Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | PRINCETON BANCORP, INC. | |
Entity Central Index Key | 0001913971 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | PA | |
Entity File Number | 001-41589 | |
Entity Tax Identification Number | 88-4268702 | |
Entity Address, Address Line One | 183 Bayard Lane | |
Entity Address, City or Town | Princeton | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08540 | |
City Area Code | 609 | |
Local Phone Number | 921-1700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | BPRN | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 6,261,569 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 10,083 | $ 12,161 |
Interest-earning bank balances | 7,941 | 13,140 |
Federal funds sold | 0 | 28,050 |
Total cash and cash equivalents | 18,024 | 53,351 |
Securities available-for-sale, at fair value | 84,512 | 83,402 |
Securities held-to-maturity (fair value $199 and $200, at March 31, 2023 and December 31, 2022, respectively) | 199 | 201 |
Loans receivable, net of deferred costs | 1,388,575 | 1,370,368 |
Less: allowance for credit lossess | (16,507) | (16,461) |
Loan receivable, net | 1,372,068 | 1,353,907 |
Bank-owned life insurance | 52,906 | 52,617 |
Premises and equipment, net | 11,662 | 11,722 |
Accrued interest receivable | 4,865 | 4,756 |
Restricted investment in bank stock | 3,295 | 1,742 |
Deferred taxes, net | 7,784 | 7,599 |
Goodwill | 8,853 | 8,853 |
Core deposit intangible | 1,690 | 1,825 |
Operating lease right-of-use asset | 15,707 | 16,026 |
Other assets | 3,755 | 5,778 |
TOTAL ASSETS | 1,585,320 | 1,601,779 |
Deposits: | ||
Non-interest-bearing | 218,709 | 265,078 |
Interest-bearing | 1,073,391 | 1,082,652 |
Total deposits | 1,292,100 | 1,347,730 |
Borrowings | 44,500 | 10,000 |
Accrued interest payable | 2,160 | 1,027 |
Operating lease liability | 16,466 | 16,772 |
Other liabilities | 4,821 | 6,649 |
TOTAL LIABILITIES | 1,360,047 | 1,382,178 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value; 15,000,000 shares authorized, 6,261,629 shares issued and outstanding at March 31, 2023; at December 31, 2022, par value $5.00 per share, 6,909,402 shares issued and 6,245,597 shares outstanding | 0 | 34,547 |
Paid-in capital | 96,880 | 81,291 |
Treasury stock, at cost 663,805 shares at December 31, 2022 | 0 | (19,452) |
Retained earnings | 135,425 | 131,488 |
Accumulated other comprehensive loss | (7,032) | (8,273) |
TOTAL STOCKHOLDER'S EQUITY | 225,273 | 219,601 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,585,320 | $ 1,601,779 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Held to maturity debt securities at fair value | $ 199 | $ 200 |
Common stock par or stated value per share | $ 0 | $ 5 |
Common Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Common stock shares issued | 6,261,629 | 6,909,402 |
Common stock shares outstanding | 6,261,629 | 6,245,597 |
Treasury share common stock | 663,805 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST AND DIVIDEND INCOME | ||
Loans receivable, including fees | $ 19,894,000 | $ 16,492,000 |
Securities available-for-sale: | ||
Taxable | 278,000 | 223,000 |
Tax-exempt | 284,000 | 303,000 |
Securities held-to-maturity | 3,000 | 3,000 |
Other interest and dividend income | 153,000 | 57,000 |
TOTAL INTEREST AND DIVIDEND INCOME | 20,612,000 | 17,078,000 |
INTEREST EXPENSE | ||
Deposits | 3,865,000 | 1,224,000 |
Borrowings | 86,000 | 0 |
TOTAL INTEREST EXPENSE | 3,951,000 | 1,224,000 |
NET INTEREST INCOME | 16,661,000 | 15,854,000 |
Provision for credit losses | 265,000 | 0 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 16,396,000 | 15,854,000 |
NON-INTEREST INCOME | ||
Income from bank-owned life insurance | 290,000 | 282,000 |
Fees and service charges | 448,000 | 475,000 |
Loan fees, including prepayment penalties | 351,000 | 95,000 |
Other | 285,000 | 194,000 |
TOTAL NON-INTEREST INCOME | 1,374,000 | 1,046,000 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 5,399,000 | 4,901,000 |
Occupancy and equipment | 1,341,000 | 1,478,000 |
Professional fees | 465,000 | 561,000 |
Data processing and communications | 1,300,000 | 1,035,000 |
Federal deposit insurance | 190,000 | 264,000 |
Advertising and promotion | 110,000 | 119,000 |
Office expense | 97,000 | 54,000 |
Other real estate expenses | 0 | 9,000 |
Core deposit intangible | 135,000 | 154,000 |
Other | 735,000 | 693,000 |
TOTAL NON-INTEREST EXPENSE | 9,772,000 | 9,268,000 |
INCOME BEFORE INCOME TAX EXPENSE | 7,998,000 | 7,632,000 |
INCOME TAX EXPENSE | 1,901,000 | 1,611,000 |
NET INCOME | $ 6,097,000 | $ 6,021,000 |
Earnings per common share-basic | $ 0.97 | $ 0.93 |
Earnings per common share-diluted | 0.95 | 0.91 |
Dividends declared per common share | $ 0.3 | $ 0.25 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
NET INCOME | $ 6,097 | $ 6,021 |
Other comprehensive income (loss) | ||
Unrealized gains (losses) arising during period on securities available-for-sale | 1,739 | (6,113) |
Tax effect | (498) | 1,591 |
Total other comprehensive income (loss) | 1,241 | (4,522) |
COMPREHENSIVE INCOME | $ 7,338 | $ 1,499 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Beginning balance at Dec. 31, 2021 | $ 216,578 | $ 34,100 | $ 80,220 | $ (10,032) | $ 111,451 | $ 839 |
Net income | 6,021 | 6,021 | ||||
Other comprehensive loss | (4,522) | (4,522) | ||||
Stock options exercised | 105 | 32 | 73 | |||
Directors compensation | 209 | 44 | 165 | |||
Dividends declared | (1,668) | (1,668) | ||||
Purchase of treasury stock | (3,615) | (3,615) | ||||
Dividend reinvestment plan | 5 | 10 | 9 | |||
Stock-based compensation expense | 108 | 108 | ||||
Ending balance at Mar. 31, 2022 | 213,240 | 34,181 | 80,576 | (13,647) | 115,813 | (3,683) |
Beginning balance at Dec. 31, 2022 | 219,601 | 34,547 | 81,291 | (19,452) | 131,488 | (8,273) |
Net income | 6,097 | 6,097 | ||||
Other comprehensive loss | 1,241 | 1,241 | ||||
Stock options exercised | 297 | 0 | 297 | |||
Dividends declared | (1,843) | (1,843) | ||||
Dividend reinvestment plan | 0 | 33 | (33) | |||
Stock-based compensation expense | 164 | 164 | ||||
Adoption of CECL | (284) | (284) | ||||
Formation of Princeton Bancorp, Inc. | (34,547) | 15,095 | 19,452 | |||
Ending balance at Mar. 31, 2023 | $ 225,273 | $ 0 | $ 96,880 | $ 0 | $ 135,425 | $ (7,032) |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock issued during the period stock options exercised | 16,307 | 6,450 |
Stock issued during period shares share based compensation | 4,019 | |
Common stock dividend declared per share paid | $ 0.3 | $ 0.25 |
Treasury stock shares acquired | 124,440 | |
Stock issued during period shares dividend reinvestment plan | 958 | 802 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 6,097,000 | $ 6,021,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 265,000 | 0 |
Depreciation and amortization | 305,000 | 317,000 |
Stock-based compensation expense | 164,000 | 108,000 |
Amortization of premiums and accretion of discount on securities | 11,000 | 16,000 |
Accretion of net deferred loan fees and costs | (534,000) | (1,853,000) |
Income earned from small business investment company ("SBIC") Investment | (181,000) | 0 |
Increase in cash surrender value of bank-owned life insurance | (290,000) | (282,000) |
Deferred income tax benefit | (793,000) | (20,000) |
Amortization of core deposit intangible | 136,000 | 155,000 |
Decrease in accrued interest receivable and other assets | 2,233,000 | 1,972,000 |
Decrease in accrued interest payable and other liabilities | (227,000) | (1,797,000) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 7,186,000 | 4,637,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of available-for-sale securities | (345,000) | (4,318,000) |
Principal repayments of securities available-for-sale | 839,000 | 2,453,000 |
Maturities and calls of securities available-for-sale | 305,000 | 450,000 |
Maturities, calls and principal repayments of securities held-to-maturity | 2,000 | 2,000 |
Net increase in loans | (18,840,000) | (58,105,000) |
Purchases of premises and equipment | (245,000) | (250,000) |
Purchases of restricted bank stock | (1,553,000) | (12,000) |
NET CASH USED IN INVESTMENT ACTIVITIES | (19,837,000) | (59,780,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net decrease in deposits | (55,630,000) | (4,598,000) |
Proceeds from overnight borrowings | 34,500,000 | 0 |
Cash dividends | (1,876,000) | (1,668,000) |
Dividend reinvestment program | 33,000 | 24,000 |
Purchase of treasury stock | 0 | (3,615,000) |
Proceeds from exercise of stock options | 0 | 105,000 |
Release of restricted stock units | 297,000 | 209,000 |
NET CASH USED IN FINANCING ACTIVITIES | (22,676,000) | (9,543,000) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (35,327,000) | (64,686,000) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 53,351,000 | 158,716,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 18,024,000 | 94,030,000 |
SUPPLEMENTARY CASH FLOWS INFORMATION: | ||
Interest paid | 2,818,000 | 1,597,000 |
Income taxes paid | 653,000 | 435,000 |
Reclass of paid-in capital related to holding company formation | 15,095,000 | 0 |
Reclass of treasury stock related to holding company formation | 19,452,000 | 0 |
Reclass of common stock related to holding company formation | $ (34,547,000) | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies Organization and Nature of Operations The Bank of Princeton (the “Bank”) was incorporated on March 5, 2007 under the laws of the State of New Jersey and is a New Jersey state-chartered banking institution. The Bank was granted its bank charter on April 17, 2007, commenced operations on April 23, 2007 and is a full-service bank providing personal and business lending and deposit services. As a state-chartered bank, the Bank is subject to regulation by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation (“FDIC”). The area served by the Bank, through its 23 branches, is generally an area within an approximate 50-mile The Bank offers traditional retail banking services, one-to-four-family residential mortgage loans, multi-family and commercial mortgage loans, construction loans, commercial business loans and consumer loans, including home equity loans and lines of credit. As of March 31, 2023 On January 10, 2023 Princeton Bancorp, Inc., a Pennsylvania corporation (the “Company”) acquired all of the outstanding stock of the Bank. As a result, the Bank became the sole direct subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company. On October 19, 2022, the Bank entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Noah Bank, a Pennsylvania-chartered bank (“Noah”). Pursuant to the terms and conditions set forth in the Merger Agreement, Noah will merge with and into TBOP Acquisition company, a newly-formed wholly owned subsidiary of the Bank, with Noah surviving (the “Merger”). The Company plans to merge Noah with and into the Company immediately after the Merger. The Merger Agreement has been approved by the boards of directors of each of the Company and Noah and by Noah’s shareholders. Basis of Financial Statement Presentation The unaudited consolidated financial statements include the accounts of the Company, its wholly owned subsidiary, the Bank and its wholly owned subsidiaries: Bayard Lane, LLC, Bayard Properties, LLC, 112 Fifth Avenue, LLC, TBOP Delaware Investment Company and TBOP REIT, Inc. All significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission and the FDIC. Accordingly, they do not include all the information and disclosures required by GAAP for annual financial statements. In management’s opinion, the unaudited consolidated financial statements contain all adjustments, which include normal and recurring adjustments necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because of uncertainties associated with estimating the amounts, timing and likelihood of possible outcomes, actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses and evaluation of the potential impairment of goodwill. Management believes that the allowance for credit losses is adequate as of March 31, 2023 and December 31, 2022. While management uses current information to recognize losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions in the market area or other factors. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for credit losses. Such agencies may require the Company to effect certain changes that result in additions to the allowance based on their judgments about information available to them at the time of their examinations. Reclassifications Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year’s presentation. Recently issued accounting standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, re-measurements 2020-04 2020-04 2020-04 Recently adopted accounting standards Effective January 1, 2023 the Company adopted the FASB issued ASU 2016-13, Financial Instruments—Credit Losses, one-time |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2 – Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding for the period adjusted to include the effect of outstanding stock options, if dilutive, using the treasury stock method. Shares issued during any period are weighted for the portion of the period they were outstanding. The following schedule presents earnings per share data for the three-month periods ended March 31, 2023 and 2022 (in thousands, except per share data): Three months ended March 31, 2023 2022 Net income applicable to common stock $ 6,097 $ 6,021 Weighted average number of common shares outstanding 6,257 6,465 Basic earnings per share $ 0.97 $ 0.93 Net income applicable to common stock $ 6,097 $ 6,021 Weighted average number of common shares outstanding 6,257 6,465 Dilutive effect on common shares outstanding 129 149 Weighted average number of diluted common shares outstanding 6,386 6,614 Diluted earnings per share $ 0.95 $ 0.91 The following schedule presents stock options granted but not exercised and the amount of share that were anti-dilutive because the weighted average exercise price equaled or exceeded the estimated fair value of our common stock for the three-month periods ended March 31, 2023 and 2022: Three months ended March 31, 2023 2022 Options Weighted Ave Options Weighted Ave Options to purchase 374,496 $ 22.01 343,570 $ 16.62 Anti-dilutive — $ — 95,750 $ 32.45 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 – Investment Securities The following summarizes the amortized cost and fair value of securities available-for-sale March 31 , 2023 Amortized Gross Unrealized Gains Gross Fair Value Available-for-sale (In thousands) Mortgage-backed securities—U.S. government sponsored enterprises (GSEs) $ 40,677 $ 3 $ (5,981 ) $ 34,699 U.S. government agency securities 6,260 — (1,025 ) 5,235 Obligations of state and political subdivisions 44,844 67 (2,627 ) 42,284 Small business investment company securities 2,587 — (293 ) 2,294 Total $ 94,368 $ 70 $ (9,926 ) $ 84,512 December 31, 2022 Amortized Gross Unrealized Gains Gross Fair Value Available-for-sale (In thousands) Mortgage-backed securities—U.S. government sponsored enterprises (GSEs) $ 41,515 $ 2 $ (6,602 ) $ 34,915 U.S. government agency securities 6,260 — (1,175 ) 5,085 Obligations of state and political subdivisions 45,161 8 (3,828 ) 41,341 Small business investment company securities 2,061 — — 2,061 Total $ 94,997 $ 10 $ (11,605 ) $ 83,402 The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available-for-sale Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Unrealized March 31, 2023 (In thousands) Mortgage-backed securities—U.S. government sponsored enterprises (GSEs) $ 6,557 $ (195 ) $ 27,940 $ (5,786 ) $ 34,497 $ (5,981 ) U.S. government agency securities — $ — 5,235 (1,025 ) 5,235 (1,025 ) Obligations of state and political subdivisions 10,642 (144 ) 22,499 (2,483 ) 33,141 (2,627 ) Small business investment company securities 2,294 (293 ) — — 2,294 (293 ) Total $ 19,493 $ (632 ) $ 55,674 $ (9,294 ) $ 75,167 $ (9,926 ) Less than 12 Months More than 12 Months Total Fair Unrealized Fair Value Unrealized Fair Unrealized December 31, 2022 (In thousands) Mortgage-backed securities—U.S. government sponsored enterprises (GSEs) $ 15,605 $ (1,778 ) $ 19,137 $ (4,824 ) $ 34,742 $ (6,602 ) U.S. government agency securities — — 5,085 (1,175 ) 5,085 (1,175 ) Obligations of state and political subdivisions 36,421 (3,457 ) 1,352 (371 ) 37,773 (3,828 ) Small business investment company securities — — — — — — $ 52,026 $ (5,235 ) $ 25,574 $ (6,370 ) $ 77,600 $ (11,605 ) The amortized cost and fair value of securities available-for-sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 675 $ 675 Due after one year through five years 4,719 4,641 Due after five years through ten years 26,436 25,263 Due after ten years 19,274 16,940 Mortgage-backed securities (GSEs) 40,677 34,699 SBIC securities 2,587 2,294 $ 94,368 $ 84,512 There were no sales of securities available-for-sale On January 1, 2023, the Company adopted ASU 2016-13 available-for-sale. not PRINCETON BANCORP, INC. Notes to Consolidated Financial Statements (unaudited) Note 3 – Investment Securities (concluded) The Company’s securities primarily consist of four types of instruments; U.S. guaranteed mortgage-backed securities, U.S guaranteed agency bonds, state and political subdivision issued bonds and one small business investment company security guaranteed by the U.S. government. We believe it is reasonable to expect that the securities with a credit guarantee of the U.S. government, will have a zero-credit zero-credit At March 31, 2023, the Comapny’s available-for-sale held-to-maturity available-for-sale available-for-sale available-for-sale securities-GSE There are no securities pledged as of March 31, 2023 and December 31, 2022. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans Receivable | Note 4 – Loans Receivable Loans receivable, net at March 31, 2022 and December 31, 2022 were comprised of the following: March 31, 2023 December 31, 2022 (In thousands) Commercial real estate $ 864,497 $ 873,573 Commercial and industrial 30,916 28,859 Construction 442,693 417,538 Residential first-lien mortgage 42,566 43,125 Home equity/consumer 7,535 7,260 Paycheck protection program (PPP) -phase I 1,239 1,307 Paycheck protection program (PPP) -phase II 1,077 1,162 Total loans 1,390,523 1,372,824 Deferred fees and costs (1,948 ) (2,456 ) Loans, net $ 1,388,575 $ 1,370,368 The Company did not purchase any loans during the three months ended March 31, 2023 and 2022, respectively. Upon adoption of CECL the Company has elected to use the discounted cash flow methodology in determining the appropriate quantitative adjustments, which projects future losses, based on historical loss data, as part of the allowance for credit losses (“ACL”) reserve. Qualitative adjustments include and consider changes in national, regional and local economic and business conditions, an assessment The following table presents the components of the allowance for credit losses: March 31, December 31, (In thousands) Allowance for credit losses—loans $ (16,507 ) $ (16,461 ) Allowance for credit losses—off balance sheet (949 ) (332 ) $ (17,456 ) $ (16,793 ) The following table presents nonaccrual loans by segment of the loan portfolio as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2023 With a Without a With a Without a (In thousands) Commercial real estate $ — $ 6,193 $ — $ — Construction 148 — 148 — Residential first-lien mortgage — 114 — 118 Total nonaccrual loans $ 148 $ 6,307 $ 148 $ 118 The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loan receivables by the length of time a recorded payment is past due. The following table presents the segments of the loan portfolio, excluding PPP loans, summarized by the past due status as of March 31, 2023 30-59 60-89 Greater than 90 days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing (In thousands) Commercial real estate $ — $ — $ 6,193 $ 6,193 $ 858,304 $ 864,497 $ — Commercial and industrial — — — — 30,916 30,916 — Construction — — 148 148 442,545 442,693 — Residential first-lien mortgage — — — — 42,566 42,566 — Home equity/consumer — — — — 7,535 7,535 — PPP Phase I & II 1 171 171 2,145 2,316 171 Total $ — $ — $ 6,512 $ 6,512 $ 1,384,011 $ 1,390,523 $ 171 1 PPP loans that are classified as past due in the table above, have applied for or are in the process of requesting loan forgiveness from the SBA. The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2022: 30-59 60-89 Greater than 90 days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing (In thousands) Commercial real estate $ — $ 6,193 $ — $ 6,193 $ 867,380 $ 873,573 $ — Commercial and industrial — — — — 28,859 28,859 — Construction — — 148 148 417,390 417,538 — Residential first-lien mortgage 1,292 — 118 1,410 41,715 43,125 — Home equity/Consumer — — — — 7,260 7,260 — PPP Phase I & II 1 255 184 439 2,030 2,469 184 Total $ 1,547 $ 6,193 $ 450 $ 8,190 $ 1,364,634 $ 1,372,824 $ 184 1 PPP loans that are classified as past due in the table above, have applied for or are in the process of requesting loan forgiveness from the SBA. The Company categorizes all loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends, among other factors. The Company evaluates risk ratings on an ongoing basis and assigns one of the following ratings; pass, special mention, substandard and doubtful. The Company engages a third party to review its assessment on a semiannual basis. The Company classifies residential and consumer loans as either performing or nonperforming based on payment status. There were no loans charged off during the three months ended March 31, 2023 that would require additional disclosure. The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of March 31, 2023: 2023 2022 2021 2020 2019 Prior Revolving Total (Dollars in thousands) Commercial real estate Pass $ 1,690 $ 205,254 $ 74,625 $ 52,319 $ 149,358 $ 366,663 $ 5,547 $ 855,457 Special mention — — — — — 2,848 — 2,848 Substandard — — — — — 6,193 — 6,193 Total commercial real estate 1,690 205,254 74,625 52,319 149,358 375,704 5,547 864,497 Commercial and industrial 1 Pass 803 3,127 1,309 560 5,831 3,289 15,488 30,408 Special mention — — — — — 508 — 508 Substandard — — — — — — — — Total commercial and industrial 803 3,127 1,309 560 5,831 3,797 15,488 30,916 Construction Pass — 6,904 142,187 9,718 — 14,301 266,510 439,620 Special mention — — — 2,925 — — — 2,925 Substandard — — — — — 148 — 148 Total construction — 6,904 142,187 12,643 — 14,450 266,510 442,693 Residential first-lien mortgage Performing — 1,053 6,075 2,910 1,594 30,820 — 42,452 Nonperforming — — — — — 114 — 114 Total residential first-lien mortgage — 1,053 6,075 2,910 1,594 30,934 — 42,566 Home equity/consumer Performing 164 814 367 5 — 2,588 3,598 7,535 Nonperforming — — — — — — — — Total home equity/consumer 164 814 367 5 — 2,588 3,598 7,535 Total Loans $ 2,657 $ 217,153 $ 224,563 $ 68,436 $ 156,784 $ 427,472 $ 291,143 $ 1,388,207 1 Due to the guarantee by the Small Business Association the PPP loans were not included in this table. The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2022: Pass Special Substandard Doubtful Total (In thousands) Commercial real estate $ 864,497 $ 2,883 $ 6,193 $ — $ 873,573 Commercial and industrial 28,350 509 — — 28,859 Construction 417,390 — 148 — 417,538 Residential first-lien mortgage 43,007 — 118 — 43,125 Home equity/consumer 7,260 — — — 7,260 PPP 2,469 — — — 2,469 Total with no related allowance $ 1,362,973 $ 3,392 $ 6,459 $ — $ 1,372,824 The following table presents the allowance for credit losses on loans receivable at and for the three months ended March 31, 2023: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Allowance for credit losses: Beginning balance $ 8,654 $ 271 $ 6,289 $ 236 $ 45 $ — $ 966 $ 16,461 CECL adoption 1,384 (73 ) (1,269 ) 428 195 — (966 ) (301 ) Provision 1 (4 ) 16 329 (10 ) 13 — — 344 Charge-offs — — — — — — — — Recoveries 3 — — — — — — 3 Total $ 10,037 $ 214 $ 5,349 $ 654 $ 253 $ — $ — $ 16,507 Ending Balance: Individually evaluated $ — $ — $ 118 $ — $ — $ — $ — $ 118 Collectively evaluated 10,037 214 5,231 654 253 — — 16,389 $ 10,037 $ 214 $ 5,349 $ 654 $ 253 $ — $ — $ 16,507 1 The provision for credit losses on the Consolidated Statement of Income is $265,000 comprising a $344,000 increase to the allowance for credit losses on loans and a $79,000 reduction to the reserve for unfunded liabilities. The following table presents the recorded investment in loans receivable at March 31, 2023: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Loans: Ending Balance: Individually evaluated $ 6,685 $ 11 $ 248 $ 121 $ 80 $ — $ — $ 7,145 Collectively evaluated 857,812 30,905 442,445 42,445 7,455 2,316 — 1,383,378 Ending balance $ 864,497 $ 30,916 $ 442,693 $ 42,566 $ 7,535 $ 2,316 $ — $ 1,390,523 The following table presents the allowance for loan losses on loans receivables at and for the three months ended March 31, 2022: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 7,458 $ 713 $ 7,228 $ 267 $ 48 $ — $ 906 $ 16,620 Provision — — — — — — — — Charge-offs — — — — — — — — Recoveries 34 — — — — — — 34 Total $ 7,492 $ 713 $ 7,228 $ 267 $ 48 $ — $ 906 $ 16,654 The following table presents the recorded investment of loans receivables and allowance for loan losses at December 31, 2022: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Loans: Ending Balance: Individually evaluated for impairment $ 12,030 $ 10 $ 148 $ 118 $ 71 $ — $ — $ 12,377 Collectively evaluated for impairment 861,543 28,849 417,390 43,007 7,189 2,469 — 1,360,447 Ending balance $ 873,573 $ 28,859 $ 417,538 $ 43,125 $ 7,260 $ 2,469 $ — $ 1,372,824 Allowance for loan losses: Ending Balance: Individually evaluated for impairment $ — $ — $ 118 $ — $ — $ — $ — $ 118 Collectively evaluated for impairment 8,654 271 6,171 236 45 — 966 16,343 $ 8,654 $ 271 $ 6,289 $ 236 $ 45 $ — $ 966 $ 16,461 At March 31, 2023, non-performing mixed-use The Company classifies certain loans as troubled debt restructuring (“TDR”) loans when credit terms to a borrower in financial difficulty are modified. Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction, or some combination of the concessions. The restructured loan modifications primarily included maturity date extensions, rate modifications and payment schedule modifications. Effective January 1, 2023, performing TDRs are no longer reported for the current period. At December 31, 2022 there were three loans classified as TDR loans totaling $5.9 million and each of these loans was performing in accordance with the agreed-upon terms. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Note 5 – Deposits The components of deposits were as follows: March 31, December 31, (Dollars in thousands) Demand, non-interest-bearing $ 218,709 16.93 % $ 265,078 19.67 % Demand, interest-bearing checking 244,889 18.95 % 269,737 20.01 % Savings 173,502 13.43 % 190,686 14.15 % Money Market 263,874 20.42 % 283,652 21.05 % Time deposits, $ 250,000 88,378 6.84 % 83,410 6.19 % Time deposits, other 302,748 23.43 % 255,167 18.93 % $ 1,292,100 100.00 % $ 1,347,730 100.00 % |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6 – Borrowings At March 31, 2023, the Company had overnight borrowings outstanding in the amount of $44.5 million at a rate of 4.99% and $10.0 million at a rate of 4.61% at December 31, 2022. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosure | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosure | Note 7 – Fair Value Measurements and Disclosures The Company follows the guidance on fair value measurements now codified as FASB ASC Topic 820, Fair Value Measurement . Management uses its best judgment in estimating the fair value of the Company’s financial instruments, however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transactions on the dates indicated. The estimated fair value amounts have been measured as of their respective period-end re-evaluated period-end. The fair value measurement hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 Level 2 Level 3 An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2023 were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Mortgage-backed securities -U.S. $ — $ 34,699 $ — $ 34,699 U.S. government agency securities — 5,235 — 5,235 Obligations of state and political subdivisions — 42,284 — 42,284 SBIC securities — — 2,294 2,294 Securities available-for-sale $ — $ 82,218 $ 2,294 $ 84,512 Note 7 – Fair Value Measurements and Disclosures (continued) For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy, used at December 31, 2022 were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Mortgage-backed securities -U.S. $ — $ 34,915 $ — $ 34,915 U.S. government agency securities 5,085 — 5,085 Obligations of state and political subdivisions — 41,341 — 41,341 SBIC securities — — 2,061 2,061 Securities available-for-sale $ — $ 81,341 $ 2,061 $ 83,402 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2023, were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Impaired loans $ — $ — $ 30 $ 30 $ — $ — $ 30 $ 30 The following table presents quantitative information using Level 3 fair value measurements at March 31, 2023. Description March 31, Valuation Unobservable (Weighted (Dollars in thousands) Discount 6.0 % Impaired loans $ 30 Collateral 1 adjustment (6.0 %) 1 Fair value is generally determined through independent appraisal of the underlying collateral, primarily using comparable sales. Note 7 – Fair Value Measurements and Disclosures (continued) For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2022, were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Impaired loans $ — $ — $ 30 $ 30 $ — $ — $ 30 $ 30 The following table presents quantitative information using Level 3 fair value measurements at December 31, 2022. Description Fair Value Valuation Unobservable Range (Dollars in thousands) Discount 6.0 % Impaired loans $ 30 Collateral 1 adjustment (6.0 %) 1 Fair value is generally determined through independent appraisal of the underlying collateral, primarily using comparable sales. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2023 and 2022. The Company’s policy is to recognize transfers between levels as of the end of the reporting period. The following methods and assumptions were used by the Company in estimating fair value disclosures: Investment Securities The fair value of securities available-for-sale held-to-maturity Level 2 debt securities are valued by a third-party pricing service commonly used in the banking industry. Level 2 fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, live trading levels, trade execution date, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. Impaired loans (generally carried at fair value) Impaired loans carried at fair value are those impaired loans in which the Company has measured impairment generally based on the fair value of the related loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds, discounted for estimated selling costs or other factors the Company determines will impact collection of proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. PRINCETON BANCORP, INC. Notes to Consolidated Financial Statements (unaudited) Note 7 – Fair Value Measurements and Disclosures (continued) The carrying amounts and estimated fair value of financial instruments at March 31, 2023 are as follows March 31, 2023 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 18,024 $ 18,024 $ 18,024 $ — $ — Securities AFS 84,512 84,512 — 82,218 2,294 Securities HTM 199 199 — 199 — Loans receivable, net 1,372,068 1,373,440 — — 1,373,440 Restricted bank stock 3,295 3,295 — 3,295 — Accrued interest receivable 4,865 4,865 — 4,865 — Financial Liabilities Deposits 1,292,100 1,204,237 — 1,204,237 — Borrowings 44,500 44,500 — 44,500 — Accrued interest payable 2,160 2,160 — 2,160 — The carrying amounts and estimated fair value of financial instruments at December 31, 2022 are as follows: December 31, 2022 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 53,351 $ 53,351 $ 53,351 $ — $ — Securities AFS 83,402 83,402 — 81,341 2,061 Securities HTM 201 200 — 200 — Loans receivable, net 1,353,907 1,347,137 — — 1,347,137 Restricted bank stock 1,742 1,742 — 1,742 — Accrued interest receivable 4,756 4,756 — 4,756 — Financial Liabilities Deposits 1,347,730 1,225,087 1,225,087 — Borrowings 10,000 10,000 10,000 Accrued interest payable 1,027 1,027 — 1,027 — The fair value of cash and cash equivalents, restricted bank stock, accrued interest receivable, and accrued interest payable are measured at the Company’s carrying amount. The fair value of loans and deposits are measured on a discounted basis using similar rates and terms. Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Note 7 – Fair Value Measurements and Disclosures (concluded) Limitations The fair value estimates are made at a discrete point in time based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Further, the foregoing estimates may not reflect the actual amount that could be realized if all or substantially all the financial instruments were offered for sale. This is due to the fact that no market exists for a sizable portion of the loan, deposit and off-balance In addition, the fair value estimates are based on existing on and off-balance Finally, reasonable comparability between financial institutions may not be practical due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 8 – Leases Leases (Topic 842) establishes a right of use model that requires a lessee to record a right of use asset (“ROU”) and a lease liability for all leases with terms longer than 12 months. The Company is obligated under 20 operating lease agreements for 19 branches and its corporate offices with terms extending through 2039. The Company’s lease agreements include options to renew at the Company’s discretion. The extensions are reasonably certain to be exercised, therefore they were considered in the calculations of the ROU asset and lease liability. The following table represents the classification of the Company’s right of use and lease liability: Statement of Financial Condition Location March 31, 2023 December 31, 2022 (In thousands) Operating Lease Right of Use Asset: Gross carrying amount $ 16,026 $ 17,919 Accumulated amortization (319 ) (1,893 ) Net book value Operating lease right-of-use asset $ 15,707 $ 16,026 Operating Lease Liability: Lease liability Operating lease liability $ 16,466 $ 16,772 As of March 31, 2023, the weighted-average remaining lease terms for operating leases was 11.1 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.54%. The Company used FHLB fixed rate advances at the time the lease was placed in service for the term most closely aligning with remaining lease term. Note 8 – Leases (continued) Three Months Ended 2023 2022 (In thousands) Lease cost: Operating lease $ 665 $ 700 Short-term lease cost 2 24 Total lease cost $ 667 $ 724 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 585 $ 573 Future minimum payments under operating leases with terms longer than 12 months are as follows at March 31, 2023 (in thousands): Twelve months ended March 31, 2024 $ 2,227 2025 2,074 2026 2,000 2027 1,795 2028 1,499 Thereafter 10,014 Total future operating lease payment 19,609 Amounts representing interest (3,143 ) Present value of net future lease payments $ 16,466 |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangible | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangible | Note 9 – Goodwill and Core Deposit Intangible On May 17, 2019, the Bank acquired five branches which were accounted for under FASB ASC 805, Business Combinations In accordance with ASC 805, the Bank recorded $8.9 million of goodwill along with $4.2 million of core deposit intangible assets. The intangible assets are related to core deposits and are being amortized over 10 years, using the sum of the year’s digits. For tax purposes, goodwill totaling $8.9 million is tax deductible and will be amortized over 15 years straight line. Except as set forth below, GAAP requires that goodwill be tested for impairment annually (with the annual evaluation occurring on May 31 of each year) or more frequently if impairment indicators arise. The reporting unit was determined to be our community banking operations, which is our only operating segment. ASC Topic 350-20 Note 9 – Goodwill and Core Deposit Intangible (continued) The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Goodwill Core Deposit (In thousands) Balance at December 31, 2022 $ 8,853 $ 1,825 Amortization expense — (135 ) Balance at March 31, 2023 $ 8,853 $ 1,690 As of March 31, 2023, the remaining current fiscal year and future fiscal periods amortization for the core deposit intangible is (in thousands): 2023 $ 357 2024 415 2025 338 2026 261 2027 183 Thereafter 136 Total $ 1,690 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 10 – Subsequent Event On April 19, 2023, the Board of Directors declared a cash dividend of $0.30 per share of common stock to shareholders of record on May 9, 2023, payable on May 26, 2023. |
Risk and Uncertainties
Risk and Uncertainties | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Risk and Uncertainties | Note 11 – Risk and Uncertainties The occurrence of events which adversely affect the global, national and regional economies may have a negative impact on our business. Like other financial institutions, our business relies upon the ability and willingness of our customers to transact business with us, including banking, borrowing and other financial transactions. A strong and stable economy at each of the local, federal and global levels is often a critical component of consumer confidence and typically correlates positively with our customers’ ability and willingness to transact certain types of business with us. Local and global events outside of our control which disrupt the New Jersey, Pennsylvania, New York, United States and/or global economy may therefore negatively impact our business and financial condition. Government economic programs intended to backstop and bolster the economy through the pandemic, such as the PPP have ended, and the nation’s economy has entered an inflationary phase. The Consumer Price Index has risen at levels not experienced since the 1980s while the labor market remains very tight, contributing additional inflationary pressure. To address the inflation problem, the Federal Reserve has reversed course on its previously accommodative monetary policies and aggressively increased short-term interest rates. These actions are intended to slow overall economic activity and risk entering the economy into a recession. The conflict between Russia and Ukraine has exacerbated pandemic-related supply chain issues, upset numerous global markets including energy and certain raw materials, and generally added to economic uncertainty and geopolitical instability. Any or all could have negative downstream effects on the Company’s operating results, the extent of which is indeterminable at this time. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The unaudited consolidated financial statements include the accounts of the Company, its wholly owned subsidiary, the Bank and its wholly owned subsidiaries: Bayard Lane, LLC, Bayard Properties, LLC, 112 Fifth Avenue, LLC, TBOP Delaware Investment Company and TBOP REIT, Inc. All significant inter-company accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission and the FDIC. Accordingly, they do not include all the information and disclosures required by GAAP for annual financial statements. In management’s opinion, the unaudited consolidated financial statements contain all adjustments, which include normal and recurring adjustments necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K |
Estimates | Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Because of uncertainties associated with estimating the amounts, timing and likelihood of possible outcomes, actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses and evaluation of the potential impairment of goodwill. Management believes that the allowance for credit losses is adequate as of March 31, 2023 and December 31, 2022. While management uses current information to recognize losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions in the market area or other factors. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for credit losses. Such agencies may require the Company to effect certain changes that result in additions to the allowance based on their judgments about information available to them at the time of their examinations. |
Reclassifications | Reclassifications Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year’s presentation. |
Recently Issued Accounting Standards | Recently issued accounting standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, re-measurements 2020-04 2020-04 2020-04 |
Recently adopted accounting standards | Recently adopted accounting standards Effective January 1, 2023 the Company adopted the FASB issued ASU 2016-13, Financial Instruments—Credit Losses, one-time |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of earnings per share | The following schedule presents earnings per share data for the three-month periods ended March 31, 2023 and 2022 (in thousands, except per share data): Three months ended March 31, 2023 2022 Net income applicable to common stock $ 6,097 $ 6,021 Weighted average number of common shares outstanding 6,257 6,465 Basic earnings per share $ 0.97 $ 0.93 Net income applicable to common stock $ 6,097 $ 6,021 Weighted average number of common shares outstanding 6,257 6,465 Dilutive effect on common shares outstanding 129 149 Weighted average number of diluted common shares outstanding 6,386 6,614 Diluted earnings per share $ 0.95 $ 0.91 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following schedule presents stock options granted but not exercised and the amount of share that were anti-dilutive because the weighted average exercise price equaled or exceeded the estimated fair value of our common stock for the three-month periods ended March 31, 2023 and 2022: Three months ended March 31, 2023 2022 Options Weighted Ave Options Weighted Ave Options to purchase 374,496 $ 22.01 343,570 $ 16.62 Anti-dilutive — $ — 95,750 $ 32.45 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost and estimated fair value | The following summarizes the amortized cost and fair value of securities available-for-sale March 31 , 2023 Amortized Gross Unrealized Gains Gross Fair Value Available-for-sale (In thousands) Mortgage-backed securities—U.S. government sponsored enterprises (GSEs) $ 40,677 $ 3 $ (5,981 ) $ 34,699 U.S. government agency securities 6,260 — (1,025 ) 5,235 Obligations of state and political subdivisions 44,844 67 (2,627 ) 42,284 Small business investment company securities 2,587 — (293 ) 2,294 Total $ 94,368 $ 70 $ (9,926 ) $ 84,512 December 31, 2022 Amortized Gross Unrealized Gains Gross Fair Value Available-for-sale (In thousands) Mortgage-backed securities—U.S. government sponsored enterprises (GSEs) $ 41,515 $ 2 $ (6,602 ) $ 34,915 U.S. government agency securities 6,260 — (1,175 ) 5,085 Obligations of state and political subdivisions 45,161 8 (3,828 ) 41,341 Small business investment company securities 2,061 — — 2,061 Total $ 94,997 $ 10 $ (11,605 ) $ 83,402 |
Summary of fair value of related securities available-for-sale | The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available-for-sale Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Unrealized March 31, 2023 (In thousands) Mortgage-backed securities—U.S. government sponsored enterprises (GSEs) $ 6,557 $ (195 ) $ 27,940 $ (5,786 ) $ 34,497 $ (5,981 ) U.S. government agency securities — $ — 5,235 (1,025 ) 5,235 (1,025 ) Obligations of state and political subdivisions 10,642 (144 ) 22,499 (2,483 ) 33,141 (2,627 ) Small business investment company securities 2,294 (293 ) — — 2,294 (293 ) Total $ 19,493 $ (632 ) $ 55,674 $ (9,294 ) $ 75,167 $ (9,926 ) Less than 12 Months More than 12 Months Total Fair Unrealized Fair Value Unrealized Fair Unrealized December 31, 2022 (In thousands) Mortgage-backed securities—U.S. government sponsored enterprises (GSEs) $ 15,605 $ (1,778 ) $ 19,137 $ (4,824 ) $ 34,742 $ (6,602 ) U.S. government agency securities — — 5,085 (1,175 ) 5,085 (1,175 ) Obligations of state and political subdivisions 36,421 (3,457 ) 1,352 (371 ) 37,773 (3,828 ) Small business investment company securities — — — — — — $ 52,026 $ (5,235 ) $ 25,574 $ (6,370 ) $ 77,600 $ (11,605 ) |
Summary of securities available-for-sale by contractual maturity | The amortized cost and fair value of securities available-for-sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 675 $ 675 Due after one year through five years 4,719 4,641 Due after five years through ten years 26,436 25,263 Due after ten years 19,274 16,940 Mortgage-backed securities (GSEs) 40,677 34,699 SBIC securities 2,587 2,294 $ 94,368 $ 84,512 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of loans receivable net | Loans receivable, net at March 31, 2022 and December 31, 2022 were comprised of the following: March 31, 2023 December 31, 2022 (In thousands) Commercial real estate $ 864,497 $ 873,573 Commercial and industrial 30,916 28,859 Construction 442,693 417,538 Residential first-lien mortgage 42,566 43,125 Home equity/consumer 7,535 7,260 Paycheck protection program (PPP) -phase I 1,239 1,307 Paycheck protection program (PPP) -phase II 1,077 1,162 Total loans 1,390,523 1,372,824 Deferred fees and costs (1,948 ) (2,456 ) Loans, net $ 1,388,575 $ 1,370,368 |
Summary of components of allowance for credit losses | The following table presents the components of the allowance for credit losses: March 31, December 31, (In thousands) Allowance for credit losses—loans $ (16,507 ) $ (16,461 ) Allowance for credit losses—off balance sheet (949 ) (332 ) $ (17,456 ) $ (16,793 ) |
Summary of nonaccrual loans by segment of loan portfolio | The following table presents nonaccrual loans by segment of the loan portfolio as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2023 With a Without a With a Without a (In thousands) Commercial real estate $ — $ 6,193 $ — $ — Construction 148 — 148 — Residential first-lien mortgage — 114 — 118 Total nonaccrual loans $ 148 $ 6,307 $ 148 $ 118 |
Summary of performance and credit quality of loan portfolio | The following table presents the segments of the loan portfolio, excluding PPP loans, summarized by the past due status as of March 31, 2023 30-59 60-89 Greater than 90 days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing (In thousands) Commercial real estate $ — $ — $ 6,193 $ 6,193 $ 858,304 $ 864,497 $ — Commercial and industrial — — — — 30,916 30,916 — Construction — — 148 148 442,545 442,693 — Residential first-lien mortgage — — — — 42,566 42,566 — Home equity/consumer — — — — 7,535 7,535 — PPP Phase I & II 1 171 171 2,145 2,316 171 Total $ — $ — $ 6,512 $ 6,512 $ 1,384,011 $ 1,390,523 $ 171 1 PPP loans that are classified as past due in the table above, have applied for or are in the process of requesting loan forgiveness from the SBA. The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2022: 30-59 60-89 Greater than 90 days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing (In thousands) Commercial real estate $ — $ 6,193 $ — $ 6,193 $ 867,380 $ 873,573 $ — Commercial and industrial — — — — 28,859 28,859 — Construction — — 148 148 417,390 417,538 — Residential first-lien mortgage 1,292 — 118 1,410 41,715 43,125 — Home equity/Consumer — — — — 7,260 7,260 — PPP Phase I & II 1 255 184 439 2,030 2,469 184 Total $ 1,547 $ 6,193 $ 450 $ 8,190 $ 1,364,634 $ 1,372,824 $ 184 1 PPP loans that are classified as past due in the table above, have applied for or are in the process of requesting loan forgiveness from the SBA. |
Summary of loans by year of origination, internally assigned credit grades and risk characteristics | The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of March 31, 2023: 2023 2022 2021 2020 2019 Prior Revolving Total (Dollars in thousands) Commercial real estate Pass $ 1,690 $ 205,254 $ 74,625 $ 52,319 $ 149,358 $ 366,663 $ 5,547 $ 855,457 Special mention — — — — — 2,848 — 2,848 Substandard — — — — — 6,193 — 6,193 Total commercial real estate 1,690 205,254 74,625 52,319 149,358 375,704 5,547 864,497 Commercial and industrial 1 Pass 803 3,127 1,309 560 5,831 3,289 15,488 30,408 Special mention — — — — — 508 — 508 Substandard — — — — — — — — Total commercial and industrial 803 3,127 1,309 560 5,831 3,797 15,488 30,916 Construction Pass — 6,904 142,187 9,718 — 14,301 266,510 439,620 Special mention — — — 2,925 — — — 2,925 Substandard — — — — — 148 — 148 Total construction — 6,904 142,187 12,643 — 14,450 266,510 442,693 Residential first-lien mortgage Performing — 1,053 6,075 2,910 1,594 30,820 — 42,452 Nonperforming — — — — — 114 — 114 Total residential first-lien mortgage — 1,053 6,075 2,910 1,594 30,934 — 42,566 Home equity/consumer Performing 164 814 367 5 — 2,588 3,598 7,535 Nonperforming — — — — — — — — Total home equity/consumer 164 814 367 5 — 2,588 3,598 7,535 Total Loans $ 2,657 $ 217,153 $ 224,563 $ 68,436 $ 156,784 $ 427,472 $ 291,143 $ 1,388,207 1 Due to the guarantee by the Small Business Association the PPP loans were not included in this table. |
Summary of aggregate pass and classified rating of segments of loan portfolio | The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2022: Pass Special Substandard Doubtful Total (In thousands) Commercial real estate $ 864,497 $ 2,883 $ 6,193 $ — $ 873,573 Commercial and industrial 28,350 509 — — 28,859 Construction 417,390 — 148 — 417,538 Residential first-lien mortgage 43,007 — 118 — 43,125 Home equity/consumer 7,260 — — — 7,260 PPP 2,469 — — — 2,469 Total with no related allowance $ 1,362,973 $ 3,392 $ 6,459 $ — $ 1,372,824 |
Summary of allowance for credit losses on loans receivables | The following table presents the allowance for credit losses on loans receivable at and for the three months ended March 31, 2023: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Allowance for credit losses: Beginning balance $ 8,654 $ 271 $ 6,289 $ 236 $ 45 $ — $ 966 $ 16,461 CECL adoption 1,384 (73 ) (1,269 ) 428 195 — (966 ) (301 ) Provision 1 (4 ) 16 329 (10 ) 13 — — 344 Charge-offs — — — — — — — — Recoveries 3 — — — — — — 3 Total $ 10,037 $ 214 $ 5,349 $ 654 $ 253 $ — $ — $ 16,507 Ending Balance: Individually evaluated $ — $ — $ 118 $ — $ — $ — $ — $ 118 Collectively evaluated 10,037 214 5,231 654 253 — — 16,389 $ 10,037 $ 214 $ 5,349 $ 654 $ 253 $ — $ — $ 16,507 1 The provision for credit losses on the Consolidated Statement of Income is $265,000 comprising a $344,000 increase to the allowance for credit losses on loans and a $79,000 reduction to the reserve for unfunded liabilities. The following table presents the recorded investment in loans receivable at March 31, 2023: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Loans: Ending Balance: Individually evaluated $ 6,685 $ 11 $ 248 $ 121 $ 80 $ — $ — $ 7,145 Collectively evaluated 857,812 30,905 442,445 42,445 7,455 2,316 — 1,383,378 Ending balance $ 864,497 $ 30,916 $ 442,693 $ 42,566 $ 7,535 $ 2,316 $ — $ 1,390,523 The following table presents the allowance for loan losses on loans receivables at and for the three months ended March 31, 2022: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 7,458 $ 713 $ 7,228 $ 267 $ 48 $ — $ 906 $ 16,620 Provision — — — — — — — — Charge-offs — — — — — — — — Recoveries 34 — — — — — — 34 Total $ 7,492 $ 713 $ 7,228 $ 267 $ 48 $ — $ 906 $ 16,654 The following table presents the recorded investment of loans receivables and allowance for loan losses at December 31, 2022: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Loans: Ending Balance: Individually evaluated for impairment $ 12,030 $ 10 $ 148 $ 118 $ 71 $ — $ — $ 12,377 Collectively evaluated for impairment 861,543 28,849 417,390 43,007 7,189 2,469 — 1,360,447 Ending balance $ 873,573 $ 28,859 $ 417,538 $ 43,125 $ 7,260 $ 2,469 $ — $ 1,372,824 Allowance for loan losses: Ending Balance: Individually evaluated for impairment $ — $ — $ 118 $ — $ — $ — $ — $ 118 Collectively evaluated for impairment 8,654 271 6,171 236 45 — 966 16,343 $ 8,654 $ 271 $ 6,289 $ 236 $ 45 $ — $ 966 $ 16,461 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Summary of components of deposits | The components of deposits were as follows: March 31, December 31, (Dollars in thousands) Demand, non-interest-bearing $ 218,709 16.93 % $ 265,078 19.67 % Demand, interest-bearing checking 244,889 18.95 % 269,737 20.01 % Savings 173,502 13.43 % 190,686 14.15 % Money Market 263,874 20.42 % 283,652 21.05 % Time deposits, $ 250,000 88,378 6.84 % 83,410 6.19 % Time deposits, other 302,748 23.43 % 255,167 18.93 % $ 1,292,100 100.00 % $ 1,347,730 100.00 % |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary Of Financial Assets Measured At Fair Value On Recurring Basis | For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2023 were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Mortgage-backed securities -U.S. $ — $ 34,699 $ — $ 34,699 U.S. government agency securities — 5,235 — 5,235 Obligations of state and political subdivisions — 42,284 — 42,284 SBIC securities — — 2,294 2,294 Securities available-for-sale $ — $ 82,218 $ 2,294 $ 84,512 Note 7 – Fair Value Measurements and Disclosures (continued) For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy, used at December 31, 2022 were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Mortgage-backed securities -U.S. $ — $ 34,915 $ — $ 34,915 U.S. government agency securities 5,085 — 5,085 Obligations of state and political subdivisions — 41,341 — 41,341 SBIC securities — — 2,061 2,061 Securities available-for-sale $ — $ 81,341 $ 2,061 $ 83,402 |
Summary Of Financial Assets Measured At Fair Value On NonRecurring Basis | For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2023, were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Impaired loans $ — $ — $ 30 $ 30 $ — $ — $ 30 $ 30 The following table presents quantitative information using Level 3 fair value measurements at March 31, 2023. Description March 31, Valuation Unobservable (Weighted (Dollars in thousands) Discount 6.0 % Impaired loans $ 30 Collateral 1 adjustment (6.0 %) |
Summary Of Quantitative Information With Regards To Level 3 Fair Value Measurements | For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2022, were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Impaired loans $ — $ — $ 30 $ 30 $ — $ — $ 30 $ 30 The following table presents quantitative information using Level 3 fair value measurements at December 31, 2022. Description Fair Value Valuation Unobservable Range (Dollars in thousands) Discount 6.0 % Impaired loans $ 30 Collateral 1 adjustment (6.0 %) |
Summary Of Carrying Amounts And Estimated Fair Value Of Financial Instruments | The carrying amounts and estimated fair value of financial instruments at March 31, 2023 are as follows March 31, 2023 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 18,024 $ 18,024 $ 18,024 $ — $ — Securities AFS 84,512 84,512 — 82,218 2,294 Securities HTM 199 199 — 199 — Loans receivable, net 1,372,068 1,373,440 — — 1,373,440 Restricted bank stock 3,295 3,295 — 3,295 — Accrued interest receivable 4,865 4,865 — 4,865 — Financial Liabilities Deposits 1,292,100 1,204,237 — 1,204,237 — Borrowings 44,500 44,500 — 44,500 — Accrued interest payable 2,160 2,160 — 2,160 — The carrying amounts and estimated fair value of financial instruments at December 31, 2022 are as follows: December 31, 2022 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 53,351 $ 53,351 $ 53,351 $ — $ — Securities AFS 83,402 83,402 — 81,341 2,061 Securities HTM 201 200 — 200 — Loans receivable, net 1,353,907 1,347,137 — — 1,347,137 Restricted bank stock 1,742 1,742 — 1,742 — Accrued interest receivable 4,756 4,756 — 4,756 — Financial Liabilities Deposits 1,347,730 1,225,087 1,225,087 — Borrowings 10,000 10,000 10,000 Accrued interest payable 1,027 1,027 — 1,027 — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of operating leases of lessee | The following table represents the classification of the Company’s right of use and lease liability: Statement of Financial Condition Location March 31, 2023 December 31, 2022 (In thousands) Operating Lease Right of Use Asset: Gross carrying amount $ 16,026 $ 17,919 Accumulated amortization (319 ) (1,893 ) Net book value Operating lease right-of-use asset $ 15,707 $ 16,026 Operating Lease Liability: Lease liability Operating lease liability $ 16,466 $ 16,772 |
Summary of lease cost | Three Months Ended 2023 2022 (In thousands) Lease cost: Operating lease $ 665 $ 700 Short-term lease cost 2 24 Total lease cost $ 667 $ 724 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 585 $ 573 |
Summary of lessee operating lease liability maturity | Future minimum payments under operating leases with terms longer than 12 months are as follows at March 31, 2023 (in thousands): Twelve months ended March 31, 2024 $ 2,227 2025 2,074 2026 2,000 2027 1,795 2028 1,499 Thereafter 10,014 Total future operating lease payment 19,609 Amounts representing interest (3,143 ) Present value of net future lease payments $ 16,466 |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangible (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of carrying amount of goodwill and core deposit intangible assets | The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Goodwill Core Deposit (In thousands) Balance at December 31, 2022 $ 8,853 $ 1,825 Amortization expense — (135 ) Balance at March 31, 2023 $ 8,853 $ 1,690 |
Summary of future fiscal periods amortization for the core deposit intangible | As of March 31, 2023, the remaining current fiscal year and future fiscal periods amortization for the core deposit intangible is (in thousands): 2023 $ 357 2024 415 2025 338 2026 261 2027 183 Thereafter 136 Total $ 1,690 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | |||
Jan. 01, 2023 USD ($) | Mar. 31, 2023 USD ($) Integer | Dec. 31, 2022 USD ($) | May 03, 2007 Branches | |
Description Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Entity incorporation date of incorporation | Mar. 05, 2007 | |||
State in which the entity was incorporated | NJ | |||
Year of incorporation | 2007 | |||
Operations commencement date | Apr. 23, 2007 | |||
Number of branches owned by the entity | Branches | 23 | |||
Retained earnings accumulated deficit | $ 135,425,000 | $ 131,488,000 | ||
Number Of Employees | Integer | 179 | |||
Number Of Full Time Employees | Integer | 176 | |||
Accounting Standard Pending Adoption [Member] | Accounting Standards Update 2019-05 [Member] | ||||
Description Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Retained earnings accumulated deficit | $ 284,000 | |||
Financing receivable change in method credit loss expense reversal | 301,000 | |||
Accounting Standard Pending Adoption [Member] | Accounting Standards Update 2019-05 [Member] | SEC Schedule, 12-09, Reserve, off-Balance-Sheet Activity [Member] | ||||
Description Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Reserve for unfunded liability | $ 695,000 | |||
New Jersey State Chartered Banking Institution [Member] | ||||
Description Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
State in which the entity was incorporated | NJ |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income applicable to common stock | $ 6,097 | $ 6,021 |
Weighted average number of common shares outstanding | 6,257,000 | 6,465,000 |
Basic earnings per share | $ 0.97 | $ 0.93 |
Dilutive effect on common shares outstanding | 129 | 149 |
Weighted average number of diluted common shares outstanding | 6,386 | 6,614 |
Diluted earnings per share | $ 0.95 | $ 0.91 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - Option [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options to purchase, Options | 374,496 | 343,570 |
Options to purchase, Weighted Ave Exercise Price | $ 22.01 | $ 16.62 |
Anti-dilutive, Options | 0 | 95,750 |
Anti-dilutive, Weighted Ave Exercise Price | $ 0 | $ 32.45 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Securities | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Marketable Securities [Line Items] | |||
Number of securities less than 12 months | Securities | 61 | ||
Number of securities more than 12 months | Securities | 113 | ||
Unrealized losses securities more than 12 months | $ 9,294,000 | $ 6,370,000 | |
Other than temporary impairment charges | 0 | $ 0 | |
Sales of available-for-sale securities | 0 | $ 0 | |
Securities pledged as collateral | $ 0 | 0 | |
Number of investment securities | Securities | 206 | ||
Municpal Securities [Member] | |||
Marketable Securities [Line Items] | |||
Number of securities more than 12 months | Securities | 77 | ||
Unrealized losses securities more than 12 months | $ 22,500,000 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2,500,000 | ||
Mortgage-backed securities [Member] | |||
Marketable Securities [Line Items] | |||
Number of securities more than 12 months | Securities | 32 | ||
Unrealized losses securities more than 12 months | $ 27,900,000 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5,800,000 | ||
Obligations of state and political subdivisions [Member] | |||
Marketable Securities [Line Items] | |||
Unrealized losses securities more than 12 months | 2,483,000 | $ 371,000 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | ||
Agency Securities [Member] | |||
Marketable Securities [Line Items] | |||
Number of securities more than 12 months | Securities | 4 | ||
Unrealized losses securities more than 12 months | $ 5,200,000 | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,000,000 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | $ 94,368 | $ 94,997 |
Gross Unrealized Gains | 70 | 10 |
Gross Unrealized Losses | (9,926) | (11,605) |
Fair value | 84,512 | 83,402 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 40,677 | 41,515 |
Gross Unrealized Gains | 3 | 2 |
Gross Unrealized Losses | (5,981) | (6,602) |
Fair value | 34,699 | 34,915 |
U.S. government agency securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 6,260 | 6,260 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,025) | (1,175) |
Fair value | 5,235 | 5,085 |
Obligations of state and political subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 44,844 | 45,161 |
Gross Unrealized Gains | 67 | 8 |
Gross Unrealized Losses | (2,627) | (3,828) |
Fair value | 42,284 | 41,341 |
SBIC securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 2,587 | 2,061 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (293) | 0 |
Fair value | $ 2,294 | $ 2,061 |
Investment Securities - Summa_2
Investment Securities - Summary of Fair Value of Available For Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | $ 19,493 | $ 52,026 |
Less than 12 Months Unrealized Losses | (632) | (5,235) |
More than 12 Months Fair Value | 55,674 | 25,574 |
More than 12 Months Unrealized Losses | (9,294) | (6,370) |
Fair Value | 75,167 | 77,600 |
Unrealized Losses | (9,926) | (11,605) |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | 6,557 | 15,605 |
Less than 12 Months Unrealized Losses | (195) | (1,778) |
More than 12 Months Fair Value | 27,940 | 19,137 |
More than 12 Months Unrealized Losses | (5,786) | (4,824) |
Fair Value | 34,497 | 34,742 |
Unrealized Losses | (5,981) | (6,602) |
U.S. government agency securities [Member] | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | 0 | 0 |
Less than 12 Months Unrealized Losses | 0 | 0 |
More than 12 Months Fair Value | 5,235 | 5,085 |
More than 12 Months Unrealized Losses | (1,025) | (1,175) |
Fair Value | 5,235 | 5,085 |
Unrealized Losses | (1,025) | (1,175) |
Obligations of state and political subdivisions [Member] | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | 10,642 | 36,421 |
Less than 12 Months Unrealized Losses | (144) | (3,457) |
More than 12 Months Fair Value | 22,499 | 1,352 |
More than 12 Months Unrealized Losses | (2,483) | (371) |
Fair Value | 33,141 | 37,773 |
Unrealized Losses | (2,627) | (3,828) |
SBIC securities [Member] | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | 2,294 | 0 |
Less than 12 Months Unrealized Losses | (293) | 0 |
More than 12 Months Fair Value | 0 | 0 |
More than 12 Months Unrealized Losses | 0 | 0 |
Fair Value | 2,294 | 0 |
Unrealized Losses | $ (293) | $ 0 |
Investment Securities - Summa_3
Investment Securities - Summary of Securities Available For Sale By Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | $ 94,368 | $ 94,997 |
Fair value due in one year or less | 19,493 | 52,026 |
Fair value due after one year through five years | 55,674 | 25,574 |
Fair value | 84,512 | 83,402 |
Prepayment of Obligation [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost due in one year or less | 675 | |
Amortized cost due after one year through five years | 4,719 | |
Amortized cost due after five years through ten years | 26,436 | |
Amortized cost due after ten years | 19,274 | |
Amortized cost | 94,368 | |
Fair value due in one year or less | 675 | |
Fair value due after one year through five years | 4,641 | |
Fair value due after five years through ten years | 25,263 | |
Fair value due after ten years | 16,940 | |
Fair value | 84,512 | |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 40,677 | 41,515 |
Fair value due in one year or less | 6,557 | 15,605 |
Fair value due after one year through five years | 27,940 | 19,137 |
Fair value | 34,699 | 34,915 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | Prepayment of Obligation [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 40,677 | |
Fair value | 34,699 | |
SBIC securities [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 2,587 | 2,061 |
Fair value due in one year or less | 2,294 | 0 |
Fair value due after one year through five years | 0 | 0 |
Fair value | 2,294 | $ 2,061 |
SBIC securities [Member] | Prepayment of Obligation [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 2,587 | |
Fair value | $ 2,294 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) Loan | Mar. 31, 2022 USD ($) | |
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | ||
Payments to Acquire Loans Receivable | $ 0 | $ 0 |
Non-performing assets | 6,500 | |
Increase in Non-performing assets | 6,200 | |
Increase in Non-performing assets due to delinquency | $ 6,200 | |
Performing [Member] | ||
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | ||
Number of loans | Loan | 3 | |
Troubled debt restructuring | $ 5,900 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,390,523 | $ 1,372,824 |
Deferred fees and costs | (1,948) | (2,456) |
Loans, net | 1,388,575 | 1,370,368 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 864,497 | 873,573 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 30,916 | 28,859 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 442,693 | 417,538 |
Residential first-lien mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 42,566 | 43,125 |
Home equity/consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 7,535 | 7,260 |
Paycheck protection program (PPP) -phase I [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,239 | 1,307 |
Paycheck protection program (PPP) -phase II [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,077 | $ 1,162 |
Loans Receivable - Summary of c
Loans Receivable - Summary of components of allowance for credit losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | $ (16,507) | $ (16,461) | $ (16,654) | $ (16,620) |
Allowance for credit losses—off balance sheet | (949) | (332) | ||
Allowance for credit losses | $ (17,456) | $ (16,793) |
Loans Receivable - Summary of N
Loans Receivable - Summary of Nonaccrual Loans by Segment of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | $ 6,307 | $ 118 |
Total nonaccrual loans with a related allowance | 148 | 148 |
Commercial real estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 6,193 | 0 |
Total nonaccrual loans with a related allowance | 0 | 0 |
Construction [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 0 | 0 |
Total nonaccrual loans with a related allowance | 148 | 148 |
Residential first-lien mortgage [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 114 | 118 |
Total nonaccrual loans with a related allowance | $ 0 | $ 0 |
Loans Receivable - Summary of P
Loans Receivable - Summary of Performance and Credit Quality of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | $ 1,384,011 | $ 1,364,634 |
Total loans receivable | 1,390,523 | 1,372,824 |
Loans receivable more than 90 days and accruing | 171 | 184 |
Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 858,304 | 867,380 |
Total loans receivable | 864,497 | 873,573 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 30,916 | 28,859 |
Total loans receivable | 30,916 | 28,859 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 442,545 | 417,390 |
Total loans receivable | 442,693 | 417,538 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 42,566 | 41,715 |
Total loans receivable | 42,566 | 43,125 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 7,535 | 7,260 |
Total loans receivable | 7,535 | 7,260 |
Loans receivable more than 90 days and accruing | 0 | 0 |
PPP Phase I & II [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 2,145 | 2,030 |
Total loans receivable | 2,316 | 2,469 |
Loans receivable more than 90 days and accruing | 171 | 184 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 1,547 |
30 to 59 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
30 to 59 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
30 to 59 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
30 to 59 Days Past Due [Member] | Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 1,292 |
30 to 59 Days Past Due [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
30 to 59 Days Past Due [Member] | PPP Phase I & II [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 255 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 6,193 |
60 to 89 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 6,193 |
60 to 89 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
60 to 89 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
60 to 89 Days Past Due [Member] | Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
60 to 89 Days Past Due [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
Greater than 90 Days [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 6,512 | 450 |
Greater than 90 Days [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 6,193 | 0 |
Greater than 90 Days [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
Greater than 90 Days [Member] | Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 148 | 148 |
Greater than 90 Days [Member] | Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 118 |
Greater than 90 Days [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
Greater than 90 Days [Member] | PPP Phase I & II [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 171 | 184 |
Past Due [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 6,512 | 8,190 |
Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 6,193 | 6,193 |
Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
Past Due [Member] | Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 148 | 148 |
Past Due [Member] | Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 1,410 |
Past Due [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
Past Due [Member] | PPP Phase I & II [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | $ 171 | $ 439 |
Loans Receivable - Summary of_2
Loans Receivable - Summary of loans by year of origination, internally assigned credit grades and risk characteristics (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 1,390,523 | $ 1,372,824 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,362,973 | |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,392 | |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 6,459 | |
Loans Receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 2,657 | |
2022 | 217,153 | |
2021 | 224,563 | |
2020 | 68,436 | |
2019 | 156,784 | |
Prior | 427,472 | |
Revolving Loans | 291,143 | |
Total | 1,388,207 | |
Loans Receivable [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,690 | |
2022 | 205,254 | |
2021 | 74,625 | |
2020 | 52,319 | |
2019 | 149,358 | |
Prior | 375,704 | |
Revolving Loans | 5,547 | |
Total | 864,497 | |
Loans Receivable [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 803 | |
2022 | 3,127 | |
2021 | 1,309 | |
2020 | 560 | |
2019 | 5,831 | |
Prior | 3,797 | |
Revolving Loans | 15,488 | |
Total | 30,916 | |
Loans Receivable [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 6,904 | |
2021 | 142,187 | |
2020 | 12,643 | |
2019 | 0 | |
Prior | 14,450 | |
Revolving Loans | 266,510 | |
Total | 442,693 | |
Loans Receivable [Member] | Residential FirstLien Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 1,053 | |
2021 | 6,075 | |
2020 | 2,910 | |
2019 | 1,594 | |
Prior | 30,934 | |
Revolving Loans | 0 | |
Total | 42,566 | |
Loans Receivable [Member] | Residential FirstLien Mortgage [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 1,053 | |
2021 | 6,075 | |
2020 | 2,910 | |
2019 | 1,594 | |
Prior | 30,820 | |
Revolving Loans | 0 | |
Total | 42,452 | |
Loans Receivable [Member] | Residential FirstLien Mortgage [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 114 | |
Revolving Loans | 0 | |
Total | 114 | |
Loans Receivable [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 164 | |
2022 | 814 | |
2021 | 367 | |
2020 | 5 | |
2019 | 0 | |
Prior | 2,588 | |
Revolving Loans | 3,598 | |
Total | 7,535 | |
Loans Receivable [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 164 | |
2022 | 814 | |
2021 | 367 | |
2020 | 5 | |
2019 | 0 | |
Prior | 2,588 | |
Revolving Loans | 3,598 | |
Total | 7,535 | |
Loans Receivable [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Loans Receivable [Member] | Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,690 | |
2022 | 205,254 | |
2021 | 74,625 | |
2020 | 52,319 | |
2019 | 149,358 | |
Prior | 366,663 | |
Revolving Loans | 5,547 | |
Total | 855,457 | |
Loans Receivable [Member] | Pass [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 803 | |
2022 | 3,127 | |
2021 | 1,309 | |
2020 | 560 | |
2019 | 5,831 | |
Prior | 3,289 | |
Revolving Loans | 15,488 | |
Total | 30,408 | |
Loans Receivable [Member] | Pass [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 6,904 | |
2021 | 142,187 | |
2020 | 9,718 | |
2019 | 0 | |
Prior | 14,301 | |
Revolving Loans | 266,510 | |
Total | 439,620 | |
Loans Receivable [Member] | Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 2,848 | |
Revolving Loans | 0 | |
Total | 2,848 | |
Loans Receivable [Member] | Special Mention [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 508 | |
Revolving Loans | 0 | |
Total | 508 | |
Loans Receivable [Member] | Special Mention [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 2,925 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 2,925 | |
Loans Receivable [Member] | Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 6,193 | |
Revolving Loans | 0 | |
Total | 6,193 | |
Loans Receivable [Member] | Substandard [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Loans Receivable [Member] | Substandard [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 148 | |
Revolving Loans | 0 | |
Total | $ 148 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Aggregate Pass and Classified Rating of Segments of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 1,390,523 | $ 1,372,824 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 1,362,973 | |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 3,392 | |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,459 | |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Commercial real estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 864,497 | 873,573 |
Commercial real estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 864,497 | |
Commercial real estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,883 | |
Commercial real estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,193 | |
Commercial real estate [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Commercial and industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 30,916 | 28,859 |
Commercial and industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 28,350 | |
Commercial and industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 509 | |
Commercial and industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Commercial and industrial [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Construction [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 442,693 | 417,538 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 417,390 | |
Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Construction [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 148 | |
Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Residential first-lien mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 42,566 | 43,125 |
Residential first-lien mortgage [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 43,007 | |
Residential first-lien mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Residential first-lien mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 118 | |
Residential first-lien mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Home equity/consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 7,535 | 7,260 |
Home equity/consumer [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 7,260 | |
Home equity/consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Home equity/consumer [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
Home equity/consumer [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
PPP Phase I & II [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 2,316 | 2,469 |
PPP Phase I & II [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,469 | |
PPP Phase I & II [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
PPP Phase I & II [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 0 | |
PPP Phase I & II [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 0 |
Loans Receivable - Summary of_3
Loans Receivable - Summary of Allowance for Loan Losses On Loans Receivables (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Allowance for loan losses: | |||
Beginning balance | $ 16,461,000 | $ 16,620,000 | |
CECL adoption | (301,000) | ||
Provision | 344,000 | ||
Charge-offs | 0 | ||
Recoveries | 3,000 | 34,000 | |
Total | 16,507,000 | 16,654,000 | |
Individually evaluated for impairment | 118,000 | $ 118,000 | |
Collectively evaluated for impairment | 16,389,000 | 16,343,000 | |
Loans: | |||
Individually evaluated for impairment | 7,145,000 | 12,377,000 | |
Collectively evaluated for impairment | 1,383,378,000 | 1,360,447,000 | |
Ending balance | 1,390,523,000 | 1,372,824,000 | |
Commercial real estate [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 8,654,000 | 7,458,000 | |
CECL adoption | 1,384,000 | ||
Provision | (4,000) | ||
Charge-offs | 0 | 0 | |
Recoveries | 3,000 | 34,000 | |
Total | 10,037,000 | 7,492,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 10,037,000 | 8,654,000 | |
Loans: | |||
Individually evaluated for impairment | 6,685,000 | 12,030,000 | |
Collectively evaluated for impairment | 857,812,000 | 861,543,000 | |
Ending balance | 864,497,000 | 873,573,000 | |
Commercial and industrial [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 271,000 | 713,000 | |
CECL adoption | (73,000) | ||
Provision | 16,000 | ||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Total | 214,000 | 713,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 214,000 | 271,000 | |
Loans: | |||
Individually evaluated for impairment | 11,000 | 10,000 | |
Collectively evaluated for impairment | 30,905,000 | 28,849,000 | |
Ending balance | 30,916,000 | 28,859,000 | |
Construction [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 6,289,000 | 7,228,000 | |
CECL adoption | (1,269,000) | ||
Provision | 329,000 | ||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Total | 5,349,000 | 7,228,000 | |
Individually evaluated for impairment | 118,000 | 118,000 | |
Collectively evaluated for impairment | 5,231,000 | 6,171,000 | |
Loans: | |||
Individually evaluated for impairment | 248,000 | 148,000 | |
Collectively evaluated for impairment | 442,445,000 | 417,390,000 | |
Ending balance | 442,693,000 | 417,538,000 | |
Residential first-lien mortgage [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 236,000 | 267,000 | |
CECL adoption | 428,000 | ||
Provision | (10,000) | ||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Total | 654,000 | 267,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 654,000 | 236,000 | |
Loans: | |||
Individually evaluated for impairment | 121,000 | 118,000 | |
Collectively evaluated for impairment | 42,445,000 | 43,007,000 | |
Ending balance | 42,566,000 | 43,125,000 | |
Home equity/consumer [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 45,000 | 48,000 | |
CECL adoption | 195,000 | ||
Provision | 13,000 | ||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Total | 253,000 | 48,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 253,000 | 45,000 | |
Loans: | |||
Individually evaluated for impairment | 80,000 | 71,000 | |
Collectively evaluated for impairment | 7,455,000 | 7,189,000 | |
Ending balance | 7,535,000 | 7,260,000 | |
PPP [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 0 | 0 | |
CECL adoption | 0 | ||
Provision | 0 | ||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Total | 0 | 0 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 2,316,000 | 2,469,000 | |
Ending balance | 2,316,000 | 2,469,000 | |
Unallocated [Member] | |||
Allowance for loan losses: | |||
Beginning balance | 966,000 | 906,000 | |
CECL adoption | (966,000) | ||
Provision | 0 | ||
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Total | 0 | $ 906,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 966,000 | |
Loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Ending balance | $ 0 | $ 0 |
Loans Receivable - Summary of_4
Loans Receivable - Summary of Allowance for Loan Losses On Loans Receivables (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Receivables [Abstract] | ||
Provision for credit losses | $ 265,000 | $ 0 |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 344,000 | |
Increase decrease in reserve for unfunded liabilities | $ 79,000 |
Deposits - Summary of Component
Deposits - Summary of Components of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deposit Liability [Line Items] | ||
Demand, non-interest-bearing checking | $ 218,709 | $ 265,078 |
Demand, interest-bearing checking | 244,889 | 269,737 |
Savings | 173,502 | 190,686 |
Money market | 263,874 | 283,652 |
Time deposits, $250,000 and over | 88,378 | 83,410 |
Time deposits, other | 302,748 | 255,167 |
Total deposits | $ 1,292,100 | $ 1,347,730 |
Demand, non-interest-bearing checking percentage | 16.93% | 19.67% |
Demand, interest-bearing checking percentage | 18.95% | 20.01% |
Savings percentage | 13.43% | 14.15% |
Money market percentage | 20.42% | 21.05% |
Time deposits, $250,000 and over percentage | 6.84% | 6.19% |
Time deposits other percentage | 23.43% | 18.93% |
Total deposits percentage | 100% | 100% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Overnight Borrowings One [Member] | |
Short-Term Debt [Line Items] | |
Borrowings outstanding | $ 44.5 |
Borrowings rate | 4.99% |
Overnight Borrowings Two [Member] | |
Short-Term Debt [Line Items] | |
Borrowings outstanding | $ 10 |
Borrowings rate | 4.61% |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosure - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 84,512 | $ 83,402 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 82,218 | 81,341 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,294 | 2,061 |
Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 84,512 | 83,402 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 82,218 | 81,341 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,294 | 2,061 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 34,699 | 34,915 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 34,699 | 34,915 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 34,699 | 34,915 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 5,235 | 5,085 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 5,235 | 5,085 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 5,235 | 5,085 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 42,284 | 41,341 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 42,284 | 41,341 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 42,284 | 41,341 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,294 | 2,061 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,294 | 2,061 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | 0 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 2,294 | $ 2,061 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosure - Summary of Financial Assets Measured at Fair Value on NonRecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 1,373,440 | $ 1,347,137 |
Fair Value, Nonrecurring [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 30 | 30 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 30 | 30 |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans | 30 | 30 |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 30 | $ 30 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosure - Summary of Quantitative Information with Regards to Level 3 Fair Value Measurements (Detail) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 1,373,440 | $ 1,347,137 |
Measurement Input Discount Rate Adjustment [Member] | Impaired Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable Measurement Input | 6 | 6 |
Measurement Input Discount Rate Adjustment [Member] | Valuation Technique Collateral [Member] | Weighted Average [Member] | Impaired Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 30 | $ 30 |
Loans Receivable Measurement Input | (6) | (6) |
Fair Value Measurements and D_6
Fair Value Measurements and Disclosure - Summary of Carrying Amounts and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets: (Carrying Amount) | ||
Cash and cash equivalents | $ 18,024 | $ 53,351 |
Securities AFS | 84,512 | 83,402 |
Securities HTM | 199 | 201 |
Loans receivable, net | 1,372,068 | 1,353,907 |
Restricted bank stock | 3,295 | 1,742 |
Accrued interest receivable | 4,865 | 4,756 |
Financial Liabilities (Carrying Amount) | ||
Deposits | 1,292,100 | 1,347,730 |
Borrowings | 44,500 | 10,000 |
Accrued interest payable | 2,160 | 1,027 |
Financial Assets: (Fair Value) | ||
Securities AFS | 84,512 | 83,402 |
Securities HTM | 199 | 200 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | ||
Financial Assets: (Fair Value) | ||
Cash and cash equivalents | 18,024 | 53,351 |
Securities AFS | 84,512 | 83,402 |
Securities HTM | 199 | 200 |
Loans receivable, net | 1,373,440 | 1,347,137 |
Restricted bank stock | 3,295 | 1,742 |
Accrued interest receivable | 4,865 | 4,756 |
Financial Liabilities (Fair Value) | ||
Deposits | 1,204,237 | 1,225,087 |
Borrowings | 44,500 | 10,000 |
Accrued interest payable | 2,160 | 1,027 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: (Fair Value) | ||
Cash and cash equivalents | 18,024 | 53,351 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: (Fair Value) | ||
Securities AFS | 82,218 | 81,341 |
Securities HTM | 199 | 200 |
Restricted bank stock | 3,295 | 1,742 |
Accrued interest receivable | 4,865 | 4,756 |
Financial Liabilities (Fair Value) | ||
Deposits | 1,204,237 | 1,225,087 |
Borrowings | 44,500 | 10,000 |
Accrued interest payable | 2,160 | 1,027 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: (Fair Value) | ||
Securities AFS | 2,294 | 2,061 |
Loans receivable, net | $ 1,373,440 | $ 1,347,137 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 31, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease terms for operating leases | 11 years 1 month 6 days |
Weighted-average discount rate | 2.54% |
Leases - Summary of Operating L
Leases - Summary of Operating Leases of Lessee (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Gross carrying amount | $ 16,026 | $ 17,919 |
Accumulated amortization | (319) | (1,893) |
Net book value | 15,707 | 16,026 |
Lease liabilities | $ 16,466 | $ 16,772 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease cost: | ||
Operating lease | $ 665 | $ 700 |
Short-term lease cost | 2 | 24 |
Total lease cost | 667 | 724 |
Cash paid for amounts included in the measurement of lease liabilities | $ 585 | $ 573 |
Leases - Summary of Lessee Oper
Leases - Summary of Lessee Operating Lease Liability Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
2024 | $ 2,227 | |
2025 | 2,074 | |
2026 | 2,000 | |
2027 | 1,795 | |
2028 | 1,499 | |
Thereafter | 10,014 | |
Total future operating lease payment | 19,609 | |
Amounts representing interest | (3,143) | |
Present value of net future lease payments | $ 16,466 | $ 16,772 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangible - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Goodwill | $ 8,853 | $ 8,853 |
Core deposit intangible assets | 1,690 | $ 1,825 |
Goodwill tax deductible | $ 8,900 | |
Goodwill amortization period | 15 years | |
Core Deposits [Member] | ||
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Core deposit intangible assets | $ 4,200 | |
Intangible assets amortized year | 10 years |
Goodwill and Core Deposit Int_4
Goodwill and Core Deposit Intangible - Summary of Carrying Amount of Goodwill and Core Deposit Intangible Assets (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning balance | $ 8,853 |
Core Deposit Intangible, Beginning balance | 1,825 |
Amortization expense | 135 |
Goodwill, Ending balance | 8,853 |
Core Deposit Intangible, Ending balance | $ 1,690 |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangible - Summary of Future Fiscal Periods Amortization for the Core Deposit Intangible (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2023 | $ 357 | |
2024 | 415 | |
2025 | 338 | |
2026 | 261 | |
2027 | 183 | |
Thereafter | 136 | |
Total | $ 1,690 | $ 1,825 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | Apr. 19, 2023 $ / shares |
Subsequent Event [Line Items] | |
Dividends payable, date of record | May 09, 2023 |
Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Dividends payable, amount per share | $ 0.3 |
Dividend Paid [Member] | |
Subsequent Event [Line Items] | |
Dividends payable, date to be paid | May 26, 2023 |