Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 15, 2024 | Jun. 30, 2023 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2023 | ||
Entity File Number | 001-41196 | ||
Entity Registrant Name | USCB Financial Holdings, Inc. | ||
Entity Incorporation State Country Code | FL | ||
Entity Tax Identification Number | 87-4070846 | ||
Entity Address Address Line 1 | 2301 NW 87th Avenue | ||
Entity Address City Or Town | Doral | ||
Entity Address State Or Province | FL | ||
Entity Address Postal Zip Code | 33172 | ||
City Area Code | 305 | ||
Local Phone Number | 715-5200 | ||
Security 12b Title | Class A Common Stock, $1.00 par value per share | ||
Trading Symbol | USCB | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Common Stock Shares Outstanding | 19,650,463 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001901637 | ||
Document Fiscal Period Focus | FY | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Icfr Auditor Attestation Flag | false | ||
Documents Incorporated By Reference [Text Block] | Certain portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Shareholders (the “2024 reference into Part III of this report. | ||
Entity Public Float | $ 104.8 | ||
Auditor Name | Crowe LLP | ||
Auditor Firm Id | 173 | ||
Auditor Location | Fort Lauderdale, Florida | ||
DocumentFinStmtErrorCorrectionFlag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and due from banks | $ 8,019 | $ 6,605 |
Interest-bearing deposits in banks | 33,043 | 47,563 |
Total cash and cash equivalents | 41,062 | 54,168 |
Investment securities held to maturity net allowance of $8 and $0,respectively (fair value $155,510 and $169,088, respectively) | 174,974 | 188,699 |
Investment securities available for sale, at fair value | 229,329 | 230,140 |
Federal Home Loan Bank stock, at cost | 10,153 | 2,882 |
Loans held for investment, net of allowance of $21,084 and $17,487, respectively | 1,759,743 | 1,489,851 |
Accrued interest receivable | 10,688 | 7,546 |
Premises and equipment, net | 4,836 | 5,263 |
Bank owned life insurance | 51,781 | 42,781 |
Deferred tax asset, net | 37,282 | 42,360 |
Lease right-of-use asset | 11,423 | 14,395 |
Other assets | 7,822 | 7,749 |
Total assets | 2,339,093 | 2,085,834 |
Deposits: | ||
Demand | 552,762 | 629,776 |
Money market and savings accounts | 1,048,272 | 915,853 |
Interest-bearing checking accounts | 47,702 | 66,675 |
Time deposits | 288,403 | 216,977 |
Total deposits | 1,937,139 | 1,829,281 |
Federal Home Loan Bank advances | 183,000 | 46,000 |
Lease liability | 11,423 | 14,395 |
Accrued interest and other liabilities | 15,563 | 13,730 |
Total liabilities | 2,147,125 | 1,903,406 |
Commitments and contingencies (See Notes 10 and 18) | ||
Stockholders' Equity: | ||
Additional paid-in capital on common stock | 305,212 | 311,282 |
Accumulated deficit | (88,548) | (104,104) |
Accumulated other comprehensive income (loss) | (44,271) | (44,751) |
Total stockholders' equity | 191,968 | 182,428 |
Total liabilities and stockholders' equity | 2,339,093 | 2,085,834 |
Preferred Stock Class C [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class D [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class E [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Common Class A [Member] | ||
Stockholders' Equity: | ||
Preferred stock | 19,575 | 20,001 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Preferred stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Held to maturity, allowance for credit loss | $ 8,000 | $ 0 |
Investment securities held to maturity, fair value | 155,510,000 | 169,088,000 |
Allowance for credit losses | $ 21,084,000 | $ 17,487,000 |
Common stock, par value | $ 1 | |
Preferred Stock Class C [Member] | ||
Preferred stock, par value | 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 52,748 | 52,748 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Preferred Stock Class D [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 5 | $ 5 |
Preferred stock, shares authorized | 12,309,480 | 12,309,480 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Preferred Stock Class E [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, per share liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 3,185,024 | 3,185,024 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 19,575,435 | 20,000,753 |
Common stock, shares outstanding | 19,575,435 | 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 ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest income: | ||
Loans, including fees | $ 87,884,000 | $ 60,825,000 |
Investment securities | 10,012,000 | 9,346,000 |
Interest-bearing deposits in financial institutions | 3,121,000 | 929,000 |
Total interest income | 101,017,000 | 71,100,000 |
Interest expense: | ||
Interest-bearing deposits | 901,000 | 86,000 |
Savings and money markets accounts | 29,658,000 | 5,173,000 |
Time deposits | 8,500,000 | 1,509,000 |
Federal Home Loan Bank advances | 3,390,000 | 671,000 |
Total interest expense | 42,449,000 | 7,439,000 |
Net interest income before provision for credit losses | 58,568,000 | 63,661,000 |
Provision for credit losses | 2,367,000 | 2,495,000 |
Net interest income after provision for credit losses | 56,201,000 | 61,166,000 |
Non-interest income: | ||
Service fees | 5,055,000 | 4,010,000 |
Bank Owned life insurance income | 2,160,000 | 1,061,000 |
Gain (loss) on sale of securities available for sale, net | (1,859,000) | (2,529,000) |
Gain on sale of loans held for sale, net | 801,000 | 891,000 |
Loan settlement | 161,000 | |
Other non-interest income | 1,246,000 | 1,634,000 |
Total non-interest income | 7,403,000 | 5,228,000 |
Non-interest expense: | ||
Salaries and employee benefits | 24,429,000 | 23,943,000 |
Occupancy | 5,230,000 | 5,058,000 |
Regulatory assessment and fees | 1,453,000 | 930,000 |
Consulting and legal fees | 1,899,000 | 1,890,000 |
Network and information technology services | 2,016,000 | 1,806,000 |
Audit and tax services fees | 1,287,000 | 918,000 |
Other operating | 5,494,000 | 4,764,000 |
Total non-interest expense | 41,808,000 | 39,309,000 |
Net income before income tax expense | 21,796,000 | 27,085,000 |
Income tax expense | 5,251,000 | 6,944,000 |
Net income | 16,545,000 | 20,141,000 |
Net income available to common stockholders | 16,545,000 | 20,141,000 |
Common Class A [Member] | ||
Non-interest expense: | ||
Net income available to common stockholders | $ 16,545,000 | $ 20,141,000 |
Per share information: | ||
Net income per share, basic | $ 0.84 | $ 1.01 |
Net income per share, diluted | $ 0.84 | $ 1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 16,545 | $ 20,141 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on investment securities | (1,801) | (59,260) |
Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity | 251 | 120 |
Reclassification adjustment on sale of available for sale securities for loss included in net income | 1,859 | 2,529 |
Unrealized gain on cash flow hedge | 334 | |
Tax effect | (163) | 14,376 |
Total other comprehensive income (loss), net of tax | 480 | (42,235) |
Total comprehensive income (loss) | $ 17,025 | $ (22,094) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital On Common Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive 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 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 | 20,141 | 20,141 | ||||||||||
Other comprehensive income (loss) | (42,235) | (42,235) | ||||||||||
Exercise of stock options | $ 102 | $ 9 | 93 | |||||||||
Exercise of stock options, shares | 9,000 | 9,000 | ||||||||||
Stock-based compensation | $ 523 | 523 | ||||||||||
Balance at Dec. 31, 2022 | 182,428 | $ 20,001 | 311,282 | (104,104) | (44,751) | $ (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 | 16,545 | 16,545 | ||||||||||
Other comprehensive income (loss) | 480 | 480 | ||||||||||
Exercise of stock options | $ 75 | $ 10 | 65 | |||||||||
Exercise of stock options, shares | 10,000 | 10,000 | ||||||||||
Repurchase of Class A common stock, shares | (669,920) | |||||||||||
Repurchase of Class A common stock | $ (7,583) | $ (670) | (6,913) | |||||||||
Restricted stock issued | 242 | (242) | ||||||||||
Restricted stock issued, shares | 242,713 | |||||||||||
Restricted stock forfeiture | $ (8) | (8) | ||||||||||
Restricted stock forfeiture, shares | (8,111) | |||||||||||
Stock-based compensation | $ 1,012 | 1,012 | ||||||||||
Balance at Dec. 31, 2023 | $ 191,968 | $ 19,575 | $ 305,212 | $ (88,548) | $ (44,271) | |||||||
Balance, shares at Dec. 31, 2023 | 19,575,435 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 16,545 | $ 20,141 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 2,367 | 2,495 |
Depreciation and amortization | 590 | 688 |
(Accretion) amortization of premiums on securities, net | (770) | 433 |
Accretion of deferred loan fees, net | (184) | (1,497) |
Stock-based compensation | 1,012 | 523 |
Loss on sale of available for sale securities | 1,859 | 2,529 |
Gain on sale of loans held for sale | (801) | (891) |
Increase in cash surrender value of bank owned life insurance | (2,160) | (1,061) |
Decrease in deferred tax assets | 5,251 | 6,945 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable | (3,142) | (1,571) |
Other assets | 261 | (3,449) |
Accrued interest and other liabilities | 1,718 | 4,252 |
Net cash provided by operating activities | 22,546 | 29,537 |
Cash flows from investing activities: | ||
Purchase of investment securities held to maturity | (86,788) | (14,739) |
Proceeds from maturities and pay-downs of investment securities held to maturity | 101,541 | 12,237 |
Purchase of investment securities available for sale | (40,379) | (53,113) |
Proceeds from maturities and pay-downs of investment securities available for sale | 15,189 | 40,754 |
Proceeds from sales of investment securities available for sale | 24,185 | 60,649 |
Net increase in loans held for investment | (239,361) | (257,580) |
Purchase of loans held for investment | (45,645) | (70,175) |
Additions to premises and equipment | (163) | (673) |
Proceeds from the sale of loans held for sale | 12,530 | 12,821 |
Purchase of bank owned life insurance | (6,840) | |
Proceeds from the redemption of Federal Home Loan Bank stock | 15,495 | 3,440 |
Purchase of Federal Home Loan Bank stock | (22,766) | (4,222) |
Net cash used in investment activities | (273,002) | (270,601) |
Cash flows from financing activities: | ||
Proceeds from exercise of Class A common stock options, net | 75 | 102 |
Repurchase of Class A common stock | (7,583) | |
Net increase in deposits | 107,858 | 238,902 |
Proceeds from Federal Home Loan Bank advances | 529,350 | 126,000 |
Repayments on Federal Home Loan Bank advances | (392,350) | (116,000) |
Net cash provided by financing activities | 237,350 | 249,004 |
Net increase (decrease) in cash and cash equivalents | (13,106) | 7,940 |
Cash and cash equivalents at beginning of period | 54,168 | 46,228 |
Cash and cash equivalents at end of period | 41,062 | 54,168 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 41,306 | 7,306 |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfer of loans held for investment to loans held for sale | 11,729 | 11,930 |
Transfer of investment securities from available-for-sale to held-to-maturity | 63,798 | |
Lease liability arising from obtaining right-of-use asset | $ 3,203 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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. In December 2021, USCB Financial stock of share of 1.00 exchanged for one newly issued share of the Company’s 1.00 The Bank transactions closed at the Bank. Licensed in the State of Florida and approved by the Department of Insurance Regulation, Florida Peninsula tittle LLC began operations in 2021. Principles of Consolidation Intercompany transactions been prepared in accordance with GAAP. Risk and Uncertainties Banking Environment Industry events liquidity positions and public commercial clients without a high level of industry concentration. In response the FDIC liquidity by allowing institutions to pledge basis depository institutions, with Company drew 80.0 no 2024. All advances must be paid by January 2025. Market conditions and external factors may unpredictably impact the competitive landscape for deposits in the banking industry. liquidity and the premium at are sufficient to meet its needs as of the balance sheet An unexpected influx to primarily demands or to fund continuing operations. These sources may include proceeds from FHLB advances, sales of securities and loans, federal funds lines of credit from correspondent Such reliance on secondary funding sources could increase the Company's net guarantee they capital expenditures, or other investments, or liquidating assets. Use of Estimates The controlled and the reported amounts of of the could materially affect amounts reported in subsequent Cash and Cash Equivalents The equivalents. For due from banks, and interest-bearing deposits in banks. Restricted Cash The Company may be required to maintain The Company reports restricted cash the company had $ 0 Interest-Bearing Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions consist other accounts. Investment Securities Debt securities ability to hold to accounts for them on a trade date basis. Debt securities that and recorded at amortized cost. Trading securities are Securities not classified unrealized gains and must be recorded at fair value with changes in fair value Purchase premiums and discounts are amortized or accreted over held-to-maturity considered in determining the estimated life of in the Consolidated on the sale of securities are recorded on trade date and are determined On Measurement of Credit Losses an expected under the CECL methodology held-to-maturity debt such change is debt securities management does not intend to sell or CECL requires a loss reserve for securities as well as the impact the explicit and/or The securitizations. measurement Moody’s baseline represents the likelihood a borrower will adjusted for the current economic environment. LGD projects Federal Home Loan Bank (FHLB) Stock The Bank is a member of the FHLB system. Members are required to of borrowings and asset, and 2022, FHLB 10.2 2.9 cash and stock dividends are reported as interest income. Loans Held for Investment and Allowance for Credit Loans held for investment (“loans”) are reported at their outstanding principal cost, method. amortized, using the interest method or the straight-line If the non-accrual status as of for restoration to accrual status. or interest restoration principal and interest of the remaining contractual principal and interest or the loan becomes secured and in the process of collection. All interest accrued but not on these unpaid principal, which may change as conditions dictate. The Company has determined that the entire balance of payment is not received by due loans until the date the loan goes into nonaccrual The Company provides for loan losses through a provision for credit losses charged to operations. When management believes that a recoveries, if any, The Management uses a disciplined the Company loans analyzed on a pooled basis. The ACL consists • • • • • Residential borrower’s credit, capacity including: current income, ratio and credit history. The Company relies on appraisals in determining the value of the property. analysis and the diversity of the residential portfolio. Commercial real estate Underwriting of commercial real estate loans will analyze the key market and business factors to arrive at a decision on the credit worthiness of the borrower. The analysis may include the capacity of the borrower, debt service, rental rates in geographic sell or lease properties securing the commercial real estate loans Commercial inventory, and receivables. the debt based The Company mitigates the risk in the commercial portfolio Foreign banks Latin America. Most of these loans are for trade capital and have a includes a credit analysis, peer comparison and current borrower and country where the borrower is mitigated as these loans are short term, have limited exposure, Other loans are secured and account collateralized loans. Repayment of these loans are primarily from the personal income of the borrowers. Loans are underwritten based on the credit worthiness of the borrower. Under sources, provide the basis for estimation of expected credit losses. Qualitative adjustments are applied to the expected credit losses estimated management in the assessment of qualitative factor adjustments The economic regression economic factors were used A fundamentally utilizes run determine the lifetime expected of the instrument is the difference the measurement date. Management segments, a Adjustments management implemented a software attrition measurements based on the loan portfolio. Portfolio segments are the level at which loss assumptions characteristics inherent in the currently segments the is Company has established relationships between internal segmentation and FFIEC loss driver for each loan the Federal Reserve Bank residential utilized for the line basis to the lookback period's historical mean for the The model incorporates qualitative that may management's model. Qualitative factors (“Q-Factors”) used in the ACL methodology • Changes in lending policies, procedures, and strategies • Changes in international, national, regional, and local conditions • Changes in nature and volume of portfolio • Changes in the volume and severity of past due loans • Concentration risk • Changes in the value of underlying collateral • The effect of other external factors: e.g., competition, • Changes in lending management, among others The credit losses within collectively evaluated loan portfolio. Concentration of Credit Risks Credit perform as contracted and any collateral or security proved to be insufficient (whether on or off-balance sheet) arising from financial instruments exist in relation to certain concentration arises to meet contractual obligations to be similarly affected by changes in economic or other conditions. The Company does not have a significant exposure to any individual customer Most of the Company's business activity is State of Florida. The Company's loan portfolio is concentrated largely in real estate and commercial loans in South Florida. Many of the the South Florida real estate industry portfolio. At December 31, top ten lending relationships 163.1 197.9 concentration represented 9.2 % and 13.1 % of 2023 and December 31, 2022, the largest commercial real estate loan note one loan with an outstanding balance of $ 20 st At December 31, 2023, 105.4 banks located in Ecuador, Dominican Republic, Honduras, and El Salvador. At December 31, 2022, the Company also had a concentration of risk 88.8 Salvador. 43.9 31.4 2023 and 2022, respectively. At various times during to the Company from institution. Premises and Equipment, net Land is Depreciation is computed are amortized over the lives of these assets were as follows: Building 40 Furniture, fixtures and equipment 3 25 Computer hardware and software 3 5 Leasehold improvements Maintenance When items are retired or are removed from the accounts and any resulting gains or losses Other Real Estate Owned OREO consists of real estate recorded at basis. Subsequent to lower of carrying with owned recognized when been arranged. Bank Owned Life Insurance BOLI is carried at surrender Company 51.8 These policies cover certain present and former executives Employee 401(k) Plan The expense is the amount of matching contributions. Income Taxes Income taxes are accounted for under the for the assets and and temporary differences are expected to be recovered in tax rates is recognized in income in the period that includes Management is required to based on the considers taxable loss of temporary differences, and available tax planning The Company recognizes positions taken guidance on tax liabilities, if any, would Impairment of Long-Lived Assets The Company's long-lived changes in circumstances to be held and flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge asset. Assets lower of disposal group classified as held for Consolidated Balance Sheets. Transfer of Financial Assets Transfers of over presumptively transferee obtains the transferred agreement to repurchase them before their maturity or Comprehensive Income (Loss) Under available-for-sale, are equity section of the Consolidated income (loss). held-to-maturity are recorded to the remaining life of each security. The amortization component of comprehensive income (loss). See Note 2 “Investment Advertising Costs Advertising costs are expensed as incurred. Earnings per Common Share Basic earnings number additional potential earnings additional information splits. Interest Income Interest income is recognized as earned, based upon the principal Operating Segments While the Company monitors financial performance make resource allocations or performance decisions by Company Stock-Based Compensation Stock-based compensation accounting guidance requires that the compensation transactions be recognized in the accompanying Consolidated the grant covers performance-based awards, share appreciation rights, and The stock-based compensation accounting guidance and recognized compensation cost Scholes model is used to estimate the fair value of stock Loss Contingencies Loss liabilities when the of management, none of these actions, either individually or in the aggregate, is expected to have a material adverse effect on the Company’s Consolidated Financial Statements. Dividend Restrictions Banking Company or by the Company to the stockholders. Fair Value Measurements Fair values fully disclosed in Note judgment. Changes in assumptions or in market conditions Derivative Instruments Derivative financial instruments are to information. Rate Swaps Designated as Cash Flow Hedges The corresponding recognition losses are realized. As of December 31, 2023 the cash Interest Rate Swaps Designated as Fair Value The corresponding recognition in the assets being hedged. Interest Rate Swaps The Company enters into interest rate swaps variable interest rate to a fixed rate. The Company swap agreement allowing the Company enters into a matching agreement with swaps are other non-interest income. Interest manage its interest exchanged by the parties. of the individual interest rate swap agreements. Revenue from Contracts with Customers Revenue from to receive for the and investment Deposit and other transaction-based fees, are the most recognized when the service provided by the this standard that is received from sources other than deposit Cash Flow Statement The Company reports the net activity rather than gross activity in the Consolidated cash customer deposits, accrued interest payable, other liabilities, and Reclassifications Certain presentation. Reclassifications had no impact on the net income Recently Issued Accounting Standards Issued and Adopted Guidance on Accounting for Credit Losses on Financial Instruments On January 1, 2023, the Company implemented Accounting Standard Update (“ASU”) 2016-13 Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended. This update replaces the incurred applies to also applies to off-balance sheet credit of accordance with Topic 842 on leases. Furthermore, ASC 326 amended the accounting treatment for available-for-sale debt securities. One notable down on available-for-sale debt securities that management does not intend to will not need reflect historical credit performance as well as the impact At adoption 84 % or 1.3 Flow (“DCF)” method 16 % or $ 251.0 method. The remaining $ 7.9 The impact of 1.1 million and 259 adjustment resulted in 1.0 CECL on the Company’s consolidated balance sheet See “Allowance for Credit Losses” section in Note 3 for Guidance on Accounting for Trouble In March 2022, the have adopted ASU 2016-13, Financial Instruments Write-offs. and restructuring difficulty to determine disclosure component of receivables and investment leases within the scope of Subtopic 326-20. The Company adopted ASU 2022-02 concurrently with the adoption of ASU 2016-13. Issued and Not Yet Guidance on Reference Rate Reform In Reference Rate Reform 2021-01 which provides the effects 2024. The ASU will have material effects on our business January 1, 2023 As Reported Under ASC 326 Pre - ASC 326 Adoption Impact of ASC 326 Adoption Assets Allowance for credit losses $ 18,553 $ 17,487 $ 1,066 Deferred tax asset, net 42,696 42,360 336 Liabilities Reserve for unfunded credit commitments 516 257 259 Stockholder's Equity Retained earnings $ (105,093) $ (104,104) $ (989) |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investment Securities [Abstract] | |
Investment Securities | 2. The following value of investment securities at the dates indicated (in For the year ended December 31, 2023, there were no For the year 26 with an amortized cost basis and fair value amount 74.4 63.8 these securities had a total net unrealized loss of $ 10.6 Transfers of debt securities into the HTM category from the AFS category are made at fair value at the date of transfer. The securities. There was no impact to net income. Such amounts years transferred from 251 120 net unrealized losses retained in AOCI was $ 9.5 9.8 The following debt securities for the years ended December 31, 2023 and The indicated (in thousands). call or prepay separately. At December 31, stockholders’ obligations and mortgage-backed securities are issued Information pertaining length of dates (in thousands): The 126.8 portfolio to the HTM portfolio represent unrealized losses since the date of purchase, independent of the impact associated with changes in the cost basis upon transfer between portfolios. On Measurement of Credit Losses an expected methodology is applicable debt securities. In addition, ASC 326 amended the accou require management does not intend to sell or believes that CECL requires a loss reserve for securities as well as the impact the explicit guarantee of the US Government is sufficient requirement Company calculates quarterly the loss reserve securities forecast. The borrower will economic environment. LGD projects the expected loss The Company monitors are monitored by the Company on at least a quarterly basis. As of maturity securities held by the Company were rated investment At December 31, 2023, HTM securities 165.6 mortgage-backed no reserves 9.4 corporate bonds. The required reserve for these the portion of the HTM exposed to non-government a $ 8 cost less ACL. The required. At 54.9 collateralized mortgage 284.1 attributable contractual cash flows for these securities are guaranteed by U.S. Government agencies entities. The municipal bonds are of high credit the assessment of are a expects to recover the entire amortized cost basis of these securities. At December 31, 2023, the it is not more than likely than not that the Company will be required to sell cost basis. As of December 31, 2023, the Company maintains a master repurchase agreement with a public banking institution for up 20.0 variable interest rate no t have any securities pledged under this agreement. In 2018, the Company became a Qualified Public Depositor (“QPD”) with the State of Florida. As a QPD, the Company has the are secured by 25 % of the The Company must also maintain a minimum amount At December 31, 2023, the Company had twenty-eight 86.9 of Florida 268.4 2023. At December 31, eighteen 49.0 Florida under the public funds program. The Company held 204.2 The Board Term unions, securities, and other qualifying assets as collateral. These The Company had no 132.1 in securities making new loans as of March 2024. On January 12, 2024, the Company borrowed $ 80 4.81 %, maturing on January 10, 2025, under the BTFP program. December 31, 2023 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 9,664 $ - $ (1,491) $ 8,173 Collateralized mortgage obligations 103,645 - (23,039) 80,606 Mortgage-backed securities - residential 63,795 - (11,608) 52,187 Mortgage-backed securities - commercial 49,212 56 (6,504) 42,764 Municipal securities 25,005 - (5,667) 19,338 Bank subordinated debt securities 28,106 188 (2,033) 26,261 $ 279,427 $ 244 $ (50,342) $ 229,329 Held-to-maturity: U.S. Government Agency $ 43,626 $ 2 $ (5,322) $ 38,306 Collateralized mortgage obligations 62,735 - (7,983) 54,752 Mortgage-backed securities - residential 43,784 348 (4,533) 39,599 Mortgage-backed securities - commercial 15,439 - (1,257) 14,182 Corporate bonds 9,398 - (727) 8,671 $ 174,982 $ 350 $ (19,822) $ 155,510 Allowance for credit losses - securities held-to-maturity (8) Securities held-to maturity, net of allowance for credit losses $ 174,974 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 Available-for-sale: 2023 2022 Proceeds from sales and call of securities $ 24,185 $ 60,649 Gross Gains $ 3 $ 217 Gross Losses (1,862) (2,746) Net realized gains (losses) $ (1,859) $ (2,529) Available-for-sale Held-to-maturity December 31, 2023: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ - $ - Due after one year through five years 2,710 2,853 9,398 8,671 Due after five years through ten years 32,116 28,673 - - Due after ten years 18,285 14,073 - - U.S. Government Agency 9,664 8,173 43,626 38,306 Collateralized mortgage obligations 103,645 80,606 62,735 54,752 Mortgage-backed securities - residential 63,795 52,187 43,784 39,599 Mortgage-backed securities - commercial 49,212 42,764 15,439 14,182 $ 279,427 $ 229,329 $ 174,982 $ 155,510 December 31, 2023 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ - $ - $ 46,479 $ (8,043) $ 46,479 $ (8,043) Collateralized mortgage obligations - - 135,358 (35,566) 135,358 (35,566) Mortgage-backed securities - residential 5,290 (47) 83,484 (18,365) 88,774 (18,412) Mortgage-backed securities - commercial 20,292 (611) 33,083 (8,623) 53,375 (9,234) Municipal securities - - 19,338 (5,667) 19,338 (5,667) Bank subordinated debt securities 8,600 (331) 12,287 (1,703) 20,887 (2,034) Corporate bonds - - 8,671 (406) 8,671 (406) $ 34,182 $ (989) $ 338,700 $ (78,373) $ 372,882 $ (79,362) 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 | 12 Months Ended |
Dec. 31, 2023 | |
Loans [Abstract] | |
Loans | 90 Days and Still Accruing Total Accruing Non- Accrual Total Loans Residential real estate: Home equity line of credit and other $ 559 $ - $ - $ 559 $ - $ 559 1-4 family residential 155,842 711 - 156,553 - 156,553 Condo residential 43,572 3,735 - 47,307 - 47,307 199,973 4,446 - 204,419 - 204,419 Commercial real estate: Land and construction 33,710 - - 33,710 - 33,710 Multi-family residential 181,287 - - 181,287 - 181,287 Condo commercial 58,106 - - 58,106 - 58,106 Commercial property 772,569 1,890 - 774,459 - 774,459 Leasehold improvements 31 - - 31 - 31 1,045,703 1,890 - 1,047,593 - 1,047,593 Commercial and industrial: Secured 200,235 29 - 200,264 468 200,732 Unsecured 19,025 - - 19,025 - 19,025 219,260 29 - 219,289 468 219,757 Foreign banks 114,945 - - 114,945 - 114,945 Consumer and other 191,930 - - 191,930 - 191,930 Total $ 1,771,811 $ 6,365 $ - $ 1,778,176 $ 468 $ 1,778,644 Accruing As of December 31, 2022: Current Past Due 30-89 Days Past Due > 90 Days and Still Accruing Total Accruing Non- Accrual Total Loans Residential real estate: Home equity line of credit and other $ 623 $ - $ - $ 623 $ - $ 623 1-4 family residential 131,120 1,058 - 132,178 - 132,178 Condo residential 50,310 2,525 - 52,835 - 52,835 182,053 3,583 - 185,636 - 185,636 Commercial real estate: Land and construction 38,687 - - 38,687 - 38,687 Multi-family residential 176,820 - - 176,820 - 176,820 Condo commercial 49,994 - - 49,994 - 49,994 Commercial property 704,884 25 - 704,909 - 704,909 Leasehold improvements - - - - - - 970,385 25 - 970,410 - 970,410 Commercial and industrial: Secured 121,649 31 - 121,680 - 121,680 Unsecured 4,332 972 - 5,304 - 5,304 125,981 1,003 - 126,984 - 126,984 Foreign banks 93,769 - - 93,769 - 93,769 Consumer and other 130,169 260 - 130,429 - 130,429 Total $ 1,502,357 $ 4,871 $ - $ 1,507,228 $ - $ 1,507,228 December 31, 2023 Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Non- accruals Loans Past Due Over 90 Days and Still Accruing Residential real estate $ $ $ $ Commercial real estate - - - - Commercial and industrial - 468 468 - Consumer and other - - - - Total $ - $ 468 $ 468 $ - 2022 Residential real estate $ 7,626 Commercial real estate 575 Commercial and industrial 109 Consumer and other 210 Total $ 8,520 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 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 2 650 650 2 650 650 Consumer and other - - - - - - 2 $ 650 $ 650 2 $ 650 $ 650" id="sjs-B4" xml:space="preserve"> 3. The following table is a summary of the distribution of At December 31, 2023 and 2022, the Company had $ 534.2 338.1 estate and residential mortgage loans pledged as collateral on lines of credit with the FHLB and the of Atlanta. At December 31, 2023 and 2022, the Company no The Company was a participant of the SBAs Paycheck to provide a direct incentive for small businesses mortgage interest, rent, determined by 271 1.3 December 31, 2022, which are categorized as commercial and industrial loans. These PPP $ 6 13 The 8 1.6 December 31, 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 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 (“Q-Factors”) used in the ACL methodology • Changes in lending policies, procedures, and strategies • Changes in international, national, regional, and local conditions • Changes in nature and volume of portfolio • Changes in the volume and severity of past due loans • Concentration risk • Changes in the value of underlying collateral • The effect of other external factors: e.g., competition, • Changes in lending management, among others The collateral type and lien position to group loans according to risk. The Company evaluates methodology 'Remaining for the Company’s own a scorecard methodology loss. The maximum losses for In estimating credit losses for the loan portfolio to differ from ACL December 31, 2022, it was estimated under the incurred Prior to probable incurred credit the economic component information and events, terms of borrower is experiencing financial difficulties, were Changes in the ACL for the years ended December 31, 2023 Allowance for credit losses and the outstanding balances in thousands): Credit Quality Indicators The Company grades loans based on the estimated capability of the borrower to repay the contractual obligation of the loan agreement based payment periodically. The Company's internally assigned credit risk grades are as follows: Pass – Loans indicate different levels of satisfactory Special Mention close attention. If left uncorrected, these potential weaknesses prospects for the loan or of the institution’s Substandard – Loans classified as substandard are inadequately protected capacity of the obligator or of the collateral pledged, if weaknesses that jeopardize the liquidation of the debt. institution will sustain some loss if the deficiencies are Doubtful the added characteristic that the weaknesses make collection facts, conditions, and values, highly questionable and improbable. Loss – Loans classified as loss are considered uncollectible. Loan credit exposures by internally assigned grades are Loan Aging The Company The Company The following table include an aging analysis 2022 (in thousands): There were no Non-accrual Status The following table and still accruing as of December 31, 2023 (in thousands): The Company did not have loans in non-accrual status Accrued interest no attributable these 40 0 thousand, respectively, Collateral-Dependent Loans A expected to no loans as of December 31, Impaired Loans The following table includes applicable, on the basis of impairment methodology as of December Interest 351 investment balance is the unpaid principal balance of the loans The following table thousands): Loan Modifications to Borrowers Experiencing Financial The following December 31, 2023 (in thousands): The Company had two new 31, 2023. There were no December 31, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential Real Estate $ 204,419 11.5 % $ 185,636 12.3 % Commercial Real Estate 1,047,593 58.8 % 970,410 64.4 % Commercial and Industrial 219,757 12.4 % 126,984 8.4 % Foreign Banks 114,945 6.5 % 93,769 6.2 % Consumer and Other 191,930 10.8 % 130,429 8.7 % Total 1,778,644 100.0 % 1,507,228 100.0 % Plus: Deferred cost 2,183 110 Total 1,780,827 1,507,338 Less: Allowance for credit losses 21,084 17,487 Total $ 1,759,743 $ 1,489,851 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total December 31, 2023: Beginning balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Cumulative effect of adoption of accounting principle 1,238 1,105 (2,158) 23 858 1,066 Provision for credit losses (2) 95 (882) 1,897 168 1,225 2,503 Recoveries 10 72 3 85 Charge-offs (57) (57) Ending Balance $ 2,695 $ 10,366 $ 3,974 $ 911 $ 3,138 $ 21,084 December 31, 2022: Beginning balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Provision for credit losses (1,179) 1,385 1,474 263 552 2,495 Recoveries 33 - 18 - 4 55 Charge-offs - - (104) - (16) (120) Ending Balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 (1) Impact of CECL adoption on January 1, 2023 (2) Provision for credit losses excludes $ 144 8 investment securities held to maturity. Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total December 31, 2023: Allowance for credit losses: Individually evaluated $ 145 $ - $ 128 $ - $ - $ 273 Collectively evaluated 2,550 10,366 3,846 911 3,138 20,811 Balances, end of period $ 2,695 $ 10,366 $ 3,974 $ 911 $ 3,138 $ 21,084 Loans: Individually evaluated $ 6,994 $ - $ 1,668 $ - $ - $ 8,662 Collectively evaluated 197,425 1,047,593 218,089 114,945 191,930 1,769,982 Balances, end of period $ 204,419 $ 1,047,593 $ 219,757 $ 114,945 $ 191,930 $ 1,778,644 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 December 31, 2023 Term Loans by Origination Year Revolving Loans Total 2023 2022 2021 2020 2019 Prior Residential real estate Pass $ 44,365 $ 36,325 $ 26,180 $ 6,080 $ 9,325 $ 75,654 $ 6,198 $ 204,127 Special Mention - - - - - - - - Substandard - - - - 292 - - 292 Doubtful - - - - - - - - Total 44,365 36,325 26,180 6,080 9,617 75,654 6,198 204,419 Commercial real estate Pass 148,311 337,938 184,024 104,182 78,153 182,714 4,710 1,040,032 Special Mention - - - - - - - - Substandard - - 6,867 694 - - - 7,561 Doubtful - - - - - - - - Total 148,311 337,938 190,891 104,876 78,153 182,714 4,710 1,047,593 Commercial and industrial Pass 97,753 37,414 34,090 6,499 13,706 3,113 25,554 218,129 Special Mention - - - - - - - - Substandard - - 330 - 1,298 - - 1,628 Doubtful - - - - - - - - Total 97,753 37,414 34,420 6,499 15,004 3,113 25,554 219,757 Foreign banks Pass 114,945 - - - - - - 114,945 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total 114,945 - - - - - - 114,945 Consumer and other loans Pass 71,593 74,387 41,966 615 560 1,337 1,472 191,930 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - Total 71,593 74,387 41,966 615 560 1,337 1,472 191,930 Total Pass 476,967 486,064 286,260 117,376 101,744 262,818 37,934 1,769,163 Special Mention - - - - - - - - Substandard - - 7,197 694 1,590 - - 9,481 Doubtful - - - - - - - - Total $ 476,967 486,064 293,457 118,070 103,334 262,818 37,934 1,778,644 As of December 31, 2022 Pass Special Mention Substandard Doubtful Total Loans Residential real estate: Home equity line of credit ("HELOC") and other $ 623 $ - $ - $ - $ 623 1-4 family residential 132,178 - - - 132,178 Condo residential 52,835 - - - 52,835 185,636 - - - 185,636 Commercial real estate: Land and construction 38,687 - - - 38,687 Multi-family residential 176,820 - - - 176,820 Condo commercial 49,601 - 393 - 49,994 Commercial property 702,357 - 2,552 - 704,909 Leasehold improvements - - - - - 967,465 - 2,945 - 970,410 Commercial and industrial: (1) Secured 120,873 - 807 - 121,680 Unsecured 5,304 - - - 5,304 126,177 - 807 - 126,984 Foreign banks 93,769 - - - 93,769 Consumer and other loans 130,233 - 196 - 130,429 Total $ 1,503,280 $ - $ 3,948 $ - $ 1,507,228 (1) Accruing As of December 31, 2023: Current Past Due 30-89 Days Past Due > 90 Days and Still Accruing Total Accruing Non- Accrual Total Loans Residential real estate: Home equity line of credit and other $ 559 $ - $ - $ 559 $ - $ 559 1-4 family residential 155,842 711 - 156,553 - 156,553 Condo residential 43,572 3,735 - 47,307 - 47,307 199,973 4,446 - 204,419 - 204,419 Commercial real estate: Land and construction 33,710 - - 33,710 - 33,710 Multi-family residential 181,287 - - 181,287 - 181,287 Condo commercial 58,106 - - 58,106 - 58,106 Commercial property 772,569 1,890 - 774,459 - 774,459 Leasehold improvements 31 - - 31 - 31 1,045,703 1,890 - 1,047,593 - 1,047,593 Commercial and industrial: Secured 200,235 29 - 200,264 468 200,732 Unsecured 19,025 - - 19,025 - 19,025 219,260 29 - 219,289 468 219,757 Foreign banks 114,945 - - 114,945 - 114,945 Consumer and other 191,930 - - 191,930 - 191,930 Total $ 1,771,811 $ 6,365 $ - $ 1,778,176 $ 468 $ 1,778,644 Accruing As of December 31, 2022: Current Past Due 30-89 Days Past Due > 90 Days and Still Accruing Total Accruing Non- Accrual Total Loans Residential real estate: Home equity line of credit and other $ 623 $ - $ - $ 623 $ - $ 623 1-4 family residential 131,120 1,058 - 132,178 - 132,178 Condo residential 50,310 2,525 - 52,835 - 52,835 182,053 3,583 - 185,636 - 185,636 Commercial real estate: Land and construction 38,687 - - 38,687 - 38,687 Multi-family residential 176,820 - - 176,820 - 176,820 Condo commercial 49,994 - - 49,994 - 49,994 Commercial property 704,884 25 - 704,909 - 704,909 Leasehold improvements - - - - - - 970,385 25 - 970,410 - 970,410 Commercial and industrial: Secured 121,649 31 - 121,680 - 121,680 Unsecured 4,332 972 - 5,304 - 5,304 125,981 1,003 - 126,984 - 126,984 Foreign banks 93,769 - - 93,769 - 93,769 Consumer and other 130,169 260 - 130,429 - 130,429 Total $ 1,502,357 $ 4,871 $ - $ 1,507,228 $ - $ 1,507,228 December 31, 2023 Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Non- accruals Loans Past Due Over 90 Days and Still Accruing Residential real estate $ $ $ $ Commercial real estate - - - - Commercial and industrial - 468 468 - Consumer and other - - - - Total $ - $ 468 $ 468 $ - 2022 Residential real estate $ 7,626 Commercial real estate 575 Commercial and industrial 109 Consumer and other 210 Total $ 8,520 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 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 2 650 650 2 650 650 Consumer and other - - - - - - 2 $ 650 $ 650 2 $ 650 $ 650 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 4. The operations. As of The Company 2026 to 2036. Many of these leases have extension dates. The Company straight-line basis over lease elected the short-term ROU assets or lease liabilities are not to be recognized ROU assets and of lease payments other assets while lease liabilities are classified under As information available advance rate matching or nearing the lease term. The following table presents the ROU assets and lease liabilities 2023 2022 ROU assets: Operating leases $ 11,423 $ 14,395 Lease liabilities: Operating leases $ 11,423 $ 14,395 The weighted average remaining lease term and weighted average 2023 2022 Weighted average remaining lease term (in years): Operating leases 6.35 6.98 Weighted average discount rate: Operating leases 2.94 % 2.94 % Future lease payment obligations and a reconciliation to lease 2024 $ 3,236 2025 3,312 2026 2,383 2027 951 2028 492 Thereafter 2,987 Total 13,361 Less: interest component (1,938) Total $ 11,423 |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | 5. A summary of premises and equipment are presented 2023 2022 Land $ 972 $ 972 Building 1,952 1,952 Furniture, fixtures and equipment 8,981 8,841 Computer hardware and software 4,592 4,575 Leasehold improvements 10,457 10,451 Premises and equipment, gross 26,954 26,791 Accumulated depreciation and amortization (22,118) (21,528) Premises and equipment, net $ 4,836 $ 5,263 Depreciation 590 688 2023 and 2022, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 6. The Company’s provision and 2022 (in thousands): The actual income for the year (computed by applying the 21 % for 2023 and 2022 to for income taxes) as follows (in thousands): 2023 2022 Federal taxes at statutory rate $ 4,577 $ 5,688 State income taxes, net of federal tax benefit 947 1,177 Bank owned life insurance (273) (269) Other, net - 348 Total $ 5,251 $ 6,944 The following table presents thousands): 2023 2022 Deferred tax assets: Net operating loss $ 16,430 $ 21,720 Allowance for credit losses 5,410 4,432 Lease liability 2,895 3,648 Unrealized loss on available for sale securities 15,114 15,193 Depreciable property 203 158 Equity compensation 630 373 Accruals 382 723 Other, net 10 - Deferred tax asset $ 41,074 $ 46,247 Deferred tax liability: Deferred loan cost (553) (28) Lease right of use asset (2,895) (3,648) Deferred expenses (180) (175) Cash flow hedge (85) Other, net (79) (36) Deferred tax liability $ (3,792) $ (3,887) Net deferred tax asset $ 37,282 $ 42,360 At December 31, 61.5 84.1 loss carryforwards taxable earnings of the Company. In assessing the portion or upon the generation of Management considers the scheduled reversal strategies in making this assessment. The U.S. The Company is generally no longer subject to U.S. Federal or For no t have result of no recorded as a result of tax uncertainties. 2023 2022 Current: Federal $ - $ - State - - Total - - Deferred: Federal 4,121 5,462 State 1,130 1,482 Total 5,251 6,944 Total $ 5,251 $ 6,944 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | 7. The following table presents deposits by type at December 31, 2023 2022 Non-interest bearing deposits $ 552,762 $ 629,776 Interest-bearing transaction accounts 47,702 66,675 Saving and money market deposits 1,048,272 915,853 Time deposits 288,403 216,977 Total $ 1,937,139 $ 1,829,281 Time 2022 were $ 117.2 82.0 The Company brought in $ 50 4.98 % to boost liquidity during the second quarter of 2023. 5.13 %.There were no as of December 31, 2022. At December 31, 2023, the scheduled maturities of time deposits 2024 $ 280,529 2025 6,074 2026 831 2027 874 2028 95 $ 288,403 At December 31, $ 213 230 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [Abstract] | |
Borrowings | 8. Borrowed funds million and at December 31, 2022 were $46.0 million. The following table presents outstanding FHLB advances The advances, subject held at the FHLB as additional collateral. See Note 3 “Loans” At December 31, 2023 Interest Rate Type of Rate Maturity Date Amount 2.05 % Fixed March 27, 2025 $ 10,000 1.07 % Fixed July 18, 2025 6,000 1.04 % Fixed July 30, 2024 5,000 3.76 % Fixed January 24, 2028 11,000 3.77 % Fixed April 25, 2028 50,000 5.57 % Fixed December 26, 2024 101,000 $ 183,000 At December 31, 2022 Interest Rate Type of Rate Maturity Date Amount 2.05 % Fixed March 27, 2025 $ 10,000 1.07 % Fixed July 18, 2025 6,000 1.04 % Fixed July 30, 2024 5,000 0.81 % Fixed August 17, 2023 5,000 4.14 % Fixed January 13, 2023 20,000 $ 46,000 |
Equity Based And Other Compensa
Equity Based And Other Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Equity Based And Other Compensation Plans [Abstract] | |
Equity Based And Other Compensation Plans | 9. Employee 401(k) Plan The Company has an a provision that the employer may contribute to the accounts of eligible employees for whom a salary deferral is made. The Company contributed $ 306 313 respectively; Operations. Stock-Based Compensation In authorized grants 2,000,000 2015 Option vesting Options granted 10 -year life expiration of 10 10 -year life and 2025. In issuance of 3,000,000 5 in 2030. The 1,000,000 December issuance of 1,400,000 600,000 2,400,000 At December 31, 2023, there were 1,160,564 2022, there were 1,386,667 shares available for grant under the 2015 Option Plan. Stock Options The Company recognizes compensation expense based Scholes vesting ultimately vest, actual option forfeitures. The Statements 459 December 31, 2023 523 no years ended December 31, 2023 and 2022. Unrecognized compensation cost remaining 342 787 for the years ended December 31, 2023 and 2022, respectively. Cash activities. Excess tax benefits tax asset attributable to the compensation cost for such For the fair value of options granted in 2023 and 2022, The following table presents a summary of stock options The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value of exercisable options at the dates presented number of exercised their options. The weighted $ 3.91 3.45 , respectively. Restricted Stock In 2023 , the Company issued 242,713 awards pursuant transferred until certain restrictions have lapsed. There were no The Company's common line over the expense associated with these awards totaled $ 2.3 Compensation expense 553 under salaries and benefits in the accompanying Consolidated The following table presents a summary of restricted stock Assumption 2023 2022 Risk-free interest rate 3.53 % 2.34 % Expected term 10 years 10 years Expected stock price volatility 10 % 10 % Dividend yield 0 % 0 % Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Years Aggregate Intrinsic Value (in thousands) Balance at January 1, 2023 965,667 $ 10.91 7.4 Granted 7,500 $ 12.41 Exercised (10,000) $ 7.50 Forfeitures (16,000) $ 10.34 Balance at December 31, 2023 947,167 $ 10.97 6.5 Exercisable at December 31, 2023 758,000 $ 10.71 6.1 $ 1,195 Balance at January 1, 2022 959,667 $ 10.87 8.4 Granted 15,000 $ 14.03 Exercised (9,000) $ 11.35 Balance at December 31, 2022 965,667 $ 10.91 7.4 Exercisable at December 31, 2022 560,000 $ 10.18 6.4 $ 1,131 Restricted Stock Weighted Average Grant Date Fair Value Balance at January 1, 2023 - $ - Granted 242,713 $ 12.24 Forfeited (8,111) $ 12.67 Vested (16,180) $ 12.67 Balance at December 31, 2023 218,422 $ 12.19 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Off-Balance Sheet Arrangements [Abstract] | |
Off-Balance Sheet Arrangements | 10. The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financial instruments include letters of amount recognized in the Company’s Consolidated Balance Sheets. The Company uses the commitments and conditional obligations as it does for The Company's for unused lines of credit, and standby letters of credit On Measurement of Credit Losses an expected under the CECL methodology held-to-maturity debt valuation allowance for probable incurred credit losses. The Company ASC commitments. Loss rates loss rate and the exposure at default is allowance were $ 372 166 A December 31, 2023 and 2022 (in thousands): 2023 2022 Commitments to grant loans and unfunded lines of credit $ 85,117 $ 95,461 Standby and commercial letters of credit 3,987 4,320 Total $ 89,104 $ 99,781 Commitments to established in the contract. Commitments generally have Unfunded lines of customers. These lines of not be drawn upon to the total extent to which the Company Standby performance of a arrangements. Essentially all letters of credit have fixed maturity dates and many of them expire without being drawn upon, they do not generally present a significant liquidity risk |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivatives [Abstract] | |
Derivatives | 11. The Company utilizes interest rate swap agreements its interest parties. The amounts exchanged are interest rate swap agreements. Rate Swaps Designated as Cash Flow Hedges As of December two $ 50 average 2.38 3.59 %, compound SOFR (Secured Overnight Financing Rate) being received. no on December 31, 2022. The corresponding recognition losses are realized. Interest Rate Swaps Designated as Fair Value As of December four $ 200 maturity of 2.23 4.74 %, with the weighted average being received. The corresponding recognition in the assets being hedged. Interest Rate Swaps The Company also 20 15 swaps with loan customers with a notional aggregate 46.5 33.9 2022, respectively. corresponding Company to provide the counterparty the Consolidated accounting purposes. The following table reflects the Company’s customer Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability December 31, 2023: Derivatives Designated as Cash Flow Hedges Interest rate swaps $ 50,000 $ - Other assets $ 334 $ - Derivatives Designated as Fair Value Hedges Interest rate swaps $ 200,000 $ - Other liabilities $ - $ 3,430 Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 46,463 $ 1,326 Other assets/Other liabilities $ 4,558 $ 4,558 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 | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 12. Determination of Fair Value The Company determine fair value financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market However, in where quoted techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in The fair (that is, market conditions. change in the depends on the facts within the range that is most representative of fair value under Fair Value Hierarchy In accordance with at fair assumptions used to determine fair value. Level 1 entity has equity securities that sources for market transactions involving identical assets Level 2 asset liabilities; quoted by observable market data for substantially the full term of the Level 3 significant whose value well as instruments for which determination of fair value A significant to the fair value measurement. Items Measured at Fair Value Investment securities: such securities, Management reviews pricing methodologies provided by the vendors and third-party broker-dealers in order to determine if observable market information is being utilized. Securities measured with pricing provided by independent vendors or party broker-dealers securities, pricing models or discounted cash flow analyses Derivatives: classified within Level 2 of the hierarchy. The following table represents and 2022 for each of the fair value hierarchy levels (in thousands): Items Measured at Fair Value Individually Evaluated ASC 326 loans effective as individual loans 3.9 3.6 impairment charge of $ 294 subject to write value conditions and are considered a Level 3 valuation. Other Real Estate: estimate of valuation technique the appraiser the value for changes in a consequence of the carrying cost or the considered a Level 3 valuation. The following table represents the Company’s assets measured at fair value on a non-recurring basis at December 31, 2023 and 2022 for each of the fair value hierarchy levels The following table presents value on a non-recurring basis at December 31, 2022 (in There were no Items Not Measured at Fair Value The carrying amounts and estimated fair values of financial instruments not carried at fair value, at December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 8,173 $ - $ 8,173 $ - $ 8,655 $ - $ 8,655 Collateralized mortgage obligations - 80,606 - 80,606 - 95,541 - 95,541 Mortgage-backed securities - residential - 52,187 - 52,187 - 60,879 - 60,879 Mortgage-backed securities - commercial - 42,764 - 42,764 - 27,954 - 27,954 Municipal securities - 19,338 - 19,338 - 18,483 - 18,483 Bank subordinated debt securities - 26,261 - 26,261 - 14,919 - 14,919 Corporate bonds - - - - - 3,709 - 3,709 Total - 229,329 - 229,329 - 230,140 - 230,140 Derivative assets - 4,892 - 4,892 - 5,011 - 5,011 Total assets at fair value $ - $ 234,221 $ - $ 234,221 $ - $ 235,151 $ - $ 235,151 Derivative liabilities $ - $ 7,988 $ - $ 7,988 $ - $ 5,011 $ - $ 5,011 Total liabilities at fair value $ - $ 7,988 $ - $ 7,988 $ - $ 5,011 $ - $ 5,011 Level 1 Level 2 Level 3 Total 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 Other 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 December 31, 2023: Financial Assets: Cash and due from banks $ 8,019 $ 8,019 $ - $ - $ 8,019 Interest-bearing deposits in banks $ 33,043 $ 33,043 $ - $ - $ 33,043 Investment securities held to maturity, net $ 174,974 $ - $ 155,510 $ - $ 155,510 Loans held for investment, net $ 1,759,743 $ - $ - $ 1,723,210 $ 1,723,210 Accrued interest receivable $ 10,688 $ - $ 1,448 $ 9,240 $ 10,688 Financial Liabilities: Demand Deposits $ 552,762 $ 552,762 $ - $ - $ 552,762 Money market and savings accounts $ 1,048,272 $ 1,048,272 $ - $ - $ 1,048,272 Interest-bearing checking accounts $ 47,702 $ 47,702 $ - $ - $ 47,702 Time deposits $ 288,403 $ - $ - $ 287,104 $ 287,104 FHLB advances $ 183,000 $ - $ 182,282 $ - $ 182,282 Accrued interest payable $ 1,372 $ - $ 551 $ 821 $ 1,372 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 | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 13. Common Stock In 2023 , the Company issued 242,713 awards no December 31, 2022. During the year ended December 669,920 weighted average price per share 11.28 . The aggregate purchase 7.6 million, including 80,080 this program. Shares of the Company’s Class A common stock issued and 2022 were 19,575,435 20,000,753 , respectively. Dividends Declaration of dividends by the Board is required before dividend payments are made. No the Board there were no See Note 19, Subsequent Events, for information regarding The guidelines as of December 31, 2023 and December the Company and the Bank were 12.78 % and 12.65 %, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. Earnings securities. Basic EPS number of common shares outstanding for computed by shares outstanding for the period determined using the treasury-stock method. For common stock options and are only included in the calculation The December 31, 2023 and 2022 (in thousands): 2023 2022 Net Income $ 16,545 $ 20,141 Net income available to common stockholders $ 16,545 $ 20,141 The following table December 31, 2023 and 2022 (in thousands, except 2023 2022 Class A Class A Basic EPS Numerator: Net income available to common shares $ 16,545 $ 20,141 Denominator: Weighted average shares outstanding 19,621,698 19,999,323 Earnings per share, basic $ 0.84 $ 1.01 Diluted EPS Numerator: Net income available to common shares $ 16,545 $ 20,141 Denominator: Weighted average shares outstanding for basic EPS 19,621,698 19,999,323 Add: Dilutive effects of assumed exercises of stock options 65,936 177,515 Weighted avg. shares including dilutive potential common shares 19,687,634 20,176,838 Earnings per share, diluted $ 0.84 $ 1.00 Anti-dilutive stock options excluded from diluted EPS 720,500 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 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | 15. Banks and banking discretionary actions financial Company and the and certain capital weightings, and other factors. Based on changes to the Federal Reserve’s definition of a “Small Bank to $3.0 billion in assets At such time when the Company reaches the of the Bank. The Bank calculations, as capital levels. The Bank is and Consumer Protection 2.5 % capital conservation the minimum requirements limit the ability of 2022, the capital ratios for the Bank were sufficient Prompt undercapitalized, represent overall financial condition. If If required. At December 31, well capitalized guidelines termination of deposit rates of capitalized, an institution in the Bank’s category. Actual and required thousands, except ratios). The required amounts for capital adequacy previously discussed. The Company the Company’s defined by state banking regulations. However, for any dividend declaration, the Company must consider such as the amount Bank. It is likely that bank company, if they deem Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2023: Total $ 233,109 12.65 % $ 147,432 8.00 % $ 184,290 10.00 % Tier 1 risk-based capital: $ 211,645 11.48 % $ 110,574 6.00 % $ 147,432 8.00 % Common equity tier 1 capital: $ 211,645 11.48 % $ 82,931 4.50 % $ 119,789 6.50 % Leverage ratio: $ 211,645 9.17 % $ 92,328 4.00 % $ 115,410 5.00 % December 31, 2022: Total $ 216,693 13.58 % $ 127,616 8.00 % $ 159,520 10.00 % Tier 1 risk-based capital: $ 198,909 12.47 % $ 95,712 6.00 % $ 127,616 8.00 % Common equity tier 1 capital: $ 198,909 12.47 % $ 71,784 4.50 % $ 103,688 6.50 % Leverage ratio: $ 198,909 9.56 % $ 83,210 4.00 % $ 104,012 5.00 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. In Company. Consolidated Financial Statements at December 31, 2023 Loan Purchases During 2023, the Bank purchased $ 85.1 paid those entities fees of $ 1.9 During 2022, the Bank purchased $ 42.8 paid those entities fees of $ 881 Years Ended December 31, 2023 2022 Consolidated Balance Sheets: Loans held for investment, net $ - $ - Deposits $ 2,792 $ 6,825 Consolidated Statements of Operations: Interest income $ - $ - Interest expense $ 154 $ 54 |
Parent Company Condensed Financ
Parent Company Condensed Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company Condensed Financial Information [Abstract] | |
Parent Company Condensed Financial Information | 17. In December Bank. thousands): December 31, 2023 December 31, 2022 ASSETS: Cash and Cash Equivalents $ 2,426 $ 1,102 Investment in bank subsidiary 188,827 181,326 Other assets 715 - Total $ 191,968 $ 182,428 LIABILITIES AND STOCKHOLDERS' EQUITY: Other liabilities $ - $ - Stockholders' equity 191,968 182,428 Total $ 191,968 $ 182,428 The condensed thousands): The condensed cash Years Ended December 31, 2023 December 31, 2022 INCOME: Dividends from subsidiaries $ 11,100 $ 1,000 Total 11,100 1,000 EXPENSE: Employee compensation and benefits 553 - Other operating 2,268 Total 2,821 - Income before income taxes and undistributed subsidiary income 8,279 1,000 Provision (benefit) for income taxes (715) - Equity in undisbursed subsidiary income 7,551 19,141 Net Income $ 16,545 $ 20,141 Years Ended December 31, 2023 December 31, 2022 Cash flows from operating activities: Net income $ 16,545 $ 20,141 Adjustments to reconcile net income to net cash provided activities: Equity in undistributed earnings of subsidiaries (7,551) (19,141) Stock-based compensation 553 Increase in deferred tax asset (715) Net cash provided by operating activities 8,832 1,000 Cash flows from investing activities: Capital contributions to subsidiary - - Other - - Net cash used in investing activities - - Cash flows from financing activities: Dividends paid - - Proceeds from exercise of stock options 75 102 Repurchase of common stock (7,583) - Net cash (used in) provided by financing activities (7,508) 102 Net increase in cash and cash equivalents 1,324 1,102 Cash and cash equivalents, beginning of period 1,102 - Cash and cash equivalents, end of period $ 2,426 $ 1,102 |
Loss Contingencies
Loss Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingencies [Abstract] | |
Loss Contingencies | 18. Loss contingencies, management, none on the Company’s Consolidated Financial Statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Dividends On January quarterly dividend 0.05 stockholders of record as of the close of business February 15, 2024 was $ 1.0 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Overview | Overview USCB Financial Holdings, Inc., a owned subsidiary, is a Florida in South Florida. In December 2021, USCB Financial stock of share of 1.00 exchanged for one newly issued share of the Company’s 1.00 The Bank transactions closed at the Bank. Licensed in the State of Florida and approved by the Department of Insurance Regulation, Florida Peninsula tittle LLC began operations in 2021. |
Principles of Consolidation | Principles of Consolidation Intercompany transactions been prepared in accordance with GAAP. |
Risks and Uncertainties | Risk and Uncertainties Banking Environment Industry events liquidity positions and public commercial clients without a high level of industry concentration. In response the FDIC liquidity by allowing institutions to pledge basis depository institutions, with Company drew 80.0 no 2024. All advances must be paid by January 2025. Market conditions and external factors may unpredictably impact the competitive landscape for deposits in the banking industry. liquidity and the premium at are sufficient to meet its needs as of the balance sheet An unexpected influx to primarily demands or to fund continuing operations. These sources may include proceeds from FHLB advances, sales of securities and loans, federal funds lines of credit from correspondent Such reliance on secondary funding sources could increase the Company's net guarantee they capital expenditures, or other investments, or liquidating assets. |
Use of Estimates | Use of Estimates The controlled and the reported amounts of of the could materially affect amounts reported in subsequent |
Cash and Cash Equivalents | Cash and Cash Equivalents The equivalents. For due from banks, and interest-bearing deposits in banks. |
Restricted Cash | Restricted Cash The Company may be required to maintain The Company reports restricted cash the company had $ 0 |
Interest-Bearing Deposits in Other Financial Institutions | Interest-Bearing Deposits in Other Financial Institutions Interest-bearing deposits in other financial institutions consist other accounts. |
Investment Securities | Investment Securities Debt securities ability to hold to accounts for them on a trade date basis. Debt securities that and recorded at amortized cost. Trading securities are Securities not classified unrealized gains and must be recorded at fair value with changes in fair value Purchase premiums and discounts are amortized or accreted over held-to-maturity considered in determining the estimated life of in the Consolidated on the sale of securities are recorded on trade date and are determined On Measurement of Credit Losses an expected under the CECL methodology held-to-maturity debt such change is debt securities management does not intend to sell or CECL requires a loss reserve for securities as well as the impact the explicit and/or The securitizations. measurement Moody’s baseline represents the likelihood a borrower will adjusted for the current economic environment. LGD projects |
Federal Home Loan Bank Stock | Federal Home Loan Bank (FHLB) Stock The Bank is a member of the FHLB system. Members are required to of borrowings and asset, and 2022, FHLB 10.2 2.9 cash and stock dividends are reported as interest income. |
Loans Held for Investment and Allowance for Credit Losses | Loans Held for Investment and Allowance for Credit Loans held for investment (“loans”) are reported at their outstanding principal cost, method. amortized, using the interest method or the straight-line If the non-accrual status as of for restoration to accrual status. or interest restoration principal and interest of the remaining contractual principal and interest or the loan becomes secured and in the process of collection. All interest accrued but not on these unpaid principal, which may change as conditions dictate. The Company has determined that the entire balance of payment is not received by due loans until the date the loan goes into nonaccrual The Company provides for loan losses through a provision for credit losses charged to operations. When management believes that a recoveries, if any, The Management uses a disciplined the Company loans analyzed on a pooled basis. The ACL consists • • • • • Residential borrower’s credit, capacity including: current income, ratio and credit history. The Company relies on appraisals in determining the value of the property. analysis and the diversity of the residential portfolio. Commercial real estate Underwriting of commercial real estate loans will analyze the key market and business factors to arrive at a decision on the credit worthiness of the borrower. The analysis may include the capacity of the borrower, debt service, rental rates in geographic sell or lease properties securing the commercial real estate loans Commercial inventory, and receivables. the debt based The Company mitigates the risk in the commercial portfolio Foreign banks Latin America. Most of these loans are for trade capital and have a includes a credit analysis, peer comparison and current borrower and country where the borrower is mitigated as these loans are short term, have limited exposure, Other loans are secured and account collateralized loans. Repayment of these loans are primarily from the personal income of the borrowers. Loans are underwritten based on the credit worthiness of the borrower. Under sources, provide the basis for estimation of expected credit losses. Qualitative adjustments are applied to the expected credit losses estimated management in the assessment of qualitative factor adjustments The economic regression economic factors were used A fundamentally utilizes run determine the lifetime expected of the instrument is the difference the measurement date. Management segments, a Adjustments management implemented a software attrition measurements based on the loan portfolio. Portfolio segments are the level at which loss assumptions characteristics inherent in the currently segments the is Company has established relationships between internal segmentation and FFIEC loss driver for each loan the Federal Reserve Bank residential utilized for the line basis to the lookback period's historical mean for the The model incorporates qualitative that may management's model. Qualitative factors (“Q-Factors”) used in the ACL methodology • Changes in lending policies, procedures, and strategies • Changes in international, national, regional, and local conditions • Changes in nature and volume of portfolio • Changes in the volume and severity of past due loans • Concentration risk • Changes in the value of underlying collateral • The effect of other external factors: e.g., competition, • Changes in lending management, among others The credit losses within collectively evaluated loan portfolio. |
Concentration of Credit Risks | Concentration of Credit Risks Credit perform as contracted and any collateral or security proved to be insufficient (whether on or off-balance sheet) arising from financial instruments exist in relation to certain concentration arises to meet contractual obligations to be similarly affected by changes in economic or other conditions. The Company does not have a significant exposure to any individual customer Most of the Company's business activity is State of Florida. The Company's loan portfolio is concentrated largely in real estate and commercial loans in South Florida. Many of the the South Florida real estate industry portfolio. At December 31, top ten lending relationships 163.1 197.9 concentration represented 9.2 % and 13.1 % of 2023 and December 31, 2022, the largest commercial real estate loan note one loan with an outstanding balance of $ 20 st At December 31, 2023, 105.4 banks located in Ecuador, Dominican Republic, Honduras, and El Salvador. At December 31, 2022, the Company also had a concentration of risk 88.8 Salvador. 43.9 31.4 2023 and 2022, respectively. At various times during to the Company from institution. |
Premises and Equipment, net | Premises and Equipment, net Land is Depreciation is computed are amortized over the lives of these assets were as follows: Building 40 Furniture, fixtures and equipment 3 25 Computer hardware and software 3 5 Leasehold improvements Maintenance When items are retired or are removed from the accounts and any resulting gains or losses |
Other Real Estate Owned | Other Real Estate Owned OREO consists of real estate recorded at basis. Subsequent to lower of carrying with owned recognized when been arranged. |
Bank Owned Life Insurance | Bank Owned Life Insurance BOLI is carried at surrender Company 51.8 These policies cover certain present and former executives |
Employee 401(k) Plan | Employee 401(k) Plan The expense is the amount of matching contributions. |
Income Taxes | Income Taxes Income taxes are accounted for under the for the assets and and temporary differences are expected to be recovered in tax rates is recognized in income in the period that includes Management is required to based on the considers taxable loss of temporary differences, and available tax planning The Company recognizes positions taken guidance on tax liabilities, if any, would |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company's long-lived changes in circumstances to be held and flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge asset. Assets lower of disposal group classified as held for Consolidated Balance Sheets. |
Transfers of Financial Assets | Transfer of Financial Assets Transfers of over presumptively transferee obtains the transferred agreement to repurchase them before their maturity or |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Under available-for-sale, are equity section of the Consolidated income (loss). held-to-maturity are recorded to the remaining life of each security. The amortization component of comprehensive income (loss). See Note 2 “Investment |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Earnings per Common Share | Earnings per Common Share Basic earnings number additional potential earnings additional information splits. |
Interest Income | Interest Income Interest income is recognized as earned, based upon the principal |
Operating Segments | Operating Segments While the Company monitors financial performance make resource allocations or performance decisions by Company |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation accounting guidance requires that the compensation transactions be recognized in the accompanying Consolidated the grant covers performance-based awards, share appreciation rights, and The stock-based compensation accounting guidance and recognized compensation cost Scholes model is used to estimate the fair value of stock |
Loss Contingencies | Loss Contingencies Loss liabilities when the of management, none of these actions, either individually or in the aggregate, is expected to have a material adverse effect on the Company’s Consolidated Financial Statements. |
Dividend Restrictions | Dividend Restrictions Banking Company or by the Company to the stockholders. |
Fair Value Measurements | Fair Value Measurements Fair values fully disclosed in Note judgment. Changes in assumptions or in market conditions |
Derivatives Instruments | Derivative Instruments Derivative financial instruments are to information. Rate Swaps Designated as Cash Flow Hedges The corresponding recognition losses are realized. As of December 31, 2023 the cash Interest Rate Swaps Designated as Fair Value The corresponding recognition in the assets being hedged. Interest Rate Swaps The Company enters into interest rate swaps variable interest rate to a fixed rate. The Company swap agreement allowing the Company enters into a matching agreement with swaps are other non-interest income. Interest manage its interest exchanged by the parties. of the individual interest rate swap agreements. |
Revenue from Contract with Customers | Revenue from Contracts with Customers Revenue from to receive for the and investment Deposit and other transaction-based fees, are the most recognized when the service provided by the this standard that is received from sources other than deposit |
Cash Flow Statement | Cash Flow Statement The Company reports the net activity rather than gross activity in the Consolidated cash customer deposits, accrued interest payable, other liabilities, and |
Reclassifications | Reclassifications Certain presentation. Reclassifications had no impact on the net income |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Issued and Adopted Guidance on Accounting for Credit Losses on Financial Instruments On January 1, 2023, the Company implemented Accounting Standard Update (“ASU”) 2016-13 Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended. This update replaces the incurred applies to also applies to off-balance sheet credit of accordance with Topic 842 on leases. Furthermore, ASC 326 amended the accounting treatment for available-for-sale debt securities. One notable down on available-for-sale debt securities that management does not intend to will not need reflect historical credit performance as well as the impact At adoption 84 % or 1.3 Flow (“DCF)” method 16 % or $ 251.0 method. The remaining $ 7.9 The impact of 1.1 million and 259 adjustment resulted in 1.0 CECL on the Company’s consolidated balance sheet See “Allowance for Credit Losses” section in Note 3 for Guidance on Accounting for Trouble In March 2022, the have adopted ASU 2016-13, Financial Instruments Write-offs. and restructuring difficulty to determine disclosure component of receivables and investment leases within the scope of Subtopic 326-20. The Company adopted ASU 2022-02 concurrently with the adoption of ASU 2016-13. Issued and Not Yet Guidance on Reference Rate Reform In Reference Rate Reform 2021-01 which provides the effects 2024. The ASU will have material effects on our business January 1, 2023 As Reported Under ASC 326 Pre - ASC 326 Adoption Impact of ASC 326 Adoption Assets Allowance for credit losses $ 18,553 $ 17,487 $ 1,066 Deferred tax asset, net 42,696 42,360 336 Liabilities Reserve for unfunded credit commitments 516 257 259 Stockholder's Equity Retained earnings $ (105,093) $ (104,104) $ (989) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Impact of Adopting CECL | January 1, 2023 As Reported Under ASC 326 Pre - ASC 326 Adoption Impact of ASC 326 Adoption Assets Allowance for credit losses $ 18,553 $ 17,487 $ 1,066 Deferred tax asset, net 42,696 42,360 336 Liabilities Reserve for unfunded credit commitments 516 257 259 Stockholder's Equity Retained earnings $ (105,093) $ (104,104) $ (989) |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Securities [Abstract] | |
Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation | December 31, 2023 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 9,664 $ - $ (1,491) $ 8,173 Collateralized mortgage obligations 103,645 - (23,039) 80,606 Mortgage-backed securities - residential 63,795 - (11,608) 52,187 Mortgage-backed securities - commercial 49,212 56 (6,504) 42,764 Municipal securities 25,005 - (5,667) 19,338 Bank subordinated debt securities 28,106 188 (2,033) 26,261 $ 279,427 $ 244 $ (50,342) $ 229,329 Held-to-maturity: U.S. Government Agency $ 43,626 $ 2 $ (5,322) $ 38,306 Collateralized mortgage obligations 62,735 - (7,983) 54,752 Mortgage-backed securities - residential 43,784 348 (4,533) 39,599 Mortgage-backed securities - commercial 15,439 - (1,257) 14,182 Corporate bonds 9,398 - (727) 8,671 $ 174,982 $ 350 $ (19,822) $ 155,510 Allowance for credit losses - securities held-to-maturity (8) Securities held-to maturity, net of allowance for credit losses $ 174,974 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 | Available-for-sale: 2023 2022 Proceeds from sales and call of securities $ 24,185 $ 60,649 Gross Gains $ 3 $ 217 Gross Losses (1,862) (2,746) Net realized gains (losses) $ (1,859) $ (2,529) |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date | Available-for-sale Held-to-maturity December 31, 2023: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ - $ - Due after one year through five years 2,710 2,853 9,398 8,671 Due after five years through ten years 32,116 28,673 - - Due after ten years 18,285 14,073 - - U.S. Government Agency 9,664 8,173 43,626 38,306 Collateralized mortgage obligations 103,645 80,606 62,735 54,752 Mortgage-backed securities - residential 63,795 52,187 43,784 39,599 Mortgage-backed securities - commercial 49,212 42,764 15,439 14,182 $ 279,427 $ 229,329 $ 174,982 $ 155,510 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | December 31, 2023 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ - $ - $ 46,479 $ (8,043) $ 46,479 $ (8,043) Collateralized mortgage obligations - - 135,358 (35,566) 135,358 (35,566) Mortgage-backed securities - residential 5,290 (47) 83,484 (18,365) 88,774 (18,412) Mortgage-backed securities - commercial 20,292 (611) 33,083 (8,623) 53,375 (9,234) Municipal securities - - 19,338 (5,667) 19,338 (5,667) Bank subordinated debt securities 8,600 (331) 12,287 (1,703) 20,887 (2,034) Corporate bonds - - 8,671 (406) 8,671 (406) $ 34,182 $ (989) $ 338,700 $ (78,373) $ 372,882 $ (79,362) 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) | 12 Months Ended |
Dec. 31, 2023 | |
Loans [Abstract] | |
Summary of Loans Held for Investment | December 31, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential Real Estate $ 204,419 11.5 % $ 185,636 12.3 % Commercial Real Estate 1,047,593 58.8 % 970,410 64.4 % Commercial and Industrial 219,757 12.4 % 126,984 8.4 % Foreign Banks 114,945 6.5 % 93,769 6.2 % Consumer and Other 191,930 10.8 % 130,429 8.7 % Total 1,778,644 100.0 % 1,507,228 100.0 % Plus: Deferred cost 2,183 110 Total 1,780,827 1,507,338 Less: Allowance for credit losses 21,084 17,487 Total $ 1,759,743 $ 1,489,851 |
Allowance for Credit Losses | Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total December 31, 2023: Beginning balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Cumulative effect of adoption of accounting principle 1,238 1,105 (2,158) 23 858 1,066 Provision for credit losses (2) 95 (882) 1,897 168 1,225 2,503 Recoveries 10 72 3 85 Charge-offs (57) (57) Ending Balance $ 2,695 $ 10,366 $ 3,974 $ 911 $ 3,138 $ 21,084 December 31, 2022: Beginning balance $ 2,498 $ 8,758 $ 2,775 $ 457 $ 569 $ 15,057 Provision for credit losses (1,179) 1,385 1,474 263 552 2,495 Recoveries 33 - 18 - 4 55 Charge-offs - - (104) - (16) (120) Ending Balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 (1) Impact of CECL adoption on January 1, 2023 (2) Provision for credit losses excludes $ 144 8 investment securities held to maturity. Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total December 31, 2023: Allowance for credit losses: Individually evaluated $ 145 $ - $ 128 $ - $ - $ 273 Collectively evaluated 2,550 10,366 3,846 911 3,138 20,811 Balances, end of period $ 2,695 $ 10,366 $ 3,974 $ 911 $ 3,138 $ 21,084 Loans: Individually evaluated $ 6,994 $ - $ 1,668 $ - $ - $ 8,662 Collectively evaluated 197,425 1,047,593 218,089 114,945 191,930 1,769,982 Balances, end of period $ 204,419 $ 1,047,593 $ 219,757 $ 114,945 $ 191,930 $ 1,778,644 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 December 31, 2023 Term Loans by Origination Year Revolving Loans Total 2023 2022 2021 2020 2019 Prior Residential real estate Pass $ 44,365 $ 36,325 $ 26,180 $ 6,080 $ 9,325 $ 75,654 $ 6,198 $ 204,127 Special Mention - - - - - - - - Substandard - - - - 292 - - 292 Doubtful - - - - - - - - Total 44,365 36,325 26,180 6,080 9,617 75,654 6,198 204,419 Commercial real estate Pass 148,311 337,938 184,024 104,182 78,153 182,714 4,710 1,040,032 Special Mention - - - - - - - - Substandard - - 6,867 694 - - - 7,561 Doubtful - - - - - - - - Total 148,311 337,938 190,891 104,876 78,153 182,714 4,710 1,047,593 Commercial and industrial Pass 97,753 37,414 34,090 6,499 13,706 3,113 25,554 218,129 Special Mention - - - - - - - - Substandard - - 330 - 1,298 - - 1,628 Doubtful - - - - - - - - Total 97,753 37,414 34,420 6,499 15,004 3,113 25,554 219,757 Foreign banks Pass 114,945 - - - - - - 114,945 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total 114,945 - - - - - - 114,945 Consumer and other loans Pass 71,593 74,387 41,966 615 560 1,337 1,472 191,930 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - Total 71,593 74,387 41,966 615 560 1,337 1,472 191,930 Total Pass 476,967 486,064 286,260 117,376 101,744 262,818 37,934 1,769,163 Special Mention - - - - - - - - Substandard - - 7,197 694 1,590 - - 9,481 Doubtful - - - - - - - - Total $ 476,967 486,064 293,457 118,070 103,334 262,818 37,934 1,778,644 As of December 31, 2022 Pass Special Mention Substandard Doubtful Total Loans Residential real estate: Home equity line of credit ("HELOC") and other $ 623 $ - $ - $ - $ 623 1-4 family residential 132,178 - - - 132,178 Condo residential 52,835 - - - 52,835 185,636 - - - 185,636 Commercial real estate: Land and construction 38,687 - - - 38,687 Multi-family residential 176,820 - - - 176,820 Condo commercial 49,601 - 393 - 49,994 Commercial property 702,357 - 2,552 - 704,909 Leasehold improvements - - - - - 967,465 - 2,945 - 970,410 Commercial and industrial: (1) Secured 120,873 - 807 - 121,680 Unsecured 5,304 - - - 5,304 126,177 - 807 - 126,984 Foreign banks 93,769 - - - 93,769 Consumer and other loans 130,233 - 196 - 130,429 Total $ 1,503,280 $ - $ 3,948 $ - $ 1,507,228 (1) |
Aging Analysis of Accruing and Total Non-Accruing Loans | Accruing As of December 31, 2023: Current Past Due 30-89 Days Past Due > 90 Days and Still Accruing Total Accruing Non- Accrual Total Loans Residential real estate: Home equity line of credit and other $ 559 $ - $ - $ 559 $ - $ 559 1-4 family residential 155,842 711 - 156,553 - 156,553 Condo residential 43,572 3,735 - 47,307 - 47,307 199,973 4,446 - 204,419 - 204,419 Commercial real estate: Land and construction 33,710 - - 33,710 - 33,710 Multi-family residential 181,287 - - 181,287 - 181,287 Condo commercial 58,106 - - 58,106 - 58,106 Commercial property 772,569 1,890 - 774,459 - 774,459 Leasehold improvements 31 - - 31 - 31 1,045,703 1,890 - 1,047,593 - 1,047,593 Commercial and industrial: Secured 200,235 29 - 200,264 468 200,732 Unsecured 19,025 - - 19,025 - 19,025 219,260 29 - 219,289 468 219,757 Foreign banks 114,945 - - 114,945 - 114,945 Consumer and other 191,930 - - 191,930 - 191,930 Total $ 1,771,811 $ 6,365 $ - $ 1,778,176 $ 468 $ 1,778,644 Accruing As of December 31, 2022: Current Past Due 30-89 Days Past Due > 90 Days and Still Accruing Total Accruing Non- Accrual Total Loans Residential real estate: Home equity line of credit and other $ 623 $ - $ - $ 623 $ - $ 623 1-4 family residential 131,120 1,058 - 132,178 - 132,178 Condo residential 50,310 2,525 - 52,835 - 52,835 182,053 3,583 - 185,636 - 185,636 Commercial real estate: Land and construction 38,687 - - 38,687 - 38,687 Multi-family residential 176,820 - - 176,820 - 176,820 Condo commercial 49,994 - - 49,994 - 49,994 Commercial property 704,884 25 - 704,909 - 704,909 Leasehold improvements - - - - - - 970,385 25 - 970,410 - 970,410 Commercial and industrial: Secured 121,649 31 - 121,680 - 121,680 Unsecured 4,332 972 - 5,304 - 5,304 125,981 1,003 - 126,984 - 126,984 Foreign banks 93,769 - - 93,769 - 93,769 Consumer and other 130,169 260 - 130,429 - 130,429 Total $ 1,502,357 $ 4,871 $ - $ 1,507,228 $ - $ 1,507,228 |
Non-Accrual status | December 31, 2023 Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Non- accruals Loans Past Due Over 90 Days and Still Accruing Residential real estate $ $ $ $ Commercial real estate - - - - Commercial and industrial - 468 468 - Consumer and other - - - - Total $ - $ 468 $ 468 $ - |
Impaired Loans | 2022 Residential real estate $ 7,626 Commercial real estate 575 Commercial and industrial 109 Consumer and other 210 Total $ 8,520 |
Restructured Loans, by Type of Modification | 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 2 650 650 2 650 650 Consumer and other - - - - - - 2 $ 650 $ 650 2 $ 650 $ 650 |
Performing and Non-Performing Troubled Debt Restructurings | 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 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
ROU Assets And Leases Liabilities | 2023 2022 ROU assets: Operating leases $ 11,423 $ 14,395 Lease liabilities: Operating leases $ 11,423 $ 14,395 |
Weighted Average Remaining Lease Term And Weighted Average Discount Rate | 2023 2022 Weighted average remaining lease term (in years): Operating leases 6.35 6.98 Weighted average discount rate: Operating leases 2.94 % 2.94 % |
Future Lease Payment Obligations And Reconciliation To Lease Liability | 2024 $ 3,236 2025 3,312 2026 2,383 2027 951 2028 492 Thereafter 2,987 Total 13,361 Less: interest component (1,938) Total $ 11,423 |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Premises And Equipment [Abstract] | |
Summary Of Premises And Equipment | 2023 2022 Land $ 972 $ 972 Building 1,952 1,952 Furniture, fixtures and equipment 8,981 8,841 Computer hardware and software 4,592 4,575 Leasehold improvements 10,457 10,451 Premises and equipment, gross 26,954 26,791 Accumulated depreciation and amortization (22,118) (21,528) Premises and equipment, net $ 4,836 $ 5,263 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | 2023 2022 Current: Federal $ - $ - State - - Total - - Deferred: Federal 4,121 5,462 State 1,130 1,482 Total 5,251 6,944 Total $ 5,251 $ 6,944 |
Statutory Tax Expense | 2023 2022 Federal taxes at statutory rate $ 4,577 $ 5,688 State income taxes, net of federal tax benefit 947 1,177 Bank owned life insurance (273) (269) Other, net - 348 Total $ 5,251 $ 6,944 |
Schedule of Deferred Tax Assets and Liabilities | 2023 2022 Deferred tax assets: Net operating loss $ 16,430 $ 21,720 Allowance for credit losses 5,410 4,432 Lease liability 2,895 3,648 Unrealized loss on available for sale securities 15,114 15,193 Depreciable property 203 158 Equity compensation 630 373 Accruals 382 723 Other, net 10 - Deferred tax asset $ 41,074 $ 46,247 Deferred tax liability: Deferred loan cost (553) (28) Lease right of use asset (2,895) (3,648) Deferred expenses (180) (175) Cash flow hedge (85) Other, net (79) (36) Deferred tax liability $ (3,792) $ (3,887) Net deferred tax asset $ 37,282 $ 42,360 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Schedule Of Deposits By Types | 2023 2022 Non-interest bearing deposits $ 552,762 $ 629,776 Interest-bearing transaction accounts 47,702 66,675 Saving and money market deposits 1,048,272 915,853 Time deposits 288,403 216,977 Total $ 1,937,139 $ 1,829,281 |
Schedule Of Maturities Of Time Deposits | 2024 $ 280,529 2025 6,074 2026 831 2027 874 2028 95 $ 288,403 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [Abstract] | |
Schedule Of Fixed Interest Rates And Expected Maturities | At December 31, 2023 Interest Rate Type of Rate Maturity Date Amount 2.05 % Fixed March 27, 2025 $ 10,000 1.07 % Fixed July 18, 2025 6,000 1.04 % Fixed July 30, 2024 5,000 3.76 % Fixed January 24, 2028 11,000 3.77 % Fixed April 25, 2028 50,000 5.57 % Fixed December 26, 2024 101,000 $ 183,000 At December 31, 2022 Interest Rate Type of Rate Maturity Date Amount 2.05 % Fixed March 27, 2025 $ 10,000 1.07 % Fixed July 18, 2025 6,000 1.04 % Fixed July 30, 2024 5,000 0.81 % Fixed August 17, 2023 5,000 4.14 % Fixed January 13, 2023 20,000 $ 46,000 |
Equity Based And Other Compen_2
Equity Based And Other Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Based And Other Compensation Plans [Abstract] | |
Schedule Of Stock Options Valuation Assumptions | Assumption 2023 2022 Risk-free interest rate 3.53 % 2.34 % Expected term 10 years 10 years Expected stock price volatility 10 % 10 % Dividend yield 0 % 0 % |
Schedule Of Stock Options Activity | Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Years Aggregate Intrinsic Value (in thousands) Balance at January 1, 2023 965,667 $ 10.91 7.4 Granted 7,500 $ 12.41 Exercised (10,000) $ 7.50 Forfeitures (16,000) $ 10.34 Balance at December 31, 2023 947,167 $ 10.97 6.5 Exercisable at December 31, 2023 758,000 $ 10.71 6.1 $ 1,195 Balance at January 1, 2022 959,667 $ 10.87 8.4 Granted 15,000 $ 14.03 Exercised (9,000) $ 11.35 Balance at December 31, 2022 965,667 $ 10.91 7.4 Exercisable at December 31, 2022 560,000 $ 10.18 6.4 $ 1,131 |
Summary of Restricted Stock Award | Restricted Stock Weighted Average Grant Date Fair Value Balance at January 1, 2023 - $ - Granted 242,713 $ 12.24 Forfeited (8,111) $ 12.67 Vested (16,180) $ 12.67 Balance at December 31, 2023 218,422 $ 12.19 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Off-Balance Sheet Arrangements [Abstract] | |
Schedule of Financials Instruments with Off-Balance Sheet Risk | 2023 2022 Commitments to grant loans and unfunded lines of credit $ 85,117 $ 95,461 Standby and commercial letters of credit 3,987 4,320 Total $ 89,104 $ 99,781 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivatives [Abstract] | |
Summary of Interest Rate Swaps | Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability December 31, 2023: Derivatives Designated as Cash Flow Hedges Interest rate swaps $ 50,000 $ - Other assets $ 334 $ - Derivatives Designated as Fair Value Hedges Interest rate swaps $ 200,000 $ - Other liabilities $ - $ 3,430 Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 46,463 $ 1,326 Other assets/Other liabilities $ 4,558 $ 4,558 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) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | 2023 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 8,173 $ - $ 8,173 $ - $ 8,655 $ - $ 8,655 Collateralized mortgage obligations - 80,606 - 80,606 - 95,541 - 95,541 Mortgage-backed securities - residential - 52,187 - 52,187 - 60,879 - 60,879 Mortgage-backed securities - commercial - 42,764 - 42,764 - 27,954 - 27,954 Municipal securities - 19,338 - 19,338 - 18,483 - 18,483 Bank subordinated debt securities - 26,261 - 26,261 - 14,919 - 14,919 Corporate bonds - - - - - 3,709 - 3,709 Total - 229,329 - 229,329 - 230,140 - 230,140 Derivative assets - 4,892 - 4,892 - 5,011 - 5,011 Total assets at fair value $ - $ 234,221 $ - $ 234,221 $ - $ 235,151 $ - $ 235,151 Derivative liabilities $ - $ 7,988 $ - $ 7,988 $ - $ 5,011 $ - $ 5,011 Total liabilities at fair value $ - $ 7,988 $ - $ 7,988 $ - $ 5,011 $ - $ 5,011 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | Level 1 Level 2 Level 3 Total December 31, 2022: Impaired loans $ - $ - $ 3,639 $ 3,639 |
Quantified Information about Level 3 Fair Value Measurements for Assets Measured at Fair Value on a Non-recurring Basis | Fair Value Valuation Technique(s) Unobservable Input(s) December 31, 2022: Residential real estate $ 3,500 Sales comparison approach Adj. for differences between comparable sales Commercial and industrial 41 Discounted cash flow Adj. for differences in net operating income expectations Other 98 Discounted cash flow Adj. for differences in net operating income expectations Total $ 3,639 |
Carrying Amounts and Estimated Fair Values of Financial Instruments not Carried at Fair Value | Fair Value Hierarchy Carrying Amount Level 1 Level 2 Level 3 Fair Value Amount December 31, 2023: Financial Assets: Cash and due from banks $ 8,019 $ 8,019 $ - $ - $ 8,019 Interest-bearing deposits in banks $ 33,043 $ 33,043 $ - $ - $ 33,043 Investment securities held to maturity, net $ 174,974 $ - $ 155,510 $ - $ 155,510 Loans held for investment, net $ 1,759,743 $ - $ - $ 1,723,210 $ 1,723,210 Accrued interest receivable $ 10,688 $ - $ 1,448 $ 9,240 $ 10,688 Financial Liabilities: Demand Deposits $ 552,762 $ 552,762 $ - $ - $ 552,762 Money market and savings accounts $ 1,048,272 $ 1,048,272 $ - $ - $ 1,048,272 Interest-bearing checking accounts $ 47,702 $ 47,702 $ - $ - $ 47,702 Time deposits $ 288,403 $ - $ - $ 287,104 $ 287,104 FHLB advances $ 183,000 $ - $ 182,282 $ - $ 182,282 Accrued interest payable $ 1,372 $ - $ 551 $ 821 $ 1,372 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) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income (Loss) Available to Common Stockholders before being Allocable between Class A and Class B Common Shares | 2023 2022 Net Income $ 16,545 $ 20,141 Net income available to common stockholders $ 16,545 $ 20,141 |
Calculation of Basic and Diluted Earnings (Loss) per Common Share Class | 2023 2022 Class A Class A Basic EPS Numerator: Net income available to common shares $ 16,545 $ 20,141 Denominator: Weighted average shares outstanding 19,621,698 19,999,323 Earnings per share, basic $ 0.84 $ 1.01 Diluted EPS Numerator: Net income available to common shares $ 16,545 $ 20,141 Denominator: Weighted average shares outstanding for basic EPS 19,621,698 19,999,323 Add: Dilutive effects of assumed exercises of stock options 65,936 177,515 Weighted avg. shares including dilutive potential common shares 19,687,634 20,176,838 Earnings per share, diluted $ 0.84 $ 1.00 Anti-dilutive stock options excluded from diluted EPS 720,500 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 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters [Abstract] | |
Schedule Of Actual Capital Amounts And Ratios | Actual Minimum Capital Requirements To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2023: Total $ 233,109 12.65 % $ 147,432 8.00 % $ 184,290 10.00 % Tier 1 risk-based capital: $ 211,645 11.48 % $ 110,574 6.00 % $ 147,432 8.00 % Common equity tier 1 capital: $ 211,645 11.48 % $ 82,931 4.50 % $ 119,789 6.50 % Leverage ratio: $ 211,645 9.17 % $ 92,328 4.00 % $ 115,410 5.00 % December 31, 2022: Total $ 216,693 13.58 % $ 127,616 8.00 % $ 159,520 10.00 % Tier 1 risk-based capital: $ 198,909 12.47 % $ 95,712 6.00 % $ 127,616 8.00 % Common equity tier 1 capital: $ 198,909 12.47 % $ 71,784 4.50 % $ 103,688 6.50 % Leverage ratio: $ 198,909 9.56 % $ 83,210 4.00 % $ 104,012 5.00 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule Of Loans To And Deposits From Related Parties | Years Ended December 31, 2023 2022 Consolidated Balance Sheets: Loans held for investment, net $ - $ - Deposits $ 2,792 $ 6,825 Consolidated Statements of Operations: Interest income $ - $ - Interest expense $ 154 $ 54 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company Condensed Financial Information [Abstract] | |
Schedule Of Condensed Balance Sheets | December 31, 2023 December 31, 2022 ASSETS: Cash and Cash Equivalents $ 2,426 $ 1,102 Investment in bank subsidiary 188,827 181,326 Other assets 715 - Total $ 191,968 $ 182,428 LIABILITIES AND STOCKHOLDERS' EQUITY: Other liabilities $ - $ - Stockholders' equity 191,968 182,428 Total $ 191,968 $ 182,428 |
Schedule Of Income Statement | Years Ended December 31, 2023 December 31, 2022 INCOME: Dividends from subsidiaries $ 11,100 $ 1,000 Total 11,100 1,000 EXPENSE: Employee compensation and benefits 553 - Other operating 2,268 Total 2,821 - Income before income taxes and undistributed subsidiary income 8,279 1,000 Provision (benefit) for income taxes (715) - Equity in undisbursed subsidiary income 7,551 19,141 Net Income $ 16,545 $ 20,141 |
Schedule Of Cash Flow | Years Ended December 31, 2023 December 31, 2022 Cash flows from operating activities: Net income $ 16,545 $ 20,141 Adjustments to reconcile net income to net cash provided activities: Equity in undistributed earnings of subsidiaries (7,551) (19,141) Stock-based compensation 553 Increase in deferred tax asset (715) Net cash provided by operating activities 8,832 1,000 Cash flows from investing activities: Capital contributions to subsidiary - - Other - - Net cash used in investing activities - - Cash flows from financing activities: Dividends paid - - Proceeds from exercise of stock options 75 102 Repurchase of common stock (7,583) - Net cash (used in) provided by financing activities (7,508) 102 Net increase in cash and cash equivalents 1,324 1,102 Cash and cash equivalents, beginning of period 1,102 - Cash and cash equivalents, end of period $ 2,426 $ 1,102 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) Item $ / shares | Dec. 31, 2022 USD ($) Item $ / shares | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies Disclosure [Line Items] | |||||
Deposits with right of offset | $ 43,900,000 | $ 43,900,000 | $ 31,400,000 | ||
Common stock, par value | $ / shares | $ 1 | $ 1 | |||
Allowance for credit losses | $ 21,084,000 | $ 21,084,000 | 17,487,000 | $ 15,057,000 | |
Increase in reserve on unfunded commitments | 257,000 | ||||
Stockholders' equity | 191,968,000 | 191,968,000 | 182,428,000 | 203,897,000 | |
Accumulated deficit | (88,548,000) | (88,548,000) | (104,104,000) | ||
Collectively evaluated for impairment | 1,769,982,000 | 1,769,982,000 | 1,499,351,000 | ||
Individually evaluated for impairment | 8,662,000 | 8,662,000 | 7,877,000 | ||
Federal Home Loan Bank stock, at cost | 10,153,000 | 10,153,000 | 2,882,000 | ||
Restricted Cash | |||||
Bank Owned Life Insurance | 51,781,000 | 51,781,000 | 42,781,000 | ||
Loans pledged as collateral | 1,778,644,000 | $ 1,778,644,000 | 1,507,228,000 | ||
Proceeds from Bank Term Funding Program (BTFP) | 0 | ||||
Accounting standards update | Accounting Standards Update 201613 [Member] | ||||
Subsequent Event [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Proceeds from Bank Term Funding Program (BTFP) | $ 80,000,000 | ||||
Discounted Cash Flow [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Collectively evaluated for impairment | 1,300,000,000 | ||||
Remaining life method [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Collectively evaluated for impairment | $ 251,000,000 | ||||
Percentage of loans evaluated | 16% | ||||
Cumulative Effect Period Of Adoption Adjustment [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Allowance for credit losses | $ 1,066,000 | ||||
Increase in allowance for credit losses | 1,100,000 | ||||
Increase in reserve on unfunded commitments | 259,000 | ||||
Stockholders' equity | (989,000) | ||||
Retained Earnings [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Stockholders' equity | (88,548,000) | $ (88,548,000) | (104,104,000) | $ (124,245,000) | |
Retained Earnings [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Stockholders' equity | $ (989,000) | ||||
Mortgage-Backed Securities - Commercial [Member] | Asset Pledged As Collateral Without Right [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Number of loans pledged as collateral | Item | 1 | 1 | |||
Loans pledged as collateral | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||
Common Class A [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Common stock, par value | $ / shares | $ 1 | $ 1 | $ 1 | ||
U.S. Century Bank [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Common stock, par value | $ / shares | $ 1 | $ 1 | |||
Building [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Estimated useful Life | 40 years | 40 years | |||
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Estimated useful Life | 25 years | 25 years | |||
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Estimated useful Life | 3 years | 3 years | |||
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | Discounted Cash Flow [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Percentage of loans evaluated | 84% | ||||
Computer Equipment [Member] | Maximum [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Estimated useful Life | 5 years | 5 years | |||
Computer Equipment [Member] | Minimum [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Estimated useful Life | 3 years | 3 years | |||
Loans Outstanding [Member] | Customer Concentration Risk [Member] | Top Ten Lending Relationships [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Concentration risk percentage | 9.20% | 13.10% | |||
Loans outstanding | $ 163,100,000 | $ 163,100,000 | $ 197,900,000 | ||
Loans Outstanding [Member] | Customer Concentration Risk [Member] | Ecuador, Honduras, Panama, and El Salvador [Member] | Mortgage-Backed Securities - Commercial [Member] | Asset Pledged As Collateral Without Right [Member] | |||||
Significant Accounting Policies Disclosure [Line Items] | |||||
Loans outstanding | $ 105,400,000 | $ 105,400,000 | $ 88,800,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Impact of Adopting CECL) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Significant Accounting Policies Disclosure [Line Items] | |||
Allowance for credit losses | $ 21,084 | $ 17,487 | $ 15,057 |
Deferred tax asset, net | 37,282 | 42,360 | |
Increase in reserve on unfunded commitments | 257 | ||
Stockholders' equity | 191,968 | 182,428 | 203,897 |
Retained Earnings [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Stockholders' equity | $ (88,548) | (104,104) | $ (124,245) |
Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Allowance for credit losses | 1,066 | ||
Deferred tax asset, net | 336 | ||
Increase in reserve on unfunded commitments | 259 | ||
Stockholders' equity | (989) | ||
Cumulative Effect Period Of Adoption Adjustment [Member] | Retained Earnings [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Stockholders' equity | (989) | ||
Cumulative Effect Period Of Adoption Adjusted Balance [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Allowance for credit losses | 18,553 | ||
Deferred tax asset, net | 42,696 | ||
Increase in reserve on unfunded commitments | 516 | ||
Stockholders' equity | 181,439 | ||
Cumulative Effect Period Of Adoption Adjusted Balance [Member] | Retained Earnings [Member] | |||
Significant Accounting Policies Disclosure [Line Items] | |||
Stockholders' equity | $ (105,093) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Item | Dec. 31, 2022 USD ($) Item | Jan. 12, 2024 USD ($) | |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Investment securities available for sale, amortized cost | $ 279,427,000 | $ 280,295,000 | |
Investment securities available for sale, at fair value | 229,329,000 | 230,140,000 | |
Unrealized Losses | 50,342,000 | 50,175,000 | |
Borrowing from BTFB | 0 | ||
Investment securities held to maturity | 174,982,000 | 188,699,000 | |
Held to maturity, allowance for credit loss | 8,000 | 0 | |
Unamortized net unrealized loss | 19,822,000 | 20,036,000 | |
Transfer of investment securities from available-for-sale to held-to-maturity | 63,798,000 | ||
Bank Term Funding Program [Member] | Subsequent Event [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Borrowing from BTFB | $ 80,000,000 | ||
Percent of advance from bank term funding program | 4.81% | ||
Asset Pledged As Collateral With Right [Member] | Securities Sold Under Agreements To Repurchase [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Repurchase agreement with a public banking institution | 20,000,000 | 0 | |
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 | $ 132,100,000 | ||
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 | $ 86,900,000 | 49,000,000 | |
Corporate Bond Securities [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Investment securities available for sale, amortized cost | 4,037,000 | ||
Investment securities available for sale, at fair value | 3,709,000 | ||
Unrealized Losses | 328,000 | ||
Investment securities held to maturity | 9,398,000 | 11,090,000 | |
Unamortized net unrealized loss | $ 727,000 | $ 1,077,000 | |
Corporate Bond Securities [Member] | Florida [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Number of investment securities | Item | 28 | 18 | |
Pledged under public funds, fair value | $ 268,400,000 | $ 204,200,000 | |
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 | 284,100,000 | ||
US Government and US Agency Issued Bonds and Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Investment securities held to maturity | 165,600,000 | ||
Held to maturity, allowance for credit loss | 0 | ||
Investment Grade Corporate Bonds [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Investment securities held to maturity | $ 9,400,000 | ||
Investment Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Number of investment securities | Item | 0 | 26 | |
Investment securities available for sale, amortized cost | $ 74,400,000 | ||
Investment securities available for sale, at fair value | 63,800,000 | ||
Net unrealized gain (loss) | 10,600,000 | ||
Held to maturity, allowance for credit loss | $ 126,800,000 | ||
Unamortized net unrealized loss | 9,500,000 | 9,800,000 | |
Investment Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | Corporate Bond Securities [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Net unrealized gain (loss) | 251,000 | $ 120,000 | |
Investment Securities Transferred from Available-for-Sale to Held-to-Maturity [Member] | Mortgage Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities [Member] | |||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | |||
Unrealized Losses | $ 54,900,000 |
Investment Securities (Schedule
Investment Securities (Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale: | ||
Amortized Cost | $ 279,427,000 | $ 280,295,000 |
Unrealized Gains | 244,000 | 20,000 |
Unrealized Losses | (50,342,000) | (50,175,000) |
Fair Value | 229,329,000 | 230,140,000 |
Held-to-maturity: | ||
Amortized Cost | 174,982,000 | 188,699,000 |
Unrealized Gains | 350,000 | 425,000 |
Unrealized Losses | (19,822,000) | (20,036,000) |
Fair Value | 155,510,000 | 169,088,000 |
Allowance for credit losses - securities held-to-maturity | (8,000) | 0 |
Securities held-to maturity, net of allowance for credit losses | 174,974,000 | 188,699,000 |
U.S. Government Agency [Member] | ||
Available-for-sale: | ||
Amortized Cost | 9,664,000 | 10,177,000 |
Unrealized Gains | ||
Unrealized Losses | (1,491,000) | (1,522,000) |
Fair Value | 8,173,000 | 8,655,000 |
Held-to-maturity: | ||
Amortized Cost | 43,626,000 | 44,914,000 |
Unrealized Gains | 2,000 | 25,000 |
Unrealized Losses | (5,322,000) | (5,877,000) |
Fair Value | 38,306,000 | 39,062,000 |
U.S. Treasury [Member] | ||
Held-to-maturity: | ||
Amortized Cost | 9,841,000 | |
Unrealized Gains | ||
Unrealized Losses | (13,000) | |
Fair Value | 9,828,000 | |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale: | ||
Amortized Cost | 103,645,000 | 118,951,000 |
Unrealized Gains | ||
Unrealized Losses | (23,039,000) | (23,410,000) |
Fair Value | 80,606,000 | 95,541,000 |
Held-to-maturity: | ||
Amortized Cost | 62,735,000 | 68,727,000 |
Unrealized Gains | 28,000 | |
Unrealized Losses | (7,983,000) | (7,830,000) |
Fair Value | 54,752,000 | 60,925,000 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale: | ||
Amortized Cost | 63,795,000 | 73,838,000 |
Unrealized Gains | ||
Unrealized Losses | (11,608,000) | (12,959,000) |
Fair Value | 52,187,000 | 60,879,000 |
Held-to-maturity: | ||
Amortized Cost | 43,784,000 | 42,685,000 |
Unrealized Gains | 348,000 | 372,000 |
Unrealized Losses | (4,533,000) | (4,574,000) |
Fair Value | 39,599,000 | 38,483,000 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale: | ||
Amortized Cost | 49,212,000 | 32,244,000 |
Unrealized Gains | 56,000 | 15,000 |
Unrealized Losses | (6,504,000) | (4,305,000) |
Fair Value | 42,764,000 | 27,954,000 |
Held-to-maturity: | ||
Amortized Cost | 15,439,000 | 11,442,000 |
Unrealized Gains | ||
Unrealized Losses | (1,257,000) | (665,000) |
Fair Value | 14,182,000 | 10,777,000 |
Municipal Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 25,005,000 | 25,084,000 |
Unrealized Gains | ||
Unrealized Losses | (5,667,000) | (6,601,000) |
Fair Value | 19,338,000 | 18,483,000 |
Bank Subordinated Debt Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 28,106,000 | 15,964,000 |
Unrealized Gains | 188,000 | 5,000 |
Unrealized Losses | (2,033,000) | (1,050,000) |
Fair Value | 26,261,000 | 14,919,000 |
Corporate Bonds [Member] | ||
Available-for-sale: | ||
Amortized Cost | 4,037,000 | |
Unrealized Gains | ||
Unrealized Losses | (328,000) | |
Fair Value | 3,709,000 | |
Held-to-maturity: | ||
Amortized Cost | 9,398,000 | 11,090,000 |
Unrealized Gains | ||
Unrealized Losses | (727,000) | (1,077,000) |
Fair Value | $ 8,671,000 | $ 10,013,000 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment Securities [Abstract] | ||
Proceeds from sale and call of securities | $ 24,185 | $ 60,649 |
Gross gains | 3 | 217 |
Gross losses | (1,862) | (2,746) |
Net realized gains (losses) | $ (1,859) | $ (2,529) |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale, Amortized Cost: | ||
Due within one year | ||
Due after one year through five years | 2,710 | |
Due after five years through ten years | 32,116 | |
Due after ten years | 18,285 | |
Amortized Cost | 279,427 | $ 280,295 |
Available-for-sale, Fair Value: | ||
Due within one year | ||
Due after one year through five years | 2,853 | |
Due after five years through ten years | 28,673 | |
Due after ten years | 14,073 | |
Fair Value | 229,329 | 230,140 |
Held-to-maturity, Amortized Cost: | ||
Due within one year | ||
Due after one year through five years | 9,398 | |
Due after five years through ten years | ||
Due after ten years | ||
Amortized Cost | 174,982 | 188,699 |
Held-to-maturity, Fair Value: | ||
Due within one year | ||
Due after one year through five years | 8,671 | |
Due after five years through ten years | ||
Due after ten years | ||
Fair Value | 155,510 | 169,088 |
U.S. Government Agency [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 9,664 | |
Amortized Cost | 9,664 | 10,177 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 8,173 | |
Fair Value | 8,173 | 8,655 |
Held-to-maturity, Amortized Cost: | ||
Amortized Cost | 43,626 | 44,914 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 38,306 | |
Fair Value | 38,306 | 39,062 |
U.S. Treasury [Member] | ||
Held-to-maturity, Amortized Cost: | ||
Amortized Cost | 9,841 | |
Held-to-maturity, Fair Value: | ||
Fair Value | 9,828 | |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 103,645 | |
Amortized Cost | 103,645 | 118,951 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 80,606 | |
Fair Value | 80,606 | 95,541 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 62,735 | |
Amortized Cost | 62,735 | 68,727 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 54,752 | |
Fair Value | 54,752 | 60,925 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 63,795 | |
Amortized Cost | 63,795 | 73,838 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 52,187 | |
Fair Value | 52,187 | 60,879 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 43,784 | |
Amortized Cost | 43,784 | 42,685 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 39,599 | |
Fair Value | 39,599 | 38,483 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 49,212 | |
Amortized Cost | 49,212 | 32,244 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 42,764 | |
Fair Value | 42,764 | 27,954 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 15,439 | |
Amortized Cost | 15,439 | 11,442 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 14,182 | |
Fair Value | $ 14,182 | $ 10,777 |
Investment Securities (Availabl
Investment Securities (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | $ 34,182 | $ 77,864 |
Unrealized Losses, Less than 12 months | (989) | (5,402) |
Fair Value, 12 Months or More | 338,700 | 315,942 |
Unrealized Losses 12 Months Or Longer | (78,373) | (74,208) |
Fair value | 372,882 | 393,806 |
Unrealized Losses | (79,362) | (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 | 46,479 | 36,310 |
Unrealized Losses 12 Months Or Longer | (8,043) | (7,616) |
Fair value | 46,479 | 47,717 |
Unrealized Losses | (8,043) | (8,709) |
U.S. Treasury [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 9,828 | |
Unrealized Losses, Less than 12 months | (13) | |
Fair Value, 12 Months or More | ||
Unrealized Losses 12 Months Or Longer | ||
Fair value | 9,828 | |
Unrealized Losses | (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 | 135,358 | 139,965 |
Unrealized Losses 12 Months Or Longer | (35,566) | (34,962) |
Fair value | 135,358 | 156,465 |
Unrealized Losses | (35,566) | (35,925) |
Mortgage-Backed Securities - Residential [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 5,290 | 5,059 |
Unrealized Losses, Less than 12 months | (47) | (564) |
Fair Value, 12 Months or More | 83,484 | 91,742 |
Unrealized Losses 12 Months Or Longer | (18,365) | (19,348) |
Fair value | 88,774 | 96,801 |
Unrealized Losses | (18,412) | (19,912) |
Mortgage-Backed Securities - Commercial [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 20,292 | 10,052 |
Unrealized Losses, Less than 12 months | (611) | (1,173) |
Fair Value, 12 Months or More | 33,083 | 26,823 |
Unrealized Losses 12 Months Or Longer | (8,623) | (5,300) |
Fair value | 53,375 | 36,875 |
Unrealized Losses | (9,234) | (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 | 19,338 | 18,483 |
Unrealized Losses 12 Months Or Longer | (5,667) | (6,601) |
Fair value | 19,338 | 18,483 |
Unrealized Losses | (5,667) | (6,601) |
Bank Subordinated Debt Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 8,600 | 11,295 |
Unrealized Losses, Less than 12 months | (331) | (670) |
Fair Value, 12 Months or More | 12,287 | 2,619 |
Unrealized Losses 12 Months Or Longer | (1,703) | (381) |
Fair value | 20,887 | 13,914 |
Unrealized Losses | (2,034) | (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 | 8,671 | |
Unrealized Losses 12 Months Or Longer | (406) | |
Fair value | 8,671 | 13,723 |
Unrealized Losses | $ (406) | $ (926) |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans pledged as collateral | $ 1,778,644,000 | $ 1,507,228,000 | |
Loans in process of foreclosure amount | 0 | 0 | |
Interest income recognized attributable to nonaccrual loans | 0 | 0 | |
Allocated of specific allowance for TDR loans | 294,000 | ||
Charge-offs | 57,000 | 120,000 | |
Recorded Investment Prior to Modification | 650,000 | ||
Total Non-accruals | 468,000 | ||
Allowance for credit losses | $ 21,084,000 | 17,487,000 | $ 15,057,000 |
Number of loans modified | Item | 2 | ||
Loan modifications that subsequently defaulted | $ 0 | ||
Past Due >90Days and Still Accruing | 0 | 0 | |
Loans performed in accordance with their original terms [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Interest income recognized attributable to nonaccrual loans | 40,000 | ||
Paycheck Protection Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan amount | 271,000 | 1,300,000 | |
Deferred loan fees | 6,000 | 13,000 | |
Interest income recognized attributable to nonaccrual loans | 1,600,000 | 8,000 | |
Collateral Pledged [Member] | Loans performed in accordance with their original terms [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans pledged as collateral | 0 | 0 | |
Interest income recognized on impaired loans | 351,000 | ||
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans pledged as collateral | 219,757,000 | 126,984,000 | |
Charge-offs | 104,000 | ||
Recorded Investment Prior to Modification | 650,000 | ||
Total Non-accruals | 468,000 | ||
Allowance for credit losses | $ 3,974,000 | 4,163,000 | $ 2,775,000 |
Number of loans modified | Item | 2 | ||
Past Due >90Days and Still Accruing | |||
Commercial and Industrial [Member] | Federal Home Loan Bank Advances [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans pledged as collateral | $ 534,200,000 | $ 338,100,000 |
Loans (Summary of Loans Held fo
Loans (Summary of Loans Held for Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total Loans | $ 1,778,644 | $ 1,507,228 | |
Plus: Deferred fees (cost) | 2,183 | 110 | |
Total loans net of deferred fees (cost) | 1,780,827 | 1,507,338 | |
Less: ACL | 21,084 | 17,487 | $ 15,057 |
Total net loans | $ 1,759,743 | $ 1,489,851 | |
Percent of Total | 100% | 100% | |
Residential Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Loans | $ 204,419 | $ 185,636 | |
Less: ACL | $ 2,695 | $ 1,352 | 2,498 |
Percent of Total | 11.50% | 12.30% | |
Commercial Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Loans | $ 1,047,593 | $ 970,410 | |
Less: ACL | $ 10,366 | $ 10,143 | 8,758 |
Percent of Total | 58.80% | 64.40% | |
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Loans | $ 219,757 | $ 126,984 | |
Less: ACL | $ 3,974 | $ 4,163 | 2,775 |
Percent of Total | 12.40% | 8.40% | |
Foreign Banks [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Loans | $ 114,945 | $ 93,769 | |
Less: ACL | $ 911 | $ 720 | 457 |
Percent of Total | 6.50% | 6.20% | |
Consumer and Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total Loans | $ 191,930 | $ 130,429 | |
Less: ACL | $ 3,138 | $ 1,109 | $ 569 |
Percent of Total | 10.80% | 8.70% |
Loans (Allowance for Credit Los
Loans (Allowance for Credit Losses) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 17,487,000 | $ 15,057,000 |
Provision for credit losses | 2,495,000 | |
Recoveries | 85,000 | 55,000 |
Charge-offs | (57,000) | (120,000) |
Ending balance | 21,084,000 | 17,487,000 |
Allowance for Credit Losses: | ||
Individually evaluated for impairment | 273,000 | 294,000 |
Collectively evaluated for impairment | 20,811,000 | 17,193,000 |
Balances, end of period | 21,084,000 | 17,487,000 |
Loans: | ||
Individually evaluated for impairment | 8,662,000 | 7,877,000 |
Collectively evaluated for impairment | 1,769,982,000 | 1,499,351,000 |
Balances, end of period | 1,778,644,000 | 1,507,228,000 |
Unfunded commitments | 144,000 | |
Held to maturity, allowance for credit loss | 8,000 | 0 |
Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,066,000 | |
Ending balance | 1,066,000 | |
Allowance for Credit Losses: | ||
Balances, end of period | 1,066,000 | |
Residential Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,352,000 | 2,498,000 |
Provision for credit losses | 95,000 | (1,179,000) |
Recoveries | 10,000 | 33,000 |
Ending balance | 2,695,000 | 1,352,000 |
Allowance for Credit Losses: | ||
Individually evaluated for impairment | 145,000 | 155,000 |
Collectively evaluated for impairment | 2,550,000 | 1,197,000 |
Balances, end of period | 2,695,000 | 1,352,000 |
Loans: | ||
Individually evaluated for impairment | 6,994,000 | 7,206,000 |
Collectively evaluated for impairment | 197,425,000 | 178,430,000 |
Balances, end of period | 204,419,000 | 185,636,000 |
Residential Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,238,000 | |
Ending balance | 1,238,000 | |
Allowance for Credit Losses: | ||
Balances, end of period | 1,238,000 | |
Commercial Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 10,143,000 | 8,758,000 |
Provision for credit losses | (882,000) | 1,385,000 |
Ending balance | 10,366,000 | 10,143,000 |
Allowance for Credit Losses: | ||
Collectively evaluated for impairment | 10,366,000 | 10,143,000 |
Balances, end of period | 10,366,000 | 10,143,000 |
Loans: | ||
Individually evaluated for impairment | 393,000 | |
Collectively evaluated for impairment | 1,047,593,000 | 970,017,000 |
Balances, end of period | 1,047,593,000 | 970,410,000 |
Commercial Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,105,000 | |
Ending balance | 1,105,000 | |
Allowance for Credit Losses: | ||
Balances, end of period | 1,105,000 | |
Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 4,163,000 | 2,775,000 |
Provision for credit losses | 1,897,000 | 1,474,000 |
Recoveries | 72,000 | 18,000 |
Charge-offs | (104,000) | |
Ending balance | 3,974,000 | 4,163,000 |
Allowance for Credit Losses: | ||
Individually evaluated for impairment | 128,000 | 41,000 |
Collectively evaluated for impairment | 3,846,000 | 4,122,000 |
Balances, end of period | 3,974,000 | 4,163,000 |
Loans: | ||
Individually evaluated for impairment | 1,668,000 | 82,000 |
Collectively evaluated for impairment | 218,089,000 | 126,902,000 |
Balances, end of period | 219,757,000 | 126,984,000 |
Commercial and Industrial [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | (2,158,000) | |
Ending balance | (2,158,000) | |
Allowance for Credit Losses: | ||
Balances, end of period | (2,158,000) | |
Foreign Banks [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 720,000 | 457,000 |
Provision for credit losses | 168,000 | 263,000 |
Ending balance | 911,000 | 720,000 |
Allowance for Credit Losses: | ||
Collectively evaluated for impairment | 911,000 | 720,000 |
Balances, end of period | 911,000 | 720,000 |
Loans: | ||
Collectively evaluated for impairment | 114,945,000 | 93,769,000 |
Balances, end of period | 114,945,000 | 93,769,000 |
Foreign Banks [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 23,000 | |
Ending balance | 23,000 | |
Allowance for Credit Losses: | ||
Balances, end of period | 23,000 | |
Consumer and Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | 1,109,000 | 569,000 |
Provision for credit losses | 1,225,000 | 552,000 |
Recoveries | 3,000 | 4,000 |
Charge-offs | (57,000) | (16,000) |
Ending balance | 3,138,000 | 1,109,000 |
Allowance for Credit Losses: | ||
Individually evaluated for impairment | 98,000 | |
Collectively evaluated for impairment | 3,138,000 | 1,011,000 |
Balances, end of period | 3,138,000 | 1,109,000 |
Loans: | ||
Individually evaluated for impairment | 196,000 | |
Collectively evaluated for impairment | 191,930,000 | 130,233,000 |
Balances, end of period | 191,930,000 | 130,429,000 |
Consumer and Other [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 858,000 | |
Ending balance | 858,000 | |
Allowance for Credit Losses: | ||
Balances, end of period | $ 858,000 |
Loans (Term Loans by Originatio
Loans (Term Loans by Origination Year) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
2023 | $ 476,967,000 | |
2022 | 486,064,000 | |
2021 | 293,457,000 | |
2020 | 118,070,000 | |
2019 | 103,334,000 | |
Prior | 262,818,000 | |
Revolving Loans | 37,934,000 | |
Total | 1,778,644,000 | $ 1,507,228,000 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 476,967,000 | |
2022 | 486,064,000 | |
2021 | 286,260,000 | |
2020 | 117,376,000 | |
2019 | 101,744,000 | |
Prior | 262,818,000 | |
Revolving Loans | 37,934,000 | |
Total | 1,769,163,000 | 1,503,280,000 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | 7,197,000 | |
2020 | 694,000 | |
2019 | 1,590,000 | |
Prior | ||
Revolving Loans | ||
Total | 9,481,000 | 3,948,000 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 44,365,000 | |
2022 | 36,325,000 | |
2021 | 26,180,000 | |
2020 | 6,080,000 | |
2019 | 9,617,000 | |
Prior | 75,654,000 | |
Revolving Loans | 6,198,000 | |
Total | 204,419,000 | 185,636,000 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 44,365,000 | |
2022 | 36,325,000 | |
2021 | 26,180,000 | |
2020 | 6,080,000 | |
2019 | 9,325,000 | |
Prior | 75,654,000 | |
Revolving Loans | 6,198,000 | |
Total | 204,127,000 | 185,636,000 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | 292,000 | |
Prior | ||
Revolving Loans | ||
Total | 292,000 | |
Residential Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 148,311,000 | |
2022 | 337,938,000 | |
2021 | 190,891,000 | |
2020 | 104,876,000 | |
2019 | 78,153,000 | |
Prior | 182,714,000 | |
Revolving Loans | 4,710,000 | |
Total | 1,047,593,000 | 970,410,000 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 148,311,000 | |
2022 | 337,938,000 | |
2021 | 184,024,000 | |
2020 | 104,182,000 | |
2019 | 78,153,000 | |
Prior | 182,714,000 | |
Revolving Loans | 4,710,000 | |
Total | 1,040,032,000 | 967,465,000 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | 6,867,000 | |
2020 | 694,000 | |
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 7,561,000 | 2,945,000 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 97,753,000 | |
2022 | 37,414,000 | |
2021 | 34,420,000 | |
2020 | 6,499,000 | |
2019 | 15,004,000 | |
Prior | 3,113,000 | |
Revolving Loans | 25,554,000 | |
Total | 219,757,000 | 126,984,000 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 97,753,000 | |
2022 | 37,414,000 | |
2021 | 34,090,000 | |
2020 | 6,499,000 | |
2019 | 13,706,000 | |
Prior | 3,113,000 | |
Revolving Loans | 25,554,000 | |
Total | 218,129,000 | 126,177,000 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | 330,000 | |
2020 | ||
2019 | 1,298,000 | |
Prior | ||
Revolving Loans | ||
Total | 1,628,000 | 807,000 |
Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 114,945,000 | |
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 114,945,000 | 93,769,000 |
Foreign Banks [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 114,945,000 | |
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 114,945,000 | 93,769,000 |
Foreign Banks [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Foreign Banks [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Foreign Banks [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 71,593,000 | |
2022 | 74,387,000 | |
2021 | 41,966,000 | |
2020 | 615,000 | |
2019 | 560,000 | |
Prior | 1,337,000 | |
Revolving Loans | 1,472,000 | |
Total | 191,930,000 | 130,429,000 |
Consumer and Other [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 71,593,000 | |
2022 | 74,387,000 | |
2021 | 41,966,000 | |
2020 | 615,000 | |
2019 | 560,000 | |
Prior | 1,337,000 | |
Revolving Loans | 1,472,000 | |
Total | 191,930,000 | 130,233,000 |
Consumer and Other [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | ||
Consumer and Other [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 0 | $ 196,000 |
Consumer and Other [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total |
Loans (Loan Credit Exposures) (
Loans (Loan Credit Exposures) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 1,778,644,000 | $ 1,507,228,000 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 204,419,000 | 185,636,000 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 559,000 | 623,000 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 156,553,000 | 132,178,000 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 47,307,000 | 52,835,000 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,047,593,000 | 970,410,000 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 33,710,000 | 38,687,000 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 181,287,000 | 176,820,000 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 58,106,000 | 49,994,000 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 774,459,000 | 704,909,000 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 31,000 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 219,757,000 | 126,984,000 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 200,732,000 | 121,680,000 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 19,025,000 | 5,304,000 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 114,945,000 | 93,769,000 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 191,930,000 | 130,429,000 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,769,163,000 | 1,503,280,000 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 204,127,000 | 185,636,000 |
Pass [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 623,000 | |
Pass [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 132,178,000 | |
Pass [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 52,835,000 | |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,040,032,000 | 967,465,000 |
Pass [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 38,687,000 | |
Pass [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 176,820,000 | |
Pass [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 49,601,000 | |
Pass [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 702,357,000 | |
Pass [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 218,129,000 | 126,177,000 |
Pass [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 120,873,000 | |
Pass [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 5,304,000 | |
Pass [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 114,945,000 | 93,769,000 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 191,930,000 | 130,233,000 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Special Mention [Member] | Commercial Property [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] | Commercial Real Estate [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] | 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 | 9,481,000 | 3,948,000 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 292,000 | |
Substandard [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | ||
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 7,561,000 | 2,945,000 |
Substandard [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 393,000 | |
Substandard [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 2,552,000 | |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,628,000 | 807,000 |
Substandard [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 807,000 | |
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 | 0 | $ 196,000 |
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] | Commercial Real Estate [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] | 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 ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | $ 0 | $ 0 |
Total Accruing | 1,778,176,000 | 1,507,228,000 |
Non-Accrual | 468,000 | |
Balances, end of period | 1,778,644,000 | 1,507,228,000 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 204,419,000 | 185,636,000 |
Balances, end of period | 204,419,000 | 185,636,000 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 559,000 | 623,000 |
Balances, end of period | 559,000 | 623,000 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 156,553,000 | 132,178,000 |
Balances, end of period | 156,553,000 | 132,178,000 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 47,307,000 | 52,835,000 |
Balances, end of period | 47,307,000 | 52,835,000 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 1,047,593,000 | 970,410,000 |
Non-Accrual | ||
Balances, end of period | 1,047,593,000 | 970,410,000 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 33,710,000 | 38,687,000 |
Balances, end of period | 33,710,000 | 38,687,000 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 181,287,000 | 176,820,000 |
Balances, end of period | 181,287,000 | 176,820,000 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 58,106,000 | 49,994,000 |
Balances, end of period | 58,106,000 | 49,994,000 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 774,459,000 | 704,909,000 |
Balances, end of period | 774,459,000 | 704,909,000 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 31,000 | |
Balances, end of period | 31,000 | |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 219,289,000 | 126,984,000 |
Non-Accrual | 468,000 | |
Balances, end of period | 219,757,000 | 126,984,000 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 200,264,000 | 121,680,000 |
Non-Accrual | 468,000 | |
Balances, end of period | 200,732,000 | 121,680,000 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 19,025,000 | 5,304,000 |
Balances, end of period | 19,025,000 | 5,304,000 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Accruing | 114,945,000 | 93,769,000 |
Balances, end of period | 114,945,000 | 93,769,000 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 191,930,000 | 130,429,000 |
Non-Accrual | ||
Balances, end of period | 191,930,000 | 130,429,000 |
Current [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,771,811,000 | 1,502,357,000 |
Current [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 199,973,000 | 182,053,000 |
Current [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 559,000 | 623,000 |
Current [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 155,842,000 | 131,120,000 |
Current [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 43,572,000 | 50,310,000 |
Current [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,045,703,000 | 970,385,000 |
Current [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 33,710,000 | 38,687,000 |
Current [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 181,287,000 | 176,820,000 |
Current [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 58,106,000 | 49,994,000 |
Current [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 772,569,000 | 704,884,000 |
Current [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 31,000 | |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 219,260,000 | 125,981,000 |
Current [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 200,235,000 | 121,649,000 |
Current [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 19,025,000 | 4,332,000 |
Current [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 114,945,000 | 93,769,000 |
Current [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 191,930,000 | 130,169,000 |
Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 6,365,000 | 4,871,000 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 4,446,000 | 3,583,000 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 711,000 | 1,058,000 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 3,735,000 | 2,525,000 |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,890,000 | 25,000 |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,890,000 | 25,000 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 29,000 | 1,003,000 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | $ 29,000 | 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] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | $ 260,000 |
Loans (Non-Accrual Status) (Det
Loans (Non-Accrual Status) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With Related Allowance | 468,000 | |
Total Non-accruals | 468,000 | |
Loans Past Due Over 90 Days and Still Accruing | 0 | $ 0 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With Related Allowance | ||
Total Non-accruals | ||
Loans Past Due Over 90 Days and Still Accruing | ||
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With Related Allowance | 468,000 | |
Total Non-accruals | 468,000 | |
Loans Past Due Over 90 Days and Still Accruing | ||
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With Related Allowance | ||
Total Non-accruals | ||
Loans Past Due Over 90 Days and Still Accruing |
Loans (Impaired Loans) (Details
Loans (Impaired Loans) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
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 No Specific Allowance Recorded: Net Investment Balance | 3,937 |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 3,904 |
Net Investment Income | 7,841 |
Valuation Allowance | 294 |
Average Recorded Investment | 8,520 |
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 No Specific Allowance Recorded: Net Investment Balance | 3,544 |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 3,626 |
Valuation Allowance | 155 |
Average Recorded Investment | 7,626 |
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 No Specific Allowance Recorded: Net Investment Balance | 393 |
Valuation Allowance | 41 |
Average Recorded Investment | 575 |
Commercial and Industrial [Member] | |
Financing Receivable Impaired [Line Items] | |
Impaired Loans with Specific Allowance Recorded: Net Investment Balance | 82 |
Average Recorded Investment | 109 |
Consumer and Other [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 | $ 210 |
Loans (Performing and Non-Perfo
Loans (Performing and Non-Performing Troubled Debt Restructurings) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | $ 650 |
Residential Portfolio Segment [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | |
Commercial Real Estate Portfolio Segment [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | |
Commercial and Industrial [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | 650 |
Consumer and Other [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification |
Loans (Restructured Loans, by T
Loans (Restructured Loans, by Type of Modification) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) Item | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | Item | 2 |
Recorded Investment Prior to Modification | $ 650 |
Recorded Investment After Modification | $ 650 |
Residential Real Estate [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | Item | 0 |
Recorded Investment Prior to Modification | |
Recorded Investment After Modification | |
Commercial Real Estate [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | Item | 0 |
Recorded Investment Prior to Modification | |
Recorded Investment After Modification | |
Commercial and Industrial [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | Item | 2 |
Recorded Investment Prior to Modification | $ 650 |
Recorded Investment After Modification | $ 650 |
Consumer and Other [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | Item | 0 |
Recorded Investment Prior to Modification | |
Recorded Investment After Modification | |
Combination Modifications [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | 650 |
Recorded Investment After Modification | 650 |
Combination Modifications [Member] | Residential Real Estate [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | |
Recorded Investment After Modification | |
Combination Modifications [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | |
Recorded Investment After Modification | |
Combination Modifications [Member] | Commercial and Industrial [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | 650 |
Recorded Investment After Modification | 650 |
Combination Modifications [Member] | Consumer and Other [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | |
Recorded Investment After Modification |
Leases (ROU Assets And Leases L
Leases (ROU Assets And Leases Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
ROU Assets: Operating leases | $ 11,423 | $ 14,395 |
Lease liabilities: Operating leases | $ 11,423 | $ 14,395 |
Leases (Weighted Average Remain
Leases (Weighted Average Remaining Lease Term And Weighted Average Discount Rate) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighed average remaining lease term: Operating leases (in years) | 2.94% | 2.94% |
Weighted average discount rate: Operating leases | 6 years 4 months 6 days | 6 years 11 months 23 days |
Leases (Future Lease Payment Ob
Leases (Future Lease Payment Obligations And Reconciliation To Lease Liability) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 3,236 |
2025 | 3,312 |
2026 | 2,383 |
2027 | 951 |
2028 | 492 |
2029 | 2,987 |
Total future minimum lease payments | $ 13,361 |
Leases (Future Lease Payment _2
Leases (Future Lease Payment Obligations And Reconciliation To Lease Liability II) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Total future minimum lease payments | $ 13,361 | |
Less: interest component | (1,938) | |
Lease liability | $ 11,423 | $ 14,395 |
Premises And Equipment (Narrati
Premises And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property Plant And Equipment [Line Items] | ||
Depreciation and amortization expense | $ 590 | $ 688 |
Premises And Equipment (Summary
Premises And Equipment (Summary Of Premises And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 26,954 | $ 26,791 |
Accumulated depreciation and amortization | (22,118) | (21,528) |
Premises and equipment, net | 4,836 | 5,263 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 972 | 972 |
Building [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 1,952 | 1,952 |
Furniture, Fixtures And Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 8,981 | 8,841 |
Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 4,592 | 4,575 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 10,457 | $ 10,451 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Line Items] | ||
Federal statutory income tax rate | 21% | 21% |
Unrecognized tax benefits | $ 0 | $ 0 |
Interest or penalties | 0 | $ 0 |
Domestic Country [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | 61,500,000 | |
State And Local Jurisdiction [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 84,100,000 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | ||
Federal | ||
State | ||
Total current | ||
Deferred: | ||
Federal | 4,121 | 5,462 |
State | 1,130 | 1,482 |
Total deferred | 5,251 | 6,944 |
Total tax expense | $ 5,251 | $ 6,944 |
Income Taxes (Statutory Tax Exp
Income Taxes (Statutory Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Federal taxes at statutory rate | $ 4,577 | $ 5,688 |
State income taxes, net of federal tax benefit | 947 | 1,177 |
Bank owned life insurance | (273) | (269) |
Other, net | 348 | |
Total tax expense | $ 5,251 | $ 6,944 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss | $ 16,430,000 | $ 21,720,000 |
Allowance for credit losses | 5,410,000 | 4,432,000 |
Lease liability | 2,895,000 | 3,648,000 |
Unrealized losses on available for sale securities | 15,114,000 | 15,193,000 |
Depreciable property | 203,000 | 158,000 |
Equity compensation | 630,000 | 373,000 |
Accruals | 382,000 | 723,000 |
Other, net | 10,000 | |
Deferred tax asset | 41,074,000 | 46,247,000 |
Deferred tax liabilities: | ||
Deferred loan costs | (553,000) | (28,000) |
Lease right of use asset | (2,895,000) | (3,648,000) |
Deferred expenses | (180,000) | (175,000) |
Cash flow hedge | (85,000) | |
Other, net | (79,000) | (36,000) |
Deferred tax liability | (3,792,000) | (3,887,000) |
Net deferred tax asset | $ 37,282,000 | $ 42,360,000 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | |||
Time deposits exceeding the FDIC insurance limit of $250 thousand | $ 117,200,000 | $ 82,000,000 | |
Reclassification of time deposits | $ 213,000 | 230,000 | |
Brokered CDs | $ 50,000,000 | $ 0 | |
Weighted average rate | 5.13% | 4.98% |
Deposits (Schedule Of Deposits
Deposits (Schedule Of Deposits By Types) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Non-interest bearing deposits | $ 552,762 | $ 629,776 |
Interest-bearing transaction accounts | 47,702 | 66,675 |
Saving and money market deposits | 915,853 | 1,048,272 |
Time Deposits | 288,403 | 216,977 |
Total deposits | $ 1,937,139 | $ 1,829,281 |
Deposits (Schedule Of Maturitie
Deposits (Schedule Of Maturities Of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
2024 | $ 280,529 | |
2025 | 6,074 | |
2026 | 831 | |
2027 | 874 | |
2028 | 95 | |
Total deposits | $ 288,403 | $ 216,977 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Borrowings [Abstract] | ||
Borrowed funds, fixed rate advances from FHLB | $ 183,000 | $ 46,000 |
Borrowings (Schedule Of Fixed I
Borrowings (Schedule Of Fixed Interest Rates And Expected Maturities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Amount | $ 183,000 | $ 46,000 |
FHLB, Fixed Rate 0.81% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.81% | |
Debt Instrument, Maturity Date | Aug. 17, 2023 | |
Amount | $ 5,000 | |
FHLB, Fixed Rate 1.04% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.04% | 1.04% |
Debt Instrument, Maturity Date | Jul. 30, 2024 | Jul. 30, 2024 |
Amount | $ 5,000 | $ 5,000 |
FHLB, Fixed Rate 2.05% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.05% | 2.05% |
Debt Instrument, Maturity Date | Mar. 27, 2025 | Mar. 27, 2025 |
Amount | $ 10,000 | $ 10,000 |
FHLB, Fixed Rate 1.07% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.07% | 1.07% |
Debt Instrument, Maturity Date | Jul. 18, 2025 | Jul. 18, 2025 |
Amount | $ 6,000 | $ 6,000 |
FHLB, Fixed Rate 3.76% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.76% | |
Debt Instrument, Maturity Date | Jan. 24, 2028 | |
Amount | $ 11,000 | |
FHLB, Fixed Rate 3.77% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.77% | |
Debt Instrument, Maturity Date | Apr. 25, 2028 | |
Amount | $ 50,000 | |
FHLB, Fixed Rate 5.57% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.57% | |
Debt Instrument, Maturity Date | Dec. 26, 2024 | |
Amount | $ 101,000 | |
FHLB, Fixed Rate 4.14% [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.14% | |
Debt Instrument, Maturity Date | Jan. 13, 2023 | |
Amount | $ 20,000 |
Equity Based And Other Compen_3
Equity Based And Other Compensation Plans (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Jul. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Contributions to the 401(k) plan | $ 306,000 | $ 313,000 | |||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Compensation expense | 553,000 | ||||
Unrecognized compensation cost | $ 2,300,000 | ||||
Awards outstanding | 0 | ||||
Restricted stock, Granted | 242,713 | ||||
2015 Option Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares authorized | 1,000,000 | 2,000,000 | |||
Exercisable term, years | 10 years | ||||
Expiration period | 10 years | ||||
Number of additional shares authorized | 1,400,000 | 3,000,000 | |||
Extended life of option plan | 5 years | ||||
Number of shares available for grant | 1,160,564 | 1,386,667 | |||
Compensation expense | $ 459,000 | $ 523,000 | |||
Share-Based Payment Arrangement, Expense, Tax Benefit | 0 | 0 | |||
Unrecognized compensation cost | $ 342,000 | $ 787,000 | |||
Weighted average fair value of options granted | $ 3.91 | $ 3.45 | |||
2015 Option Plan [Member] | Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock, Granted | 2,400,000 | ||||
2015 Option Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for grant | 600,000 |
Equity Based And Other Compen_4
Equity Based And Other Compensation Plans (Schedule Of Stock Options Valuation Assumptions) (Details) - Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 3.53% | 2.34% |
Expected term | 10 years | 10 years |
Expected stock price volatility | 10% | 10% |
Dividend yield | 0% | 0% |
Equity Based And Other Compen_5
Equity Based And Other Compensation Plans (Schedule Of Stock Options Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Based And Other Compensation Plans [Abstract] | |||
Stock Options, Balance at the beginning | 965,667 | 959,667 | |
Stock Options, Granted | 7,500 | 15,000 | |
Stock Options, Exercised | (10,000) | (9,000) | |
Stock Options, Forfeited | (16,000) | ||
Stock Options, Balance at the ending | 947,167 | 965,667 | 959,667 |
Stock Options, Exercisable | 758,000 | 560,000 | |
Weighted Average Exercise Price, Balance at the beginning | $ 10.91 | $ 10.87 | |
Weighted Average Exercise Price, Granted | 12.41 | 14.03 | |
Weighted Average Exercise Price, Exercised | 7.50 | 14.03 | |
Weighted Average Exercise Price, Forfeited | 10.34 | 11.35 | |
Weighted Average Exercise Price, Balance at the ending | 10.97 | 10.91 | $ 10.87 |
Weighted Average Exercise Price, Exercisable | $ 10.71 | $ 10.18 | |
Weighted Average Remaining Contractual Years | 6 years 6 months | 7 years 4 months 24 days | 8 years 4 months 24 days |
Weighted Average Remaining Contractual Years, Exercisable | 6 years 1 month 6 days | 6 years 4 months 24 days | |
Aggregate Intrinsic Value, Exercisable | $ 1,195 | $ 1,131 |
Equity Based And Other Compen_6
Equity Based And Other Compensation Plans (Summary of Restricted Stock Award) (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted stock, Balance at the beginning | shares | 0 |
Restricted stock, Granted | shares | 242,713 |
Restricted stock, Forfeited | shares | (8,111) |
Restricted stock, Vested | shares | (16,180) |
Restricted stock, Balance at the ending | shares | 218,422 |
Weighted Average Grant Date Fair Value, Balance at the beginning | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 12.24 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 12.67 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 12.67 |
Weighted Average Grant Date Fair Value, Balance at the ending | $ / shares | $ 12.19 |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Off-Balance Sheet Arrangements [Abstract] | ||
Off-balance sheet commitment allowance | $ 372 | $ 166 |
Off-Balance Sheet Arrangement_3
Off-Balance Sheet Arrangements (Schedule of Financials Instruments with Off-Balance Sheet Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 89,104 | $ 99,781 |
Commitments to Grant Loans and Unfunded Lines of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | 85,117 | 95,461 |
Standby and Commercial Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 3,987 | $ 4,320 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - Interest Rate Swap [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Item | Dec. 31, 2022 USD ($) Item | |
Derivatives Fair Value [Line Items] | ||
Notional amount | $ 46,500 | |
Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Number of instruments | Item | 20 | 15 |
Notional amount | $ 46,500 | $ 33,900 |
Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional amount | 50,000 | |
Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional amount | $ 200,000 | |
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 4 months 17 days | |
Weighted average fixed interest rate | 3.59% | |
Designated As Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Number of instruments | Item | 4 | |
Notional amount | $ 200,000 | |
Average maturity | 2 years 2 months 23 days | |
Weighted average fixed interest rate | 4.74% |
Derivatives (Summary of Interes
Derivatives (Summary of Interest Rate Swaps) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 46,500 | |
Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 46,500 | $ 33,900 |
Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 50,000 | |
Asset | 334 | |
Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 200,000 | |
Liability | 3,430 | |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 50,000 | |
Not Designated as Hedging Instrument [Member] | Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 46,463 | 33,893 |
Collateral Amount | 1,326 | 1,278 |
Asset | 4,558 | $ 5,011 |
Derivative Asset Statement Of Financial Position Extensible Enumeration | ||
Liability | $ 4,558 | $ 5,011 |
Derivative Liability Statement Of Financial Position Extensible Enumeration |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans carrying amount | $ 1,759,743,000 | $ 1,489,851,000 |
Impaired loan impairment charge | 57,000 | 120,000 |
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans carrying amount | 3,900,000 | |
Impaired loans fair value | 3,639,000 | |
Impaired loan impairment charge | 294,000 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans fair value | 3,639,000 | |
Financial liabilities measured at fair value | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measured at Fair Value on Recurring and Nonrecurring Basis) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 229,329,000 | $ 230,140,000 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 229,329,000 | 230,140,000 |
Derivative assets | 4,892,000 | 5,011,000 |
Total assets at fair value | 234,221,000 | 235,151,000 |
Derivative liabilities | 7,988,000 | 5,011,000 |
Total liabilities at fair value | 7,988,000 | 5,011,000 |
U.S. Treasury [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 8,173,000 | 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 | 80,606,000 | 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 | 52,187,000 | 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 | 42,764,000 | 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 | 19,338,000 | 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 | 26,261,000 | 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 | 3,709,000 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 3,639,000 | |
Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 229,329,000 | 230,140,000 |
Derivative assets | 4,892,000 | 5,011,000 |
Total assets at fair value | 234,221,000 | 235,151,000 |
Derivative liabilities | 7,988,000 | 5,011,000 |
Total liabilities at fair value | 7,988,000 | 5,011,000 |
Level 2 [Member] | U.S. Treasury [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 8,173,000 | 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 | 80,606,000 | 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 | 52,187,000 | 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 | 42,764,000 | 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 | 19,338,000 | 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 | 26,261,000 | 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 | 3,709,000 | |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Investment securities held to maturity, net | $ 155,510 | $ 169,088 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and due from banks | 8,019 | 6,605 |
Interest-bearing deposits in banks | 33,043 | 47,563 |
Investment securities held to maturity, net | 174,974 | 188,699 |
Loans held for investment, net | 1,759,743 | 1,489,851 |
Accrued interest receivable | 10,688 | 7,546 |
Financial Liabilities: | ||
Demand deposits | 552,762 | 629,776 |
Money market and savings accounts | 1,048,272 | 915,853 |
Interest-bearing checking accounts | 47,702 | 66,675 |
Time deposits | 288,403 | 216,977 |
FHLB advances | 183,000 | 46,000 |
Accrued interest payable | 1,372 | 229 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 8,019 | 6,605 |
Interest-bearing deposits in banks | 33,043 | 47,563 |
Investment securities held to maturity, net | 155,510 | 169,088 |
Loans held for investment, net | 1,723,210 | 1,436,877 |
Accrued interest receivable | 10,688 | 7,546 |
Financial Liabilities: | ||
Demand deposits | 552,762 | 629,776 |
Money market and savings accounts | 1,048,272 | 915,853 |
Interest-bearing checking accounts | 47,702 | 66,675 |
Time deposits | 287,104 | 211,406 |
FHLB advances | 182,282 | 44,547 |
Accrued interest payable | 1,372 | 229 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and due from banks | 8,019 | 6,605 |
Interest-bearing deposits in banks | 33,043 | 47,563 |
Financial Liabilities: | ||
Demand deposits | 552,762 | 629,776 |
Money market and savings accounts | 1,048,272 | 915,853 |
Interest-bearing checking accounts | 47,702 | 66,675 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Investment securities held to maturity, net | 155,510 | 169,088 |
Accrued interest receivable | 1,448 | 1,183 |
Financial Liabilities: | ||
FHLB advances | 182,282 | 44,547 |
Accrued interest payable | 551 | 92 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans held for investment, net | 1,723,210 | 1,436,877 |
Accrued interest receivable | 9,240 | 6,363 |
Financial Liabilities: | ||
Time deposits | 287,104 | 211,406 |
Accrued interest payable | $ 821 | $ 137 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | |
Class of Stock [Line Items] | ||
Stock Repurchased During Period Value | $ | $ 7,583,000 | |
Total risk-based capital, Actual, Ratio | 0.1278 | |
2015 Equity Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Shares remained authorized for repurchase | 80,080 | |
U.S. Century Bank [Member] | ||
Class of Stock [Line Items] | ||
Total risk-based capital, Actual, Ratio | 0.1265 | 0.1358 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares issued | 19,575,435 | 20,000,753 |
Shares Outstanding | 19,575,435 | 20,000,753 |
Common Class A [Member] | 2015 Equity Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares issued | 242,713 | 0 |
Stock Repurchased During Period Value | $ | $ 7,600,000 | |
Common Class A [Member] | 2015 Equity Incentive Plan [Member] | Treasury Stock, Common [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchased, cost per share | $ / shares | $ 11.28 | |
Stock Repurchased During Period Shares | 669,920 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Outstanding dividends | $ | $ 0 | $ 0 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Net Income (Loss) Available to Common Stockholders before being Allocable between Class A and Class B Common Shares) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income | $ 16,545 | $ 20,141 |
Net income available to common stockholders | $ 16,545 | $ 20,141 |
Earnings Per Share (Calculati_2
Earnings Per Share (Calculation of Basic and Diluted Earnings (Loss) per Common Share Class) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Basic EPS | ||
Net income available to common stockholders | $ 16,545 | $ 20,141 |
Common Class A [Member] | ||
Basic EPS | ||
Net income available to common stockholders | $ 16,545 | $ 20,141 |
Weighted average shares outstanding | 19,621,698 | 19,999,323 |
Earnings per share, basic | $ 0.84 | $ 1.01 |
Diluted EPS | ||
Add: Dilutive effects of assumed exercises of stock options | 65,936 | 177,515 |
Weighted avg. shares including dilutive potential common shares | 19,687,634 | 20,176,838 |
Earnings per share, diluted | $ 0.84 | $ 1 |
Anti-dilutive stock options excluded from diluted EPS | 720,500 | 15,000 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | Dec. 31, 2023 $ / shares |
Regulatory Matters [Abstract] | |
Common stock, par value | $ 1 |
Capital conservation buffer, percent | 0.025 |
Regulatory Matters (Schedule Of
Regulatory Matters (Schedule Of Actual Capital Amounts And Ratios) (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital To Risk Weighted Assets | 0.1278 | |
U.S. Century Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital | $ 233,109 | $ 216,693 |
Capital To Risk Weighted Assets | 0.1265 | 0.1358 |
Total risk-based capital, Minimum Capital Requirement, Amount | $ 147,432 | $ 127,616 |
Total risk-based capital, Minimum Capital Requirement, Ratio | 0.0800 | 0.0800 |
Total risk-based capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 184,290 | $ 159,520 |
Total risk-based capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier 1 risk-based capital, Actual, Amount | $ 211,645 | $ 198,909 |
Tier 1 risk-based capital, Actual, Ratio | 0.1148 | 0.1247 |
Tier 1 risk-based capital, Minimum Capital Requirement, Amount | $ 110,574 | $ 95,712 |
Tier 1 risk-based capital, Minimum Capital Requirement, Ratio | 0.0600 | 0.0600 |
Tier 1 risk-based capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 147,432 | $ 127,616 |
Tier 1 risk-based capital, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0800 | 0.0800 |
Common equity tier 1 capital, Actual, Amount | $ 211,645 | $ 198,909 |
Common equity tier 1 capital, Actual, Ratio | 0.1148 | 0.1247 |
Common equity tier 1 capital, Minimum Capital Requirement, Amount | $ 82,931 | $ 71,784 |
Common equity tier 1 capital, Minimum Capital Requirement, Ratio | 0.0450 | 0.0450 |
Tier One Common Equity Required To Be Well Capitalized | $ 119,789 | $ 103,688 |
Tier One Common Equity Required To Be Well Capitalized To Risk Weighted Assets | 0.0650 | 0.0650 |
Leverage ratio, Minimum Capital Requirement, Amount | $ 211,645 | $ 198,909 |
Leverage ratio, Minimum Capital Requirement, Amount | 0.0917 | 0.0956 |
Leverage ratio, Minimum Capital Requirement, Amount | $ 92,328 | $ 83,210 |
Leverage ratio, Minimum Capital Requirement, Ratio | 0.0400 | 0.0400 |
Leverage ratio, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 115,410 | $ 104,012 |
Leverage ratio, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0500 | 0.0500 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - U.S. Century Bank [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Related party transaction fee amount | $ 1,900 | $ 881 |
Related party transaction amounts | $ 85,100 | $ 42,800 |
Related Party Transactions (Sch
Related Party Transactions (Schedule Of Loans To And Deposits From Related Parties) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Loans held for investment, net | ||
Deposits | 2,792,000 | 6,825,000 |
Interest income | 0 | 0 |
Interest expense | $ 154,000 | $ 54,000 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Information (Schedule Of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and Cash Equivalents | $ 41,062 | $ 54,168 | |
Other assets | 7,822 | 7,749 | |
Total assets | 2,339,093 | 2,085,834 | |
Total stockholders' equity | 191,968 | 182,428 | $ 203,897 |
Total liabilities and stockholders' equity | 2,339,093 | 2,085,834 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and Cash Equivalents | 2,426 | 1,102 | |
Investment in bank subsidiary | 188,827 | 181,326 | |
Other assets | 715 | ||
Total assets | 191,968 | 182,428 | |
Other Liabilities | |||
Total stockholders' equity | 191,968 | 182,428 | |
Total liabilities and stockholders' equity | $ 191,968 | $ 182,428 |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Information (Schedule Of Income Statement) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
EXPENSES: | ||
Employee compensation and benefits | $ 24,429 | $ 23,943 |
Other operating | 5,494 | 4,764 |
Net income before income tax expense | 21,796 | 27,085 |
Provision (benefit) for income taxes | 5,251 | 6,944 |
Net income | 16,545 | 20,141 |
Parent Company [Member] | ||
INCOME: | ||
Dividends from subsidiaries | 1,000 | 11,100 |
Revenues | 11,100 | 1,000 |
EXPENSES: | ||
Employee compensation and benefits | 553 | |
Other operating | 2,268 | |
Total | 2,821 | |
Net income before income tax expense | 8,279 | 1,000 |
Provision (benefit) for income taxes | (715) | |
Equity in undisbursed subsidiary income | 7,551 | 19,141 |
Net income | $ 16,545 | $ 20,141 |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Information (Schedule Of Cash Flow) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 16,545 | $ 20,141 |
Stock-based compensation | 1,012 | 523 |
Increase in deferred tax asset | 5,251 | 6,945 |
Net cash provided by operating activities | 22,546 | 29,537 |
Cash flows from investing activities: | ||
Net cash used in investment activities | (273,002) | (270,601) |
Cash flows from financing activities: | ||
Net cash provided by financing activities | 237,350 | 249,004 |
Net increase (decrease) in cash and cash equivalents | (13,106) | 7,940 |
Cash and cash equivalents at beginning of period | 54,168 | 46,228 |
Cash and cash equivalents at end of period | 41,062 | 54,168 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income | 16,545 | 20,141 |
Equity in undistributed earnings of subsidiaries | (7,551) | (19,141) |
Stock-based compensation | 553 | |
Increase in deferred tax asset | (715) | |
Net cash provided by operating activities | 8,832 | 1,000 |
Cash flows from investing activities: | ||
Capital contributions to subsidiary | ||
Other | ||
Net cash used in investment activities | ||
Cash flows from financing activities: | ||
Dividends paid | ||
Proceeds from exercise of stock options | 75 | 102 |
Repurchase of common stock | (7,583) | |
Net cash provided by financing activities | (7,508) | 102 |
Net increase (decrease) in cash and cash equivalents | 1,324 | 1,102 |
Cash and cash equivalents at beginning of period | 1,102 | |
Cash and cash equivalents at end of period | $ 2,426 | $ 1,102 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Feb. 15, 2024 | Jan. 29, 2024 |
Subsequent Events [Line Items] | ||
Dividend paid | $ 1 | |
Common Class A [Member] | ||
Subsequent Events [Line Items] | ||
Cash dividends | $ 0.05 |
Insider Trading Arrangements (D
Insider Trading Arrangements (Details) | 3 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr [Line Items] | |
Rule 10b 51 Arr Adopted Flag | false |
Rule 10b 51 Arr Trmntd Flag | false |
Non Rule 10b 51 Arr Adopted Flag | false |
Non Rule 10b 51 Arr Trmntd Flag | false |