(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Large accelerated filer | ¨ | ☒ | |||||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Page | ||||||||
Part I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 1C. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 9C. | ||||||||
Part III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
Part IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
December 31, 2023 | ||||||||||||||
($ in thousands) | Amount | Percentage to Total | ||||||||||||
Commercial real estate: | ||||||||||||||
Commercial property | $ | 855,270 | 36.8 | % | ||||||||||
Business property | 558,772 | 24.0 | % | |||||||||||
Multifamily | 132,500 | 5.7 | % | |||||||||||
Construction | 24,843 | 1.1 | % | |||||||||||
Total commercial real estate | 1,571,385 | 67.6 | % | |||||||||||
Commercial and industrial | 342,002 | 14.7 | % | |||||||||||
Consumer: | ||||||||||||||
Residential mortgage | 389,420 | 16.8 | % | |||||||||||
Other consumer | 20,645 | 0.9 | % | |||||||||||
Total consumer | 410,065 | 17.7 | % | |||||||||||
Loans held-for-investment | $ | 2,323,452 | 100.0 | % | ||||||||||
December 31, 2023 | ||||||||||||||
($ in thousands) | Amount | Percentage to Total | ||||||||||||
Commercial real estate: | ||||||||||||||
Business property | $ | 2,802 | 54.4 | % | ||||||||||
Total commercial real estate | 2,802 | 54.4 | % | |||||||||||
Commercial and industrial | 2,353 | 45.6 | % | |||||||||||
Loans held-for-investment | $ | 5,155 | 100.0 | % | ||||||||||
PCA category | Total Risk-Based Capital Ratio | Tier 1 Risk-Based Capital Ratio | CET 1 Risk-Based Capital Ratio | Tier 1 Leverage Ratio | ||||||||||||||||||||||
Well capitalized | 10.0% | 8.0% | 6.5% | 5.0% | ||||||||||||||||||||||
Adequately capitalized | 8.0% | 6.0% | 4.5% | 4.0% | ||||||||||||||||||||||
Undercapitalized | < 8.0% | < 6.0% | < 4.5% | < 4.0% | ||||||||||||||||||||||
Significantly undercapitalized | < 6.0% | < 4.0% | < 3.0% | < 3.0% | ||||||||||||||||||||||
Critically undercapitalized | Tangible Equity / Total Assets ≤ 2.0% | |||||||||||||||||||||||||
($ in thousands, except per share data) | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Number of Shares That May Yet Be Purchased Under the Program | ||||||||||||||||||||||
From October 1, 2023 to October 31, 2023 | 59,474 | $ | 15.39 | 59,474 | $ | 593,324 | ||||||||||||||||||||
From November 1, 2023 to November 30, 2023 | 600 | 14.99 | 600 | 592,724 | ||||||||||||||||||||||
From December 1, 2023 to December 31, 2023 | — | — | — | 592,724 | ||||||||||||||||||||||
Total | 60,074 | $ | 15.39 | 60,074 | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Average total shareholders' equity | $ | 340,508 | $ | 306,440 | $ | 242,766 | $ | 228,553 | $ | 221,576 | ||||||||||||||||||||||
Less: average preferred stock | 69,141 | 42,053 | — | — | — | |||||||||||||||||||||||||||
Average tangible common equity | $ | 271,367 | $ | 264,387 | $ | 242,766 | $ | 228,553 | $ | 221,576 | ||||||||||||||||||||||
Net income | $ | 30,705 | $ | 34,987 | $ | 40,103 | $ | 16,175 | $ | 24,108 | ||||||||||||||||||||||
Return on average shareholders' equity | 9.02 | % | 11.42 | % | 16.52 | % | 7.08 | % | 10.88 | % | ||||||||||||||||||||||
Return on average tangible common equity | 11.31 | % | 13.23 | % | 16.52 | % | 7.08 | % | 10.88 | % | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
($ in thousands, except per share data) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Total shareholders' equity | $ | 348,872 | $ | 335,442 | $ | 256,286 | $ | 233,788 | $ | 226,834 | ||||||||||||||||||||||
Less: preferred stock | 69,141 | 69,141 | — | — | — | |||||||||||||||||||||||||||
Tangible common equity | $ | 279,731 | $ | 266,301 | $ | 256,286 | $ | 233,788 | $ | 226,834 | ||||||||||||||||||||||
Outstanding common shares | 14,260,440 | 14,625,474 | 14,865,825 | 15,385,878 | 15,707,016 | |||||||||||||||||||||||||||
Book value per common share | $ | 24.46 | $ | 22.94 | $ | 17.24 | $ | 15.19 | $ | 14.44 | ||||||||||||||||||||||
Tangible common equity per common share | $ | 19.62 | $ | 18.21 | $ | 17.24 | $ | 15.19 | $ | 14.44 | ||||||||||||||||||||||
Total assets | $ | 2,789,506 | $ | 2,420,036 | $ | 2,149,735 | $ | 1,922,853 | $ | 1,746,328 | ||||||||||||||||||||||
Total shareholders' equity to total assets | 12.51 | % | 13.86 | % | 11.92 | % | 12.16 | % | 12.99 | % | ||||||||||||||||||||||
Tangible common equity to total assets | 10.03 | % | 11.00 | % | 11.92 | % | 12.16 | % | 12.99 | % | ||||||||||||||||||||||
As of or For the Year Ended December 31, | ||||||||||||||||||||||||||||||||
($ in thousands, except per share data) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Selected balance sheet data: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 242,342 | $ | 147,031 | $ | 203,285 | $ | 194,098 | $ | 146,228 | ||||||||||||||||||||||
Securities available-for-sale | 143,323 | 141,863 | 123,198 | 120,527 | 97,566 | |||||||||||||||||||||||||||
Securities held-to-maturity | — | — | — | — | 20,154 | |||||||||||||||||||||||||||
Loans held-for-sale | 5,155 | 22,811 | 37,026 | 1,979 | 1,975 | |||||||||||||||||||||||||||
Loans held-for-investment | 2,323,452 | 2,046,063 | 1,732,205 | 1,583,578 | 1,450,831 | |||||||||||||||||||||||||||
ACL on loans (1) | (27,533) | (24,942) | (22,381) | (26,510) | (14,380) | |||||||||||||||||||||||||||
Total assets | 2,789,506 | 2,420,036 | 2,149,735 | 1,922,853 | 1,746,328 | |||||||||||||||||||||||||||
Total deposits | 2,351,612 | 2,045,983 | 1,867,134 | 1,594,851 | 1,479,307 | |||||||||||||||||||||||||||
Shareholders’ equity | 348,872 | 335,442 | 256,286 | 233,788 | 226,834 | |||||||||||||||||||||||||||
Selected income statement data: | ||||||||||||||||||||||||||||||||
Interest income | $ | 151,177 | $ | 101,751 | $ | 81,472 | $ | 79,761 | $ | 92,945 | ||||||||||||||||||||||
Interest expense | 62,673 | 12,119 | 4,335 | 13,572 | 23,911 | |||||||||||||||||||||||||||
Net interest income | 88,504 | 89,632 | 77,137 | 66,189 | 69,034 | |||||||||||||||||||||||||||
Provision (reversal) for credit losses (1) | (132) | 3,602 | (4,596) | 13,219 | 4,237 | |||||||||||||||||||||||||||
Noninterest income | 10,683 | 14,499 | 18,434 | 11,740 | 11,869 | |||||||||||||||||||||||||||
Noninterest expense | 56,057 | 51,126 | 43,208 | 41,699 | 42,315 | |||||||||||||||||||||||||||
Income before income taxes | 43,262 | 49,403 | 56,959 | 23,011 | 34,351 | |||||||||||||||||||||||||||
Income tax expense | 12,557 | 14,416 | 16,856 | 6,836 | 10,243 | |||||||||||||||||||||||||||
Net income | 30,705 | 34,987 | 40,103 | 16,175 | 24,108 | |||||||||||||||||||||||||||
Per share data: | ||||||||||||||||||||||||||||||||
Earnings per common share, basic | $ | 2.14 | $ | 2.35 | $ | 2.66 | $ | 1.05 | $ | 1.52 | ||||||||||||||||||||||
Earnings per common share, diluted | 2.12 | 2.31 | 2.62 | 1.04 | 1.49 | |||||||||||||||||||||||||||
Book value per common share (2) | 24.46 | 22.94 | 17.24 | 15.19 | 14.44 | |||||||||||||||||||||||||||
Tangible common equity per common share (8) | 19.62 | 18.21 | 17.24 | 15.19 | 14.44 | |||||||||||||||||||||||||||
Cash dividends declared per common share | 0.69 | 0.60 | 0.44 | 0.40 | 0.25 | |||||||||||||||||||||||||||
Outstanding share data: | ||||||||||||||||||||||||||||||||
Number of common shares outstanding | 14,260,440 | 14,625,474 | 14,865,825 | 15,385,878 | 15,707,016 | |||||||||||||||||||||||||||
Weighted-average common shares outstanding, basic | 14,301,691 | 14,822,018 | 15,017,637 | 15,384,231 | 15,873,383 | |||||||||||||||||||||||||||
Weighted-average common shares outstanding, diluted | 14,417,938 | 15,065,175 | 15,253,820 | 15,448,892 | 16,172,282 | |||||||||||||||||||||||||||
Selected performance ratios: | ||||||||||||||||||||||||||||||||
Return on average assets | 1.20 | % | 1.54 | % | 1.96 | % | 0.84 | % | 1.40 | % | ||||||||||||||||||||||
Return on average shareholders’ equity | 9.02 | % | 11.42 | % | 16.52 | % | 7.08 | % | 10.88 | % | ||||||||||||||||||||||
Return on average tangible common equity (8) | 11.31 | % | 13.23 | % | 16.52 | % | 7.08 | % | 10.88 | % | ||||||||||||||||||||||
Dividend payout ratio (3) | 32.24 | % | 25.53 | % | 16.54 | % | 38.10 | % | 16.45 | % | ||||||||||||||||||||||
Efficiency ratio (4) | 56.52 | % | 49.10 | % | 45.21 | % | 53.51 | % | 52.30 | % | ||||||||||||||||||||||
Yield on average interest-earning assets | 6.10 | % | 4.63 | % | 4.05 | % | 4.25 | % | 5.53 | % | ||||||||||||||||||||||
Cost of average interest-bearing liabilities | 4.05 | % | 1.08 | % | 0.41 | % | 1.15 | % | 2.09 | % | ||||||||||||||||||||||
Net interest spread | 2.05 | % | 3.55 | % | 3.64 | % | 3.10 | % | 3.44 | % | ||||||||||||||||||||||
Net interest margin (5) | 3.57 | % | 4.08 | % | 3.83 | % | 3.53 | % | 4.11 | % | ||||||||||||||||||||||
Total loans to total deposits ratio (6) | 99.02 | % | 101.12 | % | 94.76 | % | 99.42 | % | 98.21 | % |
As of or For the Year Ended December 31, | ||||||||||||||||||||||||||||||||
($ in thousands, except per share data) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Asset quality: | ||||||||||||||||||||||||||||||||
Loans 30 to 89 days past due and still accruing | $ | 1,428 | $ | 134 | $ | 554 | $ | 338 | $ | 1,818 | ||||||||||||||||||||||
Loans past due 90 days or more and still accruing | — | — | — | — | 287 | |||||||||||||||||||||||||||
Nonaccrual loans held-for-investment | 3,916 | 3,360 | 994 | 3,163 | 2,537 | |||||||||||||||||||||||||||
NPLs held-for-investment | 3,916 | 3,360 | 994 | 3,163 | 2,824 | |||||||||||||||||||||||||||
NPLs held-for-sale | — | 4,000 | — | — | — | |||||||||||||||||||||||||||
Total NPLs | 3,916 | 7,360 | 994 | 3,163 | 2,824 | |||||||||||||||||||||||||||
NPAs (7) | 6,474 | 7,360 | 994 | 4,564 | 2,824 | |||||||||||||||||||||||||||
Net charge-offs (recoveries) | (1,027) | 1,041 | (467) | 1,089 | 3,024 | |||||||||||||||||||||||||||
Loans 30 to 89 days past due and still accruing to loans held-for-investment | 0.06 | % | 0.01 | % | 0.03 | % | 0.02 | % | 0.13 | % | ||||||||||||||||||||||
Nonaccrual loans held-for-investment to loans held-for-investment | 0.17 | % | 0.16 | % | 0.06 | % | 0.20 | % | 0.17 | % | ||||||||||||||||||||||
Nonaccrual loans held-for-investment to ACL on loans (1) | 14.22 | % | 13.47 | % | 4.44 | % | 11.93 | % | 17.64 | % | ||||||||||||||||||||||
NPLs held-for-investment to loans held-for-investment | 0.17 | % | 0.16 | % | 0.06 | % | 0.20 | % | 0.19 | % | ||||||||||||||||||||||
NPLs held-for-investment to ACL on loans (1) | 14.22 | % | 13.47 | % | 4.44 | % | 11.93 | % | 19.64 | % | ||||||||||||||||||||||
NPAs to total assets | 0.23 | % | 0.30 | % | 0.05 | % | 0.24 | % | 0.16 | % | ||||||||||||||||||||||
ACL on loans (1) to loans held-for-investment | 1.19 | % | 1.22 | % | 1.29 | % | 1.67 | % | 0.99 | % | ||||||||||||||||||||||
ACL on loans (1) to nonaccrual loans held-for-investment | 703.09 | % | 742.32 | % | 2,251.61 | % | 838.13 | % | 566.81 | % | ||||||||||||||||||||||
ACL on loans (1) to NPLs held-for-investment | 703.09 | % | 742.32 | % | 2,251.61 | % | 838.13 | % | 509.21 | % | ||||||||||||||||||||||
Net charge-offs (recoveries) to average loans held-for-investment | (0.05) | % | 0.06 | % | (0.03) | % | 0.07 | % | 0.22 | % | ||||||||||||||||||||||
Capital ratios: | ||||||||||||||||||||||||||||||||
Shareholders’ equity to total assets | 12.51 | % | 13.86 | % | 11.92 | % | 12.16 | % | 12.99 | % | ||||||||||||||||||||||
Tangible common equity to total assets (8) | 10.03 | % | 11.00 | % | 11.92 | % | 12.16 | % | 12.99 | % | ||||||||||||||||||||||
Average equity to average assets | 13.35 | % | 13.49 | % | 11.86 | % | 11.94 | % | 12.88 | % | ||||||||||||||||||||||
PCB Bancorp | ||||||||||||||||||||||||||||||||
Common tier 1 capital (to risk-weighted assets) | 12.23 | % | 13.29 | % | 14.79 | % | 15.97 | % | 15.87 | % | ||||||||||||||||||||||
Total capital (to risk-weighted assets) | 16.39 | % | 17.83 | % | 16.04 | % | 17.22 | % | 16.90 | % | ||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 15.16 | % | 16.62 | % | 14.79 | % | 15.97 | % | 15.87 | % | ||||||||||||||||||||||
Tier 1 capital (to average assets) | 13.43 | % | 14.33 | % | 12.11 | % | 11.94 | % | 13.23 | % | ||||||||||||||||||||||
PCB Bank | ||||||||||||||||||||||||||||||||
Common tier 1 capital (to risk-weighted assets) | 14.85 | % | 16.30 | % | 14.48 | % | 15.70 | % | 15.68 | % | ||||||||||||||||||||||
Total capital (to risk-weighted assets) | 16.07 | % | 17.52 | % | 15.73 | % | 16.95 | % | 16.71 | % | ||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 14.85 | % | 16.30 | % | 14.48 | % | 15.70 | % | 15.68 | % | ||||||||||||||||||||||
Tier 1 capital (to average assets) | 13.16 | % | 14.05 | % | 11.85 | % | 11.74 | % | 13.06 | % | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Average Balance | Interest | Yield/Cost | Average Balance | Interest | Yield/Cost | Average Balance | Interest | Yield/Cost | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans (1) | $ | 2,137,851 | $ | 136,029 | 6.36 | % | $ | 1,872,557 | $ | 95,054 | 5.08 | % | $ | 1,702,073 | $ | 79,155 | 4.65 | % | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 98,903 | 3,001 | 3.03 | % | 89,066 | 1,826 | 2.05 | % | 89,693 | 989 | 1.10 | % | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligation | 25,466 | 1,039 | 4.08 | % | 23,479 | 545 | 2.32 | % | 22,633 | 221 | 0.98 | % | ||||||||||||||||||||||||||||||||||||||||||||
SBA loan pool securities | 8,166 | 325 | 3.98 | % | 10,309 | 208 | 2.02 | % | 10,515 | 189 | 1.80 | % | ||||||||||||||||||||||||||||||||||||||||||||
Municipal securities - tax exempt (2) | 3,788 | 126 | 3.33 | % | 4,874 | 140 | 2.87 | % | 5,755 | 146 | 2.54 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 4,273 | 188 | 4.40 | % | 4,810 | 188 | 3.91 | % | 1,841 | 68 | 3.69 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in other financial institutions | 186,850 | 9,621 | 5.15 | % | 184,502 | 3,212 | 1.74 | % | 170,814 | 220 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||||||
FHLB and other bank stock | 11,959 | 848 | 7.09 | % | 9,703 | 578 | 5.96 | % | 8,539 | 484 | 5.67 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 2,477,256 | 151,177 | 6.10 | % | 2,199,300 | 101,751 | 4.63 | % | 2,011,863 | 81,472 | 4.05 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 21,565 | 20,735 | 19,676 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ACL on loans | (25,495) | (22,125) | (25,270) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 76,444 | 73,951 | 41,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-earning assets | 72,514 | 72,561 | 35,593 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,549,770 | $ | 2,271,861 | $ | 2,047,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOW and money market accounts | $ | 470,750 | 16,190 | 3.44 | % | $ | 504,275 | 4,970 | 0.99 | % | $ | 400,446 | 1,242 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||
Savings | 7,499 | 18 | 0.24 | % | 14,068 | 9 | 0.06 | % | 12,302 | 6 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,059,985 | 45,957 | 4.34 | % | 593,106 | 7,005 | 1.18 | % | 609,351 | 2,795 | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 9,192 | 508 | 5.53 | % | 6,290 | 135 | 2.15 | % | 31,302 | 292 | 0.93 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,547,426 | 62,673 | 4.05 | % | 1,117,739 | 12,119 | 1.08 | % | 1,053,401 | 4,335 | 0.41 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 629,774 | 831,621 | 737,216 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 32,061 | 16,061 | 14,073 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 661,835 | 847,682 | 751,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 2,209,261 | 1,965,421 | 1,804,690 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 340,509 | 306,440 | 242,766 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,549,770 | $ | 2,271,861 | $ | 2,047,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 88,504 | $ | 89,632 | $ | 77,137 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread (3) | 2.05 | % | 3.55 | % | 3.64 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (4) | 3.57 | % | 4.08 | % | 3.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of funds (5) | 2.88 | % | 0.62 | % | 0.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of deposits | 2.87 | % | 0.62 | % | 0.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 vs. 2022 | Year Ended December 31, 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to | Net Increase (Decrease) | Increase (Decrease) Due to | Net Increase (Decrease) | |||||||||||||||||||||||||||||||||||
($ in thousands) | Volume | Rate | Volume | Rate | ||||||||||||||||||||||||||||||||||
Interest earned on: | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | 13,467 | $ | 27,508 | $ | 40,975 | $ | 7,928 | $ | 7,971 | $ | 15,899 | ||||||||||||||||||||||||||
Investment securities | 177 | 1,595 | 1,772 | 26 | 1,268 | 1,294 | ||||||||||||||||||||||||||||||||
Other interest-earning assets | 90 | 6,589 | 6,679 | 58 | 3,028 | 3,086 | ||||||||||||||||||||||||||||||||
Total interest income | 13,734 | 35,692 | 49,426 | 8,012 | 12,267 | 20,279 | ||||||||||||||||||||||||||||||||
Interest paid on: | ||||||||||||||||||||||||||||||||||||||
Savings, NOW, and money market deposits | (385) | 11,614 | 11,229 | 319 | 3,412 | 3,731 | ||||||||||||||||||||||||||||||||
Time deposits | 5,514 | 33,438 | 38,952 | (75) | 4,285 | 4,210 | ||||||||||||||||||||||||||||||||
Other borrowings | 62 | 311 | 373 | (233) | 76 | (157) | ||||||||||||||||||||||||||||||||
Total interest expense | 5,191 | 45,363 | 50,554 | 11 | 7,773 | 7,784 | ||||||||||||||||||||||||||||||||
Change in net interest income | $ | 8,543 | $ | (9,671) | $ | (1,128) | $ | 8,001 | $ | 4,494 | $ | 12,495 | ||||||||||||||||||||||||||
Year Ended December 31, | Amount Change | Percentage Change | ||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 136,029 | $ | 95,054 | $ | 40,975 | 43.1 | % | ||||||||||||||||||
Interest on investment securities | 4,679 | 2,907 | 1,772 | 61.0 | % | |||||||||||||||||||||
Interest and dividends on other interest-earning assets | 10,469 | 3,790 | 6,679 | 176.2 | % | |||||||||||||||||||||
Total interest income | 151,177 | 101,751 | 49,426 | 48.6 | % | |||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Interest on deposits | 62,165 | 11,984 | 50,181 | 418.7 | % | |||||||||||||||||||||
Interest on other borrowings | 508 | 135 | 373 | 276.3 | % | |||||||||||||||||||||
Total interest expense | 62,673 | 12,119 | 50,554 | 417.1 | % | |||||||||||||||||||||
Net interest income | $ | 88,504 | $ | 89,632 | $ | (1,128) | (1.3) | % | ||||||||||||||||||
Year Ended December 31, | Amount Change | Percentage Change | ||||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 95,054 | $ | 79,155 | $ | 15,899 | 20.1 | % | ||||||||||||||||||
Interest on investment securities | 2,907 | 1,613 | 1,294 | 80.2 | % | |||||||||||||||||||||
Interest and dividends on other interest-earning assets | 3,790 | 704 | 3,086 | 438.4 | % | |||||||||||||||||||||
Total interest income | 101,751 | 81,472 | 20,279 | 24.9 | % | |||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Interest on deposits | 11,984 | 4,043 | 7,941 | 196.4 | % | |||||||||||||||||||||
Interest on borrowings | 135 | 292 | (157) | (53.8) | % | |||||||||||||||||||||
Total interest expense | 12,119 | 4,335 | 7,784 | 179.6 | % | |||||||||||||||||||||
Net interest income | $ | 89,632 | $ | 77,137 | $ | 12,495 | 16.2 | % | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Provision (reversal) for credit losses on loans | $ | 497 | $ | 3,602 | $ | (4,596) | ||||||||||||||
Provision (reversal) for credit losses on off-balance sheet credit exposure (1) | (629) | 85 | (24) | |||||||||||||||||
Total provision (reversal) for credit losses | $ | (132) | $ | 3,687 | $ | (4,620) | ||||||||||||||
Year Ended December 31, | Amount Change | Percentage Change | ||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||||||||||||||
Service charges and fees on deposits | $ | 1,475 | $ | 1,326 | $ | 149 | 11.2 | % | ||||||||||||||||||
Loan servicing income | 3,330 | 2,969 | 361 | 12.2 | % | |||||||||||||||||||||
Bank-owned life insurance income | 753 | 706 | 47 | 6.7 | % | |||||||||||||||||||||
Gain on sale of loans | 3,570 | 7,990 | (4,420) | (55.3) | % | |||||||||||||||||||||
Other income | 1,555 | 1,508 | 47 | 3.1 | % | |||||||||||||||||||||
Total noninterest income | $ | 10,683 | $ | 14,499 | $ | (3,816) | (26.3) | % | ||||||||||||||||||
Year Ended December 31, | Amount Change | Percentage Change | ||||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Service charges and fees on deposits | $ | 1,326 | $ | 1,195 | $ | 131 | 11.0 | % | ||||||||||||||||||
Loan servicing income | 2,969 | 2,770 | 199 | 7.2 | % | |||||||||||||||||||||
Bank-owned life insurance income | 706 | 108 | 598 | 553.7 | % | |||||||||||||||||||||
Gain on sale of loans | 7,990 | 12,932 | (4,942) | (38.2) | % | |||||||||||||||||||||
Other income | 1,508 | 1,429 | 79 | 5.5 | % | |||||||||||||||||||||
Total noninterest income | $ | 14,499 | $ | 18,434 | $ | (3,935) | (21.3) | % | ||||||||||||||||||
Year Ended December 31, | Amount Change | Percentage Change | ||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||||||||||||||
Salaries and employee benefits | $ | 34,572 | $ | 33,056 | $ | 1,516 | 4.6 | % | ||||||||||||||||||
Occupancy and equipment | 7,924 | 6,481 | 1,443 | 22.3 | % | |||||||||||||||||||||
Professional fees | 3,087 | 2,239 | 848 | 37.9 | % | |||||||||||||||||||||
Marketing and business promotion | 2,327 | 2,150 | 177 | 8.2 | % | |||||||||||||||||||||
Data processing | 1,552 | 1,706 | (154) | (9.0) | % | |||||||||||||||||||||
Director fees and expenses | 756 | 706 | 50 | 7.1 | % | |||||||||||||||||||||
Regulatory assessments | 1,103 | 597 | 506 | 84.8 | % | |||||||||||||||||||||
Other expenses | 4,736 | 4,191 | 545 | 13.0 | % | |||||||||||||||||||||
Total noninterest expense | $ | 56,057 | $ | 51,126 | $ | 4,931 | 9.6 | % | ||||||||||||||||||
Year Ended December 31, | Amount Change | Percentage Change | ||||||||||||||||||||||||
($ in thousands) | 2022 | 2021 | ||||||||||||||||||||||||
Salaries and employee benefits | $ | 33,056 | $ | 27,974 | $ | 5,082 | 18.2 | % | ||||||||||||||||||
Occupancy and equipment | 6,481 | 5,575 | 906 | 16.3 | % | |||||||||||||||||||||
Professional fees | 2,239 | 2,159 | 80 | 3.7 | % | |||||||||||||||||||||
Marketing and business promotion | 2,150 | 1,656 | 494 | 29.8 | % | |||||||||||||||||||||
Data processing | 1,706 | 1,572 | 134 | 8.5 | % | |||||||||||||||||||||
Director fees and expenses | 706 | 594 | 112 | 18.9 | % | |||||||||||||||||||||
Regulatory assessments | 597 | 537 | 60 | 11.2 | % | |||||||||||||||||||||
Other expenses | 4,191 | 3,141 | 1,050 | 33.4 | % | |||||||||||||||||||||
Total noninterest expense | $ | 51,126 | $ | 43,208 | $ | 7,918 | 18.3 | % | ||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Amortized Cost | Fair Value | Unrealized Gain (Loss) | Amortized Cost | Fair Value | Unrealized Gain (Loss) | ||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise securities: | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 114,485 | $ | 104,091 | $ | (10,394) | $ | 109,497 | $ | 96,900 | $ | (12,597) | ||||||||||||||||||||||||||
Collateralized mortgage obligations | 25,611 | 24,173 | (1,438) | 28,515 | 26,956 | (1,559) | ||||||||||||||||||||||||||||||||
SBA loan pool securities | 7,773 | 7,450 | (323) | 9,704 | 9,298 | (406) | ||||||||||||||||||||||||||||||||
Municipal bonds | 3,306 | 3,329 | 23 | 4,262 | 4,186 | (76) | ||||||||||||||||||||||||||||||||
Corporate bonds | 5,000 | 4,280 | (720) | 5,000 | 4,523 | (477) | ||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 156,175 | $ | 143,323 | $ | (12,852) | $ | 156,978 | $ | 141,863 | $ | (15,115) | ||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within One Year | More than One Year through Five Years | More than Five Years through Ten Years | More than Ten Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Amortized Cost | Weighted-Average Yield | Amortized Cost | Weighted-Average Yield | Amortized Cost | Weighted-Average Yield | Amortized Cost | Weighted-Average Yield | Amortized Cost | Weighted-Average Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 6 | 1.24 | % | $ | 1,848 | 1.32 | % | $ | 5,903 | 2.00 | % | $ | 106,728 | 3.00 | % | $ | 114,485 | 2.92 | % | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | — | % | 1,876 | 4.29 | % | 5,513 | 6.01 | % | 18,222 | 3.38 | % | 25,611 | 4.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||
SBA loan pool securities | — | — | % | 723 | 4.71 | % | 2,829 | 3.60 | % | 4,221 | 4.05 | % | 7,773 | 3.95 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | 864 | 3.26 | % | 82 | 2.98 | % | 724 | 3.51 | % | 1,636 | 3.54 | % | 3,306 | 3.44 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | % | — | — | % | 5,000 | 3.75 | % | — | — | % | 5,000 | 3.75 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 870 | 3.25 | % | $ | 4,529 | 3.12 | % | $ | 19,969 | 3.83 | % | $ | 130,807 | 3.09 | % | $ | 156,175 | 3.19 | % | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | January 1, 2023 | |||||||||||||||||||||||||
($ in thousands) | Amount | Percentage to Total | Amount | Percentage to Total | ||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||
Commercial property | $ | 855,270 | 36.8 | % | $ | 772,020 | 37.8 | % | ||||||||||||||||||
Business property | 558,772 | 24.0 | % | 526,513 | 25.7 | % | ||||||||||||||||||||
Multifamily | 132,500 | 5.7 | % | 124,751 | 6.1 | % | ||||||||||||||||||||
Construction | 24,843 | 1.1 | % | 17,054 | 0.8 | % | ||||||||||||||||||||
Total commercial real estate | 1,571,385 | 67.6 | % | 1,440,338 | 70.4 | % | ||||||||||||||||||||
Commercial and industrial | 342,002 | 14.7 | % | 249,250 | 12.2 | % | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Residential mortgage | 389,420 | 16.8 | % | 333,726 | 16.3 | % | ||||||||||||||||||||
Other consumer | 20,645 | 0.9 | % | 22,749 | 1.1 | % | ||||||||||||||||||||
Total consumer | 410,065 | 17.7 | % | 356,475 | 17.4 | % | ||||||||||||||||||||
Loans held-for-investment | $ | 2,323,452 | 100.0 | % | $ | 2,046,063 | 100.0 | % | ||||||||||||||||||
ACL on loans | (27,533) | (26,009) | ||||||||||||||||||||||||
Net loans held-for-investment | $ | 2,295,919 | $ | 2,020,054 | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Percentage to Total | Amount | Percentage to Total | Amount | Percentage to Total | Amount | Percentage to Total | ||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial property | $ | 1,288,392 | 63.0 | % | $ | 1,105,843 | 63.9 | % | $ | 880,736 | 55.5 | % | $ | 803,014 | 55.4 | % | ||||||||||||||||||||||||||||||||||
Residential property | 333,726 | 16.3 | % | 209,485 | 12.1 | % | 198,431 | 12.5 | % | 235,046 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||
SBA property | 134,892 | 6.6 | % | 129,661 | 7.5 | % | 126,570 | 8.0 | % | 129,837 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||
Construction | 17,054 | 0.8 | % | 8,252 | 0.5 | % | 15,199 | 1.0 | % | 19,164 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||
Total real estate loans | 1,774,064 | 86.7 | % | 1,453,241 | 84.0 | % | 1,220,936 | 77.0 | % | 1,187,061 | 81.9 | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial term | 77,700 | 3.8 | % | 73,438 | 4.2 | % | 87,250 | 5.5 | % | 103,380 | 7.1 | % | ||||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 154,142 | 7.5 | % | 100,936 | 5.8 | % | 96,087 | 6.1 | % | 111,768 | 7.7 | % | ||||||||||||||||||||||||||||||||||||||
SBA commercial term | 16,211 | 0.8 | % | 17,640 | 1.0 | % | 21,878 | 1.4 | % | 25,332 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
SBA PPP | 1,197 | 0.1 | % | 65,329 | 3.8 | % | 135,654 | 8.6 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Total commercial and industrial loans | 249,250 | 12.2 | % | 257,343 | 14.8 | % | 340,869 | 21.6 | % | 240,480 | 16.5 | % | ||||||||||||||||||||||||||||||||||||||
Other consumer loans | 22,749 | 1.1 | % | 21,621 | 1.2 | % | 21,773 | 1.4 | % | 23,290 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||
Loans held-for-investment | 2,046,063 | 100.0 | % | 1,732,205 | 100.0 | % | 1,583,578 | 100.0 | % | 1,450,831 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (24,942) | (22,381) | (26,510) | (14,380) | ||||||||||||||||||||||||||||||||||||||||||||||
Net loans held-for-investment | $ | 2,021,121 | $ | 1,709,824 | $ | 1,557,068 | $ | 1,436,451 | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
($ in thousands) | Within One Year | Due After One Year to Five Years | Due After Five Years to 15 Years | Due After 15 Years | Total | |||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Commercial property | $ | 147,146 | $ | 470,578 | $ | 212,093 | $ | 25,453 | $ | 855,270 | ||||||||||||||||||||||
Business property | 52,785 | 268,077 | 143,643 | 94,267 | 558,772 | |||||||||||||||||||||||||||
Multifamily | 6,076 | 93,312 | 33,112 | — | 132,500 | |||||||||||||||||||||||||||
Construction | 24,843 | — | — | — | 24,843 | |||||||||||||||||||||||||||
Total commercial real estate | 230,850 | 831,967 | 388,848 | 119,720 | 1,571,385 | |||||||||||||||||||||||||||
Commercial and industrial | 206,366 | 79,488 | 56,148 | — | 342,002 | |||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Residential mortgage | — | — | — | 389,420 | 389,420 | |||||||||||||||||||||||||||
Other consumer | 3,906 | 16,093 | 646 | — | 20,645 | |||||||||||||||||||||||||||
Total consumer | 3,906 | 16,093 | 646 | 389,420 | 410,065 | |||||||||||||||||||||||||||
Loans held-for-investment | $ | 441,122 | $ | 927,548 | $ | 445,642 | $ | 509,140 | $ | 2,323,452 | ||||||||||||||||||||||
Loans with variable (floating) interest rates | $ | 329,008 | $ | 297,638 | $ | 133,539 | $ | 165,099 | $ | 925,284 | ||||||||||||||||||||||
Loans with adjustable (fixed to floating) interest rates | — | 267,638 | 303,061 | 335,674 | 906,373 | |||||||||||||||||||||||||||
Loans with predetermined (fixed) interest rates | 112,114 | 362,272 | 9,042 | 8,367 | 491,795 | |||||||||||||||||||||||||||
Total | $ | 441,122 | $ | 927,548 | $ | 445,642 | $ | 509,140 | $ | 2,323,452 | ||||||||||||||||||||||
December 31, 2023 | January 1, 2023 | |||||||||||||||||||||||||
($ in thousands) | ACL on Loans | Percentage of Loans to Total Loans | ACL on Loans | Percentage of Loans to Total Loans | ||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||
Commercial property | $ | 12,665 | 36.8 | % | $ | 6,740 | 37.8 | % | ||||||||||||||||||
Business property | 4,739 | 24.0 | % | 6,645 | 25.7 | % | ||||||||||||||||||||
Multifamily | 1,441 | 5.7 | % | 1,390 | 6.1 | % | ||||||||||||||||||||
Construction | 135 | 1.1 | % | 151 | 0.8 | % | ||||||||||||||||||||
Total commercial real estate | 18,980 | 67.6 | % | 14,926 | 70.4 | % | ||||||||||||||||||||
Commercial and industrial | 6,245 | 14.7 | % | 9,846 | 12.2 | % | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Residential mortgage | 2,226 | 16.8 | % | 1,157 | 16.3 | % | ||||||||||||||||||||
Other consumer | 82 | 0.9 | % | 80 | 1.1 | % | ||||||||||||||||||||
Total consumer | 2,308 | 17.7 | % | 1,237 | 17.4 | % | ||||||||||||||||||||
Total | $ | 27,533 | 100.0 | % | $ | 26,009 | 100.0 | % | ||||||||||||||||||
ACL on loans to loans held-for-investment | 1.19 | % | 1.27 | % | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Allowance for Loan Losses | Percentage of Loans to Total Loans | Allowance for Loan Losses | Percentage of Loans to Total Loans | Allowance for Loan Losses | Percentage of Loans to Total Loans | Allowance for Loan Losses | Percentage of Loans to Total Loans | ||||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial property | $ | 14,059 | 63.0 | % | $ | 13,586 | 63.9 | % | $ | 13,810 | 55.5 | % | $ | 6,942 | 55.4 | % | ||||||||||||||||||||||||||||||||||
Residential property | 3,691 | 16.3 | % | 1,869 | 12.1 | % | 2,680 | 12.5 | % | 1,167 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||
SBA property | 1,326 | 6.6 | % | 1,253 | 7.5 | % | 2,179 | 8.0 | % | 1,446 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||
Construction | 151 | 0.8 | % | 89 | 0.5 | % | 225 | 1.0 | % | 299 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||
Total real estate loans | 19,227 | 86.7 | % | 16,797 | 84.0 | % | 18,894 | 77.0 | % | 9,854 | 81.9 | % | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial term | 2,100 | 3.8 | % | 2,715 | 4.2 | % | 4,090 | 5.5 | % | 1,848 | 7.1 | % | ||||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 3,036 | 7.5 | % | 2,071 | 5.8 | % | 2,359 | 6.1 | % | 1,805 | 7.7 | % | ||||||||||||||||||||||||||||||||||||||
SBA commercial term | 366 | 0.8 | % | 524 | 1.0 | % | 773 | 1.4 | % | 701 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
SBA PPP | — | 0.1 | % | — | 3.8 | % | — | 8.6 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Total commercial and industrial loans | 5,502 | 12.2 | % | 5,310 | 14.8 | % | 7,222 | 21.6 | % | 4,354 | 16.5 | % | ||||||||||||||||||||||||||||||||||||||
Other consumer loans | 213 | 1.1 | % | 274 | 1.2 | % | 394 | 1.4 | % | 172 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 24,942 | 100.0 | % | $ | 22,381 | 100.0 | % | $ | 26,510 | 100.0 | % | $ | 14,380 | 100.0 | % | ||||||||||||||||||||||||||||||||||
Allowance for loan losses to loans held-for-investment | 1.22 | % | 1.29 | % | 1.67 | % | 0.99 | % | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
ACL on loans | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 24,942 | $ | 22,381 | $ | 26,510 | $ | 14,380 | $ | 13,167 | ||||||||||||||||||||||
Impact of ASC 326 adoption | 1,067 | — | — | — | — | |||||||||||||||||||||||||||
Charge-offs | (132) | (1,199) | (227) | (1,529) | (3,579) | |||||||||||||||||||||||||||
Recoveries | 1,159 | 158 | 694 | 440 | 555 | |||||||||||||||||||||||||||
Provision (reversal) for credit losses on loans | 497 | 3,602 | (4,596) | 13,219 | 4,237 | |||||||||||||||||||||||||||
Balance at end of period | $ | 27,533 | $ | 24,942 | $ | 22,381 | $ | 26,510 | $ | 14,380 | ||||||||||||||||||||||
ACL on off-balance sheet credit exposures | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 299 | $ | 214 | $ | 238 | $ | 301 | $ | 139 | ||||||||||||||||||||||
Impact of ASC 326 adoption | 1,607 | — | — | — | ||||||||||||||||||||||||||||
Provision (reversal) for credit losses on off-balance sheet credit exposure (1) | (629) | 85 | (24) | (63) | 162 | |||||||||||||||||||||||||||
Balance at end of period | $ | 1,277 | $ | 299 | $ | 214 | $ | 238 | $ | 301 | ||||||||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||
($ in thousands) | Average Balance | Net Charge-offs (Recoveries) | Percentage | |||||||||||||||||
Commercial real estate: | ||||||||||||||||||||
Commercial property | $ | 794,642 | $ | — | — | % | ||||||||||||||
Business property | 537,044 | (5) | -0.01 | % | ||||||||||||||||
Multifamily | 127,338 | — | — | % | ||||||||||||||||
Construction | 18,565 | — | — | % | ||||||||||||||||
Total commercial real estate | 1,477,589 | (5) | -0.01 | % | ||||||||||||||||
Commercial and industrial | 263,447 | (1,062) | -0.40 | % | ||||||||||||||||
Consumer: | ||||||||||||||||||||
Residential mortgage | 358,303 | — | — | % | ||||||||||||||||
Other consumer | 21,602 | 40 | 0.19 | % | ||||||||||||||||
Total consumer | 379,905 | 40 | 0.01 | % | ||||||||||||||||
Total loans held-for-investment | $ | 2,120,941 | $ | (1,027) | -0.05 | % | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Average Balance | Net Charge-offs (Recoveries) | Percentage | Average Balance | Net Charge-offs (Recoveries) | Percentage | ||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||
Commercial property | $ | 1,201,405 | $ | — | — | % | $ | 983,129 | $ | — | — | % | ||||||||||||||||||||||||||
Residential property | 261,576 | — | — | % | 197,741 | — | — | % | ||||||||||||||||||||||||||||||
SBA property | 115,488 | — | — | % | 125,051 | (39) | (0.03) | % | ||||||||||||||||||||||||||||||
Construction | 12,202 | — | — | % | 12,715 | — | — | % | ||||||||||||||||||||||||||||||
Total real estate loans | 1,590,671 | — | — | % | 1,318,636 | (39) | (0.01) | % | ||||||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||||||||||||||
Commercial term | 74,934 | (8) | (0.01) | % | 77,383 | (200) | (0.26) | % | ||||||||||||||||||||||||||||||
Commercial lines of credit | 111,864 | 1,063 | 0.95 | % | 92,874 | (146) | (0.16) | % | ||||||||||||||||||||||||||||||
SBA commercial term | 16,262 | (21) | (0.13) | % | 19,390 | (104) | (0.54) | % | ||||||||||||||||||||||||||||||
SBA PPP | 13,732 | — | — | % | 150,043 | — | — | % | ||||||||||||||||||||||||||||||
Total commercial and industrial loans | 216,792 | 1,034 | 0.48 | % | 339,690 | (450) | (0.13) | % | ||||||||||||||||||||||||||||||
Other consumer loans | 21,991 | 7 | 0.03 | % | 21,101 | 22 | 0.10 | % | ||||||||||||||||||||||||||||||
Total loans held-for-investment | $ | 1,829,454 | $ | 1,041 | 0.06 | % | $ | 1,679,427 | $ | (467) | (0.03) | % | ||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Average Balance | Net Charge-offs (Recoveries) | Percentage | Average Balance | Net Charge-offs (Recoveries) | Percentage | ||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||
Commercial property | $ | 826,288 | $ | — | — | % | $ | 744,513 | $ | — | — | % | ||||||||||||||||||||||||||
Residential property | 221,296 | — | — | % | 237,825 | — | — | % | ||||||||||||||||||||||||||||||
SBA property | 124,996 | 117 | 0.09 | % | 125,785 | 25 | 0.02 | % | ||||||||||||||||||||||||||||||
Construction | 20,285 | — | — | % | 22,384 | — | — | % | ||||||||||||||||||||||||||||||
Total real estate loans | 1,192,865 | 117 | 0.01 | % | 1,130,507 | 25 | 0.01 | % | ||||||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||||||||||||||
Commercial term | 97,247 | (96) | (0.10) | % | 104,427 | 179 | 0.17 | % | ||||||||||||||||||||||||||||||
Commercial lines of credit | 100,154 | 709 | 0.71 | % | 93,344 | 2,597 | 2.78 | % | ||||||||||||||||||||||||||||||
SBA commercial term | 23,868 | 255 | 1.07 | % | 25,911 | 196 | 0.76 | % | ||||||||||||||||||||||||||||||
SBA PPP | 92,818 | — | — | % | — | — | — | % | ||||||||||||||||||||||||||||||
Total commercial and industrial loans | 314,087 | 868 | 0.28 | % | 223,682 | 2,972 | 1.33 | % | ||||||||||||||||||||||||||||||
Other consumer loans | 22,033 | 104 | 0.47 | % | 22,884 | 27 | 0.12 | % | ||||||||||||||||||||||||||||||
Total loans held-for-investment | $ | 1,528,985 | $ | 1,089 | 0.07 | % | $ | 1,377,073 | $ | 3,024 | 0.22 | % | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
SBA property (1) | $ | — | $ | — | $ | — | $ | — | $ | 794 | ||||||||||||||||||||||
Business property | 560 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Total commercial real estate | 560 | — | — | — | 794 | |||||||||||||||||||||||||||
Commercial and industrial | 217 | — | — | — | 189 | |||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Residential mortgage | 604 | — | 461 | 182 | 697 | |||||||||||||||||||||||||||
Other consumer | 47 | 134 | 93 | 156 | 138 | |||||||||||||||||||||||||||
Total consumer | 651 | 134 | 554 | 338 | 835 | |||||||||||||||||||||||||||
Total | $ | 1,428 | $ | 134 | $ | 554 | $ | 338 | $ | 1,818 | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Nonaccrual loans held-for-investment: | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Commercial property (1) | N/A | $ | 2,400 | $ | — | $ | 524 | $ | — | |||||||||||||||||||||||
SBA property (1) | N/A | 585 | 746 | 885 | 442 | |||||||||||||||||||||||||||
Commercial property | $ | 958 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||
Business property | 2,865 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Total commercial real estate | 3,823 | 2,985 | 746 | 1,409 | 442 | |||||||||||||||||||||||||||
Commercial and industrial | 68 | — | 213 | 1,499 | 2,047 | |||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Residential property | — | 372 | — | 189 | — | |||||||||||||||||||||||||||
Other consumer | 25 | 3 | 35 | 66 | 48 | |||||||||||||||||||||||||||
Total consumer | 25 | 375 | 35 | 255 | 48 | |||||||||||||||||||||||||||
Total nonaccrual loans held-for-investment | 3,916 | 3,360 | 994 | 3,163 | 2,537 | |||||||||||||||||||||||||||
Loans past due 90 days or more still on accrual | — | — | — | — | 287 | |||||||||||||||||||||||||||
NPLs held-for-investment | 3,916 | 3,360 | 994 | 3,163 | 2,824 | |||||||||||||||||||||||||||
NPLs held-for-sale | — | 4,000 | — | — | — | |||||||||||||||||||||||||||
Total NPLs | 3,916 | 7,360 | 994 | 3,163 | 2,824 | |||||||||||||||||||||||||||
Other real estate owned | 2,558 | — | — | 1,401 | — | |||||||||||||||||||||||||||
NPAs | $ | 6,474 | $ | 7,360 | $ | 994 | $ | 4,564 | $ | 2,824 | ||||||||||||||||||||||
Nonaccrual loans held-for-investment to loans held-for-investment | 0.17 | % | 0.16 | % | 0.06 | % | 0.20 | % | 0.17 | % | ||||||||||||||||||||||
NPLs held-for-investment to loans held-for-investment | 0.17 | % | 0.16 | % | 0.06 | % | 0.20 | % | 0.19 | % | ||||||||||||||||||||||
NPAs to total assets | 0.23 | % | 0.30 | % | 0.05 | % | 0.24 | % | 0.16 | % | ||||||||||||||||||||||
ACL on loans to: | ||||||||||||||||||||||||||||||||
Nonaccrual loans held-for-investment | 703.09 | % | 742.32 | % | 2,251.61 | % | 838.13 | % | 566.81 | % | ||||||||||||||||||||||
NPLs held-for-investment | 703.09 | % | 742.32 | % | 2,251.61 | % | 838.13 | % | 509.21 | % | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
SBA property (1) | N/A | $ | 16,473 | $ | 33,603 | $ | 1,411 | $ | 150 | |||||||||||||||||||||||
Business property | $ | 2,802 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||
Total commercial real estate | 2,802 | 16,473 | 33,603 | 1,411 | 150 | |||||||||||||||||||||||||||
Commercial and industrial | 2,353 | 6,338 | 3,423 | 268 | 1,065 | |||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Residential mortgage | — | — | — | 300 | 760 | |||||||||||||||||||||||||||
Total consumer | — | — | — | 300 | 760 | |||||||||||||||||||||||||||
Loans held-for-sale | $ | 5,155 | $ | 22,811 | $ | 37,026 | $ | 1,979 | $ | 1,975 | ||||||||||||||||||||||
December 31, | Amount Change | Percentage Change | ||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 594,673 | $ | 734,989 | $ | (140,316) | (19.1) | % | ||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Savings | 6,846 | 8,579 | (1,733) | (20.2) | % | |||||||||||||||||||||
NOW | 16,825 | 11,405 | 5,420 | 47.5 | % | |||||||||||||||||||||
Retail money market accounts | 397,531 | 494,749 | (97,218) | (19.6) | % | |||||||||||||||||||||
Brokered money market accounts | 1 | 8 | (7) | (87.5) | % | |||||||||||||||||||||
Retail time deposits of: | ||||||||||||||||||||||||||
$250,000 or less | 456,293 | 295,354 | 160,939 | 54.5 | % | |||||||||||||||||||||
More than $250,000 | 515,702 | 353,876 | 161,826 | 45.7 | % | |||||||||||||||||||||
Brokered time deposits | 303,741 | 87,023 | 216,718 | 249.0 | % | |||||||||||||||||||||
Time deposits from California State Treasurer | 60,000 | 60,000 | — | — | % | |||||||||||||||||||||
Total interest-bearing deposits | 1,756,939 | 1,310,994 | 445,945 | 34.0 | % | |||||||||||||||||||||
Total deposits | $ | 2,351,612 | $ | 2,045,983 | $ | 305,629 | 14.9 | % | ||||||||||||||||||
Total deposits not covered by deposit insurance | $ | 954,591 | $ | 1,062,111 | $ | (107,520) | (10.1) | % | ||||||||||||||||||
Time deposits not covered by deposit insurance | $ | 408,637 | $ | 293,951 | $ | 114,686 | 39.0 | % | ||||||||||||||||||
($ in thousands) | Three Months or Less | Three to Six Months | Six Months to One Year | Over One Year | Total | |||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Time deposits of $250,000 or less | $ | 316,356 | $ | 165,091 | $ | 276,145 | $ | 2,442 | $ | 760,034 | ||||||||||||||||||||||
Time deposits of more than $250,000 | 207,539 | 140,583 | 224,557 | 3,023 | 575,702 | |||||||||||||||||||||||||||
Total | $ | 523,895 | $ | 305,674 | $ | 500,702 | $ | 5,465 | $ | 1,335,736 | ||||||||||||||||||||||
Not covered by deposit insurance | $ | 147,680 | $ | 107,482 | $ | 151,070 | $ | 2,405 | $ | 408,637 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Time deposits of $250,000 or less | $ | 71,740 | $ | 71,808 | $ | 229,127 | $ | 9,702 | $ | 382,377 | ||||||||||||||||||||||
Time deposits of more than $250,000 | 137,312 | 35,812 | 239,257 | 1,495 | 413,876 | |||||||||||||||||||||||||||
Total | $ | 209,052 | $ | 107,620 | $ | 468,384 | $ | 11,197 | $ | 796,253 | ||||||||||||||||||||||
Not covered by deposit insurance | $ | 112,437 | $ | 26,749 | $ | 153,209 | $ | 1,556 | $ | 293,951 | ||||||||||||||||||||||
PCB Bancorp | PCB Bank | Minimum Regulatory Requirements | Well Capitalized Requirements (Bank) | |||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Common tier 1 capital (to risk-weighted assets) | 12.23 | % | 14.85 | % | 4.5 | % | 6.5 | % | ||||||||||||||||||
Total capital (to risk-weighted assets) | 16.39 | % | 16.07 | % | 8.0 | % | 10.0 | % | ||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 15.16 | % | 14.85 | % | 6.0 | % | 8.0 | % | ||||||||||||||||||
Tier 1 capital (to average assets) | 13.43 | % | 13.16 | % | 4.0 | % | 5.0 | % | ||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Common tier 1 capital (to risk-weighted assets) | 13.29 | % | 16.30 | % | 4.5 | % | 6.5 | % | ||||||||||||||||||
Total capital (to risk-weighted assets) | 17.83 | % | 17.52 | % | 8.0 | % | 10.0 | % | ||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 16.62 | % | 16.30 | % | 6.0 | % | 8.0 | % | ||||||||||||||||||
Tier 1 capital (to average assets) | 14.33 | % | 14.05 | % | 4.0 | % | 5.0 | % | ||||||||||||||||||
December 31, | Amount Change | Percentage Change | ||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 242,342 | $ | 147,031 | $ | 95,311 | 64.8 | % | ||||||||||||||||||
Cash and cash equivalents to total assets | 8.7 | % | 6.1 | % | ||||||||||||||||||||||
Available borrowing capacity: | ||||||||||||||||||||||||||
FHLB advances | 602,976 | $ | 561,745 | 41,231 | 7.3 | % | ||||||||||||||||||||
Federal Reserve Discount Window | $ | 528,893 | 23,902 | 504,991 | 2,112.8 | % | ||||||||||||||||||||
Overnight federal funds lines | 65,000 | 65,000 | — | — | % | |||||||||||||||||||||
Total | $ | 1,196,869 | $ | 650,647 | $ | 546,222 | 84.0 | % | ||||||||||||||||||
Total available borrowing capacity to total assets | 42.9 | % | 26.9 | % | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
($ in thousands) | Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | ||||||||||||||||||||||
Unused lines of credit | $ | 2,808 | $ | 347,652 | $ | 3,117 | $ | 251,178 | ||||||||||||||||||
Unfunded loan commitments | 4,020 | 47,038 | 692 | 38,486 | ||||||||||||||||||||||
Standby letters of credit | 4,638 | 1,786 | 2,989 | 1,901 | ||||||||||||||||||||||
Commercial letters of credit | — | 160 | — | 502 | ||||||||||||||||||||||
Total | $ | 11,466 | $ | 396,636 | $ | 6,798 | $ | 292,067 | ||||||||||||||||||
($ in thousands) | Within One Year | One to Three Years | Three to Five Years | Over Five Years | Total | |||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Time deposits | $ | 1,330,271 | $ | 5,279 | $ | 186 | $ | — | $ | 1,335,736 | ||||||||||||||||||||||
FHLB advances | 39,000 | — | — | — | 39,000 | |||||||||||||||||||||||||||
Operating leases | 3,385 | 6,233 | 4,959 | 10,695 | 25,272 | |||||||||||||||||||||||||||
Total | $ | 1,372,656 | $ | 11,512 | $ | 5,145 | $ | 10,695 | $ | 1,400,008 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Time deposits | $ | 785,056 | $ | 11,046 | $ | 151 | $ | — | $ | 796,253 | ||||||||||||||||||||||
FHLB advances | 20,000 | — | — | — | 20,000 | |||||||||||||||||||||||||||
Operating leases | 2,718 | 2,484 | 1,282 | 845 | 7,329 | |||||||||||||||||||||||||||
Total | $ | 807,774 | $ | 13,530 | $ | 1,433 | $ | 845 | $ | 823,582 | ||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Simulated Rate Changes | Net Interest Income Sensitivity | Economic Value of Equity Sensitivity | Net Interest Income Sensitivity | Economic Value of Equity Sensitivity | ||||||||||||||||||||||
+200 | 7.0 | % | (6.8) | % | 6.9 | % | (0.5) | % | ||||||||||||||||||
+100 | 3.6 | % | (3.1) | % | 3.6 | % | 0.3 | % | ||||||||||||||||||
-100 | (4.3) | % | 1.8 | % | (4.6) | % | (1.5) | % | ||||||||||||||||||
-200 | (9.4) | % | — | % | (10.3) | % | (5.8) | % | ||||||||||||||||||
Page | ||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID | ||||||||
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Interest-bearing deposits in other financial institutions | ||||||||||||||
Total cash and cash equivalents | ||||||||||||||
Securities available-for-sale, at fair value (amortized cost of $ | ||||||||||||||
Loans held-for-sale | ||||||||||||||
Loans held-for-investment, net of deferred loan costs (fees) | ||||||||||||||
Allowance for credit losses on loans (1) | ( | ( | ||||||||||||
Net loans held-for-investment | ||||||||||||||
Premises and equipment, net | ||||||||||||||
Federal Home Loan Bank and other restricted stock, at cost | ||||||||||||||
Other real estate owned, net | ||||||||||||||
Bank-owned life insurance | ||||||||||||||
Deferred tax assets, net | ||||||||||||||
Servicing assets | ||||||||||||||
Operating lease assets | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing demand | $ | $ | ||||||||||||
Savings, NOW and money market accounts | ||||||||||||||
Time deposits of $250,000 or less | ||||||||||||||
Time deposits of more than $250,000 | ||||||||||||||
Total deposits | ||||||||||||||
Federal Home Loan Bank advances | ||||||||||||||
Deferred tax liabilities, net | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Accrued interest payable and other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||
Preferred stock, | ||||||||||||||
Series C, senior non-cumulative perpetual, $ | ||||||||||||||
Common stock, | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss, net | ( | ( | ||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ | ||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Loans, including fees | $ | $ | $ | |||||||||||||||||
Tax-exempt investment securities | ||||||||||||||||||||
Taxable investment securities | ||||||||||||||||||||
Other interest-earning assets | ||||||||||||||||||||
Total interest income | ||||||||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Other borrowings | ||||||||||||||||||||
Total interest expense | ||||||||||||||||||||
Net interest income | ||||||||||||||||||||
Provision (reversal) for credit losses (1) | ( | ( | ||||||||||||||||||
Net interest income after provision (reversal) for loan losses | ||||||||||||||||||||
Noninterest income: | ||||||||||||||||||||
Loan servicing income | ||||||||||||||||||||
Bank-owned life insurance income | ||||||||||||||||||||
Gain on sale of loans | ||||||||||||||||||||
Other income | ||||||||||||||||||||
Total noninterest income | ||||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | ||||||||||||||||||||
Occupancy and equipment | ||||||||||||||||||||
Professional fees | ||||||||||||||||||||
Marketing and business promotion | ||||||||||||||||||||
Data processing | ||||||||||||||||||||
Director fees and expenses | ||||||||||||||||||||
Regulatory assessments | ||||||||||||||||||||
Other expenses | ||||||||||||||||||||
Total noninterest expense | ||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||
Income tax expense | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Earnings per common share, basic | $ | $ | $ | |||||||||||||||||
Earnings per common share, diluted | $ | $ | $ | |||||||||||||||||
Weighted-average common shares outstanding, basic | ||||||||||||||||||||
Weighted-average common shares outstanding, diluted | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Unrealized gain (loss) on securities available-for-sale arising during the year | ( | ( | ||||||||||||||||||
Income tax benefit (expense) related to items of other comprehensive income (loss) | ( | |||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ( | ||||||||||||||||||
Total comprehensive income | $ | $ | $ | |||||||||||||||||
Shares Outstanding | Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Preferred Stock | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | — | |||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | ( | |||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment upon adoption of | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Adjusted balance at January 1, 2023 | ( | |||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock | — | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Stock repurchase excise tax | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($ | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Depreciation of premises and equipment | ||||||||||||||||||||
Net amortization of premiums on securities | ||||||||||||||||||||
Net accretion of discounts on loans | ( | ( | ( | |||||||||||||||||
Net accretion of deferred loan fees | ( | ( | ( | |||||||||||||||||
Amortization of servicing assets | ||||||||||||||||||||
Provision (reversal) for credit losses (1) | ( | ( | ||||||||||||||||||
Bank-owned life insurance income | ( | ( | ( | |||||||||||||||||
Deferred tax expense (benefit) | ( | |||||||||||||||||||
Share-based compensation | ||||||||||||||||||||
Gain on sale of loans | ( | ( | ( | |||||||||||||||||
Originations of loans held-for-sale | ( | ( | ( | |||||||||||||||||
Proceeds from sales of and principal collected on loans held-for-sale | ||||||||||||||||||||
Change in accrued interest receivable and other assets | ( | ( | ||||||||||||||||||
Change in accrued interest payable and other liabilities | ||||||||||||||||||||
Net cash provided by (used in) operating activities | ( | |||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchase of securities available-for-sale | ( | ( | ( | |||||||||||||||||
Proceeds from maturities, calls, and paydowns of securities available-for-sale | ||||||||||||||||||||
Proceeds from sales of and principal collected on loans held-for-sale previously classified as held-for-investment | ||||||||||||||||||||
Net increase in loans held-for-investment | ( | ( | ( | |||||||||||||||||
Purchase of loans held-for-investment | ( | ( | ||||||||||||||||||
Purchase of Federal Home Loan Bank and other restricted stock | ( | ( | ( | |||||||||||||||||
Proceeds from sale of other real estate owned | ||||||||||||||||||||
Purchases of premises and equipment | ( | ( | ( | |||||||||||||||||
Purchase of bank-owned life insurance | ( | |||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Net increase in deposits | ||||||||||||||||||||
Net change in short-term Federal Home Loan Bank advances | ( | |||||||||||||||||||
Proceeds from long-term Federal Home Loan Bank advances | ||||||||||||||||||||
Repayment of long-term Federal Home Loan Bank advances | ( | ( | ||||||||||||||||||
Stock options exercised | ||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | ( | ( | ( | |||||||||||||||||
Issuance of preferred stock | ||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | |||||||||||||||||
Cash dividends paid on common stock | ( | ( | ( | |||||||||||||||||
Net cash provided by financing activities | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||||||||
Cash and cash equivalents at beginning of year | ||||||||||||||||||||
Cash and cash equivalents at end of year | $ | $ | $ | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||
Interest paid | $ | $ | $ | |||||||||||||||||
Income taxes paid | ||||||||||||||||||||
Supplemental disclosures of non-cash investment activities: | ||||||||||||||||||||
Loans transferred to loans held-for-sale | $ | $ | $ | |||||||||||||||||
Loans transferred to other real estate owned | ||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | ||||||||||||||||||||
($ in thousands) | Pre-ASC 326 Adoption | Impact of ASC 326 Adoption | As Reported Under ASC 326 | |||||||||||||||||
Assets | ||||||||||||||||||||
ACL on loans | ||||||||||||||||||||
Commercial real estate | $ | $ | ( | $ | ||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Consumer | ( | |||||||||||||||||||
Total ACL on loans | ||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
ACL on off-balance sheet credit exposures | $ | $ | ||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||
Retained earnings | $ | $ | ( | |||||||||||||||||
($ in thousands) | December 31, 2022 | Reclassification | January 1, 2023 | |||||||||||||||||
Commercial property (1) | $ | $ | ( | $ | — | |||||||||||||||
SBA property | ( | — | ||||||||||||||||||
Commercial property | N/A | |||||||||||||||||||
Business property | N/A | |||||||||||||||||||
Multifamily | N/A | |||||||||||||||||||
Total Reclassed: | — | |||||||||||||||||||
Construction | — | |||||||||||||||||||
Commercial and industrial | — | |||||||||||||||||||
Residential property | — | |||||||||||||||||||
Other consumer | — | |||||||||||||||||||
Total loans held-for-investment | $ | $ | — | $ | ||||||||||||||||
($ in thousands) | December 31, 2022 | Reclassification | January 1, 2023 | Impact of ASC 326 Adoption | As Reported Under ASC 326 | |||||||||||||||||||||||||||
Commercial property (1) | $ | $ | ( | $ | — | $ | — | $ | — | |||||||||||||||||||||||
SBA property | ( | — | — | — | ||||||||||||||||||||||||||||
Commercial property | N/A | ( | ||||||||||||||||||||||||||||||
Business property | N/A | |||||||||||||||||||||||||||||||
Multifamily | N/A | |||||||||||||||||||||||||||||||
Total Reclassed: | — | ( | ||||||||||||||||||||||||||||||
Construction | — | |||||||||||||||||||||||||||||||
Commercial and industrial | — | |||||||||||||||||||||||||||||||
Residential property | — | ( | ||||||||||||||||||||||||||||||
Other consumer | — | ( | ||||||||||||||||||||||||||||||
Total ACL | $ | $ | — | $ | $ | $ | ||||||||||||||||||||||||||
Fair Value Measurement Level | ||||||||||||||||||||||||||
($ in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise securities: | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
Collateralized mortgage obligations | ||||||||||||||||||||||||||
SBA loan pool securities | ||||||||||||||||||||||||||
Municipal bonds | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Total securities available-for-sale | ||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise securities: | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||||||||||||||
Collateralized mortgage obligations | ||||||||||||||||||||||||||
SBA loan pool securities | ||||||||||||||||||||||||||
Municipal bonds | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Total securities available-for-sale | ||||||||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Fair Value Measurement Level | ||||||||||||||||||||||||||
($ in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Loans individually evaluated: | ||||||||||||||||||||||||||
Business property | ||||||||||||||||||||||||||
Total loans individually evaluated | ||||||||||||||||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Total liabilities measured at fair value on a non-recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||
Commercial lines of credit (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Total impaired loans | ||||||||||||||||||||||||||
Total assets measured at fair value on a non-recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Total liabilities measured at fair value on a non-recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
($ in thousands) | Fair Value | Valuation Technique(s) | Unobservable Input(s) | Range (Weighted-Average) | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Loans individually evaluated: | ||||||||||||||||||||||||||
Business property | $ | Pending sales agreement | NM | NM | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||
Commercial lines of credit | $ | Pending sales agreement | NM | NM | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Loans individually evaluated: | ||||||||||||||||||||
Commercial and industrial | $ | $ | ( | $ | ||||||||||||||||
Business property | ( | N/A | N/A | |||||||||||||||||
SBA property (1) | NA | ( | ||||||||||||||||||
Other real estate owned | ||||||||||||||||||||
Net gain (losses) recognized | $ | $ | ( | $ | ||||||||||||||||
Carrying Value | Fair Value | Fair Value Measurements | ||||||||||||||||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Interest-bearing deposits in other financial institutions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
Loans held-for-sale | ||||||||||||||||||||||||||||||||
Net loans held-for-investment | ||||||||||||||||||||||||||||||||
FHLB and other restricted stock | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
FHLB advances | ||||||||||||||||||||||||||||||||
Accrued interest payable | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Interest-bearing deposits in other financial institutions | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
Loans held-for-sale | ||||||||||||||||||||||||||||||||
Net loans held-for-investment | ||||||||||||||||||||||||||||||||
FHLB and other restricted stock | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
FHLB advances | ||||||||||||||||||||||||||||||||
Accrued interest payable | ||||||||||||||||||||||||||||||||
($ in thousands) | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise securities: | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Collateralized mortgage obligations | ( | |||||||||||||||||||||||||
SBA loan pool securities | ( | |||||||||||||||||||||||||
Municipal bonds | ( | |||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Total securities available-for-sale | $ | $ | $ | ( | $ | |||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise securities: | ||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Collateralized mortgage obligations | ( | |||||||||||||||||||||||||
SBA loan pool securities | ( | |||||||||||||||||||||||||
Municipal bonds | ( | |||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Total securities available-for-sale | $ | $ | $ | ( | $ | |||||||||||||||||||||
Securities Available-For-Sale | ||||||||||||||
($ in thousands) | Amortized Cost | Fair Value | ||||||||||||
Within one year | $ | $ | ||||||||||||
One to five years | ||||||||||||||
Five to ten years | ||||||||||||||
Greater than ten years | ||||||||||||||
Mortgage-backed securities, collateralized mortgage obligations and SBA loan pool securities | ||||||||||||||
Total | $ | $ | ||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Gross realized gains on sales and calls of securities available-for-sale | $ | $ | $ | |||||||||||||||||
Gross realized losses on sales and calls of securities available-for-sale | ||||||||||||||||||||
Net realized gains on sales and calls of securities available-for-sale | $ | $ | $ | |||||||||||||||||
Proceeds from sales and calls of securities available-for-sale | $ | $ | $ | |||||||||||||||||
Tax expense on sales and calls of securities available-for-sale | $ | $ | $ | |||||||||||||||||
Length of Time That Individual Securities Have Been In a Continuous Unrealized Loss Position | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA loan pool securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA loan pool securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | December 31, 2023 | January 1, 2023 | ||||||||||||
Commercial real estate: | ||||||||||||||
Commercial property | $ | $ | ||||||||||||
Business property | ||||||||||||||
Multifamily | ||||||||||||||
Construction | ||||||||||||||
Total commercial real estate | ||||||||||||||
Commercial and industrial | ||||||||||||||
Consumer: | ||||||||||||||
Residential mortgage | ||||||||||||||
Other consumer | ||||||||||||||
Total consumer | ||||||||||||||
Loans held-for-investment | ||||||||||||||
Allowance for credit losses on loans | ( | ( | ||||||||||||
Net loans held-for-investment | $ | $ | ||||||||||||
($ in thousands) | Year Ended December 31, 2023 | |||||||
Provision for credit losses on loans | $ | |||||||
Reversal for credit losses on off-balance sheet credit exposures | ( | |||||||
Total reversal for credit losses | $ | ( | ||||||
($ in thousands) | Commercial Property | Business Property | Multifamily | Construction | Commercial and Industrial | Residential Mortgage | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Impact of ASC 326 adoption | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (reversal) for credit losses on loans | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Term Loans by Origination Year | Revolving Loans | Revolving Loans Converted to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial property | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Business property | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans by Origination Year | Revolving Loans | Revolving Loans Converted to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans held-for-investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Current period gross write offs | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Total Nonaccrual Loans | Nonaccrual Loans with ACL | ACL on Nonaccrual Loans | Collateral Dependent Nonaccrual Loans | ACL on Collateral Dependent Nonaccrual Loans | |||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||
Commercial property | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Business property | ||||||||||||||||||||||||||||||||
Total commercial real estate | ||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
($ in thousands) | Hotel / Motel | Warehouse | Retail | Single Family Residential | Other | Total | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||
Commercial property | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Business property | ||||||||||||||||||||||||||||||||||||||
Total commercial real estate | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Still Accruing | Nonaccrual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 30 to 59 Days Past Due | 60 to 89 Days Past Due | 90 or More Days Past Due | Total | 30 to 59 Days Past Due | 60 to 89 Days Past Due | 90 or More Days Past Due | Total | Total Loans Past Due | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial property | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Business property | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Year Ended December 31, 2023 | |||||||
Consumer: | ||||||||
Residential mortgage | $ | |||||||
Total consumer | ||||||||
Total | $ | |||||||
($ in thousands) | December 31, 2023 | |||||||
Commercial real estate: | ||||||||
Business property | $ | |||||||
Total commercial real estate | ||||||||
Commercial and industrial | ||||||||
Total | $ | |||||||
($ in thousands) | December 31, 2022 | |||||||
Real estate loans: | ||||||||
Commercial property | $ | |||||||
Residential property | ||||||||
SBA property | ||||||||
Construction | ||||||||
Total real estate loans | ||||||||
Commercial and industrial loans: | ||||||||
Commercial term | ||||||||
Commercial lines of credit | ||||||||
SBA commercial term | ||||||||
SBA PPP | ||||||||
Total commercial and industrial loans | ||||||||
Other consumer loans | ||||||||
Loans held-for-investment | ||||||||
Allowance for loan losses | ( | |||||||
Net loans held-for-investment | $ | |||||||
($ in thousands) | Real Estate | Commercial and Industrial | Consumer | Total | ||||||||||||||||||||||
Balance at January 1, 2021 | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries on loans previously charged off | ||||||||||||||||||||||||||
Reversal for loan losses | ( | ( | ( | ( | ||||||||||||||||||||||
Balance at December 31, 2021 | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | |||||||||||||||||||||||
Recoveries on loans previously charged off | ||||||||||||||||||||||||||
Provision (reversal) for loan losses | ( | |||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
($ in thousands) | Real Estate | Commercial and Industrial | Consumer | Total | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | ||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | ||||||||||||||||||||||
Collectively evaluated for impairment | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
($ in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Commercial property | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Residential property | ||||||||||||||||||||||||||||||||
SBA property | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||||||||
Commercial term | ||||||||||||||||||||||||||||||||
Commercial lines of credit | ||||||||||||||||||||||||||||||||
SBA commercial term | ||||||||||||||||||||||||||||||||
SBA PPP | ||||||||||||||||||||||||||||||||
Other consumer loans | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Still Accruing | ||||||||||||||||||||||||||||||||
($ in thousands) | 30 to 59 Days Past Due | 60 to 89 Days Past Due | 90 or More Days Past Due | Nonaccrual | Total Past Due and Nonaccrual | |||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Commercial property | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Residential property | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
SBA property | ||||||||||||||||||||||||||||||||
Other consumer loans | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
With No Allowance Recorded | With an Allowance Recorded | |||||||||||||||||||||||||||||||
($ in thousands) | Recorded Investment | Unpaid Principal Balance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Commercial property | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Residential property | ||||||||||||||||||||||||||||||||
SBA property | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
($ in thousands) | Average Recorded Investment | Interest Income | Average Recorded Investment | Interest Income | ||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
Commercial property | $ | $ | $ | $ | ||||||||||||||||||||||
Residential property | ||||||||||||||||||||||||||
SBA property | ||||||||||||||||||||||||||
Commercial and industrial loans: | ||||||||||||||||||||||||||
Commercial term | ||||||||||||||||||||||||||
Commercial lines of credit | ||||||||||||||||||||||||||
SBA commercial term | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||
($ in thousands) | 2022 | 2021 | ||||||||||||
Interest income that would have been recognized had impaired loans performed in accordance with their original terms | $ | $ | ||||||||||||
Less: interest income recognized on impaired loans on a cash basis | ( | ( | ||||||||||||
Interest income foregone on impaired loans | $ | $ | ||||||||||||
Year Ended December 31, | ||||||||||||||
($ in thousands) | 2022 | 2021 | ||||||||||||
Real estate loans: | ||||||||||||||
Commercial property | $ | $ | ||||||||||||
Residential property | ||||||||||||||
Commercial and industrial loans: | ||||||||||||||
Commercial lines of credit | ||||||||||||||
Total | $ | $ | ||||||||||||
Year Ended December 31, | ||||||||||||||
($ in thousands) | 2022 | 2021 | ||||||||||||
Real estate loans: | ||||||||||||||
Residential property | $ | $ | ||||||||||||
Total | $ | $ | ||||||||||||
($ in thousands) | December 31, 2022 | |||||||
Real estate loans: | ||||||||
SBA property | $ | |||||||
Commercial and industrial loans: | ||||||||
Commercial lines of credit | ||||||||
SBA commercial term | ||||||||
Total | $ | |||||||
December 31, | ||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||
Leasehold improvements | $ | $ | ||||||||||||
Furniture, fixtures and equipment | ||||||||||||||
Computer equipment | ||||||||||||||
Computer software | ||||||||||||||
Total premises and equipment | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
Premises and equipment, net | $ | $ | ||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Operating lease cost (1) | $ | $ | $ | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
Operating cash flows from operating leases | ||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations | ||||||||||||||||||||
December 31, | ||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||
Operating leases: | ||||||||||||||
Operating lease assets | $ | $ | ||||||||||||
Operating lease liabilities | ||||||||||||||
Weighted-average remaining lease term | ||||||||||||||
Weighted-average discount rate | % | % | ||||||||||||
($ in thousands) | December 31, 2023 | |||||||
Maturities: | ||||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
After 2028 | ||||||||
Total lease payment | ||||||||
Imputed interest | ( | |||||||
Present value of operating lease liabilities | $ | |||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Residential Mortgage | CRE SBA | C&I SBA | Total | Residential Mortgage | CRE SBA | C&I SBA | Total | ||||||||||||||||||||||||||||||||||||||||||
Carrying amount | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Discount rates | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||||
Prepayment speeds | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average remaining life | ||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying loans being serviced | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Residential Mortgage | CRE SBA | C&I SBA | Total | ||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Amortization | ( | ( | ( | ( | ||||||||||||||||||||||
Balance at December 31, 2021 | ||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Amortization | ( | ( | ( | ( | ||||||||||||||||||||||
Balance at December 31, 2022 | ||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Amortization | ( | ( | ( | ( | ||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | |||||||||||||||||
Additions | ||||||||||||||||||||
Sales | ( | ( | ||||||||||||||||||
Net change in valuation allowance | ||||||||||||||||||||
Balance at end of year | $ | $ | $ | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | |||||||||||||||||
Additions | ||||||||||||||||||||
Net direct write-downs and removal from sale | ||||||||||||||||||||
Balance at end of year | $ | $ | $ | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Net (gain) loss on sales | $ | $ | $ | ( | ||||||||||||||||
Operating expenses, net of rental income | ( | |||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Time deposits of $250,000 or less | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Time deposits of more than $250,000 | ||||||||||||||||||||||||||||||||||||||||||||
Total time deposits | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | ||||||||||||||||||||||||||||||||
Fixed Rate | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
As of or For the Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Weighted-average interest rate at end of year | % | % | % | |||||||||||||||||
Average interest rate during the year | % | % | % | |||||||||||||||||
Average balance | $ | $ | $ | |||||||||||||||||
Maximum amount outstanding at any month-end | $ | $ | $ | |||||||||||||||||
Balance at end of year | $ | $ | $ | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Share-based compensation expense related to: | ||||||||||||||||||||
Stock options | $ | $ | $ | |||||||||||||||||
Restricted stock awards | ||||||||||||||||||||
Total share-based compensation expense | $ | $ | $ | |||||||||||||||||
Related tax benefits | $ | $ | $ | |||||||||||||||||
December 31, 2023 | ||||||||||||||
($ in thousands) | Unrecognized Expense | Weighted-Average Remaining Expected Recognition Period | ||||||||||||
Unrecognized share-based compensation expense related to: | ||||||||||||||
Stock options | $ | |||||||||||||
Restricted stock awards | ||||||||||||||
Total unrecognized share-based compensation expense | $ | |||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Risk-free interest rate | % | % | % | |||||||||||||||||
Expected term | ||||||||||||||||||||
Expected stock price volatility | % | % | % | |||||||||||||||||
Dividend yield | % | % | % | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands, except per share data) | 2023 | 2022 | 2021 | |||||||||||||||||
Intrinsic value of options exercised | $ | $ | $ | |||||||||||||||||
Cash received from options exercised | $ | $ | $ | |||||||||||||||||
Tax benefit from options exercised | $ | $ | $ | |||||||||||||||||
Weighted-average estimated fair value per share of options granted | $ | $ | $ | |||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||||||||
($ in thousands except per share data) | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Contractual Term | Aggregated Intrinsic Value | ||||||||||||||||||||||
Outstanding at beginning of year | $ | $ | ||||||||||||||||||||||||
Granted | $ | |||||||||||||||||||||||||
Exercised | ( | $ | ||||||||||||||||||||||||
Forfeited | ( | $ | ||||||||||||||||||||||||
Balance at end of year | $ | $ | ||||||||||||||||||||||||
Exercisable at end of year | $ | $ | ||||||||||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||
Number of Shares | Weighted-Average Exercise Price Per Share | |||||||||||||
Outstanding at beginning of year | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited | ( | $ | ||||||||||||
Balance at end of year | $ | |||||||||||||
Year Ended December 31, 2023 | ||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value Per Share | |||||||||||||
Outstanding at beginning of period | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited | ( | $ | ||||||||||||
Outstanding at end of period | $ | |||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ||||||||||||||||||||
Total current income tax expense | ||||||||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | ( | |||||||||||||||||||
State | ( | |||||||||||||||||||
Total deferred income tax expense (benefit) | ( | |||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Statutory federal tax rate | % | % | % | |||||||||||||||||
State and local income taxes, net of federal tax benefit | % | % | % | |||||||||||||||||
Share-based compensation | % | % | % | |||||||||||||||||
Bank-owned life insurance | ( | % | ( | % | ( | % | ||||||||||||||
Other items, net | % | % | % | |||||||||||||||||
Effective income tax rate | % | % | % | |||||||||||||||||
December 31, | ||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||
Deferred tax assets: | ||||||||||||||
ACL on loans | $ | $ | ||||||||||||
Share-based compensation | ||||||||||||||
Unrealized loss on investment securities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
State tax benefit | ||||||||||||||
Other | ||||||||||||||
Total deferred tax assets | ||||||||||||||
Deferred tax liabilities: | ||||||||||||||
Loans held-for-sale market adjustment | ||||||||||||||
Depreciation on premises and equipment | ||||||||||||||
Loans held-for-sale market adjustment | ||||||||||||||
Deferred loan origination costs | ||||||||||||||
Operating lease assets | ||||||||||||||
Other | ||||||||||||||
Total deferred tax liabilities | ||||||||||||||
Deferred tax assets, net | $ | ( | $ | |||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands, except per share) | 2023 | 2022 | 2021 | |||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Less: income allocated to unvested restricted stock | ( | ( | ( | |||||||||||||||||
Net income allocated to common stock | $ | $ | $ | |||||||||||||||||
Weighted-average total common shares outstanding | ||||||||||||||||||||
Less: weighted-average unvested restricted stock | ( | ( | ( | |||||||||||||||||
Weighted-average common shares outstanding, basic | ||||||||||||||||||||
Basic earnings per share | $ | $ | $ | |||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Net income allocated to common stock | $ | $ | $ | |||||||||||||||||
Weighted-average commons shares outstanding | ||||||||||||||||||||
Diluted effect of stock options | ||||||||||||||||||||
Diluted weighted-average common shares outstanding | ||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | |||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
($ in thousands) | Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | ||||||||||||||||||||||
Unused lines of credit | $ | $ | $ | $ | ||||||||||||||||||||||
Unfunded loan commitments | ||||||||||||||||||||||||||
Standby letters of credit | ||||||||||||||||||||||||||
Commercial letters of credit | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Actual | Minimum Capital Requirement | To Be Well Capitalized Under Prompt Corrective Provisions | ||||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
PCB Bancorp | ||||||||||||||||||||||||||||||||||||||
Common tier 1 capital (to risk-weighted assets) | $ | % | $ | % | N/A | N/A | ||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
PCB Bank | ||||||||||||||||||||||||||||||||||||||
Common tier 1 capital (to risk-weighted assets) | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | % | % | % | |||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
PCB Bancorp | ||||||||||||||||||||||||||||||||||||||
Common tier 1 capital (to risk-weighted assets) | $ | % | $ | % | N/A | N/A | ||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | % | % | N/A | N/A | ||||||||||||||||||||||||||||||||||
PCB Bank | ||||||||||||||||||||||||||||||||||||||
Common tier 1 capital (to risk-weighted assets) | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | % | % | % | |||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | % | % | % | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Noninterest income in-scope of Topic 606 | ||||||||||||||||||||
Service charges and fees on deposits: | ||||||||||||||||||||
Monthly service fees | $ | $ | $ | |||||||||||||||||
Account analysis fees | ||||||||||||||||||||
Non-sufficient funds charges | ||||||||||||||||||||
Other deposit related fees | ||||||||||||||||||||
Total service charges and fees on deposits | ||||||||||||||||||||
Debit card fees | ||||||||||||||||||||
Gain (loss) on sale of other real estate owned | ||||||||||||||||||||
Wire transfer fees | ||||||||||||||||||||
Other service charges | ||||||||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
December 31, | ||||||||||||||
($ in thousands) | 2023 | 2022 | ||||||||||||
Assets | ||||||||||||||
Cash | $ | $ | ||||||||||||
Investment in subsidiary | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Other liabilities | $ | $ | ||||||||||||
Total liabilities | ||||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ | ||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from subsidiary | $ | $ | $ | |||||||||||||||||
Other income | ||||||||||||||||||||
Total income | ||||||||||||||||||||
Expense: | ||||||||||||||||||||
Other expense | ||||||||||||||||||||
Total expense | ||||||||||||||||||||
Income before taxes and equity in undistributed subsidiary income | ||||||||||||||||||||
Income tax benefit | ( | ( | ( | |||||||||||||||||
Income before equity in undistributed subsidiary income | ||||||||||||||||||||
Equity in undistributed subsidiary income | ||||||||||||||||||||
Net income | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ||||||||||||||||||
Comprehensive income | $ | $ | $ | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in undistributed subsidiary income | ( | ( | ( | |||||||||||||||||
Change in other assets | ( | ( | ||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital contribution to subsidiary | ( | |||||||||||||||||||
Net cash used in investing activities | ( | |||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Issuance of preferred stock | ||||||||||||||||||||
Stock options exercised | ||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | ( | ( | ( | |||||||||||||||||
Repurchase of common stock | ( | ( | ( | |||||||||||||||||
Cash dividends paid on common stock | ( | ( | ( | |||||||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||||||||
Net increase in cash and cash equivalents | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | ||||||||||||||||||||
Cash and cash equivalents at end of year | $ | $ | $ | |||||||||||||||||
Exhibit Number | Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
3.1 | 10-Q | 001-38621 | 3.1 | August 8, 2019 | ||||||||||||||||||||||||||||
3.2 | ||||||||||||||||||||||||||||||||
3.3 | 8-K | 001-38621 | 3.1 | May 24, 2022 | ||||||||||||||||||||||||||||
4.1 | 10-Q | 001-38621 | 4.1 | August 8, 2019 | ||||||||||||||||||||||||||||
4.2 | 10-Q | 001-38621 | 4.2 | August 4, 2022 | ||||||||||||||||||||||||||||
4.3 | 8-K | 001-38621 | 4.1 | May 24, 2022 | ||||||||||||||||||||||||||||
10.1 | S-1 | 333-226208 | 10.1 | July 17, 2018 | ||||||||||||||||||||||||||||
10.1A | 10-Q | 001-38621 | 10.1A | November 8, 2021 | ||||||||||||||||||||||||||||
10.1B | 10-K | 001-38621 | 10.1B | March 4, 2022 | ||||||||||||||||||||||||||||
10.2 | S-8 | 333-272874 | 4.1 | June 23, 2023 | ||||||||||||||||||||||||||||
10.3 | 8-K | 001-38621 | 10.1 | July 27, 2023 | ||||||||||||||||||||||||||||
10.4 | 8-K | 001-38621 | 10.2 | July 27, 2023 | ||||||||||||||||||||||||||||
10.5 | S-1 | 333-226208 | 10.2 | July 17, 2018 | ||||||||||||||||||||||||||||
10.6 | S-1 | 333-226208 | 10.3 | July 17, 2018 | ||||||||||||||||||||||||||||
10.7 | S-1 | 333-226208 | 10.4 | July 17, 2018 | ||||||||||||||||||||||||||||
10.8 | 8-K | 001-38621 | 10.1 | May 24, 2022 | ||||||||||||||||||||||||||||
21.1 | 10-K | 001-38621 | 21.1 | March 9, 2023 | ||||||||||||||||||||||||||||
23.1 | ||||||||||||||||||||||||||||||||
31.1 | ||||||||||||||||||||||||||||||||
31.2 | ||||||||||||||||||||||||||||||||
32.1 | ||||||||||||||||||||||||||||||||
32.2 | ||||||||||||||||||||||||||||||||
97 | ||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document* | |||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document* | |||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* | |||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | |||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* | |||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* |
PCB Bancorp | |||||||||||
Date: | March 12, 2024 | /s/ Henry Kim | |||||||||
Henry Kim | |||||||||||
President and Chief Executive Officer |
Signature/Name | Title | Date | |||||||||||||||
By: | /s/ Henry Kim | Director, President and Chief Executive Officer | March 12, 2024 | ||||||||||||||
Henry Kim | (Principal Executive Officer) | ||||||||||||||||
By: | /s/ Timothy Chang | Executive Vice President and Chief Financial Officer | March 12, 2024 | ||||||||||||||
Timothy Chang | (Principal Financial and Accounting Officer) | ||||||||||||||||
By: | /s/ Sang Young Lee | Chairman of the Board of Directors | March 12, 2024 | ||||||||||||||
Sang Young Lee | |||||||||||||||||
By: | /s/ Kijun Ahn | Director | March 12, 2024 | ||||||||||||||
Kijun Ahn | |||||||||||||||||
By: | /s/ Daniel Cho | Director | March 12, 2024 | ||||||||||||||
Daniel Cho | |||||||||||||||||
By: | /s/ Haeyoung Cho | Director | March 12, 2024 | ||||||||||||||
Haeyoung Cho | |||||||||||||||||
By: | /s/ Janice Chung | Director | March 12, 2024 | ||||||||||||||
Janice Chung | |||||||||||||||||
By: | /s/ Hong Kyun “Daniel” Park | Director | March 12, 2024 | ||||||||||||||
Hong Kyun “Daniel” Park | |||||||||||||||||
By: | /s/ Don Rhee | Director | March 12, 2024 | ||||||||||||||
Don Rhee |
Andrew Chung, Secretary |
Date: | March 12, 2024 | /s/ Henry Kim | |||||||||
Henry Kim | |||||||||||
President and Chief Executive Officer (Principal Executive Officer) |
Date: | March 12, 2024 | /s/ Timothy Chang | |||||||||
Timothy Chang | |||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Date: | March 12, 2024 | /s/ Henry Kim | |||||||||
Henry Kim | |||||||||||
President and Chief Executive Officer (Principal Executive Officer) |
Date: | March 12, 2024 | /s/ Timothy Chang | |||||||||
Timothy Chang | |||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 173 |
Auditor Name | Crowe LLP |
Auditor Location | Los Angeles, California |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized cost | $ 156,175 | $ 156,978 |
Allowance for credit losses | $ 0 | |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, issued (in shares) | 14,260,440 | 14,625,474 |
Common stock, outstanding (in shares) | 14,260,440 | 14,625,474 |
Unvested restricted stock (in shares) | 271,000 | 94,000 |
Restricted Stock Units (RSUs) | ||
Unvested restricted stock (in shares) | 41,661 | 62,022 |
Series C Preferred Stock | ||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, issued (in shares) | 69,141 | 69,141 |
Preferred stock, outstanding (in shares) | 69,141 | 69,141 |
Consolidated Statements of Income - USD ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
||||||||
Interest and dividend income: | ||||||||||
Loans, including fees | $ 136,029 | $ 95,054 | $ 79,155 | |||||||
Tax-exempt investment securities | 126 | 140 | 146 | |||||||
Taxable investment securities | 4,553 | 2,767 | 1,467 | |||||||
Other interest-earning assets | 10,469 | 3,790 | 704 | |||||||
Total interest income | 151,177 | 101,751 | 81,472 | |||||||
Interest expense: | ||||||||||
Deposits | 62,165 | 11,984 | 4,043 | |||||||
Other borrowings | 508 | 135 | 292 | |||||||
Total interest expense | 62,673 | 12,119 | 4,335 | |||||||
Net interest income | 88,504 | 89,632 | 77,137 | |||||||
Provision (reversal) for credit losses | (132) | [1] | 3,602 | [2] | (4,596) | [2] | ||||
Net interest income after provision (reversal) for loan losses | 88,636 | 86,030 | 81,733 | |||||||
Noninterest income: | ||||||||||
Service charges and fees on deposits | 2,650 | 2,642 | 2,369 | |||||||
Loan servicing income | 3,330 | 2,969 | 2,770 | |||||||
Bank-owned life insurance income | 753 | 706 | 108 | |||||||
Gain on sale of loans | 3,570 | 7,990 | 12,932 | |||||||
Other income | 1,555 | 1,508 | 1,429 | |||||||
Total noninterest income | 10,683 | 14,499 | 18,434 | |||||||
Noninterest expense: | ||||||||||
Salaries and employee benefits | 34,572 | 33,056 | 27,974 | |||||||
Occupancy and equipment | 7,924 | 6,481 | 5,575 | |||||||
Professional fees | 3,087 | 2,239 | 2,159 | |||||||
Marketing and business promotion | 2,327 | 2,150 | 1,656 | |||||||
Data processing | 1,552 | 1,706 | 1,572 | |||||||
Director fees and expenses | 756 | 706 | 594 | |||||||
Regulatory assessments | 1,103 | 597 | 537 | |||||||
Other expenses | 4,736 | 4,191 | 3,141 | |||||||
Total noninterest expense | 56,057 | 51,126 | 43,208 | |||||||
Income before income taxes | 43,262 | 49,403 | 56,959 | |||||||
Income tax expense | 12,557 | 14,416 | 16,856 | |||||||
Net income | $ 30,705 | $ 34,987 | $ 40,103 | |||||||
Earnings per common share, basic (in dollars per share) | $ 2.14 | $ 2.35 | $ 2.66 | |||||||
Earnings per common share, diluted (in dollars per share) | $ 2.12 | $ 2.31 | $ 2.62 | |||||||
Weighted-average common shares outstanding, basic (in shares) | 14,301,691 | 14,822,018 | 15,017,637 | |||||||
Weighted-average common shares outstanding, diluted (in shares) | 14,417,938 | 15,065,175 | 15,253,820 | |||||||
Revenue, Product and Service [Extensible Enumeration] | Service charges and fees on deposits | Service charges and fees on deposits | Service charges and fees on deposits | |||||||
Service charges and fees on deposits | ||||||||||
Noninterest income: | ||||||||||
Service charges and fees on deposits | $ 1,475 | $ 1,326 | $ 1,195 | |||||||
|
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 30,705 | $ 34,987 | $ 40,103 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on securities available-for-sale arising during the year | 2,263 | (15,128) | (2,553) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | (676) | 4,463 | 751 |
Total other comprehensive income (loss), net of tax | 1,587 | (10,665) | (1,802) |
Total comprehensive income | $ 32,292 | $ 24,322 | $ 38,301 |
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative effect adjustment upon adoption of ASC 326 |
Adjusted beginning balance |
Preferred Stock |
Preferred Stock
Adjusted beginning balance
|
Common Stock |
Common Stock
Adjusted beginning balance
|
Retained Earnings |
Retained Earnings
Cumulative effect adjustment upon adoption of ASC 326
|
Retained Earnings
Adjusted beginning balance
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
Adjusted beginning balance
|
---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance, preferred stock (in shares) at Dec. 31, 2020 | 0 | |||||||||||
Beginning balance, common stock (in shares) at Dec. 31, 2020 | 15,385,878 | |||||||||||
Beginning balance at Dec. 31, 2020 | $ 233,788 | $ 0 | $ 164,140 | $ 67,692 | $ 1,956 | |||||||
Comprehensive income (loss) | ||||||||||||
Net income | 40,103 | 40,103 | ||||||||||
Other comprehensive income (loss), net of tax | (1,802) | (1,802) | ||||||||||
Issuance of restricted stock (in shares) | 35,584 | |||||||||||
Forfeiture of restricted stock (in shares) | (1,300) | |||||||||||
Restricted stock surrendered due to employee tax liability (in shares) | (231) | |||||||||||
Restricted stock surrendered due to employee tax liability | $ (4) | $ (4) | ||||||||||
Repurchase of common stock (in shares) | (680,269) | (680,269) | ||||||||||
Repurchase of common stock | $ (10,876) | $ (10,876) | ||||||||||
Share-based compensation expense | 453 | $ 453 | ||||||||||
Stock options exercised (in shares) | 126,163 | |||||||||||
Stock options exercised | 1,279 | $ 1,279 | ||||||||||
Cash dividends declared on common stock | (6,655) | (6,655) | ||||||||||
Ending balance, preferred stock (in shares) at Dec. 31, 2021 | 0 | |||||||||||
Ending balance, common stock (in shares) at Dec. 31, 2021 | 14,865,825 | |||||||||||
Ending balance at Dec. 31, 2021 | 256,286 | $ 0 | $ 154,992 | 101,140 | 154 | |||||||
Comprehensive income (loss) | ||||||||||||
Net income | 34,987 | 34,987 | ||||||||||
Other comprehensive income (loss), net of tax | (10,665) | (10,665) | ||||||||||
Issuance of preferred stock (in shares) | 69,141 | |||||||||||
Issuance of preferred stock | 69,141 | $ 69,141 | ||||||||||
Issuance of restricted stock (in shares) | 27,700 | |||||||||||
Forfeiture of restricted stock (in shares) | (200) | |||||||||||
Restricted stock surrendered due to employee tax liability (in shares) | (429) | |||||||||||
Restricted stock surrendered due to employee tax liability | $ (8) | $ (8) | ||||||||||
Repurchase of common stock (in shares) | (362,557) | (362,557) | ||||||||||
Repurchase of common stock | $ (6,732) | $ (6,732) | ||||||||||
Share-based compensation expense | 539 | $ 539 | ||||||||||
Stock options exercised (in shares) | 95,135 | |||||||||||
Stock options exercised | 840 | $ 840 | ||||||||||
Cash dividends declared on common stock | $ (8,946) | (8,946) | ||||||||||
Ending balance, preferred stock (in shares) at Dec. 31, 2022 | 69,141 | |||||||||||
Ending balance, common stock (in shares) at Dec. 31, 2022 | 14,625,474 | 14,625,474 | ||||||||||
Ending balance at Dec. 31, 2022 | $ 335,442 | $ (1,886) | $ 333,556 | $ 69,141 | $ 69,141 | $ 149,631 | $ 149,631 | 127,181 | $ (1,886) | $ 125,295 | (10,511) | $ (10,511) |
Comprehensive income (loss) | ||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||||||||
Net income | $ 30,705 | 30,705 | ||||||||||
Other comprehensive income (loss), net of tax | 1,587 | 1,587 | ||||||||||
Issuance of restricted stock (in shares) | 3,300 | |||||||||||
Forfeiture of restricted stock (in shares) | (500) | |||||||||||
Restricted stock surrendered due to employee tax liability (in shares) | (99) | |||||||||||
Restricted stock surrendered due to employee tax liability | $ (2) | $ (2) | ||||||||||
Repurchase of common stock (in shares) | (512,657) | (512,657) | ||||||||||
Repurchase of common stock | $ (8,828) | $ (8,828) | ||||||||||
Stock repurchase excise tax | (76) | (76) | ||||||||||
Share-based compensation expense | $ 488 | $ 488 | ||||||||||
Stock options exercised (in shares) | 144,922 | 144,922 | ||||||||||
Stock options exercised | $ 1,350 | $ 1,350 | ||||||||||
Cash dividends declared on common stock | $ (9,908) | (9,908) | ||||||||||
Ending balance, preferred stock (in shares) at Dec. 31, 2023 | 69,141 | |||||||||||
Ending balance, common stock (in shares) at Dec. 31, 2023 | 14,260,440 | 14,260,440 | ||||||||||
Ending balance at Dec. 31, 2023 | $ 348,872 | $ 69,141 | $ 142,563 | $ 146,092 | $ (8,924) |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared (in dollars per share) | $ 0.69 | $ 0.60 | $ 0.44 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Cash flows from operating activities | ||||||||||
Net income | $ 30,705 | $ 34,987 | $ 40,103 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||
Depreciation of premises and equipment | 2,184 | 1,597 | 1,375 | |||||||
Net amortization of premiums on securities | 209 | 367 | 1,004 | |||||||
Net accretion of discounts on loans | (2,197) | (3,551) | (3,504) | |||||||
Net accretion of deferred loan fees | (1,097) | (2,181) | (6,096) | |||||||
Amortization of servicing assets | 1,883 | 2,135 | 2,009 | |||||||
Provision (reversal) for credit losses | (132) | [1] | 3,602 | [2] | (4,596) | [2] | ||||
Bank-owned life insurance income | (753) | (706) | (108) | |||||||
Deferred tax expense (benefit) | 4,103 | 12,172 | (1,953) | |||||||
Share-based compensation | 488 | 539 | 453 | |||||||
Gain on sale of loans | (3,570) | (7,990) | (12,932) | |||||||
Originations of loans held-for-sale | (69,040) | (105,570) | (172,211) | |||||||
Proceeds from sales of and principal collected on loans held-for-sale | 87,422 | 132,881 | 150,236 | |||||||
Change in accrued interest receivable and other assets | (934) | (12,738) | 2,660 | |||||||
Change in accrued interest payable and other liabilities | 14,072 | 1,723 | 1,943 | |||||||
Net cash provided by (used in) operating activities | 63,343 | 57,267 | (1,617) | |||||||
Cash flows from investing activities: | ||||||||||
Purchase of securities available-for-sale | (17,271) | (57,360) | (47,306) | |||||||
Proceeds from maturities, calls, and paydowns of securities available-for-sale | 17,865 | 23,200 | 41,078 | |||||||
Proceeds from sales of and principal collected on loans held-for-sale previously classified as held-for-investment | 5,074 | 458 | 8,757 | |||||||
Net increase in loans held-for-investment | (261,352) | (317,095) | (149,237) | |||||||
Purchase of loans held-for-investment | (15,741) | 0 | (2,139) | |||||||
Purchase of Federal Home Loan Bank and other restricted stock | (2,533) | (1,606) | (130) | |||||||
Proceeds from sale of other real estate owned | 0 | 1,191 | 3,434 | |||||||
Purchases of premises and equipment | (1,315) | (5,453) | (430) | |||||||
Purchase of bank-owned life insurance | 0 | 0 | (29,250) | |||||||
Net cash used in investing activities | (275,273) | (356,665) | (175,223) | |||||||
Cash flows from financing activities: | ||||||||||
Net increase in deposits | 305,629 | 178,849 | 272,283 | |||||||
Net change in short-term Federal Home Loan Bank advances | (20,000) | 20,000 | 0 | |||||||
Proceeds from long-term Federal Home Loan Bank advances | 39,000 | 0 | 0 | |||||||
Repayment of long-term Federal Home Loan Bank advances | 0 | (10,000) | (70,000) | |||||||
Stock options exercised | 1,350 | 840 | 1,279 | |||||||
Restricted stock surrendered due to employee tax liability | (2) | (8) | (4) | |||||||
Issuance of preferred stock | 0 | 69,141 | 0 | |||||||
Repurchase of common stock | (8,828) | (6,732) | (10,876) | |||||||
Cash dividends paid on common stock | (9,908) | (8,946) | (6,655) | |||||||
Net cash provided by financing activities | 307,241 | 243,144 | 186,027 | |||||||
Net increase (decrease) in cash and cash equivalents | 95,311 | (56,254) | 9,187 | |||||||
Cash and cash equivalents at beginning of year | 147,031 | 203,285 | 194,098 | |||||||
Cash and cash equivalents at end of year | 242,342 | 147,031 | 203,285 | |||||||
Supplemental disclosures of cash flow information: | ||||||||||
Interest paid | 47,780 | 9,731 | 5,790 | |||||||
Income taxes paid | 4,284 | 13,977 | 14,982 | |||||||
Supplemental disclosures of non-cash investment activities: | ||||||||||
Loans transferred to loans held-for-sale | 0 | 4,458 | 8,752 | |||||||
Loans transferred to other real estate owned | 593 | 151 | 905 | |||||||
Right-of-use assets obtained in exchange for lease obligations | $ 15,317 | $ 2,150 | $ 1,459 | |||||||
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Basis of Presentation and Significant Accounting Policies |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Nature of Operations PCB Bancorp is a bank holding company whose subsidiary is PCB Bank, which is a single operating segment. The Company changed the Bank’s name from “Pacific City Bank” to “PCB Bank” on August 25, 2022. The Bank is a single operating segment that operates 11 full-service branches in Los Angeles and Orange Counties, California, three full-service branches on the East Coast (Bayside, New York; and Englewood Cliffs and Palisades Park, New Jersey), and two full-service branches in Texas (Carrollton and Dallas), and seven LPOs in Los Angeles and Orange Counties, California; Annandale, Virginia; Atlanta, Georgia; Aurora, Colorado; Bellevue, Washington; and Carrollton, Texas. The Bank offers a broad range of loans, deposits, and other products and services predominantly to small and middle market businesses and individuals. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021. Significant inter-company accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its wholly owned subsidiaries. The accounting and reporting polices of the Company are based upon GAAP and conform to predominant practices within the financial services industry. Significant accounting policies followed by the Company are presented below. Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on the Company’s consolidated statements of financial condition or operations. Use of Estimates in the Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates are subject to change and such change could have a material effect on the consolidated financial statements. Actual results may differ from those estimates. Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in transit, cash due from the Federal Reserve Bank and other financial institutions, and federal funds sold with original maturities less than 90 days. On March 26, 2020, the Federal Reserve reduced reserve requirement ratios to 0%, eliminating the reserve requirement for all depository institutions. There was no reserve and clearing requirement balance at December 31, 2023 and 2022. Investment Securities Investment securities are classified as held-to-maturity or available-for-sale at the time of purchase based upon the intent of management, liquidity and capital requirements, regulatory limitations and other relevant factors. Debt securities are classified as held-to-maturity when management has the positive intent and ability to hold to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Securities held-to-maturity are carried at amortized cost and securities available-for-sale are carried at fair value with unrealized gains and losses, net of taxes, recorded in other comprehensive income. As of December 31, 2023 and 2022, all of the investment securities held by the Company were securities available-for-sale. Gains and losses on sales of securities are determined using the specific identification method. Net realized gains or losses on available-for-sale securities are included in noninterest income and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. Amortization of premiums and accretion of discounts are included in interest income using the effective interest method. Allowance for Credit Losses on Investment Securities. Effective January 1, 2023, ACL on securities available-for-sale is determined in accordance with ASC 326. The Company performs a quarterly evaluation for securities in an unrealized loss position to determine if, for those investments in an unrealized loss position, the decline in fair value is credit related or non-credit related. In determining whether a security’s decline in fair value is credit related, the Company considers a number of factors including, but not limited to: (i) the extent to which the fair value of the investment is less than its amortized cost; (ii) the financial condition and near-term prospects of the issuer; (iii) downgrades in credit ratings; (iv) payment structure of the security, (v) the ability of the issuer of the security to make scheduled principal and interest payments, and (vi) general market conditions which reflect prospects for the economy as a whole, including interest rates and sector credit spreads. If it is determined that the unrealized loss, or a portion thereof, is credit related, the Company records the amount of credit loss through a charge to provision for credit losses. Unrealized losses deemed non-credit related are recorded, net of tax, through accumulated other comprehensive income. The Company does not measure credit losses on an investment’s accrued interest receivable, but rather promptly reverses from current period earnings the amount of accrued interest that is no longer deemed collectable. Accrued interest receivable for investment securities is included in accrued interest receivable in the consolidated statements of financial condition. Loans Held-For-Sale The Company originates SBA loans, and certain residential mortgage and CRE loans with the intention for sale in the secondary market. The Company records the guaranteed portion of SBA loans and these residential mortgage and CRE loans held-for-sale at the lower of cost or fair value on an aggregate basis. Fair value is based on commitments on hand from investors or prevailing market prices. A valuation allowance is established if the fair value of such loans is lower than their cost, with a corresponding charge to noninterest income. When the Company changes its intent to hold loans for investment, the loans are transferred to held-for-sale at lower of cost or fair value at the time of transfer, as determined on an individual loan level with charges made to ACL on loans when the fair value is lower than the cost. Deferred fees and cost on transferred loans are included in the determination of gains or losses on sale of the related loans. Subsequent decreases in fair value, if any, are recognized through a valuation allowance with charges made to noninterest income. If a determination is made that a loan held-for-sale cannot be sold in the foreseeable future, it is transferred to loans held-for-investment at lower of cost or fair value on the transfer date with a charge made to noninterest income when the fair value is lower than the cost. Realized gains and losses from sales of loans are included in noninterest income. For sales of guaranteed portion of SBA and certain residential mortgage loans, the loan servicing rights are retained. Loans Held-For-Investment Loans held-for-investment that management has the intent and ability to hold for the foreseeable future are reported at their outstanding unpaid principal balances, net of any charge-offs, deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Loan origination fees and certain direct origination costs are deferred and recognized in interest income using the effective interest method over the life of the loan. Interest is accrued and credited to income as earned only if deemed collectible. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. Accrual of interest on loans is discontinued when principal or interest payment is 90 days past due based on the contractual terms of the loan or when, in the opinion of management, there is reasonable doubt as to collectability. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Past-due status is based on the contractual terms of the loan. Interest payments that are subsequently received are applied as a reduction to the remaining principal balance as long as concern exists as to the collectability of the principal. Interest accruals are resumed on such loans only when the loans are brought current with respect to interest and principal and when, in the judgment of management, all principal and interest on the loans are expected to be fully collectable. Loan portfolio segments identified by the Company include: commercial real estate (commercial property, business property, multifamily and construction), commercial and industrial, and consumer loans (residential mortgage and other consumer). Each loan segment bears varying degrees of risk based on, among other things, the type of loan and collateral, and the sensitivity of the borrower or industry to changes in external factors such as economic conditions and interest rate changes. The loan segments are as following: Commercial Real Estate Loans: •Commercial property loans – Commercial property loans include loans for which the Company holds real property as collateral, but where the borrower does not occupy the underlying property. The primary risks associated with investor property loans include the borrower’s inability to pay, material decreases in the value of the real estate that is being held as collateral, significant increases in interest rates, changes in market rents, and vacancy and conditions of the underlying property, any of which may make the real estate property unprofitable to the borrower. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. •Business property loans – Business property loans include loans for which the Company holds real property as collateral and where the underlying property is occupied by the borrower, such as with a place of business. These loans are primarily underwritten based on the cash flows of the business and secondarily on the real estate. The primary risks associated with business property loans include the borrower’s inability to pay, material decreases in the value of the real estate that is being held as collateral, and significant increases in interest rates, which reduce the cash flows of the underlying business. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. •Multifamily loans: Multifamily loans are secured by multi-tenant (5 or more units) residential real properties. Payments on multifamily loans are dependent on the successful operation or management of the properties, and repayment of these loans may be subject to adverse conditions in the real estate market or the economy. •Construction loans: Construction loans are considered to have higher risks due to construction completion and timing risk, and the ultimate repayment being sensitive to interest rate changes, government regulation of real property, and the availability of long-term financing. Additionally, economic conditions may impact the Company’s ability to recover its investment in construction loans, as adverse economic conditions may negatively impact the real estate market, which could affect the borrower’s ability to complete and sell the project. The fair value of the underlying collateral may fluctuate as market conditions change. The primary risks include the borrower’s inability to pay and the inability of the Company to recover its investment due to a decline in the fair value of the underlying collateral. Commercial and Industrial Loans: •Commercial and industrial loans – The C&I loan category includes commercial term loans and commercial lines of credit. Commercial term loans are typically extended to finance business acquisitions, permanent working capital needs, and/or equipment purchases. Commercial lines of credit are generally provided to finance short-term working capital needs and mortgage warehouse lending credit facilities. Mortgage warehouse lending is a line of credit given to a loan originator, the funds from which are used to finance a mortgage that a borrower uses to purchase single-family residential property or refinance an existing mortgage. The primary risk associated with C&I loans is the difference between expected and actual cash flows of the borrowers. In addition, the recoverability of the Company’s investment in these loans is also dependent on other factors primarily dictated by the type of collateral securing these loans, and occasionally upon other borrower assets and guarantor assets. Consumer Loans •Residential mortgage loans – The primary risks of residential mortgage loans include the borrower’s inability to pay, material decreases in the value of the real estate that is being held as collateral, and significant increases in interest rates, which may reduce the borrower’s capacity to pay. •Other consumer loans – Other consumer loans primarily include automobile loans, as well as unsecured lines of credit and term loans to high net worth individuals. Automobile loans have relatively higher LTV ratios on average and carry higher interest rates to offset for the inherently higher default risks. Unsecured lines of credit and term consumer loans are underwritten primarily based on the individual borrower’s income, current debt level, and past credit history. Repayment of these loans is dependent on the borrower’s ability to pay, and the fair value of the underlying collateral for automobile loans. The Company classifies loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans in regards to credit risk. This analysis typically includes non-homogeneous loans, such as commercial real estate and commercial and industrial loans, and is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings: •Pass - Loans classified as pass include non-homogeneous loans not meeting the risk ratings defined below and smaller, homogeneous loans not assessed on an individual basis. •Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of repayment prospects for the loan or of the institution’s credit position at some future date. •Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. •Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. As of December 31, 2023, the Company’s loan portfolio was primarily collateralized by various forms of real estate and business assets located primarily in California. The Company’s loan portfolio contains concentrations of credit in commercial real estate loans and commercial and industrial loans. The Company maintains policies that address these concentrations, as well as residential mortgage loans, and diversifies its loan portfolio through loan originations, purchases, and sales to meet approved concentration levels. Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures Effective January 1, 2023, ACL on loans is determined in accordance with ASC 326, which requires the Company to record an estimate of expected lifetime credit losses for loans at the time of origination or acquisition. The ACL is maintained at a level deemed appropriate by management to provide for expected credit losses in the portfolio as of the date of the consolidated statements of financial condition. Estimating expected credit losses requires management to use relevant forward-looking information, including the use of reasonable and supportable forecasts. The measurement of the ACL is performed by collectively evaluating loans with similar risk characteristics. The Company’s discounted cash flow methodology incorporates a PD and LGD model, as well as expectations of future economic conditions, using reasonable and supportable forecasts. The Company leverages its peer group information to estimate PD and LGD. Peer group is selected from institutions in California with total assets between $1 billion and $5 billion. The Company analyzes and compares each loan segment’s volume as a percentage of total loans, recent charge-off rates, and charge-off rate during recession of the peer group against those of the Bank for inclusion in the peer group population. PD and LGD are forecasted over a one-year time horizon using economic forecast scenarios, which the Company believes is a reasonable and supportable period. Beyond the 1-year forecast time horizon, the Company’s ACL model reverts to historical long-term average loss rates over a 1-year period. The use of reasonable and supportable forecasts requires significant judgment, such as selecting forecast scenarios, as well as determining the appropriate length of the forecast horizon. Management leverages economic projections from a reputable and independent third party to inform and provide its reasonable and supportable economic forecasts. Other internal and external indicators of economic forecasts may also be considered by management when developing the forecast metrics. The Company’s ACL model reverts to long-term average loss rates for purposes of estimating expected cash flows beyond a period deemed reasonable and supportable. The Company forecasts economic conditions and expected credit losses over a one-year time horizon. Beyond the one-year forecast time horizon, the Company’s ACL model reverts to historical long-term average loss rates over one-year period. Management utilizes the economic forecasts provided by the FOMC to forecast the first 4 quarters of the credit loss estimate. The FOMC projects national unemployment rate and the projected change in the year-over-year national GDP growth rates over the forward-looking 4 quarters are used in determining the PD rates over the forecasted periods. Changes in economic forecasts, in conjunction with changes in loan specific attributes, impact a loan’s PD and LGD, which can drive changes in the determination of the ACL. A portion of the collectively evaluated ACL on loans also includes qualitative adjustments for risk factors not reflected or captured by the quantitative modeled ACL but are relevant in estimating future expected credit losses. For each segment of the collectively evaluated loans, a hypothetical worst case scenario loss rate is calculated which is then used as the high watermark for the qualitative adjustment factors. The net difference between the worst case scenario loss rate and the current period’s quantitative reserve rate is the maximum available qualitative reserve for a given segment. The required qualitative reserve for each segment is then determined based on the weighting of the qualitative category and the assignment of risk status rating (improvement, no risk, minor risk, moderate risk, and major risk) for each qualitative factor category. Qualitative adjustments may be related to and include, but not limited to factors such as: (i) management’s assessment of economic forecasts used in the model and how those forecasts align with management’s overall evaluation of current and expected economic conditions, (ii) organization-specific risks such as credit concentrations, collateral specific risks, regulatory risks, and external factors that may ultimately impact credit quality, (iii) potential model limitations such as limitations identified through back-testing, and other limitations associated with factors such as underwriting changes, acquisition of new portfolios and changes in portfolio segmentation, and (iv) management’s overall assessment of the adequacy of the ACL, including an assessment of ACL model data inputs. Problem loans are typically substandard or have a worse internal risk grade, and may consist of loans on nonaccrual status where the likelihood of foreclosure on underlying collateral has increased, collateral dependent loans and other loans where concern or doubt over the ultimate collectability of all contractual amounts due has become elevated. These problem loans, in the opinion of management, no longer possess risk characteristics similar to other loans in the loan segment, and as such may require individual evaluation for appropriate ACL for the loan. For performing loans individually evaluated, the Company measures the expected credit loss based on a discounted cash flow approach or fair value of collateral, less costs to sell. Collateral dependent loans are loans to borrowers with financial difficulty where the repayment of the loan is expected from the operation of and/or eventual liquidation of the underlying collateral. Although management uses the best information reasonably available to derive estimates necessary to measure an appropriate level of the ACL, future adjustments to the ACL may be necessary due to economic, operating, regulatory and other conditions that may extend beyond the Company’s control. Generally, loans are charged off immediately when it is determined that advances to the borrower are in excess of the calculated current fair value of the collateral and if a borrower is deemed incapable of repayment of unsecured debt, there is little or no prospect for near term improvement and no realized strengthening action of significance pending. Other consumer loans are charged off based on delinquency, typically 120 days for closed loans and 180 days for open-end loans, or earlier when it is determined that the loan is uncollectible due to a triggering event, such as bankruptcy, fraud, or death. This methodology for determining charge-offs is consistently applied to each segment. Charge-offs are recorded to the ACL. Subsequent recoveries, if any, are credited to the ACL. Prior to the Company’s adoption of ASC 326 on January 1, 2023 The Company maintained an allowance for loan losses in accordance with ASC 450, Contingencies and ASC 310, Receivables, which was a valuation allowance for probable incurred credit losses. Management estimated the allowance for loan losses using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. The allowance consisted of general reserves (collectively evaluated for impairment) and specific reserves (individually evaluated for impairment). General reserves covered non-impaired loans and are based on historical loss rates over the most recent 11 years for each portfolio segment, as of December 31, 2022, adjusted for the effects of qualitative or environmental factors that were likely to cause estimated credit losses as of the evaluation date to differ from the portfolio segment’s historical loss experience. The Company utilized a migration analysis to measure actual historical loss experience, with the resulting historical loss rate adjusted for any applicable loss emergence period factors serving as the base loss rate to estimate the amount of appropriate loss reserve. Qualitative factors included consideration of the following: changes in lending policies and procedures; changes in economic conditions; changes in the nature and volume of the portfolio; changes in the experience, ability, and depth of lending management and other relevant staff; changes in the volume and severity of past due, nonaccrual, and other adversely graded loans; changes in the loan review system; changes in the value of the underlying collateral for collateral-dependent loans; concentrations of credit and the effect of other external factors such as competition and legal and regulatory requirements. Specific reserves related to loans that were individually classified as impaired. A loan was impaired when, based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining impairment included payment status, collateral value, and the probability of collecting all amounts when due. Measurement of impairment was based on the expected future cash flows of an impaired loan, which were to be discounted at the loan’s effective interest rate, or measured by reference to an observable market value, if one exists, or the fair value of the collateral for a collateral-dependent loan. The Company selected the measurement method on a loan-by-loan basis, with the exception of collateral-dependent loans for which the most viable source of repayment was the continued operation of the collateral or liquidation of the collateral. The impairment for these loans was measured at the fair value of the collateral, less estimated selling cost. The Company applies an expected credit loss estimation methodology applied to each respective loan segment for determining the ACL on off-balance sheet credit exposures. These assumptions are based on the Company’s own historical internal loan data. Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives, which ranges from to seven years for furniture and equipment. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the improvements or the remaining lease term, whichever is shorter. Expenditures for betterments or major repairs are capitalized and those for ordinary repairs and maintenance are charged to operations as part of occupancy and equipment expense as incurred. Operating Leases The Company’s operating leases are for its headquarters’ office spaces, and retail branch and LPO locations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from to five years. The exercise of a lease renewal option is at the Company’s sole discretion. Certain leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expenses for these leases are recognized on a straight-line basis over the lease term. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. The Company also leases certain equipment, such as copy machines and scanners, but they are determined to be immaterial. Federal Home Loan Bank and Other Restricted Stock The Bank is a member of the FHLB and Pacific Coast Bankers’ Bancshares (“PCBB”) system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and PCBB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. Other Real Estate Owned OREO represents properties acquired through foreclosure or other proceedings. The Company initially records OREO at fair value at the time of foreclosure. Thereafter, OREO is recorded at the lower of cost or fair value based on their subsequent changes in fair value. The fair value of OREO is generally based on recent real estate appraisals adjusted for estimated selling costs. Any write-down to fair value at the time of transfer to OREO is charged to ACL on loans. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value and valuation allowances to reduce the carrying amounts to fair value less estimated costs to dispose are recorded as necessary. Additions to or reductions from valuation allowances are recorded in noninterest expense. Servicing Assets Servicing assets are recognized when servicing rights are retained from the sale of loans, such as sales of the guaranteed portion of SBA and certain residential mortgage loans, and are initially recorded at fair value. Fair value is calculated as the present value of estimated future cash flows from the servicing rights based on current market sources, such as the cost to service, discount rates, and prepayment speeds. Servicing assets are amortized into noninterest income over the expected life of the underlying loans. Servicing assets are evaluated for impairment based on the fair value of the servicing rights as compared to the carrying amount. Impairment is determined by stratifying servicing rights into groupings based on predominant risk characteristics, such as collateral type. For purposes of measuring impairment, the Company has identified each servicing asset with the underlying loan being serviced. A valuation allowance is recorded when the fair value is below the carrying amount of the asset. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the valuation allowance may be recorded as an increase to income. The fair values of servicing assets are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and changes in discount rates. Servicing income as reported on the income statement consists of fees earned for servicing loans, net of the amortization of servicing assets and changes in the valuation allowance. The servicing fees are based on a contractual percentage of the outstanding principal and recorded as income when earned. Investment in Qualified Affordable Housing Projects The Company has invested in a limited partnership that operates qualified affordable housing projects for lower income tenants in California. The Company accounts for this investment under the proportional amortization method and the amortization expense is presented as a component of current tax expense. Return of this investment is generated primarily through allocated federal tax credits and other tax benefits. The recorded investment amount was $3.8 million and $4.3 million, respectively, and unfunded commitments were $2.9 million and $2.9 million, respectively, at December 31, 2023 and 2022. The recorded investment amount is included in Other Assets and unfunded commitment is included in Accrued Interest Payable and Other Liabilities on the Consolidated Statements of Financial Condition. As components of income tax expense, the Company recognized $451 thousand, $343 thousand and $247 thousand in amortization expense, respectively, partially offset by federal tax credits and other benefits of $674 thousand, $336 thousand and $299 thousand, respectively, for the years ended December 31, 2023, 2022 and 2021. The Company determined that there were no events or changes in circumstances indicating that it is more likely than not that the carrying amount of the investment will not be realized. Therefore, no impairment was recorded for the years ended December 31, 2023 and 2022. Bank-owned Life Insurance The Company purchases life insurance policies on certain officers and directors. The Bank and named beneficiaries of various current covered officers are the beneficiaries under each policy. In the event of the death of a covered officer, the Bank and named beneficiaries of the covered officer will receive the specified insurance benefit from the insurance carrier. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due, if any, that are probable at settlement. Earnings Per Share Earnings per share (“EPS”) is computed under the two-class method. Net income allocated to common stock is computed by subtracting income allocated to unvested restricted stock from net income. Income allocated to unvested restricted stock includes cash dividend paid and undistributed income available to holders of unvested restricted stock, if any. Basic EPS is computed by dividing net income allocated to common stock by the weighted-average common shares outstanding excluding the weighted-average unvested restricted stock. Diluted EPS is computed by dividing net income allocated to common stock by the weighted-average common stock outstanding, excluding the weighted-average unvested restricted stock, adjusted for the dilutive effect of the stock options. Diluted EPS reflects the potential dilution that could occur if options or other contracts to issue common stock were exercised or converted into common stock, or resulted in the issuance of common stock that then shared in the earnings of the entity. Transfer of Financial Assets Transfers of financial assets are accounted for sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Share-Based Compensation The Company recognizes the cost of employee services received in exchange for stock options and restricted stock awards (“RSAs”), based on the grant date fair value of those awards. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for RSAs. This cost is recognized in income over the period which an employee is required to provide services in exchange for the award, generally the vesting period. See Note 12 for additional information on the Company’s stock option plan. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties related to unrecognized tax benefits are recorded as part of income tax expense. A valuation allowance is established to reduce the deferred tax asset to the level at which it is more likely than not that the tax benefits will be realized. Realization of tax benefits of deductible temporary differences and carryforwards depends on having sufficient taxable income of an appropriate character and in the appropriate periods. Comprehensive Income (Loss) Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes the changes in unrealized gains and losses on securities available-for-sale, net of tax. Commitments and Contingencies In the ordinary course of business, the Company enters into off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit as described in Note 16. Such financial instruments are recorded in the consolidated financial statements when they are funded or related fees are incurred or received. Revenue Recognition Topic 606, “Revenue from Contracts with Customers,” does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as gain or loss associated with mortgage servicing assets and financial guarantees are also not within the scope. Topic 606 is applicable to noninterest income such as deposit related fees, interchange fees, and merchant related income. Noninterest income considered to be within the scope of Topic 606 is discussed below. Service charges and fees on deposits: Deposit account service charges consist of monthly service fees, account analysis fees, non-sufficient funds (“NSF”) charges and other deposit related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. NSF charges, and other deposit account service charges are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time as incurred. Debit card fees: When customers use their debit cards to pay merchants for goods or services, the Company retains a fee from the funds collected from the related deposit account and transfers the remaining funds to the payment network for remittance to the merchant. The performance obligation to the merchant is satisfied and the fee is recognized at the point in time when the funds are collected and transferred to the payment network. Gain (loss) on sale of other real estate owned: The Company’s performance obligation for sale of OREO is the transfer of title and ownership rights of the OREO to the buyer, which occurs at the settlement date when the sale proceeds are received and income is recognized. Wire transfer fees and other service charges: Wire transfer fees and other service charges are transaction based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time as incurred. Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Current accounting guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value: •Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. See Note 2 for more information and disclosures relating to the Company’s fair value measurements. Adopted Accounting Pronouncements During the year ended December 31, 2023, the Company adopted following accounting pronouncements. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326).” The amendments in this ASU require that entities change the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. It includes financial assets such as loan receivables, held-to-maturity debt securities, net investment in leases that are not accounted for at fair value through net income, and certain off-balance sheet credit exposures. This ASU was effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In 2019, the FASB amended this ASU, which delayed the effective date to 2023 for certain SEC filers that are Smaller Reporting Companies, such as the Company. On January 1, 2023, the Company adopted the provisions of ASC 326 through the application of the modified retrospective transition approach, and recorded a net decrease of $1.9 million to the beginning balance of retained earnings as of January 1, 2023 for the cumulative effect adjustment, reflecting an initial adjustment to the ACL on loans of $1.1 million and the ACL on off-balance sheet credit exposures of $1.6 million, net of related deferred tax assets arising from temporary differences of $788 thousand. The initial adjustment to the ACL reflects the expected lifetime credit losses associated with the composition of financial assets within the scope of ASC 326 as of January 1, 2023, as well as management’s current expectation of future economic conditions. The following table summarizes the initial adjustment to the ACL as of January 1, 2023:
In conjunction with the adoption of ASC 326, the Company made an accounting policy election not to measure an ACL on accrued interest receivables for the loans collectively evaluated. For the loans individually evaluated, the Company considers accrued interest receivables as a part of the amortized cost and measures an ACL. When accrued interest receivable is deemed to be uncollectable, the Company promptly reverses such balances through current period interest income in the period they are deemed uncollectable. Additionally, the Company has also elected not to include the balance of accrued interest receivable in the amortized cost basis of financial assets within the scope of ASC 326. Accrued interest receivable will continue to be presented separately in the Consolidated Balance Sheets. As a part of the adoption of ASC 326, the Company reviewed and revised certain loan segments for the Company’s ACL model. Before the adoption of ASC 326, commercial property and SBA property loans were separately presented and represented 63.0% and 6.6% of loans held-for-investment at December 31, 2022, respectively. The Company re-divided these loan segments into commercial property, business property and multifamily loans, as described above, as these new loan segments are determined to share similar characteristics under the Company’s ACL model. In addition, four loan segments before the adoption of ASC 326 (commercial term loans, commercial lines of credit, SBA term loans and SBA PPP loans), which represented 12.2% of loans held-for-investment at December 31, 2022, are combined into a single loan segment, commercial and industrial loans, as these loans are determined to share similar risk characteristics under the Company’s ACL model. However, loan related disclosures for prior periods continue to be presented under the legacy loan segments in this Annual Report on Form 10-K. The following table presents a summary of reclassification of loans held-for-investment as the date indicated:
(1) Commercial property loans under the legacy loan segments included all commercial property, business property and multifamily loans under the new loan segments. The following table presents a summary of reclassification of ACL on loans as the date indicated as well as the initial adjustment to the ACL as of January 1, 2023:
(1) Commercial property loans under the legacy loan segments included all commercial property, business property and multifamily loans under the new loan segments. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326) - Troubled Debt Restructuring and Vintage Disclosures.” The amendments in this ASU eliminate the accounting guidance for TDRs by creditors in ASC 310-40, “Receivables - Troubled Debt Restructurings by Creditors,” while enhancing disclosure requirements for restructurings involving borrowers that are experiencing financial difficulty. This ASU also requires public business entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The Company adopted this ASU as of January 1, 2023, in conjunction with the adoption of ASU 2016-13. The Company did not have a material impact on its consolidated financial statements upon adoption of this ASU. Recent Accounting Pronouncements Not Yet Adopted The following recently issued accounting pronouncement applicable to the Company has not yet been adopted: In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 780) - Improvements to Income Tax Disclosures.” The amendments in this ASU requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. This ASU also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. This ASU is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company will update it income tax disclosure upon adoption.
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (i.e. an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows: •Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Fair value is measured on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate certain assets or liabilities for impairment or for disclosure purposes. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company records securities available-for-sale at fair value on a recurring basis. Certain other assets, such as loans held-for-sale, individually evaluated loans, servicing assets and OREO are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Investment securities: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1) or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management reviews the valuation techniques and assumptions used by the provider and determines that the provider uses widely accepted valuation techniques based on observable market inputs appropriate for the type of security being measured. Loans held-for-sale: The Company records SBA loans held-for-sale, residential mortgage loans held-for-sale and certain non-residential real estate loans held-for-sale at the lower of cost or fair value, on an aggregate basis. The Company obtains fair values from a third-party independent valuation service provider. Loans held-for-sale accounted for at the lower of cost or fair value are considered to be recognized at fair value when they are recorded at below cost, on an aggregate basis, and are classified as Level 2. Individually evaluated loans: The Company records fair value adjustments on certain loans that reflect (i) partial write-downs, through charge-offs or individual reserve allowances, that are based on the current appraised or market-quoted value of the underlying collateral or (ii) the full charge-off of the loan carrying value. In some cases, the properties for which market quotes or appraised values have been obtained are located in areas where comparable sales data is limited, outdated, or unavailable. Fair value estimates for collateral-dependent individually evaluated loans are obtained from real estate brokers or other third-party consultants, and are classified as Level 3. Other real estate owned: The Company initially records OREO at fair value at the time of foreclosure. Thereafter, OREO is recorded at the lower of cost or fair value based on their subsequent changes in fair value. The fair value of OREO is generally based on recent real estate appraisals adjusted for estimated selling costs. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and result in a Level 3 classification due to the unobservable inputs used for determining fair value. Only OREO with a valuation allowance are considered to be carried at fair value. Servicing Assets: Servicing assets represent the value of servicing rights associated with servicing loans that have been sold. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates and prepayment speed assumptions as inputs. All of these assumptions require a significant degree of management estimation and judgment. The fair market valuation is performed on a quarterly basis for servicing assets. Servicing assets are accounted for at the lower of cost or market value and considered to be recognized at fair value when they are recorded at below cost and are classified as Level 3. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated:
(1) Under the legacy loan segments and included in loans held-for-sale The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis as of the dates indicated:
For assets measured at fair value, the following table presents the total net losses, which include charge-offs, recoveries, individual reserves, impairment on servicing assets, gain (loss) on sale of OREO, and OREO valuation write-downs recorded for the periods indicated:
(1) Under the legacy loan segments Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no market value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on financial instruments both on and off the consolidated balance sheet without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Additionally, tax consequences related to the realization of the unrealized gains and losses can have a potential effect on fair value estimates and have not been considered in many of the estimates. The following methods and assumptions were used to estimate the fair value of significant financial instruments. Financial assets: The carrying amounts of interest-bearing deposits with other financial institutions and accrued interest receivable are considered to approximate fair value. The fair values of investment securities are generally based on matrix pricing (Level 2). The fair value of loans is estimated based on a discounted cash flow approach under an exit price notion. The fair value reflects the estimated yield that would be negotiated with a willing market participant. Because sale transactions of such loans are not readily observable, as many of the loans have unique risk characteristics, the valuation is based on significant unobservable inputs (Level 3). It is not practical to determine the fair value of FHLB and other restricted stock due to restrictions placed on its transferability. Financial liabilities: The carrying amounts of accrued interest payable are considered to approximate fair value. The fair value of deposits is estimated based on discounted cash flows. The discount rate is derived from the interest rates currently being offered for similar remaining maturities. Non-maturity deposits are estimated based on their historical decaying experiences (Level 3). The fair value of FHLB advances is estimated based on discounted cash flows. The discount rate is derived from the current market rates for borrowings with similar remaining maturities (Level 2). Off-balance-sheet financial instruments: The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. The fair value of these financial instruments is not material and is excluded from the table below. The following table presents the carrying value and estimated fair values of financial assets and liabilities as of the dates indicated:
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The following table presents the amortized cost and fair value of the investment securities as of the dates indicated:
As of December 31, 2023 and 2022, pledged securities were $70.9 million and $69.0 million, respectively. These securities were pledged for the State Deposit from the California State Treasurer. The Company elected to exclude accrued interest receivable from the amortized cost of its securities available-for-sale. on securities available-for-sale totaled $513 thousand and $475 thousand at December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, there were no holdings of securities available-for-sale of any one issuer, other than the U.S. government agency and U.S. government sponsored enterprise, in an amount greater than 10% of shareholder’s equity. The following table presents the amortized cost and fair value of the investment securities by contractual maturity as of December 31, 2023. Expected maturities may differ from contractual maturities, if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position as of the dates indicated:
As of December 31, 2023, 94.7%, at amortized cost basis, of the Company's securities available-for-sale were issued by U.S. government agency and U.S. government sponsored enterprise. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company determined that these securities with unrealized losses did not warrant an ACL. Municipal and corporate bonds had an investment grade rating upon purchase. The issuers of these securities have not established any cause for default on these securities and various rating agencies have reaffirmed their long-term investment grade status as of December 31, 2023. These securities have fluctuated in value since their purchase dates as market interest rates fluctuated. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell before the recovery of its amortized cost basis. The Company therefore determined that the investment securities with unrealized losses did not warrant an ACL as of December 31, 2023. As of December 31, 2023, the Company recorded no ACL on securities available-for-sale.
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Loans and Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses On January 1, 2023, the Company adopted ASU 2016-13 using the modified retrospective method through a cumulative-effect adjustment to retained earnings. Balance sheet information and results for reporting periods beginning with January 1, 2023 are presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310. Loans Held-For-Investment The following table presents the composition of the Company’s loans held-for-investment as of the dates indicated.
In the ordinary course of business, the Company may grant loans to certain officers and directors, and the companies with which they are associated. As of December 31, 2023, the Company had $111 thousand of such loans outstanding. Allowance for Credit Losses on Loans The following table presents a composition of provision (reversal) for credit losses for the periods indicated:
The following table presents the activities in ACL on loans for the periods indicated:
The increase in overall ACL for the year ended December 31, 2023 was primarily due to an increase in loans held-for-investment and the update of prepayment and principal curtailment rate assumptions applied in determining the maximum threshold for qualitative adjustment factors that resulted in increases in the high watermarks for each loan segment’s qualitative adjustment factors, partially offset by decreases in quantitative reserves from improvements in the economic forecasts and update of the historical losses of peer groups. The Company updates prepayment and principal curtailment rates on a semiannual basis and the historical losses of peer groups, including the maximum loss scenario used for qualitative factor adjustments, on an annual basis. Credit Quality Indicators The Company classifies loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans in regards to credit risk. This analysis typically includes non-homogeneous loans, such as commercial real estate and commercial and industrial loans, and is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings: Pass - Loans classified as pass include non-homogeneous loans not meeting the risk ratings defined below and smaller, homogeneous loans not assessed on an individual basis. Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of repayment prospects for the loan or of the institution’s credit position at some future date. Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table summarize the Company’s loans held-for-investment by loan segment, internal risk ratings and vintage year as of December 31, 2023 and gross write offs for the year ended December 31, 2023. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the table below are excluded from term loans by vintage year columns.
Nonaccrual Loans The following table presents the loans on nonaccrual status by loan segments as of the date indicated:
There were no nonaccrual loans guaranteed by a U.S. government agency at December 31, 2023. Collateral Dependent Loans Loans that have been classified as collateral dependent are loans where substantially all repayment of the loan is expected to come from the operation of or eventual liquidation of the collateral. Collateral dependent loans are evaluated individually for purposes of determining the ACL, which is determined based on the estimated fair value of the collateral. Estimates for costs to sell are included in the determination of the ACL when liquidation of the collateral is anticipated. In cases where the loan is well secured and the estimated value of the collateral exceeds the amortized cost of the loan, no ACL is recorded. The following table presents the collateral dependent loans by loan segments as of the date indicated:
Past Due Loans The following table presents the aging of past due in accruing loans and nonaccrual loans by loan segments as of date indicated:
Loan Modification Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction or combination of the above mentioned modifications. When principal forgiveness is provided, the amount of forgiveness is charged-off against the ACL. There were no loans that were both experiencing financial difficulty and modified during the year ended December 31, 2023.Purchases, Sales, and Transfers The Company had no loans that were transferred from loans held-for-investment to loans held-for-sale the year ended December 31, 2023. The Company had no loans that were transferred from loans held-for-sale to loans held-for investment during the year ended December 31, 2023. The following table presents a summary of purchases of loans held-for-investment for the periods indicated:
The Company had no sales of loans held-for-investment during the year ended December 31, 2023. When the Company changes its intent to hold loans for investment, the loans are transferred to held-for-sale. Loans Held-For-Sale The following table presents a composition of loans held-for-sale as of the date indicated:
Loans held-for-sale are carried at the lower of cost or fair value. When a determination is made at the time of commitment to originate as held-for-investment, it is the Company’s intent to hold these loans to maturity or for the “foreseeable future,” subject to periodic reviews under the Company’s management evaluation processes, including asset/liability management and credit risk management. When the Company subsequently changes its intent to hold certain loans, the loans are transferred to held-for-sale at the lower of cost or fair value. Certain loans are transferred to held-for-sale with write-downs to ACL on loans. Prior to Adoption of ASC 326 Loans Held-For-Investment The following table presents the composition of the Company’s loans held-for-investment by legacy loan segments as of the date indicated:
In the ordinary course of business, the Company may grant loans to certain officers and directors, and the companies with which they are associated. As of December 31, 2022, the Company had $113 thousand of such loans outstanding. Allowance for Loan Losses The following table presents the activities in allowance for loan losses by legacy loan segments for the periods indicated:
The following tables present the information on allowance for loan losses and recorded investments by legacy loan segments and impairment methodology as of the date indicated:
Credit Quality Indicators The following table presents the risk categories for loans held-for-investment by legacy loan segments as of the date indicated:
Substandard SBA property loans included $0 of guaranteed portion by the U.S. government agency at December 31, 2022. Past Due and Nonaccrual Loans The following table presents the aging of past due recorded investment in accruing loans and nonaccrual loans by legacy loan segments as of the date indicated:
There were no nonaccrual loans guaranteed by the U.S. government agency at December 31, 2022. Impaired Loans The following table presents loans individually evaluated for impairment by legacy loan segments as of the date indicated. The recorded investment presents customer balances net of any partial charge-offs recognized on the loans and net of any deferred fees and costs.
The following table presents information on the recorded investment in impaired loans by legacy loan segments for the periods indicated:
The following table presents a summary of interest foregone on impaired loans for the periods indicated:
Purchases, Sales, and Transfers The following table presents a summary of loans held-for-investment transferred to loans held-for-sale for the periods indicated:
The Company had no loans that were transferred from loans held-for-sale to loans held-for investment during the years ended December 31, 2021 and 2021. The following table presents a summary of purchases of loans held-for-investment for the periods indicated:
The Company had no sales of loans held-for-investment during the years ended December 31, 2022 and 2021. When the Company changes its intent to hold loans for investment, the loans are transferred to held-for-sale. Loans Held-For-Sale The following table presents a composition of loans held-for-sale as of the dates indicated:
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Premises and Equipment |
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Premises and Equipment | Premises and Equipment The following table presents a composition of premises and equipment as of the dates indicated:
The Company recognized depreciation expense of $2.2 million, $1.6 million and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
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Operating Leases |
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Operating Leases | Operating Leases The following table presents operating lease cost and supplemental cash flow information related to leases for the periods indicated:
(1) Included in Occupancy and Equipment on the Consolidated Statements of Income. The Company used the incremental borrowing rate based on the information available in determining the present value of lease payment. The following table presents supplemental balance sheet information related to leases as of the dates indicated:
The following table presents maturities of operating lease liabilities as of the date indicated:
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Assets | Servicing Assets The Company sells SBA and certain residential mortgage loans with servicing retained. SBA loans are included in commercial real estate loans and commercial and industrial loans. The Company sold loans of $82.3 million, $122.9 million and $126.8 million, respectively, with the servicing rights retained and recognized a net gain on sale of $3.6 million, $8.0 million and $12.8 million, respectively, during the years ended December 31, 2023, 2022 and 2021. Loan servicing income was $3.3 million, $3.0 million and $2.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table presents the composition of servicing assets with key assumptions used to estimate the fair value as of the dates indicated:
The following table presents activity in servicing assets for the periods indicated:
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Other Real Estate Owned |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned | Other Real Estate Owned The following table presents activity in OREO for the periods indicated:
During the year ended December 31, 2023, the Company recognized an OREO of $2.6 million by transferring a SBA 7(a) loan of $593 thousand, of which its guaranteed portion was previously sold. The Company’s exposure is 25% of the OREO and 75% will be submitted to the SBA upon the sale of property. The following table presents activity in OREO valuation allowance for the periods indicated:
The following table presents expenses related to OREO for the periods indicated:
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Deposits |
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Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits At December 31, 2023 and 2022, total deposits were $2.35 billion and $2.05 billion, respectively, and total interest-bearing deposits were $1.76 billion and $1.31 billion, respectively. The aggregate amount of deposits reclassified as loans, such as overdrafts, was $126 thousand and $81 thousand at December 31, 2023 and 2022, respectively. Total deposits not covered by deposit insurance were $954.6 million and $1.06 billion, respectively, and total time deposits not covered by deposit insurance were $408.6 million and $294.0 million, respectively, at December 31, 2023 and 2022. The Company had California State Treasurer’s deposits of $60.0 million and $60.0 million in time deposits of more than $250,000 at December 31, 2023 and 2022, respectively. The California State Treasurer’s deposits are subject to withdrawal based on the State’s periodic evaluations. At December 31, 2023 and 2022, the Company pledged securities with amortized cost of $70.9 million and $69.0 million, respectively, for the California State Treasurer’s deposits. At December 31, 2023 and 2022, the Company had brokered deposits of $303.7 million and $87.0 million, respectively. Deposits from certain officers, directors and their related interests with which they are associated held by the Company were $3.7 million and $2.8 million at December 31, 2023 and 2022, respectively. The following table presents scheduled maturities of time deposits as of the date indicated:
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Federal Home Loan Bank Advances and Other Borrowings |
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Advance from Federal Home Loan Bank [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank Advances and Other Borrowings | Federal Home Loan Bank Advances and Other Borrowings FHLB Advances The Company had $39.0 million and $20.0 million in FHLB advances at December 31, 2023 and 2022, respectively. FHLB advances as of December 31, 2023 consisted of a term borrowing with a maturity date of February 21, 2024 (term of 92 days). The following table presents scheduled maturities of FHLB advances as of the date indicated:
The following table presents financial data of FHLB advances as of the dates or for the periods indicated:
Advances paid early are subject to a prepayment penalty. At December 31, 2023 and 2022, loans pledged to secure FHLB advances were $1.04 billion and $1.16 billion, respectively. The Company’s investment in capital stock of the FHLB of San Francisco totaled $12.5 million and $10.0 million, respectively, at December 31, 2023 and 2022. The Company had additional borrowing capacity of $603.0 million and $561.7 million, respectively, from the FHLB as of December 31, 2023 and 2022. Other Borrowing Arrangements At December 31, 2023, the Company had $528.9 million of unused borrowing capacity from the Federal Reserve Discount Window, to which the Company pledged loans with a carrying value of $681.8 million with no outstanding borrowings. In addition, the Company may borrow up to approximately $65.0 million overnight federal funds lines on an unsecured basis with correspondent banks at December 31, 2023.
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Shareholders' Equity |
12 Months Ended |
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Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Preferred Stock Series C, Senior Non-Cumulative Perpetual Preferred Stock On May 24, 2022, the Company issued 69,141 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference of $1,000 per share for the capital investment of $69.1 million from the U.S. Treasury under the ECIP. ECIP investment is treated as tier 1 capital for the regulatory capital treatment. The Series C Preferred Stock bears no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be adjusted based on the lending growth criteria listed in the terms of the ECIP investment with the annual dividend rate up to 2%. After the tenth anniversary of the investment date, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10. Dividends will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Series C Preferred Stock may be redeemed at the option of the Company on or after the fifth anniversary of issuance (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations. Common Stock Stock Repurchases During the year ended December 31, 2023, the Company repurchased and retired 512,657 shares of common stock at a weighted-average price of $17.22 per share under a stock repurchase program approved by the Board of Directors on August 2, 2023 and a legacy stock repurchase program approved on July 28, 2022. As of December 31, 2023, the Company is authorized to purchase 592,724 additional shares under the 2023 stock repurchase program, which expires on August 2, 2024. During the year ended December 31, 2022, the Company repurchased and retired 362,557 shares of common stock at a weighted-average price of $18.57 per share. During the year ended December 31, 2021, the Company repurchased and retired 680,269 shares of common stock at a weighted-average price of $15.99 per share.
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Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation On May 25, 2023, the Company adopted the 2023 Equity Based Compensation Plan (“2023 EBC Plan”) approved by its shareholders to replace the 2013 Equity Based Stock Compensation Plan. The 2023 EBC Plan provides 700,000 shares of common stock for equity-based compensation awards including incentive and non-qualified stock options and restricted stock awards. As of December 31, 2023, there were 489,000 shares available for future grants. Share-Based Compensation Expense The following table presents share-based compensation expense and the related tax benefits for the periods indicated:
The following table presents unrecognized share-based compensation expense as of the date indicated:
Stock Options The Company has issued stock options to certain employees, officers and directors. Stock options are issued at the exercise price of the closing market price on the grant date, and generally have a -to five-year vesting period and contractual terms of ten years. The Company recognizes an income tax deduction upon exercise of the non-qualified stock option by the option holder in an amount equal to the taxable income reported by the option holders. The option holder of non-qualified stock option recognizes taxable income based on the closing market price immediately before the exercise date less the exercise price stated in the grant agreement. The following table presents the weighted-average assumptions used to determine the fair value of options granted for the periods indicated:
The following table presents information related to the stock option plan for the periods indicated:
The following table represents stock option activity as of and for the period indicated:
The following table represents information regarding unvested stock options for the period indicated:
Restricted Stock Awards The Company also has granted RSAs to certain employees and officers. The RSAs are valued at the closing market price of the Company's stock on the grant date and generally have a -to five-year vesting period. The Company recognizes an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted stock, when vested. The following table represents RSAs activity for the year ended December 31, 2023:
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Employee Benefit Plans |
12 Months Ended |
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Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company has adopted a defined contribution 401(k) plan for the benefit of its employees. The Company matches 75% of an employee’s contribution up to 8% of the employee’s salary each year. The Board of Directors may make a discretionary contribution to the plan annually. The Company’s contribution to the plan was $1.2 million, $1.1 million and $901 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table presents the components of income tax expense for the periods indicated:
The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable statutory Federal income tax rate for the periods indicated:
The following table presents the components of the net deferred tax assets recognized in the accompanying consolidated balance sheets as of the dates indicated:
The Company had no valuation allowance for deferred tax assets as of December 31, 2023 and 2022. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the temporary differences become deductible, management believes it is more likely than not that the Company will realize the benefits of these deferred tax assets, and a valuation allowance was not necessary as of December 31, 2023 and 2022. At December 31, 2023 and 2022, the Company had no unrecognized tax benefits or related accrued interest. In the event the Company is assessed interest and/or penalties by federal or state tax authorities, such amounts will be classified in the consolidated financial statements as income taxes. The Company does not expect the total amount of unrecognized tax benefit to significantly increase or decrease in the next twelve months. The Company and the Bank are subject to U.S. federal and various state jurisdictions income tax examinations. As of December 31, 2023, the Company is no longer subject to examination by taxing authorities for tax years before 2020 for federal taxes and before 2019 for various state jurisdictions. The statute of limitations vary by state, and state taxes other than California have been immaterial to the Company’s financial results.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute earnings per share for the periods indicated:
There were 286,700, 65,000, and 65,000 stock options excluded in computing diluted earnings per share because they were anti-dilutive for years ended December 31, 2023, 2022, and 2021, respectively.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company enters into financial commitments to meet the financing needs of its customers. These financial commitments include commitments to extend credit and letters of credit. Those instruments involve to varying degrees, elements of credit, and interest rate risk not recognized in the Company’s consolidated financial statements. The following table presents outstanding financial commitments whose contractual amount represents credit risk as of the dates indicated:
Unfunded loan commitments are generally made for periods of 90 days or less, except for SBA loans that are generally made for periods of 180 days or less. The Company applies an expected credit loss estimation methodology applied to each respective loan segment for determining the ACL on off-balance sheet credit exposures. The loss estimation process includes assumptions for utilization at default. These assumptions are based on the Company’s own historical internal loan data. As a part of adoption of ASC 326, the Company recorded an initial adjustment to the ACL on off-balance sheet credit exposures of $1.6 million. As of December 31, 2023 and 2022, the Company maintained an ACL on off-balance sheet credit exposures of $1.3 million and $299 thousand in Accrued Interest Payable and Other Liabilities in the Consolidated Balance Sheets, respectively. 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. Since many of the commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company is based on management’s credit evaluation of the customer. Litigation The Company is involved in various matters of litigation, which have arisen in the ordinary course of business. In the opinion of management, the disposition of pending matters of litigation will not have a material effect on the Company’s consolidated financial statements. Network and Data Incident On August 30, 2021, the Bank identified unusual activity on its network. The Bank responded promptly to disable the activity, investigate its source and monitor the Bank’s network. The Bank subsequently became aware of claims that it had been the target of a ransomware attack. On September 7, 2021, the Bank determined that an external actor had illegally accessed and/or acquired certain data on its network. The Bank worked with third-party forensic investigators to understand the nature and scope of the incident and determine what information may have been accessed and/or acquired and who may have been impacted. The investigation revealed that this incident impacted certain files containing certain Bank customer information. Some of these files contained documents related to loan applications, such as tax returns, Form W-2 information of their employees, and payroll records. The Bank has notified all individuals identified as impacted, consistent with applicable laws. All impacted individuals were offered free Equifax Complete Premier credit monitoring and identify theft protection services. The Bank has notified law enforcement and appropriate authorities of the incident. On December 16, 2021, a complaint based on the incident was filed in the Los Angeles County Superior Court seeking damages, injunctive relief, and equitable relief. During the three months ended September 30, 2023, the Bank agreed to settle this matter in exchange for $700 thousand to the putative class members, including costs of settlement administration, and attorneys’ fees and costs. The Bank received preliminary court approval of the settlement and notice was provided to members of the proposed class during the three months ended September 30, 2023. However, due to the low claims rate by the members of the proposed class, Plaintiff had requested and the Court had agreed to extend the claims deadline for another 45 days. March 21, 2024 is now the new claims deadline. No new final approval hearing date has been set by the Court. The Company expects that the full amount of the final settlement will be covered under the Company’s applicable insurance policies.
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Regulatory Matters |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | Regulatory Matters The Bank is subject to various regulatory capital requirements administered by federal banking agencies. 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. Under the Basel III rules, the Bank must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios minimums in order to avoid restrictions on dividend payments and certain incentive compensation payments. Management believes as of December 31, 2023 and 2022, the Bank met all capital adequacy requirements to which it is subject to. Under the Federal Reserve’s “Small Bank Holding Company” policy statement, as a bank holding company with less than $3 billion in assets, the Company is not currently subject to separate consolidated capital requirements. At such time as the Company reaches the $3 billion asset level, it will be subject to capital requirements independent of the Bank. For comparison purposes, the Company’s ratios are included in the following discussion as well, all of which would have exceeded the “well-capitalized” level had the Company been subject to separate capital minimums. The Company and the Bank’s capital conservation buffer was 7.73% and 8.07%, respectively, as of December 31, 2023, and 8.79% and 9.52%, respectively, as of December 31, 2022. Unrealized gain or loss on securities available-for-sale is not included in computing regulatory capital. The following table presents the regulatory capital amounts and ratios for the Company and the Bank as of the dates indicated:
The California Financial Code provides that a bank may not make a cash distribution to its shareholders in excess of the lesser of the bank’s undivided profits or the bank’s net income for its last three fiscal years less the amount of any distribution made to the bank’s shareholder during the same period. As a California corporation, the Company is subject to the limitations of California law, which allows a corporation to distribute cash or property to shareholders, including a dividend or repurchase or redemption of shares, if the corporation meets either a retained earnings test or a “balance sheet” test. Under the retained earnings test, the Company may make a distribution from retained earnings to the extent that its retained earnings exceed the sum of (a) the amount of the distribution plus (b) the amount, if any, of dividends in arrears on shares with preferential dividend rights. The Company may also make a distribution if, immediately after the distribution, the value of its assets equals or exceeds the sum of (a) its total liabilities plus (b) the liquidation preference of any shares which have a preference upon dissolution over the rights of shareholders receiving the distribution. Indebtedness is not considered a liability if the terms of such indebtedness provide that payment of principal and interest thereon are to be made only if, and to the extent that, a distribution to shareholders could be made under the balance sheet test. The Federal Reserve, the FDIC and CDFPI periodically examine the Company’s business, including compliance with laws and regulations. If, as a result of an examination, a banking agency were to determine that the Company’s financial condition, capital resources, asset quality, earnings prospects, management, liquidity or other aspects of any of the Company’s operations had become unsatisfactory, or that the Company was in violation of any law or regulation, they may take a number of different remedial actions as they deem appropriate. These actions include the power to enjoin “unsafe or unsound” practices, to require affirmative action to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in the Company’s or the Bank’s capital, to restrict growth, to assess civil money penalties, to fine or remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to depositors, to terminate the Bank’s deposit insurance and place the Bank into receivership or conservatorship.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The following table presents revenue from contracts with customers within the scope of ASC 606 for the periods indicated:
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Condensed Financial Statements for Parent Company |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements for Parent Company | Condensed Financial Statements for Parent Company The parent company’s condensed statements of financial condition as of December 31, 2023 and 2022, and the related condensed statements of income and comprehensive income, and condensed statements of cash flows for the years ended December 31, 2023, 2022, and 2021 are presented below: Condensed Balance Sheets
Condensed Statements of Income and Comprehensive Income
Condensed Statements of Cash Flows
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Subsequent Events |
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Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declared on Common Stock. On January 25, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.18 per common share for the first quarter of 2024. The dividend was paid on February 16, 2024, to shareholders of record as of the close of business on February 9, 2024.
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Basis of Presentation and Significant Accounting Policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021. Significant inter-company accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its wholly owned subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | The accounting and reporting polices of the Company are based upon GAAP and conform to predominant practices within the financial services industry. Significant accounting policies followed by the Company are presented below. Certain prior period amounts have been reclassified to conform to the current year’s presentation. These reclassifications had no impact on the Company’s consolidated statements of financial condition or operations.
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Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates are subject to change and such change could have a material effect on the consolidated financial statements. Actual results may differ from those estimates.
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Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash items in transit, cash due from the Federal Reserve Bank and other financial institutions, and federal funds sold with original maturities less than 90 days. On March 26, 2020, the Federal Reserve reduced reserve requirement ratios to 0%, eliminating the reserve requirement for all depository institutions.
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Investment Securities | Investment Securities Investment securities are classified as held-to-maturity or available-for-sale at the time of purchase based upon the intent of management, liquidity and capital requirements, regulatory limitations and other relevant factors. Debt securities are classified as held-to-maturity when management has the positive intent and ability to hold to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Securities held-to-maturity are carried at amortized cost and securities available-for-sale are carried at fair value with unrealized gains and losses, net of taxes, recorded in other comprehensive income. As of December 31, 2023 and 2022, all of the investment securities held by the Company were securities available-for-sale. Gains and losses on sales of securities are determined using the specific identification method. Net realized gains or losses on available-for-sale securities are included in noninterest income and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. Amortization of premiums and accretion of discounts are included in interest income using the effective interest method.
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Allowance for Credit Losses | Allowance for Credit Losses on Investment Securities. Effective January 1, 2023, ACL on securities available-for-sale is determined in accordance with ASC 326. The Company performs a quarterly evaluation for securities in an unrealized loss position to determine if, for those investments in an unrealized loss position, the decline in fair value is credit related or non-credit related. In determining whether a security’s decline in fair value is credit related, the Company considers a number of factors including, but not limited to: (i) the extent to which the fair value of the investment is less than its amortized cost; (ii) the financial condition and near-term prospects of the issuer; (iii) downgrades in credit ratings; (iv) payment structure of the security, (v) the ability of the issuer of the security to make scheduled principal and interest payments, and (vi) general market conditions which reflect prospects for the economy as a whole, including interest rates and sector credit spreads. If it is determined that the unrealized loss, or a portion thereof, is credit related, the Company records the amount of credit loss through a charge to provision for credit losses. Unrealized losses deemed non-credit related are recorded, net of tax, through accumulated other comprehensive income. The Company does not measure credit losses on an investment’s accrued interest receivable, but rather promptly reverses from current period earnings the amount of accrued interest that is no longer deemed collectable. Accrued interest receivable for investment securities is included in accrued interest receivable in the consolidated statements of financial condition. Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures Effective January 1, 2023, ACL on loans is determined in accordance with ASC 326, which requires the Company to record an estimate of expected lifetime credit losses for loans at the time of origination or acquisition. The ACL is maintained at a level deemed appropriate by management to provide for expected credit losses in the portfolio as of the date of the consolidated statements of financial condition. Estimating expected credit losses requires management to use relevant forward-looking information, including the use of reasonable and supportable forecasts. The measurement of the ACL is performed by collectively evaluating loans with similar risk characteristics. The Company’s discounted cash flow methodology incorporates a PD and LGD model, as well as expectations of future economic conditions, using reasonable and supportable forecasts. The Company leverages its peer group information to estimate PD and LGD. Peer group is selected from institutions in California with total assets between $1 billion and $5 billion. The Company analyzes and compares each loan segment’s volume as a percentage of total loans, recent charge-off rates, and charge-off rate during recession of the peer group against those of the Bank for inclusion in the peer group population. PD and LGD are forecasted over a one-year time horizon using economic forecast scenarios, which the Company believes is a reasonable and supportable period. Beyond the 1-year forecast time horizon, the Company’s ACL model reverts to historical long-term average loss rates over a 1-year period. The use of reasonable and supportable forecasts requires significant judgment, such as selecting forecast scenarios, as well as determining the appropriate length of the forecast horizon. Management leverages economic projections from a reputable and independent third party to inform and provide its reasonable and supportable economic forecasts. Other internal and external indicators of economic forecasts may also be considered by management when developing the forecast metrics. The Company’s ACL model reverts to long-term average loss rates for purposes of estimating expected cash flows beyond a period deemed reasonable and supportable. The Company forecasts economic conditions and expected credit losses over a one-year time horizon. Beyond the one-year forecast time horizon, the Company’s ACL model reverts to historical long-term average loss rates over one-year period. Management utilizes the economic forecasts provided by the FOMC to forecast the first 4 quarters of the credit loss estimate. The FOMC projects national unemployment rate and the projected change in the year-over-year national GDP growth rates over the forward-looking 4 quarters are used in determining the PD rates over the forecasted periods. Changes in economic forecasts, in conjunction with changes in loan specific attributes, impact a loan’s PD and LGD, which can drive changes in the determination of the ACL. A portion of the collectively evaluated ACL on loans also includes qualitative adjustments for risk factors not reflected or captured by the quantitative modeled ACL but are relevant in estimating future expected credit losses. For each segment of the collectively evaluated loans, a hypothetical worst case scenario loss rate is calculated which is then used as the high watermark for the qualitative adjustment factors. The net difference between the worst case scenario loss rate and the current period’s quantitative reserve rate is the maximum available qualitative reserve for a given segment. The required qualitative reserve for each segment is then determined based on the weighting of the qualitative category and the assignment of risk status rating (improvement, no risk, minor risk, moderate risk, and major risk) for each qualitative factor category. Qualitative adjustments may be related to and include, but not limited to factors such as: (i) management’s assessment of economic forecasts used in the model and how those forecasts align with management’s overall evaluation of current and expected economic conditions, (ii) organization-specific risks such as credit concentrations, collateral specific risks, regulatory risks, and external factors that may ultimately impact credit quality, (iii) potential model limitations such as limitations identified through back-testing, and other limitations associated with factors such as underwriting changes, acquisition of new portfolios and changes in portfolio segmentation, and (iv) management’s overall assessment of the adequacy of the ACL, including an assessment of ACL model data inputs. Problem loans are typically substandard or have a worse internal risk grade, and may consist of loans on nonaccrual status where the likelihood of foreclosure on underlying collateral has increased, collateral dependent loans and other loans where concern or doubt over the ultimate collectability of all contractual amounts due has become elevated. These problem loans, in the opinion of management, no longer possess risk characteristics similar to other loans in the loan segment, and as such may require individual evaluation for appropriate ACL for the loan. For performing loans individually evaluated, the Company measures the expected credit loss based on a discounted cash flow approach or fair value of collateral, less costs to sell. Collateral dependent loans are loans to borrowers with financial difficulty where the repayment of the loan is expected from the operation of and/or eventual liquidation of the underlying collateral. Although management uses the best information reasonably available to derive estimates necessary to measure an appropriate level of the ACL, future adjustments to the ACL may be necessary due to economic, operating, regulatory and other conditions that may extend beyond the Company’s control. Generally, loans are charged off immediately when it is determined that advances to the borrower are in excess of the calculated current fair value of the collateral and if a borrower is deemed incapable of repayment of unsecured debt, there is little or no prospect for near term improvement and no realized strengthening action of significance pending. Other consumer loans are charged off based on delinquency, typically 120 days for closed loans and 180 days for open-end loans, or earlier when it is determined that the loan is uncollectible due to a triggering event, such as bankruptcy, fraud, or death. This methodology for determining charge-offs is consistently applied to each segment. Charge-offs are recorded to the ACL. Subsequent recoveries, if any, are credited to the ACL. Prior to the Company’s adoption of ASC 326 on January 1, 2023 The Company maintained an allowance for loan losses in accordance with ASC 450, Contingencies and ASC 310, Receivables, which was a valuation allowance for probable incurred credit losses. Management estimated the allowance for loan losses using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. The allowance consisted of general reserves (collectively evaluated for impairment) and specific reserves (individually evaluated for impairment). General reserves covered non-impaired loans and are based on historical loss rates over the most recent 11 years for each portfolio segment, as of December 31, 2022, adjusted for the effects of qualitative or environmental factors that were likely to cause estimated credit losses as of the evaluation date to differ from the portfolio segment’s historical loss experience. The Company utilized a migration analysis to measure actual historical loss experience, with the resulting historical loss rate adjusted for any applicable loss emergence period factors serving as the base loss rate to estimate the amount of appropriate loss reserve. Qualitative factors included consideration of the following: changes in lending policies and procedures; changes in economic conditions; changes in the nature and volume of the portfolio; changes in the experience, ability, and depth of lending management and other relevant staff; changes in the volume and severity of past due, nonaccrual, and other adversely graded loans; changes in the loan review system; changes in the value of the underlying collateral for collateral-dependent loans; concentrations of credit and the effect of other external factors such as competition and legal and regulatory requirements. Specific reserves related to loans that were individually classified as impaired. A loan was impaired when, based on current information and events, it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining impairment included payment status, collateral value, and the probability of collecting all amounts when due. Measurement of impairment was based on the expected future cash flows of an impaired loan, which were to be discounted at the loan’s effective interest rate, or measured by reference to an observable market value, if one exists, or the fair value of the collateral for a collateral-dependent loan. The Company selected the measurement method on a loan-by-loan basis, with the exception of collateral-dependent loans for which the most viable source of repayment was the continued operation of the collateral or liquidation of the collateral. The impairment for these loans was measured at the fair value of the collateral, less estimated selling cost. The Company applies an expected credit loss estimation methodology applied to each respective loan segment for determining the ACL on off-balance sheet credit exposures. These assumptions are based on the Company’s own historical internal loan data.
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Loans Held-For-Sale | Loans Held-For-Sale The Company originates SBA loans, and certain residential mortgage and CRE loans with the intention for sale in the secondary market. The Company records the guaranteed portion of SBA loans and these residential mortgage and CRE loans held-for-sale at the lower of cost or fair value on an aggregate basis. Fair value is based on commitments on hand from investors or prevailing market prices. A valuation allowance is established if the fair value of such loans is lower than their cost, with a corresponding charge to noninterest income. When the Company changes its intent to hold loans for investment, the loans are transferred to held-for-sale at lower of cost or fair value at the time of transfer, as determined on an individual loan level with charges made to ACL on loans when the fair value is lower than the cost. Deferred fees and cost on transferred loans are included in the determination of gains or losses on sale of the related loans. Subsequent decreases in fair value, if any, are recognized through a valuation allowance with charges made to noninterest income. If a determination is made that a loan held-for-sale cannot be sold in the foreseeable future, it is transferred to loans held-for-investment at lower of cost or fair value on the transfer date with a charge made to noninterest income when the fair value is lower than the cost. Realized gains and losses from sales of loans are included in noninterest income. For sales of guaranteed portion of SBA and certain residential mortgage loans, the loan servicing rights are retained.
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Loans Held-For-Investment | Loans Held-For-Investment Loans held-for-investment that management has the intent and ability to hold for the foreseeable future are reported at their outstanding unpaid principal balances, net of any charge-offs, deferred fees or costs on originated loans, or unamortized premiums or discounts on purchased loans. Loan origination fees and certain direct origination costs are deferred and recognized in interest income using the effective interest method over the life of the loan. Interest is accrued and credited to income as earned only if deemed collectible. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. Accrual of interest on loans is discontinued when principal or interest payment is 90 days past due based on the contractual terms of the loan or when, in the opinion of management, there is reasonable doubt as to collectability. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Past-due status is based on the contractual terms of the loan. Interest payments that are subsequently received are applied as a reduction to the remaining principal balance as long as concern exists as to the collectability of the principal. Interest accruals are resumed on such loans only when the loans are brought current with respect to interest and principal and when, in the judgment of management, all principal and interest on the loans are expected to be fully collectable. Loan portfolio segments identified by the Company include: commercial real estate (commercial property, business property, multifamily and construction), commercial and industrial, and consumer loans (residential mortgage and other consumer). Each loan segment bears varying degrees of risk based on, among other things, the type of loan and collateral, and the sensitivity of the borrower or industry to changes in external factors such as economic conditions and interest rate changes. The loan segments are as following: Commercial Real Estate Loans: •Commercial property loans – Commercial property loans include loans for which the Company holds real property as collateral, but where the borrower does not occupy the underlying property. The primary risks associated with investor property loans include the borrower’s inability to pay, material decreases in the value of the real estate that is being held as collateral, significant increases in interest rates, changes in market rents, and vacancy and conditions of the underlying property, any of which may make the real estate property unprofitable to the borrower. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. •Business property loans – Business property loans include loans for which the Company holds real property as collateral and where the underlying property is occupied by the borrower, such as with a place of business. These loans are primarily underwritten based on the cash flows of the business and secondarily on the real estate. The primary risks associated with business property loans include the borrower’s inability to pay, material decreases in the value of the real estate that is being held as collateral, and significant increases in interest rates, which reduce the cash flows of the underlying business. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. •Multifamily loans: Multifamily loans are secured by multi-tenant (5 or more units) residential real properties. Payments on multifamily loans are dependent on the successful operation or management of the properties, and repayment of these loans may be subject to adverse conditions in the real estate market or the economy. •Construction loans: Construction loans are considered to have higher risks due to construction completion and timing risk, and the ultimate repayment being sensitive to interest rate changes, government regulation of real property, and the availability of long-term financing. Additionally, economic conditions may impact the Company’s ability to recover its investment in construction loans, as adverse economic conditions may negatively impact the real estate market, which could affect the borrower’s ability to complete and sell the project. The fair value of the underlying collateral may fluctuate as market conditions change. The primary risks include the borrower’s inability to pay and the inability of the Company to recover its investment due to a decline in the fair value of the underlying collateral. Commercial and Industrial Loans: •Commercial and industrial loans – The C&I loan category includes commercial term loans and commercial lines of credit. Commercial term loans are typically extended to finance business acquisitions, permanent working capital needs, and/or equipment purchases. Commercial lines of credit are generally provided to finance short-term working capital needs and mortgage warehouse lending credit facilities. Mortgage warehouse lending is a line of credit given to a loan originator, the funds from which are used to finance a mortgage that a borrower uses to purchase single-family residential property or refinance an existing mortgage. The primary risk associated with C&I loans is the difference between expected and actual cash flows of the borrowers. In addition, the recoverability of the Company’s investment in these loans is also dependent on other factors primarily dictated by the type of collateral securing these loans, and occasionally upon other borrower assets and guarantor assets. Consumer Loans •Residential mortgage loans – The primary risks of residential mortgage loans include the borrower’s inability to pay, material decreases in the value of the real estate that is being held as collateral, and significant increases in interest rates, which may reduce the borrower’s capacity to pay. •Other consumer loans – Other consumer loans primarily include automobile loans, as well as unsecured lines of credit and term loans to high net worth individuals. Automobile loans have relatively higher LTV ratios on average and carry higher interest rates to offset for the inherently higher default risks. Unsecured lines of credit and term consumer loans are underwritten primarily based on the individual borrower’s income, current debt level, and past credit history. Repayment of these loans is dependent on the borrower’s ability to pay, and the fair value of the underlying collateral for automobile loans. The Company classifies loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans in regards to credit risk. This analysis typically includes non-homogeneous loans, such as commercial real estate and commercial and industrial loans, and is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings: •Pass - Loans classified as pass include non-homogeneous loans not meeting the risk ratings defined below and smaller, homogeneous loans not assessed on an individual basis. •Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of repayment prospects for the loan or of the institution’s credit position at some future date. •Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. •Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. As of December 31, 2023, the Company’s loan portfolio was primarily collateralized by various forms of real estate and business assets located primarily in California. The Company’s loan portfolio contains concentrations of credit in commercial real estate loans and commercial and industrial loans. The Company maintains policies that address these concentrations, as well as residential mortgage loans, and diversifies its loan portfolio through loan originations, purchases, and sales to meet approved concentration levels.
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Premises and Equipment | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives, which ranges from to seven years for furniture and equipment. Leasehold improvements are amortized using the straight-line method over the estimated useful lives of the improvements or the remaining lease term, whichever is shorter. Expenditures for betterments or major repairs are capitalized and those for ordinary repairs and maintenance are charged to operations as part of occupancy and equipment expense as incurred.
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Operating Leases | Operating Leases The Company’s operating leases are for its headquarters’ office spaces, and retail branch and LPO locations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from to five years. The exercise of a lease renewal option is at the Company’s sole discretion. Certain leases with an initial term of 12 months or less are not recorded on the balance sheet and lease expenses for these leases are recognized on a straight-line basis over the lease term. None of the Company’s lease agreements contain any material residual value guarantees or material restrictive covenants. The Company also leases certain equipment, such as copy machines and scanners, but they are determined to be immaterial.
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Federal Home Loan Bank and Other Restricted Stock | Federal Home Loan Bank and Other Restricted Stock The Bank is a member of the FHLB and Pacific Coast Bankers’ Bancshares (“PCBB”) system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB and PCBB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of par value. Both cash and stock dividends are reported as income.
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Other Real Estate Owned | Other Real Estate Owned OREO represents properties acquired through foreclosure or other proceedings. The Company initially records OREO at fair value at the time of foreclosure. Thereafter, OREO is recorded at the lower of cost or fair value based on their subsequent changes in fair value. The fair value of OREO is generally based on recent real estate appraisals adjusted for estimated selling costs. Any write-down to fair value at the time of transfer to OREO is charged to ACL on loans. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value and valuation allowances to reduce the carrying amounts to fair value less estimated costs to dispose are recorded as necessary. Additions to or reductions from valuation allowances are recorded in noninterest expense.
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Servicing Assets | Servicing Assets Servicing assets are recognized when servicing rights are retained from the sale of loans, such as sales of the guaranteed portion of SBA and certain residential mortgage loans, and are initially recorded at fair value. Fair value is calculated as the present value of estimated future cash flows from the servicing rights based on current market sources, such as the cost to service, discount rates, and prepayment speeds. Servicing assets are amortized into noninterest income over the expected life of the underlying loans. Servicing assets are evaluated for impairment based on the fair value of the servicing rights as compared to the carrying amount. Impairment is determined by stratifying servicing rights into groupings based on predominant risk characteristics, such as collateral type. For purposes of measuring impairment, the Company has identified each servicing asset with the underlying loan being serviced. A valuation allowance is recorded when the fair value is below the carrying amount of the asset. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the valuation allowance may be recorded as an increase to income. The fair values of servicing assets are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and changes in discount rates. Servicing income as reported on the income statement consists of fees earned for servicing loans, net of the amortization of servicing assets and changes in the valuation allowance. The servicing fees are based on a contractual percentage of the outstanding principal and recorded as income when earned.
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Investment in Qualified Affordable Housing Projects | Investment in Qualified Affordable Housing Projects The Company has invested in a limited partnership that operates qualified affordable housing projects for lower income tenants in California. The Company accounts for this investment under the proportional amortization method and the amortization expense is presented as a component of current tax expense. Return of this investment is generated primarily through allocated federal tax credits and other tax benefits. The recorded investment amount was $3.8 million and $4.3 million, respectively, and unfunded commitments were $2.9 million and $2.9 million, respectively, at December 31, 2023 and 2022. The recorded investment amount is included in Other Assets and unfunded commitment is included in Accrued Interest Payable and Other Liabilities on the Consolidated Statements of Financial Condition. As components of income tax expense, the Company recognized $451 thousand, $343 thousand and $247 thousand in amortization expense, respectively, partially offset by federal tax credits and other benefits of $674 thousand, $336 thousand and $299 thousand, respectively, for the years ended December 31, 2023, 2022 and 2021. The Company determined that there were no events or changes in circumstances indicating that it is more likely than not that the carrying amount of the investment will not be realized. Therefore, no impairment was recorded for the years ended December 31, 2023 and 2022.
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Bank-owned Life Insurance | Bank-owned Life Insurance The Company purchases life insurance policies on certain officers and directors. The Bank and named beneficiaries of various current covered officers are the beneficiaries under each policy. In the event of the death of a covered officer, the Bank and named beneficiaries of the covered officer will receive the specified insurance benefit from the insurance carrier. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due, if any, that are probable at settlement.
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Earnings Per Share | Earnings Per Share Earnings per share (“EPS”) is computed under the two-class method. Net income allocated to common stock is computed by subtracting income allocated to unvested restricted stock from net income. Income allocated to unvested restricted stock includes cash dividend paid and undistributed income available to holders of unvested restricted stock, if any. Basic EPS is computed by dividing net income allocated to common stock by the weighted-average common shares outstanding excluding the weighted-average unvested restricted stock. Diluted EPS is computed by dividing net income allocated to common stock by the weighted-average common stock outstanding, excluding the weighted-average unvested restricted stock, adjusted for the dilutive effect of the stock options. Diluted EPS reflects the potential dilution that could occur if options or other contracts to issue common stock were exercised or converted into common stock, or resulted in the issuance of common stock that then shared in the earnings of the entity.
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Transfer of Financial Assets | Transfer of Financial Assets Transfers of financial assets are accounted for sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
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Share-Based Compensation | Share-Based Compensation The Company recognizes the cost of employee services received in exchange for stock options and restricted stock awards (“RSAs”), based on the grant date fair value of those awards. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for RSAs. This cost is recognized in income over the period which an employee is required to provide services in exchange for the award, generally the vesting period.
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Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties related to unrecognized tax benefits are recorded as part of income tax expense. A valuation allowance is established to reduce the deferred tax asset to the level at which it is more likely than not that the tax benefits will be realized. Realization of tax benefits of deductible temporary differences and carryforwards depends on having sufficient taxable income of an appropriate character and in the appropriate periods.
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Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes the changes in unrealized gains and losses on securities available-for-sale, net of tax.
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Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company enters into off-balance sheet financial instruments consisting of commitments to extend credit, commercial letters of credit, and standby letters of credit as described in Note 16. Such financial instruments are recorded in the consolidated financial statements when they are funded or related fees are incurred or received.
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Revenue Recognition | Revenue Recognition Topic 606, “Revenue from Contracts with Customers,” does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as gain or loss associated with mortgage servicing assets and financial guarantees are also not within the scope. Topic 606 is applicable to noninterest income such as deposit related fees, interchange fees, and merchant related income. Noninterest income considered to be within the scope of Topic 606 is discussed below. Service charges and fees on deposits: Deposit account service charges consist of monthly service fees, account analysis fees, non-sufficient funds (“NSF”) charges and other deposit related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. NSF charges, and other deposit account service charges are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time as incurred. Debit card fees: When customers use their debit cards to pay merchants for goods or services, the Company retains a fee from the funds collected from the related deposit account and transfers the remaining funds to the payment network for remittance to the merchant. The performance obligation to the merchant is satisfied and the fee is recognized at the point in time when the funds are collected and transferred to the payment network. Gain (loss) on sale of other real estate owned: The Company’s performance obligation for sale of OREO is the transfer of title and ownership rights of the OREO to the buyer, which occurs at the settlement date when the sale proceeds are received and income is recognized. Wire transfer fees and other service charges: Wire transfer fees and other service charges are transaction based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time as incurred.
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Fair Value Measurement | Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Current accounting guidance establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value: •Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (i.e. an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows: •Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Fair value is measured on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate certain assets or liabilities for impairment or for disclosure purposes. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company records securities available-for-sale at fair value on a recurring basis. Certain other assets, such as loans held-for-sale, individually evaluated loans, servicing assets and OREO are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. The following is a description of valuation methodologies used for assets and liabilities recorded at fair value: Investment securities: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1) or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management reviews the valuation techniques and assumptions used by the provider and determines that the provider uses widely accepted valuation techniques based on observable market inputs appropriate for the type of security being measured. Loans held-for-sale: The Company records SBA loans held-for-sale, residential mortgage loans held-for-sale and certain non-residential real estate loans held-for-sale at the lower of cost or fair value, on an aggregate basis. The Company obtains fair values from a third-party independent valuation service provider. Loans held-for-sale accounted for at the lower of cost or fair value are considered to be recognized at fair value when they are recorded at below cost, on an aggregate basis, and are classified as Level 2. Individually evaluated loans: The Company records fair value adjustments on certain loans that reflect (i) partial write-downs, through charge-offs or individual reserve allowances, that are based on the current appraised or market-quoted value of the underlying collateral or (ii) the full charge-off of the loan carrying value. In some cases, the properties for which market quotes or appraised values have been obtained are located in areas where comparable sales data is limited, outdated, or unavailable. Fair value estimates for collateral-dependent individually evaluated loans are obtained from real estate brokers or other third-party consultants, and are classified as Level 3. Other real estate owned: The Company initially records OREO at fair value at the time of foreclosure. Thereafter, OREO is recorded at the lower of cost or fair value based on their subsequent changes in fair value. The fair value of OREO is generally based on recent real estate appraisals adjusted for estimated selling costs. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and result in a Level 3 classification due to the unobservable inputs used for determining fair value. Only OREO with a valuation allowance are considered to be carried at fair value. Servicing Assets: Servicing assets represent the value of servicing rights associated with servicing loans that have been sold. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates and prepayment speed assumptions as inputs. All of these assumptions require a significant degree of management estimation and judgment. The fair market valuation is performed on a quarterly basis for servicing assets. Servicing assets are accounted for at the lower of cost or market value and considered to be recognized at fair value when they are recorded at below cost and are classified as Level 3.
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Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Adopted Accounting Pronouncements During the year ended December 31, 2023, the Company adopted following accounting pronouncements. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326).” The amendments in this ASU require that entities change the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model. Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. It includes financial assets such as loan receivables, held-to-maturity debt securities, net investment in leases that are not accounted for at fair value through net income, and certain off-balance sheet credit exposures. This ASU was effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In 2019, the FASB amended this ASU, which delayed the effective date to 2023 for certain SEC filers that are Smaller Reporting Companies, such as the Company. On January 1, 2023, the Company adopted the provisions of ASC 326 through the application of the modified retrospective transition approach, and recorded a net decrease of $1.9 million to the beginning balance of retained earnings as of January 1, 2023 for the cumulative effect adjustment, reflecting an initial adjustment to the ACL on loans of $1.1 million and the ACL on off-balance sheet credit exposures of $1.6 million, net of related deferred tax assets arising from temporary differences of $788 thousand. The initial adjustment to the ACL reflects the expected lifetime credit losses associated with the composition of financial assets within the scope of ASC 326 as of January 1, 2023, as well as management’s current expectation of future economic conditions. The following table summarizes the initial adjustment to the ACL as of January 1, 2023:
In conjunction with the adoption of ASC 326, the Company made an accounting policy election not to measure an ACL on accrued interest receivables for the loans collectively evaluated. For the loans individually evaluated, the Company considers accrued interest receivables as a part of the amortized cost and measures an ACL. When accrued interest receivable is deemed to be uncollectable, the Company promptly reverses such balances through current period interest income in the period they are deemed uncollectable. Additionally, the Company has also elected not to include the balance of accrued interest receivable in the amortized cost basis of financial assets within the scope of ASC 326. Accrued interest receivable will continue to be presented separately in the Consolidated Balance Sheets. As a part of the adoption of ASC 326, the Company reviewed and revised certain loan segments for the Company’s ACL model. Before the adoption of ASC 326, commercial property and SBA property loans were separately presented and represented 63.0% and 6.6% of loans held-for-investment at December 31, 2022, respectively. The Company re-divided these loan segments into commercial property, business property and multifamily loans, as described above, as these new loan segments are determined to share similar characteristics under the Company’s ACL model. In addition, four loan segments before the adoption of ASC 326 (commercial term loans, commercial lines of credit, SBA term loans and SBA PPP loans), which represented 12.2% of loans held-for-investment at December 31, 2022, are combined into a single loan segment, commercial and industrial loans, as these loans are determined to share similar risk characteristics under the Company’s ACL model. However, loan related disclosures for prior periods continue to be presented under the legacy loan segments in this Annual Report on Form 10-K. The following table presents a summary of reclassification of loans held-for-investment as the date indicated:
(1) Commercial property loans under the legacy loan segments included all commercial property, business property and multifamily loans under the new loan segments. The following table presents a summary of reclassification of ACL on loans as the date indicated as well as the initial adjustment to the ACL as of January 1, 2023:
(1) Commercial property loans under the legacy loan segments included all commercial property, business property and multifamily loans under the new loan segments. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326) - Troubled Debt Restructuring and Vintage Disclosures.” The amendments in this ASU eliminate the accounting guidance for TDRs by creditors in ASC 310-40, “Receivables - Troubled Debt Restructurings by Creditors,” while enhancing disclosure requirements for restructurings involving borrowers that are experiencing financial difficulty. This ASU also requires public business entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The Company adopted this ASU as of January 1, 2023, in conjunction with the adoption of ASU 2016-13. The Company did not have a material impact on its consolidated financial statements upon adoption of this ASU. Recent Accounting Pronouncements Not Yet Adopted The following recently issued accounting pronouncement applicable to the Company has not yet been adopted: In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 780) - Improvements to Income Tax Disclosures.” The amendments in this ASU requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. This ASU also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. This ASU is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company will update it income tax disclosure upon adoption.
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Basis of Presentation and Significant Accounting Policies (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Initial Adjustment to ACL | The following table summarizes the initial adjustment to the ACL as of January 1, 2023:
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Summary of Reclassification of Loans Held-for-Investment | The following table presents a summary of reclassification of loans held-for-investment as the date indicated:
(1) Commercial property loans under the legacy loan segments included all commercial property, business property and multifamily loans under the new loan segments. The following table presents the composition of the Company’s loans held-for-investment as of the dates indicated.
The following table presents the composition of the Company’s loans held-for-investment by legacy loan segments as of the date indicated:
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Summary of Reclassification of ACL on Loans and Initial Adjustment to ACL | The following table presents a summary of reclassification of ACL on loans as the date indicated as well as the initial adjustment to the ACL as of January 1, 2023:
(1) Commercial property loans under the legacy loan segments included all commercial property, business property and multifamily loans under the new loan segments. The following table presents a composition of provision (reversal) for credit losses for the periods indicated:
The following table presents the activities in ACL on loans for the periods indicated:
The following table presents the activities in allowance for loan losses by legacy loan segments for the periods indicated:
The following tables present the information on allowance for loan losses and recorded investments by legacy loan segments and impairment methodology as of the date indicated:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
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Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated:
(1) Under the legacy loan segments and included in loans held-for-sale For assets measured at fair value, the following table presents the total net losses, which include charge-offs, recoveries, individual reserves, impairment on servicing assets, gain (loss) on sale of OREO, and OREO valuation write-downs recorded for the periods indicated:
(1) Under the legacy loan segments
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Quantitative Information About Level 3 Fair Value Measurements | The following table presents quantitative information about level 3 fair value measurements for assets measured at fair value on a non-recurring basis as of the dates indicated:
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Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities | The following table presents the carrying value and estimated fair values of financial assets and liabilities as of the dates indicated:
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Investment Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Fair Value of Securities Available-For-Sale | The following table presents the amortized cost and fair value of the investment securities as of the dates indicated:
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Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of the investment securities by contractual maturity as of December 31, 2023. Expected maturities may differ from contractual maturities, if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
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Summary of Gains (Losses) on Available-for-sale Securities | The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
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Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous unrealized loss position as of the dates indicated:
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Loans and Allowance for Credit Losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held-For-Investment | The following table presents a summary of reclassification of loans held-for-investment as the date indicated:
(1) Commercial property loans under the legacy loan segments included all commercial property, business property and multifamily loans under the new loan segments. The following table presents the composition of the Company’s loans held-for-investment as of the dates indicated.
The following table presents the composition of the Company’s loans held-for-investment by legacy loan segments as of the date indicated:
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Summary of Reclassification of ACL on Loans and Initial Adjustment to ACL | The following table presents a summary of reclassification of ACL on loans as the date indicated as well as the initial adjustment to the ACL as of January 1, 2023:
(1) Commercial property loans under the legacy loan segments included all commercial property, business property and multifamily loans under the new loan segments. The following table presents a composition of provision (reversal) for credit losses for the periods indicated:
The following table presents the activities in ACL on loans for the periods indicated:
The following table presents the activities in allowance for loan losses by legacy loan segments for the periods indicated:
The following tables present the information on allowance for loan losses and recorded investments by legacy loan segments and impairment methodology as of the date indicated:
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Summary of Credit Quality Indicators | The following table summarize the Company’s loans held-for-investment by loan segment, internal risk ratings and vintage year as of December 31, 2023 and gross write offs for the year ended December 31, 2023. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the table below are excluded from term loans by vintage year columns.
The following table presents the risk categories for loans held-for-investment by legacy loan segments as of the date indicated:
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Nonaccrual Loans | The following table presents the loans on nonaccrual status by loan segments as of the date indicated:
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Collateral Dependent Loans | The following table presents the collateral dependent loans by loan segments as of the date indicated:
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Past Due Loans | The following table presents the aging of past due in accruing loans and nonaccrual loans by loan segments as of date indicated:
The following table presents the aging of past due recorded investment in accruing loans and nonaccrual loans by legacy loan segments as of the date indicated:
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Loans Held-for-Investment | The following table presents a summary of purchases of loans held-for-investment for the periods indicated:
The following table presents a summary of purchases of loans held-for-investment for the periods indicated:
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Loans Held-for-Sale | The following table presents a composition of loans held-for-sale as of the date indicated:
The following table presents a composition of loans held-for-sale as of the dates indicated:
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Impaired Loans | The following table presents loans individually evaluated for impairment by legacy loan segments as of the date indicated. The recorded investment presents customer balances net of any partial charge-offs recognized on the loans and net of any deferred fees and costs.
The following table presents information on the recorded investment in impaired loans by legacy loan segments for the periods indicated:
The following table presents a summary of interest foregone on impaired loans for the periods indicated:
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Loans Held-for-Investment Transferred to Loans Held-for-Sale | The following table presents a summary of loans held-for-investment transferred to loans held-for-sale for the periods indicated:
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Premises and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Premises and Equipment | The following table presents a composition of premises and equipment as of the dates indicated:
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Operating Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Cost and Supplemental Information | The following table presents operating lease cost and supplemental cash flow information related to leases for the periods indicated:
(1) Included in Occupancy and Equipment on the Consolidated Statements of Income. The following table presents supplemental balance sheet information related to leases as of the dates indicated:
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Maturities of Operating Lease Liabilities | The following table presents maturities of operating lease liabilities as of the date indicated:
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Servicing Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Servicing Assets with Key Assumptions Used to Estimate Fair Value | The following table presents the composition of servicing assets with key assumptions used to estimate the fair value as of the dates indicated:
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Schedule of Servicing Asset | The following table presents activity in servicing assets for the periods indicated:
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Other Real Estate Owned (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned, Activity | The following table presents activity in OREO for the periods indicated:
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Other Real Estate Owned, Valuation Allowance | The following table presents activity in OREO valuation allowance for the periods indicated:
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Other Real Estate Owned, Expenses | The following table presents expenses related to OREO for the periods indicated:
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Deposits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Maturities of Time Deposits | The following table presents scheduled maturities of time deposits as of the date indicated:
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Federal Home Loan Bank Advances and Other Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advance from Federal Home Loan Bank [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of FHLB Advances and Financial Data | The following table presents scheduled maturities of FHLB advances as of the date indicated:
The following table presents financial data of FHLB advances as of the dates or for the periods indicated:
|
Share-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Share-Based Compensation Expense | The following table presents share-based compensation expense and the related tax benefits for the periods indicated:
The following table presents unrecognized share-based compensation expense as of the date indicated:
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Weighted-Average Assumptions of Stock Options | The following table presents the weighted-average assumptions used to determine the fair value of options granted for the periods indicated:
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Summary of Stock Options | The following table presents information related to the stock option plan for the periods indicated:
The following table represents stock option activity as of and for the period indicated:
The following table represents information regarding unvested stock options for the period indicated:
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Summary of Restricted Stock Awards | The following table represents RSAs activity for the year ended December 31, 2023:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense for the periods indicated:
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Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable statutory Federal income tax rate for the periods indicated:
|
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Schedule of Deferred Tax Assets and Liabilities | The following table presents the components of the net deferred tax assets recognized in the accompanying consolidated balance sheets as of the dates indicated:
|
Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of net income and shares outstanding to the income and number of shares used to compute earnings per share for the periods indicated:
|
Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Financial Commitments | The following table presents outstanding financial commitments whose contractual amount represents credit risk as of the dates indicated:
|
Regulatory Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Capital Amounts and Ratios | The following table presents the regulatory capital amounts and ratios for the Company and the Bank as of the dates indicated:
|
Revenue Recognition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from Contracts with Customers | The following table presents revenue from contracts with customers within the scope of ASC 606 for the periods indicated:
|
Condensed Financial Statements for Parent Company (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheets | The parent company’s condensed statements of financial condition as of December 31, 2023 and 2022, and the related condensed statements of income and comprehensive income, and condensed statements of cash flows for the years ended December 31, 2023, 2022, and 2021 are presented below: Condensed Balance Sheets
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Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income and Comprehensive Income
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Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
|
Basis of Presentation and Significant Accounting Policies - Narrative (Details) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2022
USD ($)
loanSegment
|
Dec. 31, 2023
USD ($)
branch
office
segment
|
Dec. 31, 2022
USD ($)
loanSegment
|
Dec. 31, 2021
USD ($)
|
Jan. 01, 2023
USD ($)
|
|
Product Information [Line Items] | |||||
Number of operating segments | segment | 1 | ||||
Reserve and clearing required balance | $ 0 | $ 0 | $ 0 | ||
Interest on loans held-for-investment, threshold period past due | 90 days | ||||
General reserves, historical loss look-back period | 11 years | ||||
Qualified affordable housing project investment | 4,300,000 | $ 3,800,000 | 4,300,000 | ||
Unfunded commitments | 2,900,000 | 2,900,000 | 2,900,000 | ||
Amortization expense recognized on qualified affordable housing projects | 451,000 | 343,000 | $ 247,000 | ||
Federal tax credits and other benefits | 674,000 | 336,000 | $ 299,000 | ||
Impairment of qualified affordable housing projects | 0 | 0 | |||
Net decrease in retained earnings | (127,181,000) | (146,092,000) | (127,181,000) | $ (127,181,000) | |
Adjustment to allowance for credit losses on loans | 2,021,121,000 | 2,295,919,000 | 2,021,121,000 | ||
Adjustment to the allowance for credit losses on off-balance sheet credit exposures | 299,000 | ||||
Deferred tax assets arising from temporary differences | $ 3,115,000 | $ 0 | $ 3,115,000 | 3,115,000 | |
Number of loan segments before adoption of ASC 326 | loanSegment | 4 | 4 | |||
Financing Receivable, Excluding Accrued Interest | Loans Held-for-Investment Concentration Risk | Commercial and Industrial | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 12.20% | ||||
Impact of ASC 326 Adoption | |||||
Product Information [Line Items] | |||||
Net decrease in retained earnings | 1,886,000 | ||||
Adjustment to allowance for credit losses on loans | 1,100,000 | ||||
Adjustment to the allowance for credit losses on off-balance sheet credit exposures | 1,607,000 | ||||
Deferred tax assets arising from temporary differences | $ 788,000 | ||||
Minimum | |||||
Product Information [Line Items] | |||||
Lease renewal term | 1 year | ||||
Minimum | Furniture, fixtures and equipment | |||||
Product Information [Line Items] | |||||
Estimated useful lives of premises and equipment | 3 years | ||||
Maximum | |||||
Product Information [Line Items] | |||||
Lease renewal term | 5 years | ||||
Maximum | Furniture, fixtures and equipment | |||||
Product Information [Line Items] | |||||
Estimated useful lives of premises and equipment | 7 years | ||||
Closed Loans | |||||
Product Information [Line Items] | |||||
Charge-off time period | 120 days | ||||
Open Loans | |||||
Product Information [Line Items] | |||||
Charge-off time period | 180 days | ||||
Commercial property | Financing Receivable, Excluding Accrued Interest | Loans Held-for-Investment Concentration Risk | Commercial real estate | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 63.00% | ||||
SBA property | Financing Receivable, Excluding Accrued Interest | Loans Held-for-Investment Concentration Risk | Commercial real estate | |||||
Product Information [Line Items] | |||||
Concentration risk percentage | 6.60% | ||||
California | |||||
Product Information [Line Items] | |||||
Number of full-service branches | branch | 11 | ||||
Number of loan production offices | office | 7 | ||||
California | Minimum | |||||
Product Information [Line Items] | |||||
Total assets of peer group | $ 1,000,000,000 | ||||
California | Maximum | |||||
Product Information [Line Items] | |||||
Total assets of peer group | $ 5,000,000,000 | ||||
New Jersey and New York | |||||
Product Information [Line Items] | |||||
Number of full-service branches | branch | 3 | ||||
Texas | |||||
Product Information [Line Items] | |||||
Number of full-service branches | branch | 2 |
Basis of Presentation and Significant Accounting Policies - Summary of Initial Adjustment to ACL (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|---|---|---|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | $ 27,533 | [1] | $ 24,942 | $ 24,942 | [1] | $ 22,381 | $ 26,510 | ||
Deferred tax assets | 0 | 3,115 | 3,115 | ||||||
ACL on off-balance sheet credit exposures | 299 | ||||||||
Retained earnings | $ 146,092 | 127,181 | 127,181 | ||||||
Impact of ASC 326 Adoption | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | 1,067 | $ 1,067 | |||||||
Deferred tax assets | 788 | ||||||||
ACL on off-balance sheet credit exposures | 1,607 | ||||||||
Retained earnings | (1,886) | ||||||||
As Reported Under ASC 326 | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | 26,009 | ||||||||
Deferred tax assets | 3,903 | ||||||||
ACL on off-balance sheet credit exposures | 1,906 | ||||||||
Retained earnings | 125,295 | ||||||||
Commercial real estate | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | 15,536 | ||||||||
Commercial real estate | Impact of ASC 326 Adoption | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | (610) | ||||||||
Commercial real estate | As Reported Under ASC 326 | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | 14,926 | ||||||||
Commercial and Industrial | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | 5,502 | ||||||||
Commercial and Industrial | Impact of ASC 326 Adoption | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | 4,344 | ||||||||
Commercial and Industrial | As Reported Under ASC 326 | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | 9,846 | ||||||||
Consumer | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | 3,904 | ||||||||
Consumer | Impact of ASC 326 Adoption | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | (2,667) | ||||||||
Consumer | As Reported Under ASC 326 | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Total ACL on loans | $ 1,237 | ||||||||
|
Basis of Presentation and Significant Accounting Policies - Reclassification of Loans Held-for-Investment and ACL (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | $ 2,323,452 | $ 2,046,063 | $ 2,046,063 | ||||||
Total ACL | 27,533 | [1] | 24,942 | 24,942 | [1] | $ 22,381 | $ 26,510 | ||
Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | 1,067 | 1,067 | |||||||
As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 2,046,063 | ||||||||
Total ACL | 26,009 | ||||||||
Commercial real estate | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 1,571,385 | 1,774,064 | |||||||
Total ACL | 19,227 | 16,797 | 18,894 | ||||||
Commercial real estate | Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | (610) | ||||||||
Commercial real estate | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 1,440,338 | ||||||||
Total ACL | 14,775 | ||||||||
Commercial real estate | Previously Reported | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 1,423,284 | ||||||||
Total ACL | 15,385 | ||||||||
Commercial real estate | As Revised | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 1,423,284 | ||||||||
Total ACL | 15,385 | ||||||||
Commercial real estate | Commercial property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 1,288,392 | ||||||||
Commercial real estate | Commercial property | Previously Reported | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 1,288,392 | ||||||||
Total ACL | 14,059 | ||||||||
Commercial real estate | Commercial property | Reclassification | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | (1,288,392) | ||||||||
Total ACL | (14,059) | ||||||||
Commercial real estate | SBA property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 134,892 | ||||||||
Commercial real estate | SBA property | Previously Reported | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 134,892 | ||||||||
Total ACL | 1,326 | ||||||||
Commercial real estate | SBA property | Reclassification | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | (134,892) | ||||||||
Total ACL | (1,326) | ||||||||
Commercial real estate | Commercial Property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 855,270 | ||||||||
Total ACL | 12,665 | 8,502 | |||||||
Commercial real estate | Commercial Property | Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | (1,762) | (1,762) | |||||||
Commercial real estate | Commercial Property | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 772,020 | ||||||||
Total ACL | 6,740 | ||||||||
Commercial real estate | Commercial Property | Reclassification | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 772,020 | ||||||||
Total ACL | 8,502 | ||||||||
Commercial real estate | Commercial Property | As Revised | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 772,020 | ||||||||
Total ACL | 8,502 | ||||||||
Commercial real estate | Business Property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 558,772 | ||||||||
Total ACL | 4,739 | 5,749 | |||||||
Commercial real estate | Business Property | Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | 896 | 896 | |||||||
Commercial real estate | Business Property | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 526,513 | ||||||||
Total ACL | 6,645 | ||||||||
Commercial real estate | Business Property | Reclassification | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 526,513 | ||||||||
Total ACL | 5,749 | ||||||||
Commercial real estate | Business Property | As Revised | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 526,513 | ||||||||
Total ACL | 5,749 | ||||||||
Commercial real estate | Multifamily | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 132,500 | ||||||||
Total ACL | 1,441 | 1,134 | |||||||
Commercial real estate | Multifamily | Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | 256 | 256 | |||||||
Commercial real estate | Multifamily | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 124,751 | ||||||||
Total ACL | 1,390 | ||||||||
Commercial real estate | Multifamily | Reclassification | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 124,751 | ||||||||
Total ACL | 1,134 | ||||||||
Commercial real estate | Multifamily | As Revised | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 124,751 | ||||||||
Total ACL | 1,134 | ||||||||
Commercial real estate | Construction | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 24,843 | 17,054 | 17,054 | ||||||
Total ACL | 135 | 151 | 151 | ||||||
Commercial real estate | Construction | Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | 0 | 0 | |||||||
Commercial real estate | Construction | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 17,054 | ||||||||
Total ACL | 151 | ||||||||
Commercial and Industrial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 342,002 | 249,250 | 249,250 | ||||||
Total ACL | 6,245 | 5,502 | 5,502 | 5,310 | 7,222 | ||||
Commercial and Industrial | Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | 4,344 | 4,344 | |||||||
Commercial and Industrial | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 249,250 | ||||||||
Total ACL | 9,846 | ||||||||
Consumer | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 410,065 | 22,749 | |||||||
Total ACL | 213 | $ 274 | $ 394 | ||||||
Consumer | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 356,475 | ||||||||
Consumer | Residential Mortgage | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 389,420 | 333,726 | 333,726 | ||||||
Total ACL | 2,226 | 3,691 | 3,691 | ||||||
Consumer | Residential Mortgage | Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | (2,534) | (2,534) | |||||||
Consumer | Residential Mortgage | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 333,726 | ||||||||
Total ACL | 1,157 | ||||||||
Consumer | Other Consumer | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 20,645 | 22,749 | 22,749 | ||||||
Total ACL | $ 82 | 213 | 213 | ||||||
Consumer | Other Consumer | Impact of ASC 326 Adoption | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total ACL | (133) | $ (133) | |||||||
Consumer | Other Consumer | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans held-for-investment | 22,749 | ||||||||
Total ACL | $ 80 | ||||||||
|
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Securities available-for-sale: | ||
Securities available-for-sale | $ 143,323 | $ 141,863 |
Mortgage-backed securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 104,091 | 96,900 |
Collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Securities available-for-sale | 24,173 | 26,956 |
SBA loan pool securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 7,450 | 9,298 |
Municipal bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 3,329 | 4,186 |
Corporate bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 4,280 | 4,523 |
Recurring | ||
Securities available-for-sale: | ||
Securities available-for-sale | 143,323 | 141,863 |
Total assets measured at fair value | 143,323 | 141,863 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Recurring | Mortgage-backed securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 104,091 | 96,900 |
Recurring | Collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Securities available-for-sale | 24,173 | 26,956 |
Recurring | SBA loan pool securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 7,450 | 9,298 |
Recurring | Municipal bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 3,329 | 4,186 |
Recurring | Corporate bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 4,280 | 4,523 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Mortgage-backed securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | SBA loan pool securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Municipal bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring | Corporate bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring | ||
Securities available-for-sale: | ||
Securities available-for-sale | 143,323 | 141,863 |
Total assets measured at fair value | 143,323 | 141,863 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring | Mortgage-backed securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 104,091 | 96,900 |
Significant Other Observable Inputs (Level 2) | Recurring | Collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Securities available-for-sale | 24,173 | 26,956 |
Significant Other Observable Inputs (Level 2) | Recurring | SBA loan pool securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 7,450 | 9,298 |
Significant Other Observable Inputs (Level 2) | Recurring | Municipal bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 3,329 | 4,186 |
Significant Other Observable Inputs (Level 2) | Recurring | Corporate bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 4,280 | 4,523 |
Significant Unobservable Inputs (Level 3) | Recurring | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Mortgage-backed securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | SBA loan pool securities | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Municipal bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring | Corporate bonds | ||
Securities available-for-sale: | ||
Securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | $ 3,889 | |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | $ 425 | |
Total impaired loans | 4,000 | |
Total assets measured at fair value | 425 | 4,000 |
Total liabilities measured at fair value on a non-recurring basis | 0 | 0 |
Nonrecurring | Business Property | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | 425 | |
Nonrecurring | Commercial lines of credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 4,000 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | 0 | |
Total impaired loans | 0 | |
Total assets measured at fair value | 0 | 0 |
Total liabilities measured at fair value on a non-recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring | Business Property | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring | Commercial lines of credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | |
Significant Other Observable Inputs (Level 2) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | 0 | |
Total impaired loans | 0 | |
Total assets measured at fair value | 0 | 0 |
Total liabilities measured at fair value on a non-recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Nonrecurring | Business Property | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | 0 | |
Significant Other Observable Inputs (Level 2) | Nonrecurring | Commercial lines of credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | |
Significant Unobservable Inputs (Level 3) | Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | 425 | |
Total impaired loans | 4,000 | |
Total assets measured at fair value | 425 | 4,000 |
Total liabilities measured at fair value on a non-recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Nonrecurring | Business Property | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total loans individually evaluated | $ 425 | |
Significant Unobservable Inputs (Level 3) | Nonrecurring | Commercial lines of credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | $ 4,000 |
Fair Value Measurements - Level 3 Measurement Inputs (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total loans individually evaluated | $ 3,889 | |
Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total loans individually evaluated | $ 425 | |
Total impaired loans | 4,000 | |
Nonrecurring | Business Property | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total loans individually evaluated | 425 | |
Nonrecurring | Commercial lines of credit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total impaired loans | 4,000 | |
Significant Unobservable Inputs (Level 3) | Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total loans individually evaluated | 425 | |
Total impaired loans | 4,000 | |
Significant Unobservable Inputs (Level 3) | Nonrecurring | Business Property | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total loans individually evaluated | $ 425 | |
Significant Unobservable Inputs (Level 3) | Nonrecurring | Commercial lines of credit | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total impaired loans | $ 4,000 |
Fair Value Measurements - Net Gains (Losses) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gain (losses) recognized | $ 810 | $ (922) | $ 196 |
Commercial and Industrial | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gain (losses) recognized | 1,074 | (1,074) | 131 |
Business Property | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gain (losses) recognized | (264) | ||
SBA property | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gain (losses) recognized | 0 | (8) | |
Other real estate owned | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gain (losses) recognized | $ 0 | $ 152 | $ 73 |
Fair Value Measurements - Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial assets: | ||
Securities available-for-sale | $ 143,323 | $ 141,863 |
Carrying Value | ||
Financial assets: | ||
Interest-bearing deposits in other financial institutions | 215,824 | 123,829 |
Securities available-for-sale | 143,323 | 141,863 |
Loans held-for-sale | 5,155 | 22,811 |
Net loans held-for-investment | 2,295,919 | 2,021,121 |
FHLB and other restricted stock | 12,716 | 10,183 |
Accrued interest receivable | 9,468 | 7,472 |
Financial liabilities: | ||
Deposits | 2,351,612 | 2,045,983 |
FHLB advances | 39,000 | 20,000 |
Accrued interest payable | 18,052 | 3,159 |
Fair Value | ||
Financial assets: | ||
Interest-bearing deposits in other financial institutions | 215,824 | 123,829 |
Securities available-for-sale | 143,323 | 141,863 |
Loans held-for-sale | 5,472 | 23,992 |
Net loans held-for-investment | 2,225,573 | 1,970,235 |
Accrued interest receivable | 9,468 | 7,472 |
Financial liabilities: | ||
Deposits | 2,353,465 | 2,041,667 |
FHLB advances | 39,013 | 20,001 |
Accrued interest payable | 18,052 | 3,159 |
Fair Value | Level 1 | ||
Financial assets: | ||
Interest-bearing deposits in other financial institutions | 215,824 | 123,829 |
Securities available-for-sale | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Net loans held-for-investment | 0 | 0 |
Accrued interest receivable | 128 | 49 |
Financial liabilities: | ||
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value | Level 2 | ||
Financial assets: | ||
Interest-bearing deposits in other financial institutions | 0 | 0 |
Securities available-for-sale | 143,323 | 141,863 |
Loans held-for-sale | 5,472 | 23,992 |
Net loans held-for-investment | 0 | 0 |
Accrued interest receivable | 513 | 475 |
Financial liabilities: | ||
Deposits | 0 | 0 |
FHLB advances | 39,013 | 20,001 |
Accrued interest payable | 192 | 5 |
Fair Value | Level 3 | ||
Financial assets: | ||
Interest-bearing deposits in other financial institutions | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Net loans held-for-investment | 2,225,573 | 1,970,235 |
Accrued interest receivable | 8,827 | 6,948 |
Financial liabilities: | ||
Deposits | 2,353,465 | 2,041,667 |
FHLB advances | 0 | 0 |
Accrued interest payable | $ 17,860 | $ 3,154 |
Investment Securities - Summary of Debt and Equity Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Securities available-for-sale: | ||
Amortized Cost | $ 156,175 | $ 156,978 |
Gross Unrealized Gain | 290 | 118 |
Gross Unrealized Loss | (13,142) | (15,233) |
Fair Value | 143,323 | 141,863 |
Mortgage-backed securities | ||
Securities available-for-sale: | ||
Amortized Cost | 114,485 | 109,497 |
Gross Unrealized Gain | 199 | 1 |
Gross Unrealized Loss | (10,593) | (12,598) |
Fair Value | 104,091 | 96,900 |
Collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Amortized Cost | 25,611 | 28,515 |
Gross Unrealized Gain | 63 | 107 |
Gross Unrealized Loss | (1,501) | (1,666) |
Fair Value | 24,173 | 26,956 |
SBA loan pool securities | ||
Securities available-for-sale: | ||
Amortized Cost | 7,773 | 9,704 |
Gross Unrealized Gain | 3 | 8 |
Gross Unrealized Loss | (326) | (414) |
Fair Value | 7,450 | 9,298 |
Municipal bonds | ||
Securities available-for-sale: | ||
Amortized Cost | 3,306 | 4,262 |
Gross Unrealized Gain | 25 | 2 |
Gross Unrealized Loss | (2) | (78) |
Fair Value | 3,329 | 4,186 |
Corporate bonds | ||
Securities available-for-sale: | ||
Amortized Cost | 5,000 | 5,000 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (720) | (477) |
Fair Value | $ 4,280 | $ 4,523 |
Investment Securities - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Marketable Securities [Line Items] | ||
Securities available-for-sale | $ 143,323 | $ 141,863 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Accrued interest on securities available-for-sale | $ 513 | $ 475 |
Allowance for credit loss on available-for-sale securities | $ 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | Investment Securities Concentration Risk | Issued By US Government Agency and US Government Sponsored Enterprise | ||
Marketable Securities [Line Items] | ||
Concentration risk percentage | 94.70% | |
Asset Pledged as Collateral | ||
Marketable Securities [Line Items] | ||
Securities available-for-sale | $ 70,900 | $ 69,000 |
Investment Securities - Summary of Contractual Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized Cost | ||
Within one year | $ 864 | |
One to five years | 82 | |
Five to ten years | 5,724 | |
Greater than ten years | 1,636 | |
Mortgage-backed securities, collateralized mortgage obligations and SBA loan pool securities | 147,869 | |
Amortized Cost | 156,175 | $ 156,978 |
Fair Value | ||
Within one year | 862 | |
One to five years | 81 | |
Five to ten years | 5,010 | |
Greater than ten years | 1,656 | |
Mortgage-backed securities, collateralized mortgage obligations and SBA loan pool securities | 135,714 | |
Fair Value | $ 143,323 | $ 141,863 |
Investment Securities - Summary of Gains (Losses) on Available-for-sale Securities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains on sales and calls of securities available-for-sale | $ 0 | $ 0 | $ 0 |
Gross realized losses on sales and calls of securities available-for-sale | 0 | 0 | 0 |
Net realized gains on sales and calls of securities available-for-sale | 0 | 0 | 0 |
Proceeds from sales and calls of securities available-for-sale | 0 | 1,040 | 0 |
Tax expense on sales and calls of securities available-for-sale | $ 0 | $ 0 | $ 0 |
Investment Securities - Summary of Individual Securities in Continuous Unrealized Loss Position (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
---|---|---|
Securities available-for-sale: | ||
Less Than 12 Months, Fair Value | $ 14,993 | $ 82,769 |
Less Than 12 Months, Gross Unrealized Losses | $ (103) | $ (5,792) |
Less Than 12 Months, Number of Securities | security | 13 | 136 |
12 months or Longer, Fair Value | $ 104,146 | $ 44,780 |
12 months or Longer, Gross Unrealized Losses | $ (13,040) | $ (9,441) |
12 months or Longer, Number of Securities | security | 161 | 45 |
Total, Fair Value | $ 119,139 | $ 127,549 |
Total, Gross Unrealized Losses | $ (13,142) | $ (15,233) |
Total, Number of Securities | security | 174 | 181 |
Mortgage-backed securities | ||
Securities available-for-sale: | ||
Less Than 12 Months, Fair Value | $ 9,252 | $ 55,171 |
Less Than 12 Months, Gross Unrealized Losses | $ (41) | $ (3,721) |
Less Than 12 Months, Number of Securities | security | 8 | 83 |
12 months or Longer, Fair Value | $ 78,958 | $ 41,697 |
12 months or Longer, Gross Unrealized Losses | $ (10,552) | $ (8,877) |
12 months or Longer, Number of Securities | security | 110 | 36 |
Total, Fair Value | $ 88,210 | $ 96,868 |
Total, Gross Unrealized Losses | $ (10,593) | $ (12,598) |
Total, Number of Securities | security | 118 | 119 |
Collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Less Than 12 Months, Fair Value | $ 5,660 | $ 12,600 |
Less Than 12 Months, Gross Unrealized Losses | $ (62) | $ (1,191) |
Less Than 12 Months, Number of Securities | security | 4 | 29 |
12 months or Longer, Fair Value | $ 13,919 | $ 2,262 |
12 months or Longer, Gross Unrealized Losses | $ (1,439) | $ (475) |
12 months or Longer, Number of Securities | security | 35 | 7 |
Total, Fair Value | $ 19,579 | $ 14,862 |
Total, Gross Unrealized Losses | $ (1,501) | $ (1,666) |
Total, Number of Securities | security | 39 | 36 |
SBA loan pool securities | ||
Securities available-for-sale: | ||
Less Than 12 Months, Fair Value | $ 0 | $ 7,161 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ (325) |
Less Than 12 Months, Number of Securities | security | 0 | 12 |
12 months or Longer, Fair Value | $ 6,627 | $ 821 |
12 months or Longer, Gross Unrealized Losses | $ (326) | $ (89) |
12 months or Longer, Number of Securities | security | 14 | 2 |
Total, Fair Value | $ 6,627 | $ 7,982 |
Total, Gross Unrealized Losses | $ (326) | $ (414) |
Total, Number of Securities | security | 14 | 14 |
Municipal bonds | ||
Securities available-for-sale: | ||
Less Than 12 Months, Fair Value | $ 81 | $ 3,314 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ (78) |
Less Than 12 Months, Number of Securities | security | 1 | 11 |
12 months or Longer, Fair Value | $ 362 | $ 0 |
12 months or Longer, Gross Unrealized Losses | $ (2) | $ 0 |
12 months or Longer, Number of Securities | security | 1 | 0 |
Total, Fair Value | $ 443 | $ 3,314 |
Total, Gross Unrealized Losses | $ (2) | $ (78) |
Total, Number of Securities | security | 2 | 11 |
Corporate bonds | ||
Securities available-for-sale: | ||
Less Than 12 Months, Fair Value | $ 0 | $ 4,523 |
Less Than 12 Months, Gross Unrealized Losses | $ 0 | $ (477) |
Less Than 12 Months, Number of Securities | security | 0 | 1 |
12 months or Longer, Fair Value | $ 4,280 | $ 0 |
12 months or Longer, Gross Unrealized Losses | $ (720) | $ 0 |
12 months or Longer, Number of Securities | security | 1 | 0 |
Total, Fair Value | $ 4,280 | $ 4,523 |
Total, Gross Unrealized Losses | $ (720) | $ (477) |
Total, Number of Securities | security | 1 | 1 |
Loans and Allowance for Credit Losses - Loans Held-For-Investment (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | $ 2,323,452 | $ 2,046,063 | $ 2,046,063 | ||||||
Allowance for credit losses on loans | (27,533) | [1] | (24,942) | (24,942) | [1] | $ (22,381) | $ (26,510) | ||
Net loans held-for-investment | 2,295,919 | 2,021,121 | |||||||
Officers and Directors | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 111 | 113 | |||||||
As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 2,046,063 | ||||||||
Allowance for credit losses on loans | (26,009) | ||||||||
Net loans held-for-investment | 2,020,054 | ||||||||
Commercial real estate | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 1,571,385 | 1,774,064 | |||||||
Allowance for credit losses on loans | (19,227) | (16,797) | (18,894) | ||||||
Commercial real estate | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 1,440,338 | ||||||||
Allowance for credit losses on loans | (14,775) | ||||||||
Commercial real estate | Commercial Property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 855,270 | ||||||||
Allowance for credit losses on loans | (12,665) | (8,502) | |||||||
Commercial real estate | Commercial Property | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 772,020 | ||||||||
Allowance for credit losses on loans | (6,740) | ||||||||
Commercial real estate | Business Property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 558,772 | ||||||||
Allowance for credit losses on loans | (4,739) | (5,749) | |||||||
Commercial real estate | Business Property | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 526,513 | ||||||||
Allowance for credit losses on loans | (6,645) | ||||||||
Commercial real estate | Multifamily | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 132,500 | ||||||||
Allowance for credit losses on loans | (1,441) | (1,134) | |||||||
Commercial real estate | Multifamily | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 124,751 | ||||||||
Allowance for credit losses on loans | (1,390) | ||||||||
Commercial real estate | Construction | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 24,843 | 17,054 | 17,054 | ||||||
Allowance for credit losses on loans | (135) | (151) | (151) | ||||||
Commercial real estate | Construction | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 17,054 | ||||||||
Allowance for credit losses on loans | (151) | ||||||||
Commercial real estate | Commercial property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 1,288,392 | ||||||||
Commercial real estate | Residential property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 333,726 | ||||||||
Commercial real estate | SBA property | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 134,892 | ||||||||
Commercial and Industrial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 342,002 | 249,250 | 249,250 | ||||||
Allowance for credit losses on loans | (6,245) | (5,502) | (5,502) | (5,310) | (7,222) | ||||
Commercial and Industrial | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 249,250 | ||||||||
Allowance for credit losses on loans | (9,846) | ||||||||
Commercial and Industrial | Commercial term | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 77,700 | ||||||||
Commercial and Industrial | Commercial lines of credit | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 154,142 | ||||||||
Commercial and Industrial | SBA commercial term | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 16,211 | ||||||||
Commercial and Industrial | SBA PPP | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 1,197 | ||||||||
Consumer | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 410,065 | 22,749 | |||||||
Allowance for credit losses on loans | (213) | $ (274) | $ (394) | ||||||
Consumer | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 356,475 | ||||||||
Consumer | Residential Mortgage | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 389,420 | 333,726 | 333,726 | ||||||
Allowance for credit losses on loans | (2,226) | (3,691) | (3,691) | ||||||
Consumer | Residential Mortgage | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 333,726 | ||||||||
Allowance for credit losses on loans | (1,157) | ||||||||
Consumer | Other Consumer | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 20,645 | 22,749 | 22,749 | ||||||
Allowance for credit losses on loans | $ (82) | (213) | $ (213) | ||||||
Consumer | Other Consumer | As Reported Under ASC 326 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held-for-investment | 22,749 | ||||||||
Allowance for credit losses on loans | $ (80) | ||||||||
|
Loans and Allowance for Credit Losses - Allowance for Credit Losses on Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jan. 01, 2023 |
||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | $ 497 | $ 3,602 | $ (4,596) | ||||||||||
Reversal for credit losses on off-balance sheet credit exposures | (629) | ||||||||||||
Total reversal for credit losses | (132) | [1] | 3,602 | [2] | (4,596) | [2] | |||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 24,942 | [3] | 22,381 | 26,510 | |||||||||
Charge-offs | (132) | (1,199) | (227) | ||||||||||
Recoveries | 1,159 | 158 | 694 | ||||||||||
Provision (reversal) for credit losses on loans | 497 | 3,602 | (4,596) | ||||||||||
Ending balance | 27,533 | [3] | 24,942 | [3] | 22,381 | ||||||||
Allowance for loan losses: | |||||||||||||
Individually evaluated for impairment | 0 | ||||||||||||
Collectively evaluated for impairment | 24,942 | ||||||||||||
Total | 27,533 | [3] | 24,942 | [3] | 22,381 | $ 24,942 | |||||||
Loans receivable: | |||||||||||||
Individually evaluated for impairment | 3,889 | ||||||||||||
Collectively evaluated for impairment | 2,042,174 | ||||||||||||
Total | 2,323,452 | 2,046,063 | 2,046,063 | ||||||||||
Impact of ASC 326 Adoption | |||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 1,067 | ||||||||||||
Ending balance | 1,067 | ||||||||||||
Allowance for loan losses: | |||||||||||||
Total | 1,067 | 1,067 | |||||||||||
Commercial real estate | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | 2,430 | (2,136) | |||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 19,227 | 16,797 | 18,894 | ||||||||||
Charge-offs | 0 | (24) | |||||||||||
Recoveries | 0 | 63 | |||||||||||
Provision (reversal) for credit losses on loans | 2,430 | (2,136) | |||||||||||
Ending balance | 19,227 | 16,797 | |||||||||||
Allowance for loan losses: | |||||||||||||
Individually evaluated for impairment | 0 | ||||||||||||
Collectively evaluated for impairment | 19,227 | ||||||||||||
Total | 19,227 | 16,797 | |||||||||||
Loans receivable: | |||||||||||||
Individually evaluated for impairment | 3,889 | ||||||||||||
Collectively evaluated for impairment | 1,770,175 | ||||||||||||
Total | 1,571,385 | 1,774,064 | |||||||||||
Commercial real estate | Impact of ASC 326 Adoption | |||||||||||||
Allowance for loan losses: | |||||||||||||
Total | (610) | ||||||||||||
Commercial real estate | Commercial Property | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | 5,925 | ||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 8,502 | ||||||||||||
Charge-offs | 0 | ||||||||||||
Recoveries | 0 | ||||||||||||
Provision (reversal) for credit losses on loans | 5,925 | ||||||||||||
Ending balance | 12,665 | 8,502 | |||||||||||
Allowance for loan losses: | |||||||||||||
Total | 12,665 | 8,502 | |||||||||||
Loans receivable: | |||||||||||||
Total | 855,270 | ||||||||||||
Commercial real estate | Commercial Property | Impact of ASC 326 Adoption | |||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | (1,762) | ||||||||||||
Ending balance | (1,762) | ||||||||||||
Allowance for loan losses: | |||||||||||||
Total | (1,762) | (1,762) | |||||||||||
Commercial real estate | Business Property | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | (1,911) | ||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 5,749 | ||||||||||||
Charge-offs | (4) | ||||||||||||
Recoveries | 9 | ||||||||||||
Provision (reversal) for credit losses on loans | (1,911) | ||||||||||||
Ending balance | 4,739 | 5,749 | |||||||||||
Allowance for loan losses: | |||||||||||||
Total | 4,739 | 5,749 | |||||||||||
Loans receivable: | |||||||||||||
Total | 558,772 | ||||||||||||
Commercial real estate | Business Property | Impact of ASC 326 Adoption | |||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 896 | ||||||||||||
Ending balance | 896 | ||||||||||||
Allowance for loan losses: | |||||||||||||
Total | 896 | 896 | |||||||||||
Commercial real estate | Multifamily | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | 51 | ||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 1,134 | ||||||||||||
Charge-offs | 0 | ||||||||||||
Recoveries | 0 | ||||||||||||
Provision (reversal) for credit losses on loans | 51 | ||||||||||||
Ending balance | 1,441 | 1,134 | |||||||||||
Allowance for loan losses: | |||||||||||||
Total | 1,441 | 1,134 | |||||||||||
Loans receivable: | |||||||||||||
Total | 132,500 | ||||||||||||
Commercial real estate | Multifamily | Impact of ASC 326 Adoption | |||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 256 | ||||||||||||
Ending balance | 256 | ||||||||||||
Allowance for loan losses: | |||||||||||||
Total | 256 | 256 | |||||||||||
Commercial real estate | Construction | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | (16) | ||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 151 | ||||||||||||
Charge-offs | 0 | ||||||||||||
Recoveries | 0 | ||||||||||||
Provision (reversal) for credit losses on loans | (16) | ||||||||||||
Ending balance | 135 | 151 | |||||||||||
Allowance for loan losses: | |||||||||||||
Total | 135 | 151 | 151 | ||||||||||
Loans receivable: | |||||||||||||
Total | 24,843 | 17,054 | 17,054 | ||||||||||
Commercial real estate | Construction | Impact of ASC 326 Adoption | |||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 0 | ||||||||||||
Ending balance | 0 | ||||||||||||
Allowance for loan losses: | |||||||||||||
Total | 0 | 0 | |||||||||||
Commercial and Industrial | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | (4,663) | 1,226 | (2,362) | ||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 5,502 | 5,310 | 7,222 | ||||||||||
Charge-offs | (45) | (1,095) | (115) | ||||||||||
Recoveries | 1,107 | 61 | 565 | ||||||||||
Provision (reversal) for credit losses on loans | (4,663) | 1,226 | (2,362) | ||||||||||
Ending balance | 6,245 | 5,502 | 5,310 | ||||||||||
Allowance for loan losses: | |||||||||||||
Individually evaluated for impairment | 0 | ||||||||||||
Collectively evaluated for impairment | 5,502 | ||||||||||||
Total | 6,245 | 5,502 | 5,310 | 5,502 | |||||||||
Loans receivable: | |||||||||||||
Individually evaluated for impairment | 0 | ||||||||||||
Collectively evaluated for impairment | 249,250 | ||||||||||||
Total | 342,002 | 249,250 | 249,250 | ||||||||||
Commercial and Industrial | Impact of ASC 326 Adoption | |||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 4,344 | ||||||||||||
Ending balance | 4,344 | ||||||||||||
Allowance for loan losses: | |||||||||||||
Total | 4,344 | 4,344 | |||||||||||
Consumer | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | (54) | (98) | |||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 213 | 274 | 394 | ||||||||||
Charge-offs | (104) | (88) | |||||||||||
Recoveries | 97 | 66 | |||||||||||
Provision (reversal) for credit losses on loans | (54) | (98) | |||||||||||
Ending balance | 213 | 274 | |||||||||||
Allowance for loan losses: | |||||||||||||
Individually evaluated for impairment | 0 | ||||||||||||
Collectively evaluated for impairment | 213 | ||||||||||||
Total | 213 | $ 274 | |||||||||||
Loans receivable: | |||||||||||||
Individually evaluated for impairment | 0 | ||||||||||||
Collectively evaluated for impairment | 22,749 | ||||||||||||
Total | 410,065 | 22,749 | |||||||||||
Consumer | Residential Mortgage | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | 1,069 | ||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 3,691 | ||||||||||||
Charge-offs | 0 | ||||||||||||
Recoveries | 0 | ||||||||||||
Provision (reversal) for credit losses on loans | 1,069 | ||||||||||||
Ending balance | 2,226 | 3,691 | |||||||||||
Allowance for loan losses: | |||||||||||||
Total | 2,226 | 3,691 | 3,691 | ||||||||||
Loans receivable: | |||||||||||||
Total | 389,420 | 333,726 | 333,726 | ||||||||||
Consumer | Residential Mortgage | Impact of ASC 326 Adoption | |||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | (2,534) | ||||||||||||
Ending balance | (2,534) | ||||||||||||
Allowance for loan losses: | |||||||||||||
Total | (2,534) | (2,534) | |||||||||||
Consumer | Other Consumer | |||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||||
Provision for credit losses on loans | 42 | ||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | 213 | ||||||||||||
Charge-offs | (83) | ||||||||||||
Recoveries | 43 | ||||||||||||
Provision (reversal) for credit losses on loans | 42 | ||||||||||||
Ending balance | 82 | 213 | |||||||||||
Allowance for loan losses: | |||||||||||||
Total | 82 | 213 | 213 | ||||||||||
Loans receivable: | |||||||||||||
Total | 20,645 | 22,749 | 22,749 | ||||||||||
Consumer | Other Consumer | Impact of ASC 326 Adoption | |||||||||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||||||||||
Beginning balance | $ (133) | ||||||||||||
Ending balance | (133) | ||||||||||||
Allowance for loan losses: | |||||||||||||
Total | $ (133) | $ (133) | |||||||||||
|
Loans and Allowance for Credit Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jan. 01, 2023 |
|
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | $ 439,138 | |||
Year one, originated current fiscal year, writeoff | 12 | |||
Year two, originated one year before current fiscal year | 622,022 | |||
Year two, originated one year before current fiscal year, writeoff | 57 | |||
Year three, originated two years before current fiscal year | 456,202 | |||
Year three, originated two years before current fiscal year, writeoff | 0 | |||
Year four, originated three years before current fiscal year | 185,227 | |||
Year four, originated three years before current fiscal year, writeoff | 14 | |||
Year five, originated four years before current fiscal year | 166,969 | |||
Year five, originated four years before current fiscal year, writeoff | 0 | |||
Prior | 233,882 | |||
Prior, writeoff | 49 | |||
Revolving Loans | 211,889 | |||
Revolving Loans, writeoff | 0 | |||
Revolving Loans Converted to Term | 8,123 | |||
Revolving Loans Converted to Term, writeoff | 0 | |||
Total | 2,323,452 | $ 2,046,063 | $ 2,046,063 | |
Current period gross write offs | 132 | 1,199 | $ 227 | |
Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 439,138 | |||
Year two, originated one year before current fiscal year | 621,555 | |||
Year three, originated two years before current fiscal year | 455,525 | |||
Year four, originated three years before current fiscal year | 184,838 | |||
Year five, originated four years before current fiscal year | 163,948 | |||
Prior | 227,280 | |||
Revolving Loans | 210,889 | |||
Revolving Loans Converted to Term | 8,123 | |||
Total | 2,311,296 | 2,032,995 | ||
Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 484 | |||
Year four, originated three years before current fiscal year | 379 | |||
Year five, originated four years before current fiscal year | 314 | |||
Prior | 2,979 | |||
Revolving Loans | 1,000 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 5,156 | 6,857 | ||
Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 467 | |||
Year three, originated two years before current fiscal year | 193 | |||
Year four, originated three years before current fiscal year | 10 | |||
Year five, originated four years before current fiscal year | 2,707 | |||
Prior | 3,623 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 7,000 | 6,211 | ||
Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | 0 | ||
Commercial real estate | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,571,385 | 1,774,064 | ||
Current period gross write offs | 0 | 24 | ||
Commercial real estate | Commercial Property | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 154,563 | |||
Year one, originated current fiscal year, writeoff | 0 | |||
Year two, originated one year before current fiscal year | 268,369 | |||
Year two, originated one year before current fiscal year, writeoff | 0 | |||
Year three, originated two years before current fiscal year | 156,301 | |||
Year three, originated two years before current fiscal year, writeoff | 0 | |||
Year four, originated three years before current fiscal year | 83,461 | |||
Year four, originated three years before current fiscal year, writeoff | 0 | |||
Year five, originated four years before current fiscal year | 70,736 | |||
Year five, originated four years before current fiscal year, writeoff | 0 | |||
Prior | 113,033 | |||
Prior, writeoff | 0 | |||
Revolving Loans | 8,807 | |||
Revolving Loans, writeoff | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Revolving Loans Converted to Term, writeoff | 0 | |||
Total | 855,270 | |||
Current period gross write offs | 0 | |||
Commercial real estate | Commercial Property | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 154,563 | |||
Year two, originated one year before current fiscal year | 268,369 | |||
Year three, originated two years before current fiscal year | 155,817 | |||
Year four, originated three years before current fiscal year | 83,461 | |||
Year five, originated four years before current fiscal year | 70,425 | |||
Prior | 107,879 | |||
Revolving Loans | 8,807 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 849,321 | |||
Commercial real estate | Commercial Property | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 484 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 2,952 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 3,436 | |||
Commercial real estate | Commercial Property | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 311 | |||
Prior | 2,202 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 2,513 | |||
Commercial real estate | Commercial Property | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Commercial real estate | Business Property | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 103,364 | |||
Year one, originated current fiscal year, writeoff | 0 | |||
Year two, originated one year before current fiscal year | 104,001 | |||
Year two, originated one year before current fiscal year, writeoff | 0 | |||
Year three, originated two years before current fiscal year | 163,329 | |||
Year three, originated two years before current fiscal year, writeoff | 0 | |||
Year four, originated three years before current fiscal year | 50,362 | |||
Year four, originated three years before current fiscal year, writeoff | 0 | |||
Year five, originated four years before current fiscal year | 72,106 | |||
Year five, originated four years before current fiscal year, writeoff | 0 | |||
Prior | 60,401 | |||
Prior, writeoff | 4 | |||
Revolving Loans | 882 | |||
Revolving Loans, writeoff | 0 | |||
Revolving Loans Converted to Term | 4,327 | |||
Revolving Loans Converted to Term, writeoff | 0 | |||
Total | 558,772 | |||
Current period gross write offs | 4 | |||
Commercial real estate | Business Property | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 103,364 | |||
Year two, originated one year before current fiscal year | 103,549 | |||
Year three, originated two years before current fiscal year | 163,136 | |||
Year four, originated three years before current fiscal year | 50,362 | |||
Year five, originated four years before current fiscal year | 69,852 | |||
Prior | 59,765 | |||
Revolving Loans | 882 | |||
Revolving Loans Converted to Term | 4,327 | |||
Total | 555,237 | |||
Commercial real estate | Business Property | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Commercial real estate | Business Property | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 452 | |||
Year three, originated two years before current fiscal year | 193 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 2,254 | |||
Prior | 636 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 3,535 | |||
Commercial real estate | Business Property | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Commercial real estate | Multifamily | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 14,219 | |||
Year one, originated current fiscal year, writeoff | 0 | |||
Year two, originated one year before current fiscal year | 40,618 | |||
Year two, originated one year before current fiscal year, writeoff | 0 | |||
Year three, originated two years before current fiscal year | 42,848 | |||
Year three, originated two years before current fiscal year, writeoff | 0 | |||
Year four, originated three years before current fiscal year | 26,472 | |||
Year four, originated three years before current fiscal year, writeoff | 0 | |||
Year five, originated four years before current fiscal year | 2,419 | |||
Year five, originated four years before current fiscal year, writeoff | 0 | |||
Prior | 5,924 | |||
Prior, writeoff | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans, writeoff | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Revolving Loans Converted to Term, writeoff | 0 | |||
Total | 132,500 | |||
Current period gross write offs | 0 | |||
Commercial real estate | Multifamily | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 14,219 | |||
Year two, originated one year before current fiscal year | 40,618 | |||
Year three, originated two years before current fiscal year | 42,848 | |||
Year four, originated three years before current fiscal year | 26,472 | |||
Year five, originated four years before current fiscal year | 2,419 | |||
Prior | 5,924 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 132,500 | |||
Commercial real estate | Multifamily | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Commercial real estate | Multifamily | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Commercial real estate | Multifamily | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Commercial real estate | Construction | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 4,617 | |||
Year one, originated current fiscal year, writeoff | 0 | |||
Year two, originated one year before current fiscal year | 9,120 | |||
Year two, originated one year before current fiscal year, writeoff | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year, writeoff | 0 | |||
Year four, originated three years before current fiscal year | 7,500 | |||
Year four, originated three years before current fiscal year, writeoff | 0 | |||
Year five, originated four years before current fiscal year | 3,606 | |||
Year five, originated four years before current fiscal year, writeoff | 0 | |||
Prior | 0 | |||
Prior, writeoff | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans, writeoff | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Revolving Loans Converted to Term, writeoff | 0 | |||
Total | 24,843 | 17,054 | 17,054 | |
Current period gross write offs | 0 | |||
Commercial real estate | Construction | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 4,617 | |||
Year two, originated one year before current fiscal year | 9,120 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 7,500 | |||
Year five, originated four years before current fiscal year | 3,606 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 24,843 | 17,054 | ||
Commercial real estate | Construction | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | 0 | ||
Commercial real estate | Construction | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | 0 | ||
Commercial real estate | Construction | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | 0 | ||
Commercial real estate | Commercial property | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,288,392 | |||
Commercial real estate | Commercial property | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,282,044 | |||
Commercial real estate | Commercial property | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3,264 | |||
Commercial real estate | Commercial property | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3,084 | |||
Commercial real estate | Commercial property | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial real estate | Residential property | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 333,726 | |||
Commercial real estate | Residential property | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 333,354 | |||
Commercial real estate | Residential property | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial real estate | Residential property | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 372 | |||
Commercial real estate | Residential property | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial real estate | SBA property | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 134,892 | |||
Commercial real estate | SBA property | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 132,910 | |||
Commercial real estate | SBA property | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 245 | |||
Commercial real estate | SBA property | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,737 | |||
Commercial real estate | SBA property | Substandard | Loans guaranteed by US government agency | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial real estate | SBA property | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial and Industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 77,957 | |||
Year one, originated current fiscal year, writeoff | 0 | |||
Year two, originated one year before current fiscal year | 28,638 | |||
Year two, originated one year before current fiscal year, writeoff | 0 | |||
Year three, originated two years before current fiscal year | 11,950 | |||
Year three, originated two years before current fiscal year, writeoff | 0 | |||
Year four, originated three years before current fiscal year | 4,733 | |||
Year four, originated three years before current fiscal year, writeoff | 0 | |||
Year five, originated four years before current fiscal year | 6,779 | |||
Year five, originated four years before current fiscal year, writeoff | 0 | |||
Prior | 9,139 | |||
Prior, writeoff | 45 | |||
Revolving Loans | 199,010 | |||
Revolving Loans, writeoff | 0 | |||
Revolving Loans Converted to Term | 3,796 | |||
Revolving Loans Converted to Term, writeoff | 0 | |||
Total | 342,002 | 249,250 | 249,250 | |
Current period gross write offs | 45 | 1,095 | 115 | |
Commercial and Industrial | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 77,957 | |||
Year two, originated one year before current fiscal year | 28,638 | |||
Year three, originated two years before current fiscal year | 11,950 | |||
Year four, originated three years before current fiscal year | 4,354 | |||
Year five, originated four years before current fiscal year | 6,323 | |||
Prior | 8,327 | |||
Revolving Loans | 198,010 | |||
Revolving Loans Converted to Term | 3,796 | |||
Total | 339,355 | |||
Commercial and Industrial | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 379 | |||
Year five, originated four years before current fiscal year | 314 | |||
Prior | 27 | |||
Revolving Loans | 1,000 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 1,720 | |||
Commercial and Industrial | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 142 | |||
Prior | 785 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 927 | |||
Commercial and Industrial | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Commercial and Industrial | Commercial term | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 77,700 | |||
Commercial and Industrial | Commercial term | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 75,473 | |||
Commercial and Industrial | Commercial term | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,248 | |||
Commercial and Industrial | Commercial term | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 979 | |||
Commercial and Industrial | Commercial term | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial and Industrial | Commercial lines of credit | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 154,142 | |||
Commercial and Industrial | Commercial lines of credit | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 152,042 | |||
Commercial and Industrial | Commercial lines of credit | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2,100 | |||
Commercial and Industrial | Commercial lines of credit | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial and Industrial | Commercial lines of credit | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial and Industrial | SBA commercial term | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 16,211 | |||
Commercial and Industrial | SBA commercial term | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 16,175 | |||
Commercial and Industrial | SBA commercial term | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial and Industrial | SBA commercial term | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 36 | |||
Commercial and Industrial | SBA commercial term | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial and Industrial | SBA PPP | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,197 | |||
Commercial and Industrial | SBA PPP | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 1,197 | |||
Commercial and Industrial | SBA PPP | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial and Industrial | SBA PPP | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Commercial and Industrial | SBA PPP | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 410,065 | 22,749 | ||
Current period gross write offs | 104 | $ 88 | ||
Consumer | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 22,746 | |||
Consumer | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Consumer | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 3 | |||
Consumer | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | |||
Consumer | Residential Mortgage | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 79,581 | |||
Year one, originated current fiscal year, writeoff | 0 | |||
Year two, originated one year before current fiscal year | 163,734 | |||
Year two, originated one year before current fiscal year, writeoff | 0 | |||
Year three, originated two years before current fiscal year | 78,499 | |||
Year three, originated two years before current fiscal year, writeoff | 0 | |||
Year four, originated three years before current fiscal year | 11,363 | |||
Year four, originated three years before current fiscal year, writeoff | 0 | |||
Year five, originated four years before current fiscal year | 10,865 | |||
Year five, originated four years before current fiscal year, writeoff | 0 | |||
Prior | 45,378 | |||
Prior, writeoff | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans, writeoff | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Revolving Loans Converted to Term, writeoff | 0 | |||
Total | 389,420 | 333,726 | 333,726 | |
Current period gross write offs | 0 | |||
Consumer | Residential Mortgage | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 79,581 | |||
Year two, originated one year before current fiscal year | 163,734 | |||
Year three, originated two years before current fiscal year | 78,499 | |||
Year four, originated three years before current fiscal year | 11,363 | |||
Year five, originated four years before current fiscal year | 10,865 | |||
Prior | 45,378 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 389,420 | |||
Consumer | Residential Mortgage | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Consumer | Residential Mortgage | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Consumer | Residential Mortgage | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Consumer | Other Consumer | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 4,837 | |||
Year one, originated current fiscal year, writeoff | 12 | |||
Year two, originated one year before current fiscal year | 7,542 | |||
Year two, originated one year before current fiscal year, writeoff | 57 | |||
Year three, originated two years before current fiscal year | 3,275 | |||
Year three, originated two years before current fiscal year, writeoff | 0 | |||
Year four, originated three years before current fiscal year | 1,336 | |||
Year four, originated three years before current fiscal year, writeoff | 14 | |||
Year five, originated four years before current fiscal year | 458 | |||
Year five, originated four years before current fiscal year, writeoff | 0 | |||
Prior | 7 | |||
Prior, writeoff | 0 | |||
Revolving Loans | 3,190 | |||
Revolving Loans, writeoff | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Revolving Loans Converted to Term, writeoff | 0 | |||
Total | 20,645 | $ 22,749 | $ 22,749 | |
Current period gross write offs | 83 | |||
Consumer | Other Consumer | Pass | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 4,837 | |||
Year two, originated one year before current fiscal year | 7,527 | |||
Year three, originated two years before current fiscal year | 3,275 | |||
Year four, originated three years before current fiscal year | 1,326 | |||
Year five, originated four years before current fiscal year | 458 | |||
Prior | 7 | |||
Revolving Loans | 3,190 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 20,620 | |||
Consumer | Other Consumer | Special Mention | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 0 | |||
Consumer | Other Consumer | Substandard | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 15 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 10 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | 25 | |||
Consumer | Other Consumer | Doubtful | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Year one, originated current fiscal year | 0 | |||
Year two, originated one year before current fiscal year | 0 | |||
Year three, originated two years before current fiscal year | 0 | |||
Year four, originated three years before current fiscal year | 0 | |||
Year five, originated four years before current fiscal year | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total | $ 0 |
Loans and Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Nonaccrual [Line Items] | ||
Total Nonaccrual Loans | $ 3,916 | $ 3,360 |
Nonaccrual Loans with ACL | 714 | |
ACL on Nonaccrual Loans | 264 | |
Collateral Dependent Nonaccrual Loans | 3,891 | |
ACL on Collateral Dependent Nonaccrual Loans | 264 | |
Loans guaranteed by US government agency | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Nonaccrual Loans | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Nonaccrual Loans | 3,823 | |
Nonaccrual Loans with ACL | 689 | |
ACL on Nonaccrual Loans | 264 | |
Collateral Dependent Nonaccrual Loans | 3,823 | |
ACL on Collateral Dependent Nonaccrual Loans | 264 | |
Commercial real estate | Commercial Property | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Nonaccrual Loans | 958 | |
Nonaccrual Loans with ACL | 0 | |
ACL on Nonaccrual Loans | 0 | |
Collateral Dependent Nonaccrual Loans | 958 | |
ACL on Collateral Dependent Nonaccrual Loans | 0 | |
Commercial real estate | Business Property | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Nonaccrual Loans | 2,865 | |
Nonaccrual Loans with ACL | 689 | |
ACL on Nonaccrual Loans | 264 | |
Collateral Dependent Nonaccrual Loans | 2,865 | |
ACL on Collateral Dependent Nonaccrual Loans | 264 | |
Commercial and Industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Nonaccrual Loans | 68 | |
Nonaccrual Loans with ACL | 0 | |
ACL on Nonaccrual Loans | 0 | |
Collateral Dependent Nonaccrual Loans | 68 | |
ACL on Collateral Dependent Nonaccrual Loans | 0 | |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Nonaccrual Loans | 25 | $ 3 |
Nonaccrual Loans with ACL | 25 | |
ACL on Nonaccrual Loans | 0 | |
Collateral Dependent Nonaccrual Loans | 0 | |
ACL on Collateral Dependent Nonaccrual Loans | 0 | |
Consumer | Other Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Nonaccrual Loans | 25 | |
Nonaccrual Loans with ACL | 25 | |
ACL on Nonaccrual Loans | 0 | |
Collateral Dependent Nonaccrual Loans | 0 | |
ACL on Collateral Dependent Nonaccrual Loans | $ 0 |
Loans and Allowance for Credit Losses - Collateral Dependent Loans (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 3,891 |
Hotel / Motel | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 971 |
Warehouse | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 2,137 |
Retail | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 689 |
Single Family Residential | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 55 |
Other | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 39 |
Commercial real estate | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 3,823 |
Commercial real estate | Hotel / Motel | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 958 |
Commercial real estate | Warehouse | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 2,137 |
Commercial real estate | Retail | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 689 |
Commercial real estate | Single Family Residential | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial real estate | Other | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 39 |
Commercial real estate | Commercial Property | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 958 |
Commercial real estate | Commercial Property | Hotel / Motel | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 958 |
Commercial real estate | Commercial Property | Warehouse | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial real estate | Commercial Property | Retail | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial real estate | Commercial Property | Single Family Residential | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial real estate | Commercial Property | Other | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial real estate | Business Property | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 2,865 |
Commercial real estate | Business Property | Hotel / Motel | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial real estate | Business Property | Warehouse | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 2,137 |
Commercial real estate | Business Property | Retail | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 689 |
Commercial real estate | Business Property | Single Family Residential | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial real estate | Business Property | Other | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 39 |
Commercial and Industrial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 68 |
Commercial and Industrial | Hotel / Motel | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 13 |
Commercial and Industrial | Warehouse | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial and Industrial | Retail | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 0 |
Commercial and Industrial | Single Family Residential | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | 55 |
Commercial and Industrial | Other | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total | $ 0 |
Loans and Allowance for Credit Losses - Past Due Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 3,916 | $ 3,360 |
Total Loans Past Due | 3,494 | |
Loans guaranteed by US government agency | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 3,823 | |
Commercial real estate | Commercial Property | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 958 | |
Commercial real estate | Business Property | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,865 | |
Commercial real estate | Commercial property | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 2,400 | |
Total Loans Past Due | 2,400 | |
Commercial real estate | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 372 | |
Total Loans Past Due | 372 | |
Commercial real estate | SBA property | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 585 | |
Total Loans Past Due | 585 | |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 68 | |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 25 | 3 |
Total Loans Past Due | 137 | |
Consumer | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 25 | |
Total | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 1,428 | |
Nonaccrual | 521 | |
Total Loans Past Due | 1,949 | |
Total | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 560 | |
Nonaccrual | 503 | |
Total Loans Past Due | 1,063 | |
Total | Commercial real estate | Commercial Property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 296 | |
Total Loans Past Due | 296 | |
Total | Commercial real estate | Business Property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 560 | |
Nonaccrual | 207 | |
Total Loans Past Due | 767 | |
Total | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 217 | |
Nonaccrual | 0 | |
Total Loans Past Due | 217 | |
Total | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 651 | |
Nonaccrual | 18 | |
Total Loans Past Due | 669 | |
Total | Consumer | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 604 | |
Nonaccrual | 0 | |
Total Loans Past Due | 604 | |
Total | Consumer | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 47 | |
Nonaccrual | 18 | |
Total Loans Past Due | 65 | |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 1,394 | 47 |
Nonaccrual | 0 | |
30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 560 | |
Nonaccrual | 0 | |
30 to 59 Days Past Due | Commercial real estate | Commercial Property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 0 | |
30 to 59 Days Past Due | Commercial real estate | Business Property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 560 | |
Nonaccrual | 0 | |
30 to 59 Days Past Due | Commercial real estate | Commercial property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
30 to 59 Days Past Due | Commercial real estate | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
30 to 59 Days Past Due | Commercial real estate | SBA property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
30 to 59 Days Past Due | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 217 | |
Nonaccrual | 0 | |
30 to 59 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 617 | 47 |
Nonaccrual | 0 | |
30 to 59 Days Past Due | Consumer | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 604 | |
Nonaccrual | 0 | |
30 to 59 Days Past Due | Consumer | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 13 | |
Nonaccrual | 0 | |
60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 34 | 87 |
Nonaccrual | 350 | |
60 to 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 335 | |
60 to 89 Days Past Due | Commercial real estate | Commercial Property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 296 | |
60 to 89 Days Past Due | Commercial real estate | Business Property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 39 | |
60 to 89 Days Past Due | Commercial real estate | Commercial property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
60 to 89 Days Past Due | Commercial real estate | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
60 to 89 Days Past Due | Commercial real estate | SBA property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
60 to 89 Days Past Due | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 0 | |
60 to 89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 34 | 87 |
Nonaccrual | 15 | |
60 to 89 Days Past Due | Consumer | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 0 | |
60 to 89 Days Past Due | Consumer | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 34 | |
Nonaccrual | 15 | |
90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | 0 |
Nonaccrual | 171 | |
90 or More Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 168 | |
90 or More Days Past Due | Commercial real estate | Commercial Property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 0 | |
90 or More Days Past Due | Commercial real estate | Business Property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 168 | |
90 or More Days Past Due | Commercial real estate | Commercial property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
90 or More Days Past Due | Commercial real estate | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
90 or More Days Past Due | Commercial real estate | SBA property | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
90 or More Days Past Due | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 0 | |
90 or More Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | $ 0 |
Nonaccrual | 3 | |
90 or More Days Past Due | Consumer | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | 0 | |
90 or More Days Past Due | Consumer | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Still Accruing | 0 | |
Nonaccrual | $ 3 |
Loans and Allowance for Credit Losses - Loan Modification (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
| |
Receivables [Abstract] | |
Loans both experiencing financial difficulty and modified | $ 0 |
Loans and Allowance for Credit Losses - Purchases, Sales, and Transfers (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans to held-for-sale | $ 0 | $ 4,458 | $ 8,752 |
Transfer of loans to held-for-investment | 0 | 0 | 0 |
Purchases of loans held-for-investment | 15,741 | ||
Sales of loans held-for-investment | 0 | 0 | 0 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchases of loans held-for-investment | 15,741 | ||
Consumer | Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchases of loans held-for-investment | $ 15,741 | ||
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchases of loans held-for-investment | 0 | 2,139 | |
Commercial real estate | Commercial Property | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans to held-for-sale | 0 | 8,563 | |
Commercial real estate | Residential property | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans to held-for-sale | 458 | 189 | |
Purchases of loans held-for-investment | 0 | 2,139 | |
Commercial and Industrial | Commercial lines of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans to held-for-sale | $ 4,000 | $ 0 |
Loans and Allowance for Credit Losses - Loans Held-For-Sale (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | $ 5,155 | $ 22,811 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | 2,802 | |
Commercial real estate | Business Property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | 2,802 | |
Commercial real estate | SBA property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | 16,473 | |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | $ 2,353 | |
Commercial and Industrial | Commercial lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | 4,000 | |
Commercial and Industrial | SBA commercial term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | $ 2,338 |
Loans and Allowance for Credit Losses - Impaired Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, with no allowance recorded, recorded investment | $ 3,891 | |
Impaired financing receivable, with no allowance recorded, unpaid principal balance | 3,939 | |
Impaired financing receivable, with an allowance recorded, recorded investment | 0 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 0 | |
Impaired financing receivable, with an allowance recorded, related allowance | 0 | |
Average Recorded Investment | 4,542 | $ 1,808 |
Interest Income | 36 | 39 |
Interest Foregone on Impaired Loans [Abstract] | ||
Interest income that would have been recognized had impaired loans performed in accordance with their original terms | 297 | 99 |
Less: interest income recognized on impaired loans on a cash basis | (36) | (39) |
Interest income foregone on impaired loans | 261 | 60 |
Commercial real estate | Commercial property | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, with no allowance recorded, recorded investment | 2,721 | |
Impaired financing receivable, with no allowance recorded, unpaid principal balance | 2,727 | |
Impaired financing receivable, with an allowance recorded, recorded investment | 0 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 0 | |
Impaired financing receivable, with an allowance recorded, related allowance | 0 | |
Average Recorded Investment | 1,540 | 329 |
Interest Income | 21 | 22 |
Commercial real estate | Residential property | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, with no allowance recorded, recorded investment | 372 | |
Impaired financing receivable, with no allowance recorded, unpaid principal balance | 372 | |
Impaired financing receivable, with an allowance recorded, recorded investment | 0 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 0 | |
Impaired financing receivable, with an allowance recorded, related allowance | 0 | |
Average Recorded Investment | 379 | 0 |
Interest Income | 0 | 0 |
Commercial real estate | SBA property | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, with no allowance recorded, recorded investment | 798 | |
Impaired financing receivable, with no allowance recorded, unpaid principal balance | 840 | |
Impaired financing receivable, with an allowance recorded, recorded investment | 0 | |
Impaired financing receivable, with an allowance recorded, unpaid principal balance | 0 | |
Impaired financing receivable, with an allowance recorded, related allowance | 0 | |
Average Recorded Investment | 862 | 1,105 |
Interest Income | 15 | 16 |
Commercial and Industrial | Commercial term | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 10 |
Interest Income | 0 | 0 |
Commercial and Industrial | Commercial lines of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,635 | 0 |
Interest Income | 0 | 0 |
Commercial and Industrial | SBA commercial term | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 126 | 364 |
Interest Income | $ 0 | $ 1 |
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 20,091 | $ 20,069 |
Less: accumulated depreciation | (14,092) | (13,153) |
Premises and equipment, net | 5,999 | 6,916 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 10,424 | 10,269 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 4,375 | 4,501 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 3,359 | 3,304 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 1,933 | $ 1,995 |
Premises and Equipment - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 2,184 | $ 1,597 | $ 1,375 |
Operating Leases - Cost and Supplemental Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Leases [Abstract] | |||
Operating lease cost | $ 3,143 | $ 2,752 | $ 2,580 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 3,297 | 2,960 | 2,760 |
Right-of-use assets obtained in exchange for lease obligations | 15,317 | 2,150 | $ 1,459 |
Operating leases: | |||
Operating lease assets | 18,913 | 6,358 | |
Operating lease liabilities | $ 20,137 | $ 6,809 | |
Weighted-average remaining lease term | 8 years 3 months 18 days | 4 years 3 months 18 days | |
Weighted-average discount rate | 4.63% | 2.66% |
Operating Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Maturities: | ||
2024 | $ 3,385 | |
2025 | 3,301 | |
2026 | 2,932 | |
2027 | 2,543 | |
2028 | 2,416 | |
After 2028 | 10,695 | |
Total lease payment | 25,272 | |
Imputed interest | (5,135) | |
Present value of operating lease liabilities | $ 20,137 | $ 6,809 |
Servicing Assets - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Transfers and Servicing [Abstract] | |||
Loans sold with servicing rights retained | $ 82.3 | $ 122.9 | $ 126.8 |
Net gain on sale | 3.6 | 8.0 | 12.8 |
Loan servicing income | $ 3.3 | $ 3.0 | $ 2.8 |
Servicing Assets - Summary of Key Assumptions in Fair Value Calculations (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Servicing Assets at Fair Value [Line Items] | ||||
Carrying amount | $ 6,666 | $ 7,347 | $ 7,269 | $ 6,400 |
Fair value | 9,116 | 9,828 | ||
Underlying loans being serviced | 532,231 | 531,095 | ||
Residential Mortgage | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Carrying amount | 49 | 64 | 86 | 109 |
Fair value | $ 104 | $ 118 | ||
Discount rates | 9.93% | 7.73% | ||
Prepayment speeds | 12.75% | 17.10% | ||
Weighted average remaining life | 19 years 9 months 18 days | 20 years 9 months 18 days | ||
Underlying loans being serviced | $ 10,666 | $ 13,058 | ||
CRE SBA | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Carrying amount | 6,135 | 6,831 | 6,701 | 5,642 |
Fair value | $ 8,284 | $ 9,090 | ||
Discount rates | 12.30% | 11.47% | ||
Prepayment speeds | 16.71% | 14.82% | ||
Weighted average remaining life | 21 years | 21 years 4 months 24 days | ||
Underlying loans being serviced | $ 461,300 | $ 461,738 | ||
C&I SBA | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Carrying amount | 482 | 452 | $ 482 | $ 649 |
Fair value | $ 728 | $ 620 | ||
Discount rates | 15.46% | 12.55% | ||
Prepayment speeds | 13.97% | 18.93% | ||
Weighted average remaining life | 7 years 1 month 6 days | 6 years 8 months 12 days | ||
Underlying loans being serviced | $ 60,265 | $ 56,299 |
Servicing Assets - Summary of Changes in Servicing Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning balance | $ 7,347 | $ 7,269 | $ 6,400 |
Additions | 1,202 | 2,213 | 2,878 |
Amortization | (1,883) | (2,135) | (2,009) |
Ending balance | 6,666 | 7,347 | 7,269 |
Residential Mortgage | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning balance | 64 | 86 | 109 |
Additions | 0 | 0 | 0 |
Amortization | (15) | (22) | (23) |
Ending balance | 49 | 64 | 86 |
CRE SBA | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning balance | 6,831 | 6,701 | 5,642 |
Additions | 983 | 2,011 | 2,769 |
Amortization | (1,679) | (1,881) | (1,710) |
Ending balance | 6,135 | 6,831 | 6,701 |
C&I SBA | |||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Beginning balance | 452 | 482 | 649 |
Additions | 219 | 202 | 109 |
Amortization | (189) | (232) | (276) |
Ending balance | $ 482 | $ 452 | $ 482 |
Other Real Estate Owned - OREO Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Change in Other Real Estate Owned | |||
Balance at beginning of year | $ 0 | $ 0 | $ 1,401 |
Additions | 2,558 | 808 | 1,960 |
Sales | 0 | (808) | (3,361) |
Net change in valuation allowance | 0 | 0 | 0 |
Balance at end of year | 2,558 | 0 | 0 |
Change in Other Real Estate Owned Valuation Allowance | |||
Balance at beginning of year | 0 | 0 | 0 |
Additions | 0 | 0 | 0 |
Net direct write-downs and removal from sale | 0 | 0 | 0 |
Balance at end of year | 0 | 0 | 0 |
Expenses related to OREOs | 0 | 139 | 8 |
Net (gain) loss on sales | |||
Change in Other Real Estate Owned Valuation Allowance | |||
Expenses related to OREOs | 0 | 152 | (73) |
Operating expenses, net of rental income | |||
Change in Other Real Estate Owned Valuation Allowance | |||
Expenses related to OREOs | $ 0 | $ (13) | $ 81 |
Other Real Estate Owned - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
OREO recognized | $ 2,558 | $ 808 | $ 1,960 |
Loans to finance sale of OREO properties | 0 | $ 0 | $ 250 |
Commercial real estate | SBA 7(a) loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan transferred to OREO | $ 593 | ||
Unguaranteed percentage of loan | 25.00% | ||
Guaranty percentage of loan | 75.00% |
Deposits - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposit Liability [Line Items] | ||
Total deposits | $ 2,351,612 | $ 2,045,983 |
Total interest-bearing deposits | 1,760,000 | 1,310,000 |
Deposits reclassified as loans | 126 | 81 |
Uninsured deposit liability | 954,600 | 1,060,000 |
Uninsured time deposit liability | 408,600 | 294,000 |
Amortized cost of securities pledged as collateral | 156,175 | 156,978 |
Brokered deposits | 303,700 | 87,000 |
Related party deposits | 3,700 | 2,800 |
Asset Pledged as Collateral | Deposits | ||
Deposit Liability [Line Items] | ||
Amortized cost of securities pledged as collateral | 70,900 | 69,000 |
California State Treasurer's Deposits | ||
Deposit Liability [Line Items] | ||
Time deposits, $250,000 or more, threshold | $ 60,000 | $ 60,000 |
Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
---|---|
Time deposits of $250,000 or less | |
2024 | $ 757,592 |
2025 | 1,923 |
2026 | 333 |
2027 | 115 |
2028 | 71 |
Thereafter | 0 |
Total | 760,034 |
Time deposits of more than $250,000 | |
2024 | 572,679 |
2025 | 3,023 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | 575,702 |
Total time deposits | |
2024 | 1,330,271 |
2025 | 4,946 |
2026 | 333 |
2027 | 115 |
2028 | 71 |
Thereafter | 0 |
Total | $ 1,335,736 |
Federal Home Loan Bank Advances and Other Borrowings - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Federal Home Loan Bank, Advances [Line Items] | |||
FHLB advances | $ 39,000 | $ 20,000 | $ 10,000 |
FHLB advances, maturity term | 92 days | ||
Loans pledged to secure FHLB advances | $ 1,040,000 | 1,160,000 | |
Additional borrowing capacity | 603,000 | 561,700 | |
FHLB Advances | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Unused borrowing capacity | 528,900 | ||
Carrying value of pledged loans | 681,800 | ||
Outstanding borrowings | 0 | ||
Overnight federal funds lines, maximum borrowing capacity | 65,000 | ||
FHLB of San Francisco | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Investment in FHLB capital stock | $ 12,500 | $ 10,000 |
Federal Home Loan Bank Advances and Other Borrowings - Schedule of Maturities of FHLB Advances and Financial Data (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Fixed Rate | |||
2024 | $ 39,000 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
Thereafter | 0 | ||
Total | 39,000 | ||
Variable Rate | |||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
Thereafter | 0 | ||
Total | 0 | ||
2024 | 39,000 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
Thereafter | 0 | ||
Total | $ 39,000 | $ 20,000 | $ 10,000 |
Financial Data of FHLB Advances | |||
Weighted-average interest rate at end of year | 5.63% | 4.65% | 2.07% |
Average interest rate during the year | 5.51% | 2.18% | 0.97% |
Average balance | $ 8,189 | $ 5,556 | $ 30,096 |
Maximum amount outstanding at any month-end | 39,000 | 20,000 | 80,000 |
Balance at end of year | $ 39,000 | $ 20,000 | $ 10,000 |
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
May 24, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Class of Stock [Line Items] | ||||
Capital investment | $ 69,141 | |||
Stock repurchased and retired (in shares) | 512,657 | 362,557 | 680,269 | |
Weighted-average price of stock repurchased and retired (in dollars per share) | $ 17.22 | $ 18.57 | $ 15.99 | |
Stock authorized to be repurchased (in shares) | 592,724 | |||
Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Issuance of preferred stock (in shares) | 69,141 | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | |
Capital investment | $ 69,100 | |||
Period after investment date for commencement of fixed dividend rate | 10 years | |||
Minimum period for stock redemption | 5 years | |||
Series C Preferred Stock | Dividend Rate, Variable, Period One | ||||
Class of Stock [Line Items] | ||||
Annual dividend rate (percent) | 0.00% | |||
Period after investment date with no dividend | 24 months | |||
Series C Preferred Stock | Dividend Rate, Variable, Period Two | Maximum | ||||
Class of Stock [Line Items] | ||||
Annual dividend rate (percent) | 2.00% |
Share-Based Compensation - Narrative (Details) - shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
May 25, 2023 |
|
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized options to purchase (in shares) | 700,000 | |
Shares available for future grants (in shares) | 489,000 | |
Award contractual term | 10 years | |
Stock options | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Stock options | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years | |
Restricted stock awards | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Restricted stock awards | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years |
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 488 | $ 539 | $ 453 |
Related tax benefits | 112 | 113 | 84 |
Unrecognized Expense | |||
Stock options | 784 | ||
Restricted stock awards | 461 | ||
Total unrecognized share-based compensation expense | $ 1,245 | ||
Weighted-Average Remaining Expected Recognition Period | 2 years 9 months 18 days | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 143 | 168 | 187 |
Unrecognized Expense | |||
Weighted-Average Remaining Expected Recognition Period | 2 years 10 months 24 days | ||
Restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 345 | $ 371 | $ 266 |
Unrecognized Expense | |||
Weighted-Average Remaining Expected Recognition Period | 2 years 7 months 6 days |
Share-Based Compensation - Weighted-Average Assumptions of Stock Options (Details) - Stock options |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.92% | 1.55% | 1.13% |
Expected term | 6 years 14 days | 6 years 6 months | 6 years 8 months 15 days |
Expected stock price volatility (percent) | 28.76% | 27.66% | 27.54% |
Dividend yield (percent) | 4.79% | 2.30% | 2.64% |
Share-Based Compensation - Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from options exercised | $ 1,350 | $ 840 | $ 1,279 |
Weighted-average estimated fair value per share of options granted (in dollars per share) | $ 15.04 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 883 | 1,225 | 794 |
Cash received from options exercised | 1,350 | 840 | 1,279 |
Tax benefit from options exercised | $ 103 | $ 46 | $ 60 |
Weighted-average estimated fair value per share of options granted (in dollars per share) | $ 3.14 | $ 5.03 | $ 3.76 |
Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Number of Shares | ||
Outstanding at beginning of year (in shares) | 566,637 | |
Granted (in shares) | 208,000 | |
Exercised (in shares) | (144,922) | |
Forfeited (in shares) | (15,000) | |
Balance at end of year (in shares) | 614,715 | 566,637 |
Exercisable at end of year (in shares) | 345,715 | |
Weighted-Average Exercise Price Per Share | ||
Outstanding at beginning of year (in dollars per share) | $ 12.49 | |
Granted (in dollars per share) | 15.04 | |
Exercised (in dollars per share) | 9.31 | |
Forfeited (in dollars per share) | 20.96 | |
Balance at end of year (in dollars per share) | 13.90 | $ 12.49 |
Exercisable at end of year (in dollars per share) | $ 12.36 | |
Weighted-Average Contractual Term | ||
Outstanding (in years) | 5 years 8 months 4 days | 4 years 29 days |
Granted (in years) | 10 years | |
Exercised (in years) | 1 year 11 months 1 day | |
Forfeited (in years) | 2 years 2 months 4 days | |
Exercisable at end of year (in years) | 2 years 9 months 29 days | |
Aggregated Intrinsic Value | ||
Aggregate intrinsic value, outstanding | $ 2,788 | $ 2,946 |
Aggregate intrinsic value, exercisable | $ 2,087 |
Share-Based Compensation - Unvested Stock Options (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023
$ / shares
shares
| |
Number of Shares | |
Outstanding at beginning of year (in shares) | shares | 94,000 |
Granted (in shares) | shares | 208,000 |
Vested (in shares) | shares | (23,000) |
Forfeited (in shares) | shares | (8,000) |
Balance at end of year (in shares) | shares | 271,000 |
Weighted-Average Exercise Price Per Share | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 18.95 |
Granted (in dollars per share) | $ / shares | 15.04 |
Vested (in dollars per share) | $ / shares | 18.64 |
Forfeited (in dollars per share) | $ / shares | 23.24 |
Balance at end of year (in dollars per share) | $ / shares | $ 15.85 |
Share-Based Compensation - RSA Activity (Details) - Restricted stock awards |
12 Months Ended |
---|---|
Dec. 31, 2023
$ / shares
shares
| |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 62,022 |
Granted (in shares) | shares | 3,300 |
Vested (in shares) | shares | (23,161) |
Forfeited (in shares) | shares | (500) |
Outstanding at end of period (in shares) | shares | 41,661 |
Weighted-Average Grant Date Fair Value Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 16.59 |
Granted (in dollars per share) | $ / shares | 15.80 |
Vested (in dollars per share) | $ / shares | 14.77 |
Forfeited (in dollars per share) | $ / shares | 17.06 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 17.53 |
Employee Benefit Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Retirement Benefits [Abstract] | |||
Employer matching contribution, percent of match | 75.00% | ||
Employer matching contribution, percent of employees' gross pay | 8.00% | ||
Company's contribution to employee benefit plans | $ 1,200 | $ 1,100 | $ 901 |
Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Current: | |||
Federal | $ 5,506 | $ 769 | $ 12,117 |
State | 2,948 | 1,475 | 6,692 |
Total current income tax expense | 8,454 | 2,244 | 18,809 |
Deferred: | |||
Federal | 2,489 | 8,434 | (1,428) |
State | 1,614 | 3,738 | (525) |
Total deferred income tax expense (benefit) | 4,103 | 12,172 | (1,953) |
Total | $ 12,557 | $ 14,416 | $ 16,856 |
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal tax benefit | 8.33% | 8.34% | 8.55% |
Share-based compensation | 0.05% | 0.07% | 0.05% |
Bank-owned life insurance | (0.36%) | (0.30%) | (0.04%) |
Other items, net | 0.01% | 0.07% | 0.03% |
Effective income tax rate | 29.03% | 29.18% | 29.59% |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred tax assets: | ||
ACL on loans | $ 8,105 | $ 7,359 |
Share-based compensation | 199 | 298 |
Unrealized loss on investment securities | 3,783 | 4,459 |
Operating lease liabilities | 5,928 | 2,009 |
State tax benefit | 617 | 322 |
Other | 931 | 511 |
Total deferred tax assets | 19,563 | 14,958 |
Deferred tax liabilities: | ||
Depreciation on premises and equipment | 843 | 1,051 |
Loans held-for-sale market adjustment | 13,872 | 8,745 |
Deferred loan origination costs | 75 | 98 |
Operating lease assets | 5,567 | 1,876 |
Other | 82 | 73 |
Total deferred tax liabilities | 20,439 | 11,843 |
Deferred tax liabilities, net | $ (876) | |
Deferred tax assets, net | $ 3,115 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 0 | $ 0 |
Unrecognized tax benefits | 0 | 0 |
Accrued interest on unrecognized tax benefits | $ 0 | $ 0 |
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Basic earnings per share: | |||
Net income | $ 30,705 | $ 34,987 | $ 40,103 |
Less: income allocated to unvested restricted stock | (95) | (157) | (156) |
Net income allocated to common stock | $ 30,610 | $ 34,830 | $ 39,947 |
Weighted-average total common shares outstanding (in shares) | 14,345,860 | 14,888,633 | 15,076,183 |
Less: weighted-average unvested restricted stock (in shares) | (44,169) | (66,615) | (58,546) |
Weighted-average common shares outstanding, basic (in shares) | 14,301,691 | 14,822,018 | 15,017,637 |
Basic earnings per share (in dollars per share) | $ 2.14 | $ 2.35 | $ 2.66 |
Diluted earnings per share: | |||
Net income allocated to common stock | $ 30,610 | $ 34,830 | $ 39,947 |
Weighted-average common shares outstanding, basic (in shares) | 14,301,691 | 14,822,018 | 15,017,637 |
Diluted effect of stock options (in shares) | 116,247 | 243,157 | 236,183 |
Diluted weighted-average common shares outstanding (in shares) | 14,417,938 | 15,065,175 | 15,253,820 |
Diluted earnings per share (in dollars per share) | $ 2.12 | $ 2.31 | $ 2.62 |
Earnings Per Share - Narrative (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Earnings Per Share [Abstract] | |||
Stock options excluded in computing diluted earnings per share (in shares) | 286,700 | 65,000 | 65,000 |
Commitment and Contingencies - Outstanding Financial Commitments (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fixed Rate | ||
Other Commitments [Line Items] | ||
Total | $ 11,466 | $ 6,798 |
Fixed Rate | Unused lines of credit | ||
Other Commitments [Line Items] | ||
Total | 2,808 | 3,117 |
Fixed Rate | Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Total | 4,020 | 692 |
Fixed Rate | Standby letters of credit | ||
Other Commitments [Line Items] | ||
Total | 4,638 | 2,989 |
Fixed Rate | Commercial letters of credit | ||
Other Commitments [Line Items] | ||
Total | 0 | 0 |
Variable Rate | ||
Other Commitments [Line Items] | ||
Total | 396,636 | 292,067 |
Variable Rate | Unused lines of credit | ||
Other Commitments [Line Items] | ||
Total | 347,652 | 251,178 |
Variable Rate | Unfunded loan commitments | ||
Other Commitments [Line Items] | ||
Total | 47,038 | 38,486 |
Variable Rate | Standby letters of credit | ||
Other Commitments [Line Items] | ||
Total | 1,786 | 1,901 |
Variable Rate | Commercial letters of credit | ||
Other Commitments [Line Items] | ||
Total | $ 160 | $ 502 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
|
Other Commitments [Line Items] | ||||
Adjustment to the allowance for credit losses on off-balance sheet credit exposures | $ 299 | |||
Pending Litigation | ||||
Other Commitments [Line Items] | ||||
Settlement amount | $ 700 | |||
Claims deadline extension period | 45 days | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity | ||||
Other Commitments [Line Items] | ||||
ACL on off-balance sheet credit exposures maintained | $ 1,300 | $ 299 | ||
Impact of ASC 326 Adoption | ||||
Other Commitments [Line Items] | ||||
Adjustment to the allowance for credit losses on off-balance sheet credit exposures | $ 1,607 | |||
Unfunded loan commitments | ||||
Other Commitments [Line Items] | ||||
Loan commitments, maturity term (up to) | 90 days | |||
Unfunded loan commitments | SBA Loans | ||||
Other Commitments [Line Items] | ||||
Loan commitments, maturity term (up to) | 180 days |
Regulatory Matters - Narrative (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
PCB Bancorp | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 7.73% | 8.79% |
PCB Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer | 8.07% | 9.52% |
Regulatory Matters - Schedule of Regulatory Capital Amounts and Ratios (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
---|---|---|
PCB Bancorp | ||
Actual | ||
Common tier 1 capital (to risk-weighted assets), amount | $ 288,174 | $ 276,360 |
Common tier 1 capital (to risk-weighted assets), ratio | 0.1223 | 0.1329 |
Total capital (to risk-weighted assets), amount | $ 386,125 | $ 370,742 |
Total capital (to risk-weighted assets), ratio | 0.1639 | 0.1783 |
Tier 1 capital (to risk-weighted assets), amount | $ 357,315 | $ 345,501 |
Tier 1 capital (to risk-weighted assets), ratio | 0.1516 | 0.1662 |
Tier 1 capital (to average assets), amount | $ 357,315 | $ 345,501 |
Tier 1 capital (to average assets), ratio | 0.1343 | 0.1433 |
Minimum Capital Requirement | ||
Common tier 1 capital (to risk-weighted assets), amount | $ 106,043 | $ 93,554 |
Common tier 1 capital (to risk-weighted assets), ratio | 4.50% | 4.50% |
Total capital (to risk-weighted assets), amount | $ 188,521 | $ 166,319 |
Total capital (to risk-weighted assets), ratio | 0.080 | 0.080 |
Tier 1 capital (to risk-weighted assets), amount | $ 141,391 | $ 124,739 |
Tier 1 capital (to risk-weighted assets), ratio | 0.060 | 0.060 |
Tier 1 capital (to average assets), amount | $ 106,423 | $ 96,472 |
Tier 1 capital (to average assets), ratio | 0.040 | 0.040 |
PCB Bank | ||
Actual | ||
Common tier 1 capital (to risk-weighted assets), amount | $ 350,038 | $ 338,891 |
Common tier 1 capital (to risk-weighted assets), ratio | 0.1485 | 0.1630 |
Total capital (to risk-weighted assets), amount | $ 378,849 | $ 364,132 |
Total capital (to risk-weighted assets), ratio | 0.1607 | 0.1752 |
Tier 1 capital (to risk-weighted assets), amount | $ 350,038 | $ 338,891 |
Tier 1 capital (to risk-weighted assets), ratio | 0.1485 | 0.1630 |
Tier 1 capital (to average assets), amount | $ 350,038 | $ 338,891 |
Tier 1 capital (to average assets), ratio | 0.1316 | 0.1405 |
Minimum Capital Requirement | ||
Common tier 1 capital (to risk-weighted assets), amount | $ 106,081 | $ 93,553 |
Common tier 1 capital (to risk-weighted assets), ratio | 4.50% | 4.50% |
Total capital (to risk-weighted assets), amount | $ 188,588 | $ 166,316 |
Total capital (to risk-weighted assets), ratio | 0.080 | 0.080 |
Tier 1 capital (to risk-weighted assets), amount | $ 141,441 | $ 124,737 |
Tier 1 capital (to risk-weighted assets), ratio | 0.060 | 0.060 |
Tier 1 capital (to average assets), amount | $ 106,421 | $ 96,469 |
Tier 1 capital (to average assets), ratio | 0.040 | 0.040 |
To Be Well Capitalized Under Prompt Corrective Provisions | ||
Common tier 1 capital (to risk-weighted assets), amount | $ 153,228 | $ 135,131 |
Common tier 1 capital (to risk-weighted assets), ratio | 6.50% | 6.50% |
Total capital (to risk-weighted assets), amount | $ 235,735 | $ 207,895 |
Total capital (to risk-weighted assets), ratio | 0.100 | 0.100 |
Tier 1 capital (to risk-weighted assets), amount | $ 188,588 | $ 166,316 |
Tier 1 capital (to risk-weighted assets), ratio | 0.080 | 0.080 |
Tier 1 capital (to average assets), amount | $ 133,026 | $ 120,586 |
Tier 1 capital (to average assets), ratio | 0.050 | 0.050 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | |||
Total | $ 2,650 | $ 2,642 | $ 2,369 |
Total service charges and fees on deposits | |||
Disaggregation of Revenue [Line Items] | |||
Total | 1,475 | 1,326 | 1,195 |
Monthly service fees | |||
Disaggregation of Revenue [Line Items] | |||
Total | 107 | 90 | 81 |
Account analysis fees | |||
Disaggregation of Revenue [Line Items] | |||
Total | 951 | 936 | 885 |
Non-sufficient funds charges | |||
Disaggregation of Revenue [Line Items] | |||
Total | 328 | 221 | 165 |
Other deposit related fees | |||
Disaggregation of Revenue [Line Items] | |||
Total | 89 | 79 | 64 |
Debit card fees | |||
Disaggregation of Revenue [Line Items] | |||
Total | 339 | 335 | 306 |
Gain (loss) on sale of other real estate owned | |||
Disaggregation of Revenue [Line Items] | |||
Total | 0 | 152 | 74 |
Wire transfer fees | |||
Disaggregation of Revenue [Line Items] | |||
Total | 625 | 643 | 596 |
Other service charges | |||
Disaggregation of Revenue [Line Items] | |||
Total | $ 211 | $ 186 | $ 198 |
Condensed Financial Statements for Parent Company - Condensed Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Assets | ||||
Other assets | $ 15,630 | $ 15,755 | ||
Total assets | 2,789,506 | 2,420,036 | ||
Liabilities and Shareholders’ Equity | ||||
Total liabilities | 2,440,634 | 2,084,594 | ||
Total shareholders’ equity | 348,872 | 335,442 | $ 256,286 | $ 233,788 |
Total liabilities and shareholders’ equity | 2,789,506 | 2,420,036 | ||
PCB Bancorp | ||||
Assets | ||||
Cash | 7,297 | 6,549 | ||
Investment in subsidiary | 341,595 | 328,832 | ||
Other assets | 56 | 61 | ||
Total assets | 348,948 | 335,442 | ||
Liabilities and Shareholders’ Equity | ||||
Other liabilities | 76 | 0 | ||
Total liabilities | 76 | 0 | ||
Total shareholders’ equity | 348,872 | 335,442 | ||
Total liabilities and shareholders’ equity | $ 348,948 | $ 335,442 |
Condensed Financial Statements for Parent Company - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income: | |||
Other income | $ 1,555 | $ 1,508 | $ 1,429 |
Expense: | |||
Other expenses | 4,736 | 4,191 | 3,141 |
Total noninterest expense | 56,057 | 51,126 | 43,208 |
Income before income taxes | 43,262 | 49,403 | 56,959 |
Income tax benefit | 12,557 | 14,416 | 16,856 |
Net income | 30,705 | 34,987 | 40,103 |
Other comprehensive income (loss), net of tax | 1,587 | (10,665) | (1,802) |
Total comprehensive income | 32,292 | 24,322 | 38,301 |
PCB Bancorp | |||
Income: | |||
Dividends from subsidiary | 18,846 | 16,597 | 18,375 |
Other income | 6 | 0 | 0 |
Total income | 18,852 | 16,597 | 18,375 |
Expense: | |||
Other expenses | 1,014 | 912 | 753 |
Total noninterest expense | 1,014 | 912 | 753 |
Income before income taxes | 17,838 | 15,685 | 17,622 |
Income tax benefit | (293) | (265) | (223) |
Income before equity in undistributed subsidiary income | 18,131 | 15,950 | 17,845 |
Equity in undistributed subsidiary income | 12,574 | 19,037 | 22,258 |
Net income | 30,705 | 34,987 | 40,103 |
Other comprehensive income (loss), net of tax | 1,587 | (10,665) | (1,802) |
Total comprehensive income | $ 32,292 | $ 24,322 | $ 38,301 |
Condensed Financial Statements for Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Cash flows from operating activities | |||
Net income | $ 30,705 | $ 34,987 | $ 40,103 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net cash provided by (used in) operating activities | 63,343 | 57,267 | (1,617) |
Cash flows from investing activities: | |||
Net cash used in investing activities | (275,273) | (356,665) | (175,223) |
Cash flows from financing activities: | |||
Issuance of preferred stock | 0 | 69,141 | 0 |
Stock options exercised | 1,350 | 840 | 1,279 |
Restricted stock surrendered due to employee tax liability | (2) | (8) | (4) |
Repurchase of common stock | (8,828) | (6,732) | (10,876) |
Cash dividends paid on common stock | (9,908) | (8,946) | (6,655) |
Net cash provided by financing activities | 307,241 | 243,144 | 186,027 |
Net increase (decrease) in cash and cash equivalents | 95,311 | (56,254) | 9,187 |
Cash and cash equivalents at beginning of year | 147,031 | 203,285 | 194,098 |
Cash and cash equivalents at end of year | 242,342 | 147,031 | 203,285 |
PCB Bancorp | |||
Cash flows from operating activities | |||
Net income | 30,705 | 34,987 | 40,103 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed subsidiary income | (12,574) | (19,037) | (22,258) |
Change in other assets | 5 | (6) | (11) |
Net cash provided by (used in) operating activities | 18,136 | 15,944 | 17,834 |
Cash flows from investing activities: | |||
Capital contribution to subsidiary | 0 | (69,141) | 0 |
Net cash used in investing activities | 0 | (69,141) | 0 |
Cash flows from financing activities: | |||
Issuance of preferred stock | 0 | 69,141 | 0 |
Stock options exercised | 1,350 | 840 | 1,279 |
Restricted stock surrendered due to employee tax liability | (2) | (8) | (4) |
Repurchase of common stock | (8,828) | (6,732) | (10,876) |
Cash dividends paid on common stock | (9,908) | (8,946) | (6,655) |
Net cash provided by financing activities | (17,388) | 54,295 | (16,256) |
Net increase (decrease) in cash and cash equivalents | 748 | 1,098 | 1,578 |
Cash and cash equivalents at beginning of year | 6,549 | 5,451 | 3,873 |
Cash and cash equivalents at end of year | $ 7,297 | $ 6,549 | $ 5,451 |
Subsequent Events (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Jan. 25, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.69 | $ 0.60 | $ 0.44 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.18 |
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