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Regulatory Capital Requirements
 3 Months Ended
Mar. 31, 2023
Regulatory Capital Requirements [Abstract]  
Regulatory Capital Requirements

Note 11 – Regulatory Capital Requirements

The following table presents our capital ratios as of March 31, 2023 and December 31, 2022.

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March 31,
2023

    

December 31,
2022

    

Required for
Capital
Adequacy
Purposes

    

Required
to be Well
Capitalized

 

Total Capital (to risk-weighted assets)

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14.25

%  

14.37

%  

8.00

%  

10.00

%

Tier 1 Capital (to risk-weighted assets)

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13.00

%  

13.29

%  

6.00

%  

8.00

%

Common Equity Tier 1 Capital (to risk-weighted assets)

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13.00

%  

13.29

%  

4.50

%  

6.50

%

Tier 1 Capital (to average assets)

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10.00

%  

10.01

%  

4.00

%  

5.00

%

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As of March 31, 2023 and December 31, 2022, the Bank was considered “well capitalized” under the regulatory framework for prompt corrective action.  We adopted CECL effective January 1, 2023 and elected not to implement the regulatory agencies’ capital transition and instead opted to record the impact to ouc capital ratios immediately upon implementation.

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Effective with the implementation of CECL, a $2.2 million, net of tax, adjustment was made to retained earnings.  The adjustment did not have a material impact to our capital ratios.