Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 28, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Entity Registrant Name | ECB BANCORP, INC. | ||
Entity Central Index Key | 0001914605 | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Common Stock, Shares Outstanding | 9,243,578 | ||
Entity Public Float | $ 102.1 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | ECBK | ||
Security Exchange Name | NASDAQ | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 001-41456 | ||
Entity Tax Identification Number | 88-1502079 | ||
Entity Address, Address Line One | 419 Broadway | ||
Entity Address, City or Town | Everett | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02149 | ||
City Area Code | 617 | ||
Local Phone Number | 387-1110 | ||
Entity Incorporation, State or Country Code | MD | ||
Auditor Name | Baker Newman & Noyes LLC | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 231 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction Flag | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Proxy Statement for the 2024 Annual Meeting of Stockholders (Part III) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 3,786 | $ 3,123 |
Short-term investments | 115,250 | 58,927 |
Total cash and cash equivalents | 119,036 | 62,050 |
Interest-bearing time deposits | 300 | |
Investments in available-for-sale securities (at fair value) | 5,003 | 5,001 |
Investments in held-to-maturity securities, at cost (fair values of $70,590 at December 31, 2023 and $69,707 at December 31, 2022) | 76,979 | 77,591 |
Loans, net of allowance for credit losses of $8,591 as of December 31, 2023 and $7,200 as of December 31, 2022 | 1,039,789 | 885,674 |
Federal Home Loan Bank stock, at cost | 9,892 | 7,293 |
Premises and equipment, net | 3,754 | 3,698 |
Accrued interest receivable | 3,766 | 2,632 |
Deferred tax assets, net | 4,767 | 4,344 |
Bank-owned life insurance | 14,472 | 14,067 |
Other assets | 2,877 | 1,812 |
Total assets | 1,280,335 | 1,064,462 |
Deposits: | ||
Noninterest-bearing | 78,342 | 84,903 |
Interest-bearing | 789,872 | 633,246 |
Total deposits | 868,214 | 718,149 |
Federal Home Loan Bank advances | 234,000 | 174,000 |
Other liabilities | 13,220 | 9,583 |
Total liabilities | 1,115,434 | 901,732 |
Shareholders' Equity: | ||
Preferred Stock, par value $0.01; Authorized: 1,000,000 shares; Issued and outstanding: 0 shares and 0 shares, respectively | ||
Common Stock, par value $0.01; Authorized: 30,000,000 shares; Issued and outstanding: 9,291,810 shares and 9,175,247 shares, respectively | 93 | 92 |
Additional Paid in Capital | 87,431 | 89,286 |
Retained earnings | 83,854 | 80,076 |
Accumulated other comprehensive income | 129 | 249 |
Unallocated common shares held by the Employee Stock Ownership Plan | (6,606) | (6,973) |
Total shareholders' equity | 164,901 | 162,730 |
Total liabilities and shareholders' equity | $ 1,280,335 | $ 1,064,462 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | |||
Fair value of investments in held-to-maturity securities | $ 70,590 | $ 69,707 | |
Allowance for credit losses | $ 8,591 | [1] | $ 7,200 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 | |
Common Stock, Shares, Issued | 9,291,810 | 9,175,247 | |
Common Stock, Shares, Outstanding | 9,291,810 | 9,175,247 | |
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.2 million as of December 31, 2023. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 48,330 | $ 26,954 |
Interest and dividends on securities | 2,701 | 1,488 |
Other interest income | 3,745 | 715 |
Total interest and dividend income | 54,776 | 29,157 |
Interest expense: | ||
Interest on deposits | 21,413 | 4,566 |
Interest on Federal Home Loan Bank advances | 8,573 | 948 |
Interest on Federal Funds purchased | 0 | 1 |
Total interest expense | 29,986 | 5,515 |
Net interest and dividend income | 24,790 | 23,642 |
Provision for credit losses | 803 | 2,940 |
Net interest and dividend income after provision for loan losses | 23,987 | 20,702 |
Noninterest income: | ||
Customer service fees | 508 | 446 |
Income from bank-owned life insurance | 479 | 828 |
Net gain on sales of loans | 21 | 84 |
Other income | 44 | 43 |
Total noninterest income | 1,052 | 1,401 |
Noninterest expense: | ||
Salaries and employee benefits | 11,679 | 9,928 |
Director compensation | 581 | 429 |
Occupancy and equipment expense | 941 | 753 |
Data processing | 1,093 | 850 |
Computer software and licensing fees | 286 | 259 |
Advertising and promotions | 794 | 752 |
Professional fees | 1,355 | 846 |
Federal Deposit Insurance Corporation deposit insurance | 793 | 225 |
Charitable contributions | 17 | 3,256 |
Other expense | 1,515 | 1,309 |
Total noninterest expense | 19,054 | 18,607 |
Income before income tax expense | 5,985 | 3,496 |
Income tax expense | 1,529 | 776 |
Net income | $ 4,456 | $ 2,720 |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding, basic | 8,466,021 | 8,456,218 |
Weighted average shares outstanding, diluted | 8,523,705 | 8,456,218 |
Basic earnings per share | $ 0.53 | $ 0.32 |
Diluted earnings per share | $ 0.52 | $ 0.32 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,456 | $ 2,720 |
Other comprehensive (loss) income, net of tax: | ||
Net change in unrealized holding gain on securities available-for-sale | (6) | (6) |
Net change in unrecognized postretirement benefit costs pertaining to supplemental executive retirement plan | (93) | 202 |
Net change in unrecognized postretirement benefit costs pertaining to director fee continuation plan | (21) | 136 |
Other comprehensive (loss) income, net of tax | (120) | 332 |
Comprehensive income | $ 4,336 | $ 3,052 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect Accounting Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative Effect Accounting Adjustment | Accumulated Other Comprehensive (Loss) Income | Unallocated Common Stock Held by ESOP |
Beginning balance at Dec. 31, 2021 | $ 77,273 | $ 77,356 | $ (83) | |||||
Net income | 2,720 | 2,720 | ||||||
Other comprehensive income (loss), net of tax | 332 | 332 | ||||||
Proceeds of stock offering and issuance of common shares | 86,586 | $ 89 | $ 86,497 | |||||
Proceeds of stock offering and issuance of common shares, shares | 8,915,247 | |||||||
Issuance of common shares donated to the Everett Co-operative Bank Charitable Foundation | 2,600 | $ 3 | 2,597 | |||||
Issuance of common shares donated to the Everett Co-operative Bank Charitable Foundation, shares | 260,000 | |||||||
Purchase of common shares by the ESOP | $ (7,340) | $ (7,340) | ||||||
Purchase of common shares by the ESOP, Shares | 734,020 | |||||||
ESOP shares allocated | $ 559 | 192 | 367 | |||||
Ending balance at Dec. 31, 2022 | $ 162,730 | $ (678) | $ 92 | 89,286 | 80,076 | $ (678) | 249 | (6,973) |
Ending Balance, shares at Dec. 31, 2022 | 9,175,247 | 9,175,247 | ||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||||
Net income | $ 4,456 | 4,456 | ||||||
Other comprehensive income (loss), net of tax | (120) | (120) | ||||||
ESOP shares allocated | 470 | 103 | 367 | |||||
Shares repurchased under share repurchase plan | (2,225) | $ (2) | (2,223) | |||||
Shares repurchased under share repurchase plan, shares | (189,394) | |||||||
Restricted stock awards issued | $ 3 | (3) | ||||||
Restricted stock awards issued, shares | 305,957 | |||||||
Stock-based compensation | 268 | 268 | ||||||
Ending balance at Dec. 31, 2023 | $ 164,901 | $ 93 | $ 87,431 | $ 83,854 | $ 129 | $ (6,606) | ||
Ending Balance, shares at Dec. 31, 2023 | 9,291,810 | 9,291,810 |
Statements of Changes in Shar_2
Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock offering costs | $ 2.6 | |
Purchase of common shares by the ESOP, Shares | 734,020 | |
ESOP shares allocated, shares | 36,701 | 36,701 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 4,456,000 | $ 2,720,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities, net | 31,000 | 182,000 |
Provision for credit losses | 803,000 | 2,940,000 |
Change in deferred loan costs/fees | (32,000) | (175,000) |
Gain on sales of loans, net | (21,000) | (84,000) |
Proceeds from sales of loans | 367,000 | 5,824,000 |
Loans originated for sale, net | (346,000) | (4,439,000) |
Depreciation and amortization expense | 279,000 | 302,000 |
Increase in accrued interest receivable | (1,134,000) | (1,151,000) |
Increase in accrued interest payable | 1,455,000 | 687,000 |
Increase in bank-owned life insurance | (405,000) | (398,000) |
Gain from life insurance policy death benefit | (72,000) | (430,000) |
Deferred income tax benefit | (111,000) | (1,502,000) |
Accrual for pension plan withdrawal liability | (2,001,000) | |
Issuance of common shares donated to the Everett Co-operative Bank Charitable Foundation | 2,600,000 | |
ESOP expense | 470,000 | 559,000 |
Stock-based compensation expense | 268,000 | |
Increase in other assets | (1,242,000) | (769,000) |
Increase in other liabilities | 1,668,000 | 2,905,000 |
Net cash provided by operating activities | 6,434,000 | 7,770,000 |
Cash flows from investing activities: | ||
Purchases of held-to-maturity securities | (8,292,000) | (22,628,000) |
Proceeds from paydowns and maturities of held-to-maturity securities | 8,864,000 | 10,426,000 |
Proceeds from life insurance policy death benefit | 249,000 | 896,000 |
Payments To Acquire Interest Bearing Time Deposits | (300,000) | |
Proceeds from maturities of interest bearing time deposits | 300,000 | |
Purchase of Federal Home Loan Bank Stock | (3,525,000) | (8,025,000) |
Redemption of Federal Home Loan Bank stock | 926,000 | 1,819,000 |
Loan originations and principal collections, net | (142,269,000) | (354,493,000) |
Purchase of loans | (13,207,000) | (16,841,000) |
Recoveries of loans previously charged off | 1,000 | 26,000 |
Capital expenditures | (335,000) | (216,000) |
Net cash used in investing activities | (157,288,000) | (389,336,000) |
Cash flows from financing activities: | ||
Net (decrease) increase in demand deposits, NOW and savings accounts | (28,590,000) | 53,368,000 |
Net increase in time deposits | 178,655,000 | 93,027,000 |
Proceeds from long-term Federal Home Loan Bank advances | 195,000,000 | 110,000,000 |
Repayments of long-term Federal Home Loan Bank advances | (80,000,000) | (20,000,000) |
Net change in short-term Federal Home Loan Bank advances | (55,000,000) | 75,000,000 |
Net proceeds from issuance of common stock | 79,246,000 | |
Payments for shares repurchased under share repurchase plan | (2,225,000) | |
Net cash provided by financing activities | 207,840,000 | 390,641,000 |
Net increase in cash and cash equivalents | 56,986,000 | 9,075,000 |
Cash and cash equivalents at beginning of year | 62,050,000 | 52,975,000 |
Cash and cash equivalents at end of period | 119,036,000 | 62,050,000 |
Supplemental disclosures: | ||
Interest paid | 28,531,000 | 4,828,000 |
Income taxes paid | 2,259,000 | $ 1,982,000 |
Effect of the adoption of ASU 2016-13 - Allowance for credit losses | 182,000 | |
Effect of the adoption of ASU 2016-13 - Deferred income taxes | 266,000 | |
Effect of the adoption of ASU 2016-13 - Other liabilities | $ 762,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 4,456 | $ 2,720 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
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 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NOTE 1 - NATURE OF OPERATIONS CONVERSION On March 9, 2022, the Board of Directors of Everett Co-operative Bank (the "Bank") adopted a Plan of Conversion under which the Bank would convert from a Massachusetts mutual co-operative bank into a Massachusetts stock co-operative bank and become the wholly owned subsidiary of a newly chartered stock holding company, ECB Bancorp, Inc. (the “Holding Company”). The Plan of Conversion received the required approvals of various regulatory agencies and the Plan of Conversion was approved by the required vote of more than two-thirds of the Bank’s depositors present and voting at a special meeting of depositors held on May 5, 2022. The Bank’s mutual to stock conversion and the Company’s stock offering were consummated on July 27, 2022. In the offering, the Company sold 8,915,247 shares of common stock at a per share price of $ 10.00 for gross offering proceeds of $ 89.2 million. Additionally, the Company contributed 260,000 shares and $ 600,000 in cash to the Everett Co-operative Bank Charitable Foundation (the “Foundation”). The Bank has established a Liquidation Account in an amount equal to the net worth of the Bank as of the date of the latest consolidated balance sheet contained in the final prospectus distributed in connection with the Company's stock conversion and stock offering. The function of the Liquidation Account is to establish a priority on liquidation of the Bank. The Liquidation Account will be maintained by the Bank for the benefit of the eligible account holders who continue to maintain deposit accounts with the Bank following the conversion. Each eligible account holder, with respect to each deposit account, holds a related inchoate interest in a portion of the Liquidation Account balance, in relation to each deposit account balance at the eligibility record date, or to such balance as it may be subsequently reduced, as hereinafter provided. The initial Liquidation Account balance will not be increased, and is subject to downward adjustment to the extent of any downward adjustment of any subaccount balance of any eligible account holder in accordance with the regulations of the Division of Banks of the Commonwealth of Massachusetts. In the unlikely event of a complete liquidation of the Bank (and only in such event), following all liquidation payments to creditors (including those to depositors to the extent of their deposit accounts) each eligible account holder shall be entitled to receive a liquidating distribution from the Liquidation Account, in the amount of the then-adjusted subaccount balances for his or her deposit accounts then held, before any liquidating distribution may be made to any holder of the Bank’s capital stock. The Bank may not declare or pay a cash dividend on its outstanding capital stock if the effect thereof would cause its regulatory capital to be reduced below the amount required to maintain the Liquidation Account and under FDIC rules and regulations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ACCOUNTING POLICIES The accounting and reporting policies of the Company and the Bank conform to accounting principles generally accepted in the United States of America (U.S. GAAP) and predominant practices within the banking industry. The consolidated financial statements are prepared using the accrual basis of accounting. The significant accounting policies are summarized below to assist the reader in better understanding the consolidated financial statements and other data contained herein. In the opinion of management, all adjustments necessary for a fair presentation are reflected in these consolidated financial statements, and all adjustments made are of a normal recurring nature. Principles of Consolidation The consolidated financial statements of the Company include the balances and results of operations of its wholly-owned subsidiary Everett Co-operative Bank (the "Bank") as well as First Everett Securities Corporation, a wholly-owned subsidiary of the Bank. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses. Reclassification Certain previously reported amounts have been reclassified to conform to the current period’s presentation. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items, due from banks and short-term investments. The Company has historically been required to maintain certain vault cash and/or deposits with the Federal Reserve Bank of Boston. However, based on the COVID-19 pandemic the Federal Reserve has reduced the reserve requirement ratio to zero percent across all deposit tiers as of March 26, 2020. Securities The Company classifies securities at the time of purchase into one of three categories: held-to-maturity (HTM), available-for-sale (AFS), or trading. These security classifications may be modified after acquisition only under certain specified conditions. In general, debt securities may be classified as held-to-maturity only if the Company has the positive intent and ability to hold them to maturity. Trading securities are defined as those bought and held principally for the purpose of selling them in the near term. All other debt securities must be classified as available-for-sale. • Held-to-maturity securities are measured at amortized cost on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings, or in a separate component of shareholders' equity; they are merely disclosed in the notes to the consolidated financial statements. • Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings but are reported in other comprehensive income, net of related taxes. • Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. The Company had no securities classified as trading securities at December 31, 2023 and 2022. Purchase premiums and discounts are recognized in interest income, using the interest method. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Such gains and losses are recognized within non-interest income or non-interest expense within the consolidated statements of income. ASU 2016-13 made targeted changes to ASC 320 to eliminate the concept of “other than temporary” from the impairment loss estimation model for AFS securities. A summary of the changes made by the Company to the existing impairment model as a result of adoption of ASU 2016-13 is as follows: • The use of an allowance approach, rather than a permanent write-down of a security’s cost basis upon determination of an impairment loss. • The amount of the allowance is limited to the amount at which the security’s fair value is less than its amortized cost basis. • The Company may not consider the length of time a security’s fair value has been less than amortized cost. • The Company may not consider recoveries in fair value after the balance sheet date when assessing whether a credit loss exists. The Company’s AFS securities are carried at fair value. For AFS securities in an unrealized loss position, management will first evaluate whether there is intent to sell a security, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security’s amortized cost basis to fair value through income. For those AFS securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. federal government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, an allowance for credit losses will be established, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the security is determined to be uncollectible, or when either of the afore-mentioned criteria surrounding intent or requirement to sell have been met. On January 1, 2023 , the date on which the Company adopted ASU 2016-13, no allowance for credit losses was recorded for AFS securities. Debt securities are placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against current interest income. Prior to the adoption of ASU 2016-13, management evaluated impaired securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warranted such evaluation. Consideration was given to the length of time and the extent to which the fair value was less than cost, current market conditions, the financial condition and near-term prospects of the issuer, performance of collateral underlying the securities, the ratings of the individual securities, the interest rate environment, the Company’s intent to sell the security or whether it was more likely than not that the Company would be required to sell the debt security before its anticipated recovery, as well as other qualitative factors. If a decline in fair value below the amortized cost basis of an investment was judged to be other than temporary, the investment was written down to fair value. The portion of the impairment related to credit losses was included in net income, and the portion of the impairment related to other factors was included in other comprehensive income. Refer to Note 3, “Investments in Securities” for additional information regarding the measurement of impairment losses on AFS securities. The Company measures expected credit losses on held to maturity securities on a collective basis by major security type. Management classifies the held-to maturity portfolio into the following major security types: U.S. Government Sponsored Enterprises, U.S. Treasury, Agency Mortgage-Backed Securities, and Corporate Bonds. Refer to Note 3, “Investments in Securities” for additional information regarding the measurement of credit losses on HTM securities. Federal Home Loan Bank Stock The Bank, as a member of the Federal Home Loan Bank of Boston (FHLB), is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. The Company reviews its investment in capital stock of the FHLB for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. Loans Held-for-Sale Loans held-for-sale are carried at the lower of amortized cost or estimated fair value in the aggregate. Net unrealized losses are recognized through a valuation allowance and recorded in noninterest expense. Fair value is based on committed secondary market prices. No losses have been recorded during 2023 or 2022. Gains or losses on sales of mortgage loans are recognized in the Consolidated Statements of Income at the time of sale. Interest income is recognized on loans held for sale between the time the loan is funded and the loan is sold. Direct loan origination costs and fees are deferred upon origination and are recognized in the Consolidated Statements of Income on the date of sale. Loans Loans that the Company has the intent and ability to hold until maturity or payoff are carried at amortized cost (net of the allowance for credit losses). Amortized cost is the principal amount outstanding, adjusted by partial charge-offs and net of any deferred loan costs or fees. For originated loans, loan fees and certain direct origination costs are deferred and amortized into interest income over the contractual life of the loan using the level-yield method. When a loan is paid off, the unamortized portion is recognized in interest income. Interest income on loans is accrued based upon the daily principal amount outstanding except for loans on nonaccrual status. As a general rule, loans more than 90 days past due with respect to principal or interest are classified as nonaccrual loans, or sooner if management considers such action to be prudent. However, loans that are more than 90 days past due may be kept on an accruing status if the loan is well secured and in the process of collection. Income accruals are suspended on all nonaccrual loans in a timely manner and all previously accrued and uncollected interest is reversed against current income. A loan can be returned to accrual status when collectibility of principal and interest is reasonably assured and the loan has performed for a period of time, generally at least six months. When doubt exists as to the collectability of a loan, any payments received are applied to reduce the amortized cost of the loan to the extent necessary to eliminate such doubt. For all loan portfolios, a charge-off occurs when the Company determines that a specific loan, or portion thereof, is uncollectible. This determination is made based on management's review of specific facts and circumstances of the individual loan, including the expected cash flows to repay the loan, the value of the collateral and the ability and willingness of any guarantors to perform. Allowance for Credit Losses On January 1, 2023, the Company adopted the Financial Accounting Standards Board's guidance related to measuring credit losses, including the current expected credit loss methodology (CECL) for estimating the allowance for credit losses for loans. The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. Under the CECL methodology, the Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics. The Company segments financial assets with similar risk characteristics and has elected to segment its loans based on Federal Call codes used for reporting loans to the Federal Deposit Insurance Corporation as part of the Call Report process. These segments are collectively evaluated for expected credit losses using a quantitative Discounted Cash Flow ("DCF") model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The Company has elected to use this approach because DCF models allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner and peer data is available for certain inputs such as the probability of default and the loss given default. The quantitative model utilizes a loss factor based approach to estimate expected credit losses, which are derived from internal historical and industry peer loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the historical long-run average using the straight-line reversion method. Management periodically evaluates a reasonable and supportable forecast period and a reversion period to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following: • Lending policies and procedures • Economic and business conditions • Nature and volume of loans • Changes in management • Changes in credit quality • Changes in loan review system • Changes to underlying collateral values • Concentrations of credit risk • Other external factors The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan segment are as follows: One-to-four residential real estate and home equity lines of credit and loans : The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent without requiring private mortgage insurance. Loans in these segments are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in these segments. Commercial real estate and multi-family residential : Loans in these segments are primarily income-producing properties throughout Massachusetts. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates which, in turn, will have an effect on the credit quality in these segments. Management periodically obtains rent rolls and continually monitors the cash flows of these loans. Construction : The loans in this segment are residential and commercial construction-to-permanent loans collateralized by owner-occupied residential and commercial real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial : Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Also included within this segment are PPP loans. These loans are 100% guaranteed by the SBA and are subject to forgiveness if the borrower complies with the employee retention and other requirements. Although these loans are guaranteed, management has determined that there is some level of risk inherent in this portfolio. Consumer : Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Loans that do not share similar risk characteristics with any pools of assets are subject to individual assessment and are removed from the collectively assessed pools to avoid double counting. This includes loans on non-accrual status and loans that are 90 days or greater past due. For the loans that will be individually assessed, the Company will use either a discounted cash flow (“DCF”) approach or a fair value of collateral approach. The latter approach will be used for loans deemed to be collateral dependent or when foreclosure is probable. Accrued interest receivable amounts are excluded from balances of loans held at amortized cost and are included within accrued interest receivable in the consolidated balance sheets. Management has elected not to measure an allowance for credit losses on these amounts as the Company employs a timely write-off policy. Consistent with the Company's policy for nonaccrual loans, accrued interest receivable is typically written off when loans reach 90 days past due and are placed on nonaccrual status. In the ordinary course of business, the Company enters into commitments to extend credit. Such financial instruments are recorded in the financial statements when they are funded. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for credit losses on loans with an additional assumption of probability of funding. The reserve for unfunded lending commitments is included in other liabilities in the consolidated balance sheets. Allowance for Loan Losses Pre-adoption of CECL Methodology Through December 31, 2022, the allowance for loan losses was established as losses were estimated to have occurred through a provision for loan losses charged to earnings. Loan losses were charged against the allowance when management believed the uncollectability of a loan balance was confirmed. Subsequent recoveries, if any, were credited to the allowance. The allowance for loan losses was evaluated on a regular basis by management and was based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation was inherently subjective as it required estimates that were susceptible to significant revision as more information became available. General Component The general component of the allowance for loan losses was based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, multi-family real estate, commercial real estate, home equity lines of credit and loans, construction, commercial and consumer. Management used a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor was adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Bank’s policies or methodology pertaining to the general component of the allowance for loan losses during 2022. Although not separately segmented, loans subject to COVID-19 modifications and PPP loans were monitored within their respective segments for purposes of identifying any potential problem loans and to ensure that their respective risks were captured in the allowance model. The qualitative factors were determined based on the various risk characteristics of each loan segment. Allocated Component The allocated component related to loans that were classified as impaired. Impairment was measured on a loan by loan basis for commercial, multi-family, commercial real estate, construction and residential loans and home equity lines of credit and loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan was collateral dependent. An allowance was established when the discounted cash flows (or collateral value) of the impaired loan were lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans were collectively evaluated for impairment. Accordingly, the Bank did not separately identify individual consumer loans for impairment disclosures, unless such loans were subject to a troubled debt restructuring (TDR) agreement. A loan was considered impaired when, based on current information and events, it was probable that the Bank would be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment included payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experienced insignificant payment delays and payment shortfalls generally were not classified as impaired. Management determined the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically might agree to modify the contractual terms of loans. When a loan was modified and a concession was made to a borrower experiencing financial difficulty, the modification was considered a TDR. All TDRs were initially classified as impaired. Unallocated Component An unallocated component was maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflected the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Bank Owned Life Insurance The Company holds bank-owned life insurance on the lives of certain participating employees. The amount reported as an asset on the Consolidated Balance Sheets is the sum of the cash surrender values reported to the Company by the various insurance carriers. Increases in the cash surrender value of life insurance policies, as well as benefits received net of any cash surrender value, are recorded in other noninterest income, and are generally not subject to income taxes. The Company reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. Regulatory requirements limit the total amount of CSV to be held with any individual carrier to 15% of Tier 1 capital (as defined for regulatory purposes) and the total CSV of all life insurance policies is limited to 25% of Tier 1 capital. Premises and Equipment Land is carried at cost. Buildings, leasehold improvements and furniture and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the lease terms or the estimated lives of the improvements. Expected lease terms include lease options to the extent that the exercise of such options is reasonably assured. Leases Leases are evaluated at inception to determine if leases should be classified as an operating or finance lease. Leases are recognized as right-of-use lease assets and lease liabilities. The discount rate used in determining the present value of lease payments is based on the Company’s incremental borrowing rate for borrowings with terms similar to each lease at commencement date. The Company recognizes lease expense for operating leases on a straight-line basis. Other Real Estate Owned and In-Substance Foreclosures Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance repossession. These properties are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure or transfer, establishing a new cost basis. Subsequent to foreclosure or transfer, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Any write-down from cost to estimated fair value required at the time of foreclosure or classification as in-substance foreclosure is charged to the allowance for credit losses. Expenses incurred in connection with maintaining these assets, subsequent write-downs and gains or losses recognized upon sale are included in other expense. The Company classifies commercial loans as in-substance repossessed or foreclosed if the Company receives physical possession of the debtor’s assets regardless of whether formal foreclosure proceedings take place. An in-substance repossession or foreclosure occurs, and the Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either: (1) obtaining legal title to the residential real estate property upon completion of a foreclosure; or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Advertising The Company directly expenses costs associated with advertising as they are incurred. Stock-based Compensation The Company recognizes stock-based compensation based on the grant-date fair value of the award with no adjustment for expected forfeitures, as forfeitures are recognized when they occur. For restricted stock awards, the Company recognizes compensation expense ratably over the vesting period for the fair value of the award, measured at the grant date. For stock option awards, the Company values awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for these awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. The Company recognizes excess tax benefits on certain stock compensation transactions. The excess tax benefits are recorded through earnings as a discrete item within the Company’s effective tax rate during the period of the transaction. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. The Company has evaluated the positions taken on its tax returns filed and the potential impact on its tax status as of December 31, 2023. The Company has concluded no uncertain income tax positions exist at December 31, 2023 . The Company is subject to U.S. federal, state and local income tax examinations by tax authorities for the 2020 through 2023 tax years. Risks and Uncertainties Most of the Company’s business activity is with customers located within the greater Boston area. The majority of the Company’s loan portfolio is comprised of loans collateralized by real estate located in the greater Boston area. The Company invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the consolidated balance sheet or statements of income. Ineffective liquidity management could adversely affect our financial results and condition. Effective liquidity management is essential for the operation of our business. We require sufficient liquidity to meet customer loan requests, customer deposit maturities/withdrawals, payments on our debt obligations as they come due, and other cash commitments under both normal operating conditions and other unpredictable circumstances causing industry or general financial market stress. Our access to funding sources in amounts adequate to finance our activities on terms that are acceptable to us could be impaired by factors that affect us specifically, or the financial services industry or economy generally. Factors that could detrimentally impact our access to liquidity sources include a downturn in the geographic markets in which our loans and operations are concentrated or difficult credit markets. Our access to deposits may also be affected by the liquidity needs of our depositors. In particular, a portion of our liabilities are checking accounts and other liquid deposits, which are payable on demand or upon several days’ notice, while by comparison, a substantial majority of our assets are loans, which cannot be called or sold in the same time frame. Although we have historically been able to replace maturing deposits and advances as necessary, we might not be able to replace such funds in the future, especially if a large number of our depositors seek to withdraw their accounts, regardless of the reason. A failure to maintain adequate liquidity could materially and adversely affect our business, results of operations, or financial condition. Reven ue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606 : Revenue from Contracts with Customers . The Company’s principal revenue streams come from interest and dividend income and mortgage banking activities – which are specifically excluded from the scope of Topic 606. Revenue streams within the scope of Topic 606 such as customer service and account maintenance fees, deposit charges, ATM interchange and other transaction fees represent an immaterial percentage of total revenue and are recognized when the Company’s performance obligations have been satisfied. Earnings Per Share Basic earnings per share is calculated by dividing the income available to common shares by the weighted-average number of common shares outstanding during the period. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potential dilutive common shares (such as those resulting from the exercise of stock options) were issued during the period, computed using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Common Share Repurchases Shares repurchase |
Investments in Securities
Investments in Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Securities | NOTE 3 – INVESTMENTS IN SECURITIES Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Held-to-maturity: Cost Gains Losses Losses Value (in thousands) As of December 31, 2023 Debt securities issued by U.S. government-sponsored enterprises $ 10,225 $ — $ ( 381 ) $ — $ 9,844 Mortgage-backed securities 49,445 36 ( 5,235 ) — 44,246 Corporate bonds 14,408 — ( 779 ) — 13,629 U.S. Treasury securities 2,901 — ( 30 ) — 2,871 Total held-to-maturity securities $ 76,979 $ 36 $ ( 6,425 ) $ — $ 70,590 As of December 31, 2022 Debt securities issued by U.S. government-sponsored enterprises $ 11,213 $ 6 $ ( 578 ) $ — $ 10,641 Mortgage-backed securities 51,864 3 ( 6,181 ) — 45,686 Corporate bonds 11,612 — ( 1,041 ) — 10,571 U.S. Treasury securities 2,902 — ( 93 ) — 2,809 Total held-to-maturity securities $ 77,591 $ 9 $ ( 7,893 ) $ — $ 69,707 The majority of all held to maturity securities held by the Company are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the year ended December 31, 2023. The Company's investments in corporate bonds are deemed “investment grade” and (a) the Company does not intend to sell these securities before recovery and (b) it is more likely than not that the Company will not be required to sell these securities before recovery. The Company does not expect to suffer a credit loss as of December 31, 2023 . Excluded from the table above is accrued interest on held to maturity securities of $ 310,000 and $ 267,000 at December 31, 2023 and 2022 . respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did no t record any write-offs of accrued interest income on held to maturity securities for the year ended December 31, 2023 . No securities held by the Company were delinquent on contractual payments at December 31, 2023, nor were any securities placed on non-accrual status for the year then ended. Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Available-for-sale Cost Gains Losses Losses Value (in thousands) As of December 31, 2023 Corporate bonds $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 Total available-for-sale securities $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 As of December 31, 2022 Corporate bonds $ 4,991 $ 10 $ — $ — $ 5,001 Total available-for-sale securities $ 4,991 $ 10 $ — $ — $ 5,001 The Company did no t record a provision for estimated credit losses on any available-for-sale securities for the year ended December 31, 2023 . Excluded from the table above is accrued interest on available-for-sale securities of $ 58,000 and $ 49,000 at December 31, 2023 and 2022 , respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did no t record any write-offs of accrued interest income on available for sale securities for the year ended December 31, 2023 . No securities held by the Company were delinquent on contractual payments at December 31, 2023 , no r were any securities placed on non-accrual status for the year then ended. The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties . A schedule of the contractual maturities of available for sale and held to maturity securities as of December 31, 2023 is presented below: Available- for-sale Held-to-maturity Fair Amortized Fair Value Cost Basis Value (in thousands) Within 1 year $ 5,003 $ 7,540 $ 7,488 After 1 year through 5 years — 23,306 22,285 After 5 years through 10 years — 4,808 4,566 After 10 years — 41,325 36,251 Total $ 5,003 $ 76,979 $ 70,590 When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. There were no sales of securities during the years ended December 31, 2023 and 2022. The carrying value of securities pledged to secure advances from the FHLB were $ 62.6 million and $ 63.0 million as of December 31, 2023 and December 31, 2022, respectively. The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of December 31, 2023 and December 31, 2022: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) As of December 31, 2023 Held to Maturity: Debt securities issued by U.S. government-sponsored enterprises $ 2,740 $ ( 7 ) $ 7,104 $ ( 374 ) $ 9,844 $ ( 381 ) Mortgage-backed securities - - 38,717 ( 5,235 ) 38,717 ( 5,235 ) Corporate bonds 2,821 ( 11 ) 10,808 ( 768 ) 13,629 ( 779 ) U.S. Treasury securities - - 2,871 ( 30 ) 2,871 ( 30 ) Total temporarily impaired securities $ 5,561 $ ( 18 ) $ 59,500 $ ( 6,407 ) $ 65,061 $ ( 6,425 ) Available for Sale: Corporate bonds $ 2,500 $ ( 1 ) $ - $ - $ 2,500 $ ( 1 ) Total temporarily impaired securities $ 2,500 $ ( 1 ) $ - $ - $ 2,500 $ ( 1 ) As of December 31, 2022 Held to Maturity: Debt securities issued by U.S. government-sponsored enterprises $ 2,847 $ ( 40 ) $ 5,046 $ ( 538 ) $ 7,893 $ ( 578 ) Mortgage-backed securities 20,795 ( 1,294 ) 24,710 ( 4,887 ) 45,505 ( 6,181 ) Corporate bonds 10,571 ( 1,041 ) - - 10,571 ( 1,041 ) U.S. Treasury securities 2,809 ( 93 ) - - 2,809 ( 93 ) Total temporarily impaired securities $ 37,022 $ ( 2,468 ) $ 29,756 $ ( 5,425 ) $ 66,778 $ ( 7,893 ) Management evaluates securities for expected credit losses at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. At December 31, 2023 and 2022, all held to maturity securities held by the Company were rated investment grade or higher. At December 31, 2023 , four debt securities issued by U.S. government-sponsored enterprises, forty-eight mortgage backed securities, nine corporate bonds and one U.S. treasury security had unrealized losses with aggregate depreciation of 3.7 %, 11.9 %, 4.6 % and 1.0 %, respectively, from the Company’s amortized cost basis. These unrealized losses relate to changes in market interest rates since acquiring the securities. As management has the intent and ability to hold debt securities until maturity or cost recovery, no allowance for credit losses on securities is deemed necessary as of December 31, 2023 . |
Loans, Allowance for Credit Los
Loans, Allowance for Credit Losses and Credit Quality | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans, Allowance for Credit Losses and Credit Quality | NOTE 4 – LOANS, ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY Loans consisted of the following as of the dates indicated: At December 31, At December 31, 2023 2022 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: One-to-four family residential $ 410,131 39.1 % $ 355,381 39.8 % Multi-family 287,361 27.4 % 241,951 27.1 % Commercial 196,365 18.7 % 156,212 17.5 % Home equity lines of credit and loans 33,357 3.2 % 27,783 3.1 % Construction 112,000 10.7 % 107,317 12.0 % Other loans: Commercial loans 9,219 0.9 % 4,266 0.5 % Consumer 173 0.0 % 222 0.0 % 1,048,606 100.0 % 893,132 100.0 % Less: Net deferred loan fees ( 226 ) ( 258 ) Allowance for credit losses ( 8,591 ) ( 7,200 ) Total loans, net $ 1,039,789 $ 885,674 The Company elected to exclude accrued interest receivable from the amortized cost basis of loans disclosed throughout this footnote. As of December 31, 2023 and 2022, accrued interest receivable for loans totaled $ 3.2 million and $ 2.2 million, respectively, and is included in the "Accrued interest receivable" line item on the Company's Consolidated Balance Sheets. The Company elected to exclude net deferred loan fees from the amortized cost basis of loans disclosed throughout this footnote. Certain directors and executive officers of the Company and companies in which they have a significant ownership interest are also customers of the Bank. Total outstanding loan balances to such persons and their companies amounted to $ 871,000 and $ 943,000 as of December 31, 2023 and December 31, 2022 , respectively. The following table sets forth the activity for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 (in thousands) Beginning Balance $ 943 $ 1,257 Advances - 375 Paydowns ( 72 ) ( 689 ) Ending Balance $ 871 $ 943 The carrying value of loans pledged to secure advances from the FHLB was $ 553.0 million and $ 333.5 million as of December 31, 2023 and December 31, 2022, respectively. The following tables set forth information regarding the allowance for credit losses as of and for the year ended December 31, 2023: For the year ended December 31, 2023 (in thousands) Beginning Cumulative effect of accounting adjustment (2) Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 1,703 $ 130 $ - $ - $ 1,722 $ 3,555 Multi-family 1,839 77 - - ( 726 ) 1,190 Commercial 1,797 145 - - ( 306 ) 1,636 Home equity lines of credit and loans 194 ( 20 ) - - 147 321 Construction 1,286 136 - - 335 1,757 Other loans: Commercial loans 60 34 - - 37 131 Consumer 1 - ( 2 ) 1 1 1 Unallocated 320 ( 320 ) - - - - Total $ 7,200 $ 182 $ ( 2 ) $ 1 $ 1,210 $ 8,591 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.2 million as of December 31, 2023. (2) Represents an adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment for the year ended December 31, 2023 represents a $ 182,000 increase to the allowance attributable to the change in accounting methodology for estimating the allowance for credit losses resulting from the Company's adoption of the standard. The following table shows the age analysis of past due loans as of the date indicated: 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on (in thousands) As of December 31, 2023 Real estate loans: One-to-four family residential $ 722 $ 225 $ 809 $ 1,756 $ 408,375 $ 410,131 $ — $ 1,191 Multi-family — — — — 287,361 287,361 — — Commercial — — — — 196,365 196,365 — — Home equity lines of credit and loans 360 — 8 368 32,989 33,357 — 22 Construction — — — — 112,000 112,000 — — Other loans: Commercial — — — — 9,219 9,219 — — Consumer 1 — — 1 172 173 — — $ 1,083 $ 225 $ 817 $ 2,125 $ 1,046,481 $ 1,048,606 $ — $ 1,213 As of December 31, 2023, the Company's collateral-dependent non-accrual residential real estate loans and home equity line of credit loans had amortized cost bases of $ 1.2 million and $ 22,000 , respectively. These loans are secured by real estate with no related allowance for credit losses. The following table shows information regarding nonaccrual loans as of the dates indicated: As of December 31, 2023 Year Ended December 31, 2023 With Allowance for Credit Losses Without Allowance for Credit Losses Total Interest Income Recognized (in thousands) December 31, 2023 Real estate loans: One-to-four family residential $ — $ 1,191 $ 1,191 $ 39 Multi-family — — — — Commercial — — — — Home equity lines of credit and loans — 22 22 1 Construction — — — — Other loans: Commercial — — — — Consumer — — — — Total nonaccrual loans $ — $ 1,213 $ 1,213 $ 40 Credit Quality Information The Company utilizes a seven grade internal loan rating system for multi-family real estate, commercial real estate, construction, commercial loans and certain residential and home equity lines of credit and loans as follows: Loans rated 1 – 3: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Bank will sustain some loss if the weakness is not corrected. Loans rated 6: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7: Loans in this category are considered uncollectible (loss) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial loans with aggregate potential outstanding balances of $ 500,000 or more, and all commercial real estate loans (including multi-family and construction loans as well as residential and home equity line of credit loans to commercial borrowers) with aggregate potential outstanding balances of $ 1,000,000 or more. For loans that are not formally rated, the Company initially assesses credit quality based upon the borrower’s ability to pay and subsequently monitors these loans based on the borrower’s payment activity. The following table details the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of December 31, 2023: Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 2023 2022 2021 2020 2019 Prior As of December 31, 2023 (in thousands) One-to-four family residential Pass $ 9,689 $ 36,662 $ 15,529 $ 4,476 $ 4,230 $ 9,224 $ — $ — $ 79,810 Special Mention — — — 809 — 451 — — 1,260 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 48,688 90,827 72,463 51,035 7,129 58,919 — — 329,061 Total $ 58,377 $ 127,489 $ 87,992 $ 56,320 $ 11,359 $ 68,594 $ — $ — $ 410,131 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Pass $ 45,188 $ 194,999 $ 26,820 $ 8,873 $ — $ 9,798 $ 1,683 $ — $ 287,361 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 45,188 $ 194,999 $ 26,820 $ 8,873 $ — $ 9,798 $ 1,683 $ — $ 287,361 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 43,639 $ 72,671 $ 24,138 $ 16,407 $ 4,054 $ 31,132 $ 4,324 $ — $ 196,365 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 43,639 $ 72,671 $ 24,138 $ 16,407 $ 4,054 $ 31,132 $ 4,324 $ — $ 196,365 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit and loans Pass $ 326 $ — $ — $ — $ — $ — $ 4,986 $ — $ 5,312 Special Mention — — — — — 14 8 — 22 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 410 36 12 — 65 22 26,970 508 28,023 Total $ 736 $ 36 $ 12 $ — $ 65 $ 36 $ 31,964 $ 508 $ 33,357 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 33,707 $ 55,170 $ 17,228 $ — $ 786 $ 2,988 $ — $ — $ 109,879 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 2,121 — — — — — — — 2,121 Total $ 35,828 $ 55,170 $ 17,228 $ — $ 786 $ 2,988 $ — $ — $ 112,000 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial loans Pass $ 4,444 $ 3,349 $ 428 $ 35 $ 89 $ 154 $ 655 $ — $ 9,154 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — 65 — — — — — 65 Total $ 4,444 $ 3,349 $ 493 $ 35 $ 89 $ 154 $ 655 $ — $ 9,219 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ — $ — $ — $ — $ — $ — $ — $ — $ — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 31 38 45 — — 13 46 — 173 Total $ 31 $ 38 $ 45 $ — $ — $ 13 $ 46 $ — $ 173 Current-period gross charge-offs (2) $ 2 $ — $ — $ — $ — $ — $ — $ — $ 2 (1) All loans not formally rated were accruing as of December 31, 2023. (2) Gross charge-off disclosures are made starting in the period of adoption and prospectively. At December 31, 2023 , the Company had no consumer mortgage loans secured by residential real estate property in the process of foreclosure. For the year ended December 31, 2023, the Company did not provide loan restructurings involving borrowers that are experiencing financial difficulty. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification, if applicable. The Allowance for Credit Losses ("ACL") incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination. Because the effect of most modifications made to borrowers experiencing financial difficulty would already be included in the ACL as a result of the measurement methodologies used to estimate the allowance, a change in the ACL is generally not recorded upon modification. Prior Period Disclosures Pre Adoption of ASC 326 The following table sets forth information regarding the allowance for loan losses and portfolio evaluation method as of and for the year ended December 31, 2022: For the year ended December 31, 2022 As of December 31, 2022 (in thousands) (in thousands) Beginning Charge-offs Recoveries Provision Ending Allowance for loans individually Allowance for loans collectively Total allowance for loan losses Loans individually Loans collectively Total loans Real estate loans: One- to four-family residential $ 1,271 $ - $ - $ 432 $ 1,703 $ - $ 1,703 $ 1,703 $ 656 $ 354,725 $ 355,381 Multi-family 417 - - 1,422 1,839 - 1,839 1,839 - 241,951 241,951 Commercial 1,099 - 25 673 1,797 - 1,797 1,797 - 156,212 156,212 Home equity lines of credit and loans 185 - - 9 194 - 194 194 - 27,783 27,783 Construction 855 - - 431 1,286 - 1,286 1,286 - 107,317 107,317 Other loans: Commercial loans 60 - - - 60 - 60 60 - 4,266 4,266 Consumer 2 ( 2 ) 1 - 1 - 1 1 - 222 222 Unallocated 347 - - ( 27 ) 320 - 320 320 - - - Total $ 4,236 $ ( 2 ) $ 26 $ 2,940 $ 7,200 $ - $ 7,200 $ 7,200 $ 656 $ 892,476 $ 893,132 The following table sets forth information regarding nonaccrual loans and past-due loans as of the date indicated: 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on (in thousands) As of December 31, 2022 Real estate loans: One-to-four family residential $ — $ — $ 189 $ 189 $ 355,192 $ 355,381 $ — $ 656 Multi-family — — — — 241,951 241,951 — — Commercial — — — — 156,212 156,212 — — Home equity lines of credit and loans — — — — 27,783 27,783 — — Construction — — — — 107,317 107,317 — — Other loans: Commercial — — — — 4,266 4,266 — — Consumer — — — — 222 222 — — $ — $ — $ 189 $ 189 $ 892,943 $ 893,132 $ — $ 656 The following table presents the Company's loans by credit quality indicator as of December 31, 2022: Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Total (in thousands) As of December 31, 2022 Grade Pass $ 63,817 $ 241,951 $ 156,212 $ 2,995 $ 103,272 $ 4,266 $ — $ 572,513 Special 467 — — — — — — 467 Substandard — — — — — — — — Doubtful — — — — — — — — Loans not 291,097 — — 24,788 4,045 — 222 320,152 $ 355,381 $ 241,951 $ 156,212 $ 27,783 $ 107,317 $ 4,266 $ 222 $ 893,132 Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of and for the year ended December 31, 2022: As of December 31, 2022 Year Ended December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (in thousands) December 31, 2022 With no related allowance recorded: One-to-four family residential $ 656 $ 656 $ — $ 685 $ 50 Home equity lines of credit and loans — — — 25 1 Total impaired loans $ 656 $ 656 $ — $ 710 $ 51 There were no impaired loans with an allowance recorded as of December 31, 2022. During the year ended December 31, 2022, there were no loans that were modified in a troubled debt restructuring. During the year ended December 31, 2022, there were no loans modified as troubled debt restructuring loans that subsequently defaulted within one year of the modification. As of December 31, 2022 , there were no commitments to lend additional funds to borrowers whose loans were modified as troubled debt restructurings. There were no consumer mortgage loans secured by residential real estate in the process of foreclosure as of December 31, 2022. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 5 – PREMISES AND EQUIPMENT The following is a summary of premises and equipment as of December 31: 2023 2022 (in thousands) Banking premises and equipment: Land $ 594 $ 594 Buildings and improvements 5,696 5,699 Leasehold improvements 345 301 Furniture and equipment 1,724 1,554 Total cost 8,359 8,148 Accumulated depreciation and amortization ( 4,605 ) ( 4,450 ) Net premises and equipment $ 3,754 $ 3,698 Depreciation and amortization expense for the years ended December 31, 2023 and 2022 amounted to $ 279,000 and $ 302,000 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | NOTE 6 – LEASES The Company has operating leases for office space and one of our branch locations. These leases have remaining lease terms of one year to four years and certain of these leases have options to extend the lease for up to ten years . The options to extend have been included in the lease term if it was determined that it was reasonably certain that the Company will exercise the option. All of the Company's leases are classified as operating leases. The right-of-use assets and corresponding lease liabilities are classified within “other assets” and “other liabilities,” respectively, in the accompanying consolidated balance sheets. As of the dates indicated, the Company had the following related to operating leases: As of December 31, 2023 As of December 31, 2022 (Dollars in thousands) Right-of-use assets $ 1,295 $ 284 Lease liabilities 1,336 284 Lease expense for the years ended December 31, 2023 and December 31, 2022 amounted to $ 175,000 and $ 53,000 , respectively. The calculated amount of the right-of-use assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company's lease agreements include options to renew at the Company's. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use assets and lease liabilities. The weighted average remaining lease term for operating leases at December 31, 2023 and 2022 was 8.5 years and 5.2 years, respectively. The weighted average discount rate was 4.21 % and 2.04 % at December 31, 2023 and 2022, respectively. The following table sets forth the remaining minimum rental payments related to operating leases outstanding as of December 31, 2023. As of December 31, 2023 Year (in thousands) 2024 $ 191 2025 191 2026 198 2027 207 2028 161 Thereafter 670 Total minimum lease payments 1,618 Less: amount representing interest 282 Present value of future minimum lease payments $ 1,336 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | NOTE 7 – DEPOSITS The aggregate amount of time deposit accounts in denominations that meet or exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit (currently $ 250,000 ) at December 31, 2023 and 2022 was $ 196,847,000 and $ 98,419,000 , respectively. The aggregate amount of brokered time deposits at December 31, 2023 and 2022 was $ 115,536,000 and $ 100,842,000 , respectively. All brokered time deposits are in denominations less than $ 250,000 . For time deposits as of December 31, 2023, the scheduled maturities for each of the following years ended December 31 are (in thousands): 2024 $ 232,670 2025 136,731 2026 77,380 2027 46,119 2028 5,603 Total $ 498,503 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 8 – BORROWINGS Borrowings consist of advances borrowed from the FHLB. Maturities of advances from the FHLB for the years ending after December 31, 2023 and December 31, 2022 are summarized as follows (dollars in thousands): 2023 2022 Stated Maturity Total Outstanding Weighted Average Contractual Rate Stated Maturity Total Outstanding Weighted Average Contractual Rate 2024 $ 30,000 4.37 % 2023 $ 55,000 4.37 % 2025 - - 2024 5,000 1.69 % 2026 24,000 3.57 % 2025 - - 2027 95,000 3.95 % 2026 4,000 0.82 % 2028 85,000 4.09 % 2027 110,000 3.76 % Total $ 234,000 4.02 % $ 174,000 3.83 % Borrowings from the FHLB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family, multifamily and commercial real estate properties and other qualified assets. At December 31, 2023 and 2022 , the interest rates on FHLB advances ranged from 0.82 % to 4.95 % and 0.82 % to 4.38 %, respectively. At December 31, 2023 and 2022 , the Bank had a $ 2,199,000 line of credit established with the FHLB. There were no advances on this line. The available borrowing capacity with the FHLB was $ 200,775,000 as of December 31, 2023 and $ 84,757,000 as of December 31, 2022. At December 31, 2023 and 2022 , the Bank had a $ 10,000,000 line of credit established with the Atlantic Community Bankers Bank. There were no advances on this line. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan [Abstract] | |
Employee Benefits Plan | NOTE 9 – EMPLOYEE BENEFIT PLANS Pension Plans Defined Benefit Plan The Company provided pension benefits for its employees through membership in the Defined Benefit Plan of the Co-operative Banks Employees Retirement Association (CBERA) (the Plan). The Plan is a multi-employer plan whereby the contributions by each bank are not restricted to provide benefits to the employees of the contributing bank. Each employee reaching the age of 21 and having completed at least one year of service automatically became eligible to participate in the Plan. Participants became vested after completion of six years of eligible service. In December 2021, the Board of Directors voted to freeze benefit accruals and withdraw from the CBERA Plan as of April 30, 2022. For the year ended December 31, 2022 a benefit of $ 582,000 was recorded to reflect a reduction in the liability related to the withdrawal from the defined benefit plan. The reduction was primarily driven by increases in interest rates since December 31, 2021, which caused defined benefit plan discount rates to rise. In May 2022, the final withdrawal liability was determined to be $ 1,419,000 . The Company paid the final amount and withdrew from the Plan in the second quarter of 2022. 401(k) Plan The Company has adopted a savings plan which qualifies under Section 401(k) of the Internal Revenue Code and provides for voluntary contributions by participating employees ranging from 1 % to 75 % of their compensation, subject to certain limitations based on federal tax laws. The Bank makes matching contributions equal to 100 % of each eligible employee’s voluntary contributions, up to 7 % of the employee’s eligible wages. Total expense related to the 401(k) plan for the years ended December 31, 2023 and 2022 amounted to $ 450,000 and $ 362,000 , respectively. Employee Incentive Plan The Company provides an employee incentive plan which is approved annually by the Board of Directors, based on various factors. The employee incentive plan expense for the years ended December 31, 2023 and 2022 amounted to $ 1,356,000 and $ 1,302,000 , respectively. Supplemental Executive Retirement Plan (SERP) The Bank formed a SERP for certain executive officers. The SERP provides nonfunded retirement benefits designed to supplement benefits available through the Bank’s other retirement plans for employees. Director Fee Continuation Plan (DFCP) Effective January 1, 2017, the Bank established a DFCP which provides supplemental retirement benefits for directors. Under the DFCP, individuals who are directors as of the effective date of the DFCP are 100 % vested in their benefits. Individuals who become directors after the effective date shall be fully vested in their accounts after having served on the Board of Directors for twelve years. The following tables set forth information about the SERP and DFCP as of December 31 and the years then ended: 2023 2022 SERP DFCP SERP DFCP (in thousands) Change in projected benefit obligation: Benefit obligation at beginning of year $ 1,156 $ 689 $ 1,437 $ 791 Service cost 6 79 17 101 Interest cost 53 32 34 17 Actuarial (gain) loss ( 9 ) 9 ( 232 ) ( 180 ) Benefits paid ( 100 ) ( 40 ) ( 100 ) ( 40 ) Benefit obligation at end of year 1,106 769 1,156 689 Funded status ( 1,106 ) ( 769 ) ( 1,156 ) ( 689 ) Amounts recognized in accumulated other comprehensive income as of December 31, 2023 and 2022, before tax effect, consist of: 2023 2022 SERP DFCP SERP DFCP (in thousands) Net gain $ ( 79 ) $ ( 97 ) $ ( 207 ) $ ( 128 ) The accumulated benefit obligation and unfunded status of the SERP was $ 1,106,000 and $ 1,156,000 at December 31, 2023 and 2022 , respectively, and is classified within “other liabilities” in the accompanying consolidated balance sheets. The accumulated benefit obligation and unfunded status of the DFCP was $ 769,000 and $ 689,000 at December 31, 2023 and 2022, respectively, and is classified within “other liabilities” in the accompanying consolidated balance sheets. Assumptions used to determine the benefit obligation at December 31 are as follows: 2023 2022 SERP DFCP SERP DFCP Discount rate 4.66 % 4.58 % 4.86 % 4.77 % Rate of increase in compensation levels N/A N/A N/A N/A Components of net periodic (benefit) cost and other comprehensive loss (income) for the years ended December 31 are as follows: 2023 2022 SERP DFCP SERP DFCP (in thousands) Components of net periodic cost Service cost $ 6 $ 79 $ 17 $ 101 Interest cost 53 32 34 17 Amortization of net actuarial (gain) loss ( 138 ) ( 21 ) 50 10 Net periodic (benefit) cost ( 79 ) 90 101 128 Other changes in benefit obligations recognized as other comprehensive (income) loss: Net actuarial (gain) loss $ ( 9 ) $ 9 $ ( 232 ) $ ( 180 ) Amortization of net actuarial loss (gain) 138 21 ( 50 ) ( 10 ) Total other comprehensive loss (income) 129 30 ( 282 ) ( 190 ) Total net periodic (benefit) cost and other comprehensive loss (income) $ 50 $ 120 $ ( 181 ) $ ( 62 ) The components of net periodic benefit cost attributable to service cost for the SERP and DFCP are included in the line items "salaries and employee benefits" and "director compensation," respectively. The components of net periodic benefit cost other than the service cost component are included in the line item “other expense” in the income statement. Assumptions used to determine the net periodic cost for years ended December 31 are as follows: 2023 2022 SERP DFCP SERP DFCP Discount rate 4.86 % 4.77 % 2.42 % 2.15 % Rate of increase in compensation levels N/A N/A N/A N/A Estimated future benefit payments, which reflect expected future service, as appropriate, as of December 31, 2023 are as follows: SERP DFCP (in thousands) 2024 $ 108 $ 40 2025 110 60 2026 108 60 2027 106 100 2028 105 100 Years 2029 through 2033 450 493 Supplemental Executive Retirement Agreement On January 1, 2018, the Company entered into a supplemental executive retirement agreement with an executive officer whereby the Company is obligated to provide post-retirement salary continuation benefits equal to 60 % of the executive officer’s final average compensation, as defined. Benefits are 100 % vested, commence upon retirement, and are payable based on a ten-year certain and life annuity. The liability for the Plan amounted to $ 3,200,000 and $ 3,081,000 as of December 31, 2023 and 2022, respectively. The expense recognized for the Plan for the years ended December 31, 2023 and 2022 amounted to $ 119,000 and $ 749,000 , respectively. Executive Deferred Compensation Plans In 2021 and 2023, the Company entered into deferred compensation plans with two executive officers that allow the Company to make contributions to an account for the executive officers each year, as of January 1, based on the prior year’s performance and the Company's intent is that the contribution equal 10 % of the executive officers' salaries and bonuses. The Company may make other contributions to the deferred compensation plans, at its discretion, at other times during the year. The expense recognized under the deferred compensation plans for the years ended December 31, 2023 and 2022 amounted to $ 83,000 and $ 34,600 , respectively. The liability for the Executive Deferred Compensation Plans amounted to $ 179,000 and $ 96,000 as of December 31, 2023 and 2022, respectively. Deferred Compensation Plan for Directors The Company maintains the Everett Co-operative Bank Deferred Compensation Plan for Directors (the “Director Deferred Compensation Plan”) to allow for certain tax planning opportunities and additional retirement income for directors of the Company. All non-employee directors are eligible to participate in the Director Deferred Compensation Plan. Under the Director Deferred Compensation Plan, directors may elect to defer the receipt of up to 100 % of their director fees. Participants are always 100 % vested in their deferred fees and any interest credited to those deferrals. Earnings are credited to a participant’s deferrals each year and are indexed annually to the highest certificate of deposit rate offered by the Bank on January 1st of each year. The liability for the Director Deferred Compensation Plan amounted to $ 698,000 and $ 592,000 as of December 31, 2023 and 2022, respectively. Survivor Benefit Plan The Company entered into Survivor Benefit Plan Participation Agreements with a group of employees whereby the Company is obligated to provide up to two years of recognized compensation, as defined, to the beneficiary if the participant dies while employed by the Company. During the year ended December 31, 2022 one of the participants died. The expense recognized for the year ended December 31, 2022 was $ 166,000 . There was no expense recognized during 2023. Employment and Change in Control Agreements During 2022, the Company entered into an employment agreement with the Chief Executive Officer and Change in Control agreements with certain executive officers, which provide severance payments in the event of the executive’s involuntary or constructive termination of employment, including upon a termination following a change in control as defined in the agreements. Employee Stock Ownership Plan As part of the Initial Public Offering ("IPO") completed on July 27, 2022, the Bank established a tax-qualified Employee Stock Ownership Plan ("ESOP") to provide eligible employees the opportunity to own Company shares. The ESOP borrowed $ 7.3 million from the Company to purchase 734,020 common shares during the IPO. The loan is payable in annual installments over 20 years at an interest rate of 4.75 %. As the loan is repaid to the Company, shares are released and allocated proportionally to eligible participants on the basis of each participant’s proportional share of compensation relative to the compensation of all participants. The unallocated ESOP shares are pledged as collateral on the loan. The Company accounts for its ESOP in accordance with FASB ASC 718-40, Compensation – Stock Compensation. Under this guidance, unreleased shares are deducted from shareholders’ equity as unearned ESOP shares in the accompanying consolidated balance sheets. The Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company’s ESOP shares differs from the cost of such shares, the difference will be credited or debited to additional paid-in capital included within shareholders' equity. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a liability in the Company’s consolidated balance sheets. Total compensation expense recognized in connection with the ESOP was $ 470,000 and $ 559,000 for the years ended December 31, 2023 and 2022 , respectively. The following table presents share information held by the ESOP: As of December 31, 2023 As of December 31, 2022 (Dollars in thousands) Allocated shares 72,017 36,701 Shares committed to be released - - Unallocated shares 660,618 697,319 Total shares 732,635 734,020 Fair value of unallocated shares $ 8,297 $ 11,192 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | NOTE 10 – STOCK-BASED COMPENSATION On September 7, 2023, the Company adopted the ECB Bancorp, Inc. 2023 Equity Incentive Plan ("2023 Equity Plan”). The 2023 Equity Plan authorizes 1,248,133 shares of common stock for equity based compensation awards including restricted stock awards, restricted stock units, stock options, and incentive stock options. As of December 31, 2023 , there were 178,207 shares available for future grants. Stock-Based Compensation - Stock Options On September 8, 2023, the Company granted 174,960 stock options to non-employee directors with a contractual term of 10 years. On October 31, 2023, the Company granted 589,009 stock options to employees with a contractual term of 10 years. The stock options vest in equal annual installments over a five-year period. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The following table sets forth information regarding the grants: Date of grant 9/8/2023 10/31/2023 Options granted 174,960 589,009 Vesting period (years) 5 5 Expiration date 9/8/2033 10/31/2033 Expected volatility (1) 30.17 % 30.02 % Expected term (years) (2) 6.50 6.50 Expected dividend yield (3) 0.00 % 0.00 % Risk free rate of return (4) 4.31 % 4.87 % Fair value per option $ 4.74 $ 4.19 (1) Expected volatility is based on the standard deviation of the historical volatility of the daily adjusted closing price of a group of peers' shares. (2) Expected term represents the period of time that the option is expected to be outstanding. The Company determined that expected life using the "Simplified Method." (3) Expected dividend yield is determined based on management's expectations regarding issuing dividends in the foreseeable future. (4) The risk-free rate of return is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected term of the option. The following table represents stock option activities for the period indicated: Year Ended December 31, 2023 Outstanding and exercisable Non-vested Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($1000) Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($1000) Balance at beginning of period - $ - - - $ - - Granted - - - 763,969 10.50 9.81 Exercised - - - - - - Vested - - - - - - Forfeited or expired - - - - - - Balance at end of period - $ - - $ - 763,969 $ 10.50 9.81 $ 1,570 The total intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of stock options exercised during the year ended December 31, 2023 was $ 0 . Stock-Based Compensation - Restricted Stock Awards The restricted stock awards are measured based on grant-date fair value, which reflects the closing price of our stock on the date of grant. All of the restricted stock awards which have been granted to date vest over five years in equal portions beginning on the first anniversary date of the restricted stock award. On September 8, 2023, the Company granted 69,984 restricted stock awards to non-employee directors with a five-year vesting period. On October 31, 2023, the Company granted 235,973 restricted stock awards to employees with a five year vesting period. The following table represents information regarding non-vested restricted stock award activities for the period indicated: Year Ended December 31, 2023 Number of Shares Weighted-Average Grant Date Fair Value Per Share Balance at beginning of period - $ - Granted 305,957 10.50 Vested - - Forfeited - - Balance at end of period 305,957 $ 10.50 The following table represents the compensation expense and income tax benefit recognized for stock options and restricted stock awards for the period indicated: Year Ended December 31, 2023 (in thousands) Stock-based compensation expense Stock options $ 135 Restricted stock awards 133 Total stock-based compensation expense $ 268 Related tax benefits recognized in earnings $ 47 There was no stock-based compensation expense or related income tax benefit recognized for the year ended December 31, 2022. The following table sets forth the total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized as of December 31, 2023: Amount Weighted average period (in thousands) Stock options $ 3,162 4.80 Restricted stock awards 3,081 4.80 Total $ 6,243 There was no unrecognized stock-based compensation expense as of December 31, 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 – INCOME TAXES The components of income tax expense are as follows for the years ended December 31: 2023 2022 (in thousands) Current: Federal $ 1,179 $ 1,582 State 461 696 1,640 2,278 Deferred: Federal ( 67 ) ( 1,017 ) State ( 44 ) ( 485 ) ( 111 ) ( 1,502 ) Total income tax expense $ 1,529 $ 776 The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows for the years ended December 31: 2023 2022 % of income % of income Statutory tax rates 21.0 % 21.0 % Increase (decrease) in tax resulting from: State tax, net of federal tax benefit 5.5 4.8 Bank-owned life insurance ( 1.7 ) ( 5.0 ) ESOP 0.4 1.2 Stock-based compensation 0.2 - Other, net 0.1 0.2 Effective tax rates 25.5 % 22.2 % The Company had gross deferred tax assets and gross deferred tax liabilities as follows as of December 31: 2023 2022 (in thousands) Deferred tax assets: Allowance for credit losses $ 2,628 $ 2,137 Employee benefit plans 2,150 1,988 ESOP 25 — Lease liability 12 — Interest on non-performing loans 4 2 Charitable contribution carryover 522 682 Gross deferred tax assets 5,341 4,809 Deferred tax liabilities: Depreciation ( 300 ) ( 296 ) Unrecognized employee benefit costs under ASC 715-10 ( 50 ) ( 94 ) Net deferred loan costs ( 63 ) ( 59 ) ESOP — ( 13 ) Stock-based compensation ( 160 ) — Net unrealized holding gain on available-for-sale securities ( 1 ) ( 3 ) Gross deferred tax liabilities ( 574 ) ( 465 ) Net deferred tax asset $ 4,767 $ 4,344 The federal income tax reserve for credit losses at the Company’s base year amounted to $ 1,876,000 as of December 31, 2023 and 2022 . If any portion of the reserve is used for purposes other than to absorb the losses for which it was established, approximately 150 % of the amount actually used (limited to the amount of the reserve) would be subject to taxation in the year it is used. As the Company intends to use the reserve only to absorb credit losses, a deferred income tax liability of approximately $ 527,000 has not been provided as of December 31, 2023 and 2022. At December 31, 2023 , the Company had a charitable contribution carryover of $ 1,810,000 which expires on December 31, 2027. There is no valuation allowance recorded against the related deferred tax asset as the Company deems it probable that the deferred tax benefits will be fully realized. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 12 - RELATED PARTY TRANSACTIONS During 2018, the Company entered into a lease agreement with a related party for office space. The initial lease term expired in February 2023 and contains a five year option to extend, as well as a cancellation clause permitting the Company to cancel the lease anytime during the initial term with sixty days’ notice. In February of 2022, the lease was amended to replace the five year option to extend with three options to extend the term of two years, two years and one year. In 2023, the Company executed the two year lease extension option. Annual rent is approximately $ 48,000 , payable monthly, not including an annual tenant improvement credit of $ 18,000 during the original term. The Company is responsible for a portion of common area charges, as well as other customary leasehold costs. Net annual rental payments amounted to $ 30,000 for 2023 and 2022. In addition, during February 2022, a new lease agreement was entered into with the related party for additional office space. The initial lease term expired in February 2023 and contains three options to extend the term of two years , two years and one year . The first two year option was exercised during 2022. Annual rent is approximately $ 27,000 , payable monthly. The Company is responsible for a portion of common area charges, as well as other customary leasehold costs. Net annual rental payments amounted to $ 27,000 and 18,000 for 2023 and 2022, respectively. The Company utilizes the services of a law firm that is a related party for loan closings and related matters as well as general corporate legal matters. Fees for the years ended December 31, 2023 and December 31, 2022 were $ 116,000 and $ 145,000 , respectively. Fees paid by the Company for the years ended December 31, 2023 and December 31, 2022 were $ 67,000 and $ 69,000 , respectively. The other fees were paid by borrowers, or paid by the Company and then reimbursed by borrowers. The Company utilizes the services of one of the members of the Board of Directors of the Company for loan closings and related matters. Fees for the years ended December 31, 2023 and December 31, 2022 were $ 182,000 and $ 307,000 , respectively. Fees paid by the Company for the years ended December 31, 2023 and December 31, 2022 were $ 9,000 and $ 12,000 , respectively. The other fees were paid by borrowers, or paid by the Company and then reimbursed by borrowers. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 13 - FAIR VALUE MEASUREMENTS ASC 820-10, Fair Value Measurement – Overall, provides a framework for measuring fair value under U.S. GAAP. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. In accordance with ASC 820-10, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. Level 3 – Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, and are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for December 31, 2023 and December 31, 2022. The Company’s investment in debt securities available for sale is generally classified within Level 2 of the fair value hierarchy. For those securities, the Company obtains fair value measurements from independent pricing services. The fair value measurements consider observable data that considers standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. The Company’s individually assessed collateral dependent loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using appraisals and other third party valuation information, and are adjusted for estimated selling costs. These appraised values may be discounted based on management’s historical knowledge, expertise, or changes in the market conditions from time of valuation. For Level 3 inputs, fair values are based upon management’s estimates of the value of the underlying collateral or the present value of the expected cash flows. As of December 31, 2023 and 2022, the following summarizes assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Quoted Prices Significant Significant in Active Other Unobservable Markets for Observable Inputs Identical Assets Inputs Level 3 Level 1 Level 2 (in thousands) As of December 31, 2023 Corporate bonds $ 5,003 $ — $ 5,003 $ — Total available for-sale-securities $ 5,003 $ — $ 5,003 $ — As of December 31, 2022 Corporate bonds $ 5,001 $ — $ 5,001 $ — Total available for-sale-securities $ 5,001 $ — $ 5,001 $ — Under certain circumstances, the Company makes adjustments to its assets and liabilities although they are not measured at fair value on an ongoing basis. As of December 31, 2023 and 2022, the Bank had no assets or liabilities for which a nonrecurring change in fair value had been recorded. ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. ASU 2016-01 requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. The exit price notion is a market-based measurement of fair value that is represented by the price to sell an asset or transfer a liability in the principal market (or most advantageous market in the absence of a principal market) on the measurement date. For December 31, 2023 and 2022, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. December 31, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 119,036 $ 119,036 $ 119,036 $ - $ - Held-to-maturity securities 76,979 70,590 - 70,590 - Federal Home Loan Bank stock 9,892 9,892 - 9,892 - Loans, net 1,039,789 952,867 - - 952,867 Accrued interest receivable 3,766 3,766 3,766 - - Bank-owned life insurance 14,472 14,472 - 14,472 - Financial liabilities: Deposits, other than certificates of deposit $ 369,711 $ 369,711 $ - $ 369,711 $ - Certificates of deposit 498,503 495,551 - 495,551 - Federal Home Loan Bank advances 234,000 233,878 - 233,878 - Accrued interest payable 2,191 2,191 2,191 - - December 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 62,050 $ 62,050 $ 62,050 $ - $ - Interest bearing time deposits 300 300 - 300 - Held-to-maturity securities 77,591 69,707 - 69,707 - Federal Home Loan Bank stock 7,293 7,293 - 7,293 - Loans, net 885,674 841,271 - - 841,271 Accrued interest receivable 2,632 2,632 2,632 - - Bank-owned life insurance 14,067 14,067 - 14,067 - Financial liabilities: Deposits, other than certificates of deposit $ 398,302 $ 398,302 $ - $ 398,302 $ - Certificates of deposit 319,847 310,943 - 310,943 - Federal Home Loan Bank advances 174,000 172,427 - 172,427 - Accrued interest payable 736 736 736 - - |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 14 – COMMITMENTS AND CONTINGENCIES The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies but usually includes income producing commercial properties or residential real estate. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. As of December 31, 2023 and 2022, the maximum potential amount of the Company’s obligation was $ 0 and $ 13,000 , respectively, for standby letters of credit. The Company’s outstanding letters of credit generally have a term of less than one year . If a letter of credit is drawn upon, the Company may seek recourse through the customer’s underlying line of credit. If the customer’s line of credit is also in default, the Company may take possession of the collateral, if any, securing the line of credit. Amounts of financial instruments whose contract amounts represent off-balance sheet credit risk are as follows as of the dates indicated: December 31, 2023 December 31, 2022 (in thousands) Commitments to originate loans $ 22,701 $ 37,220 Commitments to purchase loans 415 6,653 Unadvanced funds on lines of credit 78,378 80,224 Unadvanced funds on construction loans 53,013 72,431 Letters of credit - 13 $ 154,507 $ 196,541 The Company accrues for credit losses related to off-balance sheet financial instruments. Expected losses on off-balance sheet loan commitments are estimated using the same risk factors used to determine the allowance for credit losses on loans, adjusted for the likelihood that funding will occur. The allowance for off-balance sheet commitments is recorded within other liabilities on the consolidated balance sheets and amounted to $ 756,000 and $ 402,000 as of December 31, 2023 and 2022 , respectively. Effective January 1, 2023 , the Company adopted ASC Topic 326 with a cumulative transition adjustment of a $ 762,000 increase in allowance for credit losses on off-balance sheet credit exposures. For the year ended December 31, 2023 , a benefit of $ 407,000 was recorded to reflect a reduction in allowance for off-balance sheet commitments. Provision expense recorded for off-balance sheet commitments was $ 167,000 for the year ended December 31, 2022 . |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | NOTE 15 – OTHER COMPREHENSIVE (LOSS) INCOME Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the shareholders' equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. The com ponents of other comprehensive (loss) income and related tax effects are as follows for the years ended December 31, 2023 and 2022: Year ended December 31, 2023 2022 (in thousands) Change in unrealized gains on securities: Change in net unrealized holding gains on available-for-sale securities $ ( 7 ) $ ( 10 ) Reclassification adjustment for realized gains in net income — — Other comprehensive loss related to available-for-sale securities ( 7 ) ( 10 ) Income tax benefit 1 3 Net-of-tax amount ( 6 ) ( 7 ) Net actuarial gain on SERP 9 232 Reclassification adjustment for amortization of net actuarial (gain) loss (1) ( 138 ) 50 Other comprehensive (loss) income related to SERP ( 129 ) 282 Income tax benefit (expense) 36 ( 79 ) Net-of-tax amount ( 93 ) 203 Net actuarial (loss) gain on DFCP ( 9 ) 179 Reclassification adjustment for amortization of net actuarial (gain) loss (2) ( 21 ) 10 Other comprehensive (loss) income related to DFCP ( 30 ) 189 Income tax benefit (expense) 9 ( 53 ) Net-of-tax amount ( 21 ) 136 Other comprehensive (loss) income, net of tax $ ( 120 ) $ 332 (1) Reclassification adjustments are comprised of amortization of unrecognized SERP costs. The amortization of unrecognized SERP costs has been reclassified out of accumulated other comprehensive loss and has affected certain lines in the consolidated statements of income as follows: the amount is included in other expense; the tax benefit in the amount of $ 39,000 and the tax expense in the amount of $ 14,000 for the years ended December 31, 2023 and 2022, respectively, are included in income tax expense; and the net of tax amount is included in net income. (2) Reclassification adjustments are comprised of amortization of unrecognized DFCP costs. The amortization of unrecognized DFCP costs has been reclassified out of accumulated other comprehensive loss and has affected certain lines in the consolidated statements of income as follows: the amount is included in other expense; the tax benefit in the amount of $ 6,000 and the tax expense in the amount of $ 3,000 for the years ended December 31, 2023 and 2022 , respectively, are included in income tax expense; and the net of tax amount is included in net income. Accumulated other comprehensive income as of December 31, 2023 and 2022 consists of unrecognized benefit costs, net of taxes, and unrealized holding gains on securities available for sale, net of tax, as follows: As of December 31, 2023 As of December 31, 2022 (in thousands) Net unrealized holding gains on securities available-for-sale, net of tax $ 3 $ 9 Unrecognized SERP gain, net of tax 56 149 Unrecognized DFCP gain, net of tax 70 91 Accumulated other comprehensive income $ 129 $ 249 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Regulatory Matters | NOTE 16 – REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Management believes, as of December 31, 2023, that the Bank meets all capital adequacy requirements to which it is subject. As of December 31, 2023, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios are presented in the table as of the dates indicated: Minimum For Capital Minimum To Be Well Adequacy Purposes Capitalized Under Plus Capital Prompt Corrective Actual Conservation Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2023 Total Capital (to Risk Weighted Assets) $ 149,014 17.30 % $ 90,440 10.50 % $ 86,133 10.00 % Tier 1 Capital (to Risk Weighted Assets) 139,667 16.22 % 73,213 8.50 % 68,907 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 139,667 16.22 % 60,293 7.00 % 55,987 6.50 % Tier 1 Capital (to Average Assets) 139,667 11.31 % 49,406 4.00 % 61,758 5.00 % As of December 31, 2022 Total Capital (to Risk Weighted Assets) $ 138,023 16.40 % $ 88,386 10.50 % $ 84,177 10.00 % Tier 1 Capital (to Risk Weighted Assets) 130,421 15.49 % 71,550 8.50 % 67,342 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 130,421 15.49 % 58,924 7.00 % 54,715 6.50 % Tier 1 Capital (to Average Assets) 130,421 13.89 % 37,562 4.00 % 46,953 5.00 % In addition to the above minimum requirements, the Bank is subject to a Capital Conservation Buffer requirement of 2.5 %. The requirement limits capital distributions and certain discretionary bonus payments to management if the Bank does not maintain the minimum Capital Conservation Buffer. At December 31, 2023 , the Bank exceeded the minimum Capital Conservation Buffer. |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Statements | NOTE 17 - PARENT COMPANY FINANCIAL STATEMENTS ECB BANCORP, INC. BALANCE SHEETS (Dollars in thousands) December 31, 2023 2022 ASSETS Cash $ 17,712 $ 24,294 Investment in subsidiary 139,796 130,670 Loan to Everett Co-operative Bank ESOP 6,696 6,928 Deferred tax asset, net 522 683 Income taxes receivable 203 149 Other assets 13 11 Total assets $ 164,942 $ 162,735 LIABILITIES AND SHAREHOLDERS' EQUITY Other liabilities $ 41 $ 5 Total liabilities 41 5 Shareholders' equity 164,901 162,730 Total liabilities and shareholders' equity $ 164,942 $ 162,735 ECB BANCORP, INC. STATEMENTS OF INCOME (Dollars in thousands) Year Ended December 31, 2023 2022 Interest income Interest on loan $ 329 $ 150 Interest on cash 356 155 Total interest income 685 305 Noninterest expense Charitable contributions - 3,200 Other expense 310 62 Total noninterest expense 310 3,262 Income (loss) before income taxes and equity in undistributed income of subsidiaries 375 ( 2,957 ) Income tax expense (benefit) 105 ( 831 ) Income (loss) of parent company 270 ( 2,126 ) Equity in undistributed income of subsidiary 4,186 4,846 Net income $ 4,456 $ 2,720 ECB BANCORP, INC. STATEMENTS OF CASH FLOWS (Dollars in thousands) Year Ended December 31, 2023 2022 Cash flows from operating activities: Net income $ 4,456 $ 2,720 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary ( 4,186 ) ( 4,846 ) Deferred income tax expense (benefit) 161 ( 683 ) Issuance of common shares donated to the Everett Co-operative Bank Charitable Foundation — 2,600 Net change in: Other assets ( 2 ) ( 11 ) Income taxes receivable ( 54 ) ( 149 ) Other liabilities 36 5 Net cash provided by (used in) operating activities 411 ( 364 ) Cash flows from investing activities: ESOP loan origination — ( 7,340 ) ESOP loan principal payments 232 412 Capital contribution to Everett Co-operative Bank ( 5,000 ) ( 55,000 ) Net cash used in investing activities ( 4,768 ) ( 61,928 ) Cash flows from financing activities: Net proceeds from issuance of common stock — 86,586 Payments for shares repurchased under share repurchase plan ( 2,225 ) — Net cash (used in) provided by financing activities ( 2,225 ) 86,586 Net (decrease) increase in cash and cash equivalents ( 6,582 ) 24,294 Cash and cash equivalents at beginning of year 24,294 — Cash and cash equivalents at end of year $ 17,712 $ 24,294 |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share ("EPS") | NOTE 18 - EARNINGS PER SHARE ("EPS") Basic earnings per share is calculated by dividing the income available to common shares by the weighted-average number of common shares outstanding during the period. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potential dilutive common shares (such as those resulting from the exercise of stock options) were issued during the period, computed using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Year ended December 31, 2023 2022 (dollars in thousands, except per share data) Net income allocated to common stock $ 4,456 $ 2,720 Weighted-average common shares outstanding used to calculate basic earnings per common share 8,466,021 8,456,218 Add: Dilutive effect of restricted stock awards 57,684 - Weighted-average common shares outstanding used to calculate diluted earnings per common share 8,523,705 8,456,218 Earnings per common share Basic $ 0.53 $ 0.32 Diluted $ 0.52 $ 0.32 For the year ended December 31, 2023 , the shares that were anti-dilutive, and therefore excluded from the calculation of diluted earnings per share, included options to purchase 763,969 shares of common stock. For the year ended December 31, 2022 , there were no anti-dilutive shares. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 19 - SUBSEQUENT EVENTS Management has reviewed events occurring through March 29, 2024, the da te the consolidated financial statements were issued and determined that no subsequent events occurred requiring adjustment to or disclosure in these consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the balances and results of operations of its wholly-owned subsidiary Everett Co-operative Bank (the "Bank") as well as First Everett Securities Corporation, a wholly-owned subsidiary of the Bank. Intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses. |
Reclassification | Reclassification Certain previously reported amounts have been reclassified to conform to the current period’s presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, cash items, due from banks and short-term investments. The Company has historically been required to maintain certain vault cash and/or deposits with the Federal Reserve Bank of Boston. However, based on the COVID-19 pandemic the Federal Reserve has reduced the reserve requirement ratio to zero percent across all deposit tiers as of March 26, 2020. |
Securities | Securities The Company classifies securities at the time of purchase into one of three categories: held-to-maturity (HTM), available-for-sale (AFS), or trading. These security classifications may be modified after acquisition only under certain specified conditions. In general, debt securities may be classified as held-to-maturity only if the Company has the positive intent and ability to hold them to maturity. Trading securities are defined as those bought and held principally for the purpose of selling them in the near term. All other debt securities must be classified as available-for-sale. • Held-to-maturity securities are measured at amortized cost on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings, or in a separate component of shareholders' equity; they are merely disclosed in the notes to the consolidated financial statements. • Available-for-sale securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses are not included in earnings but are reported in other comprehensive income, net of related taxes. • Trading securities are carried at fair value on the consolidated balance sheets. Unrealized holding gains and losses for trading securities are included in earnings. The Company had no securities classified as trading securities at December 31, 2023 and 2022. Purchase premiums and discounts are recognized in interest income, using the interest method. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Such gains and losses are recognized within non-interest income or non-interest expense within the consolidated statements of income. ASU 2016-13 made targeted changes to ASC 320 to eliminate the concept of “other than temporary” from the impairment loss estimation model for AFS securities. A summary of the changes made by the Company to the existing impairment model as a result of adoption of ASU 2016-13 is as follows: • The use of an allowance approach, rather than a permanent write-down of a security’s cost basis upon determination of an impairment loss. • The amount of the allowance is limited to the amount at which the security’s fair value is less than its amortized cost basis. • The Company may not consider the length of time a security’s fair value has been less than amortized cost. • The Company may not consider recoveries in fair value after the balance sheet date when assessing whether a credit loss exists. The Company’s AFS securities are carried at fair value. For AFS securities in an unrealized loss position, management will first evaluate whether there is intent to sell a security, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security’s amortized cost basis to fair value through income. For those AFS securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. federal government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, an allowance for credit losses will be established, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the security is determined to be uncollectible, or when either of the afore-mentioned criteria surrounding intent or requirement to sell have been met. On January 1, 2023 , the date on which the Company adopted ASU 2016-13, no allowance for credit losses was recorded for AFS securities. Debt securities are placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against current interest income. Prior to the adoption of ASU 2016-13, management evaluated impaired securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warranted such evaluation. Consideration was given to the length of time and the extent to which the fair value was less than cost, current market conditions, the financial condition and near-term prospects of the issuer, performance of collateral underlying the securities, the ratings of the individual securities, the interest rate environment, the Company’s intent to sell the security or whether it was more likely than not that the Company would be required to sell the debt security before its anticipated recovery, as well as other qualitative factors. If a decline in fair value below the amortized cost basis of an investment was judged to be other than temporary, the investment was written down to fair value. The portion of the impairment related to credit losses was included in net income, and the portion of the impairment related to other factors was included in other comprehensive income. Refer to Note 3, “Investments in Securities” for additional information regarding the measurement of impairment losses on AFS securities. The Company measures expected credit losses on held to maturity securities on a collective basis by major security type. Management classifies the held-to maturity portfolio into the following major security types: U.S. Government Sponsored Enterprises, U.S. Treasury, Agency Mortgage-Backed Securities, and Corporate Bonds. Refer to Note 3, “Investments in Securities” for additional information regarding the measurement of credit losses on HTM securities. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Bank, as a member of the Federal Home Loan Bank of Boston (FHLB), is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. The Company reviews its investment in capital stock of the FHLB for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. |
Loans Held-for-Sale | Loans Held-for-Sale Loans held-for-sale are carried at the lower of amortized cost or estimated fair value in the aggregate. Net unrealized losses are recognized through a valuation allowance and recorded in noninterest expense. Fair value is based on committed secondary market prices. No losses have been recorded during 2023 or 2022. Gains or losses on sales of mortgage loans are recognized in the Consolidated Statements of Income at the time of sale. Interest income is recognized on loans held for sale between the time the loan is funded and the loan is sold. Direct loan origination costs and fees are deferred upon origination and are recognized in the Consolidated Statements of Income on the date of sale. |
Loans | Loans Loans that the Company has the intent and ability to hold until maturity or payoff are carried at amortized cost (net of the allowance for credit losses). Amortized cost is the principal amount outstanding, adjusted by partial charge-offs and net of any deferred loan costs or fees. For originated loans, loan fees and certain direct origination costs are deferred and amortized into interest income over the contractual life of the loan using the level-yield method. When a loan is paid off, the unamortized portion is recognized in interest income. Interest income on loans is accrued based upon the daily principal amount outstanding except for loans on nonaccrual status. As a general rule, loans more than 90 days past due with respect to principal or interest are classified as nonaccrual loans, or sooner if management considers such action to be prudent. However, loans that are more than 90 days past due may be kept on an accruing status if the loan is well secured and in the process of collection. Income accruals are suspended on all nonaccrual loans in a timely manner and all previously accrued and uncollected interest is reversed against current income. A loan can be returned to accrual status when collectibility of principal and interest is reasonably assured and the loan has performed for a period of time, generally at least six months. When doubt exists as to the collectability of a loan, any payments received are applied to reduce the amortized cost of the loan to the extent necessary to eliminate such doubt. For all loan portfolios, a charge-off occurs when the Company determines that a specific loan, or portion thereof, is uncollectible. This determination is made based on management's review of specific facts and circumstances of the individual loan, including the expected cash flows to repay the loan, the value of the collateral and the ability and willingness of any guarantors to perform. |
Allowance for Credit Losses | Allowance for Credit Losses On January 1, 2023, the Company adopted the Financial Accounting Standards Board's guidance related to measuring credit losses, including the current expected credit loss methodology (CECL) for estimating the allowance for credit losses for loans. The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. Under the CECL methodology, the Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics. The Company segments financial assets with similar risk characteristics and has elected to segment its loans based on Federal Call codes used for reporting loans to the Federal Deposit Insurance Corporation as part of the Call Report process. These segments are collectively evaluated for expected credit losses using a quantitative Discounted Cash Flow ("DCF") model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The Company has elected to use this approach because DCF models allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner and peer data is available for certain inputs such as the probability of default and the loss given default. The quantitative model utilizes a loss factor based approach to estimate expected credit losses, which are derived from internal historical and industry peer loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the historical long-run average using the straight-line reversion method. Management periodically evaluates a reasonable and supportable forecast period and a reversion period to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following: • Lending policies and procedures • Economic and business conditions • Nature and volume of loans • Changes in management • Changes in credit quality • Changes in loan review system • Changes to underlying collateral values • Concentrations of credit risk • Other external factors The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each loan segment are as follows: One-to-four residential real estate and home equity lines of credit and loans : The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent without requiring private mortgage insurance. Loans in these segments are collateralized primarily by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in these segments. Commercial real estate and multi-family residential : Loans in these segments are primarily income-producing properties throughout Massachusetts. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates which, in turn, will have an effect on the credit quality in these segments. Management periodically obtains rent rolls and continually monitors the cash flows of these loans. Construction : The loans in this segment are residential and commercial construction-to-permanent loans collateralized by owner-occupied residential and commercial real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Commercial : Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Also included within this segment are PPP loans. These loans are 100% guaranteed by the SBA and are subject to forgiveness if the borrower complies with the employee retention and other requirements. Although these loans are guaranteed, management has determined that there is some level of risk inherent in this portfolio. Consumer : Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Loans that do not share similar risk characteristics with any pools of assets are subject to individual assessment and are removed from the collectively assessed pools to avoid double counting. This includes loans on non-accrual status and loans that are 90 days or greater past due. For the loans that will be individually assessed, the Company will use either a discounted cash flow (“DCF”) approach or a fair value of collateral approach. The latter approach will be used for loans deemed to be collateral dependent or when foreclosure is probable. Accrued interest receivable amounts are excluded from balances of loans held at amortized cost and are included within accrued interest receivable in the consolidated balance sheets. Management has elected not to measure an allowance for credit losses on these amounts as the Company employs a timely write-off policy. Consistent with the Company's policy for nonaccrual loans, accrued interest receivable is typically written off when loans reach 90 days past due and are placed on nonaccrual status. In the ordinary course of business, the Company enters into commitments to extend credit. Such financial instruments are recorded in the financial statements when they are funded. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for credit losses on loans with an additional assumption of probability of funding. The reserve for unfunded lending commitments is included in other liabilities in the consolidated balance sheets. Allowance for Loan Losses Pre-adoption of CECL Methodology Through December 31, 2022, the allowance for loan losses was established as losses were estimated to have occurred through a provision for loan losses charged to earnings. Loan losses were charged against the allowance when management believed the uncollectability of a loan balance was confirmed. Subsequent recoveries, if any, were credited to the allowance. The allowance for loan losses was evaluated on a regular basis by management and was based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation was inherently subjective as it required estimates that were susceptible to significant revision as more information became available. General Component The general component of the allowance for loan losses was based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, multi-family real estate, commercial real estate, home equity lines of credit and loans, construction, commercial and consumer. Management used a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor was adjusted for the following qualitative factors: levels/trends in delinquencies; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no changes in the Bank’s policies or methodology pertaining to the general component of the allowance for loan losses during 2022. Although not separately segmented, loans subject to COVID-19 modifications and PPP loans were monitored within their respective segments for purposes of identifying any potential problem loans and to ensure that their respective risks were captured in the allowance model. The qualitative factors were determined based on the various risk characteristics of each loan segment. Allocated Component The allocated component related to loans that were classified as impaired. Impairment was measured on a loan by loan basis for commercial, multi-family, commercial real estate, construction and residential loans and home equity lines of credit and loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan was collateral dependent. An allowance was established when the discounted cash flows (or collateral value) of the impaired loan were lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans were collectively evaluated for impairment. Accordingly, the Bank did not separately identify individual consumer loans for impairment disclosures, unless such loans were subject to a troubled debt restructuring (TDR) agreement. A loan was considered impaired when, based on current information and events, it was probable that the Bank would be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment included payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experienced insignificant payment delays and payment shortfalls generally were not classified as impaired. Management determined the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically might agree to modify the contractual terms of loans. When a loan was modified and a concession was made to a borrower experiencing financial difficulty, the modification was considered a TDR. All TDRs were initially classified as impaired. Unallocated Component An unallocated component was maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflected the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
Bank Owned Life Insurance | Bank Owned Life Insurance The Company holds bank-owned life insurance on the lives of certain participating employees. The amount reported as an asset on the Consolidated Balance Sheets is the sum of the cash surrender values reported to the Company by the various insurance carriers. Increases in the cash surrender value of life insurance policies, as well as benefits received net of any cash surrender value, are recorded in other noninterest income, and are generally not subject to income taxes. The Company reviews the financial strength of the insurance carriers prior to the purchase of life insurance policies and no less than annually thereafter. Regulatory requirements limit the total amount of CSV to be held with any individual carrier to 15% of Tier 1 capital (as defined for regulatory purposes) and the total CSV of all life insurance policies is limited to 25% of Tier 1 capital. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Buildings, leasehold improvements and furniture and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the lease terms or the estimated lives of the improvements. Expected lease terms include lease options to the extent that the exercise of such options is reasonably assured. |
Leases | Leases Leases are evaluated at inception to determine if leases should be classified as an operating or finance lease. Leases are recognized as right-of-use lease assets and lease liabilities. The discount rate used in determining the present value of lease payments is based on the Company’s incremental borrowing rate for borrowings with terms similar to each lease at commencement date. The Company recognizes lease expense for operating leases on a straight-line basis. |
Other Real Estate Owned and In-Substance Foreclosures | Other Real Estate Owned and In-Substance Foreclosures Other real estate owned includes properties acquired through foreclosure and properties classified as in-substance repossession. These properties are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure or transfer, establishing a new cost basis. Subsequent to foreclosure or transfer, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Any write-down from cost to estimated fair value required at the time of foreclosure or classification as in-substance foreclosure is charged to the allowance for credit losses. Expenses incurred in connection with maintaining these assets, subsequent write-downs and gains or losses recognized upon sale are included in other expense. The Company classifies commercial loans as in-substance repossessed or foreclosed if the Company receives physical possession of the debtor’s assets regardless of whether formal foreclosure proceedings take place. An in-substance repossession or foreclosure occurs, and the Company is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either: (1) obtaining legal title to the residential real estate property upon completion of a foreclosure; or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. |
Advertising | Advertising The Company directly expenses costs associated with advertising as they are incurred. |
Stock-based Compensation | Stock-based Compensation The Company recognizes stock-based compensation based on the grant-date fair value of the award with no adjustment for expected forfeitures, as forfeitures are recognized when they occur. For restricted stock awards, the Company recognizes compensation expense ratably over the vesting period for the fair value of the award, measured at the grant date. For stock option awards, the Company values awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for these awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. The Company recognizes excess tax benefits on certain stock compensation transactions. The excess tax benefits are recorded through earnings as a discrete item within the Company’s effective tax rate during the period of the transaction. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. The Company has evaluated the positions taken on its tax returns filed and the potential impact on its tax status as of December 31, 2023. The Company has concluded no uncertain income tax positions exist at December 31, 2023 . The Company is subject to U.S. federal, state and local income tax examinations by tax authorities for the 2020 through 2023 tax years. |
Risks and Uncertainties | Risks and Uncertainties Most of the Company’s business activity is with customers located within the greater Boston area. The majority of the Company’s loan portfolio is comprised of loans collateralized by real estate located in the greater Boston area. The Company invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the consolidated balance sheet or statements of income. Ineffective liquidity management could adversely affect our financial results and condition. Effective liquidity management is essential for the operation of our business. We require sufficient liquidity to meet customer loan requests, customer deposit maturities/withdrawals, payments on our debt obligations as they come due, and other cash commitments under both normal operating conditions and other unpredictable circumstances causing industry or general financial market stress. Our access to funding sources in amounts adequate to finance our activities on terms that are acceptable to us could be impaired by factors that affect us specifically, or the financial services industry or economy generally. Factors that could detrimentally impact our access to liquidity sources include a downturn in the geographic markets in which our loans and operations are concentrated or difficult credit markets. Our access to deposits may also be affected by the liquidity needs of our depositors. In particular, a portion of our liabilities are checking accounts and other liquid deposits, which are payable on demand or upon several days’ notice, while by comparison, a substantial majority of our assets are loans, which cannot be called or sold in the same time frame. Although we have historically been able to replace maturing deposits and advances as necessary, we might not be able to replace such funds in the future, especially if a large number of our depositors seek to withdraw their accounts, regardless of the reason. A failure to maintain adequate liquidity could materially and adversely affect our business, results of operations, or financial condition. |
Revenue Recognition | Reven ue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) Topic 606 : Revenue from Contracts with Customers . The Company’s principal revenue streams come from interest and dividend income and mortgage banking activities – which are specifically excluded from the scope of Topic 606. Revenue streams within the scope of Topic 606 such as customer service and account maintenance fees, deposit charges, ATM interchange and other transaction fees represent an immaterial percentage of total revenue and are recognized when the Company’s performance obligations have been satisfied. |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing the income available to common shares by the weighted-average number of common shares outstanding during the period. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potential dilutive common shares (such as those resulting from the exercise of stock options) were issued during the period, computed using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. |
Common Share Repurchases | Common Share Repurchases Shares repurchased by the Company under the Company’s share repurchase program have been classified as authorized but unissued shares. The cost of shares repurchased by the Company has been accounted for as a reduction to common stock and additional paid in capital balances. Under Maryland corporation law, repurchased shares are not classified as Treasury shares; but rather, are classified as authorized but unissued shares. U.S. GAAP states that the accounting for share repurchases shall conform to state law where applicable. |
Employee Stock Ownership Plan ("ESOP") | Employee Stock Ownership Plan ("ESOP") ESOP shares are shown as a reduction of equity and are presented in the consolidated statements of changes in shareholders’ equity as unallocated common stock held by ESOP. Compensation expense for the Company’s ESOP is recorded at an amount equal to the shares committed to be allocated by the ESOP multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the period based upon the Company’s estimate of the number of shares committed to be allocated by the ESOP. When the shares are released, unallocated common stock held by ESOP is reduced by the cost of the ESOP shares released and the difference between the average fair market value and the cost of the shares committed to be allocated by the ESOP is recorded as an adjustment to additional paid-in capital. The loan receivable from the ESOP is not reported as an asset nor is the Company’s guarantee to fund the ESOP reported as a liability on the Company’s consolidated balance sheet. |
Recent Accounting Standards | RECENT ACCOUNTING STANDARDS The Company qualifies as an emerging growth company (“EGC”) under the Jumpstart Our Business Startups Act of 2012 and has elected to defer the adoption of new or revised accounting standards until the nonpublic company effective dates. As such, the Company will adopt standards on the nonpublic company effective dates until such time that we no longer qualify as an EGC. Effective January 1, 2023 , the Company adopted Accounting Standards Update (ASU) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans held for investment and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments. In addition, this update makes changes to the accounting for credit-related impairment of available for sale debt securities by eliminating other-than-temporary impairment charges. Following the expected loss model, credit-related losses on available for sale debt securities will be reflected as a valuation allowance for credit losses on those securities. The Company adopted Topic 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Accordingly, a cumulative effect transition adjustment amounting to $ 678,000 decreased the opening balance of retained earnings, effective January 1, 2023. Prior periods have not been restated and continue to be presented under the incurred loss model. A summary of the financial statement impact upon adoption of Topic 326 is as follows: Financial Statement Impact of Adoption Balance Transition Balance 12/31/2022 Adjustment 1/1/2023 (in thousands) Assets: Allowance for credit losses on loans $ 7,200 $ 182 $ 7,382 Deferred tax asset, net 4,344 266 4,610 Liabilities Allowance for credit losses on off-balance sheet credit exposures $ 402 $ 762 $ 1,164 Effective January 1, 2023 , the Company adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the existing accounting guidance for troubled debt restructures ("TDRs") by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors and instead requires that an entity evaluate whether a modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements for certain loans refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. ASU 2022-02 also requires additional disclosure of current period gross write-offs by year of origination for financing receivables to be included in the entity's vintage disclosure, as currently required under Topic 326. The adoption of ASU 2022-02 did no t have a significant impact on the Company's consolidated financial statements. In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (“EITF”) Meeting; and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. These updates were immediately effective and did no t have a significant impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation. ASU 2023-09 also requires entities to provide additional information for reconciling items that meet a quantitative threshold. As an emerging growth company, the amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2025 with early adoption permitted. ASU 2023-09 is not expected to have a significant impact on our financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Financial Statement Impact Upon Adoption of Topic 326 | A summary of the financial statement impact upon adoption of Topic 326 is as follows: Financial Statement Impact of Adoption Balance Transition Balance 12/31/2022 Adjustment 1/1/2023 (in thousands) Assets: Allowance for credit losses on loans $ 7,200 $ 182 $ 7,382 Deferred tax asset, net 4,344 266 4,610 Liabilities Allowance for credit losses on off-balance sheet credit exposures $ 402 $ 762 $ 1,164 |
Investments in Securities (Tabl
Investments in Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Held-to-Maturity Securities | Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Held-to-maturity: Cost Gains Losses Losses Value (in thousands) As of December 31, 2023 Debt securities issued by U.S. government-sponsored enterprises $ 10,225 $ — $ ( 381 ) $ — $ 9,844 Mortgage-backed securities 49,445 36 ( 5,235 ) — 44,246 Corporate bonds 14,408 — ( 779 ) — 13,629 U.S. Treasury securities 2,901 — ( 30 ) — 2,871 Total held-to-maturity securities $ 76,979 $ 36 $ ( 6,425 ) $ — $ 70,590 As of December 31, 2022 Debt securities issued by U.S. government-sponsored enterprises $ 11,213 $ 6 $ ( 578 ) $ — $ 10,641 Mortgage-backed securities 51,864 3 ( 6,181 ) — 45,686 Corporate bonds 11,612 — ( 1,041 ) — 10,571 U.S. Treasury securities 2,902 — ( 93 ) — 2,809 Total held-to-maturity securities $ 77,591 $ 9 $ ( 7,893 ) $ — $ 69,707 The majority of |
Schedule of Available-for-Sale Securities | Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Available-for-sale Cost Gains Losses Losses Value (in thousands) As of December 31, 2023 Corporate bonds $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 Total available-for-sale securities $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 As of December 31, 2022 Corporate bonds $ 4,991 $ 10 $ — $ — $ 5,001 Total available-for-sale securities $ 4,991 $ 10 $ — $ — $ 5,001 |
Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities | A schedule of the contractual maturities of available for sale and held to maturity securities as of December 31, 2023 is presented below: Available- for-sale Held-to-maturity Fair Amortized Fair Value Cost Basis Value (in thousands) Within 1 year $ 5,003 $ 7,540 $ 7,488 After 1 year through 5 years — 23,306 22,285 After 5 years through 10 years — 4,808 4,566 After 10 years — 41,325 36,251 Total $ 5,003 $ 76,979 $ 70,590 |
Aggregate Fair Value and Unrealized Losses of Securities in a Continuous Unrealized Loss Position | The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of December 31, 2023 and December 31, 2022: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) As of December 31, 2023 Held to Maturity: Debt securities issued by U.S. government-sponsored enterprises $ 2,740 $ ( 7 ) $ 7,104 $ ( 374 ) $ 9,844 $ ( 381 ) Mortgage-backed securities - - 38,717 ( 5,235 ) 38,717 ( 5,235 ) Corporate bonds 2,821 ( 11 ) 10,808 ( 768 ) 13,629 ( 779 ) U.S. Treasury securities - - 2,871 ( 30 ) 2,871 ( 30 ) Total temporarily impaired securities $ 5,561 $ ( 18 ) $ 59,500 $ ( 6,407 ) $ 65,061 $ ( 6,425 ) Available for Sale: Corporate bonds $ 2,500 $ ( 1 ) $ - $ - $ 2,500 $ ( 1 ) Total temporarily impaired securities $ 2,500 $ ( 1 ) $ - $ - $ 2,500 $ ( 1 ) As of December 31, 2022 Held to Maturity: Debt securities issued by U.S. government-sponsored enterprises $ 2,847 $ ( 40 ) $ 5,046 $ ( 538 ) $ 7,893 $ ( 578 ) Mortgage-backed securities 20,795 ( 1,294 ) 24,710 ( 4,887 ) 45,505 ( 6,181 ) Corporate bonds 10,571 ( 1,041 ) - - 10,571 ( 1,041 ) U.S. Treasury securities 2,809 ( 93 ) - - 2,809 ( 93 ) Total temporarily impaired securities $ 37,022 $ ( 2,468 ) $ 29,756 $ ( 5,425 ) $ 66,778 $ ( 7,893 ) |
Loans, Allowance for Credit L_2
Loans, Allowance for Credit Losses and Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following as of the dates indicated: At December 31, At December 31, 2023 2022 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: One-to-four family residential $ 410,131 39.1 % $ 355,381 39.8 % Multi-family 287,361 27.4 % 241,951 27.1 % Commercial 196,365 18.7 % 156,212 17.5 % Home equity lines of credit and loans 33,357 3.2 % 27,783 3.1 % Construction 112,000 10.7 % 107,317 12.0 % Other loans: Commercial loans 9,219 0.9 % 4,266 0.5 % Consumer 173 0.0 % 222 0.0 % 1,048,606 100.0 % 893,132 100.0 % Less: Net deferred loan fees ( 226 ) ( 258 ) Allowance for credit losses ( 8,591 ) ( 7,200 ) Total loans, net $ 1,039,789 $ 885,674 |
Summary of Activity for Loans | The following table sets forth the activity for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 (in thousands) Beginning Balance $ 943 $ 1,257 Advances - 375 Paydowns ( 72 ) ( 689 ) Ending Balance $ 871 $ 943 |
Schedule of Information Regarding Allowance for Loan Losses | The following tables set forth information regarding the allowance for credit losses as of and for the year ended December 31, 2023: For the year ended December 31, 2023 (in thousands) Beginning Cumulative effect of accounting adjustment (2) Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 1,703 $ 130 $ - $ - $ 1,722 $ 3,555 Multi-family 1,839 77 - - ( 726 ) 1,190 Commercial 1,797 145 - - ( 306 ) 1,636 Home equity lines of credit and loans 194 ( 20 ) - - 147 321 Construction 1,286 136 - - 335 1,757 Other loans: Commercial loans 60 34 - - 37 131 Consumer 1 - ( 2 ) 1 1 1 Unallocated 320 ( 320 ) - - - - Total $ 7,200 $ 182 $ ( 2 ) $ 1 $ 1,210 $ 8,591 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.2 million as of December 31, 2023. (2) Represents an adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment for the year ended December 31, 2023 represents a $ 182,000 increase to the allowance attributable to the change in accounting methodology for estimating the allowance for credit losses resulting from the Company's adoption of the standard. The following table sets forth information regarding the allowance for loan losses and portfolio evaluation method as of and for the year ended December 31, 2022: For the year ended December 31, 2022 As of December 31, 2022 (in thousands) (in thousands) Beginning Charge-offs Recoveries Provision Ending Allowance for loans individually Allowance for loans collectively Total allowance for loan losses Loans individually Loans collectively Total loans Real estate loans: One- to four-family residential $ 1,271 $ - $ - $ 432 $ 1,703 $ - $ 1,703 $ 1,703 $ 656 $ 354,725 $ 355,381 Multi-family 417 - - 1,422 1,839 - 1,839 1,839 - 241,951 241,951 Commercial 1,099 - 25 673 1,797 - 1,797 1,797 - 156,212 156,212 Home equity lines of credit and loans 185 - - 9 194 - 194 194 - 27,783 27,783 Construction 855 - - 431 1,286 - 1,286 1,286 - 107,317 107,317 Other loans: Commercial loans 60 - - - 60 - 60 60 - 4,266 4,266 Consumer 2 ( 2 ) 1 - 1 - 1 1 - 222 222 Unallocated 347 - - ( 27 ) 320 - 320 320 - - - Total $ 4,236 $ ( 2 ) $ 26 $ 2,940 $ 7,200 $ - $ 7,200 $ 7,200 $ 656 $ 892,476 $ 893,132 |
Schedule of Information Regarding Past Due Loans | The following table shows the age analysis of past due loans as of the date indicated: 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on (in thousands) As of December 31, 2023 Real estate loans: One-to-four family residential $ 722 $ 225 $ 809 $ 1,756 $ 408,375 $ 410,131 $ — $ 1,191 Multi-family — — — — 287,361 287,361 — — Commercial — — — — 196,365 196,365 — — Home equity lines of credit and loans 360 — 8 368 32,989 33,357 — 22 Construction — — — — 112,000 112,000 — — Other loans: Commercial — — — — 9,219 9,219 — — Consumer 1 — — 1 172 173 — — $ 1,083 $ 225 $ 817 $ 2,125 $ 1,046,481 $ 1,048,606 $ — $ 1,213 As of December 31, 2023, the Company's collateral-dependent non-accrual residential real estate loans and home equity line of credit loans had amortized cost bases of $ 1.2 million and $ 22,000 , respectively. These loans are secured by real estate with no related allowance for credit losses. The following table sets forth information regarding nonaccrual loans and past-due loans as of the date indicated: 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on (in thousands) As of December 31, 2022 Real estate loans: One-to-four family residential $ — $ — $ 189 $ 189 $ 355,192 $ 355,381 $ — $ 656 Multi-family — — — — 241,951 241,951 — — Commercial — — — — 156,212 156,212 — — Home equity lines of credit and loans — — — — 27,783 27,783 — — Construction — — — — 107,317 107,317 — — Other loans: Commercial — — — — 4,266 4,266 — — Consumer — — — — 222 222 — — $ — $ — $ 189 $ 189 $ 892,943 $ 893,132 $ — $ 656 |
Schedule of Information Regarding Nonaccrual Loans | The following table shows information regarding nonaccrual loans as of the dates indicated: As of December 31, 2023 Year Ended December 31, 2023 With Allowance for Credit Losses Without Allowance for Credit Losses Total Interest Income Recognized (in thousands) December 31, 2023 Real estate loans: One-to-four family residential $ — $ 1,191 $ 1,191 $ 39 Multi-family — — — — Commercial — — — — Home equity lines of credit and loans — 22 22 1 Construction — — — — Other loans: Commercial — — — — Consumer — — — — Total nonaccrual loans $ — $ 1,213 $ 1,213 $ 40 |
Schedule of Information About Impaired Loan | Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of and for the year ended December 31, 2022: As of December 31, 2022 Year Ended December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (in thousands) December 31, 2022 With no related allowance recorded: One-to-four family residential $ 656 $ 656 $ — $ 685 $ 50 Home equity lines of credit and loans — — — 25 1 Total impaired loans $ 656 $ 656 $ — $ 710 $ 51 There were no impaired loans with an allowance recorded as of December 31, 2022. |
Summary of Loans by Risk Rating | The following table details the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of December 31, 2023: Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 2023 2022 2021 2020 2019 Prior As of December 31, 2023 (in thousands) One-to-four family residential Pass $ 9,689 $ 36,662 $ 15,529 $ 4,476 $ 4,230 $ 9,224 $ — $ — $ 79,810 Special Mention — — — 809 — 451 — — 1,260 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 48,688 90,827 72,463 51,035 7,129 58,919 — — 329,061 Total $ 58,377 $ 127,489 $ 87,992 $ 56,320 $ 11,359 $ 68,594 $ — $ — $ 410,131 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Pass $ 45,188 $ 194,999 $ 26,820 $ 8,873 $ — $ 9,798 $ 1,683 $ — $ 287,361 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 45,188 $ 194,999 $ 26,820 $ 8,873 $ — $ 9,798 $ 1,683 $ — $ 287,361 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 43,639 $ 72,671 $ 24,138 $ 16,407 $ 4,054 $ 31,132 $ 4,324 $ — $ 196,365 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 43,639 $ 72,671 $ 24,138 $ 16,407 $ 4,054 $ 31,132 $ 4,324 $ — $ 196,365 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit and loans Pass $ 326 $ — $ — $ — $ — $ — $ 4,986 $ — $ 5,312 Special Mention — — — — — 14 8 — 22 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 410 36 12 — 65 22 26,970 508 28,023 Total $ 736 $ 36 $ 12 $ — $ 65 $ 36 $ 31,964 $ 508 $ 33,357 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 33,707 $ 55,170 $ 17,228 $ — $ 786 $ 2,988 $ — $ — $ 109,879 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 2,121 — — — — — — — 2,121 Total $ 35,828 $ 55,170 $ 17,228 $ — $ 786 $ 2,988 $ — $ — $ 112,000 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial loans Pass $ 4,444 $ 3,349 $ 428 $ 35 $ 89 $ 154 $ 655 $ — $ 9,154 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — 65 — — — — — 65 Total $ 4,444 $ 3,349 $ 493 $ 35 $ 89 $ 154 $ 655 $ — $ 9,219 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ — $ — $ — $ — $ — $ — $ — $ — $ — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 31 38 45 — — 13 46 — 173 Total $ 31 $ 38 $ 45 $ — $ — $ 13 $ 46 $ — $ 173 Current-period gross charge-offs (2) $ 2 $ — $ — $ — $ — $ — $ — $ — $ 2 (1) All loans not formally rated were accruing as of December 31, 2023. (2) Gross charge-off disclosures are made starting in the period of adoption and prospectively. The following table presents the Company's loans by credit quality indicator as of December 31, 2022: Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Total (in thousands) As of December 31, 2022 Grade Pass $ 63,817 $ 241,951 $ 156,212 $ 2,995 $ 103,272 $ 4,266 $ — $ 572,513 Special 467 — — — — — — 467 Substandard — — — — — — — — Doubtful — — — — — — — — Loans not 291,097 — — 24,788 4,045 — 222 320,152 $ 355,381 $ 241,951 $ 156,212 $ 27,783 $ 107,317 $ 4,266 $ 222 $ 893,132 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | The following is a summary of premises and equipment as of December 31: 2023 2022 (in thousands) Banking premises and equipment: Land $ 594 $ 594 Buildings and improvements 5,696 5,699 Leasehold improvements 345 301 Furniture and equipment 1,724 1,554 Total cost 8,359 8,148 Accumulated depreciation and amortization ( 4,605 ) ( 4,450 ) Net premises and equipment $ 3,754 $ 3,698 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Operating Leases | As of the dates indicated, the Company had the following related to operating leases: As of December 31, 2023 As of December 31, 2022 (Dollars in thousands) Right-of-use assets $ 1,295 $ 284 Lease liabilities 1,336 284 |
Schedule of Remaining Minimum Rental Payments to Operating Leases Outstanding | The following table sets forth the remaining minimum rental payments related to operating leases outstanding as of December 31, 2023. As of December 31, 2023 Year (in thousands) 2024 $ 191 2025 191 2026 198 2027 207 2028 161 Thereafter 670 Total minimum lease payments 1,618 Less: amount representing interest 282 Present value of future minimum lease payments $ 1,336 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Scheduled Maturities of Time Deposits | For time deposits as of December 31, 2023, the scheduled maturities for each of the following years ended December 31 are (in thousands): 2024 $ 232,670 2025 136,731 2026 77,380 2027 46,119 2028 5,603 Total $ 498,503 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Maturities of Advances from FHLB | Maturities of advances from the FHLB for the years ending after December 31, 2023 and December 31, 2022 are summarized as follows (dollars in thousands): 2023 2022 Stated Maturity Total Outstanding Weighted Average Contractual Rate Stated Maturity Total Outstanding Weighted Average Contractual Rate 2024 $ 30,000 4.37 % 2023 $ 55,000 4.37 % 2025 - - 2024 5,000 1.69 % 2026 24,000 3.57 % 2025 - - 2027 95,000 3.95 % 2026 4,000 0.82 % 2028 85,000 4.09 % 2027 110,000 3.76 % Total $ 234,000 4.02 % $ 174,000 3.83 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan [Abstract] | |
Summary of Information about SERP and DFCP | The following tables set forth information about the SERP and DFCP as of December 31 and the years then ended: 2023 2022 SERP DFCP SERP DFCP (in thousands) Change in projected benefit obligation: Benefit obligation at beginning of year $ 1,156 $ 689 $ 1,437 $ 791 Service cost 6 79 17 101 Interest cost 53 32 34 17 Actuarial (gain) loss ( 9 ) 9 ( 232 ) ( 180 ) Benefits paid ( 100 ) ( 40 ) ( 100 ) ( 40 ) Benefit obligation at end of year 1,106 769 1,156 689 Funded status ( 1,106 ) ( 769 ) ( 1,156 ) ( 689 ) |
Summary of Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income as of December 31, 2023 and 2022, before tax effect, consist of: 2023 2022 SERP DFCP SERP DFCP (in thousands) Net gain $ ( 79 ) $ ( 97 ) $ ( 207 ) $ ( 128 ) |
Summary of Assumptions Used to Determine Benefit Obligation | Assumptions used to determine the benefit obligation at December 31 are as follows: 2023 2022 SERP DFCP SERP DFCP Discount rate 4.66 % 4.58 % 4.86 % 4.77 % Rate of increase in compensation levels N/A N/A N/A N/A |
Schedule of Components of Net Periodic (Benefit) Cost and Other Comprehensive (Income) Loss | Components of net periodic (benefit) cost and other comprehensive loss (income) for the years ended December 31 are as follows: 2023 2022 SERP DFCP SERP DFCP (in thousands) Components of net periodic cost Service cost $ 6 $ 79 $ 17 $ 101 Interest cost 53 32 34 17 Amortization of net actuarial (gain) loss ( 138 ) ( 21 ) 50 10 Net periodic (benefit) cost ( 79 ) 90 101 128 Other changes in benefit obligations recognized as other comprehensive (income) loss: Net actuarial (gain) loss $ ( 9 ) $ 9 $ ( 232 ) $ ( 180 ) Amortization of net actuarial loss (gain) 138 21 ( 50 ) ( 10 ) Total other comprehensive loss (income) 129 30 ( 282 ) ( 190 ) Total net periodic (benefit) cost and other comprehensive loss (income) $ 50 $ 120 $ ( 181 ) $ ( 62 ) |
Summary of Assumptions Used to Determine Net Periodic Cost | Assumptions used to determine the net periodic cost for years ended December 31 are as follows: 2023 2022 SERP DFCP SERP DFCP Discount rate 4.86 % 4.77 % 2.42 % 2.15 % Rate of increase in compensation levels N/A N/A N/A N/A |
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate, as of December 31, 2023 are as follows: SERP DFCP (in thousands) 2024 $ 108 $ 40 2025 110 60 2026 108 60 2027 106 100 2028 105 100 Years 2029 through 2033 450 493 |
Summary of share information held by the ESOP | The following table presents share information held by the ESOP: As of December 31, 2023 As of December 31, 2022 (Dollars in thousands) Allocated shares 72,017 36,701 Shares committed to be released - - Unallocated shares 660,618 697,319 Total shares 732,635 734,020 Fair value of unallocated shares $ 8,297 $ 11,192 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Options Valuation Assumptions | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The following table sets forth information regarding the grants: Date of grant 9/8/2023 10/31/2023 Options granted 174,960 589,009 Vesting period (years) 5 5 Expiration date 9/8/2033 10/31/2033 Expected volatility (1) 30.17 % 30.02 % Expected term (years) (2) 6.50 6.50 Expected dividend yield (3) 0.00 % 0.00 % Risk free rate of return (4) 4.31 % 4.87 % Fair value per option $ 4.74 $ 4.19 (1) Expected volatility is based on the standard deviation of the historical volatility of the daily adjusted closing price of a group of peers' shares. (2) Expected term represents the period of time that the option is expected to be outstanding. The Company determined that expected life using the "Simplified Method." (3) Expected dividend yield is determined based on management's expectations regarding issuing dividends in the foreseeable future. (4) The risk-free rate of return is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected term of the option. |
Summary of Option Activity | The following table represents stock option activities for the period indicated: Year Ended December 31, 2023 Outstanding and exercisable Non-vested Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($1000) Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value ($1000) Balance at beginning of period - $ - - - $ - - Granted - - - 763,969 10.50 9.81 Exercised - - - - - - Vested - - - - - - Forfeited or expired - - - - - - Balance at end of period - $ - - $ - 763,969 $ 10.50 9.81 $ 1,570 The total intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of stock options exercised during the year ended December 31, 2023 was $ 0 . |
Summary of Non-vested Restricted Stock Award Activity | The following table represents information regarding non-vested restricted stock award activities for the period indicated: Year Ended December 31, 2023 Number of Shares Weighted-Average Grant Date Fair Value Per Share Balance at beginning of period - $ - Granted 305,957 10.50 Vested - - Forfeited - - Balance at end of period 305,957 $ 10.50 |
Summary of Compensation Expense and Income Tax Benefit Recognized | The following table represents the compensation expense and income tax benefit recognized for stock options and restricted stock awards for the period indicated: Year Ended December 31, 2023 (in thousands) Stock-based compensation expense Stock options $ 135 Restricted stock awards 133 Total stock-based compensation expense $ 268 Related tax benefits recognized in earnings $ 47 |
Schedule of Compensation Cost Related to Non-vested Awards | The following table sets forth the total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized as of December 31, 2023: Amount Weighted average period (in thousands) Stock options $ 3,162 4.80 Restricted stock awards 3,081 4.80 Total $ 6,243 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The components of income tax expense are as follows for the years ended December 31: 2023 2022 (in thousands) Current: Federal $ 1,179 $ 1,582 State 461 696 1,640 2,278 Deferred: Federal ( 67 ) ( 1,017 ) State ( 44 ) ( 485 ) ( 111 ) ( 1,502 ) Total income tax expense $ 1,529 $ 776 |
Schedule of Differences Between Statutory Federal Income Tax Rate and Effective Tax Rates | The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows for the years ended December 31: 2023 2022 % of income % of income Statutory tax rates 21.0 % 21.0 % Increase (decrease) in tax resulting from: State tax, net of federal tax benefit 5.5 4.8 Bank-owned life insurance ( 1.7 ) ( 5.0 ) ESOP 0.4 1.2 Stock-based compensation 0.2 - Other, net 0.1 0.2 Effective tax rates 25.5 % 22.2 % |
Schedule of Gross Deferred Tax Assets and Gross Deferred Tax Liabilities | The Company had gross deferred tax assets and gross deferred tax liabilities as follows as of December 31: 2023 2022 (in thousands) Deferred tax assets: Allowance for credit losses $ 2,628 $ 2,137 Employee benefit plans 2,150 1,988 ESOP 25 — Lease liability 12 — Interest on non-performing loans 4 2 Charitable contribution carryover 522 682 Gross deferred tax assets 5,341 4,809 Deferred tax liabilities: Depreciation ( 300 ) ( 296 ) Unrecognized employee benefit costs under ASC 715-10 ( 50 ) ( 94 ) Net deferred loan costs ( 63 ) ( 59 ) ESOP — ( 13 ) Stock-based compensation ( 160 ) — Net unrealized holding gain on available-for-sale securities ( 1 ) ( 3 ) Gross deferred tax liabilities ( 574 ) ( 465 ) Net deferred tax asset $ 4,767 $ 4,344 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | As of December 31, 2023 and 2022, the following summarizes assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Quoted Prices Significant Significant in Active Other Unobservable Markets for Observable Inputs Identical Assets Inputs Level 3 Level 1 Level 2 (in thousands) As of December 31, 2023 Corporate bonds $ 5,003 $ — $ 5,003 $ — Total available for-sale-securities $ 5,003 $ — $ 5,003 $ — As of December 31, 2022 Corporate bonds $ 5,001 $ — $ 5,001 $ — Total available for-sale-securities $ 5,001 $ — $ 5,001 $ — |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis | For December 31, 2023 and 2022, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. December 31, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 119,036 $ 119,036 $ 119,036 $ - $ - Held-to-maturity securities 76,979 70,590 - 70,590 - Federal Home Loan Bank stock 9,892 9,892 - 9,892 - Loans, net 1,039,789 952,867 - - 952,867 Accrued interest receivable 3,766 3,766 3,766 - - Bank-owned life insurance 14,472 14,472 - 14,472 - Financial liabilities: Deposits, other than certificates of deposit $ 369,711 $ 369,711 $ - $ 369,711 $ - Certificates of deposit 498,503 495,551 - 495,551 - Federal Home Loan Bank advances 234,000 233,878 - 233,878 - Accrued interest payable 2,191 2,191 2,191 - - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instrument Liabilities Represent Off-Balance Sheet Credit Risk | Amounts of financial instruments whose contract amounts represent off-balance sheet credit risk are as follows as of the dates indicated: December 31, 2023 December 31, 2022 (in thousands) Commitments to originate loans $ 22,701 $ 37,220 Commitments to purchase loans 415 6,653 Unadvanced funds on lines of credit 78,378 80,224 Unadvanced funds on construction loans 53,013 72,431 Letters of credit - 13 $ 154,507 $ 196,541 |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income and Related Tax Effects | The com ponents of other comprehensive (loss) income and related tax effects are as follows for the years ended December 31, 2023 and 2022: Year ended December 31, 2023 2022 (in thousands) Change in unrealized gains on securities: Change in net unrealized holding gains on available-for-sale securities $ ( 7 ) $ ( 10 ) Reclassification adjustment for realized gains in net income — — Other comprehensive loss related to available-for-sale securities ( 7 ) ( 10 ) Income tax benefit 1 3 Net-of-tax amount ( 6 ) ( 7 ) Net actuarial gain on SERP 9 232 Reclassification adjustment for amortization of net actuarial (gain) loss (1) ( 138 ) 50 Other comprehensive (loss) income related to SERP ( 129 ) 282 Income tax benefit (expense) 36 ( 79 ) Net-of-tax amount ( 93 ) 203 Net actuarial (loss) gain on DFCP ( 9 ) 179 Reclassification adjustment for amortization of net actuarial (gain) loss (2) ( 21 ) 10 Other comprehensive (loss) income related to DFCP ( 30 ) 189 Income tax benefit (expense) 9 ( 53 ) Net-of-tax amount ( 21 ) 136 Other comprehensive (loss) income, net of tax $ ( 120 ) $ 332 (1) Reclassification adjustments are comprised of amortization of unrecognized SERP costs. The amortization of unrecognized SERP costs has been reclassified out of accumulated other comprehensive loss and has affected certain lines in the consolidated statements of income as follows: the amount is included in other expense; the tax benefit in the amount of $ 39,000 and the tax expense in the amount of $ 14,000 for the years ended December 31, 2023 and 2022, respectively, are included in income tax expense; and the net of tax amount is included in net income. (2) Reclassification adjustments are comprised of amortization of unrecognized DFCP costs. The amortization of unrecognized DFCP costs has been reclassified out of accumulated other comprehensive loss and has affected certain lines in the consolidated statements of income as follows: the amount is included in other expense; the tax benefit in the amount of $ 6,000 and the tax expense in the amount of $ 3,000 for the years ended December 31, 2023 and 2022 , respectively, are included in income tax expense; and the net of tax amount is included in net income. |
Schedule of Accumulated Other Comprehensive income (Loss) | Accumulated other comprehensive income as of December 31, 2023 and 2022 consists of unrecognized benefit costs, net of taxes, and unrealized holding gains on securities available for sale, net of tax, as follows: As of December 31, 2023 As of December 31, 2022 (in thousands) Net unrealized holding gains on securities available-for-sale, net of tax $ 3 $ 9 Unrecognized SERP gain, net of tax 56 149 Unrecognized DFCP gain, net of tax 70 91 Accumulated other comprehensive income $ 129 $ 249 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Schedule of Company's and Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the table as of the dates indicated: Minimum For Capital Minimum To Be Well Adequacy Purposes Capitalized Under Plus Capital Prompt Corrective Actual Conservation Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2023 Total Capital (to Risk Weighted Assets) $ 149,014 17.30 % $ 90,440 10.50 % $ 86,133 10.00 % Tier 1 Capital (to Risk Weighted Assets) 139,667 16.22 % 73,213 8.50 % 68,907 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 139,667 16.22 % 60,293 7.00 % 55,987 6.50 % Tier 1 Capital (to Average Assets) 139,667 11.31 % 49,406 4.00 % 61,758 5.00 % As of December 31, 2022 Total Capital (to Risk Weighted Assets) $ 138,023 16.40 % $ 88,386 10.50 % $ 84,177 10.00 % Tier 1 Capital (to Risk Weighted Assets) 130,421 15.49 % 71,550 8.50 % 67,342 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 130,421 15.49 % 58,924 7.00 % 54,715 6.50 % Tier 1 Capital (to Average Assets) 130,421 13.89 % 37,562 4.00 % 46,953 5.00 % |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Statements of Balance Sheets | ECB BANCORP, INC. BALANCE SHEETS (Dollars in thousands) December 31, 2023 2022 ASSETS Cash $ 17,712 $ 24,294 Investment in subsidiary 139,796 130,670 Loan to Everett Co-operative Bank ESOP 6,696 6,928 Deferred tax asset, net 522 683 Income taxes receivable 203 149 Other assets 13 11 Total assets $ 164,942 $ 162,735 LIABILITIES AND SHAREHOLDERS' EQUITY Other liabilities $ 41 $ 5 Total liabilities 41 5 Shareholders' equity 164,901 162,730 Total liabilities and shareholders' equity $ 164,942 $ 162,735 |
Statements of Income | ECB BANCORP, INC. STATEMENTS OF INCOME (Dollars in thousands) Year Ended December 31, 2023 2022 Interest income Interest on loan $ 329 $ 150 Interest on cash 356 155 Total interest income 685 305 Noninterest expense Charitable contributions - 3,200 Other expense 310 62 Total noninterest expense 310 3,262 Income (loss) before income taxes and equity in undistributed income of subsidiaries 375 ( 2,957 ) Income tax expense (benefit) 105 ( 831 ) Income (loss) of parent company 270 ( 2,126 ) Equity in undistributed income of subsidiary 4,186 4,846 Net income $ 4,456 $ 2,720 |
Statements of Cash Flows | ECB BANCORP, INC. STATEMENTS OF CASH FLOWS (Dollars in thousands) Year Ended December 31, 2023 2022 Cash flows from operating activities: Net income $ 4,456 $ 2,720 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary ( 4,186 ) ( 4,846 ) Deferred income tax expense (benefit) 161 ( 683 ) Issuance of common shares donated to the Everett Co-operative Bank Charitable Foundation — 2,600 Net change in: Other assets ( 2 ) ( 11 ) Income taxes receivable ( 54 ) ( 149 ) Other liabilities 36 5 Net cash provided by (used in) operating activities 411 ( 364 ) Cash flows from investing activities: ESOP loan origination — ( 7,340 ) ESOP loan principal payments 232 412 Capital contribution to Everett Co-operative Bank ( 5,000 ) ( 55,000 ) Net cash used in investing activities ( 4,768 ) ( 61,928 ) Cash flows from financing activities: Net proceeds from issuance of common stock — 86,586 Payments for shares repurchased under share repurchase plan ( 2,225 ) — Net cash (used in) provided by financing activities ( 2,225 ) 86,586 Net (decrease) increase in cash and cash equivalents ( 6,582 ) 24,294 Cash and cash equivalents at beginning of year 24,294 — Cash and cash equivalents at end of year $ 17,712 $ 24,294 |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per share data | Year ended December 31, 2023 2022 (dollars in thousands, except per share data) Net income allocated to common stock $ 4,456 $ 2,720 Weighted-average common shares outstanding used to calculate basic earnings per common share 8,466,021 8,456,218 Add: Dilutive effect of restricted stock awards 57,684 - Weighted-average common shares outstanding used to calculate diluted earnings per common share 8,523,705 8,456,218 Earnings per common share Basic $ 0.53 $ 0.32 Diluted $ 0.52 $ 0.32 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Mar. 09, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Number of shares sold in offering | 8,915,247 | 9,175,247 | 9,291,810 |
Common stock per share price | $ 10 | $ 0.01 | $ 0.01 |
Gross offering proceeds | $ 89,200,000 | $ 79,246,000 | |
Number of common stock shares funded | 260,000 | ||
Amount contributed through cas | $ 600,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security | Jan. 01, 2023 USD ($) | Dec. 31, 2021 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of trading or equity securities | Security | 0 | 0 | ||
Available-for-sale Securities, Allowance for Credit Losses | $ 0 | $ 0 | ||
Losses related to loans held-for-sale | 0 | 0 | ||
Stockholders Equity | $ 164,901,000 | $ 162,730,000 | $ 77,273,000 | |
Minimum | U.S. Federal | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income tax examination year | 2020 | |||
Minimum | State and Local | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income tax examination year | 2020 | |||
Maximum | U.S. Federal | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income tax examination year | 2023 | |||
Maximum | State and Local | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income tax examination year | 2023 | |||
ASU 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Available-for-sale Securities, Allowance for Credit Losses | $ 0 | |||
Change in accounting principle, accounting standards update, adopted [true false] | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | |||
ASU 2016-13 | Cumulative Effect Transition Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders Equity | $ 678,000 | |||
ASU 2022-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in accounting principle, accounting standards update, adopted [true false] | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | |||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | |||
ASU 2023-03 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Financial Statement Impact Upon Adoption of Topic 326 (Details) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets: | |||||
Allowance for credit losses on loans | $ 8,591,000 | [1] | $ 7,200,000 | $ 4,236,000 | |
Deferred tax asset, net | 4,767,000 | 4,344,000 | |||
Liabilities | |||||
Allowance for credit losses on off balance sheet credit exposures | $ 756,000 | 402,000 | |||
ASU 2016-13 | |||||
Assets: | |||||
Allowance for credit losses on loans | $ 7,382,000 | 7,200,000 | |||
Deferred tax asset, net | 4,610,000 | 4,344,000 | |||
Liabilities | |||||
Allowance for credit losses on off balance sheet credit exposures | $ 1,164,000 | 402,000 | |||
ASU 2016-13 | Transition Adjustment | |||||
Assets: | |||||
Allowance for credit losses on loans | 182,000 | ||||
Deferred tax asset, net | 266,000 | ||||
Liabilities | |||||
Allowance for credit losses on off balance sheet credit exposures | $ 762,000 | ||||
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.2 million as of December 31, 2023. |
Investments in Securities - Sch
Investments in Securities - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | $ 76,979 | $ 77,591 |
Held-to-maturity securities, Gross Unrealized Gains | 36 | 9 |
Held-to-maturity securities, Gross Unrealized Losses | (6,425) | (7,893) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 70,590 | 69,707 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 10,225 | 11,213 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 6 |
Held-to-maturity securities, Gross Unrealized Losses | (381) | (578) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 9,844 | 10,641 |
Mortgage-backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 49,445 | 51,864 |
Held-to-maturity securities, Gross Unrealized Gains | 36 | 3 |
Held-to-maturity securities, Gross Unrealized Losses | (5,235) | (6,181) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 44,246 | 45,686 |
Corporate Bonds | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 14,408 | 11,612 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | (779) | (1,041) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 13,629 | 10,571 |
US Treasury Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 2,901 | 2,902 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | (30) | (93) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | $ 2,871 | $ 2,809 |
Investments in Securities - S_2
Investments in Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 5,000,000 | $ 4,991,000 |
Available-for-sale Securities, Gross Unrealized Gains | 4,000 | 10,000 |
Available-for-sale Securities, Gross Unrealized Losses | (1,000) | 0 |
Available-for-sale Securities, Allowance for Credit Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 5,003,000 | 5,001,000 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 5,000,000 | 4,991,000 |
Available-for-sale Securities, Gross Unrealized Gains | 4,000 | 10,000 |
Available-for-sale Securities, Gross Unrealized Losses | (1,000) | 0 |
Available-for-sale Securities, Allowance for Credit Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | $ 5,003,000 | $ 5,001,000 |
Investments in Securities - S_3
Investments in Securities - Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale, Fair Value, Within 1 year | $ 5,003 |
Available-for-sale, Fair Value, After 1 year through 5 years | 0 |
Available-for-sale, Fair Value, After 5 years through 10 years | 0 |
Available-for-sale, Fair Value, After 10 Years | 0 |
Available-for-sale, Fair Value | 5,003 |
Held-to-maturity, Amortized Cost Basis, Within 1 year | 7,540 |
Held-to-maturity, Amortized Cost Basis, After 1 year through 5 years | 23,306 |
Held-to-maturity, Amortized Cost Basis, After 5 years through 10 years | 4,808 |
Held-to-maturity, Amortized Cost Basis, After 10 years | 41,325 |
Held-to-maturity, Amortized Cost Basis, Total | 76,979 |
Held-to-maturity, Fair Value, Within 1 year | 7,488 |
Held-to-maturity, Fair Value, After 1 year through 5 years | 22,285 |
Held-to-maturity, Fair Value, After 5 years through 10 years | 4,566 |
Held-to-maturity, Fair Value, After 10 years | 36,251 |
Held-to-maturity, Fair Value | $ 70,590 |
Investments in Securities - Add
Investments in Securities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Age Security | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale [Line Items] | ||
Sale of securities | $ 0 | $ 0 |
Accrued interest on held to maturity securities | $ 310,000 | 267,000 |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | |
Held-to-maturity securities, write-offs of accrued interest income | $ 0 | |
Held-to-maturity securities, delinquent amount | 0 | |
Provision for estimated credit losses on any available-for-sale securities | 0 | 0 |
Accrued interest on available for sale securities | $ 58,000 | 49,000 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | |
Allowance for credit losses on securities | $ 0 | |
Debt securities issued by U.S. government-sponsored enterprises | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Number of securities | Security | 4 | |
Percentage of unrealized losses with aggregate depreciation | 3.70% | |
Mortgage-backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Number of securities | Age | 48 | |
Percentage of unrealized losses with aggregate depreciation | 11.90% | |
Corporate Bonds | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Number of securities | Age | 9 | |
Percentage of unrealized losses with aggregate depreciation | 4.60% | |
US Treasury Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Number of securities | Age | 1 | |
Percentage of unrealized losses with aggregate depreciation | 1% | |
FHLB | Loans Pledged | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Pledged securities | $ 62,600,000 | $ 63,000,000 |
Investments in Securities - Agg
Investments in Securities - Aggregate Fair Value and Unrealized Losses of Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | $ 5,561 | $ 37,022 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (18) | (2,468) |
Held-to-maturity, 12 Months or Longer, Fair Value | 59,500 | 29,756 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (6,407) | (5,425) |
Held-to-maturity, Fair Value, Total | 65,061 | 66,778 |
Held-to-maturity, Unrealized Losses, Total | (6,425) | (7,893) |
Available-for-sale, Less than 12 Months Fair value | 2,500 | |
Available-for-sale, Less than 12 Months Unrealized Losses | (1) | |
Available-for-sale, 12 Months or Longer Fair Value | 0 | |
Available-for-sale, 12 Months or Longer Unrealized Losses | 0 | |
Available-for-sale, Fair Value, Total | 2,500 | |
Available-for-sale, Unrealized Losses, Total | (1) | |
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | 2,740 | 2,847 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (7) | (40) |
Held-to-maturity, 12 Months or Longer, Fair Value | 7,104 | 5,046 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (374) | (538) |
Held-to-maturity, Fair Value, Total | 9,844 | 7,893 |
Held-to-maturity, Unrealized Losses, Total | (381) | (578) |
Mortgage-backed Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | 0 | 20,795 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | 0 | (1,294) |
Held-to-maturity, 12 Months or Longer, Fair Value | 38,717 | 24,710 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (5,235) | (4,887) |
Held-to-maturity, Fair Value, Total | 38,717 | 45,505 |
Held-to-maturity, Unrealized Losses, Total | (5,235) | (6,181) |
Corporate Bonds | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | 2,821 | 10,571 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (11) | (1,041) |
Held-to-maturity, 12 Months or Longer, Fair Value | 10,808 | 0 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (768) | 0 |
Held-to-maturity, Fair Value, Total | 13,629 | 10,571 |
Held-to-maturity, Unrealized Losses, Total | (779) | (1,041) |
Available-for-sale, Less than 12 Months Fair value | 2,500 | |
Available-for-sale, Less than 12 Months Unrealized Losses | (1) | |
Available-for-sale, 12 Months or Longer Fair Value | 0 | |
Available-for-sale, 12 Months or Longer Unrealized Losses | 0 | |
Available-for-sale, Fair Value, Total | 2,500 | |
Available-for-sale, Unrealized Losses, Total | (1) | |
US Treasury Securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | 0 | 2,809 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | 0 | (93) |
Held-to-maturity, 12 Months or Longer, Fair Value | 2,871 | 0 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (30) | 0 |
Held-to-maturity, Fair Value, Total | 2,871 | 2,809 |
Held-to-maturity, Unrealized Losses, Total | $ (30) | $ (93) |
Loans, Allowance for Credit L_3
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 1,048,606 | $ 893,132 | ||
Net deferred loan fees | (226) | (258) | ||
Allowance for credit losses | (8,591) | [1] | (7,200) | $ (4,236) |
Total loans, net | $ 1,039,789 | $ 885,674 | ||
Total loans, gross percent | 100% | 100% | ||
Real Estate Loans | Home Equity Lines of Credit and Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 33,357 | $ 27,783 | ||
Allowance for credit losses | $ (321) | [1] | $ (194) | (185) |
Total loans, gross percent | 3.20% | 3.10% | ||
Real Estate Loans | One-to Four Family Residential | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 410,131 | $ 355,381 | ||
Total loans, gross percent | 39.10% | 39.80% | ||
Real Estate Loans | Multi Family | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 287,361 | $ 241,951 | ||
Allowance for credit losses | $ (1,190) | [1] | $ (1,839) | (417) |
Total loans, gross percent | 27.40% | 27.10% | ||
Real Estate Loans | Commercial Real Estate Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 196,365 | $ 156,212 | ||
Allowance for credit losses | $ (1,636) | [1] | $ (1,797) | (1,099) |
Total loans, gross percent | 18.70% | 17.50% | ||
Real Estate Loans | Construction | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 112,000 | $ 107,317 | ||
Allowance for credit losses | $ (1,757) | [1] | $ (1,286) | (855) |
Total loans, gross percent | 10.70% | 12% | ||
Other Loans | Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 9,219 | $ 4,266 | ||
Allowance for credit losses | $ (131) | [1] | $ (60) | (60) |
Total loans, gross percent | 0.90% | 0.50% | ||
Other Loans | Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 173 | $ 222 | ||
Allowance for credit losses | $ (1) | [1] | $ (1) | $ (2) |
Total loans, gross percent | 0% | 0% | ||
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.2 million as of December 31, 2023. |
Loans, Allowance for Credit L_4
Loans, Allowance for Credit Losses and Credit Quality - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Grade | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule Of Loans Allowance For Credit Losses And Credit Quality [Line Items] | |||
Total outstanding loan balances | $ 871,000 | $ 943,000 | $ 1,257,000 |
Troubled debt restructuring | 0 | ||
TDR loans, subsequently defaulted within one year | 0 | ||
Commitment to lend additional funds to borrowers | 0 | ||
Number of Internal Loan Rating Grades | Grade | 7 | ||
Loans on Non-accrual | $ 1,213,000 | 656,000 | |
Accrued interest receivable for loan | 3,200,000 | 2,200,000 | |
Available-for-sale securities, write-offs of accrued interest income | 0 | ||
Available-for-sale securities, delinquent amount | 0 | ||
Available-for-sale securities, nonaccrual status | 0 | ||
FHLB | Loans Pledged | |||
Schedule Of Loans Allowance For Credit Losses And Credit Quality [Line Items] | |||
Carrying value of loans pledged | 553,000,000 | 333,500,000 | |
Home Equity Lines of Credit | |||
Schedule Of Loans Allowance For Credit Losses And Credit Quality [Line Items] | |||
Loans on Non-accrual | 22,000 | ||
Commercial And Industrial Loans | |||
Schedule Of Loans Allowance For Credit Losses And Credit Quality [Line Items] | |||
Threshold limit for loans receivable | 500,000 | ||
Commercial Real Estate Loans | |||
Schedule Of Loans Allowance For Credit Losses And Credit Quality [Line Items] | |||
Threshold limit for loans receivable | 1,000,000 | ||
Residential Real Estate | |||
Schedule Of Loans Allowance For Credit Losses And Credit Quality [Line Items] | |||
Loans on Non-accrual | 1,200,000 | ||
Mortgage loans in process of foreclosure | $ 0 | $ 0 |
Loans, Allowance for Credit L_5
Loans, Allowance for Credit Losses and Credit Quality - Summary of Activity for Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||
Beginning Balance | $ 943,000 | $ 1,257,000 |
Advances | 0 | 375,000 |
Paydowns | (72,000) | (689,000) |
Ending Balance | $ 871,000 | $ 943,000 |
Loans, Allowance for Credit L_6
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2023 | ||||
Allowance for loan losses | ||||||
Beginning balance | $ 7,200,000 | $ 4,236,000 | ||||
Charge-offs | (2,000) | 2,000 | ||||
Recoveries | 1,000 | 26,000 | ||||
Provision (benefit) | 1,210,000 | 2,940,000 | ||||
Ending balance | 8,591,000 | [1] | 7,200,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 7,200,000 | |||||
Total allowance for loan losses ending balance | 8,591,000 | [1] | 7,200,000 | |||
Individually evaluated for impairment | 656,000 | |||||
Collectively evaluated for impairment | 892,476,000 | |||||
Total Loans | 1,048,606,000 | 893,132,000 | ||||
ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | 7,200,000 | |||||
Ending balance | 7,200,000 | |||||
Total allowance for loan losses ending balance | 7,200,000 | $ 7,382,000 | ||||
Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | 182,000 | ||||
Ending balance | 182,000 | 182,000 | [2] | |||
Total allowance for loan losses ending balance | 182,000 | 182,000 | [2] | |||
Home Equity Lines of Credit and Loans | ||||||
Allowance for loan losses | ||||||
Total Loans | 27,783,000 | |||||
One- to Four-Family Residential | ||||||
Allowance for loan losses | ||||||
Total Loans | 355,381,000 | |||||
Multi Family | ||||||
Allowance for loan losses | ||||||
Total Loans | 241,951,000 | |||||
Commercial | ||||||
Allowance for loan losses | ||||||
Total Loans | 156,212,000 | |||||
Construction | ||||||
Allowance for loan losses | ||||||
Total Loans | 107,317,000 | |||||
Commercial Loans | ||||||
Allowance for loan losses | ||||||
Total Loans | 4,266,000 | |||||
Consumer | ||||||
Allowance for loan losses | ||||||
Total Loans | 222,000 | |||||
Real Estate | Home Equity Lines of Credit and Loans | ||||||
Allowance for loan losses | ||||||
Beginning balance | 194,000 | 185,000 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision (benefit) | 147,000 | 9,000 | ||||
Ending balance | 321,000 | [1] | 194,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 194,000 | |||||
Total allowance for loan losses ending balance | 321,000 | [1] | 194,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 27,783,000 | |||||
Total Loans | 33,357,000 | 27,783,000 | ||||
Real Estate | Home Equity Lines of Credit and Loans | Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | (20,000) | ||||
Ending balance | [2] | (20,000) | ||||
Total allowance for loan losses ending balance | [2] | (20,000) | ||||
Real Estate | One- to Four-Family Residential | ||||||
Allowance for loan losses | ||||||
Beginning balance | 1,703,000 | 1,271,000 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision (benefit) | 1,722,000 | 432,000 | ||||
Ending balance | 3,555,000 | [1] | 1,703,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 1,703,000 | |||||
Total allowance for loan losses ending balance | 3,555,000 | [1] | 1,703,000 | |||
Individually evaluated for impairment | 656,000 | |||||
Collectively evaluated for impairment | 354,725,000 | |||||
Total Loans | 410,131,000 | 355,381,000 | ||||
Real Estate | One- to Four-Family Residential | Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | 130,000 | ||||
Ending balance | [2] | 130,000 | ||||
Total allowance for loan losses ending balance | [2] | 130,000 | ||||
Real Estate | Multi Family | ||||||
Allowance for loan losses | ||||||
Beginning balance | 1,839,000 | 417,000 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision (benefit) | (726,000) | 1,422,000 | ||||
Ending balance | 1,190,000 | [1] | 1,839,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 1,839,000 | |||||
Total allowance for loan losses ending balance | 1,190,000 | [1] | 1,839,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 241,951,000 | |||||
Total Loans | 287,361,000 | 241,951,000 | ||||
Real Estate | Multi Family | Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | 77,000 | ||||
Ending balance | [2] | 77,000 | ||||
Total allowance for loan losses ending balance | [2] | 77,000 | ||||
Real Estate | Commercial | ||||||
Allowance for loan losses | ||||||
Beginning balance | 1,797,000 | 1,099,000 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 25,000 | ||||
Provision (benefit) | (306,000) | 673,000 | ||||
Ending balance | 1,636,000 | [1] | 1,797,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 1,797,000 | |||||
Total allowance for loan losses ending balance | 1,636,000 | [1] | 1,797,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 156,212,000 | |||||
Total Loans | 196,365,000 | 156,212,000 | ||||
Real Estate | Commercial | Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | 145,000 | ||||
Ending balance | [2] | 145,000 | ||||
Total allowance for loan losses ending balance | [2] | 145,000 | ||||
Real Estate | Construction | ||||||
Allowance for loan losses | ||||||
Beginning balance | 1,286,000 | 855,000 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision (benefit) | 335,000 | 431,000 | ||||
Ending balance | 1,757,000 | [1] | 1,286,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 1,286,000 | |||||
Total allowance for loan losses ending balance | 1,757,000 | [1] | 1,286,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 107,317,000 | |||||
Total Loans | 112,000,000 | 107,317,000 | ||||
Real Estate | Construction | Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | 136,000 | ||||
Ending balance | [2] | 136,000 | ||||
Total allowance for loan losses ending balance | [2] | 136,000 | ||||
Real Estate | Commercial Loans | ||||||
Allowance for loan losses | ||||||
Total Loans | 9,219,000 | |||||
Real Estate | Consumer | ||||||
Allowance for loan losses | ||||||
Total Loans | 173,000 | |||||
Other Loans | Commercial Loans | ||||||
Allowance for loan losses | ||||||
Beginning balance | 60,000 | 60,000 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision (benefit) | 37,000 | 0 | ||||
Ending balance | 131,000 | [1] | 60,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 60,000 | |||||
Total allowance for loan losses ending balance | 131,000 | [1] | 60,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 4,266,000 | |||||
Total Loans | 9,219,000 | 4,266,000 | ||||
Other Loans | Commercial Loans | Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | 34,000 | ||||
Ending balance | [2] | 34,000 | ||||
Total allowance for loan losses ending balance | [2] | 34,000 | ||||
Other Loans | Consumer | ||||||
Allowance for loan losses | ||||||
Beginning balance | 1,000 | 2,000 | ||||
Charge-offs | (2,000) | 2,000 | ||||
Recoveries | 1,000 | 1,000 | ||||
Provision (benefit) | 1,000 | 0 | ||||
Ending balance | 1,000 | [1] | 1,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 1,000 | |||||
Total allowance for loan losses ending balance | 1,000 | [1] | 1,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 222,000 | |||||
Total Loans | 173,000 | 222,000 | ||||
Other Loans | Consumer | Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | 0 | ||||
Ending balance | [2] | 0 | ||||
Total allowance for loan losses ending balance | [2] | 0 | ||||
Other Loans | Unallocated | ||||||
Allowance for loan losses | ||||||
Beginning balance | 320,000 | 347,000 | ||||
Charge-offs | 0 | 0 | ||||
Recoveries | 0 | 0 | ||||
Provision (benefit) | 0 | (27,000) | ||||
Ending balance | 0 | [1] | 320,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 320,000 | |||||
Total allowance for loan losses ending balance | 0 | [1] | 320,000 | |||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 0 | |||||
Total Loans | 0 | |||||
Other Loans | Unallocated | Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Allowance for loan losses | ||||||
Beginning balance | [2] | $ (320,000) | ||||
Ending balance | [2] | (320,000) | ||||
Total allowance for loan losses ending balance | [2] | $ (320,000) | ||||
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.2 million as of December 31, 2023. (2) Represents an adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment for the year ended December 31, 2023 represents a $ 182,000 increase to the allowance attributable to the change in accounting methodology for estimating the allowance for credit losses resulting from the Company's adoption of the standard. |
Loans, Allowance for Credit L_7
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Allowance for Loan Losses (Parenthetical) (Details) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses | $ 8,591,000 | [1] | $ 7,200,000 | $ 4,236,000 | ||
Allowance for credit losses | 0 | |||||
ASU 2016-13 | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses | $ 7,382,000 | 7,200,000 | ||||
Cumulative effect of accounting adjustment | ASU 2016-13 | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses | 182,000 | $ 182,000 | [2] | |||
Allowance for credit losses | $ 3,200,000 | |||||
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.2 million as of December 31, 2023. (2) Represents an adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment for the year ended December 31, 2023 represents a $ 182,000 increase to the allowance attributable to the change in accounting methodology for estimating the allowance for credit losses resulting from the Company's adoption of the standard. |
Loans, Allowance for Credit L_8
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Past Due Loans (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | $ 1,048,606,000 | $ 893,132,000 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,213,000 | 656,000 |
Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 27,783,000 | |
Loans on Non-accrual | 22,000 | |
30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 1,083,000 | 0 |
60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 225,000 | 0 |
90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 817,000 | 189,000 |
Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 2,125,000 | 189,000 |
Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 1,046,481,000 | 892,943,000 |
One- to Four-Family Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 355,381,000 | |
Multi Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 241,951,000 | |
Commercial Real Estate Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 156,212,000 | |
Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 107,317,000 | |
Commercial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 4,266,000 | |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 222,000 | |
Real Estate Loans | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 33,357,000 | 27,783,000 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 22,000 | 0 |
Real Estate Loans | 30–59 Days | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 360,000 | 0 |
Real Estate Loans | 60–89 Days | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | 90 Days or More | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 8,000 | 0 |
Real Estate Loans | Total Past Due | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 368,000 | 0 |
Real Estate Loans | Total Current | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 32,989,000 | 27,783,000 |
Real Estate Loans | One- to Four-Family Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 410,131,000 | 355,381,000 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,191,000 | 656,000 |
Real Estate Loans | One- to Four-Family Residential | 30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 722,000 | 0 |
Real Estate Loans | One- to Four-Family Residential | 60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 225,000 | 0 |
Real Estate Loans | One- to Four-Family Residential | 90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 809,000 | 189,000 |
Real Estate Loans | One- to Four-Family Residential | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 1,756,000 | 189,000 |
Real Estate Loans | One- to Four-Family Residential | Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 408,375,000 | 355,192,000 |
Real Estate Loans | Multi Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 287,361,000 | 241,951,000 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 0 | 0 |
Real Estate Loans | Multi Family | 30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Multi Family | 60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Multi Family | 90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Multi Family | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Multi Family | Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 287,361,000 | 241,951,000 |
Real Estate Loans | Commercial Real Estate Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 196,365,000 | 156,212,000 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | 30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | 60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | 90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 196,365,000 | 156,212,000 |
Real Estate Loans | Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 112,000,000 | 107,317,000 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 0 | 0 |
Real Estate Loans | Construction | 30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Construction | 60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Construction | 90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Construction | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Real Estate Loans | Construction | Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 112,000,000 | 107,317,000 |
Real Estate Loans | Commercial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 9,219,000 | |
Real Estate Loans | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 173,000 | |
Other Loans | Commercial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 9,219,000 | 4,266,000 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 0 | 0 |
Other Loans | Commercial Loans | 30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Loans | Commercial Loans | 60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Loans | Commercial Loans | 90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Loans | Commercial Loans | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Loans | Commercial Loans | Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 9,219,000 | 4,266,000 |
Other Loans | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 173,000 | 222,000 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 0 | 0 |
Other Loans | Consumer | 30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 1,000 | 0 |
Other Loans | Consumer | 60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Loans | Consumer | 90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Loans | Consumer | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 1,000 | 0 |
Other Loans | Consumer | Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | $ 172,000 | $ 222,000 |
Loans, Allowance for Credit L_9
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Nonaccrual Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | $ 0 | |
Without Allowance for Credit Losses | 1,213,000 | |
Total | 1,213,000 | $ 656,000 |
Interest income recognized | 40,000 | |
Home Equity Lines of Credit and Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total | 22,000 | |
Real Estate Loans | Home Equity Lines of Credit and Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | |
Without Allowance for Credit Losses | 22,000 | |
Total | 22,000 | 0 |
Interest income recognized | 1,000 | |
Real Estate Loans | One- to Four-Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | |
Without Allowance for Credit Losses | 1,191,000 | |
Total | 1,191,000 | 656,000 |
Interest income recognized | 39,000 | |
Real Estate Loans | Multi Family | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | |
Without Allowance for Credit Losses | 0 | |
Total | 0 | 0 |
Interest income recognized | 0 | |
Real Estate Loans | Commercial Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | |
Without Allowance for Credit Losses | 0 | |
Total | 0 | 0 |
Interest income recognized | 0 | |
Real Estate Loans | Construction | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | |
Without Allowance for Credit Losses | 0 | |
Total | 0 | 0 |
Interest income recognized | 0 | |
Other Loans | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | |
Without Allowance for Credit Losses | 0 | |
Total | 0 | 0 |
Interest income recognized | 0 | |
Other Loans | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | |
Without Allowance for Credit Losses | 0 | |
Total | 0 | $ 0 |
Interest income recognized | $ 0 |
Loans, Allowance for Credit _10
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information About Impaired Loan (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Recorded Investment | |
Total impaired with no related allowance | $ 656,000 |
Unpaid Principal Balance | |
Total impaired with no related allowance | 656,000 |
Related Allowance | 0 |
Average Recorded Investment | |
Total impaired with no related allowance | 710,000 |
Interest Income Recognized | |
Total impaired with no related allowance | 51,000 |
Real Estate Loans | Home Equity Lines of Credit and Loans | |
Recorded Investment | |
Total impaired with no related allowance | 0 |
Unpaid Principal Balance | |
Total impaired with no related allowance | 0 |
Related Allowance | 0 |
Average Recorded Investment | |
Total impaired with no related allowance | 25,000 |
Interest Income Recognized | |
Total impaired with no related allowance | 1,000 |
Real Estate Loans | Residential | |
Recorded Investment | |
Total impaired with no related allowance | 656,000 |
Unpaid Principal Balance | |
Total impaired with no related allowance | 656,000 |
Related Allowance | 0 |
Average Recorded Investment | |
Total impaired with no related allowance | 685,000 |
Interest Income Recognized | |
Total impaired with no related allowance | $ 50,000 |
Loans, Allowance for Credit _11
Loans, Allowance for Credit Losses and Credit Quality - Summary of Loans by Risk Rating (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Impaired [Line Items] | ||
Total Loans | $ 1,048,606 | $ 893,132 |
Pass | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 572,513 | |
Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 467 | |
Substandard | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 320,152 | |
Home Equity Lines of Credit and Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 27,783 | |
Home Equity Lines of Credit and Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 2,995 | |
Home Equity Lines of Credit and Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Home Equity Lines of Credit and Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Home Equity Lines of Credit and Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Home Equity Lines of Credit and Loans | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 24,788 | |
One- to Four-Family Residential | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 355,381 | |
One- to Four-Family Residential | Pass | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 63,817 | |
One- to Four-Family Residential | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 467 | |
One- to Four-Family Residential | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
One- to Four-Family Residential | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
One- to Four-Family Residential | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 291,097 | |
Multi Family | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 241,951 | |
Multi Family | Pass | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 241,951 | |
Multi Family | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Multi Family | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Multi Family | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Multi Family | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Commercial Real Estate Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 156,212 | |
Commercial Real Estate Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 156,212 | |
Commercial Real Estate Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Commercial Real Estate Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Commercial Real Estate Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Commercial Real Estate Loans | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Construction | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 107,317 | |
Construction | Pass | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 103,272 | |
Construction | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Construction | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Construction | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Construction | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 4,045 | |
Commercial Loans | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 4,266 | |
Commercial Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 4,266 | |
Commercial Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Commercial Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Commercial Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Consumer | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 222 | |
Consumer | Pass | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Consumer | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Consumer | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Consumer | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 0 | |
Consumer | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
Total Loans | 222 | |
Real Estate Loans | Home Equity Lines of Credit and Loans | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 736 | |
2022 | 36 | |
2021 | 12 | |
2020 | 0 | |
2019 | 65 | |
Prior | 36 | |
Revolving loans amortized cost basis | 31,964 | |
Revolving loans converted to term loans | 508 | |
Total Loans | 33,357 | 27,783 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term | 0 | |
Total current-period gross writeoffs | 0 | |
Real Estate Loans | Home Equity Lines of Credit and Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 326 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 4,986 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 5,312 | |
Real Estate Loans | Home Equity Lines of Credit and Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 14 | |
Revolving loans amortized cost basis | 8 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 22 | |
Real Estate Loans | Home Equity Lines of Credit and Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Home Equity Lines of Credit and Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Home Equity Lines of Credit and Loans | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 410 | |
2022 | 36 | |
2021 | 12 | |
2020 | 0 | |
2019 | 65 | |
Prior | 22 | |
Revolving loans amortized cost basis | 26,970 | |
Revolving loans converted to term loans | 508 | |
Total Loans | 28,023 | |
Real Estate Loans | One- to Four-Family Residential | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 58,377 | |
2022 | 127,489 | |
2021 | 87,992 | |
2020 | 56,320 | |
2019 | 11,359 | |
Prior | 68,594 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 410,131 | 355,381 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term | 0 | |
Total current-period gross writeoffs | 0 | |
Real Estate Loans | One- to Four-Family Residential | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 9,689 | |
2022 | 36,662 | |
2021 | 15,529 | |
2020 | 4,476 | |
2019 | 4,230 | |
Prior | 9,224 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 79,810 | |
Real Estate Loans | One- to Four-Family Residential | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 809 | |
2019 | 0 | |
Prior | 451 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 1,260 | |
Real Estate Loans | One- to Four-Family Residential | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | One- to Four-Family Residential | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | One- to Four-Family Residential | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 48,688 | |
2022 | 90,827 | |
2021 | 72,463 | |
2020 | 51,035 | |
2019 | 7,129 | |
Prior | 58,919 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 329,061 | |
Real Estate Loans | Multi Family | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 45,188 | |
2022 | 194,999 | |
2021 | 26,820 | |
2020 | 8,873 | |
2019 | 0 | |
Prior | 9,798 | |
Revolving loans amortized cost basis | 1,683 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 287,361 | 241,951 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term | 0 | |
Total current-period gross writeoffs | 0 | |
Real Estate Loans | Multi Family | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 45,188 | |
2022 | 194,999 | |
2021 | 26,820 | |
2020 | 8,873 | |
2019 | 0 | |
Prior | 9,798 | |
Revolving loans amortized cost basis | 1,683 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 287,361 | |
Real Estate Loans | Multi Family | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Multi Family | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Multi Family | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Multi Family | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Commercial Real Estate Loans | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 43,639 | |
2022 | 72,671 | |
2021 | 24,138 | |
2020 | 16,407 | |
2019 | 4,054 | |
Prior | 31,132 | |
Revolving loans amortized cost basis | 4,324 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 196,365 | 156,212 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term | 0 | |
Total current-period gross writeoffs | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 43,639 | |
2022 | 72,671 | |
2021 | 24,138 | |
2020 | 16,407 | |
2019 | 4,054 | |
Prior | 31,132 | |
Revolving loans amortized cost basis | 4,324 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 196,365 | |
Real Estate Loans | Commercial Real Estate Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Construction | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 35,828 | |
2022 | 55,170 | |
2021 | 17,228 | |
2020 | 0 | |
2019 | 786 | |
Prior | 2,988 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 112,000 | $ 107,317 |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term | 0 | |
Total current-period gross writeoffs | 0 | |
Real Estate Loans | Construction | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 33,707 | |
2022 | 55,170 | |
2021 | 17,228 | |
2020 | 0 | |
2019 | 786 | |
Prior | 2,988 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 109,879 | |
Real Estate Loans | Construction | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Construction | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Construction | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Construction | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 2,121 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 2,121 | |
Real Estate Loans | Commercial Loans | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 4,444 | |
2022 | 3,349 | |
2021 | 493 | |
2020 | 35 | |
2019 | 89 | |
Prior | 154 | |
Revolving loans amortized cost basis | 655 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 9,219 | |
Current-period gross writeoffs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term | 0 | |
Total current-period gross writeoffs | 0 | |
Real Estate Loans | Commercial Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 4,444 | |
2022 | 3,349 | |
2021 | 428 | |
2020 | 35 | |
2019 | 89 | |
Prior | 154 | |
Revolving loans amortized cost basis | 655 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 9,154 | |
Real Estate Loans | Commercial Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Commercial Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Commercial Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Commercial Loans | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 65 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 65 | |
Real Estate Loans | Consumer | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 31 | |
2022 | 38 | |
2021 | 45 | |
2020 | 0 | |
2019 | 0 | |
Prior | 13 | |
Revolving loans amortized cost basis | 46 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 173 | |
Current-period gross writeoffs | ||
2023 | 2 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term | 0 | |
Total current-period gross writeoffs | 2 | |
Real Estate Loans | Consumer | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Consumer | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Consumer | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Consumer | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total Loans | 0 | |
Real Estate Loans | Consumer | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2023 | 31 | |
2022 | 38 | |
2021 | 45 | |
2020 | 0 | |
2019 | 0 | |
Prior | 13 | |
Revolving loans amortized cost basis | 46 | |
Revolving loans converted to term loans | 0 | |
Total Loans | $ 173 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 8,359 | $ 8,148 |
Accumulated depreciation and amortization | (4,605) | (4,450) |
Net premises and equipment | 3,754 | 3,698 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 594 | 594 |
Buildings and Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 5,696 | 5,699 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 345 | 301 |
Furniture and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 1,724 | $ 1,554 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 279,000 | $ 302,000 |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right-of-use asset | $ 1,295 | $ 284 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Lease liabilities | $ 1,336 | $ 284 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Lease expense | $ 175,000 | $ 53,000 | |
Lease, option to extend | five year | ||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||
Weighted-average remaining lease term-operating leases (years) | 8 years 6 months | 5 years 2 months 12 days | |
Weighted-average discount rate-operating leases | 4.21% | 2.04% | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease, option to extend | ten years | ||
Operating lease, remaining lease term | 4 years |
Leases - Schedule of Remaining
Leases - Schedule of Remaining Minimum Rental Payments to Operating Leases Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 191 | |
2025 | 191 | |
2026 | 198 | |
2027 | 207 | |
2028 | 161 | |
Thereafter | 670 | |
Total minimum lease payments | 1,618 | |
Less: amount representing interest | 282 | |
Present value of future minimum lease payments | $ 1,336 | $ 284 |
Deposits Additional Information
Deposits Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deposit Liability [Line Items] | ||
Time deposit accounts in denominations of federally insured | $ 250,000 | |
Time deposits accounts in denominations at or Above FDIC Insurance Limit | 196,847,000 | $ 98,419,000 |
Brokered time deposits | 115,536,000 | $ 100,842,000 |
Maximum | ||
Deposit Liability [Line Items] | ||
Brokered time deposits | $ 250,000 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities Of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Deposits [Abstract] | |
2024 | $ 232,670 |
2025 | 136,731 |
2026 | 77,380 |
2027 | 46,119 |
2028 | 5,603 |
Total | $ 498,503 |
Borrowings - Summary of Maturit
Borrowings - Summary of Maturities of Advances from FHLB (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Outstanding amount year one | $ 30,000 | $ 55,000 |
Outstanding amount year two | 0 | 5,000 |
Outstanding amount year three | 24,000 | 0 |
Outstanding amount year four | 95,000 | 4,000 |
Outstanding amount year five | 85,000 | 110,000 |
Total outstanding | $ 234,000 | $ 174,000 |
Weighted average contractual rate year one | 4.37% | 4.37% |
Weighted average contractual rate year two | 0% | 1.69% |
Weighted average contractual rate year three | 3.57% | 0% |
Weighted average contractual rate year four | 3.95% | 0.82% |
Weighted average contractual rate year five | 4.09% | 3.76% |
Weighted average contractual rate | 4.02% | 3.83% |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
FHLB | ||
Debt Instrument [Line Items] | ||
Line of credit | $ 2,199,000 | $ 2,199,000 |
Available borrowing capacity | 200,775,000 | 84,757,000 |
Atlantic Community Bankers Bank | ||
Debt Instrument [Line Items] | ||
Line of credit | $ 10,000,000 | $ 10,000,000 |
Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate on FHLB advances | 0.82% | 0.82% |
Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate on FHLB advances | 4.95% | 4.38% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) | 12 Months Ended | ||||||
Jul. 27, 2022 USD ($) shares | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 31, 2023 USD ($) Age shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | May 31, 2022 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Eligible age of employee to participate in defined benefit plan | Age | 21 | ||||||
Eligible year of service period for employee participation | 1 year | ||||||
Eligible year of service period for employee to become vested | 6 years | ||||||
Defined benefit plan liability related to withdrawal | $ 1,419,000 | ||||||
Increase (decrease) in defined benefit plan | $ 582,000 | ||||||
Minimum percentage of voluntary contributions by participating employees | 1% | ||||||
Maximum percentage of voluntary contributions by participating employees | 75% | ||||||
Defined Contribution Plan, Tax Status | 401(k) Plan | 401(k) Plan | |||||
Defined contribution plan, employer matching contribution, percent of match | 100% | ||||||
Defined contribution plan, employer matching contribution, percent of employees' eligible wages | 7% | ||||||
Defined contribution plan, pension expense | $ 450,000 | $ 362,000 | |||||
Defined contribution plan, employee incentive plan expense | $ 1,356,000 | $ 1,302,000 | |||||
Amount borrowed under ESOP | $ 7,300,000 | ||||||
Shares purchased under ESOP | shares | 734,020 | 732,635 | 734,020 | ||||
ESOP loan term | 20 years | ||||||
ESOP interest rate | 4.75% | ||||||
Total compensation expense | $ 470,000 | $ 559,000 | |||||
Director | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of director fees | 100% | ||||||
Percentage of vested deferred fees and interest | 100% | ||||||
Deferred compensation liability | $ 698,000 | 592,000 | |||||
Supplemental Executive Retirement Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, pension expense | (79,000) | 101,000 | |||||
Accumulated benefit obligation | 1,106,000 | 1,156,000 | $ 1,437,000 | ||||
Unfunded status | 1,106,000 | 1,156,000 | |||||
Supplemental Executive Retirement Plan | Other Liabilities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Accumulated benefit obligation | 1,106,000 | 1,156,000 | |||||
Unfunded status | 1,106,000 | 1,156,000 | |||||
Director Fee Continuation Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, pension expense | 90,000 | 128,000 | |||||
Defined benefit plan, vesting percentage | 100% | ||||||
Accumulated benefit obligation | 769,000 | 689,000 | $ 791,000 | ||||
Unfunded status | 769,000 | 689,000 | |||||
Director Fee Continuation Plan | Other Liabilities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Accumulated benefit obligation | 769,000 | 689,000 | |||||
Unfunded status | 769,000 | 689,000 | |||||
Supplemental Executive Retirement Agreement | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Liability related expense, to withdrawal | 3,200,000 | 3,081,000 | |||||
Defined benefit plan, pension expense | 119,000 | 749,000 | |||||
Defined benefit plan, employer matching contribution, percent of employees' compensation | 60% | ||||||
Defined benefit plan, vesting percentage | 100% | ||||||
Defined benefit payment period | 10 years | ||||||
Executive Deferred Compensation Agreement | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of contribution | 10% | ||||||
Deferred compensation plan | 83,000 | 34,600 | |||||
Deferred compensation liability | 179,000 | 96,000 | |||||
Survivor Benefit Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, pension expense | $ 0 | $ 166,000 | |||||
Number of years of compensation | 2 years |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Information about SERP and DFCP (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SERP | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | $ 1,156 | $ 1,437 |
Service cost | $ 6 | $ 17 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
Interest cost | $ 53 | $ 34 |
Actuarial (gain) loss | (9) | (232) |
Benefits paid | (100) | (100) |
Benefit obligation at end of year | 1,106 | 1,156 |
Funded status | (1,106) | (1,156) |
DFCP | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation at beginning of year | 689 | 791 |
Service cost | $ 79 | $ 101 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense | Interest Expense |
Interest cost | $ 32 | $ 17 |
Actuarial (gain) loss | 9 | (180) |
Benefits paid | (40) | (40) |
Benefit obligation at end of year | 769 | 689 |
Funded status | $ (769) | $ (689) |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net gain | $ (79) | $ (207) |
DFCP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net gain | $ (97) | $ (128) |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Assumptions Used to Determine Benefit Obligation (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.66% | 4.86% |
DFCP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.58% | 4.77% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Components of Net Periodic (Benefit) Cost and Other Comprehensive (Income) Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SERP | ||
Components of net periodic cost | ||
Service cost | $ 6 | $ 17 |
Interest cost | 53 | 34 |
Amortization of net actuarial (gain) loss | $ (138) | $ 50 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Net periodic (benefit) cost | $ (79) | $ 101 |
Other changes in benefit obligations recognized as other comprehensive (income) loss: | ||
Net actuarial (gain) loss | (9) | (232) |
Amortization of net actuarial loss (gain) | 138 | (50) |
Total other comprehensive loss (income) | 129 | (282) |
Total net periodic (benefit) cost and other comprehensive loss (income) | 50 | (181) |
DFCP | ||
Components of net periodic cost | ||
Service cost | 79 | 101 |
Interest cost | 32 | 17 |
Amortization of net actuarial (gain) loss | $ (21) | $ 10 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Net periodic (benefit) cost | $ 90 | $ 128 |
Other changes in benefit obligations recognized as other comprehensive (income) loss: | ||
Net actuarial (gain) loss | 9 | (180) |
Amortization of net actuarial loss (gain) | 21 | (10) |
Total other comprehensive loss (income) | 30 | (190) |
Total net periodic (benefit) cost and other comprehensive loss (income) | $ 120 | $ (62) |
Employee Benefit Plans - Summ_4
Employee Benefit Plans - Summary of Assumptions Used to Determine Net Periodic Cost (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.86% | 2.42% |
DFCP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.77% | 2.15% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
SERP | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 108 |
2025 | 110 |
2026 | 108 |
2027 | 106 |
2028 | 105 |
Years 2029 through 2033 | 450 |
DFCP | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 40 |
2025 | 60 |
2026 | 60 |
2027 | 100 |
2028 | 100 |
Years 2029 through 2033 | $ 493 |
Employee Benefit Plans - Summ_5
Employee Benefit Plans - Summary of Share information held by the ESOP (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 27, 2022 |
Defined Benefit Plan [Abstract] | |||
Allocated shares | 72,017 | 36,701 | |
Shares committed to be released | 0 | 0 | |
Unallocated shares | 660,618 | 697,319 | |
Total shares | 732,635 | 734,020 | 734,020 |
Fair value of unallocated shares | $ 8,297 | $ 11,192 |
Stock-based Compensation -Addit
Stock-based Compensation -Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 31, 2023 | Sep. 08, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 07, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Related tax benefits recognized in earnings | $ 47 | $ 0 | |||
Unrecognized stock-based compensation expense | 6,243 | $ 0 | |||
Total intrinsic value of stock options exercised during the year | $ 1,570 | ||||
2023 Equity Incentive Plan | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares authorized | 1,248,133 | ||||
Shares available for grant | 178,207 | ||||
Employee Stock Option | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock options granted | 589,009 | 174,960 | |||
Award vesting period | 5 years | 5 years | 5 years | ||
Contractual term | 10 years | 10 years | |||
Unrecognized stock-based compensation expense | $ 3,162 | ||||
Total intrinsic value of stock options exercised during the year | $ 0 | ||||
Employee Stock Option | Non-Employee Directors Plan | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock options granted | 174,960 | ||||
Restricted Stock Awards | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Granted restricted stock awards | 235,973 | 305,957 | |||
Award vesting period | 5 years | 5 years | |||
Unrecognized stock-based compensation expense | $ 3,081 | ||||
Restricted Stock Awards | Non-Employee Directors Plan | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Granted restricted stock awards | 69,984 |
Stock-based compensation - Sche
Stock-based compensation - Schedule of Stock Options Valuation Assumptions (Details) - Employee Stock Option - $ / shares | 12 Months Ended | ||
Oct. 31, 2023 | Sep. 08, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Options granted | 589,009 | 174,960 | |
Vesting period (years) | 5 years | 5 years | 5 years |
Expiration date | Oct. 31, 2033 | Sep. 08, 2033 | |
Expected volatility | 30.02% | 30.17% | |
Expected term | 6 years 6 months | 6 years 6 months | |
Expected dividend yield | 0% | 0% | |
Risk free rate of return | 4.87% | 4.31% | |
Fair value per option | $ 4.19 | $ 4.74 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Granted | shares | 763,969 |
Balance at end of period | shares | 763,969 |
Weighted-Average Exercise Price | |
Granted | $ / shares | $ 10.5 |
Balance at end of period | $ / shares | $ 10.5 |
Weighted-Average Remaining Contractual Term (years) | |
Weighted-Average Contractual Term, Non-vested | 9 years 9 months 21 days |
Non-vested granted | 9 years 9 months 21 days |
Balance at ending of period | 9 years 9 months 21 days |
Aggregate Intrinsic Value ($1000) | |
Balance at end of period | $ | $ 1,570 |
Employee Stock Option | |
Aggregate Intrinsic Value ($1000) | |
Balance at end of period | $ | $ 0 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Non-vested Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares | 12 Months Ended | |
Oct. 31, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Balance at beginning of period | 0 | |
Granted | 235,973 | 305,957 |
Vested | 0 | |
Forfeited | 0 | |
Balance at end of period | 305,957 | |
Weighted-Average Grant Date Fair Value Per Share | ||
Balance at beginning of period | $ 0 | |
Granted | 10.5 | |
Vested | 0 | |
Forfeited | 0 | |
Balance at end of period | $ 10.5 |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Compensation Expense and Income Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 268 | |
Related tax benefits recognized in earnings | 47 | $ 0 |
Employee Stock Option | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | 135 | |
Restricted Stock Awards | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 133 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Compensation Cost Related to Non-vested Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation cost related to non-vested awards not yet recognized | $ 6,243 | $ 0 |
Employee Stock Option | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation cost related to non-vested awards not yet recognized | $ 3,162 | |
Weighted average period | 4 years 9 months 18 days | |
Restricted Stock Awards | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation cost related to non-vested awards not yet recognized | $ 3,081 | |
Weighted average period | 4 years 9 months 18 days |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | ||
Federal | $ 1,179 | $ 1,582 |
State | 461 | 696 |
Total | 1,640 | 2,278 |
Deferred: | ||
Federal | (67) | (1,017) |
State | (44) | (485) |
Total | (111) | (1,502) |
Total income tax expense | $ 1,529 | $ 776 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences Between Statutory Federal Income Tax Rate and Effective Tax Rates (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax rates | 21% | 21% |
Increase (decrease) in tax resulting from: | ||
State tax, net of federal tax benefit | 5.50% | 4.80% |
Bank-owned life insurance | (1.70%) | (5.00%) |
ESOP | 0.40% | 1.20% |
Stock-based compensation | 0.20% | 0% |
Other, net | 0.10% | 0.20% |
Effective tax rates | 25.50% | 22.20% |
Income Taxes - Schedule of Gros
Income Taxes - Schedule of Gross Deferred Tax Assets and Gross Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses | $ 2,628 | $ 2,137 |
Employee benefit plans | 2,150 | 1,988 |
ESOP | 25 | 0 |
Lease liability | 12 | |
Interest on non-performing loans | 4 | 2 |
Charitable contribution carryover | 522 | 682 |
Gross deferred tax assets | 5,341 | 4,809 |
Deferred tax liabilities: | ||
Depreciation | (300) | (296) |
Unrecognized employee benefit costs under ASC 715-10 | (50) | (94) |
Net deferred loan costs | (63) | (59) |
ESOP | (13) | |
Stock-based compensation | (160) | |
Net unrealized holding gain on available-for-sale securities | (1) | (3) |
Gross deferred tax liabilities | (574) | (465) |
Net deferred tax asset | $ 4,767 | $ 4,344 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Examination [Line Items] | ||
Income tax reserve for loan losses at Bank's base year | $ 1,876,000 | $ 1,876,000 |
Percentage of amount actually used net of reserve subject to taxation | 150% | 150% |
Deferred tax liability | $ 527,000 | $ 527,000 |
Charitable contribution carryover | 522,000 | $ 682,000 |
Valuation Allowance | 0 | |
December 31, 2027 | ||
Income Tax Examination [Line Items] | ||
Charitable contribution carryover | $ 1,810,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Initial lease expiration term | 2023-02 | |||
Lease, option to extend | five year | |||
Description of lease | The initial lease term expired in February 2023 and contains a five year option to extend, as well as a cancellation clause permitting the Company to cancel the lease anytime during the initial term with sixty days’ notice. | |||
Annual rent of operating lease | $ 48,000 | |||
Annual tenant improvement credit amount | $ (18,000) | |||
Net annual rent of operating lease | $ 30,000 | $ 30,000 | ||
Law firm | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Fees for loan closings and related matters | 116,000 | 145,000 | ||
Fees paid | 67,000 | 69,000 | ||
Director | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Fees for loan closings and related matters | 182,000 | 307,000 | ||
Fees paid | 9,000 | 12,000 | ||
New Lease Agreement | ||||
Related Party Transaction [Line Items] | ||||
Description of lease | during February 2022, a new lease agreement was entered into with the related party for additional office space. The initial lease term expired in February 2023 and contains three options to extend the term of two years, two years and one year. The first two year option was exercised during 2022. | |||
Annual rent of operating lease | $ 27,000 | |||
Net annual rent of operating lease | $ 27,000 | $ 18,000 | ||
Option 1 | New Lease Agreement | ||||
Related Party Transaction [Line Items] | ||||
Lease, option to extend | two years | |||
Option 2 | New Lease Agreement | ||||
Related Party Transaction [Line Items] | ||||
Lease, option to extend | two years | |||
Option 3 | New Lease Agreement | ||||
Related Party Transaction [Line Items] | ||||
Lease, option to extend | one year |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | $ 5,003 | $ 5,001 |
Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 5,003 | 5,001 |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 5,003 | 5,001 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 0 | 0 |
Fair Value, Recurring | Significant Other Observable Inputs Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 5,003 | 5,001 |
Fair Value, Recurring | Significant Unobservable Inputs Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 0 | 0 |
Fair Value, Recurring | Corporate Bonds | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 0 | 0 |
Fair Value, Recurring | Corporate Bonds | Significant Other Observable Inputs Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 5,003 | 5,001 |
Fair Value, Recurring | Corporate Bonds | Significant Unobservable Inputs Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | $ 70,590 | $ 69,707 |
Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 119,036 | 62,050 |
Interest bearing time deposits | 300 | |
Held-to-maturity securities | 76,979 | 77,591 |
Federal Home Loan Bank stock | 9,892 | 7,293 |
Loans, net | 1,039,789 | 885,674 |
Accrued interest receivable | 3,766 | 2,632 |
Bank-owned life insurance | 14,472 | 14,067 |
Deposits, other than certificates of deposit | 369,711 | 398,302 |
Certificates of deposit | 498,503 | 319,847 |
Federal Home Loan Bank advances | 234,000 | 174,000 |
Accrued interest payable | 2,191 | 736 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 119,036 | 62,050 |
Interest bearing time deposits | 300 | |
Held-to-maturity securities | 70,590 | 69,707 |
Federal Home Loan Bank stock | 9,892 | 7,293 |
Loans, net | 952,867 | 841,271 |
Accrued interest receivable | 3,766 | 2,632 |
Bank-owned life insurance | 14,472 | 14,067 |
Deposits, other than certificates of deposit | 369,711 | 398,302 |
Certificates of deposit | 495,551 | 310,943 |
Federal Home Loan Bank advances | 233,878 | 172,427 |
Accrued interest payable | 2,191 | 736 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 119,036 | 62,050 |
Interest bearing time deposits | 0 | |
Held-to-maturity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 3,766 | 2,632 |
Bank-owned life insurance | 0 | 0 |
Deposits, other than certificates of deposit | 0 | 0 |
Certificates of deposit | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 2,191 | 736 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest bearing time deposits | 300 | |
Held-to-maturity securities | 70,590 | 69,707 |
Federal Home Loan Bank stock | 9,892 | 7,293 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 14,472 | 14,067 |
Deposits, other than certificates of deposit | 369,711 | 398,302 |
Certificates of deposit | 495,551 | 310,943 |
Federal Home Loan Bank advances | 233,878 | 172,427 |
Accrued interest payable | 0 | 0 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest bearing time deposits | 0 | |
Held-to-maturity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 952,867 | 841,271 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Deposits, other than certificates of deposit | 0 | 0 |
Certificates of deposit | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2023 | |
Loss Contingencies [Line Items] | |||
Maximum potential amount of bank obligation | $ 0 | $ 13,000 | |
Letter of credit outstanding term | 1 year | ||
Allowance for off balance sheet loan losses | $ 756,000 | 402,000 | |
Provision (benefit) for off-balance sheet commitments | $ (407,000) | 167,000 | |
ASU 2016-13 | |||
Loss Contingencies [Line Items] | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2023 | ||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | ||
Allowance for off balance sheet loan losses | $ 402,000 | $ 1,164,000 | |
Cumulative Effect Transition Adjustment | ASU 2016-13 | |||
Loss Contingencies [Line Items] | |||
Allowance for off balance sheet loan losses | $ 762,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Financial Instrument Liabilities Represent Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | $ 154,507 | $ 196,541 |
Commitments To Originate Loans | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 22,701 | 37,220 |
Commitment To Purchase Loans | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 415 | 6,653 |
Unadvanced Funds On Lines Of Credit | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 78,378 | 80,224 |
Unadvanced Funds on Construction Loans | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 53,013 | 72,431 |
Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | $ 0 | $ 13 |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income - Schedule of Components of Other Comprehensive Income and Related Tax Effects (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive (loss) income, net of tax | $ (120) | $ 332 |
Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, before tax | (7) | (10) |
Other comprehensive income (loss), before tax | (7) | (10) |
Income tax benefit (expense) | 1 | 3 |
Other comprehensive (loss) income, net of tax | (6) | (7) |
Supplemental Executive Retirement Plan | Net Actuarial Gain (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, before tax | 9 | 232 |
Reclassification adjustment, before tax | 138 | (50) |
Other comprehensive income (loss), before tax | (129) | 282 |
Income tax benefit (expense) | 36 | (79) |
Other comprehensive (loss) income, net of tax | (93) | 203 |
Director Fee Continuation Plan | Net Actuarial Gain (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss) before reclassifications, before tax | (9) | 179 |
Reclassification adjustment, before tax | (21) | 10 |
Other comprehensive income (loss), before tax | (30) | 189 |
Income tax benefit (expense) | 9 | (53) |
Other comprehensive (loss) income, net of tax | $ (21) | $ 136 |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income - Schedule of Components of Other Comprehensive Income and Related Tax Effects (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Supplemental Executive Retirement Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustment for amortization of net actuarial loss, tax expense | $ 39,000 | $ 14,000 |
Director Fee Continuation Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Reclassification adjustment for amortization of net actuarial loss, tax expense | $ 6,000 | $ 3,000 |
Other Comprehensive (Loss) In_5
Other Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Net unrealized holding gains on securities available-for-sale, net of tax | $ 3 | $ 9 |
Accumulated other comprehensive income (loss) | 129 | 249 |
Supplemental Executive Retirement Plan | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Unrecognized costs, net of tax | 56 | 149 |
Director Fee Continuation Plan | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Unrecognized costs, net of tax | $ 70 | $ 91 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Company's and Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Regulated Operations [Abstract] | ||
Total Capital (to Risk Weighted Assets), Actual Amount | $ 149,014 | $ 138,023 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 0.173 | 0.164 |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 90,440 | $ 88,386 |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 0.105 | 0.105 |
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 86,133 | $ 84,177 |
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.10 | 0.10 |
Tier 1 Capital (to Risk Weighted Assets), Actual Amount | $ 139,667 | $ 130,421 |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 0.1622 | 0.1549 |
Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 73,213 | $ 71,550 |
Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 0.085 | 0.085 |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 68,907 | $ 67,342 |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.08 | 0.08 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Amount | $ 139,667 | $ 130,421 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 0.1622 | 0.1549 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 60,293 | $ 58,924 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 0.07 | 0.07 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 55,987 | $ 54,715 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.065 | 0.065 |
Tier 1 Capital (to Average Assets), Actual Amount | $ 139,667 | $ 130,421 |
Tier 1 Capital (to Average Assets), Actual Ratio | 0.1131 | 0.1389 |
Tier 1 Capital (to Average Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 49,406 | $ 37,562 |
Tier 1 Capital (to Average Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio | 0.04 | 0.04 |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 61,758 | $ 46,953 |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.05 | 0.05 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | Dec. 31, 2023 |
Regulated Operations [Abstract] | |
Capital conservation buffer percentage | 0.025 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Statements of Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | |||
Deferred tax asset, net | $ 4,767 | $ 4,344 | |
Other assets | 2,877 | 1,812 | |
Total assets | 1,280,335 | 1,064,462 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Other Liabilities | 13,220 | 9,583 | |
Total liabilities | 1,115,434 | 901,732 | |
Shareholders' equity | 164,901 | 162,730 | $ 77,273 |
Total liabilities and shareholders' equity | 1,280,335 | 1,064,462 | |
Parent Company | |||
ASSETS | |||
Cash | 17,712 | 24,294 | |
Investment in subsidiary | 139,796 | 130,670 | |
Loan to Everett Co-operative Bank ESOP | 6,696 | 6,928 | |
Deferred tax asset, net | 522 | 683 | |
Income taxes receivable | 203 | 149 | |
Other assets | 13 | 11 | |
Total assets | 164,942 | 162,735 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Other Liabilities | 41 | 5 | |
Total liabilities | 41 | 5 | |
Shareholders' equity | 164,901 | 162,730 | |
Total liabilities and shareholders' equity | $ 164,942 | $ 162,735 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest expense: | ||
Charitable contributions | $ 17 | $ 3,256 |
Other expense | 1,515 | 1,309 |
Total noninterest expense | 19,054 | 18,607 |
Income before income tax expense | 5,985 | 3,496 |
Income tax expense (benefit) | 1,529 | 776 |
Income (loss) of parent company | 4,456 | 2,720 |
Equity in undistributed income of subsidiary | 4,456 | 2,720 |
Net income | 4,456 | 2,720 |
Parent Company | ||
Interest income | ||
Interest on loan | 329 | 150 |
Interest on cash | 356 | 155 |
Total interest income | 685 | 305 |
Noninterest expense: | ||
Charitable contributions | 3,200 | |
Other expense | 310 | 62 |
Total noninterest expense | 310 | 3,262 |
Income before income tax expense | 375 | (2,957) |
Income tax expense (benefit) | 105 | (831) |
Income (loss) of parent company | 270 | (2,126) |
Equity in undistributed income of subsidiary | 4,186 | 4,846 |
Net income | $ 4,456 | $ 2,720 |
Parent Company Financial Stat_5
Parent Company Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 09, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 4,456 | $ 2,720 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax benefit | (111) | (1,502) | |
Issuance of common shares donated to the Everett Co-operative Bank Charitable Foundation | 2,600 | ||
ESOP expense | 268 | ||
Net change in: | |||
Other assets | (1,242) | (769) | |
Other liabilities | 1,668 | 2,905 | |
Cash flows from financing activities: | |||
Net proceeds from issuance of common stock | $ 89,200 | 79,246 | |
Net increase in cash and cash equivalents | 56,986 | 9,075 | |
Cash and cash equivalents at beginning of year | 62,050 | 52,975 | |
Cash and cash equivalents at end of period | 119,036 | 62,050 | |
Parent Company | |||
Cash flows from operating activities: | |||
Net income | 4,456 | 2,720 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiary | (4,186) | (4,846) | |
Deferred income tax benefit | 161 | (683) | |
Issuance of common shares donated to the Everett Co-operative Bank Charitable Foundation | 2,600 | ||
Net change in: | |||
Other assets | (2) | (11) | |
Income taxes receivable | (54) | (149) | |
Other liabilities | 36 | 5 | |
Net cash provided by (used in) operating activities | 411 | (364) | |
Cash flows from investing activities: | |||
ESOP loan origination | (7,340) | ||
ESOP loan principal payments | 232 | 412 | |
Capital contribution to Everett Co-operative Bank | (5,000) | (55,000) | |
Net cash used in investing activities | (4,768) | (61,928) | |
Cash flows from financing activities: | |||
Net proceeds from issuance of common stock | 86,586 | ||
Payments for shares repurchased under share repurchase plan | (2,225) | ||
Net cash (used in) provided by financing activities | (2,225) | 86,586 | |
Net increase in cash and cash equivalents | (6,582) | 24,294 | |
Cash and cash equivalents at beginning of year | 24,294 | ||
Cash and cash equivalents at end of period | $ 17,712 | $ 24,294 |
Earnings per Share ("EPS") - Sc
Earnings per Share ("EPS") - Schedule of Earnings per share data (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income allocated to common stock | $ 4,456 | $ 2,720 |
Weighted-average common shares outstanding used to calculate basic earnings per common share | 8,466,021 | 8,456,218 |
Add: Dilutive effect of restricted stock awards | 57,684 | 0 |
Weighted-average common shares outstanding used to calculate diluted earnings per common share | 8,523,705 | 8,456,218 |
Earnings per common share | ||
Basic | $ 0.53 | $ 0.32 |
Diluted | $ 0.52 | $ 0.32 |
Earnings per Share ("EPS") (Add
Earnings per Share ("EPS") (Additional Information) (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Options to Purchase | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities | 763,969 | 0 |