Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 14, 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 | Jun. 30, 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, $1.00 par value per share | |
Trading Symbol | USCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 19,544,777 | |
Amendment Flag | false | |
Entity Central Index Key | 0001901637 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and due from banks | $ 7,873 | $ 6,605 |
Interest-bearing deposits in banks | 79,407 | 47,563 |
Total cash & cash equivalents | 87,280 | 54,168 |
Investment securities held to maturity, net of allowance for credit losses of $19 and $0, respectively (fair value $199,329 and $169,088, respectively) | 220,956 | 188,699 |
Investment securities available for sale, at fair value | 218,442 | 230,140 |
Federal Home Loan Bank stock, at cost | 4,741 | 2,882 |
Loans held for investment, net of allowance of $18,815 and $17,487, respectively | 1,577,144 | 1,489,851 |
Accrued interest receivable | 8,029 | 7,546 |
Premises and equipment, net | 5,025 | 5,263 |
Bank owned life insurance | 43,319 | 42,781 |
Deferred tax assets, net | 40,014 | 42,360 |
Lease right-of-use asset | 12,909 | 14,395 |
Other assets | 8,055 | 7,749 |
Total assets | 2,225,914 | 2,085,834 |
Deposits: | ||
Demand deposits | 572,360 | 629,776 |
Money market and savings accounts | 994,429 | 915,853 |
Interest-bearing checking | 59,501 | 66,675 |
Time deposits | 295,011 | 216,977 |
Total deposits | 1,921,301 | 1,829,281 |
Federal Home Loan Bank advances | 87,000 | 46,000 |
Lease liability | 12,909 | 14,395 |
Accrued interest and other liabilities | 21,019 | 13,730 |
Total liabilities | 2,042,229 | 1,903,406 |
Commitments and contingencies (see Note 5 and 10) | ||
Stockholders' Equity: | ||
Additional paid-in capital on common stock | 305,547 | 311,282 |
Accumulated deficit | (95,088) | (104,104) |
Accumulated other comprehensive loss | (46,319) | (44,751) |
Total stockholders' equity | 183,685 | 182,428 |
Total liabilities and stockholders' equity | 2,225,914 | 2,085,834 |
Preferred Stock Class C [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class D [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class E [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 19,545 | 20,001 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Held to maturity, allowance for credit loss | $ 19,000 | $ 0 |
Investment securities held to maturity, fair value | 199,329,000 | 169,088,000 |
Loans held for investment, allowance | $ 18,815,000 | $ 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 | 19,544,777 | 20,000,753 |
Common stock, shares outstanding | 19,544,777 | 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||||
Loans, including fees | $ 20,847 | $ 14,053 | $ 40,558 | $ 27,035 |
Investment securities | 2,382 | 2,510 | 4,668 | 4,839 |
Interest-bearing deposits in financial institutions | 1,051 | 121 | 1,433 | 152 |
Total interest income | 24,280 | 16,684 | 46,659 | 32,026 |
Interest expense: | ||||
Interest-bearing deposits | 200 | 17 | 243 | 33 |
Money market and savings accounts | 6,968 | 615 | 11,753 | 1,166 |
Time deposits | 2,145 | 271 | 3,202 | 530 |
Federal Home Loan Bank advances and other | 794 | 139 | 1,291 | 276 |
Total interest expense | 10,107 | 1,042 | 16,489 | 2,005 |
Net interest income before provision for credit losses | 14,173 | 15,642 | 30,170 | 30,021 |
Provision for credit losses | 38 | 705 | 239 | 705 |
Net interest income after provision for credit losses | 14,135 | 14,937 | 29,931 | 29,316 |
Non-interest income: | ||||
Service fees | 1,173 | 1,083 | 2,378 | 1,983 |
(Loss) gain on sale of securities available for sale, net | (3) | (21) | 18 | |
Gain on sale of loans held for sale, net | 94 | 22 | 441 | 356 |
Loan settlement | 161 | |||
Other non-interest income | 579 | 515 | 1,118 | 1,044 |
Total non-interest income | 1,846 | 1,617 | 3,916 | 3,562 |
Non-interest expense: | ||||
Salaries and employee benefits | 5,882 | 5,913 | 12,259 | 11,788 |
Occupancy | 1,319 | 1,251 | 2,618 | 2,521 |
Regulatory assessment and fees | 452 | 226 | 676 | 439 |
Consulting and legal fees | 386 | 398 | 744 | 915 |
Network and information technology services | 505 | 448 | 983 | 835 |
Other operating expense | 1,908 | 1,315 | 3,348 | 2,665 |
Total non -interest expense | 10,452 | 9,551 | 20,628 | 19,163 |
Net income before income tax expense | 5,529 | 7,003 | 13,219 | 13,715 |
Income tax expense | 1,333 | 1,708 | 3,214 | 3,566 |
Net income | 4,196 | 5,295 | 10,005 | 10,149 |
Net income available to common stockholders | 4,196 | 5,295 | 10,005 | 10,149 |
Common Class A [Member] | ||||
Non-interest expense: | ||||
Net income available to common stockholders | $ 4,196 | $ 5,295 | $ 10,005 | $ 10,149 |
Per share information: | ||||
Net income per share, basic | $ 0.21 | $ 0.26 | $ 0.51 | $ 0.51 |
Net income per share, diluted | $ 0.21 | $ 0.26 | $ 0.51 | $ 0.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net income | $ 4,196 | $ 5,295 | $ 10,005 | $ 10,149 |
Other comprehensive income (loss): | ||||
Unrealized loss on investment securities | (6,825) | (23,253) | (3,287) | (45,898) |
Amortization of net unrealized (loss) gain on securities transferred from available-for-sale to held-to-maturity | 60 | (61) | 120 | (126) |
Reclassification adjustment for loss (gain) included in net income | 21 | 3 | 21 | (18) |
Unrealized gain on cash flow hedge | 1,046 | 1,046 | ||
Tax effect | 1,444 | 5,908 | 532 | 11,697 |
Total other comprehensive income (loss), net of tax | (4,254) | (17,403) | (1,568) | (34,345) |
Total comprehensive income (loss) | $ (58) | $ (12,108) | $ 8,437 | $ (24,196) |
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] | 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 | 10,149 | 10,149 | ||||||||||
Other comprehensive income (loss) | (34,345) | (34,345) | ||||||||||
Exercise of stock options | 102 | $ 9 | 93 | |||||||||
Exercise of stock options, shares | 9,000 | |||||||||||
Stock based compensation | 265 | 265 | ||||||||||
Balance at Jun. 30, 2022 | 180,068 | $ 20,001 | 311,024 | (114,096) | (36,861) | |||||||
Balance, shares at Jun. 30, 2022 | 20,000,753 | |||||||||||
Balance at Mar. 31, 2022 | 192,039 | $ 20,001 | 310,887 | (119,391) | (19,458) | |||||||
Balance, shares at Mar. 31, 2022 | 20,000,753 | |||||||||||
Net income | 5,295 | 5,295 | ||||||||||
Other comprehensive income (loss) | (17,403) | (17,403) | ||||||||||
Stock based compensation | 137 | 137 | ||||||||||
Balance at Jun. 30, 2022 | 180,068 | $ 20,001 | 311,024 | (114,096) | (36,861) | |||||||
Balance, shares at Jun. 30, 2022 | 20,000,753 | |||||||||||
Balance at Dec. 31, 2022 | 182,428 | $ 20,001 | 311,282 | (104,104) | (44,751) | $ (989) | $ (989) | $ 181,439 | $ 20,001 | $ 311,282 | $ (105,093) | $ (44,751) |
Balance, shares at Dec. 31, 2022 | 20,000,753 | 20,000,753 | ||||||||||
Net income | 10,005 | 10,005 | ||||||||||
Other comprehensive income (loss) | (1,568) | (1,568) | ||||||||||
Repurchase of Class A common stock | (6,613) | $ (577) | (6,036) | |||||||||
Repurchase of Class A common stock, shares | 577,603 | |||||||||||
Restricted stock issued | $ 121 | (121) | ||||||||||
Restricted stock issued, shares | 121,627 | |||||||||||
Stock based compensation | 422 | 422 | ||||||||||
Balance at Jun. 30, 2023 | 183,685 | $ 19,545 | 305,547 | (95,088) | (46,319) | |||||||
Balance, shares at Jun. 30, 2023 | 19,544,777 | |||||||||||
Balance at Mar. 31, 2023 | 183,858 | $ 19,622 | 305,921 | (99,620) | (42,065) | $ 336 | $ 336 | $ 184,194 | $ 19,622 | $ 305,921 | $ (99,284) | $ (42,065) |
Balance, shares at Mar. 31, 2023 | 19,622,380 | 19,622,380 | ||||||||||
Net income | 4,196 | 4,196 | ||||||||||
Other comprehensive income (loss) | (4,254) | (4,254) | ||||||||||
Repurchase of Class A common stock | (747) | $ (77) | (670) | |||||||||
Repurchase of Class A common stock, shares | 77,603 | |||||||||||
Stock based compensation | 296 | 296 | ||||||||||
Balance at Jun. 30, 2023 | $ 183,685 | $ 19,545 | $ 305,547 | $ (95,088) | $ (46,319) | |||||||
Balance, shares at Jun. 30, 2023 | 19,544,777 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 10,005 | $ 10,149 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 239 | 705 |
Depreciation and amortization | 298 | 363 |
(Accretion) amortization of premiums on securities, net | (178) | 306 |
Accretion of deferred loan fees, net | (163) | (508) |
Stock based compensation | 422 | 265 |
Loss (gain) on sale of available for sale securities | 21 | (18) |
Gain on sale of loans held for sale | (441) | (356) |
Increase in cash surrender value of bank owned life insurance | (538) | (529) |
Decrease in deferred tax asset | 3,214 | 3,567 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable | (483) | (16) |
Other assets | 739 | (2,069) |
Accrued interest and other liabilities | 7,051 | 8,246 |
Net cash provided by operating activities | 20,186 | 20,105 |
Cash flows from investing activities: | ||
Purchase of investment securities held to maturity | (86,788) | (2,432) |
Proceeds from maturities and pay-down of investment securities held to maturity | 54,873 | 8,173 |
Purchase of investment securities available for sale | (7,667) | (42,794) |
Proceeds from maturities and pay-down of investment securities available for sale | 7,399 | 26,950 |
Proceeds from sales of investment securities available for sale | 8,617 | 31,838 |
Net increase in loans held for investment | (93,737) | (115,607) |
Purchase of loans held for investment | (700) | (70,175) |
Additions to premises and equipment | (60) | (173) |
Proceeds from the sale of loans held for sale | 6,441 | 4,018 |
Proceeds from the redemption of Federal Home Loan Bank stock | 6,305 | |
Purchase of Federal Home Loan Bank stock | (8,164) | (1,302) |
Net cash used in investment activities | (113,481) | (161,504) |
Cash flows from financing activities: | ||
Proceeds from issuance of Class A common stock, net | 102 | |
Repurchase of Class A common stock | (6,613) | |
Net increase in deposits | 92,020 | 148,341 |
Proceeds from Federal Home Loan Bank advances | 239,350 | 30,000 |
Repayments on Federal Home Loan Bank advances | (198,350) | |
Net cash provided by financing activities | 126,407 | 178,443 |
Net increase in cash and cash equivalents | 33,112 | 37,044 |
Cash and cash equivalents at beginning of period | 54,168 | 46,228 |
Cash and cash equivalents at end of period | 87,280 | 83,272 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 15,535 | 2,002 |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfer of loans held for investment to loans held for sale | 6,000 | 3,662 |
Lease liability arising from obtaining right-of-use assets | $ 898 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Overview USCB Financial Holdings, Inc., a owned subsidiary, is a Florida in South Florida. The Bank transactions closed at the Bank. Licensed in the State of Florida and approved by the Department of Insurance Regulation, Florida Peninsula Title LLC began operations Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and (“U.S. opinion periods presented with 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 (ACL) and income taxes. Reclassifications Certain amounts in the consolidated financial statements have been reclassified to conform to Reclassifications had no impact on the net income or stockholders’ Adoption of New Accounting Standards Measurement of Credit Losses on Financial Instruments On Measurement of Credit Losses an expected of including accounted instruments) ASC 326 amended presented as intend to sell or believes that it is more likely than not they Under CECL, internal Historical credit losses provide the basis for estimation of expected credit losses. Qualitative adjustments are applied to the expected credit is used to aid management in the assessment of The economic regression economic factors were used A fundamentally utilizes an run determine the lifetime expected of the instrument is the difference the measurement date. Management elected the a long-term average for implemented measurements based on the loan portfolio. At adoption of 84 % or $ 1.3 16 % or 251.0 7.9 million loan receivables of the total loan portfolio Portfolio segments are the level at which loss assumptions characteristics inherent in currently segments paired Company has established relationships between internal segmentation and FFIEC loss driver for each loan the Federal Reserve Bank residential Research Group revert on a loans. The model incorporates qualitative that may management's model. The credit losses within collectively evaluated loan portfolio. The receivables of $ 1.1 259 of tax cumulative adjustment resulted in a 1.0 section in Note 3 for more Trouble Debt Restructuring In March 02, Financial Instruments standard addresses the following: 1) eliminates the accounting guidance for TDRs, requires an entity to determine whether a modification and 3) (see note 3). The Company adopted 2022-02 did not have a material impact on the Company’s Issued and Not Yet Reference Rate Reform In Reference Rate Reform 2021-01 which provides the effects of) reference 2024. The ASU will have a material effect on our business operations |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments Securities [Abstract] | |
Investment Securities | 2. On Measurement of Credit Losses an expected of including loan receivables and held-to-maturity debt securities. In addition, ASC 326 amended the accounting for available- for-sale debt securities. One such change is to down on available-for-sale debt securities management does not intend to will be required to sell. CECL requires credit performance issued bonds in HTM the explicit guarantee required. The securitizations. measurement Moody’s baseline represents the likelihood a borrower will adjusted for the current economic environment. LGD projects The Company monitors are maturity securities held by the Company were rated investment At 210.0 mortgage-backed no reserves on 11.0 corporate bonds. The required reserve for these holdings is the portion of the HTM a $ 19 less ACL. The Company determined that 2022 was not required. The following value of investment securities at the dates indicated (in During the 26 value 74.4 63.8 unrealized 10.6 comprehensive income ended June 30, was $ 60 120 9.7 Gains identification basis. The following table presents the proceeds, realized gross gains and realized gross losses on sales and calls of AFS debt securities for the three and six months The indicated (in thousands). call or prepay separately. At June 30, 2023, total stockholders’ mortgage obligations and mortgage-backed securities are issued by United States sponsored entities December 31, 2022. Information pertaining length of dates (in thousands): As of June 30, 2023, the unrealized losses associated 131.7 AFS associated with changes in the cost basis of the securities ASC Topic losses to be recorded as under ASC factors review of credit investment is has concluded that no allowance was required on AFS securities. At June 57.9 mortgage 284.5 combination of factors, including relative changes in At 53.7 collateralized 294.6 attributable to a combination of factors, including relative changes The sponsored entities. The municipal bonds are of high credit quality and the declines in fair value Based security holdings are quality. Management At June 30, not more than likely than basis. Therefore, management does not consider any investment Pledged Securities The Company 20.0 guaranteed with investment on prevailing rates at the time funding is requested. As of June 30, 2023, the Company did no t have any securities pledged under this agreement. The Company is a Qualified authority to maintain public deposits from cities, municipalities, and by securities 25 % of also maintain a minimum amount of pledged securities to be As of June 30, 2023, 219.4 to the State of Florida for these public funds were twenty nine 78.4 As of December 204.2 pledged eighteen $ 49.0 The Federal The BTFP offers loans institutions collateral. These assets will be valued at par. The no 136.8 securities measured at par to the Federal Reserve Bank June 30, 2023 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 9,906 $ - $ (1,572) $ 8,334 Collateralized mortgage obligations 107,991 - (24,108) 83,883 Mortgage-backed securities - residential 71,279 - (13,180) 58,099 Mortgage-backed securities - commercial 36,775 - (5,923) 30,852 Municipal securities 25,044 - (5,953) 19,091 Bank subordinated debt securities 16,836 - (2,368) 14,468 Corporate bonds 4,033 - (318) 3,715 $ 271,864 $ - $ (53,422) $ 218,442 Held-to-maturity: U.S. Government Agency $ 44,404 $ - $ (6,174) $ 38,230 U.S. Treasury 39,414 - (14) 39,400 Collateralized mortgage obligations 65,844 15 (8,829) 57,030 Mortgage-backed securities - residential 44,834 178 (4,799) 40,213 Mortgage-backed securities - commercial 15,491 - (1,082) 14,409 Corporate bonds 10,988 - (941) 10,047 $ 220,975 $ 193 $ (21,839) $ 199,329 Allowance for credit losses - securities held-to-maturity (19) Securities held-to maturity, net of allowance for credit losses $ 220,956 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 June 30, Six Months Ended June 30, Available-for-sale: 2023 2022 2023 2022 Proceeds from sale and call of securities $ - $ 17,280 $ 8,617 $ 31,838 Gross gains $ - $ 58 $ 3 $ 216 Gross losses - (61) (24) (198) Net realized (loss) gain $ - $ (3) $ (21) $ 18 Available-for-sale Held-to-maturity June 30, 2023: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ 40,916 $ 40,892 Due after one year through five years 4,033 3,715 9,486 8,555 Due after five years through ten years 17,835 15,285 - - Due after ten years 24,045 18,274 - - U.S. Government Agency 9,906 8,334 44,404 38,230 Collateralized mortgage obligations 107,991 83,883 65,844 57,030 Mortgage-backed securities - residential 71,279 58,099 44,834 40,213 Mortgage-backed securities - commercial 36,775 30,852 15,491 14,409 $ 271,864 $ 218,442 $ 220,975 $ 199,329 June 30, 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 $ - $ - $ 46,564 $ (9,030) $ 46,564 $ (9,030) U.S. Treasury 39,400 (14) - - 39,400 (14) Collateralized mortgage obligations - - 140,913 (37,550) 140,913 (37,550) Mortgage-backed securities - residential 3,686 (67) 92,653 (20,400) 96,339 (20,467) Mortgage-backed securities - commercial 10,528 (315) 34,733 (8,178) 45,261 (8,493) Municipal securities - - 19,091 (5,953) 19,091 (5,953) Bank subordinated debt securities 3,530 (393) 10,527 (1,975) 14,057 (2,368) Corporate bonds - - 13,762 (865) 13,762 (865) $ 57,144 $ (789) $ 358,243 $ (83,951) $ 415,387 $ (84,740) 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 | 6 Months Ended |
Jun. 30, 2023 | |
Loans [Abstract] | |
Loans | 3. On accordance allowance for credit losses (“ACL”) methodology that replaces its previous allowance ACL section in this note for further information regarding the Company’s ACL. Prior periods balance for ACL are presented under legacy GAAP and may not be comparable to current The following table is a summary of the distribution of At 582.9 338.1 commercial real estate Reserve Bank of Atlanta. The Company was a participant loans. These the funds had to be used towards payroll cost, mortgage loans are forgivable under specific criteria as 299 at June 30, 2023 and $ 1.3 The Company 4 1.5 ended Statements of Operations. Allowance for Credit Losses In general, the Company utilizes to estimate cash flow analyses. in development of from FFIEC Call Report forecasts in projective receivables use at least one product growth long-term average loss rate is calculated and applied on a quarterly basis for the remaining life of the pool. Adjustments for economic expectations are made through qualitative factors Qualitative factors used in the ACL methodology include: • • • • • • • • ACL for the three in 2022, it was estimated under the incurred loss model. Changes in the allowance for credit losses for the three (in thousands): At June 18.8 17.5 31, 2022, 1.3 1.1 of the ASU 2016-13 on loan receivables, $ 242 20 thousand decrease due to net charge offs The Company 40 21 charge offs related to loans were originated in 2015 19 The Company had 45 21 of charge offs related to loans were originated 24 unemployment and lesser extent than Family loan portfolio with a qualitative factor because Florida The ACL are as follows (in thousands): Credit Quality Indicators The Company grades loans based on the estimated capability of the borrower to repay the contractual obligation of the loan agreement based payment periodically. The Company's internally assigned credit risk Pass – Loans indicate different levels of satisfactory financial Special Mention close attention. If left uncorrected, these potential weaknesses prospects for the loan or of the institution’s Substandard – Loans classified as substandard are inadequately protected capacity of the obligator or of the collateral pledged, if weaknesses that jeopardize the liquidation of the debt. institution will sustain some loss if the deficiencies are Doubtful the added characteristic that the weaknesses make collection or facts, conditions, and values, highly questionable and improbable. Loss – Loans classified as loss are considered uncollectible. Loan credit exposures by internally assigned grades are Loan Aging The Company The Company The December 31, 2022 (in thousands): Nonaccrual Status The following and still accruing as of June 30 2023: The Company did no t have loans in nonaccrual status as of December Accrued interest no attributable to these loans 13 0 thousand, respectively, Collateral-Dependent Loans A expected to no loans as of June 30 2023 and as of December 31, 2022. Impaired Loans The following table includes applicable, on the basis of impairment methodology as of Net investment balance is the unpaid principal balance The following table thousands): Interest income recognized on impaired loans for the three months ended June 30, 90 six months ended June 30, 2022 was $ 181 Loan Modifications to Borrowers Experiencing Financial The following table present newly restructured June 30, 2023: The Company one ended June 30, 2023. No June 30, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential Real Estate $ 183,093 11.5 % $ 185,636 12.3 % Commercial Real Estate 989,401 62.0 % 970,410 64.4 % Commercial and Industrial 169,401 10.6 % 126,984 8.4 % Foreign Banks 85,409 5.4 % 93,769 6.2 % Consumer and Other 167,845 10.5 % 130,429 8.7 % Total 1,595,149 100.0 % 1,507,228 100.0 % Less: Deferred fees (cost) (810) (110) Total 1,595,959 1,507,338 Less: Allowance for credit losses 18,815 17,487 Total $ 1,577,144 $ 1,489,851 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended June 30, 2023 Beginning balance $ 2,819 $ 10,453 $ 2,367 $ 772 $ 2,476 $ 18,887 Provision for credit losses (1) (148) (270) 125 (95) 345 (43) Recoveries 2 - 8 - 1 11 Charge-offs - - - - (40) (40) Ending Balance $ 2,673 $ 10,183 $ 2,500 $ 677 $ 2,782 $ 18,815 Six Months Ended June 30, 2023 Beginning balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Cumulative effect of adoption of accounting principle (2) 1,238 1,105 (2,158) 23 858 1,066 Provision for credit losses (3) 73 (1,065) 443 (66) 857 242 Recoveries 10 - 52 - 3 65 Charge-offs - - - - (45) (45) Ending Balance $ 2,673 $ 10,183 $ 2,500 $ 677 $ 2,782 $ 18,815 (1) Provision for credit losses excludes $ 62 19 thousand expense due to investment securities held to maturity. (2) Impact of CECL adoption on January 1, 2023 (3) Provision for credit losses excludes $ 22 19 thousand expense due to investment securities held to maturity. Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended June 30, 2022 Beginning balance $ 2,357 $ 9,183 $ 2,355 $ 491 $ 688 $ 15,074 Provision for credit losses 9 107 311 160 118 705 Recoveries - - 5 - 3 8 Charge-offs - - - - (1) (1) Ending Balance $ 2,366 $ 9,290 $ 2,671 $ 651 $ 808 $ 15,786 Six Months Ended June 30, 2022 Beginning balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Provision for credit losses (148) 532 (115) 194 242 705 Recoveries 32 - 11 - 3 46 Charge-offs (16) - - - (6) (22) Ending Balance $ 2,366 $ 9,290 $ 2,671 $ 651 $ 808 $ 15,786 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total June 30, 2023: Allowance for credit losses: Individually evaluated for impairment $ 144 $ - $ 82 $ - $ - $ 226 Collectively evaluated for impairment 2,529 10,183 2,418 677 2,782 18,589 Balances, end of period $ 2,673 $ 10,183 $ 2,500 $ 677 $ 2,782 $ 18,815 Loans: Individually evaluated for impairment $ 7,105 $ - $ 547 $ - $ - $ 7,652 Collectively evaluated for impairment 175,988 989,401 168,854 85,409 167,845 1,587,497 Balances, end of period $ 183,093 $ 989,401 $ 169,401 $ 85,409 $ 167,845 $ 1,595,149 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 June 30, 2023 Term Loans by Origination Year Revolving Loans Total 2023 2022 2021 2020 2019 Prior Residential real estate Pass $ 5,028 $ 38,626 $ 26,459 $ 7,189 $ 9,813 $ 87,326 $ 8,652 $ 183,093 Total 5,028 38,626 26,459 7,189 9,813 87,326 8,652 183,093 Commercial real estate Pass 38,191 341,882 227,443 103,150 80,974 191,613 3,621 986,874 Substandard - - 1,828 699 - - - 2,527 Total 38,191 341,882 229,271 103,849 80,974 191,613 3,621 989,401 Commercial and industrial Pass 48,282 38,589 35,029 7,757 17,243 2,740 18,925 168,565 Substandard - - 350 - 486 - - 836 Total 48,282 38,589 35,379 7,757 17,729 2,740 18,925 169,401 Foreign banks Pass 80,909 4,500 - - - - - 85,409 Total 80,909 4,500 - - - - - 85,409 Consumer and other loans Pass 39,715 75,831 48,250 724 513 1,424 1,388 167,845 Substandard - - - - - - - - Total 39,715 75,831 48,250 724 513 1,424 1,388 167,845 Total Pass 212,125 499,428 337,181 118,820 108,543 283,103 32,586 1,591,786 Special Mention - - - - - - - - Substandard - - 2,178 699 486 - - 3,363 Doubtful - - - - - - - - Total $ 212,125 $ 499,428 $ 339,359 $ 119,519 $ 109,029 $ 283,103 $ 32,586 $ 1,595,149 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 June 30, 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 $ 543 $ - $ - $ 543 $ - $ 543 1-4 family residential 129,987 - - 129,987 - 129,987 Condo residential 52,563 - - 52,563 - 52,563 183,093 - - 183,093 - 183,093 Commercial real estate: Land and construction 33,606 - - 33,606 - 33,606 Multi-family residential 173,360 - - 173,360 - 173,360 Condo commercial 56,255 - - 56,255 - 56,255 Commercial property 726,129 - - 726,129 - 726,129 Leasehold improvements 51 - - 51 - 51 989,401 - - 989,401 - 989,401 Commercial and industrial: Secured 149,392 224 - 149,616 486 150,102 Unsecured 19,299 - - 19,299 - 19,299 168,691 224 - 168,915 486 169,401 Foreign banks 85,409 - - 85,409 - 85,409 Consumer and other 167,845 - - 167,845 - 167,845 Total $ 1,594,439 $ 224 $ - $ 1,594,663 $ 486 $ 1,595,149 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 June 30, 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 June 30, 2022 Six Months Ended June 30, 2022 Residential real estate $ 7,332 $ 7,890 Commercial real estate 599 631 Commercial and industrial 115 124 Consumer and other 214 217 Total $ 8,260 $ 8,862 Recorded Investment Prior to Modification Recorded Investment After Modification Number of Loans Combination Modifications Total Modifications Number of Loans Combination Modifications Total Modifications Residential real estate - $ - $ - - $ - $ - Commercial real estate - - - - - - Commercial and industrial 1 350 350 1 350 350 Consumer and other - - - - - - 1 $ 350 $ 350 1 $ 350 $ 350 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 4. The Company’s provision for income taxes is The actual income tax for the 21 % for for income taxes) as follows (in thousands): The Company’s deferred tax assets and deferred June 30, 2023 December 31, 2022 Deferred tax assets: Net operating loss $ 18,951 $ 21,720 Allowance for credit losses 4,834 4,432 Lease liability 3,272 3,648 Unrealized losses on available for sale securities 15,990 15,193 Depreciable property 181 158 Equity compensation 481 373 Accruals 290 723 Deferred tax assets: 43,999 46,247 Deferred tax liability: Deferred loan cost (205) (28) Lease right of use asset (3,272) (3,648) Deferred expenses (222) (175) Cash flow hedge (265) - Other, net (21) (36) Deferred tax liability (3,985) (3,887) Net deferred tax assets $ 40,014 $ 42,360 The 70.9 93.6 expiring in various amounts between earnings of the Company. In assessing the realizability of deferred tax assets, management considers portion or upon the generation of Management considers the scheduled reversal strategies in making this assessment. The major tax of Florida. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2019. For the three and six months ended June no t have any unrecognized tax benefits as a result of no recorded as a result of tax uncertainties. Six Months Ended June 30, 2023 2022 Current: Federal $ - $ - State - - Total - - Deferred: Federal 2,513 2,778 State 701 788 Total 3,214 3,566 Total $ 3,214 $ 3,566 Six Months Ended June 30, 2023 2022 Federal taxes at statutory rate $ 2,776 $ 2,880 State income taxes, net of federal tax benefit 574 596 Bank owned life insurance (136) (134) Other, net - 224 Total $ 3,214 $ 3,566 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Off-Balance Sheet Arrangements [Abstract] | |
Off-Balance Sheet Arrangements | 5. The Company is a party to financial meet the instruments include letters of amount recognized in the Company’s Consolidated Balance Sheets. The Company uses commitments and conditional obligations as it does for The Company's for unused lines of credit, and standby letters of credit A June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Commitments to grant loans and unfunded lines of credit $ 92,910 $ 95,461 Standby and commercial letters of credit 8,344 4,320 Total $ 101,254 $ 99,781 Commitments to established in the contract. Commitments generally have fixed Unfunded lines of customers. These lines of not be drawn upon to the total extent to which the Company Standby performance of a arrangements. Essentially all letters of credit have fixed maturity dates and since upon, they do not generally present a significant liquidity risk |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2023 | |
Derivatives [Abstract] | |
Derivatives | 6. The Company utilizes interest rate swap agreements its interest rate risk by the individual interest rate swap agreements. Interest Rate Swaps Designated as a Cash Flow Hedge As of June 2 50 that were maturity of 2.88 3.59 %, with the weighted average 3-month compound SOFR being received. The Company had no The corresponding recognition in other comprehensive are realized. Interest Rate Swaps The Company enters into interest rate swaps with its loan customers. The Company had 17 15 with 39.8 33.9 December 31, 2022, corresponding Company to provide the counterparty the Consolidated accounting purposes. The following table reflects the Company’s Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability June 30, 2023: Derivatives designated as hedging instruments: Interest rate swaps $ 50,000 - Other assets $ 1,046 - Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 39,818 $ 1,297 Other assets/Other liabilities $ 4,577 $ 4,577 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 | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 7. Determination of Fair Value The Company determine fair value financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market However, in where quoted techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in The fair (that is, market change in the depends on the facts within the range that is most representative of fair value under Fair Value Hierarchy In accordance with at fair assumptions used to determine fair value. Level 1 entity has equity securities that sources for market transactions involving identical assets Level 2 asset liabilities; quoted by observable market data for substantially the full term Level 3 significant whose value well as instruments for which determination of fair value A significant to the fair value measurement. Items Measured at Fair Value AFS investment securities: for such securities, Management reviews pricing methodologies provided by the vendors and third-party broker-dealers in order to determine if observable market information is being utilized. Securities measured with pricing provided by independent vendors or party broker-dealers securities, pricing models or discounted cash flow analyses Derivatives: classified within Level 2 of the hierarchy. The June 30, 2023 and December 31, 2022 for each of Items Measured at Fair Value Individually Evaluated ASC 326 loans guidance, 3.9 approximately $ 3.6 294 credit losses at December 31, of expected cash estimates of changes in economic conditions are considered Other Real estimate of the valuation technique the appraiser the value for changes in a consequence of the carrying cost or the considered a Level 3 valuation. The following table represents the Company’s assets measured at fair value on a non-recurring basis at June 30, 2023 and December 31, 2022 for each of the fair value hierarchy The following table presents value on a non-recurring basis at December 31, 2022 (in There were no 2022. Items Not Measured at Fair Value The following table value as of June 30, 2023 and December 31, 2022 (in June 30, 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 $ - $ 8,334 $ - $ 8,334 $ - $ 8,655 $ - $ 8,655 Collateralized mortgage obligations - 83,883 - 83,883 - 95,541 - 95,541 Mortgage-backed securities - residential - 58,099 - 58,099 - 60,879 - 60,879 Mortgage-backed securities - commercial - 30,852 - 30,852 - 27,954 - 27,954 Municipal securities - 19,091 - 19,091 - 18,483 - 18,483 Bank subordinated debt securities - 14,468 - 14,468 - 14,919 - 14,919 Corporate bonds - 3,715 - 3,715 - 3,709 - 3,709 Total - 218,442 - 218,442 - 230,140 - 230,140 Derivative assets - 5,623 - 5,623 - 5,011 - 5,011 Total assets at fair value $ - $ 224,065 $ - $ 224,065 $ - $ 235,151 $ - $ 235,151 Derivative liabilities $ - $ 4,577 $ - $ 4,577 $ - $ 5,011 $ - $ 5,011 Total liabilities at fair value $ - $ 4,577 $ - $ 4,577 $ - $ 5,011 $ - $ 5,011 Level 1 Level 2 Level 3 Total June 30, 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 June 30, 2023: Financial Assets: Cash and due from banks $ 7,873 $ 7,873 $ - $ - $ 7,873 Interest-bearing deposits in banks $ 79,407 $ 79,407 $ - $ - $ 79,407 Investment securities held to maturity, net $ 220,956 $ - $ 199,329 $ - $ 199,329 Loans held for investment, net $ 1,577,144 $ - $ - $ 1,519,939 $ 1,519,939 Accrued interest receivable $ 8,029 $ - $ 1,293 $ 6,736 $ 8,029 Financial Liabilities: Demand deposits $ 572,360 $ 572,360 $ - $ - $ 572,360 Money market and savings accounts $ 994,429 $ 994,429 $ - $ - $ 994,429 Interest-bearing checking accounts $ 59,501 $ 59,501 $ - $ - $ 59,501 Time deposits $ 295,011 $ - $ - $ 292,428 $ 292,428 FHLB advances $ 87,000 $ - $ 84,564 $ - $ 84,564 Accrued interest payable $ 1,183 $ - $ 459 $ 724 $ 1,183 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 | 6 Months Ended |
Jun. 30, 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 of the Bank, which at (the “Reorganization”) effected under common 1.00 one newly 1.00 Company’s wholly owned subsidiary. In the same designations, held in the Bank, stock as they previously owned of the Bank’s common In March 2023, the 121,627 stock awards pursuant to the Company’s 2015 equity incentive plan. There were no ended June 30, 2023 nor during the three and six months During the second quarter 77,603 average price per share of $ 9.58 . The aggregate purchase price for these 747 including transaction publicly announced repurchase 172,397 this program. Shares of the Company’s Class A common stock issued and outstanding as of June 30, 2023 and December 31, 2022 were 19,544,777 20,000,753 , respectively. Dividends Declaration of dividends by the Board is required before dividend payments are made. No the Board for the no dividends declared and unpaid as of June 30, 2023 and 2022. The guidelines as and the Bank were 13.42 % and 13.37 %, respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings securities. Basic EPS number of common shares outstanding for computed by shares outstanding for the period determined using the treasury-stock method. For purposes common stock options and are only included in the calculation The following table reflects the ended June 30, 2023 and 2022 (in thousands): The following table reflects months ended June 30, 2023 and 2022 (in thousands, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net Income $ 4,196 $ 5,295 $ 10,005 $ 10,149 Net income available to common stockholders $ 4,196 $ 5,295 $ 10,005 $ 10,149 Three Months Ended June 30, 2023 2022 Class A Class A Basic EPS Numerator: Net income available to common shares $ 4,196 $ 5,295 Denominator: Weighted average shares outstanding 19,590,359 20,000,753 Earnings per share, basic $ 0.21 $ 0.26 Diluted EPS Numerator: Net income available to common shares $ 4,196 $ 5,295 Denominator: Weighted average shares outstanding for basic EPS 19,590,359 20,000,753 Add: Dilutive effects of assumed exercises of stock options 49,323 170,508 Weighted avg. shares including dilutive potential common shares 19,639,682 20,171,261 Earnings per share, diluted $ 0.21 $ 0.26 Anti-dilutive stock options excluded from diluted EPS 730,500 15,000 Net income has not been allocated to unvested restricted are not material to net income per share of percent of all of the outstanding shares of Six Months Ended June 30, 2023 2022 Class A Class A Basic EPS Numerator: Net income (loss) available to common shares $ 10,005 $ 10,149 Denominator: Weighted average shares outstanding 19,722,152 19,997,869 Earnings per share, basic $ 0.51 $ 0.51 Diluted EPS Numerator: Net income available to common shares $ 10,005 $ 10,149 Denominator: Weighted average shares outstanding for basic EPS 19,722,152 19,997,869 Add: Dilutive effects of assumed exercises of stock options 68,604 195,049 Weighted avg. shares including dilutive potential common shares 19,790,756 20,192,918 Earnings per share, diluted $ 0.51 $ 0.50 Anti-dilutive stock options excluded from diluted EPS 730,500 15,000 Net income has not been allocated to unvested not material to net income per share of common of all of the outstanding shares of common stock |
Loss Contingencies
Loss Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Loss Contingencies [Abstract] | |
Loss Contingencies | 10. Loss contingencies, management, none on the Company’s Consolidated Financial Statements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Management has evaluated subsequent events from July 1, 2023 10-Q was available to be issued. In July three six naming the Bank stock in The Plaintiffs claim this exchange was not allegations in the lawsuit are legally allegations in could award substantial compensatory damages. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Consolidated Financial Statement Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and (“U.S. opinion periods presented with 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 (ACL) and income taxes. |
Reclassifications | Reclassifications Certain amounts in the consolidated financial statements have been reclassified to conform to Reclassifications had no impact on the net income or stockholders’ |
Recently Issued Accounting Standards - Not Yet Adopted | Adoption of New Accounting Standards Measurement of Credit Losses on Financial Instruments On Measurement of Credit Losses an expected of including accounted instruments) ASC 326 amended presented as intend to sell or believes that it is more likely than not they Under CECL, internal Historical credit losses provide the basis for estimation of expected credit losses. Qualitative adjustments are applied to the expected credit is used to aid management in the assessment of The economic regression economic factors were used A fundamentally utilizes an run determine the lifetime expected of the instrument is the difference the measurement date. Management elected the a long-term average for implemented measurements based on the loan portfolio. At adoption of 84 % or $ 1.3 16 % or 251.0 7.9 million loan receivables of the total loan portfolio Portfolio segments are the level at which loss assumptions characteristics inherent in currently segments paired Company has established relationships between internal segmentation and FFIEC loss driver for each loan the Federal Reserve Bank residential Research Group revert on a loans. The model incorporates qualitative that may management's model. The credit losses within collectively evaluated loan portfolio. The receivables of $ 1.1 259 of tax cumulative adjustment resulted in a 1.0 section in Note 3 for more Trouble Debt Restructuring In March 02, Financial Instruments standard addresses the following: 1) eliminates the accounting guidance for TDRs, requires an entity to determine whether a modification and 3) (see note 3). The Company adopted 2022-02 did not have a material impact on the Company’s Issued and Not Yet Reference Rate Reform In Reference Rate Reform 2021-01 which provides the effects of) reference 2024. The ASU will have a material effect on our business operations |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments Securities [Abstract] | |
Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation | June 30, 2023 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 9,906 $ - $ (1,572) $ 8,334 Collateralized mortgage obligations 107,991 - (24,108) 83,883 Mortgage-backed securities - residential 71,279 - (13,180) 58,099 Mortgage-backed securities - commercial 36,775 - (5,923) 30,852 Municipal securities 25,044 - (5,953) 19,091 Bank subordinated debt securities 16,836 - (2,368) 14,468 Corporate bonds 4,033 - (318) 3,715 $ 271,864 $ - $ (53,422) $ 218,442 Held-to-maturity: U.S. Government Agency $ 44,404 $ - $ (6,174) $ 38,230 U.S. Treasury 39,414 - (14) 39,400 Collateralized mortgage obligations 65,844 15 (8,829) 57,030 Mortgage-backed securities - residential 44,834 178 (4,799) 40,213 Mortgage-backed securities - commercial 15,491 - (1,082) 14,409 Corporate bonds 10,988 - (941) 10,047 $ 220,975 $ 193 $ (21,839) $ 199,329 Allowance for credit losses - securities held-to-maturity (19) Securities held-to maturity, net of allowance for credit losses $ 220,956 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 June 30, Six Months Ended June 30, Available-for-sale: 2023 2022 2023 2022 Proceeds from sale and call of securities $ - $ 17,280 $ 8,617 $ 31,838 Gross gains $ - $ 58 $ 3 $ 216 Gross losses - (61) (24) (198) Net realized (loss) gain $ - $ (3) $ (21) $ 18 |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date | Available-for-sale Held-to-maturity June 30, 2023: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ 40,916 $ 40,892 Due after one year through five years 4,033 3,715 9,486 8,555 Due after five years through ten years 17,835 15,285 - - Due after ten years 24,045 18,274 - - U.S. Government Agency 9,906 8,334 44,404 38,230 Collateralized mortgage obligations 107,991 83,883 65,844 57,030 Mortgage-backed securities - residential 71,279 58,099 44,834 40,213 Mortgage-backed securities - commercial 36,775 30,852 15,491 14,409 $ 271,864 $ 218,442 $ 220,975 $ 199,329 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | June 30, 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 $ - $ - $ 46,564 $ (9,030) $ 46,564 $ (9,030) U.S. Treasury 39,400 (14) - - 39,400 (14) Collateralized mortgage obligations - - 140,913 (37,550) 140,913 (37,550) Mortgage-backed securities - residential 3,686 (67) 92,653 (20,400) 96,339 (20,467) Mortgage-backed securities - commercial 10,528 (315) 34,733 (8,178) 45,261 (8,493) Municipal securities - - 19,091 (5,953) 19,091 (5,953) Bank subordinated debt securities 3,530 (393) 10,527 (1,975) 14,057 (2,368) Corporate bonds - - 13,762 (865) 13,762 (865) $ 57,144 $ (789) $ 358,243 $ (83,951) $ 415,387 $ (84,740) 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) | 6 Months Ended |
Jun. 30, 2023 | |
Loans [Abstract] | |
Summary of Loans Held for Investment | June 30, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential Real Estate $ 183,093 11.5 % $ 185,636 12.3 % Commercial Real Estate 989,401 62.0 % 970,410 64.4 % Commercial and Industrial 169,401 10.6 % 126,984 8.4 % Foreign Banks 85,409 5.4 % 93,769 6.2 % Consumer and Other 167,845 10.5 % 130,429 8.7 % Total 1,595,149 100.0 % 1,507,228 100.0 % Less: Deferred fees (cost) (810) (110) Total 1,595,959 1,507,338 Less: Allowance for credit losses 18,815 17,487 Total $ 1,577,144 $ 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 June 30, 2023 Beginning balance $ 2,819 $ 10,453 $ 2,367 $ 772 $ 2,476 $ 18,887 Provision for credit losses (1) (148) (270) 125 (95) 345 (43) Recoveries 2 - 8 - 1 11 Charge-offs - - - - (40) (40) Ending Balance $ 2,673 $ 10,183 $ 2,500 $ 677 $ 2,782 $ 18,815 Six Months Ended June 30, 2023 Beginning balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Cumulative effect of adoption of accounting principle (2) 1,238 1,105 (2,158) 23 858 1,066 Provision for credit losses (3) 73 (1,065) 443 (66) 857 242 Recoveries 10 - 52 - 3 65 Charge-offs - - - - (45) (45) Ending Balance $ 2,673 $ 10,183 $ 2,500 $ 677 $ 2,782 $ 18,815 (1) Provision for credit losses excludes $ 62 19 thousand expense due to investment securities held to maturity. (2) Impact of CECL adoption on January 1, 2023 (3) Provision for credit losses excludes $ 22 19 thousand expense due to investment securities held to maturity. Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended June 30, 2022 Beginning balance $ 2,357 $ 9,183 $ 2,355 $ 491 $ 688 $ 15,074 Provision for credit losses 9 107 311 160 118 705 Recoveries - - 5 - 3 8 Charge-offs - - - - (1) (1) Ending Balance $ 2,366 $ 9,290 $ 2,671 $ 651 $ 808 $ 15,786 Six Months Ended June 30, 2022 Beginning balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Provision for credit losses (148) 532 (115) 194 242 705 Recoveries 32 - 11 - 3 46 Charge-offs (16) - - - (6) (22) Ending Balance $ 2,366 $ 9,290 $ 2,671 $ 651 $ 808 $ 15,786 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total June 30, 2023: Allowance for credit losses: Individually evaluated for impairment $ 144 $ - $ 82 $ - $ - $ 226 Collectively evaluated for impairment 2,529 10,183 2,418 677 2,782 18,589 Balances, end of period $ 2,673 $ 10,183 $ 2,500 $ 677 $ 2,782 $ 18,815 Loans: Individually evaluated for impairment $ 7,105 $ - $ 547 $ - $ - $ 7,652 Collectively evaluated for impairment 175,988 989,401 168,854 85,409 167,845 1,587,497 Balances, end of period $ 183,093 $ 989,401 $ 169,401 $ 85,409 $ 167,845 $ 1,595,149 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 June 30, 2023 Term Loans by Origination Year Revolving Loans Total 2023 2022 2021 2020 2019 Prior Residential real estate Pass $ 5,028 $ 38,626 $ 26,459 $ 7,189 $ 9,813 $ 87,326 $ 8,652 $ 183,093 Total 5,028 38,626 26,459 7,189 9,813 87,326 8,652 183,093 Commercial real estate Pass 38,191 341,882 227,443 103,150 80,974 191,613 3,621 986,874 Substandard - - 1,828 699 - - - 2,527 Total 38,191 341,882 229,271 103,849 80,974 191,613 3,621 989,401 Commercial and industrial Pass 48,282 38,589 35,029 7,757 17,243 2,740 18,925 168,565 Substandard - - 350 - 486 - - 836 Total 48,282 38,589 35,379 7,757 17,729 2,740 18,925 169,401 Foreign banks Pass 80,909 4,500 - - - - - 85,409 Total 80,909 4,500 - - - - - 85,409 Consumer and other loans Pass 39,715 75,831 48,250 724 513 1,424 1,388 167,845 Substandard - - - - - - - - Total 39,715 75,831 48,250 724 513 1,424 1,388 167,845 Total Pass 212,125 499,428 337,181 118,820 108,543 283,103 32,586 1,591,786 Special Mention - - - - - - - - Substandard - - 2,178 699 486 - - 3,363 Doubtful - - - - - - - - Total $ 212,125 $ 499,428 $ 339,359 $ 119,519 $ 109,029 $ 283,103 $ 32,586 $ 1,595,149 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 June 30, 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 $ 543 $ - $ - $ 543 $ - $ 543 1-4 family residential 129,987 - - 129,987 - 129,987 Condo residential 52,563 - - 52,563 - 52,563 183,093 - - 183,093 - 183,093 Commercial real estate: Land and construction 33,606 - - 33,606 - 33,606 Multi-family residential 173,360 - - 173,360 - 173,360 Condo commercial 56,255 - - 56,255 - 56,255 Commercial property 726,129 - - 726,129 - 726,129 Leasehold improvements 51 - - 51 - 51 989,401 - - 989,401 - 989,401 Commercial and industrial: Secured 149,392 224 - 149,616 486 150,102 Unsecured 19,299 - - 19,299 - 19,299 168,691 224 - 168,915 486 169,401 Foreign banks 85,409 - - 85,409 - 85,409 Consumer and other 167,845 - - 167,845 - 167,845 Total $ 1,594,439 $ 224 $ - $ 1,594,663 $ 486 $ 1,595,149 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 |
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 June 30, 2022 Six Months Ended June 30, 2022 Residential real estate $ 7,332 $ 7,890 Commercial real estate 599 631 Commercial and industrial 115 124 Consumer and other 214 217 Total $ 8,260 $ 8,862 |
Troubled Debt Restructuring Loans | Recorded Investment Prior to Modification Recorded Investment After Modification Number of Loans Combination Modifications Total Modifications Number of Loans Combination Modifications Total Modifications Residential real estate - $ - $ - - $ - $ - Commercial real estate - - - - - - Commercial and industrial 1 350 350 1 350 350 Consumer and other - - - - - - 1 $ 350 $ 350 1 $ 350 $ 350 |
Amortized cost basis of loans on nonaccrual status | June 30, 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 $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | June 30, 2023 December 31, 2022 Deferred tax assets: Net operating loss $ 18,951 $ 21,720 Allowance for credit losses 4,834 4,432 Lease liability 3,272 3,648 Unrealized losses on available for sale securities 15,990 15,193 Depreciable property 181 158 Equity compensation 481 373 Accruals 290 723 Deferred tax assets: 43,999 46,247 Deferred tax liability: Deferred loan cost (205) (28) Lease right of use asset (3,272) (3,648) Deferred expenses (222) (175) Cash flow hedge (265) - Other, net (21) (36) Deferred tax liability (3,985) (3,887) Net deferred tax assets $ 40,014 $ 42,360 |
Statutory Tax Expense | Six Months Ended June 30, 2023 2022 Federal taxes at statutory rate $ 2,776 $ 2,880 State income taxes, net of federal tax benefit 574 596 Bank owned life insurance (136) (134) Other, net - 224 Total $ 3,214 $ 3,566 |
Provision for Income Taxes | Six Months Ended June 30, 2023 2022 Current: Federal $ - $ - State - - Total - - Deferred: Federal 2,513 2,778 State 701 788 Total 3,214 3,566 Total $ 3,214 $ 3,566 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Off-Balance Sheet Arrangements [Abstract] | |
Schedule of Financials Instruments with Off-Balance Sheet Risk | June 30, 2023 December 31, 2022 Commitments to grant loans and unfunded lines of credit $ 92,910 $ 95,461 Standby and commercial letters of credit 8,344 4,320 Total $ 101,254 $ 99,781 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivatives [Abstract] | |
Summary of Interest Rate Swaps | Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability June 30, 2023: Derivatives designated as hedging instruments: Interest rate swaps $ 50,000 - Other assets $ 1,046 - Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 39,818 $ 1,297 Other assets/Other liabilities $ 4,577 $ 4,577 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) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule Of Assets Measured At Fair Value On Recurring Basis | June 30, 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 $ - $ 8,334 $ - $ 8,334 $ - $ 8,655 $ - $ 8,655 Collateralized mortgage obligations - 83,883 - 83,883 - 95,541 - 95,541 Mortgage-backed securities - residential - 58,099 - 58,099 - 60,879 - 60,879 Mortgage-backed securities - commercial - 30,852 - 30,852 - 27,954 - 27,954 Municipal securities - 19,091 - 19,091 - 18,483 - 18,483 Bank subordinated debt securities - 14,468 - 14,468 - 14,919 - 14,919 Corporate bonds - 3,715 - 3,715 - 3,709 - 3,709 Total - 218,442 - 218,442 - 230,140 - 230,140 Derivative assets - 5,623 - 5,623 - 5,011 - 5,011 Total assets at fair value $ - $ 224,065 $ - $ 224,065 $ - $ 235,151 $ - $ 235,151 Derivative liabilities $ - $ 4,577 $ - $ 4,577 $ - $ 5,011 $ - $ 5,011 Total liabilities at fair value $ - $ 4,577 $ - $ 4,577 $ - $ 5,011 $ - $ 5,011 |
Schedule Of Assets Measured At Fair Value On A Nonrecurring Basis | Level 1 Level 2 Level 3 Total June 30, 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 June 30, 2023: Financial Assets: Cash and due from banks $ 7,873 $ 7,873 $ - $ - $ 7,873 Interest-bearing deposits in banks $ 79,407 $ 79,407 $ - $ - $ 79,407 Investment securities held to maturity, net $ 220,956 $ - $ 199,329 $ - $ 199,329 Loans held for investment, net $ 1,577,144 $ - $ - $ 1,519,939 $ 1,519,939 Accrued interest receivable $ 8,029 $ - $ 1,293 $ 6,736 $ 8,029 Financial Liabilities: Demand deposits $ 572,360 $ 572,360 $ - $ - $ 572,360 Money market and savings accounts $ 994,429 $ 994,429 $ - $ - $ 994,429 Interest-bearing checking accounts $ 59,501 $ 59,501 $ - $ - $ 59,501 Time deposits $ 295,011 $ - $ - $ 292,428 $ 292,428 FHLB advances $ 87,000 $ - $ 84,564 $ - $ 84,564 Accrued interest payable $ 1,183 $ - $ 459 $ 724 $ 1,183 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) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net Income $ 4,196 $ 5,295 $ 10,005 $ 10,149 Net income available to common stockholders $ 4,196 $ 5,295 $ 10,005 $ 10,149 |
Calculation Of Basic And Diluted Earnings (Loss) Per Common Share Class | Three Months Ended June 30, 2023 2022 Class A Class A Basic EPS Numerator: Net income available to common shares $ 4,196 $ 5,295 Denominator: Weighted average shares outstanding 19,590,359 20,000,753 Earnings per share, basic $ 0.21 $ 0.26 Diluted EPS Numerator: Net income available to common shares $ 4,196 $ 5,295 Denominator: Weighted average shares outstanding for basic EPS 19,590,359 20,000,753 Add: Dilutive effects of assumed exercises of stock options 49,323 170,508 Weighted avg. shares including dilutive potential common shares 19,639,682 20,171,261 Earnings per share, diluted $ 0.21 $ 0.26 Anti-dilutive stock options excluded from diluted EPS 730,500 15,000 Net income has not been allocated to unvested restricted are not material to net income per share of percent of all of the outstanding shares of Six Months Ended June 30, 2023 2022 Class A Class A Basic EPS Numerator: Net income (loss) available to common shares $ 10,005 $ 10,149 Denominator: Weighted average shares outstanding 19,722,152 19,997,869 Earnings per share, basic $ 0.51 $ 0.51 Diluted EPS Numerator: Net income available to common shares $ 10,005 $ 10,149 Denominator: Weighted average shares outstanding for basic EPS 19,722,152 19,997,869 Add: Dilutive effects of assumed exercises of stock options 68,604 195,049 Weighted avg. shares including dilutive potential common shares 19,790,756 20,192,918 Earnings per share, diluted $ 0.51 $ 0.50 Anti-dilutive stock options excluded from diluted EPS 730,500 15,000 Net income has not been allocated to unvested not material to net income per share of common of all of the outstanding shares of common stock |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies Disclosure [Line Items] | ||||||
Allowance for credit losses | $ 18,815 | $ 17,487 | $ 18,887 | |||
Increase in allowance for credit losses | 1,300 | |||||
Stockholders' equity | 183,685 | 182,428 | 183,858 | $ 180,068 | $ 192,039 | $ 203,897 |
Accumulated deficit | (95,088) | (104,104) | ||||
Collectively evaluated for impairment | 1,587,497 | 1,499,351 | ||||
Individually evaluated for impairment | 7,652 | 7,877 | ||||
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 | 15,786 | 15,074 | 15,057 | ||
Increase in allowance for credit losses | 1,100 | |||||
Increase in reserve on unfunded commitments | 259 | |||||
Stockholders' equity | (989) | 336 | ||||
Retained Earnings [Member] | ||||||
Significant Accounting Policies Disclosure [Line Items] | ||||||
Stockholders' equity | $ (95,088) | (104,104) | (99,620) | $ (114,096) | $ (119,391) | $ (124,245) |
Retained Earnings [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||||||
Significant Accounting Policies Disclosure [Line Items] | ||||||
Stockholders' equity | $ (989) | $ 336 | ||||
Common Class A [Member] | ||||||
Significant Accounting Policies Disclosure [Line Items] | ||||||
Common stock, par value | $ 1 | $ 1 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) 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 | $ 271,864,000 | $ 271,864,000 | $ 280,295,000 |
Investment securities available for sale, at fair value | 218,442,000 | 218,442,000 | 230,140,000 |
Borrowing from BTFB | 0 | 0 | |
Held To Maturity Securities | 220,975,000 | 220,975,000 | 188,699,000 |
Held to maturity, allowance for credit loss | 19,000 | 19,000 | 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 | 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 | 136,800,000 | $ 136,800,000 | |
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 | 219,400,000 | $ 219,400,000 | 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 | 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 | 4,033,000 | 4,033,000 | 4,037,000 |
Investment securities available for sale, at fair value | 3,715,000 | 3,715,000 | 3,709,000 |
Held To Maturity Securities | 10,988,000 | $ 10,988,000 | $ 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 | 29 | 18 | |
Pledged under public funds, fair value | 78,400,000 | $ 78,400,000 | $ 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 | 284,500,000 | 284,500,000 | 294,600,000 |
Unrealized losses | 57,900,000 | 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 | 210,000,000 | 210,000,000 | |
Held to maturity, allowance for credit loss | 0 | 0 | |
Investment Grade Corporate Bonds [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Held To Maturity Securities | 11,000,000 | 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) | (120,000) | $ (10,600,000) |
Unrealized losses | 131,700,000 | ||
Unamortized net unrealized loss | $ 9,700,000 | $ 9,700,000 |
Investment Securities (Schedule
Investment Securities (Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation) (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-sale: | ||
Amortized Cost | $ 271,864,000 | $ 280,295,000 |
Unrealized Gains | 20,000 | |
Unrealized Losses | (53,422,000) | (50,175,000) |
Fair Value | 218,442,000 | 230,140,000 |
Held-to-maturity: | ||
Amortized Cost | 220,975,000 | 188,699,000 |
Unrealized Gains | 193,000 | 425,000 |
Unrealized Losses | (21,839,000) | (20,036,000) |
Fair Value | 199,329,000 | 169,088,000 |
Allowance for credit losses - securities held-to-maturity | (19,000) | 0 |
Securities held-to maturity, net of allowance for credit losses | 220,956,000 | 188,699,000 |
U.S. Government Agency [Member] | ||
Available-for-sale: | ||
Amortized Cost | 9,906,000 | 10,177,000 |
Unrealized Losses | (1,572,000) | (1,522,000) |
Fair Value | 8,334,000 | 8,655,000 |
Held-to-maturity: | ||
Amortized Cost | 44,404,000 | 44,914,000 |
Unrealized Gains | 25,000 | |
Unrealized Losses | (6,174,000) | (5,877,000) |
Fair Value | 38,230,000 | 39,062,000 |
U.S. Treasury [Member] | ||
Held-to-maturity: | ||
Amortized Cost | 39,414,000 | 9,841,000 |
Unrealized Losses | (14,000) | (13,000) |
Fair Value | 39,400,000 | 9,828,000 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale: | ||
Amortized Cost | 107,991,000 | 118,951,000 |
Unrealized Losses | (24,108,000) | (23,410,000) |
Fair Value | 83,883,000 | 95,541,000 |
Held-to-maturity: | ||
Amortized Cost | 65,844,000 | 68,727,000 |
Unrealized Gains | 15,000 | 28,000 |
Unrealized Losses | (8,829,000) | (7,830,000) |
Fair Value | 57,030,000 | 60,925,000 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale: | ||
Amortized Cost | 71,279,000 | 73,838,000 |
Unrealized Losses | (13,180,000) | (12,959,000) |
Fair Value | 58,099,000 | 60,879,000 |
Held-to-maturity: | ||
Amortized Cost | 44,834,000 | 42,685,000 |
Unrealized Gains | 178,000 | 372,000 |
Unrealized Losses | (4,799,000) | (4,574,000) |
Fair Value | 40,213,000 | 38,483,000 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale: | ||
Amortized Cost | 36,775,000 | 32,244,000 |
Unrealized Gains | 15,000 | |
Unrealized Losses | (5,923,000) | (4,305,000) |
Fair Value | 30,852,000 | 27,954,000 |
Held-to-maturity: | ||
Amortized Cost | 15,491,000 | 11,442,000 |
Unrealized Losses | (1,082,000) | (665,000) |
Fair Value | 14,409,000 | 10,777,000 |
Municipal Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 25,044,000 | 25,084,000 |
Unrealized Gains | ||
Unrealized Losses | (5,953,000) | (6,601,000) |
Fair Value | 19,091,000 | 18,483,000 |
Bank Subordinated Debt Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 16,836,000 | 15,964,000 |
Unrealized Gains | 5,000 | |
Unrealized Losses | (2,368,000) | (1,050,000) |
Fair Value | 14,468,000 | 14,919,000 |
Corporate Bonds [Member] | ||
Available-for-sale: | ||
Amortized Cost | 4,033,000 | 4,037,000 |
Unrealized Gains | ||
Unrealized Losses | (318,000) | (328,000) |
Fair Value | 3,715,000 | 3,709,000 |
Held-to-maturity: | ||
Amortized Cost | 10,988,000 | 11,090,000 |
Unrealized Losses | (941,000) | (1,077,000) |
Fair Value | $ 10,047,000 | $ 10,013,000 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments Securities [Abstract] | ||||
Proceeds from sales and call of securities | $ 17,280 | $ 8,617 | $ 31,838 | |
Gross Gains | 58 | 3 | 216 | |
Gross Losses | (61) | (24) | (198) | |
Net realized gains (losses) | $ (3) | $ (21) | $ 18 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-sale, Amortized Cost: | ||
Due after one year through five years | $ 4,033 | |
Due after five years through ten years | 17,835 | |
Due after ten years | 24,045 | |
Amortized Cost | 271,864 | $ 280,295 |
Available-for-sale, Fair Value: | ||
Due after one year through five years | 3,715 | |
Due after five years through ten years | 15,285 | |
Due after ten years | 18,274 | |
Fair Value | 218,442 | 230,140 |
Held-to-maturity, Amortized Cost: | ||
Due within one year | 40,916 | |
Due after one year through five years | 9,486 | |
Amortized Cost | 220,975 | 188,699 |
Held-to-maturity, Fair Value: | ||
Due within one year | 40,892 | |
Due after one year through five years | 8,555 | |
Fair Value | 199,329 | 169,088 |
U.S. Government Agency [Member] | ||
Available-for-sale, Amortized Cost: | ||
Amortized Cost | 9,906 | 10,177 |
Available-for-sale, Fair Value: | ||
Fair Value | 8,334 | 8,655 |
Held-to-maturity, Amortized Cost: | ||
Amortized Cost | 44,404 | 44,914 |
Held-to-maturity, Fair Value: | ||
Fair Value | 38,230 | 39,062 |
U.S. Treasury [Member] | ||
Held-to-maturity, Amortized Cost: | ||
Amortized Cost | 39,414 | 9,841 |
Held-to-maturity, Fair Value: | ||
Fair Value | 39,400 | 9,828 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 107,991 | |
Amortized Cost | 107,991 | 118,951 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 83,883 | |
Fair Value | 83,883 | 95,541 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 65,844 | |
Amortized Cost | 65,844 | 68,727 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 57,030 | |
Fair Value | 57,030 | 60,925 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 71,279 | |
Amortized Cost | 71,279 | 73,838 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 58,099 | |
Fair Value | 58,099 | 60,879 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 44,834 | |
Amortized Cost | 44,834 | 42,685 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 40,213 | |
Fair Value | 40,213 | 38,483 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 36,775 | |
Amortized Cost | 36,775 | 32,244 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 30,852 | |
Fair Value | 30,852 | 27,954 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 15,491 | |
Amortized Cost | 15,491 | 11,442 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 14,409 | |
Fair Value | $ 14,409 | $ 10,777 |
Investment Securities (Availabl
Investment Securities (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | $ 57,144 | $ 77,864 |
Unrealized Losses, Less than 12 months | (789) | (5,402) |
Fair Value, 12 Months or More | 358,243 | 315,942 |
Unrealized Losses 12 Months Or Longer | (83,951) | (74,208) |
Fair value | 415,387 | 393,806 |
Unrealized Losses | (84,740) | (79,610) |
U.S. Government Agency [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 11,407 | |
Unrealized Losses, Less than 12 months | (1,093) | |
Fair Value, 12 Months or More | 46,564 | 36,310 |
Unrealized Losses 12 Months Or Longer | (9,030) | (7,616) |
Fair value | 46,564 | 47,717 |
Unrealized Losses | (9,030) | (8,709) |
U.S. Treasury [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 39,400 | 9,828 |
Unrealized Losses, Less than 12 months | (14) | (13) |
Fair Value, 12 Months or More | ||
Unrealized Losses 12 Months Or Longer | ||
Fair value | 39,400 | 9,828 |
Unrealized Losses | (14) | (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 | 140,913 | 139,965 |
Unrealized Losses 12 Months Or Longer | (37,550) | (34,962) |
Fair value | 140,913 | 156,465 |
Unrealized Losses | (37,550) | (35,925) |
Mortgage-Backed Securities - Residential [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 3,686 | 5,059 |
Unrealized Losses, Less than 12 months | (67) | (564) |
Fair Value, 12 Months or More | 92,653 | 91,742 |
Unrealized Losses 12 Months Or Longer | (20,400) | (19,348) |
Fair value | 96,339 | 96,801 |
Unrealized Losses | (20,467) | (19,912) |
Mortgage-Backed Securities - Commercial [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 10,528 | 10,052 |
Unrealized Losses, Less than 12 months | (315) | (1,173) |
Fair Value, 12 Months or More | 34,733 | 26,823 |
Unrealized Losses 12 Months Or Longer | (8,178) | (5,300) |
Fair value | 45,261 | 36,875 |
Unrealized Losses | (8,493) | (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 | 19,091 | 18,483 |
Unrealized Losses 12 Months Or Longer | (5,953) | (6,601) |
Fair value | 19,091 | 18,483 |
Unrealized Losses | (5,953) | (6,601) |
Bank Subordinated Debt Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 3,530 | 11,295 |
Unrealized Losses, Less than 12 months | (393) | (670) |
Fair Value, 12 Months or More | 10,527 | 2,619 |
Unrealized Losses 12 Months Or Longer | (1,975) | (381) |
Fair value | 14,057 | 13,914 |
Unrealized Losses | (2,368) | (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 | 13,762 | |
Unrealized Losses 12 Months Or Longer | (865) | |
Fair value | 13,762 | 13,723 |
Unrealized Losses | $ (865) | $ (926) |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 USD ($) Item | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Item | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans pledged as collateral | $ 1,595,149,000 | $ 1,595,149,000 | $ 1,507,228,000 | |||
Interest income recognized attributable to nonaccrual loans | 0 | $ 0 | ||||
Allocated of specific allowance for TDR loans | 294,000 | |||||
Charge-offs | 40,000 | 45,000 | ||||
Total Nonaccruals | 486,000 | 486,000 | 0 | |||
Allowance for credit losses | $ 18,815,000 | 18,815,000 | 17,487,000 | $ 18,887,000 | ||
Increase in allowance for credit losses | $ 1,300,000 | |||||
Number of loans modified | Item | 1 | 1 | ||||
Loan modifications that subsequently defaulted | $ 0 | $ 0 | ||||
Accounting Standards Update 201613 [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Increase in allowance for credit losses | 1,100,000 | |||||
Loans performed in accordance with their original terms [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Interest income recognized attributable to nonaccrual loans | 13,000 | 0 | ||||
Loans Originated in 2015 [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Charge-offs | 21,000 | 21,000 | ||||
Loans Originated in 2023 [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Charge-offs | 19,000 | 24,000 | ||||
Loan Growth [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Increase in allowance for credit losses | 242,000 | |||||
Net Charge Offs [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Increase in allowance for credit losses | (20,000) | |||||
Paycheck Protection Program [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan amount | 299,000 | 299,000 | 1,300,000 | |||
Interest income recognized attributable to nonaccrual loans | 4,000 | 1,500,000 | ||||
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 | 0 | |||
Interest income recognized on impaired loans | $ 90,000 | $ 181,000 | ||||
Commercial and Industrial [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans pledged as collateral | 169,401,000 | 169,401,000 | 126,984,000 | |||
Allocated of specific allowance for TDR loans | 98,000 | |||||
Charge-offs | ||||||
Total Nonaccruals | 486,000 | 486,000 | ||||
Allowance for credit losses | 2,500,000 | $ 2,500,000 | 4,163,000 | $ 2,367,000 | ||
Number of loans modified | Item | 1 | |||||
Commercial and Industrial [Member] | Federal Home Loan Bank Advances [Member] | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loans pledged as collateral | $ 582,900,000 | $ 582,900,000 | $ 338,100,000 |
Loans (Summary of Loans Held fo
Loans (Summary of Loans Held for Investment) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 1,595,149 | $ 1,507,228 |
Less: Deferred fees (cost) | (810) | (110) |
Total loans net of unearned income | 1,595,959 | 1,507,338 |
Less: ACL | 18,815 | 17,487 |
Total net loans | $ 1,577,144 | $ 1,489,851 |
Percent of Total | 100% | 100% |
Residential Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 183,093 | $ 185,636 |
Percent of Total | 11.50% | 12.30% |
Commercial Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 989,401 | $ 970,410 |
Percent of Total | 62% | 64.40% |
Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 169,401 | $ 126,984 |
Percent of Total | 10.60% | 8.40% |
Foreign Banks [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 85,409 | $ 93,769 |
Percent of Total | 5.40% | 6.20% |
Consumer and Other [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total gross loans | $ 167,845 | $ 130,429 |
Percent of Total | 10.50% | 8.70% |
Loans (Allowance for Credit Los
Loans (Allowance for Credit Losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | $ 18,887,000 | $ 17,487,000 | |||
Provision for credit losses | (43,000) | 242,000 | |||
Recoveries | 11,000 | 65,000 | |||
Charge-offs | (40,000) | (45,000) | |||
Ending balance | 18,815,000 | 18,815,000 | $ 17,487,000 | ||
Allowance for Credit Losses: | |||||
Individually evaluated for impairment | 226,000 | 226,000 | 294,000 | ||
Collectively evaluated for impairment | 18,589,000 | 18,589,000 | 17,193,000 | ||
Balances, end of period | 18,815,000 | 18,815,000 | 17,487,000 | ||
Loans: | |||||
Individually evaluated for impairment | 7,652,000 | 7,652,000 | 7,877,000 | ||
Collectively evaluated for impairment | 1,587,497,000 | 1,587,497,000 | 1,499,351,000 | ||
Balances, end of period | 1,595,149,000 | 1,595,149,000 | 1,507,228,000 | ||
Unfunded commitments | 62,000 | 22,000 | |||
Held to maturity securities | 19,000 | 19,000 | 0 | ||
Cumulative Effect Period Of Adoption Adjustment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | $ 15,074,000 | 1,066,000 | $ 15,057,000 | 15,057,000 | |
Provision for credit losses | 705,000 | 705,000 | |||
Recoveries | 8,000 | 46,000 | |||
Charge-offs | (1,000) | (22,000) | |||
Ending balance | 15,786,000 | 15,786,000 | 1,066,000 | ||
Allowance for Credit Losses: | |||||
Balances, end of period | 15,786,000 | 15,786,000 | 1,066,000 | ||
Residential Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 2,819,000 | 1,352,000 | |||
Provision for credit losses | (148,000) | 73,000 | |||
Recoveries | 2,000 | 10,000 | |||
Charge-offs | |||||
Ending balance | 2,673,000 | 2,673,000 | 1,352,000 | ||
Allowance for Credit Losses: | |||||
Individually evaluated for impairment | 144,000 | 144,000 | 155,000 | ||
Collectively evaluated for impairment | 2,529,000 | 2,529,000 | 1,197,000 | ||
Balances, end of period | 2,673,000 | 2,673,000 | 1,352,000 | ||
Loans: | |||||
Individually evaluated for impairment | 7,105,000 | 7,105,000 | 7,206,000 | ||
Collectively evaluated for impairment | 175,988,000 | 175,988,000 | 178,430,000 | ||
Balances, end of period | 183,093,000 | 183,093,000 | 185,636,000 | ||
Residential Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 2,357,000 | 1,238,000 | 2,498,000 | 2,498,000 | |
Provision for credit losses | 9,000 | (148,000) | |||
Recoveries | 32,000 | ||||
Charge-offs | (16,000) | ||||
Ending balance | 2,366,000 | 2,366,000 | 1,238,000 | ||
Allowance for Credit Losses: | |||||
Balances, end of period | 2,366,000 | 2,366,000 | 1,238,000 | ||
Commercial Real Estate [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 10,453,000 | 10,143,000 | |||
Provision for credit losses | (270,000) | (1,065,000) | |||
Recoveries | |||||
Charge-offs | |||||
Ending balance | 10,183,000 | 10,183,000 | 10,143,000 | ||
Allowance for Credit Losses: | |||||
Collectively evaluated for impairment | 10,183,000 | 10,183,000 | 10,143,000 | ||
Balances, end of period | 10,183,000 | 10,183,000 | 10,143,000 | ||
Loans: | |||||
Individually evaluated for impairment | 393,000 | ||||
Collectively evaluated for impairment | 989,401,000 | 989,401,000 | 970,017,000 | ||
Balances, end of period | 989,401,000 | 989,401,000 | 970,410,000 | ||
Commercial Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 9,183,000 | 1,105,000 | 8,758,000 | 8,758,000 | |
Provision for credit losses | 107,000 | 532,000 | |||
Recoveries | |||||
Charge-offs | |||||
Ending balance | 9,290,000 | 9,290,000 | 1,105,000 | ||
Allowance for Credit Losses: | |||||
Balances, end of period | 9,290,000 | 9,290,000 | 1,105,000 | ||
Commercial and Industrial [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 2,367,000 | 4,163,000 | |||
Provision for credit losses | 125,000 | 443,000 | |||
Recoveries | 8,000 | 52,000 | |||
Charge-offs | |||||
Ending balance | 2,500,000 | 2,500,000 | 4,163,000 | ||
Allowance for Credit Losses: | |||||
Individually evaluated for impairment | 82,000 | 82,000 | 41,000 | ||
Collectively evaluated for impairment | 2,418,000 | 2,418,000 | 4,122,000 | ||
Balances, end of period | 2,500,000 | 2,500,000 | 4,163,000 | ||
Loans: | |||||
Individually evaluated for impairment | 547,000 | 547,000 | 82,000 | ||
Collectively evaluated for impairment | 168,854,000 | 168,854,000 | 126,902,000 | ||
Balances, end of period | 169,401,000 | 169,401,000 | 126,984,000 | ||
Commercial and Industrial [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 2,355,000 | (2,158,000) | 2,775,000 | 2,775,000 | |
Provision for credit losses | 311,000 | (115,000) | |||
Recoveries | 5,000 | 11,000 | |||
Charge-offs | |||||
Ending balance | 2,671,000 | 2,671,000 | (2,158,000) | ||
Allowance for Credit Losses: | |||||
Balances, end of period | 2,671,000 | 2,671,000 | (2,158,000) | ||
Foreign Banks [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 772,000 | 720,000 | |||
Provision for credit losses | (95,000) | (66,000) | |||
Recoveries | |||||
Charge-offs | |||||
Ending balance | 677,000 | 677,000 | 720,000 | ||
Allowance for Credit Losses: | |||||
Collectively evaluated for impairment | 677,000 | 677,000 | 720,000 | ||
Balances, end of period | 677,000 | 677,000 | 720,000 | ||
Loans: | |||||
Collectively evaluated for impairment | 85,409,000 | 85,409,000 | 93,769,000 | ||
Balances, end of period | 85,409,000 | 85,409,000 | 93,769,000 | ||
Foreign Banks [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 491,000 | 23,000 | 457,000 | 457,000 | |
Provision for credit losses | 160,000 | 194,000 | |||
Recoveries | |||||
Charge-offs | |||||
Ending balance | 651,000 | 651,000 | 23,000 | ||
Allowance for Credit Losses: | |||||
Balances, end of period | 651,000 | 651,000 | 23,000 | ||
Consumer and Other [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 2,476,000 | 1,109,000 | |||
Provision for credit losses | 345,000 | 857,000 | |||
Recoveries | 1,000 | 3,000 | |||
Charge-offs | (40,000) | (45,000) | |||
Ending balance | 2,782,000 | 2,782,000 | 1,109,000 | ||
Allowance for Credit Losses: | |||||
Individually evaluated for impairment | 98,000 | ||||
Collectively evaluated for impairment | 2,782,000 | 2,782,000 | 1,011,000 | ||
Balances, end of period | 2,782,000 | 2,782,000 | 1,109,000 | ||
Loans: | |||||
Individually evaluated for impairment | 196,000 | ||||
Collectively evaluated for impairment | 167,845,000 | 167,845,000 | 130,233,000 | ||
Balances, end of period | $ 167,845,000 | 167,845,000 | 130,429,000 | ||
Consumer and Other [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Beginning balance | 688,000 | $ 858,000 | 569,000 | 569,000 | |
Provision for credit losses | 118,000 | 242,000 | |||
Recoveries | 3,000 | 3,000 | |||
Charge-offs | (1,000) | (6,000) | |||
Ending balance | 808,000 | 808,000 | 858,000 | ||
Allowance for Credit Losses: | |||||
Balances, end of period | $ 808,000 | $ 808,000 | $ 858,000 |
Loans (Term Loans by Originatio
Loans (Term Loans by Origination Year) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
2023 | $ 212,125 | |
2022 | 499,428 | |
2021 | 339,359 | |
2020 | 119,519 | |
2019 | 109,029 | |
Prior | 283,103 | |
Revolving Loans | 32,586 | |
Total | 1,595,149 | $ 1,507,228 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 212,125 | |
2022 | 499,428 | |
2021 | 337,181 | |
2020 | 118,820 | |
2019 | 108,543 | |
Prior | 283,103 | |
Revolving Loans | 32,586 | |
Total | 1,591,786 | 1,503,280 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | 2,178 | |
2020 | 699 | |
2019 | 486 | |
Prior | ||
Revolving Loans | ||
Total | 3,363 | 3,948 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 5,028 | |
2022 | 38,626 | |
2021 | 26,459 | |
2020 | 7,189 | |
2019 | 9,813 | |
Prior | 87,326 | |
Revolving Loans | 8,652 | |
Total | 183,093 | 185,636 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 5,028 | |
2022 | 38,626 | |
2021 | 26,459 | |
2020 | 7,189 | |
2019 | 9,813 | |
Prior | 87,326 | |
Revolving Loans | 8,652 | |
Total | 183,093 | 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 | 38,191 | |
2022 | 341,882 | |
2021 | 229,271 | |
2020 | 103,849 | |
2019 | 80,974 | |
Prior | 191,613 | |
Revolving Loans | 3,621 | |
Total | 989,401 | 970,410 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 38,191 | |
2022 | 341,882 | |
2021 | 227,443 | |
2020 | 103,150 | |
2019 | 80,974 | |
Prior | 191,613 | |
Revolving Loans | 3,621 | |
Total | 986,874 | 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 | 1,828 | |
2020 | 699 | |
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 2,527 | 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 | 48,282 | |
2022 | 38,589 | |
2021 | 35,379 | |
2020 | 7,757 | |
2019 | 17,729 | |
Prior | 2,740 | |
Revolving Loans | 18,925 | |
Total | 169,401 | 126,984 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 48,282 | |
2022 | 38,589 | |
2021 | 35,029 | |
2020 | 7,757 | |
2019 | 17,243 | |
Prior | 2,740 | |
Revolving Loans | 18,925 | |
Total | 168,565 | 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 | 350 | |
2020 | ||
2019 | 486 | |
Prior | ||
Revolving Loans | ||
Total | 836 | 807 |
Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | ||
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 80,909 | |
2022 | 4,500 | |
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 85,409 | 93,769 |
Foreign Banks [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 80,909 | |
2022 | 4,500 | |
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 85,409 | 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 | 39,715 | |
2022 | 75,831 | |
2021 | 48,250 | |
2020 | 724 | |
2019 | 513 | |
Prior | 1,424 | |
Revolving Loans | 1,388 | |
Total | 167,845 | 130,429 |
Consumer and Other [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 39,715 | |
2022 | 75,831 | |
2021 | 48,250 | |
2020 | 724 | |
2019 | 513 | |
Prior | 1,424 | |
Revolving Loans | 1,388 | |
Total | 167,845 | 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 | ||
Revolving Loans | ||
Total | 196 | |
Consumer and Other [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total |
Loans (Loan Credit Exposures) (
Loans (Loan Credit Exposures) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 1,595,149 | $ 1,507,228 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 183,093 | 185,636 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 543 | 623 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 129,987 | 132,178 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 52,563 | 52,835 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 989,401 | 970,410 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 33,606 | 38,687 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 173,360 | 176,820 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 56,255 | 49,994 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 726,129 | 704,909 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 51 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 169,401 | 126,984 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 150,102 | 121,680 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 19,299 | 5,304 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 85,409 | 93,769 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 167,845 | 130,429 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,591,786 | 1,503,280 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 183,093 | 185,636 |
Pass [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 5,028 | 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 | 986,874 | 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 | 168,565 | 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 | 85,409 | 93,769 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 167,845 | 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 | 3,363 | 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 | 2,527 | 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 | 836 | 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 | 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 (Aging Analysis of Accrui
Loans (Aging Analysis of Accruing and Total Non-Accruing Loans) (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | $ 1,595,149,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 1,594,663,000 | $ 1,507,228,000 |
Non-Accrual | 486,000 | 0 |
Balances, end of period | 1,595,149,000 | 1,507,228,000 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 183,093,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 183,093,000 | 185,636,000 |
Non-Accrual | ||
Balances, end of period | 183,093,000 | 185,636,000 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 543,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 543,000 | 623,000 |
Non-Accrual | ||
Balances, end of period | 543,000 | 623,000 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 129,987,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 129,987,000 | 132,178,000 |
Non-Accrual | ||
Balances, end of period | 129,987,000 | 132,178,000 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 52,563,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 52,563,000 | 52,835,000 |
Non-Accrual | ||
Balances, end of period | 52,563,000 | 52,835,000 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 989,401,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 989,401,000 | 970,410,000 |
Non-Accrual | ||
Balances, end of period | 989,401,000 | 970,410,000 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 33,606,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 33,606,000 | 38,687,000 |
Non-Accrual | ||
Balances, end of period | 33,606,000 | 38,687,000 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 173,360,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 173,360,000 | 176,820,000 |
Non-Accrual | ||
Balances, end of period | 173,360,000 | 176,820,000 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 56,255,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 56,255,000 | 49,994,000 |
Non-Accrual | ||
Balances, end of period | 56,255,000 | 49,994,000 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 726,129,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 726,129,000 | 704,909,000 |
Non-Accrual | ||
Balances, end of period | 726,129,000 | 704,909,000 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 51,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 51,000 | |
Non-Accrual | ||
Balances, end of period | 51,000 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 169,401,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 168,915,000 | 126,984,000 |
Non-Accrual | 486,000 | |
Balances, end of period | 169,401,000 | 126,984,000 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 150,102,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 149,616,000 | 121,680,000 |
Non-Accrual | 486,000 | |
Balances, end of period | 150,102,000 | 121,680,000 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 19,299,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 19,299,000 | 5,304,000 |
Non-Accrual | ||
Balances, end of period | 19,299,000 | 5,304,000 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 85,409,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 85,409,000 | 93,769,000 |
Non-Accrual | ||
Balances, end of period | 85,409,000 | 93,769,000 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 167,845,000 | |
Past Due >90Days and Still Accruing | ||
Total Accruing | 167,845,000 | 130,429,000 |
Non-Accrual | ||
Balances, end of period | 167,845,000 | 130,429,000 |
Current [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,594,439,000 | 1,502,357,000 |
Current [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 183,093,000 | 182,053,000 |
Current [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 543,000 | 623,000 |
Current [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 129,987,000 | 131,120,000 |
Current [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 52,563,000 | 50,310,000 |
Current [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 989,401,000 | 970,385,000 |
Current [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 33,606,000 | 38,687,000 |
Current [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 173,360,000 | 176,820,000 |
Current [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 56,255,000 | 49,994,000 |
Current [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 726,129,000 | 704,884,000 |
Current [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 51,000 | |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 168,691,000 | 125,981,000 |
Current [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 149,392,000 | 121,649,000 |
Current [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 19,299,000 | 4,332,000 |
Current [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 85,409,000 | 93,769,000 |
Current [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 167,845,000 | 130,169,000 |
Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 224,000 | 4,871,000 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 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 | 1,058,000 | |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 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 | 224,000 | 1,003,000 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 224,000 | 31,000 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 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 | $ 260,000 |
Loans (Nonaccrual Status) (Deta
Loans (Nonaccrual Status) (Details) - USD ($) | Jun. 30, 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 | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 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 | $ 8,260 | $ 8,862 | |
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 | 7,332 | 7,890 | |
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 | 599 | 631 | |
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 | 115 | 124 | |
Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | $ 214 | $ 217 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructuring Loans) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 Item | Jun. 30, 2023 USD ($) Item | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 1 | 1 |
Recorded Investment Prior to Modification | $ 350 | |
Recorded Investment After Modification | $ 350 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 1 | |
Recorded Investment Prior to Modification | $ 350 | |
Recorded Investment After Modification | 350 | |
Combination Modifications [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment Prior to Modification | 350 | |
Recorded Investment After Modification | 350 | |
Combination Modifications [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment Prior to Modification | 350 | |
Recorded Investment After Modification | $ 350 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Line Items] | ||||
Federal statutory income tax rate | 21% | 21% | ||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Interest or penalties | 0 | $ 0 | 0 | $ 0 |
Domestic Country [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforwards | 70,900,000 | 70,900,000 | ||
State And Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carryforwards | $ 93,600,000 | $ 93,600,000 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Deferred: | ||||
Federal | $ 2,513 | $ 2,778 | ||
State | 701 | 788 | ||
Total deferred | 3,214 | 3,566 | ||
Total tax expense | $ 1,333 | $ 1,708 | $ 3,214 | $ 3,566 |
Income Taxes (Statutory Tax Exp
Income Taxes (Statutory Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||||
Federal taxes at statutory rate | $ 2,776 | $ 2,880 | ||
State income taxes, net of federal tax benefit | 574 | 596 | ||
Bank owned life insurance | (136) | (134) | ||
Other, net | 224 | |||
Total tax expense | $ 1,333 | $ 1,708 | $ 3,214 | $ 3,566 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss | $ 18,951 | $ 21,720 |
Allowance for credit losses | 4,834 | 4,432 |
Lease liability | 3,272 | 3,648 |
Unrealized loss on available for sale securities | 15,990 | 15,193 |
Depreciable property | 181 | 158 |
Equity compensation | 481 | 373 |
Accruals | 290 | 723 |
Deferred tax asset | 43,999 | 46,247 |
Deferred tax liabilities: | ||
Deferred loan costs | (205) | (28) |
Lease right of use asset | (3,272) | (3,648) |
Deferred expenses | (222) | (175) |
Cash flow hedge | (265) | |
Other, net | (21) | (36) |
Deferred tax liability | (3,985) | (3,887) |
Net deferred tax asset | $ 40,014 | $ 42,360 |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements (Schedule of Financials Instruments with Off-Balance Sheet Risk) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 101,254 | $ 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 | 92,910 | 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 | $ 8,344 | $ 4,320 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - Interest Rate Swap [Member] $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) Item | Dec. 31, 2022 USD ($) Item | |
Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Number of instruments | 17 | 15 |
Notional amount | $ 39,800 | $ 33,900 |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Number of instruments | Item | 2 | 0 |
Notional amount | $ 50,000 | |
Average maturity | 2 years 10 months 17 days | |
Weighted average fixed interest rate | 3.59% |
Derivatives (Summary of Interes
Derivatives (Summary of Interest Rate Swaps) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 39,800 | $ 33,900 |
Not Designated as Hedging Instrument [Member] | Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 39,818 | 33,893 |
Collateral Amount | 1,297 | 1,278 |
Asset | $ 4,577 | $ 5,011 |
Derivative Asset Statement Of Financial Position Extensible Enumeration | Other Assets | Other Assets |
Liability | $ 4,577 | $ 5,011 |
Derivative Liability Statement Of Financial Position Extensible Enumeration | Accrued Interest And Other Liabilities | Accrued Interest And Other Liabilities |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 50,000 | |
Asset | $ 1,046 | |
Derivative Asset Statement Of Financial Position Extensible Enumeration | Other Assets |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans carrying amount | $ 1,577,144,000 | $ 1,577,144,000 | $ 1,489,851,000 |
Impaired loan impairment charge | 40,000 | 45,000 | |
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 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets Measured At Fair Value On Recurring And Nonrecurring Basis) (Details) - USD ($) | Jun. 30, 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 | $ 218,442,000 | $ 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 | 218,442,000 | 230,140,000 |
Derivative assets | 5,623,000 | 5,011,000 |
Total assets at fair value | 224,065,000 | 235,151,000 |
Derivative liabilities | 4,577,000 | 5,011,000 |
Total liabilities at fair value | 4,577,000 | 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 | 8,334,000 | 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 | 83,883,000 | 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 | 58,099,000 | 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 | 30,852,000 | 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 | 19,091,000 | 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 | 14,468,000 | 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 | 3,715,000 | 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 | 218,442,000 | 230,140,000 |
Derivative assets | 5,623,000 | 5,011,000 |
Total assets at fair value | 224,065,000 | 235,151,000 |
Derivative liabilities | 4,577,000 | 5,011,000 |
Total liabilities at fair value | 4,577,000 | 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 | 8,334,000 | 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 | 83,883,000 | 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 | 58,099,000 | 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 | 30,852,000 | 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 | 19,091,000 | 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 | 14,468,000 | 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 | 3,715,000 | 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] $ in Thousands | Dec. 31, 2022 USD ($) |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Investment securities held to maturity, net | $ 199,329 | $ 169,088 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and due from banks | 7,873 | 6,605 |
Interest-bearing deposits in banks | 79,407 | 47,563 |
Investment securities held to maturity, net | 220,956 | 188,699 |
Loans held for investment, net | 1,577,144 | 1,489,851 |
Accrued interest receivable | 8,029 | 7,546 |
Financial Liabilities: | ||
Demand deposits | 572,360 | 629,776 |
Money market and savings accounts | 994,429 | 915,853 |
Interest-bearing checking accounts | 59,501 | 66,675 |
Time deposits | 295,011 | 216,977 |
FHLB advances | 87,000 | 46,000 |
Accrued interest payable | 1,183 | 229 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 7,873 | 6,605 |
Interest-bearing deposits in banks | 79,407 | 47,563 |
Investment securities held to maturity, net | 199,329 | 169,088 |
Loans held for investment, net | 1,519,939 | 1,436,877 |
Accrued interest receivable | 8,029 | 7,546 |
Financial Liabilities: | ||
Demand deposits | 572,360 | 629,776 |
Money market and savings accounts | 994,429 | 915,853 |
Interest-bearing checking accounts | 59,501 | 66,675 |
Time deposits | 292,428 | 211,406 |
FHLB advances | 84,564 | 44,547 |
Accrued interest payable | 1,183 | 229 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and due from banks | 7,873 | 6,605 |
Interest-bearing deposits in banks | 79,407 | 47,563 |
Financial Liabilities: | ||
Demand deposits | 572,360 | 629,776 |
Money market and savings accounts | 994,429 | 915,853 |
Interest-bearing checking accounts | 59,501 | 66,675 |
Accrued interest payable | ||
Fair Value [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Investment securities held to maturity, net | 199,329 | 169,088 |
Accrued interest receivable | 1,293 | 1,183 |
Financial Liabilities: | ||
FHLB advances | 84,564 | 44,547 |
Accrued interest payable | 459 | 92 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans held for investment, net | 1,519,939 | 1,436,877 |
Accrued interest receivable | 6,736 | 6,363 |
Financial Liabilities: | ||
Time deposits | 292,428 | 211,406 |
Accrued interest payable | $ 724 | $ 137 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 27, 2021 USD ($) $ / shares shares | Dec. 31, 2021 | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 shares | Dec. 31, 2022 USD ($) shares | Jun. 30, 2022 shares | |
Class of Stock [Line Items] | |||||||
Common stock issued share price | $ / shares | $ 1 | $ 1 | |||||
Common stock, stock split conversion ratio | 1 | ||||||
Stock Repurchased During Period Value | $ | $ 747,000 | $ 6,613,000 | |||||
Total risk-based capital, Actual, Ratio | 0.1342 | 0.1342 | |||||
2015 Equity Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares remained authorized for repurchase | 172,397 | 172,397 | |||||
2015 Equity Incentive Plan [Member] | Treasury Stock, Common [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares repurchased, cost per share | $ / shares | $ 9.58 | ||||||
Stock Repurchased During Period Value | $ | $ 747,000 | ||||||
Stock Repurchased During Period Shares | 77,603 | ||||||
Subsidiaries [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock issued share price | $ / shares | $ 1 | $ 1 | |||||
Total risk-based capital, Actual, Ratio | 0.1337 | 0.1337 | |||||
Common Class A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 19,544,777 | 19,544,777 | 20,000,753 | ||||
Shares Outstanding | 19,544,777 | 19,544,777 | 20,000,753 | ||||
Common Class A [Member] | 2015 Equity Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares issued | 0 | 0 | 121,627 | 0 | |||
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 Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Outstanding dividends | $ | $ 0 | $ 0 | $ 0 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Dividends On Preferred Shares) (Details) - $ / shares | Jun. 30, 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 | Jun. 30, 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 | 19,544,777 | 20,000,753 |
Common stock, shares outstanding | 19,544,777 | 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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 4,196 | $ 5,295 | $ 10,005 | $ 10,149 |
Net income available to common stockholders | $ 4,196 | $ 5,295 | $ 10,005 | $ 10,149 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic EPS | ||||
Net (loss) income available to common shares | $ 4,196 | $ 5,295 | $ 10,005 | $ 10,149 |
Common Class A [Member] | ||||
Basic EPS | ||||
Net (loss) income available to common shares | $ 4,196 | $ 5,295 | $ 10,005 | $ 10,149 |
Weighted average shares outstanding | 19,590,359 | 20,000,753 | 19,722,152 | 19,997,869 |
Earnings per share, basic | $ 0.21 | $ 0.26 | $ 0.51 | $ 0.51 |
Diluted EPS | ||||
Add: Dilutive effects of assumed exercises of stock options | 49,323 | 170,508 | 68,604 | 195,049 |
Weighted avg. share including dilutive potential common shares | 19,639,682 | 20,171,261 | 19,790,756 | 20,192,918 |
Earnings per share, diluted | $ 0.21 | $ 0.26 | $ 0.51 | $ 0.50 |
Anti-dilutive stock options excluded from diluted EPS | 730,500 | 15,000 | 730,500 | 15,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | 1 Months Ended |
Jul. 31, 2023 Item | |
Subsequent Event [Line Items] | |
Number of plaintiffs | 3 |
Number of defendants | 6 |