Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Auditor Information [Abstract] | |
| Auditor Name | Moss Adams LLP |
| Auditor Location | Portland, OR |
| Auditor Firm ID | 659 |
CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Investment Securities | ||
| Held-to-maturity, allowance for credit Loss | $ 0 | $ 0 |
| Available-for-sale, allowance for credit loss | $ 0 | $ 0 |
| Stockholders' Equity | ||
| Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
| Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
| Preferred stock, issued, (in shares) | 0 | 0 |
| Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
| Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
| Common stock, issued (in shares) | 16,158,413 | 16,029,138 |
| Common stock, outstanding (in shares) | 16,158,413 | 16,029,138 |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Statement of Stockholders' Equity [Abstract] | |||
| Cash dividends per common share (usd per share) | $ 1.00 | $ 0.98 | $ 0.94 |
Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations: Bank of Marin Bancorp ("Bancorp"), headquartered in Novato, California, conducts business primarily through its wholly-owned subsidiary, Bank of Marin (the "Bank"), a California state-chartered commercial bank that provides a wide range of financial services through 27 retail branches and 8 commercial banking offices across 10 counties, including Alameda, Amador, Contra Costa, Marin, Napa, Placer, Sacramento, San Francisco, San Mateo and Sonoma. Our customer base is made up of business, not-for-profit and personal banking relationships from the communities within our Northern California footprint. Basis of Presentation: The consolidated financial statements include the accounts of Bancorp, a bank holding company, and its wholly-owned bank subsidiary, Bank of Marin, a California state-chartered commercial bank. References to “we,” “our,” “us” mean Bancorp and the Bank that are consolidated for financial reporting purposes. Our accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP"), general practice, and regulatory guidance within the banking industry. A summary of our significant policies follows. All material intercompany transactions have been eliminated. We monitor financial performance and evaluate the revenue streams of the various products, services, locations, and operations on a company-wide basis. Accordingly, all of the community banking and wealth management and trust services are considered by management to be aggregated into one reportable operating segment, community banking. We evaluated subsequent events through the date of filing with the Securities and Exchange Commission (“SEC”) and determined there were no subsequent events that required additional recognition or disclosure. Accounting Changes and Reclassifications: Certain items in prior financial statements have been reclassified to conform to the current presentation, including the reclassification of the provision for credit losses on unfunded commitments in the second quarter of 2021 from non-interest expense to a separate line item under the provision for credit losses on loans in the consolidated statements of comprehensive income (loss). Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the consolidated financial statements include the allowance for credit losses, fair value measurements, and goodwill impairment assessment, as discussed in the Notes herein. Cash, Cash Equivalents and Restricted Cash: This includes cash, due from banks, federal funds sold and other short-term investments with maturities of less than three months at the time of purchase. Restricted cash includes balances not immediately available for business operations such as Federal Reserve Bank of San Francisco reserve requirements and cash pledged for interest rate swap contracts and local agency deposits. Investment Securities: Investment securities are classified as "held-to-maturity," "trading securities" or "available-for-sale." Investments classified as held-to-maturity are those that we have the ability and intent to hold until maturity and are reported at cost, adjusted for the amortization or accretion of premiums or discounts. Investments held for resale in anticipation of short-term market movements are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings. Investments that are neither held-to-maturity nor trading are classified as available-for-sale and are reported at fair value. Unrealized gains and losses for available-for-sale securities, net of related taxes, are reported as a separate component of comprehensive income (loss) and included in stockholders' equity until realized. For discussion of our methodology in determining fair value, see Note 9, Fair Value of Assets and Liabilities. Purchase premiums and discounts on investment securities are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method. For certain callable debt securities purchased at a premium, we amortize the premium to the earliest call date. Dividend and interest income are recognized when earned. Realized gains and losses on the sale of securities are included in non-interest income. The specific identification method is used to calculate realized gains and losses on sales of securities. Securities transferred from the available-for-sale category to the held-to-maturity category are recorded at fair value at the date of transfer. Unrealized holding gains or losses on the dates of the transfer of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets. These unrealized holding gains or losses on the dates of transfer are amortized over the remaining life of the securities as yield adjustments in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Non-marketable equity securities include stock held for membership and regulatory purposes, such as Federal Home Loan Bank ("FHLB") stock and other non-marketable equity securities. These securities are accounted for at cost, evaluated for impairment as of each reporting period, and included in interest receivable and other assets on the consolidated statements of condition. During 2023, the Bank sold its remaining investment in Visa Inc. Class B restricted common stock, as discussed in Note 2 - Investment securities. As of December 31, 2023 and 2022 our investment in FHLB stock was carried at cost, as there was no impairment or changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Both cash and stock dividends from the FHLB are reported as non-interest income. Allowance for Credit Losses on Investment Securities: The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account determined in accordance with ASC 326, which is deducted from the securities' amortized cost basis at the balance sheet date as a result of management's assessment of the net amount expected to be collected. The allowance is measured on a pooled basis for securities with similar risk characteristics using historical credit loss information, adjusted for current conditions and reasonable and supportable forecasts. Securities that are determined to be uncollectible are written off against the allowance. For available-for-sale securities in an unrealized loss position ("impaired security"), we assess whether 1) we intend to sell the security, or, 2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. Under either of these conditions, the security's amortized cost is written down to fair value through a charge to previously recognized allowances or earnings, as applicable. For impaired securities that do not meet these conditions, we assess whether the decline in fair value was due to credit loss or other factors. This assessment considers, among other things: 1) the extent to which the fair value is less than amortized cost, 2) the financial condition and near-term prospects of the issuer, 3) any changes to the rating of the security by a rating agency, and 4) our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss component. Any impairment due to non-credit-related factors that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss). The discount rate used in determining the present value of the expected cash flows is based on the effective interest rate implicit in the security at the date of purchase. Accrued interest receivable is excluded from the amortized costs and fair values of both held-to-maturity and available-for-sale securities and included in interest receivable and other assets on the consolidated statements of condition. Investment securities are placed on non-accrual status when principal or interest is contractually past due more than ninety days, or management does not expect full payment of principal and interest. We do not record an allowance for credit losses for accrued interest on investment securities, as the amounts are written-off when the investment is placed on non-accrual status. There were no non-accrual investment securities in any of the years presented in the consolidated financial statements. Originated Loans: Loans are reported at amortized cost, which is the principal amount outstanding net of deferred fees (costs), purchase premiums (discounts) and net charge-offs (recoveries). Amortized cost excludes accrued interest, which is reflected in interest receivable and other assets in the consolidated statements of condition. We do not measure an allowance for credit losses on accrued interest receivable balances because these balances are written off in a timely manner as a reduction to interest income when loans are placed on non-accrual status as discussed below. Interest income is accrued daily using the simple interest method. Fees collected upon loan origination and certain direct costs of originating loans are deferred and recognized over the contractual lives of the related loans as yield adjustments using the interest method or straight-line method, as applicable. Upon prepayment or other disposition of the underlying loans before their contractual maturities, any associated unearned fees or unamortized costs are recognized. Acquired Loans: ASC 326 modified the accounting for purchased loans and requires that an allowance for credit losses be established at the date of acquisition. However, for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than reported as a provision for credit losses. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the provision for credit losses. Past-Due and Non-Accrual Loan Policy: A loan is considered past due when a payment has not been received by the contractual due date. Loans are placed on non-accrual status when management believes that there is substantial doubt as to the collection of principal or interest, generally when they become contractually past due by 90 days or more with respect to principal or interest, except for loans that are well-secured and in the process of collection. When loans are placed on non-accrual status, any accrued but uncollected interest is reversed from current-period interest income and the amortization of deferred loan origination fees and costs is suspended. Interest payments received on nonaccrual loans are either applied against principal or reported as interest income, according to management’s judgment as to the ultimate collectability of principal. We may return non-accrual loans to accrual status when one of the following occurs: •The borrower has resumed paying the full amount of the principal and interest and we are satisfied with the borrower's financial position. In order to meet this test, we must have received repayment of all past due principal and interest, unless the amounts contractually due are reasonably assured of repayment within a reasonable period of time, and there has been a sustained period of repayment performance (generally, six consecutive monthly payments), according to the original or modified contractual terms. •The loan has become well secured and is in the process of collection. Loan Charge-Off Policy: For all loan types excluding overdraft accounts, we generally make a charge-off determination at or before 90 days past due. A collateral-dependent loan is partially charged down to the fair value of collateral securing it if: (1) it is deemed uncollectable, or (2) it has been classified as a loss by either our internal loan review process or external examiners. A non-collateral-dependent loan is partially charged down to its net realizable value under the same circumstances. Overdraft accounts are generally charged off when they exceed 60 days past due. Collateral Dependent Loans: A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For collateral dependent loans, including those for which management determines foreclosure is probable, each loan is individually evaluated and the allowance for credit losses is based on the fair value of the collateral, adjusted for estimated selling costs when repayment is expected from the sale of the collateral, less the loan's amortized cost. In determining the fair value, management considers such information as the appraised value of the collateral, observed and potential future changes in collateral value, and historical loss experience for loans that were secured by similar collateral. Generally, with problem credits that are collateral dependent, we obtain appraisals of the collateral at least annually. We may obtain appraisals more frequently if we believe the collateral value is subject to market volatility, if a specific event has affected the collateral, or if we believe foreclosure is imminent. Allowance for Credit Losses on Loans ("ACL"): The ACL is a valuation account that is deducted from the amortized cost basis at the balance sheet date to present the net amount of loans expected to be collected. Amortized cost does not include accrued interest, which management elected to exclude from the estimate of expected credit losses (refer to the Past-Due and Non-Accrual Loan Policy section above). Management estimates the allowance quarterly using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Credit loss experience provides the basis for the estimation of expected credit losses. The ACL model utilizes a discounted cash flow ("DCF") method to measure the expected credit losses on loans collectively evaluated that are sub-segmented by loan pools with similar credit risk characteristics, which are generally comprised of federal regulatory reporting codes (i.e., Call codes). Pooled segments include the following: •Loans secured by real estate: - 1-4 family residential construction loans - Other construction loans and all land development and other land loans - Secured by farmland (including residential and other improvements) - Revolving, open-end loans secured by 1-4 family residential properties and extended under lines of credit - Closed-end loans secured by 1-4 family residential properties, secured by first liens - Closed-end loans secured by 1-4 family residential properties, secured by junior liens - Secured by multifamily (5 or more) residential properties - Commercial real estate loans secured by owner-occupied non-farm nonresidential properties - Commercial real estate loans secured by other non-farm nonresidential properties •Loans to finance agricultural production and other loans to farmers •Commercial and industrial loans •Loans to individuals for household, family and other personal expenditures (i.e., consumer loans) •Municipal entities •Non-profit organizations •Other loans (overdraft credit lines) The DCF method incorporates assumptions for probability of default ("PD"), loss given default ("LGD"), and prepayments and curtailments over the contractual terms of the loans. Under the DCF method, the ACL reflects the difference between the amortized cost basis and the present value of the expected cash flows using the loan's effective rate. We elected to report the change in present values from one reporting period to the next due to the passage of time and changes in the estimate of future expected cash flows through the provision for credit losses, rather than though interest income. In determining the PD for each pooled segment, the Bank utilized regression analyses to identify certain economic drivers that were considered highly correlated to historical Bank or peer loan default experience. As a result, management chose the California unemployment rate as the primary economic forecast driver for all segments, except for municipal loans. In addition, the annual percentage change in the California gross domestic product was used in the commercial and industrial loan segment. For municipal loans, the ACL model utilized a constant default rate obtained from a nationally recognized default rate study, which is updated annually. A third party provides LGD estimates for each segment based on a banking industry Frye-Jacobs Risk Index approach. The ACL model incorporates a one-year reasonable and supportable forecast of economic factors, updated quarterly, which is based on Moody's Analytics' Baseline Forecast. For periods beyond the forecast horizon, the economic factors revert to historical averages on a straight-line basis over a one-year period. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments and curtailments, when appropriate. The pooled loans' contractual loan terms exclude assumptions about extensions, renewals, and modifications. Loans that do not share the same risk characteristics as pooled loans are evaluated individually for credit loss and generally include all non-accrual loans, collateral dependent loans, and certain modified loans and loans graded substandard or worse, as determined by management. Management considers whether adjustments to the quantitative portion of the ACL are needed for differences in segment-specific risk characteristics or to reflect the extent to which it expects current conditions and reasonable and supportable forecasts of economic conditions to differ from the conditions that existed during the historical period included in the development of PD and LGD. Qualitative internal and external risk factors include, but are not limited to, the following: •Changes in the nature and volume of the loan portfolio •Changes in the volume and severity of past due loans, the volume of non-accruals loans, and the volume and severity of adversely classified or graded loans •The existence and effect of individual loan and loan segment concentrations •Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere •Changes in the experience, ability, and depth of lending management and other relevant staff •Changes in the quality of our systematic loan review processes •Changes in economic and business conditions, and developments that affect the collectability of the portfolio •Changes in the value of underlying collateral, where applicable •The effect of other external factors such as legal and regulatory requirements on the level of estimated credit losses in the portfolio •The effect of acquisitions of other loan portfolios on our infrastructure, including risk associated with entering new geographic areas as a result of such acquisitions •The presence of specialized lending segments in the portfolio There were no material changes to the ACL methodology during 2023. However, assumptions that mainly influenced management's current estimate of the expected credit losses were primarily adjustments to qualitative risk factors from continued uncertainty about inflation and recession risks, the potential impact of rapidly increasing interest rates and other external factors on both our non-owner-occupied commercial real estate and construction portfolios, loan and collateral concentration risks in our construction and commercial real estate portfolios, heightened portfolio management in light of current economic conditions, and continued negative trends in adversely graded loans and/or collateral values for our non-owner occupied commercial real estate office and multi-family real estate portfolios. Other elements of the estimated current expected credit losses included increased allowances for individually analyzed loans exhibiting unique credit risk characteristics and a slight increase in Moody's Analytics' Baseline Forecast of California's unemployment rate, partially offset by the impact of an overall decrease in loans. While we believe we use the best information available to determine the allowance for credit losses, our results of operations could be significantly affected if circumstances differ substantially from the assumptions used in determining the allowance. Our ACL model is sensitive to changes in unemployment rate forecasts and certain other assumptions that could result in material fluctuations in the allowance for credit losses and adversely affect our financial condition and results of operations. As discussed in the Other Recently Adopted Accounting Standards section below, as of January 1 2023, we adopted ASU No. 2022-02 under which the concept of troubled debt restructured loans and its impact on the ACL calculation was eliminated in favor of the disclosure of certain loan modifications made to borrowers experiencing financial difficulty. Such modified loans are now subject to the Bank's standard ACL process, as outlined above. For further information regarding the allowance for loan losses, see Note 3, Loans and Allowance for Loan Losses. Allowance for Credit Losses on Unfunded Loan Commitments: We make commitments to extend credit to meet the financing needs of our customers in the form of loans or standby letters of credit. We are exposed to credit losses over a loan's contractual period in the event that a decline in credit quality of the borrower leads to nonperformance. We record an allowance for losses on unfunded loan commitments at the balance sheet date based on estimates of probability that these commitments will be drawn upon according to historical utilization experience of different types of commitments and expected loss severity and loss rates determined for pooled funded loans. The allowance for credit losses on unfunded commitments is a liability account included in interest payable and other liabilities on the consolidated statements of condition. Adjustments to the allowance for unfunded commitments are included in non-interest expense as a provision for (or reversal of) the allowance for unfunded commitments. Transfers of Financial Assets: We have entered into certain loan participation agreements with other organizations. We account for these transfers of financial assets as sales when control over the transferred financial assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets and liabilities have been isolated from us, 2) the transferee has the right to pledge or exchange the assets (or beneficial interests) it received, free of conditions that constrain it from taking advantage of that right, beyond a trivial benefit and 3) we do not maintain effective control over the transferred financial assets or third-party beneficial interests related to those transferred assets. Transfers of a portion of a loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, and the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. We recognized no gains or losses on the sale of these participation interests in 2023, 2022 and 2021. Premises and Equipment: Land is carried at cost and not depreciated. Bank-owned buildings, leasehold improvements, furniture, fixtures, software and equipment and are stated at cost, less accumulated depreciation, and depreciated/amortized on a straight-line basis. Furniture and fixtures are depreciated over eight years and equipment is generally depreciated over to twenty years. Bank-owned buildings are depreciated over to thirty years. Leasehold improvements are amortized over the lesser of their estimated useful lives or the terms of the leases. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred. Leases: We lease certain premises under long-term non-cancelable operating leases, most of which include escalation clauses and one or more options to extend the lease term, and some of which contain lease termination clauses. Only those renewal and termination options that management determines are reasonably certain of exercising are included in the calculation of the lease liability. In addition, we lease certain equipment under finance leases. The equipment finance lease terms do not contain renewal options, bargain purchase options or residual value guarantees. We did not have any significant short-term leases during the reported periods. Lease right-of-use assets represent the right to use the underlying asset while lease liabilities represent the present value of future lease obligations. We elected not to separate non-lease components from lease components and to exclude short-term leases (i.e., lease term of 12 months or less at the commencement date) from right-of-use assets and lease liabilities for all lease classifications. When calculating the lease liability, because most lease contracts do not contain an implicit interest rate, we discount lease payments over a lease's expected term based on the collateralized Federal Home Loan Bank borrowing rate that was commensurate with lease terms and minimum payments at the lease commencement date. Right-of-use assets for operating leases are amortized over the lease term by amounts that represent the difference between periodic straight-line lease expense and periodic interest accretion on the related liability to make lease payments, whereas finance leases are amortized on a straight-line basis over the term of the lease. Expense recognition for operating leases is recorded on a straight-line basis while expense recognition for finance leases represents the sum of periodic amortization of the associated right-of-use asset and the interest accretion on the lease liability. Refer to Note 12, Commitments and Contingencies, for further information. Business Combinations: Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. A business is defined as a set of activities and assets that is both self-sustaining and managed to provide a return to investors and generally has three elements: inputs, processes and outputs. Under the acquisition method, the acquiring entity in a business combination recognizes the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceed the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from a business combination are recognized at fair value. Results of operations of an acquired business are included in the consolidated statements of operations from the date of acquisition. Business acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. If substantially all of an acquisition is made up of one asset or several similar assets, or without a substantive process that together contributes to the ability to create outputs, the acquisition is accounted for as an asset acquisition and acquisition costs will be capitalized as part of the assets acquired, rather than expensed in a business combinations. Goodwill and Other Intangible Assets: Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is deemed to have an indefinite life, is not subject to amortization, and as such is tested for impairment at least annually or more frequently if events and circumstances lead management to believe the value of goodwill may be impaired. Goodwill is the only intangible asset with an indefinite life recorded in the Company’s consolidated statements of financial condition. Impairment testing is performed at the reporting unit level. Management considered the Company to be its sole reporting unit for the year ended December 31, 2023. Management’s assessment of goodwill impairment is performed in accordance with ASC 350-20, Intangibles - Goodwill and Other - Goodwill and encompasses a two-step process. First, the Company has the option to perform a qualitative assessment to evaluate relevant events or circumstances to determine whether it is more likely than not the fair value of the Company is less than its carrying amount, including goodwill. The factors considered in the qualitative assessment typically include macroeconomic conditions, industry and market conditions and the overall financial performance of the Company, among other factors. If the Company determines that it is more likely than not the fair value of the Company may be less than its carrying amounts, then it proceeds to the quantitative impairment test, whereby it calculates the fair value of the Company. Under GAAP, in its performance of impairment testing, management has the unconditional option to proceed directly to the quantitative impairment test, bypassing the qualitative assessment. If the carrying amount of the Company exceeds its fair value, the amount by which the carrying amount exceeds fair value, up to the carrying value of goodwill, is recorded through earnings as an impairment charge recorded in non-interest expense. If the results of the qualitative assessment indicate that it is not more likely than not that an impairment has occurred, or if the quantitative impairment test results in a fair value of the Company that is greater than the carrying amount, then no impairment charge is recorded. The Company performs its annual goodwill impairment test as of November 30th each year. Due to the market volatility experienced in the banking sector during 2023, the Company elected to bypass a qualitative assessment of goodwill and proceed directly to a quantitative assessment, the results of which indicated that goodwill totaling $72.8 million was not impaired as of December 31, 2023, and there were no changes to our assessment through December 31, 2023. In addition, the Company recorded no goodwill impairment for the years ended December 31, 2022, and 2021. Core deposit intangibles ("CDI") arising from the acquisition of other financial institutions are considered to have definite useful lives and are amortized on an accelerated method over their estimated useful life of ten years. At December 31, 2023, the future estimated amortization expense for the CDI arising from our past acquisitions was as follows:
The CDI represents the estimated future benefit of deposits related to an acquisition and is recorded separately from the related deposits and evaluated at least annually or when events and circumstances change. We recorded no impairment adjustments for the CDI in 2023, 2022 and 2021. Other Real Estate Owned ("OREO"): OREO is comprised of property acquired through a business combination, foreclosure, in substance repossession or acceptance of deeds-in-lieu of foreclosure when the related loan receivable is de-recognized. OREO is recorded at fair value of the collateral less estimated costs to sell, establishing a new cost basis, and subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Any shortfall of collateral value from the recorded investment of the related loan is recognized as loss at the time of foreclosure and is charged against the allowance for loan losses. Fair value of collateral is generally based on an independent appraisal of the property. Revenues and expenses associated with OREO, and subsequent adjustments to the fair value of the property and to the estimated costs of disposal, are realized and reported as a component of non-interest income and expense when incurred. We recorded a $40 thousand and $345 thousand valuation adjustment to OREO in 2023 and 2022, respectively. In July 2023, the Bank completed the sale of its only OREO property. Bank Owned Life Insurance ("BOLI"): The Bank owns life insurance policies on certain key current and former officers. BOLI is recorded in interest receivable and other assets on the consolidated statements of condition at the amount that can be realized under the insurance contract at period-end, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Investments in Low Income Housing Tax Credit Funds: We have invested in limited partnerships that were formed to develop and operate affordable housing projects for low or moderate-income tenants throughout California. Our ownership percentage in each limited partnership ranges from 1.0% to 3.5%. We account for the investments in qualified affordable housing tax credit funds using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received. Low income housing tax credits and other tax benefits received, net of the amortization of the investment is recognized as part of income tax benefit. Each of the partnerships must meet the regulatory minimum requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credit may be denied for any period in which the project is not in compliance and a portion of the credit previously taken is subject to recapture with interest. We record an impairment charge if the value of the future tax credits and other tax benefits is less than the carrying value of the investments. Employee Stock Ownership Plan (“ESOP”): We recognize compensation cost for ESOP contributions when funds become committed for the purchase of Bancorp's common shares into the ESOP in the year in which the employees render service entitling them to the contribution. If we contribute stock, the compensation cost is the fair value of the shares when they are committed to be released (i.e., when the number of shares becomes known and formally approved). In 2023, 2022 and 2021, Bancorp only made stock contributions to the ESOP. Income Taxes: Income taxes reported in the consolidated financial statements are computed based on an asset and liability approach. We recognize the amount of taxes payable or refundable for the current year and we record deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the temporary differences are expected to reverse. We record net deferred tax assets to the extent it is more likely than not that they will be realized. In evaluating our ability to recover the deferred tax assets and the need to establish a valuation allowance against the deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. In projecting future taxable income, management develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates being used to manage the underlying business. Bancorp files consolidated federal and combined state income tax returns. We recognize the financial statement effect of a tax position when it is more likely than not, based on the technical merits and all available evidence, that the position will be sustained upon examination, including the resolution through protests, appeals or litigation processes. For tax positions that meet the more likely than not threshold, we measure and record the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with the taxing authority. The remainder of the benefits associated with tax positions taken is recorded as unrecognized tax benefits, along with any related interest and penalties. Interest and penalties related to unrecognized tax benefits are recorded in tax expense. In deciding whether or not our tax positions taken meet the more likely than not recognition threshold, we must make judgments and interpretations about the application of inherently complex state and federal tax laws. To the extent tax authorities disagree with tax positions taken by us, our effective tax rates could be materially affected in the period of settlement with the taxing authorities. Revision of our estimate of accrued income taxes also may result from our own income tax planning, which may affect effective tax rates and results of operations for any reporting period. We present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss ("NOL") carryforward, or similar tax loss or tax credit carryforward, rather than as a liability, when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) we intend to and are able to use the deferred tax asset for that purpose. Otherwise, the unrecognized tax benefit is presented as a liability instead of being netted with deferred tax assets. Earnings per share (“EPS”): EPS is based upon the weighted average number of common shares outstanding during each year. The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic EPS are calculated by dividing net income by the weighted average number of common shares outstanding during each annual period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury stock method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
Share-Based Compensation: All share-based payments, including stock options and restricted stock, are recognized as stock-based compensation expense in the consolidated statements of comprehensive income (loss) based on the grant-date fair value of the award with a corresponding increase in common stock. The grant-date fair value of the award is amortized on a straight-line basis over the requisite service period, which is generally the vesting period. The stock-based compensation expense excludes stock grants to directors as compensation for their services, which are recognized as director expenses separately based on the grant-date value of the stock. We account for forfeitures as they occur. See Note 8, Stockholders' Equity and Stock Option Plans, for further discussion. We determine the fair value of stock options at the grant date using a Black-Scholes pricing model that takes into account the stock price at the grant date, exercise price, expected life of the option, volatility of the underlying stock, expected dividend yield and risk-free interest rate over the expected life of the option. The expected term of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. Expected volatility is based on the historical volatility of the common stock over the most recent period that is generally commensurate with the expected life of the options. The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions used represent management's best estimates based on historical information, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if other assumptions had been used, the recorded stock-based compensation expense could have been materially different from that recorded in the consolidated financial statements. The fair value of restricted stock is based on the stock price on the grant date. We record excess tax benefits resulting from the exercise of non-qualified stock options, the disqualifying disposition of incentive stock options and vesting of restricted stock awards as tax benefits in the consolidated statements of comprehensive income (loss) with a corresponding decrease to current taxes payable. In addition, we reflect excess tax benefits as an operating activity in the consolidated statements of cash flows. Cash paid for tax withholdings when shares are surrendered in a cashless stock option exchange is classified as a financing activity in the consolidated statements of cash flows. Derivative Financial Instruments and Hedging Activities - Fair Value Hedges: All of our interest rate swap contracts are designated and qualified as fair value hedges. The terms of our loan interest rate swap contracts are closely aligned to the terms of the designated fixed-rate loans. The hedging relationships are tested for effectiveness on a quarterly basis using a qualitative approach. The qualitative analysis includes verification that there are no changes to the derivative's or hedged item's key terms and conditions and no adverse developments regarding risk of counterparty default, and validation that we continue to have fair value hedge designation. Our rate swaps on available-for-sale securities were designated as partial term fair value hedges and structured such that the changes in fair value of the interest rate swaps are expected to be perfectly effective in offsetting the changes in the fair value of the hedged items attributable to changes in the swap rate. Because the hedges met the criteria for using the shortcut method, there is no need to periodically reassess effectiveness during the term of the hedges. The interest rate swaps are carried on the consolidated statements of condition at their fair value in other assets (when the fair value is positive) or in other liabilities (when the fair value is negative). For fair value designated hedges, the gain or loss on the hedging instruments, as well as the offsetting loss or gain on the hedged items, are recognized in current earnings as fair values change. For derivative instruments executed with the same counterparty under a master netting arrangement, we do not offset fair value amounts of interest rate swaps in liability positions with the ones in asset positions. From time to time, we make firm commitments to enter into long-term fixed-rate loans with borrowers backed by yield maintenance agreements and simultaneously enter into forward interest rate swap agreements with correspondent banks to mitigate the change in fair value of the yield maintenance agreement. Prior to loan funding, yield maintenance agreements with net settlement features that meet the definition of a derivative are considered as non-designated hedges and are carried on the consolidated statements of condition at their fair value in other assets (when the fair value is positive) or in other liabilities (when the fair value is negative). The offsetting changes in the fair value of the forward swap and the yield maintenance agreement are recorded in interest income. When the fixed-rate loans are originated, the forward swaps are designated to offset the change in fair value in the loans. Subsequent to the point of the swap designations, the fair value of the related yield maintenance agreements at the designation date that was recorded in other assets is amortized using the effective yield method over the life of the respective designated loans. For further detail, refer to Note 14, Derivative Financial Instruments and Hedging Activities. Revenue Recognition: We utilize the following five-step model for non-financial instrument related revenue that is in scope for ASC 606, Revenue from Contracts with Customers: 1) identify the contract, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and, 5) recognize revenue when (or as) the entity satisfies the performance obligation. Our main revenue streams in scope for ASC 606 include: •Wealth management and trust services ("WMTS") fees - WMTS services include, but are not limited to: customized investment advisory and management; administrative services such as bill pay and tax reporting; trust administration, estate settlement, custody and fiduciary services. Performance obligations for investment advisory and management services are generally satisfied over time. Revenue is recognized monthly according to a tiered fee schedule based on the client's month-end market value of assets under our management. WMTS does not earn revenue based on performance or incentives. Costs associated with WMTS revenue-generating activities, such as payments to sub-advisors, are recorded separately as part of professional service expenses when incurred. •Deposit account service charges - Service charges on deposit accounts consist of monthly maintenance fees, business account analysis fees, business online banking fees, check order charges, and other deposit account-related fees. Performance obligations for monthly maintenance fees and account analysis fees are satisfied, and the related revenue recognized, when we complete our performance obligation each month. Performance obligations related to transaction-based services (such as check orders) are satisfied, and the related revenue recognized, at a point in time typically when the transaction is completed, except for business accounts subject to analysis where the transaction-based fees are part of the monthly account analysis fees. •Debit card interchange fees - We issue debit cards to our consumer and small business customers that allow them to purchase goods and services from merchants in person, online, or via mobile devices using funds held in their demand deposit accounts held with us. Debit cards issued to our customers are part of global electronic payment networks (such as Visa) who pass a portion of the merchant interchange fees to debit card-issuing member banks like us when our customers make purchases through their networks. Performance obligations for debit card services are satisfied and revenue is recognized daily as the payment networks process transactions. Because we act in an agent capacity, we recognize network costs on a net basis with interchange fees in non-interest income. Advertising Costs: Advertising costs are expensed as incurred. For the years ended December 31, 2023, 2022, and 2021, advertising costs totaled $1.2 million, $1.1 million, and $908 thousand, respectively. Comprehensive Income (Loss): Comprehensive income (loss) primarily includes net income, changes in the unrealized gains or losses on available-for-sale investment securities, reclassification adjustment for gains or losses on fair value hedges, reclassification adjustment for realized (gains) losses on available-for-sale securities in net income, and amortization of net unrealized gains or losses on securities transferred from available-for-sale to held-to-maturity, net of related taxes, reported on the consolidated statements of comprehensive income (loss) and as components of stockholders' equity. Fair Value Measurements: We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. We base our fair values on 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 (i.e., exit price notion) reflecting factors such as a liquidity premium. Securities available-for-sale and derivatives are recorded at fair value on a recurring basis. Equity investments that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. FHLB stock was carried at cost as of December 31, 2023, as there was no impairment or changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Additionally, from time to time, we may be required to record certain assets and liabilities at fair value on a non-recurring basis, such as purchased loans and acquired deposits recorded at acquisition date, certain collateral dependent loans, other real estate owned and securities held-to-maturity that are other-than-temporarily impaired. These non-recurring fair value adjustments typically involve write-downs of individual assets due to application of lower-of-cost or market accounting. When we develop our fair value measurement process, we maximize the use of observable inputs. Whenever there is no readily available market data, we use our best estimates and assumptions in determining fair value, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if other assumptions had been used, our recorded earnings or disclosures could have been materially different from those reflected in these consolidated financial statements. Other Recently Adopted Accounting Standards In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendment eliminated the recognition measurement guidance for troubled debt restructured ("TDR") loans and instead enhanced disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. In addition, the amendment required that an entity include in its vintage disclosures the current period gross loan charge-offs by year of origination. We early adopted the current period charge-off disclosures in the first quarter of 2022. We adopted the loan modification provisions as of January 1, 2023 using a modified retrospective method. The cumulative-effect adjustment to retained earnings was considered immaterial. Refer to Note 5, Loans and Allowance for Credit Losses on Loans, for additional information. In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. Among other things, the ASU renamed the "last-of-layer" method to the "portfolio layer" method and made fair value hedging more accessible for hedge accounting of interest rate risk for portfolios and financial assets. For example, the guidance permits an entity to apply the same portfolio hedging method to both prepayable and non-prepayable financial assets, thereby providing for consistency between accounting for similar hedges. We adopted the amendments on January 1, 2023, which had no effect on our existing hedge accounting, disclosures, financial condition or results of operations. In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU are elective and provide optional guidance for a limited period of time to ease the potential burden of accounting for, or recognizing the effects of reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Topic 848 was further amended in January 2021 with ASU No. 2021-01, which provided additional guidance on certain optional expedients and scope of derivative instruments, and in December 2022 with ASU 2022-06, which extended the sunset date of Topic 848 to December 31, 2024 given the UK Financial Conduct Authority ("FCA") March 2021 announcement that the intended cessation date of certain tenors of USD LIBOR would be June 30, 2023. An entity may elect the amendments in these updates at an interim period with adoption methods varying based on transaction type. As of December 31, 2023, we had three interest rate swap contracts with notional values totaling $8.6 million that were indexed to LIBOR, which transitioned to the Secured Overnight Financing Rate ("SOFR") effective July 1, 2023. The transition to SOFR did not have a material impact to either our financial condition or results of operations. Accounting Standards Not Yet Effective In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendment reduces diversity in practice by clarifying that a separate contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. In addition, this ASU provided amended examples to illustrate that a restriction that is a characteristic of the equity security, which market participants would take into account when pricing them, would be considered in measuring fair value. This ASU also introduces new disclosure requirements. The amendments are effective prospectively for years beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements. As discussed in Note 2, Investment Securities, in July 2023 we sold our remaining shares of Visa Inc. Class B restricted common stock. As a result of the sale, this update will not impact our financial condition, results of operations or disclosures. In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. For public companies, the amendment requires entities to amortize leasehold improvements associated with common control lease arrangements over the useful life of the improvements to the common control group, as opposed to the shorter of the remaining lease term and the useful life of the improvements for all other operating leases. The amendments are effective for years beginning after December 15, 2023, and may be adopted either prospectively or retrospectively. Early adoption is permitted for both interim and annual financial statements. We currently do not have common control lease arrangements, and therefore do not anticipate that the amendments will impact our financial condition and results of operations. In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. Under current GAAP, an entity can only elect to apply the proportional amortization method to investments in low-income housing tax credit ("LIHTC") structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the consolidated statements of income as a component of income tax expense (benefit). The amendments will allow entities to elect to account for all other equity investments made primarily for the purpose of receiving income tax credits to using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, when certain conditions are met. The amendments are effective for fiscal years beginning after December 15, 2023, and may be adopted either on a modified retrospective basis or retrospectively. Other than investments in LIHTC funds, as disclosed in Note 4, Investment Securities, we currently have no other equity investments made primarily for the purpose of receiving income tax credits, and therefore do not anticipate that the amendments will impact our financial condition and results of operations. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarifying circumstances in which an entity can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and requiring other disclosures. The amendments are effective for annual reporting periods beginning after December 15, 2023 (i.e., 2024 Form 10-K) and interim periods within fiscal years beginning after December 31, 2024, and shall be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We currently have only one reportable segment and are evaluating the impact of the amendments on our financial statement disclosures upon adoption. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disaggregated information about the effective tax rate reconciliation and additional disclosures on reconciling items and taxes paid that meet a quantitative threshold. The amendments are effective for annual reporting periods beginning after December 15, 2024, and may be adopted either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of the amendments on our financial statement disclosures upon adoption.
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | Investment Securities Our investment securities portfolio consists of U.S. Treasury securities, obligations of state and political subdivisions, U.S. federal government agencies, such as the Government National Mortgage Association ("GNMA") and Small Business Administration ("SBA"), and U.S. government-sponsored enterprises ("GSEs"), such as the Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), Federal Farm Credit Banks Funding Corporation and FHLB, and U.S. Corporations. We also invest in residential and commercial mortgage-backed securities ("MBS"/"CMBS") and collateralized mortgage obligations ("CMOs") issued or guaranteed by the GSEs, as reflected in the following table. A summary of the amortized cost, fair value and allowance for credit losses related to securities held-to-maturity as of December 31, 2023 and December 31, 2022 is presented below.
Management measures expected credit losses on held-to-maturity securities collectively by major security type, with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to MBSs and CMOs issued or guaranteed by the GSEs, and SBA-backed securities, we expect to receive all the contractual principal and interest on these securities, as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. With regard to securities issued by states and political subdivisions and corporate bonds, management considers: (i) issuer and/or guarantor credit ratings, (ii) historical probability of default and loss given default rates for given bond ratings and remaining maturity, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) internal credit review of the financial information, and (v) whether or not such securities have credit enhancements such as guarantees, contain a defeasance clause, or are pre-refunded by the issuers. Based on the comprehensive analysis, no credit losses are expected. The following table summarizes the amortized cost of our portfolio of held-to-maturity securities issued by states and political subdivisions and corporate bonds by Moody's and/or Standard & Poor's bond ratings as of December 31, 2023 and 2022.
A summary of the amortized cost, fair value and allowance for credit losses related to securities available-for-sale as of December 31, 2023 and 2022 is presented below.
As part of our ongoing review of our investment securities portfolio, we reassessed the classification of certain securities issued by government-sponsored agencies. In March 2022, we transferred $357.5 million of these securities from available-for-sale to held-to-maturity at fair value. We intend and have the ability to hold these securities to maturity. The net unrealized pre-tax loss of $14.8 million that remained and the related accumulated other comprehensive loss are accreted to interest income over the remaining lives of the securities. Because these entries offset each other, there is no impact on net income. The amortized cost and fair value of investment debt securities by contractual maturity at December 31, 2023 and 2022 are shown below. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.
Sales of investment securities and gross gains and losses for the years ended December 31, 2023, 2022 and 2021 are shown in the following table.
1 Refer to VISA Inc. Class B Common Stock section below for more information. The reported values of pledged investment securities are shown in the following table.
There were 313 and 407 securities in unrealized loss positions at December 31, 2023 and 2022, respectively. Those securities are summarized and classified according to the duration of the loss period in the tables below.
As of December 31, 2023, the investment portfolio included 306 investment securities that had been in a continuous loss position for twelve months or more and 7 investment securities that had been in a loss position for less than twelve months. Securities issued by government-sponsored agencies, such as FNMA and FHLMC, usually have implicit credit support from the U.S. federal government. However, since 2008, FNMA and FHLMC have been under government conservatorship and, therefore, contractual cash flows for these investments carry explicit guarantees by the U.S. federal government while FNMA and FHLMC remain under conservatorship. Securities issued by the SBA and GNMA have explicit credit guarantees by the U.S. federal government, which protects us from credit losses on the contractual cash flows of the securities. Our investments in obligations of state and political subdivision bonds are deemed creditworthy after our comprehensive analysis of the issuers' latest financial information, credit ratings by major credit agencies, and/or credit enhancements. No allowances for credit losses have been recognized on available-for-sale securities in an unrealized loss position, as management does not believe any of the securities are impaired due to reasons of credit quality at either December 31, 2023 or 2022. In addition, for any available-for-sale securities in an unrealized loss position at December 31, 2023 and 2022, the Bank assessed whether it intended to sell the securities, or if it was more likely than not that it would be required to sell the securities before recovery of its amortized cost basis, which would require a write-down to fair value through net income. Because the Bank did not intend to sell those securities that were in an unrealized loss position, and it was not more-likely-than-not that the Bank would be required to sell the securities before recovery of their amortized cost bases, the Bank determined that no write-down was necessary as of the reporting date. On July 7, 2023, the Bank entered into various interest rate swap agreements with notional values totaling $101.8 million to hedge balance sheet interest rate sensitivity and protect selected securities in its available-for-sale portfolio against changes in fair value related to changes in the benchmark interest rate. For additional details, refer to Note 14, Derivative Financial Instruments and Hedging Activities. Non-Marketable Securities Included in Other Assets FHLB Capital Stock As a member of the FHLB, we are required to maintain a minimum investment in FHLB capital stock as determined by the Board of Directors of the FHLB. The minimum investment requirements can increase in the event we increase our total asset size or borrowings with the FHLB. Shares cannot be purchased or sold except between the FHLB and its members at the $100 per share par value. We held $16.7 million of FHLB stock included in other assets on the consolidated statements of condition at both December 31, 2023 and 2022. The carrying amounts of these investments are reasonable estimates of fair value because the securities are restricted to member banks and do not have a readily determinable market value. Based on our analysis of FHLB’s financial condition and certain qualitative factors, we determined that the FHLB stock was not impaired at December 31, 2023 or 2022. On February 21, 2024, FHLB announced a cash dividend for the fourth quarter of 2023 at an annualized dividend rate of 8.75% to be distributed in mid-March 2024. Cash dividends paid on FHLB capital stock are recorded as non-interest income. Visa Inc. Class B Common Stock As a member bank of Visa U.S.A., we held 10,439 shares of Visa Inc. Class B common stock as of December 31, 2022. These shares had a carrying value of zero because they lacked a readily determinable fair value due to the restriction from resale to non-member banks of Visa U.S.A. until their conversion into Class A (voting) shares upon the termination of Visa Inc.'s Covered Litigation, and uncertainty about the conversion rate to Class A shares. On July 13, 2023, the Bank sold the entirety of its remaining investment in Visa Inc. Class B restricted common stock for a $2.8 million gain. For further information, refer to Note 12, Commitments and Contingencies. Low Income Housing Tax Credits We invest in low-income housing tax credit funds as a limited partner, which totaled $2.0 million and $2.5 million recorded in other assets as of December 31, 2023 and 2022, respectively. In 2023, we recognized $600 thousand of low income housing tax credits and other tax benefits, offset by $503 thousand of amortization expense for low-income housing tax credit investments, as a component of income tax expense. As of December 31, 2023, our unfunded commitments for these low-income housing tax credit funds totaled $344 thousand. We did not recognize any impairment losses on these low-income housing tax credit investments during 2023 or 2022, as the value of the future tax benefits exceeds the carrying value of the investments.
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Loans and Allowance for Credit Losses on Loans |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans and Allowance for Credit Losses on Loans | Loans and Allowance for Credit Losses on Loans The following table presents the amortized cost of loans by portfolio class as of December 31, 2023 and 2022.
1 Amortized cost includes net deferred loan origination costs of $2.7 million and $1.8 million at December 31, 2023 and 2022, respectively. Amounts are also net of unrecognized purchase discounts of $2.0 million and $2.6 million at December 31, 2023 and 2022, respectively. Amortized cost excludes accrued interest, which totaled $6.6 million and $6.1 million at December 31, 2023 and 2022, respectively, and is included in in the consolidated statements of condition. Lending Risks Concentrations of Credit: Virtually all of our loans are from customers located in Northern California. Approximately 90% of total loans were secured by real estate at both December 31, 2023 and 2022. At December 31, 2023 and 2022, 75% and 74%, respectively, of our loans were for commercial real estate, the majority of which were secured by real estate located in Marin, Sonoma, San Francisco, Napa, Alameda, Sacramento, and Contra Costa counties (California). Commercial and Industrial Loans: Commercial loans are generally made to established small and mid-sized businesses to provide financing for their growth and working capital needs, equipment purchases and acquisitions. Management examines historical, current, and projected cash flows to determine the ability of the borrower to repay obligations as agreed. Commercial loans are made based primarily on the identified cash flows of the borrower and secondarily on the underlying collateral and guarantor support. The cash flows of borrowers, however, may not occur as expected, and the collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed, such as accounts receivable and inventory, and typically include personal guarantees. We target stable businesses with guarantors who provide additional sources of repayment and have proven to be resilient in periods of economic stress. A weakened economy, and the resultant decreased consumer and/or business spending, may have an effect on the credit quality of commercial loans. Commercial Real Estate Loans: Commercial real estate loans, which include income producing investment properties and owner-occupied real estate used for business purposes, are subject to underwriting standards and processes similar to those for commercial loans discussed above. We underwrite these loans to be repaid from cash flow from either the business or investment property and supported by real property collateral. Underwriting standards for commercial real estate loans include, but are not limited to, debt coverage and loan-to-value ratios. Furthermore, a large majority of our loans are guaranteed by the owners of the properties. Conditions in the real estate markets or a downturn in the general economy may adversely affect our commercial real estate loans. In the event of a vacancy, we expect guarantors to carry the loans until they find a replacement tenant. The owner's substantial equity investment provides a strong economic incentive to continue to support their commercial real estate projects. As such, we have generally experienced a relatively low level of losses and delinquencies in this portfolio. Construction Loans: Construction loans are generally made to developers and builders to finance construction, renovation and occasionally land acquisitions in anticipation of near-term development. Construction loans include interest reserves that are used for the payment of interest during the development and marketing periods and are capitalized as part of the loan balance. When a construction loan is placed on nonaccrual status before the depletion of the interest reserve, we apply the interest funded by the interest reserve against the loan's principal balance. These loans are underwritten after an evaluation of the borrower's financial strength, reputation, prior track record, and independent appraisals. We monitor all construction projects to determine whether they are on schedule, completed as planned and in accordance with the approved construction budgets. Significant events can affect the construction industry, including: the inherent volatility of real estate markets and vulnerability to delays due to weather, change orders, inability to obtain construction permits, labor or material shortages, and price changes. Estimates of construction costs and value associated with the completed project may be inaccurate. Repayment of construction loans is largely dependent on the ultimate success of the project. Consumer Loans: Consumer loans primarily consist of home equity lines of credit, other residential loans, floating homes, and indirect luxury auto loans, along with a small number of installment loans. Our other residential loans include tenancy-in-common fractional interest loans ("TIC") located almost entirely in San Francisco County. We originate consumer loans utilizing credit score information, debt-to-income ratio, and loan-to-value ratio analysis. Diversification among consumer loan types, coupled with relatively small loan amounts that are spread across many individual borrowers, mitigates risk. We do not originate sub-prime residential mortgage loans, nor is it our practice to underwrite loans commonly referred to as "Alt-A mortgages," the characteristics of which are reduced documentation, borrowers with low FICO scores, or collateral with high loan-to-value ratios. Credit Quality Indicators We use a risk rating system to evaluate asset quality, and to identify and monitor credit risk in individual loans, and in the loan portfolio. Our definitions of “Special Mention” risk graded loans, or worse, are consistent with those used by the Federal Deposit Insurance Corporation ("FDIC"). Our internally assigned grades are as follows: Pass and Watch: Loans to borrowers of acceptable or better credit quality. Borrowers in this category demonstrate fundamentally sound financial positions, repayment capacity, credit history, and management expertise. Loans in this category must have an identifiable and stable source of repayment and meet the Bank’s policy regarding debt-service-coverage ratios. These borrowers are capable of sustaining normal economic, market or operational setbacks without significant financial consequences. Negative external industry factors are generally not present. The loan may be secured, unsecured, or supported by non-real estate collateral for which the value is more difficult to determine and/or whose marketability is more uncertain. This category also includes “Watch” loans, where the primary source of repayment has been delayed. The “Watch” risk rating is intended to be a transitional grade, with either an upgrade or downgrade within a reasonable period. Special Mention: Potential weaknesses that deserve close attention. If left uncorrected, those potential weaknesses may result in deterioration of the payment prospects for the asset. Special Mention assets do not present sufficient risk to warrant adverse classification. Substandard: Inadequately protected by either the current sound worth and paying capacity of the obligor or the collateral pledged, if any. A Substandard asset has well-defined weaknesses that jeopardize the liquidation of the debt. Substandard assets are characterized by the distinct possibility that we will sustain some loss if such weaknesses or deficiencies are not corrected. Well-defined weaknesses include adverse trends or developments in the borrower’s financial condition, managerial weaknesses, and/or significant collateral deficiencies. Doubtful: Critical weaknesses that make collection or liquidation in full improbable. There may be specific pending events that work to strengthen the asset; however, the amount or timing of the loss may not be determinable. Pending events generally occur within one year of the asset being classified as Doubtful. Examples include: merger, acquisition, or liquidation; capital injection; guarantee; perfecting liens on additional collateral; and refinancing. Such loans are placed on non-accrual status and are usually collateral-dependent. We regularly review our credits for the accuracy of risk grades whenever we receive new information and at each quarterly and year-end reporting period. Borrowers are generally required to submit financial information at regular intervals. Typically, commercial borrowers with lines of credit are required to submit financial information with reporting intervals ranging from monthly to annually depending on credit size, risk and complexity. In addition, investor commercial real estate borrowers with loans exceeding a certain dollar threshold are usually required to submit rent rolls or property income statements annually. We monitor construction loans monthly. We review home equity and other consumer loans based on delinquency. We also review loans graded “Watch” or worse, regardless of loan type, no less than quarterly. The following tables present the loan portfolio by loan portfolio class, origination/renewal year and internal risk rating as of December 31, 2023 and 2022. The current year vintage table reflects gross charge-offs by portfolio class and year of origination. Generally, existing term loans that were re-underwritten are reflected in the table in the year of renewal. Lines of credit that have a conversion feature at the time of origination, such as construction to perm loans, are presented by year of origination.
The following table shows the amortized cost of loans by portfolio class, payment aging and non-accrual status as of December 31, 2023 and 2022.
1 There were no non-performing loans past due more than ninety days and accruing interest at December 31, 2023 and 2022. 2 None of the non-accrual loans as of December 31, 2023 or 2022 were earning interest on a cash basis. We recognized no interest income on non-accrual loans in 2023, 2022 or 2021. Accrued interest of $206 thousand and $48 thousand was reversed from interest income for the loans that were placed on non-accrual status in 2023 and 2022, respectively. No interest income was reversed for the single loan that was placed on non-accrual status in 2021. Collateral Dependent Loans The following table presents the amortized cost basis of individually analyzed collateral-dependent loans, which were all on non-accrual status, by portfolio class and collateral type as of December 31, 2023 and 2022.
1There were no collateral-dependent residential real estate mortgage loans in process of foreclosure or in substance repossessed at December 31, 2023 and 2022. The weighted average loan-to-value of collateral-dependent loans was approximately 70% and 42% at December 31, 2023 and 2022, respectively. Loan Modifications to Borrowers Experiencing Financial Difficulty We adopted ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023, as described in the Other Recently Adopted Accounting Standards section of Note 1 - Summary of Significant Accounting Policies. The amendments eliminated the accounting guidance for troubled debt restructurings and enhanced disclosures related to certain types of loan modifications for borrowers experiencing financial difficulty, including principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions, which are intended to minimize the economic loss and avoid foreclosure or repossession of collateral. The following table summarizes the amortized cost of loans as of December 31, 2023 modified for borrowers experiencing financial difficulty during the year ended December 31, 2023 by portfolio class and type of modification granted.
As of December 31, 2023, there were no unfunded loan commitments for loans that were modified during the year ended December 31, 2023. The following table summarizes the financial effect of loan modifications presented in the table above during the year ended December 31, 2023 by portfolio class.
The loan modifications did not significantly impact the determination of the allowance for credit losses on loans during the year ended December 31, 2023. The Bank closely monitors the performance of the modified loans to understand the effectiveness of its modification efforts. The following table summarizes the amortized cost and payment status of loans as of December 31, 2023 that were modified during the year ended December 31, 2023 by portfolio class.
There were no loans to borrowers experiencing financial difficulty that were modified within the previous twelve months that had subsequently defaulted (i.e., fully or partially charged-off or became 90 days or more past due). Allocation of the Allowance for Credit Losses on Loans The following table presents the details of the allowance for credit losses on loans segregated by loan portfolio class as of December 31, 2023 and 2022.
Allowance for Credit Losses on Loans Rollforward The following table discloses activity in the allowance for credit losses for the periods presented.
1 The initial allowance for purchased credit impaired ("PCD") loans relates to the AMRB merger discussed in Note 18, Merger. Pledged Loans Our FHLB line of credit is secured under terms of a blanket collateral agreement by a pledge of certain qualifying loans with unpaid principal balances of $1.288 billion and $1.298 billion at December 31, 2023 and 2022, respectively. In addition, we pledged eligible TIC loans, which totaled $110.4 million and $105.0 million at December 31, 2023 and 2022, respectively, to secure our borrowing capacity with the Federal Reserve Bank ("FRB"). For additional information, see Note 7, Borrowings. Related Party Loans The Bank has, and expects to have in the future, banking transactions in the ordinary course of its business with directors, officers, principal shareholders and their businesses or associates. These transactions, including loans, are granted on substantially the same terms, including interest rates and collateral on loans, as those prevailing at the same time for comparable transactions with persons not related to us. Likewise, these transactions do not involve more than the normal risk of collectability or present other unfavorable features. The following table shows changes in net loans to related parties for each of the three years ended December 31, 2023, 2022 and 2021.
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Bank Premises and Equipment |
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| Bank Premises and Equipment | Bank Premises and Equipment A summary of bank premises and equipment follows:
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Bank Owned Life Insurance |
12 Months Ended |
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Dec. 31, 2023 | |
| Insurance [Abstract] | |
| Bank Owned Life Insurance | Bank Owned Life Insurance We own life insurance policies on the lives of certain current and former officers designated by the Board of Directors to fund our employee benefit programs. Death benefits, including gross amounts under split dollar agreements, were estimated to be $131.8 million as of December 31, 2023. Generally, under split dollar agreements, the benefits to the employees' beneficiaries are limited to each employee's active service period. The investments in BOLI policies are reported at their cash surrender value, net of surrender charges, of $68.1 million and $67.1 million at December 31, 2023 and 2022, respectively. The cash surrender value includes both the original premiums paid for the life insurance policies and the accumulated accretion of policy income since the inception of the policies, net of mortality costs and other fees. Earnings on BOLI totaled $1.8 million, $1.2 million and $2.2 million in 2023, 2022 and 2021, respectively. These earnings included death benefit proceeds in excess of the cash surrender values of the BOLI policies of $313 thousand in 2023, $86 thousand in 2022 and $1.1 million in 2021. We regularly monitor the financial information and credit ratings of our insurance carriers to ensure that they are creditworthy and comply with our policy.
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Deposits |
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| Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits | Deposits A stratification of time deposits is presented in the following table:
Interest on time deposits was $4.7 million, $323 thousand and $246 thousand in 2023, 2022 and 2021, respectively. Scheduled maturities of time deposits at December 31, 2023 are as follows:
As of December 31, 2023, $287.4 million in securities were pledged as collateral for our local agency deposits. Our deposit portfolio includes deposits offered through the Promontory Interfinancial Network that are comprised of Certificate of Deposit Account Registry Service® ("CDARS") balances included in time deposits and Insured Cash Sweep® ("ICS") balances included in money market deposits. In addition, we offer deposits through Reich & Tang Deposit Networks, LLC, comprised of Demand Deposit MarketplaceSM ("DDM") balances. Through these two networks we are able to offer our customers access to FDIC-insured deposit products in aggregate amounts exceeding current insurance limits. When we place funds through CDARS, ICS and DDM, on behalf of a customer, we have the option of receiving matching deposits through the network's reciprocal deposit program, or placing deposits "one-way" for which we receive no matching deposits. We consider reciprocal deposits to be in-market deposits, as distinguished from traditional out-of-market brokered deposits. The following table shows the composition of our network deposits at December 31, 2023 and 2022.
The aggregate amount of deposit overdrafts that have been reclassified as loan balances was $320 thousand and $247 thousand at December 31, 2023 and 2022, respectively. The Bank accepts deposits from shareholders, members of the board of directors, and employees in the normal course of business, and the terms are comparable to those with non-affiliated parties. The total deposits from board directors and their businesses, and executive officers were $23.6 million and $11.2 million at December 31, 2023 and 2022, respectively.
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Borrowings and Other Obligations |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings and Other Obligations | Borrowings and Other Obligations Federal Home Loan Bank: The Bank had lines of credit with the FHLB totaling $1.009 billion and $711.6 million as of December 31, 2023 and 2022, respectively, based on the eligible collateral of certain loans and investment securities. Federal Funds Lines of Credit: The Bank had unsecured lines of credit with correspondent banks for overnight borrowings totaling $135.0 million and $150.0 million as of December 31, 2023 and 2022, respectively. In general, interest rates on these lines approximate the federal funds target rate. Federal Reserve Bank: The Bank had a line of credit with the FRBSF secured by certain residential loans totaling $64.0 million and $58.7 million as of December 31, 2023 and 2022, respectively. In addition, under the Federal Reserve’s Bank Term Funding Program ("BTFP") facility, the Bank could borrow an additional $270.2 million based on the par values of pledged investment securities as of December 31, 2023. Other Obligations: Finance lease liabilities totaling $298 thousand and $439 thousand at December 31, 2023 and 2022, respectively, are included in in the Consolidated Statements of Condition. Refer to Note 12, Commitments and Contingencies, for additional information. The carrying values, average balances and average rates on borrowings and other obligations as of and for the years ended December 31, 2023, 2022 and 2021 are summarized in the following table.
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Stockholders' Equity and Stock Plans |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity and Stock Plans | Stockholders' Equity and Stock Plans Share-Based Awards The 2020 Director Stock Plan (the "Plan") provides for the payment of director fees in common shares of Bancorp's common stock not to exceed 250,000 shares and a way for directors to purchase shares at fair market value. During 2023, 2022 and 2021 we issued 18,362, 10,145 and 6,443 shares of common stock, respectively, for director payments. As of December 31, 2023, 209,642 shares were available for future director fees and purchases. The 2017 Employee Stock Purchase Plan ("ESPP") gives our employees an opportunity to purchase Bancorp's common shares through payroll deductions of between one and fifteen percent of their pay. Shares are purchased quarterly at a five percent discount from the closing market price on the last day of the quarter. As of December 31, 2023, 372,923 shares were available for future purchases under the ESPP. Under the 2017 Equity Plan, the Compensation Committee of the Board of Directors has the discretion to determine, among other things, which employees, advisors and non-employee directors will receive share-based awards, the number and timing of awards, the vesting schedule for each award, and the type of award to be granted. As of December 31, 2023, there were 790,201 shares available for future grants to employees, advisors and non-employee directors. Options are issued at an exercise price equal to the fair value of the stock at the date of grant. Options granted to officers and employees generally vest by one-third on each anniversary of the grant for three years and expire ten years from the grant date. Options granted to non-employee directors vest immediately and expire ten years from the grant date. Stock options and restricted stock may be net settled in a cashless exercise by a reduction in the number of shares otherwise deliverable upon exercise or vesting in satisfaction of the exercise payment and/or applicable tax withholding requirements. Shares withheld under net settlement arrangements are available for future grants. The table below depicts the total number of shares, amount, and weighted average price withheld for cashless exercises in each of the respective years.
Performance-based stock awards (restricted stock) are issued to a selected group of employees under the 2017 Equity Plan. Stock award vesting is contingent upon the achievement of pre-established long-term performance goals set by the Compensation Committee of the Board of Directors. Performance is measured over a three-year period and cliff vested. These performance-based stock awards were granted at a maximum opportunity level, and based on the achievement of the pre-established goals, the actual payouts can range from 0% to 200% of the target award. For performance-based stock awards, an estimate is made of the number of shares expected to vest based on the probability that the performance criteria will be met to determine the amount of compensation expense to be recognized. The estimate is re-evaluated quarterly, and total compensation expense is adjusted for any change in the current period. A summary of stock option activity for the years ended December 31, 2023, 2022, and 2021 is presented in the following table. The intrinsic value of options outstanding and exercisable is calculated as the number of in-the-money options times the difference between the market price of our stock and the exercise prices of the in-the-money options as of each year-end period presented.
A summary of the options outstanding and exercisable by price range as of December 31, 2023 is presented in the following table:
The following table summarizes non-vested restricted stock awards and changes during the years ended December 31, 2023, 2022, and 2021.
We determine the fair value of stock options at the grant date using the Black-Scholes pricing model that takes into account the stock price at the grant date, exercise price, and the following assumptions (weighted-average shown).
The fair value of stock options as of the grant date is recorded as stock-based compensation expense in the consolidated statements of comprehensive income (loss) over the requisite service period, which is generally the vesting period, with a corresponding increase in common stock. Stock-based compensation also includes compensation expense related to the issuance of restricted stock awards. The grant-date fair value of the restricted stock awards, which equals the grant date price, is recorded as compensation expense over the requisite service period with a corresponding increase in common stock as the shares vest. Stock options and restricted stock awards issued include a retirement eligibility clause whereby the requisite service period is satisfied at the retirement eligibility date. For those awards, we accelerate the recording of stock-based compensation when the award holder is eligible to retire. However, retirement eligibility does not affect the vesting of restricted stock or the exercisability of the stock options, which are based on the scheduled vesting period. Total compensation expense for stock options and restricted stock awards was $522 thousand, $962 thousand, and $972 thousand during 2023, 2022, and 2021, respectively, and the total recognized deferred tax benefits related thereto were $146 thousand, $257 thousand, and $213 thousand, respectively. As of December 31, 2023, there was $1.3 million of total unrecognized compensation expense related to non-vested stock options and restricted stock awards, which is expected to be recognized over a weighted-average period of approximately 2.2 years. The total grant-date fair value of stock options vested during the years ended December 31, 2023, 2022, and 2021 was $255 thousand, $356 thousand, and $514 thousand, respectively. The total grant-date fair value of restricted stock awards vested during 2023, 2022, and 2021 was $428 thousand, $431 thousand, and $1.0 million, respectively. We record excess tax benefits (deficiencies) resulting from the exercise of non-qualified stock options, the disqualifying disposition of incentive stock options and vesting of restricted stock awards as income tax benefits (expense) in the consolidated statements of comprehensive income (loss), with a corresponding decrease (increase) to current taxes payable. In 2023, 2022, and 2021 we recognized $2 thousand, $3 thousand, and $87 thousand, respectively, in excess tax benefits recorded as a reduction to income tax expense related to these types of transactions. The tax benefits realized from disqualifying dispositions of incentive stock options were recognized in tax expense to the extent of the book compensation cost recorded. Dividends Presented below is a summary of cash dividends paid in 2023, 2022 and 2021 to common shareholders, recorded as a reduction from retained earnings. On January 25, 2024, the Board of Directors declared a $0.25 per share cash dividend, paid on February 15, 2024 to the shareholders of record at the close of business on February 8, 2024.
Holders of unvested restricted stock awards are entitled to dividends at the same per-share ratio as holders of common stock. Tax benefits for dividends paid on unvested restricted stock awards are recorded as tax benefits in the consolidated statements of comprehensive income (loss) with a corresponding decrease to current taxes payable. Dividends on forfeited awards are included in stock-based compensation expense. Under the California Corporations Code, payment of dividends by Bancorp to its shareholders is restricted to the amount of retained earnings immediately prior to the distribution or the amount of assets that exceeds the total liabilities immediately after the distribution. As of December 31, 2023, Bancorp's retained earnings and total assets that exceeded total liabilities were $274.6 million and $439.1 million, respectively. Under the California Financial Code, payment of dividends by the Bank to Bancorp is restricted to the lesser of retained earnings or the amount of undistributed net profits of the Bank from the most recent fiscal years. Under this restriction, approximately $6.1 million of the Bank's retained earnings balance was available for payment of dividends to Bancorp as of December 31, 2023. Bancorp held $7.2 million in cash as of December 31, 2023. Share Repurchase Program On July 16, 2021, Bancorp Board of Directors approved a share repurchase program under which Bancorp could repurchase up to $25.0 million of its outstanding common stock through July 31, 2023. On October 22, 2021, Bancorp's Board of Directors approved an amendment to the share repurchase program, which increased the total authorization from $25.0 million to $57.0 million and left the expiration date unchanged. The last activity under the program was in the first quarter of 2022 when Bancorp repurchased 23,275 shares totaling $877 thousand. On July 21, 2023, the Board of Directors approved the adoption of Bancorp's new share repurchase program, which replaced the existing program that expired on July 31, 2023, for up to $25.0 million and expires on July 31, 2025. There were no repurchases under this program in 2023. Under the share repurchase program, Bancorp may purchase shares of its common stock through various means, such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at Bancorp's discretion. Factors include, but are not limited to, stock price, trading volume and general market conditions, along with Bancorp’s general business conditions. The program may be suspended or discontinued at any time and does not obligate Bancorp to acquire any specific number of shares of its common stock. As part of the share repurchase program, Bancorp entered into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan permits common stock to be repurchased at times that might otherwise be prohibited under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan is administered by an independent broker and is subject to price, market volume and timing restrictions.
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Fair Value of Assets and Liabilities |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities Fair Value Hierarchy and Fair Value Measurement We group our assets and liabilities that are measured at fair value into three levels within the fair value hierarchy, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1: Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations for which all significant assumptions are observable or can be corroborated by observable market data. Level 3: Valuations are based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Values are determined using pricing models and discounted cash flow models and may include significant management judgment and estimation. Transfers between levels of the fair value hierarchy are recognized through our monthly and/or quarterly valuation process in the reporting period during which the event or circumstances that caused the transfer occurred. No such transfers occurred in the years presented. The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.
1Other comprehensive income (loss) ("OCI") or net income ("NI"). Available-for-sale securities are recorded at fair value on a recurring basis. When available, quoted market prices (Level 1) are used to determine the fair value of available-for-sale securities. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, we obtain pricing information from a reputable third-party service provider, who may utilize valuation techniques that use current market-based or independently sourced parameters, such as bid/ask prices, dealer-quoted prices, interest rates, benchmark yield curves, prepayment speeds, probability of default, loss severity and credit spreads (Level 2). Level 2 securities include asset-backed securities, obligations of state and political subdivisions, U.S. agencies or government-sponsored agencies' debt securities, mortgage-backed securities, government agency-issued securities, and corporate bonds. As of December 31, 2023 and 2022, there were no Level 3 securities. Held-to-maturity securities may be subject to an allowance for credit losses as a result of our evaluation of expected losses due to credit quality factors. We did not record any credit loss expense on held-to-maturity securities during 2023 or 2022. The fair value of held-to-maturity securities is determined using the same techniques discussed above for available-for-sale securities. On a recurring basis, derivative financial instruments are recorded at fair value, which is based on the income approach using observable Level 2 market inputs, reflecting market expectations of future interest rates as of the measurement date. Standard valuation techniques are used to calculate the present value of the future expected cash flows assuming an orderly transaction. Valuation adjustments may be made to reflect both our own credit risk and the counterparties’ credit risk in determining the fair value of the derivatives. These unobservable inputs are not considered significant inputs to the fair value measurement overall. Level 2 inputs for the valuations are limited to observable market prices for Secured Overnight Financing Rate ("SOFR") and Overnight Index Swap ("OIS") rates (for the very short term), quoted prices for SOFR futures contracts, observable market prices for SOFR and OIS swap rates, and one-month and three-month SOFR basis spreads at commonly quoted intervals. Mid-market pricing of the inputs is used as a practical expedient in fair value measurements. We project spot rates at reset days specified by each swap contract to determine future cash flows, then discount to present value using OIS curves as of the measurement date. When the value of any collateral placed with counterparties is less than the interest rate derivative liability, a credit valuation adjustment ("CVA") is applied to reflect the credit risk we pose to counterparties. We have used the spread between the Standard & Poor's BBB rated U.S. Bank Composite rate and SOFR for the closest maturity term corresponding to the duration of the swaps to derive the CVA. Because there is little to no counterparty risk, we did not incorporate credit adjustments from our assessment of the counterparty credit risk in determining fair value. For further discussion on our methodology for valuing our derivative financial instruments, refer to Note 9, Derivative Financial Instruments and Hedging Activities. Certain financial assets may be measured at fair value on a non-recurring basis. These assets are subject to fair value adjustments that result from the application of the lower of cost or fair value accounting or write-downs of individual assets, such as individually analyzed loans that are collateral dependent and other real estate owned ("OREO"). OREO is classified as Level 3 and represents collateral acquired through foreclosure and is initially recorded at fair value as established by a current appraisal of the collateral. Subsequent to foreclosure, OREO is carried at the lower of cost or fair value, less estimated costs to sell. On July 12, 2023, the Bank completed the sale of its only OREO property. The following table presents the carrying value of assets measured at fair value on a non-recurring basis and that were held in the consolidated statements of condition at each respective period end, by level within the fair value hierarchy as of December 31, 2023 and 2022.
Disclosures about Fair Value of Financial Instruments The table below is a summary of fair value estimates for financial instruments as of December 31, 2023 and 2022, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. Further, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as bank-owned life insurance policies ("BOLI"), lease obligations and non-maturity deposit liabilities. Additionally, we held shares of Federal Home Loan Bank ("FHLB") of San Francisco stock at cost as of December 31, 2023 and 2022, and Visa Inc. Class B common stock with no carrying value as of December 31, 2022, which was sold entirely in July of 2023. There were no impairments or changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer as of December 31, 2023 and 2022. See further discussion on values within Note 2, Investment Securities, above.
The fair value of loans is based on exit price techniques and obtained from an independent third-party that uses its proprietary valuation model and methodology and may differ from the actual price from a prospective buyer. The discounted cash flow valuation approach reflects key inputs and assumptions that are unobservable, such as loan probability of default, loss given default, prepayment speed, and market discount rates. The fair value of fixed-rate time deposits is estimated by discounting future contractual cash flows using discount rates that reflect the current observable market rates offered for time deposits of similar remaining maturities. The value of off-balance-sheet financial instruments is estimated based on the fee income associated with the commitments, which, in the absence of credit exposure, is considered to approximate their settlement value. The fair value of commitment fees was not material as of December 31, 2023 and 2022.
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Benefit Plans |
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| Retirement Benefits [Abstract] | |
| Benefit Plans | Benefit Plans Deferred Compensation Plans We established the Bank of Marin Executive Deferred Compensation Plan, which allows certain key management personnel designated by the Board of Directors of the Bank to defer up to 80% of their salary and 100% of their annual bonus. In addition, we assumed deferred compensation plans for certain members of management and non-employee directors as part of an acquisition in 2021. In 2021, we established a similar Deferred Director Fee Plan, which allows members of the Board of Directors to defer the cash portion of their director compensation. Amounts deferred earn interest equal to the prime rate, as published in the Wall Street Journal, on the first business day of each year, which was 7.50% on January 1, 2023, and 3.25% on January 1, 2022. Benefit payments will generally commence upon separation from service at or after normal retirement age, as elected by the participant. Our deferred compensation obligations under these plans totaled $6.6 million and $7.1 million at December 31, 2023 and 2022, respectively, and are included in interest payable and other liabilities. 401(k) Defined Contribution Plan Our 401(k) Defined Contribution Plan (“401(k) Plan”) is available to all regular employees at least eighteen years of age who complete ninety days of service, and participate in the plan beginning on the first day of the calendar quarter that immediately follows the date the participant meets the age and service requirements. Under the 401(k) Plan, employees can defer between 1% and 50% of their eligible compensation, up to the maximum amount allowed by the Internal Revenue Code. The Bank provides an employer-match of 70% of each participant's contribution, with a maximum of $5 thousand per participant per year. Employer matching contributions to the 401(k) Plan vest at a rate of 20% per year over five years. Employer contributions totaled $871 thousand, $949 thousand and $991 thousand for the years ended December 31, 2023, 2022 and 2021, respectively, and are recorded in salaries and employee benefits expense. Employee Stock Ownership Plan Our Employee Stock Ownership Plan (“ESOP”) is available to all employees under the same eligibility criteria as the 401(k) Plan; however, employee contributions are not permitted. The Board of Directors determines a specific portion of the Bank's profits to be contributed to the ESOP each year either in common stock or in cash for the purchase of Bancorp stock to be allocated to all eligible employees based on a percentage of their salaries, regardless of whether an employee participates in the 401(k) Plan. For all participants, employer contributions vest over a five-year service period. After five years of service, all future employer contributions vest immediately. Bancorp issued shares of common stock and contributed them to the ESOP totaling $1.3 million in 2023, $1.2 million in 2022 and $1.3 million in 2021, based on the quoted market price on the date of contribution. Cash dividends paid on Bancorp stock held by the ESOP are used to purchase additional shares in the open market. All shares of Bancorp stock held by the ESOP are included in the calculations of basic and diluted earnings per share. The Company's contributions to the ESOP are included in salaries and benefits expense. Supplemental Executive Retirement Plans Supplemental executive retirement plans ("SERPs") have been established for a select group of executive management who, upon retirement, will receive 25% of their estimated salary as salary continuation benefit payments that are fixed between to fifteen years, depending on the executives' service period. Each participant is required to participate in the plan for five years before vesting begins. After five years, the participant vests ratably in the benefit over the remaining service period until age 65. As part of previous acquisitions, we assumed SERPs for certain former executive officers and directors. These plans are unfunded and nonqualified for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974. At December 31, 2023 and 2022, respectively, our total liability under the SERPs was $4.5 million and $4.7 million recorded in interest payable and other liabilities.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The current and deferred components of the income tax provision for each of the three years ended December 31 are as follows:
The following table shows the tax effect of our cumulative temporary differences as of December 31:
As of December 31, 2023, California net operating loss carryforwards ("NOLs") of $13.3 million corresponded to the total $1.1 million deferred tax asset above. If not fully utilized, the California NOLs will begin to expire in 2031. Based upon the level of historical taxable income and projections for future taxable income over the periods during which the deferred tax assets are expected to be deductible, management believes it is more likely than not that we will realize the benefit of the remaining deferred tax assets. Accordingly, no valuation allowance has been established as of December 31, 2023 or 2022. The effective tax rate for 2023, 2022 and 2021 differs from the current federal statutory income tax rate as follows:
Bancorp and the Bank have entered into a tax allocation agreement, which provides that income taxes shall be allocated between the parties on a separate entity basis. The intent of this agreement is that each member of the consolidated group will incur no greater tax liability than it would have incurred on a stand-alone basis. We file a consolidated return in the U.S. federal tax jurisdiction and a combined return in the State of California tax jurisdiction. There were no ongoing federal or state income tax examinations at the time of the issuance of this report. We are no longer subject to examinations by tax authorities for years before 2020 for federal income tax and before 2019 for California. At December 31, 2023 and 2022, there were no unrecognized tax benefits, and neither the Bank nor Bancorp had accruals for interest and penalties related to unrecognized tax benefits.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Leases We lease premises under long-term non-cancelable operating leases with remaining terms of approximately 4 months to 18 years, 5 months, most of which include escalation clauses and one or more options to extend the lease term, and some of which contain lease termination clauses. Lease terms may include certain renewal options that were considered reasonably certain to be exercised. We lease certain equipment under finance leases with initial terms of 3 to 5 years. The equipment finance leases do not contain renewal options, bargain purchase options, or residual value guarantees. The following table shows the balances of operating and finance lease right-of-use assets and lease liabilities as of December 31, 2023 and 2022.
The following table shows supplemental disclosures of noncash investing and financing activities for the years ended December 31, 2023, 2022 and 2021.
The following table shows components of operating and finance lease cost for the years ended December 31, 2023, 2022 and 2021.
The following table shows the future minimum lease payments, weighted average remaining lease terms, and weighted average discount rates under operating and finance lease arrangements as of December 31, 2023. Total minimum lease payments do not include future minimum payment obligations of approximately $2.0 million, excluding renewal options, for an operating lease agreement related to an existing retail branch that commenced subsequent to December 31, 2023. The discount rates used to calculate the present value of lease liabilities were based on the collateralized FHLB borrowing rates that were commensurate with lease terms and minimum payments on the lease commencement date.
Litigation Matters Bancorp may be subject to legal actions that arise from time to time in the normal course of business. Bancorp's management is not aware of any pending legal proceedings to which either it or the Bank may be a party or has recently been a party that will have a material adverse effect on the financial condition or results of operations of Bancorp or the Bank. The Bank is responsible for a proportionate share of certain litigation indemnifications provided to Visa U.S.A. ("Visa") by its member banks in connection with Visa's lawsuits related to anti-trust charges and interchange fees ("Covered Litigation"). We sold our remaining shares on July 13, 2023, however, our proportionate share of the litigation indemnification liability does not change or transfer upon the sale of our Class B Visa shares to member banks or, per the terms of the sale, to the recent purchaser of our shares. Visa established an escrow account for the Covered Litigation that it periodically funds, which is expected to cover the settlement payment obligations. Litigation is ongoing, and until the court approval process is complete, there is no assurance that Visa will resolve the claims as contemplated by the amended class settlement agreement, and additional lawsuits may arise from individual merchants who opted out of the class settlement. However, until the escrow account is fully depleted and the conversion rate of Class B to Class A common stock is reduced to zero, no future cash settlement payments are required by the member banks, such as us, on the Covered Litigation. Therefore, we are not required to record any contingent liabilities for the indemnification related to the Covered Litigation, as we consider the probability of losses to be remote.
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Concentrations of Credit Risk |
12 Months Ended |
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Dec. 31, 2023 | |
| Risks and Uncertainties [Abstract] | |
| Concentrations of Credit Risk | Concentrations of Credit Risk Concentration of credit risk is associated with a lack of diversification, such as having substantial investments in a few individual issuers, thereby potentially exposing us to adverse economic, political, regulatory, geographic, industrial or credit developments. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities and loans. At times, our cash in correspondent bank accounts may exceed FDIC insured limits. We place cash and cash equivalents with the Federal Reserve Bank and other high credit quality financial institutions, periodically monitor their credit worthiness and limit the amount of credit exposure to any one institution according to regulations. Concentrations of credit risk with respect to investment securities primarily related to the U.S. government and GSEs, which accounted for $1.272 billion, or 86% of our total investment portfolio at December 31, 2023 and $1.535 billion, or 87% at December 31, 2022. The decrease was mainly due to the sale of $167.4 million and $106.1 million in paydowns of this security type in 2023. The largest security not issued by the U.S. government or a GSE accounted for approximately 1% of our total investment portfolio at both December 31, 2023 and 2022. We also manage our credit exposure related to our loan portfolio to avoid the risk of undue concentration of credits in a particular industry or geographic location by reducing significant exposure to highly leveraged transactions or to any individual customer or counterparty, and by obtaining collateral, as appropriate. With the heightened market concern about non-owner-occupied commercial real estate, and in particular the office sector, we continue to maintain diversity among property types and within our geographic footprint. In particular, our office commercial real estate portfolio in the City of San Francisco represented 3% of our total loan portfolio and 6% of our total non-owner-occupied commercial real estate portfolio as of December 31, 2023. No single borrower relationship accounted for more than 3% of outstanding loan balances at December 31, 2023 or 2022. The largest loan concentration is real estate, which accounted for 90% of our loan portfolio at both December 31, 2023 and 2022.
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Derivative Financial Instruments and Hedging Activities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities The Bank is exposed to certain risks from both its business operations and changes in economic conditions. As part of our asset/liability and interest rate risk management strategy, we may enter into interest rate derivative contracts to modify repricing characteristics of certain of our interest-earning assets and interest-bearing liabilities. The Bank generally designates interest rate hedging agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Our credit exposure, if any, on interest rate swap asset positions is limited to the fair value (net of any collateral pledged to us) and interest payments of all swaps by each counterparty. Conversely, when an interest rate swap is in a liability position exceeding a certain threshold, we may be required to post collateral to the counterparty in an amount determined by the agreements. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap values. On July 7, 2023, the Bank entered into various interest rate swap agreements with notional values totaling $101.8 million split evenly between terms of 2.5 and 3.0 years to hedge balance sheet interest rate sensitivity and protect certain of our fixed rate available-for-sale securities against changes in fair value related to changes in the benchmark interest rate. The interest rate swaps involve the receipt of floating rate interest from a counterparty in exchange for us making fixed-rate interest payments over the lives of the agreements, without the exchange of the underlying notional values. The transactions were designated as partial term fair value hedges and structured such that the changes in the fair value of the interest rate swaps are expected to be perfectly effective in offsetting the changes in the fair value of the hedged items attributable to changes in the SOFR OIS swap rate, the designated benchmark interest rate. Because the hedges met the criteria for using the shortcut method, there is no need to periodically reassess effectiveness during the term of the hedges. For fair value designated hedges, the gains or losses on the hedging instruments as well as the offsetting gains or losses on the hedged items, are recognized in current earnings as their fair values change. In addition, we had three interest rate swap agreements on certain loans with our customers, which are scheduled to mature at various dates ranging from June 2031 to July 2032. In December 2023, one interest rate swap, scheduled to mature in October 2037, was terminated as the hedged loan was paid off. The loan interest rate swaps were designated as fair value hedges and allowed us to offer long-term fixed-rate loans to customers without assuming the interest rate risk of a long-term asset. Converting our fixed-rate interest payments to floating-rate interest payments, generally benchmarked to the one-month U.S. dollar SOFR index, protects us against changes in the fair value of our loans associated with fluctuating interest rates. The notional amounts of the interest rate contracts are equal to the notional amounts of the hedged loans. Information on our derivatives follows:
1 Refer to Note 9, Fair Value of Assets and Liabilities, for valuation methodology. The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of hedged assets as of December 31, 2023 and 2022.
1 Carrying value equals the amortized cost basis of the securities underlying the hedge relationship, which is the book value net of the fair value hedge adjustment. Amortized cost excludes accrued interest totaling $222 thousand as of December 31, 2023. 2 Carrying value equals the amortized cost basis of the loans underlying the hedge relationship, which is the loan balance net of deferred loan origination fees and cost and the fair value hedge adjustment. Amortized cost excludes accrued interest, which was not material. The following table presents the pretax net gains (losses) recognized in interest income related to our fair value hedges for the years presented.
Our derivative transactions with the counterparty are under an International Swaps and Derivative Association (“ISDA”) master agreement that includes “right of set-off” provisions. “Right of set-off” provisions are legally enforceable rights to offset recognized amounts and there may be an intention to settle such amounts on a net basis. We do not offset such financial instruments for financial reporting purposes. Information on financial instruments that are eligible for offset in the consolidated statements of condition follows:
1 Amounts exclude accrued interest on swaps.
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Regulatory Matters |
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| Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Matters | Regulatory Matters We are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements as set forth in the following tables can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material effect on our consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and the Bank’s prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Management reviews capital ratios on a regular basis and produces a five-year capital plan semi-annually to ensure that capital exceeds the prescribed regulatory minimums and is adequate to meet our anticipated future needs. Stress tests are performed on capital ratios and include scenarios such as additional unrealized losses on the investment portfolio, additional deposit growth, loan credit quality deterioration, and potential share repurchases. For all periods presented, the Bank’s ratios exceed the regulatory definition of “well-capitalized” under the regulatory framework for prompt corrective action and Bancorp’s ratios exceed the required minimum ratios to be considered a well-capitalized bank holding company. In addition, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action as of December 31, 2023. There are no conditions or events since that notification that management believes have changed the Bank’s categories and we expect the Bank to remain well capitalized for prompt corrective action purposes. The Bancorp’s and Bank's capital adequacy ratios as of December 31, 2023 and 2022 are presented in the following tables.
1 Except for Tier 1 Leverage Capital, the adequately capitalized thresholds reflect the regulatory minimum plus a 2.5% capital conservation buffer as required under the Basel III Capital Standards in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses.
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Financial Instruments with Off-Balance Sheet Risk |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk We make commitments to extend credit in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit in the form of loans or through standby letters of credit. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because various commitments will expire without being fully drawn, the total commitment amount does not necessarily represent future cash requirements. Our credit loss exposure is equal to the contractual amount of the commitment in the event of nonperformance by the borrower. We use the same credit underwriting criteria for all credit exposure. The amount of collateral obtained, if deemed necessary by us, is based on management's credit evaluation of the borrower. Collateral types pledged may include accounts receivable, inventory, other personal property and real property. The contractual amount of unfunded loan commitments and standby letters of credit not reflected in the consolidated statements of condition are as follows:
As of December 31, 2023, approximately 38% of the commitments expire in 2024, 51% expire between 2025 and 2031 and 11% expire thereafter. We record an allowance for credit losses on unfunded loan commitments at the balance sheet date based on estimates of the probability that these commitments will be drawn upon according to historical utilization experience of the different types of commitments and expected loss rates determined for pooled funded loans. The allowance for credit losses on unfunded commitments totaled $1.1 million and $1.5 million as of December 31, 2023 and 2022, respectively, which is included in interest payable and other liabilities in the consolidated statements of condition. We recorded reversals of the provision for credit losses on unfunded commitments totaling $342 thousand, $318 thousand and $992 thousand in 2023, 2022, and 2021, respectively. The reversals in 2023 and 2022 were due primarily to decreases in total unfunded loan commitments. The reversal in 2021 was largely due to ongoing improvements in the underlying economic forecasts under the CECL accounting method at the time.
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Condensed Bank of Marin Bancorp Parent Only Financial Statements |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Bank of Marin Bancorp Parent Only Financial Statements | Condensed Bank of Marin Bancorp Parent Only Financial Statements Presented below is financial information for Bank of Marin Bancorp, parent holding company only.
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Merger |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Merger | Merger Bancorp completed its merger and acquired all assets and assumed all liabilities of AMRB on August 6, 2021. The merger expanded Bank of Marin's presence throughout the Greater Sacramento, Amador and Sonoma County Regions where AMRB had ten branches. The merger added $898.4 million in total assets, including $297.8 million in investment securities and $419.4 million in loans, and $816.6 million in total liabilities, including $790.0 million in deposits, to Bank of Marin as of the merger date. Bancorp accounted for the merger as a business combination under the acquisition method of accounting. The assets acquired and liabilities assumed, both tangible and intangible, were recorded at their fair values as of the merger date in accordance with ASC 805, Business Combinations. AMRB's shareholders received 0.575 shares of Bancorp's common stock for each share of AMRB common stock outstanding immediately prior to the Merger resulting in the issuance of 3,441,235 shares of Bancorp common stock. In addition, merger consideration included cash paid for outstanding stock options and cash paid in lieu of fractional shares, as summarized in the following table.
We recorded $42.6 million in goodwill, which represented the excess of the total merger consideration paid of $124.5 million over the fair value of the net assets acquired of $81.9 million. Goodwill mainly reflects the expected value created through the combined operations of AMRB and Bancorp and is evaluated for impairment annually. Merger-related and conversion costs are recognized as incurred and continue until all systems have been converted and operational functions are fully integrated. Bancorp's pretax merger-related costs reflected in the consolidated statements of comprehensive income (loss) are summarized in the following table.
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Summary of Significant Accounting Policies (Policies) |
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Dec. 31, 2023 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation: The consolidated financial statements include the accounts of Bancorp, a bank holding company, and its wholly-owned bank subsidiary, Bank of Marin, a California state-chartered commercial bank. References to “we,” “our,” “us” mean Bancorp and the Bank that are consolidated for financial reporting purposes. Our accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP"), general practice, and regulatory guidance within the banking industry. A summary of our significant policies follows. All material intercompany transactions have been eliminated. We monitor financial performance and evaluate the revenue streams of the various products, services, locations, and operations on a company-wide basis. Accordingly, all of the community banking and wealth management and trust services are considered by management to be aggregated into one reportable operating segment, community banking. We evaluated subsequent events through the date of filing with the Securities and Exchange Commission (“SEC”) and determined there were no subsequent events that required additional recognition or disclosure.
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| Reclassifications | Accounting Changes and Reclassifications: Certain items in prior financial statements have been reclassified to conform to the current presentation, including the reclassification of the provision for credit losses on unfunded commitments in the second quarter of 2021 from non-interest expense to a separate line item under the provision for credit losses on loans in the consolidated statements of comprehensive income (loss). |
| Recently Adopted and Issued Accounting Standards, Other Recently Adopted Announcements and Accounting Standards Not Yet Effective | Other Recently Adopted Accounting Standards In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendment eliminated the recognition measurement guidance for troubled debt restructured ("TDR") loans and instead enhanced disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. In addition, the amendment required that an entity include in its vintage disclosures the current period gross loan charge-offs by year of origination. We early adopted the current period charge-off disclosures in the first quarter of 2022. We adopted the loan modification provisions as of January 1, 2023 using a modified retrospective method. The cumulative-effect adjustment to retained earnings was considered immaterial. Refer to Note 5, Loans and Allowance for Credit Losses on Loans, for additional information. In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. Among other things, the ASU renamed the "last-of-layer" method to the "portfolio layer" method and made fair value hedging more accessible for hedge accounting of interest rate risk for portfolios and financial assets. For example, the guidance permits an entity to apply the same portfolio hedging method to both prepayable and non-prepayable financial assets, thereby providing for consistency between accounting for similar hedges. We adopted the amendments on January 1, 2023, which had no effect on our existing hedge accounting, disclosures, financial condition or results of operations. In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU are elective and provide optional guidance for a limited period of time to ease the potential burden of accounting for, or recognizing the effects of reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Topic 848 was further amended in January 2021 with ASU No. 2021-01, which provided additional guidance on certain optional expedients and scope of derivative instruments, and in December 2022 with ASU 2022-06, which extended the sunset date of Topic 848 to December 31, 2024 given the UK Financial Conduct Authority ("FCA") March 2021 announcement that the intended cessation date of certain tenors of USD LIBOR would be June 30, 2023. An entity may elect the amendments in these updates at an interim period with adoption methods varying based on transaction type. As of December 31, 2023, we had three interest rate swap contracts with notional values totaling $8.6 million that were indexed to LIBOR, which transitioned to the Secured Overnight Financing Rate ("SOFR") effective July 1, 2023. The transition to SOFR did not have a material impact to either our financial condition or results of operations. Accounting Standards Not Yet Effective In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendment reduces diversity in practice by clarifying that a separate contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. In addition, this ASU provided amended examples to illustrate that a restriction that is a characteristic of the equity security, which market participants would take into account when pricing them, would be considered in measuring fair value. This ASU also introduces new disclosure requirements. The amendments are effective prospectively for years beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements. As discussed in Note 2, Investment Securities, in July 2023 we sold our remaining shares of Visa Inc. Class B restricted common stock. As a result of the sale, this update will not impact our financial condition, results of operations or disclosures. In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. For public companies, the amendment requires entities to amortize leasehold improvements associated with common control lease arrangements over the useful life of the improvements to the common control group, as opposed to the shorter of the remaining lease term and the useful life of the improvements for all other operating leases. The amendments are effective for years beginning after December 15, 2023, and may be adopted either prospectively or retrospectively. Early adoption is permitted for both interim and annual financial statements. We currently do not have common control lease arrangements, and therefore do not anticipate that the amendments will impact our financial condition and results of operations. In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. Under current GAAP, an entity can only elect to apply the proportional amortization method to investments in low-income housing tax credit ("LIHTC") structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the consolidated statements of income as a component of income tax expense (benefit). The amendments will allow entities to elect to account for all other equity investments made primarily for the purpose of receiving income tax credits to using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, when certain conditions are met. The amendments are effective for fiscal years beginning after December 15, 2023, and may be adopted either on a modified retrospective basis or retrospectively. Other than investments in LIHTC funds, as disclosed in Note 4, Investment Securities, we currently have no other equity investments made primarily for the purpose of receiving income tax credits, and therefore do not anticipate that the amendments will impact our financial condition and results of operations. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarifying circumstances in which an entity can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and requiring other disclosures. The amendments are effective for annual reporting periods beginning after December 15, 2023 (i.e., 2024 Form 10-K) and interim periods within fiscal years beginning after December 31, 2024, and shall be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We currently have only one reportable segment and are evaluating the impact of the amendments on our financial statement disclosures upon adoption. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disaggregated information about the effective tax rate reconciliation and additional disclosures on reconciling items and taxes paid that meet a quantitative threshold. The amendments are effective for annual reporting periods beginning after December 15, 2024, and may be adopted either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of the amendments on our financial statement disclosures upon adoption.
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| Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the consolidated financial statements include the allowance for credit losses, fair value measurements, and goodwill impairment assessment, as discussed in the Notes herein.
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| Cash, Cash Equivalents | Cash, Cash Equivalents and Restricted Cash: This includes cash, due from banks, federal funds sold and other short-term investments with maturities of less than three months at the time of purchase. |
| Restricted Cash | Restricted cash includes balances not immediately available for business operations such as Federal Reserve Bank of San Francisco reserve requirements and cash pledged for interest rate swap contracts and local agency deposits. |
| Investment Securities | Investment Securities: Investment securities are classified as "held-to-maturity," "trading securities" or "available-for-sale." Investments classified as held-to-maturity are those that we have the ability and intent to hold until maturity and are reported at cost, adjusted for the amortization or accretion of premiums or discounts. Investments held for resale in anticipation of short-term market movements are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings. Investments that are neither held-to-maturity nor trading are classified as available-for-sale and are reported at fair value. Unrealized gains and losses for available-for-sale securities, net of related taxes, are reported as a separate component of comprehensive income (loss) and included in stockholders' equity until realized. For discussion of our methodology in determining fair value, see Note 9, Fair Value of Assets and Liabilities. Purchase premiums and discounts on investment securities are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method. For certain callable debt securities purchased at a premium, we amortize the premium to the earliest call date. Dividend and interest income are recognized when earned. Realized gains and losses on the sale of securities are included in non-interest income. The specific identification method is used to calculate realized gains and losses on sales of securities. Securities transferred from the available-for-sale category to the held-to-maturity category are recorded at fair value at the date of transfer. Unrealized holding gains or losses on the dates of the transfer of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income (loss), net of tax, in the consolidated balance sheets. These unrealized holding gains or losses on the dates of transfer are amortized over the remaining life of the securities as yield adjustments in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Non-marketable equity securities include stock held for membership and regulatory purposes, such as Federal Home Loan Bank ("FHLB") stock and other non-marketable equity securities. These securities are accounted for at cost, evaluated for impairment as of each reporting period, and included in interest receivable and other assets on the consolidated statements of condition. During 2023, the Bank sold its remaining investment in Visa Inc. Class B restricted common stock, as discussed in Note 2 - Investment securities. As of December 31, 2023 and 2022 our investment in FHLB stock was carried at cost, as there was no impairment or changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Both cash and stock dividends from the FHLB are reported as non-interest income. Allowance for Credit Losses on Investment Securities: The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account determined in accordance with ASC 326, which is deducted from the securities' amortized cost basis at the balance sheet date as a result of management's assessment of the net amount expected to be collected. The allowance is measured on a pooled basis for securities with similar risk characteristics using historical credit loss information, adjusted for current conditions and reasonable and supportable forecasts. Securities that are determined to be uncollectible are written off against the allowance. For available-for-sale securities in an unrealized loss position ("impaired security"), we assess whether 1) we intend to sell the security, or, 2) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. Under either of these conditions, the security's amortized cost is written down to fair value through a charge to previously recognized allowances or earnings, as applicable. For impaired securities that do not meet these conditions, we assess whether the decline in fair value was due to credit loss or other factors. This assessment considers, among other things: 1) the extent to which the fair value is less than amortized cost, 2) the financial condition and near-term prospects of the issuer, 3) any changes to the rating of the security by a rating agency, and 4) our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss component. Any impairment due to non-credit-related factors that has not been recorded through an allowance for credit losses is recognized in other comprehensive income (loss). The discount rate used in determining the present value of the expected cash flows is based on the effective interest rate implicit in the security at the date of purchase. Accrued interest receivable is excluded from the amortized costs and fair values of both held-to-maturity and available-for-sale securities and included in interest receivable and other assets on the consolidated statements of condition. Investment securities are placed on non-accrual status when principal or interest is contractually past due more than ninety days, or management does not expect full payment of principal and interest. We do not record an allowance for credit losses for accrued interest on investment securities, as the amounts are written-off when the investment is placed on non-accrual status. There were no non-accrual investment securities in any of the years presented in the consolidated financial statements.
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| Originated Loans, Acquired Loans, and Past-Due and Non-Accrual Loan Policy | Originated Loans: Loans are reported at amortized cost, which is the principal amount outstanding net of deferred fees (costs), purchase premiums (discounts) and net charge-offs (recoveries). Amortized cost excludes accrued interest, which is reflected in interest receivable and other assets in the consolidated statements of condition. We do not measure an allowance for credit losses on accrued interest receivable balances because these balances are written off in a timely manner as a reduction to interest income when loans are placed on non-accrual status as discussed below. Interest income is accrued daily using the simple interest method. Fees collected upon loan origination and certain direct costs of originating loans are deferred and recognized over the contractual lives of the related loans as yield adjustments using the interest method or straight-line method, as applicable. Upon prepayment or other disposition of the underlying loans before their contractual maturities, any associated unearned fees or unamortized costs are recognized. Acquired Loans: ASC 326 modified the accounting for purchased loans and requires that an allowance for credit losses be established at the date of acquisition. However, for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination (“PCD assets”) that are measured at amortized cost, the initial allowance for credit losses is added to the purchase price rather than reported as a provision for credit losses. Subsequent changes in the allowance for credit losses on PCD assets are recognized through the provision for credit losses. Past-Due and Non-Accrual Loan Policy: A loan is considered past due when a payment has not been received by the contractual due date. Loans are placed on non-accrual status when management believes that there is substantial doubt as to the collection of principal or interest, generally when they become contractually past due by 90 days or more with respect to principal or interest, except for loans that are well-secured and in the process of collection. When loans are placed on non-accrual status, any accrued but uncollected interest is reversed from current-period interest income and the amortization of deferred loan origination fees and costs is suspended. Interest payments received on nonaccrual loans are either applied against principal or reported as interest income, according to management’s judgment as to the ultimate collectability of principal. We may return non-accrual loans to accrual status when one of the following occurs: •The borrower has resumed paying the full amount of the principal and interest and we are satisfied with the borrower's financial position. In order to meet this test, we must have received repayment of all past due principal and interest, unless the amounts contractually due are reasonably assured of repayment within a reasonable period of time, and there has been a sustained period of repayment performance (generally, six consecutive monthly payments), according to the original or modified contractual terms. •The loan has become well secured and is in the process of collection. Commercial and Industrial Loans: Commercial loans are generally made to established small and mid-sized businesses to provide financing for their growth and working capital needs, equipment purchases and acquisitions. Management examines historical, current, and projected cash flows to determine the ability of the borrower to repay obligations as agreed. Commercial loans are made based primarily on the identified cash flows of the borrower and secondarily on the underlying collateral and guarantor support. The cash flows of borrowers, however, may not occur as expected, and the collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed, such as accounts receivable and inventory, and typically include personal guarantees. We target stable businesses with guarantors who provide additional sources of repayment and have proven to be resilient in periods of economic stress. A weakened economy, and the resultant decreased consumer and/or business spending, may have an effect on the credit quality of commercial loans. Commercial Real Estate Loans: Commercial real estate loans, which include income producing investment properties and owner-occupied real estate used for business purposes, are subject to underwriting standards and processes similar to those for commercial loans discussed above. We underwrite these loans to be repaid from cash flow from either the business or investment property and supported by real property collateral. Underwriting standards for commercial real estate loans include, but are not limited to, debt coverage and loan-to-value ratios. Furthermore, a large majority of our loans are guaranteed by the owners of the properties. Conditions in the real estate markets or a downturn in the general economy may adversely affect our commercial real estate loans. In the event of a vacancy, we expect guarantors to carry the loans until they find a replacement tenant. The owner's substantial equity investment provides a strong economic incentive to continue to support their commercial real estate projects. As such, we have generally experienced a relatively low level of losses and delinquencies in this portfolio. Construction Loans: Construction loans are generally made to developers and builders to finance construction, renovation and occasionally land acquisitions in anticipation of near-term development. Construction loans include interest reserves that are used for the payment of interest during the development and marketing periods and are capitalized as part of the loan balance. When a construction loan is placed on nonaccrual status before the depletion of the interest reserve, we apply the interest funded by the interest reserve against the loan's principal balance. These loans are underwritten after an evaluation of the borrower's financial strength, reputation, prior track record, and independent appraisals. We monitor all construction projects to determine whether they are on schedule, completed as planned and in accordance with the approved construction budgets. Significant events can affect the construction industry, including: the inherent volatility of real estate markets and vulnerability to delays due to weather, change orders, inability to obtain construction permits, labor or material shortages, and price changes. Estimates of construction costs and value associated with the completed project may be inaccurate. Repayment of construction loans is largely dependent on the ultimate success of the project. Consumer Loans: Consumer loans primarily consist of home equity lines of credit, other residential loans, floating homes, and indirect luxury auto loans, along with a small number of installment loans. Our other residential loans include tenancy-in-common fractional interest loans ("TIC") located almost entirely in San Francisco County. We originate consumer loans utilizing credit score information, debt-to-income ratio, and loan-to-value ratio analysis. Diversification among consumer loan types, coupled with relatively small loan amounts that are spread across many individual borrowers, mitigates risk. We do not originate sub-prime residential mortgage loans, nor is it our practice to underwrite loans commonly referred to as "Alt-A mortgages," the characteristics of which are reduced documentation, borrowers with low FICO scores, or collateral with high loan-to-value ratios.
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| Loan Charge-Off Policy | Loan Charge-Off Policy: For all loan types excluding overdraft accounts, we generally make a charge-off determination at or before 90 days past due. A collateral-dependent loan is partially charged down to the fair value of collateral securing it if: (1) it is deemed uncollectable, or (2) it has been classified as a loss by either our internal loan review process or external examiners. A non-collateral-dependent loan is partially charged down to its net realizable value under the same circumstances. Overdraft accounts are generally charged off when they exceed 60 days past due.
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| Collateral Dependent Loans | Collateral Dependent Loans: A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For collateral dependent loans, including those for which management determines foreclosure is probable, each loan is individually evaluated and the allowance for credit losses is based on the fair value of the collateral, adjusted for estimated selling costs when repayment is expected from the sale of the collateral, less the loan's amortized cost. In determining the fair value, management considers such information as the appraised value of the collateral, observed and potential future changes in collateral value, and historical loss experience for loans that were secured by similar collateral. Generally, with problem credits that are collateral dependent, we obtain appraisals of the collateral at least annually. We may obtain appraisals more frequently if we believe the collateral value is subject to market volatility, if a specific event has affected the collateral, or if we believe foreclosure is imminent.
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| Allowance for Credit Losses on Loans ("ACL") | Allowance for Credit Losses on Loans ("ACL"): The ACL is a valuation account that is deducted from the amortized cost basis at the balance sheet date to present the net amount of loans expected to be collected. Amortized cost does not include accrued interest, which management elected to exclude from the estimate of expected credit losses (refer to the Past-Due and Non-Accrual Loan Policy section above). Management estimates the allowance quarterly using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Credit loss experience provides the basis for the estimation of expected credit losses. The ACL model utilizes a discounted cash flow ("DCF") method to measure the expected credit losses on loans collectively evaluated that are sub-segmented by loan pools with similar credit risk characteristics, which are generally comprised of federal regulatory reporting codes (i.e., Call codes). Pooled segments include the following: •Loans secured by real estate: - 1-4 family residential construction loans - Other construction loans and all land development and other land loans - Secured by farmland (including residential and other improvements) - Revolving, open-end loans secured by 1-4 family residential properties and extended under lines of credit - Closed-end loans secured by 1-4 family residential properties, secured by first liens - Closed-end loans secured by 1-4 family residential properties, secured by junior liens - Secured by multifamily (5 or more) residential properties - Commercial real estate loans secured by owner-occupied non-farm nonresidential properties - Commercial real estate loans secured by other non-farm nonresidential properties •Loans to finance agricultural production and other loans to farmers •Commercial and industrial loans •Loans to individuals for household, family and other personal expenditures (i.e., consumer loans) •Municipal entities •Non-profit organizations •Other loans (overdraft credit lines) The DCF method incorporates assumptions for probability of default ("PD"), loss given default ("LGD"), and prepayments and curtailments over the contractual terms of the loans. Under the DCF method, the ACL reflects the difference between the amortized cost basis and the present value of the expected cash flows using the loan's effective rate. We elected to report the change in present values from one reporting period to the next due to the passage of time and changes in the estimate of future expected cash flows through the provision for credit losses, rather than though interest income. In determining the PD for each pooled segment, the Bank utilized regression analyses to identify certain economic drivers that were considered highly correlated to historical Bank or peer loan default experience. As a result, management chose the California unemployment rate as the primary economic forecast driver for all segments, except for municipal loans. In addition, the annual percentage change in the California gross domestic product was used in the commercial and industrial loan segment. For municipal loans, the ACL model utilized a constant default rate obtained from a nationally recognized default rate study, which is updated annually. A third party provides LGD estimates for each segment based on a banking industry Frye-Jacobs Risk Index approach. The ACL model incorporates a one-year reasonable and supportable forecast of economic factors, updated quarterly, which is based on Moody's Analytics' Baseline Forecast. For periods beyond the forecast horizon, the economic factors revert to historical averages on a straight-line basis over a one-year period. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments and curtailments, when appropriate. The pooled loans' contractual loan terms exclude assumptions about extensions, renewals, and modifications. Loans that do not share the same risk characteristics as pooled loans are evaluated individually for credit loss and generally include all non-accrual loans, collateral dependent loans, and certain modified loans and loans graded substandard or worse, as determined by management. Management considers whether adjustments to the quantitative portion of the ACL are needed for differences in segment-specific risk characteristics or to reflect the extent to which it expects current conditions and reasonable and supportable forecasts of economic conditions to differ from the conditions that existed during the historical period included in the development of PD and LGD. Qualitative internal and external risk factors include, but are not limited to, the following: •Changes in the nature and volume of the loan portfolio •Changes in the volume and severity of past due loans, the volume of non-accruals loans, and the volume and severity of adversely classified or graded loans •The existence and effect of individual loan and loan segment concentrations •Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere •Changes in the experience, ability, and depth of lending management and other relevant staff •Changes in the quality of our systematic loan review processes •Changes in economic and business conditions, and developments that affect the collectability of the portfolio •Changes in the value of underlying collateral, where applicable •The effect of other external factors such as legal and regulatory requirements on the level of estimated credit losses in the portfolio •The effect of acquisitions of other loan portfolios on our infrastructure, including risk associated with entering new geographic areas as a result of such acquisitions •The presence of specialized lending segments in the portfolio There were no material changes to the ACL methodology during 2023. However, assumptions that mainly influenced management's current estimate of the expected credit losses were primarily adjustments to qualitative risk factors from continued uncertainty about inflation and recession risks, the potential impact of rapidly increasing interest rates and other external factors on both our non-owner-occupied commercial real estate and construction portfolios, loan and collateral concentration risks in our construction and commercial real estate portfolios, heightened portfolio management in light of current economic conditions, and continued negative trends in adversely graded loans and/or collateral values for our non-owner occupied commercial real estate office and multi-family real estate portfolios. Other elements of the estimated current expected credit losses included increased allowances for individually analyzed loans exhibiting unique credit risk characteristics and a slight increase in Moody's Analytics' Baseline Forecast of California's unemployment rate, partially offset by the impact of an overall decrease in loans. While we believe we use the best information available to determine the allowance for credit losses, our results of operations could be significantly affected if circumstances differ substantially from the assumptions used in determining the allowance. Our ACL model is sensitive to changes in unemployment rate forecasts and certain other assumptions that could result in material fluctuations in the allowance for credit losses and adversely affect our financial condition and results of operations. As discussed in the Other Recently Adopted Accounting Standards section below, as of January 1 2023, we adopted ASU No. 2022-02 under which the concept of troubled debt restructured loans and its impact on the ACL calculation was eliminated in favor of the disclosure of certain loan modifications made to borrowers experiencing financial difficulty. Such modified loans are now subject to the Bank's standard ACL process, as outlined above. For further information regarding the allowance for loan losses, see Note 3, Loans and Allowance for Loan Losses. We use a risk rating system to evaluate asset quality, and to identify and monitor credit risk in individual loans, and in the loan portfolio. Our definitions of “Special Mention” risk graded loans, or worse, are consistent with those used by the Federal Deposit Insurance Corporation ("FDIC"). Our internally assigned grades are as follows: Pass and Watch: Loans to borrowers of acceptable or better credit quality. Borrowers in this category demonstrate fundamentally sound financial positions, repayment capacity, credit history, and management expertise. Loans in this category must have an identifiable and stable source of repayment and meet the Bank’s policy regarding debt-service-coverage ratios. These borrowers are capable of sustaining normal economic, market or operational setbacks without significant financial consequences. Negative external industry factors are generally not present. The loan may be secured, unsecured, or supported by non-real estate collateral for which the value is more difficult to determine and/or whose marketability is more uncertain. This category also includes “Watch” loans, where the primary source of repayment has been delayed. The “Watch” risk rating is intended to be a transitional grade, with either an upgrade or downgrade within a reasonable period. Special Mention: Potential weaknesses that deserve close attention. If left uncorrected, those potential weaknesses may result in deterioration of the payment prospects for the asset. Special Mention assets do not present sufficient risk to warrant adverse classification. Substandard: Inadequately protected by either the current sound worth and paying capacity of the obligor or the collateral pledged, if any. A Substandard asset has well-defined weaknesses that jeopardize the liquidation of the debt. Substandard assets are characterized by the distinct possibility that we will sustain some loss if such weaknesses or deficiencies are not corrected. Well-defined weaknesses include adverse trends or developments in the borrower’s financial condition, managerial weaknesses, and/or significant collateral deficiencies. Doubtful: Critical weaknesses that make collection or liquidation in full improbable. There may be specific pending events that work to strengthen the asset; however, the amount or timing of the loss may not be determinable. Pending events generally occur within one year of the asset being classified as Doubtful. Examples include: merger, acquisition, or liquidation; capital injection; guarantee; perfecting liens on additional collateral; and refinancing. Such loans are placed on non-accrual status and are usually collateral-dependent. We regularly review our credits for the accuracy of risk grades whenever we receive new information and at each quarterly and year-end reporting period. Borrowers are generally required to submit financial information at regular intervals. Typically, commercial borrowers with lines of credit are required to submit financial information with reporting intervals ranging from monthly to annually depending on credit size, risk and complexity. In addition, investor commercial real estate borrowers with loans exceeding a certain dollar threshold are usually required to submit rent rolls or property income statements annually. We monitor construction loans monthly. We review home equity and other consumer loans based on delinquency. We also review loans graded “Watch” or worse, regardless of loan type, no less than quarterly.
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| Allowance for Credit Loss on Unfunded Loan Commitments | Allowance for Credit Losses on Unfunded Loan Commitments: We make commitments to extend credit to meet the financing needs of our customers in the form of loans or standby letters of credit. We are exposed to credit losses over a loan's contractual period in the event that a decline in credit quality of the borrower leads to nonperformance. We record an allowance for losses on unfunded loan commitments at the balance sheet date based on estimates of probability that these commitments will be drawn upon according to historical utilization experience of different types of commitments and expected loss severity and loss rates determined for pooled funded loans. The allowance for credit losses on unfunded commitments is a liability account included in interest payable and other liabilities on the consolidated statements of condition. Adjustments to the allowance for unfunded commitments are included in non-interest expense as a provision for (or reversal of) the allowance for unfunded commitments. |
| Transfers of Financial Assets | Transfers of Financial Assets: We have entered into certain loan participation agreements with other organizations. We account for these transfers of financial assets as sales when control over the transferred financial assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets and liabilities have been isolated from us, 2) the transferee has the right to pledge or exchange the assets (or beneficial interests) it received, free of conditions that constrain it from taking advantage of that right, beyond a trivial benefit and 3) we do not maintain effective control over the transferred financial assets or third-party beneficial interests related to those transferred assets. Transfers of a portion of a loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, and the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. |
| Premises and Equipment | Premises and Equipment: Land is carried at cost and not depreciated. Bank-owned buildings, leasehold improvements, furniture, fixtures, software and equipment and are stated at cost, less accumulated depreciation, and depreciated/amortized on a straight-line basis. Furniture and fixtures are depreciated over eight years and equipment is generally depreciated over to twenty years. Bank-owned buildings are depreciated over to thirty years. Leasehold improvements are amortized over the lesser of their estimated useful lives or the terms of the leases. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to expense as incurred.
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| Leases | Leases: We lease certain premises under long-term non-cancelable operating leases, most of which include escalation clauses and one or more options to extend the lease term, and some of which contain lease termination clauses. Only those renewal and termination options that management determines are reasonably certain of exercising are included in the calculation of the lease liability. In addition, we lease certain equipment under finance leases. The equipment finance lease terms do not contain renewal options, bargain purchase options or residual value guarantees. We did not have any significant short-term leases during the reported periods. Lease right-of-use assets represent the right to use the underlying asset while lease liabilities represent the present value of future lease obligations. We elected not to separate non-lease components from lease components and to exclude short-term leases (i.e., lease term of 12 months or less at the commencement date) from right-of-use assets and lease liabilities for all lease classifications. When calculating the lease liability, because most lease contracts do not contain an implicit interest rate, we discount lease payments over a lease's expected term based on the collateralized Federal Home Loan Bank borrowing rate that was commensurate with lease terms and minimum payments at the lease commencement date. Right-of-use assets for operating leases are amortized over the lease term by amounts that represent the difference between periodic straight-line lease expense and periodic interest accretion on the related liability to make lease payments, whereas finance leases are amortized on a straight-line basis over the term of the lease. Expense recognition for operating leases is recorded on a straight-line basis while expense recognition for finance leases represents the sum of periodic amortization of the associated right-of-use asset and the interest accretion on the lease liability. Refer to Note 12, Commitments and Contingencies, for further information.
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| Business Combinations | Business Combinations: Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. A business is defined as a set of activities and assets that is both self-sustaining and managed to provide a return to investors and generally has three elements: inputs, processes and outputs. Under the acquisition method, the acquiring entity in a business combination recognizes the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceed the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from a business combination are recognized at fair value. Results of operations of an acquired business are included in the consolidated statements of operations from the date of acquisition. Business acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. If substantially all of an acquisition is made up of one asset or several similar assets, or without a substantive process that together contributes to the ability to create outputs, the acquisition is accounted for as an asset acquisition and acquisition costs will be capitalized as part of the assets acquired, rather than expensed in a business combinations.
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is deemed to have an indefinite life, is not subject to amortization, and as such is tested for impairment at least annually or more frequently if events and circumstances lead management to believe the value of goodwill may be impaired. Goodwill is the only intangible asset with an indefinite life recorded in the Company’s consolidated statements of financial condition. Impairment testing is performed at the reporting unit level. Management considered the Company to be its sole reporting unit for the year ended December 31, 2023. Management’s assessment of goodwill impairment is performed in accordance with ASC 350-20, Intangibles - Goodwill and Other - Goodwill and encompasses a two-step process. First, the Company has the option to perform a qualitative assessment to evaluate relevant events or circumstances to determine whether it is more likely than not the fair value of the Company is less than its carrying amount, including goodwill. The factors considered in the qualitative assessment typically include macroeconomic conditions, industry and market conditions and the overall financial performance of the Company, among other factors. If the Company determines that it is more likely than not the fair value of the Company may be less than its carrying amounts, then it proceeds to the quantitative impairment test, whereby it calculates the fair value of the Company. Under GAAP, in its performance of impairment testing, management has the unconditional option to proceed directly to the quantitative impairment test, bypassing the qualitative assessment. If the carrying amount of the Company exceeds its fair value, the amount by which the carrying amount exceeds fair value, up to the carrying value of goodwill, is recorded through earnings as an impairment charge recorded in non-interest expense. If the results of the qualitative assessment indicate that it is not more likely than not that an impairment has occurred, or if the quantitative impairment test results in a fair value of the Company that is greater than the carrying amount, then no impairment charge is recorded. The Company performs its annual goodwill impairment test as of November 30th each year. Due to the market volatility experienced in the banking sector during 2023, the Company elected to bypass a qualitative assessment of goodwill and proceed directly to a quantitative assessment, the results of which indicated that goodwill totaling $72.8 million was not impaired as of December 31, 2023, and there were no changes to our assessment through December 31, 2023. In addition, the Company recorded no goodwill impairment for the years ended December 31, 2022, and 2021. Core deposit intangibles ("CDI") arising from the acquisition of other financial institutions are considered to have definite useful lives and are amortized on an accelerated method over their estimated useful life of ten years.We recorded no impairment adjustments for the CDI in 2023, 2022 and 2021.
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| Other Real Estate Owned ("OREO") | Other Real Estate Owned ("OREO"): OREO is comprised of property acquired through a business combination, foreclosure, in substance repossession or acceptance of deeds-in-lieu of foreclosure when the related loan receivable is de-recognized. OREO is recorded at fair value of the collateral less estimated costs to sell, establishing a new cost basis, and subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Any shortfall of collateral value from the recorded investment of the related loan is recognized as loss at the time of foreclosure and is charged against the allowance for loan losses. Fair value of collateral is generally based on an independent appraisal of the property. Revenues and expenses associated with OREO, and subsequent adjustments to the fair value of the property and to the estimated costs of disposal, are realized and reported as a component of non-interest income and expense when incurred. We recorded a $40 thousand and $345 thousand valuation adjustment to OREO in 2023 and 2022, respectively. In July 2023, the Bank completed the sale of its only OREO property.
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| Bank Owned Life Insurance ("BOLI") | Bank Owned Life Insurance ("BOLI"): The Bank owns life insurance policies on certain key current and former officers. BOLI is recorded in interest receivable and other assets on the consolidated statements of condition at the amount that can be realized under the insurance contract at period-end, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement.
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| Investments in Low Income Housing Tax Credit Funds | Investments in Low Income Housing Tax Credit Funds: We have invested in limited partnerships that were formed to develop and operate affordable housing projects for low or moderate-income tenants throughout California. Our ownership percentage in each limited partnership ranges from 1.0% to 3.5%. We account for the investments in qualified affordable housing tax credit funds using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received. Low income housing tax credits and other tax benefits received, net of the amortization of the investment is recognized as part of income tax benefit. Each of the partnerships must meet the regulatory minimum requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credit may be denied for any period in which the project is not in compliance and a portion of the credit previously taken is subject to recapture with interest. We record an impairment charge if the value of the future tax credits and other tax benefits is less than the carrying value of the investments.
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| Employee Stock Ownership Plan (ESOP) | Employee Stock Ownership Plan (“ESOP”): We recognize compensation cost for ESOP contributions when funds become committed for the purchase of Bancorp's common shares into the ESOP in the year in which the employees render service entitling them to the contribution. If we contribute stock, the compensation cost is the fair value of the shares when they are committed to be released (i.e., when the number of shares becomes known and formally approved). In 2023, 2022 and 2021, Bancorp only made stock contributions to the ESOP.
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| Income Taxes | Income Taxes: Income taxes reported in the consolidated financial statements are computed based on an asset and liability approach. We recognize the amount of taxes payable or refundable for the current year and we record deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the temporary differences are expected to reverse. We record net deferred tax assets to the extent it is more likely than not that they will be realized. In evaluating our ability to recover the deferred tax assets and the need to establish a valuation allowance against the deferred tax assets, management considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. In projecting future taxable income, management develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates being used to manage the underlying business. Bancorp files consolidated federal and combined state income tax returns. We recognize the financial statement effect of a tax position when it is more likely than not, based on the technical merits and all available evidence, that the position will be sustained upon examination, including the resolution through protests, appeals or litigation processes. For tax positions that meet the more likely than not threshold, we measure and record the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with the taxing authority. The remainder of the benefits associated with tax positions taken is recorded as unrecognized tax benefits, along with any related interest and penalties. Interest and penalties related to unrecognized tax benefits are recorded in tax expense. In deciding whether or not our tax positions taken meet the more likely than not recognition threshold, we must make judgments and interpretations about the application of inherently complex state and federal tax laws. To the extent tax authorities disagree with tax positions taken by us, our effective tax rates could be materially affected in the period of settlement with the taxing authorities. Revision of our estimate of accrued income taxes also may result from our own income tax planning, which may affect effective tax rates and results of operations for any reporting period. We present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss ("NOL") carryforward, or similar tax loss or tax credit carryforward, rather than as a liability, when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) we intend to and are able to use the deferred tax asset for that purpose. Otherwise, the unrecognized tax benefit is presented as a liability instead of being netted with deferred tax assets.
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| Earnings per share (EPS) | Earnings per share (“EPS”): EPS is based upon the weighted average number of common shares outstanding during each year. The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic EPS are calculated by dividing net income by the weighted average number of common shares outstanding during each annual period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury stock method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
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| Share-Based Compensation | Share-Based Compensation: All share-based payments, including stock options and restricted stock, are recognized as stock-based compensation expense in the consolidated statements of comprehensive income (loss) based on the grant-date fair value of the award with a corresponding increase in common stock. The grant-date fair value of the award is amortized on a straight-line basis over the requisite service period, which is generally the vesting period. The stock-based compensation expense excludes stock grants to directors as compensation for their services, which are recognized as director expenses separately based on the grant-date value of the stock. We account for forfeitures as they occur. See Note 8, Stockholders' Equity and Stock Option Plans, for further discussion. We determine the fair value of stock options at the grant date using a Black-Scholes pricing model that takes into account the stock price at the grant date, exercise price, expected life of the option, volatility of the underlying stock, expected dividend yield and risk-free interest rate over the expected life of the option. The expected term of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. Expected volatility is based on the historical volatility of the common stock over the most recent period that is generally commensurate with the expected life of the options. The Black-Scholes option valuation model requires the input of highly subjective assumptions, including the expected life of the stock-based award and stock price volatility. The assumptions used represent management's best estimates based on historical information, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if other assumptions had been used, the recorded stock-based compensation expense could have been materially different from that recorded in the consolidated financial statements. The fair value of restricted stock is based on the stock price on the grant date. We record excess tax benefits resulting from the exercise of non-qualified stock options, the disqualifying disposition of incentive stock options and vesting of restricted stock awards as tax benefits in the consolidated statements of comprehensive income (loss) with a corresponding decrease to current taxes payable. In addition, we reflect excess tax benefits as an operating activity in the consolidated statements of cash flows. Cash paid for tax withholdings when shares are surrendered in a cashless stock option exchange is classified as a financing activity in the consolidated statements of cash flows.
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| Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities - Fair Value Hedges: All of our interest rate swap contracts are designated and qualified as fair value hedges. The terms of our loan interest rate swap contracts are closely aligned to the terms of the designated fixed-rate loans. The hedging relationships are tested for effectiveness on a quarterly basis using a qualitative approach. The qualitative analysis includes verification that there are no changes to the derivative's or hedged item's key terms and conditions and no adverse developments regarding risk of counterparty default, and validation that we continue to have fair value hedge designation. Our rate swaps on available-for-sale securities were designated as partial term fair value hedges and structured such that the changes in fair value of the interest rate swaps are expected to be perfectly effective in offsetting the changes in the fair value of the hedged items attributable to changes in the swap rate. Because the hedges met the criteria for using the shortcut method, there is no need to periodically reassess effectiveness during the term of the hedges. The interest rate swaps are carried on the consolidated statements of condition at their fair value in other assets (when the fair value is positive) or in other liabilities (when the fair value is negative). For fair value designated hedges, the gain or loss on the hedging instruments, as well as the offsetting loss or gain on the hedged items, are recognized in current earnings as fair values change. For derivative instruments executed with the same counterparty under a master netting arrangement, we do not offset fair value amounts of interest rate swaps in liability positions with the ones in asset positions. From time to time, we make firm commitments to enter into long-term fixed-rate loans with borrowers backed by yield maintenance agreements and simultaneously enter into forward interest rate swap agreements with correspondent banks to mitigate the change in fair value of the yield maintenance agreement. Prior to loan funding, yield maintenance agreements with net settlement features that meet the definition of a derivative are considered as non-designated hedges and are carried on the consolidated statements of condition at their fair value in other assets (when the fair value is positive) or in other liabilities (when the fair value is negative). The offsetting changes in the fair value of the forward swap and the yield maintenance agreement are recorded in interest income. When the fixed-rate loans are originated, the forward swaps are designated to offset the change in fair value in the loans. Subsequent to the point of the swap designations, the fair value of the related yield maintenance agreements at the designation date that was recorded in other assets is amortized using the effective yield method over the life of the respective designated loans. For further detail, refer to Note 14, Derivative Financial Instruments and Hedging Activities.
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| Revenue Recognition | Revenue Recognition: We utilize the following five-step model for non-financial instrument related revenue that is in scope for ASC 606, Revenue from Contracts with Customers: 1) identify the contract, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and, 5) recognize revenue when (or as) the entity satisfies the performance obligation. Our main revenue streams in scope for ASC 606 include: •Wealth management and trust services ("WMTS") fees - WMTS services include, but are not limited to: customized investment advisory and management; administrative services such as bill pay and tax reporting; trust administration, estate settlement, custody and fiduciary services. Performance obligations for investment advisory and management services are generally satisfied over time. Revenue is recognized monthly according to a tiered fee schedule based on the client's month-end market value of assets under our management. WMTS does not earn revenue based on performance or incentives. Costs associated with WMTS revenue-generating activities, such as payments to sub-advisors, are recorded separately as part of professional service expenses when incurred. •Deposit account service charges - Service charges on deposit accounts consist of monthly maintenance fees, business account analysis fees, business online banking fees, check order charges, and other deposit account-related fees. Performance obligations for monthly maintenance fees and account analysis fees are satisfied, and the related revenue recognized, when we complete our performance obligation each month. Performance obligations related to transaction-based services (such as check orders) are satisfied, and the related revenue recognized, at a point in time typically when the transaction is completed, except for business accounts subject to analysis where the transaction-based fees are part of the monthly account analysis fees. •Debit card interchange fees - We issue debit cards to our consumer and small business customers that allow them to purchase goods and services from merchants in person, online, or via mobile devices using funds held in their demand deposit accounts held with us. Debit cards issued to our customers are part of global electronic payment networks (such as Visa) who pass a portion of the merchant interchange fees to debit card-issuing member banks like us when our customers make purchases through their networks. Performance obligations for debit card services are satisfied and revenue is recognized daily as the payment networks process transactions. Because we act in an agent capacity, we recognize network costs on a net basis with interchange fees in non-interest income.
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| Advertising Costs | Advertising Costs: Advertising costs are expensed as incurred. |
| Comprehensive (Loss) Income | Comprehensive Income (Loss): Comprehensive income (loss) primarily includes net income, changes in the unrealized gains or losses on available-for-sale investment securities, reclassification adjustment for gains or losses on fair value hedges, reclassification adjustment for realized (gains) losses on available-for-sale securities in net income, and amortization of net unrealized gains or losses on securities transferred from available-for-sale to held-to-maturity, net of related taxes, reported on the consolidated statements of comprehensive income (loss) and as components of stockholders' equity.
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| Fair Value Measurements | Fair Value Measurements: We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. We base our fair values on 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 (i.e., exit price notion) reflecting factors such as a liquidity premium. Securities available-for-sale and derivatives are recorded at fair value on a recurring basis. Equity investments that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. FHLB stock was carried at cost as of December 31, 2023, as there was no impairment or changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Additionally, from time to time, we may be required to record certain assets and liabilities at fair value on a non-recurring basis, such as purchased loans and acquired deposits recorded at acquisition date, certain collateral dependent loans, other real estate owned and securities held-to-maturity that are other-than-temporarily impaired. These non-recurring fair value adjustments typically involve write-downs of individual assets due to application of lower-of-cost or market accounting. When we develop our fair value measurement process, we maximize the use of observable inputs. Whenever there is no readily available market data, we use our best estimates and assumptions in determining fair value, but these estimates involve inherent uncertainties and the application of management's judgment. As a result, if other assumptions had been used, our recorded earnings or disclosures could have been materially different from those reflected in these consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | At December 31, 2023, the future estimated amortization expense for the CDI arising from our past acquisitions was as follows:
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| Schedule of Earnings Per Share Reconciliation | The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic EPS are calculated by dividing net income by the weighted average number of common shares outstanding during each annual period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury stock method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
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Investment Securities (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Held-to-Maturity Investments | A summary of the amortized cost, fair value and allowance for credit losses related to securities held-to-maturity as of December 31, 2023 and December 31, 2022 is presented below.
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| Schedule of Bond Ratings for Held-to-Maturity Securities | The following table summarizes the amortized cost of our portfolio of held-to-maturity securities issued by states and political subdivisions and corporate bonds by Moody's and/or Standard & Poor's bond ratings as of December 31, 2023 and 2022.
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| Schedule of Available-for-Sale Investments | A summary of the amortized cost, fair value and allowance for credit losses related to securities available-for-sale as of December 31, 2023 and 2022 is presented below.
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| Schedule of Investments Classified by Contractual Maturity Date | The amortized cost and fair value of investment debt securities by contractual maturity at December 31, 2023 and 2022 are shown below. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.
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| Schedule of Sale of Investment Securities and Gross Gains and Losses | Sales of investment securities and gross gains and losses for the years ended December 31, 2023, 2022 and 2021 are shown in the following table.
1 Refer to VISA Inc. Class B Common Stock section below for more information.
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| Schedule of Financial Instruments Owned and Pledged as Collateral | The reported values of pledged investment securities are shown in the following table.
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| Schedule of Unrealized Loss on Investments | Those securities are summarized and classified according to the duration of the loss period in the tables below.
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Loans and Allowance for Credit Losses on Loans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Loans by Class | The following table presents the amortized cost of loans by portfolio class as of December 31, 2023 and 2022.
1 Amortized cost includes net deferred loan origination costs of $2.7 million and $1.8 million at December 31, 2023 and 2022, respectively. Amounts are also net of unrecognized purchase discounts of $2.0 million and $2.6 million at December 31, 2023 and 2022, respectively. Amortized cost excludes accrued interest, which totaled $6.6 million and $6.1 million at December 31, 2023 and 2022, respectively, and is included in in the consolidated statements of condition.
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| Schedule of Financing Receivable Credit Quality Indicators | The following tables present the loan portfolio by loan portfolio class, origination/renewal year and internal risk rating as of December 31, 2023 and 2022. The current year vintage table reflects gross charge-offs by portfolio class and year of origination. Generally, existing term loans that were re-underwritten are reflected in the table in the year of renewal. Lines of credit that have a conversion feature at the time of origination, such as construction to perm loans, are presented by year of origination.
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| Schedule of Past Due Financing Receivables | The following table shows the amortized cost of loans by portfolio class, payment aging and non-accrual status as of December 31, 2023 and 2022.
1 There were no non-performing loans past due more than ninety days and accruing interest at December 31, 2023 and 2022. 2 None of the non-accrual loans as of December 31, 2023 or 2022 were earning interest on a cash basis. We recognized no interest income on non-accrual loans in 2023, 2022 or 2021. Accrued interest of $206 thousand and $48 thousand was reversed from interest income for the loans that were placed on non-accrual status in 2023 and 2022, respectively. No interest income was reversed for the single loan that was placed on non-accrual status in 2021.
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| Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of individually analyzed collateral-dependent loans, which were all on non-accrual status, by portfolio class and collateral type as of December 31, 2023 and 2022.
1There were no collateral-dependent residential real estate mortgage loans in process of foreclosure or in substance repossessed at December 31, 2023 and 2022. The weighted average loan-to-value of collateral-dependent loans was approximately 70% and 42% at December 31, 2023 and 2022, respectively.
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| Schedule of Troubled Debt Restructurings on Financing Receivables | The following table summarizes the amortized cost of loans as of December 31, 2023 modified for borrowers experiencing financial difficulty during the year ended December 31, 2023 by portfolio class and type of modification granted.
The following table summarizes the financial effect of loan modifications presented in the table above during the year ended December 31, 2023 by portfolio class.
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| Schedule of Allowance for Credit Losses on Financing Receivables | The following table presents the details of the allowance for credit losses on loans segregated by loan portfolio class as of December 31, 2023 and 2022.
The following table discloses activity in the allowance for credit losses for the periods presented.
1 The initial allowance for purchased credit impaired ("PCD") loans relates to the AMRB merger discussed in Note 18, Merger.
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| Schedule of Related Party Transactions | The following table shows changes in net loans to related parties for each of the three years ended December 31, 2023, 2022 and 2021.
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Bank Premises and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Bank Premises and Equipment | A summary of bank premises and equipment follows:
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Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Time Deposits | A stratification of time deposits is presented in the following table:
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| Schedule of Maturities for Time Deposits | Scheduled maturities of time deposits at December 31, 2023 are as follows:
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| Schedule of Network Deposits | The following table shows the composition of our network deposits at December 31, 2023 and 2022.
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Borrowings and Other Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Borrowings | The carrying values, average balances and average rates on borrowings and other obligations as of and for the years ended December 31, 2023, 2022 and 2021 are summarized in the following table.
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Stockholders' Equity and Stock Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Information of Cashless Exercise Prices | The table below depicts the total number of shares, amount, and weighted average price withheld for cashless exercises in each of the respective years.
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| Schedule of Share-based Compensation, Stock Options, Activity | A summary of stock option activity for the years ended December 31, 2023, 2022, and 2021 is presented in the following table. The intrinsic value of options outstanding and exercisable is calculated as the number of in-the-money options times the difference between the market price of our stock and the exercise prices of the in-the-money options as of each year-end period presented.
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| Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | A summary of the options outstanding and exercisable by price range as of December 31, 2023 is presented in the following table:
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| Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table summarizes non-vested restricted stock awards and changes during the years ended December 31, 2023, 2022, and 2021.
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | We determine the fair value of stock options at the grant date using the Black-Scholes pricing model that takes into account the stock price at the grant date, exercise price, and the following assumptions (weighted-average shown).
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| Schedule of Cash Dividends Paid to Common Shareholders | Presented below is a summary of cash dividends paid in 2023, 2022 and 2021 to common shareholders, recorded as a reduction from retained earnings. On January 25, 2024, the Board of Directors declared a $0.25 per share cash dividend, paid on February 15, 2024 to the shareholders of record at the close of business on February 8, 2024.
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Fair Value of Assets and Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.
1Other comprehensive income (loss) ("OCI") or net income ("NI").
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| Schedule of Fair Value Assets Measured on Non-recurring Basis | The following table presents the carrying value of assets measured at fair value on a non-recurring basis and that were held in the consolidated statements of condition at each respective period end, by level within the fair value hierarchy as of December 31, 2023 and 2022.
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| Schedule of Fair Value by Balance Sheet Grouping | The table below is a summary of fair value estimates for financial instruments as of December 31, 2023 and 2022, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. Further, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as bank-owned life insurance policies ("BOLI"), lease obligations and non-maturity deposit liabilities. Additionally, we held shares of Federal Home Loan Bank ("FHLB") of San Francisco stock at cost as of December 31, 2023 and 2022, and Visa Inc. Class B common stock with no carrying value as of December 31, 2022, which was sold entirely in July of 2023. There were no impairments or changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer as of December 31, 2023 and 2022. See further discussion on values within Note 2, Investment Securities, above.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income Tax Provision | The current and deferred components of the income tax provision for each of the three years ended December 31 are as follows:
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| Schedule of Deferred Tax Assets and Liabilities | The following table shows the tax effect of our cumulative temporary differences as of December 31:
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| Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate for 2023, 2022 and 2021 differs from the current federal statutory income tax rate as follows:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating and Finance Lease Right-of-use Assets and Lease Liabilities | The following table shows the balances of operating and finance lease right-of-use assets and lease liabilities as of December 31, 2023 and 2022.
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| Schedule of Components of Operating and Finance Lease Cost | The following table shows supplemental disclosures of noncash investing and financing activities for the years ended December 31, 2023, 2022 and 2021.
The following table shows components of operating and finance lease cost for the years ended December 31, 2023, 2022 and 2021.
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| Schedule of Finance Lease Liability Maturities | The following table shows the future minimum lease payments, weighted average remaining lease terms, and weighted average discount rates under operating and finance lease arrangements as of December 31, 2023. Total minimum lease payments do not include future minimum payment obligations of approximately $2.0 million, excluding renewal options, for an operating lease agreement related to an existing retail branch that commenced subsequent to December 31, 2023. The discount rates used to calculate the present value of lease liabilities were based on the collateralized FHLB borrowing rates that were commensurate with lease terms and minimum payments on the lease commencement date.
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Derivative Financial Instruments and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Information on our derivatives follows:
1 Refer to Note 9, Fair Value of Assets and Liabilities, for valuation methodology. The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of hedged assets as of December 31, 2023 and 2022.
1 Carrying value equals the amortized cost basis of the securities underlying the hedge relationship, which is the book value net of the fair value hedge adjustment. Amortized cost excludes accrued interest totaling $222 thousand as of December 31, 2023. 2 Carrying value equals the amortized cost basis of the loans underlying the hedge relationship, which is the loan balance net of deferred loan origination fees and cost and the fair value hedge adjustment. Amortized cost excludes accrued interest, which was not material.
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| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
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| Schedule of Offsetting Liabilities | Information on financial instruments that are eligible for offset in the consolidated statements of condition follows:
1 Amounts exclude accrued interest on swaps.
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Regulatory Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Capital Adequacy Ratios | The Bancorp’s and Bank's capital adequacy ratios as of December 31, 2023 and 2022 are presented in the following tables.
1 Except for Tier 1 Leverage Capital, the adequately capitalized thresholds reflect the regulatory minimum plus a 2.5% capital conservation buffer as required under the Basel III Capital Standards in order to avoid limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses.
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Financial Instruments with Off-Balance Sheet Risk (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Contractual Amount, Off-Balance Sheet Risks | The contractual amount of unfunded loan commitments and standby letters of credit not reflected in the consolidated statements of condition are as follows:
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Condensed Bank of Marin Bancorp Parent Only Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Condensed Balance Sheet | Presented below is financial information for Bank of Marin Bancorp, parent holding company only.
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| Schedule of Condensed Income Statement |
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| Schedule of Condensed Cash Flow Statement |
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Merger (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Consideration Paid for AMRB | In addition, merger consideration included cash paid for outstanding stock options and cash paid in lieu of fractional shares, as summarized in the following table.
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| Schedule of Merger-Related One-Time and Conversion Costs | Bancorp's pretax merger-related costs reflected in the consolidated statements of comprehensive income (loss) are summarized in the following table.
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Summary of Significant Accounting Policies - Nature of Operations and Basis of Presentation (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
commercialBankingOffice
county
segment
retailBranch
| |
| Accounting Policies [Abstract] | |
| Number of retail branches | retailBranch | 27 |
| Number of commercial banking offices | commercialBankingOffice | 8 |
| Number of counties | county | 10 |
| Number of reportable segments | 1 |
| Number of operating segments | 1 |
Summary of Significant Accounting Policies - Financing Receivable Narrative (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
payment
| |
| Accounting Policies [Abstract] | |
| Threshold period a past due loan is charged off | 90 days |
| Number of consecutive payments considered sustained repayment performance | 6 |
| Threshold period a past due overdraft account is charged off | 60 days |
Summary of Significant Accounting Policies - Transfer of Financial Assets (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accounting Policies [Abstract] | |||
| Gain (loss) on sale of financial assets | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounting Policies - Premises and Equipment (Details) |
Dec. 31, 2023 |
|---|---|
| Furniture and equipment | |
| Property, Plant and Equipment [Line Items] | |
| Premises and equipment useful life | 8 years |
| Minimum | Equipment | |
| Property, Plant and Equipment [Line Items] | |
| Premises and equipment useful life | 3 years |
| Minimum | Buildings | |
| Property, Plant and Equipment [Line Items] | |
| Premises and equipment useful life | 25 years |
| Maximum | Equipment | |
| Property, Plant and Equipment [Line Items] | |
| Premises and equipment useful life | 20 years |
| Maximum | Buildings | |
| Property, Plant and Equipment [Line Items] | |
| Premises and equipment useful life | 30 years |
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Goodwill | $ 72,754,000 | $ 72,754,000 | |
| Goodwill impairment | $ 0 | 0 | $ 0 |
| Core deposit intangible | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Useful life of core deposit intangible asset | 10 years | ||
| Impairment of intangible assets | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounting Policies - Future Amortization Expense of Core Deposits (Details) - Core deposit intangible $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets [Line Items] | |
| 2024 | $ 975 |
| 2025 | 875 |
| 2026 | 773 |
| 2027 | 634 |
| 2028 | 242 |
| Thereafter | 267 |
| Total | $ 3,766 |
Summary of Significant Accounting Policies - Other Real Estate Owned (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounting Policies [Abstract] | ||
| OREO valuation allowance adjustment | $ 40 | $ 345 |
Summary of Significant Accounting Policies - Investments in Low Income Housing Tax Credit Funds (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Minimum | |
| Other Ownership Interests [Line Items] | |
| Ownership percentage in limited partnerships related to Low Income Housing Tax Credits | 1.00% |
| Maximum | |
| Other Ownership Interests [Line Items] | |
| Ownership percentage in limited partnerships related to Low Income Housing Tax Credits | 3.50% |
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Earnings Per Share, Basic and Diluted [Abstract] | |||
| Weighted average basic shares outstanding (in shares) | 16,012 | 15,921 | 14,340 |
| Potentially dilutive common shares related to: | |||
| Potential common shares related to stock options (in shares) | 3 | 31 | 62 |
| Potential common shares related to unvested restricted stock awards (in shares) | 11 | 17 | 20 |
| Weighted average diluted shares outstanding (in shares) | 16,026 | 15,969 | 14,422 |
| Net income | $ 19,895 | $ 46,586 | $ 33,228 |
| Basic EPS (in dollars per share) | $ 1.24 | $ 2.93 | $ 2.32 |
| Diluted EPS (in dollars per share) | $ 1.24 | $ 2.92 | $ 2.30 |
| Weighted average anti-dilutive shares not included in the calculation of diluted EPS (in shares) | 364 | 211 | 97 |
Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accounting Policies [Abstract] | |||
| Advertising costs | $ 1,200 | $ 1,100 | $ 908 |
Summary of Significant Accounting Policies - Other Recently Adopted Accounting Standards (Details) |
Dec. 31, 2023
interest_rate_swap
|
|---|---|
| Accounting Policies [Abstract] | |
| Number of interest rate derivatives held | 3 |
Investment Securities - Held-to-Maturity Amortized Cost and Fair Value (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | $ 925,198,000 | $ 972,207,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 925,198,000 | 972,207,000 |
| Held-to-maturity, gross unrealized gains | 75,000 | 70,000 |
| Held-to-maturity, gross unrealized losses | (110,443,000) | (127,038,000) |
| Held to maturity, fair value | 814,830,000 | 845,239,000 |
| Accrued interest | 3,600,000 | 3,700,000 |
| MBS pass-through securities issued by FHLMC, FNMA and GNMA | ||
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | 306,261,000 | 331,281,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 306,261,000 | 331,281,000 |
| Held-to-maturity, gross unrealized gains | 0 | 0 |
| Held-to-maturity, gross unrealized losses | (44,396,000) | (50,147,000) |
| Held to maturity, fair value | 261,865,000 | 281,134,000 |
| CMOs issued by FHLMC | ||
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | 226,416,000 | 235,971,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 226,416,000 | 235,971,000 |
| Held-to-maturity, gross unrealized gains | 28,000 | 59,000 |
| Held-to-maturity, gross unrealized losses | (24,869,000) | (29,503,000) |
| Held to maturity, fair value | 201,575,000 | 206,527,000 |
| CMOs issued by FNMA | ||
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | 101,502,000 | 111,904,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 101,502,000 | 111,904,000 |
| Held-to-maturity, gross unrealized gains | 0 | 0 |
| Held-to-maturity, gross unrealized losses | (4,779,000) | (5,419,000) |
| Held to maturity, fair value | 96,723,000 | 106,485,000 |
| CMOs issued by GNMA | ||
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | 51,006,000 | 52,356,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 51,006,000 | 52,356,000 |
| Held-to-maturity, gross unrealized gains | 0 | 11,000 |
| Held-to-maturity, gross unrealized losses | (5,235,000) | (3,076,000) |
| Held to maturity, fair value | 45,771,000 | 49,291,000 |
| SBA-backed securities | ||
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | 1,853,000 | 2,372,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 1,853,000 | 2,372,000 |
| Held-to-maturity, gross unrealized gains | 0 | 0 |
| Held-to-maturity, gross unrealized losses | (90,000) | (133,000) |
| Held to maturity, fair value | 1,763,000 | 2,239,000 |
| Debentures of government sponsored agencies | ||
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | 146,126,000 | 145,823,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 146,126,000 | 145,823,000 |
| Held-to-maturity, gross unrealized gains | 0 | 0 |
| Held-to-maturity, gross unrealized losses | (21,994,000) | (26,467,000) |
| Held to maturity, fair value | 124,132,000 | 119,356,000 |
| Obligations of state and political subdivisions | ||
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | 62,034,000 | 62,500,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 62,034,000 | 62,500,000 |
| Held-to-maturity, gross unrealized gains | 47,000 | 0 |
| Held-to-maturity, gross unrealized losses | (7,884,000) | (10,741,000) |
| Held to maturity, fair value | 54,197,000 | 51,759,000 |
| Corporate bonds | ||
| Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
| Held to maturity, amortized cost | 30,000,000 | 30,000,000 |
| Allowance for Credit Losses | 0 | 0 |
| Net Carrying Amount | 30,000,000 | 30,000,000 |
| Held-to-maturity, gross unrealized gains | 0 | 0 |
| Held-to-maturity, gross unrealized losses | (1,196,000) | (1,552,000) |
| Held to maturity, fair value | $ 28,804,000 | $ 28,448,000 |
Investment Securities - Narrative (Details) |
1 Months Ended | |||
|---|---|---|---|---|
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
security
|
Jul. 07, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
security
|
|
| Debt Securities, Available-for-sale [Line Items] | ||||
| Held-to-maturity, allowance for credit Loss | $ 0 | $ 0 | ||
| Transfer of securities from available-for-sale to held-to-maturity at fair value | $ 357,500,000 | |||
| Net unrealized pre-tax loss | $ 61,454,000 | $ 90,543,000 | ||
| Number of investment securities in unrealized loss position | security | 313 | 407 | ||
| Number of investment securities in unrealized loss position longer than 12 months | security | 306 | |||
| Number of investment securities in unrealized loss position less than 12 months | security | 7 | |||
| Debt securities, available-for-sale unrealized loss position, allowance for credit loss | $ 0 | $ 0 | ||
| Interest rate swap | ||||
| Debt Securities, Available-for-sale [Line Items] | ||||
| Derivative notional amount | $ 8,600,000 | $ 101,800,000 | ||
| Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||
| Debt Securities, Available-for-sale [Line Items] | ||||
| Net unrealized pre-tax loss | $ 14,800,000 |
Investment Securities - Schedule of Bond Ratings For Held-to-Maturity Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | $ 925,198 | $ 972,207 |
| Obligations of state and political subdivisions | ||
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | 62,034 | 62,500 |
| Corporate bonds | ||
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | 30,000 | 30,000 |
| Moody's And/Or Standard & Poor's AAA Rating | Obligations of state and political subdivisions | ||
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | 42,577 | 42,986 |
| Moody's And/Or Standard & Poor's AAA Rating | Corporate bonds | ||
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | 0 | 0 |
| Moody's And/Or Standard & Poor's AA Rating | Obligations of state and political subdivisions | ||
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | 19,457 | 19,514 |
| Moody's And/Or Standard & Poor's AA Rating | Corporate bonds | ||
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | 0 | 0 |
| Moody's And/Or Standard & Poor's A Rating | Obligations of state and political subdivisions | ||
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | 0 | 0 |
| Moody's And/Or Standard & Poor's A Rating | Corporate bonds | ||
| Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
| Held to maturity, amortized cost | $ 30,000 | $ 30,000 |
Investment Securities - Schedule of Available-for-Sale Securities Amortized Cost and Fair Value (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | $ 613,479,000 | $ 892,605,000 |
| Available-for-sale, gross unrealized gains | 3,000 | 34,000 |
| Available-for-sale, gross unrealized losses | (61,454,000) | (90,543,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | $ 552,028,000 | $ 802,096,000 |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest receivable and other assets | Interest receivable and other assets |
| Accrued interest | $ 2,300,000 | $ 3,200,000 |
| MBS pass-through securities issued by FHLMC, FNMA and GNMA | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 81,937,000 | 109,736,000 |
| Available-for-sale, gross unrealized gains | 2,000 | 3,000 |
| Available-for-sale, gross unrealized losses | (9,516,000) | (12,133,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 72,423,000 | 97,606,000 |
| CMOs issued by FHLMC | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 266,407,000 | 347,437,000 |
| Available-for-sale, gross unrealized gains | 0 | 0 |
| Available-for-sale, gross unrealized losses | (24,758,000) | (33,682,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 241,649,000 | 313,755,000 |
| CMOs issued by FNMA | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 23,987,000 | 36,172,000 |
| Available-for-sale, gross unrealized gains | 0 | 0 |
| Available-for-sale, gross unrealized losses | (2,715,000) | (3,852,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 21,272,000 | 32,320,000 |
| CMOs issued by GNMA | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 20,006,000 | 35,120,000 |
| Available-for-sale, gross unrealized gains | 0 | 0 |
| Available-for-sale, gross unrealized losses | (2,878,000) | (3,296,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 17,128,000 | 31,824,000 |
| SBA-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 21,126,000 | 47,724,000 |
| Available-for-sale, gross unrealized gains | 0 | 2,000 |
| Available-for-sale, gross unrealized losses | (1,655,000) | (3,371,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 19,471,000 | 44,355,000 |
| Debentures of government sponsored agencies | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 73,899,000 | 149,114,000 |
| Available-for-sale, gross unrealized gains | 0 | 0 |
| Available-for-sale, gross unrealized losses | (7,037,000) | (14,008,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 66,862,000 | 135,106,000 |
| U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 11,923,000 | 11,904,000 |
| Available-for-sale, gross unrealized gains | 0 | 0 |
| Available-for-sale, gross unrealized losses | (1,300,000) | (1,635,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 10,623,000 | 10,269,000 |
| Obligations of state and political subdivisions | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 102,202,000 | 116,855,000 |
| Available-for-sale, gross unrealized gains | 1,000 | 29,000 |
| Available-for-sale, gross unrealized losses | (10,321,000) | (14,761,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 91,882,000 | 102,123,000 |
| Corporate bonds | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 11,992,000 | 36,990,000 |
| Available-for-sale, gross unrealized gains | 0 | 0 |
| Available-for-sale, gross unrealized losses | (1,274,000) | (3,714,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | 10,718,000 | 33,276,000 |
| Asset-backed securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Available-for-sale, amortized cost | 0 | 1,553,000 |
| Available-for-sale, gross unrealized gains | 0 | 0 |
| Available-for-sale, gross unrealized losses | 0 | (91,000) |
| Allowance for Credit Losses | 0 | 0 |
| Available-for-sale securities | $ 0 | $ 1,462,000 |
Investment Securities - Schedule of Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Held-to-maturity Securities, Amortized Cost | ||
| Within one year | $ 0 | $ 450 |
| After one but within five years | 87,887 | 87,418 |
| After five years through ten years | 304,976 | 262,072 |
| After ten years | 532,335 | 622,267 |
| Net Carrying Amount | 925,198 | 972,207 |
| Held-to-maturity Securities, Fair Value | ||
| Within one year | 0 | 446 |
| After one but within five years | 84,541 | 83,663 |
| After five years through ten years | 261,654 | 222,280 |
| After ten years | 468,635 | 538,850 |
| Total | 814,830 | 845,239 |
| Available-for-sale Securities, Amortized Cost | ||
| Within one year | 101 | 1,254 |
| After one but within five years | 226,669 | 335,813 |
| After five years through ten years | 95,552 | 185,997 |
| After ten years | 291,157 | 369,541 |
| Total | 613,479 | 892,605 |
| Available-for-sale Securities, Fair Value | ||
| Within one year | 100 | 1,239 |
| After one but within five years | 208,444 | 307,843 |
| After five years through ten years | 85,447 | 166,273 |
| After ten years | 258,037 | 326,741 |
| Total | $ 552,028 | $ 802,096 |
Investment Securities - Schedule of Sale of Investment Securities and Gross Gains and Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Available-for-sale: | |||
| Sales proceeds | $ 205,795 | $ 10,664 | $ 6,632 |
| Gross realized gains | 5 | 17 | 1 |
| Gross realized losses | (8,705) | (80) | (17) |
| Sale of equity securities: | |||
| Sales proceeds | 2,807 | 0 | 0 |
| Gross realized gain | $ 2,807 | $ 0 | $ 0 |
Investment Securities - Schedule of Pledged and Transferred Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Available-for-sale securities pledged as collateral | $ 938,959 | $ 234,226 |
| State of California | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Available-for-sale securities pledged as collateral | 288,664 | 232,540 |
| Public deposits | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Available-for-sale securities pledged as collateral | 287,436 | 231,307 |
| Trust deposits | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Available-for-sale securities pledged as collateral | 666 | 669 |
| Internal checking account | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Available-for-sale securities pledged as collateral | 562 | 564 |
| Bankruptcy trustee deposits | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Available-for-sale securities pledged as collateral | 1,151 | 1,686 |
| Pledged to FHLB Securities-Backed Credit Program | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Available-for-sale securities pledged as collateral | 383,484 | 0 |
| Pledged to the Federal Reserve "BTFP" | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Available-for-sale securities pledged as collateral | $ 265,660 | $ 0 |
Investment Securities - Schedule of Unrealized Loss Positions (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | $ 62,124 | $ 359,313 |
| Greater than or equal to 12 continuous months | 738,690 | 459,948 |
| Total Securities in a loss position | 800,814 | 819,261 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | (676) | (23,733) |
| Greater than or equal to 12 continuous months | (109,767) | (103,305) |
| Held-to-maturity, gross unrealized losses | (110,443) | (127,038) |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 1,901 | 354,695 |
| Available-for-sale, greater than 12 continuous months, fair value | 549,289 | 443,274 |
| Available-for-sale, total securities in a loss position, fair value | 551,190 | 797,969 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | (8) | (33,887) |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (61,446) | (56,656) |
| Available-for-sale, total securities in a loss position, unrealized loss | (61,454) | (90,543) |
| Marketable Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Marketable securities, less than 12 continuous months, fair value | 64,025 | 714,008 |
| Marketable securities, greater than 12 continuous months, fair value | 1,287,979 | 903,222 |
| Marketable securities, total securities in a loss position, fair value | 1,352,004 | 1,617,230 |
| Marketable Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Marketable securities, less than 12 continuous months, unrealized loss | (684) | (57,620) |
| Marketable securities, greater than 12 continuous months, unrealized loss | (171,213) | (159,961) |
| Marketable securities, total securities in a loss position, unrealized loss | (171,897) | (217,581) |
| MBS pass-through securities issued by FHLMC, FNMA and GNMA | ||
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | 0 | 62,627 |
| Greater than or equal to 12 continuous months | 261,865 | 218,507 |
| Total Securities in a loss position | 261,865 | 281,134 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | 0 | (5,960) |
| Greater than or equal to 12 continuous months | (44,396) | (44,187) |
| Held-to-maturity, gross unrealized losses | (44,396) | (50,147) |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 0 | 44,630 |
| Available-for-sale, greater than 12 continuous months, fair value | 72,146 | 52,235 |
| Available-for-sale, total securities in a loss position, fair value | 72,146 | 96,865 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | 0 | (4,501) |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (9,516) | (7,632) |
| Available-for-sale, total securities in a loss position, unrealized loss | (9,516) | (12,133) |
| CMOs issued by FHLMC | ||
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | 8,662 | 78,144 |
| Greater than or equal to 12 continuous months | 188,657 | 113,796 |
| Total Securities in a loss position | 197,319 | 191,940 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | (21) | (5,874) |
| Greater than or equal to 12 continuous months | (24,848) | (23,629) |
| Held-to-maturity, gross unrealized losses | (24,869) | (29,503) |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 1,235 | 169,760 |
| Available-for-sale, greater than 12 continuous months, fair value | 240,414 | 143,995 |
| Available-for-sale, total securities in a loss position, fair value | 241,649 | 313,755 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | (7) | (15,144) |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (24,751) | (18,538) |
| Available-for-sale, total securities in a loss position, unrealized loss | (24,758) | (33,682) |
| CMOs issued by FNMA | ||
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | 42,474 | 106,485 |
| Greater than or equal to 12 continuous months | 54,249 | 0 |
| Total Securities in a loss position | 96,723 | 106,485 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | (411) | (5,419) |
| Greater than or equal to 12 continuous months | (4,368) | 0 |
| Held-to-maturity, gross unrealized losses | (4,779) | |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 0 | 8,214 |
| Available-for-sale, greater than 12 continuous months, fair value | 21,272 | 23,612 |
| Available-for-sale, total securities in a loss position, fair value | 21,272 | 31,826 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | 0 | (374) |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (2,715) | (2,922) |
| Available-for-sale, total securities in a loss position, unrealized loss | (2,715) | (3,296) |
| CMOs issued by GNMA | ||
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | 10,988 | 27,570 |
| Greater than or equal to 12 continuous months | 34,783 | 10,331 |
| Total Securities in a loss position | 45,771 | 37,901 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | (244) | (1,676) |
| Greater than or equal to 12 continuous months | (4,991) | (1,400) |
| Held-to-maturity, gross unrealized losses | (5,235) | (3,076) |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 0 | 4,790 |
| Available-for-sale, greater than 12 continuous months, fair value | 17,128 | 27,529 |
| Available-for-sale, total securities in a loss position, fair value | 17,128 | 32,319 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | 0 | (235) |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (2,878) | (3,617) |
| Available-for-sale, total securities in a loss position, unrealized loss | (2,878) | (3,852) |
| SBA-backed securities | ||
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | 0 | 2,239 |
| Greater than or equal to 12 continuous months | 1,763 | 0 |
| Total Securities in a loss position | 1,763 | 2,239 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | 0 | (133) |
| Greater than or equal to 12 continuous months | (90) | 0 |
| Held-to-maturity, gross unrealized losses | (90) | (133) |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 0 | 37,845 |
| Available-for-sale, greater than 12 continuous months, fair value | 19,471 | 6,133 |
| Available-for-sale, total securities in a loss position, fair value | 19,471 | 43,978 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | 0 | (3,228) |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (1,655) | (143) |
| Available-for-sale, total securities in a loss position, unrealized loss | (1,655) | (3,371) |
| Debentures of government sponsored agencies | ||
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | 0 | 38,645 |
| Greater than or equal to 12 continuous months | 124,132 | 80,711 |
| Total Securities in a loss position | 124,132 | 119,356 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | 0 | (2,530) |
| Greater than or equal to 12 continuous months | (21,994) | (23,937) |
| Held-to-maturity, gross unrealized losses | (21,994) | (26,467) |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 0 | 19,054 |
| Available-for-sale, greater than 12 continuous months, fair value | 66,862 | 116,052 |
| Available-for-sale, total securities in a loss position, fair value | 66,862 | 135,106 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | 0 | (946) |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (7,037) | (13,062) |
| Available-for-sale, total securities in a loss position, unrealized loss | (7,037) | (14,008) |
| U.S. Treasury securities | ||
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 0 | 0 |
| Available-for-sale, greater than 12 continuous months, fair value | 10,623 | 10,269 |
| Available-for-sale, total securities in a loss position, fair value | 10,623 | 10,269 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | 0 | 0 |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (1,300) | (1,635) |
| Available-for-sale, total securities in a loss position, unrealized loss | (1,300) | (1,635) |
| Obligations of state and political subdivisions | ||
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | 0 | 15,155 |
| Greater than or equal to 12 continuous months | 44,437 | 36,603 |
| Total Securities in a loss position | 44,437 | 51,758 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | 0 | (589) |
| Greater than or equal to 12 continuous months | (7,884) | (10,152) |
| Held-to-maturity, gross unrealized losses | (7,884) | (10,741) |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 666 | 70,402 |
| Available-for-sale, greater than 12 continuous months, fair value | 90,655 | 28,711 |
| Available-for-sale, total securities in a loss position, fair value | 91,321 | 99,113 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | (1) | (9,459) |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (10,320) | (5,302) |
| Available-for-sale, total securities in a loss position, unrealized loss | (10,321) | (14,761) |
| Corporate bonds | ||
| Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Less than 12 continuous months | 0 | 28,448 |
| Greater than or equal to 12 continuous months | 28,804 | 0 |
| Total Securities in a loss position | 28,804 | 28,448 |
| Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Less than 12 continuous months | 0 | (1,552) |
| Greater than or equal to 12 continuous months | (1,196) | 0 |
| Held-to-maturity, gross unrealized losses | (1,196) | (1,552) |
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 0 | 0 |
| Available-for-sale, greater than 12 continuous months, fair value | 10,718 | 33,276 |
| Available-for-sale, total securities in a loss position, fair value | 10,718 | 33,276 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | 0 | 0 |
| Available-for-sale, greater than 12 continuous months, unrealized loss | (1,274) | (3,714) |
| Available-for-sale, total securities in a loss position, unrealized loss | (1,274) | (3,714) |
| Asset-backed securities | ||
| Debt Securities, Available-For-Sale, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
| Available-for-sale, less than 12 continuous months, fair value | 0 | 0 |
| Available-for-sale, greater than 12 continuous months, fair value | 0 | 1,462 |
| Available-for-sale, total securities in a loss position, fair value | 0 | 1,462 |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
| Available-for-sale, less than 12 continuous months, unrealized loss | 0 | 0 |
| Available-for-sale, greater than 12 continuous months, unrealized loss | 0 | (91) |
| Available-for-sale, total securities in a loss position, unrealized loss | $ 0 | $ (91) |
Investment Securities - Non-Marketable Securities Included in Other Assets Narrative (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Jul. 13, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Feb. 21, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Federal home loan bank stock, par value (in usd per share) | $ 100 | |||
| Investments in low income housing tax credit funds | $ 2,000,000 | $ 2,500,000 | ||
| Low income housing tax credits and other tax benefits | 600,000 | |||
| Low income housing amortization expense | 503,000 | |||
| Unfunded commitments for low income housing tax credit funds | 344,000 | |||
| Impairment losses | $ 0 | $ 0 | ||
| Subsequent event | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Federal home loan bank, dividend rate percentage | 8.75% | |||
| Visa Inc. Class B common stock | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Equity securities, FV-NI gain | $ 2,800,000 | |||
| Visa Inc. Class B common stock | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Number of shares of securities carried at cost (in shares) | 10,439 | 10,439 | ||
| Carrying value of securities carried at cost | $ 0 | $ 0 | ||
| Other assets | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Federal home loan bank stock | $ 16,700,000 | $ 16,700,000 | ||
Loans and Allowance for Credit Losses on Loans - Schedule of Loans by Class (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans, at amortized cost | $ 2,073,720 | $ 2,092,546 | ||
| Allowance for credit losses on loans | (25,172) | (22,983) | $ (23,023) | $ (22,874) |
| Total loans, net of allowance for credit losses on loans | 2,048,548 | 2,069,563 | ||
| Net deferred loan origination costs (fees) | 2,700 | 1,800 | ||
| Unrecognized purchase discounts on non-PCI loans | 2,000 | 2,600 | ||
| Financing receivable, accrued interest, net | $ 6,600 | $ 6,100 | ||
| Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest receivable and other assets | Interest receivable and other assets | ||
| Commercial | Commercial and industrial | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans, at amortized cost | $ 153,750 | $ 173,547 | ||
| Allowance for credit losses on loans | (1,712) | (1,794) | (1,709) | (2,530) |
| Commercial real estate | Commercial owner-occupied | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans, at amortized cost | 333,181 | 354,877 | ||
| Allowance for credit losses on loans | (2,476) | (2,487) | (2,776) | (2,778) |
| Commercial real estate | Commercial non-owner occupied | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans, at amortized cost | 1,219,385 | 1,191,889 | ||
| Allowance for credit losses on loans | (14,933) | (12,676) | (12,739) | (12,682) |
| Commercial real estate | Construction | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans, at amortized cost | 99,164 | 114,373 | ||
| Allowance for credit losses on loans | (1,832) | (1,937) | (1,653) | (1,557) |
| Residential loans | Home equity | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans, at amortized cost | 82,087 | 88,748 | ||
| Allowance for credit losses on loans | (552) | (558) | (595) | (738) |
| Residential loans | Other residential | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans, at amortized cost | 118,508 | 112,123 | ||
| Allowance for credit losses on loans | (653) | (595) | (644) | (998) |
| Consumer loans | Installment and other consumer loans | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans, at amortized cost | 67,645 | 56,989 | ||
| Allowance for credit losses on loans | $ (976) | $ (868) | $ (621) | $ (291) |
Loans and Allowance for Credit Losses on Loans - Concentrations of Credit Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Loans, at amortized cost | $ 2,073,720 | $ 2,092,546 |
| Commercial real estate | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Percentage of loans by class to all loans | 75.00% | 74.00% |
| Loans secured by real estate | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Percentage of loans by class to all loans | 90.00% | 90.00% |
Loans and Allowance for Credit Losses on Loans - Schedule of Loans by Risk Grade and Origination Year (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | $ 183,397 | $ 338,104 | |
| Financing receivable, originated, year two | 291,859 | 336,584 | |
| Financing receivable, originated, year three | 320,078 | 280,304 | |
| Financing receivable, originated, year four | 264,689 | 269,247 | |
| Financing receivable, originated, year five | 239,856 | 198,510 | |
| Prior | 610,122 | 496,053 | |
| Revolving Loans Amortized Cost | 163,719 | 173,744 | |
| Total | 2,073,720 | 2,092,546 | |
| Gross current period charge-offs, originated, year one | (7) | ||
| Gross current period charge-offs, originated, year two | (6) | ||
| Gross current period charge-offs, originated, year three | (1) | ||
| Gross current period charge-offs, originated, year four | (8) | ||
| Gross current period charge-offs, originated, year five | (409) | ||
| Gross current period charge-offs, originated, prior | (4) | ||
| Gross current period charge-offs, originated, Revolving Loans Amortized Cost | (6) | ||
| Gross current period charge-offs, originated, total | (441) | (32) | $ (5) |
| Pass and Watch | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 168,498 | 337,829 | |
| Financing receivable, originated, year two | 282,068 | 316,949 | |
| Financing receivable, originated, year three | 292,740 | 266,856 | |
| Financing receivable, originated, year four | 252,093 | 261,577 | |
| Financing receivable, originated, year five | 222,217 | 188,741 | |
| Prior | 534,401 | 459,651 | |
| Revolving Loans Amortized Cost | 154,208 | 172,627 | |
| Total | 1,906,225 | 2,004,230 | |
| Special Mention | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 14,021 | 275 | |
| Financing receivable, originated, year two | 7,288 | 17,371 | |
| Financing receivable, originated, year three | 25,134 | 12,097 | |
| Financing receivable, originated, year four | 12,596 | 6,510 | |
| Financing receivable, originated, year five | 16,328 | 9,769 | |
| Prior | 50,504 | 13,783 | |
| Revolving Loans Amortized Cost | 9,300 | 402 | |
| Total | 135,171 | 60,207 | |
| Substandard | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 878 | 0 | |
| Financing receivable, originated, year two | 2,503 | 2,264 | |
| Financing receivable, originated, year three | 2,204 | 1,252 | |
| Financing receivable, originated, year four | 0 | 1,160 | |
| Financing receivable, originated, year five | 1,311 | 0 | |
| Prior | 25,217 | 22,619 | |
| Revolving Loans Amortized Cost | 211 | 715 | |
| Total | 32,324 | 28,010 | |
| Doubtful | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | ||
| Financing receivable, originated, year two | 0 | ||
| Financing receivable, originated, year three | 99 | ||
| Financing receivable, originated, year four | 0 | ||
| Financing receivable, originated, year five | 0 | ||
| Prior | 0 | ||
| Revolving Loans Amortized Cost | 0 | ||
| Total | 99 | ||
| Commercial | Commercial and industrial | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 25,615 | 15,624 | |
| Financing receivable, originated, year two | 9,187 | 6,679 | |
| Financing receivable, originated, year three | 2,970 | 8,855 | |
| Financing receivable, originated, year four | 3,718 | 22,254 | |
| Financing receivable, originated, year five | 16,773 | 9,198 | |
| Prior | 23,701 | 25,579 | |
| Revolving Loans Amortized Cost | 71,786 | 85,358 | |
| Total | 153,750 | 173,547 | |
| Gross current period charge-offs, originated, year one | 0 | ||
| Gross current period charge-offs, originated, year two | 0 | ||
| Gross current period charge-offs, originated, year three | 0 | ||
| Gross current period charge-offs, originated, year four | (4) | ||
| Gross current period charge-offs, originated, year five | (3) | ||
| Gross current period charge-offs, originated, prior | (3) | ||
| Gross current period charge-offs, originated, Revolving Loans Amortized Cost | (1) | ||
| Gross current period charge-offs, originated, total | (11) | (9) | 0 |
| Commercial | Commercial and industrial | Pass and Watch | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 25,615 | 15,349 | |
| Financing receivable, originated, year two | 9,187 | 6,679 | |
| Financing receivable, originated, year three | 2,970 | 7,603 | |
| Financing receivable, originated, year four | 3,718 | 19,982 | |
| Financing receivable, originated, year five | 15,128 | 5,362 | |
| Prior | 21,004 | 24,954 | |
| Revolving Loans Amortized Cost | 62,486 | 84,655 | |
| Total | 140,108 | 164,584 | |
| Commercial | Commercial and industrial | Special Mention | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | 275 | |
| Financing receivable, originated, year two | 0 | 0 | |
| Financing receivable, originated, year three | 0 | 0 | |
| Financing receivable, originated, year four | 0 | 2,272 | |
| Financing receivable, originated, year five | 334 | 3,836 | |
| Prior | 0 | 0 | |
| Revolving Loans Amortized Cost | 9,300 | 402 | |
| Total | 9,634 | 6,785 | |
| Commercial | Commercial and industrial | Substandard | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | 0 | |
| Financing receivable, originated, year two | 0 | 0 | |
| Financing receivable, originated, year three | 0 | 1,252 | |
| Financing receivable, originated, year four | 0 | 0 | |
| Financing receivable, originated, year five | 1,311 | 0 | |
| Prior | 2,697 | 625 | |
| Revolving Loans Amortized Cost | 0 | 301 | |
| Total | 4,008 | 2,178 | |
| Commercial real estate | Commercial owner-occupied | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 14,559 | 54,188 | |
| Financing receivable, originated, year two | 48,537 | 68,279 | |
| Financing receivable, originated, year three | 65,523 | 40,468 | |
| Financing receivable, originated, year four | 38,528 | 46,262 | |
| Financing receivable, originated, year five | 41,280 | 35,111 | |
| Prior | 124,698 | 110,569 | |
| Revolving Loans Amortized Cost | 56 | 0 | |
| Total | 333,181 | 354,877 | |
| Gross current period charge-offs, originated, year one | 0 | ||
| Gross current period charge-offs, originated, year two | 0 | ||
| Gross current period charge-offs, originated, year three | 0 | ||
| Gross current period charge-offs, originated, year four | 0 | ||
| Gross current period charge-offs, originated, year five | (406) | ||
| Gross current period charge-offs, originated, prior | 0 | ||
| Gross current period charge-offs, originated, Revolving Loans Amortized Cost | 0 | ||
| Gross current period charge-offs, originated, total | (406) | 0 | 0 |
| Commercial real estate | Commercial owner-occupied | Pass and Watch | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 13,128 | 54,188 | |
| Financing receivable, originated, year two | 41,808 | 52,080 | |
| Financing receivable, originated, year three | 49,887 | 40,369 | |
| Financing receivable, originated, year four | 37,708 | 44,798 | |
| Financing receivable, originated, year five | 40,994 | 29,856 | |
| Prior | 114,018 | 104,377 | |
| Revolving Loans Amortized Cost | 56 | 0 | |
| Total | 297,599 | 325,668 | |
| Commercial real estate | Commercial owner-occupied | Special Mention | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 1,431 | 0 | |
| Financing receivable, originated, year two | 4,498 | 16,199 | |
| Financing receivable, originated, year three | 15,636 | 0 | |
| Financing receivable, originated, year four | 820 | 304 | |
| Financing receivable, originated, year five | 286 | 5,255 | |
| Prior | 8,902 | 4,493 | |
| Revolving Loans Amortized Cost | 0 | 0 | |
| Total | 31,573 | 26,251 | |
| Commercial real estate | Commercial owner-occupied | Substandard | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | 0 | |
| Financing receivable, originated, year two | 2,231 | 0 | |
| Financing receivable, originated, year three | 0 | 0 | |
| Financing receivable, originated, year four | 0 | 1,160 | |
| Financing receivable, originated, year five | 0 | 0 | |
| Prior | 1,778 | 1,699 | |
| Revolving Loans Amortized Cost | 0 | 0 | |
| Total | 4,009 | 2,859 | |
| Commercial real estate | Commercial owner-occupied | Doubtful | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | ||
| Financing receivable, originated, year two | 0 | ||
| Financing receivable, originated, year three | 99 | ||
| Financing receivable, originated, year four | 0 | ||
| Financing receivable, originated, year five | 0 | ||
| Prior | 0 | ||
| Revolving Loans Amortized Cost | 0 | ||
| Total | 99 | ||
| Commercial real estate | Commercial real estate, non-owner occupied | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 77,596 | 177,822 | |
| Financing receivable, originated, year two | 175,090 | 214,664 | |
| Financing receivable, originated, year three | 208,042 | 167,375 | |
| Financing receivable, originated, year four | 162,607 | 164,604 | |
| Financing receivable, originated, year five | 155,568 | 129,844 | |
| Prior | 430,650 | 337,523 | |
| Revolving Loans Amortized Cost | 9,832 | 57 | |
| Total | 1,219,385 | 1,191,889 | |
| Gross current period charge-offs, originated, total | 0 | 0 | 0 |
| Commercial real estate | Commercial real estate, non-owner occupied | Pass and Watch | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 76,718 | 177,822 | |
| Financing receivable, originated, year two | 172,028 | 211,228 | |
| Financing receivable, originated, year three | 196,340 | 155,278 | |
| Financing receivable, originated, year four | 150,831 | 160,670 | |
| Financing receivable, originated, year five | 139,860 | 129,166 | |
| Prior | 368,675 | 308,509 | |
| Revolving Loans Amortized Cost | 9,832 | 57 | |
| Total | 1,114,284 | 1,142,730 | |
| Commercial real estate | Commercial real estate, non-owner occupied | Special Mention | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | 0 | |
| Financing receivable, originated, year two | 2,790 | 1,172 | |
| Financing receivable, originated, year three | 9,498 | 12,097 | |
| Financing receivable, originated, year four | 11,776 | 3,934 | |
| Financing receivable, originated, year five | 15,708 | 678 | |
| Prior | 41,602 | 9,290 | |
| Revolving Loans Amortized Cost | 0 | 0 | |
| Total | 81,374 | 27,171 | |
| Commercial real estate | Commercial real estate, non-owner occupied | Substandard | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 878 | 0 | |
| Financing receivable, originated, year two | 272 | 2,264 | |
| Financing receivable, originated, year three | 2,204 | 0 | |
| Financing receivable, originated, year four | 0 | 0 | |
| Financing receivable, originated, year five | 0 | 0 | |
| Prior | 20,373 | 19,724 | |
| Revolving Loans Amortized Cost | 0 | 0 | |
| Total | 23,727 | 21,988 | |
| Commercial real estate | Construction | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 25,728 | 49,262 | |
| Financing receivable, originated, year two | 24,403 | 19,393 | |
| Financing receivable, originated, year three | 19,521 | 28,861 | |
| Financing receivable, originated, year four | 29,512 | 7,745 | |
| Financing receivable, originated, year five | 0 | 9,112 | |
| Prior | 0 | 0 | |
| Revolving Loans Amortized Cost | 0 | 0 | |
| Total | 99,164 | 114,373 | |
| Gross current period charge-offs, originated, total | 0 | 0 | 0 |
| Commercial real estate | Construction | Pass and Watch | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 13,138 | 49,262 | |
| Financing receivable, originated, year two | 24,403 | 19,393 | |
| Financing receivable, originated, year three | 19,521 | 28,861 | |
| Financing receivable, originated, year four | 29,512 | 7,745 | |
| Financing receivable, originated, year five | 0 | 9,112 | |
| Prior | 0 | 0 | |
| Revolving Loans Amortized Cost | 0 | 0 | |
| Total | 86,574 | 114,373 | |
| Commercial real estate | Construction | Special Mention | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 12,590 | ||
| Financing receivable, originated, year two | 0 | ||
| Financing receivable, originated, year three | 0 | ||
| Financing receivable, originated, year four | 0 | ||
| Financing receivable, originated, year five | 0 | ||
| Prior | 0 | ||
| Revolving Loans Amortized Cost | 0 | ||
| Total | 12,590 | ||
| Residential loans | Home equity | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | 0 | |
| Financing receivable, originated, year two | 0 | 0 | |
| Financing receivable, originated, year three | 0 | 0 | |
| Financing receivable, originated, year four | 0 | 0 | |
| Financing receivable, originated, year five | 0 | 0 | |
| Prior | 1,103 | 1,363 | |
| Revolving Loans Amortized Cost | 80,984 | 87,385 | |
| Total | 82,087 | 88,748 | |
| Gross current period charge-offs, originated, total | 0 | 0 | 0 |
| Residential loans | Home equity | Pass and Watch | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | 0 | |
| Financing receivable, originated, year two | 0 | 0 | |
| Financing receivable, originated, year three | 0 | 0 | |
| Financing receivable, originated, year four | 0 | 0 | |
| Financing receivable, originated, year five | 0 | 0 | |
| Prior | 734 | 883 | |
| Revolving Loans Amortized Cost | 80,773 | 86,971 | |
| Total | 81,507 | 87,854 | |
| Residential loans | Home equity | Substandard | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | 0 | |
| Financing receivable, originated, year two | 0 | 0 | |
| Financing receivable, originated, year three | 0 | 0 | |
| Financing receivable, originated, year four | 0 | 0 | |
| Financing receivable, originated, year five | 0 | 0 | |
| Prior | 369 | 480 | |
| Revolving Loans Amortized Cost | 211 | 414 | |
| Total | 580 | 894 | |
| Residential loans | Other residential | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 17,861 | 21,154 | |
| Financing receivable, originated, year two | 20,114 | 14,547 | |
| Financing receivable, originated, year three | 13,390 | 29,018 | |
| Financing receivable, originated, year four | 25,637 | 21,890 | |
| Financing receivable, originated, year five | 20,935 | 11,064 | |
| Prior | 20,571 | 14,450 | |
| Revolving Loans Amortized Cost | 0 | 0 | |
| Total | 118,508 | 112,123 | |
| Gross current period charge-offs, originated, total | 0 | 0 | 0 |
| Residential loans | Other residential | Pass and Watch | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 17,861 | 21,154 | |
| Financing receivable, originated, year two | 20,114 | 14,547 | |
| Financing receivable, originated, year three | 13,390 | 29,018 | |
| Financing receivable, originated, year four | 25,637 | 21,890 | |
| Financing receivable, originated, year five | 20,935 | 11,064 | |
| Prior | 20,571 | 14,450 | |
| Revolving Loans Amortized Cost | 0 | 0 | |
| Total | 118,508 | 112,123 | |
| Consumer loans | Installment and other consumer loans | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 22,038 | 20,054 | |
| Financing receivable, originated, year two | 14,528 | 13,022 | |
| Financing receivable, originated, year three | 10,632 | 5,727 | |
| Financing receivable, originated, year four | 4,687 | 6,492 | |
| Financing receivable, originated, year five | 5,300 | 4,181 | |
| Prior | 9,399 | 6,569 | |
| Revolving Loans Amortized Cost | 1,061 | 944 | |
| Total | 67,645 | 56,989 | |
| Gross current period charge-offs, originated, year one | (7) | ||
| Gross current period charge-offs, originated, year two | (6) | ||
| Gross current period charge-offs, originated, year three | (1) | ||
| Gross current period charge-offs, originated, year four | (4) | ||
| Gross current period charge-offs, originated, year five | 0 | ||
| Gross current period charge-offs, originated, prior | (1) | ||
| Gross current period charge-offs, originated, Revolving Loans Amortized Cost | (5) | ||
| Gross current period charge-offs, originated, total | (24) | (23) | $ (5) |
| Consumer loans | Installment and other consumer loans | Pass and Watch | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 22,038 | 20,054 | |
| Financing receivable, originated, year two | 14,528 | 13,022 | |
| Financing receivable, originated, year three | 10,632 | 5,727 | |
| Financing receivable, originated, year four | 4,687 | 6,492 | |
| Financing receivable, originated, year five | 5,300 | 4,181 | |
| Prior | 9,399 | 6,478 | |
| Revolving Loans Amortized Cost | 1,061 | 944 | |
| Total | $ 67,645 | 56,898 | |
| Consumer loans | Installment and other consumer loans | Substandard | |||
| Financing Receivable, Credit Quality Indicator [Line Items] | |||
| Financing receivable, originated, year one | 0 | ||
| Financing receivable, originated, year two | 0 | ||
| Financing receivable, originated, year three | 0 | ||
| Financing receivable, originated, year four | 0 | ||
| Financing receivable, originated, year five | 0 | ||
| Prior | 91 | ||
| Revolving Loans Amortized Cost | 0 | ||
| Total | $ 91 | ||
Loans and Allowance for Credit Losses on Loans - Loans Outstanding and Aging Analysis (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
loan
|
Dec. 31, 2022
USD ($)
loan
|
Dec. 31, 2021
USD ($)
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | $ 2,073,720,000 | $ 2,092,546,000 | |
| Non-accrual loans | 7,992,000 | 2,432,000 | |
| Non-accrual loans with no allowance | $ 3,091,000 | $ 2,432,000 | |
| Number of loans past due more than 90 days still accruing | loan | 0 | 0 | |
| Nonaccrual loans earning interest on cash basis | $ 0 | $ 0 | |
| Nonaccrual interest income | 0 | 0 | $ 0 |
| Accrued interest writeoff | 206,000 | 48,000 | $ 0 |
| Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 2,073,720,000 | 2,092,546,000 | |
| Total past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 7,664,000 | 1,342,000 | |
| 30-59 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 3,930,000 | 420,000 | |
| 60-89 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 2,274,000 | 244,000 | |
| 90 days or more past due 1 | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 1,460,000 | 678,000 | |
| Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 2,066,056,000 | 2,091,204,000 | |
| Commercial | Commercial and industrial | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 153,750,000 | 173,547,000 | |
| Non-accrual loans | 4,008,000 | 0 | |
| Non-accrual loans with no allowance | 1,311,000 | 0 | |
| Commercial | Commercial and industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 153,750,000 | 173,547,000 | |
| Commercial | Commercial and industrial | Total past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 4,371,000 | 267,000 | |
| Commercial | Commercial and industrial | 30-59 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 2,991,000 | 3,000 | |
| Commercial | Commercial and industrial | 60-89 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 69,000 | 0 | |
| Commercial | Commercial and industrial | 90 days or more past due 1 | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 1,311,000 | 264,000 | |
| Commercial | Commercial and industrial | Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 149,379,000 | 173,280,000 | |
| Commercial real estate | Commercial owner-occupied | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 333,181,000 | 354,877,000 | |
| Non-accrual loans | 434,000 | 1,563,000 | |
| Non-accrual loans with no allowance | 434,000 | 1,563,000 | |
| Commercial real estate | Commercial owner-occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 333,181,000 | 354,877,000 | |
| Commercial real estate | Commercial owner-occupied | Total past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 767,000 | 0 | |
| Commercial real estate | Commercial owner-occupied | 30-59 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 618,000 | 0 | |
| Commercial real estate | Commercial owner-occupied | 60-89 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Commercial real estate | Commercial owner-occupied | 90 days or more past due 1 | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 149,000 | 0 | |
| Commercial real estate | Commercial owner-occupied | Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 332,414,000 | 354,877,000 | |
| Commercial real estate | Commercial real estate, non-owner occupied | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 1,219,385,000 | 1,191,889,000 | |
| Non-accrual loans | 3,081,000 | 0 | |
| Non-accrual loans with no allowance | 877,000 | 0 | |
| Commercial real estate | Commercial real estate, non-owner occupied | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 1,219,385,000 | 1,191,889,000 | |
| Commercial real estate | Commercial real estate, non-owner occupied | Total past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 2,204,000 | 0 | |
| Commercial real estate | Commercial real estate, non-owner occupied | 30-59 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Commercial real estate | Commercial real estate, non-owner occupied | 60-89 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 2,204,000 | 0 | |
| Commercial real estate | Commercial real estate, non-owner occupied | 90 days or more past due 1 | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Commercial real estate | Commercial real estate, non-owner occupied | Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 1,217,181,000 | 1,191,889,000 | |
| Commercial real estate | Construction | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 99,164,000 | 114,373,000 | |
| Non-accrual loans | 0 | 0 | |
| Non-accrual loans with no allowance | 0 | 0 | |
| Commercial real estate | Construction | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 99,164,000 | 114,373,000 | |
| Commercial real estate | Construction | Total past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Commercial real estate | Construction | 30-59 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Commercial real estate | Construction | 60-89 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Commercial real estate | Construction | 90 days or more past due 1 | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Commercial real estate | Construction | Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 99,164,000 | 114,373,000 | |
| Residential loans | Home equity | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 82,087,000 | 88,748,000 | |
| Non-accrual loans | 469,000 | 778,000 | |
| Non-accrual loans with no allowance | 469,000 | 778,000 | |
| Residential loans | Home equity | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 82,087,000 | 88,748,000 | |
| Residential loans | Home equity | Total past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 43,000 | 977,000 | |
| Residential loans | Home equity | 30-59 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 43,000 | 319,000 | |
| Residential loans | Home equity | 60-89 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 244,000 | |
| Residential loans | Home equity | 90 days or more past due 1 | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 414,000 | |
| Residential loans | Home equity | Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 82,044,000 | 87,771,000 | |
| Residential loans | Other residential | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 118,508,000 | 112,123,000 | |
| Non-accrual loans | 0 | 0 | |
| Non-accrual loans with no allowance | 0 | 0 | |
| Residential loans | Other residential | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 118,508,000 | 112,123,000 | |
| Residential loans | Other residential | Total past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 83,000 | 93,000 | |
| Residential loans | Other residential | 30-59 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 83,000 | 93,000 | |
| Residential loans | Other residential | 60-89 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Residential loans | Other residential | 90 days or more past due 1 | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Residential loans | Other residential | Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 118,425,000 | 112,030,000 | |
| Consumer loans | Installment and other consumer loans | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 67,645,000 | 56,989,000 | |
| Non-accrual loans | 0 | 91,000 | |
| Non-accrual loans with no allowance | 0 | 91,000 | |
| Consumer loans | Installment and other consumer loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 67,645,000 | 56,989,000 | |
| Consumer loans | Installment and other consumer loans | Total past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 196,000 | 5,000 | |
| Consumer loans | Installment and other consumer loans | 30-59 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 195,000 | 5,000 | |
| Consumer loans | Installment and other consumer loans | 60-89 days past due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 1,000 | 0 | |
| Consumer loans | Installment and other consumer loans | 90 days or more past due 1 | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | 0 | 0 | |
| Consumer loans | Installment and other consumer loans | Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans, at amortized cost | $ 67,449,000 | $ 56,984,000 | |
Loans and Allowance for Credit Losses on Loans - Schedule of Collateral-Dependent Non-Accrual Loans (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | $ 7,992,000 | $ 2,432,000 | ||
| Allowance for credit losses on loans | $ 25,172,000 | $ 22,983,000 | $ 23,023,000 | $ 22,874,000 |
| Weighted average ratio of loans value to collateral dependent loans value | 70.00% | 42.00% | ||
| Collateral Pledged | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | $ 5,295,000 | $ 2,432,000 | ||
| Allowance for credit losses on loans | 408,000 | 0 | ||
| Commercial Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 4,826,000 | 1,563,000 | ||
| Residential Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 469,000 | 778,000 | ||
| Other | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | 91,000 | ||
| Commercial real estate | Commercial and industrial | Collateral Pledged | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 1,311,000 | |||
| Allowance for credit losses on loans | 0 | |||
| Commercial real estate | Commercial and industrial | Commercial Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 1,311,000 | |||
| Commercial real estate | Commercial and industrial | Residential Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | |||
| Commercial real estate | Commercial and industrial | Other | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | |||
| Commercial real estate | Commercial owner-occupied | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 434,000 | 1,563,000 | ||
| Allowance for credit losses on loans | 2,476,000 | 2,487,000 | 2,776,000 | 2,778,000 |
| Commercial real estate | Commercial owner-occupied | Collateral Pledged | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 434,000 | 1,563,000 | ||
| Allowance for credit losses on loans | 0 | 0 | ||
| Commercial real estate | Commercial owner-occupied | Commercial Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 434,000 | 1,563,000 | ||
| Commercial real estate | Commercial owner-occupied | Residential Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | 0 | ||
| Commercial real estate | Commercial owner-occupied | Other | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | 0 | ||
| Commercial real estate | Commercial real estate, non-owner occupied | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 3,081,000 | 0 | ||
| Allowance for credit losses on loans | 14,933,000 | 12,676,000 | 12,739,000 | 12,682,000 |
| Commercial real estate | Commercial real estate, non-owner occupied | Collateral Pledged | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 3,081,000 | |||
| Allowance for credit losses on loans | 408,000 | |||
| Commercial real estate | Commercial real estate, non-owner occupied | Commercial Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 3,081,000 | |||
| Commercial real estate | Commercial real estate, non-owner occupied | Residential Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | |||
| Commercial real estate | Commercial real estate, non-owner occupied | Other | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | |||
| Residential loans | Home equity | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 469,000 | 778,000 | ||
| Allowance for credit losses on loans | 552,000 | 558,000 | 595,000 | 738,000 |
| Residential loans | Home equity | Collateral Pledged | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 469,000 | 778,000 | ||
| Allowance for credit losses on loans | 0 | 0 | ||
| Residential loans | Home equity | Commercial Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | 0 | ||
| Residential loans | Home equity | Residential Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 469,000 | 778,000 | ||
| Residential loans | Home equity | Other | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | 0 | ||
| Residential loans | Other residential | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | 0 | ||
| Allowance for credit losses on loans | 653,000 | 595,000 | 644,000 | 998,000 |
| Residential loans | Other residential | Residential Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Nonaccrual collateral dependent loans in process of foreclosure | 0 | 0 | ||
| Consumer loans | Installment and other consumer loans | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | 91,000 | ||
| Allowance for credit losses on loans | $ 976,000 | 868,000 | $ 621,000 | $ 291,000 |
| Consumer loans | Installment and other consumer loans | Collateral Pledged | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 91,000 | |||
| Allowance for credit losses on loans | 0 | |||
| Consumer loans | Installment and other consumer loans | Commercial Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | |||
| Consumer loans | Installment and other consumer loans | Residential Real Estate | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | 0 | |||
| Consumer loans | Installment and other consumer loans | Other | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Non-accrual loans | $ 91,000 |
Loans and Allowance for Credit Losses on Loans - Schedule of Amortized Cost of Loan (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | $ 2,309 |
| Term Extension | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 2,309 |
| Commercial real estate | Commercial owner-occupied | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | $ 1,431 |
| Percent of Portfolio Class Total | 0.40% |
| Commercial real estate | Commercial owner-occupied | Term Extension | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | $ 1,431 |
| Commercial real estate | Commercial real estate, non-owner occupied | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | $ 878 |
| Percent of Portfolio Class Total | 0.10% |
| Commercial real estate | Commercial real estate, non-owner occupied | Term Extension | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | $ 878 |
Loans and Allowance for Credit Losses on Loans - Schedule of Financial Effect of Loan Modifications (Details) - Commercial real estate - Extended Maturity |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Commercial owner-occupied | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Weighted-Average Term Extension (in years) | 2 years 3 months 18 days |
| Commercial real estate, non-owner occupied | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Weighted-Average Term Extension (in years) | 6 months |
Loans and Allowance for Credit Losses on Loans - Schedule of Amortized Cost and Payment Status of Loans (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | $ 2,309 |
| Non-Accrual | 878 |
| Current | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 2,309 |
| 30-59 days past due | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 0 |
| 60-89 days past due | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 0 |
| 90 days or more past due 1 | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 0 |
| Commercial real estate | Commercial owner-occupied | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 1,431 |
| Non-Accrual | 0 |
| Commercial real estate | Commercial owner-occupied | Current | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 1,431 |
| Commercial real estate | Commercial owner-occupied | 30-59 days past due | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 0 |
| Commercial real estate | Commercial owner-occupied | 60-89 days past due | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 0 |
| Commercial real estate | Commercial owner-occupied | 90 days or more past due 1 | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 0 |
| Commercial real estate | Commercial real estate, non-owner occupied | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 878 |
| Non-Accrual | 878 |
| Commercial real estate | Commercial real estate, non-owner occupied | Current | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 878 |
| Commercial real estate | Commercial real estate, non-owner occupied | 30-59 days past due | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 0 |
| Commercial real estate | Commercial real estate, non-owner occupied | 60-89 days past due | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | 0 |
| Commercial real estate | Commercial real estate, non-owner occupied | 90 days or more past due 1 | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Total Modifications | $ 0 |
Loans and Allowance for Credit Losses on Loans - Schedule of Allocation of the Allowance for Credit Losses on Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | $ 25,172 | $ 22,983 | $ 23,023 | $ 22,874 |
| Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 11,467 | 12,651 | ||
| Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 12,284 | 10,323 | ||
| Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1,421 | 9 | ||
| Commercial | Commercial and industrial | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1,712 | 1,794 | 1,709 | 2,530 |
| Commercial | Commercial and industrial | Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 897 | 1,079 | ||
| Commercial | Commercial and industrial | Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 622 | 706 | ||
| Commercial | Commercial and industrial | Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 193 | 9 | ||
| Commercial real estate | Commercial owner-occupied | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 2,476 | 2,487 | 2,776 | 2,778 |
| Commercial real estate | Commercial owner-occupied | Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1,270 | 1,497 | ||
| Commercial real estate | Commercial owner-occupied | Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1,205 | 990 | ||
| Commercial real estate | Commercial owner-occupied | Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1 | 0 | ||
| Commercial real estate | Commercial real estate, non-owner occupied | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 14,933 | 12,676 | 12,739 | 12,682 |
| Commercial real estate | Commercial real estate, non-owner occupied | Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 7,380 | 7,937 | ||
| Commercial real estate | Commercial real estate, non-owner occupied | Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 6,327 | 4,739 | ||
| Commercial real estate | Commercial real estate, non-owner occupied | Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1,226 | 0 | ||
| Commercial real estate | Construction | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1,832 | 1,937 | 1,653 | 1,557 |
| Commercial real estate | Construction | Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 185 | 453 | ||
| Commercial real estate | Construction | Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1,647 | 1,484 | ||
| Commercial real estate | Construction | Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 0 | 0 | ||
| Residential loans | Home equity | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 552 | 558 | 595 | 738 |
| Residential loans | Home equity | Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 482 | 504 | ||
| Residential loans | Home equity | Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 70 | 54 | ||
| Residential loans | Home equity | Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 0 | 0 | ||
| Residential loans | Other residential | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 653 | 595 | 644 | 998 |
| Residential loans | Other residential | Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 619 | 571 | ||
| Residential loans | Other residential | Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 33 | 24 | ||
| Residential loans | Other residential | Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 1 | 0 | ||
| Consumer loans | Installment and other consumer loans | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 976 | 868 | 621 | 291 |
| Consumer loans | Installment and other consumer loans | Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 634 | 610 | ||
| Consumer loans | Installment and other consumer loans | Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 342 | 258 | ||
| Consumer loans | Installment and other consumer loans | Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 0 | 0 | ||
| Unallocated | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 2,038 | 2,068 | $ 2,286 | $ 1,300 |
| Unallocated | Modeled expected credit losses | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 0 | 0 | ||
| Unallocated | Qualitative adjustments | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | 2,038 | 2,068 | ||
| Unallocated | Specific allocations | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Allowance for credit losses on loans | $ 0 | $ 0 |
Loans and Allowance for Credit Losses on Loans - Schedule of Allowance for Credit Losses on Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | $ 22,983 | $ 23,023 | $ 22,874 |
| (Reversal) provision | 2,575 | (63) | (1,449) |
| Initial allowance for PCD loans | 1,505 | ||
| (Charge-offs) | (441) | (32) | (5) |
| Recoveries | 55 | 55 | 98 |
| Ending balance | 25,172 | 22,983 | 23,023 |
| Commercial | Commercial and industrial | |||
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | 1,794 | 1,709 | 2,530 |
| (Reversal) provision | (100) | 72 | (1,240) |
| Initial allowance for PCD loans | 405 | ||
| (Charge-offs) | (11) | (9) | 0 |
| Recoveries | 29 | 22 | 14 |
| Ending balance | 1,712 | 1,794 | 1,709 |
| Commercial real estate | Commercial owner-occupied | |||
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | 2,487 | 2,776 | 2,778 |
| (Reversal) provision | 395 | (289) | (561) |
| Initial allowance for PCD loans | 559 | ||
| (Charge-offs) | (406) | 0 | 0 |
| Recoveries | 0 | 0 | 0 |
| Ending balance | 2,476 | 2,487 | 2,776 |
| Commercial real estate | Commercial real estate, non-owner occupied | |||
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | 12,676 | 12,739 | 12,682 |
| (Reversal) provision | 2,257 | (63) | (476) |
| Initial allowance for PCD loans | 533 | ||
| (Charge-offs) | 0 | 0 | 0 |
| Recoveries | 0 | 0 | 0 |
| Ending balance | 14,933 | 12,676 | 12,739 |
| Commercial real estate | Construction | |||
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | 1,937 | 1,653 | 1,557 |
| (Reversal) provision | (130) | 251 | 62 |
| Initial allowance for PCD loans | 0 | ||
| (Charge-offs) | 0 | 0 | 0 |
| Recoveries | 25 | 33 | 34 |
| Ending balance | 1,832 | 1,937 | 1,653 |
| Residential loans | Home equity | |||
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | 558 | 595 | 738 |
| (Reversal) provision | (6) | (37) | (193) |
| Initial allowance for PCD loans | 0 | ||
| (Charge-offs) | 0 | 0 | 0 |
| Recoveries | 0 | 0 | 50 |
| Ending balance | 552 | 558 | 595 |
| Residential loans | Other residential | |||
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | 595 | 644 | 998 |
| (Reversal) provision | 58 | (49) | (360) |
| Initial allowance for PCD loans | 6 | ||
| (Charge-offs) | 0 | 0 | 0 |
| Recoveries | 0 | 0 | 0 |
| Ending balance | 653 | 595 | 644 |
| Consumer loans | Installment and other consumer loans | |||
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | 868 | 621 | 291 |
| (Reversal) provision | 131 | 270 | 333 |
| Initial allowance for PCD loans | 2 | ||
| (Charge-offs) | (24) | (23) | (5) |
| Recoveries | 1 | 0 | 0 |
| Ending balance | 976 | 868 | 621 |
| Unallocated | |||
| Allowance for Loan and Lease Losses [Roll Forward] | |||
| Beginning balance | 2,068 | 2,286 | 1,300 |
| (Reversal) provision | (30) | (218) | 986 |
| Initial allowance for PCD loans | 0 | ||
| (Charge-offs) | 0 | 0 | 0 |
| Recoveries | 0 | 0 | 0 |
| Ending balance | $ 2,038 | $ 2,068 | $ 2,286 |
Loans and Allowance for Credit Losses on Loans - Pledged Loans Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Other residential | Federal Reserve Bank | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Collateral pledged | $ 110.4 | $ 105.0 |
| Federal Home Loan Bank of San Francisco | ||
| Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
| Collateral pledged | $ 1,288.0 | $ 1,298.0 |
Loans and Allowance for Credit Losses on Loans - Related Party Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Loans and Leases Receivable, Related Parties [Roll Forward] | |||
| Balance at beginning of year | $ 6,445 | $ 7,942 | $ 6,423 |
| Additions | 0 | 1,525 | 0 |
| Assumed in the AMRB acquisition | 0 | 0 | 4,037 |
| Repayments | (613) | (364) | (2,518) |
| Reclassified due to a change in borrower status | 0 | (2,658) | 0 |
| Balance at end of year | $ 5,832 | $ 6,445 | $ 7,942 |
Loans and Allowance for Credit Losses on Loans - Related Party Loans Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Directors, Officers, Principal Shareholders and Associates | ||
| Related Party Transaction [Line Items] | ||
| Undisbursed commitment to related parties | $ 212 | $ 562 |
Bank Premises and Equipment - Schedule of Bank Premises and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Finance lease right-of-use assets | $ 608 | $ 616 |
| Subtotal | 30,940 | 31,880 |
| Accumulated depreciation and amortization | (23,148) | (23,746) |
| Bank premises and equipment, net | 7,792 | 8,134 |
| Leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Bank premises and equipment, gross | 16,578 | 16,115 |
| Furniture and equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Bank premises and equipment, gross | 11,336 | 12,762 |
| Buildings | ||
| Property, Plant and Equipment [Line Items] | ||
| Bank premises and equipment, gross | 1,248 | 1,217 |
| Land | ||
| Property, Plant and Equipment [Line Items] | ||
| Bank premises and equipment, gross | 1,170 | 1,170 |
| Finance lease right-of-use assets | ||
| Property, Plant and Equipment [Line Items] | ||
| Finance lease right-of-use assets | $ 608 | $ 616 |
Bank Premises and Equipment - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation and amortization | $ 2.1 | $ 1.8 | $ 1.7 |
Bank Owned Life Insurance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Insurance [Abstract] | |||
| Estimated death benefits | $ 131,800 | ||
| Death benefits provided under terms of the programs | 68,100 | $ 67,100 | |
| Earnings on bank-owned life insurance, net | 1,802 | 1,229 | $ 2,194 |
| Proceeds in excess of the cash surrender values | $ 313 | $ 86 | $ 1,100 |
Deposits - Schedule of Stratification of Time Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deposits [Abstract] | ||
| Time deposits of less than or equal to $250 thousand | $ 145,697 | $ 74,421 |
| Time deposits of more than $250 thousand | 105,620 | 44,609 |
| Total time deposits | $ 251,317 | $ 119,030 |
Deposits - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Deposits [Abstract] | |||
| Interest on time accounts | $ 4,715 | $ 323 | $ 246 |
| Held-to-maturity securities pledged as collateral | 287,400 | ||
| Deposit overdrafts reclassified as loan balances | 320 | 247 | |
| Related party deposit liabilities | $ 23,600 | $ 11,200 | |
Deposits - Schedule of Time Deposit Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Scheduled time deposit maturities | ||
| 2024 | $ 233,726 | |
| 2025 | 6,760 | |
| 2026 | 5,510 | |
| 2027 | 2,705 | |
| 2028 | 2,616 | |
| Thereafter | 0 | |
| Total time deposits | $ 251,317 | $ 119,030 |
Deposits - Schedule of Composition of Network Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Reciprocal | ||
| CDARS | $ 46,162 | $ 11,031 |
| ICS | 245,577 | 100,749 |
| DDM | 132,276 | 62,219 |
| Total network deposits | 424,015 | 173,999 |
| One Way | ||
| CDARS | 2,164 | 2,162 |
| ICS | 0 | 0 |
| DDM | 0 | 0 |
| Total network deposits | $ 2,164 | $ 2,162 |
Borrowings and Other Obligations - Lines of Credit and Borrowing Agreements (Details) - Line of Credit - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Federal Reserve Bank Advances | ||
| Line of Credit Facility [Line Items] | ||
| Lines of credit | $ 64.0 | $ 58.7 |
| FHLB short-term borrowings | ||
| Line of Credit Facility [Line Items] | ||
| Lines of credit | 1,009.0 | 711.6 |
| Federal Funds Purchased | Unsecured Debt | ||
| Line of Credit Facility [Line Items] | ||
| Lines of credit | 135.0 | $ 150.0 |
| Federal Reserve Bank Advances | Pledged to the Federal Reserve "BTFP" | ||
| Line of Credit Facility [Line Items] | ||
| Lines of credit | $ 270.2 |
Borrowings and Other Obligations - Subordinated Debenture and Other Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 15, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2013 |
|
| Debt Instrument [Line Items] | |||||
| Present value of net minimum lease payments (lease liability) | $ 298 | $ 439 | |||
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Debt and Lease Obligation | Debt and Lease Obligation | |||
| Accretion of discount on subordinated debenture | $ 0 | $ 0 | $ 1,347 | ||
| NorCal Community Bancorp Trust II | Subordinated debenture | |||||
| Debt Instrument [Line Items] | |||||
| Long-term debt | $ 4,100 | ||||
| Repayments of debt | $ 2,800 | ||||
| Interest rate, effective percentage | 251.50% | ||||
| Accretion of discount on subordinated debenture | $ 1,300 | ||||
Borrowings and Other Obligations - Schedule of Borrowings (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Debt Instrument [Line Items] | |||
| Carrying Value | $ 26,298 | $ 112,439 | $ 419 |
| Average Balance | $ 221,623 | $ 2,295 | $ 892 |
| Average Rate | 5.15% | 3.90% | 1.08% |
| Other obligations (finance leases) | |||
| Debt Instrument [Line Items] | |||
| Average Rate | 1.88% | 0.65% | 0.71% |
| Carrying Value | $ 298 | $ 439 | $ 419 |
| Average Balance | 364 | 374 | 250 |
| FHLB short-term borrowings | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Carrying Value | 0 | 112,000 | 0 |
| Average Balance | $ 164,299 | $ 1,921 | $ 0 |
| Average Rate | 5.10% | 4.48% | 0.00% |
| FHLB fixed-rate advances | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Carrying Value | $ 0 | $ 0 | $ 0 |
| Average Balance | $ 0 | $ 0 | $ 642 |
| Average Rate | 0.00% | 0.00% | 1.18% |
| Federal funds lines of credit | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Carrying Value | $ 0 | $ 0 | $ 0 |
| Average Balance | $ 0 | $ 0 | $ 0 |
| Average Rate | 0.00% | 0.00% | 0.00% |
| Pledged to the Federal Reserve "BTFP" | Line of Credit | |||
| Debt Instrument [Line Items] | |||
| Carrying Value | $ 26,000 | $ 0 | $ 0 |
| Average Balance | $ 56,959 | $ 0 | $ 0 |
| Average Rate | 5.30% | 0.00% | 0.00% |
Stockholders' Equity and Stock Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Jan. 25, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2017 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Total compensation cost for share-based payment arrangements | $ 522 | $ 962 | $ 972 | |||
| Share-based compensation income tax benefit recognized | 146 | 257 | 213 | |||
| Unrecognized compensation expense | $ 1,300 | |||||
| Period for recognizing unrecognized compensation expense | 2 years 2 months 12 days | |||||
| Excess tax benefits recorded as a reduction to income tax expense | $ 2 | 3 | 87 | |||
| Subsequent event | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Dividends declared per common share (usd per share) | $ 0.25 | |||||
| Stock options | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Total grant-date fair value of option shares vested | $ 255 | 356 | 514 | |||
| Stock options | Officers and Employees | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Award vesting period | 3 years | |||||
| Expiration period of grants | 10 years | |||||
| Stock options | Officers and Employees | Share-Based Payment Arrangement, Tranche One | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 33.33% | |||||
| Stock options | Officers and Employees | Share-Based Payment Arrangement, Tranche Two | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 33.33% | |||||
| Stock options | Officers and Employees | Share-Based Payment Arrangement, Tranche Three | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 33.33% | |||||
| Stock options | Non-Employee Directors | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Expiration period of grants | 10 years | |||||
| Performance shares | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Award vesting period | 3 years | |||||
| Restricted stock award | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Total grant-date fair value of option shares vested | $ 428 | $ 431 | $ 1,000 | |||
| Minimum | Performance shares | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 0.00% | |||||
| Maximum | Performance shares | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 200.00% | |||||
| The Plan, 2020 | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Shares approved to be issued in common stock (in shares) | 250,000 | |||||
| Number of shares available for future grants under plan (in shares) | 209,642 | |||||
| Employee Stock Purchase Plan, 2007 | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of shares available for future grants under plan (in shares) | 372,923 | |||||
| Discount from closing market price at end of each quarter | 5.00% | |||||
| Employee Stock Purchase Plan, 2007 | Minimum | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Approved payroll deduction to purchase shares, percentage | 1.00% | |||||
| Employee Stock Purchase Plan, 2007 | Maximum | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Approved payroll deduction to purchase shares, percentage | 15.00% | |||||
| The 2017 Equity Plan | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of shares available for future grants under plan (in shares) | 790,201 | |||||
| Common Stock | The Plan, 2020 | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Shares awarded in period from plan (in shares) | 18,362 | 10,145 | 6,443 | |||
Stockholders' Equity and Stock Plans - Schedule of Cashless Exercise Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Equity [Abstract] | |||
| Number of shares withheld (in shares) | 3,132 | 11,505 | 27,929 |
| Total amount withheld (in thousands) | $ 86 | $ 393 | $ 1,085 |
| Weighted-average price (usd per share) | $ 27.57 | $ 34.13 | $ 38.85 |
Stockholders' Equity and Stock Plans - Schedule of Options Outstanding Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Number of Shares | ||||
| Options outstanding, beginning balance (in shares) | 329,705 | 365,381 | 371,584 | |
| Granted (in shares) | 10,040 | 39,094 | 55,861 | |
| Cancelled, expired or forfeited (in shares) | (23,804) | (23,760) | (2,008) | |
| Exercised (in shares) | (12,164) | (51,010) | (60,056) | |
| Options outstanding, ending balance (in shares) | 303,777 | 329,705 | 365,381 | 371,584 |
| Exercisable (vested), ending balance (in shares) | 283,578 | 287,228 | 315,744 | |
| Weighted Average Exercise Price | ||||
| Options outstanding, beginning balance (in dollars per share) | $ 33.22 | $ 31.97 | $ 29.92 | |
| Granted (in dollars per share) | 32.54 | 34.16 | 36.39 | |
| Cancelled, expired or forfeited (in dollars per share) | 35.06 | 37.48 | 42.50 | |
| Exercised (in dollars per share) | 20.25 | 23.01 | 23.01 | |
| Options outstanding, ending balance (in dollars per share) | 33.22 | 33.22 | 31.97 | $ 29.92 |
| Exercisable (vested), ending balance (in dollars per shares) | $ 33.46 | $ 32.81 | $ 30.85 | |
| Aggregate Intrinsic Value | ||||
| Options outstanding, beginning balance | $ 813 | $ 2,326 | $ 2,262 | |
| Exercised | 88 | 617 | 885 | |
| Options outstanding, ending balance | 1 | 813 | 2,326 | $ 2,262 |
| Exercisable (vested) | $ 1 | $ 813 | $ 2,264 | |
| Weighted Average Grant-Date Fair Value | ||||
| Granted (in dollars per share) | $ 8.49 | $ 8.49 | $ 8.84 | |
| Weighted Average Remaining Contractual Term | ||||
| Options outstanding | 4 years 10 months 9 days | 5 years 7 months 2 days | 5 years 6 months 25 days | 5 years 1 month 13 days |
| Exercisable (vested) | 4 years 7 months 24 days | 5 years 1 month 24 days | 5 years 1 month 24 days | |
Stockholders' Equity and Stock Plans - Schedule of Options Outstanding by Price Range (Details) - $ / shares |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Stock Options Outstanding (in shares) | 303,777 | 329,705 | 365,381 | 371,584 |
| Stock Options Outstanding, Remaining Contractual Life | 4 years 10 months 9 days | 5 years 7 months 2 days | 5 years 6 months 25 days | 5 years 1 month 13 days |
| Weighted Average Exercise Price (in dollars per share) | $ 33.22 | $ 33.22 | $ 31.97 | $ 29.92 |
| Stock options | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Stock Options Outstanding (in shares) | 303,777 | |||
| Stock Options Exercisable (in shares) | 283,578 | |||
| Stock options | $10.00 - $20.00 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Range of Exercise Prices, Lower Limit (in dollars per share) | $ 10.00 | |||
| Range of Exercise Prices, Upper Limit (in dollars per share) | $ 20.00 | |||
| Stock Options Outstanding (in shares) | 402 | |||
| Stock Options Outstanding, Remaining Contractual Life | 3 years 1 month 6 days | |||
| Weighted Average Exercise Price (in dollars per share) | $ 19.96 | |||
| Stock Options Exercisable (in shares) | 402 | |||
| Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 19.96 | |||
| Stock options | $20.01 - $30.00 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Range of Exercise Prices, Lower Limit (in dollars per share) | 20.01 | |||
| Range of Exercise Prices, Upper Limit (in dollars per share) | $ 30.00 | |||
| Stock Options Outstanding (in shares) | 73,080 | |||
| Stock Options Outstanding, Remaining Contractual Life | 1 year 6 months | |||
| Weighted Average Exercise Price (in dollars per share) | $ 24.64 | |||
| Stock Options Exercisable (in shares) | 73,080 | |||
| Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 24.64 | |||
| Stock options | $30.01 - $40.00 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Range of Exercise Prices, Lower Limit (in dollars per share) | 30.01 | |||
| Range of Exercise Prices, Upper Limit (in dollars per share) | $ 40.00 | |||
| Stock Options Outstanding (in shares) | 171,457 | |||
| Stock Options Outstanding, Remaining Contractual Life | 6 years | |||
| Weighted Average Exercise Price (in dollars per share) | $ 34.48 | |||
| Stock Options Exercisable (in shares) | 151,258 | |||
| Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 34.39 | |||
| Stock options | $40.01 - $50.00 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Range of Exercise Prices, Lower Limit (in dollars per share) | 40.01 | |||
| Range of Exercise Prices, Upper Limit (in dollars per share) | $ 50.00 | |||
| Stock Options Outstanding (in shares) | 58,838 | |||
| Stock Options Outstanding, Remaining Contractual Life | 5 years 7 months 6 days | |||
| Weighted Average Exercise Price (in dollars per share) | $ 42.13 | |||
| Stock Options Exercisable (in shares) | 58,838 | |||
| Stock Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 42.13 | |||
Stockholders' Equity and Stock Plans - Schedule of Non-vested Awards Activity (Details) - Restricted Stock Awards - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Number of Shares | |||
| Non-vested awards, beginning balance (in shares) | 82,366 | 61,830 | 61,328 |
| Granted (in shares) | 61,978 | 46,672 | 30,742 |
| Vested (in shares) | (15,768) | (12,444) | (26,392) |
| Forfeited (in shares) | (21,024) | (13,692) | (3,848) |
| Non-vested awards, ending balance (in shares) | 107,552 | 82,366 | 61,830 |
| Weighted Average Grant-Date Fair Value | |||
| Non-vested awards, beginning balance (in dollars per share) | $ 36.28 | $ 40.25 | $ 39.50 |
| Granted (in dollars per share) | 27.10 | 34.03 | 38.00 |
| Vested (in dollars per share) | 36.24 | 41.49 | 36.81 |
| Forfeited (in dollars per share) | 36.86 | 41.80 | 33.96 |
| Non-vested awards, ending balance (in dollars per share) | $ 30.88 | $ 36.28 | $ 40.25 |
Stockholders' Equity and Stock Plans - Schedule of Valuation Assumptions (Details) - Stock options |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Risk-free interest rate | 3.94% | 1.86% | 0.98% |
| Expected dividend yield on common stock | 3.07% | 2.85% | 2.57% |
| Expected life in years | 5 years | 6 years | 6 years 1 month 6 days |
| Expected price volatility | 34.68% | 33.44% | 33.12% |
Stockholders' Equity and Stock Plans - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Equity [Abstract] | ||||
| Cash dividends to common stockholders | $ 16,106 | $ 15,673 | $ 13,107 | |
| Cash dividends per common share (usd per share) | $ 1.00 | $ 0.98 | $ 0.94 | |
| Retained earnings | $ 274,570 | $ 270,781 | ||
| Stockholders' equity | $ 439,062 | $ 412,092 | $ 450,368 | $ 358,253 |
| Period used to determine amount available for payment of dividends based on restriction (in years) | 3 years | |||
| Amount of retained earnings available for payment of dividends based on restriction | $ 6,100 | |||
| Cash held | $ 7,200 | |||
Stockholders' Equity and Stock Plans - Schedule of Share Repurchases (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jul. 21, 2023 |
Oct. 22, 2021 |
Jul. 16, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Stock repurchased | $ 877 | $ 40,722 | |||||
| Common Stock | |||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
| Stock repurchase program, authorized amount | $ 25,000 | $ 57,000 | $ 25,000 | ||||
| Stock repurchased, including commissions (in shares) | 23,275 | 0 | 23,275 | 1,117,666 | |||
| Stock repurchased | $ 877 | $ 877 | $ 40,722 | ||||
Fair Value of Assets and Liabilities - Schedule of Recorded on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | $ 552,028 | $ 802,096 |
| SBA-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 19,471 | 44,355 |
| Debentures of government sponsored agencies | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 66,862 | 135,106 |
| U.S. Treasury securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 10,623 | 10,269 |
| Obligations of state and political subdivisions | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 91,882 | 102,123 |
| Corporate bonds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 10,718 | 33,276 |
| Asset-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 1,462 |
| Carrying Value | Assets and liabilities at fair value measured on a recurring basis | Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 352,472 | 475,505 |
| Carrying Value | Assets and liabilities at fair value measured on a recurring basis | SBA-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 19,471 | 44,355 |
| Carrying Value | Assets and liabilities at fair value measured on a recurring basis | Debentures of government sponsored agencies | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 66,862 | 135,106 |
| Carrying Value | Assets and liabilities at fair value measured on a recurring basis | U.S. Treasury securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 10,623 | 10,269 |
| Carrying Value | Assets and liabilities at fair value measured on a recurring basis | Obligations of state and political subdivisions | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 91,882 | 102,123 |
| Carrying Value | Assets and liabilities at fair value measured on a recurring basis | Corporate bonds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 10,718 | 33,276 |
| Carrying Value | Assets and liabilities at fair value measured on a recurring basis | Asset-backed securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 1,462 | |
| Carrying Value | Assets and liabilities at fair value measured on a recurring basis | Interest rate contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative financial assets (interest rate contracts) | 287 | 602 |
| Derivative financial liabilities (interest rate contracts) | 1,361 | |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 352,472 | 475,505 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | SBA-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | SBA-backed securities | Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 19,471 | 44,355 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | SBA-backed securities | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Debentures of government sponsored agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Debentures of government sponsored agencies | Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 66,862 | 135,106 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Debentures of government sponsored agencies | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 10,623 | 10,269 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | U.S. Treasury securities | Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | U.S. Treasury securities | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Obligations of state and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Obligations of state and political subdivisions | Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 91,882 | 102,123 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Obligations of state and political subdivisions | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 10,718 | 33,276 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 1,462 | |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Interest rate contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative financial assets (interest rate contracts) | 0 | 0 |
| Derivative financial liabilities (interest rate contracts) | 0 | |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Interest rate contracts | Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative financial assets (interest rate contracts) | 287 | 602 |
| Derivative financial liabilities (interest rate contracts) | 1,361 | |
| Fair Value | Assets and liabilities at fair value measured on a recurring basis | Interest rate contracts | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative financial assets (interest rate contracts) | 0 | $ 0 |
| Derivative financial liabilities (interest rate contracts) | $ 0 |
Fair Value of Assets and Liabilities - Narrative (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Credit loss on held-to-maturity securities | $ | $ 0 | $ 0 |
| Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Number of securities | security | 0 | 0 |
Fair Value of Assets and Liabilities - Schedule of Fair Value Assets Measured on Non-recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | $ 552,028 | $ 802,096 |
| Assets and liabilities at fair value measured on a recurring basis | Other real estate owned | Carrying Value | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 455 |
| Assets and liabilities at fair value measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | Fair Value | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Assets and liabilities at fair value measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Other real estate owned | Fair Value | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | 0 | 0 |
| Assets and liabilities at fair value measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Other real estate owned | Fair Value | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Available-for-sale securities | $ 0 | $ 455 |
Fair Value of Assets and Liabilities - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Financial assets (recorded at amortized cost) | ||
| Investment securities held-to-maturity | $ 814,830 | $ 845,239 |
| Fair Value Hierarcy (Level 1) | Carrying Value | ||
| Financial assets (recorded at amortized cost) | ||
| Cash and cash equivalents | 30,453 | 45,424 |
| Financial liabilities (recorded at amortized cost) | ||
| Federal Home Loan Bank overnight borrowings | 0 | 112,000 |
| Fair Value Hierarcy (Level 1) | Fair Value | ||
| Financial assets (recorded at amortized cost) | ||
| Cash and cash equivalents | 30,453 | 45,424 |
| Financial liabilities (recorded at amortized cost) | ||
| Federal Home Loan Bank overnight borrowings | 0 | 112,000 |
| Significant Other Observable Inputs (Level 2) | Carrying Value | ||
| Financial assets (recorded at amortized cost) | ||
| Investment securities held-to-maturity | 925,198 | 972,207 |
| Interest receivable | 12,752 | 13,069 |
| Financial liabilities (recorded at amortized cost) | ||
| Time deposits | 251,317 | 119,030 |
| FRBSF short-term borrowings under the BTFP | 26,000 | 0 |
| Interest payable | 2,752 | 75 |
| Significant Other Observable Inputs (Level 2) | Fair Value | ||
| Financial assets (recorded at amortized cost) | ||
| Investment securities held-to-maturity | 814,830 | 845,239 |
| Interest receivable | 12,752 | 13,069 |
| Financial liabilities (recorded at amortized cost) | ||
| Time deposits | 252,824 | 118,333 |
| FRBSF short-term borrowings under the BTFP | 25,998 | 0 |
| Interest payable | 2,752 | 75 |
| Fair Value Hierarchy (Level 3) | Carrying Value | ||
| Financial assets (recorded at amortized cost) | ||
| Loans, net of allowance for credit losses | 2,048,548 | 2,069,563 |
| Fair Value Hierarchy (Level 3) | Fair Value | ||
| Financial assets (recorded at amortized cost) | ||
| Loans, net of allowance for credit losses | $ 1,939,702 | $ 1,993,866 |
Benefit Plans - Deferred Compensation Plan (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Dec. 31, 2022 |
Jan. 01, 2022 |
|
| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
| Interest rate earned on deferred amounts, prime rate first business day of year | 7.50% | 3.25% | ||
| Deferred compensation obligation | $ 6.6 | $ 7.1 | ||
| Annual Salary | Management | ||||
| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
| Maximum percentage of compensation allowed to be deferred | 80.00% | |||
| Deferred Bonus | Management | ||||
| Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
| Maximum percentage of compensation allowed to be deferred | 100.00% |
Benefit Plans - Defined Contribution Plan and Employee Stock Ownership Plan (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Defined Contribution Plan Disclosure [Line Items] | |||
| Employer matching contribution percentage | 70.00% | ||
| Employer matching contribution maximum amount | $ 5,000 | ||
| Stock issued to employee stock ownership plan | $ 1,315,000 | $ 1,233,000 | $ 1,330,000 |
| Defined Contribution Plan (the 401k Plan) | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Minimum age of eligible employee for 401(k) plan | 18 years | ||
| Minimum employment period to qualify for 401(k) plan | 90 days | ||
| Minimum annual contribution per employee, percent of eligible compensation | 1.00% | ||
| Maximum annual contribution per employee, percent of eligible compensation | 50.00% | ||
| Annual vesting percentage | 20.00% | ||
| Defined contribution plan, number of years to be fully vested | 5 years | ||
| Employer contributions | $ 871,000 | 949,000 | 991,000 |
| Bank of Marin Employee Stock Ownership and Savings Plan (the Plan) | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Defined contribution plan, number of years to be fully vested | 5 years | ||
| Stock issued to employee stock ownership plan | $ 1,300,000 | $ 1,200,000 | $ 1,300,000 |
Benefit Plans - Supplemental Executive Retirement Plan (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Percentage of salary paid upon retirement | 25.00% | |
| Period before ratable vesting begins | 5 years | |
| Age ratable vesting ends | 65 years | |
| Liability under the Salary Continuation Plan | $ 4.5 | $ 4.7 |
| Minimum | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Payment period determined by service period | 5 years | |
| Maximum | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Payment period determined by service period | 15 years |
Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Current tax provision | |||
| Federal | $ 3,234 | $ 10,670 | $ 6,627 |
| State | 2,823 | 6,687 | 4,815 |
| Total current tax provision | 6,057 | 17,357 | 11,442 |
| Deferred tax provision (benefit) | |||
| Federal | 319 | (441) | 274 |
| State | (235) | 7 | (58) |
| Total deferred tax provision (benefit) | 84 | (434) | 216 |
| Total income tax provision | $ 6,141 | $ 16,923 | $ 11,658 |
Income Taxes - Schedule of Deferred Tax Asset and Liability (Details) - USD ($) |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deferred tax assets: | ||
| Net unrealized losses on securities available-for-sale | $ 20,993,000 | $ 29,458,000 |
| Allowance for credit losses on loans and unfunded loan commitments | 7,775,000 | 7,229,000 |
| Operating and finance lease liabilities | 6,860,000 | 8,002,000 |
| Deferred compensation and salary continuation plans | 3,289,000 | 3,481,000 |
| Accrued but unpaid expenses | 1,709,000 | 1,751,000 |
| Net operating loss carryforwards | 1,136,000 | 1,239,000 |
| Fair value adjustment on acquired loans | 695,000 | 905,000 |
| Stock-based compensation | 632,000 | 697,000 |
| State franchise tax | 593,000 | 1,396,000 |
| Depreciation and disposals on premises and equipment | 179,000 | 236,000 |
| Other | 74,000 | 194,000 |
| Total gross deferred tax assets | 43,935,000 | 54,588,000 |
| Deferred tax liabilities: | ||
| Operating and finance lease right-of-use assets | (6,092,000) | (7,465,000) |
| Deferred loan origination costs and fees | (1,435,000) | (1,476,000) |
| Core deposit intangible assets | (1,113,000) | (1,512,000) |
| Other | (226,000) | (279,000) |
| Total gross deferred tax liabilities | (8,866,000) | (10,732,000) |
| Net deferred tax assets | 35,069,000 | 43,856,000 |
| Net operating loss carryforwards | 1,136,000 | 1,239,000 |
| Valuation allowance of deferred tax assets | 0 | $ 0 |
| California | ||
| Deferred tax liabilities: | ||
| Net operating loss carryforwards expected to expire | $ 13,300,000 |
Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Effective Income Tax Rate Reconciliation, Percent | |||
| Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
| California franchise tax, net of federal tax benefit | 7.90% | 8.30% | 8.40% |
| Tax exempt interest on municipal securities and loans | (3.10%) | (1.90%) | (2.50%) |
| Tax exempt earnings on bank owned life insurance | (1.50%) | (0.40%) | (1.00%) |
| Non-deductible acquisition related expenses | 0.00% | 0.00% | 0.60% |
| Non-deductible executive compensation | 0.00% | 0.00% | 0.40% |
| Low income housing and qualified zone academy bond tax credits | (0.60%) | (0.20%) | (0.40%) |
| Stock-based compensation and excess tax deficiencies (benefits) | 0.20% | 0.00% | (0.10%) |
| Other | (0.30%) | (0.20%) | (0.40%) |
| Effective Tax Rate | 23.60% | 26.60% | 26.00% |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
||
|---|---|---|---|---|---|
| Loss Contingencies [Line Items] | |||||
| Total minimum lease payments | $ 25,352 | ||||
| Balance of escrow account for legal settlements maintained by Visa | [1] | 330 | $ 0 | $ 1,930 | |
| Operating lease, lease not yet commenced, liability | $ 2,000 | ||||
| Minimum | |||||
| Loss Contingencies [Line Items] | |||||
| Operating lease, remaining lease term (in years) | 4 months | ||||
| Finance lease, initial contract terms (in years) | 3 years | ||||
| Maximum | |||||
| Loss Contingencies [Line Items] | |||||
| Operating lease, remaining lease term (in years) | 18 years 5 months | ||||
| Finance lease, initial contract terms (in years) | 5 years | ||||
| |||||
Commitments and Contingencies - Schedule of Operating and Finance Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Operating leases: | ||
| Operating lease right-of-use assets | $ 20,316 | $ 24,821 |
| Operating lease liabilities | $ 22,906 | $ 26,639 |
| Finance leases: | ||
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Bank premises and equipment, net | Bank premises and equipment, net |
| Finance lease right-of-use assets | $ 608 | $ 616 |
| Accumulated amortization | (319) | (187) |
| Finance lease right-of-use assets, net | 289 | 429 |
| Present value of net minimum lease payments (lease liability) | $ 298 | $ 439 |
Commitments and Contingencies - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Commitments and Contingencies Disclosure [Abstract] | |||
| Right-of-use assets obtained in exchange for operating lease liabilities | $ 437 | $ 6,116 | $ 2,376 |
| Right-of-use assets obtained in exchange for finance lease liabilities | $ 7 | $ 151 | $ 444 |
Commitments and Contingencies - Schedule of Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Commitments and Contingencies Disclosure [Abstract] | |||
| Operating lease cost | $ 5,493 | $ 5,356 | $ 4,823 |
| Variable lease cost | 0 | 0 | 0 |
| Total operating lease cost | 5,493 | 5,356 | 4,823 |
| Finance lease cost: | |||
| Amortization of right-of-use assets | 147 | 127 | 96 |
| Interest on finance lease liabilities | 7 | 3 | 2 |
| Total finance lease cost | 154 | 130 | 98 |
| Total lease cost | $ 5,647 | $ 5,486 | $ 4,921 |
Commitments and Contingencies - Schedule of Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Operating Leases | ||
| 2024 | $ 4,753 | |
| 2025 | 4,112 | |
| 2026 | 3,373 | |
| 2027 | 3,096 | |
| 2028 | 2,710 | |
| Thereafter | 7,308 | |
| Total minimum lease payments | 25,352 | |
| Amounts representing interest (present value discount) | (2,446) | |
| Present value of net minimum lease payments (lease liability) | $ 22,906 | $ 26,639 |
| Weighted average remaining term (in years) | 7 years 3 months 18 days | |
| Weighted average discount rate | 2.40% | |
| Finance Leases | ||
| 2024 | $ 155 | |
| 2025 | 108 | |
| 2026 | 38 | |
| 2027 | 5 | |
| 2028 | 0 | |
| Thereafter | 0 | |
| Total minimum lease payments | 306 | |
| Amounts representing interest (present value discount) | (8) | |
| Present value of net minimum lease payments (lease liability) | $ 298 | $ 439 |
| Weighted average remaining term (in years) | 2 years 2 months 12 days | |
| Weighted average discount rate | 2.07% |
Concentrations of Credit Risk (Details) - Credit concentration risk - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| U.S. Government, its agencies and Government Sponsored Enterprises (GSEs) | U.S. Government And Government-Sponsored Enterprises | ||
| Concentration Risk [Line Items] | ||
| Concentration risk amount | $ 1,272.0 | $ 1,535.0 |
| Concentration risk percentage | 86.00% | 87.00% |
| Non-Government Sponsored Enterprises | U.S. Government And Government-Sponsored Enterprises | ||
| Concentration Risk [Line Items] | ||
| Concentration risk amount | $ 167.4 | $ 106.1 |
| Non-Government Sponsored Enterprises | Non-Government Sponsored Enterprises | ||
| Concentration Risk [Line Items] | ||
| Concentration risk percentage | 1.00% | 1.00% |
| Loans Receivable | ||
| Concentration Risk [Line Items] | ||
| Concentration risk, threshold for major borrower, percentage | 3.00% | 3.00% |
| Loans Receivable | Commercial real estate | San Francisco | ||
| Concentration Risk [Line Items] | ||
| Concentration risk percentage | 3.00% | |
| Loans on real estate | Residential loans | ||
| Concentration Risk [Line Items] | ||
| Concentration risk percentage | 90.00% | |
| Loans on real estate | Commercial real estate | Commercial real estate, non-owner occupied | ||
| Concentration Risk [Line Items] | ||
| Concentration risk percentage | 6.00% | |
Derivative Financial Instruments and Hedging Activities - Narrative (Details) - Interest rate swap $ in Millions |
1 Months Ended | |
|---|---|---|
|
Jul. 07, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
interest_rate_swap
|
|
| Derivatives, Fair Value [Line Items] | ||
| Derivative notional amount | $ | $ 101.8 | $ 8.6 |
| Fair value hedge | Designated as hedging instrument | ||
| Derivatives, Fair Value [Line Items] | ||
| Number of instruments held | 3 | |
| Number instruments terminated | 1 | |
| Minimum | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, term of contract | 2 years 6 months | |
| Maximum | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, term of contract | 3 years |
Derivative Financial Instruments and Hedging Activities - Schedule of Information on Derivatives (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Accrued interest | $ 2,300 | $ 3,200 |
| Available For Sale Securities | ||
| Derivatives, Fair Value [Line Items] | ||
| Carrying Amounts of Hedged Assets | 107,181 | 0 |
| Cumulative Amounts of Fair Value Hedging Adjustments Included in the Carrying Amounts of the Hedged Assets | (1,359) | 0 |
| Loans Receivable | ||
| Derivatives, Fair Value [Line Items] | ||
| Carrying Amounts of Hedged Assets | 8,183 | 11,319 |
| Cumulative Amounts of Fair Value Hedging Adjustments Included in the Carrying Amounts of the Hedged Assets | (367) | (726) |
| Fair value hedge | ||
| Derivatives, Fair Value [Line Items] | ||
| Accrued interest | 222 | |
| Fair value hedge | Designated as hedging instrument | Interest rate swap | Available For Sale Securities | ||
| Derivatives, Fair Value [Line Items] | ||
| Interest rate contracts notional amount, asset derivatives | 0 | 0 |
| Interest rate contracts notional amount, liability derivatives | 101,770 | 0 |
| Interest rate contracts fair value, asset derivatives | 0 | 0 |
| Interest rate contracts fair value, liability derivatives | 1,359 | 0 |
| Fair value hedge | Designated as hedging instrument | Interest rate contract | Loans Receivable | ||
| Derivatives, Fair Value [Line Items] | ||
| Interest rate contracts notional amount, asset derivatives | 6,441 | 12,046 |
| Interest rate contracts notional amount, liability derivatives | 2,157 | 0 |
| Interest rate contracts fair value, asset derivatives | 287 | 602 |
| Interest rate contracts fair value, liability derivatives | $ 2 | $ 0 |
Derivative Financial Instruments and Hedging Activities - Schedule of Interest Income (Details) - Fair value hedge - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Interest on investment securities | |||
| Derivatives, Fair Value [Line Items] | |||
| (Decrease) increase in fair value of interest rate swaps hedging loans receivable | $ (1,359) | $ 0 | $ 0 |
| Hedged interest earned (paid) | 367 | 0 | 0 |
| Increase (decrease) in carrying value included in the hedged loans | 1,359 | 0 | 0 |
| Net gain (loss) recognized in interest income on loans | 367 | 0 | 0 |
| Interest and fees on loans | |||
| Derivatives, Fair Value [Line Items] | |||
| (Decrease) increase in fair value of interest rate swaps hedging loans receivable | (317) | 1,687 | 827 |
| Hedged interest earned (paid) | 268 | (143) | (369) |
| Increase (decrease) in carrying value included in the hedged loans | 359 | (1,666) | (814) |
| Decrease in value of yield maintenance agreement | (9) | (10) | (11) |
| Net gain (loss) recognized in interest income on loans | $ 301 | $ (132) | $ (367) |
Derivative Financial Instruments and Hedging Activities - Schedule of Offsetting of Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Gross amounts of recognized assets | $ 287 | $ 602 |
| Gross amounts offset in the statements of condition | 0 | 0 |
| Net amounts of assets presented in the statements of condition | 287 | 602 |
| Gross amounts not offset in the statements of condition, financial instruments | 0 | 0 |
| Gross amounts not offset in the statements of condition, cash collateral received | 0 | 0 |
| Net Amount | 287 | 602 |
| Counterparty | ||
| Derivatives, Fair Value [Line Items] | ||
| Gross amounts of recognized assets | 287 | 602 |
| Gross amounts offset in the statements of condition | 0 | 0 |
| Net amounts of assets presented in the statements of condition | 287 | 602 |
| Gross amounts not offset in the statements of condition, financial instruments | 0 | 0 |
| Gross amounts not offset in the statements of condition, cash collateral received | 0 | 0 |
| Net Amount | $ 287 | $ 602 |
Derivative Financial Instruments and Hedging Activities - Schedule of Offsetting of Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Gross Amounts of Recognized Liabilities | $ 1,361 | $ 0 |
| Gross Amounts Offset in the Statements of Condition | 0 | 0 |
| Net Amounts of Liabilities Presented in the Statements of Condition | 1,361 | 0 |
| Gross Amounts Not Offset in the Statements of Condition, Financial Instruments | (287) | 0 |
| Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Pledged | (330) | 0 |
| Net Amount | 744 | 0 |
| Counterparty | ||
| Derivatives, Fair Value [Line Items] | ||
| Gross Amounts of Recognized Liabilities | 1,361 | 0 |
| Gross Amounts Offset in the Statements of Condition | 0 | 0 |
| Net Amounts of Liabilities Presented in the Statements of Condition | 1,361 | 0 |
| Gross Amounts Not Offset in the Statements of Condition, Financial Instruments | (287) | 0 |
| Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Pledged | (330) | 0 |
| Net Amount | $ 744 | $ 0 |
Regulatory Matters - Schedule of Capital Adequacy Ratios (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|---|---|---|
| Bancorp | ||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| Total Capital, Actual, Amount | $ 440,842 | $ 431,667 |
| Total Capital (to risk-weighted assets), Actual, Ratio | 0.1689 | 0.1590 |
| Total Capital, Minimum Capital for Capital Adequacy Purposes, Amount | $ 274,002 | $ 285,079 |
| Total Capital (to risk-weighted assets), Minimum Capital for Capital Adequacy Purposes, Ratio | 0.1050 | 0.1050 |
| Total Capital, Minimum Capital to be Well Capitalized, Amount | $ 260,954 | $ 271,504 |
| Total Capital (to risk-weighted assets), Minimum to be Well Capitalized, Ratio | 0.1000 | 0.1000 |
| Tier 1 Risk Based Capital, Actual, Amount | $ 415,224 | $ 407,912 |
| Tier 1 Risk Based Capital (to risk-weighted assets), Actual, Ratio | 0.1591 | 0.1502 |
| Tier 1 Capital, Minimum Capital for Capital Adequacy Purposes, Amount | $ 221,811 | $ 230,778 |
| Tier OneR isk Based Capital Required For Capital Adequacy With Buffer To Risk Weighted Assets | 0.0850 | 0.0850 |
| Tier One Risk Based Capital Required For Capital Adequacy With Buffer | $ 208,763 | $ 217,203 |
| Tier 1 Risk Based Capital (to risk-weighted assets), Minimum Capital to be Well Capitalized, Ratio | 0.0800 | 0.0800 |
| Tier 1 Leverage Capital, Amount, Actual | $ 415,224 | $ 407,912 |
| Tier 1 Leverage Capital (to average assets), Actual, Ratio | 0.1046 | 0.0960 |
| Tier 1 Leverage Capital, Minimum Capital for Capital Adequacy Purposes, Amount | $ 158,771 | $ 169,948 |
| Tier 1 Leverage Capital (to average assets), Minimum Capital for Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
| Tier 1 Leverage Capital, Actual, Amount | $ 198,464 | $ 212,435 |
| Tier 1 Leverage Capital (to average assets), Minimum Capital to be Well Capitalized, Ratio | 0.0500 | 0.0500 |
| Tier 1 Common Equity | $ 415,224 | $ 407,912 |
| Tier 1 Common Equity To Average Assets | 15.91% | 15.02% |
| Tier 1 Common Equity Required for Capital Adequacy | $ 182,668 | $ 190,053 |
| Tier 1 Common Equity Required for Capital Adequacy to Average Assets | 7.00% | 7.00% |
| Tier 1 Common Equity Required to be Well Capitalized | $ 169,620 | $ 176,478 |
| Tier 1 Common Equity Required to be Well Capitalized to Average Assets | 6.50% | 6.50% |
| The Bank | ||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| Total Capital, Actual, Amount | $ 433,598 | $ 427,108 |
| Total Capital (to risk-weighted assets), Actual, Ratio | 0.1662 | 0.1573 |
| Total Capital, Minimum Capital for Capital Adequacy Purposes, Amount | $ 273,986 | $ 285,052 |
| Total Capital (to risk-weighted assets), Minimum Capital for Capital Adequacy Purposes, Ratio | 0.1050 | 0.1050 |
| Total Capital, Minimum Capital to be Well Capitalized, Amount | $ 260,939 | $ 271,478 |
| Total Capital (to risk-weighted assets), Minimum to be Well Capitalized, Ratio | 0.1000 | 0.1000 |
| Tier 1 Risk Based Capital, Actual, Amount | $ 407,981 | $ 403,352 |
| Tier 1 Risk Based Capital (to risk-weighted assets), Actual, Ratio | 0.1564 | 0.1486 |
| Tier 1 Capital, Minimum Capital for Capital Adequacy Purposes, Amount | $ 221,798 | $ 230,757 |
| Tier OneR isk Based Capital Required For Capital Adequacy With Buffer To Risk Weighted Assets | 0.0850 | 0.0850 |
| Tier One Risk Based Capital Required For Capital Adequacy With Buffer | $ 208,751 | $ 217,183 |
| Tier 1 Risk Based Capital (to risk-weighted assets), Minimum Capital to be Well Capitalized, Ratio | 0.0800 | 0.0800 |
| Tier 1 Leverage Capital, Amount, Actual | $ 407,981 | $ 403,352 |
| Tier 1 Leverage Capital (to average assets), Actual, Ratio | 0.1028 | 0.0949 |
| Tier 1 Leverage Capital, Minimum Capital for Capital Adequacy Purposes, Amount | $ 158,767 | $ 169,940 |
| Tier 1 Leverage Capital (to average assets), Minimum Capital for Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
| Tier 1 Leverage Capital, Actual, Amount | $ 198,459 | $ 212,425 |
| Tier 1 Leverage Capital (to average assets), Minimum Capital to be Well Capitalized, Ratio | 0.0500 | 0.0500 |
| Tier 1 Common Equity | $ 407,981 | $ 403,352 |
| Tier 1 Common Equity To Average Assets | 15.64% | 14.86% |
| Tier 1 Common Equity Required for Capital Adequacy | $ 182,657 | $ 190,035 |
| Tier 1 Common Equity Required for Capital Adequacy to Average Assets | 7.00% | 7.00% |
| Tier 1 Common Equity Required to be Well Capitalized | $ 169,610 | $ 176,461 |
| Tier 1 Common Equity Required to be Well Capitalized to Average Assets | 6.50% | 6.50% |
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Commercial lines of credit | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loan commitments and standby letters of credit, off-balance sheet | $ 259,989 | $ 292,204 |
| Revolving home equity lines | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loan commitments and standby letters of credit, off-balance sheet | 218,935 | 218,907 |
| Undisbursed construction loans | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loan commitments and standby letters of credit, off-balance sheet | 13,943 | 43,179 |
| Personal and other lines of credit | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loan commitments and standby letters of credit, off-balance sheet | 9,136 | 10,842 |
| Standby letters of credit | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loan commitments and standby letters of credit, off-balance sheet | 3,147 | 1,738 |
| Total unfunded loan commitments and standby letters of credit | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loan commitments and standby letters of credit, off-balance sheet | $ 505,150 | 566,870 |
| Percentage of commitments expiring in 2023 | 38.00% | |
| Percentage of commitments expiring between 2024 and 2030 | 51.00% | |
| Percentage of commitments expiring 2030 and thereafter | 11.00% | |
| Allowance for off-balance sheet commitments | $ 1,100 | $ 1,500 |
Condensed Bank of Marin Bancorp Parent Only Financial Statements - Condensed Uncosolidated Statements of Condition (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Assets | ||||
| Total assets | $ 3,803,903 | $ 4,147,464 | ||
| Liabilities and Stockholders' Equity | ||||
| Other liabilities | 25,562 | 22,946 | ||
| Total liabilities | 3,364,841 | 3,735,372 | ||
| Stockholders' equity | 439,062 | 412,092 | $ 450,368 | $ 358,253 |
| Total liabilities and stockholders' equity | 3,803,903 | 4,147,464 | ||
| Bancorp | ||||
| Assets | ||||
| Cash and due from Bank of Marin | 7,189 | 4,493 | ||
| Investment in bank subsidiary | 431,819 | 407,532 | ||
| Other assets | 156 | 255 | ||
| Total assets | 439,164 | 412,280 | ||
| Liabilities and Stockholders' Equity | ||||
| Accrued expenses payable | 102 | 188 | ||
| Other liabilities | 0 | 0 | ||
| Total liabilities | 102 | 188 | ||
| Stockholders' equity | 439,062 | 412,092 | ||
| Total liabilities and stockholders' equity | $ 439,164 | $ 412,280 |
Condensed Bank of Marin Bancorp Parent Only Financial Statements - Condensed Unconsolidated Statements of Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Expense | |||
| Interest expense | $ 36,733 | $ 2,549 | $ 3,402 |
| Non-interest expense | 79,481 | 75,269 | 72,638 |
| Income tax benefit | (6,141) | (16,923) | (11,658) |
| Net income | 19,895 | 46,586 | 33,228 |
| Bancorp | |||
| Income | |||
| Dividends from bank subsidiary | 20,000 | 16,200 | 64,000 |
| Miscellaneous income | 0 | 0 | 0 |
| Total income | 20,000 | 16,200 | 64,000 |
| Expense | |||
| Interest expense | 0 | 0 | 1,361 |
| Non-interest expense | 1,705 | 1,793 | 4,025 |
| Total expense | 1,705 | 1,793 | 5,386 |
| Income before income taxes and equity in undistributed net income of subsidiary | 18,295 | 14,407 | 58,614 |
| Income tax benefit | 504 | 530 | 1,235 |
| Income before equity in undistributed net income of subsidiary | 18,799 | 14,937 | 59,849 |
| Earnings of bank subsidiary greater (less) than dividends received from bank subsidiary | 1,096 | 31,649 | (26,621) |
| Net income | $ 19,895 | $ 46,586 | $ 33,228 |
Condensed Bank of Marin Bancorp Parent Only Financial Statements - Condensed Unconsolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Cash Flows from Operating Activities: | |||
| Net income | $ 19,895 | $ 46,586 | $ 33,228 |
| Accretion of discount on subordinated debenture | 0 | 0 | 1,347 |
| Noncash director compensation expense | 398 | 355 | 217 |
| Other assets | (4,149) | 2,228 | 5,554 |
| Other liabilities | 2,378 | (4,708) | 2,276 |
| Net cash provided by operating activities | 35,659 | 55,277 | 45,253 |
| Cash Flows from Investing Activities: | |||
| Net cash provided by (used in) investing activities | 334,691 | (218,097) | (340,666) |
| Cash Flows from Financing Activities: | |||
| Repayment of subordinated debenture including execution costs | 0 | 0 | (4,126) |
| Restricted stock surrendered for tax withholdings upon vesting | (70) | (40) | (166) |
| Cash dividends paid on common stock | (16,106) | (15,673) | (13,107) |
| Stock repurchased, including commissions | 0 | (1,250) | (40,762) |
| Net cash (used in) provided by financing activities | (385,321) | (139,397) | 442,734 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (14,971) | (302,217) | 147,321 |
| Cash, cash equivalents and restricted cash at beginning of period | 45,424 | 347,641 | 200,320 |
| Cash, cash equivalents and restricted cash at end of period | 30,453 | 45,424 | 347,641 |
| Stock issued in payment of director fees | 398 | 355 | 217 |
| Repurchase of stock not yet settled | 0 | 0 | 373 |
| Bancorp | |||
| Cash Flows from Operating Activities: | |||
| Net income | 19,895 | 46,586 | 33,228 |
| Earnings of bank subsidiary (greater) less than dividends received from bank subsidiary | (1,096) | (31,649) | 26,621 |
| Accretion of discount on subordinated debenture | 0 | 0 | 1,347 |
| Noncash director compensation expense | 60 | 36 | 35 |
| Other assets | 99 | (12) | (1,655) |
| Other liabilities | (86) | (129) | (88) |
| Net cash provided by operating activities | 18,872 | 14,832 | 59,488 |
| Cash Flows from Investing Activities: | |||
| Capital contribution to bank subsidiary | (276) | (899) | (619) |
| Net cash provided by (used in) investing activities | (276) | (899) | (619) |
| Cash Flows from Financing Activities: | |||
| Repayment of subordinated debenture including execution costs | 0 | 0 | (4,126) |
| Restricted stock surrendered for tax withholdings upon vesting | (70) | (40) | (166) |
| Cash dividends paid on common stock | (16,106) | (15,673) | (13,107) |
| Stock repurchased, including commissions | 0 | (1,250) | (40,762) |
| Proceeds from stock options exercised and stock issued under employee and director stock purchase plans | 276 | 899 | 587 |
| Net cash (used in) provided by financing activities | (15,900) | (16,064) | (57,574) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | 2,696 | (2,131) | 1,295 |
| Cash, cash equivalents and restricted cash at beginning of period | 4,493 | 6,624 | 5,329 |
| Cash, cash equivalents and restricted cash at end of period | 7,189 | 4,493 | 6,624 |
| Stock issued in payment of director fees | 398 | 355 | 217 |
| Repurchase of stock not yet settled | 0 | 0 | 373 |
| Stock issued to employee stock ownership plan | $ 1,315 | $ 1,233 | $ 1,330 |
Merger - Narrative (Details) $ in Thousands |
Aug. 06, 2021
USD ($)
shares
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|---|---|---|---|
| Business Combination, Separately Recognized Transactions [Line Items] | |||
| Goodwill | $ 72,754 | $ 72,754 | |
| American River Bank (ARB) Merger | |||
| Business Combination, Separately Recognized Transactions [Line Items] | |||
| Assets | $ 898,400 | ||
| Investment securities acquired | 297,800 | ||
| Loans | 419,400 | ||
| Liabilities | 816,600 | ||
| Deposits | 790,000 | ||
| Goodwill | 42,600 | ||
| Total merger consideration | 124,477 | ||
| Net assets acquired | $ 81,900 | ||
| American River Bank (ARB) Merger | Bank of Marin | |||
| Business Combination, Separately Recognized Transactions [Line Items] | |||
| Business combination, number of common stock issued (in shares) | shares | 3,441,235 | ||
| American River Bank (ARB) Merger | Common Stock | |||
| Business Combination, Separately Recognized Transactions [Line Items] | |||
| Fixed exchange ratio | 0.575 |
Merger - Schedule of Consideration Paid for AMRB (Details) - AMRB $ / shares in Units, $ in Thousands |
Aug. 06, 2021
USD ($)
$ / shares
|
|---|---|
| Business Acquisition [Line Items] | |
| Cash consideration for stock options | $ 63 |
| Cash paid in lieu of fractional shares | 13 |
| Total merger consideration | 124,477 |
| Common Stock | |
| Business Acquisition [Line Items] | |
| Value of common stock consideration paid to shareholders (0.575 fixed exchange ratio, stock price $36.15) | $ 124,401 |
| Fixed exchange ratio | 0.575 |
| Business combination, common stock issuance price per share (in dollars per share) | $ / shares | $ 36.15 |
Merger - Schedule of Merger-Related One-Time and Conversion Costs (Details) - Bank of Marin - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Total merger-related and conversion costs | $ 0 | $ 858 | $ 6,458 |
| Personnel and severance | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Total merger-related and conversion costs | 0 | 393 | 3,005 |
| Professional services | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Total merger-related and conversion costs | 0 | 67 | 1,976 |
| Data processing | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Total merger-related and conversion costs | 0 | 77 | 1,127 |
| Other expense | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Total merger-related and conversion costs | $ 0 | $ 321 | $ 350 |