Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Accounting Policies [Abstract] |
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| Summary of Unrealized Portion Related to Equity Securities |
The following table presents the unrealized portion related to the equity securities held.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(Dollars in thousands) |
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2024 |
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2023 |
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2024 |
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2023 |
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Net losses recognized during the period on equity securities |
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$ |
(7 |
) |
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$ |
(28 |
) |
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$ |
(26 |
) |
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$ |
— |
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Less: Net gains (losses) recognized during the period on equity
securities sold during the period |
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— |
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— |
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— |
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— |
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Unrealized losses recognized during the reporting period on
equity securities still held at the reporting date |
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$ |
(7 |
) |
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$ |
(28 |
) |
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$ |
(26 |
) |
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$ |
— |
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| Summary of Finalized Adoption Related to Allowance for Credit Losses on Loans |
The CECL methodology transition effects on the allowance for credit losses are shown in the following table:
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(Dollars in thousands) |
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December 31, 2022
Pre-Topic 326
Adoption |
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Effect of ASC 326
Adoption
(Transition Amounts) |
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January 1, 2023
Post-ASC 326
Adoption |
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Assets: |
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Loans: |
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Recreation |
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$ |
41,966 |
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$ |
10,037 |
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$ |
52,003 |
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Home improvement |
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11,340 |
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1,518 |
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12,858 |
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Commercial |
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1,049 |
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2,157 |
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3,206 |
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Taxi medallion |
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9,490 |
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— |
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9,490 |
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Strategic partnership |
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— |
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— |
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— |
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Allowance for credit losses on loans |
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$ |
63,845 |
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$ |
13,712 |
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$ |
77,557 |
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| Schedule of Intangible Assets |
The following table details the intangible assets as of the dates presented:
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(Dollars in thousands) |
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June 30, 2024 |
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December 31, 2023 |
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Brand-related intellectual property |
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$ |
15,125 |
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$ |
15,675 |
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Home improvement contractor relationships |
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4,744 |
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4,916 |
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Total intangible assets |
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$ |
19,869 |
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$ |
20,591 |
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| Summary of the Calculation of Basic and Diluted EPS |
The table below shows the calculation of basic and diluted EPS.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(Dollars in thousands, except share and per share data) |
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2024 |
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2023 |
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2024 |
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2023 |
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Net income attributable to common stockholders |
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$ |
7,101 |
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$ |
14,170 |
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$ |
17,125 |
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$ |
29,531 |
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Weighted average common shares outstanding applicable to basic EPS |
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22,598,102 |
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22,488,463 |
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22,619,743 |
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22,416,089 |
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Effect of restricted stock grants |
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404,499 |
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276,420 |
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507,416 |
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379,924 |
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Effect of dilutive stock options |
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163,340 |
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43,567 |
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209,067 |
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96,342 |
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Effect of performance stock unit grants |
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287,221 |
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45,477 |
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272,878 |
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22,739 |
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Adjusted weighted average common shares outstanding applicable to diluted EPS |
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23,453,162 |
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22,853,927 |
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23,609,104 |
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22,915,094 |
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Basic net income per share |
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$ |
0.31 |
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$ |
0.63 |
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$ |
0.76 |
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$ |
1.32 |
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Diluted net income per share |
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0.30 |
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0.62 |
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0.73 |
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1.29 |
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| Summary of Bank's Actual Capital Amounts and Ratios, and the Regulatory Minimum Ratios |
The Bank’s actual capital amounts and ratios and the regulatory minimum ratios are presented in the following table.
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Regulatory |
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(Dollars in thousands) |
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Minimum |
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Well-Capitalized |
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June 30, 2024 |
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December 31, 2023 |
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Common equity tier 1 capital |
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$ |
306,186 |
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$ |
293,774 |
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Tier 1 capital |
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374,974 |
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362,561 |
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Total capital |
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404,742 |
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390,153 |
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Average assets |
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2,322,625 |
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2,232,816 |
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Risk-weighted assets |
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2,326,972 |
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2,155,641 |
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Leverage ratio (1) |
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4.0 |
% |
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5.0 |
% |
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16.1 |
% |
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16.2 |
% |
Common equity tier 1 capital ratio (2) |
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7.0 |
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6.5 |
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13.2 |
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13.6 |
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Tier 1 capital ratio (3) |
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8.5 |
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8.0 |
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16.1 |
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16.8 |
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Total capital ratio (3) |
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10.5 |
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10.0 |
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17.4 |
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18.1 |
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(1)Calculated by dividing Tier 1 capital by average assets. (2)Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets. (3)Calculated by dividing Tier 1 or total capital by risk-weighted assets.
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