Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2024 | |
Entity File Number | 001-41196 | |
Entity Registrant Name | USCB Financial Holdings, Inc. | |
Entity Incorporation State Country Code | FL | |
Entity Tax Identification Number | 87-4070846 | |
Entity Address Address Line 1 | 2301 N.W. 87th Avenue | |
Entity Address City Or Town | Doral | |
Entity Address State Or Province | FL | |
Entity Address Postal Zip Code | 33172 | |
City Area Code | 305 | |
Local Phone Number | 715-5200 | |
Security 12b Title | Class A common stock, $1.00 par value per share | |
Trading Symbol | USCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 19,650,463 | |
Amendment Flag | false | |
Entity Central Index Key | 0001901637 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Cash and due from banks | $ 9,601 | $ 8,019 |
Interest-bearing deposits in banks | 116,945 | 33,043 |
Total cash and cash equivalents | 126,546 | 41,062 |
Investment securities held to maturity, net of allowance of $12 and $8, respectively (fair value $152,156 and $155,510, respectively) | 173,038 | 174,974 |
Investment securities available for sale, at fair value | 259,992 | 229,329 |
Federal Home Loan Bank stock, at cost | 5,532 | 10,153 |
Loans held for investment, net of allowance of $21,454 and $21,084, respectively | 1,799,742 | 1,759,743 |
Accrued interest receivable | 11,579 | 10,688 |
Premises and equipment, net | 4,787 | 4,836 |
Bank owned life insurance | 52,192 | 51,781 |
Deferred tax assets, net | 36,249 | 37,282 |
Lease right-of-use asset | 10,680 | 11,423 |
Other assets | 8,805 | 7,822 |
Total assets | 2,489,142 | 2,339,093 |
Deposits: | ||
Demand deposits | 576,626 | 552,762 |
Money market and savings accounts | 1,141,422 | 1,048,272 |
Interest-bearing checking | 57,839 | 47,702 |
Time deposits | 326,907 | 288,403 |
Total deposits | 2,102,794 | 1,937,139 |
Federal Home Loan Bank advances and other borrowings | 162,000 | 183,000 |
Lease liability | 10,680 | 11,423 |
Accrued interest and other liabilities | 18,657 | 15,563 |
Total liabilities | 2,294,131 | 2,147,125 |
Commitments and contingencies (see Notes 5 and 10) | ||
Stockholders' Equity: | ||
Additional paid-in capital on common stock | 305,740 | 305,212 |
Accumulated deficit | (84,952) | (88,548) |
Accumulated other comprehensive loss | (45,427) | (44,271) |
Total stockholders' equity | 195,011 | 191,968 |
Total liabilities and stockholders' equity | 2,489,142 | 2,339,093 |
Preferred Stock Class C [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class D [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Preferred Stock Class E [Member] | ||
Stockholders' Equity: | ||
Preferred stock | ||
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 19,650 | 19,575 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Held to maturity, allowance for credit loss | $ 12 | $ 8 |
Investment securities held to maturity, fair value | 152,156 | 155,510 |
Allowance for credit losses | $ 21,454 | $ 21,084 |
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 | 19,650,463 | 19,575,435 |
Common stock, shares outstanding | 19,650,463 | 19,575,435 |
Common Class B [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 8,000,000 | 8,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans, including fees | $ 26,643 | $ 19,711 |
Investment securities | 2,811 | 2,286 |
Interest-bearing deposits in financial institutions | 1,433 | 382 |
Total interest income | 30,887 | 22,379 |
Interest expense: | ||
Interest-bearing checking | 369 | 43 |
Money market and savings accounts | 10,394 | 4,785 |
Time deposits | 3,294 | 1,057 |
Federal Home Loan Bank advances and other borrowings | 1,672 | 497 |
Total interest expense | 15,729 | 6,382 |
Net interest income before provision for credit losses | 15,158 | 15,997 |
Provision for credit losses | 410 | 201 |
Net interest income after provision for credit losses | 14,748 | 15,796 |
Non-interest income: | ||
Service fees | 1,651 | 1,205 |
(Loss) gain on sale of securities available for sale, net | (21) | |
Gain on sale of loans held for sale, net | 67 | 347 |
Other non-interest income | 746 | 539 |
Total non-interest income | 2,464 | 2,070 |
Non-interest expense: | ||
Salaries and employee benefits | 6,310 | 6,377 |
Occupancy | 1,314 | 1,299 |
Regulatory assessment and fees | 433 | 224 |
Consulting and legal fees | 592 | 358 |
Network and information technology services | 507 | 478 |
Other operating expense | 2,018 | 1,440 |
Total non-interest expense | 11,174 | 10,176 |
Income before income tax expense | 6,038 | 7,690 |
Income tax expense | 1,426 | 1,881 |
Net income | $ 4,612 | $ 5,809 |
Common Class A [Member] | ||
Per share information: | ||
Net income per share, basic | $ 0.23 | $ 0.29 |
Net income per share, diluted | 0.23 | 0.29 |
Cash dividend declared | $ 0.05 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 4,612 | $ 5,809 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on investment securities | (2,134) | 3,637 |
Amortization of net unrealized (loss) gain on securities transferred from available-for-sale to held-to-maturity | 67 | (60) |
Reclassification adjustment for loss included in net income | 21 | |
Unrealized gain on cash flow hedge | 519 | |
Tax effect | 392 | (912) |
Total other comprehensive income (loss), net of tax | (1,156) | 2,686 |
Total comprehensive income | $ 3,456 | $ 8,495 |
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, 2022 | $ 182,428 | $ 20,001 | $ 311,282 | $ (104,104) | $ (44,751) | $ (1,325) | $ (1,325) | $ 181,103 | $ 20,001 | $ 311,282 | $ (105,429) | $ (44,751) |
Balance, shares at Dec. 31, 2022 | 20,000,753 | 20,000,753 | ||||||||||
Net income | 5,809 | 5,809 | ||||||||||
Other comprehensive loss | 2,686 | 2,686 | ||||||||||
Repurchase of Class A common stock, shares | 500,000 | |||||||||||
Repurchase of Class A common stock | (5,867) | $ (500) | (5,367) | |||||||||
Restricted stock issued | $ 121 | (121) | ||||||||||
Restricted stock issued, shares | 121,627 | |||||||||||
Stock-based compensation | 127 | 127 | ||||||||||
Balance at Mar. 31, 2023 | 183,858 | $ 19,622 | 305,921 | (99,620) | (42,065) | |||||||
Balance, shares at Mar. 31, 2023 | 19,622,380 | |||||||||||
Balance at Dec. 31, 2023 | 191,968 | $ 19,575 | 305,212 | (88,548) | (44,271) | |||||||
Balance, shares at Dec. 31, 2023 | 19,575,435 | |||||||||||
Net income | 4,612 | 4,612 | ||||||||||
Other comprehensive loss | (1,156) | (1,156) | ||||||||||
Repurchase of Class A common stock, shares | 7,100 | |||||||||||
Repurchase of Class A common stock | (79) | $ (7) | (72) | |||||||||
Restricted stock issued | $ 53 | (53) | ||||||||||
Restricted stock issued, shares | 52,753 | |||||||||||
Restricted stock forfeiture | $ (9) | (9) | ||||||||||
Restricted stock forfeiture, shares | (8,625) | |||||||||||
Exercise of stock options | 322 | $ 38 | 284 | |||||||||
Exercise of stock options, shares | 38,000 | |||||||||||
Dividend payment | (1,016) | (1,016) | ||||||||||
Stock-based compensation | 360 | 360 | ||||||||||
Balance at Mar. 31, 2024 | $ 195,011 | $ 19,650 | $ 305,740 | $ (84,952) | $ (45,427) | |||||||
Balance, shares at Mar. 31, 2024 | 19,650,463 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 4,612 | $ 5,809 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 410 | 201 |
Depreciation and amortization | 140 | 150 |
(Accretion) amortization of premiums on securities, net | (135) | (38) |
Accretion of deferred loan fees, net | (3) | (93) |
Stock-based compensation | 360 | 127 |
Loss (gain) on sale of available for sale securities | 21 | |
Gain on sale of loans held for sale | (67) | (347) |
Increase in cash surrender value of bank owned life insurance | (411) | (267) |
Decrease in deferred tax assets | 1,424 | 1,881 |
Net change in operating assets and liabilities: | ||
Accrued interest receivable | (891) | (670) |
Other assets | (464) | 284 |
Accrued interest and other liabilities | 3,051 | 1,943 |
Net cash provided by operating activities | 8,026 | 9,001 |
Cash flows from investing activities: | ||
Proceeds from maturities and pay-downs of investment securities held to maturity | 1,987 | 2,406 |
Purchase of investment securities available for sale | (36,927) | (7,667) |
Proceeds from maturities and pay-downs of investment securities available for sale | 4,278 | 3,261 |
Proceeds from sales of investment securities available for sale | 8,617 | |
Net increase in loans held for investment | (15,830) | (77,413) |
Purchase of loans held for investment | (25,249) | |
Additions to premises and equipment | (91) | (22) |
Proceeds from the sale of loans held for sale | 787 | 4,847 |
Proceeds from the redemption of Federal Home Loan Bank stock | 4,798 | 3,570 |
Purchase of Federal Home Loan Bank stock | (177) | (6,831) |
Net cash used in investment activities | (66,424) | (69,232) |
Cash flows from financing activities: | ||
Proceeds from issuance of Class A common stock, net | 322 | |
Cash dividends paid | (1,016) | |
Repurchase of Class A common stock | (79) | (5,867) |
Net increase in deposits | 165,655 | 1,181 |
Proceeds from other borrowings | 80,000 | 158,000 |
Repayments on Federal Home Loan Bank advances | (101,000) | (84,000) |
Net cash provided by financing activities | 143,882 | 69,314 |
Net increase in cash and cash equivalents | 85,484 | 9,083 |
Cash and cash equivalents at beginning of period | 41,062 | 54,168 |
Cash and cash equivalents at end of period | 126,546 | 63,251 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 14,624 | 6,044 |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfer of loans held for investment to loans held for sale | $ 720 | $ 4,500 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Overview USCB Financial Holdings, wholly owned subsidiary, 2002, is a Florida state-chartered, located in South Florida. The Bank transactions closed at the Bank. Licensed in the State of Florida and approved by the Department of Insurance Regulation, Florida Peninsula Title LLC began operations Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and (“U.S. opinion periods presented with Form 10-K for the year ended December 31, 2023. Principles of Consolidation The balances are eliminated in consolidation. Use of Estimates To prepare on available most significant (“ACL”) and income taxes. Reclassifications Certain amounts in the consolidated financial statements have been reclassified to conform Reclassifications had no impact on the net income or stockholders’ Recently Issued Accounting Standards Adoption of New Accounting Standards Reference Rate Reform In (Topic clarified challenges These associated with reference rate reform in financial reporting. The are not 2022, except optional expedients, and which permit entities to make a one-time choice to divest, transfer, to maturity, referencing a rate impacted by reference rate reform, In December 2022, the to December Before this recent guidance, these amendments were effective for all entities The (“LIBOR”) and the adjustment of based originations were ceased as of June 30, 2023, and for existing LIBOR-based transactions, Secured Overnight its loan and other financial instruments. Issued and Not Yet Adopted Improvements to Income Tax In Improvements to Income Tax taxes paid with the goal of providing stakeholders with more transparent public business entities for annual periods beginning after Dec. 15, impact of this operations or consolidated financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments Securities [Abstract] | |
Investment Securities | 2. The measurement of expected credit losses under the current expected credit loss (“CECL”) methodology is applicable to accounting Management does not intend to sell or believes that CECL requires a loss reserve for credit performance issued bonds reserve is not required. non-agency CECL measurement for and Moody’s baseline PD represents data, adjusted for the current economic environment. LGD projects The Company monitors are securities held by the Company were rated investment At 163.7 mortgage-backed no reserves 9.4 corporate bonds. The required reserve for these holdings is the portion of the HTM exposed to non-government a $ 12 HTM represents amortized cost less ACL. The Company determined that an ACL on its debt securities available for sale as of March 31, 2024 and December 31, 2023 was not required. The following value of investment securities at the dates indicated (in During the quarter ended March 31, 2024 there were no sale (“AFS”) to Income 67 unamortized net unrealized loss as of March 31, 2024, 9.5 Gains identification basis. The following table presents the proceeds, realized gross gains and realized gross losses on sales and calls of AFS debt securities for the three months ended The amortized indicated (in thousands). call or prepay separately. At March 31, 2024, there were no securities held in the portfolio from any total mortgage sponsored entities. Information pertaining length of dates (in thousands): The unrealized losses associated 128.5 HTM portfolio represent unrealized in the cost basis of the securities upon transfer between portfolios. When evaluating value is including analysis of macro-economic conditions. as it result of this evaluation, the Company concluded that At 57.7 collateralized mortgage 304.3 attributable to a combination of factors, including relative At 54.9 collateralized 284.1 attributable to a combination of factors, including relative The contractual sponsored entities. The municipal bonds are of high credit quality and the declines in fair Based security holdings are quality. Management At March 31, 2024, the Company more than likely not required to sell these securities before recovery The Company 20.0 guaranteed with investment on prevailing rates no t have any under this agreement. The Bank is a Qualified Public Depository to securities pledged 50 % of 25% for funds program. As of March 31, 249.6 to the State of Florida for these public funds were fifty-one 137.0 As of 268.4 to the State twenty-eight 86.9 The Board Term unions, securities, and other qualifying assets as collateral. These The Company had $ 80 130.3 million in March 31, 2024 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 17,168 $ 25 $ (1,644) $ 15,549 Collateralized mortgage obligations 130,533 1 (24,165) 106,369 Mortgage-backed securities - residential 62,734 - (12,397) 50,337 Mortgage-backed securities - commercial 48,182 70 (6,550) 41,702 Municipal securities 24,985 - (5,924) 19,061 Bank subordinated debt securities 28,622 471 (2,119) 26,974 $ 312,224 $ 567 $ (52,799) $ 259,992 Held-to-maturity: U.S. Government Agency $ 43,439 $ - $ (5,816) $ 37,623 Collateralized mortgage obligations 61,465 2 (8,336) 53,131 Mortgage-backed securities - residential 43,383 160 (4,930) 38,613 Mortgage-backed securities - commercial 15,409 - (1,301) 14,108 Corporate bonds 9,354 - (673) 8,681 $ 173,050 $ 162 $ (21,056) $ 152,156 Allowance for credit losses - securities held-to-maturity (12) Securities held-to maturity, net of allowance for credit losses $ 173,038 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 Corporate bonds - - - - $ 279,427 $ 244 $ (50,342) $ 229,329 Held-to-maturity: U.S. Government Agency $ 43,626 $ 2 $ (5,322) $ 38,306 U.S. Treasury 62,735 - (7,983) 54,752 Collateralized mortgage obligations 43,784 348 (4,533) 39,599 Mortgage-backed securities - residential 15,439 - (1,257) 14,182 Mortgage-backed securities - commercial 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 Three Months Ended March 31, Available-for-sale: 2024 2023 Proceeds from sale and call of securities $ - $ 8,617 Gross gains $ - $ 3 Gross losses - (24) Net realized (loss) gain $ - $ (21) Available-for-sale Held-to-maturity March 31, 2024: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ - $ - Due after one year through five years 2,722 2,863 9,354 8,681 Due after five years through ten years 38,045 33,506 - - Due after ten years 12,840 9,666 - - U.S. Government Agency 17,168 15,549 43,439 37,623 Collateralized mortgage obligations 130,533 106,369 61,465 53,131 Mortgage-backed securities - residential 62,734 50,337 43,383 38,613 Mortgage-backed securities - commercial 48,182 41,702 15,409 14,108 $ 312,224 $ 259,992 $ 173,050 $ 152,156 March 31, 2024 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ 4,601 $ (19) $ 45,668 $ (8,648) $ 50,269 $ (8,667) Collateralized mortgage obligations 26,015 (85) 131,005 (36,916) 157,020 (37,001) Mortgage-backed securities - residential 8,043 (129) 80,907 (19,620) 88,950 (19,749) Mortgage-backed securities - commercial 15,004 (254) 38,777 (9,062) 53,781 (9,316) Municipal securities - - 19,061 (5,924) 19,061 (5,924) Bank subordinated debt securities 3,198 (159) 13,471 (1,960) 16,669 (2,119) Corporate bonds - - 8,681 (387) 8,681 (387) $ 56,861 $ (646) $ 337,570 $ (82,517) $ 394,431 $ (83,163) 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) |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Loans [Abstract] | |
Loans | 3. The following table is a summary of the distribution of At 567.7 534.2 commercial real estate Reserve Bank of Atlanta. Allowance for Credit Losses In methodology to estimate the quantitative portion discounted cash flow to assist in obtained supportable default for loan receivables use at least gross domestic used, Adjustments for economic expectations are made through Qualitative factors (“Q-Factors”) used in the ACL methodology • • • • • • • • Changes in the ACL for the three months ended March 31, At March 31, 2024, the 21.5 21.1 0.4 million was composed 363 offs. The Company had charge offs totaling $ 5 originated in 2024. The Company had charge 5 originated in 2023. The improvements in unemployment and a slower real GDP growth. in national housing prices over the next four quarters. loan portfolio with a qualitative were reviewed and updated; maximum loss calculations are based on refreshed stress test and risk statuses based on portfolio and external developments during the first Our ACL loans, expected index, the forecast reduces 200 1 everything else being and does not represent a change in management’s As of March 31, 2024, we segment in measure the 6.1 36.9 % increase in the of the ACL and does not represent a change in management’s The ACL and the outstanding are as follows (in thousands): Credit Quality Indicators The Company grades loans based on the estimated capability of the borrower to repay the contractual obligation of the loan agreement based payment periodically. The Company's internally assigned credit risk 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 December 31, 2023 (in thousands): Non-accrual Status The following table and still accruing as of March 31, 2024 (in thousands): Accrued interest no attributable to non-accrual loans outstanding during the three these loans 9 2 thousand, respectively, Collateral-Dependent Loans A expected to no loans as of March 31, 2024, or as of December 31, 202 Loan Modifications to Borrowers Experiencing Financial The following table presents newly restructured loans, ended March 31, 2024 (in thousands): The Company the three months ended March 31, 2024. There were no three months difficulties and no loan modifications that subsequently March 31, 2024 December 31, 2023 Total Percent of Total Total Percent of Total Residential Real Estate $ 237,906 13.1 % $ 204,419 11.5 % Commercial Real Estate 1,057,800 58.2 % 1,047,593 58.8 % Commercial and Industrial 228,045 12.5 % 219,757 12.4 % Foreign Banks 100,182 5.5 % 114,945 6.5 % Consumer and Other 194,325 10.7 % 191,930 10.8 % Total 1,818,258 100.0 % 1,778,644 100.0 % Plus: Deferred costs 2,938 2,183 Total 1,821,196 1,780,827 Less: Allowance for credit losses 21,454 21,084 Total $ 1,799,742 $ 1,759,743 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended March 31, 2024 Beginning balance $ 2,695 $ 10,366 $ 3,974 $ 911 $ 3,138 $ 21,084 Provision for credit losses (1) 235 (64) 288 (117) 21 363 Recoveries - - 10 - 2 12 Charge-offs - - - - (5) (5) Ending Balance $ 2,930 $ 10,302 $ 4,272 $ 794 $ 3,156 $ 21,454 (1) Provision for credit losses excludes a $ 43 4 thousand charge related to investment securities held to maturity. Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended March 31, 2023 Beginning balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Cumulative effect of adoption of accounting principle (1) 1,238 1,105 (2,158) 23 858 1,066 Provision for credit losses (2) 221 (795) 318 29 512 285 Recoveries 8 - 44 - 2 54 Charge-offs - - - - (5) (5) Ending Balance $ 2,819 $ 10,453 $ 2,367 $ 772 $ 2,476 $ 18,887 (1) Impact of CECL adoption on January 1, 2023. (2) Provision for credit losses excludes a $ 84 As of March 31, 2024 Term Loans by Origination Year Revolving Loans Total 2024 2023 2022 2021 2020 Prior Residential real estate Pass $ 36,295 $ 43,716 $ 36,336 $ 26,194 $ 5,885 $ 80,670 $ 8,530 $ 237,626 Substandard - - - - - 280 - 280 Total 36,295 43,716 36,336 26,194 5,885 80,950 8,530 237,906 Commercial real estate Pass 28,702 148,575 329,451 181,818 102,597 255,713 4,773 1,051,629 Substandard - - - 5,479 692 - - 6,171 Total 28,702 148,575 329,451 187,297 103,289 255,713 4,773 1,057,800 Commercial and industrial Pass 13,812 96,054 36,806 32,129 5,794 15,762 26,117 226,474 Substandard - - - 319 - 1,252 - 1,571 Total 13,812 96,054 36,806 32,448 5,794 17,014 26,117 228,045 Foreign banks Pass 34,864 65,318 - - - - - 100,182 Total 34,864 65,318 - - - - - 100,182 Consumer and other loans Pass 9,557 66,799 72,452 41,499 502 1,845 1,671 194,325 Substandard - - - - - - - - Total 9,557 66,799 72,452 41,499 502 1,845 1,671 194,325 Total Pass 123,230 420,462 475,045 281,640 114,778 353,990 41,091 1,810,236 Special Mention - - - - - - - - Substandard - - - 5,798 692 1,532 - 8,022 Doubtful - - - - - - - - Total $ 123,230 $ 420,462 $ 475,045 $ 287,438 $ 115,470 $ 355,522 $ 41,091 $ 1,818,258 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total March 31, 2024: Allowance for credit losses: Individually evaluated $ 47 $ - $ 77 $ - $ - $ 124 Collectively evaluated 2,883 10,302 4,195 794 3,156 21,330 Balances, end of period $ 2,930 $ 10,302 $ 4,272 $ 794 $ 3,156 $ 21,454 Loans: Individually evaluated $ 6,934 $ - $ 805 $ - $ - $ 7,739 Collectively evaluated 230,972 1,057,800 227,240 100,182 194,325 1,810,519 Balances, end of period $ 237,906 $ 1,057,800 $ 228,045 $ 100,182 $ 194,325 $ 1,818,258 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 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 Substandard - - - - 292 - - 292 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 Substandard - - 6,867 694 - - - 7,561 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 Substandard - - 330 - 1,298 - - 1,628 Total 97,753 37,414 34,420 6,499 15,004 3,113 25,554 219,757 Foreign banks Pass 114,945 - - - - - - 114,945 Total 114,945 - - - - - - 114,945 Consumer and other loans Pass 71,593 74,387 41,966 615 560 1,337 1,472 191,930 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 Accruing As of March 31, 2024 Current Past Due 30- 89 Days Past Due 90 Days or > and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 548 $ - $ - $ 548 $ - $ 548 1-4 family residential 183,825 6,022 - 189,847 - 189,847 Condo residential 43,452 4,059 - 47,511 - 47,511 227,825 10,081 - 237,906 - 237,906 Commercial real estate: Land and construction 21,100 - - 21,100 - 21,100 Multi-family residential 211,813 - - 211,813 - 211,813 Condo commercial 56,072 1,918 - 57,990 - 57,990 Commercial property 766,003 873 - 766,876 - 766,876 Leasehold improvements 21 - - 21 - 21 1,055,009 2,791 - 1,057,800 - 1,057,800 Commercial and industrial: Secured 208,590 60 - 208,650 456 209,106 Unsecured 18,495 444 - 18,939 - 18,939 227,085 504 - 227,589 456 228,045 Foreign banks 100,182 - - 100,182 - 100,182 Consumer and other 194,325 - - 194,325 - 194,325 Total $ 1,804,426 $ 13,376 $ - $ 1,817,802 $ 456 $ 1,818,258 Accruing As of December 31, 2023: Current Past Due 30-89 Days Past Due 90 Days or > and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 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 March 31, 2024 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 - 456 456 - Consumer and other - - - - $ - $ 456 $ 456 $ - 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 - - - - $ - $ 468 $ 468 $ - Recorded Investment Prior to Modification Recorded Investment After Modification Number of Loans Combination Modifications Total Modifications Number of Loans Combination Modifications Total Modifications Residential real estate - $ - $ - - $ - $ - Commercial real estate - - - - - - Commercial and industrial 1 468 468 1 468 468 Consumer and other - - - - - - 1 $ 468 $ 468 1 $ 468 $ 468 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes [Abstract] | |
Income Taxes | 4. The Company’s provision for income taxes is presented The actual expense for the periods 21 % for both 2024 before provision for income taxes) as follows (in thousands): The Company’s deferred tax assets and deferred The Company 56.8 79.5 expiring in various amounts between earnings of the Company. In assessing the realizability of deferred tax assets, management considers portion or upon the generation of Management considers the scheduled reversal strategies in making this assessment. The major tax of Florida. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2020. For the three months ended no t have any unrecognized tax result of no recorded as a result of tax uncertainties. Three Months Ended March 31, 2024 2023 Current: Federal $ - $ - State - - Total - - Deferred: Federal 1,114 1,472 State 312 409 Total 1,426 1,881 Total $ 1,426 $ 1,881 Three Months Ended March 31, 2024 2023 Federal taxes at statutory rate $ 1,268 $ 1,615 State income taxes, net of federal tax benefit 262 334 Bank owned life insurance (104) (68) Other, net - - Total $ 1,426 $ 1,881 March 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss $ 15,369 $ 16,430 Allowance for credit losses 5,503 5,410 Lease liability 2,707 2,895 Unrealized losses on available for sale securities 15,638 15,114 Depreciable property 130 203 Equity compensation 716 630 Accruals 52 382 Other, net 11 10 Deferred tax assets: 40,126 41,074 Deferred tax liabilities: Deferred loan cost (745) (553) Lease right of use asset (2,707) (2,895) Deferred expenses (140) (180) Cash flow hedge (216) (85) Other, net (69) (79) Deferred tax liabilities (3,877) (3,792) Net deferred tax assets $ 36,249 $ 37,282 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Off-Balance Sheet Arrangements [Abstract] | |
Off-Balance Sheet Arrangements | 5. The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financial instruments include letters of amount recognized in the Company’s Consolidated Balance Sheets. The Company uses the commitments and conditional obligations as it does for on-balance The Company's for unused lines of credit, and standby letters of credit A March 31, 2024 and December 31, 2023 (in thousands): 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 since upon, they do not generally present a significant liquidity March 31, 2024 December 31, 2023 Commitments to grant loans and unfunded lines of credit $ 99,224 $ 85,117 Standby and commercial letters of credit 3,274 3,987 Total $ 102,498 $ 89,104 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Derivatives [Abstract] | |
Derivatives | 6. The Company utilizes interest rate swap agreements its interest rate by the individual interest rate swap agreements. Interest Rate Swaps Designated as a Cash Flow Hedge As of March 31, two 50 million that average maturity 2.13 3.59 %, and compound SOFR being received. As of December two $ 50 average 2.38 3.59 %, compound SOFR being received. The corresponding recognition losses are realized. Interest Rate Swaps Designated as Fair Value As of March 31, 2024, the Company had four 200 million that were designated as fair value hedges on loans. The interest 1.98 4.74 %, received. 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 enters into interest rate swaps with its loan customers. The Company had 25 20 with 65.8 46.5 December 31, 2023, corresponding Company to provide the counterparty the Consolidated accounting purposes. The following table reflects the Company’s Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability March 31, 2024: Derivatives designated as cash flow hedges: Interest rate swaps $ 50,000 $ - Other assets $ 852 $ - Derivatives designated as hedging instruments: Interest rate swaps $ 200,000 $ - Other liabilities $ - $ 1,005 Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 65,768 $ 1,344 Other assets/Other liabilities $ 4,941 $ 4,941 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 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 7. Determination of Fair Value The Company determine fair value financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market However, in where quoted techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in The fair (that is, market 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 AFS investment securities: for such securities, Management reviews pricing methodologies provided by the vendors and third-party broker-dealers in order to determine if observable market information is being utilized. Securities measured with pricing provided by independent vendors or party broker-dealers securities, pricing models or discounted cash flow analyses Derivatives: classified within Level 2 of the hierarchy. The March 31, 2024 and December 31, 2023 for each of the Items Not Measured at Fair Value The following table value as of March 31, 2024 and December 31, 2023 (in March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 15,549 $ - $ 15,549 $ - $ 8,173 $ - $ 8,173 Collateralized mortgage obligations - 106,369 - 106,369 - 80,606 - 80,606 Mortgage-backed securities - residential - 50,337 - 50,337 - 52,187 - 52,187 Mortgage-backed securities - commercial - 41,702 - 41,702 - 42,764 - 42,764 Municipal securities - 19,061 - 19,061 - 19,338 - 19,338 Bank subordinated debt securities - 26,974 - 26,974 - 26,261 - 26,261 Total - 259,992 - 259,992 - 229,329 - 229,329 Derivative assets - 5,793 - 5,793 - 4,892 - 4,892 Total assets at fair value $ - $ 265,785 $ - $ 265,785 $ - $ 234,221 $ - $ 234,221 Derivative liabilities $ - $ 5,946 $ - $ 5,946 $ - $ 7,988 $ - $ 7,988 Total liabilities at fair value $ - $ 5,946 $ - $ 5,946 $ - $ 7,988 $ - $ 7,988 Fair Value Hierarchy Carrying Amount Level 1 Level 2 Level 3 Fair Value Amount March 31, 2024: Financial Assets: Cash and due from banks $ 9,601 $ 9,601 $ - $ - $ 9,601 Interest-bearing deposits in banks $ 116,945 $ 116,945 $ - $ - $ 116,945 Investment securities held to maturity, net $ 173,038 $ - $ 152,156 $ - $ 152,156 Loans held for investment, net $ 1,799,742 $ - $ - $ 1,763,399 $ 1,763,399 Accrued interest receivable $ 11,579 $ - $ 1,732 $ 9,847 $ 11,579 Financial Liabilities: Demand deposits $ 576,626 $ 576,626 $ - $ - $ 576,626 Money market and savings accounts $ 1,141,422 $ 1,141,422 $ - $ - $ 1,141,422 Interest-bearing checking accounts $ 57,839 $ 57,839 $ - $ - $ 57,839 Time deposits $ 326,907 $ - $ - $ 325,215 $ 325,215 FHLB advances $ 162,000 $ - $ 159,875 $ - $ 159,875 Accrued interest payable $ 2,477 $ - $ 1,297 $ 1,180 $ 2,477 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 $ 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 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 8. Common Stock In July 4,600,000 10.00 40.0 million after deducting underwriting discounts and expenses. In December 2021, Bank, which at the time were “Reorganization”) common stock, 1.00 one newly 1.00 Company’s wholly owned subsidiary. In the same designations, held in the Bank, stock as they previously owned of the Bank’s common During the first quarter 2024, the Company issued 52,753 stock awards 121,627 2015 equity incentive plan. During the three months ended 7,100 a weighted average price per share of $ 11.15 . The aggregate purchase price for these transactions was approximately $ 79 thousand, repurchase program. As of March 31, 2024, 72,980 the three months 500,000 average price 11.74 . The 5.9 including transaction costs. See Note 11, Subsequent Events, for information Shares of the Company’s Class were 19,650,463 19,575,435 , respectively. Dividends Declaration of dividends amount of current regulations. However, current period net income, liquidity, the primary source of dividends which the dividends if they deem such payment to be an unsafe On January quarterly dividend 0.05 stockholders of record as of the close of business February 15, 1.0 No March 31, 2023. See Note 11, Subsequent The following table details the dividends declared and paid by The guidelines Company and the Bank were 12.98 % and 12.89 %, respectively. Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount January 19, 2024 February 15, 2024 March 5, 2024 $ 0.05 $ 1.0 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings securities. Basic EPS number of common shares outstanding for computed by shares outstanding for the period determined using the treasury-stock method. For common stock options and are only included in the calculation The following table reflects the calculation of net income March 31, 2024 and 2023 (in thousands): The following table reflects ended March 31, 2024 and 2023 (in thousands, except Three Months Ended March 31, 2024 2023 Net Income $ 4,612 $ 5,809 Net income available to common shareholders $ 4,612 $ 5,809 Three Months Ended March 31, 2024 2023 Class A Class A Basic EPS Numerator: Net income available to common shares $ 4,612 $ 5,809 Denominator: Weighted average shares outstanding 19,633,330 19,855,409 Earnings per share, basic $ 0.23 $ 0.29 Diluted EPS Numerator: Net income available to common shares $ 4,612 $ 5,809 Denominator: Weighted average shares outstanding for basic EPS 19,633,330 19,855,409 Add: Dilutive effects of assumed exercises of stock options 64,928 85,197 Weighted avg. shares including dilutive potential common shares 19,698,258 19,940,606 Earnings per share, diluted $ 0.23 $ 0.29 Anti-dilutive stock options excluded from diluted EPS 502,500 572,500 Net income has not been allocated to unvested restricted are not material to net income per share of percent of all of the outstanding shares of |
Loss Contingencies
Loss Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Loss Contingencies [Abstract] | |
Loss Contingencies | 10. Loss contingencies, management, none on the Company’s Consolidated Financial Statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Dividends On April 23, 2024, quarterly dividend for 0.05 5, 2024, to stockholders of record as of the close of Share Repurchase Program On April 22, 2024, the Board of Directors approved a new share 500,000 A common 2.5 % repurchase program, time through open market repurchases, privately negotiated transactions, or other means. The repurchase program has no expiration date and may upon completion of the Company’s current the 572,980 authorized for repurchase under the Company’s share |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Overview | Overview USCB Financial Holdings, wholly owned subsidiary, 2002, is a Florida state-chartered, located in South Florida. The Bank transactions closed at the Bank. Licensed in the State of Florida and approved by the Department of Insurance Regulation, Florida Peninsula Title LLC began operations |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and (“U.S. opinion periods presented with Form 10-K for the year ended December 31, 2023. |
Principles of Consolidation | Principles of Consolidation The balances are eliminated in consolidation. |
Use of Estimates | Use of Estimates To prepare on available most significant (“ACL”) and income taxes. |
Reclassifications | Reclassifications Certain amounts in the consolidated financial statements have been reclassified to conform Reclassifications had no impact on the net income or stockholders’ |
Adoption of New Accounting Standards and Issued and Not Yet Adopted | Recently Issued Accounting Standards Adoption of New Accounting Standards Reference Rate Reform In (Topic clarified challenges These associated with reference rate reform in financial reporting. The are not 2022, except optional expedients, and which permit entities to make a one-time choice to divest, transfer, to maturity, referencing a rate impacted by reference rate reform, In December 2022, the to December Before this recent guidance, these amendments were effective for all entities The (“LIBOR”) and the adjustment of based originations were ceased as of June 30, 2023, and for existing LIBOR-based transactions, Secured Overnight its loan and other financial instruments. Issued and Not Yet Adopted Improvements to Income Tax In Improvements to Income Tax taxes paid with the goal of providing stakeholders with more transparent public business entities for annual periods beginning after Dec. 15, impact of this operations or consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments Securities [Abstract] | |
Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation | March 31, 2024 Available-for-sale: Amortized Cost Unrealized Gains Unrealized Losses Fair Value U.S. Government Agency $ 17,168 $ 25 $ (1,644) $ 15,549 Collateralized mortgage obligations 130,533 1 (24,165) 106,369 Mortgage-backed securities - residential 62,734 - (12,397) 50,337 Mortgage-backed securities - commercial 48,182 70 (6,550) 41,702 Municipal securities 24,985 - (5,924) 19,061 Bank subordinated debt securities 28,622 471 (2,119) 26,974 $ 312,224 $ 567 $ (52,799) $ 259,992 Held-to-maturity: U.S. Government Agency $ 43,439 $ - $ (5,816) $ 37,623 Collateralized mortgage obligations 61,465 2 (8,336) 53,131 Mortgage-backed securities - residential 43,383 160 (4,930) 38,613 Mortgage-backed securities - commercial 15,409 - (1,301) 14,108 Corporate bonds 9,354 - (673) 8,681 $ 173,050 $ 162 $ (21,056) $ 152,156 Allowance for credit losses - securities held-to-maturity (12) Securities held-to maturity, net of allowance for credit losses $ 173,038 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 Corporate bonds - - - - $ 279,427 $ 244 $ (50,342) $ 229,329 Held-to-maturity: U.S. Government Agency $ 43,626 $ 2 $ (5,322) $ 38,306 U.S. Treasury 62,735 - (7,983) 54,752 Collateralized mortgage obligations 43,784 348 (4,533) 39,599 Mortgage-backed securities - residential 15,439 - (1,257) 14,182 Mortgage-backed securities - commercial 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 |
Schedule of Realized Gains and Losses | Three Months Ended March 31, Available-for-sale: 2024 2023 Proceeds from sale and call of securities $ - $ 8,617 Gross gains $ - $ 3 Gross losses - (24) Net realized (loss) gain $ - $ (21) |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date | Available-for-sale Held-to-maturity March 31, 2024: Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ - $ - $ - $ - Due after one year through five years 2,722 2,863 9,354 8,681 Due after five years through ten years 38,045 33,506 - - Due after ten years 12,840 9,666 - - U.S. Government Agency 17,168 15,549 43,439 37,623 Collateralized mortgage obligations 130,533 106,369 61,465 53,131 Mortgage-backed securities - residential 62,734 50,337 43,383 38,613 Mortgage-backed securities - commercial 48,182 41,702 15,409 14,108 $ 312,224 $ 259,992 $ 173,050 $ 152,156 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value | March 31, 2024 Less than 12 months 12 months or more Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government Agency $ 4,601 $ (19) $ 45,668 $ (8,648) $ 50,269 $ (8,667) Collateralized mortgage obligations 26,015 (85) 131,005 (36,916) 157,020 (37,001) Mortgage-backed securities - residential 8,043 (129) 80,907 (19,620) 88,950 (19,749) Mortgage-backed securities - commercial 15,004 (254) 38,777 (9,062) 53,781 (9,316) Municipal securities - - 19,061 (5,924) 19,061 (5,924) Bank subordinated debt securities 3,198 (159) 13,471 (1,960) 16,669 (2,119) Corporate bonds - - 8,681 (387) 8,681 (387) $ 56,861 $ (646) $ 337,570 $ (82,517) $ 394,431 $ (83,163) 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) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans [Abstract] | |
Summary of Loans Held for Investment | March 31, 2024 December 31, 2023 Total Percent of Total Total Percent of Total Residential Real Estate $ 237,906 13.1 % $ 204,419 11.5 % Commercial Real Estate 1,057,800 58.2 % 1,047,593 58.8 % Commercial and Industrial 228,045 12.5 % 219,757 12.4 % Foreign Banks 100,182 5.5 % 114,945 6.5 % Consumer and Other 194,325 10.7 % 191,930 10.8 % Total 1,818,258 100.0 % 1,778,644 100.0 % Plus: Deferred costs 2,938 2,183 Total 1,821,196 1,780,827 Less: Allowance for credit losses 21,454 21,084 Total $ 1,799,742 $ 1,759,743 |
Allowance for Credit Losses | Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended March 31, 2024 Beginning balance $ 2,695 $ 10,366 $ 3,974 $ 911 $ 3,138 $ 21,084 Provision for credit losses (1) 235 (64) 288 (117) 21 363 Recoveries - - 10 - 2 12 Charge-offs - - - - (5) (5) Ending Balance $ 2,930 $ 10,302 $ 4,272 $ 794 $ 3,156 $ 21,454 (1) Provision for credit losses excludes a $ 43 4 thousand charge related to investment securities held to maturity. Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total Three Months Ended March 31, 2023 Beginning balance $ 1,352 $ 10,143 $ 4,163 $ 720 $ 1,109 $ 17,487 Cumulative effect of adoption of accounting principle (1) 1,238 1,105 (2,158) 23 858 1,066 Provision for credit losses (2) 221 (795) 318 29 512 285 Recoveries 8 - 44 - 2 54 Charge-offs - - - - (5) (5) Ending Balance $ 2,819 $ 10,453 $ 2,367 $ 772 $ 2,476 $ 18,887 (1) Impact of CECL adoption on January 1, 2023. (2) Provision for credit losses excludes a $ 84 Residential Real Estate Commercial Real Estate Commercial and Industrial Foreign Banks Consumer and Other Total March 31, 2024: Allowance for credit losses: Individually evaluated $ 47 $ - $ 77 $ - $ - $ 124 Collectively evaluated 2,883 10,302 4,195 794 3,156 21,330 Balances, end of period $ 2,930 $ 10,302 $ 4,272 $ 794 $ 3,156 $ 21,454 Loans: Individually evaluated $ 6,934 $ - $ 805 $ - $ - $ 7,739 Collectively evaluated 230,972 1,057,800 227,240 100,182 194,325 1,810,519 Balances, end of period $ 237,906 $ 1,057,800 $ 228,045 $ 100,182 $ 194,325 $ 1,818,258 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 |
Loan Credit Exposures | As of March 31, 2024 Term Loans by Origination Year Revolving Loans Total 2024 2023 2022 2021 2020 Prior Residential real estate Pass $ 36,295 $ 43,716 $ 36,336 $ 26,194 $ 5,885 $ 80,670 $ 8,530 $ 237,626 Substandard - - - - - 280 - 280 Total 36,295 43,716 36,336 26,194 5,885 80,950 8,530 237,906 Commercial real estate Pass 28,702 148,575 329,451 181,818 102,597 255,713 4,773 1,051,629 Substandard - - - 5,479 692 - - 6,171 Total 28,702 148,575 329,451 187,297 103,289 255,713 4,773 1,057,800 Commercial and industrial Pass 13,812 96,054 36,806 32,129 5,794 15,762 26,117 226,474 Substandard - - - 319 - 1,252 - 1,571 Total 13,812 96,054 36,806 32,448 5,794 17,014 26,117 228,045 Foreign banks Pass 34,864 65,318 - - - - - 100,182 Total 34,864 65,318 - - - - - 100,182 Consumer and other loans Pass 9,557 66,799 72,452 41,499 502 1,845 1,671 194,325 Substandard - - - - - - - - Total 9,557 66,799 72,452 41,499 502 1,845 1,671 194,325 Total Pass 123,230 420,462 475,045 281,640 114,778 353,990 41,091 1,810,236 Special Mention - - - - - - - - Substandard - - - 5,798 692 1,532 - 8,022 Doubtful - - - - - - - - Total $ 123,230 $ 420,462 $ 475,045 $ 287,438 $ 115,470 $ 355,522 $ 41,091 $ 1,818,258 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 Substandard - - - - 292 - - 292 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 Substandard - - 6,867 694 - - - 7,561 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 Substandard - - 330 - 1,298 - - 1,628 Total 97,753 37,414 34,420 6,499 15,004 3,113 25,554 219,757 Foreign banks Pass 114,945 - - - - - - 114,945 Total 114,945 - - - - - - 114,945 Consumer and other loans Pass 71,593 74,387 41,966 615 560 1,337 1,472 191,930 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 |
Aging Analysis of Accruing and Total Non-Accruing Loans | Accruing As of March 31, 2024 Current Past Due 30- 89 Days Past Due 90 Days or > and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 548 $ - $ - $ 548 $ - $ 548 1-4 family residential 183,825 6,022 - 189,847 - 189,847 Condo residential 43,452 4,059 - 47,511 - 47,511 227,825 10,081 - 237,906 - 237,906 Commercial real estate: Land and construction 21,100 - - 21,100 - 21,100 Multi-family residential 211,813 - - 211,813 - 211,813 Condo commercial 56,072 1,918 - 57,990 - 57,990 Commercial property 766,003 873 - 766,876 - 766,876 Leasehold improvements 21 - - 21 - 21 1,055,009 2,791 - 1,057,800 - 1,057,800 Commercial and industrial: Secured 208,590 60 - 208,650 456 209,106 Unsecured 18,495 444 - 18,939 - 18,939 227,085 504 - 227,589 456 228,045 Foreign banks 100,182 - - 100,182 - 100,182 Consumer and other 194,325 - - 194,325 - 194,325 Total $ 1,804,426 $ 13,376 $ - $ 1,817,802 $ 456 $ 1,818,258 Accruing As of December 31, 2023: Current Past Due 30-89 Days Past Due 90 Days or > and Still Accruing Total Accruing Non-Accrual Total Loans Residential real estate: Home equity line of credit and other $ 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 |
Non-Accrual status | March 31, 2024 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 - 456 456 - Consumer and other - - - - $ - $ 456 $ 456 $ - 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 - - - - $ - $ 468 $ 468 $ - |
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 1 468 468 1 468 468 Consumer and other - - - - - - 1 $ 468 $ 468 1 $ 468 $ 468 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | Three Months Ended March 31, 2024 2023 Current: Federal $ - $ - State - - Total - - Deferred: Federal 1,114 1,472 State 312 409 Total 1,426 1,881 Total $ 1,426 $ 1,881 |
Statutory Tax Expense | Three Months Ended March 31, 2024 2023 Federal taxes at statutory rate $ 1,268 $ 1,615 State income taxes, net of federal tax benefit 262 334 Bank owned life insurance (104) (68) Other, net - - Total $ 1,426 $ 1,881 |
Schedule of Deferred Tax Assets and Liabilities | March 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss $ 15,369 $ 16,430 Allowance for credit losses 5,503 5,410 Lease liability 2,707 2,895 Unrealized losses on available for sale securities 15,638 15,114 Depreciable property 130 203 Equity compensation 716 630 Accruals 52 382 Other, net 11 10 Deferred tax assets: 40,126 41,074 Deferred tax liabilities: Deferred loan cost (745) (553) Lease right of use asset (2,707) (2,895) Deferred expenses (140) (180) Cash flow hedge (216) (85) Other, net (69) (79) Deferred tax liabilities (3,877) (3,792) Net deferred tax assets $ 36,249 $ 37,282 |
Off-Balance Sheet Arrangements
Off-Balance Sheet Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Off-Balance Sheet Arrangements [Abstract] | |
Schedule of Financials Instruments with Off-Balance Sheet Risk | March 31, 2024 December 31, 2023 Commitments to grant loans and unfunded lines of credit $ 99,224 $ 85,117 Standby and commercial letters of credit 3,274 3,987 Total $ 102,498 $ 89,104 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivatives [Abstract] | |
Summary of Interest Rate Swaps | Fair Value Notional Amount Collateral Amount Balance Sheet Location Asset Liability March 31, 2024: Derivatives designated as cash flow hedges: Interest rate swaps $ 50,000 $ - Other assets $ 852 $ - Derivatives designated as hedging instruments: Interest rate swaps $ 200,000 $ - Other liabilities $ - $ 1,005 Derivatives not designated as hedging instruments: Interest rate swaps related to customer loans $ 65,768 $ 1,344 Other assets/Other liabilities $ 4,941 $ 4,941 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurements [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Investment securities available for sale: U.S. Government Agency $ - $ 15,549 $ - $ 15,549 $ - $ 8,173 $ - $ 8,173 Collateralized mortgage obligations - 106,369 - 106,369 - 80,606 - 80,606 Mortgage-backed securities - residential - 50,337 - 50,337 - 52,187 - 52,187 Mortgage-backed securities - commercial - 41,702 - 41,702 - 42,764 - 42,764 Municipal securities - 19,061 - 19,061 - 19,338 - 19,338 Bank subordinated debt securities - 26,974 - 26,974 - 26,261 - 26,261 Total - 259,992 - 259,992 - 229,329 - 229,329 Derivative assets - 5,793 - 5,793 - 4,892 - 4,892 Total assets at fair value $ - $ 265,785 $ - $ 265,785 $ - $ 234,221 $ - $ 234,221 Derivative liabilities $ - $ 5,946 $ - $ 5,946 $ - $ 7,988 $ - $ 7,988 Total liabilities at fair value $ - $ 5,946 $ - $ 5,946 $ - $ 7,988 $ - $ 7,988 |
Carrying Amounts and Estimated Fair Values of Financial Instruments not Carried at Fair Value | Fair Value Hierarchy Carrying Amount Level 1 Level 2 Level 3 Fair Value Amount March 31, 2024: Financial Assets: Cash and due from banks $ 9,601 $ 9,601 $ - $ - $ 9,601 Interest-bearing deposits in banks $ 116,945 $ 116,945 $ - $ - $ 116,945 Investment securities held to maturity, net $ 173,038 $ - $ 152,156 $ - $ 152,156 Loans held for investment, net $ 1,799,742 $ - $ - $ 1,763,399 $ 1,763,399 Accrued interest receivable $ 11,579 $ - $ 1,732 $ 9,847 $ 11,579 Financial Liabilities: Demand deposits $ 576,626 $ 576,626 $ - $ - $ 576,626 Money market and savings accounts $ 1,141,422 $ 1,141,422 $ - $ - $ 1,141,422 Interest-bearing checking accounts $ 57,839 $ 57,839 $ - $ - $ 57,839 Time deposits $ 326,907 $ - $ - $ 325,215 $ 325,215 FHLB advances $ 162,000 $ - $ 159,875 $ - $ 159,875 Accrued interest payable $ 2,477 $ - $ 1,297 $ 1,180 $ 2,477 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 $ 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 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity [Abstract] | |
Schedule of Dividends Declared and Paid | Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount January 19, 2024 February 15, 2024 March 5, 2024 $ 0.05 $ 1.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income (Loss) Available to Common Stockholders before being Allocable between Class A and Class B Common Shares | Three Months Ended March 31, 2024 2023 Net Income $ 4,612 $ 5,809 Net income available to common shareholders $ 4,612 $ 5,809 |
Calculation of Basic and Diluted Earnings (Loss) per Common Share Class | Three Months Ended March 31, 2024 2023 Class A Class A Basic EPS Numerator: Net income available to common shares $ 4,612 $ 5,809 Denominator: Weighted average shares outstanding 19,633,330 19,855,409 Earnings per share, basic $ 0.23 $ 0.29 Diluted EPS Numerator: Net income available to common shares $ 4,612 $ 5,809 Denominator: Weighted average shares outstanding for basic EPS 19,633,330 19,855,409 Add: Dilutive effects of assumed exercises of stock options 64,928 85,197 Weighted avg. shares including dilutive potential common shares 19,698,258 19,940,606 Earnings per share, diluted $ 0.23 $ 0.29 Anti-dilutive stock options excluded from diluted EPS 502,500 572,500 Net income has not been allocated to unvested restricted are not material to net income per share of percent of all of the outstanding shares of |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) Item | Dec. 31, 2023 USD ($) Item | |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Investment securities available for sale, amortized cost | $ 312,224,000 | $ 279,427,000 |
Investment securities available for sale, at fair value | 259,992,000 | 229,329,000 |
Unrealized losses | 52,799,000 | 50,342,000 |
Borrowing from BTFB | 80,000,000 | |
Investment securities held to maturity | 173,050,000 | 174,982,000 |
Held to maturity, allowance for credit loss | 12,000 | 8,000 |
Unamortized net unrealized loss | 21,056,000 | 19,822,000 |
Securities Sold Under Agreements To Repurchase [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Pledged under public funds, fair value | 0 | |
Asset Pledged As Collateral With Right [Member] | Bank Term Funding Program [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Pledged under public funds, fair value | 130,300,000 | |
Florida [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Pledged under public funds, fair value | 249,600,000 | 268,400,000 |
Maximum [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Pledged under public funds, fair value | 20,000,000 | |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Investment securities available for sale, amortized cost | ||
Investment securities available for sale, at fair value | ||
Unrealized losses | ||
Investment securities held to maturity | 9,354,000 | |
Unamortized net unrealized loss | $ 673,000 | |
Corporate Bond Securities [Member] | Florida [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Number of investment securities | Item | 51 | 28 |
Pledged under public funds, fair value | $ 137,000,000 | $ 86,900,000 |
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 | 304,300,000 | 284,100,000 |
Unrealized losses | 57,700,000 | $ 54,900,000 |
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 | 163,700,000 | |
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 | |
Net unrealized gain (loss) | $ 67,000 | |
Ratio of outstanding uninsured deposits for public deposits secured by securities pledged | 50% | |
Available for sale securities, allowance for credit loss | $ 128,500,000 | |
Unamortized net unrealized loss | $ 9,500,000 |
Investment Securities (Schedule
Investment Securities (Schedule of Available-for-sale Securities and Held-to-maturity Securities Reconciliation) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale: | ||
Amortized Cost | $ 312,224 | $ 279,427 |
Unrealized Gains | 567 | 244 |
Unrealized Losses | (52,799) | (50,342) |
Fair Value | 259,992 | 229,329 |
Held-to-maturity: | ||
Amortized Cost | 173,050 | 174,982 |
Unrealized Gains | 162 | 350 |
Unrealized Losses | (21,056) | (19,822) |
Fair Value | 152,156 | 155,510 |
Allowance for credit losses - securities held-to-maturity | (12) | (8) |
Securities held-to maturity, net of allowance for credit losses | 173,038 | 174,974 |
U.S. Government Agency [Member] | ||
Available-for-sale: | ||
Amortized Cost | 17,168 | 9,664 |
Unrealized Gains | 25 | |
Unrealized Losses | (1,644) | (1,491) |
Fair Value | 15,549 | 8,173 |
Held-to-maturity: | ||
Amortized Cost | 43,439 | 43,626 |
Unrealized Gains | 2 | |
Unrealized Losses | (5,816) | (5,322) |
Fair Value | 37,623 | 38,306 |
U.S. Treasury [Member] | ||
Held-to-maturity: | ||
Amortized Cost | 62,735 | |
Unrealized Gains | ||
Unrealized Losses | (7,983) | |
Fair Value | 54,752 | |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale: | ||
Amortized Cost | 130,533 | 103,645 |
Unrealized Gains | 1 | |
Unrealized Losses | (24,165) | (23,039) |
Fair Value | 106,369 | 80,606 |
Held-to-maturity: | ||
Amortized Cost | 61,465 | 43,784 |
Unrealized Gains | 2 | 348 |
Unrealized Losses | (8,336) | (4,533) |
Fair Value | 53,131 | 39,599 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale: | ||
Amortized Cost | 62,734 | 63,795 |
Unrealized Gains | ||
Unrealized Losses | (12,397) | (11,608) |
Fair Value | 50,337 | 52,187 |
Held-to-maturity: | ||
Amortized Cost | 43,383 | 15,439 |
Unrealized Gains | 160 | |
Unrealized Losses | (4,930) | (1,257) |
Fair Value | 38,613 | 14,182 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale: | ||
Amortized Cost | 48,182 | 49,212 |
Unrealized Gains | 70 | 56 |
Unrealized Losses | (6,550) | (6,504) |
Fair Value | 41,702 | 42,764 |
Held-to-maturity: | ||
Amortized Cost | 15,409 | 9,398 |
Unrealized Gains | ||
Unrealized Losses | (1,301) | (727) |
Fair Value | 14,108 | 8,671 |
Municipal Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 24,985 | 25,005 |
Unrealized Gains | ||
Unrealized Losses | (5,924) | (5,667) |
Fair Value | 19,061 | 19,338 |
Bank Subordinated Debt Securities [Member] | ||
Available-for-sale: | ||
Amortized Cost | 28,622 | 28,106 |
Unrealized Gains | 471 | 188 |
Unrealized Losses | (2,119) | (2,033) |
Fair Value | 26,974 | 26,261 |
Corporate Bonds [Member] | ||
Available-for-sale: | ||
Amortized Cost | ||
Unrealized Gains | ||
Unrealized Losses | ||
Fair Value | ||
Held-to-maturity: | ||
Amortized Cost | 9,354 | |
Unrealized Gains | ||
Unrealized Losses | (673) | |
Fair Value | $ 8,681 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments Securities [Abstract] | ||
Proceeds from sale and call of securities | $ 8,617 | |
Gross gains | 3 | |
Gross losses | (24) | |
Net realized (loss) gain | $ (21) |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Investment Securities by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale, Amortized Cost: | ||
Due within one year | ||
Due after one year through five years | 2,722 | |
Due after five years through ten years | 38,045 | |
Due after ten years | 12,840 | |
Amortized Cost | 312,224 | $ 279,427 |
Available-for-sale, Fair Value: | ||
Due within one year | ||
Due after one year through five years | 2,863 | |
Due after five years through ten years | 33,506 | |
Due after ten years | 9,666 | |
Fair Value | 259,992 | 229,329 |
Held-to-maturity, Amortized Cost: | ||
Due within one year | ||
Due after one year through five years | 9,354 | |
Due after five years through ten years | ||
Due after ten years | ||
Amortized Cost | 173,050 | 174,982 |
Held-to-maturity, Fair Value: | ||
Due within one year | ||
Due after one year through five years | 8,681 | |
Due after five years through ten years | ||
Due after ten years | ||
Fair Value | 152,156 | 155,510 |
U.S. Government Agency [Member] | ||
Available-for-sale, Amortized Cost: | ||
Amortized Cost | 17,168 | 9,664 |
Available-for-sale, Fair Value: | ||
Fair Value | 15,549 | 8,173 |
Held-to-maturity, Amortized Cost: | ||
Amortized Cost | 43,439 | 43,626 |
Held-to-maturity, Fair Value: | ||
Fair Value | 37,623 | 38,306 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 130,533 | |
Amortized Cost | 130,533 | 103,645 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 106,369 | |
Fair Value | 106,369 | 80,606 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 61,465 | |
Amortized Cost | 61,465 | 43,784 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 53,131 | |
Fair Value | 53,131 | 39,599 |
Mortgage-Backed Securities - Residential [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 62,734 | |
Amortized Cost | 62,734 | 63,795 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 50,337 | |
Fair Value | 50,337 | 52,187 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 43,383 | |
Amortized Cost | 43,383 | 15,439 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 38,613 | |
Fair Value | 38,613 | 14,182 |
Mortgage-Backed Securities - Commercial [Member] | ||
Available-for-sale, Amortized Cost: | ||
Without single maturity date | 48,182 | |
Amortized Cost | 48,182 | 49,212 |
Available-for-sale, Fair Value: | ||
Without single maturity date | 41,702 | |
Fair Value | 41,702 | 42,764 |
Held-to-maturity, Amortized Cost: | ||
Without single maturity date | 15,409 | |
Amortized Cost | 15,409 | 9,398 |
Held-to-maturity, Fair Value: | ||
Without single maturity date | 14,108 | |
Fair Value | $ 14,108 | $ 8,671 |
Investment Securities (Availabl
Investment Securities (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | $ 56,861 | $ 34,182 |
Unrealized Losses, Less than 12 months | (646) | (989) |
Fair Value, 12 Months or More | 337,570 | 338,700 |
Unrealized Losses 12 Months Or Longer | (82,517) | (78,373) |
Fair value | 394,431 | 372,882 |
Unrealized Losses | (83,163) | (79,362) |
U.S. Government Agency [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 4,601 | |
Unrealized Losses, Less than 12 months | (19) | |
Fair Value, 12 Months or More | 45,668 | 46,479 |
Unrealized Losses 12 Months Or Longer | (8,648) | (8,043) |
Fair value | 50,269 | 46,479 |
Unrealized Losses | (8,667) | (8,043) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 26,015 | |
Unrealized Losses, Less than 12 months | (85) | |
Fair Value, 12 Months or More | 131,005 | 135,358 |
Unrealized Losses 12 Months Or Longer | (36,916) | (35,566) |
Fair value | 157,020 | 135,358 |
Unrealized Losses | (37,001) | (35,566) |
Mortgage-Backed Securities - Residential [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 8,043 | 5,290 |
Unrealized Losses, Less than 12 months | (129) | (47) |
Fair Value, 12 Months or More | 80,907 | 83,484 |
Unrealized Losses 12 Months Or Longer | (19,620) | (18,365) |
Fair value | 88,950 | 88,774 |
Unrealized Losses | (19,749) | (18,412) |
Mortgage-Backed Securities - Commercial [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 15,004 | 20,292 |
Unrealized Losses, Less than 12 months | (254) | (611) |
Fair Value, 12 Months or More | 38,777 | 33,083 |
Unrealized Losses 12 Months Or Longer | (9,062) | (8,623) |
Fair value | 53,781 | 53,375 |
Unrealized Losses | (9,316) | (9,234) |
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 | 19,061 | 19,338 |
Unrealized Losses 12 Months Or Longer | (5,924) | (5,667) |
Fair value | 19,061 | 19,338 |
Unrealized Losses | (5,924) | (5,667) |
Bank Subordinated Debt Securities [Member] | ||
Debt Securities, Available-for-sale and Held-to-maturity [Line Items] | ||
Fair Value Less than 12 months | 3,198 | 8,600 |
Unrealized Losses, Less than 12 months | (159) | (331) |
Fair Value, 12 Months or More | 13,471 | 12,287 |
Unrealized Losses 12 Months Or Longer | (1,960) | (1,703) |
Fair value | 16,669 | 20,887 |
Unrealized Losses | (2,119) | (2,034) |
Corporate Bonds [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 | 8,681 | 8,671 |
Unrealized Losses 12 Months Or Longer | (387) | (406) |
Fair value | 8,681 | 8,671 |
Unrealized Losses | $ (387) | $ (406) |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) Item | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans pledged as collateral | $ 1,818,258,000 | $ 1,778,644,000 | ||
Interest income recognized attributable to nonaccrual loans | 0 | $ 0 | ||
Charge-offs | 5,000 | 5,000 | ||
Total TDRs | 468,000 | |||
Total Non-accruals | 456,000 | 468,000 | ||
Allowance for credit losses | 21,454,000 | 18,887,000 | 21,084,000 | $ 17,487,000 |
Increase in allowance for credit losses | ||||
Number of loans modified | Item | 1 | |||
Loan modifications that subsequently defaulted | $ 0 | |||
Accounting Standards Update 201613 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Increase in allowance for credit losses | 363,000,000 | |||
Loans performed in accordance with their original terms [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Interest income recognized attributable to nonaccrual loans | 9,000 | 2,000 | ||
Loans Originated in 2023 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Charge-offs | 5,000 | |||
Loans Originated in 2024 [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Charge-offs | 5,000 | |||
Commercial Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Increase in allowance for credit losses | $ 6,100,000 | |||
Percent of increase in allowance for credit losses | 36.90% | |||
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 | ||
Commercial and Industrial [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans pledged as collateral | 228,045,000 | 219,757,000 | ||
Charge-offs | ||||
Total TDRs | 468,000 | |||
Total Non-accruals | 456,000 | 468,000 | ||
Allowance for credit losses | $ 4,272,000 | 2,367,000 | 3,974,000 | 4,163,000 |
Number of loans modified | Item | 1 | |||
Commercial and Industrial [Member] | Federal Home Loan Bank Advances [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans pledged as collateral | $ 567,700,000 | 534,200,000 | ||
Residential Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans pledged as collateral | 237,906,000 | 204,419,000 | ||
Charge-offs | ||||
Forecasted reduction of 100 basis points on ACL amount | 200,000 | |||
Total TDRs | ||||
Total Non-accruals | ||||
Allowance for credit losses | $ 2,930,000 | $ 2,819,000 | $ 2,695,000 | $ 1,352,000 |
Number of loans modified | Item | 0 | |||
Forecasted reduction of 100 basis points on reserve coverage ratio | 1% | |||
Commercial Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Forecasted change of no risk to high risk on increase in ACL amount | $ 6,100,000 | |||
Forecasted impact of no risk to high risk on percentage increase in ACL | 36.90% |
Loans (Summary of Loans Held fo
Loans (Summary of Loans Held for Investment) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Loans | $ 1,818,258 | $ 1,778,644 | ||
Plus: Deferred costs | 2,938 | 2,183 | ||
Total loans net of deferred fees (cost) | 1,821,196 | 1,780,827 | ||
Less: ACL | 21,454 | 21,084 | $ 18,887 | $ 17,487 |
Total net loans | $ 1,799,742 | $ 1,759,743 | ||
Percent of Total | 100% | 100% | ||
Residential Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Loans | $ 237,906 | $ 204,419 | ||
Less: ACL | $ 2,930 | $ 2,695 | 2,819 | 1,352 |
Percent of Total | 13.10% | 11.50% | ||
Commercial Real Estate [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Loans | $ 1,057,800 | $ 1,047,593 | ||
Less: ACL | $ 10,302 | $ 10,366 | 10,453 | 10,143 |
Percent of Total | 58.20% | 58.80% | ||
Commercial and Industrial [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Loans | $ 228,045 | $ 219,757 | ||
Less: ACL | $ 4,272 | $ 3,974 | 2,367 | 4,163 |
Percent of Total | 12.50% | 12.40% | ||
Foreign Banks [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Loans | $ 100,182 | $ 114,945 | ||
Less: ACL | $ 794 | $ 911 | 772 | 720 |
Percent of Total | 5.50% | 6.50% | ||
Consumer and Other [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Loans | $ 194,325 | $ 191,930 | ||
Less: ACL | $ 3,156 | $ 3,138 | $ 2,476 | $ 1,109 |
Percent of Total | 10.70% | 10.80% |
Loans (Allowance for Credit Los
Loans (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | $ 21,084 | $ 17,487 | $ 17,487 |
Provision for credit losses | 363 | 285 | |
Recoveries | 12 | 54 | |
Charge-offs | (5) | (5) | |
Ending balance | 21,454 | 18,887 | 21,084 |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | 124 | 273 | |
Collectively evaluated for impairment | 21,330 | 20,811 | |
Balances, end of period | 21,454 | 18,887 | 21,084 |
Loans: | |||
Individually evaluated for impairment | 7,739 | 8,662 | |
Collectively evaluated for impairment | 1,810,519 | 1,769,982 | |
Balances, end of period | 1,818,258 | 1,778,644 | |
Held to maturity, change in allowance for credit loss | 4 | ||
Unfunded commitments | 43 | 84 | |
Held to maturity, allowance for credit loss | 12 | 8 | |
Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 1,066 | 1,066 | |
Allowance for Credit Losses: | |||
Balances, end of period | |||
Residential Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 2,695 | 1,352 | 1,352 |
Provision for credit losses | 235 | 221 | |
Recoveries | 8 | ||
Charge-offs | |||
Ending balance | 2,930 | 2,819 | 2,695 |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | 47 | 145 | |
Collectively evaluated for impairment | 2,883 | 2,550 | |
Balances, end of period | 2,930 | 2,819 | 2,695 |
Loans: | |||
Individually evaluated for impairment | 6,934 | 6,994 | |
Collectively evaluated for impairment | 230,972 | 197,425 | |
Balances, end of period | 237,906 | 204,419 | |
Residential Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 1,238 | 1,238 | |
Allowance for Credit Losses: | |||
Balances, end of period | |||
Commercial Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 10,366 | 10,143 | 10,143 |
Provision for credit losses | (64) | (795) | |
Recoveries | |||
Charge-offs | |||
Ending balance | 10,302 | 10,453 | 10,366 |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 10,302 | 10,366 | |
Balances, end of period | 10,302 | 10,453 | 10,366 |
Loans: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 1,057,800 | 1,047,593 | |
Balances, end of period | 1,057,800 | 1,047,593 | |
Commercial Real Estate [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 1,105 | 1,105 | |
Allowance for Credit Losses: | |||
Balances, end of period | |||
Commercial and Industrial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 3,974 | 4,163 | 4,163 |
Provision for credit losses | 288 | 318 | |
Recoveries | 10 | 44 | |
Charge-offs | |||
Ending balance | 4,272 | 2,367 | 3,974 |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | 77 | 128 | |
Collectively evaluated for impairment | 4,195 | 3,846 | |
Balances, end of period | 4,272 | 2,367 | 3,974 |
Loans: | |||
Individually evaluated for impairment | 805 | 1,668 | |
Collectively evaluated for impairment | 227,240 | 218,089 | |
Balances, end of period | 228,045 | 219,757 | |
Commercial and Industrial [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | (2,158) | (2,158) | |
Allowance for Credit Losses: | |||
Balances, end of period | |||
Foreign Banks [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 911 | 720 | 720 |
Provision for credit losses | (117) | 29 | |
Recoveries | |||
Charge-offs | |||
Ending balance | 794 | 772 | 911 |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 794 | 911 | |
Balances, end of period | 794 | 772 | 911 |
Loans: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 100,182 | 114,945 | |
Balances, end of period | 100,182 | 114,945 | |
Foreign Banks [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 23 | 23 | |
Allowance for Credit Losses: | |||
Balances, end of period | |||
Consumer and Other [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | 3,138 | 1,109 | 1,109 |
Provision for credit losses | 21 | 512 | |
Recoveries | 2 | 2 | |
Charge-offs | (5) | (5) | |
Ending balance | 3,156 | 2,476 | 3,138 |
Allowance for Credit Losses: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 3,156 | 3,138 | |
Balances, end of period | 3,156 | 2,476 | 3,138 |
Loans: | |||
Individually evaluated for impairment | |||
Collectively evaluated for impairment | 194,325 | 191,930 | |
Balances, end of period | $ 194,325 | 191,930 | |
Consumer and Other [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning balance | $ 858 | $ 858 | |
Allowance for Credit Losses: | |||
Balances, end of period |
Loans (Term Loans by Originatio
Loans (Term Loans by Origination Year) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
2024 | $ 123,230 | |
2023 | 420,462 | $ 476,967 |
2022 | 475,045 | 486,064 |
2021 | 287,438 | 293,457 |
2020 | 115,470 | 118,070 |
2019 | 103,334 | |
Prior | 355,522 | 262,818 |
Revolving Loans | 41,091 | 37,934 |
Total | 1,818,258 | 1,778,644 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 123,230 | |
2023 | 420,462 | 476,967 |
2022 | 475,045 | 486,064 |
2021 | 281,640 | 286,260 |
2020 | 114,778 | 117,376 |
2019 | 101,744 | |
Prior | 353,990 | 262,818 |
Revolving Loans | 41,091 | 37,934 |
Total | 1,810,236 | 1,769,163 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | ||
2023 | ||
2022 | ||
2021 | 5,798 | 7,197 |
2020 | 692 | 694 |
2019 | 1,590 | |
Prior | 1,532 | |
Revolving Loans | ||
Total | 8,022 | 9,481 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 36,295 | |
2023 | 43,716 | 44,365 |
2022 | 36,336 | 36,325 |
2021 | 26,194 | 26,180 |
2020 | 5,885 | 6,080 |
2019 | 9,617 | |
Prior | 80,950 | 75,654 |
Revolving Loans | 8,530 | 6,198 |
Total | 237,906 | 204,419 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 36,295 | |
2023 | 43,716 | 44,365 |
2022 | 36,336 | 36,325 |
2021 | 26,194 | 26,180 |
2020 | 5,885 | 6,080 |
2019 | 9,325 | |
Prior | 80,670 | 75,654 |
Revolving Loans | 8,530 | 6,198 |
Total | 237,626 | 204,127 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
2019 | 292 | |
Prior | 280 | |
Revolving Loans | ||
Total | 280 | 292 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 28,702 | |
2023 | 148,575 | 148,311 |
2022 | 329,451 | 337,938 |
2021 | 187,297 | 190,891 |
2020 | 103,289 | 104,876 |
2019 | 78,153 | |
Prior | 255,713 | 182,714 |
Revolving Loans | 4,773 | 4,710 |
Total | 1,057,800 | 1,047,593 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 28,702 | |
2023 | 148,575 | 148,311 |
2022 | 329,451 | 337,938 |
2021 | 181,818 | 184,024 |
2020 | 102,597 | 104,182 |
2019 | 78,153 | |
Prior | 255,713 | 182,714 |
Revolving Loans | 4,773 | 4,710 |
Total | 1,051,629 | 1,040,032 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | ||
2023 | ||
2022 | ||
2021 | 5,479 | 6,867 |
2020 | 692 | 694 |
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 6,171 | 7,561 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 13,812 | |
2023 | 96,054 | 97,753 |
2022 | 36,806 | 37,414 |
2021 | 32,448 | 34,420 |
2020 | 5,794 | 6,499 |
2019 | 15,004 | |
Prior | 17,014 | 3,113 |
Revolving Loans | 26,117 | 25,554 |
Total | 228,045 | 219,757 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 13,812 | |
2023 | 96,054 | 97,753 |
2022 | 36,806 | 37,414 |
2021 | 32,129 | 34,090 |
2020 | 5,794 | 6,499 |
2019 | 13,706 | |
Prior | 15,762 | 3,113 |
Revolving Loans | 26,117 | 25,554 |
Total | 226,474 | 218,129 |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | ||
2023 | ||
2022 | ||
2021 | 319 | 330 |
2020 | ||
2019 | 1,298 | |
Prior | 1,252 | |
Revolving Loans | ||
Total | 1,571 | 1,628 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 34,864 | |
2023 | 65,318 | 114,945 |
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 100,182 | 114,945 |
Foreign Banks [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 34,864 | |
2023 | 65,318 | 114,945 |
2022 | ||
2021 | ||
2020 | ||
2019 | ||
Prior | ||
Revolving Loans | ||
Total | 100,182 | 114,945 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 9,557 | |
2023 | 66,799 | 71,593 |
2022 | 72,452 | 74,387 |
2021 | 41,499 | 41,966 |
2020 | 502 | 615 |
2019 | 560 | |
Prior | 1,845 | 1,337 |
Revolving Loans | 1,671 | 1,472 |
Total | 194,325 | 191,930 |
Consumer and Other [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | 9,557 | |
2023 | 66,799 | 71,593 |
2022 | 72,452 | 74,387 |
2021 | 41,499 | 41,966 |
2020 | 502 | 615 |
2019 | 560 | |
Prior | 1,845 | 1,337 |
Revolving Loans | 1,671 | 1,472 |
Total | 194,325 | $ 191,930 |
Consumer and Other [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2024 | ||
2023 | ||
2022 | ||
2021 | ||
2020 | ||
Prior | ||
Revolving Loans |
Loans (Loan Credit Exposures) (
Loans (Loan Credit Exposures) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 1,818,258 | $ 1,778,644 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 237,906 | 204,419 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 548 | 559 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 189,847 | 156,553 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 47,511 | 47,307 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,057,800 | 1,047,593 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 21,100 | 33,710 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 211,813 | 181,287 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 57,990 | 58,106 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 766,876 | 774,459 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 21 | 31 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 228,045 | 219,757 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 209,106 | 200,732 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 18,939 | 19,025 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 100,182 | 114,945 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 194,325 | 191,930 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,810,236 | 1,769,163 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 237,626 | 204,127 |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 1,051,629 | 1,040,032 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 226,474 | 218,129 |
Pass [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 100,182 | 114,945 |
Pass [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 194,325 | 191,930 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 8,022 | 9,481 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 280 | 292 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | 6,171 | 7,561 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Loans | $ 1,571 | $ 1,628 |
Loans (Aging Analysis of Accrui
Loans (Aging Analysis of Accruing and Total Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 1,817,802 | 1,778,176 |
Non-Accrual | 456 | 468 |
Balances, end of period | 1,818,258 | 1,778,644 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 237,906 | 204,419 |
Non-Accrual | ||
Balances, end of period | 237,906 | 204,419 |
Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 548 | 559 |
Non-Accrual | ||
Balances, end of period | 548 | 559 |
Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 189,847 | 156,553 |
Non-Accrual | ||
Balances, end of period | 189,847 | 156,553 |
Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 47,511 | 47,307 |
Non-Accrual | ||
Balances, end of period | 47,511 | 47,307 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 1,057,800 | 1,047,593 |
Non-Accrual | ||
Balances, end of period | 1,057,800 | 1,047,593 |
Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 21,100 | 33,710 |
Non-Accrual | ||
Balances, end of period | 21,100 | 33,710 |
Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 211,813 | 181,287 |
Non-Accrual | ||
Balances, end of period | 211,813 | 181,287 |
Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 57,990 | 58,106 |
Non-Accrual | ||
Balances, end of period | 57,990 | 58,106 |
Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 766,876 | 774,459 |
Non-Accrual | ||
Balances, end of period | 766,876 | 774,459 |
Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 21 | 31 |
Non-Accrual | ||
Balances, end of period | 21 | 31 |
Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 227,589 | 219,289 |
Non-Accrual | 456 | 468 |
Balances, end of period | 228,045 | 219,757 |
Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 208,650 | 200,264 |
Non-Accrual | 456 | 468 |
Balances, end of period | 209,106 | 200,732 |
Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 18,939 | 19,025 |
Non-Accrual | ||
Balances, end of period | 18,939 | 19,025 |
Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 100,182 | 114,945 |
Non-Accrual | ||
Balances, end of period | 100,182 | 114,945 |
Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past Due >90Days and Still Accruing | ||
Total Accruing | 194,325 | 191,930 |
Non-Accrual | ||
Balances, end of period | 194,325 | 191,930 |
Current [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,804,426 | 1,771,811 |
Current [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 227,825 | 199,973 |
Current [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 548 | 559 |
Current [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 183,825 | 155,842 |
Current [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 43,452 | 43,572 |
Current [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,055,009 | 1,045,703 |
Current [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 21,100 | 33,710 |
Current [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 211,813 | 181,287 |
Current [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 56,072 | 58,106 |
Current [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 766,003 | 772,569 |
Current [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 21 | 31 |
Current [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 227,085 | 219,260 |
Current [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 208,590 | 200,235 |
Current [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 18,495 | 19,025 |
Current [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 100,182 | 114,945 |
Current [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 194,325 | 191,930 |
Past Due 30-89 Days [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 13,376 | 6,365 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 10,081 | 4,446 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | HELOC and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | 1-4 Family Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 6,022 | 711 |
Past Due 30-89 Days [Member] | Residential Real Estate [Member] | Condo Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 4,059 | 3,735 |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 2,791 | 1,890 |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Land and Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Multifamily Residential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Condo Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 1,918 | |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Commercial Property [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 873 | 1,890 |
Past Due 30-89 Days [Member] | Commercial Real Estate [Member] | Leasehold Improvements [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 504 | 29 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 60 | 29 |
Past Due 30-89 Days [Member] | Commercial and Industrial [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | 444 | |
Past Due 30-89 Days [Member] | Foreign Banks [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing | ||
Past Due 30-89 Days [Member] | Consumer and Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Accruing |
Loans (Non-Accrual Status) (Det
Loans (Non-Accrual Status) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | ||
Nonaccrual Loans With Related Allowance | 456 | 468 |
Total Non-accruals | 456 | 468 |
Loans Past Due Over 90 Days and Still Accruing | ||
Residential 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 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 | 456 | 468 |
Total Non-accruals | 456 | 468 |
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 (Performing and Non-Perfo
Loans (Performing and Non-Performing Troubled Debt Restructurings) (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total TDRs | $ 468 |
Residential Portfolio Segment [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total TDRs | |
Commercial Real Estate Portfolio Segment [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total TDRs | |
Commercial and Industrial [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total TDRs | 468 |
Consumer and Other [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Total TDRs |
Loans (Restructured Loans, by T
Loans (Restructured Loans, by Type of Modification) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) Item | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of Loans | Item | 1 |
Recorded Investment Prior to Modification | $ 468 |
Recorded Investment After Modification | $ 468 |
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 | 1 |
Recorded Investment Prior to Modification | $ 468 |
Recorded Investment After Modification | $ 468 |
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 | 468 |
Recorded Investment After Modification | 468 |
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 | 468 |
Recorded Investment After Modification | 468 |
Combination Modifications [Member] | Consumer and Other [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Recorded Investment Prior to Modification | |
Recorded Investment After Modification |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | 56,800,000 | |
State And Local Jurisdiction [Member] | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 79,500,000 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Current: | ||
Federal | ||
State | ||
Total current | ||
Deferred: | ||
Federal | 1,114 | 1,472 |
State | 312 | 409 |
Total deferred | 1,426 | 1,881 |
Total tax expense | $ 1,426 | $ 1,881 |
Income Taxes (Statutory Tax Exp
Income Taxes (Statutory Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Taxes [Abstract] | ||
Federal taxes at statutory rate | $ 1,268 | $ 1,615 |
State income taxes, net of federal tax benefit | 262 | 334 |
Bank owned life insurance | (104) | (68) |
Other, net | ||
Total tax expense | $ 1,426 | $ 1,881 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred tax assets: | ||
Net operating loss | $ 15,369 | $ 16,430 |
Allowance for credit losses | 5,503 | 5,410 |
Lease liability | 2,707 | 2,895 |
Unrealized losses on available for sale securities | 15,638 | 15,114 |
Depreciable property | 130 | 203 |
Equity compensation | 716 | 630 |
Accruals | 52 | 382 |
Other, net | 11 | 10 |
Deferred tax asset | 40,126 | 41,074 |
Deferred tax liabilities: | ||
Deferred loan costs | (745) | (553) |
Lease right of use asset | (2,707) | (2,895) |
Deferred expenses | (140) | (180) |
Cash flow hedge | (216) | (85) |
Other, net | (69) | (79) |
Deferred tax liabilities | (3,877) | (3,792) |
Net deferred tax asset | $ 36,249 | $ 37,282 |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements (Schedule of Financials Instruments with Off-Balance Sheet Risk) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 102,498 | $ 89,104 |
Commitments to Grant Loans and Unfunded Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | 99,224 | 85,117 |
Standby and Commercial Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 3,274 | $ 3,987 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - Interest Rate Swap [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) Item | Dec. 31, 2023 USD ($) Item | |
Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Number of instruments | Item | 25 | 20 |
Notional amount | $ 65,800 | $ 46,500 |
Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional amount | 50,000 | 50,000 |
Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional amount | $ 200,000 | $ 200,000 |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Number of instruments | Item | 2 | 2 |
Notional amount | $ 50,000 | $ 50,000 |
Average maturity | 2 years 1 month 17 days | 2 years 4 months 17 days |
Weighted average fixed interest rate | 3.59% | 3.59% |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Number of instruments | Item | 2 | |
Notional amount | $ 50,000 | |
Average maturity | 2 years 1 month 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 | 4 |
Notional amount | $ 200,000 | $ 200,000 |
Average maturity | 1 year 11 months 23 days | 2 years 2 months 23 days |
Weighted average fixed interest rate | 4.74% | 4.74% |
Derivatives (Summary of Interes
Derivatives (Summary of Interest Rate Swaps) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Customer Loans [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | $ 65,800 | $ 46,500 |
Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 50,000 | 50,000 |
Collateral Amount | ||
Asset | 852 | 334 |
Liability | ||
Designated As Hedging Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 200,000 | 200,000 |
Collateral Amount | ||
Asset | ||
Liability | 1,005 | 3,430 |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 50,000 | 50,000 |
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | Customer Loans [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 | 65,768 | 46,463 |
Collateral Amount | 1,344 | 1,326 |
Asset | 4,941 | 4,558 |
Liability | $ 4,941 | $ 4,558 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets Measured at Fair Value on Recurring and Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 259,992 | $ 229,329 |
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 | 259,992 | 229,329 |
Derivative assets | 5,793 | 4,892 |
Total assets at fair value | 265,785 | 234,221 |
Derivative liabilities | 5,946 | 7,988 |
Total liabilities at fair value | 5,946 | 7,988 |
U.S. Government Agency [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 15,549 | 8,173 |
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 | 106,369 | 80,606 |
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 | 50,337 | 52,187 |
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 | 41,702 | 42,764 |
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 | 19,061 | 19,338 |
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 | 26,974 | 26,261 |
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 | 259,992 | 229,329 |
Derivative assets | 5,793 | 4,892 |
Total assets at fair value | 265,785 | 234,221 |
Derivative liabilities | 5,946 | 7,988 |
Total liabilities at fair value | 5,946 | 7,988 |
Level 2 [Member] | U.S. Government Agency [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 15,549 | 8,173 |
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 | 106,369 | 80,606 |
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 | 50,337 | 52,187 |
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 | 41,702 | 42,764 |
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 | 19,061 | 19,338 |
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 | $ 26,974 | $ 26,261 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments not Carried at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and due from banks | $ 9,601 | $ 8,019 |
Investment securities held to maturity, fair value | 173,038 | 174,974 |
Interest-bearing deposits in banks | 116,945 | 33,043 |
Loans held for investment, net | 1,799,742 | 1,759,743 |
Accrued interest receivable | 11,579 | 10,688 |
Financial Liabilities: | ||
Demand deposits | 576,626 | 552,762 |
Money market and savings accounts | 1,141,422 | 1,048,272 |
Interest-bearing checking accounts | 57,839 | 47,702 |
Time deposits | 326,907 | 288,403 |
FHLB advances | 162,000 | 183,000 |
Accrued interest payable | 2,477 | 1,372 |
Fair Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 9,601 | 8,019 |
Investment securities held to maturity, fair value | 152,156 | 155,510 |
Interest-bearing deposits in banks | 116,945 | 33,043 |
Loans held for investment, net | 1,763,399 | 1,723,210 |
Accrued interest receivable | 11,579 | 10,688 |
Financial Liabilities: | ||
Demand deposits | 576,626 | 552,762 |
Money market and savings accounts | 1,141,422 | 1,048,272 |
Interest-bearing checking accounts | 57,839 | 47,702 |
Time deposits | 325,215 | 287,104 |
FHLB advances | 159,875 | 182,282 |
Accrued interest payable | 2,477 | 1,372 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and due from banks | 9,601 | 8,019 |
Interest-bearing deposits in banks | 116,945 | 33,043 |
Financial Liabilities: | ||
Demand deposits | 576,626 | 552,762 |
Money market and savings accounts | 1,141,422 | 1,048,272 |
Interest-bearing checking accounts | 57,839 | 47,702 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Assets: | ||
Investment securities held to maturity, fair value | 152,156 | 155,510 |
Accrued interest receivable | 1,732 | 1,448 |
Financial Liabilities: | ||
FHLB advances | 159,875 | 182,282 |
Accrued interest payable | 1,297 | 551 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans held for investment, net | 1,763,399 | 1,723,210 |
Accrued interest receivable | 9,847 | 9,240 |
Financial Liabilities: | ||
Time deposits | 325,215 | 287,104 |
Accrued interest payable | $ 1,180 | $ 821 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jul. 27, 2021 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 | Apr. 22, 2024 shares | Dec. 31, 2023 shares | |
Class of Stock [Line Items] | ||||||
Common stock issued share price | $ / shares | $ 1 | |||||
Common stock, stock split conversion ratio | 1 | |||||
Stock Repurchased During Period Value | $ | $ 79 | $ 5,867 | ||||
Total risk-based capital, Actual, Ratio | 0.1298 | 0.1289 | ||||
R2024Q1 [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock dividend per share | $ / shares | $ 0.05 | |||||
Dividends paid | $ | $ 1,000 | |||||
R2023Q1 [Member] | ||||||
Class of Stock [Line Items] | ||||||
Cash dividend declared | $ / shares | $ 0 | |||||
2015 Equity Incentive Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares remained authorized for repurchase | shares | 72,980 | |||||
Subsidiaries [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock issued share price | $ / shares | $ 1 | |||||
Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | shares | 19,650,463 | 19,575,435 | ||||
Shares Outstanding | shares | 19,650,463 | 19,575,435 | ||||
Cash dividend declared | $ / shares | $ 0.05 | $ 0 | ||||
Common Class A [Member] | 2015 Equity Incentive Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | shares | 52,753 | 121,627 | ||||
Stock Repurchased During Period Value | $ | $ 79 | $ 5,900 | ||||
Common Class A [Member] | 2015 Equity Incentive Plan [Member] | Treasury Stock, Common [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares repurchased, cost per share | $ / shares | $ 11.15 | $ 11.74 | ||||
Stock Repurchased During Period Shares | shares | 7,100 | 500,000 | ||||
Common Class A [Member] | Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares remained authorized for repurchase | shares | 572,980 | |||||
Common Class A [Member] | IPO [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock issued | shares | 4,600,000 | |||||
Proceeds from issuance of common stock | $ | $ 40,000 | |||||
Common stock issued share price | $ / shares | $ 10 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Dividends Declared and Paid) (Details) - R2024Q1 [Member] $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 19, 2024 |
Record Date | Feb. 15, 2024 |
Dividends Payable, Date to be Paid | Mar. 05, 2024 |
Dividend Per Share | $ / shares | $ 0.05 |
Dividend Amount | $ | $ 1 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Net Income (Loss) Available to Common Stockholders before being Allocable between Class A and Class B Common Shares) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 4,612 | $ 5,809 |
Net income available to common stockholders | $ 4,612 | $ 5,809 |
Earnings Per Share (Calculati_2
Earnings Per Share (Calculation of Basic and Diluted Earnings (Loss) per Common Share Class) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic EPS | ||
Net income available to common stockholders | $ 4,612 | $ 5,809 |
Common Class A [Member] | ||
Basic EPS | ||
Net income available to common stockholders | $ 4,612 | $ 5,809 |
Weighted average shares outstanding | 19,633,330 | 19,855,409 |
Earnings per share, basic | $ 0.23 | $ 0.29 |
Diluted EPS | ||
Add: Dilutive effects of assumed exercises of stock options | 64,928 | 85,197 |
Weighted avg. share including dilutive potential common shares | 19,698,258,000 | 19,940,606,000 |
Earnings per share, diluted | $ 0.23 | $ 0.29 |
Anti-dilutive stock options excluded from diluted EPS | 502,500 | 572,500 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - Common Class A [Member] - $ / shares | Apr. 23, 2024 | Apr. 22, 2024 |
Subsequent Event [Line Items] | ||
Shares remained authorized for repurchase | 572,980 | |
Share Repurchase Plan 2024 [Member] | ||
Subsequent Event [Line Items] | ||
Dividends per share declared | $ 0.05 | |
Shares remained authorized for repurchase | 500,000 | |
Percentage of stock authorized for repurchase | 2.50% |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |