Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BKGM | |
Entity Registrant Name | BankGuam Holding Company | |
Entity Central Index Key | 0001527383 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 9,731,275 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-54483 | |
Entity Tax Identification Number | 66-0770448 | |
Entity Address, Address Line One | P.O. Box BW | |
Entity Address, City or Town | Hagåtña | |
Entity Address, Country | GU | |
Entity Address, Postal Zip Code | 96932 | |
City Area Code | 671 | |
Local Phone Number | 472-5300 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | GU | |
Entity Interactive Data Current | Yes | |
Title of 12(g) Security | Common Stock, $0.2083 par value per share |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 51,082 | $ 42,875 |
Interest bearing deposits in banks | 764,387 | 244,753 |
Total cash and cash equivalents | 815,469 | 287,628 |
Restricted cash | 150 | 150 |
Investment in unconsolidated subsidiary | 7,719 | |
Investment securities available-for-sale, at fair value | 556,683 | 510,111 |
Investment securities held-to-maturity, at amortized cost (Fair Value $180,803 at 9/30/2021 and $46,911 at 12/31/2020) | 180,759 | 46,584 |
Investment securities trading, at fair value | 1,048 | |
Federal Home Loan Bank stock, at cost | 2,814 | 2,335 |
Loans, net of allowance for loan losses ($38,047 at 09/30/2021 and $34,805 at 12/31/2020) | 1,329,189 | 1,392,722 |
Accrued interest receivable | 6,220 | 8,068 |
Premises and equipment, net | 20,519 | 19,921 |
Goodwill | 13,014 | 783 |
Intangible assets | 11,074 | |
Other assets | 81,447 | 77,123 |
Total assets | 3,018,386 | 2,352,361 |
Deposits: | ||
Non-interest bearing | 1,232,137 | 770,037 |
Interest bearing | 1,530,183 | 1,348,807 |
Total deposits | 2,762,320 | 2,118,844 |
Accrued interest payable | 53 | 77 |
Subordinated debt, net | 34,383 | 14,777 |
Other liabilities | 42,791 | 41,607 |
Total liabilities | 2,839,547 | 2,175,305 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Common stock $0.2083 par value; 48,000 shares authorized; 9,763 and 9,734 shares issued and 9,731 and 9,702 shares outstanding at 9/30/2021 and 12/31/2020, respectively | 2,031 | 2,029 |
Preferred stock $100 par value; 300 shares authorized; 9.8 shares issued and outstanding at 9/30/2021 and 12/31/2020, respectively | 980 | 980 |
Additional paid-in capital, Common stock | 24,834 | 24,777 |
Additional paid-in capital, Preferred stock | 8,803 | 8,803 |
Retained earnings | 148,786 | 137,646 |
Accumulated other comprehensive (loss) income | (13,653) | 3,111 |
Non-controlling interest | 7,348 | |
Common stock in treasury, at cost (32 shares) | (290) | (290) |
Total stockholders’ equity | 178,839 | 177,056 |
Total liabilities and stockholders’ equity | $ 3,018,386 | $ 2,352,361 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Investment securities held-to-maturity, Fair Value | $ 180,803 | $ 46,911 |
Loans, net of allowance for loan losses | $ 38,047 | $ 34,805 |
Common stock, par value | $ 0.2083 | $ 0.2083 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 9,763,000 | 9,734,000 |
Common stock, shares outstanding | 9,731,000 | 9,702,000 |
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | 9,800 | 9,800 |
Preferred stock, shares outstanding | 9,800 | 9,800 |
Common stock in treasury, shares | 32,000 | 32,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Loans | $ 18,011 | $ 18,861 | $ 53,903 | $ 57,955 |
Investment securities | 2,591 | 1,736 | 7,190 | 4,970 |
Deposits with banks | 294 | 82 | 508 | 505 |
Total interest income | 20,896 | 20,679 | 61,601 | 63,430 |
Interest expense: | ||||
Savings deposits | 112 | 278 | 326 | 1,143 |
Time deposits | 7 | 19 | 27 | 57 |
Other borrowed funds | 481 | 238 | 957 | 717 |
Total interest expense | 600 | 535 | 1,310 | 1,917 |
Net interest income | 20,296 | 20,144 | 60,291 | 61,513 |
Provision for loan losses | 2,475 | 2,801 | 5,425 | 7,408 |
Net interest income, after provision for loan losses | 17,821 | 17,343 | 54,866 | 54,105 |
Non-interest income: | ||||
Service charges and fees | 4,336 | 1,410 | 7,843 | 4,712 |
Gain on sale of investment securities | 10 | 68 | 281 | 68 |
Income from merchant services, net | 721 | 547 | 2,127 | 1,422 |
Cardholders income, net | 994 | 452 | 2,239 | 752 |
Trustee fees | 136 | 326 | 437 | 1,405 |
Other income | 4,146 | 1,035 | 7,101 | 2,772 |
Total non-interest income | 10,343 | 3,838 | 20,028 | 11,131 |
Non-interest expense: | ||||
Salaries and employee benefits | 10,086 | 8,914 | 26,786 | 26,375 |
Occupancy | 2,268 | 2,139 | 6,529 | 6,421 |
Equipment and depreciation | 3,149 | 2,855 | 9,173 | 8,809 |
Insurance | 486 | 485 | 1,491 | 1,432 |
Telecommunications | 419 | 357 | 1,174 | 1,072 |
FDIC assessment | 709 | 382 | 1,569 | 984 |
Professional services | 784 | 487 | 1,976 | 1,605 |
Contract services | 1,282 | 412 | 2,622 | 1,449 |
Other real estate owned | (28) | 34 | (1) | 49 |
Stationery and supplies | 129 | 145 | 202 | 343 |
Training and education | 93 | 60 | 177 | 266 |
General, administrative and other | 1,913 | 1,703 | 4,852 | 5,385 |
Total non-interest expense | 21,290 | 17,973 | 56,550 | 54,190 |
Income before income taxes | 6,874 | 3,208 | 18,344 | 11,046 |
Income tax expense | 1,311 | 694 | 3,576 | 2,530 |
Net income | 5,563 | 2,514 | 14,768 | 8,516 |
Net income attributable to noncontrolling interest | 318 | 318 | ||
Net income available to BankGuam Holding Company | 5,245 | 2,514 | 14,450 | 8,516 |
Preferred stock dividend | (125) | (138) | (396) | (410) |
Net income attributable to common stockholders | $ 5,120 | $ 2,376 | $ 14,054 | $ 8,106 |
Earnings per common share (EPS): | ||||
Basic and diluted EPS | $ 0.53 | $ 0.25 | $ 1.45 | $ 0.84 |
Dividends declared per common share | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
Basic and diluted weighted average common shares | 9,723 | 9,689 | 9,714 | 9,681 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 5,563 | $ 2,514 | $ 14,768 | $ 8,516 |
Other comprehensive income (loss): | ||||
Unrealized holding gain (loss) on available-for-sale securities arising during the period, net of tax | (1,139) | (18) | (16,729) | 5,491 |
Reclassification for (gain) realized on available-for- sale securities | (68) | (272) | (68) | |
Amortization of post-transfer unrealized holding loss on held-to-maturity securities during the period, net of tax | 124 | 73 | 237 | 220 |
Total other comprehensive income (loss) | (1,015) | (13) | (16,764) | 5,643 |
Total comprehensive income (loss) | $ 4,548 | $ 2,501 | $ (1,996) | $ 14,159 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital - Common [Member] | Additional Paid-in Capital - Preferred [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Beginning Balances at Dec. 31, 2019 | $ 164,243 | $ 2,023 | $ 980 | $ 24,478 | $ 8,803 | $ 129,576 | $ (1,327) | $ (290) | |
Beginning Balance, Shares at Dec. 31, 2019 | 9,671,556 | ||||||||
Comprehensive income: | |||||||||
Net income | 3,245 | 3,245 | |||||||
Change in accumulated other comprehensive income: | |||||||||
Unrealized gain (loss) on available-for-sale securities, net | 4,643 | 4,643 | |||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards | 93 | $ 2 | 91 | ||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards, Shares | 8,990 | ||||||||
Cash dividends on common stock | (967) | (967) | |||||||
Cash dividends on preferred stock | (136) | (136) | |||||||
Ending Balances at Mar. 31, 2020 | 171,121 | $ 2,025 | 980 | 24,569 | 8,803 | 131,718 | 3,316 | (290) | |
Ending Balance, Shares at Mar. 31, 2020 | 9,680,546 | ||||||||
Beginning Balances at Dec. 31, 2019 | 164,243 | $ 2,023 | 980 | 24,478 | 8,803 | 129,576 | (1,327) | (290) | |
Beginning Balance, Shares at Dec. 31, 2019 | 9,671,556 | ||||||||
Comprehensive income: | |||||||||
Net income | 8,516 | ||||||||
Change in accumulated other comprehensive income: | |||||||||
Unrealized gain (loss) on available-for-sale securities, net | 5,643 | ||||||||
Ending Balances at Sep. 30, 2020 | 175,326 | $ 2,028 | 980 | 24,712 | 8,803 | 134,777 | 4,316 | (290) | |
Ending Balance, Shares at Sep. 30, 2020 | 9,695,058 | ||||||||
Beginning Balances at Mar. 31, 2020 | 171,121 | $ 2,025 | 980 | 24,569 | 8,803 | 131,718 | 3,316 | (290) | |
Beginning Balance, Shares at Mar. 31, 2020 | 9,680,546 | ||||||||
Comprehensive income: | |||||||||
Net income | 2,757 | 2,757 | |||||||
Change in accumulated other comprehensive income: | |||||||||
Unrealized gain (loss) on available-for-sale securities, net | 1,013 | 1,013 | |||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards | 82 | $ 1 | 81 | ||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards, Shares | 7,708 | ||||||||
Cash dividends on common stock | (969) | (969) | |||||||
Cash dividends on preferred stock | (136) | (136) | |||||||
Ending Balances at Jun. 30, 2020 | 173,868 | $ 2,026 | 980 | 24,650 | 8,803 | 133,370 | 4,329 | (290) | |
Ending Balance, Shares at Jun. 30, 2020 | 9,688,254 | ||||||||
Comprehensive income: | |||||||||
Net income | 2,514 | 2,514 | |||||||
Change in accumulated other comprehensive income: | |||||||||
Unrealized gain (loss) on available-for-sale securities, net | (13) | (13) | |||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards | 64 | $ 2 | 62 | ||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards, Shares | 6,804 | ||||||||
Cash dividends on common stock | (969) | (969) | |||||||
Cash dividends on preferred stock | (138) | (138) | |||||||
Ending Balances at Sep. 30, 2020 | 175,326 | $ 2,028 | 980 | 24,712 | 8,803 | 134,777 | 4,316 | (290) | |
Ending Balance, Shares at Sep. 30, 2020 | 9,695,058 | ||||||||
Beginning Balances at Dec. 31, 2020 | 177,056 | $ 2,029 | 980 | 24,777 | 8,803 | 137,646 | 3,111 | (290) | |
Beginning Balance, Shares at Dec. 31, 2020 | 9,702,136 | ||||||||
Comprehensive income: | |||||||||
Net income | 3,295 | 3,295 | |||||||
Change in accumulated other comprehensive income: | |||||||||
Unrealized gain (loss) on available-for-sale securities, net | (20,735) | (20,735) | |||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards | 97 | $ 2 | 95 | ||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards, Shares | 11,436 | ||||||||
Cash dividends on common stock | (970) | (970) | |||||||
Cash dividends on preferred stock | (135) | (135) | |||||||
Ending Balances at Mar. 31, 2021 | 158,608 | $ 2,031 | 980 | 24,872 | 8,803 | 139,836 | (17,624) | (290) | |
Ending Balance, Shares at Mar. 31, 2021 | 9,713,572 | ||||||||
Beginning Balances at Dec. 31, 2020 | 177,056 | $ 2,029 | 980 | 24,777 | 8,803 | 137,646 | 3,111 | (290) | |
Beginning Balance, Shares at Dec. 31, 2020 | 9,702,136 | ||||||||
Comprehensive income: | |||||||||
Net income | 14,768 | ||||||||
Change in accumulated other comprehensive income: | |||||||||
Unrealized gain (loss) on available-for-sale securities, net | (16,764) | ||||||||
Ending Balances at Sep. 30, 2021 | 178,839 | $ 2,031 | 980 | 24,834 | 8,803 | 148,786 | (13,653) | (290) | $ 7,348 |
Ending Balance, Shares at Sep. 30, 2021 | 9,730,575 | ||||||||
Beginning Balances at Mar. 31, 2021 | 158,608 | $ 2,031 | 980 | 24,872 | 8,803 | 139,836 | (17,624) | (290) | |
Beginning Balance, Shares at Mar. 31, 2021 | 9,713,572 | ||||||||
Comprehensive income: | |||||||||
Net income | 5,910 | 5,910 | |||||||
Change in accumulated other comprehensive income: | |||||||||
Unrealized gain (loss) on available-for-sale securities, net | 4,986 | 4,986 | |||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards | 91 | $ 2 | 89 | ||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards, Shares | 9,243 | ||||||||
Cash dividends on common stock | (972) | (972) | |||||||
Cash dividends on preferred stock | (136) | (136) | |||||||
Ending Balances at Jun. 30, 2021 | 168,487 | $ 2,033 | 980 | 24,961 | 8,803 | 144,638 | (12,638) | (290) | |
Ending Balance, Shares at Jun. 30, 2021 | 9,722,815 | ||||||||
Noncontrolling interest in connection with acquisition of ASC | 7,424 | 7,424 | |||||||
Comprehensive income: | |||||||||
Net income | 5,563 | 5,245 | 318 | ||||||
Change in accumulated other comprehensive income: | |||||||||
Unrealized gain (loss) on available-for-sale securities, net | (1,015) | (1,015) | |||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards | 86 | $ 2 | 84 | ||||||
Common stock issued under Employee Stock Purchase Plan & Service Awards, Shares | 7,760 | ||||||||
Return of capital from stocks owned by subsidary | (211) | $ (4) | (211) | 4 | |||||
Cash dividends on common stock | (1,370) | (972) | (398) | ||||||
Cash dividends on preferred stock | (125) | (125) | |||||||
Ending Balances at Sep. 30, 2021 | $ 178,839 | $ 2,031 | $ 980 | $ 24,834 | $ 8,803 | $ 148,786 | $ (13,653) | $ (290) | $ 7,348 |
Ending Balance, Shares at Sep. 30, 2021 | 9,730,575 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 14,768 | $ 8,516 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 5,425 | 7,408 |
Depreciation | 3,190 | 2,989 |
Amortization of debt issuance costs | 30 | 20 |
Amortization of fees, discounts and premiums | 260 | 889 |
Gain on sales of other real estate owned, net | 45 | |
Proceeds from sales of loans held for sale | 22,361 | 17,629 |
Origination of loans held for sale | (22,361) | (17,629) |
Increase in mortgage servicing rights | (202) | (14) |
Gross realized gains on sale of available-for-sale securities | (281) | (68) |
Realized gain (loss) on sale of premises and equipment | 9 | (30) |
Noncash lease expense | 2,144 | 2,084 |
Gain on remeasurement of preexisting interest | (3,737) | |
Net change in operating assets and liabilities: | ||
Accrued interest receivable | 1,848 | (2,235) |
Other assets | (6,982) | 1,623 |
Accrued interest payable | (24) | (45) |
Lease liability | (1,943) | (166) |
Other liabilities | 2,562 | 2,677 |
Net cash provided by operating activities | 17,067 | 23,693 |
Cash flows from investing activities: | ||
Acquisition of subsidiary, ASC Trust LLC | (5,340) | |
Purchases of available-for-sale securities | (289,615) | (335,364) |
Purchases of held-to-maturity securities | (28,060) | (21,250) |
Proceeds from sales of available-for-sale securities | 46,993 | 69,425 |
Maturities, prepayments and calls of available-for-sale securities | 48,668 | 121,485 |
Maturities, prepayments and calls of held-to-maturity securities | 24,525 | 3,539 |
Loan originations and principal collections, net | 57,916 | (96,133) |
Income from equity investment in unconsolidated subsidiary | (1,183) | (778) |
Dividends received from unconsolidated subsidiary | 1,154 | 612 |
Cost from FHLB stock purchase | (479) | (68) |
Proceeds from sales of other real estate owned | 87 | |
Proceeds from sales of premises and equipment | 11 | 5 |
Purchases of premises and equipment | (3,422) | (3,360) |
Net cash used in investing activities | (148,832) | (261,800) |
Cash flows from financing activities: | ||
Net increase in deposits | 643,476 | 407,978 |
Cost from other borrowings | (12) | |
Proceeds from issuance of subordinated debt, net | 19,576 | |
Proceeds from issuance of common stock | 274 | 239 |
Dividends paid | (3,708) | (3,315) |
Net cash provided by financing activities | 659,606 | 404,902 |
Net change in cash, cash equivalents and restricted cash | 527,841 | 166,795 |
Cash, cash equivalents and restricted cash at beginning of period | 287,778 | 132,116 |
Cash, cash equivalents and restricted cash at end of period | 815,619 | 298,911 |
Cash paid during the period for: | ||
Interest | 299 | 1,127 |
Income taxes | 5,144 | 3,792 |
Supplemental disclosure of noncash investing and financing activities: | ||
Net change in unrealized loss on held-to-maturity securities, net of tax | 237 | 220 |
Net change in unrealized gain on available-for-sale securities, net of tax | (17,001) | $ 5,423 |
Transfer of securities from available-for-sale securities | 130,471 | |
Transfer of securities to held-to-maturity securities | $ (130,471) |
Nature of Business
Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | Note 1 – Nature of Business Organization The accompanying condensed consolidated financial statements include the accounts of BankGuam Holding Company (“Company”) and its wholly-owned subsidiaries, Bank of Guam (“Bank”) and BankGuam Investment Services (“BGIS”). The Company is a Guam corporation organized on October 29, 2010, to act as the holding company of the Bank, a Guam banking corporation, an 18-branch bank serving the communities in Guam, the Commonwealth of the Northern Mariana Islands (CNMI), the Federated States of Micronesia (FSM), the Republic of the Marshall Islands (RMI), the Republic of Palau (ROP), and San Francisco, California. BGIS was incorporated in Guam in 2015 and initially capitalized during the first quarter of 2016. During July 2016, the Company executed an agreement to purchase up to 70% of ASC Trust LLC, formerly ASC Trust Corporation. On July 6, 2021, the Company completed its final purchase of 25% of the voting common stock of ASC Trust LLC under the agreement, as amended to date, bringing the Company’s ownership of ASC Trust LLC to 70%. See Note 4 under “Investment in Unconsolidated Subsidiary” for additional details. Other than holding the shares of the Bank, BGIS and ASC Trust LLC, the Company conducts no significant activities, although it is authorized, with the prior approval of its principal regulator, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), to engage in a variety of activities related to the business of banking. Currently, substantially all of the Company’s operations are conducted and substantially all of the assets are owned by the Bank, which accounts for substantially all of our consolidated revenues, expenses and operating income. The Bank provides a variety of financial services to individuals, businesses and governments through its branches. The Bank’s headquarters is located in Hagåtña, Guam. The Bank currently has seven branches in Guam, four in the CNMI, four in the FSM, one in the RMI, one in the ROP, and one in San Francisco, California. The Bank’s primary deposit products are demand deposits, savings and time certificate accounts, and its primary lending products are consumer, commercial and real estate loans. Effective January 29, 2021, the Bank permanently closed the Dededo and Harmon branches in Guam. The COVID-19 pandemic has accelerated the adoption of digital channels by our customers, which was considered in our decision to close those branches. For ease of reference we will sometimes refer to the Company and the Bank as “we”, “us” or “our”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note 2 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all footnotes that would be required for a full presentation of financial condition, results of operations, changes in cash flows and comprehensive income in accordance with generally accepted accounting principles in the United States (“GAAP”). However, these interim financial statements reflect all adjustments (consisting of normal recurring adjustments and accruals) which, in the opinion of our management, are necessary for a fair presentation of our financial condition, results of operations and cash flows for the interim periods presented. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with prior periods, and should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2020, and the notes thereto, included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission (“SEC”) under the Exchange Act on March 22, 2021. Our condensed consolidated financial condition at September 30, 2021, and the condensed consolidated results of operations for the three and nine months ended September 30, 2021, are not necessarily indicative of what our financial condition will be at December 31, 2021, or of the results of our operations that may be expected for the full year ending December 31, 2021. Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the periods presented. Actual results could differ from those estimates. Restricted Cash Interest-bearing deposits in banks that mature within one year are carried at cost. $150 thousand of these deposits are held by the Bank jointly under the names of Bank of Guam and the Guam Insurance Commissioner, and serve as a bond for the Bank of Guam Trust Department. COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The declaration of a global pandemic indicates that almost all public commerce and related business activities may be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and, in some instances, impaired their ability to fulfill their financial obligations to the Company. On March 3, 2020, the Federal Open Market Committee reduced the target range for federal funds by 50 basis points to 1.00% - 1.25%. This rate was further reduced to a target range of 0% - 0.25% on March 16, 2020. In September 2020, the Federal Open Market Committee announced that it will allow inflation to exceed 2% to support employment, and forecasted that the federal funds rate would remain unchanged through 2023.These reductions in interest rates and other effects of the COVID-19 outbreak had an adverse affect on the Company’s financial condition and results of operations. As a result of the spread of the COVID-19 coronavirus, economic uncertainties have negatively impacted net interest income and noninterest income. In the United States, the government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020. The CARES Act, among other things, created a $670 billion loan program (the “Paycheck Protection Program” or the “PPP”) for fully guaranteed loans (which may be forgiven) to small businesses for certain qualifying expenses. The PPP was modified and extended multiple times prior to its expiration on May 31, 2021. Due to the Company’s concerns for the health and safety of its customers and employees, in March 2020 the Bank temporarily closed seven of its branches in Guam and one of its branches in the CNMI, and limited the number of people allowed to be in its remaining facilities at any one time to 50. During 2020, the Bank re-opened four of its branches in Guam, while four of the branches remain closed. Recently Adopted Accounting Pronouncements None. Recently Issued but Not Yet Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” The Company was preparing to implement ASU 2016-13 when it was scheduled to become effective January 1, 2020, but the FASB announced on October 16, 2019, a delay of the effective date for smaller reporting companies until January 1, 2023. Management expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the first reporting period in which the new standard is effective, but cannot yet estimate the magnitude of the adjustment or the overall impact of the new guidance on the Company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share Pro Forma [Abstract] | |
Earnings Per Common Share | Note 3 – Earnings Per Common Share Basic earnings per common share represent income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Potential common shares that may be issued by the Company relate to shares subscribed but not yet issued in 2021 and 2020 under the Employee Stock Purchase Plan, and are reported as dilutive options. No shares were subscribed but not issued at September 30, 2021 and 2020. Earnings per common share are computed based on reported net income, preferred stock dividends and the following common share data: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income available to BankGuam Holding Company $ 5,245 $ 2,514 $ 14,450 $ 8,516 Less preferred stock dividends (125 ) (138 ) (396 ) (410 ) Net income attributable to common stockholders $ 5,120 $ 2,376 $ 14,054 $ 8,106 Weighted average number of common shares outstanding - used to calculate basic and diluted earnings per common share 9,723 9,689 9,714 9,681 Earnings per common share (EPS): Basic and diluted EPS $ 0.53 $ 0.25 $ 1.45 $ 0.84 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 4 – Investment Securities The amortized cost and fair value of investment securities, with gross unrealized gains and losses, is presented as follows: September 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available-for-Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ 254,884 $ - $ (8,285 ) $ 246,599 U.S. government agency pool securities 22,998 5 (116 ) 22,887 U.S. government agency or GSE residential mortgage-backed securities 285,273 2,757 (833 ) 287,197 Total $ 563,155 $ 2,762 $ (9,234 ) $ 556,683 Securities Held-to-Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ 143,180 $ 562 $ (565 ) $ 143,177 U.S. government agency pool securities 3,682 12 (38 ) 3,656 U.S. government agency or GSE residential mortgage-backed securities 33,897 147 (74 ) 33,970 Total $ 180,759 $ 721 $ (677 ) $ 180,803 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available-for-Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ 300,440 $ 54 $ (2,348 ) $ 298,146 U.S. government agency pool securities 28,783 29 (206 ) 28,606 U.S. government agency or GSE residential mortgage-backed securities 176,912 6,447 - 183,359 Total $ 506,135 $ 6,530 $ (2,554 ) $ 510,111 Securities Held-to-Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ 33,221 $ 93 $ (15 ) $ 33,299 U.S. government agency pool securities 4,515 15 (36 ) 4,494 U.S. government agency or GSE residential mortgage-backed securities 8,848 280 (10 ) 9,118 Total $ 46,584 $ 388 $ (61 ) $ 46,911 At September 30, 2021 and December 31, 2020, investment securities with a carrying value of $666.8 million and $360.6 million, respectively, were pledged to secure various government deposits and to meet other public requirements. Proceeds and gross realized gains from the sales of available-for-sale investment securities for the nine months ended September 30, 2021 and 2020 are shown below. There were no sales of investment securities for the three months ended September 30, 2021 and 2020. Nine Months Ended September 30, 2021 2020 Proceeds from sales $ 46,993 $ 69,425 Gross realized gains from sales $ 272 $ 68 Gross realized losses from sales $ - $ - The amortized cost and estimated fair value of investment securities by contractual maturity at September 30, 2021 and December 31, 2020 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or borrowers the right to prepay obligations with or without call or prepayment penalties. At September 30, 2021, obligations of U.S. government corporations and agencies with amortized costs totaling $743.9 million consisted of residential mortgage-backed securities totaling $319.2 million and Small Business Administration agency pool securities totaling $26.7 million whose contractual maturity, or principal repayment, will follow the repayment of the underlying small business loans or mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies and SBA pools is categorized based on final maturity date. At September 30, 2021, the Bank estimates the average remaining life of these mortgage-backed securities and SBA pools to be approximately 4.4 years and 3.6 years, respectively. September 30, 2021 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 169 $ 169 $ - $ - Due after one but within five years 3,970 3,971 1,687 1,708 Due after five but within ten years 192,046 188,931 25,573 25,184 Due after ten years 366,970 363,612 153,499 153,911 Total $ 563,155 $ 556,683 $ 180,759 $ 180,803 December 31, 2020 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 5,115 $ 5,121 $ 11,990 $ 12,070 Due after one but within five years 13,255 13,432 2,325 2,358 Due after five but within ten years 129,708 131,340 26,214 26,348 Due after ten years 358,057 360,218 6,055 6,135 Total $ 506,135 $ 510,111 $ 46,584 $ 46,911 Temporarily Impaired Securities The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021, and December 31, 2020. September 30, 2021 Less Than Twelve Months More Than Twelve Months Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Securities Available for Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ (5,234 ) $ 176,270 $ (3,051 ) $ 70,330 $ (8,285 ) $ 246,600 U.S. government agency pool securities (32 ) 3,143 (84 ) 18,070 (116 ) 21,213 U.S. government agency or GSE residential mortgage-backed securities (833 ) 161,345 - - (833 ) 161,345 Total $ (6,099 ) $ 340,758 $ (3,135 ) $ 88,400 $ (9,234 ) $ 429,158 Securities Held to Maturity US government agency and sponsored Agencies (GSE) debt securities $ (426 ) $ 43,403 $ (139 ) $ 4,861 $ (565 ) $ 48,264 U.S. government agency pool securities (26 ) 1,758 (12 ) 542 (38 ) 2,300 U.S. government agency or GSE residential mortgage-backed securities (74 ) 18,512 - - (74 ) 18,512 Total $ (526 ) $ 63,673 $ (151 ) $ 5,403 $ (677 ) $ 69,076 December 31, 2020 Less Than Twelve Months More Than Twelve Months Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Securities Available for Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ (2,348 ) $ 243,089 $ - $ - $ (2,348 ) $ 243,089 U.S. government agency pool securities (22 ) 3,735 (184 ) 22,672 (206 ) 26,407 Total $ (2,370 ) $ 246,824 $ (184 ) $ 22,672 $ (2,554 ) $ 269,496 Securities Held to Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ (15 ) $ 14,985 $ - $ - $ (15 ) $ 14,985 U.S. government agency pool securities - - (36 ) 2,923 (36 ) 2,923 U.S. government agency or GSE residential mortgage-backed securities (10 ) 506 - - (10 ) 506 Total $ (25 ) $ 15,491 $ (36 ) $ 2,923 $ (61 ) $ 18,414 The investment securities that were in an unrealized loss position as of September 30, 2021, which comprised a total of 116 securities, were not other-than-temporarily impaired. Specifically, the 116 securities are comprised of the following: 34 Small Business Administration Pool securities, 21 agency securities issued by Federal Home Loan Bank (FHLB), 30 agency securities issued by Federal Home Loan Mortgage Corporation (FHLMC), 18 mortgaged-backed securities and 1 agency security issued by Federal National Mortgage Association (FNMA), and 12 agency securities issued by Federal Farm Credit Banks (FFCB). Total gross unrealized losses were primarily attributable to changes in market interest rates, relative to when the investment securities were purchased, and not due to any change in the credit quality of the investment securities. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is not likely that the Company will be required to sell the investment securities before recovery of their amortized cost, which may be at maturity. However, the Company may elect to sell certain investment securities with an unrealized loss position in its “available for sale” portfolio as needed to replenish its liquidity. Investment in Unconsolidated Subsidiary On July 6, 2021, with the approval of the Federal Reserve Bank of San Francisco, the Company used $6.2 million of the proceeds from the subordinated notes totaling $20 million that were issued on June 29, 2021, to acquire an additional 25% of the voting common stock of ASC Trust LLC at the third and final closing, pursuant to the Stock Purchase Agreement (the “Agreement”) dated May 27, 2016, between the Company and David J. John, as amended to date. This transaction brought the Company’s interest in ASC Trust LLC to 70%. The Company evaluated its ownership in ASC Trust LLC after the last transaction in accordance to ASC 810 – Consolidation, and determined that the Company has control over ASC Trust LLC requiring consolidation. See Note 14 – Acquisitions for the details of the accounting treatment of the consolidation in accordance to ASC 805 – Business Combinations. The Company’s Chief Executive Officer serves on the Board of Directors of ASC Trust LLC. Another of the Company’s Board members also serves as a non-minority voting member of an entity that owns 5% of the common stock of ASC Trust LLC. The Agreement contains customary warranties, representations and indemnification provisions. |
Loans Held for Sale, Loans and
Loans Held for Sale, Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans Held for Sale, Loans and Allowance for Loan Losses | Note 5 – Loans Held for Sale, Loans and Allowance for Loan Losses Loans Held for Sale In its normal course of business, the Bank originates mortgage loans held for sale to the FHLMC. The Bank has elected to measure its residential mortgage loans held for sale at cost. Origination fees and costs are recognized in earnings at the time of origination. Loans are sold to FHLMC at par. During the nine months ended September 30, 2021, the Bank originated and sold $22.4 million in FHLMC mortgage loans. During the nine months ended September 30, 2020, the Bank originated and sold $17.6 million in FHLMC loans. Mortgage loans serviced for others are not included in the accompanying condensed consolidated statements of financial condition. The unpaid principal balances of mortgage loans serviced for others were $184.9 million at September 30, 2021 and $186.9 million at December 31, 2020. The decrease of $2.0 million (1.08%) during the nine months ended September 30, 2021, was due to principal paydowns and payoffs during the period, which offset new loans. We retain mortgage servicing rights on mortgage loans that we sell. Such rights represent the net positive cash flows generated from the servicing of such mortgage loans and we recognize such rights as assets on our statements of financial condition based on their estimated fair values. We receive servicing fees, less any subservicing costs, on the unpaid principal balances of such mortgage loans. Those fees are collected from the monthly payments made by the mortgagors or from the proceeds of the sale or foreclosure and liquidation of the underlying real property collateralizing the loans. At September 30, 2021 and December 31, 2020, mortgage servicing rights totaled $1.9 million and $1.7 million, respectively, and are included in other assets in the accompanying condensed consolidated statements of financial condition. The Bank accounts for mortgage servicing rights at fair value with changes in fair value recorded as a part of service fees and charges in the condensed consolidated statements of income. Loans Outstanding loan balances are presented net of unearned income, deferred loan fees, and unamortized discount and premium totaling $3.7 million at September 30, 2021, and $4.2 million at December 31, 2020. As of September 30, 2021, our 10 largest borrowing relationships totaled $339.4 million in commitments, or approximately 24.8% of our total gross loans compared to $345.0 million, or approximately 24.1% at December 31, 2020. Loans subject to ASC Topic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” The loan portfolio consisted of the following at: September 30, 2021 December 31, 2020 Amount Percent Amount Percent Commercial Commercial & industrial $ 311,792 22.7 % $ 366,942 25.6 % Commercial mortgage 714,290 52.1 % 685,138 47.9 % Commercial construction 35,249 2.6 % 51,785 3.6 % Commercial agriculture 601 0.0 % 629 0.0 % Total commercial 1,061,932 77.5 % 1,104,494 77.1 % Consumer Residential mortgage 133,054 9.7 % 127,371 8.9 % Home equity 2,018 0.1 % 2,076 0.1 % Automobile 18,909 1.4 % 19,923 1.4 % Other consumer loans 1 154,998 11.3 % 177,822 12.5 % Total consumer 308,979 22.5 % 327,192 22.9 % Gross loans 1,370,911 100.0 % 1,431,686 100.0 % Deferred loan (fees) costs, net (3,675 ) (4,159 ) Allowance for loan losses (38,047 ) (34,805 ) Loans, net $ 1,329,189 $ 1,392,722 1 Comprised of other revolving credit, installment loans, and overdrafts. Paycheck Protection Program With the passage of the Paycheck Protection Program, or PPP, administered by the Small Business Administration, the Bank actively participated in assisting its customers with applications for resources through the program. PPP loans have either a two-year five-year Allowance for Loan Losses The allowance for loan losses is evaluated on a quarterly basis by Bank management, and is based upon management’s periodic review of the collectability of loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available or conditions change. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. ASC 310-10 defines an impaired loan as one for which there is uncertainty concerning collection of all principal and interest per the original contractual terms of the loan. For those loans that are classified as impaired, an allowance is established when the discounted cash flow (or the collateral value or the observable market price) of the impaired loan is lower than the carrying value of the loan. The general component covers unimpaired loans, and is estimated using a loss migration analysis based on historical charge-off experience and expected loss, given the default probability derived from the Bank’s internal risk rating process. The loss migration analysis tracks twelve rolling quarters of loan loss history and industry loss factors to determine historical losses by classification category for each loan type, except certain consumer loans. These calculated loss factors are then applied to outstanding loan balances for all non-impaired loans. Additionally, a qualitative factor that is determined utilizing external economic factors and internal assessments is applied to each homogeneous loan pool. We also conduct individual loan review analyses, as part of the allowance for loan loss allocation process, applying specific monitoring policies and procedures in analyzing the existing loan portfolio. In the three and nine months ended September 30, 2021, management adjusted the economic risk factors to incorporate the current economic implications, which include reduced tourism and higher unemployment due to the COVID-19 pandemic. Set forth below is a summary of the Bank’s activity in the allowance for loan losses during the three and nine months ended September 30, 2021, and 2020, and the year ended December 31, 2020: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Year Ended December 31, 2020 Balance, beginning of period $ 36,093 $ 30,884 $ 34,805 $ 27,870 $ 27,870 Charged off loans (968 ) (1,657 ) (3,723 ) (4,186 ) (5,628 ) Recoveries on loans previously charged off 447 749 1,540 1,686 2,205 Provision for loan losses 2,475 2,802 5,425 7,408 10,358 Balance, end of period $ 38,047 $ 32,778 $ 38,047 $ 32,778 $ 34,805 Set forth below is information regarding loan balances and the related allowance for loan losses, by portfolio type, for the three and nine months ended September 30, 2021, and 2020, and the year ended December 31, 2020, respectively. Commercial Residential Mortgages Consumer Total (Dollars in thousands) Nine Months Ended September 30, 2021 Allowance for loan losses: Balance at beginning of period $ 21,213 $ 1,990 $ 11,602 $ 34,805 Charge-offs (77 ) (98 ) (3,548 ) (3,723 ) Recoveries 173 - 1,367 1,540 Provision 1,992 453 2,980 5,425 Balance at end of period $ 23,301 $ 2,345 $ 12,401 $ 38,047 Allowance balance at end of period related to: Loans individually evaluated for impairment $ 3,504 $ 50 $ 1,048 $ 4,602 Loans collectively evaluated for impairment 19,797 2,295 11,353 33,445 Ending balance $ 23,301 $ 2,345 $ 12,401 $ 38,047 Loan balances at end of period: Loans individually evaluated for impairment $ 61,043 $ 2,922 $ 1,207 $ 65,172 Loans collectively evaluated for impairment 1,000,889 132,150 172,700 1,305,739 Ending balance $ 1,061,932 $ 135,072 $ 173,907 $ 1,370,911 Nine Months Ended September 30, 2020 Allowance for loan losses: Balance at beginning of period $ 18,360 $ 1,490 $ 8,020 $ 27,870 Charge-offs (912 ) - (3,274 ) (4,186 ) Recoveries 386 - 1,300 1,686 Provision 2,745 480 4,183 7,408 Ending balance $ 20,579 $ 1,970 $ 10,229 $ 32,778 Allowance balance at end of period related to: Loans individually evaluated for impairment $ 4,154 $ 2 $ 1,036 $ 5,192 Loans collectively evaluated for impairment 16,425 1,968 9,193 27,586 Ending balance $ 20,579 $ 1,970 $ 10,229 $ 32,778 Loan balances at end of period: Loans individually evaluated for impairment $ 30,756 $ 2,988 $ 1,102 $ 34,846 Loans collectively evaluated for impairment 1,032,982 125,491 207,935 1,366,408 Ending balance $ 1,063,738 $ 128,479 $ 209,037 $ 1,401,254 Year Ended December 31, 2020 Allowance for loan losses: Balance at beginning of year $ 18,360 $ 1,490 $ 8,020 $ 27,870 Charge-offs (1,069 ) - (4,559 ) (5,628 ) Recoveries 399 - 1,806 2,205 Provision 3,523 500 6,335 10,358 Ending balance $ 21,213 $ 1,990 $ 11,602 $ 34,805 Allowance balance at end of year related to: Loans individually evaluated for impairment $ 3,500 $ 4 $ 1,264 $ 4,768 Loans collectively evaluated for impairment 17,713 1,986 10,338 30,037 Ending balance $ 21,213 $ 1,990 $ 11,602 $ 34,805 Loan balances at end of year: Loans individually evaluated for impairment $ 36,031 $ 2,730 $ 1,343 $ 40,104 Loans collectively evaluated for impairment 1,068,463 126,717 196,402 1,391,582 Ending balance $ 1,104,494 $ 129,447 $ 197,745 $ 1,431,686 Credit Quality The following table provides a summary of the delinquency status of the Bank’s loans by portfolio type: 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Non- Accrual 90 Days and Greater Still Accruing Total Past Due Current Total Loans Outstanding September 30, 2021 Commercial Commercial & industrial $ 4,048 $ 1,839 $ 7,684 $ - $ 13,571 $ 298,221 $ 311,792 Commercial mortgage 1,239 282 5,044 136 6,701 707,589 714,290 Commercial construction - - - - - 35,249 35,249 Commercial agriculture - - - - - 601 601 Total commercial 5,287 2,121 12,728 136 20,272 1,041,660 1,061,932 Consumer Residential mortgage 2,712 1,147 523 421 4,803 128,251 133,054 Home equity - - - - - 2,018 2,018 Automobile 364 110 - 61 535 18,374 18,909 Other consumer 1 1,933 1,191 108 899 4,131 150,867 154,998 Total consumer 5,009 2,448 631 1,381 9,469 299,510 308,979 Total $ 10,296 $ 4,569 $ 13,359 $ 1,517 $ 29,741 $ 1,341,170 $ 1,370,911 December 31, 2020 Commercial Commercial & industrial $ 13,712 $ 3,857 $ 8,119 $ 387 $ 26,075 $ 340,867 $ 366,942 Commercial mortgage 9,183 36,562 913 471 47,129 638,009 685,138 Commercial construction - - - - - 51,785 51,785 Commercial agriculture - - - - - 629 629 Total commercial 22,895 40,419 9,032 858 73,204 1,031,290 1,104,494 Consumer Residential mortgage 4,758 1,833 1,147 129 7,867 119,504 127,371 Home equity - - - - - 2,076 2,076 Automobile 580 184 - 43 807 19,116 19,923 Other consumer 1 3,472 1,502 108 1,096 6,178 171,644 177,822 Total consumer 8,810 3,519 1,255 1,268 14,852 312,340 327,192 Total $ 31,705 $ 43,938 $ 10,287 $ 2,126 $ 88,056 $ 1,343,630 $ 1,431,686 1 Comprised of other revolving credit, installment loans, and overdrafts. Generally, the accrual of interest on a loan is discontinued when principal or interest payments become more than 90 days past due, unless management believes the loan is adequately collateralized and is in the process of collection, with the exception of automobile and other consumer loans which, rather than being placed on non-accrual status, are charged off once they become 120 days delinquent. When a loan is placed on non-accrual status, previously accrued but unpaid interest is reversed against current income. Subsequent collections of cash are applied as principal reductions when received, except when the ultimate collectability of principal is probable, in which case interest payments are credited to income. Non-accrual loans may be restored to accrual status when in receipt of six consecutive payments, and principal and interest become current and full repayment is expected. The following table provides information as of September 30, 2021 and December 31, 2020, with respect to loans on non-accrual status, by portfolio type: September 30, 2021 December 31, 2020 (Dollars in thousands) Non-accrual loans: Commercial Commercial & industrial $ 7,853 $ 8,750 Commercial mortgage 37,749 6,618 Total commercial 45,602 15,368 Consumer Residential mortgage $ 1,742 $ 2,575 Other consumer 1 199 196 Total consumer 1,941 2,771 Total non-accrual loans $ 47,543 $ 18,139 1 Comprised of other revolving credit, installment loans, and overdrafts. Credit Quality Indicators The Bank uses several credit quality indicators to manage credit risk, including an internal credit risk rating system that categorizes loans into pass, special mention, substandard, formula classified, doubtful or loss categories. Credit risk ratings are applied individually to those classes of loans that have significant or unique credit characteristics and that benefit from a case-by-case evaluation. These are typically loans to businesses or individuals in the classes which comprise the commercial portfolio segment. Groups of loans that are underwritten and structured using standardized criteria and characteristics, such as statistical models (e.g., credit scoring or payment performance), are typically risk-rated and monitored collectively. These are typically loans to individuals in the classes which comprise the consumer portfolio segment. The following are the definitions of the Bank’s credit quality indicators: Pass (A): Exceptional: Essentially risk-free credit. These are loans of the highest quality that pose virtually no risk of loss to the Bank. This includes loans fully collateralized by means of a savings account(s) and time certificate(s) of deposit, and by at least 110% of the loan amount. Borrowers should have strong financial statements, good liquidity and excellent credit. Pass (B): Standard: Multiple, strong sources of repayment. These are loans to borrowers with a demonstrated history of financial and managerial performance. The risk of loss is considered to be low. Loans are well-structured, with clearly identified primary and readily available secondary sources of repayment. These loans may be secured by an equal amount of funds in a savings account or time certificate of deposit. These loans may also be secured by marketable collateral whose value can be reasonably determined through outside appraisals. The borrower characteristically has well supported cash flows and low leverage. Pass (C): Acceptable: Good primary and secondary sources of repayment. These are loans to borrowers of average financial condition, stability and management expertise. The borrower should be a well-established individual or company with adequate financial resources to withstand short-term fluctuations in the marketplace. The borrower’s financial ratios and trends are favorable. The loans may be unsecured or supported by non-real estate collateral for which the value is more difficult to determine, represent a reasonable credit risk and require an average amount of account officer attention. The borrower’s ability to repay unsecured credit is to be of unquestionable strength. Pass (D): Monitor: Sufficient primary sources of repayment and an acceptable secondary source of repayment. Acceptable business or individual credit, but the borrower’s operations, cash flows or financial conditions carry average levels of risk. These loans are considered to be collectable in full, but may require a greater-than-average amount of loan officer monitoring. Borrowers are capable of absorbing normal setbacks without failing to meet the terms of the loan agreement. Special Mention: A Special Mention asset has potential weaknesses that deserve a heightened degree of monitoring. These potential weaknesses may result in a deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. The Special Mention classification should neither be a compromise between a pass grade and substandard, nor should it be a “catch all” grade to identify any loan that has a policy exception. Substandard: A Substandard asset is inadequately protected by the current sound worth and payment capacity of the obligor or the collateral pledged. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Assets classified as substandard are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Formula Classified: Formula Classified loans are all loans and credit cards delinquent 90 days and over which have yet to be formally classified Special Mention, Substandard or Doubtful by the Bank’s Loan Committee. In most instances, the monthly formula total is comprised primarily of residential real estate loans, consumer loans, credit cards and commercial loans under $250 thousand. However, commercial loans are typically formally classified by the Loan Committee no later than their 90-day delinquency, and those do not become part of the formula classification. Real estate loans 90-days delinquent that are in the foreclosure process, which is typically completed within another 60 days, are not formally classified during this period. Doubtful: A loan with weaknesses well enough defined that eventual repayment in full, on the basis of currently existing facts, conditions and values, is highly questionable, even though certain factors may be present which could improve the status of the loan. The probability of some loss is extremely high, but because of certain known factors that may work to the advantage of strengthening of the assets (i.e. capital injection, perfecting liens on additional collateral, refinancing plans, etc.), its classification as an estimated loss is deferred until its more exact status can be determined. Loss: Loans classified as “Loss” are considered uncollectible, and are either unsecured or are supported by collateral that is of little to no value. As such, their continuance as recorded assets is not warranted. While this classification does not mandate that a loan has no ultimate recovery value, losses should be taken in the period during which these loans are deemed to be uncollectible. Loans identified as loss are immediately approved for charge-off. The Bank may refer loans to outside collection agencies, attorneys, or its internal collection division to continue collection efforts. Any subsequent recoveries are credited to the Allowance for Loan Losses. The Bank classifies its loan portfolios using internal credit quality ratings, as discussed above under Allowance for Loan Losses . The following table provides a summary of loans by portfolio type and the Bank’s internal credit quality ratings as of September 30, 2021 , and December 31, 2020 : September 30, 2021 December 31, 2020 (Dollars in thousands) Pass: Commercial & industrial $ 279,801 $ 314,201 Commercial mortgage 658,853 626,477 Commercial construction 35,249 51,785 Commercial agriculture 601 629 Residential mortgage 128,528 123,017 Home equity 2,018 2,076 Automobile 18,848 19,880 Other consumer 153,896 176,522 Total pass loans 1,277,794 1,314,587 Special Mention: Commercial & industrial 11,823 6,643 Commercial mortgage 9,167 16,285 Residential mortgage 1,671 1,695 Total special mention loans 22,661 24,623 Substandard: Commercial & industrial 12,789 37,920 Commercial mortgage 45,548 41,654 Residential mortgage 623 433 Other consumer 4 7 Total substandard loans 58,964 80,014 Formula Classified: Residential mortgage 2,232 2,226 Automobile 61 43 Other consumer 1,098 1,293 Total formula classified loans 3,391 3,562 Doubtful: Commercial & industrial 7,379 8,178 Commercial mortgage 722 722 Total doubtful loans 8,101 8,900 Total outstanding loans, gross $ 1,370,911 $ 1,431,686 Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due according to the original contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans include loans that are in non-accrual status and other loans that have been modified in Troubled Debt Restructurings (TDRs), where economic concessions have been granted to borrowers experiencing financial difficulties. These concessions typically result from the Bank’s loss mitigation actions, and could include reductions in the interest rate, payment extensions, forbearance, or other actions taken with the intention of maximizing collections. Impairment is measured on a loan-by-loan basis for commercial and real estate loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral (if the loan is collateral-dependent). Large groups of smaller-balance homogeneous loans, such as consumer loans, are collectively evaluated for impairment. Impairment reserves for these groups of consumer loans are determined using historical loss given default rates for similar loans. The following table sets forth information regarding non-accrual loans and restructured loans, at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 (Dollars in thousands) Impaired loans: Restructured loans: Non-accruing restructured loans $ 34,993 $ 4,718 Accruing restructured loans 14,213 15,937 Total restructured loans 49,206 20,655 Other impaired loans 15,966 19,450 Total impaired loans $ 65,172 $ 40,105 Impaired loans less than 90 days delinquent and included in total impaired loans $ 50,071 $ 27,664 The table below contains additional information with respect to impaired loans, by portfolio type, at September 30, 2021 and December 31, 2020: Recorded Investment Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) September 30, 2021, With no related allowance recorded: Commercial & industrial $ 21,526 $ 21,526 $ 21,554 $ 95 Commercial mortgage 39,318 39,565 38,963 (1 ) Residential mortgage 1,195 1,195 91 (222 ) Other consumer 4 4 5 - Total impaired loans with no related allowance $ 62,043 $ 62,290 $ 60,613 $ (128 ) September 30, 2021, With a related allowance recorded: Commercial & industrial $ 79 $ 129 $ 68 $ 2 Commercial mortgage 120 135 63 - Residential mortgage 1,727 1,736 2,011 1 Automobile 61 61 7 2 Other consumer 1,142 1,142 1,427 8 Total impaired loans with a related allowance $ 3,129 $ 3,203 $ 3,576 $ 13 December 31, 2020, With no related allowance recorded: Commercial & industrial $ 23,745 $ 23,745 $ 23,986 $ 102 Commercial mortgage 11,954 12,201 9,030 45 Residential mortgage 432 432 692 - Other consumer 7 7 7 - Total impaired loans with no related allowance $ 36,138 $ 36,385 $ 33,715 $ 147 December 31, 2020, With a related allowance recorded: Commercial & industrial $ 294 $ 607 $ 282 $ 4 Commercial mortgage 39 54 95 - Residential mortgage 2,298 2,308 2,887 (27 ) Automobile 43 43 71 - Other consumer 1,293 1,292 884 27 Total impaired loans with a related allowance $ 3,967 $ 4,304 $ 4,219 $ 4 Troubled Debt Restructurings In accordance with FASB’s Accounting Standards Update No. 2011-02, “A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring” The CARES Act provided guidance around the modification of loans as a result of the COVID-19 pandemic, which outlined, among other criteria, that short-term modifications made on a good faith basis to borrowers who were current as defined by the CARES Act prior to any relief, are not TDRs. This includes short-term (e.g. six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers are considered current under the CARES Act if they are less than 30 days past due on their contractual payments at the time a modification program is implemented. Additional information regarding performing and nonperforming TDRs at September 30, 2021 and December 31, 2020 is set forth in the following table: Number of Pre- Modification Outstanding Recorded Principal Post- Modification Outstanding Recorded Outstanding Balance Loans Investment Modifications Investment September 30, 2021 December 31, 2020 Performing Residential mortgage - $ - $ - $ - $ - $ - Commercial & industrial 11 17,300 - 17,300 13,752 - Commercial mortgage 2 435 - 435 418 15,936 Consumer 1 49 - 49 43 - Total performing 14 17,784 - 17,784 14,213 15,936 Nonperforming Commercial & industrial 1 176 - 176 98 - Commercial mortgage 10 37,408 - 37,408 34,895 4,671 Consumer - - - - - 48 Total nonperforming 11 37,584 - 37,584 34,993 4,719 Total Troubled Debt Restructurings (TDRs) 25 $ 55,368 $ - $ 55,368 $ 49,206 $ 20,655 Principal modification includes principal forgiveness at the time of modification, contingent principal forgiveness granted over the life of the loan based on borrower performance. In an effort to constructively work with borrowers affected by the COVID-19 pandemic, the Bank initiated a temporary program in March 2020 to allow for 90-day deferrals for residential mortgage and commercial loans upon request from the borrower, and a 90-day deferral for all consumer and automobile loans. The Bank did not identify these loans that were deferred and were over 30 days delinquent as TDRs. The Bank identified a specific reserve for consumer loans totaling $6.0 million at September 30, 2021. The Bank also increased its environmental factors for the reserve to account for the effects of the COVID-19 pandemic. There were no defaults on troubled debt restructurings following the modification during the nine months ended September 30, 2021 and 2020. The Bank has one significant borrowing relationship in bankruptcy totaling $7.4 million at September 30, 2021. The Bank has calculated a specific reserve within the allowance for this borrowing relationship in bankruptcy in the amount of $3.5 million, and believes it has sufficient collateral for the remaining amount. As a result, the Bank’s management believes that at September 30, 2021, there is sufficient coverage to protect the Bank’s exposure to this relationship. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 – Commitments and Contingencies The Bank is involved in certain legal actions and claims that arise in the ordinary course of business. Management believes that, as a result of its legal defenses and insurance arrangements, none of these matters is expected to have a material adverse effect on the Bank’s, BGIS’s or the Company’s financial condition, results of operations or cash flows. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2021 | |
Banking Regulation [Abstract] | |
Regulatory Capital Requirements | Note 7 – Regulatory Capital Requirements The Bank is subject to various regulatory capital requirements administered by the United States federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s, BGIS’s and the Company’s condensed consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items, as calculated under regulatory accounting practices. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of Total and Tier 1 capital (as defined in the regulations) to risk weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). As of September 30, 2021, and December 31, 2020, the Bank met all capital adequacy requirements to which it is subject. As of September 30, 2021, the Bank’s capital ratios each exceeded the Federal Deposit Insurance Corporation’s well capitalized standards under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum Total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the Bank’s last regulatory examination that management believes have changed the Bank’s category. The Bank continues to receive a large influx of deposits from the federal relief programs due to the COVID-19 pandemic resulting in an increase of approximately $ 647.9 million in its average assets at September 30, 2021 to $ billion from $ billion in December 31, 2020 , which had an adverse impact on its ratio of Tier 1 capital to average assets . Management believes that the Bank has the capacity to absorb the growth in total assets, and the tools needed to move deposits off of its balance sheet through its Trust services to continue to be above the well capitalized standards under the regulatory framework for prompt corrective action. The Company’s actual capital amounts and ratios as of September 30, 2021 and December 31, 2020 are presented in the table below. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio At September 30, 2021: Total capital (to Risk Weighted Assets) $ 214,927 14.428 % $ 119,174 8.000 % $ 148,967 10.000 % Tier 1 capital (to Risk Weighted Assets) $ 161,056 10.811 % $ 89,380 6.000 % $ 119,174 8.000 % Tier 1 capital (to Average Assets) $ 161,056 5.443 % $ 118,355 4.000 % $ 147,944 5.000 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 151,273 10.155 % $ 67,035 4.500 % $ 96,829 6.500 % At December 31, 2020: Total capital (to Risk Weighted Assets) $ 206,381 14.307 % $ 115,401 8.000 % $ 144,252 10.000 % Tier 1 capital (to Risk Weighted Assets) $ 173,141 12.003 % $ 86,551 6.000 % $ 115,401 8.000 % Tier 1 capital (to Average Assets) $ 173,141 7.466 % $ 92,765 4.000 % $ 115,956 5.000 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 163,359 11.325 % $ 64,913 4.500 % $ 93,764 6.500 % |
Off-Balance-Sheet Activities
Off-Balance-Sheet Activities | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Off-Balance-Sheet Activities | Note 8 – Off-Balance-Sheet Activities The Bank is a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers in the normal course of business. These financial instruments include commitments to extend credit, standby letters of credit, and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in addition to the amount reflected in the condensed consolidated financial statements. The Bank’s exposure to credit loss, in the event of nonperformance by the other parties to financial instruments for loan commitments and letters of credit, is represented by the contractual amount of these instruments. The Bank follows the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. A summary of financial instruments with off-balance-sheet risk at September 30, 2021 and December 31, 2020 is as follows: September 30, 2021 December 31, 2020 Commitments to extend credit $ 159,408 $ 159,405 Letters of credit: Standby letters of credit $ 55,349 $ 52,827 Commercial letters of credit 2,367 2,574 Total $ 57,716 $ 55,401 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for some lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the customer. Commercial and standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party or the shipment of merchandise from a third party. These letters of credit are primarily issued to support public and private borrowing arrangements. The majority of all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers, and similar credit underwriting standards are applied. The Bank generally holds collateral supporting those commitments. The Bank considers its standby and other letters of credit to be payment guarantees. At September 30, 2021, the maximum undiscounted future payments that the Bank could be required to make for all outstanding letters of credit were $57.7 million. All of these arrangements mature within one year. The Bank has recourse to recover from the customer any amounts paid under these guarantees. Most of the guarantees are fully collateralized; however, several are unsecured. The Bank had recorded $47 thousand in reserve liabilities associated with these guarantees at September 30, 2021. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes We record an amount equal to the tax credits, tax loss carry-forwards and tax deductions (“tax benefits”) that we believe will be available to offset or reduce the amounts of income taxes in future periods as a deferred tax asset on our condensed consolidated statements of financial condition. Under applicable federal and state income tax laws and regulations in the United States, such tax benefits will expire if not used within specified periods of time. Accordingly, the ability to fully use the deferred tax asset depends on the amount of taxable income that we generate during those time periods. At least once each year, or more frequently if warranted, we make an estimates of future taxable income that we believe we are likely to generate during those future periods. If we conclude, on the basis of those estimates and the amount of the tax benefits available to us, that it is more likely than not that we will be able to fully utilize those tax benefits prior to their expiration, we recognize the deferred tax asset in full on our balance sheet. On the other hand, if we conclude on the basis of those estimates and the amount of the tax benefits available to us that it has become more likely than not that we will be unable to utilize those tax benefits in full prior to their expiration, then we would establish a (or increase any existing) valuation allowance to reduce the deferred tax asset on our balance sheet to the amount which we believe we are more likely than not to be able to utilize. Such a reduction is implemented by recognizing a non-cash charge that would have the effect of increasing the provision, or reducing any credit, for income taxes that we would otherwise have recorded in our condensed consolidated statements of income. The determination of whether and the extent to which we will be able to utilize our deferred tax asset involves significant management judgments and assumptions that are subject to period-to-period changes as a result of changes in tax laws, changes in the market, or economic conditions that could affect our operating results or variances between our actual operating results and our projected operating results, as well as other factors. A valuation allowance of $596 thousand and $1.3 million has been provided at September 30, 2021 and December 31, 2020, respectively, to reduce the deferred tax asset because, in management’s opinion, it is more likely than not that less than the entire amount will be realized. The portion of the deferred tax asset with valuation allowance is attributable to a cumulative net operating loss carry forward from the Bank’s CNMI operations, which losses management anticipates will continue. The charge from the net operating loss has already been realized in the accompanying condensed consolidated statements of income as a result of the Guam income tax code. The difference between the effective income tax expense and the income tax expense computed at the Guam statutory rate of 21% was due to nontaxable interest income earned on loans to the Government of Guam. In addition to filing a federal income tax return in Guam, the Bank files income tax returns in the CNMI and the State of California. The Bank is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2012. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 – Fair Value Measurements The Bank uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with ASC Topic 820 “Fair Value Measurements and Disclosures” Fair Value Hierarchy In accordance with the guidance of ASC Topic 820, the Bank groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial assets measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 are as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At September 30, 2021 Available-for-sale Securities: U.S. treasury notes and bonds $ - $ - $ - $ - U.S. government agency and government sponsored enterprise (GSE) debt securities - 246,599 - 246,599 U.S. government agency pool securities - 22,887 - 22,887 U.S. government agency or GSE - 287,197 - 287,197 Total fair value of available-for-sale securities - 556,683 - 556,683 Trading Securities: Debt and equity securities $ 1,048 $ - $ - $ 1,048 Total fair value of trading securities 1,048 - - 1,048 Other assets: MSRs - - 1,885 1,885 Total fair value $ 1,048 $ 556,683 $ 1,885 $ 559,616 At December 31, 2020 Available-for-sale Securities: U.S. treasury notes and bonds $ 5,005 $ - $ - $ 5,005 U.S. government agency and government sponsored enterprise (GSE) debt securities - 293,142 - 293,142 U.S. government agency pool securities - 28,606 - 28,606 U.S. government agency or GSE - 183,358 - 183,358 Total fair value of available-for-sale securities 5,005 505,106 - 510,111 Other assets: MSRs - - 1,683 1,683 Total fair value $ 5,005 $ 505,106 $ 1,683 $ 511,794 There were no liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020. For the periods ended September 30, 2021 and December 31, 2020, the changes in Level 3 assets measured at fair value on a recurring basis are as follows: September 30, 2021 December 31, 2020 Beginning balance $ 1,683 $ 1,704 Realized and unrealized net losses: Included in net income 202 (21 ) Ending balance $ 1,885 $ 1,683 The valuation technique used for Level 3 mortgage servicing rights (“MSRs”) is their discounted cash flow. Inputs considered in determining Level 3 pricing include the anticipated prepayment rates, discount rates, and cost to service. Significant increases or decreases in any of those inputs in isolation would result in a significantly lower or higher fair value measurement. The following table presents quantitative information about the valuation technique and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis: Estimated Fair Value Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Rate September 30, 2021 Financial instrument: MSRs $ 1,885 Discounted Cash Flow Discount Rate 6.06% - 7.74% 6.30% Weighted Average Prepayment Rate (Public Securities Association) 125% December 31, 2020 Financial instrument: MSRs $ 1,683 Discounted Cash Flow Discount Rate 6.06% - 7.74% 6.30% Weighted Average Prepayment Rate (Public Securities Association) 125% There were no transfers into or out of the Bank’s Level 3 financial instruments for the periods ended September 30, 2021 and December 31, 2020. Nonrecurring Fair Value Measurements Under certain circumstances, the Bank makes adjustments to fair value for assets and liabilities even though they are not measured at fair value on an ongoing basis. The Bank did not have any financial instruments carried on the consolidated statements of financial condition by caption and by level in fair value hierarchy for a nonrecurring change in fair value at September 30, 2021 and December 31, 2020, respectively. The fair value of loans subject to write downs is estimated using the appraised value of the underlying collateral, discounted as necessary due to management’s estimates of changes in economic conditions. Additionally, the Bank makes adjustments to nonfinancial assets and liabilities even though they are not measured at fair value on an ongoing basis. The Bank does not The following methods and assumptions were used by the Bank in estimating fair value disclosures for financial instruments: Cash and Cash Equivalents The carrying amount of cash and short-term instruments approximates fair value based on the short-term nature of the assets. Interest-Bearing Deposits in Banks Fair values for other interest-bearing deposits are estimated using discounted cash flow analyses based on current interest rates or yields for similar types of deposits. Federal Home Loan Bank Stock The Bank is a member of the FHLB of Des Moines. As a member, we are required to own stock of the FHLB, the amount of which is based primarily on the level of our borrowings from that institution. We also have the right to acquire additional shares of stock in the FHLB; however, to date, we have not done so. It is not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. Investment Securities When quoted prices are available in an active market, the Bank classifies the securities within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury notes and bonds. At September 30, 2021, the Company classified trading securities in Level 1. If quoted market prices are not available, the Bank estimates fair values using pricing models and discounted cash flows that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, and credit spreads. Examples of such instruments, which would generally be classified within Level 2 of the valuation hierarchy, include U.S. GSE obligations, U.S. government agency pool securities, and other securities. Mortgage-backed securities are included in Level 2 if observable inputs are available. In certain cases where there is limited activity or less transparency around inputs to the valuation, the Bank would classify those securities in Level 3. At September 30, 2021 and December 31, 2020, the Bank did not have any Level 3 investment securities. Loans For variable-rate loans that re-price frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash flow analyses, based upon interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for nonperforming loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. Loans are classified in Level 3. Mortgage Servicing Rights The fair value of MSRs is determined using models which depend on estimates of prepayment rates, discount rates and costs to service. MSRs are classified in Level 3. Deposit Liabilities The fair values disclosed for demand deposits (for example, interest and non-interest checking, passbook savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies current market interest rates on comparable instruments to a schedule of aggregated expected monthly maturities on time deposits. Deposit liabilities are classified in Level 3. Short-Term Borrowings The carrying amounts of federal funds purchased and FHLB advances maturing within ninety days approximate their fair values. We had no outstanding short-term borrowings at September 30, 2021 and December 31, 2020. Long-Term Borrowings The fair value of FHLB advances maturing after ninety days is determined based on expected present value techniques using current market interest rates for advances with similar terms and remaining maturities. We had no outstanding long-term borrowings at September 30, 2021 and December 31, 2020. Accrued Interest The carrying amount of accrued interest approximates fair value. Off-Balance Sheet Commitments and Contingent Liabilities Management does not believe it is practicable to provide an estimate of fair value for off-balance sheet commitments or contingent liabilities because of the uncertainty involved in attempting to assess the likelihood and timing of a commitment being drawn upon, coupled with a lack of an established market for these instruments and the wide diversity of fee structures. Fair Value of Other Financial Instruments The estimated fair values of the Bank’s financial instruments, excluding those assets recorded at fair value on a recurring basis on the Bank’s condensed consolidated statements of financial condition, are as follows: Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 (Dollars in thousands) September 30, 2021 Financial assets: Cash and cash equivalents $ 815,469 $ 815,469 $ - $ - Restricted cash 150 150 - - Federal Home Loan Bank stock 2,814 - 2,814 - Investment securities held-to-maturity 180,759 - 180,803 - Investment securities trading 1,048 1,048 - - Loans, net 1,329,189 - - 1,384,899 Total $ 2,329,429 $ 816,667 $ 183,617 $ 1,384,899 Financial liabilities: Deposits 2,762,320 - - 2,771,995 Total $ 2,762,320 $ - $ - $ 2,771,995 December 31, 2020 Financial assets: Cash and cash equivalents $ 287,628 $ 287,628 $ - $ - Restricted cash 150 150 - - Federal Home Loan Bank stock 2,335 - 2,335 - Investment securities held-to-maturity 46,584 - 46,911 - Loans, net 1,392,722 - - 1,441,402 Total $ 1,729,419 $ 287,778 $ 49,246 $ 1,441,402 Financial liabilities: Deposits $ 2,118,844 $ - $ - $ 2,130,361 Total $ 2,118,844 $ - $ - $ 2,130,361 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Comprehensive Income Net Of Tax [Abstract] | |
Comprehensive Income (Loss) | Note 11 – Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: September 30, 2021 December 31, 2020 Net unrealized (loss) gain on available-for-sale securities $ (6,200 ) $ 4,241 Amounts reclassified from AOCI for (gain) on sale of investment securities available-for-sale included in net income (272 ) (265 ) Tax effect 1,359 (835 ) Unrealized holding (loss) gain on available-for-sale securities, net of tax (5,113 ) 3,141 Gross unrealized holding loss on held-to-maturity securities (8,777 ) (285 ) Amortization of unrealized holding loss on held-to-maturity during the period 237 255 Unrealized holding loss on held-to-maturity securities (8,540 ) (30 ) Accumulated other comprehensive (loss) income $ (13,653 ) $ 3,111 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 12 – Leases The Bank leases certain land, office spaces, and storage spaces. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Instead, the Bank recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease terms, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments based on a percentage of the prevailing market value of the lease and the average of the Treasury Bill Rate and the Guam Consumer Price Index figure, and others include rental payments adjusted periodically for inflation. The Bank's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Bank leases certain facilities from two separate entities in which two of its directors have separate ownership interests. Lease payments made to these entities during the nine months ended September 30, 2021 and 2020, approximated $302 thousand and $237 thousand, respectively. During the three months ended September 30, 2021 and 2020, lease payments made to these entities approximated $97 thousand and $89 thousand, respectively. Additionally, the Bank leases office space to third parties, with original lease terms ranging from 1 to 3 years with option periods ranging up to 12 years. At September 30, 2021, minimum future rents to be received under non-cancelable operating sublease agreements were $13 thousand, $44 thousand, and $26 thousand for the periods ending December 31, 2021, 2022, and 2023, respectively. The cash flow from operating leases included in the measurement of lease liabilities during the nine months ended September 30, 2021 and 2020, were each $2.7 million, respectively. The following table summarizes the lease-related assets and liabilities recorded as part of other assets and other liabilities, respectively, in our condensed consolidated statements of financial condition at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Assets Operating lease right-of-use assets $ 23,969 $ 26,113 Total lease assets $ 23,969 $ 26,113 Liabilities Current Operating $ 2,035 $ 2,510 Noncurrent Operating 22,645 24,112 Total lease liabilities $ 24,680 $ 26,622 The operating lease costs and variable lease costs were $911 thousand and $2.8 million during the three and nine months ended September 30, 2021, respectively, and $976 thousand and $2.9 million during the three and nine months ended September 30, 2020, respectively. The following table provides the maturities of lease liabilities at September 30, 2021: Operating Leases (a) Total 2021 $ 792 $ 792 2022 2,780 2,780 2023 2,532 2,532 2024 2,420 2,420 2025 2,288 2,288 After 2025 35,570 35,570 Total lease payments 46,382 46,382 Less: Interest (b) 21,702 21,702 Present value of lease liabilities (c) $ 24,680 $ 24,680 Note: For leases commencing prior to 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. (a) Operating lease payments include $21.5 million related to options to extend lease terms that are reasonably certain of being exercised. (b) Calculated using the incremental borrowing rate based on the lease term for each lease. (c) Includes the current portion of $2.0 million for operating leases. The following table provides the weighted-average lease term and discount rate at September 30, 2021: September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 25.3 24.6 Weighted-average discount rate Operating leases 4.13 % 4.09 % |
Subordinated Debt
Subordinated Debt | 9 Months Ended |
Sep. 30, 2021 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debt | Note 13 – Subordinated Debt On June 29, 2021, the Company issued $20.0 million in aggregate principal amount of its 4.75% Fixed-to-Floating Rate Subordinated Notes due July 1, 2031 (the “2031 Notes”). The 2031 Notes have a ten-year On June 27, 2019, the Company issued $15.0 million in aggregate principal amount of its 6.35% Fixed-to-Floating Rate Subordinated Notes due June 30, 2029 (the “2029 Notes” and together with the 2031 Notes, the “Notes”). The 2029 Notes have a ten-year Both notes are unsecured, subordinated obligations of the Company only and are not obligations of, and are not guaranteed by, any subsidiary of the Company. The Notes rank junior in right to payment to the Company’s current and future senior indebtedness. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Note 14 – Acquisitions On July 6, 2021 ( the “acquisition date”), the Company closed the acquisition of an additional 25% ownership interest of ASC Trust LLC for $6.2 million, which brought the Company’s ownership interest in ASC Trust LLC to 70%. ASC Trust LLC primarily manages institutional retirement plans and trust accounts in the Micronesian region. The results of ASC Trust LLC operations have been included in the consolidated financial statements since the acquisition date. Prior to acquisition date, the Company accounted for its 45% interest in ASC Trust LLC as an equity-method investment. The aggregate purchase price of the Company’s 70% ownership interest totaled $13.4 million. The Company used both an income-based valuation model and a market approach to determine the fair value of the previously held 45% equity method investment in ASC Trust LLC and the noncontrolling interest. The Company recognized a gain of $3.4 million for the difference between the carrying value of $7.7 million and fair value of $11.1 million of the previously held equity interest. The gain is included in other income in the 2021 consolidated statement of income. The fair value of the noncontrolling interest at the acquisition date was $7.4 million. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The Company is in the process of obtaining third-party valuations of certain intangible assets; thus, the provisional measurements of intangible assets and goodwill are subject to change. Cash $ 546 Other current assets 1,287 Property and equipment, net 359 Intangible assets 11,090 Total identifiable assets 13,282 Current liabilities (472 ) Interest bearing debt (297 ) Total liabilities assumed (769 ) Net identifiable assets acquired 12,513 Goodwill 12,231 Net assets acquired $ 24,744 Of the $11.1 million of acquired intangible assets, $460 thousand was provisionally assigned to trade name and $10.6 million was provisionally assigned to customer relationships. The fair value of the acquired identifiable intangible assets is provisional pending receipt of the final valuations of identifiable intangible assets. Also, the Company is in the process of identifying the estimated useful lives of identifiable intangible assets. The fair values of assets acquired and liabilities assumed other than the intangible assets approximate the carrying values due to short-term maturities. The Company applied the acquisition method of accounting to the ASC Trust LLC transactions, whereby the excess of the fair value of the business over the fair value of identifiable net assets was allocated to goodwill. The goodwill reflects the workforce and synergies expected from the broader financial services offered in Guam. The goodwill is not expected to be deductible for tax purposes. A summary of the changes in goodwill is as follows: September 30, 2021 December 31, 2020 Variance Balance at beginning of year $ 783 $ 783 $ - Additions 12,231 - 12,231 Balance $ 13,014 $ 783 $ 12,231 The Company used discounted cash flow analyses, which represent Level 3 fair value measurements, to assess certain components of its purchase price allocation. The fair value of trade name was determined using the relief from royalty method; the customer contracts were determined using the multi-period excess earnings method. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15 – Subsequent Events Management has reviewed the events occurring through the date of this report, and there were no subsequent events that require additional disclosure to the accompanying financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the periods presented. Actual results could differ from those estimates. |
Restricted Cash | Restricted Cash Interest-bearing deposits in banks that mature within one year are carried at cost. $150 thousand of these deposits are held by the Bank jointly under the names of Bank of Guam and the Guam Insurance Commissioner, and serve as a bond for the Bank of Guam Trust Department. |
COVID-19 | COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic, which continues to spread throughout the United States and around the world. The declaration of a global pandemic indicates that almost all public commerce and related business activities may be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The outbreak of COVID-19 has adversely impacted a broad range of industries in which the Company’s customers operate and, in some instances, impaired their ability to fulfill their financial obligations to the Company. On March 3, 2020, the Federal Open Market Committee reduced the target range for federal funds by 50 basis points to 1.00% - 1.25%. This rate was further reduced to a target range of 0% - 0.25% on March 16, 2020. In September 2020, the Federal Open Market Committee announced that it will allow inflation to exceed 2% to support employment, and forecasted that the federal funds rate would remain unchanged through 2023.These reductions in interest rates and other effects of the COVID-19 outbreak had an adverse affect on the Company’s financial condition and results of operations. As a result of the spread of the COVID-19 coronavirus, economic uncertainties have negatively impacted net interest income and noninterest income. In the United States, the government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020. The CARES Act, among other things, created a $670 billion loan program (the “Paycheck Protection Program” or the “PPP”) for fully guaranteed loans (which may be forgiven) to small businesses for certain qualifying expenses. The PPP was modified and extended multiple times prior to its expiration on May 31, 2021. Due to the Company’s concerns for the health and safety of its customers and employees, in March 2020 the Bank temporarily closed seven of its branches in Guam and one of its branches in the CNMI, and limited the number of people allowed to be in its remaining facilities at any one time to 50. During 2020, the Bank re-opened four of its branches in Guam, while four of the branches remain closed. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements None. |
Recently Issued but Not Yet Adopted Accounting Pronouncements | Recently Issued but Not Yet Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)” The Company was preparing to implement ASU 2016-13 when it was scheduled to become effective January 1, 2020, but the FASB announced on October 16, 2019, a delay of the effective date for smaller reporting companies until January 1, 2023. Management expects to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the first reporting period in which the new standard is effective, but cannot yet estimate the magnitude of the adjustment or the overall impact of the new guidance on the Company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Fair Value Measurements | The Bank uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with ASC Topic 820 “Fair Value Measurements and Disclosures” Fair Value Hierarchy In accordance with the guidance of ASC Topic 820, the Bank groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1: Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market, as well as certain U.S. Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share Pro Forma [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share are computed based on reported net income, preferred stock dividends and the following common share data: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income available to BankGuam Holding Company $ 5,245 $ 2,514 $ 14,450 $ 8,516 Less preferred stock dividends (125 ) (138 ) (396 ) (410 ) Net income attributable to common stockholders $ 5,120 $ 2,376 $ 14,054 $ 8,106 Weighted average number of common shares outstanding - used to calculate basic and diluted earnings per common share 9,723 9,689 9,714 9,681 Earnings per common share (EPS): Basic and diluted EPS $ 0.53 $ 0.25 $ 1.45 $ 0.84 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Investment Securities, with Gross Unrealized Gains and Losses | The amortized cost and fair value of investment securities, with gross unrealized gains and losses, is presented as follows: September 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available-for-Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ 254,884 $ - $ (8,285 ) $ 246,599 U.S. government agency pool securities 22,998 5 (116 ) 22,887 U.S. government agency or GSE residential mortgage-backed securities 285,273 2,757 (833 ) 287,197 Total $ 563,155 $ 2,762 $ (9,234 ) $ 556,683 Securities Held-to-Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ 143,180 $ 562 $ (565 ) $ 143,177 U.S. government agency pool securities 3,682 12 (38 ) 3,656 U.S. government agency or GSE residential mortgage-backed securities 33,897 147 (74 ) 33,970 Total $ 180,759 $ 721 $ (677 ) $ 180,803 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available-for-Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ 300,440 $ 54 $ (2,348 ) $ 298,146 U.S. government agency pool securities 28,783 29 (206 ) 28,606 U.S. government agency or GSE residential mortgage-backed securities 176,912 6,447 - 183,359 Total $ 506,135 $ 6,530 $ (2,554 ) $ 510,111 Securities Held-to-Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ 33,221 $ 93 $ (15 ) $ 33,299 U.S. government agency pool securities 4,515 15 (36 ) 4,494 U.S. government agency or GSE residential mortgage-backed securities 8,848 280 (10 ) 9,118 Total $ 46,584 $ 388 $ (61 ) $ 46,911 |
Summary of Proceeds and Gross Realized Gains from Sales of Available-for-sale Investment Securities | Proceeds and gross realized gains from the sales of available-for-sale investment securities for the nine months ended September 30, 2021 and 2020 are shown below. There were no sales of investment securities for the three months ended September 30, 2021 and 2020. Nine Months Ended September 30, 2021 2020 Proceeds from sales $ 46,993 $ 69,425 Gross realized gains from sales $ 272 $ 68 Gross realized losses from sales $ - $ - |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of investment securities by contractual maturity at September 30, 2021 and December 31, 2020 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or borrowers the right to prepay obligations with or without call or prepayment penalties. At September 30, 2021, obligations of U.S. government corporations and agencies with amortized costs totaling $743.9 million consisted of residential mortgage-backed securities totaling $319.2 million and Small Business Administration agency pool securities totaling $26.7 million whose contractual maturity, or principal repayment, will follow the repayment of the underlying small business loans or mortgages. For purposes of the following table, the entire outstanding balance of these mortgage-backed securities issued by U.S. government corporations and agencies and SBA pools is categorized based on final maturity date. At September 30, 2021, the Bank estimates the average remaining life of these mortgage-backed securities and SBA pools to be approximately 4.4 years and 3.6 years, respectively. September 30, 2021 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 169 $ 169 $ - $ - Due after one but within five years 3,970 3,971 1,687 1,708 Due after five but within ten years 192,046 188,931 25,573 25,184 Due after ten years 366,970 363,612 153,499 153,911 Total $ 563,155 $ 556,683 $ 180,759 $ 180,803 December 31, 2020 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 5,115 $ 5,121 $ 11,990 $ 12,070 Due after one but within five years 13,255 13,432 2,325 2,358 Due after five but within ten years 129,708 131,340 26,214 26,348 Due after ten years 358,057 360,218 6,055 6,135 Total $ 506,135 $ 510,111 $ 46,584 $ 46,911 |
Summary of Gross Unrealized Losses and Fair Value of Investments, with Unrealized Losses of Temporarily Impaired Securities | The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021, and December 31, 2020. September 30, 2021 Less Than Twelve Months More Than Twelve Months Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Securities Available for Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ (5,234 ) $ 176,270 $ (3,051 ) $ 70,330 $ (8,285 ) $ 246,600 U.S. government agency pool securities (32 ) 3,143 (84 ) 18,070 (116 ) 21,213 U.S. government agency or GSE residential mortgage-backed securities (833 ) 161,345 - - (833 ) 161,345 Total $ (6,099 ) $ 340,758 $ (3,135 ) $ 88,400 $ (9,234 ) $ 429,158 Securities Held to Maturity US government agency and sponsored Agencies (GSE) debt securities $ (426 ) $ 43,403 $ (139 ) $ 4,861 $ (565 ) $ 48,264 U.S. government agency pool securities (26 ) 1,758 (12 ) 542 (38 ) 2,300 U.S. government agency or GSE residential mortgage-backed securities (74 ) 18,512 - - (74 ) 18,512 Total $ (526 ) $ 63,673 $ (151 ) $ 5,403 $ (677 ) $ 69,076 December 31, 2020 Less Than Twelve Months More Than Twelve Months Total Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Securities Available for Sale U.S. government agency and government sponsored enterprise (GSE) debt securities $ (2,348 ) $ 243,089 $ - $ - $ (2,348 ) $ 243,089 U.S. government agency pool securities (22 ) 3,735 (184 ) 22,672 (206 ) 26,407 Total $ (2,370 ) $ 246,824 $ (184 ) $ 22,672 $ (2,554 ) $ 269,496 Securities Held to Maturity U.S. government agency and government sponsored enterprise (GSE) debt securities $ (15 ) $ 14,985 $ - $ - $ (15 ) $ 14,985 U.S. government agency pool securities - - (36 ) 2,923 (36 ) 2,923 U.S. government agency or GSE residential mortgage-backed securities (10 ) 506 - - (10 ) 506 Total $ (25 ) $ 15,491 $ (36 ) $ 2,923 $ (61 ) $ 18,414 |
Loans Held for Sale, Loans an_2
Loans Held for Sale, Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loan Portfolio | The loan portfolio consisted of the following at: September 30, 2021 December 31, 2020 Amount Percent Amount Percent Commercial Commercial & industrial $ 311,792 22.7 % $ 366,942 25.6 % Commercial mortgage 714,290 52.1 % 685,138 47.9 % Commercial construction 35,249 2.6 % 51,785 3.6 % Commercial agriculture 601 0.0 % 629 0.0 % Total commercial 1,061,932 77.5 % 1,104,494 77.1 % Consumer Residential mortgage 133,054 9.7 % 127,371 8.9 % Home equity 2,018 0.1 % 2,076 0.1 % Automobile 18,909 1.4 % 19,923 1.4 % Other consumer loans 1 154,998 11.3 % 177,822 12.5 % Total consumer 308,979 22.5 % 327,192 22.9 % Gross loans 1,370,911 100.0 % 1,431,686 100.0 % Deferred loan (fees) costs, net (3,675 ) (4,159 ) Allowance for loan losses (38,047 ) (34,805 ) Loans, net $ 1,329,189 $ 1,392,722 1 Comprised of other revolving credit, installment loans, and overdrafts. |
Activity of Allowance for Loan Losses | Set forth below is a summary of the Bank’s activity in the allowance for loan losses during the three and nine months ended September 30, 2021, and 2020, and the year ended December 31, 2020: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Year Ended December 31, 2020 Balance, beginning of period $ 36,093 $ 30,884 $ 34,805 $ 27,870 $ 27,870 Charged off loans (968 ) (1,657 ) (3,723 ) (4,186 ) (5,628 ) Recoveries on loans previously charged off 447 749 1,540 1,686 2,205 Provision for loan losses 2,475 2,802 5,425 7,408 10,358 Balance, end of period $ 38,047 $ 32,778 $ 38,047 $ 32,778 $ 34,805 |
Loan Balances and Related Allowance for Loan Losses, by Portfolio Type | Set forth below is information regarding loan balances and the related allowance for loan losses, by portfolio type, for the three and nine months ended September 30, 2021, and 2020, and the year ended December 31, 2020, respectively. Commercial Residential Mortgages Consumer Total (Dollars in thousands) Nine Months Ended September 30, 2021 Allowance for loan losses: Balance at beginning of period $ 21,213 $ 1,990 $ 11,602 $ 34,805 Charge-offs (77 ) (98 ) (3,548 ) (3,723 ) Recoveries 173 - 1,367 1,540 Provision 1,992 453 2,980 5,425 Balance at end of period $ 23,301 $ 2,345 $ 12,401 $ 38,047 Allowance balance at end of period related to: Loans individually evaluated for impairment $ 3,504 $ 50 $ 1,048 $ 4,602 Loans collectively evaluated for impairment 19,797 2,295 11,353 33,445 Ending balance $ 23,301 $ 2,345 $ 12,401 $ 38,047 Loan balances at end of period: Loans individually evaluated for impairment $ 61,043 $ 2,922 $ 1,207 $ 65,172 Loans collectively evaluated for impairment 1,000,889 132,150 172,700 1,305,739 Ending balance $ 1,061,932 $ 135,072 $ 173,907 $ 1,370,911 Nine Months Ended September 30, 2020 Allowance for loan losses: Balance at beginning of period $ 18,360 $ 1,490 $ 8,020 $ 27,870 Charge-offs (912 ) - (3,274 ) (4,186 ) Recoveries 386 - 1,300 1,686 Provision 2,745 480 4,183 7,408 Ending balance $ 20,579 $ 1,970 $ 10,229 $ 32,778 Allowance balance at end of period related to: Loans individually evaluated for impairment $ 4,154 $ 2 $ 1,036 $ 5,192 Loans collectively evaluated for impairment 16,425 1,968 9,193 27,586 Ending balance $ 20,579 $ 1,970 $ 10,229 $ 32,778 Loan balances at end of period: Loans individually evaluated for impairment $ 30,756 $ 2,988 $ 1,102 $ 34,846 Loans collectively evaluated for impairment 1,032,982 125,491 207,935 1,366,408 Ending balance $ 1,063,738 $ 128,479 $ 209,037 $ 1,401,254 Year Ended December 31, 2020 Allowance for loan losses: Balance at beginning of year $ 18,360 $ 1,490 $ 8,020 $ 27,870 Charge-offs (1,069 ) - (4,559 ) (5,628 ) Recoveries 399 - 1,806 2,205 Provision 3,523 500 6,335 10,358 Ending balance $ 21,213 $ 1,990 $ 11,602 $ 34,805 Allowance balance at end of year related to: Loans individually evaluated for impairment $ 3,500 $ 4 $ 1,264 $ 4,768 Loans collectively evaluated for impairment 17,713 1,986 10,338 30,037 Ending balance $ 21,213 $ 1,990 $ 11,602 $ 34,805 Loan balances at end of year: Loans individually evaluated for impairment $ 36,031 $ 2,730 $ 1,343 $ 40,104 Loans collectively evaluated for impairment 1,068,463 126,717 196,402 1,391,582 Ending balance $ 1,104,494 $ 129,447 $ 197,745 $ 1,431,686 |
Summary of Delinquency Status of Loans | The following table provides a summary of the delinquency status of the Bank’s loans by portfolio type: 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Non- Accrual 90 Days and Greater Still Accruing Total Past Due Current Total Loans Outstanding September 30, 2021 Commercial Commercial & industrial $ 4,048 $ 1,839 $ 7,684 $ - $ 13,571 $ 298,221 $ 311,792 Commercial mortgage 1,239 282 5,044 136 6,701 707,589 714,290 Commercial construction - - - - - 35,249 35,249 Commercial agriculture - - - - - 601 601 Total commercial 5,287 2,121 12,728 136 20,272 1,041,660 1,061,932 Consumer Residential mortgage 2,712 1,147 523 421 4,803 128,251 133,054 Home equity - - - - - 2,018 2,018 Automobile 364 110 - 61 535 18,374 18,909 Other consumer 1 1,933 1,191 108 899 4,131 150,867 154,998 Total consumer 5,009 2,448 631 1,381 9,469 299,510 308,979 Total $ 10,296 $ 4,569 $ 13,359 $ 1,517 $ 29,741 $ 1,341,170 $ 1,370,911 December 31, 2020 Commercial Commercial & industrial $ 13,712 $ 3,857 $ 8,119 $ 387 $ 26,075 $ 340,867 $ 366,942 Commercial mortgage 9,183 36,562 913 471 47,129 638,009 685,138 Commercial construction - - - - - 51,785 51,785 Commercial agriculture - - - - - 629 629 Total commercial 22,895 40,419 9,032 858 73,204 1,031,290 1,104,494 Consumer Residential mortgage 4,758 1,833 1,147 129 7,867 119,504 127,371 Home equity - - - - - 2,076 2,076 Automobile 580 184 - 43 807 19,116 19,923 Other consumer 1 3,472 1,502 108 1,096 6,178 171,644 177,822 Total consumer 8,810 3,519 1,255 1,268 14,852 312,340 327,192 Total $ 31,705 $ 43,938 $ 10,287 $ 2,126 $ 88,056 $ 1,343,630 $ 1,431,686 1 Comprised of other revolving credit, installment loans, and overdrafts. |
Loans on Non-Accrual Status, by Portfolio | The following table provides information as of September 30, 2021 and December 31, 2020, with respect to loans on non-accrual status, by portfolio type: September 30, 2021 December 31, 2020 (Dollars in thousands) Non-accrual loans: Commercial Commercial & industrial $ 7,853 $ 8,750 Commercial mortgage 37,749 6,618 Total commercial 45,602 15,368 Consumer Residential mortgage $ 1,742 $ 2,575 Other consumer 1 199 196 Total consumer 1,941 2,771 Total non-accrual loans $ 47,543 $ 18,139 1 Comprised of other revolving credit, installment loans, and overdrafts. |
Summary of Loans by Portfolio Type and Internal Credit Quality Ratings | The following table provides a summary of loans by portfolio type and the Bank’s internal credit quality ratings as of September 30, 2021 , and December 31, 2020 : September 30, 2021 December 31, 2020 (Dollars in thousands) Pass: Commercial & industrial $ 279,801 $ 314,201 Commercial mortgage 658,853 626,477 Commercial construction 35,249 51,785 Commercial agriculture 601 629 Residential mortgage 128,528 123,017 Home equity 2,018 2,076 Automobile 18,848 19,880 Other consumer 153,896 176,522 Total pass loans 1,277,794 1,314,587 Special Mention: Commercial & industrial 11,823 6,643 Commercial mortgage 9,167 16,285 Residential mortgage 1,671 1,695 Total special mention loans 22,661 24,623 Substandard: Commercial & industrial 12,789 37,920 Commercial mortgage 45,548 41,654 Residential mortgage 623 433 Other consumer 4 7 Total substandard loans 58,964 80,014 Formula Classified: Residential mortgage 2,232 2,226 Automobile 61 43 Other consumer 1,098 1,293 Total formula classified loans 3,391 3,562 Doubtful: Commercial & industrial 7,379 8,178 Commercial mortgage 722 722 Total doubtful loans 8,101 8,900 Total outstanding loans, gross $ 1,370,911 $ 1,431,686 |
Schedule Of Non Accrual Loans And Restructured Loans | The following table sets forth information regarding non-accrual loans and restructured loans, at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 (Dollars in thousands) Impaired loans: Restructured loans: Non-accruing restructured loans $ 34,993 $ 4,718 Accruing restructured loans 14,213 15,937 Total restructured loans 49,206 20,655 Other impaired loans 15,966 19,450 Total impaired loans $ 65,172 $ 40,105 Impaired loans less than 90 days delinquent and included in total impaired loans $ 50,071 $ 27,664 |
Information Related to Impaired Loans | The table below contains additional information with respect to impaired loans, by portfolio type, at September 30, 2021 and December 31, 2020: Recorded Investment Unpaid Principal Balance Average Recorded Investment Interest Income Recognized (Dollars in thousands) September 30, 2021, With no related allowance recorded: Commercial & industrial $ 21,526 $ 21,526 $ 21,554 $ 95 Commercial mortgage 39,318 39,565 38,963 (1 ) Residential mortgage 1,195 1,195 91 (222 ) Other consumer 4 4 5 - Total impaired loans with no related allowance $ 62,043 $ 62,290 $ 60,613 $ (128 ) September 30, 2021, With a related allowance recorded: Commercial & industrial $ 79 $ 129 $ 68 $ 2 Commercial mortgage 120 135 63 - Residential mortgage 1,727 1,736 2,011 1 Automobile 61 61 7 2 Other consumer 1,142 1,142 1,427 8 Total impaired loans with a related allowance $ 3,129 $ 3,203 $ 3,576 $ 13 December 31, 2020, With no related allowance recorded: Commercial & industrial $ 23,745 $ 23,745 $ 23,986 $ 102 Commercial mortgage 11,954 12,201 9,030 45 Residential mortgage 432 432 692 - Other consumer 7 7 7 - Total impaired loans with no related allowance $ 36,138 $ 36,385 $ 33,715 $ 147 December 31, 2020, With a related allowance recorded: Commercial & industrial $ 294 $ 607 $ 282 $ 4 Commercial mortgage 39 54 95 - Residential mortgage 2,298 2,308 2,887 (27 ) Automobile 43 43 71 - Other consumer 1,293 1,292 884 27 Total impaired loans with a related allowance $ 3,967 $ 4,304 $ 4,219 $ 4 |
Troubled Debt Restructurings | Additional information regarding performing and nonperforming TDRs at September 30, 2021 and December 31, 2020 is set forth in the following table: Number of Pre- Modification Outstanding Recorded Principal Post- Modification Outstanding Recorded Outstanding Balance Loans Investment Modifications Investment September 30, 2021 December 31, 2020 Performing Residential mortgage - $ - $ - $ - $ - $ - Commercial & industrial 11 17,300 - 17,300 13,752 - Commercial mortgage 2 435 - 435 418 15,936 Consumer 1 49 - 49 43 - Total performing 14 17,784 - 17,784 14,213 15,936 Nonperforming Commercial & industrial 1 176 - 176 98 - Commercial mortgage 10 37,408 - 37,408 34,895 4,671 Consumer - - - - - 48 Total nonperforming 11 37,584 - 37,584 34,993 4,719 Total Troubled Debt Restructurings (TDRs) 25 $ 55,368 $ - $ 55,368 $ 49,206 $ 20,655 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Banking Regulation [Abstract] | |
Summary of Actual Capital Amounts and Ratios | The Company’s actual capital amounts and ratios as of September 30, 2021 and December 31, 2020 are presented in the table below. Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio At September 30, 2021: Total capital (to Risk Weighted Assets) $ 214,927 14.428 % $ 119,174 8.000 % $ 148,967 10.000 % Tier 1 capital (to Risk Weighted Assets) $ 161,056 10.811 % $ 89,380 6.000 % $ 119,174 8.000 % Tier 1 capital (to Average Assets) $ 161,056 5.443 % $ 118,355 4.000 % $ 147,944 5.000 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 151,273 10.155 % $ 67,035 4.500 % $ 96,829 6.500 % At December 31, 2020: Total capital (to Risk Weighted Assets) $ 206,381 14.307 % $ 115,401 8.000 % $ 144,252 10.000 % Tier 1 capital (to Risk Weighted Assets) $ 173,141 12.003 % $ 86,551 6.000 % $ 115,401 8.000 % Tier 1 capital (to Average Assets) $ 173,141 7.466 % $ 92,765 4.000 % $ 115,956 5.000 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 163,359 11.325 % $ 64,913 4.500 % $ 93,764 6.500 % |
Off-Balance-Sheet Activities (T
Off-Balance-Sheet Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments with Off-Balance-Sheet Risk | A summary of financial instruments with off-balance-sheet risk at September 30, 2021 and December 31, 2020 is as follows: September 30, 2021 December 31, 2020 Commitments to extend credit $ 159,408 $ 159,405 Letters of credit: Standby letters of credit $ 55,349 $ 52,827 Commercial letters of credit 2,367 2,574 Total $ 57,716 $ 55,401 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Financial assets measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 are as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At September 30, 2021 Available-for-sale Securities: U.S. treasury notes and bonds $ - $ - $ - $ - U.S. government agency and government sponsored enterprise (GSE) debt securities - 246,599 - 246,599 U.S. government agency pool securities - 22,887 - 22,887 U.S. government agency or GSE - 287,197 - 287,197 Total fair value of available-for-sale securities - 556,683 - 556,683 Trading Securities: Debt and equity securities $ 1,048 $ - $ - $ 1,048 Total fair value of trading securities 1,048 - - 1,048 Other assets: MSRs - - 1,885 1,885 Total fair value $ 1,048 $ 556,683 $ 1,885 $ 559,616 At December 31, 2020 Available-for-sale Securities: U.S. treasury notes and bonds $ 5,005 $ - $ - $ 5,005 U.S. government agency and government sponsored enterprise (GSE) debt securities - 293,142 - 293,142 U.S. government agency pool securities - 28,606 - 28,606 U.S. government agency or GSE - 183,358 - 183,358 Total fair value of available-for-sale securities 5,005 505,106 - 510,111 Other assets: MSRs - - 1,683 1,683 Total fair value $ 5,005 $ 505,106 $ 1,683 $ 511,794 |
Assets Measured at Fair Value on Recurring Basis | For the periods ended September 30, 2021 and December 31, 2020, the changes in Level 3 assets measured at fair value on a recurring basis are as follows: September 30, 2021 December 31, 2020 Beginning balance $ 1,683 $ 1,704 Realized and unrealized net losses: Included in net income 202 (21 ) Ending balance $ 1,885 $ 1,683 |
Summary of Valuation Techniques and Unobservable Inputs | The following table presents quantitative information about the valuation technique and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis: Estimated Fair Value Valuation Technique Unobservable Inputs Range of Inputs Weighted Average Rate September 30, 2021 Financial instrument: MSRs $ 1,885 Discounted Cash Flow Discount Rate 6.06% - 7.74% 6.30% Weighted Average Prepayment Rate (Public Securities Association) 125% December 31, 2020 Financial instrument: MSRs $ 1,683 Discounted Cash Flow Discount Rate 6.06% - 7.74% 6.30% Weighted Average Prepayment Rate (Public Securities Association) 125% |
Fair Value of Other Financial Instruments | The estimated fair values of the Bank’s financial instruments, excluding those assets recorded at fair value on a recurring basis on the Bank’s condensed consolidated statements of financial condition, are as follows: Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 (Dollars in thousands) September 30, 2021 Financial assets: Cash and cash equivalents $ 815,469 $ 815,469 $ - $ - Restricted cash 150 150 - - Federal Home Loan Bank stock 2,814 - 2,814 - Investment securities held-to-maturity 180,759 - 180,803 - Investment securities trading 1,048 1,048 - - Loans, net 1,329,189 - - 1,384,899 Total $ 2,329,429 $ 816,667 $ 183,617 $ 1,384,899 Financial liabilities: Deposits 2,762,320 - - 2,771,995 Total $ 2,762,320 $ - $ - $ 2,771,995 December 31, 2020 Financial assets: Cash and cash equivalents $ 287,628 $ 287,628 $ - $ - Restricted cash 150 150 - - Federal Home Loan Bank stock 2,335 - 2,335 - Investment securities held-to-maturity 46,584 - 46,911 - Loans, net 1,392,722 - - 1,441,402 Total $ 1,729,419 $ 287,778 $ 49,246 $ 1,441,402 Financial liabilities: Deposits $ 2,118,844 $ - $ - $ 2,130,361 Total $ 2,118,844 $ - $ - $ 2,130,361 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Comprehensive Income Net Of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) Included in Stockholder's Equity | The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: September 30, 2021 December 31, 2020 Net unrealized (loss) gain on available-for-sale securities $ (6,200 ) $ 4,241 Amounts reclassified from AOCI for (gain) on sale of investment securities available-for-sale included in net income (272 ) (265 ) Tax effect 1,359 (835 ) Unrealized holding (loss) gain on available-for-sale securities, net of tax (5,113 ) 3,141 Gross unrealized holding loss on held-to-maturity securities (8,777 ) (285 ) Amortization of unrealized holding loss on held-to-maturity during the period 237 255 Unrealized holding loss on held-to-maturity securities (8,540 ) (30 ) Accumulated other comprehensive (loss) income $ (13,653 ) $ 3,111 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Lease Related Assets and Liabilities Recorded in Unaudited Condensed Consolidated Statements of Financial Condition | The following table summarizes the lease-related assets and liabilities recorded as part of other assets and other liabilities, respectively, in our condensed consolidated statements of financial condition at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Assets Operating lease right-of-use assets $ 23,969 $ 26,113 Total lease assets $ 23,969 $ 26,113 Liabilities Current Operating $ 2,035 $ 2,510 Noncurrent Operating 22,645 24,112 Total lease liabilities $ 24,680 $ 26,622 |
Schedule of Maturities of Lease Liabilities Under Operating Leases | The following table provides the maturities of lease liabilities at September 30, 2021: Operating Leases (a) Total 2021 $ 792 $ 792 2022 2,780 2,780 2023 2,532 2,532 2024 2,420 2,420 2025 2,288 2,288 After 2025 35,570 35,570 Total lease payments 46,382 46,382 Less: Interest (b) 21,702 21,702 Present value of lease liabilities (c) $ 24,680 $ 24,680 Note: For leases commencing prior to 2019, minimum lease payments exclude payments to landlords for real estate taxes and common area maintenance. (a) Operating lease payments include $21.5 million related to options to extend lease terms that are reasonably certain of being exercised. (b) Calculated using the incremental borrowing rate based on the lease term for each lease. (c) Includes the current portion of $2.0 million for operating leases. |
Summary of Weighted-Average Lease Term and Discount Rate | The following table provides the weighted-average lease term and discount rate at September 30, 2021: September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 25.3 24.6 Weighted-average discount rate Operating leases 4.13 % 4.09 % |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The Company is in the process of obtaining third-party valuations of certain intangible assets; thus, the provisional measurements of intangible assets and goodwill are subject to change. Cash $ 546 Other current assets 1,287 Property and equipment, net 359 Intangible assets 11,090 Total identifiable assets 13,282 Current liabilities (472 ) Interest bearing debt (297 ) Total liabilities assumed (769 ) Net identifiable assets acquired 12,513 Goodwill 12,231 Net assets acquired $ 24,744 |
Summary of Changes in Goodwill | A summary of the changes in goodwill is as follows: September 30, 2021 December 31, 2020 Variance Balance at beginning of year $ 783 $ 783 $ - Additions 12,231 - 12,231 Balance $ 13,014 $ 783 $ 12,231 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - Branch | 9 Months Ended | ||
Sep. 30, 2021 | Jul. 06, 2021 | Jul. 01, 2016 | |
Segment Reporting Information [Line Items] | |||
Ownership percentage | 70.00% | ||
Guam [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 7 | ||
CNMI [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 4 | ||
FSM [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 4 | ||
RMI [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 1 | ||
ROP [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 1 | ||
San Francisco, California [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 1 | ||
ASC Trust Corporation [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of Voting common stock acquire | 25.00% | ||
ASC Trust Corporation [Member] | Maximum [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of shares acquire | 70.00% | ||
Bank Branch [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of branches | 18 | ||
Dededo and Harmon Branches in Gaum [Member] | |||
Segment Reporting Information [Line Items] | |||
Closure date | Jan. 29, 2021 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 16, 2020 | Mar. 03, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Mar. 27, 2020 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 764,387 | $ 244,753 | |||
Paycheck Protection Program [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Debt instrument, face amount | 56,600 | $ 93,400 | |||
COVID 19 [Member] | Paycheck Protection Program [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Debt instrument, face amount | $ 670,000,000 | ||||
COVID 19 [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Debt instrument basis spread on variable rate | 0.00% | 1.00% | |||
COVID 19 [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Debt instrument basis spread on variable rate | 0.25% | 1.25% | |||
Base Rate [Member] | COVID 19 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Debt instrument basis spread on variable rate | 5.00% | ||||
Bank of Guam Trust Department Customer [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 150 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | Sep. 30, 2021 | Sep. 30, 2020 |
Earnings Per Share [Abstract] | ||
Shares subscribed and not issued | 0 | 0 |
Earnings Per Common Share - Sum
Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income available to BankGuam Holding Company | $ 5,245 | $ 2,514 | $ 14,450 | $ 8,516 |
Less preferred stock dividends | (125) | (138) | (396) | (410) |
Net income attributable to common stockholders | $ 5,120 | $ 2,376 | $ 14,054 | $ 8,106 |
Weighted average number of common shares outstanding - used to calculate basic and diluted earnings per common share | 9,723 | 9,689 | 9,714 | 9,681 |
Earnings per common share (EPS): | ||||
Basic and diluted EPS | $ 0.53 | $ 0.25 | $ 1.45 | $ 0.84 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value of Investment Securities, with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 563,155 | $ 506,135 |
Securities Available for Sale, Gross Unrealized Gains | 2,762 | 6,530 |
Securities Available for Sale, Gross Unrealized Losses | (9,234) | (2,554) |
Securities Available for Sale, Estimated Fair Value | 556,683 | 510,111 |
Securities Held to Maturity, Amortized Cost | 180,759 | 46,584 |
Securities Held to Maturity, Gross Unrealized Gains | 721 | 388 |
Securities Held to Maturity, Gross Unrealized Losses | (677) | (61) |
Securities Held to Maturity, Estimated Fair Value | 180,803 | 46,911 |
U.S. Government Agency and Government Sponsored Enterprise (GSE) Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 254,884 | 300,440 |
Securities Available for Sale, Gross Unrealized Gains | 54 | |
Securities Available for Sale, Gross Unrealized Losses | (8,285) | (2,348) |
Securities Available for Sale, Estimated Fair Value | 246,599 | 298,146 |
Securities Held to Maturity, Amortized Cost | 143,180 | 33,221 |
Securities Held to Maturity, Gross Unrealized Gains | 562 | 93 |
Securities Held to Maturity, Gross Unrealized Losses | (565) | (15) |
Securities Held to Maturity, Estimated Fair Value | 143,177 | 33,299 |
U.S. Government Agency Pool Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 22,998 | 28,783 |
Securities Available for Sale, Gross Unrealized Gains | 5 | 29 |
Securities Available for Sale, Gross Unrealized Losses | (116) | (206) |
Securities Available for Sale, Estimated Fair Value | 22,887 | 28,606 |
Securities Held to Maturity, Amortized Cost | 3,682 | 4,515 |
Securities Held to Maturity, Gross Unrealized Gains | 12 | 15 |
Securities Held to Maturity, Gross Unrealized Losses | (38) | (36) |
Securities Held to Maturity, Estimated Fair Value | 3,656 | 4,494 |
U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 285,273 | 176,912 |
Securities Available for Sale, Gross Unrealized Gains | 2,757 | 6,447 |
Securities Available for Sale, Gross Unrealized Losses | (833) | |
Securities Available for Sale, Estimated Fair Value | 287,197 | 183,359 |
Securities Held to Maturity, Amortized Cost | 33,897 | 8,848 |
Securities Held to Maturity, Gross Unrealized Gains | 147 | 280 |
Securities Held to Maturity, Gross Unrealized Losses | (74) | (10) |
Securities Held to Maturity, Estimated Fair Value | $ 33,970 | $ 9,118 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | Jul. 06, 2021USD ($) | Sep. 30, 2021USD ($)Securities | Jun. 29, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020Securities |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Investment securities at carrying value, pledged | $ 666,800,000 | $ 360,600,000 | |||
Number of sales of investment securities | Securities | 0 | 0 | |||
Available for sale debt securities | $ 556,683,000 | 510,111,000 | |||
Investment securities in unrealized loss position were not other-than-temporarily impaired | Securities | 116 | ||||
Notes, aggregate principal amount | $ 34,383,000 | $ 14,777,000 | |||
Proceeds used to acquire additional stock | $ 19,576,000 | ||||
ASC Trust LLC [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Proceeds used to acquire additional stock | $ 6,200,000 | ||||
Percentage of Voting common stock acquire | 25.00% | 25.00% | |||
Stock purchase agreement date | May 27, 2016 | ||||
Non-controlling interest | 70.00% | ||||
ASC Trust LLC [Member] | Subordinated Notes [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Notes, aggregate principal amount | $ 20,000,000 | ||||
ASC Trust LLC [Member] | Director | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Percentage of non minority voting of common stock owned | 5.00% | ||||
U.S. Government Corporations and Agencies [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Available for sale debt securities | $ 743,900,000 | ||||
Small Business Administration (SBA) Pool Securities [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Available for sale debt securities | $ 26,700,000 | ||||
Estimated average remaining life securities | 3 years 7 months 6 days | ||||
Investment securities in unrealized loss position were not other-than-temporarily impaired | Securities | 34 | ||||
Residential Mortgage Backed Securities [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Available for sale debt securities | $ 319,200,000 | ||||
Estimated average remaining life securities | 4 years 4 months 24 days | ||||
Agency Securities Issued by Federal Home Loan Bank (FHLB) [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Investment securities in unrealized loss position were not other-than-temporarily impaired | Securities | 21 | ||||
Agency Securities Issued by Federal Home Loan Mortgage Corporation (FHLMC) [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Investment securities in unrealized loss position were not other-than-temporarily impaired | Securities | 30 | ||||
Mortgage Backed Securities Issued By Federal National Mortgage Association (FNMA) [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Investment securities in unrealized loss position were not other-than-temporarily impaired | Securities | 18 | ||||
Agency Security Issued by Federal National Mortgage Association (FNMA) [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Investment securities in unrealized loss position were not other-than-temporarily impaired | Securities | 1 | ||||
Agency Security Issued by Federal Farm Credit Banks (FFCB) [Member] | |||||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |||||
Investment securities in unrealized loss position were not other-than-temporarily impaired | Securities | 12 |
Investment Securities - Summa_2
Investment Securities - Summary of Proceeds and Gross Realized Gains from Sales of Available-for-sale Investment Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds from sales of available-for-sale securities | $ 46,993 | $ 69,425 |
Gross realized gains from sales | $ 272 | $ 68 |
Investment Securities - Summa_3
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investments Debt And Equity Securities [Abstract] | ||
Available for sale, Amortized cost, Due within one year | $ 169 | $ 5,115 |
Available for sale, Amortized cost, Due after one but within five years | 3,970 | 13,255 |
Available for sale, Amortized cost, Due after five but within ten years | 192,046 | 129,708 |
Available for sale, Amortized cost, Due after ten years | 366,970 | 358,057 |
Securities Available for Sale, Amortized Cost | 563,155 | 506,135 |
Available for sale, Estimated Fair Value, Due within one year | 169 | 5,121 |
Available for sale, Estimated Fair Value, Due after one but within five years | 3,971 | 13,432 |
Available for sale, Estimated Fair Value, Due after five but within ten years | 188,931 | 131,340 |
Available for sale, Estimated Fair Value, Due after ten years | 363,612 | 360,218 |
Securities Available for Sale, Estimated Fair Value | 556,683 | 510,111 |
Held to Maturity, Amortized Cost, Due within one year | 11,990 | |
Held to Maturity, Amortized Cost, Due after one but within five years | 1,687 | 2,325 |
Held to Maturity, Amortized Cost, Due after five but within ten years | 25,573 | 26,214 |
Held to Maturity, Amortized Cost, Due after ten years | 153,499 | 6,055 |
Securities Held to Maturity, Amortized Cost | 180,759 | 46,584 |
Held to maturity, Estimated Fair Value, Due within one year | 12,070 | |
Held to maturity, Estimated Fair Value, Due after one but within five years | 1,708 | 2,358 |
Held to maturity, Estimated Fair Value, Due after five but within ten years | 25,184 | 26,348 |
Held to maturity, Estimated Fair Value, Due after ten years | 153,911 | 6,135 |
Securities Held to Maturity, Estimated Fair Value | $ 180,803 | $ 46,911 |
Investment Securities - Summa_4
Investment Securities - Summary of Gross Unrealized Losses and Fair Value of Investments, with Unrealized Losses of Temporarily Impaired Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Unrealized Losses, Less Than Twelve Months | $ (6,099) | $ (2,370) |
Securities Available for Sale, Estimated Fair Value, Less Than Twelve Months | 340,758 | 246,824 |
Securities Available for Sale, Unrealized Losses, More Than Twelve Months | (3,135) | (184) |
Securities Available for Sale, Estimated Fair Value, More Than Twelve Months | 88,400 | 22,672 |
Securities Available for Sale, Unrealized Losses, Total | (9,234) | (2,554) |
Securities Available for Sale, Estimated Fair Value, Total | 429,158 | 269,496 |
Securities Held to Maturity, Unrealized Losses, Less Than Twelve Months | (526) | (25) |
Securities Held to Maturity, Estimated Fair Value, Less Than Twelve Months | 63,673 | 15,491 |
Securities Held to Maturity, Unrealized Losses, More Than Twelve Months | (151) | (36) |
Securities Held to Maturity, Estimated Fair Value, More Than Twelve Months | 5,403 | 2,923 |
Securities Held to Maturity, Unrealized Losses, Total | (677) | (61) |
Securities Held to Maturity, Estimated Fair Value, Total | 69,076 | 18,414 |
U.S. Government Agency and Government Sponsored Enterprise (GSE) Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Unrealized Losses, Less Than Twelve Months | (5,234) | (2,348) |
Securities Available for Sale, Estimated Fair Value, Less Than Twelve Months | 176,270 | 243,089 |
Securities Available for Sale, Unrealized Losses, More Than Twelve Months | (3,051) | |
Securities Available for Sale, Estimated Fair Value, More Than Twelve Months | 70,330 | |
Securities Available for Sale, Unrealized Losses, Total | (8,285) | (2,348) |
Securities Available for Sale, Estimated Fair Value, Total | 246,600 | 243,089 |
Securities Held to Maturity, Unrealized Losses, Less Than Twelve Months | (426) | (15) |
Securities Held to Maturity, Estimated Fair Value, Less Than Twelve Months | 43,403 | 14,985 |
Securities Held to Maturity, Unrealized Losses, More Than Twelve Months | (139) | |
Securities Held to Maturity, Estimated Fair Value, More Than Twelve Months | 4,861 | |
Securities Held to Maturity, Unrealized Losses, Total | (565) | (15) |
Securities Held to Maturity, Estimated Fair Value, Total | 48,264 | 14,985 |
U.S. Government Agency Pool Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Unrealized Losses, Less Than Twelve Months | (32) | (22) |
Securities Available for Sale, Estimated Fair Value, Less Than Twelve Months | 3,143 | 3,735 |
Securities Available for Sale, Unrealized Losses, More Than Twelve Months | (84) | (184) |
Securities Available for Sale, Estimated Fair Value, More Than Twelve Months | 18,070 | 22,672 |
Securities Available for Sale, Unrealized Losses, Total | (116) | (206) |
Securities Available for Sale, Estimated Fair Value, Total | 21,213 | 26,407 |
Securities Held to Maturity, Unrealized Losses, Less Than Twelve Months | (26) | |
Securities Held to Maturity, Estimated Fair Value, Less Than Twelve Months | 1,758 | |
Securities Held to Maturity, Unrealized Losses, More Than Twelve Months | (12) | (36) |
Securities Held to Maturity, Estimated Fair Value, More Than Twelve Months | 542 | 2,923 |
Securities Held to Maturity, Unrealized Losses, Total | (38) | (36) |
Securities Held to Maturity, Estimated Fair Value, Total | 2,300 | 2,923 |
U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities Available for Sale, Unrealized Losses, Less Than Twelve Months | (833) | |
Securities Available for Sale, Estimated Fair Value, Less Than Twelve Months | 161,345 | |
Securities Available for Sale, Unrealized Losses, Total | (833) | |
Securities Available for Sale, Estimated Fair Value, Total | 161,345 | |
Securities Held to Maturity, Unrealized Losses, Less Than Twelve Months | (74) | (10) |
Securities Held to Maturity, Estimated Fair Value, Less Than Twelve Months | 18,512 | 506 |
Securities Held to Maturity, Unrealized Losses, Total | (74) | (10) |
Securities Held to Maturity, Estimated Fair Value, Total | $ 18,512 | $ 506 |
Loans Held for Sale, Loans an_3
Loans Held for Sale, Loans and Allowance for Loan Losses - Additional Information (Detail) | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)BorrowingReceiptBorrowingRelationship | Sep. 30, 2020USD ($) | Nov. 05, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 27, 2020USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Bank originated of mortgage loans held for sale | $ 22,400,000 | $ 17,600,000 | |||
Sale of mortgage loans held for sale | 22,400,000 | 17,600,000 | |||
Unpaid principal balances of mortgage loans serviced | 184,900,000 | $ 186,900,000 | |||
Mortgage loan payment of principal | 2,000,000 | ||||
Mortgage servicing rights at their fair value | 1,900,000 | 1,700,000 | |||
Deferred fee (income) costs | $ 3,675,000 | 4,159,000 | |||
Number of borrowing relationships | Borrowing | 10 | ||||
Gross loans, total amount | $ 1,370,911,000 | $ 1,401,254,000 | $ 1,431,686,000 | ||
Gross loans, Total Percent | 100.00% | 100.00% | |||
Accrual of interest payments on loan | 90 days | ||||
Nonaccrual status, charged off on loan | 120 days | ||||
Nonaccrual loans, number of receipt of consecutive payments required for restoring accrual status | Receipt | 6 | ||||
All loans and credit cards delinquent | 90 days | ||||
Real estate loans delinquent | 90 days | ||||
Delinquent real estate loans foreclosure completion period | 90 days | ||||
Period for loans delinquent under formula category | 60 days | ||||
Maximum value of commercial loans considered to include in monthly formula total | $ 250,000 | ||||
Troubled Debt Restructurings (TDRs) | $ 49,206,000 | $ 20,655,000 | |||
Number of days deferrals residential mortgage and commercial loans | 90 days | ||||
Number of days deferrals for consumer and auto mobile loans | 90 days | ||||
Number of days troubled debt restructurings loans delinquent | 30 days | ||||
Defaults troubled debt restructuring | 0 | 0 | |||
Number of significant borrowing relationship in bankruptcy | BorrowingRelationship | 1 | ||||
Loans receivable, amount under bankruptcy | $ 7,400,000 | ||||
Borrowing Relationship One [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Specific reserve | 3,500,000 | ||||
COVID 19 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Specific reserve | 6,000,000 | ||||
Commercial Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | 714,290,000 | 685,138,000 | |||
Commercial Mortgage [Member] | Troubled Debt Restructuring [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase (Decrease) in total gross loans | $ (28,500,000) | ||||
Minimum [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Percentage of Loan collateralized | 110.00% | ||||
Paycheck Protection Program [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Debt instrument, term | 2 years | ||||
Debt instrument, interest rate | 1.00% | ||||
Debt instrument, face amount | $ 56,600,000 | 93,400,000 | |||
Proceeds from loans fund | 56,600,000 | 93,400,000 | |||
Debt instrument, outstanding balance | 44,400,000 | ||||
Debt instrument, forgiven amount | $ 107,600,000 | 7,700,000 | |||
Paycheck Protection Program [Member] | COVID 19 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Debt instrument, face amount | $ 670,000,000,000 | ||||
Paycheck Protection Program [Member] | Subsequent Event [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Debt instrument, forgiven amount | $ 115,300,000 | ||||
5-Year Paycheck Protection Program [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Debt instrument, term | 5 years | ||||
Debt instrument, interest rate | 1.00% | ||||
10 Largest Borrowing Relationship [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Gross loans, total amount | $ 339,400,000 | $ 345,000,000 | |||
Gross loans, Total Percent | 24.80% | 24.10% | |||
Commercial Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase (Decrease) percentage of gross loan | (1.08%) |
Loans Held for Sale, Loans an_4
Loans Held for Sale, Loans and Allowance for Loan Losses - Loan Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 1,370,911 | $ 1,431,686 | $ 1,401,254 | ||||
Deferred loan (fees) costs, net | (3,675) | (4,159) | |||||
Allowance for loan losses | (38,047) | $ (36,093) | (34,805) | (32,778) | $ (30,884) | $ (27,870) | |
Loans, net | $ 1,329,189 | $ 1,392,722 | |||||
Commercial, Percent | 77.50% | 77.10% | |||||
Consumer, Percent | 22.50% | 22.90% | |||||
Gross loans, Total Percent | 100.00% | 100.00% | |||||
Automobile [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 18,909 | $ 19,923 | |||||
Consumer, Percent | 1.40% | 1.40% | |||||
Residential Mortgage Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 133,054 | $ 127,371 | |||||
Consumer, Percent | 9.70% | 8.90% | |||||
Home Equity [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 2,018 | $ 2,076 | |||||
Consumer, Percent | 0.10% | 0.10% | |||||
Commercial & Industrial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 311,792 | $ 366,942 | |||||
Commercial, Percent | 22.70% | 25.60% | |||||
Commercial Mortgage [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 714,290 | $ 685,138 | |||||
Commercial, Percent | 52.10% | 47.90% | |||||
Commercial Construction Loan [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 35,249 | $ 51,785 | |||||
Commercial, Percent | 2.60% | 3.60% | |||||
Commercial Agriculture [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 601 | $ 629 | |||||
Commercial, Percent | 0.00% | 0.00% | |||||
Other Consumer Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | [1] | $ 154,998 | $ 177,822 | ||||
Consumer, Percent | [1] | 11.30% | 12.50% | ||||
Commercial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 1,061,932 | $ 1,104,494 | 1,063,738 | ||||
Allowance for loan losses | (23,301) | (21,213) | $ (20,579) | $ (18,360) | |||
Consumer Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Gross loans, total amount | $ 308,979 | $ 327,192 | |||||
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans an_5
Loans Held for Sale, Loans and Allowance for Loan Losses - Activity of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Receivables [Abstract] | |||||
Balance, beginning of period | $ 36,093 | $ 30,884 | $ 34,805 | $ 27,870 | $ 27,870 |
Charged off loans | (968) | (1,657) | (3,723) | (4,186) | (5,628) |
Recoveries on loans previously charged off | 447 | 749 | 1,540 | 1,686 | 2,205 |
Provision for loan losses | 2,475 | 2,802 | 5,425 | 7,408 | 10,358 |
Balance, end of period | $ 38,047 | $ 32,778 | $ 38,047 | $ 32,778 | $ 34,805 |
Loans Held for Sale, Loans an_6
Loans Held for Sale, Loans and Allowance for Loan Losses - Loan Balances and Related Allowance for Loan Losses, by Portfolio Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Allowance for loan losses: | |||||
Balance, beginning of period | $ 36,093 | $ 30,884 | $ 34,805 | $ 27,870 | $ 27,870 |
Charge-offs | (968) | (1,657) | (3,723) | (4,186) | (5,628) |
Recoveries | 447 | 749 | 1,540 | 1,686 | 2,205 |
Provision | 2,475 | 2,802 | 5,425 | 7,408 | 10,358 |
Balance, end of period | 38,047 | 32,778 | 38,047 | 32,778 | 34,805 |
Allowance balance at end of period related to: | |||||
Loans individually evaluated for impairment | 4,602 | 5,192 | 4,602 | 5,192 | 4,768 |
Loans collectively evaluated for impairment | 33,445 | 27,586 | 33,445 | 27,586 | 30,037 |
Balance, end of period | 38,047 | 32,778 | 38,047 | 32,778 | 34,805 |
Loan balances at end of period: | |||||
Loans individually evaluated for impairment | 65,172 | 34,846 | 65,172 | 34,846 | 40,104 |
Loans collectively evaluated for impairment | 1,305,739 | 1,366,408 | 1,305,739 | 1,366,408 | 1,391,582 |
Ending balance | 1,370,911 | 1,401,254 | 1,370,911 | 1,401,254 | 1,431,686 |
Commercial [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 21,213 | 18,360 | 18,360 | ||
Charge-offs | (77) | (912) | (1,069) | ||
Recoveries | 173 | 386 | 399 | ||
Provision | 1,992 | 2,745 | 3,523 | ||
Balance, end of period | 23,301 | 20,579 | 23,301 | 20,579 | 21,213 |
Allowance balance at end of period related to: | |||||
Loans individually evaluated for impairment | 3,504 | 4,154 | 3,504 | 4,154 | 3,500 |
Loans collectively evaluated for impairment | 19,797 | 16,425 | 19,797 | 16,425 | 17,713 |
Balance, end of period | 23,301 | 20,579 | 23,301 | 20,579 | 21,213 |
Loan balances at end of period: | |||||
Loans individually evaluated for impairment | 61,043 | 30,756 | 61,043 | 30,756 | 36,031 |
Loans collectively evaluated for impairment | 1,000,889 | 1,032,982 | 1,000,889 | 1,032,982 | 1,068,463 |
Ending balance | 1,061,932 | 1,063,738 | 1,061,932 | 1,063,738 | 1,104,494 |
Residential Mortgage And Home Equity [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 1,990 | 1,490 | 1,490 | ||
Charge-offs | (98) | ||||
Provision | 453 | 480 | 500 | ||
Balance, end of period | 2,345 | 1,970 | 2,345 | 1,970 | 1,990 |
Allowance balance at end of period related to: | |||||
Loans individually evaluated for impairment | 50 | 2 | 50 | 2 | 4 |
Loans collectively evaluated for impairment | 2,295 | 1,968 | 2,295 | 1,968 | 1,986 |
Balance, end of period | 2,345 | 1,970 | 2,345 | 1,970 | 1,990 |
Loan balances at end of period: | |||||
Loans individually evaluated for impairment | 2,922 | 2,988 | 2,922 | 2,988 | 2,730 |
Loans collectively evaluated for impairment | 132,150 | 125,491 | 132,150 | 125,491 | 126,717 |
Ending balance | 135,072 | 128,479 | 135,072 | 128,479 | 129,447 |
Consumer [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of period | 11,602 | 8,020 | 8,020 | ||
Charge-offs | (3,548) | (3,274) | (4,559) | ||
Recoveries | 1,367 | 1,300 | 1,806 | ||
Provision | 2,980 | 4,183 | 6,335 | ||
Balance, end of period | 12,401 | 10,229 | 12,401 | 10,229 | 11,602 |
Allowance balance at end of period related to: | |||||
Loans individually evaluated for impairment | 1,048 | 1,036 | 1,048 | 1,036 | 1,264 |
Loans collectively evaluated for impairment | 11,353 | 9,193 | 11,353 | 9,193 | 10,338 |
Balance, end of period | 12,401 | 10,229 | 12,401 | 10,229 | 11,602 |
Loan balances at end of period: | |||||
Loans individually evaluated for impairment | 1,207 | 1,102 | 1,207 | 1,102 | 1,343 |
Loans collectively evaluated for impairment | 172,700 | 207,935 | 172,700 | 207,935 | 196,402 |
Ending balance | $ 173,907 | $ 209,037 | $ 173,907 | $ 209,037 | $ 197,745 |
Loans Held for Sale, Loans an_7
Loans Held for Sale, Loans and Allowance for Loan Losses - Summary of Delinquency Status of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | $ 29,741 | $ 88,056 | ||
Total Loans Outstanding | 1,370,911 | 1,431,686 | $ 1,401,254 | |
Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 535 | 807 | ||
Total Loans Outstanding | 18,909 | 19,923 | ||
Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 4,803 | 7,867 | ||
Total Loans Outstanding | 133,054 | 127,371 | ||
Home Equity [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Loans Outstanding | 2,018 | 2,076 | ||
Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 13,571 | 26,075 | ||
Total Loans Outstanding | 311,792 | 366,942 | ||
Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 6,701 | 47,129 | ||
Total Loans Outstanding | 714,290 | 685,138 | ||
Commercial Construction Loan [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Loans Outstanding | 35,249 | 51,785 | ||
Commercial Agriculture [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Loans Outstanding | 601 | 629 | ||
Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 4,131 | 6,178 | |
Total Loans Outstanding | [1] | 154,998 | 177,822 | |
Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 20,272 | 73,204 | ||
Total Loans Outstanding | 1,061,932 | 1,104,494 | $ 1,063,738 | |
Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 9,469 | 14,852 | ||
Total Loans Outstanding | 308,979 | 327,192 | ||
30-59 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 10,296 | 31,705 | ||
30-59 Days Past Due [Member] | Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 364 | 580 | ||
30-59 Days Past Due [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,712 | 4,758 | ||
30-59 Days Past Due [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 4,048 | 13,712 | ||
30-59 Days Past Due [Member] | Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,239 | 9,183 | ||
30-59 Days Past Due [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 1,933 | 3,472 | |
30-59 Days Past Due [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 5,287 | 22,895 | ||
30-59 Days Past Due [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 5,009 | 8,810 | ||
60-89 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 4,569 | 43,938 | ||
60-89 Days Past Due [Member] | Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 110 | 184 | ||
60-89 Days Past Due [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,147 | 1,833 | ||
60-89 Days Past Due [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,839 | 3,857 | ||
60-89 Days Past Due [Member] | Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 282 | 36,562 | ||
60-89 Days Past Due [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 1,191 | 1,502 | |
60-89 Days Past Due [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,121 | 40,419 | ||
60-89 Days Past Due [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,448 | 3,519 | ||
90 Days and Greater Non-Accrual [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 13,359 | 10,287 | ||
90 Days and Greater Non-Accrual [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 523 | 1,147 | ||
90 Days and Greater Non-Accrual [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 7,684 | 8,119 | ||
90 Days and Greater Non-Accrual [Member] | Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 5,044 | 913 | ||
90 Days and Greater Non-Accrual [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 108 | 108 | |
90 Days and Greater Non-Accrual [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 12,728 | 9,032 | ||
90 Days and Greater Non-Accrual [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 631 | 1,255 | ||
90 Days and Greater Still Accruing [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,517 | 2,126 | ||
90 Days and Greater Still Accruing [Member] | Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 61 | 43 | ||
90 Days and Greater Still Accruing [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 421 | 129 | ||
90 Days and Greater Still Accruing [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 387 | |||
90 Days and Greater Still Accruing [Member] | Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 136 | 471 | ||
90 Days and Greater Still Accruing [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 899 | 1,096 | |
90 Days and Greater Still Accruing [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 136 | 858 | ||
90 Days and Greater Still Accruing [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,381 | 1,268 | ||
Current [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,341,170 | 1,343,630 | ||
Current [Member] | Automobile [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 18,374 | 19,116 | ||
Current [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 128,251 | 119,504 | ||
Current [Member] | Home Equity [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,018 | 2,076 | ||
Current [Member] | Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 298,221 | 340,867 | ||
Current [Member] | Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 707,589 | 638,009 | ||
Current [Member] | Commercial Construction Loan [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 35,249 | 51,785 | ||
Current [Member] | Commercial Agriculture [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 601 | 629 | ||
Current [Member] | Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | [1] | 150,867 | 171,644 | |
Current [Member] | Commercial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 1,041,660 | 1,031,290 | ||
Current [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | $ 299,510 | $ 312,340 | ||
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans an_8
Loans Held for Sale, Loans and Allowance for Loan Losses - Loans on Non-Accrual Status, by Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | $ 47,543 | $ 18,139 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 1,742 | 2,575 | |
Commercial & Industrial [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 7,853 | 8,750 | |
Commercial Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 37,749 | 6,618 | |
Other Consumer Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | [1] | 199 | 196 |
Commercial [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 45,602 | 15,368 | |
Consumer Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | $ 1,941 | $ 2,771 | |
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans an_9
Loans Held for Sale, Loans and Allowance for Loan Losses - Summary of Loans by Portfolio Type and Internal Credit Quality Ratings (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | $ 1,370,911 | $ 1,431,686 | $ 1,401,254 | |
Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 1,277,794 | 1,314,587 | ||
Special Mention [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 22,661 | 24,623 | ||
Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 58,964 | 80,014 | ||
Formula Classified [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 3,391 | 3,562 | ||
Doubtful [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 8,101 | 8,900 | ||
Automobile [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 18,909 | 19,923 | ||
Automobile [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 18,848 | 19,880 | ||
Automobile [Member] | Formula Classified [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 61 | 43 | ||
Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 133,054 | 127,371 | ||
Residential Mortgage Loans [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 128,528 | 123,017 | ||
Residential Mortgage Loans [Member] | Special Mention [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 1,671 | 1,695 | ||
Residential Mortgage Loans [Member] | Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 623 | 433 | ||
Residential Mortgage Loans [Member] | Formula Classified [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 2,232 | 2,226 | ||
Home Equity [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 2,018 | 2,076 | ||
Home Equity [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 2,018 | 2,076 | ||
Commercial & Industrial [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 311,792 | 366,942 | ||
Commercial & Industrial [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 279,801 | 314,201 | ||
Commercial & Industrial [Member] | Special Mention [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 11,823 | 6,643 | ||
Commercial & Industrial [Member] | Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 12,789 | 37,920 | ||
Commercial & Industrial [Member] | Doubtful [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 7,379 | 8,178 | ||
Commercial Mortgage [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 714,290 | 685,138 | ||
Commercial Mortgage [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 658,853 | 626,477 | ||
Commercial Mortgage [Member] | Special Mention [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 9,167 | 16,285 | ||
Commercial Mortgage [Member] | Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 45,548 | 41,654 | ||
Commercial Mortgage [Member] | Doubtful [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 722 | 722 | ||
Commercial Construction Loan [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 35,249 | 51,785 | ||
Commercial Construction Loan [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 35,249 | 51,785 | ||
Commercial Agriculture [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 601 | 629 | ||
Commercial Agriculture [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 601 | 629 | ||
Other Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | [1] | 154,998 | 177,822 | |
Other Consumer Loans [Member] | Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 153,896 | 176,522 | ||
Other Consumer Loans [Member] | Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | 4 | 7 | ||
Other Consumer Loans [Member] | Formula Classified [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Gross loans, total amount | $ 1,098 | $ 1,293 | ||
[1] | Comprised of other revolving credit, installment loans, and overdrafts. |
Loans Held for Sale, Loans a_10
Loans Held for Sale, Loans and Allowance for Loan Losses - Non-Accrual Loans and Restructured Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Restructured loans: | ||
Non-accruing restructured loans | $ 34,993 | $ 4,718 |
Accruing restructured loans | 14,213 | 15,937 |
Total restructured loans | 49,206 | 20,655 |
Other impaired loans | 15,966 | 19,450 |
Total impaired loans | 65,172 | 40,105 |
Impaired loans less than 90 days delinquent and included in total impaired loans | $ 50,071 | $ 27,664 |
Loans Held for Sale, Loans a_11
Loans Held for Sale, Loans and Allowance for Loan Losses - Information Related to Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | $ 62,043 | $ 36,138 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 62,290 | 36,385 |
Total impaired loans with no related allowance, Average Recorded Investment | 60,613 | 33,715 |
Total impaired loans with no related allowance, Interest Income Recognized | (128) | 147 |
Total impaired loans with a related allowance recorded, Recorded Investment | 3,129 | 3,967 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 3,203 | 4,304 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 3,576 | 4,219 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | 13 | 4 |
Automobile [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with a related allowance recorded, Recorded Investment | 61 | 43 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 61 | 43 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 7 | 71 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | 2 | |
Residential Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | 1,195 | 432 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 1,195 | 432 |
Total impaired loans with no related allowance, Average Recorded Investment | 91 | 692 |
Total impaired loans with no related allowance, Interest Income Recognized | (222) | |
Total impaired loans with a related allowance recorded, Recorded Investment | 1,727 | 2,298 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 1,736 | 2,308 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 2,011 | 2,887 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | 1 | (27) |
Commercial & Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | 21,526 | 23,745 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 21,526 | 23,745 |
Total impaired loans with no related allowance, Average Recorded Investment | 21,554 | 23,986 |
Total impaired loans with no related allowance, Interest Income Recognized | 95 | 102 |
Total impaired loans with a related allowance recorded, Recorded Investment | 79 | 294 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 129 | 607 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 68 | 282 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | 2 | 4 |
Commercial Mortgage [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | 39,318 | 11,954 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 39,565 | 12,201 |
Total impaired loans with no related allowance, Average Recorded Investment | 38,963 | 9,030 |
Total impaired loans with no related allowance, Interest Income Recognized | (1) | 45 |
Total impaired loans with a related allowance recorded, Recorded Investment | 120 | 39 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 135 | 54 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 63 | 95 |
Other Consumer Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total impaired loans with no related allowance, Recorded Investment | 4 | 7 |
Total impaired loans with no related allowance, Unpaid Principal Balance | 4 | 7 |
Total impaired loans with no related allowance, Average Recorded Investment | 5 | 7 |
Total impaired loans with a related allowance recorded, Recorded Investment | 1,142 | 1,293 |
Total impaired loans with a related allowance recorded, Unpaid Principal Balance | 1,142 | 1,292 |
Total impaired loans with a related allowance recorded, Average Recorded Investment | 1,427 | 884 |
Total impaired loans with a related allowance recorded, Interest Income Recognized | $ 8 | $ 27 |
Loans Held for Sale, Loans a_12
Loans Held for Sale, Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)SecurityLoan | Dec. 31, 2020USD ($) | |
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 25 | |
Pre-Modification Outstanding Recorded Investment | $ 55,368 | |
Post-Modification Outstanding Recorded Investment | 55,368 | |
Outstanding Balance | $ 49,206 | $ 20,655 |
Performing [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 14 | |
Pre-Modification Outstanding Recorded Investment | $ 17,784 | |
Post-Modification Outstanding Recorded Investment | 17,784 | |
Outstanding Balance | $ 14,213 | 15,936 |
Performing [Member] | Commercial & Industrial [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 11 | |
Pre-Modification Outstanding Recorded Investment | $ 17,300 | |
Post-Modification Outstanding Recorded Investment | 17,300 | |
Outstanding Balance | $ 13,752 | |
Performing [Member] | Commercial Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 435 | |
Post-Modification Outstanding Recorded Investment | 435 | |
Outstanding Balance | $ 418 | 15,936 |
Performing [Member] | Consumer Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 49 | |
Post-Modification Outstanding Recorded Investment | 49 | |
Outstanding Balance | $ 43 | |
Nonperforming [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 11 | |
Pre-Modification Outstanding Recorded Investment | $ 37,584 | |
Post-Modification Outstanding Recorded Investment | 37,584 | |
Outstanding Balance | $ 34,993 | 4,719 |
Nonperforming [Member] | Commercial & Industrial [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 176 | |
Post-Modification Outstanding Recorded Investment | 176 | |
Outstanding Balance | $ 98 | |
Nonperforming [Member] | Commercial Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | SecurityLoan | 10 | |
Pre-Modification Outstanding Recorded Investment | $ 37,408 | |
Post-Modification Outstanding Recorded Investment | 37,408 | |
Outstanding Balance | $ 34,895 | 4,671 |
Nonperforming [Member] | Consumer Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Outstanding Balance | $ 48 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Average assets | $ 2,310 | |
COVID 19 [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Increase in average assets | $ 647.9 | |
Average assets | $ 2,960 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Summary of Company's Actual Capital Amounts and Ratios (Detail) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Banking Regulation [Abstract] | ||
Total capital (to Risk Weighted Assets), Actual, Amount | $ 214,927 | $ 206,381 |
Tier 1 capital (to Risk Weighted Assets), Actual, Amount | 161,056 | 173,141 |
Tier 1 capital (to Average Assets), Actual, Amount | 161,056 | 173,141 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Amount | $ 151,273 | $ 163,359 |
Total capital (to Risk Weighted Assets), Actual, Ratio | 0.14428 | 0.14307 |
Tier 1 capital (to Risk Weighted Assets), Actual, Ratio | 0.10811 | 0.12003 |
Tier 1 capital (to Average Assets), Actual, Ratio | 0.05443 | 0.07466 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual, Ratio | 0.10155 | 0.11325 |
Total capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 119,174 | $ 115,401 |
Tier 1 capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | 89,380 | 86,551 |
Tier 1 capital (to Average Assets), For Capital Adequacy Purposes, Amount | 118,355 | 92,765 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 67,035 | $ 64,913 |
Total capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 0.08000 | 0.08000 |
Tier 1 capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 0.06000 | 0.06000 |
Tier 1 capital (to Average Assets), For Capital Adequacy Purposes, Ratio | 0.04000 | 0.04000 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Total capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 148,967 | $ 144,252 |
Tier 1 capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 119,174 | 115,401 |
Tier 1 capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 147,944 | 115,956 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 96,829 | $ 93,764 |
Total capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.10000 | 0.10000 |
Tier 1 capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.08000 | 0.08000 |
Tier 1 capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.05000 | 0.05000 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Off-Balance-Sheet Activities -
Off-Balance-Sheet Activities - Summary of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial Instrument with off-balance-sheet risk | $ 159,408 | $ 159,405 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial Instrument with off-balance-sheet risk | 57,716 | 55,401 |
Letters of Credit [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial Instrument with off-balance-sheet risk | 55,349 | 52,827 |
Letters of Credit [Member] | Commercial Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Financial Instrument with off-balance-sheet risk | $ 2,367 | $ 2,574 |
Off-Balance-Sheet Activities _2
Off-Balance-Sheet Activities - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |
Letters of credit expiration date maximum | 1 year |
Maximum undiscounted future payments | $ 57,700 |
Guarantee maturity maximum | 1 year |
Reserve liabilities associated with guarantees | $ 47 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 596 | $ 1,300 |
Guam income tax statutory rate | 21.00% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | $ 556,683 | $ 510,111 |
Mortgage servicing rights at their fair value | 1,900 | 1,700 |
U.S. Government Agency Pool Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 22,887 | 28,606 |
U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 287,197 | 183,359 |
Fair Value on Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 556,683 | 510,111 |
Debt and equity securities | 1,048 | |
Total fair value of trading securities | 1,048 | |
Mortgage servicing rights at their fair value | 1,885 | 1,683 |
Total fair value | 559,616 | 511,794 |
Fair Value on Recurring Basis [Member] | U.S. Treasury Notes and Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 5,005 | |
Fair Value on Recurring Basis [Member] | U.S. Government Agency and Sponsored Enterprise (GSE) Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 246,599 | 293,142 |
Fair Value on Recurring Basis [Member] | U.S. Government Agency Pool Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 22,887 | 28,606 |
Fair Value on Recurring Basis [Member] | U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 287,197 | 183,358 |
Fair Value on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 5,005 | |
Debt and equity securities | 1,048 | |
Total fair value of trading securities | 1,048 | |
Total fair value | 1,048 | 5,005 |
Fair Value on Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Notes and Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 5,005 | |
Fair Value on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 556,683 | 505,106 |
Total fair value | 556,683 | 505,106 |
Fair Value on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency and Sponsored Enterprise (GSE) Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 246,599 | 293,142 |
Fair Value on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency Pool Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 22,887 | 28,606 |
Fair Value on Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency or GSE Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, at fair value | 287,197 | 183,358 |
Fair Value on Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights at their fair value | 1,885 | 1,683 |
Total fair value | $ 1,885 | $ 1,683 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Transfers in or out of the Bank's Level 3 financial instruments | $ 0 | $ 0 |
Nonfinancial assets or liabilities for which a nonrecurring change in fair value | $ 0 | 0 |
Number of days to maturity federal funds purchased and FHLB advances to be treated as short-term borrowings | 90 days | |
Short-term borrowings outstanding | $ 0 | 0 |
Long-term borrowings outstanding | $ 0 | 0 |
Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of FHLB advances maturing after ninety days | 90 days | |
Fair Value on Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a recurring basis | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 1,683 | $ 1,704 |
Realized and unrealized net losses: | ||
Included in net income | 202 | (21) |
Ending balance | $ 1,885 | $ 1,683 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Valuation Techniques and Unobservable Inputs (Detail) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Estimated Fair Value | $ 1,900 | $ 1,700 |
Fair Value on Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Estimated Fair Value | 1,885 | 1,683 |
Fair Value on Recurring Basis [Member] | Discount Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Estimated Fair Value | $ 1,885 | $ 1,683 |
Mortgage Servicing Rights, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Fair Value on Recurring Basis [Member] | Discount Rate [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Range of Inputs | 0.0606 | 0.0606 |
Fair Value on Recurring Basis [Member] | Discount Rate [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Range of Inputs | 0.0774 | 0.0774 |
Fair Value on Recurring Basis [Member] | Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Range of Inputs | 0.0630 | 0.0630 |
Fair Value on Recurring Basis [Member] | Weighted Average Prepayment Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgage Servicing Rights, Range of Inputs | 1.25 | 1.25 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Other Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Investment securities held-to-maturity | $ 180,803 | $ 46,911 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 815,469 | 287,628 |
Restricted cash | 150 | 150 |
Federal Home Loan Bank stock | 2,814 | 2,335 |
Investment securities held-to-maturity | 180,759 | 46,584 |
Investment securities trading | 1,048 | |
Loans, net | 1,329,189 | 1,392,722 |
Total fair value | 2,329,429 | 1,729,419 |
Financial liabilities: | ||
Deposits | 2,762,320 | 2,118,844 |
Total | 2,762,320 | 2,118,844 |
Fair Value on Nonrecurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 815,469 | 287,628 |
Restricted cash | 150 | 150 |
Investment securities trading | 1,048 | |
Total fair value | 816,667 | 287,778 |
Fair Value on Nonrecurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | ||
Financial assets: | ||
Federal Home Loan Bank stock | 2,814 | 2,335 |
Investment securities held-to-maturity | 180,803 | 46,911 |
Total fair value | 183,617 | 49,246 |
Fair Value on Nonrecurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 1,384,899 | 1,441,402 |
Total fair value | 1,384,899 | 1,441,402 |
Financial liabilities: | ||
Deposits | 2,771,995 | 2,130,361 |
Total | $ 2,771,995 | $ 2,130,361 |
Comprehensive Income (Loss) - C
Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) Included in Stockholder's Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Comprehensive Income Net Of Tax [Abstract] | ||||
Net unrealized (loss) gain on available-for-sale securities | $ (6,200) | $ 4,241 | ||
Amounts reclassified from AOCI for (gain) on sale of investment securities available-for-sale included in net income | $ (68) | (272) | $ (68) | (265) |
Tax effect | 1,359 | (835) | ||
Unrealized holding (loss) gain on available-for-sale securities, net of tax | (5,113) | 3,141 | ||
Gross unrealized holding loss on held-to-maturity securities | (8,777) | (285) | ||
Amortization of unrealized holding loss on held-to-maturity during the period | 237 | 255 | ||
Unrealized holding loss on held-to-maturity securities | (8,540) | (30) | ||
Accumulated other comprehensive (loss) income | $ (13,653) | $ 3,111 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease [Line Items] | ||||
Operating lease option to extend description | Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 50 years or more. | |||
Operating lease option to extend | true | |||
Operating lease payments | $ 2,700 | $ 2,700 | ||
Minimum future rents to be received under non-cancelable operating sublease agreements, 2021 | $ 13 | 13 | ||
Minimum future rents to be received under non-cancelable operating sublease agreements, 2022 | 44 | 44 | ||
Minimum future rents to be received under non-cancelable operating sublease agreements, 2023 | 26 | 26 | ||
Operating lease costs | 911 | $ 976 | 2,800 | 2,900 |
Variable lease cost | 911 | 976 | 2,800 | 2,900 |
Bank Facility Lease [Member] | ||||
Lease [Line Items] | ||||
Operating lease payments | $ 97 | $ 89 | $ 302 | $ 237 |
Minimum [Member] | ||||
Lease [Line Items] | ||||
Operating lease option to extend | 1 year | 1 year | ||
Original operating lease term | 1 year | 1 year | ||
Maximum [Member] | ||||
Lease [Line Items] | ||||
Operating lease option to extend | 50 years | 50 years | ||
Original operating lease term | 3 years | 3 years | ||
Operating lease renewal term | 12 years | 12 years |
Leases - Summary of Lease Relat
Leases - Summary of Lease Related Assets and Liabilities Recorded in Unaudited Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 23,969 | $ 26,113 |
Total lease assets | 23,969 | 26,113 |
Operating | 2,035 | 2,510 |
Operating | 22,645 | 24,112 |
Total lease liabilities | $ 24,680 | $ 26,622 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities Under Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Operating Leases, 2021 | $ 792 | |
Operating Leases, 2022 | 2,780 | |
Operating Leases, 2023 | 2,532 | |
Operating Leases, 2024 | 2,420 | |
Operating Leases, 2025 | 2,288 | |
Operating Leases, After 2025 | 35,570 | |
Operating Leases, Total lease payments | 46,382 | |
Operating Leases, Less: Interest | 21,702 | |
Operating Leases, Present value of lease liabilities | 24,680 | |
Total | ||
Lease liability, 2021 | 792 | |
Lease liability, 2022 | 2,780 | |
Lease liability, 2023 | 2,532 | |
Lease liability, 2024 | 2,420 | |
Lease liability, 2025 | 2,288 | |
Lease liability, After 2025 | 35,570 | |
Lease liability, Total lease payments | 46,382 | |
Lease liability, Less: Interest | 21,702 | |
Lease liability, Present value of lease liabilities | $ 24,680 | $ 26,622 |
Leases - Schedule of Maturiti_2
Leases - Schedule of Maturities of Lease Liabilities Under Operating Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease payments related to option to extend lease | $ 21,500 | |
Current portion of operating lease liability | $ 2,035 | $ 2,510 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Lease Term and Discount Rate (Detail) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating leases, weighted-average remmaining lease term (years) | 25 years 3 months 18 days | 24 years 7 months 6 days |
Operating leases, weighted-average discount rate | 4.13% | 4.09% |
Subordinated Debt - Additional
Subordinated Debt - Additional Information (Detail) - USD ($) | Jun. 29, 2021 | Jun. 27, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Notes, aggregate principal amount | $ 34,383,000 | $ 14,777,000 | ||
Subordinated Notes [Member] | 2029 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes, aggregate principal amount | $ 15,000,000 | |||
Notes, interest rate | 6.35% | |||
Notes, maturity date | Jun. 30, 2029 | |||
Notes, term | 10 years | |||
Notes, interest payment terms | The Company is required to pay interest only semi-annually during the fixed period, and quarterly during the floating rate period. | |||
Subordinated Notes [Member] | 2029 Notes [Member] | Three-month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes, basis points payable | 4.66% | |||
Subordinated Notes [Member] | 2031 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes, aggregate principal amount | $ 20,000,000 | |||
Notes, interest rate | 4.75% | |||
Notes, maturity date | Jul. 1, 2031 | |||
Notes, term | 10 years | |||
Notes, interest payment terms | The Company is required to pay interest semi-annually during the fixed period, and quarterly during the floating rate period. | |||
Subordinated Notes [Member] | 2031 Notes [Member] | Three-month SOFR [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes, basis points payable | 4.13% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 06, 2021 | Jul. 05, 2021 | Jun. 29, 2021 |
Business Acquisition [Line Items] | |||
Ownership percentage | 70.00% | ||
ASC Trust LLC [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of Voting common stock acquire | 25.00% | 25.00% | |
Payments to acquire additional stock | $ 6,200 | ||
Ownership interest through step acquisition | 70.00% | ||
Ownership percentage | 45.00% | ||
Aggregate purchase price | $ 13,400 | ||
Equity method investment, carrying value | 7,700 | ||
Equity method investment, fair value | 11,100 | ||
Noncontrolling interest, fair value | 7,400 | ||
Intangible assets | 11,090 | ||
ASC Trust LLC [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 460 | ||
ASC Trust LLC [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 10,600 | ||
ASC Trust LLC [Member] | Other Income [Member] | |||
Business Acquisition [Line Items] | |||
Gain on equity method investment | $ 3,400 |
Acquisitions - Summary of Estim
Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jul. 06, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 13,014 | $ 783 | $ 783 | |
ASC Trust LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 546 | |||
Other current assets | 1,287 | |||
Property and equipment, net | 359 | |||
Intangible assets | 11,090 | |||
Total identifiable assets | 13,282 | |||
Current liabilities | (472) | |||
Interest bearing debt | (297) | |||
Total liabilities assumed | (769) | |||
Net identifiable assets acquired | 12,513 | |||
Goodwill | 12,231 | |||
Net assets acquired | $ 24,744 |
Acquisitions - Summary of Chang
Acquisitions - Summary of Changes in Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 13,014 | $ 783 | $ 783 |
Additions | 12,231 | ||
Variance [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 12,231 | ||
Additions | $ 12,231 |