Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | 6,319,361 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 13,040 | $ 17,156 |
Interest-earning bank balances | 18,196 | 17,376 |
Federal funds sold | 140,831 | 116,025 |
Total cash and cash equivalents | 172,067 | 150,557 |
Securities available-for-sale, at fair value | 118,098 | 91,352 |
Securities held-to-maturity (fair value $199 and $200, at March 31, 2024 and December 31, 2023, respectively) | 167 | 193 |
Loans receivable, net of deferred fees and costs | 1,571,231 | 1,548,335 |
Less: allowance for credit losses | (18,618) | (18,492) |
Loans receivable, net | 1,552,613 | 1,529,843 |
Bank-owned life insurance | 59,240 | 58,860 |
Premises and equipment, net | 14,115 | 14,453 |
Accrued interest receivable | 6,405 | 6,089 |
Restricted investment in bank stock | 1,398 | 1,410 |
Deferred taxes, net | 11,605 | 11,512 |
Goodwill | 8,853 | 8,853 |
Core deposit intangible | 1,301 | 1,422 |
Operating lease right-of-use asset | 22,726 | 23,398 |
Equity method investments | 9,051 | 8,296 |
Other assets | 10,362 | 10,259 |
TOTAL ASSETS | 1,988,001 | 1,916,497 |
Deposits: | ||
Non-interest-bearing | 247,056 | 249,282 |
Interest-bearing | 1,458,564 | 1,386,459 |
Total deposits | 1,705,620 | 1,635,741 |
Accrued interest payable | 11,831 | 9,162 |
Operating lease liability | 23,643 | 24,280 |
Other liabilities | 5,099 | 7,103 |
TOTAL LIABILITIES | 1,746,193 | 1,676,286 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value; 15,000,000 shares authorized, 6,320,356 shares issued and outstanding at March 31, 2024; at December 31, 2023, 6,299,331 shares issued and outstanding | 0 | 0 |
Paid-in capital | 98,312 | 98,291 |
Treasury Stock, at cost of 19,000 shares at March 31, 2024 | (579) | 0 |
Retained earnings | 151,860 | 149,414 |
Accumulated other comprehensive loss | (7,785) | (7,494) |
TOTAL STOCKHOLDERS' EQUITY | 241,808 | 240,211 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,988,001 | $ 1,916,497 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Held to maturity debt securities at fair value | $ 199 | $ 200 |
Common stock par or stated value per share | $ 0 | $ 0 |
Common Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Common stock shares issued | 6,320,356 | 6,299,331 |
Common stock shares outstanding | 6,320,356 | 6,299,331 |
Treasury share common stock | 19,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST AND DIVIDEND INCOME | ||
Loans receivable, including fees | $ 24,940 | $ 19,894 |
Securities available-for-sale: | ||
Taxable | 564 | 278 |
Tax-exempt | 286 | 284 |
Securities held-to-maturity | 2 | 3 |
Other interest and dividend income | 2,274 | 153 |
TOTAL INTEREST AND DIVIDEND INCOME | 28,066 | 20,612 |
INTEREST EXPENSE | ||
Deposits | 12,618 | 3,865 |
Borrowings | 0 | 86 |
TOTAL INTEREST EXPENSE | 12,618 | 3,951 |
NET INTEREST INCOME | 15,448 | 16,661 |
Provision for credit losses | 186 | 265 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 15,262 | 16,396 |
NON-INTEREST INCOME | ||
Income from bank-owned life insurance | 381 | 290 |
Fees and service charges | 432 | 448 |
Loan fees, including preypayment penalties | 724 | 351 |
Other | 448 | 285 |
TOTAL NON-INTEREST INCOME | 1,985 | 1,374 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 6,520 | 5,399 |
Occupancy and equipment | 2,029 | 1,341 |
Professional fees | 524 | 465 |
Data processing and communications | 1,160 | 1,300 |
Federal deposit insurance | 273 | 190 |
Advertising and promotion | 142 | 110 |
Office expense | 119 | 97 |
Core deposit intangible | 120 | 135 |
Other | 949 | 735 |
TOTAL NON-INTEREST EXPENSE | 11,836 | 9,772 |
INCOME BEFORE INCOME TAX EXPENSE | 5,411 | 7,998 |
INCOME TAX EXPENSE | 1,066 | 1,901 |
NET INCOME | $ 4,345 | $ 6,097 |
Earnings per common share-basic | $ 0.69 | $ 0.97 |
Earnings per common share-diluted | $ 0.68 | $ 0.95 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
NET INCOME | $ 4,345 | $ 6,097 |
Other comprehensive income (loss) | ||
Unrealized gains (losses) arising during period on securities available-for-sale | (434) | 1,739 |
Net unrealized gain (loss) | (434) | 1,739 |
Tax effect | 143 | (498) |
Total other comprehensive income (loss) | (291) | 1,241 |
COMPREHENSIVE INCOME | $ 4,054 | $ 7,338 |
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, 2022 | $ 219,601 | $ 34,547 | $ 81,291 | $ (19,452) | $ 131,488 | $ (8,273) |
Net income | 6,097 | 6,097 | ||||
Other comprehensive loss | 1,241 | 1,241 | ||||
Change in accounting principle | (284) | (284) | ||||
Formation of Princeton Bancorp, Inc. | (34,547) | 15,095 | 19,452 | |||
Stock options exercised | 297 | 0 | 297 | |||
Dividends declared | (1,843) | (1,843) | ||||
Stock-based compensation expense | 164 | 164 | ||||
Dividend reinvestment plan | 0 | 33 | (33) | |||
Ending balance at Mar. 31, 2023 | 225,273 | 0 | 96,880 | 0 | 135,425 | (7,032) |
Beginning balance at Dec. 31, 2023 | 240,211 | 0 | 98,291 | 0 | 149,414 | (7,494) |
Net income | 4,345 | 4,345 | ||||
Other comprehensive loss | (291) | (291) | ||||
Stock options exercised | 34 | 0 | 34 | |||
Share redemption for tax withholding on restricted stock vesting | (249) | (249) | ||||
Dividends declared | (1,866) | (1,866) | ||||
Purchase of treasury stock | (579) | (579) | ||||
Stock-based compensation expense | 203 | 203 | ||||
Dividend reinvestment plan | 0 | 33 | (33) | |||
Ending balance at Mar. 31, 2024 | $ 241,808 | $ 0 | $ 98,312 | $ (579) | $ 151,860 | $ (7,785) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock issued during the period stock options exercised | 2,450 | 16,307 |
Common stock dividend declared per share paid | $ 0.3 | $ 0.3 |
Treasury stock shares acquired | 19,000 | |
Stock issued during period shares dividend reinvestment plan | 1,018 | 958 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 4,345 | $ 6,097 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 186 | 265 |
Depreciation and amortization | 409 | 305 |
Stock-based compensation expense | 203 | 164 |
Amortization of premiums and accretion of discount on securities | 6 | 11 |
Accretion of net deferred loan fees and costs | (37) | (534) |
Increase in cash surrender value of bank-owned life insurance | (380) | (290) |
Deferred income tax | 98 | (793) |
Amortization of core deposit intangible | 121 | 136 |
Increase (decrease) in accrued interest receivable and other assets | (152) | 2,052 |
Increase (decrease) in accrued interest payable and other liabilities | 28 | (227) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 4,827 | 7,186 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of available-for-sale securities | (28,898) | (345) |
Principal repayments and maturities on securities available-for-sale | 1,254 | 1,144 |
Maturities, calls and principal repayments of securities held-to-maturity | 26 | 2 |
Net increase in loans | (22,859) | (18,840) |
Purchases of premises and equipment | (71) | (245) |
Redemption (purchases) of restricted bank stock | 12 | (1,553) |
NET CASH USED IN INVESTMENT ACTIVITIES | (50,536) | (19,837) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 69,879 | (55,630) |
Proceeds from overnight borrowings | 0 | 34,500 |
Cash dividends | (1,899) | (1,876) |
Dividend reinvestment program | 33 | 33 |
Share Redemption for Tax Witholding on Restricted Stock Vesting | (249) | 0 |
Purchase of treasury stock | (579) | 0 |
Proceeds from exercise of stock options | 34 | 297 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 67,219 | (22,676) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 21,510 | (35,327) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 150,557 | 53,351 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 172,067 | 18,024 |
SUPPLEMENTARY CASH FLOWS INFORMATION: | ||
Interest paid | 9,949 | 2,818 |
Income taxes paid | 724 | 653 |
Increase in ROU leases | 1,808 | 9,799 |
Reclass of paid-in capital related to holding company formation | 0 | 15,095 |
Reclass of treasury stock related to holding company formation | 0 | 19,452 |
Reclass of common stock related to holding company formation | $ 0 | $ (34,547) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 4,345 | $ 6,097 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 29 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 March 31, 2024, the Company had 211 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 of Noah Bank for cash, and Noah Bank was merged with and into the Bank. On January 18, 2024, the Company announced that it has entered into a definitive agreement and plan of merger pursuant to which the Company will acquire Cornerstone Financial Corporation (“Cornerstone”), the parent company of Cornerstone Bank, Mount Laurel, New Jersey in a transaction valued at approximately $17.9 million. Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, Cornerstone will merge with, into and under the charter of the Company. In the merger, each share of Cornerstone common stock outstanding will be exchanged for 0.24 shares of the Company, subject to adjustment, having a value of $8.16 per share based on the $34.00 closing price of the Company common stock on January 17, 2024. Each share of Cornerstone’s preferred stock outstanding will be exchanged for its stated value of $1,000 per share. The transaction is subject to receipt of all required banking regulatory approvals, Cornerstone stockholder approval and certain financial and other contingencies. The transaction is expected to close in the second or third quarter of 2024. Basis of Financial Statement Presentation The unaudited consolidated financial statements include the accounts of the Company, its wholly owned subsidiary, the Bank, and the Bank’s 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 March 31, 2024. 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. Recent Accounting Pronouncements Not Yet Adopted The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 2023-07 ASU No. 2023-09 No. 2023-09, ASU 2023-06, “Disclosure improvements” Amends disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective dates will depend, in part, on whether an entity is already subject to the SEC’s current disclosure requirements. This ASU is not expected to have a material impact on the Company’s consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2 - Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated by dividing net income by the weighted average number of common shares outstanding for the period adjusted to include the effect of outstanding stock options, if dilutive, using the treasury stock method. Shares issued during any period are weighted for the portion of the period they were outstanding. The following schedule presents earnings per share data for the three-month periods ended March 31, 2024, and 2023 (in thousands, except per share data): Three months ended 2024 2023 Net income applicable to common stock $ 4,345 $ 6,097 Weighted average number of common shares outstanding 6,328 6,257 Basic earnings per share $ 0.69 $ 0.97 Net income applicable to common stock $ 4,345 $ 6,097 Weighted average number of common shares outstanding 6,328 6,257 Dilutive effect on common shares outstanding 90 129 Weighted average number of diluted common shares outstanding 6,418 6,386 Diluted earnings per share $ 0.68 $ 0.95 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-months period ended March 31, 2024, and 2023: Three months ended March 31, 2024 2023 Options Weighted Ave Options Weighted Ave Options to purchase 245,633 $ 21.38 374,496 $ 22.01 Anti-dilutive 86,431 $ 33.19 — $ — |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 – Investment Securities The following summarizes the amortized cost and fair value of securities available-for-sale March 31, 2024 Amortized Gross Unrealized Gross Unrealized Losses Fair Value (In thousands) Available-for-sale Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 71,266 $ 153 $ (6,578 ) $ 64,841 U.S. government agency securities 11,260 — (1,078 ) 10,182 Obligations of state and political subdivisions 44,056 2 (3,378 ) 40,680 Small business association (SBA) securities 2,392 5 (2 ) 2,395 Total $ 128,974 $ 160 $ (11,036 ) $ 118,098 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 48,399 $ 219 $ (5,984 ) $ 42,634 U.S. government agency securities 6,260 — (969 ) 5,291 Obligations of state and political subdivisions 44,059 12 (3,262 ) 40,809 Small business association (SBA) securities 2,617 2 (1 ) 2,618 Total $ 101,335 $ 233 $ (10,216 ) $ 91,352 The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available-for-sale Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) March 31, 2024 Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 7,494 $ (114 ) $ 30,206 $ (6,464 ) $ 37,700 $ (6,578 ) U.S. government agency securities 4,998 (2 ) 5,184 (1,076 ) 10,182 (1,078 ) Obligations of state and political subdivisions 6,788 (108 ) 31,196 (3,270 ) 37,984 (3,378 ) Small business association (SBA) securities 816 (2 ) — — 816 (2 ) Total $ 20,096 $ (226 ) $ 66,586 $ (10,810 ) $ 86,682 $ (11,036 ) Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) December 31, 2023 Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 2,858 $ (14 ) $ 31,398 $ (5,970 ) $ 34,256 $ (5,984 ) U.S. government agency securities — — 5,291 (969 ) 5,291 (969 ) Obligations of state and political subdivisions 5,117 (102 ) 30,646 (3,160 ) 35,763 (3,262 ) Small business association (SBA) securities 723 (1 ) — — 723 (1 ) $ 8,698 $ (117 ) $ 67,335 $ (10,099 ) $ 76,033 $ (10,216 ) The amortized cost and fair value of securities available-for-sale Amortized Fair Value (In thousands) Due in one year or less $ 285 $ 284 Due after one year through five years 8,454 8,263 Due after five years through ten years 34,437 32,065 Due after ten years 12,140 10,250 Mortgage-backed securities (GSEs) 71,266 64,841 Small business association (SBA) securities 2,392 2,395 $ 128,974 $ 118,098 Proceeds from calls and maturities of securities available-for-sale The Company uses a defined CECL methodology for allowance for credit losses on its investment securities available-for-sale. 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 and mortgage related securities guaranteed by the SBA We believe it is reasonable to expect that the securities with a credit guarantee of the U.S. government will have a zero-credit At March 31, 2024, the Company’s available-for-sale available-for-sale available-for-sale available-for-sale securities-GSE There are no securities pledged as of March 31, 2024, and December 31, 2023. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans Receivable | Note 4 – Loans Receivable Loans receivable, net at March 31, 2024 and December 31, 2023 were comprised of the following: March 31, December 31, (In thousands) Commercial real estate $ 1,162,741 $ 1,142,864 Commercial and industrial 45,930 50,961 Construction 321,009 310,187 Residential first-lien mortgage 36,565 38,040 Home equity/consumer 7,311 8,081 Total loans 1,573,556 1,550,133 Deferred fees and costs (2,325 ) (1,798 ) Loans, net $ 1,571,231 $ 1,548,335 The Company did not purchase any loans during the three months ended March 31, 2024, or 2023. Upon CECL, the Company uses the discounted cash flow methodology in determining the appropriate quantitative adjustments, which projects future losses, based on historical and peer 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. There were no significant changes to the Company’s ACL methodology for the quarter ended March 31, 2024. The following table presents the components of the allowance for credit losses: March 31, December 31, (In thousands) Allowance for credit losses - loans $ (18,618 ) $ (18,492 ) Allowance for credit losses - off balance sheet (473 ) (589 ) $ (19,091 ) $ (19,081 ) The following table presents nonaccrual loans by segment of the loan portfolio as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 With a Related Allowance Without a Related Allowance With a Related Allowance Without a Related Allowance (In thousands) Commercial real estate $ 110 $ 1,235 $ — $ 4,485 Commercial and industrial 40 $ 596 — 2,116 Construction — — — — Residential first-lien mortgage — 134 — 107 Total nonaccrual loans $ 150 $ 1,965 $ — $ 6,708 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 three-month period ending March 31, 2024, the Company wrote off $310 thousand in accrued interest receivable for loans, compared to $130 thousand for the three-month period ending March 31, 2023. Accrued interest receivable related to loans, at March 31, 2024, and March 31, 2023, was 30-59 60-89 >90 Total Past Current Total Loans (In thousands) Commercial real estate $ 356 $ 841 $ 1,345 $ 2,542 $ 1,160,199 $ 1,162,741 $ — Commercial and industrial 232 274 636 1,142 44,788 45,930 — Construction — — — — 321,009 321,009 — Residential first-lien mortgage 27 — 134 161 36,404 36,565 — Home equity/consumer — — — — 7,311 7,311 — Total $ 615 $ 1,115 $ 2,115 $ 3,845 $ 1,569,711 $ 1,573,556 $ — The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2023: 30-59 60-89 >90 Total Past Current Total Loans (In thousands) Commercial real estate $ 159 $ — $ 4,485 $ 4,644 $ 1,138,220 $ 1,142,864 $ — Commercial and industrial 303 — 2,116 2,419 48,542 50,961 — Construction — — — — 310,187 310,187 — Residential first-lien mortgage — — 107 107 37,933 38,040 — Home equity/consumer 29 — — 29 8,052 8,081 — Total $ 491 $ — $ 6,708 $ 7,199 $ 1,542,934 $ 1,550,133 $ — The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends, among other factors. The Company evaluates risk ratings on an ongoing basis and assigns one of the following ratings: pass, special mention, substandard and doubtful. The Company engages a third party to review its assessment on a semiannual basis. The Company classifies residential and consumer loans as either performing or nonperforming based on payment status. The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of March 31, 2024. 2024 2023 2022 2021 2020 Prior Revolving Total (Dollars in thousands) Commercial real estate Pass $ 25,851 $ 134,137 $ 244,778 $ 116,312 $ 61,828 $ 574,323 $ 5,512 $ 1,162,741 Special mention — — — — — — — — Substandard — — — — — — — — Total commercial real estate 25,851 134,137 244,778 116,312 61,828 574,323 5,512 1,162,741 Current period gross charge-offs (237 ) (237 ) Commercial and industrial Pass 653 563 1,615 11,702 148 12,158 12,230 39,069 Special mention — — — — — 4,508 — 4,508 Substandard — — — — 500 1,853 — 2,353 Total commercial and industrial 653 563 1,615 11,702 648 18,519 12,230 45,930 Current period gross charge-offs (46 ) (46 ) Construction Pass 6,050 5,832 17,809 83,849 11,371 7,391 188,707 321,009 Special mention — — — — — — — — Substandard — — — — — — — — Total construction 6,050 5,832 17,809 83,849 11,371 7,391 188,707 321,009 Residential first-lien mortgage Performing — — 966 3,805 2,816 28,846 — 36,433 Nonperforming — — — — — 132 — 132 Total residential first-lien mortgage — — 966 3,805 2,816 28,978 — 36,565 Home equity/consumer Performing 223 546 1,371 298 3 1,893 2,949 7,283 Nonperforming — — 28 — — — — 28 Total home equity/consumer 223 546 1,399 298 3 1,893 2,949 7,311 Total Pass 32,777 141,078 266,539 215,966 76,166 624,611 209,398 1,566,535 Special mention — — — — — 4,508 — 4,508 Substandard — — 28 — 500 1,985 — 2,513 Total loans $ 32,777 $ 141,078 $ 266,567 $ 215,966 $ 76,666 $ 631,104 $ 209,398 $ 1,573,556 F-14 The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of December 31, 2023. 2023 2022 2021 2020 2019 Prior Revolving Total (Dollars in thousands) Commercial real estate Pass $ 132,834 $ 233,436 $ 116,836 $ 53,574 $ 175,991 $ 417,417 $ 5,551 $ 1,135,639 Special mention — — — — — 2,740 — 2,740 Substandard — — — — — 4,485 — 4,485 Total commercial real estate 132,834 233,436 116,836 53,574 175,991 424,642 5,551 1,142,864 Current period gross charge-offs 1,718 1,718 Commercial and industrial Pass 2,098 2,304 11,925 1,962 1,133 13,954 15,045 48,421 Special mention — — — — — 500 — 500 Substandard — — — — — 2,040 — 2,040 Total commercial and industrial 2,098 2,304 11,925 1,962 1,133 16,494 15,045 50,961 Current period gross charge-offs 55 55 Construction Pass 5,832 18,379 91,774 19,216 — 8,484 166,502 310,187 Special mention — — — — — — — — Substandard — — — — — — — — Total construction 5,832 18,379 91,774 19,216 — 8,484 166,502 310,187 Current period gross charge-offs 148 148 Residential first-lien mortgage Performing — 979 4,792 2,839 1,545 27,778 — 37,933 Non performing — — — — — 107 — 107 Total residential first-lien mortgage — 979 4,792 2,839 1,545 27,885 — 38,040 Current period gross charge-offs 2 2 Home equity/consumer Performing 1,153 1,016 1,172 — — 1,606 3,134 8,081 Nonperforming — — — — — — — — Total home equity/consumer 1,153 1,016 1,172 — — 1,606 3,134 8,081 Total Pass/performing 141,917 256,114 226,499 77,591 178,669 469,239 190,232 1,540,261 Special mention — — — — — 3,240 — 3,240 Substandard /non performing — — — — — 6,632 — 6,632 Total loans $ 141,917 $ 256,114 $ 226,499 $ 77,591 $ 178,669 $ 479,111 $ 190,232 $ 1,550,133 The following table presents the allowance for credit losses on loans receivable at and for the three months ended March 31, 2024: Commercial Commercial Construction Residential Home equity/ Total (In thousands) Allowance for credit losses: Beginning balance $ 16,047 $ 488 $ 1,145 $ 725 $ 87 $ 18,492 Provision 1 631 (31 ) (124 ) (153 ) (21 ) 302 Charge-offs (237 ) (46 ) — — — (283 ) Recoveries 5 102 — — — 107 Total $ 16,446 $ 513 $ 1,021 $ 572 $ 66 $ 18,618 1 The provision for credit losses on the Consolidated Statement of Income is $186,000 comprising of a $302,000 thousand increase to the ACL for loans and a $116,000 reduction to the reserve for unfunded liabilities. The following table presents the allowance for credit losses on loans receivable at and for the three months ended March 31, 2023: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Allowance for credit losses: Beginning balance $ 8,654 $ 271 $ 6,289 $ 236 $ 45 $ — $ 966 $ 16,461 CECL adoption 1,384 (73 ) (1,269 ) 428 195 — (966 ) (301 ) Provision 1 (4 ) 16 329 (10 ) 13 — — 344 Charge-offs — — — — — — — — Recoveries 3 — — — — — — 3 Total $ 10,037 $ 214 $ 5,349 $ 654 $ 253 $ — $ — $ 16,507 1 The provision for credit losses on the Consolidated Statement of Income is $265,000 comprising a $344,000 increase to the allowance for credit losses on loans and a $79,000 reduction to the reserve for unfunded liabilities. As of March 31, 2024, the Company had six loans totaling $2.1 million that were individually analyzed for potential credit loss and all the loans have real estate as credit support. Compared to December 31, 2023, the Company had nine loans totaling $6.7 million that were individually analyzed for potential credit loss. Occasionally, the Company will modify the contractual terms of loans to a borrower experiencing financial difficulties as a way to mitigate loss, proactively work with borrowers in financial difficulty, or to comply with regulations regarding the treatment of certain bankruptcy filing and discharge situations. Typically, such concessions may consist of a reduction in interest rate to a below market rate, taking into account the credit quality of the note, extension of additional credit base on receipt of adequate collateral, or a deferment or reduction of payments (principal or interest) which materially alters the Company’s position or significantly extends the note’s maturity date, such that the present value of cash flows to be received is materially less than those contractually established at the loan’s origination. When principal forgiveness is provided, the amount forgiven is charged off against the allowance for credit losses on loans. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Deposits | Note 5 – Deposits The components of deposits were as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Demand, non-interest-bearing $ 247,056 14.48 % $ 249,282 15.24 % Demand, interest-bearing checking 215,364 12.63 % 247,939 15.16 % Savings 149,386 8.76 % 146,484 8.96 % Money market 378,652 22.20 % 354,005 21.64 % Time deposits, $250,000 and over 179,479 10.52 % 173,614 10.61 % Time deposits, other 535,683 31.41 % 464,417 28.39 % $ 1,705,620 100.00 % $ 1,635,741 100.00 % |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6 – Borrowings At March 31, 2024, and December 31, 2023, the Company had no borrowings outstanding. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosure | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosure | Note 7 – Fair Value Measurements and Disclosures The Company follows the guidance on fair value measurements now codified as FASB ASC Topic 820, Fair Value Measurement . Management uses its best judgment in estimating the fair value of the Company’s financial instruments, however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transactions on the dates indicated. The estimated fair value amounts have been measured as of their respective period-end re-evaluated period-end. The fair value measurement hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 Level 2 Level 3 An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024 were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Mortgage-backed securities -U.S. $ — $ 64,841 $ — $ 64,841 U.S. government agency securities — 10,182 — 10,182 Obligations of state and political subdivisions — 40,680 — 40,680 Small Business Association (SBA) securities — 2,395 — 2,395 Securities available-for-sale $ — $ 118,098 $ — $ 118,098 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, 2023 were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Mortgage-backed securities -U.S. $ — $ 42,634 $ — $ 42,634 U.S. government agency securities 5,291 — 5,291 Obligations of state and political subdivisions — 40,809 — 40,809 Small Business Association (SBA) securities — 2,618 — 2,618 Securities available-for-sale $ — $ 91,352 $ — $ 91,352 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024, were as follows. Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Collateral dependent loan $ — $ — $ 95 $ 95 $ — $ — $ 95 $ 95 The following table presents quantitative information using Level 3 fair value measurements at March 31, 2024. Description March 31, Valuation Unobservable Range (Dollars in thousands) Discount 6.0 % Collateral dependent loan $ 95 Collateral 1 adjustment (6.0 %) 1 Value based on third party offer to purchase note from the Bank. For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2023, were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Collateral dependent loan $ — $ — $ 4,485 $ 4,485 $ — $ — $ 4,485 $ 4,485 The following table presents quantitative information using Level 3 fair value measurements at December 31, 2023. Description December 31, Valuation Unobservable Range (Dollars in thousands) Discount 0.0 % Collateral dependent loan $ 4,485 Collateral 1 adjustment (0.0 %) 1 Value based on third party offer to purchase note from the Bank. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2024 or 2023. The Company’s policy is to recognize transfers between levels as of the end of the reporting period. The following methods and assumptions were used by the Company in estimating fair value disclosures: Investment Securities The fair value of securities available-for-sale held-to-maturity Individual evaluated loans (generally carried at fair value) Individual loans carried at fair value are those loans in which the Company has measured for a reserve and are 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 March 31, 2024 are as follows. March 31, 2024 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 172,067 $ 172,067 $ 172,067 $ — $ — Securities available-for-sale 118,098 118,098 — 118,098 — Securities held-to-maturity 167 167 — 167 — Loans receivable, net 1,552,613 1,495,787 — — 1,495,787 Restricted investments in bank stock 1,398 1,398 — 1,398 — Accrued interest receivable 6,405 6,405 — 6,405 — Equity method investments 9,051 9,051 — 5,900 3,151 Mortgage servicing rights 1,383 1,383 — 1,383 — Financial Liabilities: Deposits $ 1,705,620 1,705,620 $ — $ 1,705,620 $ — Accrued interest payable 11,831 11,831 — 11,831 — The carrying amounts and estimated fair value of financial instruments at December 31, 2023 are as follows: December 31, 2023 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 150,557 $ 150,557 $ 150,557 $ — $ — Securities AFS 91,352 91,352 — 91,352 — Securities HTM 193 192 — 192 — Loans receivable, net 1,529,843 1,425,814 — — 1,425,814 Restricted bank stock 1,410 1,410 — 1,410 — Accrued interest receivable 6,089 6,089 — 6,089 — Equity method investments 8,296 8,296 — 5,900 2,396 Financial Liabilities Deposits 1,635,741 1,581,762 — 1,581,762 — Accrued interest payable 9,162 9,162 — 9,162 — 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, deposits and borrowings are measured on a discounted basis using similar rates and terms. The Mortgage servicing rights are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third-party valuations. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 8 – Leases Leases (Topic 842) establishes a right of use model that requires a lessee to record a right of use asset (“ROU”) and a lease liability for all leases with terms longer than 12 months. The Company is obligated under 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 Three Months Ended Year ended (In thousands) Operating Lease Right of Use Asset: Gross carrying amount $ 23,398 $ 16,026 Increased asset from new leases 1,808 9,799 Accumulated amortization (2,480 ) (2,427 ) Net book value Operating lease right-of-use asset $ 22,726 $ 23,398 Operating Lease Liability: Lease liability Operating lease liability $ 23,643 $ 24,280 As of March 31, 2024, the weighted-average remaining lease terms for operating leases was 11.6 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.48%. The Company used FHLB fixed rate advances or at the time the lease was placed in service for the term most closely aligning with remaining lease term. Future minimum payments under operating leases with terms longer than 12 months are as follows at March 31, 2024 (in thousands): Twelve months ended March 31, 2024 $ 3,501 2025 3,453 2026 3,269 2027 2,992 2028 2,779 Thereafter 15,748 Total future operating lease payment 31,742 Amounts representing interest (8,099 ) Present value of net future lease payments $ 23,643 Three Months Ended 2024 2023 (In thousands) Lease cost: Operating lease $ 987 $ 665 Short-term lease cost 48 2 Total lease cost $ 1,035 $ 667 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 898 $ 585 |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangible | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangible | Note 9 – Goodwill and Core Deposit Intangible In accordance with ASC 805, the Company recorded $8.9 million of goodwill along with a core deposit intangible asset of $4.2 million of for the five branches acquired in 2019. The Noah Bank acquisition that occurred in 2023 did not generate any goodwill, but the Bank recorded $98 thousand in core deposit intangible asset. The core deposit intangible asset is being amortized over 10 years, using the sum of the year’s digits. Except as set forth below, GAAP requires that goodwill be tested for impairment annually (with the Company’s 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 Unit that has goodwill in order to determine if it is more likely than not (that is, a likelihood of more than %) that the fair value of a Reporting Unit is less than its carrying amount, including goodwill. A qualitative factor test can be performed to determine whether it is necessary to perform a quantitative goodwill impairment test. If this qualitative test determines it is not more likely than not (less than % probability) that the fair value of the Reporting Unit is less than the Carrying Value, then the Company does not have to perform a quantitative test and goodwill can be considered not impaired. The Company performed its annual review at May 31, 2023 and determined that it was more than 50% probable the fair value of the Reporting Unit exceeds the then Carrying Value, therefore a quantitative test was not required as of May 31, 2023. The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Goodwill Core Deposit (In thousands) Balance at December 31, 2023 $ 8,853 $ 1,422 Amortization expense — (121 ) Balance at March 31, 2024 $ 8,853 $ 1,301 As of March 31, 2024, the remaining current fiscal year and future fiscal periods amortization for the core deposit intangible is (in thousands): 2024 314 2025 353 2026 274 2027 195 Thereafter 165 Total $ 1,301 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 – Subsequent Events On April 23, 2024, during the Company’s annual shareholder meeting, the Board of Directors approved an amendment to the Company’s articles of incorporation to authorize a class of preferred stock consisting of 2,000,000 shares. On April 24, 2024, the Board of Directors declared a cash dividend of $0.30 per share of common stock to shareholders of record on May 10, 2024, payable on May 31, 2024. |
Risk and Uncertainties
Risk and Uncertainties | 3 Months Ended |
Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Risk and Uncertainties | Note 11 – Risk and Uncertainties The occurrence of events which adversely affect the global, national, and regional economies may have a negative impact on our business. Like other financial institutions, our business relies upon the ability and willingness of our customers to transact business with us, including banking, borrowing and other financial transactions. A strong and stable economy at each of the local, federal, and global levels is often a critical component of consumer confidence and typically correlates positively with our customers’ ability and willingness to transact certain types of business with us. Local and global events outside of our control which disrupt the New Jersey, Pennsylvania, New York, United States and/or global economy may therefore negatively impact our business and financial condition. Government economic programs intended to backstop and bolster the economy through the pandemic have ended, and the nation’s economy has entered an inflationary phase. The Consumer Price Index has risen to 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. Regional conflicts around the world, including between Russia and Ukraine, have exacerbated pandemic-related supply chain issues, upset numerous global markets including energy and certain raw materials, and generally added to economic uncertainty and geopolitical instability. Any or all could have negative downstream effects on the Company’s operating results, the extent of which is indeterminable at this time. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 the Bank’s 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 March 31, 2024. 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. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted The Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 2023-07 ASU No. 2023-09 No. 2023-09, ASU 2023-06, “Disclosure improvements” Amends disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective dates will depend, in part, on whether an entity is already subject to the SEC’s current disclosure requirements. This ASU is not expected to have a material impact on the Company’s consolidated financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Summary of earnings per share | The following schedule presents earnings per share data for the three-month periods ended March 31, 2024, and 2023 (in thousands, except per share data): Three months ended 2024 2023 Net income applicable to common stock $ 4,345 $ 6,097 Weighted average number of common shares outstanding 6,328 6,257 Basic earnings per share $ 0.69 $ 0.97 Net income applicable to common stock $ 4,345 $ 6,097 Weighted average number of common shares outstanding 6,328 6,257 Dilutive effect on common shares outstanding 90 129 Weighted average number of diluted common shares outstanding 6,418 6,386 Diluted earnings per share $ 0.68 $ 0.95 |
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-months period ended March 31, 2024, and 2023: Three months ended March 31, 2024 2023 Options Weighted Ave Options Weighted Ave Options to purchase 245,633 $ 21.38 374,496 $ 22.01 Anti-dilutive 86,431 $ 33.19 — $ — |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost and estimated fair value | The following summarizes the amortized cost and fair value of securities available-for-sale March 31, 2024 Amortized Gross Unrealized Gross Unrealized Losses Fair Value (In thousands) Available-for-sale Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 71,266 $ 153 $ (6,578 ) $ 64,841 U.S. government agency securities 11,260 — (1,078 ) 10,182 Obligations of state and political subdivisions 44,056 2 (3,378 ) 40,680 Small business association (SBA) securities 2,392 5 (2 ) 2,395 Total $ 128,974 $ 160 $ (11,036 ) $ 118,098 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Available-for-sale Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 48,399 $ 219 $ (5,984 ) $ 42,634 U.S. government agency securities 6,260 — (969 ) 5,291 Obligations of state and political subdivisions 44,059 12 (3,262 ) 40,809 Small business association (SBA) securities 2,617 2 (1 ) 2,618 Total $ 101,335 $ 233 $ (10,216 ) $ 91,352 |
Summary of fair value of related securities available-for-sale | The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available-for-sale Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) March 31, 2024 Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 7,494 $ (114 ) $ 30,206 $ (6,464 ) $ 37,700 $ (6,578 ) U.S. government agency securities 4,998 (2 ) 5,184 (1,076 ) 10,182 (1,078 ) Obligations of state and political subdivisions 6,788 (108 ) 31,196 (3,270 ) 37,984 (3,378 ) Small business association (SBA) securities 816 (2 ) — — 816 (2 ) Total $ 20,096 $ (226 ) $ 66,586 $ (10,810 ) $ 86,682 $ (11,036 ) Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) December 31, 2023 Mortgage-backed securities - U.S. government sponsored enterprises (GSEs) $ 2,858 $ (14 ) $ 31,398 $ (5,970 ) $ 34,256 $ (5,984 ) U.S. government agency securities — — 5,291 (969 ) 5,291 (969 ) Obligations of state and political subdivisions 5,117 (102 ) 30,646 (3,160 ) 35,763 (3,262 ) Small business association (SBA) securities 723 (1 ) — — 723 (1 ) $ 8,698 $ (117 ) $ 67,335 $ (10,099 ) $ 76,033 $ (10,216 ) |
Summary of securities available-for-sale by contractual maturity | The amortized cost and fair value of securities available-for-sale Amortized Fair Value (In thousands) Due in one year or less $ 285 $ 284 Due after one year through five years 8,454 8,263 Due after five years through ten years 34,437 32,065 Due after ten years 12,140 10,250 Mortgage-backed securities (GSEs) 71,266 64,841 Small business association (SBA) securities 2,392 2,395 $ 128,974 $ 118,098 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of loans receivable net | Loans receivable, net at March 31, 2024 and December 31, 2023 were comprised of the following: March 31, December 31, (In thousands) Commercial real estate $ 1,162,741 $ 1,142,864 Commercial and industrial 45,930 50,961 Construction 321,009 310,187 Residential first-lien mortgage 36,565 38,040 Home equity/consumer 7,311 8,081 Total loans 1,573,556 1,550,133 Deferred fees and costs (2,325 ) (1,798 ) Loans, net $ 1,571,231 $ 1,548,335 |
Summary of components of allowance for credit losses | The following table presents the components of the allowance for credit losses: March 31, December 31, (In thousands) Allowance for credit losses - loans $ (18,618 ) $ (18,492 ) Allowance for credit losses - off balance sheet (473 ) (589 ) $ (19,091 ) $ (19,081 ) |
Summary of nonaccrual loans by segment of loan portfolio | The following table presents nonaccrual loans by segment of the loan portfolio as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 With a Related Allowance Without a Related Allowance With a Related Allowance Without a Related Allowance (In thousands) Commercial real estate $ 110 $ 1,235 $ — $ 4,485 Commercial and industrial 40 $ 596 — 2,116 Construction — — — — Residential first-lien mortgage — 134 — 107 Total nonaccrual loans $ 150 $ 1,965 $ — $ 6,708 |
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 March 31, 2024: 30-59 60-89 >90 Total Past Current Total Loans (In thousands) Commercial real estate $ 356 $ 841 $ 1,345 $ 2,542 $ 1,160,199 $ 1,162,741 $ — Commercial and industrial 232 274 636 1,142 44,788 45,930 — Construction — — — — 321,009 321,009 — Residential first-lien mortgage 27 — 134 161 36,404 36,565 — Home equity/consumer — — — — 7,311 7,311 — Total $ 615 $ 1,115 $ 2,115 $ 3,845 $ 1,569,711 $ 1,573,556 $ — The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2023: 30-59 60-89 >90 Total Past Current Total Loans (In thousands) Commercial real estate $ 159 $ — $ 4,485 $ 4,644 $ 1,138,220 $ 1,142,864 $ — Commercial and industrial 303 — 2,116 2,419 48,542 50,961 — Construction — — — — 310,187 310,187 — Residential first-lien mortgage — — 107 107 37,933 38,040 — Home equity/consumer 29 — — 29 8,052 8,081 — Total $ 491 $ — $ 6,708 $ 7,199 $ 1,542,934 $ 1,550,133 $ — |
Summary of loans by year of origination, internally assigned credit grades and risk characteristics | The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of March 31, 2024. 2024 2023 2022 2021 2020 Prior Revolving Total (Dollars in thousands) Commercial real estate Pass $ 25,851 $ 134,137 $ 244,778 $ 116,312 $ 61,828 $ 574,323 $ 5,512 $ 1,162,741 Special mention — — — — — — — — Substandard — — — — — — — — Total commercial real estate 25,851 134,137 244,778 116,312 61,828 574,323 5,512 1,162,741 Current period gross charge-offs (237 ) (237 ) Commercial and industrial Pass 653 563 1,615 11,702 148 12,158 12,230 39,069 Special mention — — — — — 4,508 — 4,508 Substandard — — — — 500 1,853 — 2,353 Total commercial and industrial 653 563 1,615 11,702 648 18,519 12,230 45,930 Current period gross charge-offs (46 ) (46 ) Construction Pass 6,050 5,832 17,809 83,849 11,371 7,391 188,707 321,009 Special mention — — — — — — — — Substandard — — — — — — — — Total construction 6,050 5,832 17,809 83,849 11,371 7,391 188,707 321,009 Residential first-lien mortgage Performing — — 966 3,805 2,816 28,846 — 36,433 Nonperforming — — — — — 132 — 132 Total residential first-lien mortgage — — 966 3,805 2,816 28,978 — 36,565 Home equity/consumer Performing 223 546 1,371 298 3 1,893 2,949 7,283 Nonperforming — — 28 — — — — 28 Total home equity/consumer 223 546 1,399 298 3 1,893 2,949 7,311 Total Pass 32,777 141,078 266,539 215,966 76,166 624,611 209,398 1,566,535 Special mention — — — — — 4,508 — 4,508 Substandard — — 28 — 500 1,985 — 2,513 Total loans $ 32,777 $ 141,078 $ 266,567 $ 215,966 $ 76,666 $ 631,104 $ 209,398 $ 1,573,556 F-14 The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of December 31, 2023. 2023 2022 2021 2020 2019 Prior Revolving Total (Dollars in thousands) Commercial real estate Pass $ 132,834 $ 233,436 $ 116,836 $ 53,574 $ 175,991 $ 417,417 $ 5,551 $ 1,135,639 Special mention — — — — — 2,740 — 2,740 Substandard — — — — — 4,485 — 4,485 Total commercial real estate 132,834 233,436 116,836 53,574 175,991 424,642 5,551 1,142,864 Current period gross charge-offs 1,718 1,718 Commercial and industrial Pass 2,098 2,304 11,925 1,962 1,133 13,954 15,045 48,421 Special mention — — — — — 500 — 500 Substandard — — — — — 2,040 — 2,040 Total commercial and industrial 2,098 2,304 11,925 1,962 1,133 16,494 15,045 50,961 Current period gross charge-offs 55 55 Construction Pass 5,832 18,379 91,774 19,216 — 8,484 166,502 310,187 Special mention — — — — — — — — Substandard — — — — — — — — Total construction 5,832 18,379 91,774 19,216 — 8,484 166,502 310,187 Current period gross charge-offs 148 148 Residential first-lien mortgage Performing — 979 4,792 2,839 1,545 27,778 — 37,933 Non performing — — — — — 107 — 107 Total residential first-lien mortgage — 979 4,792 2,839 1,545 27,885 — 38,040 Current period gross charge-offs 2 2 Home equity/consumer Performing 1,153 1,016 1,172 — — 1,606 3,134 8,081 Nonperforming — — — — — — — — Total home equity/consumer 1,153 1,016 1,172 — — 1,606 3,134 8,081 Total Pass/performing 141,917 256,114 226,499 77,591 178,669 469,239 190,232 1,540,261 Special mention — — — — — 3,240 — 3,240 Substandard /non performing — — — — — 6,632 — 6,632 Total loans $ 141,917 $ 256,114 $ 226,499 $ 77,591 $ 178,669 $ 479,111 $ 190,232 $ 1,550,133 |
Summary of allowance for credit losses on loans receivables | The following table presents the allowance for credit losses on loans receivable at and for the three months ended March 31, 2024: Commercial Commercial Construction Residential Home equity/ Total (In thousands) Allowance for credit losses: Beginning balance $ 16,047 $ 488 $ 1,145 $ 725 $ 87 $ 18,492 Provision 1 631 (31 ) (124 ) (153 ) (21 ) 302 Charge-offs (237 ) (46 ) — — — (283 ) Recoveries 5 102 — — — 107 Total $ 16,446 $ 513 $ 1,021 $ 572 $ 66 $ 18,618 1 The provision for credit losses on the Consolidated Statement of Income is $186,000 comprising of a $302,000 thousand increase to the ACL for loans and a $116,000 reduction to the reserve for unfunded liabilities. The following table presents the allowance for credit losses on loans receivable at and for the three months ended March 31, 2023: Commercial Commercial Construction Residential Home equity/ PPP Unallocated Total (In thousands) Allowance for credit losses: Beginning balance $ 8,654 $ 271 $ 6,289 $ 236 $ 45 $ — $ 966 $ 16,461 CECL adoption 1,384 (73 ) (1,269 ) 428 195 — (966 ) (301 ) Provision 1 (4 ) 16 329 (10 ) 13 — — 344 Charge-offs — — — — — — — — Recoveries 3 — — — — — — 3 Total $ 10,037 $ 214 $ 5,349 $ 654 $ 253 $ — $ — $ 16,507 1 The provision for credit losses on the Consolidated Statement of Income is $265,000 comprising a $344,000 increase to the allowance for credit losses on loans and a $79,000 reduction to the reserve for unfunded liabilities. |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Summary of components of deposits | The components of deposits were as follows: March 31, 2024 December 31, 2023 (Dollars in thousands) Demand, non-interest-bearing $ 247,056 14.48 % $ 249,282 15.24 % Demand, interest-bearing checking 215,364 12.63 % 247,939 15.16 % Savings 149,386 8.76 % 146,484 8.96 % Money market 378,652 22.20 % 354,005 21.64 % Time deposits, $250,000 and over 179,479 10.52 % 173,614 10.61 % Time deposits, other 535,683 31.41 % 464,417 28.39 % $ 1,705,620 100.00 % $ 1,635,741 100.00 % |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 Three Months Ended Year ended (In thousands) Operating Lease Right of Use Asset: Gross carrying amount $ 23,398 $ 16,026 Increased asset from new leases 1,808 9,799 Accumulated amortization (2,480 ) (2,427 ) Net book value Operating lease right-of-use asset $ 22,726 $ 23,398 Operating Lease Liability: Lease liability Operating lease liability $ 23,643 $ 24,280 |
Summary of lease cost | Three Months Ended 2024 2023 (In thousands) Lease cost: Operating lease $ 987 $ 665 Short-term lease cost 48 2 Total lease cost $ 1,035 $ 667 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 898 $ 585 |
Summary of lessee operating lease liability maturity | Future minimum payments under operating leases with terms longer than 12 months are as follows at March 31, 2024 (in thousands): Twelve months ended March 31, 2024 $ 3,501 2025 3,453 2026 3,269 2027 2,992 2028 2,779 Thereafter 15,748 Total future operating lease payment 31,742 Amounts representing interest (8,099 ) Present value of net future lease payments $ 23,643 |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangible (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of carrying amount of goodwill and core deposit intangible assets | The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Goodwill Core Deposit (In thousands) Balance at December 31, 2023 $ 8,853 $ 1,422 Amortization expense — (121 ) Balance at March 31, 2024 $ 8,853 $ 1,301 |
Summary of future fiscal periods amortization for the core deposit intangible | As of March 31, 2024, the remaining current fiscal year and future fiscal periods amortization for the core deposit intangible is (in thousands): 2024 314 2025 353 2026 274 2027 195 Thereafter 165 Total $ 1,301 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary Of Financial Assets Measured At Fair Value On Recurring Basis | For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024 were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Mortgage-backed securities -U.S. $ — $ 64,841 $ — $ 64,841 U.S. government agency securities — 10,182 — 10,182 Obligations of state and political subdivisions — 40,680 — 40,680 Small Business Association (SBA) securities — 2,395 — 2,395 Securities available-for-sale $ — $ 118,098 $ — $ 118,098 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, 2023 were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Mortgage-backed securities -U.S. $ — $ 42,634 $ — $ 42,634 U.S. government agency securities 5,291 — 5,291 Obligations of state and political subdivisions — 40,809 — 40,809 Small Business Association (SBA) securities — 2,618 — 2,618 Securities available-for-sale $ — $ 91,352 $ — $ 91,352 |
Summary Of Financial Assets Measured At Fair Value On NonRecurring Basis | For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024, were as follows. Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Collateral dependent loan $ — $ — $ 95 $ 95 $ — $ — $ 95 $ 95 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2023, were as follows: Description (Level 1) (Level 2) (Level 3) Total Fair (In thousands) Collateral dependent loan $ — $ — $ 4,485 $ 4,485 $ — $ — $ 4,485 $ 4,485 |
Summary Of Quantitative Information Using Level 3 Fair Value Measurements | The following table presents quantitative information using Level 3 fair value measurements at March 31, 2024. Description March 31, Valuation Unobservable Range (Dollars in thousands) Discount 6.0 % Collateral dependent loan $ 95 Collateral 1 adjustment (6.0 %) 1 Value based on third party offer to purchase note from the Bank. The following table presents quantitative information using Level 3 fair value measurements at December 31, 2023. Description December 31, Valuation Unobservable Range (Dollars in thousands) Discount 0.0 % Collateral dependent loan $ 4,485 Collateral 1 adjustment (0.0 %) 1 Value based on third party offer to purchase note from the Bank. |
Summary Of Carrying Amounts And Estimated Fair Value Of Financial Instruments | The carrying amounts and estimated fair value of financial instruments at March 31, 2024 are as follows. March 31, 2024 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 172,067 $ 172,067 $ 172,067 $ — $ — Securities available-for-sale 118,098 118,098 — 118,098 — Securities held-to-maturity 167 167 — 167 — Loans receivable, net 1,552,613 1,495,787 — — 1,495,787 Restricted investments in bank stock 1,398 1,398 — 1,398 — Accrued interest receivable 6,405 6,405 — 6,405 — Equity method investments 9,051 9,051 — 5,900 3,151 Mortgage servicing rights 1,383 1,383 — 1,383 — Financial Liabilities: Deposits $ 1,705,620 1,705,620 $ — $ 1,705,620 $ — Accrued interest payable 11,831 11,831 — 11,831 — The carrying amounts and estimated fair value of financial instruments at December 31, 2023 are as follows: December 31, 2023 Carrying Estimated Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and cash equivalents $ 150,557 $ 150,557 $ 150,557 $ — $ — Securities AFS 91,352 91,352 — 91,352 — Securities HTM 193 192 — 192 — Loans receivable, net 1,529,843 1,425,814 — — 1,425,814 Restricted bank stock 1,410 1,410 — 1,410 — Accrued interest receivable 6,089 6,089 — 6,089 — Equity method investments 8,296 8,296 — 5,900 2,396 Financial Liabilities Deposits 1,635,741 1,581,762 — 1,581,762 — Accrued interest payable 9,162 9,162 — 9,162 — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | |||
Jan. 18, 2024 USD ($) $ / shares | Mar. 31, 2024 Integer | May 19, 2023 | 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 | 29 | |||
Number of employees | Integer | 211 | |||
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% | |||
Cornerstone Financial Corporation [Member] | ||||
Description Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Business combination consideration transferred | $ | $ 17,900,000 | |||
Business acquisition stock conversion ratio | 0.24 | |||
Business acquisition, share price | $ / shares | $ 8.16 | |||
Share price | $ / shares | $ 34 | |||
Preferred stock, value, outstanding | $ | $ 1,000 | |||
New Jersey State Chartered Banking Institution [Member] | ||||
Description Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
State in which the entity was incorporated | NJ |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income applicable to common stock | $ 4,345 | $ 6,097 |
Weighted average number of common shares outstanding | 6,328,000 | 6,257,000 |
Basic earnings per share | $ 0.69 | $ 0.97 |
Dilutive effect on common shares outstanding | 90 | 129 |
Weighted average number of diluted common shares outstanding | 6,418 | 6,386 |
Diluted earnings per share | $ 0.68 | $ 0.95 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Earnings Per Share [Line Items] | |||
Number of shares | 90 | 129 | |
Option [Member] | |||
Earnings Per Share [Line Items] | |||
Number of shares | 245,633 | 374,496 | |
Number of shares excluded | 86,431 | 0 | |
Option [Member] | Employee Stock Option One [Member] | |||
Earnings Per Share [Line Items] | |||
Weighted average exercise price | $ 21.38 | $ 22.01 | |
Weighted average exercise price excluded | $ 33.19 | $ 0 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | Mar. 31, 2024 USD ($) Securities | Dec. 31, 2023 USD ($) |
Marketable Securities [Line Items] | ||
Number of securities less than 12 months | Securities | 30 | |
Number of securities more than 12 months | Securities | 164 | |
Unrealized losses securities more than 12 months | $ 10,810 | $ 10,099 |
Securities pledged as collateral | $ 0 | $ 0 |
Number of investment securities | Securities | 227 | |
Municipal Securities [Member] | ||
Marketable Securities [Line Items] | ||
Number of securities more than 12 months | Securities | 98 | |
Unrealized losses securities more than 12 months | $ 31,200 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 3,300 | |
Mortgage-backed securities [Member] | ||
Marketable Securities [Line Items] | ||
Number of securities more than 12 months | Securities | 62 | |
Unrealized losses securities more than 12 months | $ 30,200 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 6,500 | |
Agency Securities [Member] | ||
Marketable Securities [Line Items] | ||
Number of securities more than 12 months | Securities | 4 | |
Unrealized losses securities more than 12 months | $ 5,200 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,100 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | $ 128,974 | $ 101,335 |
Gross Unrealized Gains | 160 | 233 |
Gross Unrealized Losses | (11,036) | (10,216) |
Fair value | 118,098 | 91,352 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 71,266 | 48,399 |
Gross Unrealized Gains | 153 | 219 |
Gross Unrealized Losses | (6,578) | (5,984) |
Fair value | 64,841 | 42,634 |
U.S. government agency securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 11,260 | 6,260 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,078) | (969) |
Fair value | 10,182 | 5,291 |
Obligations of state and political subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 44,056 | 44,059 |
Gross Unrealized Gains | 2 | 12 |
Gross Unrealized Losses | (3,378) | (3,262) |
Fair value | 40,680 | 40,809 |
Small business association (SBA) securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized cost | 2,392 | 2,617 |
Gross Unrealized Gains | 5 | 2 |
Gross Unrealized Losses | (2) | (1) |
Fair value | $ 2,395 | $ 2,618 |
Investment Securities - Summa_2
Investment Securities - Summary of Fair Value of Available For Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | $ 20,096 | $ 8,698 |
Less than 12 Months Unrealized Losses | (226) | (117) |
More than 12 Months Fair Value | 66,586 | 67,335 |
More than 12 Months Unrealized Losses | (10,810) | (10,099) |
Fair Value | 86,682 | 76,033 |
Unrealized Losses | (11,036) | (10,216) |
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 | 7,494 | 2,858 |
Less than 12 Months Unrealized Losses | (114) | (14) |
More than 12 Months Fair Value | 30,206 | 31,398 |
More than 12 Months Unrealized Losses | (6,464) | (5,970) |
Fair Value | 37,700 | 34,256 |
Unrealized Losses | (6,578) | (5,984) |
U.S. government agency securities [Member] | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | 4,998 | 0 |
Less than 12 Months Unrealized Losses | (2) | 0 |
More than 12 Months Fair Value | 5,184 | 5,291 |
More than 12 Months Unrealized Losses | (1,076) | (969) |
Fair Value | 10,182 | 5,291 |
Unrealized Losses | (1,078) | (969) |
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 | 6,788 | 5,117 |
Less than 12 Months Unrealized Losses | (108) | (102) |
More than 12 Months Fair Value | 31,196 | 30,646 |
More than 12 Months Unrealized Losses | (3,270) | (3,160) |
Fair Value | 37,984 | 35,763 |
Unrealized Losses | (3,378) | (3,262) |
Small business association (SBA) securities [Member] | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Less than 12 Months Fair Value | 816 | 723 |
Less than 12 Months Unrealized Losses | (2) | (1) |
More than 12 Months Fair Value | 0 | 0 |
More than 12 Months Unrealized Losses | 0 | 0 |
Fair Value | 816 | 723 |
Unrealized Losses | $ (2) | $ (1) |
Investment Securities - Summa_3
Investment Securities - Summary of Securities Available For Sale By Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | $ 128,974 | $ 101,335 |
Fair value due in one year or less | 20,096 | 8,698 |
Fair value due after one year through five years | 66,586 | 67,335 |
Fair value | 118,098 | 91,352 |
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 | 285 | |
Amortized cost due after one year through five years | 8,454 | |
Amortized cost due after five years through ten years | 34,437 | |
Amortized cost due after ten years | 12,140 | |
Amortized cost | 128,974 | |
Fair value due in one year or less | 284 | |
Fair value due after one year through five years | 8,263 | |
Fair value due after five years through ten years | 32,065 | |
Fair value due after ten years | 10,250 | |
Fair value | 118,098 | |
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 | 71,266 | 48,399 |
Fair value due in one year or less | 7,494 | 2,858 |
Fair value due after one year through five years | 30,206 | 31,398 |
Fair value | 64,841 | 42,634 |
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 | 71,266 | |
Fair value | 64,841 | |
Small business association (SBA) securities [Member] | ||
Available For Sale Securities Amortized Cost and Debt Maturities Fair Value [Line Items] | ||
Amortized cost | 2,392 | 2,617 |
Fair value due in one year or less | 816 | 723 |
Fair value due after one year through five years | 0 | 0 |
Fair value | 2,395 | $ 2,618 |
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 | 2,392 | |
Fair value | $ 2,395 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Loan | Mar. 31, 2023 USD ($) Loan | Dec. 31, 2023 USD ($) | |
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | |||
Number of loans | Loan | 6 | 9 | |
Troubled debt restructuring | $ 2,100,000 | $ 6,700,000 | |
Payments to Acquire Loans Receivable | 0 | $ 0 | |
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 | 310,000 | 130,000 | |
Loans Receivable [Member] | |||
Schedule Of Activity Relating To Amount Due From Related Party [Line Items] | |||
Accrued Interest Receivable | $ 5,600,000 | $ 4,300,000 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,573,556 | $ 1,550,133 |
Deferred fees and costs | (2,325) | (1,798) |
Loans, net | 1,571,231 | 1,548,335 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,162,741 | 1,142,864 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 45,930 | 50,961 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 321,009 | 310,187 |
Residential first-lien mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 36,565 | 38,040 |
Home equity/consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 7,311 | $ 8,081 |
Loans Receivable - Summary of c
Loans Receivable - Summary of components of allowance for credit losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses - loans | $ (18,618) | $ (18,492) | $ (16,507) | $ (16,461) |
Allowance for credit losses - off balance sheet | (473) | (589) | ||
Allowance for credit losses | $ (19,091) | $ (19,081) |
Loans Receivable - Summary of N
Loans Receivable - Summary of Nonaccrual Loans by Segment of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | $ 1,965 | $ 6,708 |
Total nonaccrual loans with a related allowance | 150 | 0 |
Commercial real estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 1,235 | 4,485 |
Total nonaccrual loans with a related allowance | 110 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 596 | 2,116 |
Total nonaccrual loans with a related allowance | 40 | 0 |
Construction [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 0 | 0 |
Total nonaccrual loans with a related allowance | 0 | 0 |
Residential first-lien mortgage [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans without a related allowance | 134 | 107 |
Total nonaccrual loans with a related allowance | $ 0 | $ 0 |
Loans Receivable - Summary of P
Loans Receivable - Summary of Performance and Credit Quality of Loan Portfolio (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | $ 1,569,711 | $ 1,542,934 |
Total loans receivable | 1,573,556 | 1,550,133 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 1,160,199 | 1,138,220 |
Total loans receivable | 1,162,741 | 1,142,864 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 44,788 | 48,542 |
Total loans receivable | 45,930 | 50,961 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 321,009 | 310,187 |
Total loans receivable | 321,009 | 310,187 |
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 | 36,404 | 37,933 |
Total loans receivable | 36,565 | 38,040 |
Loans receivable more than 90 days and accruing | 0 | 0 |
Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Current | 7,311 | 8,052 |
Total loans receivable | 7,311 | 8,081 |
Loans receivable more than 90 days and accruing | 0 | 0 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 615 | 491 |
30 to 59 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 356 | 159 |
30 to 59 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 232 | 303 |
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 | 27 | 0 |
30 to 59 Days Past Due [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 29 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 1,115 | 0 |
60 to 89 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 841 | 0 |
60 to 89 Days Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 274 | 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 | 2,115 | 6,708 |
Greater than 90 Days [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 1,345 | 4,485 |
Greater than 90 Days [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 636 | 2,116 |
Greater than 90 Days [Member] | Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
Greater than 90 Days [Member] | Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 134 | 107 |
Greater than 90 Days [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
Past Due [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 3,845 | 7,199 |
Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 2,542 | 4,644 |
Past Due [Member] | Commercial and industrial [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 1,142 | 2,419 |
Past Due [Member] | Construction [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 0 | 0 |
Past Due [Member] | Residential first-lien mortgage [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | 161 | 107 |
Past Due [Member] | Home equity/consumer [Member] | ||
Financing Receivable Performance and Credit Quality Indicators [Line Items] | ||
Total | $ 0 | $ 29 |
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 | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 1,573,556 | $ 1,550,133 |
Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current period gross charge-offs Prior | (237) | 1,718 |
Current period gross charge-offs Total | (237) | 1,718 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current period gross charge-offs Prior | (46) | 55 |
Current period gross charge-offs Total | (46) | 55 |
Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current period gross charge-offs Prior | 148 | |
Current period gross charge-offs Total | 148 | |
Residential First lien Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current period gross charge-offs Prior | 2 | |
Current period gross charge-offs Total | 2 | |
Loans Receivable [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 32,777 | 141,917 |
2023 and 2022 | 141,078 | 256,114 |
2022 and 2021 | 266,567 | 226,499 |
2021 and 2020 | 215,966 | 77,591 |
2020 and 2019 | 76,666 | 178,669 |
Prior | 631,104 | 479,111 |
Revolving Loans | 209,398 | 190,232 |
Total | 1,573,556 | 1,550,133 |
Loans Receivable [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | |
2023 and 2022 | 0 | |
2022 and 2021 | 0 | |
2021 and 2020 | 0 | |
2020 and 2019 | 0 | |
Prior | 6,632 | |
Revolving Loans | 0 | |
Total | 6,632 | |
Loans Receivable [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 25,851 | 132,834 |
2023 and 2022 | 134,137 | 233,436 |
2022 and 2021 | 244,778 | 116,836 |
2021 and 2020 | 116,312 | 53,574 |
2020 and 2019 | 61,828 | 175,991 |
Prior | 574,323 | 424,642 |
Revolving Loans | 5,512 | 5,551 |
Total | 1,162,741 | 1,142,864 |
Loans Receivable [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 653 | 2,098 |
2023 and 2022 | 563 | 2,304 |
2022 and 2021 | 1,615 | 11,925 |
2021 and 2020 | 11,702 | 1,962 |
2020 and 2019 | 648 | 1,133 |
Prior | 18,519 | 16,494 |
Revolving Loans | 12,230 | 15,045 |
Total | 45,930 | 50,961 |
Loans Receivable [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 6,050 | 5,832 |
2023 and 2022 | 5,832 | 18,379 |
2022 and 2021 | 17,809 | 91,774 |
2021 and 2020 | 83,849 | 19,216 |
2020 and 2019 | 11,371 | 0 |
Prior | 7,391 | 8,484 |
Revolving Loans | 188,707 | 166,502 |
Total | 321,009 | 310,187 |
Loans Receivable [Member] | Residential First lien Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 979 |
2022 and 2021 | 966 | 4,792 |
2021 and 2020 | 3,805 | 2,839 |
2020 and 2019 | 2,816 | 1,545 |
Prior | 28,978 | 27,885 |
Revolving Loans | 0 | 0 |
Total | 36,565 | 38,040 |
Loans Receivable [Member] | Residential First lien Mortgage [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 979 |
2022 and 2021 | 966 | 4,792 |
2021 and 2020 | 3,805 | 2,839 |
2020 and 2019 | 2,816 | 1,545 |
Prior | 28,846 | 27,778 |
Revolving Loans | 0 | 0 |
Total | 36,433 | 37,933 |
Loans Receivable [Member] | Residential First lien Mortgage [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
Prior | 132 | 107 |
Revolving Loans | 0 | 0 |
Total | 132 | 107 |
Loans Receivable [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 223 | 1,153 |
2023 and 2022 | 546 | 1,016 |
2022 and 2021 | 1,399 | 1,172 |
2021 and 2020 | 298 | 0 |
2020 and 2019 | 3 | 0 |
Prior | 1,893 | 1,606 |
Revolving Loans | 2,949 | 3,134 |
Total | 7,311 | 8,081 |
Loans Receivable [Member] | Home Equity Loan [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 223 | 1,153 |
2023 and 2022 | 546 | 1,016 |
2022 and 2021 | 1,371 | 1,172 |
2021 and 2020 | 298 | 0 |
2020 and 2019 | 3 | 0 |
Prior | 1,893 | 1,606 |
Revolving Loans | 2,949 | 3,134 |
Total | 7,283 | 8,081 |
Loans Receivable [Member] | Home Equity Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 28 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 28 | 0 |
Loans Receivable [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 32,777 | 141,917 |
2023 and 2022 | 141,078 | 256,114 |
2022 and 2021 | 266,539 | 226,499 |
2021 and 2020 | 215,966 | 77,591 |
2020 and 2019 | 76,166 | 178,669 |
Prior | 624,611 | 469,239 |
Revolving Loans | 209,398 | 190,232 |
Total | 1,566,535 | 1,540,261 |
Loans Receivable [Member] | Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 25,851 | 132,834 |
2023 and 2022 | 134,137 | 233,436 |
2022 and 2021 | 244,778 | 116,836 |
2021 and 2020 | 116,312 | 53,574 |
2020 and 2019 | 61,828 | 175,991 |
Prior | 574,323 | 417,417 |
Revolving Loans | 5,512 | 5,551 |
Total | 1,162,741 | 1,135,639 |
Loans Receivable [Member] | Pass [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 653 | 2,098 |
2023 and 2022 | 563 | 2,304 |
2022 and 2021 | 1,615 | 11,925 |
2021 and 2020 | 11,702 | 1,962 |
2020 and 2019 | 148 | 1,133 |
Prior | 12,158 | 13,954 |
Revolving Loans | 12,230 | 15,045 |
Total | 39,069 | 48,421 |
Loans Receivable [Member] | Pass [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 6,050 | 5,832 |
2023 and 2022 | 5,832 | 18,379 |
2022 and 2021 | 17,809 | 91,774 |
2021 and 2020 | 83,849 | 19,216 |
2020 and 2019 | 11,371 | 0 |
Prior | 7,391 | 8,484 |
Revolving Loans | 188,707 | 166,502 |
Total | 321,009 | 310,187 |
Loans Receivable [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
Prior | 4,508 | 3,240 |
Revolving Loans | 0 | 0 |
Total | 4,508 | 3,240 |
Loans Receivable [Member] | Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
Prior | 0 | 2,740 |
Revolving Loans | 0 | 0 |
Total | 0 | 2,740 |
Loans Receivable [Member] | Special Mention [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
Prior | 4,508 | 500 |
Revolving Loans | 0 | 0 |
Total | 4,508 | 500 |
Loans Receivable [Member] | Special Mention [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 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] | ||
2024 and 2023 | 0 | |
2023 and 2022 | 0 | |
2022 and 2021 | 28 | |
2021 and 2020 | 0 | |
2020 and 2019 | 500 | |
Prior | 1,985 | |
Revolving Loans | 0 | |
Total | 2,513 | |
Loans Receivable [Member] | Substandard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
Prior | 0 | 4,485 |
Revolving Loans | 0 | 0 |
Total | 0 | 4,485 |
Loans Receivable [Member] | Substandard [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 500 | 0 |
Prior | 1,853 | 2,040 |
Revolving Loans | 0 | 0 |
Total | 2,353 | 2,040 |
Loans Receivable [Member] | Substandard [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 and 2023 | 0 | 0 |
2023 and 2022 | 0 | 0 |
2022 and 2021 | 0 | 0 |
2021 and 2020 | 0 | 0 |
2020 and 2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | $ 0 | $ 0 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Allowance for Loan Losses On Loans Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for loan losses: | ||
Beginning balance | $ 18,492 | $ 16,461 |
CECL adoption | (301) | |
Provision | 344 | |
Charge-offs | 0 | |
Recoveries | 3 | |
Total | 18,618 | 16,507 |
Commercial real estate [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 16,047 | 8,654 |
CECL adoption | 1,384 | |
Provision | 631 | (4) |
Charge-offs | (237) | 0 |
Recoveries | 5 | 3 |
Total | 16,446 | 10,037 |
Commercial and industrial [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 488 | 271 |
CECL adoption | (73) | |
Provision | (31) | 16 |
Charge-offs | (46) | 0 |
Recoveries | 102 | 0 |
Total | 513 | 214 |
Construction [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 1,145 | 6,289 |
CECL adoption | (1,269) | |
Provision | (124) | 329 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Total | 1,021 | 5,349 |
Residential first-lien mortgage [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 725 | 236 |
CECL adoption | 428 | |
Provision | (153) | (10) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Total | 572 | 654 |
Home equity/consumer [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 87 | 45 |
CECL adoption | 195 | |
Provision | (21) | 13 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Total | 66 | 253 |
PPP [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 0 | |
CECL adoption | 0 | |
Provision | 0 | |
Charge-offs | 0 | |
Recoveries | 0 | |
Total | 0 | |
Unallocated [Member] | ||
Allowance for loan losses: | ||
Beginning balance | 18,492 | 966 |
CECL adoption | (966) | |
Provision | 302 | 0 |
Charge-offs | (283) | 0 |
Recoveries | 107 | 0 |
Total | $ 18,618 | $ 0 |
Loans Receivable - Summary of_3
Loans Receivable - Summary of Allowance for Loan Losses On Loans Receivables (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Provision for credit losses | $ 186,000 | $ 265,000 |
Increase decrease in reserve for unfunded liabilities | 116,000 | 79,000 |
Financing receivable allowance for credit loss not purchased with credit deterioration | $ 302,000,000 | $ 344,000 |
Deposits - Summary of Component
Deposits - Summary of Components of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposit Liability [Line Items] | ||
Demand, non-interest-bearing checking | $ 247,056 | $ 249,282 |
Demand, interest-bearing checking | 215,364 | 247,939 |
Savings | 149,386 | 146,484 |
Money market | 378,652 | 354,005 |
Time deposits, $250,000 and over | 179,479 | 173,614 |
Time deposits, other | 535,683 | 464,417 |
Total deposits | $ 1,705,620 | $ 1,635,741 |
Demand, non-interest-bearing checking percentage | 14.48% | 15.24% |
Demand, interest-bearing checking percentage | 12.63% | 15.16% |
Savings percentage | 8.76% | 8.96% |
Money market percentage | 22.20% | 21.64% |
Time deposits, $250,000 and over percentage | 10.52% | 10.61% |
Time deposits other percentage | 31.41% | 28.39% |
Total deposits percentage | 100% | 100% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||
Borrowings outstanding | $ 0 | $ 0 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosure - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 118,098 | $ 91,352 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 118,098 | 91,352 |
Fair Value, Recurring [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 118,098 | 91,352 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 118,098 | 91,352 |
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 | 0 | 0 |
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 | 64,841 | 42,634 |
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 | 64,841 | 42,634 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
Mortgage-backed securities - 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 | 64,841 | 42,634 |
Mortgage-backed securities - U.S. Government Sponsored Enterprises (GSEs) [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 | 0 | 0 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 10,182 | 5,291 |
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 | 10,182 | 5,291 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 10,182 | 5,291 |
US Government Agencies Debt Securities [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 | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 40,680 | 40,809 |
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 | 40,680 | 40,809 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 40,680 | 40,809 |
US States and Political Subdivisions Debt Securities [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 | 0 | 0 |
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 | 2,395 | 2,618 |
Small Business Association (SBA) securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | ||
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 | 2,395 | 2,618 |
Small Business Association (SBA) securities [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 | $ 0 | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosure - Summary of Financial Assets Measured at Fair Value on NonRecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 1,495,787 | $ 1,425,814 |
Fair Value, Nonrecurring [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 95 | 4,485 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 95 | 4,485 |
Collateral dependent loan [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Assets Measured On Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 95 | 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 | 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 | 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 | $ 95 | $ 4,485 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosure - Summary of Quantitative Information Using Level 3 Fair Value Measurements (Detail) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 1,495,787 | $ 1,425,814 |
Collateral dependent loan [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable Measurement Input | 6 | 0 |
Measurement Input Discount Rate Adjustment [Member] | Valuation Technique Collateral [Member] | Weighted Average [Member] | Collateral dependent loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 95 | $ 4,485 |
Loans Receivable Measurement Input | (6) | 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Assets: (Carrying Amount) | ||
Cash and cash equivalents | $ 172,067 | $ 150,557 |
Securities available-for-sale at fair value | 118,098 | 91,352 |
Securities held-to-maturity | 167 | 193 |
Loans receivable, net | 1,552,613 | 1,529,843 |
Restricted bank stock | 1,398 | 1,410 |
Accrued interest receivable | 6,405 | 6,089 |
Equity method investments | 9,051 | 8,296 |
Mortgage servicing rights | 1,383 | |
Financial Liabilities (Carrying Amount) | ||
Deposits | 1,705,620 | 1,635,741 |
Accrued interest payable | 11,831 | 9,162 |
Financial Assets: (Fair Value) | ||
Securities available-for-sale at fair value | 118,098 | 91,352 |
Securities held-to-maturity | 199 | 200 |
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] | ||
Financial Assets: (Fair Value) | ||
Cash and cash equivalents | 172,067 | 150,557 |
Securities available-for-sale at fair value | 118,098 | 91,352 |
Securities held-to-maturity | 167 | 192 |
Loans receivable, net | 1,495,787 | 1,425,814 |
Restricted bank stock | 1,398 | 1,410 |
Accrued interest receivable | 6,405 | 6,089 |
Equity method investments | 9,051 | 8,296 |
Mortgage servicing rights | 1,383 | |
Financial Liabilities (Fair Value) | ||
Deposits | 1,705,620 | 1,581,762 |
Accrued interest payable | 11,831 | 9,162 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets: (Fair Value) | ||
Cash and cash equivalents | 172,067 | 150,557 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets: (Fair Value) | ||
Securities available-for-sale at fair value | 118,098 | 91,352 |
Securities held-to-maturity | 167 | 192 |
Restricted bank stock | 1,398 | 1,410 |
Accrued interest receivable | 6,405 | 6,089 |
Equity method investments | 5,900 | 5,900 |
Mortgage servicing rights | 1,383 | |
Financial Liabilities (Fair Value) | ||
Deposits | 1,705,620 | 1,581,762 |
Accrued interest payable | 11,831 | 9,162 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets: (Fair Value) | ||
Loans receivable, net | 1,495,787 | 1,425,814 |
Equity method investments | $ 3,151 | $ 2,396 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 31, 2024 |
Leases [Abstract] | |
Weighted-average remaining lease terms for operating leases | 11 years 7 months 6 days |
Weighted-average discount rate | 3.48% |
Leases - Summary of Operating L
Leases - Summary of Operating Leases of Lessee (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Gross carrying amount | $ 23,398 | $ 16,026 |
Increased asset from new lease | 1,808 | 9,799 |
Accumulated amortization | (2,480) | (2,427) |
Net book value | 22,726 | 23,398 |
Lease liabilities | $ 23,643 | $ 24,280 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease cost: | ||
Operating lease | $ 987 | $ 665 |
Short-term lease cost | 48 | 2 |
Total lease cost | 1,035 | 667 |
Cash paid for amounts included in the measurement of lease liabilities | $ 898 | $ 585 |
Leases - Summary of Lessee Oper
Leases - Summary of Lessee Operating Lease Liability Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
2024 | $ 3,501 | |
2025 | 3,453 | |
2026 | 3,269 | |
2027 | 2,992 | |
2028 | 2,779 | |
Thereafter | 15,748 | |
Total future operating lease payment | 31,742 | |
Amounts representing interest | (8,099) | |
Present value of net future lease payments | $ 23,643 | $ 24,280 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangible - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Goodwill | $ 8,853 | $ 8,853 |
Core deposit intangible assets | $ 1,301 | $ 1,422 |
Percentage of fair value of reporting unit including goodwill | 50% | |
Percentage of probability of fair value of reporting unit including goodwill | 50% | |
Core Deposits [Member] | ||
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Core deposit intangible assets | $ 4,200 | |
Intangible assets amortized year | 10 years | |
Core Deposits [Member] | Noah Bank Acquisition [Member] | ||
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Core deposit intangible assets | $ 98 |
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, 2024 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning balance | $ 8,853 |
Core Deposit Intangible, Beginning balance | 1,422 |
Amortization expense | (121) |
Goodwill, Ending balance | 8,853 |
Core Deposit Intangible, Ending balance | $ 1,301 |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangible - Summary of Future Fiscal Periods Amortization for the Core Deposit Intangible (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2024 | $ 314 | |
2025 | 353 | |
2026 | 274 | |
2027 | 195 | |
Thereafter | 165 | |
Total | $ 1,301 | $ 1,422 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - $ / shares | Apr. 24, 2024 | Apr. 23, 2024 |
Subsequent Event [Line Items] | ||
Dividends payable, date to be paid | May 31, 2024 | |
Dividends payable, date of record | May 10, 2024 | |
Preferred stock, shares authorized | 2,000,000 | |
Dividend Declared [Member] | ||
Subsequent Event [Line Items] | ||
Dividends payable, amount per share | $ 0.3 |