Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Entity Registrant Name | ECB Bancorp, Inc. | |
Entity Central Index Key | 0001914605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 9,217,122 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | ECBK | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-41456 | |
Entity Tax Identification Number | 88-1502079 | |
Entity Address, Address Line One | 419 Broadway | |
Entity Address, City or Town | Everett | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02149 | |
City Area Code | 617 | |
Local Phone Number | 387-1110 | |
Entity Incorporation, State or Country Code | MD |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 2,572 | $ 3,786 |
Short-term investments | 109,796 | 115,250 |
Total cash and cash equivalents | 112,368 | 119,036 |
Investments in available-for-sale securities (at fair value) | 2,500 | 5,003 |
Investments in held-to-maturity securities, at cost (fair values of $70,662 at March 31,2024 (unaudited) and $70,590 at December 31, 2023) | 77,315 | 76,979 |
Loans, net of allowance for credit losses of $8,670 at March 31, 2024 (unaudited) and $8,591 at December 31, 2023 | 1,070,951 | 1,039,789 |
Federal Home Loan Bank stock, at cost | 9,777 | 9,892 |
Premises and equipment, net | 3,699 | 3,754 |
Accrued interest receivable | 4,051 | 3,766 |
Deferred tax asset, net | 4,416 | 4,767 |
Bank-owned life insurance | 14,590 | 14,472 |
Other assets | 3,747 | 2,877 |
Total assets | 1,303,414 | 1,280,335 |
Deposits: | ||
Noninterest-bearing | 76,534 | 78,342 |
Interest-bearing | 825,112 | 789,872 |
Total deposits | 901,646 | 868,214 |
Federal Home Loan Bank advances | 224,000 | 234,000 |
Other liabilities | 11,979 | 13,220 |
Total liabilities | 1,137,625 | 1,115,434 |
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: 9,243,578 shares and 9,291,810 shares, respectively | 92 | 93 |
Additional paid-in capital | 87,155 | 87,431 |
Retained earnings | 84,475 | 83,854 |
Accumulated other comprehensive income | 582 | 129 |
Unallocated common shares held by the Employee Stock Ownership Plan | (6,515) | (6,606) |
Total shareholders' equity | 165,789 | 164,901 |
Total liabilities and shareholders' equity | $ 1,303,414 | $ 1,280,335 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Statement of Financial Position [Abstract] | |||
Fair value of investments in held-to-maturity securities | $ 70,662 | $ 70,590 | |
Allowance for credit losses | $ 8,670 | [1] | $ 8,591 |
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 | 9,243,578 | 9,291,810 | |
Common Stock, Shares, Outstanding | 9,243,578 | 9,291,810 | |
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.3 million and $ 3.2 million as of March 31, 2024 and December 31, 2023 . |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 13,446 | $ 10,927 |
Interest and dividends on securities | 764 | 560 |
Other interest income | 1,484 | 575 |
Total interest and dividend income | 15,694 | 12,062 |
Interest expense: | ||
Interest on deposits | 7,524 | 3,917 |
Interest on Federal Home Loan Bank advances | 2,267 | 1,779 |
Total interest expense | 9,791 | 5,696 |
Net interest and dividend income | 5,903 | 6,366 |
Provision for credit losses | 147 | 879 |
Net interest and dividend income after provision for credit losses | 5,756 | 5,487 |
Noninterest income: | ||
Customer service fees | 137 | 119 |
Income from bank-owned life insurance | 117 | 98 |
Net gain on sales of loans | 35 | 0 |
Other income | 18 | 12 |
Total noninterest income | 307 | 229 |
Noninterest expense: | ||
Salaries and employee benefits | 3,311 | 2,885 |
Director compensation | 209 | 119 |
Occupancy and equipment expense | 274 | 204 |
Data processing | 311 | 242 |
Computer software and licensing | 85 | 57 |
Advertising and promotions | 131 | 168 |
Professional fees | 360 | 364 |
Federal Deposit Insurance Corporation deposit insurance | 179 | 125 |
Other expense | 371 | 332 |
Total noninterest expense | 5,231 | 4,496 |
Income before income tax expense | 832 | 1,220 |
Income tax expense | 211 | 319 |
Net income | $ 621 | $ 901 |
Share data: | ||
Weighted average shares outstanding, basic | 8,299,775 | 8,481,042 |
Weighted average shares outstanding, diluted | 8,375,335 | 8,481,042 |
Basic earnings per share | $ 0.07 | $ 0.11 |
Diluted earnings per share | $ 0.07 | $ 0.11 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 621 | $ 901 |
Other comprehensive (loss) income, net of tax: | ||
Net unrealized holding loss on securities available-for-sale | (3) | (12) |
Net change in fair value of cash flow hedges | 456 | 0 |
Other comprehensive income (loss), net of tax | 453 | (12) |
Comprehensive income | $ 1,074 | $ 889 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity (unaudited) - 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 Income | Unallocated Common Stock Held by ESOP |
Beginning balance at Dec. 31, 2022 | $ 162,730 | $ (677) | $ 92 | $ 89,286 | $ 80,076 | $ (677) | $ 249 | $ (6,973) |
Beginning Balance, shares at Dec. 31, 2022 | 9,175,247 | |||||||
Net income | 901 | 901 | ||||||
Other comprehensive income (loss), net of tax | (12) | (12) | ||||||
ESOP shares committed to be released | 139 | 49 | 90 | |||||
Ending balance at Mar. 31, 2023 | 163,081 | $ 92 | 89,335 | 80,300 | 237 | (6,883) | ||
Ending Balance, shares at Mar. 31, 2023 | 9,175,247 | |||||||
Beginning balance at Dec. 31, 2023 | $ 164,901 | $ 93 | 87,431 | 83,854 | 129 | (6,606) | ||
Beginning Balance, shares at Dec. 31, 2023 | 9,291,810 | 9,291,810 | ||||||
Net income | $ 621 | 621 | ||||||
Other comprehensive income (loss), net of tax | 453 | 453 | ||||||
ESOP shares committed to be released | 119 | 28 | 91 | |||||
Shares repurchased under share repurchase plan | (629) | $ (1) | (628) | |||||
Shares repurchased under share repurchase plan, shares | (48,232) | |||||||
Stock-based compensation | 324 | 324 | ||||||
Ending balance at Mar. 31, 2024 | $ 165,789 | $ 92 | $ 87,155 | $ 84,475 | $ 582 | $ (6,515) | ||
Ending Balance, shares at Mar. 31, 2024 | 9,243,578 | 9,243,578 |
Statements of Changes in Shar_2
Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
ESOP shares committed to be released, shares | 9,125 | 9,049 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 621 | $ 901 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Amortization of securities, net | 10 | 14 |
Provision for credit losses | 147 | 879 |
Change in deferred loan costs/fees | 51 | 26 |
Gain on sales of loans, net | (35) | 0 |
Proceeds from sales of loans | 2,309 | |
Loans originated for sale, net | (2,274) | |
Depreciation and amortization expense | 75 | 72 |
Increase in accrued interest receivable | (285) | (371) |
Increase in accrued interest payable | 381 | 584 |
Increase in bank-owned life insurance | (118) | (98) |
Deferred income tax expense | 174 | 46 |
ESOP expense | 119 | 139 |
Stock-based compensation expense | 324 | 0 |
Increase in other assets | (237) | (1,194) |
(Decrease) increase in other liabilities | (1,691) | 414 |
Net cash (used in) provided by operating activities | (429) | 1,412 |
Cash flows from investing activities: | ||
Purchases of held-to-maturity securities | (1,500) | |
Proceeds from paydowns and maturities of held-to-maturity securities | 1,154 | 1,292 |
Proceed from payments and maturities of available-for-sale securities | 2,500 | |
Proceeds from maturities of interest bearing time deposits | 300 | |
Purchase of Federal Home Loan Bank Stock | (1,965) | |
Redemption of Federal Home Loan Bank stock | 115 | 605 |
Loan originations and principal collections, net | (27,346) | (79,985) |
Purchase of loans | (3,945) | (6,652) |
Capital expenditures | (20) | (12) |
Net cash used in investing activities | (29,042) | (86,417) |
Cash flows from financing activities: | ||
Net decrease in demand deposits, NOW and savings accounts | (3,660) | (19,752) |
Net increase in time deposits | 37,092 | 76,049 |
Proceeds from long-term Federal Home Loan Bank advances | 105,000 | |
Repayments of long-term Federal Home Loan Bank advances | (25,000) | (20,000) |
Net change in short-term Federal Home Loan Bank advances | 15,000 | (51,000) |
Payments for shares repurchased under share repurchase plan | (629) | |
Net cash provided by financing activities | 22,803 | 90,297 |
Net (decrease) increase in cash and cash equivalents | (6,668) | 5,292 |
Cash and cash equivalents at beginning of year | 119,036 | 62,050 |
Cash and cash equivalents at end of period | 112,368 | 67,342 |
Supplemental disclosures: | ||
Interest paid | 10,172 | 5,112 |
Income taxes paid | $ 210 | 305 |
Noncash activities: | ||
Effect of the adoption of ASU 2016-13 - Allowance for credit losses | 182 | |
Effect of the adoption of ASU 2016-13 - Deferred income taxes | 266 | |
Effect of the adoption of ASU 2016-13 - Other liabilities | $ 761 |
Conversion
Conversion | 3 Months Ended |
Mar. 31, 2024 | |
Conversion Disclosure [Abstract] | |
Conversion | NOTE 1 - CONVERSION Effective July 27, 2022, Everett Co-operative Bank (the "Bank") completed its conversion to a Massachusetts stock co-operative bank and become the wholly owned subsidiary of ECB Bancorp, Inc. (the “Company”). As part of the Bank’s conversion, the Company completed its initial public offering in which it 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”). Pursuant to regulation, as part of the conversion, 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 statement of financial condition contained in the final prospectus distributed in connection with the Company’s stock offering. 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. Each eligible account holder shall, with respect to each deposit account, hold 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 shall not be increased, and shall be 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. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 2 – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of ECB Bancorp, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements of ECB Bancorp, Inc. (referred to herein as "the Company," “we,” “us,” or “our”) include the balances and results of operations of the Company and the Bank, its wholly-owned subsidiary, as well as First Everett Securities Corporation, a wholly-owned subsidiary of the Bank. Intercompany transactions and balances are eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the Company's financial position as of March 31, 2024 and the results of operations and cash flows for the interim periods ended March 31, 2024 and 2023. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 and accompanying notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. 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. Certain previously reported amounts have been reclassified to conform to the current period’s presentation. RECENT ACCOUNTING STANDARDS 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 the company's consolidated financial statements. |
Investments in Securities
Investments in Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Securities | NOTE 3 – INVESTMENTS IN SECURITIES 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 of held to maturity securities at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Held-to-maturity: Cost Gains Losses Losses Value (in thousands) March 31, 2024 Debt securities issued by U.S. government-sponsored enterprises $ 10,231 $ — $ ( 356 ) $ — $ 9,875 Mortgage-backed securities 48,279 2 ( 5,578 ) — 42,703 Corporate bonds 15,905 80 ( 794 ) — 15,191 U.S. Treasury securities 2,900 — ( 7 ) — 2,893 Total held-to-maturity securities $ 77,315 $ 82 $ ( 6,735 ) $ — $ 70,662 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 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. Substantially 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 three months ended March 31, 2024 and 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 March 31, 2024 and December 31, 2023. Excluded from the table above is accrued interest on held to maturity securities of $ 291,000 a nd $ 310,000 at March 31, 2024 and December 31, 2023, respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Addi tionally, the Company did no t record any write-offs of accrued interest income on held to maturity securities for the three months ended March 31, 2024 and 2023 . No securities held by the Company were delinquent on contractual payments at March 31, 2024 and December 31, 2023, nor were any securities placed on non-accrual status for the three months ended March 31, 2024 and 2023. Available for Sale Securities 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 of available for sale securities at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Available-for-sale Cost Gains Losses Losses Value (in thousands) March 31, 2024 Debt securities Corporate bonds $ 2,500 $ — $ — $ — $ 2,500 Total available-for-sale securities $ 2,500 $ — $ — $ — $ 2,500 December 31, 2023 Debt securities Corporate bonds $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 Total available-for-sale securities $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 The Company's available for sale securities are carried at fair value. For available for sale securities in an unrealized loss position, management will first evaluate whether there is intent to sell, 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 available for sale 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, the security will be written down to fair value, 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 uncollectibility of a security is confirmed, or when either of the aforementioned criteria surrounding intent or requirement to sell have been met. The Company did no t record a provision for estimated credit losses on any available for sale securities for the three months ended March 31, 2024 and 2023 . Excluded from the table above is accrued interest on available for sale securities of $ 39,000 and $ 58,000 at March 31, 2024 and December 31, 2023 , 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 three months ended March 31, 2024 and 2023 . No securities held by the Company were delinquent on contractual payments at March 31, 2024 and December 31, 2023 , no r were any securities placed on non-accrual status for the three months ended March 31, 2024 and 2023. Held to Maturity and Available for Sale Securities 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 March 31, 2024 is presented below: Available- for-sale Held-to-maturity Fair Amortized Fair Value Cost Value (in thousands) Within 1 year $ 2,500 $ 9,056 $ 8,986 After 1 year through 5 years — 23,511 22,480 After 5 years through 10 years — 4,397 4,264 After 10 years — 40,351 34,932 Total $ 2,500 $ 77,315 $ 70,662 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 three months ended March 31, 2024 and 2023. T he carrying value of securities pledged to secure advances from the Federal Home Loan Bank of Boston (“FHLBB”) was $ 61.4 million and $ 62.6 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) March 31, 2024 Held to Maturity: Debt securities issued by U.S. government-sponsored enterprises $ 2,738 $ ( 12 ) $ 7,137 $ ( 344 ) $ 9,875 $ ( 356 ) Mortgage-backed securities 5,264 ( 30 ) 37,308 ( 5,549 ) 42,572 ( 5,578 ) Corporate bonds 1,481 ( 19 ) 10,792 ( 774 ) 12,273 ( 794 ) U.S. Treasury securities - - 2,893 ( 7 ) 2,893 ( 7 ) Total temporarily impaired securities $ 9,483 $ ( 61 ) $ 58,130 $ ( 6,674 ) $ 67,613 $ ( 6,735 ) 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 ) Management evaluates securities for expected credit losses at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. At March 31, 2024 , four debt securities issued by U.S. government-sponsored enterprises, 50 mortgage-backed securities, eight corporate bonds and one U.S. treasury security had unrealized losses with aggregate depreciation of 3.5 %, 11.6 %, 6.1 % and 0.3 %, 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 March 31, 2024 . |
Loans, Allowance for Credit Los
Loans, Allowance for Credit Losses and Credit Quality | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans, Allowance for Credit Losses and Credit Quality | NOTE 4 – LOANS, ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY 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 deferred loan origination costs and 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, or sooner if management considers such action to be prudent, are classified as nonaccrual loans. 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 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 - Loans Held for Investment 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 current expected credit loss (CECL) methodology, the Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics using a quantitative 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 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 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 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. For the loans that will be individually assessed, the Company will use either a 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 with an additional assumption of probability of funding. The reserve for unfunded lending commitments is included in other liabilities in the consolidated balance sheets. Loans consisted of the following as of the dates indicated: At March 31, At December 31, 2024 2023 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: One-to-four family residential $ 410,989 38.1 % $ 410,131 39.1 % Multi-family 311,147 28.8 % 287,361 27.4 % Commercial 202,124 18.7 % 196,365 18.7 % Home equity lines of credit and loans 33,696 3.1 % 33,357 3.2 % Construction 107,428 9.9 % 112,000 10.7 % Other loans: Commercial loans 14,358 1.3 % 9,219 0.9 % Consumer 156 0.0 % 173 0.0 % 1,079,898 100.0 % 1,048,606 100.0 % Less: Net deferred loan fees ( 277 ) ( 226 ) Allowance for credit losses ( 8,670 ) ( 8,591 ) Total loans, net $ 1,070,951 $ 1,039,789 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 $ 854,000 and $ 871,000 as of March 31, 2024 and December 31, 2023 , respectively. The following table sets forth the activity for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Beginning Balance $ 871 $ 943 New Loans — — Advances — — Paydowns ( 17 ) ( 16 ) Ending Balance $ 854 $ 927 The carrying value of loans pledged to secure advances from the FHLBB were $ 686.7 million and $ 553.0 million as of March 31, 2024 and December 31, 2023, respectively. The following tables set forth information regarding the allowance for credit losses as of and for the three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 (in thousands) Beginning Charge-offs Recoveries (Benefit) provision Ending (1) Real estate loans: One-to-four family residential $ 3,555 $ - $ - $ ( 44 ) $ 3,511 Multi-family 1,190 - - 93 1,283 Commercial 1,636 - - 36 1,672 Home equity lines of credit and loans 321 - - ( 2 ) 319 Construction 1,757 - - ( 76 ) 1,681 Other loans: Commercial loans 131 - - 72 203 Consumer 1 - - - 1 Unallocated - - - - - Total $ 8,591 $ - $ - $ 79 $ 8,670 For the three months ended March 31, 2023 (in thousands) Beginning Cumulative effect accounting adjustment (2) Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 1,703 $ 130 $ - $ - $ 128 $ 1,961 Multi-family 1,839 77 - - 159 2,075 Commercial 1,797 145 - - 388 2,330 Home equity lines of credit and loans 194 ( 20 ) - - 12 186 Construction 1,286 136 - - 69 1,491 Other loans: Commercial loans 60 34 - - 119 213 Consumer 1 - - - - 1 Unallocated 320 ( 320 ) - - - - Total $ 7,200 $ 182 $ - $ - $ 875 $ 8,257 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.3 million and $ 3.2 million as of March 31, 2024 and 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 three months ended March 31, 2023 represents a $ 182,000 increase to the allowance for credit losses 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 tables show the age analysis of past due loans as of the dates indicated: 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on Non-accrual (in thousands) As of March 31, 2024 Real estate loans: One-to-four family residential $ 717 $ 272 $ — $ 989 $ 410,000 $ 410,989 $ — $ 1,181 Multi-family — — — — 311,147 311,147 — — Commercial — — — — 202,124 202,124 — — Home equity lines of credit and loans 189 — 14 203 33,493 33,696 — 22 Construction — — — — 107,428 107,428 — — Other loans: Commercial — — — — 14,358 14,358 — — Consumer 4 1 — 5 151 156 — — $ 910 $ 273 $ 14 $ 1,197 $ 1,078,701 $ 1,079,898 $ — $ 1,203 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on Non-accrual (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 During the three months ended March 31, 2024 and 2023 , interest income recognized on nonaccrual loans amounted to $ 15,000 and $ 0 , respectively. The following tables show information regarding nonaccrual loans as of the dates indicated: As of March 31, 2024 With Allowance for Credit Losses Without Allowance for Credit Losses Total (in thousands) Real estate loans: One-to-four family residential $ — $ 1,181 $ 1,181 Home equity lines of credit and loans — 22 22 Total nonaccrual loans $ — $ 1,203 $ 1,203 As of December 31, 2023 With Allowance for Credit Losses Without Allowance for Credit Losses Total (in thousands) Real estate loans: One-to-four family residential $ — $ 1,191 $ 1,191 Home equity lines of credit and loans — 22 22 Total nonaccrual loans $ — $ 1,213 $ 1,213 Credit Quality Information The Company utilizes a seven grade internal loan rating system for multi-family and commercial real estate, construction, commercial loans and certain residential and home equity lines of credit 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 $ 1.0 million 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 tables detail the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of March 31, 2024 and December 31, 2023: Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 2024 2023 2022 2021 2020 Prior As of March 31, 2024 (in thousands) One-to-four family residential Pass $ 1,935 $ 9,229 $ 36,521 $ 15,429 $ 4,434 $ 12,553 $ — $ — $ 80,101 Special Mention — — — — 800 448 — — 1,248 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 5,417 48,887 88,343 71,818 50,639 64,536 — — 329,640 Total $ 7,352 $ 58,116 $ 124,864 $ 87,247 $ 55,873 $ 77,537 $ — $ — $ 410,989 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Pass $ 6,589 $ 45,141 $ 201,261 $ 36,579 $ 8,821 $ 9,711 $ 3,045 $ — $ 311,147 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 6,589 $ 45,141 $ 201,261 $ 36,579 $ 8,821 $ 9,711 $ 3,045 $ — $ 311,147 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 10,971 $ 39,536 $ 72,442 $ 22,926 $ 16,276 $ 34,041 $ 5,932 $ — 202,124 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 10,971 $ 39,536 $ 72,442 $ 22,926 $ 16,276 $ 34,041 $ 5,932 $ — $ 202,124 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit and loans Pass $ — $ 326 $ — $ — $ — $ — $ 4,643 $ — $ 4,969 Special Mention — — — — — 14 8 — 22 Substandard — — — — — — 99 — 99 Doubtful — — — — — — — — — Loans not formally rated (1) 129 404 35 10 — 82 27,412 534 28,606 Total $ 129 $ 730 $ 35 $ 10 $ — $ 96 $ 32,162 $ 534 $ 33,696 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 6,026 $ 40,635 $ 47,609 $ 6,819 $ — $ 3,774 $ — $ — $ 104,863 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — 2,565 — — — — — — 2,565 Total $ 6,026 $ 43,200 $ 47,609 $ 6,819 $ — $ 3,774 $ — $ — $ 107,428 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial loans Pass $ 4,500 $ 4,436 $ 3,050 $ 416 $ 30 $ 215 $ 1,653 $ — $ 14,300 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — 58 — — — — 58 Total $ 4,500 $ 4,436 $ 3,050 $ 474 $ 30 $ 215 $ 1,653 $ — $ 14,358 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ — $ — $ — $ — $ — $ — $ — $ — $ — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — 23 36 43 — 11 43 — 156 Total $ — $ 23 $ 36 $ 43 $ — $ 11 $ 43 $ — $ 156 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — 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 March 31, 2024 and December 31, 2023. (2) Gross charge-off disclosures are made starting in the period of adoption and prospectively. At March 31, 2024 and December 31, 2023, the Company had no consumer mortgage loans secured by residential real estate property in the process of foreclosure. For the three months ended March 31, 2024 and 2023 , the Company did no t provide loan restructurings involving borrowers that are experiencing financial difficulty. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Defined Benefit Plan [Abstract] | |
Employee Benefits | NOTE 5 – EMPLOYEE BENEFITS 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 Company makes matching contributions equal to 100 % of each employee’s voluntary contributions, up to 7 % of the employee’s compensation, as defined. Total expense related to the 401(k) plan for the three months ended March 31, 2024 and 2023 amounted to $ 123,000 and $ 115,000 , 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 three months ended March 31, 2024 and 2023 amounted to $ 354,000 and $ 354,000 , respectively. Supplemental Executive Retirement Plan (SERP) The Company 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. The liability for the SERP amounted to $ 1,093,000 and $ 1,106,000 as of March 31, 2024 and December 31, 2023, respectively. The expense for the three months ended March 31, 2024 amounted to $ 13,000 . The benefit for the three months ended March 31, 2023 amounted to $ 19,000 . Director Fee Continuation Plan (DFCP) Effective January 1, 2017, the Company established a Director Fee Continuation Plan 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 expense for the three months ended March 31, 2024 and 2023 amounted to $ 28,000 and $ 22,000 , respectively. Supplemental Executive Retirement Agreement On January 1, 2018, the Company entered into a supplemental executive retirement agreement with a named 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 $ 3,246,000 and $ 3,200,000 as of March 31, 2024 and December 31, 2023, respectively. The expense recognized for the Plan for the three months ended March 31, 2024 and 2023 amounted to $ 46,000 and $ 30,000 , respectively. Executive Deferred Compensation Plans In 2021 and 2023, the Company entered into deferred compensation plans with two named 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 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 three months ended March 31, 2024 and 2023 amounted to $ 24,000 and $ 11,000 , resp ectively. 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 to the highest certificate of deposit rate offered by the Bank on January 1 st of each year. The liability for the Director Deferred Compensation Plan amounted to $ 678,000 and $ 698,000 as of March 31, 2024 and December 31, 2023, respectively. 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. 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. There was no expense recorded during the three months ended March 31, 2024 and 2023. 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 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 $ 119,000 and $ 139,000 for the three months ended March 31, 2024 and 2023 , respectively. The following table presents share information held by the ESOP: As of March 31, 2024 As of December 31, 2023 (Dollars in thousands) Allocated shares 72,017 72,017 Shares committed to be released 9,125 - Unallocated shares 651,493 660,618 Total shares 732,635 732,635 Fair value of unallocated shares $ 8,456 $ 8,297 |
Stock-based compensation
Stock-based compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | NOTE 6 - 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 provides 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. The Company did no t grant any stock options during the three months ended March 31, 2024 and 2023 . There were no stock options exercised, vested, forfeited or expired during the three months ended March 31, 2024 and 2023. The Company did no t grant any restricted stock awards during the three months ended March 31, 2024 and 2023 . There were no restricted stock awards vested or forfeited during the three months ended March 31, 2024 and 2023. The following table represents the compensation expense and income tax benefits recognized for stock options and restricted stock awards for the periods indicated: Three Months Ended March 31, 2024 (in thousands) Stock-based compensation expense Stock options $ 164 Restricted stock awards 160 Total stock-based compensation expense $ 324 Related tax benefits recognized in earnings $ 69 There was no stock-based compensation expense or related income tax benefits recognized for the three months ended March 31, 2023. 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 the periods indicated: March 31, 2024 December 31, 2023 Amount Weighted average period Amount Weighted average period (Dollars in thousands) Stock options $ 2,997 4.55 $ 3,162 4.80 Restricted stock awards 2,921 4.55 3,081 4.80 Total $ 5,918 $ 6,243 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 7 - 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 March 31, 2024 and December 31, 2023. The Company’s investment in debt instruments available for sale is generally classified within Level 2 of the fair value hierarchy. For those securities, the Bank 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 fair value of interest rate swaps was determined using discounted cash flow analysis on the expected cash flows of the interest rate swaps. This analysis reflects the contractual terms of the interest rate swaps, including the period of maturity, and uses observable market-based inputs including interest rate curves. The inputs used to value the Company’s interest rate swaps fall within Level 2 of the fair value hierarchy and as a result, the interest rate swaps were categorized as Level 2 within the fair value hierarchy. 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 obtained from a third party, and are adjusted for 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 March 31, 2024 and December 31, 2023 , 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) March 31, 2024 Available for-sale-securities Corporate bonds $ 2,500 $ — $ 2,500 $ — Derivative instruments 633 — 633 — $ — Total assets measured on a recurring basis $ 3,133 $ — $ 3,133 $ — December 31, 2023 Available for-sale-securities Corporate bonds $ 5,003 $ — $ 5,003 $ — Derivative instruments — — — — Total assets measured on a recurring basis $ 5,003 $ — $ 5,003 $ — 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 March 31, 2024 and December 31, 2023 , 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 measure ment date. For March 31, 2024 and December 31, 2023, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. March 31, 2024 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 112,368 $ 112,368 $ 112,368 $ - $ - Held-to-maturity securities 77,315 70,662 - 70,662 - Federal Home Loan Bank stock 9,777 9,777 - 9,777 - Loans, net 1,070,951 988,342 - - 988,342 Accrued interest receivable 4,051 4,051 4,051 - - Bank-owned life insurance 14,590 14,590 - 14,590 - Financial liabilities: Deposits, other than certificates of deposit $ 366,051 $ 366,051 $ - $ 366,051 $ - Certificates of deposit 535,595 531,760 - 531,760 - Federal Home Loan Bank advances 224,000 220,818 - 220,818 - Accrued interest payable 1,810 1,810 1,810 - - 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 | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 – 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 March 31, 2024 and December 31, 2023 , the maximum potential amount of the Company’s obligation was $ 0 , 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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Commitments to originate loans $ 39,388 $ 22,701 Commitments to purchase loans 1,680 415 Unadvanced funds on lines of credit 75,115 78,378 Unadvanced funds on construction loans 47,781 53,013 $ 163,964 $ 154,507 The Bank accrues for credit losses related to off-balance sheet financial instruments. Potential losses on off-balance sheet loan commitments are estimated using the same risk factors used to determine the allowance for credit losses, 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 $ 824,000 and $ 756,000 as of March 31, 2024 and December 31, 2023, respectively. For the three months ended March 31, 2024 and 2023 , provision recorded for off-balance sheet commitments was $ 68,000 and $ 4,000 , respectively. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | NOTE 9 – OTHER COMPREHENSIVE INCOME (LOSS) 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 income (loss) and related tax effects are as follows for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 (in thousands) Unrealized losses on securities: Net unrealized holding losses on available-for-sale securities $ ( 3 ) $ ( 16 ) Reclassification adjustment for realized gains in net income — — ( 3 ) ( 16 ) Income tax benefit — 4 Net-of-tax amount ( 3 ) ( 12 ) Net change in fair value of cash flow hedges Change in fair value of cash flow hedges $ 784 $ — Reclassification adjustment for cash flow hedge gains into net income ( 151 ) — 633 — Income expense benefit ( 177 ) — Net-of-tax amount 456 — Other comprehensive income (loss), net of tax $ 453 $ ( 12 ) Accumulated other comprehensive income as of March 31, 2024 and December 31, 2023 consists of unrecognized benefit costs, net of taxes, unrealized holding gains on securities available for sale, net of tax, and fair value of cash flow hedges, net of tax as follows: As of March 31, 2024 As of December 31, 2023 (in thousands) Net unrealized holding loss on securities available-for-sale, net of tax $ — $ 3 Unrecognized SERP gain, net of tax 56 56 Unrecognized DFCP gain, net of tax 70 70 Fair value of cash flow hedges, net of tax 456 — Accumulated other comprehensive income $ 582 $ 129 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Regulated Operations [Abstract] | |
Regulatory Matters | NOTE 10 – 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 March 31, 2024, that the Bank meets all capital adequacy requirements to which it is subject. As of March 31, 2024, 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. 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 March 31, 2024 Total Capital (to Risk Weighted Assets) $ 150,165 17.19 % $ 91,719 10.50 % $ 87,351 10.00 % Tier 1 Capital (to Risk Weighted Assets) 140,671 16.10 % 74,248 8.50 % 69,881 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 140,671 16.10 % 61,146 7.00 % 56,778 6.50 % Tier 1 Capital (to Average Assets) 140,671 10.98 % 51,242 4.00 % 64,053 5.00 % 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 % |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per Share ("EPS") | NOTE 11 - 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 potentially 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. Three months ended March 31, 2024 2023 (in thousands, except per share data) Net income allocated to common stock $ 621 $ 901 Weighted-average common shares outstanding used to calculate basic earnings per common share 8,299,775 8,481,042 Add: Dilutive effect of restricted stock awards 75,560 — Weighted-average common shares outstanding used to calculate diluted earnings per common share 8,375,335 8,481,042 Earnings per common share Basic $ 0.07 $ 0.11 Diluted $ 0.07 $ 0.11 For the three months ended March 31, 2024 , 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 three months ended March 31, 2023 , there were no anti-dilutive shares. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | NOTE 12 - DERIVATIVE AND HEDGING ACTIVITIES The Company uses derivative financial instruments to manage its interest rate risk resulting from the differences in the amount, timing, and duration of known or expected cash payments. The Company has entered into interest rate swaps to add stability to interest expense and manage exposure to interest rate movements as part of an overall risk management strategy. An interest rate swap is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged. The Company has entered into interest rate swaps in which it pays fixed and receives floating interest in order to manage its interest rate risk exposure to the variability in interest cash flows on certain floating-rate FHLB Advances and brokered certificates of deposit. The interest rate swaps effectively convert the floating rate payments made on the FHLB Advances and brokered certificates of deposit to a fixed rate and consequently reduce the Company’s exposure to variability in short-term interest rates. Derivative instruments are carried at fair value in the Company’s Consolidated Financial Statements. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not the instrument qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship. The Company’s interest rate swaps have been designated as and are accounted for as cash flow hedges. The changes in fair value are included in other comprehensive income and reclassified into net income in the same period or periods during which the hedged forecasted transaction affects net income. Cash flow hedges are initially assessed for effectiveness using regression analysis. Changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in OCI and is subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Quarterly, a quantitative analysis is preformed to monitor the ongoing effectiveness of the hedging instrument. All derivative positions were initially, and continue to be, highly effective at March 31, 2024. The following table reflects the Company's derivative position at the date indicated below for the interest rate swaps: As of March 31, 2024 (Dollars in thousands) Notional amount $ 50,000 Weighted-average pay rate 3.68 % Weighted-average receive rate 5.34 % Weighted-average maturity in years 4.38 Estimated fair value of asset $ 633 The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of March 31, 2024: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (in thousands) Derivatives designated as hedging instruments Interest rate swaps Other assets $ 633 Other liabilities $ - Total $ 633 $ - For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company expects approximately $ 612,000 to be reclassified as a decrease to interest expense from OCI related to the Company’s cash flow hedges in the twelve months following March 31, 2024. This reclassification is due to anticipated payments that will be received on the swaps based upon the forward curve at March 31, 2024. The maximum length of time over which the Company is currently hedging its exposure to the variability in future cash flows for forecasted transactions related to the payment of variable interest on existing financial instruments is 4.8 years. The pre-tax effects of cash flow hedge account on accumulated other comprehensive income and current earnings for the period indicated are as follows: Three months ended March 31, 2024 (in thousands) Interest rate swaps Amount of gain recognized in OCI on derivative $ 633 Gain reclassified from OCI into interest expense $ 151 By using derivatives, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the Company’s credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of all swaps with each counterparty not secured by variation margin plus any initial margin collateral posted. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. As such, management believes the risk of incurring credit losses on derivative contracts with those counterparties is remote. As of March 31, 2024 , the Company has pledged cash collateral to a derivative counterparty totaling $ 870,000 . The Company may need to post additional collateral or may receive collateral in return in the future in proportion to potential changes in the overall unrealized gain or loss position. The Company had no derivatives as of December 31, 2023. There was no OCI or interest expense related to cash flow hedges recognized for the three months ended March 31, 2023 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 13 - SUBSEQUENT EVENTS Management has reviewed events occurring through May 10, 2024, the date the unaudited consolidated financial statements were issued and determined that no subsequent events occurred requiring adjustment to or disclosure in these unaudited consolidated financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Standards | RECENT ACCOUNTING STANDARDS 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 the company's consolidated financial statements. |
Investments in Securities (Tabl
Investments in Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 of held to maturity securities at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Held-to-maturity: Cost Gains Losses Losses Value (in thousands) March 31, 2024 Debt securities issued by U.S. government-sponsored enterprises $ 10,231 $ — $ ( 356 ) $ — $ 9,875 Mortgage-backed securities 48,279 2 ( 5,578 ) — 42,703 Corporate bonds 15,905 80 ( 794 ) — 15,191 U.S. Treasury securities 2,900 — ( 7 ) — 2,893 Total held-to-maturity securities $ 77,315 $ 82 $ ( 6,735 ) $ — $ 70,662 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 |
Schedule of Available-for-Sale Securities | 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 of available for sale securities at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Available-for-sale Cost Gains Losses Losses Value (in thousands) March 31, 2024 Debt securities Corporate bonds $ 2,500 $ — $ — $ — $ 2,500 Total available-for-sale securities $ 2,500 $ — $ — $ — $ 2,500 December 31, 2023 Debt securities Corporate bonds $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 Total available-for-sale securities $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 |
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 March 31, 2024 is presented below: Available- for-sale Held-to-maturity Fair Amortized Fair Value Cost Value (in thousands) Within 1 year $ 2,500 $ 9,056 $ 8,986 After 1 year through 5 years — 23,511 22,480 After 5 years through 10 years — 4,397 4,264 After 10 years — 40,351 34,932 Total $ 2,500 $ 77,315 $ 70,662 |
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 March 31, 2024 and December 31, 2023: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) March 31, 2024 Held to Maturity: Debt securities issued by U.S. government-sponsored enterprises $ 2,738 $ ( 12 ) $ 7,137 $ ( 344 ) $ 9,875 $ ( 356 ) Mortgage-backed securities 5,264 ( 30 ) 37,308 ( 5,549 ) 42,572 ( 5,578 ) Corporate bonds 1,481 ( 19 ) 10,792 ( 774 ) 12,273 ( 794 ) U.S. Treasury securities - - 2,893 ( 7 ) 2,893 ( 7 ) Total temporarily impaired securities $ 9,483 $ ( 61 ) $ 58,130 $ ( 6,674 ) $ 67,613 $ ( 6,735 ) 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 ) |
Loans, Allowance for Credit L_2
Loans, Allowance for Credit Losses and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following as of the dates indicated: At March 31, At December 31, 2024 2023 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: One-to-four family residential $ 410,989 38.1 % $ 410,131 39.1 % Multi-family 311,147 28.8 % 287,361 27.4 % Commercial 202,124 18.7 % 196,365 18.7 % Home equity lines of credit and loans 33,696 3.1 % 33,357 3.2 % Construction 107,428 9.9 % 112,000 10.7 % Other loans: Commercial loans 14,358 1.3 % 9,219 0.9 % Consumer 156 0.0 % 173 0.0 % 1,079,898 100.0 % 1,048,606 100.0 % Less: Net deferred loan fees ( 277 ) ( 226 ) Allowance for credit losses ( 8,670 ) ( 8,591 ) Total loans, net $ 1,070,951 $ 1,039,789 |
Summary of Activity for Loans | The following table sets forth the activity for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Beginning Balance $ 871 $ 943 New Loans — — Advances — — Paydowns ( 17 ) ( 16 ) Ending Balance $ 854 $ 927 |
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 three months ended March 31, 2024 and 2023: For the three months ended March 31, 2024 (in thousands) Beginning Charge-offs Recoveries (Benefit) provision Ending (1) Real estate loans: One-to-four family residential $ 3,555 $ - $ - $ ( 44 ) $ 3,511 Multi-family 1,190 - - 93 1,283 Commercial 1,636 - - 36 1,672 Home equity lines of credit and loans 321 - - ( 2 ) 319 Construction 1,757 - - ( 76 ) 1,681 Other loans: Commercial loans 131 - - 72 203 Consumer 1 - - - 1 Unallocated - - - - - Total $ 8,591 $ - $ - $ 79 $ 8,670 For the three months ended March 31, 2023 (in thousands) Beginning Cumulative effect accounting adjustment (2) Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 1,703 $ 130 $ - $ - $ 128 $ 1,961 Multi-family 1,839 77 - - 159 2,075 Commercial 1,797 145 - - 388 2,330 Home equity lines of credit and loans 194 ( 20 ) - - 12 186 Construction 1,286 136 - - 69 1,491 Other loans: Commercial loans 60 34 - - 119 213 Consumer 1 - - - - 1 Unallocated 320 ( 320 ) - - - - Total $ 7,200 $ 182 $ - $ - $ 875 $ 8,257 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.3 million and $ 3.2 million as of March 31, 2024 and 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 three months ended March 31, 2023 represents a $ 182,000 increase to the allowance for credit losses attributable to the change in accounting methodology for estimating the allowance for credit losses resulting from the Company's adoption of the standard. |
Schedule of Information Regarding Past Due Loans | The following tables show the age analysis of past due loans as of the dates indicated: 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on Non-accrual (in thousands) As of March 31, 2024 Real estate loans: One-to-four family residential $ 717 $ 272 $ — $ 989 $ 410,000 $ 410,989 $ — $ 1,181 Multi-family — — — — 311,147 311,147 — — Commercial — — — — 202,124 202,124 — — Home equity lines of credit and loans 189 — 14 203 33,493 33,696 — 22 Construction — — — — 107,428 107,428 — — Other loans: Commercial — — — — 14,358 14,358 — — Consumer 4 1 — 5 151 156 — — $ 910 $ 273 $ 14 $ 1,197 $ 1,078,701 $ 1,079,898 $ — $ 1,203 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on Non-accrual (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 During the three months ended March 31, 2024 and 2023 , interest income recognized on nonaccrual loans amounted to $ 15,000 and $ 0 , respectively. |
Schedule of Information Regarding Nonacccrual Loans | The following tables show information regarding nonaccrual loans as of the dates indicated: As of March 31, 2024 With Allowance for Credit Losses Without Allowance for Credit Losses Total (in thousands) Real estate loans: One-to-four family residential $ — $ 1,181 $ 1,181 Home equity lines of credit and loans — 22 22 Total nonaccrual loans $ — $ 1,203 $ 1,203 As of December 31, 2023 With Allowance for Credit Losses Without Allowance for Credit Losses Total (in thousands) Real estate loans: One-to-four family residential $ — $ 1,191 $ 1,191 Home equity lines of credit and loans — 22 22 Total nonaccrual loans $ — $ 1,213 $ 1,213 |
Summary of Loans by Risk Rating | The following tables detail the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of March 31, 2024 and December 31, 2023: Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 2024 2023 2022 2021 2020 Prior As of March 31, 2024 (in thousands) One-to-four family residential Pass $ 1,935 $ 9,229 $ 36,521 $ 15,429 $ 4,434 $ 12,553 $ — $ — $ 80,101 Special Mention — — — — 800 448 — — 1,248 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 5,417 48,887 88,343 71,818 50,639 64,536 — — 329,640 Total $ 7,352 $ 58,116 $ 124,864 $ 87,247 $ 55,873 $ 77,537 $ — $ — $ 410,989 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Pass $ 6,589 $ 45,141 $ 201,261 $ 36,579 $ 8,821 $ 9,711 $ 3,045 $ — $ 311,147 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 6,589 $ 45,141 $ 201,261 $ 36,579 $ 8,821 $ 9,711 $ 3,045 $ — $ 311,147 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 10,971 $ 39,536 $ 72,442 $ 22,926 $ 16,276 $ 34,041 $ 5,932 $ — 202,124 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 10,971 $ 39,536 $ 72,442 $ 22,926 $ 16,276 $ 34,041 $ 5,932 $ — $ 202,124 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit and loans Pass $ — $ 326 $ — $ — $ — $ — $ 4,643 $ — $ 4,969 Special Mention — — — — — 14 8 — 22 Substandard — — — — — — 99 — 99 Doubtful — — — — — — — — — Loans not formally rated (1) 129 404 35 10 — 82 27,412 534 28,606 Total $ 129 $ 730 $ 35 $ 10 $ — $ 96 $ 32,162 $ 534 $ 33,696 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 6,026 $ 40,635 $ 47,609 $ 6,819 $ — $ 3,774 $ — $ — $ 104,863 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — 2,565 — — — — — — 2,565 Total $ 6,026 $ 43,200 $ 47,609 $ 6,819 $ — $ 3,774 $ — $ — $ 107,428 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial loans Pass $ 4,500 $ 4,436 $ 3,050 $ 416 $ 30 $ 215 $ 1,653 $ — $ 14,300 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — 58 — — — — 58 Total $ 4,500 $ 4,436 $ 3,050 $ 474 $ 30 $ 215 $ 1,653 $ — $ 14,358 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ — $ — $ — $ — $ — $ — $ — $ — $ — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — 23 36 43 — 11 43 — 156 Total $ — $ 23 $ 36 $ 43 $ — $ 11 $ 43 $ — $ 156 Current-period gross charge-offs (2) $ — $ — $ — $ — $ — $ — $ — $ — $ — 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 March 31, 2024 and December 31, 2023. (2) Gross charge-off disclosures are made starting in the period of adoption and prospectively. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Defined Benefit Plan [Abstract] | |
Summary of share information held by the ESOP | The following table presents share information held by the ESOP: As of March 31, 2024 As of December 31, 2023 (Dollars in thousands) Allocated shares 72,017 72,017 Shares committed to be released 9,125 - Unallocated shares 651,493 660,618 Total shares 732,635 732,635 Fair value of unallocated shares $ 8,456 $ 8,297 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Compensation Expense and Income Tax Benefit Recognized | The following table represents the compensation expense and income tax benefits recognized for stock options and restricted stock awards for the periods indicated: Three Months Ended March 31, 2024 (in thousands) Stock-based compensation expense Stock options $ 164 Restricted stock awards 160 Total stock-based compensation expense $ 324 Related tax benefits recognized in earnings $ 69 |
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 the periods indicated: March 31, 2024 December 31, 2023 Amount Weighted average period Amount Weighted average period (Dollars in thousands) Stock options $ 2,997 4.55 $ 3,162 4.80 Restricted stock awards 2,921 4.55 3,081 4.80 Total $ 5,918 $ 6,243 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | As of March 31, 2024 and December 31, 2023 , 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) March 31, 2024 Available for-sale-securities Corporate bonds $ 2,500 $ — $ 2,500 $ — Derivative instruments 633 — 633 — $ — Total assets measured on a recurring basis $ 3,133 $ — $ 3,133 $ — December 31, 2023 Available for-sale-securities Corporate bonds $ 5,003 $ — $ 5,003 $ — Derivative instruments — — — — Total assets measured on a recurring basis $ 5,003 $ — $ 5,003 $ — |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis | For March 31, 2024 and December 31, 2023, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. March 31, 2024 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 112,368 $ 112,368 $ 112,368 $ - $ - Held-to-maturity securities 77,315 70,662 - 70,662 - Federal Home Loan Bank stock 9,777 9,777 - 9,777 - Loans, net 1,070,951 988,342 - - 988,342 Accrued interest receivable 4,051 4,051 4,051 - - Bank-owned life insurance 14,590 14,590 - 14,590 - Financial liabilities: Deposits, other than certificates of deposit $ 366,051 $ 366,051 $ - $ 366,051 $ - Certificates of deposit 535,595 531,760 - 531,760 - Federal Home Loan Bank advances 224,000 220,818 - 220,818 - Accrued interest payable 1,810 1,810 1,810 - - 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) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (in thousands) Commitments to originate loans $ 39,388 $ 22,701 Commitments to purchase loans 1,680 415 Unadvanced funds on lines of credit 75,115 78,378 Unadvanced funds on construction loans 47,781 53,013 $ 163,964 $ 154,507 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects | The com ponents of other comprehensive income (loss) and related tax effects are as follows for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 (in thousands) Unrealized losses on securities: Net unrealized holding losses on available-for-sale securities $ ( 3 ) $ ( 16 ) Reclassification adjustment for realized gains in net income — — ( 3 ) ( 16 ) Income tax benefit — 4 Net-of-tax amount ( 3 ) ( 12 ) Net change in fair value of cash flow hedges Change in fair value of cash flow hedges $ 784 $ — Reclassification adjustment for cash flow hedge gains into net income ( 151 ) — 633 — Income expense benefit ( 177 ) — Net-of-tax amount 456 — Other comprehensive income (loss), net of tax $ 453 $ ( 12 ) |
Schedule of Accumulated Other Comprehensive Income | Accumulated other comprehensive income as of March 31, 2024 and December 31, 2023 consists of unrecognized benefit costs, net of taxes, unrealized holding gains on securities available for sale, net of tax, and fair value of cash flow hedges, net of tax as follows: As of March 31, 2024 As of December 31, 2023 (in thousands) Net unrealized holding loss on securities available-for-sale, net of tax $ — $ 3 Unrecognized SERP gain, net of tax 56 56 Unrecognized DFCP gain, net of tax 70 70 Fair value of cash flow hedges, net of tax 456 — Accumulated other comprehensive income $ 582 $ 129 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Total Capital (to Risk Weighted Assets) $ 150,165 17.19 % $ 91,719 10.50 % $ 87,351 10.00 % Tier 1 Capital (to Risk Weighted Assets) 140,671 16.10 % 74,248 8.50 % 69,881 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 140,671 16.10 % 61,146 7.00 % 56,778 6.50 % Tier 1 Capital (to Average Assets) 140,671 10.98 % 51,242 4.00 % 64,053 5.00 % 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 % |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per share data | Three months ended March 31, 2024 2023 (in thousands, except per share data) Net income allocated to common stock $ 621 $ 901 Weighted-average common shares outstanding used to calculate basic earnings per common share 8,299,775 8,481,042 Add: Dilutive effect of restricted stock awards 75,560 — Weighted-average common shares outstanding used to calculate diluted earnings per common share 8,375,335 8,481,042 Earnings per common share Basic $ 0.07 $ 0.11 Diluted $ 0.07 $ 0.11 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate swaps | The following table reflects the Company's derivative position at the date indicated below for the interest rate swaps: As of March 31, 2024 (Dollars in thousands) Notional amount $ 50,000 Weighted-average pay rate 3.68 % Weighted-average receive rate 5.34 % Weighted-average maturity in years 4.38 Estimated fair value of asset $ 633 |
Schedule of Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheets | The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of March 31, 2024: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (in thousands) Derivatives designated as hedging instruments Interest rate swaps Other assets $ 633 Other liabilities $ - Total $ 633 $ - |
Schedule of pre-tax effects of cash flow hedge accumulated other comprehensive income and current earnings | The pre-tax effects of cash flow hedge account on accumulated other comprehensive income and current earnings for the period indicated are as follows: Three months ended March 31, 2024 (in thousands) Interest rate swaps Amount of gain recognized in OCI on derivative $ 633 Gain reclassified from OCI into interest expense $ 151 |
Conversion - Additional Informa
Conversion - Additional Information (Details) - USD ($) | Jul. 27, 2022 | Mar. 31, 2024 | Dec. 31, 2023 |
Number of shares sold in offering | 8,915,247 | 9,243,578 | 9,291,810 |
Common stock per share price | $ 10 | $ 0.01 | $ 0.01 |
Gross offering proceeds | $ 89,200,000 | ||
Amount contributed through cash | $ 600,000 | ||
Number of common stock shares funded | 260,000 |
Investments in Securities - Sch
Investments in Securities - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | $ 77,315 | $ 76,979 |
Held-to-maturity securities, Gross Unrealized Gains | 82 | 36 |
Held-to-maturity securities, Gross Unrealized Losses | (6,735) | (6,425) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 70,662 | 70,590 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 10,231 | 10,225 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | (356) | (381) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 9,875 | 9,844 |
Mortgage-backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 48,279 | 49,445 |
Held-to-maturity securities, Gross Unrealized Gains | 2 | 36 |
Held-to-maturity securities, Gross Unrealized Losses | (5,578) | (5,235) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 42,703 | 44,246 |
Corporate Bonds | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 15,905 | 14,408 |
Held-to-maturity securities, Gross Unrealized Gains | 80 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | (794) | (779) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 15,191 | 13,629 |
US Treasury Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 2,900 | 2,901 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity securities, Gross Unrealized Losses | (7) | (30) |
Held-to-maturity securities, Allowance for Credit Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | $ 2,893 | $ 2,871 |
Investments in Securities - S_2
Investments in Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | $ 2,500,000 | $ 5,000,000 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 4,000 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | (1,000) | |
Available-for-sale Securities, Allowance for Credit Losses | 0 | 0 | $ 0 |
Available-for-sale Securities, Fair Value | 2,500,000 | 5,003,000 | |
Corporate Bonds | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 2,500,000 | 5,000,000 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 4,000 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | (1,000) | |
Available-for-sale Securities, Allowance for Credit Losses | 0 | 0 | |
Available-for-sale Securities, Fair Value | $ 2,500,000 | $ 5,003,000 |
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 | Mar. 31, 2024 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale, Fair Value, Within 1 year | $ 2,500 |
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 | 2,500 |
Held-to-maturity, Amortized Cost Basis, Within 1 year | 9,056 |
Held-to-maturity, Amortized Cost Basis, After 1 year through 5 years | 23,511 |
Held-to-maturity, Amortized Cost Basis, After 5 years through 10 years | 4,397 |
Held-to-maturity, Amortized Cost Basis, After 10 years | 40,351 |
Held-to-maturity, Amortized Cost Basis, Total | 77,315 |
Held-to-maturity, Fair Value, Within 1 year | 8,986 |
Held-to-maturity, Fair Value, After 1 year through 5 years | 22,480 |
Held-to-maturity, Fair Value, After 5 years through 10 years | 4,264 |
Held-to-maturity, Fair Value, After 10 years | 34,932 |
Held-to-maturity, Fair Value | $ 70,662 |
Investments in Securities - Add
Investments in Securities - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) Age Security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||
Accrued interest on held to maturity securities | $ 291,000 | $ 310,000 | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable | |
Accrued interest on available for sale securities | $ 39,000 | $ 58,000 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable | |
Held-to-maturity securities, write-offs of accrued interest income | $ 0 | $ 0 | |
Held-to-maturity securities, delinquent amount | 0 | $ 0 | |
Available-for-sale securities, write-offs of accrued interest income | 0 | 0 | |
Available-for-sale securities, nonaccrual status | 0 | 0 | |
Sale of securities | 0 | $ 0 | |
Allowance for credit losses on securities | $ 0 | ||
Debt securities issued by U.S. government-sponsored enterprises | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities | Security | 4 | ||
Percentage of unrealized losses with aggregate depreciation | 3.50% | ||
Mortgage-backed Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities | Age | 50 | ||
Percentage of unrealized losses with aggregate depreciation | 11.60% | ||
Corporate Bonds | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities | Age | 8 | ||
Percentage of unrealized losses with aggregate depreciation | 6.10% | ||
US Treasury Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities | Age | 1 | ||
Percentage of unrealized losses with aggregate depreciation | 0.30% | ||
FHLB | Loans Pledged | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Pledged securities | $ 61,400,000 | $ 62,600,000 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | $ 9,483 | $ 5,561 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (61) | (18) |
Held-to-maturity, 12 Months or Longer, Fair Value | 58,130 | 59,500 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (6,674) | (6,407) |
Held-to-maturity, Fair Value, Total | 67,613 | 65,061 |
Held-to-maturity, Unrealized Losses, Total | (6,735) | (6,425) |
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 | 2,738 | 2,740 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (12) | (7) |
Held-to-maturity, 12 Months or Longer, Fair Value | 7,137 | 7,104 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (344) | (374) |
Held-to-maturity, Fair Value, Total | 9,875 | 9,844 |
Held-to-maturity, Unrealized Losses, Total | (356) | (381) |
Mortgage-backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | 5,264 | 0 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (30) | 0 |
Held-to-maturity, 12 Months or Longer, Fair Value | 37,308 | 38,717 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (5,549) | (5,235) |
Held-to-maturity, Fair Value, Total | 42,572 | 38,717 |
Held-to-maturity, Unrealized Losses, Total | (5,578) | (5,235) |
Corporate Bonds | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | 1,481 | 2,821 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (19) | (11) |
Held-to-maturity, 12 Months or Longer, Fair Value | 10,792 | 10,808 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (774) | (768) |
Held-to-maturity, Fair Value, Total | 12,273 | 13,629 |
Held-to-maturity, Unrealized Losses, Total | (794) | (779) |
US Treasury Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 Months, Fair Value | 0 | 0 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | 0 | 0 |
Held-to-maturity, 12 Months or Longer, Fair Value | 2,893 | 2,871 |
Held-to-maturity, 12 Months or Longer, Unrealized Losses | (7) | (30) |
Held-to-maturity, Fair Value, Total | 2,893 | 2,871 |
Held-to-maturity, Unrealized Losses, Total | $ (7) | $ (30) |
Loans, Allowance for Credit L_3
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | [1] | Dec. 31, 2022 | |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans, gross | $ 1,079,898 | $ 1,048,606 | ||||
Net deferred loan fees | (277) | (226) | ||||
Allowance for credit losses | (8,670) | [1] | (8,591) | $ (8,257) | $ (7,200) | |
Total loans, net | $ 1,070,951 | $ 1,039,789 | ||||
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 | $ 33,696 | $ 33,357 | ||||
Allowance for credit losses | $ (319) | [1] | $ (321) | (186) | (194) | |
Total loans, gross percent | 3.10% | 3.20% | ||||
Real Estate Loans | One-to Four Family Residential | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans, gross | $ 410,989 | $ 410,131 | ||||
Total loans, gross percent | 38.10% | 39.10% | ||||
Real Estate Loans | Multi Family | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans, gross | $ 311,147 | $ 287,361 | ||||
Allowance for credit losses | $ (1,283) | [1] | $ (1,190) | (2,075) | (1,839) | |
Total loans, gross percent | 28.80% | 27.40% | ||||
Real Estate Loans | Commercial Real Estate Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans, gross | $ 202,124 | $ 196,365 | ||||
Allowance for credit losses | $ (1,672) | [1] | $ (1,636) | (2,330) | (1,797) | |
Total loans, gross percent | 18.70% | 18.70% | ||||
Real Estate Loans | Construction | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans, gross | $ 107,428 | $ 112,000 | ||||
Allowance for credit losses | $ (1,681) | [1] | $ (1,757) | (1,491) | (1,286) | |
Total loans, gross percent | 9.90% | 10.70% | ||||
Other Loans | Commercial Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans, gross | $ 14,358 | $ 9,219 | ||||
Allowance for credit losses | $ (203) | [1] | $ (131) | (213) | (60) | |
Total loans, gross percent | 1.30% | 0.90% | ||||
Other Loans | Consumer | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Total loans, gross | $ 156 | $ 173 | ||||
Allowance for credit losses | $ (1) | [1] | $ (1) | $ (1) | $ (1) | |
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 $ 3.3 million and $ 3.2 million as of March 31, 2024 and December 31, 2023 . |
Loans, Allowance for Credit L_4
Loans, Allowance for Credit Losses and Credit Quality - Additional Information (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) Grade | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
Total outstanding loan balances | $ 854,000 | $ 927,000 | $ 871,000 | $ 943,000 |
Interest income recognized on nonaccrual loans | $ 15,000 | 0 | ||
Number of Internal Loan Rating Grades | Grade | 7 | |||
Loan restructurings | $ 0 | $ 0 | ||
FHLBB | Loans Pledged | ||||
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
Carrying value of loans pledged | 686,700,000 | 553,000,000 | ||
Commercial And Industrial Loans | ||||
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
Threshold limit for loans receivable | 500,000 | |||
Commercial Real Estate Loans | ||||
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
Threshold limit for loans receivable | 1,000,000 | |||
Residential Real Estate | ||||
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
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 ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Beginning Balance | $ 871,000 | $ 943,000 |
New Loans | 0 | 0 |
Advances | 0 | 0 |
Paydowns | (17,000) | (16,000) |
Ending Balance | $ 854,000 | $ 927,000 |
Loans, Allowance for Credit L_6
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Allowance for loan losses | |||
Beginning balance | $ 8,591,000 | $ 7,200,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | 79,000 | 875,000 | |
Ending balance | [1] | 8,670,000 | 8,257,000 |
Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | 182,000 | |
Ending balance | 182,000 | ||
Unallocated | |||
Allowance for loan losses | |||
Beginning balance | 0 | 320,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | 0 | 0 | |
Ending balance | [1] | 0 | 0 |
Unallocated | Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | (320,000) | |
Real Estate | Home Equity Lines of Credit and Loans | |||
Allowance for loan losses | |||
Beginning balance | 321,000 | 194,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | (2,000) | 12,000 | |
Ending balance | [1] | 319,000 | 186,000 |
Real Estate | Home Equity Lines of Credit and Loans | Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | (20,000) | |
Real Estate | One- to Four-Family Residential | |||
Allowance for loan losses | |||
Beginning balance | 3,555,000 | 1,703,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | (44,000) | 128,000 | |
Ending balance | [1] | 3,511,000 | 1,961,000 |
Real Estate | One- to Four-Family Residential | Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | 130,000 | |
Real Estate | Multi Family | |||
Allowance for loan losses | |||
Beginning balance | 1,190,000 | 1,839,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | 93,000 | 159,000 | |
Ending balance | [1] | 1,283,000 | 2,075,000 |
Real Estate | Multi Family | Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | 77,000 | |
Real Estate | Commercial | |||
Allowance for loan losses | |||
Beginning balance | 1,636,000 | 1,797,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | 36,000 | 388,000 | |
Ending balance | [1] | 1,672,000 | 2,330,000 |
Real Estate | Commercial | Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | 145,000 | |
Real Estate | Construction | |||
Allowance for loan losses | |||
Beginning balance | 1,757,000 | 1,286,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | (76,000) | 69,000 | |
Ending balance | [1] | 1,681,000 | 1,491,000 |
Real Estate | Construction | Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | 136,000 | |
Other Loans | Commercial Loans | |||
Allowance for loan losses | |||
Beginning balance | 131,000 | 60,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | 72,000 | 119,000 | |
Ending balance | [1] | 203,000 | 213,000 |
Other Loans | Commercial Loans | Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | 34,000 | |
Other Loans | Consumer | |||
Allowance for loan losses | |||
Beginning balance | 1,000 | 1,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Benefit) provision | 0 | 0 | |
Ending balance | [1] | $ 1,000 | 1,000 |
Other Loans | Consumer | Cumulative effect accounting adjustment | ASU 2016-13 | |||
Allowance for loan losses | |||
Beginning balance | [2] | $ 0 | |
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.3 million and $ 3.2 million as of March 31, 2024 and 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 three months ended March 31, 2023 represents a $ 182,000 increase to the allowance for credit losses 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 ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | [1] | Dec. 31, 2022 | ||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||
Allowance for credit losses | $ 8,670,000 | [1] | $ 8,591,000 | $ 8,257,000 | $ 7,200,000 | ||
Allowance for credit losses | 0 | 0 | |||||
Cumulative effect 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 | $ 3,300,000 | $ 3,200,000 | |||||
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.3 million and $ 3.2 million as of March 31, 2024 and 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 three months ended March 31, 2023 represents a $ 182,000 increase to the allowance for credit losses 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 ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | $ 1,079,898 | $ 1,048,606 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,203 | 1,213 |
30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 910 | 1,083 |
60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 273 | 225 |
90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 14 | 817 |
Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 1,197 | 2,125 |
Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 1,078,701 | 1,046,481 |
Real Estate Loans | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 33,696 | 33,357 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 22 | 22 |
Real Estate Loans | 30–59 Days | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 189 | 360 |
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 | 14 | 8 |
Real Estate Loans | Total Past Due | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 203 | 368 |
Real Estate Loans | Total Current | Home Equity Lines of Credit and Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 33,493 | 32,989 |
Real Estate Loans | One- to Four-Family Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 410,989 | 410,131 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,181 | 1,191 |
Real Estate Loans | One- to Four-Family Residential | 30–59 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 717 | 722 |
Real Estate Loans | One- to Four-Family Residential | 60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 272 | 225 |
Real Estate Loans | One- to Four-Family Residential | 90 Days or More | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 0 | 809 |
Real Estate Loans | One- to Four-Family Residential | Total Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 989 | 1,756 |
Real Estate Loans | One- to Four-Family Residential | Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 410,000 | 408,375 |
Real Estate Loans | Multi Family | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 311,147 | 287,361 |
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 | 311,147 | 287,361 |
Real Estate Loans | Commercial Real Estate Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 202,124 | 196,365 |
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 | 202,124 | 196,365 |
Real Estate Loans | Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 107,428 | 112,000 |
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 | 107,428 | 112,000 |
Other Loans | Commercial Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 14,358 | 9,219 |
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 | 14,358 | 9,219 |
Other Loans | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 156 | 173 |
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 | 4 | 1 |
Other Loans | Consumer | 60–89 Days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | 1 | 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 | 5 | 1 |
Other Loans | Consumer | Total Current | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Loans | $ 151 | $ 172 |
Loans, Allowance for Credit L_9
Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | $ 0 | $ 0 |
Without Allowance for Credit Losses | 1,203 | 1,213 |
Total | 1,203 | 1,213 |
Real Estate Loans | Home Equity Lines of Credit and Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | 0 |
Without Allowance for Credit Losses | 22 | 22 |
Total | 22 | 22 |
Real Estate Loans | One- to Four-Family Residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
With allowance for credit losses | 0 | 0 |
Without Allowance for Credit Losses | 1,181 | 1,191 |
Total | $ 1,181 | $ 1,191 |
Loans, Allowance for Credit _10
Loans, Allowance for Credit Losses and Credit Quality - Summary of Loans by Risk Rating (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable Impaired [Line Items] | ||
Total Loans | $ 1,079,898 | $ 1,048,606 |
Real Estate Loans | Home Equity Lines of Credit and Loans | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 730 | 736 |
2023 | 35 | 36 |
2022 | 10 | 12 |
2021 | 0 | 0 |
2020 | 129 | 65 |
Prior | 96 | 36 |
Revolving loans amortized cost basis | 32,162 | 31,964 |
Revolving loans converted to term loans | 534 | 508 |
Total Loans | 33,696 | 33,357 |
Current-period gross writeoffs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total current-period gross writeoffs | 0 | 0 |
Real Estate Loans | Home Equity Lines of Credit and Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 326 | 326 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 4,643 | 4,986 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 4,969 | 5,312 |
Real Estate Loans | Home Equity Lines of Credit and Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 14 | 14 |
Revolving loans amortized cost basis | 8 | 8 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 22 | 22 |
Real Estate Loans | Home Equity Lines of Credit and Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Home Equity Lines of Credit and Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Home Equity Lines of Credit and Loans | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 404 | 410 |
2023 | 35 | 36 |
2022 | 10 | 12 |
2021 | 0 | 0 |
2020 | 129 | 65 |
Prior | 82 | 22 |
Revolving loans amortized cost basis | 27,412 | 26,970 |
Revolving loans converted to term loans | 534 | 508 |
Total Loans | 28,606 | 28,023 |
Real Estate Loans | One- to Four-Family Residential | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 7,352 | 58,377 |
2023 | 58,116 | 127,489 |
2022 | 124,864 | 87,992 |
2021 | 87,247 | 56,320 |
2020 | 55,873 | 11,359 |
Prior | 77,537 | 68,594 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 410,989 | 410,131 |
Current-period gross writeoffs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total current-period gross writeoffs | 0 | 0 |
Real Estate Loans | One- to Four-Family Residential | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 1,935 | 9,689 |
2023 | 9,229 | 36,662 |
2022 | 36,521 | 15,529 |
2021 | 15,429 | 4,476 |
2020 | 4,434 | 4,230 |
Prior | 12,553 | 9,224 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 80,101 | 79,810 |
Real Estate Loans | One- to Four-Family Residential | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 809 |
2020 | 800 | 0 |
Prior | 448 | 451 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 1,248 | 1,260 |
Real Estate Loans | One- to Four-Family Residential | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | One- to Four-Family Residential | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | One- to Four-Family Residential | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 5,417 | 48,688 |
2023 | 48,887 | 90,827 |
2022 | 88,343 | 72,463 |
2021 | 71,818 | 51,035 |
2020 | 50,639 | 7,129 |
Prior | 64,536 | 58,919 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 329,640 | 329,061 |
Real Estate Loans | Multi Family | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 6,589 | 45,188 |
2023 | 45,141 | 194,999 |
2022 | 201,261 | 26,820 |
2021 | 36,579 | 8,873 |
2020 | 8,821 | 0 |
Prior | 9,711 | 9,798 |
Revolving loans amortized cost basis | 3,045 | 1,683 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 311,147 | 287,361 |
Current-period gross writeoffs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total current-period gross writeoffs | 0 | 0 |
Real Estate Loans | Multi Family | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 6,589 | 45,188 |
2023 | 45,141 | 194,999 |
2022 | 201,261 | 26,820 |
2021 | 36,579 | 8,873 |
2020 | 8,821 | 0 |
Prior | 9,711 | 9,798 |
Revolving loans amortized cost basis | 3,045 | 1,683 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 311,147 | 287,361 |
Real Estate Loans | Multi Family | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Multi Family | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Multi Family | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Multi Family | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 10,971 | 43,639 |
2023 | 39,536 | 72,671 |
2022 | 72,442 | 24,138 |
2021 | 22,926 | 16,407 |
2020 | 16,276 | 4,054 |
Prior | 34,041 | 31,132 |
Revolving loans amortized cost basis | 5,932 | 4,324 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 202,124 | 196,365 |
Current-period gross writeoffs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total current-period gross writeoffs | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 10,971 | 43,639 |
2023 | 39,536 | 72,671 |
2022 | 72,442 | 24,138 |
2021 | 22,926 | 16,407 |
2020 | 16,276 | 4,054 |
Prior | 34,041 | 31,132 |
Revolving loans amortized cost basis | 5,932 | 4,324 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 202,124 | 196,365 |
Real Estate Loans | Commercial Real Estate Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Construction | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 43,200 | 35,828 |
2023 | 47,609 | 55,170 |
2022 | 6,819 | 17,228 |
2021 | 0 | 0 |
2020 | 6,026 | 786 |
Prior | 3,774 | 2,988 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 107,428 | 112,000 |
Current-period gross writeoffs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total current-period gross writeoffs | 0 | 0 |
Real Estate Loans | Construction | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 40,635 | 33,707 |
2023 | 47,609 | 55,170 |
2022 | 6,819 | 17,228 |
2021 | 0 | 0 |
2020 | 6,026 | 786 |
Prior | 3,774 | 2,988 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 104,863 | 109,879 |
Real Estate Loans | Construction | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Construction | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Construction | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Real Estate Loans | Construction | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 2,565 | 2,121 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 2,565 | 2,121 |
Other Loans | Commercial Loans | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 4,436 | 4,444 |
2023 | 3,050 | 3,349 |
2022 | 474 | 493 |
2021 | 30 | 35 |
2020 | 4,500 | 89 |
Prior | 215 | 154 |
Revolving loans amortized cost basis | 1,653 | 655 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 14,358 | 9,219 |
Current-period gross writeoffs | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total current-period gross writeoffs | 0 | 0 |
Other Loans | Commercial Loans | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 4,436 | 4,444 |
2023 | 3,050 | 3,349 |
2022 | 416 | 428 |
2021 | 30 | 35 |
2020 | 4,500 | 89 |
Prior | 215 | 154 |
Revolving loans amortized cost basis | 1,653 | 655 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 14,300 | 9,154 |
Other Loans | Commercial Loans | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Other Loans | Commercial Loans | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Other Loans | Commercial Loans | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Other Loans | Commercial Loans | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 58 | 65 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 58 | 65 |
Other Loans | Consumer | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 23 | 31 |
2023 | 36 | 38 |
2022 | 43 | 45 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 11 | 13 |
Revolving loans amortized cost basis | 43 | 46 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 156 | 173 |
Current-period gross writeoffs | ||
2024 | 0 | 2 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Total current-period gross writeoffs | 0 | 2 |
Other Loans | Consumer | Pass | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Other Loans | Consumer | Special Mention | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Other Loans | Consumer | Substandard | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 99 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 99 | 0 |
Other Loans | Consumer | Doubtful | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Other Loans | Consumer | Loans Not Formally Rated | ||
Financing Receivable Impaired [Line Items] | ||
2024 | 23 | 31 |
2023 | 36 | 38 |
2022 | 43 | 45 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior | 11 | 13 |
Revolving loans amortized cost basis | 43 | 46 |
Revolving loans converted to term loans | 0 | 0 |
Total Loans | $ 156 | $ 173 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jul. 27, 2022 | Jan. 01, 2018 | Jan. 01, 2017 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Minimum percentage of voluntary contributions by participating employees | 1% | ||||||
Maximum percentage of voluntary contributions by participating employees | 75% | ||||||
Defined Contribution Plan, Tax Status | us-gaap:QualifiedPlanMember | us-gaap:QualifiedPlanMember | |||||
Defined contribution plan, employer matching contribution, percent of match | 100% | ||||||
Defined contribution plan, employer matching contribution, percent of employees' compensation | 7% | ||||||
Defined contribution plan, pension expense | $ 123,000 | $ 115,000 | |||||
Defined contribution plan, employee incentive plan expense | $ 354,000 | 354,000 | |||||
Amount borrowed under ESOP | $ 7,300,000 | ||||||
Shares purchased under ESOP | 734,020 | 732,635 | 732,635 | ||||
ESOP loan term | 20 years | ||||||
ESOP interest rate | 4.75% | ||||||
Total compensation expense | $ 119,000 | 139,000 | |||||
Director | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of director fees | 100% | ||||||
Percentage of vested deferred fees and interest | 100% | ||||||
Deferred compensation liability | $ 678,000 | $ 698,000 | |||||
Supplemental Executive Retirement Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Liability related expense, to withdrawal | 1,093,000 | 1,106,000 | |||||
Defined benefit plan, pension expense | 13,000 | 19,000 | |||||
Director Fee Continuation Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, pension expense | 28,000 | 22,000 | |||||
Defined benefit plan, vesting percentage | 100% | ||||||
Supplemental Executive Retirement Agreement | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Liability related expense, to withdrawal | 3,246,000 | $ 3,200,000 | |||||
Defined benefit plan, pension expense | 46,000 | 30,000 | |||||
Defined benefit plan, employer matching contribution, percent of employees' compensation | 60% | ||||||
Defined benefit plan, vesting percentage | 100% | ||||||
Defined benefit plan vesting period | 10 years | ||||||
Executive Deferred Compensation Agreement | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of contribution | 10% | ||||||
Deferred compensation plan | 24,000 | 11,000 | |||||
Survivor Benefit Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined benefit plan, pension expense | $ 0 | $ 0 | |||||
Number of years of compensation | 2 years |
Employee Benefits - Summary of
Employee Benefits - Summary of Share information held by the ESOP (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 27, 2022 |
Defined Benefit Plan [Abstract] | |||
Allocated shares | 72,017 | 72,017 | |
Shares committed to be released | 9,125 | 0 | |
Unallocated shares | 651,493 | 660,618 | |
Total shares | 732,635 | 732,635 | 734,020 |
Fair value of unallocated shares | $ 8,456 | $ 8,297 |
Stock-based compensation - Addi
Stock-based compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 07, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 324 | $ 0 | |
Related tax benefits recognized in earnings | $ 69 | $ 0 | |
Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock options granted | 0 | 0 | |
Stock option exercised | 0 | ||
Stock Option exercised | 0 | ||
Stock option vested | 0 | 0 | |
Stock option forfeitures and Expirations | 0 | 0 | |
Stock-based compensation expense | $ 164 | ||
Restricted Stock Awards | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock options granted | 0 | 0 | |
Stock option vested | 0 | 0 | |
Stock option forfeited | 0 | 0 | |
Stock-based compensation expense | $ 160 | ||
2023 Equity Incentive Plan | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares authorized | 1,248,133 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Compensation Expense and Income Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 324 | $ 0 |
Related tax benefits recognized in earnings | 69 | $ 0 |
Stock Options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | 164 | |
Restricted Stock Awards | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 160 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Compensation Cost Related to Non-vested Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation cost related to non-vested awards not yet recognized | $ 5,918 | $ 6,243 |
Stock Options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation cost related to non-vested awards not yet recognized | $ 2,997 | $ 3,162 |
Weighted average period | 4 years 6 months 18 days | 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 | $ 2,921 | $ 3,081 |
Weighted average period | 4 years 6 months 18 days | 4 years 9 months 18 days |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for-sale-securities | $ 2,500 | $ 5,003 |
Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for-sale-securities | 2,500 | 5,003 |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for-sale-securities | 2,500 | 5,003 |
Derivative instruments | 633 | 0 |
Total assets measured on a recurring basis | 3,133 | 5,003 |
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] | ||
Derivative instruments | 0 | 0 |
Total assets measured on a recurring basis | 0 | 0 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
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] | ||
Derivative instruments | 633 | 0 |
Total assets measured on a recurring basis | 3,133 | 5,003 |
Fair Value, Recurring | Significant Other Observable Inputs Level 2 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for-sale-securities | 2,500 | 5,003 |
Fair Value, Recurring | Significant Unobservable Inputs Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Total assets measured on a recurring basis | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs Level 3 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for-sale-securities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets or Liabilities, Fair Value | $ 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | $ 70,662 | $ 70,590 |
Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 112,368 | 119,036 |
Held-to-maturity securities | 77,315 | 76,979 |
Federal Home Loan Bank stock | 9,777 | 9,892 |
Loans, net | 1,070,951 | 1,039,789 |
Accrued interest receivable | 4,051 | 3,766 |
Bank-owned life insurance | 14,590 | 14,472 |
Deposits, other than certificates of deposit | 366,051 | 369,711 |
Certificates of deposit | 535,595 | 498,503 |
Federal Home Loan Bank advances | 224,000 | 234,000 |
Accrued interest payable | 1,810 | 2,191 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 112,368 | 119,036 |
Held-to-maturity securities | 70,662 | 70,590 |
Federal Home Loan Bank stock | 9,777 | 9,892 |
Loans, net | 988,342 | 952,867 |
Accrued interest receivable | 4,051 | 3,766 |
Bank-owned life insurance | 14,590 | 14,472 |
Deposits, other than certificates of deposit | 366,051 | 369,711 |
Certificates of deposit | 531,760 | 495,551 |
Federal Home Loan Bank advances | 220,818 | 233,878 |
Accrued interest payable | 1,810 | 2,191 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 112,368 | 119,036 |
Held-to-maturity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 4,051 | 3,766 |
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 | 1,810 | 2,191 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 70,662 | 70,590 |
Federal Home Loan Bank stock | 9,777 | 9,892 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 14,590 | 14,472 |
Deposits, other than certificates of deposit | 366,051 | 369,711 |
Certificates of deposit | 531,760 | 495,551 |
Federal Home Loan Bank advances | 220,818 | 233,878 |
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 |
Held-to-maturity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 988,342 | 952,867 |
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 ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Maximum potential amount of bank obligation | $ 0 | $ 0 | |
Letter of credit outstanding term | 1 year | ||
Allowance for off balance sheet loan losses | $ 824,000 | $ 756,000 | |
Provision (benefit) for off-balance sheet commitments | $ 68,000 | $ 4,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Financial Instrument Liabilities Represent Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | $ 163,964 | $ 154,507 |
Commitments To Originate Loans | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 39,388 | 22,701 |
Commitment To Purchase Loans | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 1,680 | 415 |
Unadvanced Funds On Lines Of Credit | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 75,115 | 78,378 |
Unadvanced Funds on Construction Loans | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | $ 47,781 | $ 53,013 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), net of tax | $ 453 | $ (12) |
Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications, before tax | (3) | (16) |
Reclassification adjustment, before tax | 0 | 0 |
Other comprehensive income (loss), before tax | (3) | (16) |
Income tax benefit | 0 | 4 |
Other comprehensive income (loss), net of tax | (3) | (12) |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications, before tax | 784 | 0 |
Reclassification adjustment, before tax | (151) | 0 |
Other comprehensive income (loss), before tax | 633 | 0 |
Income tax benefit | (177) | 0 |
Other comprehensive income (loss), net of tax | $ 456 | $ 0 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Net unrealized holding gains on securities available-for-sale, net of tax | $ 0 | $ 3,000 |
Accumulated other comprehensive income | 582,000 | 129,000 |
Supplemental Executive Retirement Plan | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Unrecognized costs, net of tax | 56,000 | 56,000 |
Fair value of cash flow hedges, net of tax | 456,000 | 0 |
Director Fee Continuation Plan | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Unrecognized costs, net of tax | $ 70,000 | $ 70,000 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Company's and Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Regulated Operations [Abstract] | ||
Total Capital (to Risk Weighted Assets), Actual Amount | $ 150,165 | $ 149,014 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 0.1719 | 0.173 |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 91,719 | $ 90,440 |
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 | $ 87,351 | $ 86,133 |
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 | $ 140,671 | $ 139,667 |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 0.161 | 0.1622 |
Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 74,248 | $ 73,213 |
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 | $ 69,881 | $ 68,907 |
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 | $ 140,671 | $ 139,667 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 0.161 | 0.1622 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 61,146 | $ 60,293 |
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 | $ 56,778 | $ 55,987 |
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 | $ 140,671 | $ 139,667 |
Tier 1 Capital (to Average Assets), Actual Ratio | 0.1098 | 0.1131 |
Tier 1 Capital (to Average Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount | $ 51,242 | $ 49,406 |
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 | $ 64,053 | $ 61,758 |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.05 | 0.05 |
Earnings per Share ("EPS") - Sc
Earnings per Share ("EPS") - Schedule of Earnings per share data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income allocated to common stock | $ 621 | $ 901 |
Weighted-average common shares outstanding used to calculate basic earnings per common share | 8,299,775 | 8,481,042 |
Add: Dilutive effect of restricted stock awards | 75,560 | 0 |
Weighted-average common shares outstanding used to calculate diluted earnings per common share | 8,375,335 | 8,481,042 |
Earnings per common share | ||
Basic | $ 0.07 | $ 0.11 |
Diluted | $ 0.07 | $ 0.11 |
Earnings per Share ("EPS") - Ad
Earnings per Share ("EPS") - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Options to Purchase | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities | 763,969 | 0 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities - Schedule of Interest Rate swaps (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Notional amount | $ 50,000 | $ 0 |
Weighted-average pay rate | 3.68% | |
Weighted-average receive rate | 5.34% | |
Weighted-average maturity in years | 4 years 4 months 17 days | |
Estimated fair value of asset | $ 633 |
Derivative and hedging activi_2
Derivative and hedging activities - Schedule of Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheets (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Derivatives, Fair Value [Line Items] | |
Asset Derivatives | $ 633 |
Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Asset Derivatives | 633 |
Liability Derivatives | 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Asset Derivatives | 633 |
Liability Derivatives | $ 0 |
Derivative and hedging activi_3
Derivative and hedging activities - Schedule of pre-tax effects of cash flow hedge accumulated other comprehensive income and current earnings (Details) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative [Line Items] | |
Amount of gain recognized in OCI on derivative | $ 633 |
Gain reclassified from OCI into interest expense | $ 151 |
Derivative and hedging activi_4
Derivative and hedging activities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Reclassified from OCI into interest expense | $ 0 | ||
Expected reclassified from OCI into interest expense | $ 612,000 | ||
Maximum length of time hedged in cash flow hedge | 4 years 9 months 18 days | ||
Derivative, pledged cash collareral | $ 870,000 | ||
Derivatives | $ 50,000,000 | $ 0 |