,563 |
Investment securities held to maturity | 186,428 | 188,699 |
Loans held for investment, net | 1,561,507 | 1,489,851 |
Accrued interest receivable | 8,216 | 7,546 |
Financial Liabilities: | ||
Demand deposits | 633,606 | 629,776 |
Money market and savings accounts | 900,478 | 915,853 |
Interest-bearing checking accounts | 50,573 | 66,675 |
Time deposits | 245,805 | 216,977 |
FHLB advances | 120,000 | 46,000 |
Accrued interest payable | 567 | 229 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 5,586 | 6,605 |
Interest-bearing deposits in banks | 57,665 | 47,563 |
Investment securities held to maturity | 169,167 | 169,088 |
Loans held for investment, net | 1,518,178 | 1,436,877 |
Accrued interest receivable | 8,216 | 7,546 |
Financial Liabilities: | ||
Demand deposits | 633,606 | 629,776 |
Money market and savings accounts | 900,478 | 915,853 |
Interest-bearing checking accounts | 50,573 | 66,675 |
Time deposits | 241,263 | 211,406 |
FHLB advances | 118,852 | 44,547 |
Accrued interest payable | 567 | 229 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and due from banks | 5,586 | 6,605 |
Interest-bearing deposits in banks | 57,665 | 47,563 |
Financial Liabilities: | ||
Demand deposits | 633,606 | 629,776 |
Money market and savings accounts | 900,478 | 915,853 |
Interest-bearing checking accounts | 50,573 | 66,675 |
Accrued interest payable | ||
Fair Value [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Investment securities held to maturity | 169,167 | 169,088 |
Accrued interest receivable | 1,248 | 1,183 |
Financial Liabilities: | ||
FHLB advances | 118,852 | 44,547 |
Accrued interest payable | 327 | 92 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans held for investment, net | 1,518,178 | 1,436,877 |
Accrued interest receivable | 6,968 | 6,363 |
Financial Liabilities: | ||
Time deposits | 241,263 | 211,406 |
Accrued interest payable | $ 240 | $ 137 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 1 Months Ended | 3 Months Ended | |||
Jul. 27, 2021 USD ($) $ / shares shares | Dec. 31, 2021 | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |||||
Common stock issued share price | $ / shares | $ 1 | ||||
Net income | $ | $ 5,809,000 | $ 4,854,000 | |||
Common stock, stock split conversion ratio | 1 | ||||
Stock Repurchased During Period Value | $ | $ 5,867,000 | ||||
2015 equity incentive plan [Member] | |||||
Class of Stock [Line Items] | |||||
Shares remained authorized for repurchase | 250,000 | ||||
2015 equity incentive plan [Member] | Treasury Stock, Common [Member] | |||||
Class of Stock [Line Items] | |||||
Shares repurchased, cost per share | $ / shares | $ 11.74 | ||||
Stock Repurchased During Period Value | $ | $ 5,900,000 | ||||
Stock Repurchased During Period Shares | 500,000 | ||||
Subsidiaries [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock issued share price | $ / shares | $ 1 | ||||
Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 19,622,380 | 20,000,753 | |||
Common stock, par value | $ / shares | $ 1 | $ 1 | |||
Shares Outstanding | 20,122,380 | 20,000,753 | |||
Common Class A [Member] | 2015 equity incentive plan [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares issued | 121,627 | ||||
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 | |||
Preferred Stock Class C [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, share outstanding | 0 | 0 | |||
Preferred Stock Class D [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, share outstanding | 0 | 0 | |||
Preferred Stock Class E [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, share outstanding | 0 | 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) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred Stock Class C [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, per share liquidation preference | 1,000 | 1,000 |
Preferred Stock Class D [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | 1 | 1 |
Preferred stock, per share liquidation preference | 5 | 5 |
Preferred Stock Class E [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value | 1 | 1 |
Preferred stock, per share liquidation preference | $ 1,000 | $ 1,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common Class A [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Common stock, shares issued | 19,622,380 | 20,000,753 |
Common stock, shares outstanding | 19,622,380 | 20,000,753 |
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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income | $ 5,809 | $ 4,854 |
Less: Preferred stock dividends | ||
Net income available to common stockholders | $ 5,809 | $ 4,854 |
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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic EPS | ||
Net income available to common shares | $ 5,809 | $ 4,854 |
Common Class A [Member] | ||
Basic EPS | ||
Net income available to common shares | $ 5,809 | $ 4,854 |
Weighted average shares outstanding | 19,855,409 | 19,994,953 |
Earnings per share, basic | $ 0.29 | $ 0.24 |
Diluted EPS | ||
Add: Dilutive effects of assumed exercises of stock options | 85,197 | 114,830 |
Weighted avg. share including dilutive potential common shares | 19,940,606 | 20,109,783 |
Earnings per share, diluted | $ 0.29 | $ 0.24 |
Anti-dilutive stock options excluded from diluted EPS | 572,500 | 0 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Actual Capital Amounts And Ratios) (Details) | Mar. 31, 2023 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total risk-based capital, Actual, Ratio | 0.1320 |
U.S. Century Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total risk-based capital, Actual, Ratio | 0.1312 |
Parent Company Condensed Financ
Parent Company Condensed Financial Information (Schedule Of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Cash and Cash Equivalents | $ 63,251 | $ 54,168 | ||
Other assets | 7,465 | 7,749 | ||
Total assets | 2,163,821 | 2,085,834 | ||
Stockholders' equity | 183,858 | 182,428 | $ 192,039 | $ 203,897 |
Total liabilities and stockholders' equity | $ 2,163,821 | $ 2,085,834 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Information (Schedule Of Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
EXPENSES: | ||
Employee compensation and benefits | $ 6,377 | $ 5,875 |
Net income before income tax expense | 7,690 | 6,712 |
Provision (benefit) for income taxes | 1,881 | 1,858 |
Net income | $ 5,809 | $ 4,854 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Information (Schedule Of Cash Flow) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 5,809 | $ 4,854 |
Net cash provided by operating activities | 9,001 | 5,603 |
Cash flows from investing activities: | ||
Net Cash Provided By Used In Investing Activities | (69,232) | (80,735) |
Cash flows from financing activities: | ||
Net cash provided by financing activities | 69,314 | 123,017 |
Net increase in cash and cash equivalents | 9,083 | 47,885 |
Cash and cash equivalents at beginning of year | 54,168 | 46,228 |
Cash and cash equivalents at end of year | $ 63,251 | $ 94,113 |