0001071236-24-000088 | 10-Q | XBRL Viewer

Fair Value

9 Months Ended

Sep. 30, 2024

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Disclosure

Securities AFS, loans HFS, and equity securities are recorded at fair value on a recurring basis. Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent loans, foreclosed assets, and other certain assets. The nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets.

ASC 820, Fair Value Measurements and Disclosures indicates that assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels:

•Level 1 pricing represents quotes on the exact financial instrument that is traded in active markets. Quoted prices on actively traded equities, for example, are in this category.

•Level 2 pricing is derived from observable data including market spreads, current and projected rates, prepayment data, and credit quality. 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.

•Level 3 pricing is derived without the use of observable data. In such cases, mark-to-model strategies are typically employed. Often, these types of instruments have no active market, possess unique characteristics, and are thinly traded.

The Company used the following methods and significant assumptions to estimate fair value:

Securities AFS and Equity Securities: The fair values for securities AFS are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).

Loans HFS: Residential mortgage loans originated and held for sale are carried at the lower of cost or estimated fair value on an individual basis. The fair values of mortgage loans HFS are based on commitments on hand from investors within the secondary market for loans with similar characteristics. As such, the fair value adjustments for mortgage loans HFS are recurring Level 2.

Loans HFI: The Company does not record loans HFI at fair value on a recurring basis. Loans for which it was probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are evaluated individually to determine if any credit loss exists. For loans evaluated on an individual basis that are collateral dependent, the fair value is estimated by applying a discount factor to the collateral value then deducting the estimated cost to sell. For loans evaluated on an individual basis that are not collateral dependent, the discounted cash flow method is utilized to determine the fair value. When a loan experiences a credit loss with specific allocated losses determined by the fair value method, the Company considers the collateral dependent loan as nonrecurring Level 3.

Foreclosed Assets: Foreclosed assets, consisting of properties obtained through foreclosure or in satisfaction of loans, are reported at fair value, determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources, adjusted for estimated selling costs (Level 2). However, foreclosed assets are considered Level 3 in the fair value hierarchy because management has qualitatively applied a discount due to the size, supply of inventory, and the incremental discounts applied to the appraisals. Management also considers other factors, including changes in absorption rates, length of time the property has been on the market, and anticipated sales values, which have resulted in adjustments to the collateral value estimates indicated in certain appraisals.

Fair Value of Assets Measured on a Recurring Basis

The table below presents the recorded amount of assets measured at fair value on a recurring basis:


(in thousands)	Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Loans HFS	$	1,805	$	—	$	1,805	$	—
Securities AFS:
Mortgage-backed securities	$	294,576	$	—	$	294,576	$	—
Municipal bonds	$	176,545	$	—	$	176,545	$	—
U.S. Treasury securities	$	29,736	$	—	$	29,736	$	—
U.S. agency securities	$	59,698	$	—	$	59,698	$	—
Equity securities	$	3,028	$	3,028	$	—	$	—

December 31, 2023
Loans HFS	$	1,306	$	—	$	1,306	$	—
Securities AFS:
Mortgage-backed securities	$	257,960	$	—	$	257,960	$	—
Municipal bonds	$	184,129	$	—	$	184,129	$	—
U.S. Treasury securities	$	90,142	$	—	$	90,142	$	—
U.S. agency securities	$	37,861	$	—	$	37,861	$	—
Equity securities	$	2,965	$	2,965	$	—	$	—

There were no transfers between Level 1, 2, or 3 during the nine months ended September 30, 2024 or the year ended December 31, 2023.

Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis

Financial Assets and Financial Liabilities: Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a nonrecurring basis include certain individually evaluated collateral dependent loans reported at fair value of the underlying collateral if repayment is expected solely from the collateral. Prior to foreclosure of these loans, fair value of the collateral is estimated using Level 3 inputs based on customized discounting criteria.

The table below presents certain individually evaluated collateral dependent loans that were remeasured and reported at fair value through the ACL based upon the fair value of the underlying collateral as of the dates indicated:


(in thousands)	September 30, 2024		December 31, 2023
Carrying value of impaired loans before allowance	$	1,268	$	633
Specific allowance	(265)		(100)
Fair value of impaired loans	$	1,003	$	533

The Company had no financial liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023.

Nonfinancial Assets and Liabilities: Certain nonfinancial assets and nonfinancial liabilities are measured at fair value on a nonrecurring basis. These include certain foreclosed assets, which are remeasured and reported at fair value through a charge-off to the ACL upon initial recognition as a foreclosed asset. Subsequent to their initial recognition, certain foreclosed assets are remeasured at fair value through an adjustment included in other noninterest income. The fair value of foreclosed assets is estimated using Level 3 inputs based on customized discounting criteria less estimated selling costs.

The following table presents foreclosed assets that were remeasured and reported at fair value as of the dates indicated:


(in thousands)	September 30, 2024		December 31, 2023
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	38	$	69
Charge-offs	—		—
Fair value of foreclosed assets	$	38	$	69

There were no foreclosed assets that were remeasured subsequent to initial recognition as of September 30, 2024 and December 31, 2023.

The Company had no nonfinancial liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023.

The unobservable inputs used for the Level 3 fair value measurements on a nonrecurring basis were as follows:

(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Discount Ranges

Weighted Average Discount

September 30, 2024

Impaired loans

7,952

Discounted appraisals

Collateral discounts and costs to sell

0% - 100%

6.43%

Foreclosed assets

Discounted appraisals

Collateral discounts and costs to sell

N/A

December 31, 2023

Impaired loans

1,754

Discounted appraisals

Collateral discounts and costs to sell

0% - 100%

24.05%

Foreclosed assets

Discounted appraisals

Collateral discounts and costs to sell

N/A

Fair Value of Financial Instruments

The carrying amounts and estimated fair values of financial instruments as of September 30, 2024 and December 31, 2023, were as follows:


(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Financial assets:
Cash and due from banks	$	39,664	$	39,664	$	39,664	$	—	$	—
Interest-bearing deposits in other banks	$	192,983	$	192,983	$	192,983	$	—	$	—
Securities AFS	$	560,555	$	560,555	$	—	$	560,555	$	—
Securities HTM	$	134,145	$	116,859	$	—	$	116,859	$	—
Equity securities	$	3,028	$	3,028	$	3,028	$	—	$	—
Nonmarketable equity securities	$	2,305	$	2,305	$	—	$	2,305	$	—
Loans HFS	$	1,805	$	1,805	$	—	$	1,805	$	—
Loans HFI, net of allowance	$	2,034,291	$	1,923,165	$	—	$	—	$	1,923,165
Accrued interest receivable	$	9,465	$	9,465	$	—	$	—	$	9,465
Financial liabilities:
Deposits	$	2,747,125	$	2,744,578	$	—	$	2,744,578	$	—

Accrued interest payable	$	11,751	$	11,751	$	—	$	11,751	$	—

December 31, 2023
Financial assets:
Cash and due from banks	$	53,062	$	53,062	$	53,062	$	—	$	—
Interest-bearing deposits in other banks	$	252,364	$	252,364	$	252,364	$	—	$	—
Securities AFS	$	570,092	$	570,092	$	—	$	570,092	$	—
Securities HTM	$	141,236	$	119,029	$	—	$	119,029	$	—
Equity securities	$	2,965	$	2,965	$	2,965	$	—	$	—
Nonmarketable equity securities	$	2,239	$	2,239	$	—	$	2,239	$	—
Loans HFS	$	1,306	$	1,306	$	—	$	1,306	$	—
Loans HFI, net of allowance	$	1,971,522	$	1,820,573	$	—	$	—	$	1,820,573
Accrued interest receivable	$	9,945	$	9,945	$	—	$	—	$	9,945
Financial liabilities:
Deposits	$	2,801,888	$	2,796,303	$	—	$	2,796,303	$	—


Accrued interest payable	$	8,000	$	8,000	$	—	$	8,000	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Topic 820
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

The table below presents the recorded amount of assets measured at fair value on a recurring basis:


(in thousands)	Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Loans HFS	$	1,805	$	—	$	1,805	$	—
Securities AFS:
Mortgage-backed securities	$	294,576	$	—	$	294,576	$	—
Municipal bonds	$	176,545	$	—	$	176,545	$	—
U.S. Treasury securities	$	29,736	$	—	$	29,736	$	—
U.S. agency securities	$	59,698	$	—	$	59,698	$	—
Equity securities	$	3,028	$	3,028	$	—	$	—

December 31, 2023
Loans HFS	$	1,306	$	—	$	1,306	$	—
Securities AFS:
Mortgage-backed securities	$	257,960	$	—	$	257,960	$	—
Municipal bonds	$	184,129	$	—	$	184,129	$	—
U.S. Treasury securities	$	90,142	$	—	$	90,142	$	—
U.S. agency securities	$	37,861	$	—	$	37,861	$	—
Equity securities	$	2,965	$	2,965	$	—	$	—

Schedule of Fair Value of Assets Measured on Nonrecurring Basis


(in thousands)	September 30, 2024		December 31, 2023
Carrying value of impaired loans before allowance	$	1,268	$	633
Specific allowance	(265)		(100)
Fair value of impaired loans	$	1,003	$	533

The following table presents foreclosed assets that were remeasured and reported at fair value as of the dates indicated:


(in thousands)	September 30, 2024		December 31, 2023
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	$	38	$	69
Charge-offs	—		—
Fair value of foreclosed assets	$	38	$	69

Schedule of Inputs Used for the Level 3 Fair Value Measurement

The unobservable inputs used for the Level 3 fair value measurements on a nonrecurring basis were as follows:

(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Discount Ranges

Weighted Average Discount

September 30, 2024

Impaired loans

7,952

Discounted appraisals

Collateral discounts and costs to sell

0% - 100%

6.43%

Foreclosed assets

Discounted appraisals

Collateral discounts and costs to sell

N/A

December 31, 2023

Impaired loans

1,754

Discounted appraisals

Collateral discounts and costs to sell

0% - 100%

24.05%

Foreclosed assets

Discounted appraisals

Collateral discounts and costs to sell

N/A

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments as of September 30, 2024 and December 31, 2023, were as follows:


(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
September 30, 2024
Financial assets:
Cash and due from banks	$	39,664	$	39,664	$	39,664	$	—	$	—
Interest-bearing deposits in other banks	$	192,983	$	192,983	$	192,983	$	—	$	—
Securities AFS	$	560,555	$	560,555	$	—	$	560,555	$	—
Securities HTM	$	134,145	$	116,859	$	—	$	116,859	$	—
Equity securities	$	3,028	$	3,028	$	3,028	$	—	$	—
Nonmarketable equity securities	$	2,305	$	2,305	$	—	$	2,305	$	—
Loans HFS	$	1,805	$	1,805	$	—	$	1,805	$	—
Loans HFI, net of allowance	$	2,034,291	$	1,923,165	$	—	$	—	$	1,923,165
Accrued interest receivable	$	9,465	$	9,465	$	—	$	—	$	9,465
Financial liabilities:
Deposits	$	2,747,125	$	2,744,578	$	—	$	2,744,578	$	—

Accrued interest payable	$	11,751	$	11,751	$	—	$	11,751	$	—

December 31, 2023
Financial assets:
Cash and due from banks	$	53,062	$	53,062	$	53,062	$	—	$	—
Interest-bearing deposits in other banks	$	252,364	$	252,364	$	252,364	$	—	$	—
Securities AFS	$	570,092	$	570,092	$	—	$	570,092	$	—
Securities HTM	$	141,236	$	119,029	$	—	$	119,029	$	—
Equity securities	$	2,965	$	2,965	$	2,965	$	—	$	—
Nonmarketable equity securities	$	2,239	$	2,239	$	—	$	2,239	$	—
Loans HFS	$	1,306	$	1,306	$	—	$	1,306	$	—
Loans HFI, net of allowance	$	1,971,522	$	1,820,573	$	—	$	—	$	1,820,573
Accrued interest receivable	$	9,945	$	9,945	$	—	$	—	$	9,945
Financial liabilities:
Deposits	$	2,801,888	$	2,796,303	$	—	$	2,796,303	$	—


Accrued interest payable	$	8,000	$	8,000	$	—	$	8,000	$	—

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Impact of ASC 326 Adoption	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Impact of ASC 326 Adoption	Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of period (in shares) at Dec. 31, 2022			7,183,915
Balance in the beginning of period at Dec. 31, 2022	$ 265,753	$ (569)	$ 60,050	$ 2,088	$ 274,781	$ (569)	$ (71,166)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,598				9,598
Stock incentive plan	69			69
Forfeiture of restricted shares of common stock (in shares)			(1,130)
Issuance of shares of common stock as board compensation (in shares)			1,660
Issuance of shares of common stock as board compensation	84		$ 84
Repurchase of common stock (in shares)			(6,795)
Repurchase of common stock	(346)		$ (346)
Cash dividend	(574)				(574)
Other comprehensive income (loss)	2,625						2,625
Balance at the end of period (in shares) at Mar. 31, 2023			7,177,650
Balance at the end of period at Mar. 31, 2023	276,640		$ 59,788	2,157	283,236		(68,541)
Balance at the beginning of period (in shares) at Dec. 31, 2022			7,183,915
Balance in the beginning of period at Dec. 31, 2022	265,753	$ (569)	$ 60,050	2,088	274,781	$ (569)	(71,166)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,587
Other comprehensive income (loss)	(6,320)
Balance at the end of period (in shares) at Sep. 30, 2023			7,150,685
Balance at the end of period at Sep. 30, 2023	281,951		$ 58,031	2,327	299,079		(77,486)
Balance at the beginning of period (in shares) at Mar. 31, 2023			7,177,650
Balance in the beginning of period at Mar. 31, 2023	276,640		$ 59,788	2,157	283,236		(68,541)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,968				8,968
Stock incentive plan	91			91
Issuance of restricted shares of common stock through stock incentive plan (in shares)			9,300
Repurchase of common stock (in shares)			(11,894)
Repurchase of common stock	(601)		$ (601)
Cash dividend	(574)				(574)
Other comprehensive income (loss)	(1,152)						(1,152)
Balance at the end of period (in shares) at Jun. 30, 2023			7,175,056
Balance at the end of period at Jun. 30, 2023	283,372		$ 59,187	2,248	291,630		(69,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,021				8,021
Stock incentive plan	79			79
Forfeiture of restricted shares of common stock (in shares)			(810)
Repurchase of common stock (in shares)			(23,561)
Repurchase of common stock	(1,156)		$ (1,156)
Cash dividend	(572)				(572)
Other comprehensive income (loss)	(7,793)						(7,793)
Balance at the end of period (in shares) at Sep. 30, 2023			7,150,685
Balance at the end of period at Sep. 30, 2023	$ 281,951		$ 58,031	2,327	299,079		(77,486)
Balance at the beginning of period (in shares) at Dec. 31, 2023	7,091,637		7,091,637
Balance in the beginning of period at Dec. 31, 2023	$ 303,851		$ 55,136	2,407	306,802		(60,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,188				8,188
Stock incentive plan	78			78
Issuance of shares of common stock as board compensation (in shares)			811
Issuance of shares of common stock as board compensation	41		$ 41
Repurchase of common stock (in shares)			(200,000)
Repurchase of common stock	(10,000)		$ (10,000)
Cash dividend	(638)				(638)
Other comprehensive income (loss)	(2,206)						(2,206)
Balance at the end of period (in shares) at Mar. 31, 2024			6,892,448
Balance at the end of period at Mar. 31, 2024	$ 299,314		$ 45,177	2,485	314,352		(62,700)
Balance at the beginning of period (in shares) at Dec. 31, 2023	7,091,637		7,091,637
Balance in the beginning of period at Dec. 31, 2023	$ 303,851		$ 55,136	2,407	306,802		(60,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,929
Other comprehensive income (loss)	$ 10,870
Balance at the end of period (in shares) at Sep. 30, 2024	6,826,120		6,826,120
Balance at the end of period at Sep. 30, 2024	$ 324,318		$ 41,402	2,682	329,858		(49,624)
Balance at the beginning of period (in shares) at Mar. 31, 2024			6,892,448
Balance in the beginning of period at Mar. 31, 2024	299,314		$ 45,177	2,485	314,352		(62,700)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,987				7,987
Stock incentive plan	105			105
Issuance of restricted shares of common stock through stock incentive plan (in shares)			10,700
Repurchase of common stock (in shares)			(16,220)
Repurchase of common stock	(764)		$ (764)
Cash dividend	(620)				(620)
Other comprehensive income (loss)	968						968
Balance at the end of period (in shares) at Jun. 30, 2024			6,886,928
Balance at the end of period at Jun. 30, 2024	306,990		$ 44,413	2,590	321,719		(61,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,754				8,754
Stock incentive plan	92			92
Forfeiture of restricted shares of common stock (in shares)			(575)
Repurchase of common stock (in shares)			(60,233)
Repurchase of common stock	(3,011)		$ (3,011)
Cash dividend	(615)				(615)
Other comprehensive income (loss)	$ 12,108						12,108
Balance at the end of period (in shares) at Sep. 30, 2024	6,826,120		6,826,120
Balance at the end of period at Sep. 30, 2024	$ 324,318		$ 41,402	$ 2,682	$ 329,858		$ (49,624)

Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities Available for Sale

The amortized cost and estimated fair value of securities AFS and securities HTM are summarized in the following tables:


	September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	315,569	$	1,438	$	(22,431)	$	294,576
Municipal bonds	203,626		8		(27,089)		176,545
U.S. Treasury securities	29,994		—		(258)		29,736
U.S. agency securities	60,819		103		(1,224)		59,698
Total Securities AFS	$	610,008	$	1,549	$	(51,002)	$	560,555

Securities HTM:
Mortgage-backed securities	$	133,216	$	—	$	(17,211)	$	116,005


U.S. agency securities	929		—		(75)		854
Total Securities HTM	$	134,145	$	—	$	(17,286)	$	116,859


	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	288,793	$	395	$	(31,228)	$	257,960
Municipal bonds	211,848		13		(27,732)		184,129
U.S. Treasury securities	92,054		—		(1,912)		90,142
U.S. agency securities	39,563		5		(1,707)		37,861
Total Securities AFS	$	632,258	$	413	$	(62,579)	$	570,092

Securities HTM:
Mortgage-backed securities	$	140,314	$	—	$	(22,098)	$	118,216


U.S. agency securities	922		—		(109)		813
Total Securities HTM	$	141,236	$	—	$	(22,207)	$	119,029

Schedule of Debt Securities Held-to-Maturity

The amortized cost and estimated fair value of securities AFS and securities HTM are summarized in the following tables:


	September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	315,569	$	1,438	$	(22,431)	$	294,576
Municipal bonds	203,626		8		(27,089)		176,545
U.S. Treasury securities	29,994		—		(258)		29,736
U.S. agency securities	60,819		103		(1,224)		59,698
Total Securities AFS	$	610,008	$	1,549	$	(51,002)	$	560,555

Securities HTM:
Mortgage-backed securities	$	133,216	$	—	$	(17,211)	$	116,005


U.S. agency securities	929		—		(75)		854
Total Securities HTM	$	134,145	$	—	$	(17,286)	$	116,859


	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	288,793	$	395	$	(31,228)	$	257,960
Municipal bonds	211,848		13		(27,732)		184,129
U.S. Treasury securities	92,054		—		(1,912)		90,142
U.S. agency securities	39,563		5		(1,707)		37,861
Total Securities AFS	$	632,258	$	413	$	(62,579)	$	570,092

Securities HTM:
Mortgage-backed securities	$	140,314	$	—	$	(22,098)	$	118,216


U.S. agency securities	922		—		(109)		813
Total Securities HTM	$	141,236	$	—	$	(22,207)	$	119,029

Schedule of Maturities of Securities Available for Sale

The amortized cost and estimated fair value of securities AFS and securities HTM as of September 30, 2024, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to call or repay obligations with or without call or prepayment penalties.


	September 30, 2024
(in thousands)	Amortized Cost		Fair Value
Securities AFS:
Within one year	$	37,206	$	36,858
After one year but within five years	25,613		25,207
After five years but within ten years	123,252		117,247
After ten years	423,937		381,243
Total Securities AFS	$	610,008	$	560,555

Securities HTM:
Within one year	$	—	$	—
After one year but within five years	—		—
After five years but within ten years	929		854
After ten years	133,216		116,005
Total Securities HTM	$	134,145	$	116,859

Schedule of Debt Securities Available for Sale in Unrealized Loss Position

Information pertaining to securities AFS with gross unrealized losses as of September 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is described as follows:


	September 30, 2024
	Less than twelve months				Twelve months or more
(in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	(26)	$	12,404	$	(22,405)	$	192,372
Municipal bonds	(46)		1,406		(27,043)		173,314
U.S. Treasury securities	—		—		(258)		29,736
U.S. agency securities	(11)		10,417		(1,213)		18,992
Total Securities AFS	$	(83)	$	24,227	$	(50,919)	$	414,414








	December 31, 2023
	Less than twelve months				Twelve months or more
(in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	(35)	$	19,383	$	(31,193)	$	206,518
Municipal bonds	(83)		4,815		(27,649)		176,098
U.S. Treasury securities	—		—		(1,912)		90,142
U.S. agency securities	(82)		19,301		(1,625)		14,475
Total Securities AFS	$	(200)	$	43,499	$	(62,379)	$	487,233

Schedule of Debt Securities Held-to-Maturity in Unrealized Loss Position


	September 30, 2024
	Less than twelve months				Twelve months or more
(in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	(26)	$	12,404	$	(22,405)	$	192,372
Municipal bonds	(46)		1,406		(27,043)		173,314
U.S. Treasury securities	—		—		(258)		29,736
U.S. agency securities	(11)		10,417		(1,213)		18,992
Total Securities AFS	$	(83)	$	24,227	$	(50,919)	$	414,414








	December 31, 2023
	Less than twelve months				Twelve months or more
(in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	(35)	$	19,383	$	(31,193)	$	206,518
Municipal bonds	(83)		4,815		(27,649)		176,098
U.S. Treasury securities	—		—		(1,912)		90,142
U.S. agency securities	(82)		19,301		(1,625)		14,475
Total Securities AFS	$	(200)	$	43,499	$	(62,379)	$	487,233

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

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+ Details

Loans and Asset Quality - Schedule of Nonaccrual Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual with No ACL	$ 1,348	$ 709
Nonaccrual with ACL	1,675	1,250
Total Nonaccrual	3,023	1,959
Real estate \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual with No ACL	458	0
Nonaccrual with ACL	276	714
Total Nonaccrual	734	714
Real estate \| One-to-four family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual with No ACL	337	0
Nonaccrual with ACL	252	269
Total Nonaccrual	589	269
Real estate \| Construction and development
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual with No ACL	0	0
Nonaccrual with ACL	920	0
Total Nonaccrual	920	0
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual with No ACL	553	709
Nonaccrual with ACL	136	135
Total Nonaccrual	689	844
Tax-exempt
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual with No ACL	0	0
Nonaccrual with ACL	0	0
Total Nonaccrual	0	0
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Nonaccrual with No ACL	0	0
Nonaccrual with ACL	91	132
Total Nonaccrual	$ 91	$ 132

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Stock Repurchases On December 14, 2023, the Company’s board of directors approved the renewal of its 2023 stock repurchase program that was completed in the fourth quarter of 2023 after reaching its purchase limit. The renewed program authorizes the Company to purchase up to $5.0 million of its outstanding shares of common stock from January 1, 2024 through December 31, 2024. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions. On March 13, 2024, the Company entered into a privately negotiated stock repurchase agreement for the purchase of 200,000 shares of the Company’s common stock for a total purchase price of approximately $10.0 million. This repurchase was supplemental to the Company’s 2024 stock repurchase program and did not impact the amount of permitted repurchases thereunder. On August 8, 2024, the Company entered into a privately negotiated stock repurchase agreement for the purchase of 60,000 shares of the Company’s common stock for a total purchase price of approximately $3.0 million. This repurchase was supplemental to the Company’s 2024 stock repurchase program. However, in connection with the repurchase, the Company reduced the availability under its 2024 stock repurchase program by $3.0 million. For the three months ended September 30, 2024, the Company repurchased 233 shares of its common stock from the open market at an aggregate cost of $11,000 under the stock repurchase program. For the nine months ended September 30, 2024, the Company repurchased 16,453 shares of its common stock from the open market at an aggregate cost of $775,000 under the stock repurchase program. As of September 30, 2024, the Company had $1.2 million available for repurchasing its common stock under the 2024 stock repurchase program. AOCI - Transfer of Unrealized Gain (Loss) of Securities AFS and HTM During the second quarter of 2022, the Company reclassified $166.3 million, net of $17.9 million of unrealized loss, from AFS to HTM. The securities were transferred at fair value, which became the cost basis for the securities HTM. At the date of the transfer, the net unrealized loss of $17.9 million, of which $14.2 million, net of tax, was included in AOCI and is being amortized over the remaining life of the securities as a yield adjustment in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. As of September 30, 2024, the net unamortized, unrealized loss remaining on the transferred securities included in the consolidated balance sheets totaled $13.4 million, of which $10.6 million, net of tax, was included in AOCI.

- Definition

The entire disclosure for equity.

+ References

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Fair Value - Schedule of Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	$ 560,555	$ 570,092
Equity securities	3,028	2,965
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	294,576	257,960
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	176,545	184,129
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	29,736	90,142
U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	59,698	37,861
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans HFS	0	0
Securities AFS	0	0
Equity securities	3,028	2,965
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans HFS	1,805	1,306
Securities AFS	560,555	570,092
Equity securities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans HFS	0	0
Securities AFS	0	0
Equity securities	0	0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans HFS	1,805	1,306
Equity securities	3,028	2,965
Recurring \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	294,576	257,960
Recurring \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	176,545	184,129
Recurring \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	29,736	90,142
Recurring \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	59,698	37,861
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans HFS	0	0
Equity securities	3,028	2,965
Recurring \| Level 1 \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Recurring \| Level 1 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Recurring \| Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Recurring \| Level 1 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans HFS	1,805	1,306
Equity securities	0	0
Recurring \| Level 2 \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	294,576	257,960
Recurring \| Level 2 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	176,545	184,129
Recurring \| Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	29,736	90,142
Recurring \| Level 2 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	59,698	37,861
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans HFS	0	0
Equity securities	0	0
Recurring \| Level 3 \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Recurring \| Level 3 \| Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Recurring \| Level 3 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	0	0
Recurring \| Level 3 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities AFS	$ 0	$ 0

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company and the Bank are involved, from time to time, in various legal matters arising in the ordinary course of business. While the outcome of these claims or litigation cannot be determined at this time, in the opinion of management, neither the Company nor the Bank are involved in such legal proceedings that the resolution is expected to have a material adverse effect on the consolidated results of operations, financial condition, or cash flows.

Securities - Schedule of Securities With Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Less than twelve months
Gross Unrealized Losses	$ (83)	$ (200)
Fair Value	24,227	43,499
Twelve months or more
Gross Unrealized Losses	(50,919)	(62,379)
Fair Value	414,414	487,233
Mortgage-backed securities
Less than twelve months
Gross Unrealized Losses	(26)	(35)
Fair Value	12,404	19,383
Twelve months or more
Gross Unrealized Losses	(22,405)	(31,193)
Fair Value	192,372	206,518
Municipal bonds
Less than twelve months
Gross Unrealized Losses	(46)	(83)
Fair Value	1,406	4,815
Twelve months or more
Gross Unrealized Losses	(27,043)	(27,649)
Fair Value	173,314	176,098
U.S. Treasury securities
Less than twelve months
Gross Unrealized Losses	0	0
Fair Value	0	0
Twelve months or more
Gross Unrealized Losses	(258)	(1,912)
Fair Value	29,736	90,142
U.S. agency securities
Less than twelve months
Gross Unrealized Losses	(11)	(82)
Fair Value	10,417	19,301
Twelve months or more
Gross Unrealized Losses	(1,213)	(1,625)
Fair Value	$ 18,992	$ 14,475

Securities - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
Securities - Narrative (Details)	Sep. 30, 2024 USD ($) security	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) security	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Securities	$ 697,700,000		$ 697,700,000
Securities AFS	560,555,000		560,555,000		$ 570,092,000
Unrealized loss for debt securities, decrease			12,700,000
Accumulated unrealized loss on AFS securities	49,500,000		49,500,000
Securities available-for-sale, at amortized cost	134,145,000		134,145,000		141,236,000
Maturities, principal repayments, and calls			117,300,000
Securities purchased			87,796,000	$ 34,581,000
Securities sold			0
Debt securities, held-to-maturity, sale			0
Debt securities, held-to-maturity, purchase			0
Available-for-sale, allowance for credit loss	0		0		0
Held-to-maturity, allowance for credit loss	0		0		0
Accrued interest receivables, available for sale and held to maturity securities	$ 3,000,000		$ 3,000,000		3,000,000
Available-for-sale, number of securities in unrealized loss positions \| security	449		449
Securities in a loss position as a proportion of AFS securities (as a percent)	8.36%		8.36%
Proceeds from sales and calls of debt securities	$ 0	$ 0	$ 0	0
Equity securities, at fair value	3,028,000		3,028,000		2,965,000
Gain (loss) on equity securities	107,000	$ (113,000)	63,000	$ (145,000)	(14,000)
Securities pledged as collateral	$ 225,800,000		$ 225,800,000		$ 230,900,000

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with GAAP for interim financial information, general practices within the financial services industry, and instructions for Form 10-Q and Regulation S-X. Accordingly, these interim financial statements do not include all of the information or footnotes required by GAAP for annual financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company’s financial condition or results of operations. Critical Accounting Policies and Estimates In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in stockholders’ equity, and cash flows for the interim period presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions. Recent Accounting Pronouncements ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance issued in this update requires improvement to the disclosures about a public entity’s reportable segments and more detailed information about a reportable segment’s expenses and other segment items. Even though the Company has a single reportable segment, all the disclosures required by this update are required. Under this guidance, public entities are required to disclose segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment that are currently required annually. The goal of these disclosures is to enable investors to develop more decision-useful financial analyses. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all previous periods presented. The Company does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this update provides enhanced transparency and decision usefulness of income tax disclosures. The amendment addresses investor requests for income tax information through improvements to income tax disclosures related to the rate reconciliation and income taxes paid information. The guidance requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. Investors anticipate theses disclosures will provide an understanding of an entity’s exposures to changes in tax legislation and allow investors to better assess income tax information that affects cash flow forecasts and capital allocation decisions, as well as identify opportunities to increase future cash flows. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. The Company does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial statements. ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The guidance issued in this update was designed to improve GAAP by adding an illustrative example that clarifies when the scope guidance of Topic 718 should be applied, since diversity in practice exists. This ASU does not change existing guidance. The standard is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented or prospectively. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. ASU No. 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. The guidance issued in this update amends the codification to remove references to various Financial Accounting Standards Board Concept Statements. The codification will be updated to clarify or correct unintended application of guidance that is not expected to have any significant effect on current accounting practice or cost to most entities. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements.

Fair Value - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Securities AFS	$ 560,555	$ 570,092
Securities HTM	116,859	119,029
Equity securities	3,028	2,965
Nonmarketable equity securities	2,305	2,239
Loans HFI, net of allowance	2,034,291	1,971,522
Level 1
Financial assets:
Cash and due from banks	39,664	53,062
Interest-bearing deposits in other banks	192,983	252,364
Securities AFS	0	0
Securities HTM	0	0
Equity securities	3,028	2,965
Nonmarketable equity securities	0	0
Loans HFS	0	0
Loans HFI, net of allowance	0	0
Accrued interest receivable	0	0
Financial liabilities:
Deposits	0	0
Accrued interest payable	0	0
Level 2
Financial assets:
Cash and due from banks	0	0
Interest-bearing deposits in other banks	0	0
Securities AFS	560,555	570,092
Securities HTM	116,859	119,029
Equity securities	0	0
Nonmarketable equity securities	2,305	2,239
Loans HFS	1,805	1,306
Loans HFI, net of allowance	0	0
Accrued interest receivable	0	0
Financial liabilities:
Deposits	2,744,578	2,796,303
Accrued interest payable	11,751	8,000
Level 3
Financial assets:
Cash and due from banks	0	0
Interest-bearing deposits in other banks	0	0
Securities AFS	0	0
Securities HTM	0	0
Equity securities	0	0
Nonmarketable equity securities	0	0
Loans HFS	0	0
Loans HFI, net of allowance	1,923,165	1,820,573
Accrued interest receivable	9,465	9,945
Financial liabilities:
Deposits	0	0
Accrued interest payable	0	0
Carrying Amount
Financial assets:
Cash and due from banks	39,664	53,062
Interest-bearing deposits in other banks	192,983	252,364
Securities AFS	560,555	570,092
Securities HTM	134,145	141,236
Equity securities	3,028	2,965
Nonmarketable equity securities	2,305	2,239
Loans HFS	1,805	1,306
Accrued interest receivable	9,465	9,945
Financial liabilities:
Deposits	2,747,125	2,801,888
Accrued interest payable	11,751	8,000
Fair Value
Financial assets:
Cash and due from banks	39,664	53,062
Interest-bearing deposits in other banks	192,983	252,364
Securities AFS	560,555	570,092
Securities HTM	116,859	119,029
Equity securities	3,028	2,965
Nonmarketable equity securities	2,305	2,239
Loans HFS	1,805	1,306
Loans HFI, net of allowance	1,923,165	1,820,573
Accrued interest receivable	9,465	9,945
Financial liabilities:
Deposits	2,744,578	2,796,303
Accrued interest payable	$ 11,751	$ 8,000

Loans and Asset Quality - Schedule of Aging Analysis of Past Due Loans and Loans 90 Days Or More Past Due and Still Accruing Interest By Loan Category (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	$ 2,056,048	$ 1,992,858
Financing receivable, 90 days or more past due, still accruing	45	574
30-59 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	340	587
60-89 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	616	327
90 Days or More
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	2,890	2,245
Current
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	2,052,202	1,989,699
Real estate \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	875,590	851,582
Financing receivable, 90 days or more past due, still accruing	0	0
Real estate \| Commercial real estate \| 30-59 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	166	36
Real estate \| Commercial real estate \| 60-89 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Real estate \| Commercial real estate \| 90 Days or More
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	705	678
Real estate \| Commercial real estate \| Current
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	874,719	850,868
Real estate \| One-to-four family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	616,467	599,487
Financing receivable, 90 days or more past due, still accruing	44	260
Real estate \| One-to-four family residential \| 30-59 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	143	392
Real estate \| One-to-four family residential \| 60-89 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	603	251
Real estate \| One-to-four family residential \| 90 Days or More
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	580	409
Real estate \| One-to-four family residential \| Current
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	615,141	598,435
Real estate \| Construction and development
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	141,525	125,238
Financing receivable, 90 days or more past due, still accruing	0	265
Real estate \| Construction and development \| 30-59 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Real estate \| Construction and development \| 60-89 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Real estate \| Construction and development \| 90 Days or More
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	918	265
Real estate \| Construction and development \| Current
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	140,607	124,973
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	327,069	315,327
Financing receivable, 90 days or more past due, still accruing	0	45
Commercial and industrial \| 30-59 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	28	132
Commercial and industrial \| 60-89 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	2	60
Commercial and industrial \| 90 Days or More
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	674	847
Commercial and industrial \| Current
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	326,365	314,288
Tax-exempt
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	66,436	72,913
Financing receivable, 90 days or more past due, still accruing	0	0
Tax-exempt \| 30-59 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Tax-exempt \| 60-89 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Tax-exempt \| 90 Days or More
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	0	0
Tax-exempt \| Current
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	66,436	72,913
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	28,961	28,311
Financing receivable, 90 days or more past due, still accruing	1	4
Consumer \| 30-59 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	3	27
Consumer \| 60-89 Days
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	11	16
Consumer \| 90 Days or More
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	13	46
Consumer \| Current
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, before allowance for credit loss	$ 28,934	$ 28,222

Fair Value - Schedule of Fair Value of Assets Measured on Nonrecurring Basis (Details) - Remeasured and Impaired Loans - Nonrecurring - Level 3 - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of impaired loans before allowance	$ 1,268	$ 633
Specific allowance	(265)	(100)
Fair value of impaired loans	1,003	533
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement	38	69
Charge-offs	0	0
Fair value of foreclosed assets	$ 38	$ 69

Securities - Schedule of Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Securities AFS:
Total Securities AFS	$ 610,008	$ 632,258
Gross Unrealized Gains	1,549	413
Gross Unrealized Losses	(51,002)	(62,579)
Fair value	560,555	570,092
Securities HTM:
Total Securities HTM	134,145	141,236
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(17,286)	(22,207)
Fair Value	116,859	119,029
Mortgage-backed securities
Securities AFS:
Total Securities AFS	315,569	288,793
Gross Unrealized Gains	1,438	395
Gross Unrealized Losses	(22,431)	(31,228)
Fair value	294,576	257,960
Securities HTM:
Total Securities HTM	133,216	140,314
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(17,211)	(22,098)
Fair Value	116,005	118,216
Municipal bonds
Securities AFS:
Total Securities AFS	203,626	211,848
Gross Unrealized Gains	8	13
Gross Unrealized Losses	(27,089)	(27,732)
Fair value	176,545	184,129
U.S. Treasury securities
Securities AFS:
Total Securities AFS	29,994	92,054
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(258)	(1,912)
Fair value	29,736	90,142
U.S. agency securities
Securities AFS:
Total Securities AFS	60,819	39,563
Gross Unrealized Gains	103	5
Gross Unrealized Losses	(1,224)	(1,707)
Fair value	59,698	37,861
Securities HTM:
Total Securities HTM	929	922
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(75)	(109)
Fair Value	$ 854	$ 813

Deposits

9 Months Ended

Sep. 30, 2024

Deposits [Abstract]

Deposits

Deposits were $2.75 billion and $2.80 billion as of September 30, 2024 and December 31, 2023, respectively. The $54.8 million decrease was primarily a result of the seasonal outflow of funds from public entity customers and income tax payments, partially offset by an increase in new customer time deposit activity. Deposits are summarized below:


(in thousands)	September 30, 2024		December 31, 2023
Noninterest-bearing demand deposits	$	882,394	$	916,456
Interest-bearing deposits:
Interest-bearing demand deposits	163,787		138,380
NOW accounts	379,566		468,483
Money market accounts	551,229		541,607
Savings accounts	166,723		173,741
Time deposits less than or equal to $250,000	411,361		392,094
Time deposits greater than $250,000	192,065		171,127
Total interest-bearing deposits	1,864,731		$	1,885,432
Total deposits	$	2,747,125	$	2,801,888

Collateral for Deposits

As of September 30, 2024 and December 31, 2023, securities and FHLB letters of credit with values of approximately $204.6 million and $287.4 million, respectively, were pledged as collateral to secure public entity deposits.

Loans and Asset Quality - Schedule of Total Loans Held for Investment by Category and Loans Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans HFI	$ 2,056,048	$ 1,992,858
Total loans HFS	1,805	1,306
Real estate \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans HFI	875,590	851,582
Real estate \| One-to-four family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans HFI	616,467	599,487
Real estate \| Construction and development
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans HFI	141,525	125,238
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans HFI	327,069	315,327
Tax-exempt
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans HFI	66,436	72,913
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total loans HFI	$ 28,961	$ 28,311

Subsequent Events (Details) - USD ($) $ in Thousands				3 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Nov. 05, 2024	Aug. 08, 2024	Mar. 13, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Stock repurchased value				$ 3,011	$ 764	$ 10,000	$ 1,156	$ 601	$ 346
Privately Negotiated Stock Repurchase Agreement
Subsequent Event [Line Items]
Stock repurchased (in shares)		60,000	200,000
Stock repurchased value		$ 3,000	$ 10,000
Privately Negotiated Stock Repurchase Agreement \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchased (in shares)	50,000
Stock repurchased value	$ 2,500

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Loans and Asset Quality (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Loans Information

Loans HFI by category and loans HFS are summarized below:



(in thousands)	September 30, 2024		December 31, 2023
Real estate:
Commercial real estate	$	875,590	$	851,582
One-to-four family residential	616,467		599,487
Construction and development	141,525		125,238
Commercial and industrial	327,069		315,327
Tax-exempt	66,436		72,913
Consumer	28,961		28,311
Total loans HFI	$	2,056,048	$	1,992,858
Total loans HFS	$	1,805	$	1,306

Schedule of Allowance for Credit Losses

The following table summarizes the activity in the ACL by category for the nine months ended September 30, 2024:


(in thousands)	Beginning Balance December 31, 2023		Provision for Credit Losses(1)		Charge-offs		Recoveries		Ending Balance September 30, 2024
Real estate:
Commercial real estate	$	9,118	$	213	$	—	$	—	$	9,331
One-to-four family residential	7,484		(978)		—		7		6,513
Construction and development	1,309		(83)		—		—		1,226
Commercial and industrial	2,553		1,813		(218)		59		4,207
Tax-exempt	575		(469)		—		—		106
Consumer	297		304		(327)		100		374
Total allowance for credit losses	$	21,336	$	800	$	(545)	$	166	$	21,757

(1)The $900,000 provision for credit losses on the consolidated statements of income for the nine months ended September 30, 2024, includes $800,000 for loans and $100,000 for unfunded loan commitments.

The following table summarizes the activity in the ACL by category for the nine months ended September 30, 2023:


(in thousands)	Beginning Balance December 31, 2022		Impact of ASC 326 Adoption		Provision for Credit Losses		Charge-offs		Recoveries		Ending Balance September 30, 2023
Real estate:
Commercial real estate	$	7,720	$	876	$	53	$	—	$	—	$	8,649
One-to-four family residential	5,682		1,231		554		—		8		7,475
Construction and development	1,654		(444)		32		(9)		—		1,233
Commercial and industrial	4,350		(822)		(562)		(51)		25		2,940
Tax-exempt	751		(427)		255		—		—		579
Consumer	471		(136)		153		(288)		107		307
Total allowance for credit losses	$	20,628	$	278	$	485	$	(348)	$	140	$	21,183

The following table summarizes the reserve for unfunded commitments for the periods indicated:


	As of and For the Nine Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Reserve for unfunded commitments at beginning of period	$	442	$	—
Provision for credit losses(1,2)	100		—
Impact of ASC 326 adoption	—		442
Reserve for unfunded commitments at end of period	$	542	$	442

(2)The $485,000 provision for credit losses on the consolidated statements of income for the nine months ended September 30, 2023, is all for loans.

Schedule of Financing Receivable, Nonaccrual

The following table presents nonaccrual loans as of September 30, 2024:


(in thousands)	Nonaccrual with No ACL		Nonaccrual with ACL		Total Nonaccrual
Real estate:
Commercial real estate	$	458	$	276	$	734
One-to-four family residential	337		252		589
Construction and development	—		920		920
Commercial and industrial	553		136		689

Tax-exempt	—		—		—
Consumer	—		91		91
Total loans HFI	$	1,348	$	1,675	$	3,023

The following table presents nonaccrual loans as of December 31, 2023:


(in thousands)	Nonaccrual with No ACL		Nonaccrual with ACL		Total Nonaccrual
Real estate:
Commercial real estate	$	—	$	714	$	714
One-to-four family residential	—		269		269
Construction and development	—		—		—
Commercial and industrial	709		135		844

Tax-exempt	—		—		—
Consumer	—		132		132
Total loans HFI	$	709	$	1,250	$	1,959

Schedule of Financing Receivable Past Due

The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of September 30, 2024:


	Past Due
(in thousands)	30-59 Days		60-89 Days		90 Days or More		Current		Total Loans HFI		90 Days or More Past Due and Accruing
Real estate:
Commercial real estate	$	166	$	—	$	705	$	874,719	$	875,590	$	—
One-to-four family residential	143		603		580		615,141		616,467		44
Construction and development	—		—		918		140,607		141,525		—
Commercial and industrial	28		2		674		326,365		327,069		—

Tax-exempt	—		—		—		66,436		66,436		—
Consumer	3		11		13		28,934		28,961		1
Total loans HFI	$	340	$	616	$	2,890	$	2,052,202	$	2,056,048	$	45

The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of December 31, 2023:


	Past Due
(in thousands)	30-59 Days		60-89 Days		90 Days or More		Current		Total Loans HFI		90 Days or More Past Due and Accruing
Real estate:
Commercial real estate	$	36	$	—	$	678	$	850,868	$	851,582	$	—
One-to-four family residential	392		251		409		598,435		599,487		260
Construction and development	—		—		265		124,973		125,238		265
Commercial and industrial	132		60		847		314,288		315,327		45

Tax-exempt	—		—		—		72,913		72,913		—
Consumer	27		16		46		28,222		28,311		4
Total loans HFI	$	587	$	327	$	2,245	$	1,989,699	$	1,992,858	$	574

Schedule of Financing Receivable by Credit Risk

The following table summarizes loans by risk rating and year of origination as of September 30, 2024, and gross charge-offs for the nine months ended September 30, 2024:


	Year of Origination
(in thousands)	2024		2023		2022		2021		2020		Prior Years		Revolving Lines		Total
Real estate:
Commercial real estate
Pass	$	110,418	$	110,026	$	237,793	$	221,675	$	70,707	$	90,857	$	26,310	$	867,786
Special Mention	3,073		227		1,494		—		—		661		—		5,455
Substandard	—		183		747		684		—		735		—		2,349


Total	$	113,491	$	110,436	$	240,034	$	222,359	$	70,707	$	92,253	$	26,310	$	875,590

One-to-four family residential
Pass	$	76,264	$	109,718	$	121,231	$	116,108	$	81,318	$	90,646	$	17,885	$	613,170
Special Mention	131		—		—		807		—		257		—		1,195
Substandard	—		—		372		43		34		843		810		2,102


Total	$	76,395	$	109,718	$	121,603	$	116,958	$	81,352	$	91,746	$	18,695	$	616,467

Construction and development
Pass	$	41,907	$	64,646	$	25,662	$	4,206	$	802	$	1,754	$	1,377	$	140,354
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		918		—		—		—		253		—		1,171


Total	$	41,907	$	65,564	$	25,662	$	4,206	$	802	$	2,007	$	1,377	$	141,525

Commercial and industrial
Pass	$	57,633	$	53,224	$	34,515	$	42,115	$	9,120	$	2,909	$	124,746	$	324,262
Special Mention	192		—		1,250		—		—		—		564		2,006
Substandard	26		3		31		12		2		84		643		801


Total	$	57,851	$	53,227	$	35,796	$	42,127	$	9,122	$	2,993	$	125,953	$	327,069









Tax-exempt
Pass	$	2,487	$	1,606	$	14,977	$	6,625	$	11,123	$	29,618	$	—	$	66,436
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—


Total	$	2,487	$	1,606	$	14,977	$	6,625	$	11,123	$	29,618	$	—	$	66,436

Consumer
Pass	$	13,107	$	8,834	$	3,611	$	1,480	$	419	$	215	$	1,187	$	28,853
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		10		—		—		—		91		7		108


Total	$	13,107	$	8,844	$	3,611	$	1,480	$	419	$	306	$	1,194	$	28,961

Total loans HFI	$	305,238	$	349,395	$	441,683	$	393,755	$	173,525	$	218,923	$	173,529	$	2,056,048

Gross charge-offs	$	7	$	27	$	27	$	1	$	—	$	153	$	330	$	545

As of December 31, 2023, the Company had no loans classified as doubtful or loss. The following table summarizes loans by risk rating and year of origination as of December 31, 2023, and gross charge-offs for the year ended December 31, 2023:


	Year of Origination
(in thousands)	2023		2022		2021		2020		2019		Prior Years		Revolving Lines		Total
Real estate:
Commercial real estate
Pass	$	124,134	$	256,707	$	239,364	$	76,754	$	63,475	$	61,957	$	18,467	$	840,858
Special Mention	73		—		3,186		—		1,031		4,082		—		8,372
Substandard	184		779		675		—		—		714		—		2,352


Total	$	124,391	$	257,486	$	243,225	$	76,754	$	64,506	$	66,753	$	18,467	$	851,582

One-to-four family residential
Pass	$	122,004	$	134,583	$	129,388	$	90,190	$	31,110	$	74,077	$	16,472	$	597,824
Special Mention	—		—		—		—		—		261		—		261
Substandard	—		79		—		37		385		827		74		1,402


Total	$	122,004	$	134,662	$	129,388	$	90,227	$	31,495	$	75,165	$	16,546	$	599,487

Construction and development
Pass	$	54,189	$	55,515	$	10,333	$	1,742	$	2,158	$	1,015	$	286	$	125,238
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—


Total	$	54,189	$	55,515	$	10,333	$	1,742	$	2,158	$	1,015	$	286	$	125,238

Commercial and industrial
Pass	$	73,653	$	49,637	$	51,012	$	13,863	$	7,409	$	813	$	107,171	$	303,558
Special Mention	1,208		937		4,659		—		310		509		3,173		10,796
Substandard	4		—		59		5		54		51		800		973


Total	$	74,865	$	50,574	$	55,730	$	13,868	$	7,773	$	1,373	$	111,144	$	315,327

Tax-exempt
Pass	$	959	$	15,679	$	8,174	$	13,919	$	4,250	$	29,932	$	—	$	72,913
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—


Total	$	959	$	15,679	$	8,174	$	13,919	$	4,250	$	29,932	$	—	$	72,913

Consumer
Pass	$	16,947	$	6,385	$	2,325	$	858	$	363	$	133	$	1,173	$	28,184
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		29		—		—		—		90		8		127


Total	$	16,947	$	6,414	$	2,325	$	858	$	363	$	223	$	1,181	$	28,311

Total loans HFI	$	393,355	$	520,330	$	449,175	$	197,368	$	110,545	$	174,461	$	147,624	$	1,992,858

Gross charge-offs	$	12	$	20	$	1	$	—	$	10	$	25	$	405	$	473

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Securities available-for-sale, amortized cost	$ 610,008	$ 632,258
Securities available-for-maturity, fair value	$ 116,859	$ 119,029
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares, issued (in shares)	6,826,120	7,091,637
Common stock, shares, outstanding (in shares)	6,826,120	7,091,637

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$ 27,909	$ 23,925	$ 80,684	$ 68,541
Interest on securities	4,334	3,404	12,465	10,635
Interest on federal funds sold	0	0	0	886
Interest on deposits in other banks	2,630	2,950	8,378	6,359
Dividends on stock	28	45	73	106
Total Interest and Dividend Income	34,901	30,324	101,600	86,527
INTEREST EXPENSE
Interest on deposits	12,444	9,562	35,993	21,319
Interest on other borrowed funds	0	37	0	64
Total Interest Expense	12,444	9,599	35,993	21,383
Net Interest Income	22,457	20,725	65,607	65,144
Provision for credit losses	300	185	900	485
Net Interest Income After Provision for Credit Losses	22,157	20,540	64,707	64,659
NONINTEREST INCOME
Service charges on deposit accounts	1,486	1,489	4,223	4,317
Debit card income, net	905	830	2,875	2,687
Mortgage loan income	732	604	1,838	1,524
Brokerage income	987	1,029	2,867	2,759
Loan and deposit income	588	571	1,572	1,566
Bank-owned life insurance income	217	191	635	557
Gain (Loss) on equity securities	107	(113)	63	(145)
SBIC income	301	920	1,107	2,479
Other income (loss)	96	60	266	184
Total Noninterest Income	5,419	5,581	15,446	15,928
OPERATING EXPENSES
Personnel expenses	9,700	9,461	28,854	28,008
Occupancy and equipment expenses	1,661	1,663	4,975	4,933
Technology expenses	865	675	2,298	2,066
Advertising	317	331	1,061	955
Other business development expenses	521	522	1,589	1,451
Data processing expense	652	651	1,650	1,689
Other taxes	622	664	1,859	2,042
Loan and deposit expenses	294	238	561	728
Legal and professional expenses	653	616	2,000	1,714
Regulatory assessment expenses	421	419	1,226	1,223
Other operating expenses	1,046	990	3,241	3,041
Total Operating Expenses	16,752	16,230	49,314	47,850
Income Before Income Tax Expense	10,824	9,891	30,839	32,737
Income tax expense	2,070	1,870	5,910	6,150
Net Income	$ 8,754	$ 8,021	$ 24,929	$ 26,587
EARNINGS PER SHARE
Basic (in dollars per share)	$ 1.28	$ 1.12	$ 3.60	$ 3.70
Diluted (in dollars per share)	$ 1.27	$ 1.12	$ 3.59	$ 3.70

Equity (Details) - USD ($) $ in Thousands			3 Months Ended							9 Months Ended
Equity (Details) - USD ($) $ in Thousands	Aug. 08, 2024	Mar. 13, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Sep. 30, 2024	Dec. 14, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchased value			$ 3,011	$ 764	$ 10,000	$ 1,156	$ 601	$ 346
Transferred securities of available for sale and held-to-maturity, amount									$ 166,300
AOCI, debt securities, transferred securities of available for sale and held-to-maturity, unrealized loss			13,400						17,900	$ 13,400
AOCI, debt securities, transferred securities of available for sale and held-to-maturity, unrealized loss, net of tax			$ 10,600						$ 14,200	$ 10,600
2024 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount											$ 5,000
Stock repurchased (in shares)			233							16,453
Stock repurchased value			$ 11							$ 775
Share repurchase program, decrease in availability	$ 3,000
Stock available for repurchasing value			$ 1,200							$ 1,200
Privately Negotiated Stock Repurchase Agreement
Equity, Class of Treasury Stock [Line Items]
Stock repurchased (in shares)	60,000	200,000
Stock repurchased value	$ 3,000	$ 10,000

Loans and Asset Quality - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest	$ 6,300	$ 6,800
Allowance for credit loss	21,757	21,336	$ 21,183	$ 20,628
Unfunded commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Other commitments	501,200	372,000
Allowance for credit loss	542	442	$ 442	$ 0
Standby letters of credit
Financing Receivable, Allowance for Credit Loss [Line Items]
Other commitments	$ 12,000	$ 15,400

Loans and Asset Quality - Schedule of Reserve For Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			$ 21,336	$ 20,628
Provision for credit losses	$ 300	$ 185	900	485
Ending Balance	21,757	21,183	21,757	21,183
Provision for credit losses			800
Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance				278
Unfunded commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			442	0
Provision for credit losses			100	0
Ending Balance	$ 542	$ 442	542	442
Unfunded commitments \| Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			$ 0	$ 442

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38888
Entity Registrant Name	Red River Bancshares, Inc.
Entity Incorporation, State or Country Code	LA
Entity Tax Identification Number	72-1412058
Entity Address, Address Line One	1412 Centre Court Drive
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	Alexandria
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	71301
City Area Code	318
Local Phone Number	561-4000
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	RRBI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business Category	false
Entity Emerging Growth Category	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,826,120
Entity Central Index Key	0001071236
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with GAAP for interim financial information, general practices within the financial services industry, and instructions for Form 10-Q and Regulation S-X. Accordingly, these interim financial statements do not include all of the information or footnotes required by GAAP for annual financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Reclassification	Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company’s financial condition or results of operations.
Critical Accounting Policies and Estimates	Critical Accounting Policies and Estimates In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in stockholders’ equity, and cash flows for the interim period presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance issued in this update requires improvement to the disclosures about a public entity’s reportable segments and more detailed information about a reportable segment’s expenses and other segment items. Even though the Company has a single reportable segment, all the disclosures required by this update are required. Under this guidance, public entities are required to disclose segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment that are currently required annually. The goal of these disclosures is to enable investors to develop more decision-useful financial analyses. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all previous periods presented. The Company does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial statements. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance in this update provides enhanced transparency and decision usefulness of income tax disclosures. The amendment addresses investor requests for income tax information through improvements to income tax disclosures related to the rate reconciliation and income taxes paid information. The guidance requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. Investors anticipate theses disclosures will provide an understanding of an entity’s exposures to changes in tax legislation and allow investors to better assess income tax information that affects cash flow forecasts and capital allocation decisions, as well as identify opportunities to increase future cash flows. The standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. The Company does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial statements. ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The guidance issued in this update was designed to improve GAAP by adding an illustrative example that clarifies when the scope guidance of Topic 718 should be applied, since diversity in practice exists. This ASU does not change existing guidance. The standard is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented or prospectively. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements. ASU No. 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. The guidance issued in this update amends the codification to remove references to various Financial Accounting Standards Board Concept Statements. The codification will be updated to clarify or correct unintended application of guidance that is not expected to have any significant effect on current accounting practice or cost to most entities. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements.

Regulatory Capital Requirements

9 Months Ended

Sep. 30, 2024

Regulatory Capital Requirements Under Banking Regulations [Abstract]

Regulatory Capital Requirements

The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies.

Basel III Capital Requirements

The Company and the Bank are subject to Basel III capital guidelines. Basel III requires the Company and the Bank to maintain certain minimum ratios to meet capital adequacy requirements. It is management’s belief that, as of September 30, 2024, both the Company and the Bank met all capital adequacy requirements under Basel III. Management expects that the capital ratios for the Company and the Bank under Basel III will continue to exceed capital adequacy requirements. Management believes that, as of September 30, 2024, the Bank is well-capitalized under the regulatory framework for prompt corrective action.

Bank holding companies that qualify as “small bank holding companies” under the Policy Statement are exempt from the Federal Reserve’s consolidated capital adequacy ratios at the holding company level and instead are evaluated at the bank level. In May 2018, the Economic Growth Act was enacted. One of the Economic Growth Act’s highlights, with implications for us, was the asset threshold under the Policy Statement being increased from $1.0 billion to $3.0 billion, which benefits bank holding companies by, among various other items, allowing for an 18-month safety and soundness examination cycle as opposed to a 12-month examination cycle, changing to scaled biannual regulatory reporting requirements as opposed to quarterly regulatory reporting requirements, and not subjecting bank holding companies to capital adequacy guidelines on a consolidated basis. Effective January 1, 2023, the Company no longer receives any benefits under the Policy Statement and became subject to consolidated capital requirements. As of the June 30, 2024 measurement date, the Company had more than $3.0 billion in assets and remains subject to consolidated capital requirements.

Capital amounts and ratios for the Company as of September 30, 2024 and December 31, 2023, are presented in the following table (Basel III Minimum includes the capital conservation buffer):


	Actual				Basel III Minimum
(dollars in thousands)	Amount		Ratio		Amount		Ratio
September 30, 2024
Total Risk-Based Capital	$	394,695	18.07	%	$	229,299	10.50	%
Tier I Risk-Based Capital	$	372,396	17.05	%	$	185,623	8.50	%
Common Equity Tier I Capital	$	372,396	17.05	%	$	152,866	7.00	%
Tier I Leverage Capital	$	372,396	11.90	%	$	125,170	4.00	%

December 31, 2023
Total Risk-Based Capital	$	384,577	18.28	%	$	220,905	10.50	%
Tier I Risk-Based Capital	$	362,799	17.24	%	$	178,828	8.50	%
Common Equity Tier I Capital	$	362,799	17.24	%	$	147,270	7.00	%
Tier I Leverage Capital	$	362,799	11.56	%	$	125,575	4.00	%

Capital amounts and ratios for the Bank as of September 30, 2024 and December 31, 2023, are presented in the following table (Basel III Minimum includes the capital conservation buffer):


					Regulatory Requirements
	Actual				Basel III Minimum				Well-Capitalized(1)
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
September 30, 2024
Total Risk-Based Capital	$	388,655	17.80	%	$	229,235	10.50	%	$	218,319	10.00	%
Tier I Risk-Based Capital	$	366,356	16.78	%	$	185,571	8.50	%	$	174,655	8.00	%
Common Equity Tier I Capital	$	366,356	16.78	%	$	152,823	7.00	%	$	141,907	6.50	%
Tier I Leverage Capital	$	366,356	11.71	%	$	125,134	4.00	%	$	156,417	5.00	%

December 31, 2023
Total Risk-Based Capital	$	378,582	18.00	%	$	220,850	10.50	%	$	210,333	10.00	%
Tier I Risk-Based Capital	$	356,804	16.96	%	$	178,783	8.50	%	$	168,266	8.00	%
Common Equity Tier I Capital	$	356,804	16.96	%	$	147,233	7.00	%	$	136,716	6.50	%
Tier I Leverage Capital	$	356,804	11.37	%	$	125,538	4.00	%	$	156,923	5.00	%

(1)This column refers to the prompt corrective action requirements applicable to banks.

Community Bank Leverage Ratio Framework

As part of the directive under the Economic Growth Act, in September 2019, the FDIC and other federal bank regulatory agencies approved the CBLR framework. This optional framework became effective January 1, 2020, and is available to the Company and the Bank as an alternative to the Basel III risk-based capital framework. The CBLR framework provides for a simple measure of capital adequacy for certain community banking organizations. Specifically, depository institutions and depository institution holding companies that have less than $10.0 billion in total consolidated assets and meet other qualifying criteria, including a Tier 1 leverage ratio of greater than 9.00%, are considered qualifying community banking organizations eligible to opt into the CBLR framework and replace the applicable Basel III risk-based capital requirements.

As of September 30, 2024, the Company and the Bank qualify for the CBLR framework. Management does not intend to utilize the CBLR framework.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Deposits (Tables)

9 Months Ended

Sep. 30, 2024

Deposits [Abstract]

Schedule of Deposits

Deposits are summarized below:


(in thousands)	September 30, 2024		December 31, 2023
Noninterest-bearing demand deposits	$	882,394	$	916,456
Interest-bearing deposits:
Interest-bearing demand deposits	163,787		138,380
NOW accounts	379,566		468,483
Money market accounts	551,229		541,607
Savings accounts	166,723		173,741
Time deposits less than or equal to $250,000	411,361		392,094
Time deposits greater than $250,000	192,065		171,127
Total interest-bearing deposits	1,864,731		$	1,885,432
Total deposits	$	2,747,125	$	2,801,888

- Definition

Tabular disclosure of type of deposit liability.

+ References

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-Name Regulation S-K (SK)
-Number 229
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-Paragraph e
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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended						12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.09	$ 0.09	$ 0.09	$ 0.08	$ 0.08	$ 0.08
Accounting Standards Update [Extensible Enumeration]							Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details

Regulatory Capital Requirements (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Red River Bancshares, Inc.
Total Risk-Based Capital
Actual Amount	$ 394,695	$ 384,577
Actual Ratio (as a percent)	0.1807	0.1828
Regulatory Requirements, Minimum, Amount	$ 229,299	$ 220,905
Regulatory Requirements, Minimum, Ratio (as a percent)	0.1050	0.1050
Tier I Risk-Based Capital
Actual Amount	$ 372,396	$ 362,799
Actual Ratio (as a percent)	0.1705	0.1724
Regulatory Requirements, Minimum, Amount	$ 185,623	$ 178,828
Regulatory Requirements, Minimum, Ratio (as a percent)	0.0850	0.0850
Common Equity Tier I Capital
Actual Amount	$ 372,396	$ 362,799
Actual Ratio (as a percent)	0.1705	0.1724
Regulatory Requirements, Minimum, Amount	$ 152,866	$ 147,270
Regulatory Requirements, Minimum, Ratio (as a percent)	0.0700	0.0700
Tier I Leverage Capital
Actual Amount	$ 372,396	$ 362,799
Actual Ratio (as a percent)	0.1190	0.1156
Regulatory Requirements, Minimum, Amount	$ 125,170	$ 125,575
Regulatory Requirements, Minimum, Ratio (as a percent)	0.0400	0.0400
Red River Bank
Total Risk-Based Capital
Actual Amount	$ 388,655	$ 378,582
Actual Ratio (as a percent)	0.1780	0.1800
Regulatory Requirements, Minimum, Amount	$ 229,235	$ 220,850
Regulatory Requirements, Minimum, Ratio (as a percent)	0.1050	0.1050
Regulatory Requirements, Minimum Plus CCB, Amount	$ 218,319	$ 210,333
Regulatory Requirements, Minimum Plus CCB, Ratio (as a percent)	0.1000	0.1000
Tier I Risk-Based Capital
Actual Amount	$ 366,356	$ 356,804
Actual Ratio (as a percent)	0.1678	0.1696
Regulatory Requirements, Minimum, Amount	$ 185,571	$ 178,783
Regulatory Requirements, Minimum, Ratio (as a percent)	0.0850	0.0850
Regulatory Requirements, Minimum, Amount	$ 174,655	$ 168,266
Regulatory Requirements, Minimum, Ratio (as a percent)	0.0800	0.0800
Common Equity Tier I Capital
Actual Amount	$ 366,356	$ 356,804
Actual Ratio (as a percent)	0.1678	0.1696
Regulatory Requirements, Minimum, Amount	$ 152,823	$ 147,233
Regulatory Requirements, Minimum, Ratio (as a percent)	0.0700	0.0700
Regulatory Requirements, Minimum Plus CCB, Amount	$ 141,907	$ 136,716
Regulatory Requirements, Minimum Plus CCB, Ratio (as a percent)	0.0650	0.0650
Tier I Leverage Capital
Actual Amount	$ 366,356	$ 356,804
Actual Ratio (as a percent)	0.1171	0.1137
Regulatory Requirements, Minimum, Amount	$ 125,134	$ 125,538
Regulatory Requirements, Minimum, Ratio (as a percent)	0.0400	0.0400
Regulatory Requirements, Minimum Plus CCB, Amount	$ 156,417	$ 156,923
Regulatory Requirements, Minimum Plus CCB, Ratio (as a percent)	0.0500	0.0500

Loans and Asset Quality - Schedule of Loans by Risk Rating (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	$ 305,238		$ 393,355
Current period, year two	349,395		520,330
Current period, year three	441,683		449,175
Current period, year four	393,755		197,368
Current period, year five	173,525		110,545
Current period, prior years	218,923		174,461
Current period, revolving lines	173,529		147,624
Total	2,056,048		1,992,858
Gross charge-offs, year one	7		12
Gross charge-offs, year two	27		20
Gross charge-offs, year three	27		1
Gross charge-offs, year four	1		0
Gross charge-offs, year five	0		10
Gross charge-offs, prior years	153		25
Gross charge-offs, revolving lines	330		405
Gross charge-offs, Total	545	$ 348	473
Real estate \| Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	113,491		124,391
Current period, year two	110,436		257,486
Current period, year three	240,034		243,225
Current period, year four	222,359		76,754
Current period, year five	70,707		64,506
Current period, prior years	92,253		66,753
Current period, revolving lines	26,310		18,467
Total	875,590		851,582
Gross charge-offs, Total	0	0
Real estate \| Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	110,418		124,134
Current period, year two	110,026		256,707
Current period, year three	237,793		239,364
Current period, year four	221,675		76,754
Current period, year five	70,707		63,475
Current period, prior years	90,857		61,957
Current period, revolving lines	26,310		18,467
Total	867,786		840,858
Real estate \| Commercial real estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	3,073		73
Current period, year two	227		0
Current period, year three	1,494		3,186
Current period, year four	0		0
Current period, year five	0		1,031
Current period, prior years	661		4,082
Current period, revolving lines	0		0
Total	5,455		8,372
Real estate \| Commercial real estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	0		184
Current period, year two	183		779
Current period, year three	747		675
Current period, year four	684		0
Current period, year five	0		0
Current period, prior years	735		714
Current period, revolving lines	0		0
Total	2,349		2,352
Real estate \| One-to-four family residential
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	76,395		122,004
Current period, year two	109,718		134,662
Current period, year three	121,603		129,388
Current period, year four	116,958		90,227
Current period, year five	81,352		31,495
Current period, prior years	91,746		75,165
Current period, revolving lines	18,695		16,546
Total	616,467		599,487
Gross charge-offs, Total	0	0
Real estate \| One-to-four family residential \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	76,264		122,004
Current period, year two	109,718		134,583
Current period, year three	121,231		129,388
Current period, year four	116,108		90,190
Current period, year five	81,318		31,110
Current period, prior years	90,646		74,077
Current period, revolving lines	17,885		16,472
Total	613,170		597,824
Real estate \| One-to-four family residential \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	131		0
Current period, year two	0		0
Current period, year three	0		0
Current period, year four	807		0
Current period, year five	0		0
Current period, prior years	257		261
Current period, revolving lines	0		0
Total	1,195		261
Real estate \| One-to-four family residential \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	0		0
Current period, year two	0		79
Current period, year three	372		0
Current period, year four	43		37
Current period, year five	34		385
Current period, prior years	843		827
Current period, revolving lines	810		74
Total	2,102		1,402
Real estate \| Construction and development
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	41,907		54,189
Current period, year two	65,564		55,515
Current period, year three	25,662		10,333
Current period, year four	4,206		1,742
Current period, year five	802		2,158
Current period, prior years	2,007		1,015
Current period, revolving lines	1,377		286
Total	141,525		125,238
Gross charge-offs, Total	0	9
Real estate \| Construction and development \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	41,907		54,189
Current period, year two	64,646		55,515
Current period, year three	25,662		10,333
Current period, year four	4,206		1,742
Current period, year five	802		2,158
Current period, prior years	1,754		1,015
Current period, revolving lines	1,377		286
Total	140,354		125,238
Real estate \| Construction and development \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	0		0
Current period, year two	0		0
Current period, year three	0		0
Current period, year four	0		0
Current period, year five	0		0
Current period, prior years	0		0
Current period, revolving lines	0		0
Total	0		0
Real estate \| Construction and development \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	0		0
Current period, year two	918		0
Current period, year three	0		0
Current period, year four	0		0
Current period, year five	0		0
Current period, prior years	253		0
Current period, revolving lines	0		0
Total	1,171		0
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	57,851		74,865
Current period, year two	53,227		50,574
Current period, year three	35,796		55,730
Current period, year four	42,127		13,868
Current period, year five	9,122		7,773
Current period, prior years	2,993		1,373
Current period, revolving lines	125,953		111,144
Total	327,069		315,327
Gross charge-offs, Total	218	51
Commercial and industrial \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	57,633		73,653
Current period, year two	53,224		49,637
Current period, year three	34,515		51,012
Current period, year four	42,115		13,863
Current period, year five	9,120		7,409
Current period, prior years	2,909		813
Current period, revolving lines	124,746		107,171
Total	324,262		303,558
Commercial and industrial \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	192		1,208
Current period, year two	0		937
Current period, year three	1,250		4,659
Current period, year four	0		0
Current period, year five	0		310
Current period, prior years	0		509
Current period, revolving lines	564		3,173
Total	2,006		10,796
Commercial and industrial \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	26		4
Current period, year two	3		0
Current period, year three	31		59
Current period, year four	12		5
Current period, year five	2		54
Current period, prior years	84		51
Current period, revolving lines	643		800
Total	801		973
Tax-exempt
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	2,487		959
Current period, year two	1,606		15,679
Current period, year three	14,977		8,174
Current period, year four	6,625		13,919
Current period, year five	11,123		4,250
Current period, prior years	29,618		29,932
Current period, revolving lines	0		0
Total	66,436		72,913
Gross charge-offs, Total	0	0
Tax-exempt \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	2,487		959
Current period, year two	1,606		15,679
Current period, year three	14,977		8,174
Current period, year four	6,625		13,919
Current period, year five	11,123		4,250
Current period, prior years	29,618		29,932
Current period, revolving lines	0		0
Total	66,436		72,913
Tax-exempt \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	0		0
Current period, year two	0		0
Current period, year three	0		0
Current period, year four	0		0
Current period, year five	0		0
Current period, prior years	0		0
Current period, revolving lines	0		0
Total	0		0
Tax-exempt \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	0		0
Current period, year two	0		0
Current period, year three	0		0
Current period, year four	0		0
Current period, year five	0		0
Current period, prior years	0		0
Current period, revolving lines	0		0
Total	0		0
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	13,107		16,947
Current period, year two	8,844		6,414
Current period, year three	3,611		2,325
Current period, year four	1,480		858
Current period, year five	419		363
Current period, prior years	306		223
Current period, revolving lines	1,194		1,181
Total	28,961		28,311
Gross charge-offs, Total	327	$ 288
Consumer \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	13,107		16,947
Current period, year two	8,834		6,385
Current period, year three	3,611		2,325
Current period, year four	1,480		858
Current period, year five	419		363
Current period, prior years	215		133
Current period, revolving lines	1,187		1,173
Total	28,853		28,184
Consumer \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	0		0
Current period, year two	0		0
Current period, year three	0		0
Current period, year four	0		0
Current period, year five	0		0
Current period, prior years	0		0
Current period, revolving lines	0		0
Total	0		0
Consumer \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Current period, year one	0		0
Current period, year two	10		29
Current period, year three	0		0
Current period, year four	0		0
Current period, year five	0		0
Current period, prior years	91		90
Current period, revolving lines	7		8
Total	$ 108		$ 127

Loans and Asset Quality - Schedule of Allowance of Credit Losses By Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			$ 21,336	$ 20,628	$ 20,628
Provision for credit losses			800
Provision for credit losses	$ 300	$ 185	900	485
Charge-offs			(545)	(348)	(473)
Recoveries			166	140
Ending Balance	21,757	21,183	21,757	21,183	21,336
Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance				278	278
Unfunded commitments
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			442	0	0
Provision for credit losses			100	0
Ending Balance	542	442	542	442	442
Unfunded commitments \| Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			0	442	442
Ending Balance					0
Real estate \| Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			9,118	7,720	7,720
Provision for credit losses			213
Provision for credit losses				53
Charge-offs			0	0
Recoveries			0	0
Ending Balance	9,331	8,649	9,331	8,649	9,118
Real estate \| Commercial real estate \| Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance				876	876
Real estate \| One-to-four family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			7,484	5,682	5,682
Provision for credit losses			(978)
Provision for credit losses				554
Charge-offs			0	0
Recoveries			7	8
Ending Balance	6,513	7,475	6,513	7,475	7,484
Real estate \| One-to-four family residential \| Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance				1,231	1,231
Real estate \| Construction and development
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			1,309	1,654	1,654
Provision for credit losses			(83)
Provision for credit losses				32
Charge-offs			0	(9)
Recoveries			0	0
Ending Balance	1,226	1,233	1,226	1,233	1,309
Real estate \| Construction and development \| Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance				(444)	(444)
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			2,553	4,350	4,350
Provision for credit losses			1,813
Provision for credit losses				(562)
Charge-offs			(218)	(51)
Recoveries			59	25
Ending Balance	4,207	2,940	4,207	2,940	2,553
Commercial and industrial \| Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance				(822)	(822)
Tax-exempt
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			575	751	751
Provision for credit losses			(469)
Provision for credit losses				255
Charge-offs			0	0
Recoveries			0	0
Ending Balance	106	579	106	579	575
Tax-exempt \| Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance				(427)	(427)
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			297	471	471
Provision for credit losses			304
Provision for credit losses				153
Charge-offs			(327)	(288)
Recoveries			100	107
Ending Balance	$ 374	$ 307	$ 374	307	297
Consumer \| Impact of ASC 326 Adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance				$ (136)	$ (136)

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 39,664	$ 53,062
Interest-bearing deposits in other banks	192,983	252,364
Total Cash and Cash Equivalents	232,647	305,426
Securities available-for-sale, at fair value (amortized cost of $610,008 and $632,258, respectively)	560,555	570,092
Securities held-to-maturity, at amortized cost (fair value of $116,859 and $119,029, respectively)	134,145	141,236
Equity securities, at fair value	3,028	2,965
Nonmarketable equity securities	2,305	2,239
Loans held for sale	1,805	1,306
Loans held for investment	2,056,048	1,992,858
Allowance for credit losses	(21,757)	(21,336)
Loans held for investment, net	2,034,291	1,971,522
Premises and equipment, net	57,661	57,088
Accrued interest receivable	9,465	9,945
Bank-owned life insurance	30,164	29,529
Intangible assets	1,546	1,546
Right-of-use assets	2,853	3,629
Other assets	31,285	32,287
Total Assets	3,101,750	3,128,810
LIABILITIES
Noninterest-bearing deposits	882,394	916,456
Interest-bearing deposits	1,864,731	1,885,432
Total Deposits	2,747,125	2,801,888
Accrued interest payable	11,751	8,000
Lease liabilities	2,982	3,767
Accrued expenses and other liabilities	15,574	11,304
Total Liabilities	2,777,432	2,824,959
COMMITMENTS AND CONTINGENCIES	0	0
STOCKHOLDERS’ EQUITY
Preferred stock, no par value: Authorized - $1,000,000 shares; None Issued and Outstanding	0	0
Common stock, no par value: Authorized - $30,000,000 shares; Issued and Outstanding - $6,826,120 and $7,091,637 shares, respectively	41,402	55,136
Additional paid-in capital	2,682	2,407
Retained earnings	329,858	306,802
Accumulated other comprehensive income (loss)	(49,624)	(60,494)
Total Stockholders’ Equity	324,318	303,851
Total Liabilities and Stockholders’ Equity	$ 3,101,750	$ 3,128,810

Fair Value - Schedule of Inputs Used for the Level 3 Fair Value Measurement (Details) - Nonrecurring - Level 3 $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	$ 7,952	$ 1,754
Foreclosed assets	$ 38	$ 69
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans (as a percent)	0	0
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans (as a percent)	1	1
Weighted Average Discount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans (as a percent)	0.0643	0.2405

Deposits - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
Deposits - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Deposits [Abstract]
Deposits	$ 2,747,125		$ 2,801,888
Decrease in deposits	54,763	$ 39,043
Securities and federal home loan banks letters of credit, pledged as collateral	$ 204,600		$ 287,400

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income - basic	$ 8,754	$ 8,021	$ 24,929	$ 26,587
Net income - diluted	$ 8,754	$ 8,021	$ 24,929	$ 26,587
Denominator:
Weighted average shares outstanding - basic (in shares)	6,851,223	7,168,413	6,932,137	7,176,219
Weighted average shares outstanding - diluted (in shares)	6,867,474	7,180,084	6,949,196	7,188,371
Earnings per common share:
Basic (in dollars per share)	$ 1.28	$ 1.12	$ 3.60	$ 3.70
Diluted (in dollars per share)	$ 1.27	$ 1.12	$ 3.59	$ 3.70
Plus: Effect of Director Compensation Program
Denominator:
Effect of dilutive securities (in shares)	173	170	981	651
Plus: Effect of restricted stock
Denominator:
Effect of dilutive securities (in shares)	16,078	11,501	16,078	11,501

Other Borrowed Funds	9 Months Ended
Other Borrowed Funds	Sep. 30, 2024
Debt Disclosure [Abstract]
Other Borrowed Funds	Other Borrowed FundsThe Company has established borrowing capacity with the FHLB, the Federal Reserve Bank’s Discount Window facility, and other correspondent banks to provide additional sources of operating funds. As of September 30, 2024 and December 31, 2023, the Company had no outstanding borrowings under these agreements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The computations of basic and diluted earnings per common share for the Company were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except share amounts)	2024		2023		2024		2023
Numerator:
Net income - basic	$	8,754	$	8,021	$	24,929	$	26,587
Net income - diluted	$	8,754	$	8,021	$	24,929	$	26,587

Denominator:
Weighted average shares outstanding - basic	6,851,223		7,168,413		6,932,137		7,176,219
Plus: Effect of Director Compensation Program	173		170		981		651
Plus: Effect of restricted stock	16,078		11,501		16,078		11,501
Weighted average shares outstanding - diluted	6,867,474		7,180,084		6,949,196		7,188,371

Earnings per common share:
Basic	$	1.28	$	1.12	$	3.60	$	3.70
Diluted	$	1.27	$	1.12	$	3.59	$	3.70

Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deposits [Abstract]
Noninterest-bearing demand deposits	$ 882,394	$ 916,456
Interest-bearing deposits:
Interest-bearing demand deposits	163,787	138,380
NOW accounts	379,566	468,483
Money market accounts	551,229	541,607
Savings accounts	166,723	173,741
Time deposits less than or equal to $250,000	411,361	392,094
Time deposits greater than $250,000	192,065	171,127
Total interest-bearing deposits	1,864,731	1,885,432
Total Deposits	$ 2,747,125	$ 2,801,888

Other Borrowed Funds (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Other borrowings	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 24,929	$ 26,587
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,846	1,618
Amortization	482	410
Share-based compensation earned	275	239
Share-based board compensation earned	51	30
Net (accretion) amortization on securities AFS	909	1,234
Net (accretion) amortization on securities HTM	(1,022)	(1,153)
(Gain) Loss on equity securities	(63)	145
Provision for credit losses	900	485
Deferred income tax (benefit) expense	400	(79)
Net (increase) decrease in loans HFS	(499)	(1,830)
Net (increase) decrease in accrued interest receivable	480	52
Net (increase) decrease in BOLI	(635)	(557)
Net increase (decrease) in accrued interest payable	3,751	5,237
Net increase (decrease) in accrued income taxes payable	216	(656)
Other operating activities, net	2,196	257
Net cash provided by (used in) operating activities	34,216	32,019
Activity in securities AFS:
Maturities, principal repayments, and calls	109,137	109,521
Purchases	(87,796)	(34,581)
Activity in securities HTM:
Maturities, principal repayments, and calls	8,113	9,416
Sale of equity securities	0	7,000
Sale of nonmarketable equity securities	0	2,178
Purchase of nonmarketable equity securities	0	(792)
Capital contribution in partnerships	(90)	(1,819)
Net (increase) decrease in loans HFI	(63,609)	(32,569)
Proceeds from sales of foreclosed assets	69	0
Proceeds from sales of premises and equipment	11	11
Purchases of premises and equipment	(2,419)	(3,711)
Net cash provided by (used in) investing activities	(36,584)	54,654
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits	(54,763)	(39,043)
Proceeds from other borrowed funds	0	60,000
Repayments of other borrowed funds	0	(60,000)
Repurchase of common stock	(13,775)	(2,103)
Cash dividends	(1,873)	(1,720)
Net cash provided by (used in) financing activities	(70,411)	(42,866)
Net change in cash and cash equivalents	(72,779)	43,807
Cash and cash equivalents - beginning of period	305,426	278,392
Cash and cash equivalents - end of period	232,647	322,199
Cash paid during the period for:
Interest	32,242	16,146
Income taxes	5,230	6,894
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES
Assets acquired in settlement of loans	$ 38	$ 22

Regulatory Capital Requirements (Tables)

9 Months Ended

Sep. 30, 2024

Regulatory Capital Requirements Under Banking Regulations [Abstract]

Schedule of Compliance With Regulatory Capital Requirements Under Banking Regulations

Capital amounts and ratios for the Company as of September 30, 2024 and December 31, 2023, are presented in the following table (Basel III Minimum includes the capital conservation buffer):


	Actual				Basel III Minimum
(dollars in thousands)	Amount		Ratio		Amount		Ratio
September 30, 2024
Total Risk-Based Capital	$	394,695	18.07	%	$	229,299	10.50	%
Tier I Risk-Based Capital	$	372,396	17.05	%	$	185,623	8.50	%
Common Equity Tier I Capital	$	372,396	17.05	%	$	152,866	7.00	%
Tier I Leverage Capital	$	372,396	11.90	%	$	125,170	4.00	%

December 31, 2023
Total Risk-Based Capital	$	384,577	18.28	%	$	220,905	10.50	%
Tier I Risk-Based Capital	$	362,799	17.24	%	$	178,828	8.50	%
Common Equity Tier I Capital	$	362,799	17.24	%	$	147,270	7.00	%
Tier I Leverage Capital	$	362,799	11.56	%	$	125,575	4.00	%

Capital amounts and ratios for the Bank as of September 30, 2024 and December 31, 2023, are presented in the following table (Basel III Minimum includes the capital conservation buffer):


					Regulatory Requirements
	Actual				Basel III Minimum				Well-Capitalized(1)
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
September 30, 2024
Total Risk-Based Capital	$	388,655	17.80	%	$	229,235	10.50	%	$	218,319	10.00	%
Tier I Risk-Based Capital	$	366,356	16.78	%	$	185,571	8.50	%	$	174,655	8.00	%
Common Equity Tier I Capital	$	366,356	16.78	%	$	152,823	7.00	%	$	141,907	6.50	%
Tier I Leverage Capital	$	366,356	11.71	%	$	125,134	4.00	%	$	156,417	5.00	%

December 31, 2023
Total Risk-Based Capital	$	378,582	18.00	%	$	220,850	10.50	%	$	210,333	10.00	%
Tier I Risk-Based Capital	$	356,804	16.96	%	$	178,783	8.50	%	$	168,266	8.00	%
Common Equity Tier I Capital	$	356,804	16.96	%	$	147,233	7.00	%	$	136,716	6.50	%
Tier I Leverage Capital	$	356,804	11.37	%	$	125,538	4.00	%	$	156,923	5.00	%

(1)This column refers to the prompt corrective action requirements applicable to banks.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 5, 2024, the Company entered into a privately negotiated stock repurchase agreement for the purchase of 50,000 shares of the Company’s common stock, no par value per share, for a total purchase price of approximately $2.5 million. This repurchase was supplemental to the Company’s 2024 stock repurchase program and did not impact the amount of permitted repurchases thereunder.

Securities - Schedule of AFS Debt Securities, by Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Within one year	$ 37,206
After one year but within five years	25,613
After five years but within ten years	123,252
After ten years	423,937
Total Securities AFS	610,008	$ 632,258
Fair Value
Within one year	36,858
After one year but within five years	25,207
After five years but within ten years	117,247
After ten years	381,243
Fair Value	560,555	570,092
Amortized Cost
Within one year	0
After one year but within five years	0
After five years but within ten years	929
After ten years	133,216
Total Securities HTM	134,145	141,236
Fair Value
Within one year	0
After one year but within five years	0
After five years but within ten years	854
After ten years	116,005
Total Securities HTM	$ 116,859	$ 119,029

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 8,754	$ 8,021	$ 24,929	$ 26,587
Other comprehensive income (loss):
Unrealized net gain (loss) on securities arising during period	14,948	(10,295)	12,713	(9,186)
Tax effect	(3,140)	2,162	(2,670)	1,930
Change in unrealized net loss on securities transferred to held-to-maturity	380	430	1,047	1,185
Tax effect	(80)	(90)	(220)	(249)
Total other comprehensive income (loss)	12,108	(7,793)	10,870	(6,320)
Comprehensive Income (Loss)	$ 20,862	$ 228	$ 35,799	$ 20,267

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Securities

Securities are classified as AFS, HTM, and equity securities. Total securities were $697.7 million as of September 30, 2024.

Securities AFS and Securities HTM

Securities AFS and securities HTM are debt securities. Securities AFS are held for indefinite periods of time and are carried at estimated fair value. As of September 30, 2024, the estimated fair value of securities AFS was $560.6 million. The net unrealized loss on securities AFS decreased $12.7 million for the nine months ended September 30, 2024, resulting in a net unrealized loss of $49.5 million as of September 30, 2024.

Securities HTM, which the Company has the intent and ability to hold until maturity, are carried at amortized cost. As of September 30, 2024, the amortized cost of securities HTM was $134.1 million.

Investment activity for the nine months ended September 30, 2024, included $117.3 million in maturities, principal repayments, and calls, partially offset by $87.8 million of securities purchased. There were no sales of securities AFS, and there were no purchases or sales of securities HTM for the same period.

The amortized cost and estimated fair value of securities AFS and securities HTM are summarized in the following tables:


	September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	315,569	$	1,438	$	(22,431)	$	294,576
Municipal bonds	203,626		8		(27,089)		176,545
U.S. Treasury securities	29,994		—		(258)		29,736
U.S. agency securities	60,819		103		(1,224)		59,698
Total Securities AFS	$	610,008	$	1,549	$	(51,002)	$	560,555

Securities HTM:
Mortgage-backed securities	$	133,216	$	—	$	(17,211)	$	116,005


U.S. agency securities	929		—		(75)		854
Total Securities HTM	$	134,145	$	—	$	(17,286)	$	116,859


	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	288,793	$	395	$	(31,228)	$	257,960
Municipal bonds	211,848		13		(27,732)		184,129
U.S. Treasury securities	92,054		—		(1,912)		90,142
U.S. agency securities	39,563		5		(1,707)		37,861
Total Securities AFS	$	632,258	$	413	$	(62,579)	$	570,092

Securities HTM:
Mortgage-backed securities	$	140,314	$	—	$	(22,098)	$	118,216


U.S. agency securities	922		—		(109)		813
Total Securities HTM	$	141,236	$	—	$	(22,207)	$	119,029


	September 30, 2024
(in thousands)	Amortized Cost		Fair Value
Securities AFS:
Within one year	$	37,206	$	36,858
After one year but within five years	25,613		25,207
After five years but within ten years	123,252		117,247
After ten years	423,937		381,243
Total Securities AFS	$	610,008	$	560,555

Securities HTM:
Within one year	$	—	$	—
After one year but within five years	—		—
After five years but within ten years	929		854
After ten years	133,216		116,005
Total Securities HTM	$	134,145	$	116,859

Accounting for Credit Losses – Securities AFS and Securities HTM

The Company evaluates securities AFS for impairment when there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Due to the zero credit loss assumption and the considerations applied to the securities AFS, there was no ACL recorded for securities AFS as of September 30, 2024 and December 31, 2023. Also, as part of the Company’s evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers its investment strategy, cash flow needs, liquidity position, capital adequacy, and interest rate risk position. Management does not intend to sell these securities prior to recovery, and it is more likely than not that the Company will have the ability to hold them, primarily due to adequate liquidity, until each security has recovered its cost basis.

Due to the zero credit loss assumption on the securities HTM portfolio, there was no ACL recorded for securities HTM as of September 30, 2024 and December 31, 2023.

Accrued interest receivable totaled $3.0 million as of September 30, 2024 and December 31, 2023, for securities AFS and securities HTM and was reported in accrued interest receivable on the consolidated balance sheets.


	September 30, 2024
	Less than twelve months				Twelve months or more
(in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	(26)	$	12,404	$	(22,405)	$	192,372
Municipal bonds	(46)		1,406		(27,043)		173,314
U.S. Treasury securities	—		—		(258)		29,736
U.S. agency securities	(11)		10,417		(1,213)		18,992
Total Securities AFS	$	(83)	$	24,227	$	(50,919)	$	414,414








	December 31, 2023
	Less than twelve months				Twelve months or more
(in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	(35)	$	19,383	$	(31,193)	$	206,518
Municipal bonds	(83)		4,815		(27,649)		176,098
U.S. Treasury securities	—		—		(1,912)		90,142
U.S. agency securities	(82)		19,301		(1,625)		14,475
Total Securities AFS	$	(200)	$	43,499	$	(62,379)	$	487,233

As of September 30, 2024, the Company held 449 securities AFS that were in unrealized loss positions. The aggregate unrealized loss of these securities AFS as of September 30, 2024, was 8.36% of the amortized cost basis of securities AFS.

For the three and nine months ended September 30, 2024 and 2023, there were no proceeds from sales and calls of debt securities.

Equity Securities

Equity securities are an investment in a CRA mutual fund, consisting primarily of bonds. Equity securities are carried at fair value on the consolidated balance sheets with periodic changes in value recorded through the consolidated statements of income. As of September 30, 2024, equity securities had a fair value of $3.0 million with a recognized gain of $63,000 for the nine months ended September 30, 2024. As of December 31, 2023, equity securities had a fair value of $3.0 million with a recognized loss of $14,000 for the year ended December 31, 2023.

Pledged Securities

Securities with carrying values of approximately $225.8 million and $230.9 million were used as collateral as of September 30, 2024 and December 31, 2023, respectively.

Earnings Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits. Diluted EPS includes accrued but unissued shares relating to the Director Compensation Program, stock options, and restricted stock determined using the treasury stock method. The dilutive EPS calculation assumes all outstanding stock options to purchase common stock have been exercised at the beginning of the year, and the pro forma proceeds from the exercised options and restricted stock are used to purchase common stock at the average fair market valuation price.

The computations of basic and diluted earnings per common share for the Company were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands, except share amounts)	2024		2023		2024		2023
Numerator:
Net income - basic	$	8,754	$	8,021	$	24,929	$	26,587
Net income - diluted	$	8,754	$	8,021	$	24,929	$	26,587

Denominator:
Weighted average shares outstanding - basic	6,851,223		7,168,413		6,932,137		7,176,219
Plus: Effect of Director Compensation Program	173		170		981		651
Plus: Effect of restricted stock	16,078		11,501		16,078		11,501
Weighted average shares outstanding - diluted	6,867,474		7,180,084		6,949,196		7,188,371

Earnings per common share:
Basic	$	1.28	$	1.12	$	3.60	$	3.70
Diluted	$	1.27	$	1.12	$	3.59	$	3.70

Loans and Asset Quality

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Loans and Asset Quality

Loans

Loans HFI by category and loans HFS are summarized below:



(in thousands)	September 30, 2024		December 31, 2023
Real estate:
Commercial real estate	$	875,590	$	851,582
One-to-four family residential	616,467		599,487
Construction and development	141,525		125,238
Commercial and industrial	327,069		315,327
Tax-exempt	66,436		72,913
Consumer	28,961		28,311
Total loans HFI	$	2,056,048	$	1,992,858
Total loans HFS	$	1,805	$	1,306

Accrued interest receivable on loans HFI totaled $6.3 million and $6.8 million as of September 30, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable on the accompanying consolidated balance sheets.

Allowance for Credit Losses

Effective January 1, 2023, the Company adopted the provisions of ASC 326 using the modified retrospective method. The Company maintains an ACL on all loans that reflects management’s estimate of expected credit losses for the full life of the loan portfolio.

The following table summarizes the activity in the ACL by category for the nine months ended September 30, 2024:


(in thousands)	Beginning Balance December 31, 2023		Provision for Credit Losses(1)		Charge-offs		Recoveries		Ending Balance September 30, 2024
Real estate:
Commercial real estate	$	9,118	$	213	$	—	$	—	$	9,331
One-to-four family residential	7,484		(978)		—		7		6,513
Construction and development	1,309		(83)		—		—		1,226
Commercial and industrial	2,553		1,813		(218)		59		4,207
Tax-exempt	575		(469)		—		—		106
Consumer	297		304		(327)		100		374
Total allowance for credit losses	$	21,336	$	800	$	(545)	$	166	$	21,757

The following table summarizes the activity in the ACL by category for the nine months ended September 30, 2023:


(in thousands)	Beginning Balance December 31, 2022		Impact of ASC 326 Adoption		Provision for Credit Losses		Charge-offs		Recoveries		Ending Balance September 30, 2023
Real estate:
Commercial real estate	$	7,720	$	876	$	53	$	—	$	—	$	8,649
One-to-four family residential	5,682		1,231		554		—		8		7,475
Construction and development	1,654		(444)		32		(9)		—		1,233
Commercial and industrial	4,350		(822)		(562)		(51)		25		2,940
Tax-exempt	751		(427)		255		—		—		579
Consumer	471		(136)		153		(288)		107		307
Total allowance for credit losses	$	20,628	$	278	$	485	$	(348)	$	140	$	21,183

Nonaccrual and Past Due Loans

The following table presents nonaccrual loans as of September 30, 2024:


(in thousands)	Nonaccrual with No ACL		Nonaccrual with ACL		Total Nonaccrual
Real estate:
Commercial real estate	$	458	$	276	$	734
One-to-four family residential	337		252		589
Construction and development	—		920		920
Commercial and industrial	553		136		689

Tax-exempt	—		—		—
Consumer	—		91		91
Total loans HFI	$	1,348	$	1,675	$	3,023

The following table presents nonaccrual loans as of December 31, 2023:


(in thousands)	Nonaccrual with No ACL		Nonaccrual with ACL		Total Nonaccrual
Real estate:
Commercial real estate	$	—	$	714	$	714
One-to-four family residential	—		269		269
Construction and development	—		—		—
Commercial and industrial	709		135		844

Tax-exempt	—		—		—
Consumer	—		132		132
Total loans HFI	$	709	$	1,250	$	1,959

No material interest income was recognized in the consolidated statements of income on nonaccrual loans for the nine months ended September 30, 2024 and 2023.

The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of September 30, 2024:


	Past Due
(in thousands)	30-59 Days		60-89 Days		90 Days or More		Current		Total Loans HFI		90 Days or More Past Due and Accruing
Real estate:
Commercial real estate	$	166	$	—	$	705	$	874,719	$	875,590	$	—
One-to-four family residential	143		603		580		615,141		616,467		44
Construction and development	—		—		918		140,607		141,525		—
Commercial and industrial	28		2		674		326,365		327,069		—

Tax-exempt	—		—		—		66,436		66,436		—
Consumer	3		11		13		28,934		28,961		1
Total loans HFI	$	340	$	616	$	2,890	$	2,052,202	$	2,056,048	$	45

The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of December 31, 2023:


	Past Due
(in thousands)	30-59 Days		60-89 Days		90 Days or More		Current		Total Loans HFI		90 Days or More Past Due and Accruing
Real estate:
Commercial real estate	$	36	$	—	$	678	$	850,868	$	851,582	$	—
One-to-four family residential	392		251		409		598,435		599,487		260
Construction and development	—		—		265		124,973		125,238		265
Commercial and industrial	132		60		847		314,288		315,327		45

Tax-exempt	—		—		—		72,913		72,913		—
Consumer	27		16		46		28,222		28,311		4
Total loans HFI	$	587	$	327	$	2,245	$	1,989,699	$	1,992,858	$	574

Loan Modifications

Modifications are made to a borrower experiencing financial difficulty, and the modified terms are in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, or a term extension in the current reporting period. For the periods ended September 30, 2024 and 2023, modifications were made to certain borrowers by granting term extensions. These term extensions were not significant to the consolidated financial statements.

Credit Quality Indicators

Loans are categorized based on the degree of risk inherent in the credit and the ability of the borrower to service the debt. A description of the general characteristics of the Bank’s risk rating grades follows:

Pass - These loans are of satisfactory quality and do not require a more severe classification.

Special mention - This category includes loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan. However, the loss potential does not warrant substandard classification.

Substandard - Loans in this category have well-defined weaknesses that jeopardize normal repayment of principal and interest. Prompt corrective action is required to reduce exposure and to assure adequate remedial actions are taken by the borrower. If these weaknesses do not improve, loss is possible.

Doubtful - Loans in this category have well-defined weaknesses that make full collection improbable.

Loss - Loans classified in this category are considered uncollectible and charged-off to the ACL.

As of September 30, 2024, the Company had no loans classified as doubtful or loss. The following table summarizes loans by risk rating and year of origination as of September 30, 2024, and gross charge-offs for the nine months ended September 30, 2024:


	Year of Origination
(in thousands)	2024		2023		2022		2021		2020		Prior Years		Revolving Lines		Total
Real estate:
Commercial real estate
Pass	$	110,418	$	110,026	$	237,793	$	221,675	$	70,707	$	90,857	$	26,310	$	867,786
Special Mention	3,073		227		1,494		—		—		661		—		5,455
Substandard	—		183		747		684		—		735		—		2,349


Total	$	113,491	$	110,436	$	240,034	$	222,359	$	70,707	$	92,253	$	26,310	$	875,590

One-to-four family residential
Pass	$	76,264	$	109,718	$	121,231	$	116,108	$	81,318	$	90,646	$	17,885	$	613,170
Special Mention	131		—		—		807		—		257		—		1,195
Substandard	—		—		372		43		34		843		810		2,102


Total	$	76,395	$	109,718	$	121,603	$	116,958	$	81,352	$	91,746	$	18,695	$	616,467

Construction and development
Pass	$	41,907	$	64,646	$	25,662	$	4,206	$	802	$	1,754	$	1,377	$	140,354
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		918		—		—		—		253		—		1,171


Total	$	41,907	$	65,564	$	25,662	$	4,206	$	802	$	2,007	$	1,377	$	141,525

Commercial and industrial
Pass	$	57,633	$	53,224	$	34,515	$	42,115	$	9,120	$	2,909	$	124,746	$	324,262
Special Mention	192		—		1,250		—		—		—		564		2,006
Substandard	26		3		31		12		2		84		643		801


Total	$	57,851	$	53,227	$	35,796	$	42,127	$	9,122	$	2,993	$	125,953	$	327,069









Tax-exempt
Pass	$	2,487	$	1,606	$	14,977	$	6,625	$	11,123	$	29,618	$	—	$	66,436
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—


Total	$	2,487	$	1,606	$	14,977	$	6,625	$	11,123	$	29,618	$	—	$	66,436

Consumer
Pass	$	13,107	$	8,834	$	3,611	$	1,480	$	419	$	215	$	1,187	$	28,853
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		10		—		—		—		91		7		108


Total	$	13,107	$	8,844	$	3,611	$	1,480	$	419	$	306	$	1,194	$	28,961

Total loans HFI	$	305,238	$	349,395	$	441,683	$	393,755	$	173,525	$	218,923	$	173,529	$	2,056,048

Gross charge-offs	$	7	$	27	$	27	$	1	$	—	$	153	$	330	$	545


	Year of Origination
(in thousands)	2023		2022		2021		2020		2019		Prior Years		Revolving Lines		Total
Real estate:
Commercial real estate
Pass	$	124,134	$	256,707	$	239,364	$	76,754	$	63,475	$	61,957	$	18,467	$	840,858
Special Mention	73		—		3,186		—		1,031		4,082		—		8,372
Substandard	184		779		675		—		—		714		—		2,352


Total	$	124,391	$	257,486	$	243,225	$	76,754	$	64,506	$	66,753	$	18,467	$	851,582

One-to-four family residential
Pass	$	122,004	$	134,583	$	129,388	$	90,190	$	31,110	$	74,077	$	16,472	$	597,824
Special Mention	—		—		—		—		—		261		—		261
Substandard	—		79		—		37		385		827		74		1,402


Total	$	122,004	$	134,662	$	129,388	$	90,227	$	31,495	$	75,165	$	16,546	$	599,487

Construction and development
Pass	$	54,189	$	55,515	$	10,333	$	1,742	$	2,158	$	1,015	$	286	$	125,238
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—


Total	$	54,189	$	55,515	$	10,333	$	1,742	$	2,158	$	1,015	$	286	$	125,238

Commercial and industrial
Pass	$	73,653	$	49,637	$	51,012	$	13,863	$	7,409	$	813	$	107,171	$	303,558
Special Mention	1,208		937		4,659		—		310		509		3,173		10,796
Substandard	4		—		59		5		54		51		800		973


Total	$	74,865	$	50,574	$	55,730	$	13,868	$	7,773	$	1,373	$	111,144	$	315,327

Tax-exempt
Pass	$	959	$	15,679	$	8,174	$	13,919	$	4,250	$	29,932	$	—	$	72,913
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—


Total	$	959	$	15,679	$	8,174	$	13,919	$	4,250	$	29,932	$	—	$	72,913

Consumer
Pass	$	16,947	$	6,385	$	2,325	$	858	$	363	$	133	$	1,173	$	28,184
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		29		—		—		—		90		8		127


Total	$	16,947	$	6,414	$	2,325	$	858	$	363	$	223	$	1,181	$	28,311

Total loans HFI	$	393,355	$	520,330	$	449,175	$	197,368	$	110,545	$	174,461	$	147,624	$	1,992,858

Gross charge-offs	$	12	$	20	$	1	$	—	$	10	$	25	$	405	$	473

Commitments to Extend Credit

Commitments to extend credit are agreements to lend to a customer if all conditions of the commitment have been met. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s evaluation of the customer’s ability to repay. As of September 30, 2024 and December 31, 2023, unfunded loan commitments totaled approximately $501.2 million and $372.0 million, respectively.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including

commercial paper, bond financing, and similar transactions. As of September 30, 2024 and December 31, 2023, commitments under standby letters of credit totaled approximately $12.0 million and $15.4 million, respectively. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.

Effective January 1, 2023, the Company adopted the provision of ASC 326 using the modified retrospective method and established a reserve for unfunded commitments. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk through a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments is recorded within accrued expenses and other liabilities on the consolidated balance sheets, and the related provision is recorded in provision for credit losses on the consolidated statements of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded commitment balance to obtain the reserve amount. As of September 30, 2024 and December 31, 2023, the reserve on unfunded commitments was $542,000 and $442,000, respectively.

The following table summarizes the reserve for unfunded commitments for the periods indicated:


	As of and For the Nine Months Ended
(in thousands)	September 30, 2024		September 30, 2023
Reserve for unfunded commitments at beginning of period	$	442	$	—
Provision for credit losses(1,2)	100		—
Impact of ASC 326 adoption	—		442
Reserve for unfunded commitments at end of period	$	542	$	442

(2)The $485,000 provision for credit losses on the consolidated statements of income for the nine months ended September 30, 2023, is all for loans.