Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34190 | |
Entity Registrant Name | HOME BANCORP, INC. | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 71-1051785 | |
Entity Address, Address Line One | 503 Kaliste Saloom Road | |
Entity Address, City or Town | Lafayette | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70508 | |
City Area Code | 337 | |
Local Phone Number | 237-1960 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | HBCP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,147,869 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001436425 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 84,520 | $ 87,401 |
Interest-bearing deposits in banks | 99 | 349 |
Investment securities available for sale, at fair value | 427,019 | 486,518 |
Investment securities held to maturity (fair values of $1,052 and $1,072, respectively) | 1,065 | 1,075 |
Mortgage loans held for sale | 467 | 98 |
Loans, net of unearned income | 2,569,094 | 2,430,750 |
Allowance for loan losses | (31,123) | (29,299) |
Total loans, net of unearned income and allowance for loan losses | 2,537,971 | 2,401,451 |
Office properties and equipment, net | 42,402 | 43,560 |
Cash surrender value of bank-owned life insurance | 47,054 | 46,276 |
Goodwill and core deposit intangibles | 86,749 | 87,973 |
Accrued interest receivable and other assets | 90,383 | 73,579 |
Total Assets | 3,317,729 | 3,228,280 |
Deposits: | ||
Noninterest-bearing | 785,448 | 904,301 |
Interest-bearing | 1,812,036 | 1,728,880 |
Total Deposits | 2,597,484 | 2,633,181 |
Other borrowings | 5,539 | 5,539 |
Subordinated debt, net of issuance cost | 54,187 | 54,013 |
Short-term Federal Home Loan Bank advances | 241,000 | 155,000 |
Long-term Federal Home Loan Bank advances | 42,826 | 21,213 |
Accrued interest payable and other liabilities | 31,361 | 29,380 |
Total Liabilities | 2,972,397 | 2,898,326 |
Shareholders’ Equity | ||
Preferred stock, $0.01 par value - 10,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.01 par value - 40,000,000 shares authorized; 8,163,655 and 8,286,084 shares issued and outstanding, respectively | 81 | 83 |
Additional paid-in capital | 165,149 | 164,942 |
Unallocated common stock held by: | ||
Employee Stock Ownership Plan (ESOP) | (1,785) | (2,053) |
Recognition and Retention Plan (RRP) | (2) | (7) |
Retained earnings | 227,649 | 206,296 |
Accumulated other comprehensive loss | (45,760) | (39,307) |
Total Shareholders’ Equity | 345,332 | 329,954 |
Total Liabilities and Shareholders’ Equity | $ 3,317,729 | $ 3,228,280 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 1,052 | $ 1,072 |
Preferred stock par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Common stock par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock issued (in shares) | 8,163,655 | 8,286,084 |
Common stock outstanding (in shares) | 8,163,655 | 8,286,084 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Income | ||||
Loans, including fees | $ 38,490 | $ 29,859 | $ 109,518 | $ 79,834 |
Investment securities: | ||||
Taxable interest | 2,863 | 2,812 | 8,772 | 6,576 |
Tax-exempt interest | 76 | 146 | 295 | 338 |
Other investments and deposits | 649 | 1,447 | 1,679 | 2,587 |
Total interest income | 42,078 | 34,264 | 120,264 | 89,335 |
Interest Expense | ||||
Deposits | 8,181 | 1,270 | 16,968 | 3,266 |
Other borrowings | 53 | 53 | 161 | 160 |
Subordinated debt expense | 845 | 859 | 2,546 | 859 |
Short-term Federal Home Loan Bank advances | 3,150 | 0 | 8,382 | 0 |
Long-term Federal Home Loan Bank advances | 340 | 105 | 797 | 321 |
Total interest expense | 12,569 | 2,287 | 28,854 | 4,606 |
Net interest income | 29,509 | 31,977 | 91,410 | 84,729 |
Provision for loan losses | 351 | 1,696 | 1,676 | 5,502 |
Net interest income after provision for loan losses | 29,158 | 30,281 | 89,734 | 79,227 |
Noninterest Income | ||||
Gain on sale of loans, net | 687 | 78 | 770 | 641 |
Income from bank-owned life insurance | 265 | 231 | 778 | 658 |
Loss on sale of securities, net | 0 | 0 | (249) | 0 |
(Loss) gain on sale of assets, net | 0 | 18 | (20) | 17 |
Other income | 267 | 224 | 717 | 795 |
Total noninterest income | 4,399 | 3,474 | 11,158 | 10,546 |
Noninterest Expense | ||||
Compensation and benefits | 12,492 | 12,128 | 37,532 | 34,870 |
Occupancy | 2,410 | 2,297 | 7,207 | 6,454 |
Marketing and advertising | 638 | 658 | 1,387 | 1,713 |
Data processing and communication | 2,496 | 2,284 | 6,949 | 7,012 |
Professional services | 402 | 331 | 1,225 | 1,348 |
Forms, printing and supplies | 195 | 185 | 586 | 584 |
Franchise and shares tax | 542 | 633 | 1,624 | 1,415 |
Regulatory fees | 511 | 467 | 1,451 | 1,611 |
Foreclosed assets and ORE, net | 99 | 101 | (590) | 493 |
Amortization of acquisition intangible | 389 | 453 | 1,224 | 1,159 |
Provision for credit losses on unfunded commitments | 0 | 146 | 361 | 448 |
Other expenses | 1,164 | 1,040 | 3,281 | 3,621 |
Total noninterest expense | 21,338 | 20,723 | 62,237 | 60,728 |
Income before income tax expense | 12,219 | 13,032 | 38,655 | 29,045 |
Income tax expense | 2,465 | 2,598 | 7,800 | 5,749 |
Net Income | $ 9,754 | $ 10,434 | $ 30,855 | $ 23,296 |
Earnings per share: | ||||
Basic (in usd per share) | $ 1.22 | $ 1.29 | $ 3.84 | $ 2.86 |
Diluted (in usd per share) | 1.22 | 1.28 | 3.82 | 2.84 |
Cash dividends declared per common share (in usd per share) | $ 0.25 | $ 0.23 | $ 0.75 | $ 0.69 |
Service fees and charges | ||||
Noninterest Income | ||||
Fees and charges | $ 1,277 | $ 1,300 | $ 3,757 | $ 3,722 |
Bank card fees | ||||
Noninterest Income | ||||
Fees and charges | $ 1,903 | $ 1,623 | $ 5,405 | $ 4,713 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 9,754 | $ 10,434 | $ 30,855 | $ 23,296 |
Other Comprehensive Loss | ||||
Unrealized losses on available for sale investment securities | (10,218) | (25,149) | (8,894) | (58,980) |
Unrealized gains on cash flow hedges | 183 | 1,297 | 476 | 3,793 |
Reclassification adjustment for losses included in net income | 0 | 0 | 249 | 0 |
Tax effect | 2,108 | 5,009 | 1,716 | 11,589 |
Other comprehensive loss, net of taxes | (7,927) | (18,843) | (6,453) | (43,598) |
Comprehensive Income (Loss) | $ 1,827 | $ (8,409) | $ 24,402 | $ (20,302) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional Paid-in capital | Unallocated Common Stock Held by ESOP | Unallocated Common Stock Held by RRP | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at Dec. 31, 2021 | $ 351,903 | $ 85 | $ 164,982 | $ (2,410) | $ (13) | $ 188,515 | $ 744 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 23,296 | ||||||
Other comprehensive loss | (43,598) | (43,598) | |||||
Purchase of Company's common stock at cost | (11,277) | (2) | (2,868) | (8,407) | |||
Cash dividends declared | (5,790) | (5,790) | |||||
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 243 | 304 | (61) | ||||
Exercise of stock options | 182 | 182 | |||||
RRP shares released for allocation | 0 | (5) | 5 | ||||
ESOP shares released for allocation | 1,201 | 933 | 268 | ||||
Share-based compensation cost | 496 | 496 | |||||
Balance at Sep. 30, 2022 | 316,656 | 83 | 164,024 | (2,142) | (8) | 197,553 | (42,854) |
Balance at Jun. 30, 2022 | 329,124 | 84 | 164,177 | (2,231) | (9) | 191,114 | (24,011) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 10,434 | 10,434 | |||||
Other comprehensive loss | (18,843) | (18,843) | |||||
Purchase of Company's common stock at cost | (2,855) | (1) | (770) | (2,084) | |||
Cash dividends declared | (1,910) | (1,910) | |||||
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 96 | 97 | (1) | ||||
Exercise of stock options | 53 | 53 | |||||
RRP shares released for allocation | 0 | (1) | 1 | ||||
ESOP shares released for allocation | 398 | 309 | 89 | ||||
Share-based compensation cost | 159 | 159 | |||||
Balance at Sep. 30, 2022 | 316,656 | 83 | 164,024 | (2,142) | (8) | 197,553 | (42,854) |
Balance at Dec. 31, 2022 | 329,954 | 83 | 164,942 | (2,053) | (7) | 206,296 | (39,307) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 30,855 | ||||||
Other comprehensive loss | (6,453) | (6,453) | |||||
Purchase of Company's common stock at cost | (4,718) | (2) | (1,476) | (3,240) | |||
Cash dividends declared | (6,185) | (6,185) | |||||
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 21 | 98 | (77) | ||||
Exercise of stock options | 102 | 102 | |||||
RRP shares released for allocation | 0 | (5) | 5 | ||||
ESOP shares released for allocation | 1,089 | 821 | 268 | ||||
Share-based compensation cost | 667 | 667 | |||||
Balance at Sep. 30, 2023 | 345,332 | 81 | 165,149 | (1,785) | (2) | 227,649 | (45,760) |
Balance at Jun. 30, 2023 | 346,117 | 82 | 164,945 | (1,875) | (3) | 220,801 | (37,833) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 9,754 | 9,754 | |||||
Other comprehensive loss | (7,927) | (7,927) | |||||
Purchase of Company's common stock at cost | (1,235) | (1) | (378) | (856) | |||
Cash dividends declared | (2,049) | (2,049) | |||||
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 70 | 71 | (1) | ||||
Exercise of stock options | 17 | 17 | |||||
RRP shares released for allocation | 0 | (1) | 1 | ||||
ESOP shares released for allocation | 354 | 264 | 90 | ||||
Share-based compensation cost | 231 | 231 | |||||
Balance at Sep. 30, 2023 | $ 345,332 | $ 81 | $ 165,149 | $ (1,785) | $ (2) | $ 227,649 | $ (45,760) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash dividends declared, per share (in usd per share) | $ 0.25 | $ 0.23 | $ 0.75 | $ 0.69 |
Common stock | ||||
Purchase of Company's common shares at cost (in shares) | 37,805 | 77,021 | 147,738 | 287,035 |
Common Stock issued under incentive plans (in shares) | 2,801 | 3,260 | 20,259 | 22,837 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net Income | $ 30,855 | $ 23,296 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,676 | 5,502 |
Depreciation | 2,659 | 2,538 |
Amortization and accretion of purchase accounting valuations and intangibles | 2,807 | 3,020 |
Federal Home Loan Bank stock dividends | (391) | (22) |
Net amortization of discount on investments | 292 | 871 |
Amortization of subordinated debt issuance cost | 174 | 60 |
Loss on sale of securities, net | 249 | 0 |
Gain on loans sold, net | (770) | (641) |
Proceeds, including principal payments, from loans held for sale | 12,510 | 64,755 |
Originations of loans held for sale | (12,749) | (63,179) |
Loss (gain) on sale of assets, net | 20 | (17) |
Non-cash compensation | 1,756 | 1,697 |
Deferred income tax (benefit) expense | 31 | (425) |
Increase in accrued interest receivable and other assets | (9,641) | (9,207) |
Increase in cash surrender value of bank-owned life insurance | (778) | (658) |
Decrease in accrued interest payable and other liabilities | 2,469 | 9,085 |
Net cash provided by operating activities | 31,169 | 36,675 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | 0 | (236,236) |
Proceeds from maturities, prepayments and calls on securities available for sale | 36,561 | 44,692 |
Proceeds from maturities, prepayments and calls on securities held to maturity | 0 | 1,000 |
Proceeds from sales of securities available for sale | 13,762 | 0 |
Increase in loans, net | (139,803) | (151,039) |
Decrease in interest-bearing deposits in banks | 250 | 0 |
Proceeds from sale of foreclosed assets | 426 | 2,557 |
Purchases of office properties and equipment | (1,525) | (1,904) |
Net cash disbursed in sale of banking center | 0 | (11,182) |
Net cash disbursed in business combination | 0 | (16,123) |
Purchase of bank-owned life insurance | 0 | (5,000) |
Proceeds from sale of office properties and equipment | 4 | 73 |
Purchase of Federal Home Loan Bank stock | (5,215) | 0 |
Net cash used in investing activities | (95,540) | (373,162) |
Cash flows from financing activities: | ||
Decrease in deposits, net | (35,340) | (150,411) |
Borrowings on Federal Home Loan Bank advances | 15,695,975 | 0 |
Repayments of Federal Home Loan Bank advances | (15,588,365) | (1,245) |
Proceeds from issuance of subordinated debt, net of issuance cost | 0 | 53,898 |
Proceeds from exercise of stock options | 102 | 182 |
Issuance of stock under incentive plans, net | 21 | 243 |
Dividends paid to shareholders | (6,185) | (5,790) |
Purchase of Company’s common stock | (4,718) | (11,277) |
Net cash provided by (used in) financing activities | 61,490 | (114,400) |
Net change in cash and cash equivalents | (2,881) | (450,887) |
Cash and cash equivalents, beginning | 87,401 | 601,443 |
Cash and cash equivalents, ending | $ 84,520 | $ 150,556 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. Certain reclassifications have been made to prior period balances to conform to the current period presentation. The results of operations for the three and nine months ended September 30, 2023 and 2022 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2022. Critical Accounting Policies and Estimates Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could reflect materially different results under different assumptions and conditions. Methodologies the Company uses when applying critical accounting policies and developing critical accounting estimates are included in its Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes from the critical accounting policies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In preparing its financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to prior period balances to conform to the current period presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted in 2023 ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method.” Under prior guidance, entities can apply the last-of-layer hedging method to hedge the exposure of a closed portfolio of prepayable financial assets to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 expands the last-of-layer method, which permits only one hedge layer, to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. ASU 2022-01 also (i) expands the scope of the portfolio layer method to include non-prepayable financial assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. ASU 2022-01 is effective for fiscal years and interim periods after December, 15, 2022. The adoption of ASU 2022-01 did not impact our Consolidated Financial Statements. ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings in Accounting Standards Codification (“ASC”) Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. ASU 2022-02 is effective for fiscal years and interim periods after December, 15, 2022. The Company adopted ASU 2022-02 on a prospective basis on January 1, 2023. The adoption of ASU 2022-02 did not have a significant impact on our Consolidated Financial Statements. Issued but Not Yet Adopted Accounting Standards Accounting Standard Update (“ASU”) ASU 2023-01, “Leases (Topic 842): Common Control Arrangements” (“ASU 2023-01”) clarifies the accounting for leasehold improvements associated with common control leases to public business entities. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-01 is not expected to have a significant impact on our consolidated financial statements. ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”) permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02 is not expected to have a significant impact on our consolidated financial statements. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables summarize the Company’s available for sale and held to maturity investment securities at September 30, 2023 and December 31, 2022. (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2023 Available for sale: U.S. agency mortgage-backed $ 324,459 $ 2 $ 44,290 $ 280,171 Collateralized mortgage obligations 84,009 1 5,731 78,279 Municipal bonds 55,705 1 10,669 45,037 U.S. government agency 19,278 — 1,834 17,444 Corporate bonds 6,982 — 894 6,088 Total available for sale $ 490,433 $ 4 $ 63,418 $ 427,019 Held to maturity: Municipal bonds $ 1,065 $ — $ 13 $ 1,052 Total held to maturity $ 1,065 $ — $ 13 $ 1,052 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2022 Available for sale: U.S. agency mortgage-backed $ 355,014 $ 63 $ 38,245 $ 316,832 Collateralized mortgage obligations 91,217 1 4,873 86,345 Municipal bonds 67,476 50 9,901 57,625 U.S. government agency 20,600 — 1,267 19,333 Corporate bonds 6,980 — 597 6,383 Total available for sale $ 541,287 $ 114 $ 54,883 $ 486,518 Held to maturity: Municipal bonds $ 1,075 $ — $ 3 $ 1,072 Total held to maturity $ 1,075 $ — $ 3 $ 1,072 The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of September 30, 2023 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities. The Company’s investment securities portfolio had an effective duration of 4.5 years at September 30, 2023 and December 31, 2022. (dollars in thousands) One Year or Less After One Year through Five Years After Five Years through Ten Years After Ten Years Total Fair Value Available for sale: U.S. agency mortgage-backed $ 2,885 $ 64,645 $ 88,804 $ 123,837 $ 280,171 Collateralized mortgage obligations 430 54,915 4,636 18,298 78,279 Municipal bonds 1,705 1,707 19,721 21,904 45,037 U.S. government agency — 5,164 11,964 316 17,444 Corporate bonds — — 6,088 — 6,088 Total available for sale $ 5,020 $ 126,431 $ 131,213 $ 164,355 $ 427,019 Held to maturity: Municipal bonds $ — $ 1,052 $ — $ — $ 1,052 Total held to maturity $ — $ 1,052 $ — $ — $ 1,052 (dollars in thousands) One Year or Less After One Year through Five Years After Five Years through Ten Years After Ten Years Total Amortized Cost Available for sale: U.S. agency mortgage-backed $ 2,909 $ 71,833 $ 99,747 $ 149,970 $ 324,459 Collateralized mortgage obligations 433 58,262 5,405 19,909 84,009 Municipal bonds 1,705 1,892 23,606 28,502 55,705 U.S. government agency — 5,292 13,669 317 19,278 Corporate bonds — — 6,982 — 6,982 Total available for sale $ 5,047 $ 137,279 $ 149,409 $ 198,698 $ 490,433 Held to maturity: Municipal bonds $ — $ 1,065 $ — $ — $ 1,065 Total held to maturity $ — $ 1,065 $ — $ — $ 1,065 Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity. The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost. The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables. (dollars in thousands) Less Than 1 Year Over 1 Year Total September 30, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 10,320 $ 421 $ 269,593 $ 43,869 $ 279,913 $ 44,290 Collateralized mortgage obligations — — 78,271 5,731 78,271 5,731 Municipal bonds 1,887 95 42,649 10,574 44,536 10,669 U.S. government agency 3,649 305 13,795 1,529 17,444 1,834 Corporate bonds — — 6,088 894 6,088 894 Total available for sale $ 15,856 $ 821 $ 410,396 $ 62,597 $ 426,252 $ 63,418 Held to maturity: Municipal bonds $ 1,052 $ 13 $ — $ — $ 1,052 $ 13 Total held to maturity $ 1,052 $ 13 $ — $ — $ 1,052 $ 13 (dollars in thousands) Less Than 1 Year Over 1 Year Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 184,896 $ 14,828 $ 129,248 $ 23,417 $ 314,144 $ 38,245 Collateralized mortgage obligations 85,715 4,860 620 13 86,335 4,873 Municipal bonds 28,710 3,245 24,100 6,656 52,810 9,901 U.S. government agency 18,718 1,259 615 8 19,333 1,267 Corporate bonds 3,233 247 3,150 350 6,383 597 Total available for sale $ 321,272 $ 24,439 $ 157,733 $ 30,444 $ 479,005 $ 54,883 Held to maturity: Municipal bonds $ 1,072 $ 3 $ — $ — $ 1,072 $ 3 Total held to maturity $ 1,072 $ 3 $ — $ — $ 1,072 $ 3 At September 30, 2023, 305 of the Company’s debt securities had unrealized losses totaling 12.9% of the individual securities’ amortized cost basis and 12.9% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 290 of the 305 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at September 30, 2023. At September 30, 2023, it was determined that no ACL was required for the Company's held-to-maturity investment securities. The Company monitors credit quality of debt securities held-to-maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at September 30, 2023 and December 31, 2022. Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total September 30, 2023 Held to maturity: Municipal bonds $ 1,065 $ — $ 1,065 Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total December 31, 2022 Held to maturity: Municipal bonds $ 1,075 $ — $ 1,075 For the three and nine months ended September 30, 2023, the Company recorded gross gains of $0 and $98,000, respectively, and gross losses of $0 and $347,000, respectively, related to the sale of investment securities. There were no gross gains or gross losses related to the sale of investment securities for the three and nine months ended September 30, 2022. Accrued interest receivable on the Company's investment securities was $1,374,000 and $1,798,000 at September 30, 2023 and December 31, 2022, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. At September 30, 2023 and December 31, 2022, the Company had $127,860,000 and $170,036,000, respectively, of securities pledged to secure public deposits. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per common share was computed based on the following: Three Months Ended Nine Months Ended (in thousands, except per share data) 2023 2022 2023 2022 Numerator: Net income available to common shareholders $ 9,754 $ 10,434 $ 30,855 $ 23,296 Denominator: Weighted average common shares outstanding 8,006 8,089 8,045 8,162 Effect of dilutive securities: Restricted stock 14 11 17 14 Stock options 19 38 22 43 Weighted average common shares outstanding – assuming dilution 8,039 8,138 8,084 8,219 Basic earnings per common share $ 1.22 $ 1.29 $ 3.84 $ 2.86 Diluted earnings per common share $ 1.22 $ 1.28 $ 3.82 $ 2.84 Options for 131,180 and 75,789 shares of common stock were not included in the computation of diluted EPS for the three months ended September 30, 2023 and 2022, respectively, because the effect of those shares was anti-dilutive. For the nine months ended September 30, 2023 and 2022, options on 102,493 and 66,866, respectively, shares of common stock were not included in the computation of diluted EPS because the effect of those shares was anti-dilutive. |
Credit Quality and Allowance fo
Credit Quality and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Credit Quality and Allowance for Credit Losses | Credit Quality and Allowance for Credit Losses The following briefly describes the distinction between originated and acquired loans and certain significant accounting policies. Loans Loans are reported at the principal balance outstanding net of unearned income and fair value discounts, if applicable. Interest on loans and the accretion of unearned income are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recorded as income is earned. The accrual of interest is discontinued when it is probable the borrower will not be able to meet payment obligations as they become due. It is our policy, with certain limited exceptions, to discontinue accruing interest and reverse any interest accrued on any loan which is 90 days or more past due. Interest income is not accrued on these loans until the borrower’s financial condition and payment record demonstrate an ability to service the debt. If it is determined that all or part of a loan is uncollectible, the potion of the loan deemed uncollectible is charged to the allowance for credit losses. Allowance for Credit Losses The allowance for credit losses ("ACL") , which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. Management recalculates the ACL at least quarterly to reassess the estimate of credit losses for the total portfolio at the relevant reporting date. Under ASC Topic 326, the ACL is measured on a pool basis when similar risk characteristics exist. For each pool of loans, management also evaluates and applies qualitative adjustments to the calculated ACL based on several factors, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis. The ACL policy described above is supplemented by periodic reviews and validations performed by independent loan reviewers. The results of the reviews are reported to the Audit Committee of the Board of Directors. The establishment of the ACL is significantly affected by management judgment. There is likelihood that different amounts would be reported under different conditions or assumptions. Federal regulatory agencies, as an integral part of their examination process, periodically review our ACL. Such agencies may require management to make additional provisions for estimated losses based upon judgments different from those of management. We continue to monitor and modify our ACL as conditions warrant. No assurance can be given that our level of ACL will cover all of the losses on our loans or that future adjustments to the ACL will not be necessary if economic and other conditions differ substantially from the conditions used by management to determine the current level of the ACL. The Company’s loans, net of unearned income, consisted of the following as of the dates indicated. (dollars in thousands) September 30, 2023 December 31, 2022 Real estate loans: One- to four-family first mortgage $ 432,092 $ 389,616 Home equity loans and lines 69,350 61,863 Commercial real estate 1,178,111 1,152,537 Construction and land 342,711 313,175 Multi-family residential 106,411 100,588 Total real estate loans 2,128,675 2,017,779 Other loans: Commercial and industrial 407,189 377,894 Consumer 33,230 35,077 Total other loans 440,419 412,971 Total loans $ 2,569,094 $ 2,430,750 The net discount on the Company’s acquired loans was $4,920,000 and $6,866,000 at September 30, 2023 and December 31, 2022, respectively. In addition, loan balances as of September 30, 2023 and December 31, 2022 are reported net of unearned income of $5,179,000 and $4,580,000, respectively. Accrued interest receivable on the Company's loans was $11,485,000 and $9,520,000 at September 30, 2023 and December 31, 2022, respectively, and is excluded from the estimate of the ACL. Those amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. Allowance for Credit Losses The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows. September 30, 2023 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 3,320 $ — $ 3,320 Home equity loans and lines 742 — 742 Commercial real estate 14,185 230 14,415 Construction and land 5,123 — 5,123 Multi-family residential 523 — 523 Commercial and industrial 6,161 105 6,266 Consumer 734 — 734 Total allowance for loan losses $ 30,788 $ 335 $ 31,123 Unfunded lending commitments (1) $ 2,454 $ — $ 2,454 Total allowance for credit losses $ 33,242 $ 335 $ 33,577 September 30, 2023 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 432,092 $ — $ 432,092 Home equity loans and lines 69,350 — 69,350 Commercial real estate 1,173,506 4,605 1,178,111 Construction and land 342,711 — 342,711 Multi-family residential 106,411 — 106,411 Commercial and industrial 407,057 132 407,189 Consumer 33,230 — 33,230 Total loans $ 2,564,357 $ 4,737 $ 2,569,094 December 31, 2022 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 2,883 $ — $ 2,883 Home equity loans and lines 624 — 624 Commercial real estate 13,264 550 13,814 Construction and land 4,680 — 4,680 Multi-family residential 572 — 572 Commercial and industrial 5,853 171 6,024 Consumer 702 — 702 Total allowance for loan losses $ 28,578 $ 721 $ 29,299 Unfunded lending commitments (1) $ 2,093 $ — $ 2,093 Total allowance for credit losses $ 30,671 $ 721 $ 31,392 December 31, 2022 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 389,616 $ — $ 389,616 Home equity loans and lines 61,863 — 61,863 Commercial real estate 1,147,794 4,743 1,152,537 Construction and land 313,175 — 313,175 Multi-family residential 100,588 — 100,588 Commercial and industrial 377,690 204 377,894 Consumer 34,991 86 35,077 Total loans $ 2,425,717 $ 5,033 $ 2,430,750 (1) The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. (2) One PCD loan was individually evaluated at September 30, 2023 and December 31, 2022, respectively. A summary of activity in the ACL for the nine months ended September 30, 2023 and September 30, 2022 follows. Nine Months Ended September 30, 2023 (dollars in thousands) Beginning Charge-offs Recoveries Provision (Reversal) Ending Allowance for credit losses: One- to four-family first mortgage $ 2,883 $ — $ 43 $ 394 $ 3,320 Home equity loans and lines 624 — 5 113 742 Commercial real estate 13,814 — 55 546 14,415 Construction and land 4,680 — — 443 5,123 Multi-family residential 572 — — (49) 523 Commercial and industrial 6,024 (86) 165 163 6,266 Consumer 702 (62) 28 66 734 Total allowance for loan losses $ 29,299 $ (148) $ 296 $ 1,676 $ 31,123 Unfunded lending commitments $ 2,093 $ — $ — $ 361 $ 2,454 Total allowance for credit losses $ 31,392 $ (148) $ 296 $ 2,037 $ 33,577 Nine Months Ended September 30, 2022 (dollars in thousands) Beginning Balance Allowance for Acquired PCD Loans (1) Charge-offs Recoveries Provision (Reversal) Ending Balance Allowance for credit losses: One- to four-family first mortgage $ 1,944 $ — $ — $ 6 $ 375 $ 2,325 Home equity loans and lines 508 — — 7 (15) 500 Commercial real estate 10,454 1,220 (270) — 2,293 13,697 Construction and land 3,572 — — — 1,401 4,973 Multi-family residential 457 — — — 41 498 Commercial and industrial 3,520 195 (750) 468 1,278 4,711 Consumer 634 — (240) 124 129 647 Total allowance for loan losses $ 21,089 $ 1,415 $ (1,260) $ 605 $ 5,502 $ 27,351 Unfunded lending commitments $ 1,815 $ — $ — $ — $ 448 $ 2,263 Total allowance for credit losses $ 22,904 $ 1,415 $ (1,260) $ 605 $ 5,950 $ 29,614 (1) Allowance recorded for PCD loans in the Company's acquisition of Friendswood Capital Corporation at the acquisition date of March 26, 2022. The following tables present the Company’s loan portfolio by credit quality classification and origination year as of September 30, 2023 and December 31, 2022. September 30, 2023 Term Loans by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 82,292 $ 107,715 $ 73,509 $ 34,415 $ 30,035 $ 97,105 $ 3,438 $ 502 $ 429,011 Special Mention 149 498 188 — — 35 — — 870 Substandard — 167 117 312 83 1,532 — — 2,211 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 82,441 $ 108,380 $ 73,814 $ 34,727 $ 30,118 $ 98,672 $ 3,438 $ 502 $ 432,092 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity loans and lines: Pass $ 1,711 $ 1,676 $ 1,273 $ 778 $ 1,297 $ 3,300 $ 58,677 $ 513 $ 69,225 Special Mention — — — — — — — — — Substandard — — — — — 96 — 29 125 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,711 $ 1,676 $ 1,273 $ 778 $ 1,297 $ 3,396 $ 58,677 $ 542 $ 69,350 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Pass $ 122,107 $ 289,147 $ 256,212 $ 191,091 $ 140,184 $ 121,539 $ 40,995 $ 820 $ 1,162,095 Special Mention — — — 330 — — — — 330 Substandard — 16 1,623 2,652 5,471 5,761 100 63 15,686 Doubtful — — — — — — — — — Total commercial real estate loans $ 122,107 $ 289,163 $ 257,835 $ 194,073 $ 145,655 $ 127,300 $ 41,095 $ 883 $ 1,178,111 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction and land: Pass $ 90,344 $ 162,894 $ 54,384 $ 7,017 $ 7,789 $ 4,284 $ 3,800 $ — $ 330,512 Special Mention 466 174 4,597 151 — — — — 5,388 Substandard — 2,054 658 — — 52 4,047 — 6,811 Doubtful — — — — — — — — — Total construction and land loans $ 90,810 $ 165,122 $ 59,639 $ 7,168 $ 7,789 $ 4,336 $ 7,847 $ — $ 342,711 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 Term Loans by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 13,434 $ 37,503 $ 11,954 $ 21,762 $ 12,673 $ 3,540 $ 2,041 $ — $ 102,907 Special Mention — — — — — — — — — Substandard — — — — — 3,504 — — 3,504 Doubtful — — — — — — — — — Total multi-family residential loans $ 13,434 $ 37,503 $ 11,954 $ 21,762 $ 12,673 $ 7,044 $ 2,041 $ — $ 106,411 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial: Pass $ 59,926 $ 84,770 $ 34,459 $ 11,518 $ 6,076 $ 6,277 $ 194,352 $ 4,874 $ 402,252 Special Mention — 1,157 — 338 — 220 743 — 2,458 Substandard 1,569 132 32 13 4 525 154 50 2,479 Doubtful — — — — — — — — — Total commercial and industrial loans $ 61,495 $ 86,059 $ 34,491 $ 11,869 $ 6,080 $ 7,022 $ 195,249 $ 4,924 $ 407,189 Current period gross charge-offs $ — $ — $ — $ 30 $ 7 $ — $ 49 $ — $ 86 Consumer: Pass $ 4,803 $ 6,389 $ 1,129 $ 1,033 $ 398 $ 11,246 $ 8,002 $ — $ 33,000 Special Mention — — — — — — — — — Substandard — 29 9 6 8 178 — — 230 Doubtful — — — — — — — — — Total consumer loans $ 4,803 $ 6,418 $ 1,138 $ 1,039 $ 406 $ 11,424 $ 8,002 $ — $ 33,230 Current period gross charge-offs $ — $ 15 $ 2 $ — $ — $ 5 $ 40 $ — $ 62 Total loans: Pass $ 374,617 $ 690,094 $ 432,920 $ 267,614 $ 198,452 $ 247,291 $ 311,305 $ 6,709 $ 2,529,002 Special Mention 615 1,829 4,785 819 — 255 743 — 9,046 Substandard 1,569 2,398 2,439 2,983 5,566 11,648 4,301 142 31,046 Doubtful — — — — — — — — — Total loans $ 376,801 $ 694,321 $ 440,144 $ 271,416 $ 204,018 $ 259,194 $ 316,349 $ 6,851 $ 2,569,094 Current period gross charge-offs $ — $ 15 $ 2 $ 30 $ 7 $ 5 $ 89 $ — $ 148 December 31, 2022 Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 107,546 $ 78,744 $ 37,876 $ 34,114 $ 26,455 $ 94,729 $ 5,387 $ 348 $ 385,199 Special Mention 150 189 — — — 355 — 500 1,194 Substandard 272 56 368 145 372 2,010 — — 3,223 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 107,968 $ 78,989 $ 38,244 $ 34,259 $ 26,827 $ 97,094 $ 5,387 $ 848 $ 389,616 Home equity loans and lines: Pass $ 1,898 $ 1,453 $ 783 $ 1,142 $ 604 $ 3,453 $ 51,502 $ 995 $ 61,830 Special Mention — — — — — — — — — Substandard — — — — — 33 — — 33 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,898 $ 1,453 $ 783 $ 1,142 $ 604 $ 3,486 $ 51,502 $ 995 $ 61,863 Commercial real estate: Pass $ 292,894 $ 279,397 $ 210,983 $ 159,169 $ 64,554 $ 95,083 $ 35,918 $ 586 $ 1,138,584 Special Mention — 179 345 — — — — — 524 Substandard 97 — 167 5,579 294 7,292 — — 13,429 Doubtful — — — — — — — — — Total commercial real estate loans $ 292,991 $ 279,576 $ 211,495 $ 164,748 $ 64,848 $ 102,375 $ 35,918 $ 586 $ 1,152,537 Construction and land: Pass $ 170,744 $ 101,321 $ 19,620 $ 8,912 $ 2,534 $ 2,716 $ 4,434 $ 1,727 $ 312,008 Special Mention — 520 — — — — — — 520 Substandard 417 — 152 — — 78 — — 647 Doubtful — — — — — — — — — Total construction and land loans $ 171,161 $ 101,841 $ 19,772 $ 8,912 $ 2,534 $ 2,794 $ 4,434 $ 1,727 $ 313,175 December 31, 2022 Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 33,822 $ 15,775 $ 25,661 $ 13,070 $ 2,241 $ 2,491 $ 1,302 $ 2,840 $ 97,202 Special Mention — — — — 3,312 — — — 3,312 Substandard — — — — 74 — — — 74 Doubtful — — — — — — — — — Total multi-family residential loans $ 33,822 $ 15,775 $ 25,661 $ 13,070 $ 5,627 $ 2,491 $ 1,302 $ 2,840 $ 100,588 Commercial and industrial: Pass $ 108,464 $ 50,850 $ 16,043 $ 8,599 $ 11,203 $ 2,759 $ 174,145 $ 712 $ 372,775 Special Mention 338 — — — 7 — 1,188 — 1,533 Substandard 590 — 2,317 8 — 293 328 50 3,586 Doubtful — — — — — — — — — Total commercial and industrial loans $ 109,392 $ 50,850 $ 18,360 $ 8,607 $ 11,210 $ 3,052 $ 175,661 $ 762 $ 377,894 Consumer: Pass $ 10,012 $ 2,048 $ 1,577 $ 536 $ 136 $ 12,785 $ 7,420 $ 29 $ 34,543 Special Mention — — — — — — — — — Substandard 9 298 — — — 227 — — 534 Doubtful — — — — — — — — — Total consumer loans $ 10,021 $ 2,346 $ 1,577 $ 536 $ 136 $ 13,012 $ 7,420 $ 29 $ 35,077 Total loans: Pass $ 725,380 $ 529,588 $ 312,543 $ 225,542 $ 107,727 $ 214,016 $ 280,108 $ 7,237 $ 2,402,141 Special Mention 488 888 345 — 3,319 355 1,188 500 7,083 Substandard 1,385 354 3,004 5,732 740 9,933 328 50 21,526 Doubtful — — — — — — — — — Total loans $ 727,253 $ 530,830 $ 315,892 $ 231,274 $ 111,786 $ 224,304 $ 281,624 $ 7,787 $ 2,430,750 The above classifications follow regulatory guidelines and can generally be described as follows: • Pass loans are of satisfactory quality. • Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values. • Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial performance. Such loans may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary. • Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable. In addition, residential loans are classified using an inter-agency regulatory methodology that incorporates, among other factors, the extent of delinquencies and loan-to-value ratios. These classifications were the most current available as of the dates indicated and were generally updated within the quarter. Age analysis of past due loans as of the dates indicated are as follows. September 30, 2023 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Originated loans: Real estate loans: One- to four-family first mortgage $ 2,404 $ 47 $ 409 $ 2,860 $ 351,315 $ 354,175 Home equity loans and lines 83 — 6 89 60,712 60,801 Commercial real estate 69 163 231 463 901,994 902,457 Construction and land 5,532 130 1,121 6,783 311,353 318,136 Multi-family residential 3,987 — — 3,987 98,431 102,418 Total real estate loans 12,075 340 1,767 14,182 1,723,805 1,737,987 Other loans: Commercial and industrial 77 123 721 921 375,952 376,873 Consumer 259 — 90 349 30,219 30,568 Total other loans 336 123 811 1,270 406,171 407,441 Total originated loans $ 12,411 $ 463 $ 2,578 $ 15,452 $ 2,129,976 $ 2,145,428 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,729 $ 125 $ 454 $ 2,308 $ 75,609 $ 77,917 Home equity loans and lines 49 — — 49 8,500 8,549 Commercial real estate 175 — — 175 275,479 275,654 Construction and land — — 21 21 24,554 24,575 Multi-family residential — — — — 3,993 3,993 Total real estate loans 1,953 125 475 2,553 388,135 390,688 Other loans: Commercial and industrial 1 — 32 33 30,283 30,316 Consumer 9 1 55 65 2,597 2,662 Total other loans 10 1 87 98 32,880 32,978 Total acquired loans $ 1,963 $ 126 $ 562 $ 2,651 $ 421,015 $ 423,666 Total loans: Real estate loans: One- to four-family first mortgage $ 4,133 $ 172 $ 863 $ 5,168 $ 426,924 $ 432,092 Home equity loans and lines 132 — 6 138 69,212 69,350 September 30, 2023 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Commercial real estate 244 163 231 638 1,177,473 1,178,111 Construction and land 5,532 130 1,142 6,804 335,907 342,711 Multi-family residential 3,987 — — 3,987 102,424 106,411 Total real estate loans 14,028 465 2,242 16,735 2,111,940 2,128,675 Other loans: Commercial and industrial 78 123 753 954 406,235 407,189 Consumer 268 1 145 414 32,816 33,230 Total other loans 346 124 898 1,368 439,051 440,419 Total loans $ 14,374 $ 589 $ 3,140 $ 18,103 $ 2,550,991 $ 2,569,094 December 31, 2022 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Originated loans: Real estate loans: One- to four-family first mortgage $ 490 $ 147 $ 646 $ 1,283 $ 298,547 $ 299,830 Home equity loans and lines 40 — — 40 52,950 52,990 Commercial real estate 3,210 179 27 3,416 853,096 856,512 Construction and land 345 160 147 652 284,740 285,392 Multi-family residential — — — — 96,400 96,400 Total real estate loans 4,085 486 820 5,391 1,585,733 1,591,124 Other loans: Commercial and industrial 152 — 210 362 338,418 338,780 Consumer 264 7 191 462 31,059 31,521 Total other loans 416 7 401 824 369,477 370,301 Total originated loans $ 4,501 $ 493 $ 1,221 $ 6,215 $ 1,955,210 $ 1,961,425 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,591 $ 136 $ 519 $ 2,246 $ 87,540 $ 89,786 Home equity loans and lines 116 — 1 117 8,756 8,873 Commercial real estate 294 — 566 860 295,165 296,025 Construction and land — — 132 132 27,651 27,783 Multi-family residential — — — — 4,188 4,188 Total real estate loans 2,001 136 1,218 3,355 423,300 426,655 Other loans: Commercial and industrial — 225 38 263 38,851 39,114 Consumer 41 3 21 65 3,491 3,556 Total other loans 41 228 59 328 42,342 42,670 Total acquired loans $ 2,042 $ 364 $ 1,277 $ 3,683 $ 465,642 $ 469,325 Total loans: Real estate loans: One- to four-family first mortgage $ 2,081 $ 283 $ 1,165 $ 3,529 $ 386,087 $ 389,616 December 31, 2022 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Home equity loans and lines 156 — 1 157 61,706 61,863 Commercial real estate 3,504 179 593 4,276 1,148,261 1,152,537 Construction and land 345 160 279 784 312,391 313,175 Multi-family residential — — — — 100,588 100,588 Total real estate loans 6,086 622 2,038 8,746 2,009,033 2,017,779 Other loans: Commercial and industrial 152 225 248 625 377,269 377,894 Consumer 305 10 212 527 34,550 35,077 Total other loans 457 235 460 1,152 411,819 412,971 Total loans $ 6,543 $ 857 $ 2,498 $ 9,898 $ 2,420,852 $ 2,430,750 There were $43,000 and $2,000 of loans greater than 90 days past due and accruing at September 30, 2023 and December 31, 2022, respectively. The following tables summarize information pertaining to nonaccrual loans as of dates indicated. September 30, 2023 (dollars in thousands) With Related Allowance Without Related Allowance Total Nonaccrual loans (1) : One- to four-family first mortgage $ 1,682 $ — $ 1,682 Home equity loans and lines 126 — 126 Commercial real estate 3,589 2,624 6,213 Construction and land 2,765 — 2,765 Multi-family residential — — — Commercial and industrial 889 — 889 Consumer 231 — 231 Total $ 9,282 $ 2,624 $ 11,906 December 31, 2022 (dollars in thousands) With Related Allowance Without Related Allowance Total Nonaccrual loans (1) : One- to four-family first mortgage $ 2,300 $ — $ 2,300 Home equity loans and lines 34 — 34 Commercial real estate 4,031 2,914 6,945 Construction and land 315 — 315 Multi-family residential — — — Commercial and industrial 365 13 378 Consumer 455 86 541 Total $ 7,500 $ 3,013 $ 10,513 (1) Nonaccrual acquired loans include PCD loans of $1,452,000 and $1,530,000 at September 30, 2023 and December 31, 2022, respectively. Collateral Dependent Loans The Company held loans that were individually evaluated for credit losses at September 30, 2023 and December 31, 2022 for which the repayment, on the basis of our assessment at the reporting date, is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. The ACL for these collateral-dependent loans is primarily based on the fair value of the underlying collateral at the reporting date. The following describes the types of collateral that secure collateral dependent loans: • One- to four-family first mortgages are primarily secured by first liens on residential real estate. • Home equity loans and lines are primarily secured by first and junior liens on residential real estate. • Commercial real estate loans are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants. • Construction and land loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land. • Commercial and industrial loans considered collateral dependent are primarily secured by accounts receivable, inventory and equipment. The tables below summarize collateral dependent loans and the related ACL at September 30, 2023 and December 31, 2022. September 30, 2023 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 4,605 230 Construction and land — — Multi-family residential — — Commercial and industrial 132 105 Consumer — — Total $ 4,737 $ 335 December 31, 2022 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 4,743 550 Construction and land — — Multi-family residential — — Commercial and industrial 204 171 Consumer 86 — Total $ 5,033 $ 721 Loan Modifications Made to Borrowers Experiencing Financial Difficulty Occasionally, the Company modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, interest only for a specified period of time, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off. During the nine months ended September 30, 2023, there were no modifications of loans to borrowers who were experiencing financial difficulty. The Company did not provide any modifications under these circumstances to borrowers. Ten loans were modified during the nine months ended September 30, 2022 and they did not default within twelve months of modification. Foreclosed Assets and ORE Foreclosed assets and ORE include real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE totaled $362,000 and $461,000 at September 30, 2023 and December 31, 2022, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition. The carrying amount of foreclosed residential real estate properties held at September 30, 2023 and December 31, 2022 totaled $362,000 and $231,000, respectively. Loans secured by single family residential real estate that were in the process of foreclosure at September 30, 2023 and December 31, 2022 totaled $114,000 and $179,000, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s existing credit derivatives result from loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of credit risk participations and customer derivative positions. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. As part of its efforts to accomplish this objective, the Company entered into certain interest rate swap agreements as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable rate liabilities. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate liabilities. During the next twelve months, the Company estimates that an additional $2,313,000 will be reclassified as additional interest income. Non-designated Hedges The Company’s existing credit derivatives result from participations in interest rate swaps provided by external lenders as part of loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Fair Values of Derivative Instruments The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of September 30, 2023 and December 31, 2022. September 30, 2023 Derivative Assets (1) Derivative Liabilities (1) (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Derivatives designated as hedging instruments: Interest rate swaps - variable rate liabilities $ 60,000 $ 5,690 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 11,858 1 Netting adjustments — — Net derivative amounts $ 5,690 $ 1 December 31, 2022 Derivative Assets (1) Derivative Liabilities (1) (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Derivatives designated as hedging instruments: Interest rate swaps - variable rate liabilities $ 40,000 $ 5,144 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 12,036 9 Netting adjustments — — Net derivative amounts $ 5,144 $ 9 (1) Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. At September 30, 2023 and December 31, 2022, accumulated unrealized gains, net of taxes, on derivative instruments totaled $4,337,000 and $3,961,000, respectively. Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of September 30, 2023 and September 30, 2022. Three Months Ended September 30, 2023 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 785 $ 785 Interest income $ 602 $ 602 Nine Months Ended September 30, 2023 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 2,047 $ 2,047 Interest income $ 1,571 $ 1,571 Three Months Ended September 30, 2022 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 1,490 $ 1,490 Interest income $ 193 $ 193 Nine Months Ended September 30, 2022 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 4,024 $ 4,024 Interest income $ 231 $ 231 Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of September 30, 2023 and September 30, 2022. (dollars in thousands) Location of Income Recognized on Non-designated Hedges Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 6 $ 8 (dollars in thousands) Location of Income Recognized on Non-designated Hedges Three Months Ended September 30, 2022 Nine months ended September 30, 2022 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 6 $ 73 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision to the effect that, if the Company (either) defaults (or is capable of being declared in default) on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company has agreements with certain of its derivative counterparties that contain a provision to the effect that, if the Company fails to maintain its status as a well or adequately capitalized institution, then the Company could be required to post additional collateral. As of September 30, 2023, there were no derivatives with credit-risk-related contingent features in a net liability position. Such derivatives are measured at fair value, which includes accrued interest but excludes any adjustment for nonperformance risk. If the Company had breached any provisions at September 30, 2023, it would not have been required to settle any obligations under the agreements since the termination value was $0. |
Long Term Debt
Long Term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long Term Debt On June 30, 2022, the Company issued $55,000,000 in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes (the "Notes") due 2032. The Notes were issued at a price equal to 100% of the aggregate principal amount. The Notes have a stated maturity date of June 30, 2032 and bear interest at a fixed rate of 5.75% per year from and including the issue date to but excluding June 30, 2027. From June 30, 2027, the Notes will bear interest at a floating rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 282 basis points. The Notes may be redeemed by the Company, in whole or in part, on or after June 30, 2027. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The carrying value of subordinated debt was $54,187,000 and $54,013,000 at September 30, 2023 and December 31, 2022, respectively. The subordinated debt was recorded net of issuance costs which is being amortized using the straight-line method over five years. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | Fair Value Measurements and Disclosures The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures . Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level that is significant to the fair value measurement. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities quarterly. Recurring Basis Investment Securities Available for Sale Fair values of investment securities available for sale are primarily measured using information from a third-party pricing service. This pricing service provides pricing information by utilizing pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities bids, offers and other reference data from market research publications. If quoted prices are available in an active market, investment securities are classified as Level 1 measurements. If quoted prices are not available in an active market, fair values are estimated primarily by the use of pricing models. Level 2 investment securities are primarily comprised of mortgage-backed securities issued by government agencies and U.S. government-sponsored enterprises. In certain cases, where there is limited or less transparent information provided by the Company’s third-party pricing service, fair value is estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. Investment securities are classified within Level 3 when little or no market activity supports the fair value. Management primarily identifies investment securities which may have traded in illiquid or inactive markets, by identifying instances of a significant decrease in the volume and frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Investment securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. For example, management may use quoted prices for similar investment securities in the absence of a liquid and active market for the investment securities being valued. As of September 30, 2023, management did not make adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets. Derivative Assets and Liabilities Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The fair value of these derivative financial instruments is obtained from a third-party pricing service that uses widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company has determined that its derivative valuations are classified in Level 2 of the fair vale hierarchy. The following tables present the balances of assets measured for fair value on a recurring basis as of September 30, 2023 and December 31, 2022. (dollars in thousands) September 30, 2023 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 280,171 $ — $ 280,171 $ — Collateralized mortgage obligations 78,279 — 78,279 — Municipal bonds 45,037 — 45,037 — U.S. government agency 17,444 — 17,444 — Corporate bonds 6,088 — 6,088 — Total $ 427,019 $ — $ 427,019 $ — Derivative assets $ 5,690 $ — $ 5,690 $ — Total $ 432,709 $ — $ 432,709 $ — Liabilities Derivative liabilities $ 1 $ — $ 1 $ — (dollars in thousands) December 31, 2022 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 316,832 $ — $ 316,832 $ — Collateralized mortgage obligations 86,345 — 86,345 — Municipal bonds 57,625 — 57,625 — U.S. government agency 19,333 — 19,333 — Corporate bonds 6,383 — 6,383 — Total $ 486,518 $ — $ 486,518 $ — Derivative assets $ 5,144 $ — $ 5,144 $ — Total $ 491,662 $ — $ 491,662 $ — Liabilities Derivative liabilities $ 9 $ — $ 9 $ — Nonrecurring Basis The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Loans individually evaluated are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price. Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets. The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date as reflected in the table below. Fair Value Measurements Using (dollars in thousands) September 30, 2023 Level 1 Level 2 Level 3 Assets Loans individually evaluated $ 4,402 $ — $ — $ 4,402 Foreclosed assets and ORE 362 — — 362 Total $ 4,764 $ — $ — $ 4,764 Fair Value Measurements Using (dollars in thousands) December 31, 2022 Level 1 Level 2 Level 3 Assets Loans individually evaluated $ 4,312 $ — $ — $ 4,312 Foreclosed assets and ORE 461 — — 461 Total $ 4,773 $ — $ — $ 4,773 The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets. (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Discounts Weighted Average Discount September 30, 2023 Loans individually evaluated $ 4,402 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 80% 7% Foreclosed assets and ORE $ 362 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 12% - 44% 33% (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Weighted Average Discount December 31, 2022 Loans individually evaluated $ 4,312 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 89% 14% Foreclosed assets and ORE $ 461 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 6% - 31% 16% ASC 820, Fair Value Measurements and Disclosures , requires the disclosure of each class of financial instruments for which it is practicable to estimate. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC 820 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statements. These estimates are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates included herein are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the fair value of assets and liabilities that are not required to be recorded or disclosed at fair value like premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Methods and assumptions used to estimate fair value of each class of financial instruments for which it is practicable to estimate fair value are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The fair value of subordinated debt is estimated based on current market rates on similar debt in the market. The Company classifies this debt in Level 2 of the fair value table. There have been no other material changes from the fair value estimate methods and assumptions previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated. Fair Value Measurements at September 30, 2023 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 84,520 $ 84,520 $ 84,520 $ — $ — Interest-bearing deposits in banks 99 99 99 — — Investment securities available for sale 427,019 427,019 — 427,019 — Investment securities held to maturity 1,065 1,052 — 1,052 — Mortgage loans held for sale 467 467 — 467 — Loans, net 2,537,971 2,357,045 — 2,352,643 4,402 Cash surrender value of BOLI 47,054 47,054 47,054 — — Derivative assets (1) 5,690 5,690 — 5,690 — Financial Liabilities Deposits $ 2,597,484 $ 2,589,335 $ 2,041,027 $ 548,308 $ — Other borrowings 5,539 5,342 — 5,342 — Subordinated debt, net of issuance cost 54,187 48,312 — 48,312 — Short-term FHLB advances 241,000 241,000 241,000 — — Long-term FHLB advances 42,826 41,321 — 41,321 — Derivative liabilities (1) 1 1 — 1 — Fair Value Measurements at December 31, 2022 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 87,401 $ 87,401 $ 87,401 $ — $ — Interest-bearing deposits in banks 349 349 349 — — Investment securities available for sale 486,518 486,518 — 486,518 — Investment securities held to maturity 1,075 1,072 — 1,072 — Mortgage loans held for sale 98 98 — 98 — Loans, net 2,401,451 2,326,104 — 2,321,792 4,312 Cash surrender value of BOLI 46,276 46,276 46,276 — — Derivative assets (1) 5,144 5,144 — 5,144 — Financial Liabilities Deposits $ 2,633,181 $ 2,620,577 $ 2,297,736 $ 322,841 $ — Other borrowings 5,539 5,388 — 5,388 — Subordinated debt, net of issuance cost 54,013 51,287 — 51,287 — Short-term FHLB advances 155,000 155,000 155,000 — — Long-term FHLB advances 21,213 20,019 — 20,019 — Derivative liabilities (1) 9 9 — 9 — (1) Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income | $ 9,754 | $ 10,434 | $ 30,855 | $ 23,296 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standards Adopted and Issued but Not Yet Adopted Accounting Standards | Accounting Standards Adopted in 2023 ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method.” Under prior guidance, entities can apply the last-of-layer hedging method to hedge the exposure of a closed portfolio of prepayable financial assets to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 expands the last-of-layer method, which permits only one hedge layer, to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. ASU 2022-01 also (i) expands the scope of the portfolio layer method to include non-prepayable financial assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. ASU 2022-01 is effective for fiscal years and interim periods after December, 15, 2022. The adoption of ASU 2022-01 did not impact our Consolidated Financial Statements. ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings in Accounting Standards Codification (“ASC”) Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. ASU 2022-02 is effective for fiscal years and interim periods after December, 15, 2022. The Company adopted ASU 2022-02 on a prospective basis on January 1, 2023. The adoption of ASU 2022-02 did not have a significant impact on our Consolidated Financial Statements. Issued but Not Yet Adopted Accounting Standards Accounting Standard Update (“ASU”) ASU 2023-01, “Leases (Topic 842): Common Control Arrangements” (“ASU 2023-01”) clarifies the accounting for leasehold improvements associated with common control leases to public business entities. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-01 is not expected to have a significant impact on our consolidated financial statements. ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”) permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02 is not expected to have a significant impact on our consolidated financial statements. |
Loans | Loans Loans are reported at the principal balance outstanding net of unearned income and fair value discounts, if applicable. Interest on loans and the accretion of unearned income are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recorded as income is earned. The accrual of interest is discontinued when it is probable the borrower will not be able to meet payment obligations as they become due. It is our policy, with certain limited exceptions, to discontinue accruing interest and reverse any interest accrued on any loan which is 90 days or more past due. Interest income is not accrued on these loans until the borrower’s financial condition and payment record demonstrate an ability to service the debt. If it is determined that all or part of a loan is uncollectible, the potion of the loan deemed uncollectible is charged to the allowance for credit losses. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses ("ACL") , which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. Management recalculates the ACL at least quarterly to reassess the estimate of credit losses for the total portfolio at the relevant reporting date. Under ASC Topic 326, the ACL is measured on a pool basis when similar risk characteristics exist. For each pool of loans, management also evaluates and applies qualitative adjustments to the calculated ACL based on several factors, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis. The ACL policy described above is supplemented by periodic reviews and validations performed by independent loan reviewers. The results of the reviews are reported to the Audit Committee of the Board of Directors. The establishment of the ACL is significantly affected by management judgment. There is likelihood that different amounts would be reported under different conditions or assumptions. Federal regulatory agencies, as an integral part of their examination process, periodically review our ACL. Such agencies may require management to make additional provisions for estimated losses based upon judgments different from those of management. We continue to monitor and modify our ACL as conditions warrant. No assurance can be given that our level of ACL will cover all of the losses on our loans or that future adjustments to the ACL will not be necessary if economic and other conditions differ substantially from the conditions used by management to determine the current level of the ACL. |
Fair Value Measurements and Disclosures | The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures . Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |
Nonrecurring Basis | Nonrecurring Basis The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Loans individually evaluated are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price. Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Information Regarding Company's Investment Securities Classified as Available for Sale and Held to Maturity | The following tables summarize the Company’s available for sale and held to maturity investment securities at September 30, 2023 and December 31, 2022. (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2023 Available for sale: U.S. agency mortgage-backed $ 324,459 $ 2 $ 44,290 $ 280,171 Collateralized mortgage obligations 84,009 1 5,731 78,279 Municipal bonds 55,705 1 10,669 45,037 U.S. government agency 19,278 — 1,834 17,444 Corporate bonds 6,982 — 894 6,088 Total available for sale $ 490,433 $ 4 $ 63,418 $ 427,019 Held to maturity: Municipal bonds $ 1,065 $ — $ 13 $ 1,052 Total held to maturity $ 1,065 $ — $ 13 $ 1,052 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2022 Available for sale: U.S. agency mortgage-backed $ 355,014 $ 63 $ 38,245 $ 316,832 Collateralized mortgage obligations 91,217 1 4,873 86,345 Municipal bonds 67,476 50 9,901 57,625 U.S. government agency 20,600 — 1,267 19,333 Corporate bonds 6,980 — 597 6,383 Total available for sale $ 541,287 $ 114 $ 54,883 $ 486,518 Held to maturity: Municipal bonds $ 1,075 $ — $ 3 $ 1,072 Total held to maturity $ 1,075 $ — $ 3 $ 1,072 |
Summary of Amortized Cost and Estimated Fair Value by Maturity of Company's Investment Securities | The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of September 30, 2023 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities. The Company’s investment securities portfolio had an effective duration of 4.5 years at September 30, 2023 and December 31, 2022. (dollars in thousands) One Year or Less After One Year through Five Years After Five Years through Ten Years After Ten Years Total Fair Value Available for sale: U.S. agency mortgage-backed $ 2,885 $ 64,645 $ 88,804 $ 123,837 $ 280,171 Collateralized mortgage obligations 430 54,915 4,636 18,298 78,279 Municipal bonds 1,705 1,707 19,721 21,904 45,037 U.S. government agency — 5,164 11,964 316 17,444 Corporate bonds — — 6,088 — 6,088 Total available for sale $ 5,020 $ 126,431 $ 131,213 $ 164,355 $ 427,019 Held to maturity: Municipal bonds $ — $ 1,052 $ — $ — $ 1,052 Total held to maturity $ — $ 1,052 $ — $ — $ 1,052 (dollars in thousands) One Year or Less After One Year through Five Years After Five Years through Ten Years After Ten Years Total Amortized Cost Available for sale: U.S. agency mortgage-backed $ 2,909 $ 71,833 $ 99,747 $ 149,970 $ 324,459 Collateralized mortgage obligations 433 58,262 5,405 19,909 84,009 Municipal bonds 1,705 1,892 23,606 28,502 55,705 U.S. government agency — 5,292 13,669 317 19,278 Corporate bonds — — 6,982 — 6,982 Total available for sale $ 5,047 $ 137,279 $ 149,409 $ 198,698 $ 490,433 Held to maturity: Municipal bonds $ — $ 1,065 $ — $ — $ 1,065 Total held to maturity $ — $ 1,065 $ — $ — $ 1,065 |
Summary of Company's Investment Securities With Unrealized Losses, Aggregated by Type and Length | The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables. (dollars in thousands) Less Than 1 Year Over 1 Year Total September 30, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 10,320 $ 421 $ 269,593 $ 43,869 $ 279,913 $ 44,290 Collateralized mortgage obligations — — 78,271 5,731 78,271 5,731 Municipal bonds 1,887 95 42,649 10,574 44,536 10,669 U.S. government agency 3,649 305 13,795 1,529 17,444 1,834 Corporate bonds — — 6,088 894 6,088 894 Total available for sale $ 15,856 $ 821 $ 410,396 $ 62,597 $ 426,252 $ 63,418 Held to maturity: Municipal bonds $ 1,052 $ 13 $ — $ — $ 1,052 $ 13 Total held to maturity $ 1,052 $ 13 $ — $ — $ 1,052 $ 13 (dollars in thousands) Less Than 1 Year Over 1 Year Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale: U.S. agency mortgage-backed $ 184,896 $ 14,828 $ 129,248 $ 23,417 $ 314,144 $ 38,245 Collateralized mortgage obligations 85,715 4,860 620 13 86,335 4,873 Municipal bonds 28,710 3,245 24,100 6,656 52,810 9,901 U.S. government agency 18,718 1,259 615 8 19,333 1,267 Corporate bonds 3,233 247 3,150 350 6,383 597 Total available for sale $ 321,272 $ 24,439 $ 157,733 $ 30,444 $ 479,005 $ 54,883 Held to maturity: Municipal bonds $ 1,072 $ 3 $ — $ — $ 1,072 $ 3 Total held to maturity $ 1,072 $ 3 $ — $ — $ 1,072 $ 3 |
Summary of Amortized Cost of Held-to-maturity Securities by Credit Rating | The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at September 30, 2023 and December 31, 2022. Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total September 30, 2023 Held to maturity: Municipal bonds $ 1,065 $ — $ 1,065 Credit Ratings (dollars in thousands) AAA/AA/A BBB/BB/B Total December 31, 2022 Held to maturity: Municipal bonds $ 1,075 $ — $ 1,075 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share was computed based on the following: Three Months Ended Nine Months Ended (in thousands, except per share data) 2023 2022 2023 2022 Numerator: Net income available to common shareholders $ 9,754 $ 10,434 $ 30,855 $ 23,296 Denominator: Weighted average common shares outstanding 8,006 8,089 8,045 8,162 Effect of dilutive securities: Restricted stock 14 11 17 14 Stock options 19 38 22 43 Weighted average common shares outstanding – assuming dilution 8,039 8,138 8,084 8,219 Basic earnings per common share $ 1.22 $ 1.29 $ 3.84 $ 2.86 Diluted earnings per common share $ 1.22 $ 1.28 $ 3.82 $ 2.84 |
Credit Quality and Allowance _2
Credit Quality and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Summary of Loans, Net of Unearned Income | The Company’s loans, net of unearned income, consisted of the following as of the dates indicated. (dollars in thousands) September 30, 2023 December 31, 2022 Real estate loans: One- to four-family first mortgage $ 432,092 $ 389,616 Home equity loans and lines 69,350 61,863 Commercial real estate 1,178,111 1,152,537 Construction and land 342,711 313,175 Multi-family residential 106,411 100,588 Total real estate loans 2,128,675 2,017,779 Other loans: Commercial and industrial 407,189 377,894 Consumer 33,230 35,077 Total other loans 440,419 412,971 Total loans $ 2,569,094 $ 2,430,750 The tables below summarize collateral dependent loans and the related ACL at September 30, 2023 and December 31, 2022. September 30, 2023 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 4,605 230 Construction and land — — Multi-family residential — — Commercial and industrial 132 105 Consumer — — Total $ 4,737 $ 335 December 31, 2022 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 4,743 550 Construction and land — — Multi-family residential — — Commercial and industrial 204 171 Consumer 86 — Total $ 5,033 $ 721 |
Summary of Allowance for Credit Losses and Recorded Investment in Loans | The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows. September 30, 2023 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 3,320 $ — $ 3,320 Home equity loans and lines 742 — 742 Commercial real estate 14,185 230 14,415 Construction and land 5,123 — 5,123 Multi-family residential 523 — 523 Commercial and industrial 6,161 105 6,266 Consumer 734 — 734 Total allowance for loan losses $ 30,788 $ 335 $ 31,123 Unfunded lending commitments (1) $ 2,454 $ — $ 2,454 Total allowance for credit losses $ 33,242 $ 335 $ 33,577 September 30, 2023 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 432,092 $ — $ 432,092 Home equity loans and lines 69,350 — 69,350 Commercial real estate 1,173,506 4,605 1,178,111 Construction and land 342,711 — 342,711 Multi-family residential 106,411 — 106,411 Commercial and industrial 407,057 132 407,189 Consumer 33,230 — 33,230 Total loans $ 2,564,357 $ 4,737 $ 2,569,094 December 31, 2022 (dollars in thousands) Collectively Evaluated Individually Evaluated Total Allowance for credit losses: One- to four-family first mortgage $ 2,883 $ — $ 2,883 Home equity loans and lines 624 — 624 Commercial real estate 13,264 550 13,814 Construction and land 4,680 — 4,680 Multi-family residential 572 — 572 Commercial and industrial 5,853 171 6,024 Consumer 702 — 702 Total allowance for loan losses $ 28,578 $ 721 $ 29,299 Unfunded lending commitments (1) $ 2,093 $ — $ 2,093 Total allowance for credit losses $ 30,671 $ 721 $ 31,392 December 31, 2022 (dollars in thousands) Collectively Evaluated Individually Evaluated (2) Total Loans: One- to four-family first mortgage $ 389,616 $ — $ 389,616 Home equity loans and lines 61,863 — 61,863 Commercial real estate 1,147,794 4,743 1,152,537 Construction and land 313,175 — 313,175 Multi-family residential 100,588 — 100,588 Commercial and industrial 377,690 204 377,894 Consumer 34,991 86 35,077 Total loans $ 2,425,717 $ 5,033 $ 2,430,750 (1) The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition. (2) One PCD loan was individually evaluated at September 30, 2023 and December 31, 2022, respectively. |
Summary of Activity in Allowance for Credit Losses | A summary of activity in the ACL for the nine months ended September 30, 2023 and September 30, 2022 follows. Nine Months Ended September 30, 2023 (dollars in thousands) Beginning Charge-offs Recoveries Provision (Reversal) Ending Allowance for credit losses: One- to four-family first mortgage $ 2,883 $ — $ 43 $ 394 $ 3,320 Home equity loans and lines 624 — 5 113 742 Commercial real estate 13,814 — 55 546 14,415 Construction and land 4,680 — — 443 5,123 Multi-family residential 572 — — (49) 523 Commercial and industrial 6,024 (86) 165 163 6,266 Consumer 702 (62) 28 66 734 Total allowance for loan losses $ 29,299 $ (148) $ 296 $ 1,676 $ 31,123 Unfunded lending commitments $ 2,093 $ — $ — $ 361 $ 2,454 Total allowance for credit losses $ 31,392 $ (148) $ 296 $ 2,037 $ 33,577 Nine Months Ended September 30, 2022 (dollars in thousands) Beginning Balance Allowance for Acquired PCD Loans (1) Charge-offs Recoveries Provision (Reversal) Ending Balance Allowance for credit losses: One- to four-family first mortgage $ 1,944 $ — $ — $ 6 $ 375 $ 2,325 Home equity loans and lines 508 — — 7 (15) 500 Commercial real estate 10,454 1,220 (270) — 2,293 13,697 Construction and land 3,572 — — — 1,401 4,973 Multi-family residential 457 — — — 41 498 Commercial and industrial 3,520 195 (750) 468 1,278 4,711 Consumer 634 — (240) 124 129 647 Total allowance for loan losses $ 21,089 $ 1,415 $ (1,260) $ 605 $ 5,502 $ 27,351 Unfunded lending commitments $ 1,815 $ — $ — $ — $ 448 $ 2,263 Total allowance for credit losses $ 22,904 $ 1,415 $ (1,260) $ 605 $ 5,950 $ 29,614 (1) Allowance recorded for PCD loans in the Company's acquisition of Friendswood Capital Corporation at the acquisition date of March 26, 2022. The tables below summarize collateral dependent loans and the related ACL at September 30, 2023 and December 31, 2022. September 30, 2023 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 4,605 230 Construction and land — — Multi-family residential — — Commercial and industrial 132 105 Consumer — — Total $ 4,737 $ 335 December 31, 2022 (dollars in thousands) Loans ACL One- to four-family first mortgage $ — $ — Home equity loans and lines — — Commercial real estate 4,743 550 Construction and land — — Multi-family residential — — Commercial and industrial 204 171 Consumer 86 — Total $ 5,033 $ 721 |
Summary of Loan Portfolio by Credit Quality Classification | The following tables present the Company’s loan portfolio by credit quality classification and origination year as of September 30, 2023 and December 31, 2022. September 30, 2023 Term Loans by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 82,292 $ 107,715 $ 73,509 $ 34,415 $ 30,035 $ 97,105 $ 3,438 $ 502 $ 429,011 Special Mention 149 498 188 — — 35 — — 870 Substandard — 167 117 312 83 1,532 — — 2,211 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 82,441 $ 108,380 $ 73,814 $ 34,727 $ 30,118 $ 98,672 $ 3,438 $ 502 $ 432,092 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity loans and lines: Pass $ 1,711 $ 1,676 $ 1,273 $ 778 $ 1,297 $ 3,300 $ 58,677 $ 513 $ 69,225 Special Mention — — — — — — — — — Substandard — — — — — 96 — 29 125 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,711 $ 1,676 $ 1,273 $ 778 $ 1,297 $ 3,396 $ 58,677 $ 542 $ 69,350 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate: Pass $ 122,107 $ 289,147 $ 256,212 $ 191,091 $ 140,184 $ 121,539 $ 40,995 $ 820 $ 1,162,095 Special Mention — — — 330 — — — — 330 Substandard — 16 1,623 2,652 5,471 5,761 100 63 15,686 Doubtful — — — — — — — — — Total commercial real estate loans $ 122,107 $ 289,163 $ 257,835 $ 194,073 $ 145,655 $ 127,300 $ 41,095 $ 883 $ 1,178,111 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction and land: Pass $ 90,344 $ 162,894 $ 54,384 $ 7,017 $ 7,789 $ 4,284 $ 3,800 $ — $ 330,512 Special Mention 466 174 4,597 151 — — — — 5,388 Substandard — 2,054 658 — — 52 4,047 — 6,811 Doubtful — — — — — — — — — Total construction and land loans $ 90,810 $ 165,122 $ 59,639 $ 7,168 $ 7,789 $ 4,336 $ 7,847 $ — $ 342,711 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2023 Term Loans by Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 13,434 $ 37,503 $ 11,954 $ 21,762 $ 12,673 $ 3,540 $ 2,041 $ — $ 102,907 Special Mention — — — — — — — — — Substandard — — — — — 3,504 — — 3,504 Doubtful — — — — — — — — — Total multi-family residential loans $ 13,434 $ 37,503 $ 11,954 $ 21,762 $ 12,673 $ 7,044 $ 2,041 $ — $ 106,411 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial: Pass $ 59,926 $ 84,770 $ 34,459 $ 11,518 $ 6,076 $ 6,277 $ 194,352 $ 4,874 $ 402,252 Special Mention — 1,157 — 338 — 220 743 — 2,458 Substandard 1,569 132 32 13 4 525 154 50 2,479 Doubtful — — — — — — — — — Total commercial and industrial loans $ 61,495 $ 86,059 $ 34,491 $ 11,869 $ 6,080 $ 7,022 $ 195,249 $ 4,924 $ 407,189 Current period gross charge-offs $ — $ — $ — $ 30 $ 7 $ — $ 49 $ — $ 86 Consumer: Pass $ 4,803 $ 6,389 $ 1,129 $ 1,033 $ 398 $ 11,246 $ 8,002 $ — $ 33,000 Special Mention — — — — — — — — — Substandard — 29 9 6 8 178 — — 230 Doubtful — — — — — — — — — Total consumer loans $ 4,803 $ 6,418 $ 1,138 $ 1,039 $ 406 $ 11,424 $ 8,002 $ — $ 33,230 Current period gross charge-offs $ — $ 15 $ 2 $ — $ — $ 5 $ 40 $ — $ 62 Total loans: Pass $ 374,617 $ 690,094 $ 432,920 $ 267,614 $ 198,452 $ 247,291 $ 311,305 $ 6,709 $ 2,529,002 Special Mention 615 1,829 4,785 819 — 255 743 — 9,046 Substandard 1,569 2,398 2,439 2,983 5,566 11,648 4,301 142 31,046 Doubtful — — — — — — — — — Total loans $ 376,801 $ 694,321 $ 440,144 $ 271,416 $ 204,018 $ 259,194 $ 316,349 $ 6,851 $ 2,569,094 Current period gross charge-offs $ — $ 15 $ 2 $ 30 $ 7 $ 5 $ 89 $ — $ 148 December 31, 2022 Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total One- to four-family first mortgage: Pass $ 107,546 $ 78,744 $ 37,876 $ 34,114 $ 26,455 $ 94,729 $ 5,387 $ 348 $ 385,199 Special Mention 150 189 — — — 355 — 500 1,194 Substandard 272 56 368 145 372 2,010 — — 3,223 Doubtful — — — — — — — — — Total one- to four-family first mortgages $ 107,968 $ 78,989 $ 38,244 $ 34,259 $ 26,827 $ 97,094 $ 5,387 $ 848 $ 389,616 Home equity loans and lines: Pass $ 1,898 $ 1,453 $ 783 $ 1,142 $ 604 $ 3,453 $ 51,502 $ 995 $ 61,830 Special Mention — — — — — — — — — Substandard — — — — — 33 — — 33 Doubtful — — — — — — — — — Total home equity loans and lines $ 1,898 $ 1,453 $ 783 $ 1,142 $ 604 $ 3,486 $ 51,502 $ 995 $ 61,863 Commercial real estate: Pass $ 292,894 $ 279,397 $ 210,983 $ 159,169 $ 64,554 $ 95,083 $ 35,918 $ 586 $ 1,138,584 Special Mention — 179 345 — — — — — 524 Substandard 97 — 167 5,579 294 7,292 — — 13,429 Doubtful — — — — — — — — — Total commercial real estate loans $ 292,991 $ 279,576 $ 211,495 $ 164,748 $ 64,848 $ 102,375 $ 35,918 $ 586 $ 1,152,537 Construction and land: Pass $ 170,744 $ 101,321 $ 19,620 $ 8,912 $ 2,534 $ 2,716 $ 4,434 $ 1,727 $ 312,008 Special Mention — 520 — — — — — — 520 Substandard 417 — 152 — — 78 — — 647 Doubtful — — — — — — — — — Total construction and land loans $ 171,161 $ 101,841 $ 19,772 $ 8,912 $ 2,534 $ 2,794 $ 4,434 $ 1,727 $ 313,175 December 31, 2022 Term Loans by Origination Year (dollars in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Multi-family residential: Pass $ 33,822 $ 15,775 $ 25,661 $ 13,070 $ 2,241 $ 2,491 $ 1,302 $ 2,840 $ 97,202 Special Mention — — — — 3,312 — — — 3,312 Substandard — — — — 74 — — — 74 Doubtful — — — — — — — — — Total multi-family residential loans $ 33,822 $ 15,775 $ 25,661 $ 13,070 $ 5,627 $ 2,491 $ 1,302 $ 2,840 $ 100,588 Commercial and industrial: Pass $ 108,464 $ 50,850 $ 16,043 $ 8,599 $ 11,203 $ 2,759 $ 174,145 $ 712 $ 372,775 Special Mention 338 — — — 7 — 1,188 — 1,533 Substandard 590 — 2,317 8 — 293 328 50 3,586 Doubtful — — — — — — — — — Total commercial and industrial loans $ 109,392 $ 50,850 $ 18,360 $ 8,607 $ 11,210 $ 3,052 $ 175,661 $ 762 $ 377,894 Consumer: Pass $ 10,012 $ 2,048 $ 1,577 $ 536 $ 136 $ 12,785 $ 7,420 $ 29 $ 34,543 Special Mention — — — — — — — — — Substandard 9 298 — — — 227 — — 534 Doubtful — — — — — — — — — Total consumer loans $ 10,021 $ 2,346 $ 1,577 $ 536 $ 136 $ 13,012 $ 7,420 $ 29 $ 35,077 Total loans: Pass $ 725,380 $ 529,588 $ 312,543 $ 225,542 $ 107,727 $ 214,016 $ 280,108 $ 7,237 $ 2,402,141 Special Mention 488 888 345 — 3,319 355 1,188 500 7,083 Substandard 1,385 354 3,004 5,732 740 9,933 328 50 21,526 Doubtful — — — — — — — — — Total loans $ 727,253 $ 530,830 $ 315,892 $ 231,274 $ 111,786 $ 224,304 $ 281,624 $ 7,787 $ 2,430,750 |
Summary of Past Due Loans | Age analysis of past due loans as of the dates indicated are as follows. September 30, 2023 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Originated loans: Real estate loans: One- to four-family first mortgage $ 2,404 $ 47 $ 409 $ 2,860 $ 351,315 $ 354,175 Home equity loans and lines 83 — 6 89 60,712 60,801 Commercial real estate 69 163 231 463 901,994 902,457 Construction and land 5,532 130 1,121 6,783 311,353 318,136 Multi-family residential 3,987 — — 3,987 98,431 102,418 Total real estate loans 12,075 340 1,767 14,182 1,723,805 1,737,987 Other loans: Commercial and industrial 77 123 721 921 375,952 376,873 Consumer 259 — 90 349 30,219 30,568 Total other loans 336 123 811 1,270 406,171 407,441 Total originated loans $ 12,411 $ 463 $ 2,578 $ 15,452 $ 2,129,976 $ 2,145,428 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,729 $ 125 $ 454 $ 2,308 $ 75,609 $ 77,917 Home equity loans and lines 49 — — 49 8,500 8,549 Commercial real estate 175 — — 175 275,479 275,654 Construction and land — — 21 21 24,554 24,575 Multi-family residential — — — — 3,993 3,993 Total real estate loans 1,953 125 475 2,553 388,135 390,688 Other loans: Commercial and industrial 1 — 32 33 30,283 30,316 Consumer 9 1 55 65 2,597 2,662 Total other loans 10 1 87 98 32,880 32,978 Total acquired loans $ 1,963 $ 126 $ 562 $ 2,651 $ 421,015 $ 423,666 Total loans: Real estate loans: One- to four-family first mortgage $ 4,133 $ 172 $ 863 $ 5,168 $ 426,924 $ 432,092 Home equity loans and lines 132 — 6 138 69,212 69,350 September 30, 2023 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Commercial real estate 244 163 231 638 1,177,473 1,178,111 Construction and land 5,532 130 1,142 6,804 335,907 342,711 Multi-family residential 3,987 — — 3,987 102,424 106,411 Total real estate loans 14,028 465 2,242 16,735 2,111,940 2,128,675 Other loans: Commercial and industrial 78 123 753 954 406,235 407,189 Consumer 268 1 145 414 32,816 33,230 Total other loans 346 124 898 1,368 439,051 440,419 Total loans $ 14,374 $ 589 $ 3,140 $ 18,103 $ 2,550,991 $ 2,569,094 December 31, 2022 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Originated loans: Real estate loans: One- to four-family first mortgage $ 490 $ 147 $ 646 $ 1,283 $ 298,547 $ 299,830 Home equity loans and lines 40 — — 40 52,950 52,990 Commercial real estate 3,210 179 27 3,416 853,096 856,512 Construction and land 345 160 147 652 284,740 285,392 Multi-family residential — — — — 96,400 96,400 Total real estate loans 4,085 486 820 5,391 1,585,733 1,591,124 Other loans: Commercial and industrial 152 — 210 362 338,418 338,780 Consumer 264 7 191 462 31,059 31,521 Total other loans 416 7 401 824 369,477 370,301 Total originated loans $ 4,501 $ 493 $ 1,221 $ 6,215 $ 1,955,210 $ 1,961,425 Acquired loans: Real estate loans: One- to four-family first mortgage $ 1,591 $ 136 $ 519 $ 2,246 $ 87,540 $ 89,786 Home equity loans and lines 116 — 1 117 8,756 8,873 Commercial real estate 294 — 566 860 295,165 296,025 Construction and land — — 132 132 27,651 27,783 Multi-family residential — — — — 4,188 4,188 Total real estate loans 2,001 136 1,218 3,355 423,300 426,655 Other loans: Commercial and industrial — 225 38 263 38,851 39,114 Consumer 41 3 21 65 3,491 3,556 Total other loans 41 228 59 328 42,342 42,670 Total acquired loans $ 2,042 $ 364 $ 1,277 $ 3,683 $ 465,642 $ 469,325 Total loans: Real estate loans: One- to four-family first mortgage $ 2,081 $ 283 $ 1,165 $ 3,529 $ 386,087 $ 389,616 December 31, 2022 (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Loans Total Loans Home equity loans and lines 156 — 1 157 61,706 61,863 Commercial real estate 3,504 179 593 4,276 1,148,261 1,152,537 Construction and land 345 160 279 784 312,391 313,175 Multi-family residential — — — — 100,588 100,588 Total real estate loans 6,086 622 2,038 8,746 2,009,033 2,017,779 Other loans: Commercial and industrial 152 225 248 625 377,269 377,894 Consumer 305 10 212 527 34,550 35,077 Total other loans 457 235 460 1,152 411,819 412,971 Total loans $ 6,543 $ 857 $ 2,498 $ 9,898 $ 2,420,852 $ 2,430,750 |
Summary of Information Pertaining to Non-accrual Non-covered Loans | The following tables summarize information pertaining to nonaccrual loans as of dates indicated. September 30, 2023 (dollars in thousands) With Related Allowance Without Related Allowance Total Nonaccrual loans (1) : One- to four-family first mortgage $ 1,682 $ — $ 1,682 Home equity loans and lines 126 — 126 Commercial real estate 3,589 2,624 6,213 Construction and land 2,765 — 2,765 Multi-family residential — — — Commercial and industrial 889 — 889 Consumer 231 — 231 Total $ 9,282 $ 2,624 $ 11,906 December 31, 2022 (dollars in thousands) With Related Allowance Without Related Allowance Total Nonaccrual loans (1) : One- to four-family first mortgage $ 2,300 $ — $ 2,300 Home equity loans and lines 34 — 34 Commercial real estate 4,031 2,914 6,945 Construction and land 315 — 315 Multi-family residential — — — Commercial and industrial 365 13 378 Consumer 455 86 541 Total $ 7,500 $ 3,013 $ 10,513 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Value of Derivative Liabilities | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of September 30, 2023 and December 31, 2022. September 30, 2023 Derivative Assets (1) Derivative Liabilities (1) (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Derivatives designated as hedging instruments: Interest rate swaps - variable rate liabilities $ 60,000 $ 5,690 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 11,858 1 Netting adjustments — — Net derivative amounts $ 5,690 $ 1 December 31, 2022 Derivative Assets (1) Derivative Liabilities (1) (dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Derivatives designated as hedging instruments: Interest rate swaps - variable rate liabilities $ 40,000 $ 5,144 $ — $ — Derivatives not designated as hedging instruments: Risk participation agreements — — 12,036 9 Netting adjustments — — Net derivative amounts $ 5,144 $ 9 |
Summary of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of September 30, 2023 and September 30, 2022. Three Months Ended September 30, 2023 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 785 $ 785 Interest income $ 602 $ 602 Nine Months Ended September 30, 2023 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 2,047 $ 2,047 Interest income $ 1,571 $ 1,571 Three Months Ended September 30, 2022 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 1,490 $ 1,490 Interest income $ 193 $ 193 Nine Months Ended September 30, 2022 Amount of Gain Recognized in OCI Location of Gain Reclassified from AOCI into Income Amount of Gain Reclassified from AOCI into Income (dollars in thousands) Total Included Component Total Included Component Derivatives in cash flows hedging relationships: Interest rate swaps - variable rate liabilities $ 4,024 $ 4,024 Interest income $ 231 $ 231 |
Summary of Effect of Company's Derivative Instruments on the Consolidated Statements of Income | The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of September 30, 2023 and September 30, 2022. (dollars in thousands) Location of Income Recognized on Non-designated Hedges Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 6 $ 8 (dollars in thousands) Location of Income Recognized on Non-designated Hedges Three Months Ended September 30, 2022 Nine months ended September 30, 2022 Effects of non-designated hedges Risk participation agreements Other noninterest income $ 6 $ 73 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured on Recurring Basis | The following tables present the balances of assets measured for fair value on a recurring basis as of September 30, 2023 and December 31, 2022. (dollars in thousands) September 30, 2023 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 280,171 $ — $ 280,171 $ — Collateralized mortgage obligations 78,279 — 78,279 — Municipal bonds 45,037 — 45,037 — U.S. government agency 17,444 — 17,444 — Corporate bonds 6,088 — 6,088 — Total $ 427,019 $ — $ 427,019 $ — Derivative assets $ 5,690 $ — $ 5,690 $ — Total $ 432,709 $ — $ 432,709 $ — Liabilities Derivative liabilities $ 1 $ — $ 1 $ — (dollars in thousands) December 31, 2022 Level 1 Level 2 Level 3 Assets Available for sale securities: U.S. agency mortgage-backed $ 316,832 $ — $ 316,832 $ — Collateralized mortgage obligations 86,345 — 86,345 — Municipal bonds 57,625 — 57,625 — U.S. government agency 19,333 — 19,333 — Corporate bonds 6,383 — 6,383 — Total $ 486,518 $ — $ 486,518 $ — Derivative assets $ 5,144 $ — $ 5,144 $ — Total $ 491,662 $ — $ 491,662 $ — Liabilities Derivative liabilities $ 9 $ — $ 9 $ — |
Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis | The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date as reflected in the table below. Fair Value Measurements Using (dollars in thousands) September 30, 2023 Level 1 Level 2 Level 3 Assets Loans individually evaluated $ 4,402 $ — $ — $ 4,402 Foreclosed assets and ORE 362 — — 362 Total $ 4,764 $ — $ — $ 4,764 Fair Value Measurements Using (dollars in thousands) December 31, 2022 Level 1 Level 2 Level 3 Assets Loans individually evaluated $ 4,312 $ — $ — $ 4,312 Foreclosed assets and ORE 461 — — 461 Total $ 4,773 $ — $ — $ 4,773 |
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets. (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Discounts Weighted Average Discount September 30, 2023 Loans individually evaluated $ 4,402 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 80% 7% Foreclosed assets and ORE $ 362 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 12% - 44% 33% (dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range of Weighted Average Discount December 31, 2022 Loans individually evaluated $ 4,312 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 0% - 89% 14% Foreclosed assets and ORE $ 461 Third party appraisals, sales contracts, broker price opinions Collateral values, market discounts and estimated costs to sell 6% - 31% 16% |
Summary of Fair Values of Company's Financial Instruments | The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated. Fair Value Measurements at September 30, 2023 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 84,520 $ 84,520 $ 84,520 $ — $ — Interest-bearing deposits in banks 99 99 99 — — Investment securities available for sale 427,019 427,019 — 427,019 — Investment securities held to maturity 1,065 1,052 — 1,052 — Mortgage loans held for sale 467 467 — 467 — Loans, net 2,537,971 2,357,045 — 2,352,643 4,402 Cash surrender value of BOLI 47,054 47,054 47,054 — — Derivative assets (1) 5,690 5,690 — 5,690 — Financial Liabilities Deposits $ 2,597,484 $ 2,589,335 $ 2,041,027 $ 548,308 $ — Other borrowings 5,539 5,342 — 5,342 — Subordinated debt, net of issuance cost 54,187 48,312 — 48,312 — Short-term FHLB advances 241,000 241,000 241,000 — — Long-term FHLB advances 42,826 41,321 — 41,321 — Derivative liabilities (1) 1 1 — 1 — Fair Value Measurements at December 31, 2022 (dollars in thousands) Carrying Amount Total Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 87,401 $ 87,401 $ 87,401 $ — $ — Interest-bearing deposits in banks 349 349 349 — — Investment securities available for sale 486,518 486,518 — 486,518 — Investment securities held to maturity 1,075 1,072 — 1,072 — Mortgage loans held for sale 98 98 — 98 — Loans, net 2,401,451 2,326,104 — 2,321,792 4,312 Cash surrender value of BOLI 46,276 46,276 46,276 — — Derivative assets (1) 5,144 5,144 — 5,144 — Financial Liabilities Deposits $ 2,633,181 $ 2,620,577 $ 2,297,736 $ 322,841 $ — Other borrowings 5,539 5,388 — 5,388 — Subordinated debt, net of issuance cost 54,013 51,287 — 51,287 — Short-term FHLB advances 155,000 155,000 155,000 — — Long-term FHLB advances 21,213 20,019 — 20,019 — Derivative liabilities (1) 9 9 — 9 — (1) Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. |
Investment Securities - Summary
Investment Securities - Summary of Information Regarding Investment Securities Classified as Available for Sale and Held to Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | $ 490,433 | $ 541,287 |
Available for sale, Gross Unrealized Gains | 4 | 114 |
Available for sale, Gross Unrealized Losses | 63,418 | 54,883 |
Available for sale securities: | 427,019 | 486,518 |
Held to maturity, Amortized Cost | 1,065 | 1,075 |
Held to maturity, Gross Unrealized Gains | 0 | 0 |
Held to maturity, Gross Unrealized Losses | 13 | 3 |
Investment securities held to maturity | 1,052 | 1,072 |
U.S. agency mortgage-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 324,459 | 355,014 |
Available for sale, Gross Unrealized Gains | 2 | 63 |
Available for sale, Gross Unrealized Losses | 44,290 | 38,245 |
Available for sale securities: | 280,171 | 316,832 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 84,009 | 91,217 |
Available for sale, Gross Unrealized Gains | 1 | 1 |
Available for sale, Gross Unrealized Losses | 5,731 | 4,873 |
Available for sale securities: | 78,279 | 86,345 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 55,705 | 67,476 |
Available for sale, Gross Unrealized Gains | 1 | 50 |
Available for sale, Gross Unrealized Losses | 10,669 | 9,901 |
Available for sale securities: | 45,037 | 57,625 |
Held to maturity, Amortized Cost | 1,065 | 1,075 |
Held to maturity, Gross Unrealized Gains | 0 | 0 |
Held to maturity, Gross Unrealized Losses | 13 | 3 |
Investment securities held to maturity | 1,052 | 1,072 |
U.S. government agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 19,278 | 20,600 |
Available for sale, Gross Unrealized Gains | 0 | 0 |
Available for sale, Gross Unrealized Losses | 1,834 | 1,267 |
Available for sale securities: | 17,444 | 19,333 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, Amortized Cost | 6,982 | 6,980 |
Available for sale, Gross Unrealized Gains | 0 | 0 |
Available for sale, Gross Unrealized Losses | 894 | 597 |
Available for sale securities: | $ 6,088 | $ 6,383 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) security | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) security | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||||
Investment securities portfolio, effective period | 4 years 6 months | 4 years 6 months | |||
Number of investment securities with unrealized losses | security | 305 | 305 | |||
Percentage of gross unrealized losses (percent) | 12.90% | 12.90% | |||
Percentage of amortized investment securities portfolio (percent) | 12.90% | 12.90% | |||
Number of investment securities in a continuous loss position for over 12 months | security | 290 | 290 | |||
Allowance for credit losses on available-for-sale securities | $ 0 | $ 0 | |||
Allowance for credit losses on held-to-maturity securities | 0 | 0 | |||
Gain on sale of investments | 0 | $ 0 | 98,000 | $ 0 | |
Loss on sale of investments | 0 | $ 0 | 347,000 | $ 0 | |
Accrued interest receivable | 1,374,000 | 1,374,000 | $ 1,798,000 | ||
Securities pledged to secure public deposits | $ 127,860,000 | $ 127,860,000 | $ 170,036,000 |
Investment Securities - Summa_2
Investment Securities - Summary of Amortized Cost and Estimated Fair Value by Maturity of Company's Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Available for sale, One Year or Less, Fair Value | $ 5,020 | |
Available for sale, After One Year through Five Years, Fair Value | 126,431 | |
Available for sale, After Five Years through Ten Years, Fair Value | 131,213 | |
Available for sale, After Ten Years, Fair Value | 164,355 | |
Available for sale, Fair Value | 427,019 | $ 486,518 |
Held to maturity, One Year or Less, Fair Value | 0 | |
Held to maturity, After One Year through Five Years, Fair Value | 1,052 | |
Held to maturity, After Five Years through Ten Years, Fair Value | 0 | |
Held to maturity, After Ten Years, Fair Value | 0 | |
Held to maturity, Fair Value | 1,052 | 1,072 |
Available for sale, One Year or Less, Amortized Cost | 5,047 | |
Available for sale, After One Year through Five Years, Amortized Cost | 137,279 | |
Available for sale, After Five Years through Ten Years, Amortized Cost | 149,409 | |
Available for sale, After Ten Years, Amortized Cost | 198,698 | |
Available for sale, Amortized Cost | 490,433 | 541,287 |
Held to maturity, One Year or Less, Amortized Cost | 0 | |
Held to maturity, After One Year through Five Years, Amortized Cost | 1,065 | |
Held to maturity, After Five Years through Ten Years, Amortized Cost | 0 | |
Held to maturity, After Ten Years, Amortized Cost | 0 | |
Held to maturity, Amortized Cost | 1,065 | 1,075 |
U.S. agency mortgage-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Available for sale, One Year or Less, Fair Value | 2,885 | |
Available for sale, After One Year through Five Years, Fair Value | 64,645 | |
Available for sale, After Five Years through Ten Years, Fair Value | 88,804 | |
Available for sale, After Ten Years, Fair Value | 123,837 | |
Available for sale, Fair Value | 280,171 | 316,832 |
Available for sale, One Year or Less, Amortized Cost | 2,909 | |
Available for sale, After One Year through Five Years, Amortized Cost | 71,833 | |
Available for sale, After Five Years through Ten Years, Amortized Cost | 99,747 | |
Available for sale, After Ten Years, Amortized Cost | 149,970 | |
Available for sale, Amortized Cost | 324,459 | 355,014 |
Collateralized mortgage obligations | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Available for sale, One Year or Less, Fair Value | 430 | |
Available for sale, After One Year through Five Years, Fair Value | 54,915 | |
Available for sale, After Five Years through Ten Years, Fair Value | 4,636 | |
Available for sale, After Ten Years, Fair Value | 18,298 | |
Available for sale, Fair Value | 78,279 | 86,345 |
Available for sale, One Year or Less, Amortized Cost | 433 | |
Available for sale, After One Year through Five Years, Amortized Cost | 58,262 | |
Available for sale, After Five Years through Ten Years, Amortized Cost | 5,405 | |
Available for sale, After Ten Years, Amortized Cost | 19,909 | |
Available for sale, Amortized Cost | 84,009 | 91,217 |
Municipal bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Available for sale, One Year or Less, Fair Value | 1,705 | |
Available for sale, After One Year through Five Years, Fair Value | 1,707 | |
Available for sale, After Five Years through Ten Years, Fair Value | 19,721 | |
Available for sale, After Ten Years, Fair Value | 21,904 | |
Available for sale, Fair Value | 45,037 | 57,625 |
Held to maturity, One Year or Less, Fair Value | 0 | |
Held to maturity, After One Year through Five Years, Fair Value | 1,052 | |
Held to maturity, After Five Years through Ten Years, Fair Value | 0 | |
Held to maturity, After Ten Years, Fair Value | 0 | |
Held to maturity, Fair Value | 1,052 | 1,072 |
Available for sale, One Year or Less, Amortized Cost | 1,705 | |
Available for sale, After One Year through Five Years, Amortized Cost | 1,892 | |
Available for sale, After Five Years through Ten Years, Amortized Cost | 23,606 | |
Available for sale, After Ten Years, Amortized Cost | 28,502 | |
Available for sale, Amortized Cost | 55,705 | 67,476 |
Held to maturity, One Year or Less, Amortized Cost | 0 | |
Held to maturity, After One Year through Five Years, Amortized Cost | 1,065 | |
Held to maturity, After Five Years through Ten Years, Amortized Cost | 0 | |
Held to maturity, After Ten Years, Amortized Cost | 0 | |
Held to maturity, Amortized Cost | 1,065 | 1,075 |
U.S. government agency | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Available for sale, One Year or Less, Fair Value | 0 | |
Available for sale, After One Year through Five Years, Fair Value | 5,164 | |
Available for sale, After Five Years through Ten Years, Fair Value | 11,964 | |
Available for sale, After Ten Years, Fair Value | 316 | |
Available for sale, Fair Value | 17,444 | 19,333 |
Available for sale, One Year or Less, Amortized Cost | 0 | |
Available for sale, After One Year through Five Years, Amortized Cost | 5,292 | |
Available for sale, After Five Years through Ten Years, Amortized Cost | 13,669 | |
Available for sale, After Ten Years, Amortized Cost | 317 | |
Available for sale, Amortized Cost | 19,278 | 20,600 |
Corporate bonds | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Available for sale, One Year or Less, Fair Value | 0 | |
Available for sale, After One Year through Five Years, Fair Value | 0 | |
Available for sale, After Five Years through Ten Years, Fair Value | 6,088 | |
Available for sale, After Ten Years, Fair Value | 0 | |
Available for sale, Fair Value | 6,088 | 6,383 |
Available for sale, One Year or Less, Amortized Cost | 0 | |
Available for sale, After One Year through Five Years, Amortized Cost | 0 | |
Available for sale, After Five Years through Ten Years, Amortized Cost | 6,982 | |
Available for sale, After Ten Years, Amortized Cost | 0 | |
Available for sale, Amortized Cost | $ 6,982 | $ 6,980 |
Investment Securities - Summa_3
Investment Securities - Summary of Company's Investment Securities With Unrealized Losses, Aggregated by Type and Length (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | $ 15,856 | $ 321,272 |
Fair Value, Over 1 Year | 410,396 | 157,733 |
Fair Value | 426,252 | 479,005 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 821 | 24,439 |
Gross unrealized losses, Over 1 Year | 62,597 | 30,444 |
Unrealized Losses | 63,418 | 54,883 |
Securities held-to-maturity, Fair Value | ||
Fair Value, Less Than 1 Year | 1,052 | 1,072 |
Fair Value, Over 1 Year | 0 | 0 |
Fair Value | 1,052 | 1,072 |
Securities held-to-maturity, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 13 | 3 |
Gross unrealized losses, Over 1 Year | 0 | 0 |
Unrealized Losses | 13 | 3 |
U.S. agency mortgage-backed | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 10,320 | 184,896 |
Fair Value, Over 1 Year | 269,593 | 129,248 |
Fair Value | 279,913 | 314,144 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 421 | 14,828 |
Gross unrealized losses, Over 1 Year | 43,869 | 23,417 |
Unrealized Losses | 44,290 | 38,245 |
Collateralized mortgage obligations | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 0 | 85,715 |
Fair Value, Over 1 Year | 78,271 | 620 |
Fair Value | 78,271 | 86,335 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 0 | 4,860 |
Gross unrealized losses, Over 1 Year | 5,731 | 13 |
Unrealized Losses | 5,731 | 4,873 |
Municipal bonds | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 1,887 | 28,710 |
Fair Value, Over 1 Year | 42,649 | 24,100 |
Fair Value | 44,536 | 52,810 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 95 | 3,245 |
Gross unrealized losses, Over 1 Year | 10,574 | 6,656 |
Unrealized Losses | 10,669 | 9,901 |
Securities held-to-maturity, Fair Value | ||
Fair Value, Less Than 1 Year | 1,052 | 1,072 |
Fair Value, Over 1 Year | 0 | 0 |
Fair Value | 1,052 | 1,072 |
Securities held-to-maturity, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 13 | 3 |
Gross unrealized losses, Over 1 Year | 0 | 0 |
Unrealized Losses | 13 | 3 |
U.S. government agency | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 3,649 | 18,718 |
Fair Value, Over 1 Year | 13,795 | 615 |
Fair Value | 17,444 | 19,333 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 305 | 1,259 |
Gross unrealized losses, Over 1 Year | 1,529 | 8 |
Unrealized Losses | 1,834 | 1,267 |
Corporate bonds | ||
Securities available-for-sale, Fair Value | ||
Fair Value, Less Than 1 Year | 0 | 3,233 |
Fair Value, Over 1 Year | 6,088 | 3,150 |
Fair Value | 6,088 | 6,383 |
Securities available-for-sale, Unrealized Losses | ||
Gross unrealized losses, Less Than 1 Year | 0 | 247 |
Gross unrealized losses, Over 1 Year | 894 | 350 |
Unrealized Losses | $ 894 | $ 597 |
Investment Securities - Summa_4
Investment Securities - Summary of Amortized Cost of Held-to-maturity Securities by Credit Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Held-to-maturity, Amortized cost | $ 1,065 | $ 1,075 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held-to-maturity, Amortized cost | 1,065 | 1,075 |
Municipal bonds | AAA/AA/A | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held-to-maturity, Amortized cost | 1,065 | 1,075 |
Municipal bonds | BBB/BB/B | ||
Debt Securities, Available-for-sale [Line Items] | ||
Held-to-maturity, Amortized cost | $ 0 | $ 0 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net income available to common shareholders | $ 9,754 | $ 10,434 | $ 30,855 | $ 23,296 |
Denominator: | ||||
Weighted average common shares outstanding (in shares) | 8,006 | 8,089 | 8,045 | 8,162 |
Effect of dilutive securities: | ||||
Weighted average common shares outstanding-assuming dilution (in shares) | 8,039 | 8,138 | 8,084 | 8,219 |
Basic earnings per common share (in usd per share) | $ 1.22 | $ 1.29 | $ 3.84 | $ 2.86 |
Diluted earnings per common share (in usd per share) | $ 1.22 | $ 1.28 | $ 3.82 | $ 2.84 |
Restricted stock | ||||
Effect of dilutive securities: | ||||
Restricted stock / Stock options (in shares) | 14 | 11 | 17 | 14 |
Stock options | ||||
Effect of dilutive securities: | ||||
Restricted stock / Stock options (in shares) | 19 | 38 | 22 | 43 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Number of options and common stock not included in computing diluted earnings per share (in shares) | 131,180 | 75,789 | 102,493 | 66,866 |
Credit Quality and Allowance _3
Credit Quality and Allowance for Credit Losses - Summary of Loans, Net of Unearned Income (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 2,569,094 | $ 2,430,750 |
Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 2,128,675 | 2,017,779 |
Other loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 440,419 | 412,971 |
One- to four-family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 432,092 | 389,616 |
One- to four-family first mortgage | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 432,092 | 389,616 |
Home equity loans and lines | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 69,350 | 61,863 |
Home equity loans and lines | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 69,350 | 61,863 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,178,111 | 1,152,537 |
Commercial real estate | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 1,178,111 | 1,152,537 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 342,711 | 313,175 |
Construction and land | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 342,711 | 313,175 |
Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 106,411 | 100,588 |
Multi-family residential | Real estate loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 106,411 | 100,588 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 407,189 | 377,894 |
Commercial and industrial | Other loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 407,189 | 377,894 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | 33,230 | 35,077 |
Consumer | Other loans: | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of unearned income | $ 33,230 | $ 35,077 |
Credit Quality and Allowance _4
Credit Quality and Allowance for Credit Losses - Additional Information (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 USD ($) loan | Sep. 30, 2022 loan | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net discount on loans | $ 4,920 | $ 6,866 | |
Unearned income | 5,179 | 4,580 | |
Loans greater than 90 days past due and still accruing | $ 43 | 2 | |
Loans modified in the period | loan | 0 | 10 | |
Foreclosed assets and ORE | $ 362 | 461 | |
Mortgage loans in process of foreclosure | 114 | 179 | |
Company's loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | 11,485 | 9,520 | |
Residential properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Foreclosed real estate assets | $ 362 | $ 231 |
Credit Quality and Allowance _5
Credit Quality and Allowance for Credit Losses - Summary of Allowance for Credit Losses and Recorded Investment in Loans (Details) $ in Thousands | Sep. 30, 2023 USD ($) loan | Dec. 31, 2022 USD ($) loan | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | $ 30,788 | $ 28,578 | ||
Individually evaluated for impairment, Allowance for loan losses | 335 | 721 | ||
Allowance for loan losses | 31,123 | 29,299 | $ 27,351 | $ 21,089 |
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 33,242 | 30,671 | ||
Individually evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 335 | 721 | ||
Total allowance for credit losses | 33,577 | 31,392 | 29,614 | 22,904 |
Collectively evaluated for impairment, Recorded investment in loans | 2,564,357 | 2,425,717 | ||
Individually evaluated for impairment, Recorded investment in loans | 4,737 | 5,033 | ||
Total loans | $ 2,569,094 | $ 2,430,750 | ||
PCD Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of loans | loan | 1 | 1 | ||
Unfunded lending commitments | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | $ 2,454 | $ 2,093 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 2,454 | 2,093 | 2,263 | 1,815 |
One- to four-family first mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 3,320 | 2,883 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 3,320 | 2,883 | 2,325 | 1,944 |
Collectively evaluated for impairment, Recorded investment in loans | 432,092 | 389,616 | ||
Individually evaluated for impairment, Recorded investment in loans | 0 | 0 | ||
Total loans | 432,092 | 389,616 | ||
Home equity loans and lines | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 742 | 624 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 742 | 624 | 500 | 508 |
Collectively evaluated for impairment, Recorded investment in loans | 69,350 | 61,863 | ||
Individually evaluated for impairment, Recorded investment in loans | 0 | 0 | ||
Total loans | 69,350 | 61,863 | ||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 14,185 | 13,264 | ||
Individually evaluated for impairment, Allowance for loan losses | 230 | 550 | ||
Allowance for loan losses | 14,415 | 13,814 | 13,697 | 10,454 |
Collectively evaluated for impairment, Recorded investment in loans | 1,173,506 | 1,147,794 | ||
Individually evaluated for impairment, Recorded investment in loans | 4,605 | 4,743 | ||
Total loans | 1,178,111 | 1,152,537 | ||
Construction and land | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 5,123 | 4,680 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 5,123 | 4,680 | 4,973 | 3,572 |
Collectively evaluated for impairment, Recorded investment in loans | 342,711 | 313,175 | ||
Individually evaluated for impairment, Recorded investment in loans | 0 | 0 | ||
Total loans | 342,711 | 313,175 | ||
Multi-family residential | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 523 | 572 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 523 | 572 | 498 | 457 |
Collectively evaluated for impairment, Recorded investment in loans | 106,411 | 100,588 | ||
Individually evaluated for impairment, Recorded investment in loans | 0 | 0 | ||
Total loans | 106,411 | 100,588 | ||
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 6,161 | 5,853 | ||
Individually evaluated for impairment, Allowance for loan losses | 105 | 171 | ||
Allowance for loan losses | 6,266 | 6,024 | 4,711 | 3,520 |
Collectively evaluated for impairment, Recorded investment in loans | 407,057 | 377,690 | ||
Individually evaluated for impairment, Recorded investment in loans | 132 | 204 | ||
Total loans | 407,189 | 377,894 | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses | 734 | 702 | ||
Individually evaluated for impairment, Allowance for loan losses | 0 | 0 | ||
Allowance for loan losses | 734 | 702 | $ 647 | $ 634 |
Collectively evaluated for impairment, Recorded investment in loans | 33,230 | 34,991 | ||
Individually evaluated for impairment, Recorded investment in loans | 0 | 86 | ||
Total loans | $ 33,230 | $ 35,077 |
Credit Quality and Allowance _6
Credit Quality and Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for credit losses: | ||||
Beginning Balance | $ 29,299 | $ 21,089 | ||
Beginning Balance | 31,392 | 22,904 | ||
Allowance for credit losses on PCD loans at acquisition | 1,415 | |||
Allowance for Acquired PCD Loans | 1,415 | |||
Charge-offs | (148) | (1,260) | ||
Recoveries | 296 | 605 | ||
Provision (Reversal) | $ 351 | $ 1,696 | 1,676 | 5,502 |
Provision (Reversal) | 2,037 | 5,950 | ||
Ending Balance | 31,123 | 27,351 | 31,123 | 27,351 |
Ending Balance | 33,577 | 29,614 | 33,577 | 29,614 |
Unfunded lending commitments | ||||
Allowance for credit losses: | ||||
Beginning Balance | 2,093 | 1,815 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision (Reversal) | 361 | 448 | ||
Ending Balance | 2,454 | 2,263 | 2,454 | 2,263 |
One- to four-family first mortgage | ||||
Allowance for credit losses: | ||||
Beginning Balance | 2,883 | 1,944 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 43 | 6 | ||
Provision (Reversal) | 394 | 375 | ||
Ending Balance | 3,320 | 2,325 | 3,320 | 2,325 |
Home equity loans and lines | ||||
Allowance for credit losses: | ||||
Beginning Balance | 624 | 508 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 5 | 7 | ||
Provision (Reversal) | 113 | (15) | ||
Ending Balance | 742 | 500 | 742 | 500 |
Commercial real estate | ||||
Allowance for credit losses: | ||||
Beginning Balance | 13,814 | 10,454 | ||
Allowance for credit losses on PCD loans at acquisition | 1,220 | |||
Charge-offs | 0 | (270) | ||
Recoveries | 55 | 0 | ||
Provision (Reversal) | 546 | 2,293 | ||
Ending Balance | 14,415 | 13,697 | 14,415 | 13,697 |
Construction and land | ||||
Allowance for credit losses: | ||||
Beginning Balance | 4,680 | 3,572 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision (Reversal) | 443 | 1,401 | ||
Ending Balance | 5,123 | 4,973 | 5,123 | 4,973 |
Multi-family residential | ||||
Allowance for credit losses: | ||||
Beginning Balance | 572 | 457 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision (Reversal) | (49) | 41 | ||
Ending Balance | 523 | 498 | 523 | 498 |
Commercial and industrial | ||||
Allowance for credit losses: | ||||
Beginning Balance | 6,024 | 3,520 | ||
Allowance for credit losses on PCD loans at acquisition | 195 | |||
Charge-offs | (86) | (750) | ||
Recoveries | 165 | 468 | ||
Provision (Reversal) | 163 | 1,278 | ||
Ending Balance | 6,266 | 4,711 | 6,266 | 4,711 |
Consumer | ||||
Allowance for credit losses: | ||||
Beginning Balance | 702 | 634 | ||
Allowance for credit losses on PCD loans at acquisition | 0 | |||
Charge-offs | (62) | (240) | ||
Recoveries | 28 | 124 | ||
Provision (Reversal) | 66 | 129 | ||
Ending Balance | $ 734 | $ 647 | $ 734 | $ 647 |
Credit Quality and Allowance _7
Credit Quality and Allowance for Credit Losses - Summary of Loan Portfolio by Credit Quality Classification and Origination Year (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | $ 376,801 | $ 727,253 | |
Origination year - 1 year before current fiscal year | 694,321 | 530,830 | |
Origination year - 2 years prior to current fiscal year | 440,144 | 315,892 | |
Origination year - 3 years prior to current fiscal year | 271,416 | 231,274 | |
Origination year - 4 years prior to current fiscal year | 204,018 | 111,786 | |
Origination year - more than 4 years prior to current fiscal year | 259,194 | 224,304 | |
Revolving Loans | 316,349 | 281,624 | |
Revolving Loans Converted to Term Loans | 6,851 | 7,787 | |
Total loans | 2,569,094 | 2,430,750 | |
Current period gross charge-offs | |||
2023 | 0 | ||
2022 | 15 | ||
2021 | 2 | ||
2020 | 30 | ||
2019 | 7 | ||
Prior | 5 | ||
Revolving Loans | 89 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 148 | $ 1,260 | |
One- to four-family first mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 82,441 | 107,968 | |
Origination year - 1 year before current fiscal year | 108,380 | 78,989 | |
Origination year - 2 years prior to current fiscal year | 73,814 | 38,244 | |
Origination year - 3 years prior to current fiscal year | 34,727 | 34,259 | |
Origination year - 4 years prior to current fiscal year | 30,118 | 26,827 | |
Origination year - more than 4 years prior to current fiscal year | 98,672 | 97,094 | |
Revolving Loans | 3,438 | 5,387 | |
Revolving Loans Converted to Term Loans | 502 | 848 | |
Total loans | 432,092 | 389,616 | |
Current period gross charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 0 | 0 | |
Home equity loans and lines | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 1,711 | 1,898 | |
Origination year - 1 year before current fiscal year | 1,676 | 1,453 | |
Origination year - 2 years prior to current fiscal year | 1,273 | 783 | |
Origination year - 3 years prior to current fiscal year | 778 | 1,142 | |
Origination year - 4 years prior to current fiscal year | 1,297 | 604 | |
Origination year - more than 4 years prior to current fiscal year | 3,396 | 3,486 | |
Revolving Loans | 58,677 | 51,502 | |
Revolving Loans Converted to Term Loans | 542 | 995 | |
Total loans | 69,350 | 61,863 | |
Current period gross charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 0 | 0 | |
Commercial real estate | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 122,107 | 292,991 | |
Origination year - 1 year before current fiscal year | 289,163 | 279,576 | |
Origination year - 2 years prior to current fiscal year | 257,835 | 211,495 | |
Origination year - 3 years prior to current fiscal year | 194,073 | 164,748 | |
Origination year - 4 years prior to current fiscal year | 145,655 | 64,848 | |
Origination year - more than 4 years prior to current fiscal year | 127,300 | 102,375 | |
Revolving Loans | 41,095 | 35,918 | |
Revolving Loans Converted to Term Loans | 883 | 586 | |
Total loans | 1,178,111 | 1,152,537 | |
Current period gross charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 0 | 270 | |
Construction and land | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 90,810 | 171,161 | |
Origination year - 1 year before current fiscal year | 165,122 | 101,841 | |
Origination year - 2 years prior to current fiscal year | 59,639 | 19,772 | |
Origination year - 3 years prior to current fiscal year | 7,168 | 8,912 | |
Origination year - 4 years prior to current fiscal year | 7,789 | 2,534 | |
Origination year - more than 4 years prior to current fiscal year | 4,336 | 2,794 | |
Revolving Loans | 7,847 | 4,434 | |
Revolving Loans Converted to Term Loans | 0 | 1,727 | |
Total loans | 342,711 | 313,175 | |
Current period gross charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 0 | 0 | |
Multi-family residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 13,434 | 33,822 | |
Origination year - 1 year before current fiscal year | 37,503 | 15,775 | |
Origination year - 2 years prior to current fiscal year | 11,954 | 25,661 | |
Origination year - 3 years prior to current fiscal year | 21,762 | 13,070 | |
Origination year - 4 years prior to current fiscal year | 12,673 | 5,627 | |
Origination year - more than 4 years prior to current fiscal year | 7,044 | 2,491 | |
Revolving Loans | 2,041 | 1,302 | |
Revolving Loans Converted to Term Loans | 0 | 2,840 | |
Total loans | 106,411 | 100,588 | |
Current period gross charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 0 | 0 | |
Commercial and industrial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 61,495 | 109,392 | |
Origination year - 1 year before current fiscal year | 86,059 | 50,850 | |
Origination year - 2 years prior to current fiscal year | 34,491 | 18,360 | |
Origination year - 3 years prior to current fiscal year | 11,869 | 8,607 | |
Origination year - 4 years prior to current fiscal year | 6,080 | 11,210 | |
Origination year - more than 4 years prior to current fiscal year | 7,022 | 3,052 | |
Revolving Loans | 195,249 | 175,661 | |
Revolving Loans Converted to Term Loans | 4,924 | 762 | |
Total loans | 407,189 | 377,894 | |
Current period gross charge-offs | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 30 | ||
2019 | 7 | ||
Prior | 0 | ||
Revolving Loans | 49 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 86 | 750 | |
Consumer | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 4,803 | 10,021 | |
Origination year - 1 year before current fiscal year | 6,418 | 2,346 | |
Origination year - 2 years prior to current fiscal year | 1,138 | 1,577 | |
Origination year - 3 years prior to current fiscal year | 1,039 | 536 | |
Origination year - 4 years prior to current fiscal year | 406 | 136 | |
Origination year - more than 4 years prior to current fiscal year | 11,424 | 13,012 | |
Revolving Loans | 8,002 | 7,420 | |
Revolving Loans Converted to Term Loans | 0 | 29 | |
Total loans | 33,230 | 35,077 | |
Current period gross charge-offs | |||
2023 | 0 | ||
2022 | 15 | ||
2021 | 2 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 5 | ||
Revolving Loans | 40 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 62 | $ 240 | |
Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 374,617 | 725,380 | |
Origination year - 1 year before current fiscal year | 690,094 | 529,588 | |
Origination year - 2 years prior to current fiscal year | 432,920 | 312,543 | |
Origination year - 3 years prior to current fiscal year | 267,614 | 225,542 | |
Origination year - 4 years prior to current fiscal year | 198,452 | 107,727 | |
Origination year - more than 4 years prior to current fiscal year | 247,291 | 214,016 | |
Revolving Loans | 311,305 | 280,108 | |
Revolving Loans Converted to Term Loans | 6,709 | 7,237 | |
Total loans | 2,529,002 | 2,402,141 | |
Pass | One- to four-family first mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 82,292 | 107,546 | |
Origination year - 1 year before current fiscal year | 107,715 | 78,744 | |
Origination year - 2 years prior to current fiscal year | 73,509 | 37,876 | |
Origination year - 3 years prior to current fiscal year | 34,415 | 34,114 | |
Origination year - 4 years prior to current fiscal year | 30,035 | 26,455 | |
Origination year - more than 4 years prior to current fiscal year | 97,105 | 94,729 | |
Revolving Loans | 3,438 | 5,387 | |
Revolving Loans Converted to Term Loans | 502 | 348 | |
Total loans | 429,011 | 385,199 | |
Pass | Home equity loans and lines | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 1,711 | 1,898 | |
Origination year - 1 year before current fiscal year | 1,676 | 1,453 | |
Origination year - 2 years prior to current fiscal year | 1,273 | 783 | |
Origination year - 3 years prior to current fiscal year | 778 | 1,142 | |
Origination year - 4 years prior to current fiscal year | 1,297 | 604 | |
Origination year - more than 4 years prior to current fiscal year | 3,300 | 3,453 | |
Revolving Loans | 58,677 | 51,502 | |
Revolving Loans Converted to Term Loans | 513 | 995 | |
Total loans | 69,225 | 61,830 | |
Pass | Commercial real estate | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 122,107 | 292,894 | |
Origination year - 1 year before current fiscal year | 289,147 | 279,397 | |
Origination year - 2 years prior to current fiscal year | 256,212 | 210,983 | |
Origination year - 3 years prior to current fiscal year | 191,091 | 159,169 | |
Origination year - 4 years prior to current fiscal year | 140,184 | 64,554 | |
Origination year - more than 4 years prior to current fiscal year | 121,539 | 95,083 | |
Revolving Loans | 40,995 | 35,918 | |
Revolving Loans Converted to Term Loans | 820 | 586 | |
Total loans | 1,162,095 | 1,138,584 | |
Pass | Construction and land | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 90,344 | 170,744 | |
Origination year - 1 year before current fiscal year | 162,894 | 101,321 | |
Origination year - 2 years prior to current fiscal year | 54,384 | 19,620 | |
Origination year - 3 years prior to current fiscal year | 7,017 | 8,912 | |
Origination year - 4 years prior to current fiscal year | 7,789 | 2,534 | |
Origination year - more than 4 years prior to current fiscal year | 4,284 | 2,716 | |
Revolving Loans | 3,800 | 4,434 | |
Revolving Loans Converted to Term Loans | 0 | 1,727 | |
Total loans | 330,512 | 312,008 | |
Pass | Multi-family residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 13,434 | 33,822 | |
Origination year - 1 year before current fiscal year | 37,503 | 15,775 | |
Origination year - 2 years prior to current fiscal year | 11,954 | 25,661 | |
Origination year - 3 years prior to current fiscal year | 21,762 | 13,070 | |
Origination year - 4 years prior to current fiscal year | 12,673 | 2,241 | |
Origination year - more than 4 years prior to current fiscal year | 3,540 | 2,491 | |
Revolving Loans | 2,041 | 1,302 | |
Revolving Loans Converted to Term Loans | 0 | 2,840 | |
Total loans | 102,907 | 97,202 | |
Pass | Commercial and industrial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 59,926 | 108,464 | |
Origination year - 1 year before current fiscal year | 84,770 | 50,850 | |
Origination year - 2 years prior to current fiscal year | 34,459 | 16,043 | |
Origination year - 3 years prior to current fiscal year | 11,518 | 8,599 | |
Origination year - 4 years prior to current fiscal year | 6,076 | 11,203 | |
Origination year - more than 4 years prior to current fiscal year | 6,277 | 2,759 | |
Revolving Loans | 194,352 | 174,145 | |
Revolving Loans Converted to Term Loans | 4,874 | 712 | |
Total loans | 402,252 | 372,775 | |
Pass | Consumer | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 4,803 | 10,012 | |
Origination year - 1 year before current fiscal year | 6,389 | 2,048 | |
Origination year - 2 years prior to current fiscal year | 1,129 | 1,577 | |
Origination year - 3 years prior to current fiscal year | 1,033 | 536 | |
Origination year - 4 years prior to current fiscal year | 398 | 136 | |
Origination year - more than 4 years prior to current fiscal year | 11,246 | 12,785 | |
Revolving Loans | 8,002 | 7,420 | |
Revolving Loans Converted to Term Loans | 0 | 29 | |
Total loans | 33,000 | 34,543 | |
Special Mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 615 | 488 | |
Origination year - 1 year before current fiscal year | 1,829 | 888 | |
Origination year - 2 years prior to current fiscal year | 4,785 | 345 | |
Origination year - 3 years prior to current fiscal year | 819 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 3,319 | |
Origination year - more than 4 years prior to current fiscal year | 255 | 355 | |
Revolving Loans | 743 | 1,188 | |
Revolving Loans Converted to Term Loans | 0 | 500 | |
Total loans | 9,046 | 7,083 | |
Special Mention | One- to four-family first mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 149 | 150 | |
Origination year - 1 year before current fiscal year | 498 | 189 | |
Origination year - 2 years prior to current fiscal year | 188 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 35 | 355 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 500 | |
Total loans | 870 | 1,194 | |
Special Mention | Home equity loans and lines | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Special Mention | Commercial real estate | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 179 | |
Origination year - 2 years prior to current fiscal year | 0 | 345 | |
Origination year - 3 years prior to current fiscal year | 330 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 330 | 524 | |
Special Mention | Construction and land | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 466 | 0 | |
Origination year - 1 year before current fiscal year | 174 | 520 | |
Origination year - 2 years prior to current fiscal year | 4,597 | 0 | |
Origination year - 3 years prior to current fiscal year | 151 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 5,388 | 520 | |
Special Mention | Multi-family residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 3,312 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 3,312 | |
Special Mention | Commercial and industrial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 338 | |
Origination year - 1 year before current fiscal year | 1,157 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 338 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 7 | |
Origination year - more than 4 years prior to current fiscal year | 220 | 0 | |
Revolving Loans | 743 | 1,188 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 2,458 | 1,533 | |
Special Mention | Consumer | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 1,569 | 1,385 | |
Origination year - 1 year before current fiscal year | 2,398 | 354 | |
Origination year - 2 years prior to current fiscal year | 2,439 | 3,004 | |
Origination year - 3 years prior to current fiscal year | 2,983 | 5,732 | |
Origination year - 4 years prior to current fiscal year | 5,566 | 740 | |
Origination year - more than 4 years prior to current fiscal year | 11,648 | 9,933 | |
Revolving Loans | 4,301 | 328 | |
Revolving Loans Converted to Term Loans | 142 | 50 | |
Total loans | 31,046 | 21,526 | |
Substandard | One- to four-family first mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 272 | |
Origination year - 1 year before current fiscal year | 167 | 56 | |
Origination year - 2 years prior to current fiscal year | 117 | 368 | |
Origination year - 3 years prior to current fiscal year | 312 | 145 | |
Origination year - 4 years prior to current fiscal year | 83 | 372 | |
Origination year - more than 4 years prior to current fiscal year | 1,532 | 2,010 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 2,211 | 3,223 | |
Substandard | Home equity loans and lines | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 96 | 33 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 29 | 0 | |
Total loans | 125 | 33 | |
Substandard | Commercial real estate | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 97 | |
Origination year - 1 year before current fiscal year | 16 | 0 | |
Origination year - 2 years prior to current fiscal year | 1,623 | 167 | |
Origination year - 3 years prior to current fiscal year | 2,652 | 5,579 | |
Origination year - 4 years prior to current fiscal year | 5,471 | 294 | |
Origination year - more than 4 years prior to current fiscal year | 5,761 | 7,292 | |
Revolving Loans | 100 | 0 | |
Revolving Loans Converted to Term Loans | 63 | 0 | |
Total loans | 15,686 | 13,429 | |
Substandard | Construction and land | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 417 | |
Origination year - 1 year before current fiscal year | 2,054 | 0 | |
Origination year - 2 years prior to current fiscal year | 658 | 152 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 52 | 78 | |
Revolving Loans | 4,047 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 6,811 | 647 | |
Substandard | Multi-family residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 74 | |
Origination year - more than 4 years prior to current fiscal year | 3,504 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 3,504 | 74 | |
Substandard | Commercial and industrial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 1,569 | 590 | |
Origination year - 1 year before current fiscal year | 132 | 0 | |
Origination year - 2 years prior to current fiscal year | 32 | 2,317 | |
Origination year - 3 years prior to current fiscal year | 13 | 8 | |
Origination year - 4 years prior to current fiscal year | 4 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 525 | 293 | |
Revolving Loans | 154 | 328 | |
Revolving Loans Converted to Term Loans | 50 | 50 | |
Total loans | 2,479 | 3,586 | |
Substandard | Consumer | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 9 | |
Origination year - 1 year before current fiscal year | 29 | 298 | |
Origination year - 2 years prior to current fiscal year | 9 | 0 | |
Origination year - 3 years prior to current fiscal year | 6 | 0 | |
Origination year - 4 years prior to current fiscal year | 8 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 178 | 227 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 230 | 534 | |
Doubtful | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Doubtful | One- to four-family first mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Doubtful | Home equity loans and lines | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Doubtful | Commercial real estate | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Doubtful | Construction and land | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Doubtful | Multi-family residential | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Doubtful | Commercial and industrial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Doubtful | Consumer | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Origination year - current fiscal year | 0 | 0 | |
Origination year - 1 year before current fiscal year | 0 | 0 | |
Origination year - 2 years prior to current fiscal year | 0 | 0 | |
Origination year - 3 years prior to current fiscal year | 0 | 0 | |
Origination year - 4 years prior to current fiscal year | 0 | 0 | |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | $ 0 | $ 0 |
Credit Quality and Allowance _8
Credit Quality and Allowance for Credit Losses - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | $ 2,569,094 | $ 2,430,750 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 14,374 | 6,543 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 589 | 857 |
Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,140 | 2,498 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 18,103 | 9,898 |
Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,550,991 | 2,420,852 |
Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,145,428 | 1,961,425 |
Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 12,411 | 4,501 |
Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 463 | 493 |
Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,578 | 1,221 |
Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 15,452 | 6,215 |
Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,129,976 | 1,955,210 |
Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 423,666 | 469,325 |
Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,963 | 2,042 |
Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 126 | 364 |
Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 562 | 1,277 |
Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,651 | 3,683 |
Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 421,015 | 465,642 |
Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,128,675 | 2,017,779 |
Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 14,028 | 6,086 |
Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 465 | 622 |
Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,242 | 2,038 |
Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 16,735 | 8,746 |
Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,111,940 | 2,009,033 |
Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,737,987 | 1,591,124 |
Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 12,075 | 4,085 |
Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 340 | 486 |
Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,767 | 820 |
Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 14,182 | 5,391 |
Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,723,805 | 1,585,733 |
Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 390,688 | 426,655 |
Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,953 | 2,001 |
Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 125 | 136 |
Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 475 | 1,218 |
Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,553 | 3,355 |
Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 388,135 | 423,300 |
Other loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 440,419 | 412,971 |
Other loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 346 | 457 |
Other loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 124 | 235 |
Other loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 898 | 460 |
Other loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,368 | 1,152 |
Other loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 439,051 | 411,819 |
Other loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 407,441 | 370,301 |
Other loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 336 | 416 |
Other loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 123 | 7 |
Other loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 811 | 401 |
Other loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,270 | 824 |
Other loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 406,171 | 369,477 |
Other loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 32,978 | 42,670 |
Other loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 10 | 41 |
Other loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1 | 228 |
Other loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 87 | 59 |
Other loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 98 | 328 |
Other loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 32,880 | 42,342 |
One- to four-family first mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 432,092 | 389,616 |
One- to four-family first mortgage | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 432,092 | 389,616 |
One- to four-family first mortgage | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 4,133 | 2,081 |
One- to four-family first mortgage | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 172 | 283 |
One- to four-family first mortgage | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 863 | 1,165 |
One- to four-family first mortgage | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 5,168 | 3,529 |
One- to four-family first mortgage | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 426,924 | 386,087 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 354,175 | 299,830 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,404 | 490 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 47 | 147 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 409 | 646 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,860 | 1,283 |
One- to four-family first mortgage | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 351,315 | 298,547 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 77,917 | 89,786 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,729 | 1,591 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 125 | 136 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 454 | 519 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,308 | 2,246 |
One- to four-family first mortgage | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 75,609 | 87,540 |
Home equity loans and lines | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 69,350 | 61,863 |
Home equity loans and lines | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 69,350 | 61,863 |
Home equity loans and lines | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 132 | 156 |
Home equity loans and lines | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 6 | 1 |
Home equity loans and lines | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 138 | 157 |
Home equity loans and lines | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 69,212 | 61,706 |
Home equity loans and lines | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 60,801 | 52,990 |
Home equity loans and lines | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 83 | 40 |
Home equity loans and lines | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 6 | 0 |
Home equity loans and lines | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 89 | 40 |
Home equity loans and lines | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 60,712 | 52,950 |
Home equity loans and lines | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 8,549 | 8,873 |
Home equity loans and lines | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 49 | 116 |
Home equity loans and lines | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Home equity loans and lines | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 1 |
Home equity loans and lines | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 49 | 117 |
Home equity loans and lines | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 8,500 | 8,756 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,178,111 | 1,152,537 |
Commercial real estate | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,178,111 | 1,152,537 |
Commercial real estate | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 244 | 3,504 |
Commercial real estate | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 163 | 179 |
Commercial real estate | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 231 | 593 |
Commercial real estate | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 638 | 4,276 |
Commercial real estate | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,177,473 | 1,148,261 |
Commercial real estate | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 902,457 | 856,512 |
Commercial real estate | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 69 | 3,210 |
Commercial real estate | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 163 | 179 |
Commercial real estate | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 231 | 27 |
Commercial real estate | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 463 | 3,416 |
Commercial real estate | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 901,994 | 853,096 |
Commercial real estate | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 275,654 | 296,025 |
Commercial real estate | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 175 | 294 |
Commercial real estate | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Commercial real estate | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 566 |
Commercial real estate | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 175 | 860 |
Commercial real estate | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 275,479 | 295,165 |
Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 342,711 | 313,175 |
Construction and land | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 342,711 | 313,175 |
Construction and land | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 5,532 | 345 |
Construction and land | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 130 | 160 |
Construction and land | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,142 | 279 |
Construction and land | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 6,804 | 784 |
Construction and land | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 335,907 | 312,391 |
Construction and land | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 318,136 | 285,392 |
Construction and land | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 5,532 | 345 |
Construction and land | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 130 | 160 |
Construction and land | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1,121 | 147 |
Construction and land | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 6,783 | 652 |
Construction and land | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 311,353 | 284,740 |
Construction and land | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 24,575 | 27,783 |
Construction and land | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Construction and land | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Construction and land | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 21 | 132 |
Construction and land | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 21 | 132 |
Construction and land | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 24,554 | 27,651 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 106,411 | 100,588 |
Multi-family residential | Real estate loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 106,411 | 100,588 |
Multi-family residential | Real estate loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,987 | 0 |
Multi-family residential | Real estate loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,987 | 0 |
Multi-family residential | Real estate loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 102,424 | 100,588 |
Multi-family residential | Real estate loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 102,418 | 96,400 |
Multi-family residential | Real estate loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,987 | 0 |
Multi-family residential | Real estate loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,987 | 0 |
Multi-family residential | Real estate loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 98,431 | 96,400 |
Multi-family residential | Real estate loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,993 | 4,188 |
Multi-family residential | Real estate loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 0 |
Multi-family residential | Real estate loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 3,993 | 4,188 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 407,189 | 377,894 |
Commercial and industrial | Other loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 407,189 | 377,894 |
Commercial and industrial | Other loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 78 | 152 |
Commercial and industrial | Other loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 123 | 225 |
Commercial and industrial | Other loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 753 | 248 |
Commercial and industrial | Other loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 954 | 625 |
Commercial and industrial | Other loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 406,235 | 377,269 |
Commercial and industrial | Other loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 376,873 | 338,780 |
Commercial and industrial | Other loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 77 | 152 |
Commercial and industrial | Other loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 123 | 0 |
Commercial and industrial | Other loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 721 | 210 |
Commercial and industrial | Other loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 921 | 362 |
Commercial and industrial | Other loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 375,952 | 338,418 |
Commercial and industrial | Other loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 30,316 | 39,114 |
Commercial and industrial | Other loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1 | 0 |
Commercial and industrial | Other loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 225 |
Commercial and industrial | Other loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 32 | 38 |
Commercial and industrial | Other loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 33 | 263 |
Commercial and industrial | Other loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 30,283 | 38,851 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 33,230 | 35,077 |
Consumer | Other loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 33,230 | 35,077 |
Consumer | Other loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 268 | 305 |
Consumer | Other loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1 | 10 |
Consumer | Other loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 145 | 212 |
Consumer | Other loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 414 | 527 |
Consumer | Other loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 32,816 | 34,550 |
Consumer | Other loans: | Originated loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 30,568 | 31,521 |
Consumer | Other loans: | Originated loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 259 | 264 |
Consumer | Other loans: | Originated loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 0 | 7 |
Consumer | Other loans: | Originated loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 90 | 191 |
Consumer | Other loans: | Originated loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 349 | 462 |
Consumer | Other loans: | Originated loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 30,219 | 31,059 |
Consumer | Other loans: | Acquired loans: | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 2,662 | 3,556 |
Consumer | Other loans: | Acquired loans: | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 9 | 41 |
Consumer | Other loans: | Acquired loans: | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 1 | 3 |
Consumer | Other loans: | Acquired loans: | Greater Than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 55 | 21 |
Consumer | Other loans: | Acquired loans: | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | 65 | 65 |
Consumer | Other loans: | Acquired loans: | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, net of unearned income | $ 2,597 | $ 3,491 |
Credit Quality and Allowance _9
Credit Quality and Allowance for Credit Losses - Summary of Information Pertaining to Non Accrual Non Covered Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | $ 9,282 | $ 7,500 |
Without Related Allowance | 2,624 | 3,013 |
Total | 11,906 | 10,513 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 1,452 | 1,530 |
One- to four-family first mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 1,682 | 2,300 |
Without Related Allowance | 0 | 0 |
Total | 1,682 | 2,300 |
Home equity loans and lines | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 126 | 34 |
Without Related Allowance | 0 | 0 |
Total | 126 | 34 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 3,589 | 4,031 |
Without Related Allowance | 2,624 | 2,914 |
Total | 6,213 | 6,945 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 2,765 | 315 |
Without Related Allowance | 0 | 0 |
Total | 2,765 | 315 |
Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 0 | 0 |
Without Related Allowance | 0 | 0 |
Total | 0 | 0 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 889 | 365 |
Without Related Allowance | 0 | 13 |
Total | 889 | 378 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
With Related Allowance | 231 | 455 |
Without Related Allowance | 0 | 86 |
Total | $ 231 | $ 541 |
Credit Quality and Allowance_10
Credit Quality and Allowance for Credit Losses - Summary of Information Pertaining to Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 2,569,094 | $ 2,430,750 | ||
ACL | 31,123 | 29,299 | $ 27,351 | $ 21,089 |
Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,737 | 5,033 | ||
ACL | 335 | 721 | ||
One- to four-family first mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 432,092 | 389,616 | ||
ACL | 3,320 | 2,883 | 2,325 | 1,944 |
One- to four-family first mortgage | Residential properties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
ACL | 0 | 0 | ||
Home equity loans and lines | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 69,350 | 61,863 | ||
ACL | 742 | 624 | 500 | 508 |
Home equity loans and lines | Residential properties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
ACL | 0 | 0 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,178,111 | 1,152,537 | ||
ACL | 14,415 | 13,814 | 13,697 | 10,454 |
Commercial real estate | Commercial properties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 4,605 | 4,743 | ||
ACL | 230 | 550 | ||
Construction and land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 342,711 | 313,175 | ||
ACL | 5,123 | 4,680 | 4,973 | 3,572 |
Construction and land | Commercial and residential properties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
ACL | 0 | 0 | ||
Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 106,411 | 100,588 | ||
ACL | 523 | 572 | 498 | 457 |
Multi-family residential | Residential properties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 0 | ||
ACL | 0 | 0 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 407,189 | 377,894 | ||
ACL | 6,266 | 6,024 | 4,711 | 3,520 |
Commercial and industrial | Accounts receivable, Inventory and Equipment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 132 | 204 | ||
ACL | 105 | 171 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 33,230 | 35,077 | ||
ACL | 734 | 702 | $ 647 | $ 634 |
Consumer | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 0 | 86 | ||
ACL | $ 0 | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Accumulated unrealized gains, net of taxes, on derivative instruments | $ 4,337,000 | $ 3,961,000 |
Net derivative liabilities | 0 | |
Agreement termination value | 0 | |
Cash Flow Hedging | Designated as Hedging | ||
Derivative [Line Items] | ||
Gain (loss) to be reclassified within twelve months | $ 2,313,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Summary of Notional Amounts and Fair Value of Derivative Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Netting adjustments | $ 0 | $ 0 |
Net derivative amounts | 5,690,000 | 5,144,000 |
Netting adjustments | 0 | 0 |
Net derivative amounts | 1,000 | 9,000 |
Interest rate swaps | Designated as Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets - notional amount | 60,000,000 | 40,000,000 |
Gross derivative assets | 5,690,000 | 5,144,000 |
Notional Amount | 0 | 0 |
Gross derivative liabilities | 0 | 0 |
Risk participation agreements | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets - notional amount | 0 | 0 |
Gross derivative assets | 0 | 0 |
Notional Amount | 11,858,000 | 12,036,000 |
Gross derivative liabilities | $ 1,000 | $ 9,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, before tax | $ 0 | $ 0 | $ (249) | $ 0 |
Interest rate swaps - variable rate liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Recognized in OCI | 785 | 1,490 | 2,047 | 4,024 |
Interest income | Interest rate swaps - variable rate liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Reclassified from AOCI into Income | 602 | 193 | 1,571 | 231 |
Other noninterest income | Risk participation agreements | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, before tax | $ 6 | $ 6 | $ 8 | $ 73 |
Long Term Debt (Details)
Long Term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Subordinated debt | $ 54,187 | $ 54,013 | |
Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Debt issuance as a percentage of aggregate principal (percent) | 100% | ||
5.75% Fixed-to-Floating Rate Subordinated Notes | Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 55,000 | ||
Fixed-to-floating rate (percent) | 5.75% | ||
Subordinated debt amortization period | 5 years | ||
5.75% Fixed-to-Floating Rate Subordinated Notes | Subordinated Debt | SOFR | |||
Debt Instrument [Line Items] | |||
Debt instrument basis points | 2.82% |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Summary of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | $ 427,019 | $ 486,518 |
U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 280,171 | 316,832 |
Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 78,279 | 86,345 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 45,037 | 57,625 |
U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 17,444 | 19,333 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 6,088 | 6,383 |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 427,019 | 486,518 |
Derivative assets | 5,690 | 5,144 |
Total | 432,709 | 491,662 |
Derivative liabilities | 1 | 9 |
Recurring Basis | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 280,171 | 316,832 |
Recurring Basis | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 78,279 | 86,345 |
Recurring Basis | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 45,037 | 57,625 |
Recurring Basis | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 17,444 | 19,333 |
Recurring Basis | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 6,088 | 6,383 |
Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Derivative assets | 0 | 0 |
Total | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring Basis | Level 1 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 1 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 1 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 1 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 427,019 | 486,518 |
Derivative assets | 5,690 | 5,144 |
Total | 432,709 | 491,662 |
Derivative liabilities | 1 | 9 |
Recurring Basis | Level 2 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 280,171 | 316,832 |
Recurring Basis | Level 2 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 78,279 | 86,345 |
Recurring Basis | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 45,037 | 57,625 |
Recurring Basis | Level 2 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 17,444 | 19,333 |
Recurring Basis | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 6,088 | 6,383 |
Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Derivative assets | 0 | 0 |
Total | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring Basis | Level 3 | U.S. agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 3 | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 3 | U.S. government agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | 0 | 0 |
Recurring Basis | Level 3 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities: | $ 0 | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring Basis - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Loans individually evaluated | $ 4,402 | $ 4,312 |
Foreclosed assets and ORE | 362 | 461 |
Total | 4,764 | 4,773 |
Level 1 | ||
Assets | ||
Loans individually evaluated | 0 | 0 |
Foreclosed assets and ORE | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Assets | ||
Loans individually evaluated | 0 | 0 |
Foreclosed assets and ORE | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Assets | ||
Loans individually evaluated | 4,402 | 4,312 |
Foreclosed assets and ORE | 362 | 461 |
Total | $ 4,764 | $ 4,773 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures - Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Nonrecurring Basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed assets and ORE | $ 362 | $ 461 |
Level 3 | Minimum | Costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated - Weighted average / Range of discounts (percent) | 0% | 0% |
Foreclosed assets and ORE - Weighted average / Range of discounts (percent) | 12% | 6% |
Level 3 | Maximum | Costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated - Weighted average / Range of discounts (percent) | 80% | 89% |
Foreclosed assets and ORE - Weighted average / Range of discounts (percent) | 44% | 31% |
Level 3 | Weighted Average | Costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated - Weighted average / Range of discounts (percent) | 7% | 14% |
Foreclosed assets and ORE - Weighted average / Range of discounts (percent) | 33% | 16% |
Level 3 | Nonrecurring Basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans individually evaluated | $ 4,402 | $ 4,312 |
Foreclosed assets and ORE | $ 362 | $ 461 |
Fair Value Measurements and D_6
Fair Value Measurements and Disclosures - Summary of Fair Values of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financial Assets | ||
Investment securities available for sale | $ 427,019 | $ 486,518 |
Investment securities held to maturity | 1,052 | 1,072 |
Financial Liabilities | ||
Subordinated debt, net of issuance cost | 54,187 | 54,013 |
Short-term FHLB advances | 241,000 | 155,000 |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | 84,520 | 87,401 |
Interest-bearing deposits in banks | 99 | 349 |
Investment securities available for sale | 427,019 | 486,518 |
Investment securities held to maturity | 1,065 | 1,075 |
Mortgage loans held for sale | 467 | 98 |
Loans, net | 2,537,971 | 2,401,451 |
Cash surrender value of BOLI | 47,054 | 46,276 |
Derivative assets | 5,690 | 5,144 |
Financial Liabilities | ||
Deposits | 2,597,484 | 2,633,181 |
Other borrowings | 5,539 | 5,539 |
Subordinated debt, net of issuance cost | 54,187 | 54,013 |
Short-term FHLB advances | 241,000 | 155,000 |
Long-term FHLB advances | 42,826 | 21,213 |
Derivative liabilities | 1 | 9 |
Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 84,520 | 87,401 |
Interest-bearing deposits in banks | 99 | 349 |
Investment securities available for sale | 427,019 | 486,518 |
Investment securities held to maturity | 1,052 | 1,072 |
Mortgage loans held for sale | 467 | 98 |
Loans, net | 2,357,045 | 2,326,104 |
Cash surrender value of BOLI | 47,054 | 46,276 |
Derivative assets | 5,690 | 5,144 |
Financial Liabilities | ||
Deposits | 2,589,335 | 2,620,577 |
Other borrowings | 5,342 | 5,388 |
Subordinated debt, net of issuance cost | 48,312 | 51,287 |
Short-term FHLB advances | 241,000 | 155,000 |
Long-term FHLB advances | 41,321 | 20,019 |
Derivative liabilities | 1 | 9 |
Level 1 | Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 84,520 | 87,401 |
Interest-bearing deposits in banks | 99 | 349 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Cash surrender value of BOLI | 47,054 | 46,276 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Deposits | 2,041,027 | 2,297,736 |
Other borrowings | 0 | 0 |
Subordinated debt, net of issuance cost | 0 | 0 |
Short-term FHLB advances | 241,000 | 155,000 |
Long-term FHLB advances | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits in banks | 0 | 0 |
Investment securities available for sale | 427,019 | 486,518 |
Investment securities held to maturity | 1,052 | 1,072 |
Mortgage loans held for sale | 467 | 98 |
Loans, net | 2,352,643 | 2,321,792 |
Cash surrender value of BOLI | 0 | 0 |
Derivative assets | 5,690 | 5,144 |
Financial Liabilities | ||
Deposits | 548,308 | 322,841 |
Other borrowings | 5,342 | 5,388 |
Subordinated debt, net of issuance cost | 48,312 | 51,287 |
Short-term FHLB advances | 0 | 0 |
Long-term FHLB advances | 41,321 | 20,019 |
Derivative liabilities | 1 | 9 |
Level 3 | Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits in banks | 0 | 0 |
Investment securities available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Loans, net | 4,402 | 4,312 |
Cash surrender value of BOLI | 0 | 0 |
Derivative assets | 0 | 0 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated debt, net of issuance cost | 0 | 0 |
Short-term FHLB advances | 0 | 0 |
Long-term FHLB advances | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |