Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 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 | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
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 | 6,287,252 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 16,100 | $ 12,161 |
Interest-earning bank balances | 1,815 | 13,140 |
Federal funds sold | 125,086 | 28,050 |
Total cash and cash equivalents | 143,001 | 53,351 |
Securities available-for-sale, at fair value | 87,172 | 83,402 |
Securities held-to-maturity (fair value $196 and $200, at June 30, 2023 and December 31, 2022, respectively) | 197 | 201 |
Loans receivable, net of deferred costs | 1,499,691 | 1,370,368 |
Less: allowance for credit lossess | (17,970) | (16,461) |
Loan receivable, net | 1,481,721 | 1,353,907 |
Bank-owned life insurance | 53,202 | 52,617 |
Premises and equipment, net | 14,616 | 11,722 |
Accrued interest receivable | 5,575 | 4,756 |
Restricted investment in bank stock | 1,385 | 1,742 |
Deferred taxes, net | 12,672 | 7,599 |
Goodwill | 8,853 | 8,853 |
Core deposit intangible | 1,662 | 1,825 |
Mortgage servicing rights | 1,623 | 0 |
Other real estate owned | 33 | 0 |
Operating lease right-of-use asset | 23,050 | 16,026 |
Other assets | 8,264 | 5,778 |
TOTAL ASSETS | 1,843,026 | 1,601,779 |
Deposits: | ||
Non-interest-bearing | 258,014 | 265,078 |
Interest-bearing | 1,314,884 | 1,082,652 |
Total deposits | 1,572,898 | 1,347,730 |
Borrowings | 0 | 10,000 |
Accrued interest payable | 6,174 | 1,027 |
Operating lease liability | 23,805 | 16,772 |
Other liabilities | 11,250 | 6,649 |
TOTAL LIABILITIES | 1,614,127 | 1,382,178 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value; 15,000,000 shares authorized, 6,279,479 shares issued and outstanding at June 30 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 | 97,103 | 81,291 |
Treasury stock, at cost 663,805 shares at December 31, 2022 | 0 | (19,452) |
Retained earnings | 140,310 | 131,488 |
Accumulated other comprehensive loss | (8,514) | (8,273) |
TOTAL STOCKHOLDER'S EQUITY | 228,899 | 219,601 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,843,026 | $ 1,601,779 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Held to maturity debt securities at fair value | $ 196 | $ 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 | 6,279,479 | 6,909,402 |
Common stock shares outstanding | 6,279,479 | 6,245,597 |
Treasury share common stock | 663,805 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans receivable, including fees | $ 21,517 | $ 16,768 | $ 41,411 | $ 33,260 |
Securities available-for-sale: | ||||
Taxable | 292 | 234 | 570 | 457 |
Tax-exempt | 284 | 293 | 568 | 596 |
Securities held-to-maturity | 2 | 3 | 5 | 6 |
Other interest and dividend income | 919 | 158 | 1,072 | 215 |
TOTAL INTEREST AND DIVIDEND INCOME | 23,014 | 17,456 | 43,626 | 34,534 |
INTEREST EXPENSE | ||||
Deposits | 7,321 | 1,169 | 11,186 | 2,393 |
Borrowings | 32 | 0 | 118 | 0 |
TOTAL INTEREST EXPENSE | 7,353 | 1,169 | 11,304 | 2,393 |
NET INTEREST INCOME | 15,661 | 16,287 | 32,322 | 32,141 |
Provision for credit losses | 2,463 | 0 | 2,728 | 0 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 13,198 | 16,287 | 29,594 | 32,141 |
NON-INTEREST INCOME | ||||
Gain on call/sale of securities available-for-sale | 0 | 2 | 0 | 2 |
Income from bank-owned life insurance | 295 | 283 | 585 | 565 |
Fees and service charges | 464 | 497 | 912 | 972 |
Loan fees, including preypayment penalties | 1,030 | 303 | 1,381 | 398 |
Gain on bargain purchase | 9,696 | 0 | 9,696 | 0 |
Other | 80 | 27 | 365 | 221 |
TOTAL NON-INTEREST INCOME | 11,565 | 1,112 | 12,939 | 2,158 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 5,776 | 4,908 | 11,175 | 9,809 |
Occupancy and equipment | 1,705 | 1,429 | 3,046 | 2,907 |
Professional fees | 556 | 582 | 1,021 | 1,143 |
Data processing and communications | 1,318 | 1,056 | 2,618 | 2,091 |
Federal deposit insurance | 253 | 275 | 443 | 539 |
Advertising and promotion | 126 | 120 | 236 | 239 |
Office expense | 178 | 62 | 275 | 116 |
Other real estate expenses | 1 | 2 | 1 | 11 |
Loss on sale of other real estate owned | 0 | 101 | 0 | 101 |
Core deposit intangible | 127 | 145 | 262 | 299 |
Acquisition-related expenses | 7,026 | 0 | 7,026 | 0 |
Other | 748 | 748 | 1,483 | 1,441 |
TOTAL NON-INTEREST EXPENSE | 17,814 | 9,428 | 27,586 | 18,696 |
INCOME BEFORE INCOME TAX EXPENSE | 6,949 | 7,971 | 14,947 | 15,603 |
INCOME TAX EXPENSE | 161 | 1,644 | 2,062 | 3,255 |
NET INCOME | $ 6,788 | $ 6,327 | $ 12,885 | $ 12,348 |
Earnings per common share-basic | $ 1.08 | $ 1 | $ 2.06 | $ 1.93 |
Earnings per common share-diluted | 1.07 | 0.98 | 2.02 | 1.89 |
Dividends declared per common share | $ 0.3 | $ 0.25 | $ 0.6 | $ 0.5 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
NET INCOME | $ 6,788 | $ 6,327 | $ 12,885 | $ 12,348 | |
Other comprehensive income (loss) | |||||
Unrealized losses arising during period on securities available-for-sale | (2,074) | (3,616) | (335) | (10,081) | |
Reclassification adjustment for gains realized in income | [1] | 0 | (2) | 0 | (2) |
Net unrealized loss | (2,074) | (3,618) | (335) | (10,083) | |
Tax effect | 592 | 774 | 94 | 2,717 | |
Total other comprehensive income (loss) | (1,482) | (2,844) | (241) | (7,366) | |
COMPREHENSIVE INCOME | $ 5,306 | $ 3,483 | $ 12,644 | $ 4,982 | |
[1]Amounts are included in gain on call/sale of securities available-for-sale on the Consolidated Statements of Income as a separate element within total non-interest income. There was no income tax benefit for the three months and six months ended June 30, 2022. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Income tax expenses on available for sale securities reclassified from other comprehensive income into income statement | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Treasury Stock, Common [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 | 12,348 | 12,348 | ||||
Other comprehensive loss | (7,366) | (7,366) | ||||
Stock options exercised | 524 | 185 | 339 | |||
Dividends declared | (3,267) | (3,267) | ||||
Purchase of treasury stock | (7,800) | (7,800) | ||||
Dividend reinvestment plan | 9 | 36 | (45) | |||
Stock-based compensation expense | 123 | 123 | ||||
Restricted stock | 209 | 44 | 165 | |||
Ending balance at Jun. 30, 2022 | 211,349 | 34,338 | 80,883 | (17,832) | 120,487 | (6,527) |
Beginning balance at Mar. 31, 2022 | 213,240 | 34,181 | 80,576 | (13,647) | 115,813 | (3,683) |
Net income | 6,327 | 6,327 | ||||
Other comprehensive loss | (2,844) | (2,844) | ||||
Stock options exercised | 419 | 153 | 266 | |||
Dividends declared | (1,599) | (1,599) | ||||
Purchase of treasury stock | (4,185) | (4,185) | ||||
Dividend reinvestment plan | 24 | 4 | 26 | (54) | ||
Stock-based compensation expense | 15 | 15 | ||||
Ending balance at Jun. 30, 2022 | 211,349 | 34,338 | 80,883 | (17,832) | 120,487 | (6,527) |
Beginning balance at Dec. 31, 2022 | 219,601 | 34,547 | 81,291 | (19,452) | 131,488 | (8,273) |
Net income | 12,885 | 12,885 | ||||
Other comprehensive loss | (241) | (241) | ||||
Stock options exercised | 272 | 0 | 272 | |||
Dividends declared | (3,719) | (3,719) | ||||
Dividend reinvestment plan | 0 | 60 | (60) | |||
Stock-based compensation expense | 385 | 385 | ||||
Adoption of CECL | (284) | (284) | ||||
Formation of Princeton Bancorp, Inc. | (34,547) | 15,095 | 19,452 | |||
Ending balance at Jun. 30, 2023 | 228,899 | 0 | 97,103 | 0 | 140,310 | (8,514) |
Beginning balance at Mar. 31, 2023 | 225,273 | 0 | 96,880 | 0 | 135,425 | (7,032) |
Net income | 6,788 | 6,788 | ||||
Other comprehensive loss | (1,482) | (1,482) | ||||
Dividends declared | (1,876) | (1,876) | ||||
Dividend reinvestment plan | 0 | 0 | 27 | (27) | ||
Stock-based compensation expense | 196 | 196 | ||||
Ending balance at Jun. 30, 2023 | $ 228,899 | $ 0 | $ 97,103 | $ 0 | $ 140,310 | $ (8,514) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Stock issued during the period stock options exercised | 29,951 | 16,307 | 36,401 | |
Stock issued during period shares restricted stock award net of forfeitures | 8,741 | |||
Common stock dividend declared per share paid | $ 0.3 | $ 0.25 | $ 0.6 | $ 0.5 |
Treasury stock shares acquired | 140,901 | 265,341 | ||
Stock issued during period shares dividend reinvestment plan | 1,083 | 931 | 2,041 | 1,733 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 12,885 | $ 12,348 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 2,728 | 0 | |
Depreciation and amortization | 670 | 648 | |
Stock-based compensation expense | 385 | 123 | |
Amortization of premiums and accretion of discount on securities | 19 | 24 | |
Accretion of net deferred loan fees and costs | (1,005) | (3,139) | |
Gain on call/sale of securities available-for-sale | 0 | (2) | |
Income earned from small business investment company ("SBIC") Investment | (191) | (87) | |
Increase in cash surrender value of bank-owned life insurance | (585) | (564) | |
Deferred income tax (benefit) | (752) | 3 | |
Amortization of core deposit intangible | 262 | 300 | |
Bargain purchase gain | (9,696) | 0 | |
Proceeds from other real estate owned | 0 | 125 | |
Write down on other real estate owned | 0 | 101 | |
Decrease in accrued interest receivable and other assets | 10,501 | 1,002 | |
Decrease in accrued interest payable and other liabilities | (2,416) | (2,220) | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 12,805 | 8,662 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of available-for-sale securities | (345) | (4,306) | |
Principal repayments of securities available-for-sale | 3,198 | 4,208 | |
Maturities and calls of securities available-for-sale | 830 | 3,002 | |
Maturities, calls and principal repayments of securities held-to-maturity | 4 | 4 | |
Net decrease (increase) in loans | 56,082 | (57,649) | |
Cash paid for acquisition | (25,414) | 0 | |
Cash received from acquisition | 23,181 | 0 | |
Purchases of premises and equipment | (1,069) | (477) | |
Purchases of restricted bank stock | 357 | 40 | |
NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES | 56,824 | (55,178) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 33,468 | (55,095) | |
Repayment of overnight borrowings | (10,000) | 0 | |
Cash dividends | (3,779) | (3,312) | |
Dividend reinvestment program | 60 | 45 | |
Purchase of treasury stock | 0 | (7,800) | |
Proceeds from exercise of stock options | 272 | 524 | |
Release of restricted stock units | 0 | 209 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 20,021 | (65,429) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 89,650 | (111,945) | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 53,351 | 158,716 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 143,001 | 46,771 | |
SUPPLEMENTARY CASH FLOWS INFORMATION: | |||
Interest paid | 6,157 | 2,868 | |
Income taxes paid | 3,455 | 1,245 | |
Reclass of paid-in capital related to holding company formation | 15,095 | 0 | |
Reclass of treasury stock related to holding company formation | 19,452 | 0 | |
Reclass of common stock related to holding company formation | (34,547) | 0 | |
Net assets acquired from Noah Bank | [1] | 239,451 | 0 |
Net liabilities assumed from Noah Bank | [1] | $ 204,341 | $ 0 |
[1]For details of assets acquired and liabilities assumed - See Note 2. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 30 branches, is generally an area within an approximate 50-mile The Bank offers traditional retail banking services, one-to-four-family On January 10, 2023, Princeton Bancorp, Inc., a Pennsylvania corporation formed by the Bank (the “Company”), acquired all the outstanding stock of the Bank in a corporate reorganization. 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. As of June 30, 2023, the Company had 212 total employees and 209 full-time equivalent employees. On May 19, 2023, the Company completed the acquisition of Noah Bank, a Pennsylvania chartered state bank headquartered in Elkins Park, Pennsylvania that primarily served the Philadelphia, North New Jersey and New York City markets. On that date the Company acquired 100% of the outstanding common stock, for cash, of Noah Bank and Noah Bank was merged with and into the Bank. 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, the valuation of acquired assets and liabilities, and evaluation of the potential impairment of goodwill. Management believes that the allowance for credit losses is adequate as of June 30, 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 |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2 – Business Combinations On May 19, 2023, the Company completed its acquisition of Noan Bank, a Pennsylvania chartered state bank headquartered in Elkins Park, Pennsylvania that primarily served the Philadelphia, North New Jersey and New York City markets. On that date the Company acquired 100% of the outstanding common stock of Noah Bank and Noah Bank was merged with and into the Bank. In accordance with the terms of the acquisition agreement, the Company paid $6.00 per share of Noah’s common stock outstanding on the closing date. The acquisition of Noah Bank was accounted for as a business combination using the acquisition method of accounting, and accordingly, the assets acquired, the liabilities assumed, and consideration transferred were recorded at their estimated fair value as of the acquisition. The $9.7 million below was recorded as a “Bargain Purchase” in non-interest The following table summarizes the purchase price calculation and bargain purchase gain resulting from acquisition: Fair Value Purchase Price Consideration in Cash for Noah Bank’s Outstanding Shares Noah Bank number of common shares outstanding 4,235,666 Purchase price per share assigned to cash consideration $ 6.00 Cash consideration $ 25,414 Assets Acquired: Cash and cash equivalents $ 23,181 Securities available-for-sale 6,454 Loans receivable, net of allowance 185,891 Core deposit intangible 99 Premises and equipment 2,495 Operating leases right-of-use 10,523 Deferred tax assets 4,308 Other assets 6,500 Fair value of assets acquired 239,451 Liabilities Assumed: Deposits 191,700 Operating lease liability 10,523 Other liabilities assumed 2,118 Fair value of liabilities assumed 204,341 Total identifiable net assets 35,110 Bargain purchase gain $ (9,696 ) The Company recorded merger-related expenses of $7.0 million, consisting of $3.7 million for termination of a branch lease, $1.7 million related to termination of data processing contract, $437 thousand for legal related expenses, $243 thousand for investment banker services, $184 thousand in severance payments, $115 thousand in professional services provided and $621 thousand in other miscellaneous related expenses. In addition, the Company recorded a $1.7 million provision for the non-purchase While the valuation of the acquired assets and liabilities is substantially complete, fair value estimates related to the assets and liabilities from Noah Bank are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. Valuations subject to adjustment include, but are not limited to, investments, loans and deposits as management continues to review the estimated fair value and evaluate the assumed tax position. When the valuation is final, any changes to the preliminary valuation could result in adjustments of bargain purchase recorded. The following is a description of the fair value methodologies used to estimate the fair values of major categories of assets acquired. Cash and due from banks: Investment securities: Loans: non-performing Allowance for credit losses Other assets right-of-use Time deposits: five |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 - 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 June 30, 2023 and 2022 (in thousands, except per share data): Three months ended 2023 2022 Net income applicable to common stock $ 6,788 $ 6,327 Weighted average number of common shares outstanding 6,270 6,305 Basic earnings per share $ 1.08 $ 1.00 Net income applicable to common stock $ 6,788 $ 6,327 Weighted average number of common shares outstanding 6,270 6,305 Dilutive effect on common shares outstanding 95 132 Weighted average number of diluted common shares outstanding 6,365 6,437 Diluted earnings per share $ 1.07 $ 0.98 The following schedule presents earnings per share data for the six-month Six months ended 2023 2022 Net income applicable to common stock $ 12,885 $ 12,348 Weighted average number of common shares outstanding 6,263 6,385 Basic earnings per share $ 2.06 $ 1.93 Net income applicable to common stock $ 12,885 $ 12,348 Weighted average number of common shares outstanding 6,263 6,385 Dilutive effect on common shares outstanding 112 141 Weighted average number of diluted common shares outstanding 6,375 6,526 Diluted earnings per share $ 2.02 $ 1.89 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- and six-month Three months ended June 30, 2023 2022 Weighted Ave Weighted Ave Options Exercise Price Options Exercise Price Options to purchase 276,704 $ 19.56 328,021 $ 17.65 Anti-dilutive 95,750 $ 32.45 95,750 $ 32.45 Six months ended June 30, 2023 2022 Weighted Ave Weighted Ave Options Exercise Price Options Exercise Price Options to purchase 280,732 $ 19.49 333,753 $ 16.31 Anti-dilutive 95,750 $ 32.45 95,750 $ 32.45 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4 – Investment Securities The following summarizes the amortized cost and fair value of securities available-for-sale June 30, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available -for-sale (In thousands) Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 42,035 $ 6 $ (6,502 ) $ 35,539 U.S. government agency securities 6,260 — (1,079 ) 5,181 Obligations of state and political subdivisions 44,311 6 (3,779 ) 40,538 Small Business Association (SBA) securities 3,362 1 — 3,363 Subordinated debentures 450 — — 450 Small business investment company securities 2,684 — (583 ) 2,101 Total $ 99,102 $ 13 $ (11,943 ) $ 87,172 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses 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 Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30, 2023 (In thousands) Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 1,713 $ (77 ) $ 31,480 $ (6,425 ) $ 33,193 $ (6,502 ) U.S. government agency securities — $ — 5,181 (1,079 ) 5,181 (1,079 ) Obligations of state and political subdivisions 12,409 (367 ) 23,814 (3,412 ) 36,223 (3,779 ) Small business investment company securities 2,101 (583 ) — — 2,101 (583 ) Total $ 16,223 $ (1,027 ) $ 60,475 $ (10,916 ) $ 76,698 $ (11,943 ) Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses 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 ) $ 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 $ 150 $ 150 Due after one year through five years 4,987 4,876 Due after five years through ten years 26,903 24,914 Due after ten years 18,531 15,779 Mortgage-backed securities (GSEs) 42,035 35,539 Small Business Association (SBA) securities 3,362 3,363 Subordinated debentures 450 450 SBIC securities 2,684 2,101 $ 99,102 $ 87,172 Proceeds from calls and maturities of available-for-sale available-for-sale six-month for available-for-sale six-month On January 1, 2023, the Company adopted ASU 2016-13 available-for-sale. The Company’s securities primarily consist of the following types of instruments; U.S. guaranteed mortgage-backed securities, U.S guaranteed agency bonds, state and political subdivision issued bonds, one small business investment company security guaranteed by the U.S. government and a subordinate debenture acquired from Noah Bank. 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 June 30, 2023, the Company’s available-for-sale available-for-sale available-for-sale available-for-sale securities-GSE There are no securities pledged as of June 30, 2023 and December 31, 2022. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans Receivable | Note 5 – Loans Receivable Loans receivable, net at June 30, 2022 and December 31, 2022 were comprised of the following: June 30, December 31, 2023 2022 (In thousands) Commercial real estate $ 1,022,954 $ 873,573 Commercial and industrial 46,022 28,859 Construction 383,615 417,538 Residential first-lien mortgage 40,244 43,125 Home equity/consumer 8,029 9,729 Total loans 1,500,864 1,372,824 Deferred fees and costs (1,173 ) (2,456 ) Loans, net $ 1,499,691 $ 1,370,368 Except as discussed in Note 2 regarding the Noah Bank acquisition, the Company did not purchase any loans during the three and six months ended June 30, 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 of the lending environment, including underwriting standards and other factors affecting credit quality. The following table presents the components of the allowance for credit losses: June 30, December 31, 2023 2022 (In thousands) Allowance for credit losses - loans $ (17,970 ) $ (16,461 ) Allowance for credit losses - off balance sheet (699 ) (332 ) $ (18,669 ) $ (16,793 ) The following table presents nonaccrual loans by segment of the loan portfolio as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 With a Without a With a Without a Related Related Related Related Allowance Allowance Allowance Allowance (In thousands) Commercial real estate $ — $ 4,485 $ — $ — Commercial and industrial — 2,232 — — Construction — 2,925 148 — Residential first-lien mortgage — 111 — 118 Total nonaccrual loans $ — $ 9,753 $ 148 $ 118 The calculation of the allowance for credit losses does not include any accrued interest receivable. The Company’s policy is to write off any interest not collected after 90 days. During the six-month thousand in accrued interest receivable for loans. 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, summarized by the past due status as of June 30, 2023: Loans 30-59 60-89 >90 Receivable Days Days Days Total Total >90 Days Past Past Past Past Loans and Due Due Due Due Current Receivable Accruing (In thousands) Commercial real estate $ 539 $ — $ 4,485 $ 5,024 $ 1,017,930 $ 1,022,954 $ — Commercial and industrial 45 — 2,232 2,277 43,745 46,022 — Construction — — 2,925 2,925 380,690 383,615 — Residential first-lien mortgage 495 — 111 606 39,638 40,244 — Home equity/consumer — — — — 8,029 8,029 — Total $ 1,079 $ — $ 9,753 $ 10,832 $ 1,490,032 $ 1,500,864 $ — The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2022: Loans 30-59 60-89 Receivable Days Days Greater Total Total >90 Days Past Past than Past Loans and Due Due 90 days Due Current Receivable 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 255 — 184 439 9,290 9,729 184 Total $ 1,547 $ 6,193 $ 450 $ 8,190 $ 1,364,634 $ 1,372,824 $ 184 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 . The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of June 30, 2023. 2023 2022 2021 2020 2019 Prior Revolving Total (Dollars in thousands) Commercial real estate Pass $ 6,260 $ 235,799 $ 88,066 $ 54,349 $ 174,659 $ 450,916 $ 5,608 $ 1,015,657 Special mention — — — — — 2,812 — 2,812 Substandard — — — — — 4,485 — 4,485 Total commercial real estate 6,260 235,799 88,066 54,349 174,659 458,213 5,608 1,022,954 Commercial and industrial Pass 1,771 4,054 2,466 2,298 16,367 2,674 13,139 42,769 Special mention — — — — — 697 — 697 Substandard — — — — — 2,556 — 2,556 Total commercial and industrial 1,771 4,054 2,466 2,298 16,367 5,927 13,139 46,022 Construction Pass — 6,904 141,342 38,117 48 10,837 183,442 380,690 Special mention — — — — — — — — Substandard — — — 2,925 — — — 2,925 Total construction — 6,904 141,342 41,042 48 10,837 183,442 383,615 Residential first-lien mortgage Performing — 1,006 5,707 2,886 1,578 28,956 — 40,133 Nonperforming — — — — — 111 — 111 Total residential first-lien mortgage — 1,006 5,707 2,886 1,578 29,067 — 40,244 Home equity/consumer Performing — 948 415 67 — 2,980 3,619 8,029 Nonperforming — — — — — — — — Total home equity/consumer — 948 415 67 — 2,980 3,619 8,029 Current period gross charge-offs — — — — — (1,868 ) — (1,868 ) Current period recoveries — — — — — 30 — 30 Total net-charge-off — — — — — (1,838 ) — (1,838 ) Total Pass 8,031 248,711 237,996 97,717 192,652 496,363 205,808 1,487,278 Special mention — — — — — 3,509 — 3,509 Substandard — — — 2,925 — 7,152 — 10,077 Total loans $ 8,031 $ 248,711 $ 237,996 $ 100,642 $ 192,652 $ 507,024 $ 205,808 $ 1,500,864 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: Special Pass Mention 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 9,729 — — — 9,729 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 June 30, 2023: Commercial Commercial Residential Home equity/ real estate industrial Construction mortgage consumer Unallocated Total (In thousands) Allowance for credit losses: Beginning balance $ 10,037 $ 214 $ 5,349 $ 654 $ 253 $ — $ 16,507 Non-purchased 1,586 105 — 16 — — 1,707 Purchased credit deteriorated loans 498 103 — — — — 601 Provision 1 1,697 (19 ) (672 ) (7 ) (3 ) — 996 Charge-offs (1,718 ) — (148 ) (2 ) — — (1,868 ) Recoveries 23 4 — — — — 27 Total $ 12,123 $ 407 $ 4,529 $ 661 $ 250 $ — $ 17,970 Ending Balance: Individually evaluated $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 12,123 407 4,529 661 250 — 17,970 $ 12,123 $ 407 $ 4,529 $ 661 $ 250 $ — $ 17,970 1 non-PCD The Commercial Residential Commercial and first-lien Home equity/ real estate industrial Construction mortgage consumer Unallocated Total (In thousands) Loans: Ending balance: Individually evaluated $ 4,485 $ 2,232 $ 2,925 $ 111 $ — $ — $ 9,753 Collectively evaluated 1,018,469 43,790 380,690 40,133 8,029 — 1,491,111 Ending balance $ 1,022,954 $ 46,022 $ 383,615 $ 40,244 $ 8,029 $ — $ 1,500,864 The following table presents the allowance for loan losses on loans receivables at and for the three months ended June 30, 2022: Commercial Commercial Construction Residential Home equity/ Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 7,088 $ 266 $ 8,034 $ 262 $ 46 $ 958 $ 16,654 Provision 1,583 13 (1,604 ) (3 ) 4 7 — Charge-offs (200 ) — — — — — (200 ) Recoveries 212 — — — — — 212 Total $ 8,683 $ 279 $ 6,430 $ 259 $ 50 $ 965 $ 16,666 The following table presents the allowance for credit losses on loans receivable at and for the six months ended June 30, 2023: Commercial Commercial Construction Residential first-lien Home equity/ 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 ) CECL day 1 provision 1,586 105 — 16 — — 1,707 Purchased credit deteriorated loans 498 103 — — — — 601 Provision 1 1,693 (3 ) (343 ) (17 ) 10 — 1,340 Charge-offs (1,718 ) — (148 ) (2 ) — — (1,868 ) Recoveries 26 4 — — — — 30 Total $ 12,123 $ 407 $ 4,529 $ 661 $ 250 $ — $ 17,970 1 non-PCD The following table presents the allowance for credit losses on loans receivable at and for the six months ended June 30, 2022: Commercial real estate Commercial and industrial Construction Residential first-lien mortgage Home equity/ consumer PPP Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 7,458 $ 713 $ 7,228 $ 267 $ 48 $ — $ 906 $ 16,620 Provision 1,179 (434 ) (798 ) (8 ) 2 — 59 — Charge-offs (200 ) — — — — — — (200 ) Recoveries 246 — — — — — — 246 Total $ 8,683 $ 279 $ 6,430 $ 259 $ 50 $ — $ 965 $ 16,666 The following table presents the recorded investment of loans receivables and allowance for loan losses at December 31, 2022: Commercial real estate Commercial and industrial Construction Residential first-lien mortgage Home equity/ consumer 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 9,658 — 1,360,447 Ending balance $ 873,573 $ 28,859 $ 417,538 $ 43,125 $ 9,729 $ — $ 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 June 30, 2023, non-performing charge-off, non-performing charge-off Management took a conservative approach and reduced the loan balance although no formal commitment had been executed as of this date. With the adoption of CECL, performing troubled debt restructurings (“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 | 6 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Deposits | Note 6 – Deposits The components of deposits were as follows: June 30, December 31, 2023 2022 (Dollars in thousands) Demand, non-interest-bearing $ 258,014 16.40 % $ 265,078 19.67 % Demand, interest-bearing checking 224,328 14.26 % 269,737 20.01 % Savings 152,695 9.71 % 190,686 14.15 % Money market 321,840 20.46 % 283,652 21.05 % Time deposits, $250,000 and over 142,674 9.07 % 83,410 6.19 % Time deposits, other 473,347 30.10 % 255,167 18.93 % $ 1,572,898 100.00 % $ 1,347,730 100.00 % |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 7 – Borrowings At June 30, 2023, the Company had no overnight borrowings outstanding. At December 31, 2022, the Company had $10.0 million of overnight borrowings outstanding at a rate of 4.61%. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosure | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosure | Note 8 – 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 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 June 30, 2023 were as follows: (Level 1) (Level 2) (Level 3) Unobservable Total Fair Description (In thousands) Mortgage-backed securities -U.S. $ — $ 35,539 $ — $ 35,539 U.S. government agency securities — 5,181 — 5,181 Obligations of state and political subdivisions — 40,538 — 40,538 Small Business Association (SBA) securities — 3,363 — 3,363 Subordinated debentures — 450 — 450 SBIC securities — — 2,101 2,101 Securities available-for-sale $ — $ 85,071 $ 2,101 $ 87,172 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: (Level 1) (Level 2) (Level 3) Total Fair December 31, Description (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 June 30, 2023, were as follows. Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Other real estate owned $ — $ — $ 33 $ 33 Collateral dependent loan — — 4,485 4,485 $ — $ — $ 4,518 $ 4,518 The following table presents quantitative information using Level 3 fair value measurements at June 30, 2023. Description June 30, Valuation Unobservable Range (Dollars in thousands) Discount 0.0 % Other real estate owned 1 $ 33 Collateral 2 adjustment (0.0 %) Discount 0.0 % Collateral dependent loan $ 4,485 Collateral 3 adjustment (0.0 %) 1 2 3 For Description (Level 1) Quoted Price in Active (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. Fair Value Range December 31, Valuation Unobservable (Weighted Description 2022 Technique Input Average) (Dollars in thousands) Discount 6.0 % Impaired loans $ 30 Collateral 1 adjustment (6.0 %) 1 There 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 and not adjusted by management. 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. Level 3 securities are securities with no observable market prices. The SBIC fund’s underlying collateral is valued using prices obtained from pricing vendors or brokers, typically using at least two pricing vendors for the subject or similar securities. When vendor pricing is not available, a fair value is composed of quotes for the subject or quotes for similar securities from broker dealers. 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. The carrying amounts and estimated fair value of financial instruments at June 30, 2023 are as follows. June 30, 2023 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 143,001 $ 143,001 $ 143,001 $ — $ — Securities available-for-sale 87,172 87,172 — 85,071 2,101 Securities held-to-maturity 197 196 — 196 — Loans receivable, net 1,481,721 1,483,203 — — 1,483,203 Restricted investments in bank stock 1,385 1,385 — 1,385 — Accrued interest receivable 5,575 5,575 — 5,575 — Financial Liabilities: Deposits $ 1,572,898 $ 1,469,087 $ — $ 1,469,087 $ — Accrued interest payable 6,174 6,174 — 6,174 — The carrying amounts and estimated fair value of financial instruments at December 31, 2022 are as follows: December 31, 2022 Carrying Estimated Amount Fair Value 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). 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 | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 9 – 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 26 operating lease agreements for 25 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 June 30, 2023 December 31, 2022 (In thousands) Operating Lease Right of Use Asset: Gross carrying amount $ 16,026 $ 17,919 Increased asset from new leases 8,067 — Accumulated amortization (1,043 ) (1,893 ) Net book value Operating lease right-of-use asset $ 23,050 $ 16,026 Operating Lease Liability: Lease liability Operating lease liability $ 23,805 $ 16,772 As of June 30, 2023, the weighted-average remaining lease terms Future minimum payments under operating leases with terms longer than 12 months are as follows at June 30, 2023 (in thousands): Twelve months ended June 30, 2024 $ 3,401 2025 3,115 2026 3,009 2027 2,794 2028 2,531 Thereafter 17,546 Total future operating lease payment 32,396 Amounts representing interest (8,591 ) Present value of net future lease payments $ 23,805 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Lease cost: Operating lease $ 930 $ 705 $ 1,595 $ 1,405 Short-term lease cost 63 10 65 34 Total lease cost $ 993 $ 715 $ 1,660 $ 1,439 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 696 $ 577 $ 1,281 $ 1,244 |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangible | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangible | Note 10 – 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 The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Core Deposit Goodwill Intangible (In thousands) Balance at December 31, 2022 $ 8,853 $ 1,825 Acquisition of Noah Bank — 99 Amortization expense — (262 ) Balance at March 31, 2023 $ 8,853 $ 1,662 As of June 30, 2023, the remaining current fiscal year and future fiscal periods amortization for the core deposit intangible is (in thousands): 2023 $ 243 2024 432 2025 353 2026 274 2027 195 Thereafter 165 Total $ 1,662 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 11 – Subsequent Event On July 20, 2023, the Board of Directors declared a cash dividend of $0.30 per share of common stock to shareholders of record on August 9, 2023, payable on August 31, 2023. |
Risk and Uncertainties
Risk and Uncertainties | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Risk and Uncertainties | Note 12 – 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) | 6 Months Ended |
Jun. 30, 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, the valuation of acquired assets and liabilities, and evaluation of the potential impairment of goodwill. Management believes that the allowance for credit losses is adequate as of June 30, 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 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Summary of purchase price calculation and bargain purchase gain | The following table summarizes the purchase price calculation and bargain purchase gain resulting from acquisition: Fair Value Purchase Price Consideration in Cash for Noah Bank’s Outstanding Shares Noah Bank number of common shares outstanding 4,235,666 Purchase price per share assigned to cash consideration $ 6.00 Cash consideration $ 25,414 Assets Acquired: Cash and cash equivalents $ 23,181 Securities available-for-sale 6,454 Loans receivable, net of allowance 185,891 Core deposit intangible 99 Premises and equipment 2,495 Operating leases right-of-use 10,523 Deferred tax assets 4,308 Other assets 6,500 Fair value of assets acquired 239,451 Liabilities Assumed: Deposits 191,700 Operating lease liability 10,523 Other liabilities assumed 2,118 Fair value of liabilities assumed 204,341 Total identifiable net assets 35,110 Bargain purchase gain $ (9,696 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of earnings per share | The following schedule presents earnings per share data for the three-month periods ended June 30, 2023 and 2022 (in thousands, except per share data): Three months ended 2023 2022 Net income applicable to common stock $ 6,788 $ 6,327 Weighted average number of common shares outstanding 6,270 6,305 Basic earnings per share $ 1.08 $ 1.00 Net income applicable to common stock $ 6,788 $ 6,327 Weighted average number of common shares outstanding 6,270 6,305 Dilutive effect on common shares outstanding 95 132 Weighted average number of diluted common shares outstanding 6,365 6,437 Diluted earnings per share $ 1.07 $ 0.98 The following schedule presents earnings per share data for the six-month Six months ended 2023 2022 Net income applicable to common stock $ 12,885 $ 12,348 Weighted average number of common shares outstanding 6,263 6,385 Basic earnings per share $ 2.06 $ 1.93 Net income applicable to common stock $ 12,885 $ 12,348 Weighted average number of common shares outstanding 6,263 6,385 Dilutive effect on common shares outstanding 112 141 Weighted average number of diluted common shares outstanding 6,375 6,526 Diluted earnings per share $ 2.02 $ 1.89 |
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- and six-month Three months ended June 30, 2023 2022 Weighted Ave Weighted Ave Options Exercise Price Options Exercise Price Options to purchase 276,704 $ 19.56 328,021 $ 17.65 Anti-dilutive 95,750 $ 32.45 95,750 $ 32.45 Six months ended June 30, 2023 2022 Weighted Ave Weighted Ave Options Exercise Price Options Exercise Price Options to purchase 280,732 $ 19.49 333,753 $ 16.31 Anti-dilutive 95,750 $ 32.45 95,750 $ 32.45 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available -for-sale (In thousands) Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 42,035 $ 6 $ (6,502 ) $ 35,539 U.S. government agency securities 6,260 — (1,079 ) 5,181 Obligations of state and political subdivisions 44,311 6 (3,779 ) 40,538 Small Business Association (SBA) securities 3,362 1 — 3,363 Subordinated debentures 450 — — 450 Small business investment company securities 2,684 — (583 ) 2,101 Total $ 99,102 $ 13 $ (11,943 ) $ 87,172 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses 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 Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses June 30, 2023 (In thousands) Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 1,713 $ (77 ) $ 31,480 $ (6,425 ) $ 33,193 $ (6,502 ) U.S. government agency securities — $ — 5,181 (1,079 ) 5,181 (1,079 ) Obligations of state and political subdivisions 12,409 (367 ) 23,814 (3,412 ) 36,223 (3,779 ) Small business investment company securities 2,101 (583 ) — — 2,101 (583 ) Total $ 16,223 $ (1,027 ) $ 60,475 $ (10,916 ) $ 76,698 $ (11,943 ) Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses 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 ) $ 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 $ 150 $ 150 Due after one year through five years 4,987 4,876 Due after five years through ten years 26,903 24,914 Due after ten years 18,531 15,779 Mortgage-backed securities (GSEs) 42,035 35,539 Small Business Association (SBA) securities 3,362 3,363 Subordinated debentures 450 450 SBIC securities 2,684 2,101 $ 99,102 $ 87,172 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Summary of loans receivable net | Loans receivable, net at June 30, 2022 and December 31, 2022 were comprised of the following: June 30, December 31, 2023 2022 (In thousands) Commercial real estate $ 1,022,954 $ 873,573 Commercial and industrial 46,022 28,859 Construction 383,615 417,538 Residential first-lien mortgage 40,244 43,125 Home equity/consumer 8,029 9,729 Total loans 1,500,864 1,372,824 Deferred fees and costs (1,173 ) (2,456 ) Loans, net $ 1,499,691 $ 1,370,368 |
Summary of components of allowance for credit losses | The following table presents the components of the allowance for credit losses: June 30, December 31, 2023 2022 (In thousands) Allowance for credit losses - loans $ (17,970 ) $ (16,461 ) Allowance for credit losses - off balance sheet (699 ) (332 ) $ (18,669 ) $ (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 June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 With a Without a With a Without a Related Related Related Related Allowance Allowance Allowance Allowance (In thousands) Commercial real estate $ — $ 4,485 $ — $ — Commercial and industrial — 2,232 — — Construction — 2,925 148 — Residential first-lien mortgage — 111 — 118 Total nonaccrual loans $ — $ 9,753 $ 148 $ 118 |
Summary of performance and credit quality of loan portfolio | The following table presents the segments of the loan portfolio, summarized by the past due status as of June 30, 2023: Loans 30-59 60-89 >90 Receivable Days Days Days Total Total >90 Days Past Past Past Past Loans and Due Due Due Due Current Receivable Accruing (In thousands) Commercial real estate $ 539 $ — $ 4,485 $ 5,024 $ 1,017,930 $ 1,022,954 $ — Commercial and industrial 45 — 2,232 2,277 43,745 46,022 — Construction — — 2,925 2,925 380,690 383,615 — Residential first-lien mortgage 495 — 111 606 39,638 40,244 — Home equity/consumer — — — — 8,029 8,029 — Total $ 1,079 $ — $ 9,753 $ 10,832 $ 1,490,032 $ 1,500,864 $ — The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2022: Loans 30-59 60-89 Receivable Days Days Greater Total Total >90 Days Past Past than Past Loans and Due Due 90 days Due Current Receivable 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 255 — 184 439 9,290 9,729 184 Total $ 1,547 $ 6,193 $ 450 $ 8,190 $ 1,364,634 $ 1,372,824 $ 184 |
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 June 30, 2023. 2023 2022 2021 2020 2019 Prior Revolving Total (Dollars in thousands) Commercial real estate Pass $ 6,260 $ 235,799 $ 88,066 $ 54,349 $ 174,659 $ 450,916 $ 5,608 $ 1,015,657 Special mention — — — — — 2,812 — 2,812 Substandard — — — — — 4,485 — 4,485 Total commercial real estate 6,260 235,799 88,066 54,349 174,659 458,213 5,608 1,022,954 Commercial and industrial Pass 1,771 4,054 2,466 2,298 16,367 2,674 13,139 42,769 Special mention — — — — — 697 — 697 Substandard — — — — — 2,556 — 2,556 Total commercial and industrial 1,771 4,054 2,466 2,298 16,367 5,927 13,139 46,022 Construction Pass — 6,904 141,342 38,117 48 10,837 183,442 380,690 Special mention — — — — — — — — Substandard — — — 2,925 — — — 2,925 Total construction — 6,904 141,342 41,042 48 10,837 183,442 383,615 Residential first-lien mortgage Performing — 1,006 5,707 2,886 1,578 28,956 — 40,133 Nonperforming — — — — — 111 — 111 Total residential first-lien mortgage — 1,006 5,707 2,886 1,578 29,067 — 40,244 Home equity/consumer Performing — 948 415 67 — 2,980 3,619 8,029 Nonperforming — — — — — — — — Total home equity/consumer — 948 415 67 — 2,980 3,619 8,029 Current period gross charge-offs — — — — — (1,868 ) — (1,868 ) Current period recoveries — — — — — 30 — 30 Total net-charge-off — — — — — (1,838 ) — (1,838 ) Total Pass 8,031 248,711 237,996 97,717 192,652 496,363 205,808 1,487,278 Special mention — — — — — 3,509 — 3,509 Substandard — — — 2,925 — 7,152 — 10,077 Total loans $ 8,031 $ 248,711 $ 237,996 $ 100,642 $ 192,652 $ 507,024 $ 205,808 $ 1,500,864 |
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: Special Pass Mention 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 9,729 — — — 9,729 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 June 30, 2023: Commercial Commercial Residential Home equity/ real estate industrial Construction mortgage consumer Unallocated Total (In thousands) Allowance for credit losses: Beginning balance $ 10,037 $ 214 $ 5,349 $ 654 $ 253 $ — $ 16,507 Non-purchased 1,586 105 — 16 — — 1,707 Purchased credit deteriorated loans 498 103 — — — — 601 Provision 1 1,697 (19 ) (672 ) (7 ) (3 ) — 996 Charge-offs (1,718 ) — (148 ) (2 ) — — (1,868 ) Recoveries 23 4 — — — — 27 Total $ 12,123 $ 407 $ 4,529 $ 661 $ 250 $ — $ 17,970 Ending Balance: Individually evaluated $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 12,123 407 4,529 661 250 — 17,970 $ 12,123 $ 407 $ 4,529 $ 661 $ 250 $ — $ 17,970 1 non-PCD The Commercial Residential Commercial and first-lien Home equity/ real estate industrial Construction mortgage consumer Unallocated Total (In thousands) Loans: Ending balance: Individually evaluated $ 4,485 $ 2,232 $ 2,925 $ 111 $ — $ — $ 9,753 Collectively evaluated 1,018,469 43,790 380,690 40,133 8,029 — 1,491,111 Ending balance $ 1,022,954 $ 46,022 $ 383,615 $ 40,244 $ 8,029 $ — $ 1,500,864 The following table presents the allowance for loan losses on loans receivables at and for the three months ended June 30, 2022: Commercial Commercial Construction Residential Home equity/ Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 7,088 $ 266 $ 8,034 $ 262 $ 46 $ 958 $ 16,654 Provision 1,583 13 (1,604 ) (3 ) 4 7 — Charge-offs (200 ) — — — — — (200 ) Recoveries 212 — — — — — 212 Total $ 8,683 $ 279 $ 6,430 $ 259 $ 50 $ 965 $ 16,666 The following table presents the allowance for credit losses on loans receivable at and for the six months ended June 30, 2023: Commercial Commercial Construction Residential first-lien Home equity/ 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 ) CECL day 1 provision 1,586 105 — 16 — — 1,707 Purchased credit deteriorated loans 498 103 — — — — 601 Provision 1 1,693 (3 ) (343 ) (17 ) 10 — 1,340 Charge-offs (1,718 ) — (148 ) (2 ) — — (1,868 ) Recoveries 26 4 — — — — 30 Total $ 12,123 $ 407 $ 4,529 $ 661 $ 250 $ — $ 17,970 1 non-PCD The following table presents the allowance for credit losses on loans receivable at and for the six months ended June 30, 2022: Commercial real estate Commercial and industrial Construction Residential first-lien mortgage Home equity/ consumer PPP Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 7,458 $ 713 $ 7,228 $ 267 $ 48 $ — $ 906 $ 16,620 Provision 1,179 (434 ) (798 ) (8 ) 2 — 59 — Charge-offs (200 ) — — — — — — (200 ) Recoveries 246 — — — — — — 246 Total $ 8,683 $ 279 $ 6,430 $ 259 $ 50 $ — $ 965 $ 16,666 The following table presents the recorded investment of loans receivables and allowance for loan losses at December 31, 2022: Commercial real estate Commercial and industrial Construction Residential first-lien mortgage Home equity/ consumer 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 9,658 — 1,360,447 Ending balance $ 873,573 $ 28,859 $ 417,538 $ 43,125 $ 9,729 $ — $ 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) | 6 Months Ended |
Jun. 30, 2023 | |
Deposits [Abstract] | |
Summary of components of deposits | The components of deposits were as follows: June 30, December 31, 2023 2022 (Dollars in thousands) Demand, non-interest-bearing $ 258,014 16.40 % $ 265,078 19.67 % Demand, interest-bearing checking 224,328 14.26 % 269,737 20.01 % Savings 152,695 9.71 % 190,686 14.15 % Money market 321,840 20.46 % 283,652 21.05 % Time deposits, $250,000 and over 142,674 9.07 % 83,410 6.19 % Time deposits, other 473,347 30.10 % 255,167 18.93 % $ 1,572,898 100.00 % $ 1,347,730 100.00 % |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosure (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2023 were as follows: (Level 1) (Level 2) (Level 3) Unobservable Total Fair Description (In thousands) Mortgage-backed securities -U.S. $ — $ 35,539 $ — $ 35,539 U.S. government agency securities — 5,181 — 5,181 Obligations of state and political subdivisions — 40,538 — 40,538 Small Business Association (SBA) securities — 3,363 — 3,363 Subordinated debentures — 450 — 450 SBIC securities — — 2,101 2,101 Securities available-for-sale $ — $ 85,071 $ 2,101 $ 87,172 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: (Level 1) (Level 2) (Level 3) Total Fair December 31, Description (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 June 30, 2023, were as follows. Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Other real estate owned $ — $ — $ 33 $ 33 Collateral dependent loan — — 4,485 4,485 $ — $ — $ 4,518 $ 4,518 The following table presents quantitative information using Level 3 fair value measurements at June 30, 2023. Description June 30, Valuation Unobservable Range (Dollars in thousands) Discount 0.0 % Other real estate owned 1 $ 33 Collateral 2 adjustment (0.0 %) Discount 0.0 % Collateral dependent loan $ 4,485 Collateral 3 adjustment (0.0 %) 1 2 3 |
Summary Of Quantitative Information With Regards To Level 3 Fair Value Measurements | For Description (Level 1) Quoted Price in Active (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. Fair Value Range December 31, Valuation Unobservable (Weighted Description 2022 Technique Input Average) (Dollars in thousands) Discount 6.0 % Impaired loans $ 30 Collateral 1 adjustment (6.0 %) 1 |
Summary Of Carrying Amounts And Estimated Fair Value Of Financial Instruments | The carrying amounts and estimated fair value of financial instruments at June 30, 2023 are as follows. June 30, 2023 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 143,001 $ 143,001 $ 143,001 $ — $ — Securities available-for-sale 87,172 87,172 — 85,071 2,101 Securities held-to-maturity 197 196 — 196 — Loans receivable, net 1,481,721 1,483,203 — — 1,483,203 Restricted investments in bank stock 1,385 1,385 — 1,385 — Accrued interest receivable 5,575 5,575 — 5,575 — Financial Liabilities: Deposits $ 1,572,898 $ 1,469,087 $ — $ 1,469,087 $ — Accrued interest payable 6,174 6,174 — 6,174 — The carrying amounts and estimated fair value of financial instruments at December 31, 2022 are as follows: December 31, 2022 Carrying Estimated Amount Fair Value 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2023 December 31, 2022 (In thousands) Operating Lease Right of Use Asset: Gross carrying amount $ 16,026 $ 17,919 Increased asset from new leases 8,067 — Accumulated amortization (1,043 ) (1,893 ) Net book value Operating lease right-of-use asset $ 23,050 $ 16,026 Operating Lease Liability: Lease liability Operating lease liability $ 23,805 $ 16,772 |
Summary of lease cost | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Lease cost: Operating lease $ 930 $ 705 $ 1,595 $ 1,405 Short-term lease cost 63 10 65 34 Total lease cost $ 993 $ 715 $ 1,660 $ 1,439 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 696 $ 577 $ 1,281 $ 1,244 |
Summary of lessee operating lease liability maturity | Future minimum payments under operating leases with terms longer than 12 months are as follows at June 30, 2023 (in thousands): Twelve months ended June 30, 2024 $ 3,401 2025 3,115 2026 3,009 2027 2,794 2028 2,531 Thereafter 17,546 Total future operating lease payment 32,396 Amounts representing interest (8,591 ) Present value of net future lease payments $ 23,805 |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangible (Tables) | 6 Months Ended |
Jun. 30, 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: Core Deposit Goodwill Intangible (In thousands) Balance at December 31, 2022 $ 8,853 $ 1,825 Acquisition of Noah Bank — 99 Amortization expense — (262 ) Balance at March 31, 2023 $ 8,853 $ 1,662 |
Summary of future fiscal periods amortization for the core deposit intangible | As of June 30, 2023, the remaining current fiscal year and future fiscal periods amortization for the core deposit intangible is (in thousands): 2023 $ 243 2024 432 2025 353 2026 274 2027 195 Thereafter 165 Total $ 1,662 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 6 Months Ended | ||||
Jan. 01, 2023 USD ($) | Jun. 30, 2023 USD ($) Integer | May 19, 2023 | 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 | 30 | ||||
Retained earnings accumulated deficit | $ 140,310 | $ 131,488 | |||
Number Of Employees | Integer | 212 | ||||
Number Of Full Time Employees | Integer | 209 | ||||
Noah Bank [Member] | |||||
Description Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of outstanding common stock acquired | 100% | ||||
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 | ||||
Financing receivable change in method credit loss expense reversal | 301 | ||||
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 | ||||
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 |
Business Combinations - Summary
Business Combinations - Summary of purchase price calculation and bargain purchase gain (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 19, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | |||||
Cash consideration | $ 25,414 | $ 0 | |||
Liabilities Assumed: | |||||
Bargain purchase gain | $ (9,696) | $ 0 | $ (9,696) | $ 0 | |
Noah Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Noah Bank number of common shares outstanding | 4,235,666 | ||||
Purchase price per share assigned to cash consideration | $ 6 | $ 6 | $ 6 | ||
Cash consideration | $ 25,414 | ||||
Assets Acquired: | |||||
Cash and cash equivalents | $ 23,181 | 23,181 | |||
Securities available-for-sale | 6,454 | 6,454 | |||
Loans receivable, net of allowance | 185,891 | 185,891 | |||
Core deposit intangible | 99 | 99 | |||
Premises and equipment | 2,495 | 2,495 | |||
Operating leases right-of-use | 10,523 | 10,523 | |||
Deferred tax assets | 4,308 | 4,308 | |||
Other assets | 6,500 | 6,500 | |||
Fair value of assets acquired | 239,451 | 239,451 | |||
Liabilities Assumed: | |||||
Deposits | 191,700 | 191,700 | |||
Operating lease liability | 10,523 | 10,523 | |||
Other liabilities assumed | 2,118 | 2,118 | |||
Fair value of liabilities assumed | 204,341 | 204,341 | |||
Total identifiable net assets | $ 35,110 | 35,110 | |||
Bargain purchase gain | $ (9,700) | $ (9,696) |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
May 19, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | |||||
Business combination bargain purchase gain amount | $ 9,696 | $ 0 | $ 9,696 | $ 0 | |
Provision for loan lease and other losses | $ 2,463 | $ 0 | 2,728 | $ 0 | |
Business combination acquired receivable allowance for credit loss | $ 2,300 | ||||
Valuation adjustment of time deposits | $ 407 | ||||
Maturity of time deposits | 5 years | 5 years | |||
Noah Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of outstanding common stock acquired | 100% | ||||
Business acquisition share price | $ 6 | $ 6 | $ 6 | ||
Business combination bargain purchase gain amount | $ 9,700 | $ 9,696 | |||
Business acquisition merger related expenses | 7,000 | ||||
Provision for loan lease and other losses | 1,700 | ||||
Fair value of investment securities from business combination | 6,500 | ||||
Fair value of acquired receivable from business combination | 185,900 | ||||
Business combination fair value of premises and equipment acquired | 2,500 | ||||
Business combination fair value of operating lease right-of-use assets acquired | 10,500 | ||||
Noah Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair value of acquired receivable from business combination | 37,300 | ||||
Business combination acquired receivable allowance for credit loss | 537 | ||||
Noah Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Performing Financial Instruments [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair value of acquired receivable from business combination | 34,500 | ||||
Noah Bank [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | |||||
Business Acquisition [Line Items] | |||||
Fair value of acquired receivable from business combination | 2,600 | ||||
Noah Bank [Member] | Termination Of Branch Lease [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition merger related expenses | 3,700 | ||||
Noah Bank [Member] | Termination Of Data Processing [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition merger related expenses | 1,700 | ||||
Noah Bank [Member] | Legal Expense [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition merger related expenses | 437 | ||||
Noah Bank [Member] | Investment Banker Services [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition merger related expenses | 243 | ||||
Noah Bank [Member] | Severance Payments [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition merger related expenses | 184 | ||||
Noah Bank [Member] | Professional Services [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition merger related expenses | 115 | ||||
Noah Bank [Member] | Other Miscellaneous Expenses [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition merger related expenses | $ 621 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income applicable to common stock | $ 6,788 | $ 6,327 | $ 12,885 | $ 12,348 |
Weighted average number of common shares outstanding | 6,270,000 | 6,305,000 | 6,263,000 | 6,385,000 |
Basic earnings per share | $ 1.08 | $ 1 | $ 2.06 | $ 1.93 |
Dilutive effect on common shares outstanding | 95 | 132 | 112 | 141 |
Weighted average number of diluted common shares outstanding | 6,365 | 6,437 | 6,375 | 6,526 |
Diluted earnings per share | $ 1.07 | $ 0.98 | $ 2.02 | $ 1.89 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase, Options | 276,704 | 328,021 | 280,732 | 333,753 |
Anti-dilutive, Options | 95,750 | 95,750 | 95,750 | 95,750 |
Employee Stock Option One [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase, Weighted Ave Exercise Price | $ 19.56 | $ 17.65 | $ 19.56 | $ 17.65 |
Anti-dilutive, Weighted Ave Exercise Price | 32.45 | 32.45 | 32.45 | 32.45 |
Employee Stock Option Two [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase, Weighted Ave Exercise Price | 19.49 | 16.31 | 19.49 | 16.31 |
Anti-dilutive, Weighted Ave Exercise Price | $ 32.45 | $ 32.45 | $ 32.45 | $ 32.45 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) Securities | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Securities | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Marketable Securities [Line Items] | |||||
Number of securities less than 12 months | Securities | 65 | 65 | |||
Number of securities more than 12 months | Securities | 129 | 129 | |||
Unrealized losses securities more than 12 months | $ 10,916,000 | $ 10,916,000 | $ 6,370,000 | ||
Other than temporary impairment charges | 0 | $ 0 | 0 | $ 0 | |
Sales of available-for-sale securities | 0 | ||||
Proceeds from maturities of securities available-for-sale | 525,000 | 830,000 | $ 3,002,000 | ||
Securities pledged as collateral | $ 0 | $ 0 | 0 | ||
Number of investment securities | Securities | 219 | 219 | |||
Municpal Securities [Member] | |||||
Marketable Securities [Line Items] | |||||
Number of securities more than 12 months | Securities | 81 | 81 | |||
Unrealized losses securities more than 12 months | $ 23,800,000 | $ 23,800,000 | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 3,400,000 | $ 3,400,000 | |||
Mortgage-backed securities [Member] | |||||
Marketable Securities [Line Items] | |||||
Number of securities more than 12 months | Securities | 44 | 44 | |||
Unrealized losses securities more than 12 months | $ 31,500,000 | $ 31,500,000 | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6,400,000 | 6,400,000 | |||
Obligations of state and political subdivisions [Member] | |||||
Marketable Securities [Line Items] | |||||
Unrealized losses securities more than 12 months | 3,412,000 | 3,412,000 | $ 371,000 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | |||
Agency Securities [Member] | |||||
Marketable Securities [Line Items] | |||||
Number of securities more than 12 months | Securities | 4 | 4 | |||
Unrealized losses securities more than 12 months | $ 5,200,000 | $ 5,200,000 | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,100,000 | $ 1,100,000 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | $ 99,102 | $ 94,997 |
Gross Unrealized Gains | 13 | 10 |
Gross Unrealized Losses | (11,943) | (11,605) |
Fair value | 87,172 | 83,402 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 42,035 | 41,515 |
Gross Unrealized Gains | 6 | 2 |
Gross Unrealized Losses | (6,502) | (6,602) |
Fair value | 35,539 | 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 | (1,079) | (1,175) |
Fair value | 5,181 | 5,085 |
Obligations of state and political subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 44,311 | 45,161 |
Gross Unrealized Gains | 6 | 8 |
Gross Unrealized Losses | (3,779) | (3,828) |
Fair value | 40,538 | 41,341 |
Small Business Association (SBA) securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 3,362 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | 0 | |
Fair value | 3,363 | |
Subordinated debentures [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 450 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair value | 450 | |
SBIC securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 2,684 | 2,061 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (583) | 0 |
Fair value | $ 2,101 | $ 2,061 |
Investment Securities - Summa_2
Investment Securities - Summary of Fair Value of Available For Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | $ 16,223 | $ 52,026 |
Less than 12 Months Unrealized Losses | (1,027) | (5,235) |
More than 12 Months Fair Value | 60,475 | 25,574 |
More than 12 Months Unrealized Losses | (10,916) | (6,370) |
Fair Value | 76,698 | 77,600 |
Unrealized Losses | (11,943) | (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 | 1,713 | 15,605 |
Less than 12 Months Unrealized Losses | (77) | (1,778) |
More than 12 Months Fair Value | 31,480 | 19,137 |
More than 12 Months Unrealized Losses | (6,425) | (4,824) |
Fair Value | 33,193 | 34,742 |
Unrealized Losses | (6,502) | (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 | 5,181 | 5,085 |
More than 12 Months Unrealized Losses | (1,079) | (1,175) |
Fair Value | 5,181 | 5,085 |
Unrealized Losses | (1,079) | (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 | 12,409 | 36,421 |
Less than 12 Months Unrealized Losses | (367) | (3,457) |
More than 12 Months Fair Value | 23,814 | 1,352 |
More than 12 Months Unrealized Losses | (3,412) | (371) |
Fair Value | 36,223 | 37,773 |
Unrealized Losses | (3,779) | $ (3,828) |
SBIC securities [Member] | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | 2,101 | |
Less than 12 Months Unrealized Losses | (583) | |
More than 12 Months Fair Value | 0 | |
More than 12 Months Unrealized Losses | 0 | |
Fair Value | 2,101 | |
Unrealized Losses | $ (583) |
Investment Securities - Summa_3
Investment Securities - Summary of Securities Available For Sale By Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | $ 99,102 | $ 94,997 |
Fair value due in one year or less | 16,223 | 52,026 |
Fair value due after one year through five years | 60,475 | 25,574 |
Fair value | 87,172 | 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 | 150 | |
Amortized cost due after one year through five years | 4,987 | |
Amortized cost due after five years through ten years | 26,903 | |
Amortized cost due after ten years | 18,531 | |
Amortized cost | 99,102 | |
Fair value due in one year or less | 150 | |
Fair value due after one year through five years | 4,876 | |
Fair value due after five years through ten years | 24,914 | |
Fair value due after ten years | 15,779 | |
Fair value | 87,172 | |
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 | 42,035 | 41,515 |
Fair value due in one year or less | 1,713 | 15,605 |
Fair value due after one year through five years | 31,480 | 19,137 |
Fair value | 35,539 | 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 | 42,035 | |
Fair value | 35,539 | |
Small Business Association (SBA) securities [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 3,362 | |
Fair value | 3,363 | |
Small Business Association (SBA) securities [Member] | Prepayment of Obligation [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 3,362 | |
Fair value | 3,363 | |
Subordinated debentures [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 450 | |
Fair value | 450 | |
Subordinated debentures [Member] | Prepayment of Obligation [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 450 | |
Fair value | 450 | |
SBIC securities [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 2,684 | 2,061 |
Fair value due in one year or less | 2,101 | |
Fair value due after one year through five years | 0 | |
Fair value | 2,101 | $ 2,061 |
SBIC securities [Member] | Prepayment of Obligation [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 2,684 | |
Fair value | $ 2,101 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Loan | Jun. 30, 2022 USD ($) | |
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | ||||
Payments to Acquire Loans Receivable | $ 0 | $ 0 | $ 0 | $ 0 |
Non-performing assets | 9,800 | 9,800 | ||
Increase in Non-performing assets | 9,500 | 9,500 | ||
Financing receivable allowance for credit losses write offs | 1,868 | 200 | 1,868 | 200 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | ||||
Financing receivable, accrued interest, writeoff | 228 | |||
Commercial real estate [Member] | ||||
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | ||||
Increase in Non-performing assets due to delinquency | 4,500 | 4,500 | ||
Financing receivable allowance for credit losses write offs | 1,718 | 200 | 1,718 | 200 |
Construction [Member] | ||||
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | ||||
Increase in Non-performing assets due to delinquency | 2,900 | 2,900 | ||
Financing receivable allowance for credit losses write offs | 148 | $ 0 | $ 148 | $ 0 |
Performing [Member] | ||||
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | ||||
Number of loans | Loan | 3 | |||
Troubled debt restructuring | 5,900 | $ 5,900 | ||
Nonperforming [Member] | Loans Receivable [Member] | ||||
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | ||||
Increase in Non-performing assets due to delinquency | $ 2,500 | $ 2,500 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,500,864 | $ 1,372,824 |
Deferred fees and costs | (1,173) | (2,456) |
Loans, net | 1,499,691 | 1,370,368 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,022,954 | 873,573 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 46,022 | 28,859 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 383,615 | 417,538 |
Residential first-lien mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 40,244 | 43,125 |
Home equity/consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 8,029 | $ 9,729 |
Loans Receivable - Summary of c
Loans Receivable - Summary of components of allowance for credit losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ (17,970) | $ (16,507) | $ (16,461) | $ (16,666) | $ (16,654) | $ (16,620) |
Allowance for credit losses - off balance sheet | (699) | (332) | ||||
Allowance for credit losses | $ (18,669) | $ (16,793) |
Loans Receivable - Summary of N
Loans Receivable - Summary of Nonaccrual Loans by Segment of Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | $ 9,753 | $ 118 |
Total nonaccrual loans with a related allowance | 0 | 148 |
Commercial real estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 4,485 | 0 |
Total nonaccrual loans with a related allowance | 0 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 2,232 | 0 |
Total nonaccrual loans with a related allowance | 0 | 0 |
Construction [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 2,925 | 0 |
Total nonaccrual loans with a related allowance | 0 | 148 |
Residential first-lien mortgage [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 111 | 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 | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | $ 1,490,032 | $ 1,364,634 |
Total loans receivable | 1,500,864 | 1,372,824 |
Loans receivable more than 90 days and accruing | 0 | 184 |
Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 1,017,930 | 867,380 |
Total loans receivable | 1,022,954 | 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 | 43,745 | 28,859 |
Total loans receivable | 46,022 | 28,859 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 380,690 | 417,390 |
Total loans receivable | 383,615 | 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 | 39,638 | 41,715 |
Total loans receivable | 40,244 | 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 | 8,029 | 9,290 |
Total loans receivable | 8,029 | 9,729 |
Loans receivable more than 90 days and accruing | 0 | 184 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 1,079 | 1,547 |
30 to 59 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 539 | 0 |
30 to 59 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 45 | 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 | 495 | 1,292 |
30 to 59 Days Past Due [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 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 | 9,753 | 450 |
Greater than 90 Days [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 4,485 | 0 |
Greater than 90 Days [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 2,232 | 0 |
Greater than 90 Days [Member] | Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 2,925 | 148 |
Greater than 90 Days [Member] | Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 111 | 118 |
Greater than 90 Days [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 184 |
Past Due [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 10,832 | 8,190 |
Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 5,024 | 6,193 |
Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 2,277 | 0 |
Past Due [Member] | Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 2,925 | 148 |
Past Due [Member] | Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 606 | 1,410 |
Past Due [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | $ 0 | $ 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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total | $ 1,500,864 | $ 1,500,864 | $ 1,372,824 | ||
Current period recoveries Total | 27 | $ 212 | 30 | $ 246 | |
Home Equity Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current period gross charge-offs 2023 | 0 | ||||
Current period gross charge-offs 2022 | 0 | ||||
Current period gross charge-offs 2021 | 0 | ||||
Current period gross charge-offs 2020 | 0 | ||||
Current period gross charge-offs 2019 | 0 | ||||
Current period gross charge-offs Prior | (1,868) | ||||
Current period gross charge-offs Revolving Loans | 0 | ||||
Current period gross charge-offs Total | (1,868) | ||||
Current period recoveries 2023 | 0 | ||||
Current period recoveries 2022 | 0 | ||||
Current period recoveries 2021 | 0 | ||||
Current period recoveries 2020 | 0 | ||||
Current period recoveries 2019 | 0 | ||||
Current period recoveries Prior | 30 | ||||
Current period recoveries Revolving Loans | 0 | ||||
Current period recoveries Total | 30 | ||||
Total net-charge-off 2023 | 0 | ||||
Total net-charge-off 2022 | 0 | ||||
Total net-charge-off 2021 | 0 | ||||
Total net-charge-off 2020 | 0 | ||||
Total net-charge-off 2019 | 0 | ||||
Total net-charge-off Prior | (1,838) | ||||
Total net-charge-off Revolving Loans | 0 | ||||
Total net-charge-off Total | (1,838) | ||||
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 | 8,031 | 8,031 | |||
2022 | 248,711 | 248,711 | |||
2021 | 237,996 | 237,996 | |||
2020 | 100,642 | 100,642 | |||
2019 | 192,652 | 192,652 | |||
Prior | 507,024 | 507,024 | |||
Revolving Loans | 205,808 | 205,808 | |||
Total | 1,500,864 | 1,500,864 | |||
Loans Receivable [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 6,260 | 6,260 | |||
2022 | 235,799 | 235,799 | |||
2021 | 88,066 | 88,066 | |||
2020 | 54,349 | 54,349 | |||
2019 | 174,659 | 174,659 | |||
Prior | 458,213 | 458,213 | |||
Revolving Loans | 5,608 | 5,608 | |||
Total | 1,022,954 | 1,022,954 | |||
Loans Receivable [Member] | Commercial And Industrial [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,771 | 1,771 | |||
2022 | 4,054 | 4,054 | |||
2021 | 2,466 | 2,466 | |||
2020 | 2,298 | 2,298 | |||
2019 | 16,367 | 16,367 | |||
Prior | 5,927 | 5,927 | |||
Revolving Loans | 13,139 | 13,139 | |||
Total | 46,022 | 46,022 | |||
Loans Receivable [Member] | Construction Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 6,904 | 6,904 | |||
2021 | 141,342 | 141,342 | |||
2020 | 41,042 | 41,042 | |||
2019 | 48 | 48 | |||
Prior | 10,837 | 10,837 | |||
Revolving Loans | 183,442 | 183,442 | |||
Total | 383,615 | 383,615 | |||
Loans Receivable [Member] | Residential FirstLien Mortgage [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 1,006 | 1,006 | |||
2021 | 5,707 | 5,707 | |||
2020 | 2,886 | 2,886 | |||
2019 | 1,578 | 1,578 | |||
Prior | 29,067 | 29,067 | |||
Revolving Loans | 0 | 0 | |||
Total | 40,244 | 40,244 | |||
Loans Receivable [Member] | Residential FirstLien Mortgage [Member] | Performing Financial Instruments [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 1,006 | 1,006 | |||
2021 | 5,707 | 5,707 | |||
2020 | 2,886 | 2,886 | |||
2019 | 1,578 | 1,578 | |||
Prior | 28,956 | 28,956 | |||
Revolving Loans | 0 | 0 | |||
Total | 40,133 | 40,133 | |||
Loans Receivable [Member] | Residential FirstLien Mortgage [Member] | Nonperforming Financial Instruments [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 111 | 111 | |||
Revolving Loans | 0 | 0 | |||
Total | 111 | 111 | |||
Loans Receivable [Member] | Home Equity Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 948 | 948 | |||
2021 | 415 | 415 | |||
2020 | 67 | 67 | |||
2019 | 0 | 0 | |||
Prior | 2,980 | 2,980 | |||
Revolving Loans | 3,619 | 3,619 | |||
Total | 8,029 | 8,029 | |||
Loans Receivable [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 948 | 948 | |||
2021 | 415 | 415 | |||
2020 | 67 | 67 | |||
2019 | 0 | 0 | |||
Prior | 2,980 | 2,980 | |||
Revolving Loans | 3,619 | 3,619 | |||
Total | 8,029 | 8,029 | |||
Loans Receivable [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total | 0 | 0 | |||
Loans Receivable [Member] | Pass [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 8,031 | 8,031 | |||
2022 | 248,711 | 248,711 | |||
2021 | 237,996 | 237,996 | |||
2020 | 97,717 | 97,717 | |||
2019 | 192,652 | 192,652 | |||
Prior | 496,363 | 496,363 | |||
Revolving Loans | 205,808 | 205,808 | |||
Total | 1,487,278 | 1,487,278 | |||
Loans Receivable [Member] | Pass [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 6,260 | 6,260 | |||
2022 | 235,799 | 235,799 | |||
2021 | 88,066 | 88,066 | |||
2020 | 54,349 | 54,349 | |||
2019 | 174,659 | 174,659 | |||
Prior | 450,916 | 450,916 | |||
Revolving Loans | 5,608 | 5,608 | |||
Total | 1,015,657 | 1,015,657 | |||
Loans Receivable [Member] | Pass [Member] | Commercial And Industrial [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,771 | 1,771 | |||
2022 | 4,054 | 4,054 | |||
2021 | 2,466 | 2,466 | |||
2020 | 2,298 | 2,298 | |||
2019 | 16,367 | 16,367 | |||
Prior | 2,674 | 2,674 | |||
Revolving Loans | 13,139 | 13,139 | |||
Total | 42,769 | 42,769 | |||
Loans Receivable [Member] | Pass [Member] | Construction Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 6,904 | 6,904 | |||
2021 | 141,342 | 141,342 | |||
2020 | 38,117 | 38,117 | |||
2019 | 48 | 48 | |||
Prior | 10,837 | 10,837 | |||
Revolving Loans | 183,442 | 183,442 | |||
Total | 380,690 | 380,690 | |||
Loans Receivable [Member] | Special Mention [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 3,509 | 3,509 | |||
Revolving Loans | 0 | 0 | |||
Total | 3,509 | 3,509 | |||
Loans Receivable [Member] | Special Mention [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 2,812 | 2,812 | |||
Revolving Loans | 0 | 0 | |||
Total | 2,812 | 2,812 | |||
Loans Receivable [Member] | Special Mention [Member] | Commercial And Industrial [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 697 | 697 | |||
Revolving Loans | 0 | 0 | |||
Total | 697 | 697 | |||
Loans Receivable [Member] | Special Mention [Member] | Construction Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total | 0 | 0 | |||
Loans Receivable [Member] | Substandard [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 2,925 | 2,925 | |||
2019 | 0 | 0 | |||
Prior | 7,152 | 7,152 | |||
Revolving Loans | 0 | 0 | |||
Total | 10,077 | 10,077 | |||
Loans Receivable [Member] | Substandard [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 4,485 | 4,485 | |||
Revolving Loans | 0 | 0 | |||
Total | 4,485 | 4,485 | |||
Loans Receivable [Member] | Substandard [Member] | Commercial And Industrial [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 2,556 | 2,556 | |||
Revolving Loans | 0 | 0 | |||
Total | 2,556 | 2,556 | |||
Loans Receivable [Member] | Substandard [Member] | Construction Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 2,925 | 2,925 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Total | $ 2,925 | $ 2,925 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Aggregate Pass and Classified Rating of Segments of Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 1,500,864 | $ 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 | 1,022,954 | 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 | 46,022 | 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 | 383,615 | 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 | 40,244 | 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 | $ 8,029 | 9,729 |
Home equity/consumer [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 9,729 | |
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 |
Loans Receivable - Summary of_3
Loans Receivable - Summary of Allowance for Loan Losses On Loans Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Allowance for loan losses: | |||||
Beginning balance | $ 16,507 | $ 16,654 | $ 16,461 | $ 16,620 | |
Non-purchased credit deteriorated loans | 1,707 | 1,700 | |||
CECL adoption | (301) | ||||
CECL day 1 provision | 1,707 | ||||
Purchased credit deteriorated loans | 601 | 601 | |||
Provision | 996 | 0 | 1,340 | 0 | |
Charge-offs | (1,868) | (200) | (1,868) | (200) | |
Recoveries | 27 | 212 | 30 | 246 | |
Total | 17,970 | 16,666 | 17,970 | 16,666 | |
Individually evaluated for impairment | 0 | 0 | $ 118 | ||
Collectively evaluated for impairment | 17,970 | 17,970 | 16,343 | ||
Loans: | |||||
Individually evaluated for impairment | 9,753 | 9,753 | 12,377 | ||
Collectively evaluated for impairment | 1,491,111 | 1,491,111 | 1,360,447 | ||
Ending balance | 1,500,864 | 1,500,864 | 1,372,824 | ||
Commercial real estate [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 10,037 | 7,088 | 8,654 | 7,458 | |
Non-purchased credit deteriorated loans | 1,586 | ||||
CECL adoption | 1,384 | ||||
CECL day 1 provision | 1,586 | ||||
Purchased credit deteriorated loans | 498 | 498 | |||
Provision | 1,697 | 1,583 | 1,693 | 1,179 | |
Charge-offs | (1,718) | (200) | (1,718) | (200) | |
Recoveries | 23 | 212 | 26 | 246 | |
Total | 12,123 | 8,683 | 12,123 | 8,683 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 12,123 | 12,123 | 8,654 | ||
Loans: | |||||
Individually evaluated for impairment | 4,485 | 4,485 | 12,030 | ||
Collectively evaluated for impairment | 1,018,469 | 1,018,469 | 861,543 | ||
Ending balance | 1,022,954 | 1,022,954 | 873,573 | ||
Commercial and industrial [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 214 | 266 | 271 | 713 | |
Non-purchased credit deteriorated loans | 105 | ||||
CECL adoption | (73) | ||||
CECL day 1 provision | 105 | ||||
Purchased credit deteriorated loans | 103 | 103 | |||
Provision | (19) | 13 | (3) | (434) | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 4 | 0 | 4 | 0 | |
Total | 407 | 279 | 407 | 279 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 407 | 407 | 271 | ||
Loans: | |||||
Individually evaluated for impairment | 2,232 | 2,232 | 10 | ||
Collectively evaluated for impairment | 43,790 | 43,790 | 28,849 | ||
Ending balance | 46,022 | 46,022 | 28,859 | ||
Construction [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 5,349 | 8,034 | 6,289 | 7,228 | |
Non-purchased credit deteriorated loans | 0 | ||||
CECL adoption | (1,269) | ||||
CECL day 1 provision | 0 | ||||
Purchased credit deteriorated loans | 0 | 0 | |||
Provision | (672) | (1,604) | (343) | (798) | |
Charge-offs | (148) | 0 | (148) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Total | 4,529 | 6,430 | 4,529 | 6,430 | |
Individually evaluated for impairment | 0 | 0 | 118 | ||
Collectively evaluated for impairment | 4,529 | 4,529 | 6,171 | ||
Loans: | |||||
Individually evaluated for impairment | 2,925 | 2,925 | 148 | ||
Collectively evaluated for impairment | 380,690 | 380,690 | 417,390 | ||
Ending balance | 383,615 | 383,615 | 417,538 | ||
Residential first-lien mortgage [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 654 | 262 | 236 | 267 | |
Non-purchased credit deteriorated loans | 16 | ||||
CECL adoption | 428 | ||||
CECL day 1 provision | 16 | ||||
Purchased credit deteriorated loans | 0 | 0 | |||
Provision | (7) | (3) | (17) | (8) | |
Charge-offs | (2) | 0 | (2) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Total | 661 | 259 | 661 | 259 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 661 | 661 | 236 | ||
Loans: | |||||
Individually evaluated for impairment | 111 | 111 | 118 | ||
Collectively evaluated for impairment | 40,133 | 40,133 | 43,007 | ||
Ending balance | 40,244 | 40,244 | 43,125 | ||
Home equity/consumer [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 253 | 46 | 45 | 48 | |
Non-purchased credit deteriorated loans | 0 | ||||
CECL adoption | 195 | ||||
CECL day 1 provision | 0 | ||||
Purchased credit deteriorated loans | 0 | 0 | |||
Provision | (3) | 4 | 10 | 2 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Total | 250 | 50 | 250 | 50 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 250 | 250 | 45 | ||
Loans: | |||||
Individually evaluated for impairment | 0 | 0 | 71 | ||
Collectively evaluated for impairment | 8,029 | 8,029 | 9,658 | ||
Ending balance | 8,029 | 8,029 | 9,729 | ||
PPP [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 0 | ||||
Provision | 0 | ||||
Charge-offs | 0 | ||||
Recoveries | 0 | ||||
Total | 0 | 0 | |||
Unallocated [Member] | |||||
Allowance for loan losses: | |||||
Beginning balance | 0 | 958 | 966 | 906 | |
Non-purchased credit deteriorated loans | 0 | ||||
CECL adoption | (966) | ||||
CECL day 1 provision | 0 | ||||
Purchased credit deteriorated loans | 0 | 0 | |||
Provision | 0 | 7 | 0 | 59 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Total | 0 | $ 965 | 0 | $ 965 | |
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 966 | ||
Loans: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | 0 | ||
Ending balance | $ 0 | $ 0 | $ 0 |
Loans Receivable - Summary of_4
Loans Receivable - Summary of Allowance for Loan Losses On Loans Receivables (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Receivables [Abstract] | ||||
Provision for credit losses | $ 2,463 | $ 0 | $ 2,728 | $ 0 |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 996 | $ 0 | 1,340 | $ 0 |
Increase decrease in reserve for unfunded liabilities | 240 | 319 | ||
Financing receivable allowance for credit loss not purchased with credit deterioration | $ 1,707 | $ 1,700 |
Deposits - Summary of Component
Deposits - Summary of Components of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deposit Liability [Line Items] | ||
Demand, non-interest-bearing checking | $ 258,014 | $ 265,078 |
Demand, interest-bearing checking | 224,328 | 269,737 |
Savings | 152,695 | 190,686 |
Money market | 321,840 | 283,652 |
Time deposits, $250,000 and over | 142,674 | 83,410 |
Time deposits, other | 473,347 | 255,167 |
Total deposits | $ 1,572,898 | $ 1,347,730 |
Demand, non-interest-bearing checking percentage | 16.40% | 19.67% |
Demand, interest-bearing checking percentage | 14.26% | 20.01% |
Savings percentage | 9.71% | 14.15% |
Money market percentage | 20.46% | 21.05% |
Time deposits, $250,000 and over percentage | 9.07% | 6.19% |
Time deposits other percentage | 30.10% | 18.93% |
Total deposits percentage | 100% | 100% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Overnight Borrowings One [Member] | ||
Short-Term Debt [Line Items] | ||
Borrowings outstanding | $ 0 | |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 87,172 | $ 83,402 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 85,071 | 81,341 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,101 | 2,061 |
Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 87,172 | 83,402 |
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 | 85,071 | 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 | 2,101 | 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 | 35,539 | 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 | 35,539 | 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 | 35,539 | 34,915 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 5,181 | 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 | 5,181 | 5,085 |
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 | 5,181 | 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 | 40,538 | 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 | 40,538 | 41,341 |
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 | 40,538 | 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 | 2,101 | 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 | 2,101 | 2,061 |
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 | 2,101 | $ 2,061 |
Small Business Association (SBA) securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 3,363 | |
Small Business Association (SBA) 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 | 3,363 | |
Subordinated Debentures [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 450 | |
Subordinated Debentures [Member] | Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 450 | |
Subordinated Debentures [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 | $ 450 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 33 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 1,483,203 | 1,347,137 |
Fair Value, Nonrecurring [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Other real estate owned | 33 | |
Assets, Fair Value Disclosure | 4,518 | 30 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | |
Assets, Fair Value Disclosure | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | |
Assets, Fair Value Disclosure | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Other real estate owned | 33 | |
Assets, Fair Value Disclosure | 4,518 | 30 |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 30 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | ||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 30 | |
Collateral dependent loan [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 4,485 | |
Collateral dependent loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | |
Collateral dependent loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | |
Collateral dependent loan [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 4,485 |
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 | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 1,483,203 | $ 1,347,137 |
Measurement Input Discount Rate Adjustment [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable Measurement Input | 0 | |
Measurement Input Discount Rate Adjustment [Member] | Impaired Loans [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable Measurement Input | 6 | |
Measurement Input Discount Rate Adjustment [Member] | Collateral dependent loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable Measurement Input | 0 | |
Measurement Input Discount Rate Adjustment [Member] | Valuation Technique Collateral [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 33 | |
Loans Receivable Measurement Input | 0 | |
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 | |
Loans Receivable Measurement Input | (6) | |
Measurement Input Discount Rate Adjustment [Member] | Valuation Technique Collateral [Member] | Weighted Average [Member] | Collateral dependent loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 4,485 | |
Loans Receivable Measurement Input | 0 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Financial Assets: (Carrying Amount) | ||
Cash and cash equivalents | $ 143,001 | $ 53,351 |
Securities available-for-sale at fair value | 87,172 | 83,402 |
Securities held-to-maturity | 197 | 201 |
Loans receivable, net | 1,481,721 | 1,353,907 |
Restricted investments in bank stock | 1,385 | 1,742 |
Accrued interest receivable | 5,575 | 4,756 |
Financial Liabilities (Carrying Amount) | ||
Deposits | 1,572,898 | 1,347,730 |
Borrowings | 0 | 10,000 |
Accrued interest payable | 6,174 | 1,027 |
Financial Assets: (Fair Value) | ||
Securities available-for-sale at fair value | 87,172 | 83,402 |
Securities held-to-maturity | 196 | 200 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | ||
Financial Assets: (Fair Value) | ||
Cash and cash equivalents | 143,001 | 53,351 |
Securities available-for-sale at fair value | 87,172 | 83,402 |
Securities held-to-maturity | 196 | 200 |
Loans receivable, net | 1,483,203 | 1,347,137 |
Restricted investments in bank stock | 1,385 | 1,742 |
Accrued interest receivable | 5,575 | 4,756 |
Financial Liabilities (Fair Value) | ||
Deposits | 1,469,087 | 1,225,087 |
Borrowings | 10,000 | |
Accrued interest payable | 6,174 | 1,027 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: (Fair Value) | ||
Cash and cash equivalents | 143,001 | 53,351 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: (Fair Value) | ||
Securities available-for-sale at fair value | 85,071 | 81,341 |
Securities held-to-maturity | 196 | 200 |
Restricted investments in bank stock | 1,385 | 1,742 |
Accrued interest receivable | 5,575 | 4,756 |
Financial Liabilities (Fair Value) | ||
Deposits | 1,469,087 | 1,225,087 |
Borrowings | 10,000 | |
Accrued interest payable | 6,174 | 1,027 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: (Fair Value) | ||
Securities available-for-sale at fair value | 2,101 | 2,061 |
Loans receivable, net | $ 1,483,203 | $ 1,347,137 |
Leases - Additional Information
Leases - Additional Information (Detail) | Jun. 30, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease terms for operating leases | 12 years 7 months 6 days |
Weighted-average discount rate | 3.35% |
Leases - Summary of Operating L
Leases - Summary of Operating Leases of Lessee (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Gross carrying amount | $ 16,026 | $ 17,919 |
Increased asset from new lease | 8,067 | 0 |
Accumulated amortization | (1,043) | (1,893) |
Net book value | 23,050 | 16,026 |
Lease liabilities | $ 23,805 | $ 16,772 |
Leases - Summary of Lessee Oper
Leases - Summary of Lessee Operating Lease Liability Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
2024 | $ 3,401 | |
2025 | 3,115 | |
2026 | 3,009 | |
2027 | 2,794 | |
2028 | 2,531 | |
Thereafter | 17,546 | |
Total future operating lease payment | 32,396 | |
Amounts representing interest | (8,591) | |
Present value of net future lease payments | $ 23,805 | $ 16,772 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lease cost: | ||||
Operating lease | $ 930 | $ 705 | $ 1,595 | $ 1,405 |
Short-term lease cost | 63 | 10 | 65 | 34 |
Total lease cost | 993 | 715 | 1,660 | 1,439 |
Cash paid for amounts included in the measurement of lease liabilities | $ 696 | $ 577 | $ 1,281 | $ 1,244 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangible - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Line Items] | |||
Goodwill | $ 8,853 | $ 8,853 | $ 8,853 |
Core deposit intangible assets | 1,662 | $ 1,662 | $ 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 |
Acquisition of Noah Bank | 99 |
Amortization expense | 262 |
Goodwill, Ending balance | 8,853 |
Core Deposit Intangible, Ending balance | $ 1,662 |
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 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2023 | $ 243 | ||
2024 | 432 | ||
2025 | 353 | ||
2026 | 274 | ||
2027 | 195 | ||
Thereafter | 165 | ||
Total | $ 1,662 | $ 1,662 | $ 1,825 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | Jul. 20, 2023 $ / shares |
Subsequent Event [Line Items] | |
Dividends payable, date of record | Aug. 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 | Aug. 31, 2023 |