0001419536-24-000030 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 30, 2024

The Company’s primary leasing activities relate to certain real estate leases entered into in support of the Company’s branch operations and back office operations. The Company leases five of its full service branches and four other locations for corporate/administration activities, operations, and loan production. All property leases under lease agreements have been designated as operating leases. The Company does not have leases designated as finance leases.

The Company determines if an arrangement is a lease at inception. Operating lease Right of Use (“ROU”) assets are included in premises and equipment, and operating lease liabilities are included as other liabilities in the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at

commencement date in determining the present value of lease payments. The historical weighted average discount rate was 4.27% at September 30, 2024 and 3.79% at December 31, 2023. The operating lease ROU asset also includes any lease pre-payments. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which the Company has elected to account for separately as the non-lease component amounts are readily determinable under most leases.

As of September 30, 2024, the Company’s net lease ROU assets and related lease liabilities were $3.8 million and $4.4 million, respectively, compared to December 31, 2023 balances of $3.6 million of ROU assets and $3.8 million of lease liabilities, and have remaining terms ranging from one to nine years, including extension options that the Company is reasonably certain will be exercised. As of September 30, 2024, the Company had not entered into any material leases that have not yet commenced. The Company’s lease information is summarized as follows:


(in thousands)	September 30, 2024		December 31, 2023
Lease Right of Use Asset:
Lease asset	$	6,069	$	6,810
Less: Accumulated amortization	(2,226)		(3,223)
Net lease asset	$	3,843	$	3,587



Lease Liability:
Lease liability	$	6,404	6,892
Less: Accumulated amortization	(2,053)		(3,101)
Net lease liability	$	4,351	$	3,791

Future minimum payments for operating leases with initial or remaining terms of one year or more are as follows:


(in thousands)	September 30, 2024
Amounts due in:
2024	$	248
2025	1,112
2026	1,081
2027	576
2028	450
2029 and thereafter	1,629
Total future lease payments	5,096
Discount of cash flows	(745)
Present value of net future lease payments	$	4,351

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table reports the commitment and fair value amounts on the outstanding derivatives:


(in thousands)	September 30, 2024		December 31, 2023
Notional amount of open forward sales agreements	$	15,000	$	—
Fair value of open forward delivery sales agreements	8		—
Notional amount of interest rate lock commitments	11,065		—
Fair value of interest rate lock commitments	(8)		—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Segments - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Interest income	$ 52,610	$ 47,741	$ 151,594	$ 136,237
Interest expense	14,256	10,931	41,175	29,600
Net interest income	38,354	36,810	110,419	106,637
Provision for credit losses	3,748	2,280	9,892	6,802
Provision for credit losses on unfunded commitments	17	24	263	5
Net interest income after provision for credit losses	34,589	34,506	100,264	99,830
Noninterest income	6,635	6,326	19,497	19,039
Noninterest expense	29,725	28,046	88,705	83,860
Net income (loss) before taxes	11,499	12,786	31,056	35,009
Total assets	2,560,788	2,272,484	2,560,788	2,272,484	$ 2,226,176
Open Sky
Segment Reporting Information [Line Items]
Data processing expense	6,200	6,100	18,700	17,900
Operating Segments \| Commercial Bank
Segment Reporting Information [Line Items]
Interest income	35,805	30,409	102,269	85,451
Interest expense	13,984	10,736	40,450	29,012
Net interest income	21,821	19,673	61,819	56,439
Provision for credit losses	1,453	275	3,680	849
Provision for credit losses on unfunded commitments	17	24	263	5
Net interest income after provision for credit losses	20,351	19,374	57,876	55,585
Noninterest income	726	665	2,107	1,964
Noninterest expense	12,422	12,610	36,890	36,043
Net income (loss) before taxes	8,655	7,429	23,093	21,506
Total assets	2,358,555	2,102,749	2,358,555	2,102,749
Operating Segments \| CBHL
Segment Reporting Information [Line Items]
Interest income	161	111	376	299
Interest expense	108	32	232	104
Net interest income	53	79	144	195
Provision for credit losses	0	0	0	0
Provision for credit losses on unfunded commitments	0	0	0	0
Net interest income after provision for credit losses	53	79	144	195
Noninterest income	1,811	1,255	5,008	3,743
Noninterest expense	2,395	1,880	7,000	6,538
Net income (loss) before taxes	(531)	(546)	(1,848)	(2,600)
Total assets	19,831	5,280	19,831	5,280
Operating Segments \| Open Sky
Segment Reporting Information [Line Items]
Interest income	15,625	16,143	46,331	47,441
Interest expense	0	0	0	0
Net interest income	15,625	16,143	46,331	47,441
Provision for credit losses	2,294	1,875	6,152	5,823
Provision for credit losses on unfunded commitments	0	0	0	0
Net interest income after provision for credit losses	13,331	14,268	40,179	41,618
Noninterest income	4,096	4,405	12,379	13,329
Noninterest expense	13,276	13,227	40,650	40,083
Net income (loss) before taxes	4,151	5,446	11,908	14,864
Total assets	121,587	116,318	121,587	116,318
Operating Segments \| Corporate
Segment Reporting Information [Line Items]
Interest income	1,049	1,162	2,772	3,274
Interest expense	194	247	647	712
Net interest income	855	915	2,125	2,562
Provision for credit losses	1	130	60	130
Provision for credit losses on unfunded commitments	0	0	0	0
Net interest income after provision for credit losses	854	785	2,065	2,432
Noninterest income	2	1	3	3
Noninterest expense	1,632	329	4,165	1,196
Net income (loss) before taxes	(776)	457	(2,097)	1,239
Total assets	300,325	264,950	300,325	264,950
Eliminations
Segment Reporting Information [Line Items]
Interest income	(30)	(84)	(154)	(228)
Interest expense	(30)	(84)	(154)	(228)
Net interest income	0	0	0	0
Provision for credit losses	0	0	0	0
Provision for credit losses on unfunded commitments	0	0	0	0
Net interest income after provision for credit losses	0	0	0	0
Noninterest income	0	0	0	0
Noninterest expense	0	0	0	0
Net income (loss) before taxes	0	0	0	0
Total assets	$ (239,510)	$ (216,813)	$ (239,510)	$ (216,813)

Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Cumulative effect adjustment due to adoption of the CECL standard	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative effect adjustment due to adoption of the CECL standard	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022			14,138,829
Beginning balance at Dec. 31, 2022	$ 224,015	$ (29)	$ 141	$ 58,190	$ 182,435	$ (29)	$ (16,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,735				9,735
Unrealized gain (loss) on investment securities available-for-sale, net of income taxes	2,792						2,792
Stock options exercised, net of shares withheld for purchase price (in shares)			63,064
Stock options exercised, net of shares withheld for purchase price	589		$ 1	782	(194)
Shares issued as compensation (in shares)			28,081
Shares issued as compensation	546			585	(39)
Stock-based compensation	438			438
Cash dividends to stockholders	(850)				(850)
Shares repurchased and retired (in shares)			(146,937)
Shares repurchased and retired	(2,719)		$ (1)	(2,718)
Ending balance (in shares) at Mar. 31, 2023			14,083,037
Ending balance at Mar. 31, 2023	234,517		$ 141	57,277	191,058		(13,959)
Beginning balance (in shares) at Dec. 31, 2022			14,138,829
Beginning balance at Dec. 31, 2022	224,015	$ (29)	$ 141	58,190	182,435	$ (29)	(16,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,841
Ending balance (in shares) at Sep. 30, 2023			13,893,083
Ending balance at Sep. 30, 2023	242,878		$ 139	54,549	206,033		(17,843)
Beginning balance (in shares) at Mar. 31, 2023			14,083,037
Beginning balance at Mar. 31, 2023	234,517		$ 141	57,277	191,058		(13,959)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,318				7,318
Unrealized gain (loss) on investment securities available-for-sale, net of income taxes	(2,092)						(2,092)
Stock options exercised, net of shares withheld for purchase price (in shares)			34,687
Stock options exercised, net of shares withheld for purchase price	423			429	(6)
Shares issued as compensation (in shares)			2,097
Shares issued as compensation	(11)			26	(37)
Stock-based compensation	438			438
Cash dividends to stockholders	(843)				(843)
Shares repurchased and retired (in shares)			(138,407)
Shares repurchased and retired	(2,315)		$ (1)	(2,314)
Ending balance (in shares) at Jun. 30, 2023			13,981,414
Ending balance at Jun. 30, 2023	237,435		$ 140	55,856	197,490		(16,051)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,788				9,788
Unrealized gain (loss) on investment securities available-for-sale, net of income taxes	(1,792)						(1,792)
Stock options exercised, net of shares withheld for purchase price (in shares)			12,244
Stock options exercised, net of shares withheld for purchase price	23			153	(130)
Stock-based compensation	441			441
Cash dividends to stockholders	(1,115)				(1,115)
Shares repurchased and retired (in shares)			(100,575)
Shares repurchased and retired	(1,902)		$ (1)	(1,901)
Ending balance (in shares) at Sep. 30, 2023			13,893,083
Ending balance at Sep. 30, 2023	$ 242,878		$ 139	54,549	206,033		(17,843)
Beginning balance (in shares) at Dec. 31, 2023	13,922,532		13,922,532
Beginning balance at Dec. 31, 2023	$ 254,860		$ 139	54,473	213,345		(13,097)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,562				6,562
Unrealized gain (loss) on investment securities available-for-sale, net of income taxes	(537)						(537)
Stock options exercised, net of shares withheld for purchase price (in shares)			10,171
Stock options exercised, net of shares withheld for purchase price	107			146	(39)
Shares issued as compensation (in shares)			24,729
Shares issued as compensation	515			537	(22)
Stock-based compensation	472			472
Cash dividends to stockholders	(1,115)				(1,115)
Shares repurchased and retired (in shares)			(67,869)
Shares repurchased and retired	(1,399)			(1,399)
Ending balance (in shares) at Mar. 31, 2024			13,889,563
Ending balance at Mar. 31, 2024	$ 259,465		$ 139	54,229	218,731		(13,634)
Beginning balance (in shares) at Dec. 31, 2023	13,922,532		13,922,532
Beginning balance at Dec. 31, 2023	$ 254,860		$ 139	54,473	213,345		(13,097)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 23,439
Ending balance (in shares) at Sep. 30, 2024	13,917,891		13,917,891
Ending balance at Sep. 30, 2024	$ 280,111		$ 139	55,585	232,995		(8,608)
Beginning balance (in shares) at Mar. 31, 2024			13,889,563
Beginning balance at Mar. 31, 2024	259,465		$ 139	54,229	218,731		(13,634)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,205				8,205
Unrealized gain (loss) on investment securities available-for-sale, net of income taxes	520						520
Stock options exercised, net of shares withheld for purchase price (in shares)			20,438
Stock options exercised, net of shares withheld for purchase price	293			293
Shares issued as compensation (in shares)			466
Shares issued as compensation	8			8
Stock-based compensation	475			475
Cash dividends to stockholders	(1,112)				(1,112)
Ending balance (in shares) at Jun. 30, 2024			13,910,467
Ending balance at Jun. 30, 2024	267,854		$ 139	55,005	225,824		(13,114)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,672				8,672
Unrealized gain (loss) on investment securities available-for-sale, net of income taxes	4,506						4,506
Stock options exercised, net of shares withheld for purchase price (in shares)			7,424
Stock options exercised, net of shares withheld for purchase price	(5)			105	(110)
Stock-based compensation	475			475
Cash dividends to stockholders	$ (1,391)				(1,391)
Ending balance (in shares) at Sep. 30, 2024	13,917,891		13,917,891
Ending balance at Sep. 30, 2024	$ 280,111		$ 139	$ 55,585	$ 232,995		$ (8,608)

Nature of Business and Basis of Presentation (Policies)	9 Months Ended
Nature of Business and Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of operations	Nature of operations: Capital Bancorp, Inc. is a Maryland corporation and the bank holding company (the “Company”) for Capital Bank, N.A. (the “Bank”). The Company's primary operations are conducted by the Bank, which operates branches in Rockville and Columbia, Maryland; Reston, Virginia; the District of Columbia; and Fort Lauderdale, Florida. The Bank is principally engaged in the business of investing in commercial, real estate, and credit card loans and attracting deposits. The Company originates residential mortgages for sale in the secondary market through Capital Bank Home Loans (“CBHL”), the Bank’s residential mortgage banking arm, and issues credit cards through OpenSky™, a digitally-driven nationwide credit card platform providing secured, partially secured, and unsecured credit solutions. The Company formed Church Street Capital, LLC (“Church Street Capital”) in 2014 to provide short-term secured real estate financing to Washington, D.C. area investors and developers that may not meet all Bank credit criteria. At September 30, 2024, Church Street Capital had loans totaling $6.2 million with a collectively assessed allowance for credit losses (“ACL”) of $184 thousand. Refer to Note 5 - “Portfolio Loans Receivable and Allowance for Credit Losses” to the “Notes to Unaudited Consolidated Financial Statements” for further discussion of the consolidated ACL. In addition, the Company owns all of the stock of Capital Bancorp (MD) Statutory Trust I (the “Trust”). The Trust is a special purpose non-consolidated entity organized for the sole purpose of issuing trust preferred securities.
Basis of presentation	Basis of presentation: The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with rules and regulations of the Securities and Exchange Commission (“SEC”) and include the activity of the Company and its wholly-owned subsidiaries, the Bank and Church Street Capital. The statements do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments have been made which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. Such adjustments are all of a normal and recurring nature. All significant inter-company accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto as of December 31, 2023, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The Company reports its activities as four business segments: commercial banking; mortgage lending; credit cards; and corporate activities. In determining the appropriateness of segment definition, the Company considers components of the business about which financial information is available and regularly evaluated relative to resource allocation and performance assessment.
Recently issued accounting pronouncements	Recently issued accounting pronouncements: In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires public entities to disclose significant segment expenses, an amount and description for other segment items, the title and position of the entity’s chief operating decision maker (“CODM”) and an explanation of how the CODM uses the reported measures of profit or loss to assess segment performance, and, on an interim basis, certain segment related disclosures that previously were required only on an annual basis. ASU 2023-07 also clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements and that an entity is permitted to disclose multiple measures of segment profit or loss, provided that certain criteria are met. ASU 2023-07 is effective for the Company for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will update its segment related disclosures upon adoption. In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on quantitative thresholds, among other things. ASU 2023-09 is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company will update its income tax disclosures upon adoption. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations or cash flows.
Reclassifications	Reclassifications: Certain reclassifications have been made to amounts reported in prior periods to conform to the current period presentation. The reclassifications had no material effect on net income or total stockholders' equity.
Subsequent events	Subsequent events: Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. For further information on a subsequent event related to the Company’s quarterly dividend, refer to Note 10.

Subsequent Events (Details)	1 Months Ended
Subsequent Events (Details)	Oct. 31, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividend of common stock declared (in dollar per share)	$ 0.10

Portfolio Loans Receivable and Allowance for Credit Losses - Schedule of Major Categories of Total Loans Outstanding (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 2,113,705		$ 1,910,930
Loans receivable, percent	100.00%		100.00%
Deferred origination fees, net	$ (6,183)		$ (7,642)
Allowance for credit losses	(31,925)	$ (30,832)	(28,610)	$ (28,279)	$ (27,495)	$ (27,189)
Total portfolio loans held for investment, net	2,075,597		1,874,678
Commercial and Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 271,811		$ 239,208
Loans receivable, percent	13.00%		13.00%
Allowance for credit losses	$ (4,287)	(4,076)	$ (4,406)	(5,138)	(5,239)	(4,008)
Real estate: \| Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 623,684		$ 573,104
Loans receivable, percent	30.00%		30.00%
Allowance for credit losses	$ (5,982)	(5,999)	$ (5,518)	(5,779)	(5,419)	(4,283)
Real estate: \| Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 787,158		$ 684,229
Loans receivable, percent	37.00%		35.00%
Allowance for credit losses	$ (11,705)	(11,682)	$ (10,316)	(9,278)	(9,245)	(12,039)
Real estate: \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 301,909		$ 290,108
Loans receivable, percent	14.00%		15.00%
Allowance for credit losses	$ (2,604)	(2,299)	$ (2,271)	(2,251)	(1,868)	(1,809)
Credit card, net of reserve \| Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 127,098		$ 123,331
Loans receivable, percent	6.00%		7.00%
Allowance for credit losses	$ (7,329)	(6,758)	$ (6,087)	(5,824)	(5,707)	(5,033)
Other consumer \| Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 2,045		$ 950
Loans receivable, percent	0.00%		0.00%
Allowance for credit losses	$ (18)	$ (18)	$ (12)	$ (9)	$ (17)	$ (17)

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2024, the Company’s Board of Directors declared a $0.10 per share dividend, payable on November 20, 2024 to shareholders of record on November 4, 2024.

Portfolio Loans Receivable and Allowance for Credit Losses - Schedule of Outstanding Loan Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 2,113,705	$ 1,910,930
Commercial and Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	271,811	239,208
Real estate: \| Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	623,684	573,104
Real estate: \| Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	787,158	684,229
Real estate: \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	301,909	290,108
Credit card \| Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	127,098	123,331
Credit card \| Consumer \| Savings Deposits
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	100,000	98,200
Other consumer \| Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	2,045	950
Commitments to Extend Credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused lines of credit	403,540	336,472
Letters of credit	4,633	4,641
Commitments to Extend Credit \| Commercial and Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused lines of credit	77,391	42,751
Commitments to Extend Credit \| Real estate: \| Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused lines of credit	20,954	15,436
Commitments to Extend Credit \| Real estate: \| Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused lines of credit	42,809	20,424
Commitments to Extend Credit \| Residential - Home Equity \| Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused lines of credit	45,957	43,892
Commitments to Extend Credit \| Construction \| Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused lines of credit	90,871	98,777
Commitments to Extend Credit \| Credit card \| Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused lines of credit	125,304	114,882
Commitments to Extend Credit \| Other consumer \| Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unused lines of credit	$ 254	$ 310

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company may enter into interest rate lock commitments, which are commitments to originate loans whereby the interest rate on the loan is determined prior to funding and customers have locked into that interest rate as part of its mortgage banking activities. The Company then locks the loan and rate in with an investor and commits to deliver the loan if settlement occurs (Best Efforts). Certain loans under rate lock commitments are covered under forward sales contracts. Forward sales contracts are recorded at fair value with changes in fair value recorded in mortgage banking revenue. Interest rate lock commitments and commitments to deliver loans to investors are considered to be derivatives. The market value of interest rate lock commitments and best efforts contracts are not readily ascertainable with precision because they are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments by estimating the fair value of the underlying asset, which is impacted by current interest rates and takes into consideration the probability that the rate lock commitments will close or will be funded.

The following table reports the commitment and fair value amounts on the outstanding derivatives:


(in thousands)	September 30, 2024		December 31, 2023
Notional amount of open forward sales agreements	$	15,000	$	—
Fair value of open forward delivery sales agreements	8		—
Notional amount of interest rate lock commitments	11,065		—
Fair value of interest rate lock commitments	(8)		—

Segments - Narrative (Details)	9 Months Ended
Segments - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Investment Securities - Schedule of Amortized Cost, Fair Value and Allowance for Credit Losses of Securities Available for Sale (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 220,026,000	$ 225,679,000
Gross Unrealized Gains	567,000	17,000
Gross Unrealized Losses	(11,893,000)	(17,367,000)
Allowance for Credit Losses	0	0
Fair Value	208,700,000	208,329,000
U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	135,903,000	161,420,000
Gross Unrealized Gains	130,000	0
Gross Unrealized Losses	(8,229,000)	(12,192,000)
Allowance for Credit Losses	0	0
Fair Value	127,804,000	149,228,000
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,699,000	11,699,000
Gross Unrealized Gains	15,000	4,000
Gross Unrealized Losses	(1,947,000)	(2,331,000)
Allowance for Credit Losses	0	0
Fair Value	9,767,000	9,372,000
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,000,000	5,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(320,000)	(587,000)
Allowance for Credit Losses	0	0
Fair Value	4,680,000	4,413,000
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,652,000	7,069,000
Gross Unrealized Gains	20,000	13,000
Gross Unrealized Losses	(15,000)	(37,000)
Allowance for Credit Losses	0	0
Fair Value	5,657,000	7,045,000
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	61,772,000	40,491,000
Gross Unrealized Gains	402,000	0
Gross Unrealized Losses	(1,382,000)	(2,220,000)
Allowance for Credit Losses	0	0
Fair Value	$ 60,792,000	$ 38,271,000

Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

The following schedule presents financial information for each reportable segment at September 30, 2024 and September 30, 2023.


For the Three Months Ended September 30, 2024
(in thousands)	Commercial Bank		CBHL		OpenSky™		Corporate(2)		Eliminations		Consolidated
Interest income	$	35,805	$	161	$	15,625	$	1,049	$	(30)	$	52,610
Interest expense	13,984		108		—		194		(30)		14,256
Net interest income	21,821		53		15,625		855		—		38,354
Provision for credit losses	1,453		—		2,294		1		—		3,748
Provision for credit losses on unfunded commitments	17		—		—		—		—		17
Net interest income after provision	20,351		53		13,331		854		—		34,589
Noninterest income	726		1,811		4,096		2		—		6,635
Noninterest expense(1)	12,422		2,395		13,276		1,632		—		29,725
Net income (loss) before taxes	$	8,655	$	(531)	$	4,151	$	(776)	$	—	$	11,499

Total assets	$	2,358,555	$	19,831	$	121,587	$	300,325	$	(239,510)	$	2,560,788

For the Three Months Ended September 30, 2023
Interest income	$	30,409	$	111	$	16,143	$	1,162	$	(84)	$	47,741
Interest expense	10,736		32		—		247		(84)		10,931
Net interest income	19,673		79		16,143		915		—		36,810
Provision for credit losses	275		—		1,875		130		—		2,280
Provision for credit losses on unfunded commitments	24		—		—		—		—		24
Net interest income after provision	19,374		79		14,268		785		—		34,506
Noninterest income	665		1,255		4,405		1		—		6,326
Noninterest expense(1)	12,610		1,880		13,227		329		—		28,046
Net income (loss) before taxes	$	7,429	$	(546)	$	5,446	$	457	$	—	$	12,786

Total assets	$	2,102,749	$	5,280	$	116,318	$	264,950	$	(216,813)	$	2,272,484

(1) Noninterest expense includes $6.2 million and $6.1 million in data processing expense in the OpenSky™ segment for the three months ended September 30, 2024 and 2023, respectively.

(2) The Corporate segment invests idle cash in revenue producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.


For the Nine Months Ended September 30, 2024
(in thousands)	Commercial Bank		CBHL		OpenSky™		Corporate(2)		Eliminations		Consolidated
Interest income	$	102,269	$	376	$	46,331	$	2,772	$	(154)	$	151,594
Interest expense	40,450		232		—		647		(154)		41,175
Net interest income	61,819		144		46,331		2,125		—		110,419
Provision for credit losses	3,680		—		6,152		60		—		9,892
Provision for credit losses on unfunded commitments	263		—		—		—		—		263
Net interest income after provision	57,876		144		40,179		2,065		—		100,264
Noninterest income	2,107		5,008		12,379		3		—		19,497
Noninterest expense(1)	36,890		7,000		40,650		4,165		—		88,705
Net income (loss) before taxes	$	23,093	$	(1,848)	$	11,908	$	(2,097)	$	—	$	31,056

Total assets	$	2,358,555	$	19,831	$	121,587	$	300,325	$	(239,510)	$	2,560,788

For the Nine Months Ended September 30, 2023
Interest income	$	85,451	$	299	$	47,441	$	3,274	$	(228)	$	136,237
Interest expense	29,012		104		—		712		(228)		29,600
Net interest income	56,439		195		47,441		2,562		—		106,637
Provision for credit losses	849		—		5,823		130		—		6,802
Provision for credit losses on unfunded commitments	5		—		—		—		—		5
Net interest income after provision	55,585		195		41,618		2,432		—		99,830
Noninterest income	1,964		3,743		13,329		3		—		19,039
Noninterest expense(1)	36,043		6,538		40,083		1,196		—		83,860
Net income (loss) before taxes	$	21,506	$	(2,600)	$	14,864	$	1,239	$	—	$	35,009

Total assets	$	2,102,749	$	5,280	$	116,318	$	264,950	$	(216,813)	$	2,272,484

(1) Noninterest expense includes $18.7 million and $17.9 million in data processing expense in OpenSky’s™ segment for the nine months ended September 30, 2024 and 2023, respectively.

(2) The Corporate segment invests idle cash in revenue producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.

Nature of Business and Basis of Presentation	9 Months Ended
Nature of Business and Basis of Presentation	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Business and Basis of Presentation	Note 1 - Nature of Business and Basis of Presentation Nature of operations: Capital Bancorp, Inc. is a Maryland corporation and the bank holding company (the “Company”) for Capital Bank, N.A. (the “Bank”). The Company's primary operations are conducted by the Bank, which operates branches in Rockville and Columbia, Maryland; Reston, Virginia; the District of Columbia; and Fort Lauderdale, Florida. The Bank is principally engaged in the business of investing in commercial, real estate, and credit card loans and attracting deposits. The Company originates residential mortgages for sale in the secondary market through Capital Bank Home Loans (“CBHL”), the Bank’s residential mortgage banking arm, and issues credit cards through OpenSky™, a digitally-driven nationwide credit card platform providing secured, partially secured, and unsecured credit solutions. The Company formed Church Street Capital, LLC (“Church Street Capital”) in 2014 to provide short-term secured real estate financing to Washington, D.C. area investors and developers that may not meet all Bank credit criteria. At September 30, 2024, Church Street Capital had loans totaling $6.2 million with a collectively assessed allowance for credit losses (“ACL”) of $184 thousand. Refer to Note 5 - “Portfolio Loans Receivable and Allowance for Credit Losses” to the “Notes to Unaudited Consolidated Financial Statements” for further discussion of the consolidated ACL. In addition, the Company owns all of the stock of Capital Bancorp (MD) Statutory Trust I (the “Trust”). The Trust is a special purpose non-consolidated entity organized for the sole purpose of issuing trust preferred securities. Basis of presentation: The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with rules and regulations of the Securities and Exchange Commission (“SEC”) and include the activity of the Company and its wholly-owned subsidiaries, the Bank and Church Street Capital. The statements do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments have been made which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. Such adjustments are all of a normal and recurring nature. All significant inter-company accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto as of December 31, 2023, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The Company reports its activities as four business segments: commercial banking; mortgage lending; credit cards; and corporate activities. In determining the appropriateness of segment definition, the Company considers components of the business about which financial information is available and regularly evaluated relative to resource allocation and performance assessment. Significant accounting policies: The preparation of consolidated financial statements in accordance with GAAP requires estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. The primary reference point for the estimates is on historical experience and assumptions believed to be reasonable regarding the value of certain assets and liabilities that are not readily available from other sources. Estimates are evaluated on an ongoing basis. Actual results may materially differ from these estimates under different assumptions or conditions. The Company’s significant accounting policies are described in the “Notes to the Consolidated Financial Statements” included in our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no changes to our significant accounting policies during the three and nine months ended September 30, 2024. Recently issued accounting pronouncements: In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires public entities to disclose significant segment expenses, an amount and description for other segment items, the title and position of the entity’s chief operating decision maker (“CODM”) and an explanation of how the CODM uses the reported measures of profit or loss to assess segment performance, and, on an interim basis, certain segment related disclosures that previously were required only on an annual basis. ASU 2023-07 also clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements and that an entity is permitted to disclose multiple measures of segment profit or loss, provided that certain criteria are met. ASU 2023-07 is effective for the Company for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will update its segment related disclosures upon adoption. In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on quantitative thresholds, among other things. ASU 2023-09 is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company will update its income tax disclosures upon adoption. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not expected to have a material impact on the Company's financial position, results of operations or cash flows. Reclassifications: Certain reclassifications have been made to amounts reported in prior periods to conform to the current period presentation. The reclassifications had no material effect on net income or total stockholders' equity. Subsequent events: Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. For further information on a subsequent event related to the Company’s quarterly dividend, refer to Note 10.

Leases - Narrative (Details) $ in Thousands	9 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) branch location	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Number of full service branches \| branch	5
Number of other locations \| location	4
Weighted average discount rate	4.27%	3.79%
Net lease ROU assets	$ 3,843	$ 3,587
Present value of net future lease payments	$ 4,351	$ 3,791
Minimum
Lessee, Lease, Description [Line Items]
Remaining term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining term of contract	9 years

Portfolio Loans Receivable and Allowance for Credit Losses - Schedule of Changes and Allocation of Allowance for Credit Losses by Loan Segment Class (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 30,832	$ 27,495	$ 28,610	$ 27,189
Other		284		284
Provision (Release of Provision) for Credit Losses	3,748	2,280	9,892	6,802
Charge-Offs	(2,661)	(1,830)	(6,689)	(6,056)
Recoveries	6	50	112	60
Ending balance	31,925	28,279	31,925	28,279
Commercial and Industrial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	4,076	5,239	4,406	4,008
Other		0		0
Provision (Release of Provision) for Credit Losses	577	(35)	349	1,186
Charge-Offs	(368)	(77)	(470)	(77)
Recoveries	2	11	2	21
Ending balance	4,287	5,138	4,287	5,138
Real estate: \| Residential
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,999	5,419	5,518	4,283
Other		91		91
Provision (Release of Provision) for Credit Losses	(21)	269	1,094	1,405
Charge-Offs	4	0	(630)	0
Recoveries	0	0	0	0
Ending balance	5,982	5,779	5,982	5,779
Real estate: \| Commercial
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	11,682	9,245	10,316	12,039
Other		193		193
Provision (Release of Provision) for Credit Losses	593	(199)	1,959	(2,050)
Charge-Offs	(570)	0	(570)	(943)
Recoveries	0	39	0	39
Ending balance	11,705	9,278	11,705	9,278
Real estate: \| Construction
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,299	1,868	2,271	1,809
Other		0		0
Provision (Release of Provision) for Credit Losses	305	383	333	442
Charge-Offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	2,604	2,251	2,604	2,251
Credit card \| Consumer
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	6,758	5,707	6,087	5,033
Other		0		0
Provision (Release of Provision) for Credit Losses	2,294	1,870	6,151	5,827
Charge-Offs	(1,727)	(1,753)	(5,019)	(5,036)
Recoveries	4	0	110	0
Ending balance	7,329	5,824	7,329	5,824
Other consumer \| Consumer
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	18	17	12	17
Other		0		0
Provision (Release of Provision) for Credit Losses	0	(8)	6	(8)
Charge-Offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	$ 18	$ 9	$ 18	$ 9

Portfolio Loans Receivable and Allowance for Credit Losses - Schedule of Credit Losses for Financing Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 30,832	$ 27,495	$ 28,610	$ 27,189
(Release of) provision for mortgage loan put-back reserve	3,748	2,280	9,892	6,802
Ending balance	31,925	28,279	31,925	28,279
Unfunded Lines of Credit
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,052	888	806	1,682
(Release of) provision for mortgage loan put-back reserve	17	24	263	5
Ending balance	1,069	912	1,069	912
Unfunded Lines of Credit \| Cumulative effect adjustment due to adoption of the CECL standard
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance				(775)
Mortgage Loans Sold
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	912	1,182	985	1,174
(Release of) provision for mortgage loan put-back reserve	20	4	(53)	12
Ending balance	$ 932	$ 1,186	$ 932	$ 1,186

Nature of Business and Basis of Presentation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) segment	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Loans outstanding	$ 2,075,597		$ 1,874,678
Allowance for credit losses	$ 31,925	$ 30,832	$ 28,610	$ 28,279	$ 27,495	$ 27,189
Number of reportable segments \| segment	4
Church Street Capital
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Loans outstanding	$ 6,200
Allowance for credit losses	$ 184

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Investment Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

The following table summarizes the amortized cost, fair value and allowance for credit losses of securities available-for-sale at September 30, 2024 and December 31, 2023, respectively, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):


(in thousands)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2024
U.S. Treasuries	$	135,903	$	130	$	(8,229)	$	—	$	127,804

Municipal	11,699		15		(1,947)		—		9,767
Corporate	5,000		—		(320)		—		4,680
Asset-backed securities	5,652		20		(15)		—		5,657
Mortgage-backed securities	61,772		402		(1,382)		—		60,792
Total	$	220,026	$	567	$	(11,893)	$	—	$	208,700

December 31, 2023
U.S. Treasuries	$	161,420	$	—	$	(12,192)	$	—	$	149,228

Municipal	11,699		4		(2,331)		—		9,372
Corporate	5,000		—		(587)		—		4,413
Asset-backed securities	7,069		13		(37)		—		7,045
Mortgage-backed securities	40,491		—		(2,220)		—		38,271
Total	$	225,679	$	17	$	(17,367)	$	—	$	208,329

There were no securities sold during the nine months ended September 30, 2024 or the nine months ended September 30, 2023. There was no ACL required on available-for-sale debt securities in an unrealized loss position at September 30, 2024 and December 31, 2023.

The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.


	September 30, 2024				December 31, 2023
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	30,000	$	29,725	$	39,918	$	39,294
One to five years	86,118		80,869		101,688		93,218
Five to ten years	29,793		26,396		26,215		22,511
Beyond ten years	6,691		5,261		10,298		7,990
Asset-backed securities(1)	5,652		5,657		7,069		7,045
Mortgage-backed securities(1)	61,772		60,792		40,491		38,271
Total	$	220,026	$	208,700	$	225,679	$	208,329

_______________

(1) Asset-backed and Mortgage-backed securities are due in monthly installments.

There were no securities pledged at September 30, 2024 and December 31, 2023 to secure public deposits and repurchase agreements. Pledged securities at the Federal Reserve’s Bank Term Funding Program (“BTFP”) totaled $170.7 million at December 31, 2023 with no securities pledged as of September 30, 2024 as the program ended during the first quarter 2024.

At September 30, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

The following table summarizes debt securities available-for-sale in an unrealized loss position for which an ACL has not been recorded at September 30, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous unrealized loss position:


	Less than 12 months				12 months or longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2024
U.S. Treasuries	$	—	$	—	$	122,994	$	(8,229)	$	122,994	$	(8,229)
Municipal	—		—		8,849		(1,947)		8,849		(1,947)
Corporate	—		—		4,680		(320)		4,680		(320)
Asset-backed securities	—		—		3,461		(15)		3,461		(15)
Mortgage-backed securities	7,064		(5)		23,918		(1,377)		30,982		(1,382)
Total	$	7,064	$	(5)	$	163,902	$	(11,888)	$	170,966	$	(11,893)

December 31, 2023
U.S. Treasuries	$	—	$	—	$	149,228	$	(12,192)	$	149,228	$	(12,192)

Municipal	—		—		8,473		(2,331)		8,473		(2,331)
Corporate	—		—		4,413		(587)		4,413		(587)
Asset-backed securities	—		—		5,154		(37)		5,154		(37)
Mortgage-backed securities	6,057		(8)		32,214		(2,212)		38,271		(2,220)
Total	$	6,057	$	(8)	$	199,482	$	(17,359)	$	205,539	$	(17,367)

As of September 30, 2024, management determined the Company does not have the intent to sell, nor is it more likely than not that it will be required to sell, available-for-sale debt securities in an unrealized loss position at September 30, 2024 before it is able to recover the amortized cost basis. Further, management reviewed the Company’s holdings as of September 30, 2024 and concluded there were no credit-related declines in fair value. Additional information related to the types of securities held at September 30, 2024, other than securities issued or guaranteed by U.S. Government entities or agencies including U.S. Treasuries and substantially all of the Company’s mortgage-backed securities, is as follows:

Corporate Securities — There have been no payment defaults on any of the Company’s holdings of corporate debt securities. There are five securities all of which are subordinated debt of other financial institutions with face amounts ranging from $0.5 million to $2 million.

Municipal Securities — All of the Company’s holdings of municipal bonds were investment grade and there have been no payment defaults. Summary ratings information at September 30, 2024, based on the amortized cost basis and reflecting the lowest enhanced or underlying rating by Moody’s, Standard & Poors or Fitch, is as follows: AAA - 82% of the portfolio; AA+ - 8%; AA - 10%.

Asset-backed Securities — There were three investment grade asset-backed securities, and there have been no payment defaults on these securities.

As such, it is deemed the above listed securities are not in an unrealized loss position due to credit-related issues and no further analysis is warranted as of September 30, 2024.

Investment Securities - Narrative (Details)	9 Months Ended
Investment Securities - Narrative (Details)	Sep. 30, 2024 USD ($) security	Sep. 30, 2023 security	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Number of securities sold \| security	0	0
Allowance for Credit Losses	$ 0		$ 0
Pledged securities	$ 0		170,700,000
AAA Rating
Debt Securities, Available-for-sale [Line Items]
Credit financing ratings	82.00%
AA+ Rating
Debt Securities, Available-for-sale [Line Items]
Credit financing ratings	8.00%
AA Rating
Debt Securities, Available-for-sale [Line Items]
Credit financing ratings	10.00%
Minimum
Debt Securities, Available-for-sale [Line Items]
Subordinated debt	$ 500,000
Maximum
Debt Securities, Available-for-sale [Line Items]
Subordinated debt	2,000,000
Corporate
Debt Securities, Available-for-sale [Line Items]
Allowance for Credit Losses	$ 0		0
Number of securities in a loss position for greater than twelve months \| security	5
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Allowance for Credit Losses	$ 0		$ 0
Number of securities in a loss position for greater than twelve months \| security	3

Fair Value - Schedule of Fair Value of Loans Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for sale	$ 19,554	$ 7,481
Aggregate fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for sale	19,554	7,481
Contractual principal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for sale	15,218	5,168
Difference
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held for sale	$ 4,336	$ 2,313

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Fair Value and Allowance for Credit Losses of Securities Available for Sale


(in thousands)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
September 30, 2024
U.S. Treasuries	$	135,903	$	130	$	(8,229)	$	—	$	127,804

Municipal	11,699		15		(1,947)		—		9,767
Corporate	5,000		—		(320)		—		4,680
Asset-backed securities	5,652		20		(15)		—		5,657
Mortgage-backed securities	61,772		402		(1,382)		—		60,792
Total	$	220,026	$	567	$	(11,893)	$	—	$	208,700

December 31, 2023
U.S. Treasuries	$	161,420	$	—	$	(12,192)	$	—	$	149,228

Municipal	11,699		4		(2,331)		—		9,372
Corporate	5,000		—		(587)		—		4,413
Asset-backed securities	7,069		13		(37)		—		7,045
Mortgage-backed securities	40,491		—		(2,220)		—		38,271
Total	$	225,679	$	17	$	(17,367)	$	—	$	208,329

Schedule of Amortized Cost and Fair Value of Debt Securities Shown by Contractual Maturity


	September 30, 2024				December 31, 2023
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	30,000	$	29,725	$	39,918	$	39,294
One to five years	86,118		80,869		101,688		93,218
Five to ten years	29,793		26,396		26,215		22,511
Beyond ten years	6,691		5,261		10,298		7,990
Asset-backed securities(1)	5,652		5,657		7,069		7,045
Mortgage-backed securities(1)	61,772		60,792		40,491		38,271
Total	$	220,026	$	208,700	$	225,679	$	208,329

_______________

(1) Asset-backed and Mortgage-backed securities are due in monthly installments.

Schedule of Debt Securities Available for Sale in an Unrealized Loss Position


	Less than 12 months				12 months or longer				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
September 30, 2024
U.S. Treasuries	$	—	$	—	$	122,994	$	(8,229)	$	122,994	$	(8,229)
Municipal	—		—		8,849		(1,947)		8,849		(1,947)
Corporate	—		—		4,680		(320)		4,680		(320)
Asset-backed securities	—		—		3,461		(15)		3,461		(15)
Mortgage-backed securities	7,064		(5)		23,918		(1,377)		30,982		(1,382)
Total	$	7,064	$	(5)	$	163,902	$	(11,888)	$	170,966	$	(11,893)

December 31, 2023
U.S. Treasuries	$	—	$	—	$	149,228	$	(12,192)	$	149,228	$	(12,192)

Municipal	—		—		8,473		(2,331)		8,473		(2,331)
Corporate	—		—		4,413		(587)		4,413		(587)
Asset-backed securities	—		—		5,154		(37)		5,154		(37)
Mortgage-backed securities	6,057		(8)		32,214		(2,212)		38,271		(2,220)
Total	$	6,057	$	(8)	$	199,482	$	(17,359)	$	205,539	$	(17,367)

Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	49,000,000	49,000,000
Common stock, shares issued (in shares)	13,917,891	13,922,532
Common stock, shares outstanding (in shares)	13,917,891	13,922,532

Fair Value - Schedule of Unobservable Inputs in Fair Value Measurements (Details) - Level 3	Sep. 30, 2024
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, discounts to appraisals or cash flows for estimated holding and/or selling costs, percent	25.00%
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, discounts to appraisals or cash flows for estimated holding and/or selling costs, percent	0.00%

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income
Loans, including fees	$ 50,047	$ 45,385	$ 144,313	$ 129,651
Investment securities available-for-sale	1,343	1,089	3,902	3,732
Federal funds sold and other	1,220	1,267	3,379	2,854
Total interest income	52,610	47,741	151,594	136,237
Interest expense
Deposits	13,902	10,703	39,785	27,866
Borrowed funds	354	228	1,390	1,734
Total interest expense	14,256	10,931	41,175	29,600
Net interest income	38,354	36,810	110,419	106,637
Provision for credit losses	3,748	2,280	9,892	6,802
Provision for credit losses on unfunded commitments	17	24	263	5
Net interest income after provision for credit losses	34,589	34,506	100,264	99,830
Noninterest income
Other income	463	446	1,264	1,282
Total noninterest income	6,635	6,326	19,497	19,039
Noninterest expenses
Salaries and employee benefits	13,345	12,419	39,524	37,116
Occupancy and equipment	1,791	1,351	5,268	4,100
Professional fees	1,980	2,358	5,696	7,340
Data processing	6,930	6,469	20,479	19,558
Advertising	1,223	1,565	5,327	4,728
Loan processing	615	426	1,462	1,435
Foreclosed real estate expenses, net	1	1	2	7
Merger-related expenses	520	0	1,315	0
Operational losses	1,008	953	2,721	3,123
Other operating	2,312	2,504	6,911	6,453
Total noninterest expenses	29,725	28,046	88,705	83,860
Net income (loss) before taxes	11,499	12,786	31,056	35,009
Income tax expense	2,827	2,998	7,617	8,168
Net income	$ 8,672	$ 9,788	$ 23,439	$ 26,841
Basic earnings per share (in dollars per share)	$ 0.62	$ 0.70	$ 1.69	$ 1.91
Diluted earnings per share (in dollars per share)	$ 0.62	$ 0.70	$ 1.69	$ 1.90
Weighted average common shares outstanding:
Basic (in shares)	13,913,639	13,932,848	13,909,090	14,038,230
Diluted (in shares)	13,950,900	14,023,906	13,909,090	14,111,887
Service charges on deposits
Noninterest income
Noninterest income	$ 235	$ 250	$ 642	$ 724
Credit card fees
Noninterest income
Noninterest income	4,055	4,387	12,266	13,303
Mortgage banking revenue
Noninterest income
Noninterest income	$ 1,882	$ 1,243	$ 5,325	$ 3,730

Fair Value - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	$ 208,700	$ 208,329
Loans held for sale	19,554	7,481
U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	127,804	149,228
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	9,767	9,372
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	4,680	4,413
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	5,657	7,045
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	60,792	38,271
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	208,700	208,329
Loans held for sale	19,554	7,481
Derivative assets	8	0
Derivative liabilities	8	0
Fair Value, Measurements, Recurring \| U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	127,804	149,228
Fair Value, Measurements, Recurring \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	9,767	9,372
Fair Value, Measurements, Recurring \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	4,680	4,413
Fair Value, Measurements, Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	5,657	7,045
Fair Value, Measurements, Recurring \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	60,792	38,271
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	127,804	149,228
Loans held for sale	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	127,804	149,228
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	80,896	59,101
Loans held for sale	19,554	7,481
Derivative assets	8	0
Derivative liabilities	8	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	9,767	9,372
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	4,680	4,413
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	5,657	7,045
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	60,792	38,271
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Loans held for sale	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	0	0
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	$ 0	$ 0

Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities Shown by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Within one year	$ 30,000	$ 39,918
One to five years	86,118	101,688
Five to ten years	29,793	26,215
Beyond ten years	6,691	10,298
Amortized Cost	220,026	225,679
Fair Value
Within one year	29,725	39,294
One to five years	80,869	93,218
Five to ten years	26,396	22,511
Beyond ten years	5,261	7,990
Fair Value	208,700	208,329
Asset-backed securities
Amortized Cost
Amortized Cost	5,652	7,069
Fair Value
Fair Value	5,657	7,045
Mortgage-backed securities
Amortized Cost
Amortized Cost	61,772	40,491
Fair Value
Fair Value	$ 60,792	$ 38,271

Portfolio Loans Receivable and Allowance for Credit Losses - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) loanModification	Sep. 30, 2023 loanModification	Sep. 30, 2024 USD ($) loanModification	Sep. 30, 2023 loanModification	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 2,113,705		$ 2,113,705		$ 1,910,930
Number of loan modifications \| loanModification	0	0	3	0
Loans 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 18,331		$ 18,331		11,534
Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	2,068,336		2,068,336		1,870,578
Commercial \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	787,158		787,158		684,229
Specific reserve on collateral dependent loans	151		151
Commercial \| Loans 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables, outstanding exposure amount			11,600
Commercial \| Loans 60-89 Days Past Due \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	9,771		9,771		322
Commercial \| Current Loans \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	774,319		774,319		681,748
Commercial \| Current Loans \| Residential Real Estate \| Owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	3,900		3,900
Residential \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	623,684		623,684		573,104
Specific reserve on collateral dependent loans	353		353
Residential \| Loans 60-89 Days Past Due \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	1,184		1,184		3,096
Residential \| Current Loans \| Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	613,762		613,762		556,741
Commercial and Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	271,811		271,811		239,208
Specific reserve on collateral dependent loans	192		192		115
Commercial and Industrial \| Loans 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	370		370		74
Commercial and Industrial \| Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	269,452		269,452		237,324
Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, amount	$ 5,400		$ 5,400		$ 8,100

Fair Value - Schedule of Financial Instruments Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Measurements, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually evaluated loans for credit loss, net	$ 14,456	$ 15,620

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38671
Entity Registrant Name	CAPITAL BANCORP INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2083046
Entity Address, Address Line One	2275 Research Boulevard
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	468-8848
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CBNK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,557,640
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001419536
Current Fiscal Year End Date	--12-31

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

Note 8 - Fair Value

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. This includes certain U.S. Treasury and other U.S. Government and government agency securities actively traded in over-the-counter markets.

Level 2 - Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company used the following methods and significant assumptions to estimate fair value on a recurring basis:

Investment securities available-for-sale - The fair values for investment securities available-for-sale are provided by an independent pricing service and are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing. Matrix pricing, which is a mathematical technique commonly used to price debt securities that are not actively traded, values debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).

Loans held for sale - The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan (Level 2).

Derivative financial instruments - The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services.

The Company has categorized its financial instruments measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 as follows:


(in thousands)
September 30, 2024	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment securities available-for-sale
U.S. Treasuries	$	127,804	$	127,804	$	—	$	—

Municipal	9,767		—		9,767		—
Corporate	4,680		—		4,680		—
Asset-backed securities	5,657		—		5,657		—
Mortgage-backed securities	60,792		—		60,792		—
Total	$	208,700	$	127,804	$	80,896	$	—

Loans held for sale	$	19,554	$	—	$	19,554	$	—
Derivative assets	$	8	$	—	$	8	$	—
Derivative liabilities	$	8	$	—	$	8	$	—


December 31, 2023
Investment securities available-for-sale
U.S. Treasuries	$	149,228	$	149,228	$	—	$	—

Municipal	9,372		—		9,372		—
Corporate	4,413		—		4,413		—
Asset-backed securities	7,045		—		7,045		—
Mortgage-backed securities	38,271		—		38,271		—
Total	$	208,329	$	149,228	$	59,101	$	—

Loans held for sale	$	7,481	$	—	$	7,481	$	—
Derivative assets	$	—	$	—	$	—	$	—
Derivative liabilities	$	—	$	—	$	—	$	—

Financial instruments recorded using FASB ASC 825-10

Under FASB ASC 825-10, the Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in net income. After the initial adoption, the election is made at the acquisition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election, with respect to an item, may not be revoked once an election is made.

The following table reflects the difference between the fair value carrying amount of loans held for sale, measured at fair value under FASB ASC 825-10, and the aggregate unpaid principal amount the Company is contractually entitled to receive at maturity:


Fair Value of Loans Held for Sale
(in thousands)	September 30, 2024		December 31, 2023
Aggregate fair value	$	19,554	$	7,481
Contractual principal	15,218		5,168
Difference	$	4,336	$	2,313

The Company has elected to account for loans held for sale at fair value to eliminate the mismatch that would occur by recording changes in market value on derivative instruments used to hedge loans held for sale while carrying the loans at the lower of cost or market. As of September 30, 2024 and December 31, 2023, there were no held for sale loans which were classified as nonaccrual.

Fair value measurements on a nonrecurring basis

Individually evaluated loans - The Company has measured expected credit losses based on the fair value of the loan's collateral and discounted cash flow analysis, where appropriate. Fair value of the collateral is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values. As of September 30, 2024 and December 31, 2023, the fair values consist of loan balances of $15.5 million and $16.0 million, with specific reserves of $1.0 million and $422 thousand, respectively.

Foreclosed real estate - The Company's foreclosed real estate is measured at fair value less cost to sell. Fair value is determined based on offers and/or appraisals. Cost to sell the real estate is based on standard market factors. The Company categorizes its foreclosed real estate as Level 3. As of September 30, 2024 and December 31, 2023, there was no foreclosed real estate held by the Company.

The Company has categorized its financial instruments measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023 as follows:



(in thousands)	September 30, 2024		December 31, 2023
Individually evaluated loans for credit loss, net


Level 3 inputs	$	14,456	$	15,620
Total	$	14,456	$	15,620

The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at September 30, 2024 and December 31, 2023:

Unobservable Inputs

Valuation Technique

Unobservable Inputs

Range of Inputs

Individually evaluated loans

Appraised Value/Discounted Cash Flows

Discounts to appraisals or cash flows for estimated holding and/or selling costs

0 to 25%

Fair value of financial instruments

Fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practical to estimate the value is based upon the characteristics of the instruments and relevant market information. Financial instruments include cash, evidence of ownership in an entity, or contracts that convey or impose on an entity the contractual right or obligation to either receive or deliver cash for another financial instrument.

The information used to determine fair value is highly subjective in nature and, therefore, the results are imprecise. Subjective factors include, among other things, estimates of cash flows, risk characteristics, credit quality, and interest rates, all of which are subject to change. Since the fair value is estimated as of the balance sheet date, the amounts that will actually be realized or paid upon settlement or maturity on these various instruments could be significantly different.

As of September 30, 2024, the techniques used by the Company to estimate the exit price of the loan portfolio consists of similar procedures to those used as of December 31, 2023. The fair value of the Company’s loan portfolio includes a credit risk assumption in the determination of the fair value of its loans. This credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: variable rate loans, individually analyzed loans, and all other loans. The results are then adjusted to account for credit risk as described above, and a further credit risk discount is applied through the use of a discounted cash flow model to compensate for illiquidity risk, based on certain assumptions included within the discounted cash flow model, primarily the use of discount rates that better capture inherent credit risk over the lifetime of a loan.

For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values approximate carrying values. Fair values for impaired loans are estimated using discounted cash flow models or based on the fair value of the underlying collateral.

The fair value of cash and cash equivalents and investments in restricted stocks is the carrying amount. Restricted investments includes equity of the Federal Reserve and other banker’s banks.

The fair value of noninterest-bearing deposits and securities sold under agreements to repurchase is the carrying amount.

The fair value of checking, savings, and money market deposits is the amount payable on demand at the reporting date. Fair value of fixed maturity term accounts and individual retirement accounts is estimated using rates currently offered for accounts of similar remaining maturities.

The fair value of certificates of deposit in other financial institutions is estimated based on interest rates currently offered for deposits of similar remaining maturities.

The fair value of borrowings is estimated by discounting the value of contractual cash flows using current market rates for borrowings with similar terms and remaining maturities.

The fair value of outstanding loan commitments, unused lines of credit, and letters of credit are not included in the table since the carrying value generally approximates fair value. These instruments generate fees that approximate those currently charged to originate similar commitments.

The table below presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments.


	September 30, 2024				December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1
Cash and due from banks	$	23,462	$	23,462	$	14,513	$	14,513
Interest-bearing deposits at other financial institutions	133,180		133,180		39,044		39,044

Federal funds sold	58		58		407		407
Level 3

Portfolio loans receivable, net	$	2,075,597	$	2,056,729	$	1,874,678	$	1,855,158

Restricted investments	5,895		5,895		4,353		4,353

Financial liabilities
Level 1
Noninterest-bearing deposits	$	718,120	$	717,951	$	617,373	$	617,373

Level 3
Interest-bearing deposits	$	1,468,104	$	1,470,711	$	1,278,623	$	1,280,682
FHLB advances and other borrowed funds	64,062		62,302		49,062		46,634

- Definition

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

+ References

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Portfolio Loans Receivable and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Major Categories of Total Loans Outstanding

The following is a summary of the major categories of total loans outstanding:



	September 30, 2024				December 31, 2023
(in thousands)	Amount		Percent		Amount		Percent
Real estate:
Residential	$	623,684	30	%	$	573,104	30	%
Commercial	787,158		37	%	684,229		35	%
Construction	301,909		14	%	290,108		15	%
Commercial and Industrial	271,811		13	%	239,208		13	%
Credit card, net of reserve(1)	127,098		6	%	123,331		7	%
Other consumer	2,045		—	%	950		—	%
Portfolio loans receivable, gross	2,113,705		100	%	1,910,930		100	%
Deferred origination fees, net	(6,183)				(7,642)
Allowance for credit losses	(31,925)				(28,610)
Portfolio loans receivable, net	$	2,075,597			$	1,874,678

_____________

(1) Credit card loans are presented net of reserve for interest and fees.

Schedule of Changes and Allocation of Allowance for Credit Losses by Loan Segment Class

The following tables set forth the changes in the ACL and an allocation of the ACL by loan segment class for the three and nine months ended September 30, 2024 and September 30, 2023.


(in thousands)	Beginning Balance		Provision (Release of Provision) for Credit Losses		Charge-Offs		Recoveries		Ending Balance
Three Months Ended September 30, 2024
Real estate:
Residential	$	5,999	$	(21)	$	4	$	—	$	5,982
Commercial	11,682		593		(570)		—		11,705
Construction	2,299		305		—		—		2,604
Commercial and Industrial	4,076		577		(368)		2		4,287
Credit card	6,758		2,294		(1,727)		4		7,329
Other consumer	18		—		—		—		18
Total	$	30,832	$	3,748	$	(2,661)	$	6	$	31,925

Nine Months Ended September 30, 2024
Real estate:
Residential	$	5,518	$	1,094	$	(630)	$	—	$	5,982
Commercial	10,316		1,959		(570)		—		11,705
Construction	2,271		333		—		—		2,604
Commercial and Industrial	4,406		349		(470)		2		4,287
Credit card	6,087		6,151		(5,019)		110		7,329
Other consumer	12		6		—		—		18
Total	$	28,610	$	9,892	$	(6,689)	$	112	$	31,925


(in thousands)	Beginning Balance		Other		Provision (Release of Provision) for Credit Losses		Charge-Offs		Recoveries		Ending Balance
Three Months Ended September 30, 2023
Real estate:
Residential	$	5,419	$	91	$	269	$	—	$	—	$	5,779
Commercial	9,245		193		(199)		—		39		9,278
Construction	1,868		—		383		—		—		2,251
Commercial and Industrial	5,239		—		(35)		(77)		11		5,138
Credit card	5,707		—		1,870		(1,753)		—		5,824
Other consumer	17		—		(8)		—		—		9
Total	$	27,495	$	284	$	2,280	$	(1,830)	$	50	$	28,279

Nine Months Ended September 30, 2023
Real estate:
Residential	$	4,283	$	91	$	1,405	$	—	$	—	$	5,779
Commercial	12,039		193		(2,050)		(943)		39		9,278
Construction	1,809		—		442		—		—		2,251
Commercial and Industrial	4,008		—		1,186		(77)		21		5,138
Credit card	5,033		—		5,827		(5,036)		—		5,824
Other consumer	17		—		(8)		—		—		9
Total	$	27,189	$	284	$	6,802	$	(6,056)	$	60	$	28,279

Schedule of Past Due Loans Segregated by Age and Class of Loans

Past due loans, segregated by age and class of loans, as of September 30, 2024 and December 31, 2023 were as follows:


Portfolio Loans Past Due
	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Past Due Loans		Current Loans		Total Portfolio Loans		Accruing Loans 90 or More Days Past Due		Nonaccrual Loans
(in thousands)
September 30, 2024
Real estate:
Residential	$	2,642	$	1,184	$	6,096	$	9,922	$	613,762	$	623,684	$	—	$	6,365
Commercial	788		9,771		2,280		12,839		774,319		787,158		100		2,423
Construction	—		—		4,343		4,343		297,566		301,909		—		4,335
Commercial and Industrial	114		370		1,875		2,359		269,452		271,811		—		2,337
Credit card	7,402		7,006		1,498		15,906		111,192		127,098		1,498		—
Other consumer	—		—		—		—		2,045		2,045		—		—
Total	$	10,946	$	18,331	$	16,092	$	45,369	$	2,068,336	$	2,113,705	$	1,598	$	15,460



	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Past Due Loans		Current Loans		Total Portfolio Loans		Accruing Loans 90 or More Days Past Due		Nonaccrual Loans

December 31, 2023

Real estate:
Residential	$	2,201	$	3,096	$	11,066	$	16,363	$	556,741	$	573,104	$	17	$	11,398
Commercial	1,577		322		582		2,481		681,748		684,229		—		582
Construction	—		1,165		3,296		4,461		285,647		290,108		—		3,288
Commercial and Industrial	1,356		74		454		1,884		237,324		239,208		—		774
Credit card	7,767		6,877		519		15,163		108,168		123,331		519		—
Other consumer	—		—		—		—		950		950		—		—
Total	$	12,901	$	11,534	$	15,917	$	40,352	$	1,870,578	$	1,910,930	$	536	$	16,042

Schedule of Nonaccrual Loans

The following presents the nonaccrual loans as of September 30, 2024 and December 31, 2023:


	September 30, 2024
	Nonaccrual with No Allowance for Credit Loss		Nonaccrual with an Allowance for Credit Loss		Total Nonaccrual Loans		Interest Recognized on Nonaccrual Loans
(in thousands)

Real estate:
Residential	$	6,012	$	353	$	6,365	$	125
Commercial	2,272		151		2,423		64
Construction	4,335		—		4,335		323
Commercial and Industrial	1,795		542		2,337		162


Total	$	14,414	$	1,046	$	15,460	$	674

	December 31, 2023
	Nonaccrual with No Allowance for Credit Loss		Nonaccrual with an Allowance for Credit Loss		Total Nonaccrual Loans		Interest Recognized on Nonaccrual Loans


Real estate:
Residential	$	11,152	$	246	$	11,398	$	236
Commercial	582		—		582		46
Construction	3,288		—		3,288		185
Commercial and Industrial	598		176		774		71
Total	$	15,620	$	422	$	16,042	$	538


Collateral dependent loans amortized cost
(in thousands)	September 30, 2024		December 31, 2023
Real estate:
Residential	$	5,195	$	11,152
Commercial	2,423		582
Construction	5,506		3,288
Commercial and Industrial	901		657

Total	$	14,025	$	15,679

Schedule of Loan Modifications to Borrowers Experiencing Financial Difficulty

The Company did not make any modifications on loans to borrowers experiencing financial difficulty during the three months ended September 30, 2024. The Company made 3 loan modifications on loans to borrowers experiencing financial difficulty during the nine months ended September 30, 2024 as follows:


Interest rate reduction
(in thousands)	Amortized Cost Basis		% of Total Loan Type		Financial Effect
Real estate:
Residential	$	760	0.199	%	Reduced contractual interest rate from 8.375% to 6.375%.
Residential - Home Equity	91		0.164	%	Reduced contractual interest rate from 10.49% to 6.375%.

Commercial and Industrial	112		0.044	%	Reduced contractual interest rate from 11.25% to 6.00%.

Total	$	963


Term extension
(in thousands)	Amortized Cost Basis		% of Total Loan Type		Financial Effect
Real estate:
Residential	$	760	0.199	%	Added 1 year to the life of the loan which reduced monthly payment amount for the borrower.
Residential - Home Equity	91		0.164	%	Added 22 years to the life of the loan which reduced monthly payment amount for the borrower.

Commercial and Industrial	112		0.044	%	Provided 6 months payment deferral to borrower through the Bank’s standard deferral program. The 6 monthly payments were added to the end of the original loan term.

Total	$	963

Schedule of Loans by Credit Quality Indicators and Gross Charge-Offs

The following table presents the balances of classified loans based on the most recent credit quality indicator analysis. Classified loans include Special Mention, Substandard and Doubtful loans. Pass classified loans include loans graded exceptional, very good, good, satisfactory, and pass/watch. Credit

card loans are ungraded as they are not individually graded. Charge-offs presented represent gross charge-offs recognized in the current period:


September 30, 2024	Term Loans by Origination Year
(in thousands)	2024		2023		2022		2021		2020		Prior		Revolving		Total
Residential – Real estate
Pass	$	107,537	$	127,435	$	124,543	$	73,180	$	70,915	$	108,952	$	—	$	612,562
Special Mention	—		—		146		140		3,605		284		—		4,175
Substandard	—		—		—		788		—		6,159		—		6,947
Doubtful	—		—		—		—		—		—		—		—
Total	107,537		127,435		124,689		74,108		74,520		115,395		—		623,684
Commercial – Real estate
Pass	140,849		66,138		153,913		139,391		75,637		188,033		—		763,961
Special Mention	—		2,300		10,778		—		—		2,290		—		15,368
Substandard	—		—		6,705		—		320		804		—		7,829
Doubtful	—		—		—		—		—		—		—		—
Total	140,849		68,438		171,396		139,391		75,957		191,127		—		787,158
Construction – Real estate
Pass	62,238		141,079		48,890		23,269		15,188		6,903		—		297,567
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		1,500		2,842		—		4,342
Doubtful	—		—		—		—		—		—		—		—
Total	62,238		141,079		48,890		23,269		16,688		9,745		—		301,909
Commercial and Industrial
Pass	64,379		62,304		60,045		25,969		6,869		46,791		—		266,357
Special Mention	245		—		508		—		—		41		—		794
Substandard	—		141		598		205		3,243		473		—		4,660
Doubtful	—		—		—		—		—		—		—		—
Total	64,624		62,445		61,151		26,174		10,112		47,305		—		271,811
Other consumer
Pass	1,211		—		198		108		101		427		—		2,045
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total	1,211		—		198		108		101		427		—		2,045
Credit card
Ungraded	—		—		—		—		—		—		127,098		127,098
Portfolio loans receivable, gross	$	376,459	$	399,397	$	406,324	$	263,050	$	177,378	$	363,999	$	127,098	$	2,113,705


September 30, 2024
(in thousands)	2024		2023		2022		2021		2020		Prior		Revolving		Total
Gross Charge-Offs
Residential	$	—	$	—	$	—	$	—	$	—	$	630	$	—	$	630
Commercial	—		—		570		—		—		—		—		570
Commercial and Industrial	—		80		306		—		—		84		—		470
Credit card	—		—		—		—		—		—		5,019		5,019
Total	$	—	$	80	$	876	$	—	$	—	$	714	$	5,019	$	6,689


December 31, 2023	Term Loans by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving		Total
Residential – Real estate
Pass	$	140,394	$	137,362	$	76,556	$	76,938	$	36,122	$	88,055	$	—	$	555,427
Special Mention	—		—		134		3,670		1,176		288		—		5,268
Substandard	—		33		—		—		26		12,350		—		12,409
Doubtful	—		—		—		—		—		—		—		—
Total	140,394		137,395		76,690		80,608		37,324		100,693		—		573,104
Commercial – Real estate
Pass	62,095		185,776		145,756		68,748		96,238		116,347		—		674,960
Special Mention	—		6,897		—		—		805		985		—		8,687
Substandard	—		—		—		—		582		—		—		582
Doubtful	—		—		—		—		—		—		—		—
Total	62,095		192,673		145,756		68,748		97,625		117,332		—		684,229
Construction – Real estate
Pass	142,157		72,240		46,180		16,859		6,246		2,517		—		286,199
Special Mention	—		—		—		—		—		614		—		614
Substandard	—		—		—		1,254		597		1,444		—		3,295
Doubtful	—		—		—		—		—		—		—		—
Total	142,157		72,240		46,180		18,113		6,843		4,575		—		290,108
Commercial and Industrial
Pass	70,540		71,689		28,007		9,364		18,036		37,392		—		235,028
Special Mention	—		156		—		2,406		47		273		—		2,882
Substandard	30		814		211		—		42		201		—		1,298
Doubtful	—		—		—		—		—		—		—		—
Total	70,570		72,659		28,218		11,770		18,125		37,866		—		239,208
Other consumer
Pass	75		278		147		116		—		334		—		950
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total	75		278		147		116		—		334		—		950
Credit card
Ungraded	—		—		—		—		—		—		123,331		123,331
Portfolio loans receivable, gross	$	415,291	$	475,245	$	296,991	$	179,355	$	159,917	$	260,800	$	123,331	$	1,910,930


December 31, 2023
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving		Total
Gross Charge-Offs
Residential	$	—	$	—	$	—	$	—	$	—	$	670	$	—	$	670
Commercial	—		—		—		—		943		—		—		943
Commercial and Industrial	—		98		—		—		—		—		—		98
Credit card	—		—		—		—		—		—		7,076		7,076
Total	$	—	$	98	$	—	$	—	$	943	$	670	$	7,076	$	8,787

Schedule of Outstanding Loan Commitments

Outstanding loan commitments were as follows:


(in thousands)	September 30, 2024		December 31, 2023
Unused lines of credit
Real Estate:
Residential	$	20,954	$	15,436
Residential - Home Equity	45,957		43,892
Commercial	42,809		20,424
Construction	90,871		98,777
Commercial and Industrial	77,391		42,751
Credit card(1)	125,304		114,882
Other consumer	254		310
Total	$	403,540	$	336,472



Letters of credit	$	4,633	$	4,641

_______________

(1)Outstanding loan commitments in the credit card portfolio include $100.0 million and $98.2 million in secured and partially secured balances as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Credit Losses for Financing Receivables

Activity for this account is as follows for the periods presented:


	Three months ended				Nine months ended
(in thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Balance at beginning of period	$	1,052	$	888	$	806	$	1,682
Impact of adopting the CECL standard on January 1, 2023	—		—		—		(775)
Provision for credit losses on unfunded commitments	17		24		263		5


Balance at end of period	$	1,069	$	912	$	1,069	$	912

Activity in this reserve is as follows for the periods presented:


	Three months ended				Nine months ended
(in thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Balance at beginning of period	$	912	$	1,182	$	985	$	1,174
(Release of) provision for mortgage loan put-back reserve	20		4		(53)		12


Balance at end of period	$	932	$	1,186	$	932	$	1,186

Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended						12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]							Accounting Standards Update 2016-13 [Member]
Cash dividends to stockholders (in dollar per share)	$ 0.10	$ 0.08	$ 0.08	$ 0.08	$ 0.06	$ 0.06

- Definition

Indicates amendment to accounting standards.

+ References

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Reference 54: http://www.xbrl.org/2003/role/disclosureRef
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Reference 55: http://www.xbrl.org/2003/role/disclosureRef
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Reference 75: http://www.xbrl.org/2003/role/disclosureRef
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Reference 77: http://www.xbrl.org/2003/role/disclosureRef
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Reference 78: http://www.xbrl.org/2003/role/disclosureRef
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Reference 80: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

+ Details

Fair Value - Narrative (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually evaluated loans for credit loss, net	$ 14,456,000	$ 15,620,000
Foreclosed real estate	0	0
Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually evaluated loans for credit loss, net	15,500,000	16,000,000
Specific reserves	$ 1,000,000	$ 422,000

Leases - Schedule of Lease Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Lease asset	$ 6,069	$ 6,810
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Premises and equipment, net	Premises and equipment, net
Less: Accumulated amortization	$ (2,226)	$ (3,223)
Net lease asset	3,843	3,587
Lease liability	$ 6,404	$ 6,892
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Less: Accumulated amortization	$ (2,053)	$ (3,101)
Net lease liability	$ 4,351	$ 3,791

Portfolio Loans Receivable and Allowance for Credit Losses - Schedule of Past Due Loans Segregated by Age and Class of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	$ 2,113,705	$ 1,910,930
Accruing Loans 90 or More Days Past Due	1,598	536
Nonaccrual Loans	15,460	16,042
Total Past Due Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	45,369	40,352
Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	10,946	12,901
Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	18,331	11,534
Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	16,092	15,917
Current Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	2,068,336	1,870,578
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	271,811	239,208
Accruing Loans 90 or More Days Past Due	0	0
Nonaccrual Loans	2,337	774
Commercial and Industrial \| Total Past Due Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	2,359	1,884
Commercial and Industrial \| Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	114	1,356
Commercial and Industrial \| Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	370	74
Commercial and Industrial \| Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	1,875	454
Commercial and Industrial \| Current Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	269,452	237,324
Real estate: \| Residential
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	623,684	573,104
Accruing Loans 90 or More Days Past Due	0	17
Nonaccrual Loans	6,365	11,398
Real estate: \| Residential \| Total Past Due Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	9,922	16,363
Real estate: \| Residential \| Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	2,642	2,201
Real estate: \| Residential \| Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	1,184	3,096
Real estate: \| Residential \| Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	6,096	11,066
Real estate: \| Residential \| Current Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	613,762	556,741
Real estate: \| Commercial
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	787,158	684,229
Accruing Loans 90 or More Days Past Due	100	0
Nonaccrual Loans	2,423	582
Real estate: \| Commercial \| Total Past Due Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	12,839	2,481
Real estate: \| Commercial \| Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	788	1,577
Real estate: \| Commercial \| Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	9,771	322
Real estate: \| Commercial \| Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	2,280	582
Real estate: \| Commercial \| Current Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	774,319	681,748
Real estate: \| Construction
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	301,909	290,108
Accruing Loans 90 or More Days Past Due	0	0
Nonaccrual Loans	4,335	3,288
Real estate: \| Construction \| Total Past Due Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	4,343	4,461
Real estate: \| Construction \| Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	0	0
Real estate: \| Construction \| Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	0	1,165
Real estate: \| Construction \| Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	4,343	3,296
Real estate: \| Construction \| Current Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	297,566	285,647
Credit card, net of reserve \| Consumer
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	127,098	123,331
Accruing Loans 90 or More Days Past Due	1,498	519
Nonaccrual Loans	0	0
Credit card, net of reserve \| Consumer \| Total Past Due Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	15,906	15,163
Credit card, net of reserve \| Consumer \| Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	7,402	7,767
Credit card, net of reserve \| Consumer \| Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	7,006	6,877
Credit card, net of reserve \| Consumer \| Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	1,498	519
Credit card, net of reserve \| Consumer \| Current Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	111,192	108,168
Other consumer \| Consumer
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	2,045	950
Accruing Loans 90 or More Days Past Due	0	0
Nonaccrual Loans	0	0
Other consumer \| Consumer \| Total Past Due Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	0	0
Other consumer \| Consumer \| Loans 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	0	0
Other consumer \| Consumer \| Loans 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	0	0
Other consumer \| Consumer \| Loans 90 or More Days Past Due
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	0	0
Other consumer \| Consumer \| Current Loans
Financing Receivable, Past Due [Line Items]
Total Portfolio Loans	$ 2,045	$ 950

Investment Securities - Schedule of Debt Securities Available for Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 7,064	$ 6,057
12 months or longer	163,902	199,482
Total	170,966	205,539
Unrealized Losses
Less than 12 months	(5)	(8)
12 months or longer	(11,888)	(17,359)
Total	(11,893)	(17,367)
U.S. Treasuries
Fair Value
Less than 12 months	0	0
12 months or longer	122,994	149,228
Total	122,994	149,228
Unrealized Losses
Less than 12 months	0	0
12 months or longer	(8,229)	(12,192)
Total	(8,229)	(12,192)
Municipal
Fair Value
Less than 12 months	0	0
12 months or longer	8,849	8,473
Total	8,849	8,473
Unrealized Losses
Less than 12 months	0	0
12 months or longer	(1,947)	(2,331)
Total	(1,947)	(2,331)
Corporate
Fair Value
Less than 12 months	0	0
12 months or longer	4,680	4,413
Total	4,680	4,413
Unrealized Losses
Less than 12 months	0	0
12 months or longer	(320)	(587)
Total	(320)	(587)
Asset-backed securities
Fair Value
Less than 12 months	0	0
12 months or longer	3,461	5,154
Total	3,461	5,154
Unrealized Losses
Less than 12 months	0	0
12 months or longer	(15)	(37)
Total	(15)	(37)
Mortgage-backed securities
Fair Value
Less than 12 months	7,064	6,057
12 months or longer	23,918	32,214
Total	30,982	38,271
Unrealized Losses
Less than 12 months	(5)	(8)
12 months or longer	(1,377)	(2,212)
Total	$ (1,382)	$ (2,220)

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and due from banks	$ 23,462	$ 14,513
Interest-bearing deposits at other financial institutions	133,180	39,044
Federal funds sold	58	407
Total cash and cash equivalents	156,700	53,964
Investment securities available-for-sale	208,700	208,329
Restricted investments	5,895	4,353
Loans held for sale	19,554	7,481
Portfolio loans receivable, net of deferred fees and costs	2,107,522	1,903,288
Less allowance for credit losses	(31,925)	(28,610)
Total portfolio loans held for investment, net	2,075,597	1,874,678
Premises and equipment, net	5,959	5,069
Accrued interest receivable	12,468	11,494
Deferred tax asset	10,748	12,252
Bank owned life insurance	38,779	37,711
Accounts receivable	597	1,055
Other assets	25,791	9,790
Total assets	2,560,788	2,226,176
Deposits
Noninterest-bearing	718,120	617,373
Interest-bearing	1,468,104	1,278,623
Total deposits	2,186,224	1,895,996
Federal Home Loan Bank advances	52,000	22,000
Other borrowed funds	12,062	27,062
Accrued interest payable	8,503	5,583
Other liabilities	21,888	20,675
Total liabilities	2,280,677	1,971,316
Stockholders' equity
Common stock, $0.01 par value; 49,000,000 shares authorized; 13,917,891 issued and outstanding at September 30, 2024; 13,922,532 issued and outstanding at December 31, 2023	139	139
Additional paid-in capital	55,585	54,473
Retained earnings	232,995	213,345
Accumulated other comprehensive loss	(8,608)	(13,097)
Total stockholders' equity	280,111	254,860
Total liabilities and stockholders' equity	$ 2,560,788	$ 2,226,176

Derivative Financial Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Open Forward Delivery Sales Agreements
Derivatives, Fair Value [Line Items]
Notional amount	$ 15,000	$ 0
Fair value of derivatives	8	0
Interest Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Notional amount	11,065	0
Fair value of derivatives	$ 8	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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+ Details

Portfolio Loans Receivable and Allowance for Credit Losses - Schedule of Nonaccrual Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Nonaccrual with No Allowance for Credit Loss	$ 14,414	$ 15,620
Nonaccrual with an Allowance for Credit Loss	1,046	422
Total Nonaccrual Loans	15,460	16,042
Interest Recognized on Nonaccrual Loans	674	538
Collateral dependent loans amortized cost	14,025	15,679
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Nonaccrual with No Allowance for Credit Loss	1,795	598
Nonaccrual with an Allowance for Credit Loss	542	176
Total Nonaccrual Loans	2,337	774
Interest Recognized on Nonaccrual Loans	162	71
Collateral dependent loans amortized cost	901	657
Real estate: \| Residential
Financing Receivable, Past Due [Line Items]
Nonaccrual with No Allowance for Credit Loss	6,012	11,152
Nonaccrual with an Allowance for Credit Loss	353	246
Total Nonaccrual Loans	6,365	11,398
Interest Recognized on Nonaccrual Loans	125	236
Collateral dependent loans amortized cost	5,195	11,152
Real estate: \| Commercial
Financing Receivable, Past Due [Line Items]
Nonaccrual with No Allowance for Credit Loss	2,272	582
Nonaccrual with an Allowance for Credit Loss	151	0
Total Nonaccrual Loans	2,423	582
Interest Recognized on Nonaccrual Loans	64	46
Collateral dependent loans amortized cost	2,423	582
Real estate: \| Construction
Financing Receivable, Past Due [Line Items]
Nonaccrual with No Allowance for Credit Loss	4,335	3,288
Nonaccrual with an Allowance for Credit Loss	0	0
Total Nonaccrual Loans	4,335	3,288
Interest Recognized on Nonaccrual Loans	323	185
Collateral dependent loans amortized cost	$ 5,506	$ 3,288

Leases - Schedule of Minimum Payments for Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amounts due in:
2024	$ 248
2025	1,112
2026	1,081
2027	576
2028	450
2029 and thereafter	1,629
Total future lease payments	5,096
Discount of cash flows	(745)
Present value of net future lease payments	$ 4,351	$ 3,791

Portfolio Loans Receivable and Allowance for Credit Losses

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Portfolio Loans Receivable and Allowance for Credit Losses

Note 5 - Portfolio Loans Receivable and Allowance for Credit Losses

The following is a summary of the major categories of total loans outstanding:



	September 30, 2024				December 31, 2023
(in thousands)	Amount		Percent		Amount		Percent
Real estate:
Residential	$	623,684	30	%	$	573,104	30	%
Commercial	787,158		37	%	684,229		35	%
Construction	301,909		14	%	290,108		15	%
Commercial and Industrial	271,811		13	%	239,208		13	%
Credit card, net of reserve(1)	127,098		6	%	123,331		7	%
Other consumer	2,045		—	%	950		—	%
Portfolio loans receivable, gross	2,113,705		100	%	1,910,930		100	%
Deferred origination fees, net	(6,183)				(7,642)
Allowance for credit losses	(31,925)				(28,610)
Portfolio loans receivable, net	$	2,075,597			$	1,874,678

_____________

(1) Credit card loans are presented net of reserve for interest and fees.

The following tables set forth the changes in the ACL and an allocation of the ACL by loan segment class for the three and nine months ended September 30, 2024 and September 30, 2023.


(in thousands)	Beginning Balance		Provision (Release of Provision) for Credit Losses		Charge-Offs		Recoveries		Ending Balance
Three Months Ended September 30, 2024
Real estate:
Residential	$	5,999	$	(21)	$	4	$	—	$	5,982
Commercial	11,682		593		(570)		—		11,705
Construction	2,299		305		—		—		2,604
Commercial and Industrial	4,076		577		(368)		2		4,287
Credit card	6,758		2,294		(1,727)		4		7,329
Other consumer	18		—		—		—		18
Total	$	30,832	$	3,748	$	(2,661)	$	6	$	31,925

Nine Months Ended September 30, 2024
Real estate:
Residential	$	5,518	$	1,094	$	(630)	$	—	$	5,982
Commercial	10,316		1,959		(570)		—		11,705
Construction	2,271		333		—		—		2,604
Commercial and Industrial	4,406		349		(470)		2		4,287
Credit card	6,087		6,151		(5,019)		110		7,329
Other consumer	12		6		—		—		18
Total	$	28,610	$	9,892	$	(6,689)	$	112	$	31,925


(in thousands)	Beginning Balance		Other		Provision (Release of Provision) for Credit Losses		Charge-Offs		Recoveries		Ending Balance
Three Months Ended September 30, 2023
Real estate:
Residential	$	5,419	$	91	$	269	$	—	$	—	$	5,779
Commercial	9,245		193		(199)		—		39		9,278
Construction	1,868		—		383		—		—		2,251
Commercial and Industrial	5,239		—		(35)		(77)		11		5,138
Credit card	5,707		—		1,870		(1,753)		—		5,824
Other consumer	17		—		(8)		—		—		9
Total	$	27,495	$	284	$	2,280	$	(1,830)	$	50	$	28,279

Nine Months Ended September 30, 2023
Real estate:
Residential	$	4,283	$	91	$	1,405	$	—	$	—	$	5,779
Commercial	12,039		193		(2,050)		(943)		39		9,278
Construction	1,809		—		442		—		—		2,251
Commercial and Industrial	4,008		—		1,186		(77)		21		5,138
Credit card	5,033		—		5,827		(5,036)		—		5,824
Other consumer	17		—		(8)		—		—		9
Total	$	27,189	$	284	$	6,802	$	(6,056)	$	60	$	28,279

Past due loans, segregated by age and class of loans, as of September 30, 2024 and December 31, 2023 were as follows:


Portfolio Loans Past Due
	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Past Due Loans		Current Loans		Total Portfolio Loans		Accruing Loans 90 or More Days Past Due		Nonaccrual Loans
(in thousands)
September 30, 2024
Real estate:
Residential	$	2,642	$	1,184	$	6,096	$	9,922	$	613,762	$	623,684	$	—	$	6,365
Commercial	788		9,771		2,280		12,839		774,319		787,158		100		2,423
Construction	—		—		4,343		4,343		297,566		301,909		—		4,335
Commercial and Industrial	114		370		1,875		2,359		269,452		271,811		—		2,337
Credit card	7,402		7,006		1,498		15,906		111,192		127,098		1,498		—
Other consumer	—		—		—		—		2,045		2,045		—		—
Total	$	10,946	$	18,331	$	16,092	$	45,369	$	2,068,336	$	2,113,705	$	1,598	$	15,460



	Loans 30-59 Days Past Due		Loans 60-89 Days Past Due		Loans 90 or More Days Past Due		Total Past Due Loans		Current Loans		Total Portfolio Loans		Accruing Loans 90 or More Days Past Due		Nonaccrual Loans

December 31, 2023

Real estate:
Residential	$	2,201	$	3,096	$	11,066	$	16,363	$	556,741	$	573,104	$	17	$	11,398
Commercial	1,577		322		582		2,481		681,748		684,229		—		582
Construction	—		1,165		3,296		4,461		285,647		290,108		—		3,288
Commercial and Industrial	1,356		74		454		1,884		237,324		239,208		—		774
Credit card	7,767		6,877		519		15,163		108,168		123,331		519		—
Other consumer	—		—		—		—		950		950		—		—
Total	$	12,901	$	11,534	$	15,917	$	40,352	$	1,870,578	$	1,910,930	$	536	$	16,042

There were $5.4 million and $8.1 million of loans secured by one-to-four family residential properties in the process of foreclosure as of September 30, 2024 and December 31, 2023, respectively.

The increase in loans 60-89 days past due at September 30, 2024 from December 31, 2023 includes a single owner-occupied commercial real estate loan relationship with a total outstanding exposure amount of $11.6 million. The borrower fell behind in payments due to unexpected timing delays in the collection of outstanding receivables. Payments have resumed. The borrower remains actively engaged with the Company in resolving the past due status. Of the total outstanding exposure, $3.9 million is now considered current.

The following presents the nonaccrual loans as of September 30, 2024 and December 31, 2023:


	September 30, 2024
	Nonaccrual with No Allowance for Credit Loss		Nonaccrual with an Allowance for Credit Loss		Total Nonaccrual Loans		Interest Recognized on Nonaccrual Loans
(in thousands)

Real estate:
Residential	$	6,012	$	353	$	6,365	$	125
Commercial	2,272		151		2,423		64
Construction	4,335		—		4,335		323
Commercial and Industrial	1,795		542		2,337		162


Total	$	14,414	$	1,046	$	15,460	$	674

	December 31, 2023
	Nonaccrual with No Allowance for Credit Loss		Nonaccrual with an Allowance for Credit Loss		Total Nonaccrual Loans		Interest Recognized on Nonaccrual Loans


Real estate:
Residential	$	11,152	$	246	$	11,398	$	236
Commercial	582		—		582		46
Construction	3,288		—		3,288		185
Commercial and Industrial	598		176		774		71
Total	$	15,620	$	422	$	16,042	$	538

The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans:

•Residential real estate loans are primarily secured by owner-occupied primary residences and, to a lesser extent, investor-owned residences.

•Commercial real estate loans can be secured by either owner-occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner-occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development and/or industrial properties, as well as other commercial or industrial real estate.

•Construction loans are typically secured by owner-occupied commercial real estate or non-owner occupied investment real estate. Typically, owner-occupied construction loans are secured by office buildings, warehouses, manufacturing facilities, and other commercial and industrial properties that are in process of construction. Non-owner occupied commercial construction loans are generally secured by office buildings and complexes, multi-family complexes, land under development and/or other commercial and industrial real estate in process of construction.

•Commercial and industrial loans are generally secured by equipment, inventory, accounts receivable and/or other commercial property.


Collateral dependent loans amortized cost
(in thousands)	September 30, 2024		December 31, 2023
Real estate:
Residential	$	5,195	$	11,152
Commercial	2,423		582
Construction	5,506		3,288
Commercial and Industrial	901		657

Total	$	14,025	$	15,679

Of the collateral dependent loans as of September 30, 2024, a specific reserve of $353 thousand, $151 thousand and $192 thousand was assessed for residential real estate, commercial real estate and commercial and industrial loans, respectively. Of the collateral dependent loans as of December 31, 2023, a specific reserve of $115 thousand was assessed for commercial and industrial loans.


Interest rate reduction
(in thousands)	Amortized Cost Basis		% of Total Loan Type		Financial Effect
Real estate:
Residential	$	760	0.199	%	Reduced contractual interest rate from 8.375% to 6.375%.
Residential - Home Equity	91		0.164	%	Reduced contractual interest rate from 10.49% to 6.375%.

Commercial and Industrial	112		0.044	%	Reduced contractual interest rate from 11.25% to 6.00%.

Total	$	963


Term extension
(in thousands)	Amortized Cost Basis		% of Total Loan Type		Financial Effect
Real estate:
Residential	$	760	0.199	%	Added 1 year to the life of the loan which reduced monthly payment amount for the borrower.
Residential - Home Equity	91		0.164	%	Added 22 years to the life of the loan which reduced monthly payment amount for the borrower.

Commercial and Industrial	112		0.044	%	Provided 6 months payment deferral to borrower through the Bank’s standard deferral program. The 6 monthly payments were added to the end of the original loan term.

Total	$	963

The Company did not make any modifications on loans to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2023.

Credit quality indicators

As part of the ongoing monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to the risk grade of loans, the level of classified loans, net charge-offs, nonperforming loans, and general economic conditions in the Company’s market. From a credit risk standpoint, the Company utilizes a risk grading matrix to assign a risk grade to

each of its loans. The classifications of loans reflect a judgment about the risk of expected credit loss associated with each loan. Credit quality indicators are reviewed and adjusted regularly to account for the degree of risk and expected credit loss that the Company believes to be appropriate for each financial asset.

A description of the general characteristics of loans characterized as classified is as follows:

Pass

Loans characterized as pass includes loans graded exceptional, very good, good, satisfactory and pass/watch. The Company believes that there is a low likelihood of credit deterioration related to those loans that are considered pass.

Special mention

A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.

Borrowers may exhibit poor liquidity and leverage positions resulting from generally negative cash flow or negative trends in earnings. Access to alternative financing may be limited to finance companies for business borrowers and may be unavailable for commercial real estate borrowers.

Substandard

A substandard loan is inadequately protected by the current financial condition and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Borrowers may exhibit recent or unexpected unprofitable operations, an inadequate debt service coverage ratio, or marginal liquidity and capitalization. These loans require more intense supervision by Company management.

Doubtful

A doubtful loan has all the weaknesses associated with a substandard loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Ungraded

Ungraded loans represent credit card loans not included in the individual credit grading process due to the borrower type. The credit quality indicator for credit card loans is based on delinquency status of the borrower as of the date presented.

card loans are ungraded as they are not individually graded. Charge-offs presented represent gross charge-offs recognized in the current period:


September 30, 2024	Term Loans by Origination Year
(in thousands)	2024		2023		2022		2021		2020		Prior		Revolving		Total
Residential – Real estate
Pass	$	107,537	$	127,435	$	124,543	$	73,180	$	70,915	$	108,952	$	—	$	612,562
Special Mention	—		—		146		140		3,605		284		—		4,175
Substandard	—		—		—		788		—		6,159		—		6,947
Doubtful	—		—		—		—		—		—		—		—
Total	107,537		127,435		124,689		74,108		74,520		115,395		—		623,684
Commercial – Real estate
Pass	140,849		66,138		153,913		139,391		75,637		188,033		—		763,961
Special Mention	—		2,300		10,778		—		—		2,290		—		15,368
Substandard	—		—		6,705		—		320		804		—		7,829
Doubtful	—		—		—		—		—		—		—		—
Total	140,849		68,438		171,396		139,391		75,957		191,127		—		787,158
Construction – Real estate
Pass	62,238		141,079		48,890		23,269		15,188		6,903		—		297,567
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		1,500		2,842		—		4,342
Doubtful	—		—		—		—		—		—		—		—
Total	62,238		141,079		48,890		23,269		16,688		9,745		—		301,909
Commercial and Industrial
Pass	64,379		62,304		60,045		25,969		6,869		46,791		—		266,357
Special Mention	245		—		508		—		—		41		—		794
Substandard	—		141		598		205		3,243		473		—		4,660
Doubtful	—		—		—		—		—		—		—		—
Total	64,624		62,445		61,151		26,174		10,112		47,305		—		271,811
Other consumer
Pass	1,211		—		198		108		101		427		—		2,045
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total	1,211		—		198		108		101		427		—		2,045
Credit card
Ungraded	—		—		—		—		—		—		127,098		127,098
Portfolio loans receivable, gross	$	376,459	$	399,397	$	406,324	$	263,050	$	177,378	$	363,999	$	127,098	$	2,113,705


September 30, 2024
(in thousands)	2024		2023		2022		2021		2020		Prior		Revolving		Total
Gross Charge-Offs
Residential	$	—	$	—	$	—	$	—	$	—	$	630	$	—	$	630
Commercial	—		—		570		—		—		—		—		570
Commercial and Industrial	—		80		306		—		—		84		—		470
Credit card	—		—		—		—		—		—		5,019		5,019
Total	$	—	$	80	$	876	$	—	$	—	$	714	$	5,019	$	6,689


December 31, 2023	Term Loans by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving		Total
Residential – Real estate
Pass	$	140,394	$	137,362	$	76,556	$	76,938	$	36,122	$	88,055	$	—	$	555,427
Special Mention	—		—		134		3,670		1,176		288		—		5,268
Substandard	—		33		—		—		26		12,350		—		12,409
Doubtful	—		—		—		—		—		—		—		—
Total	140,394		137,395		76,690		80,608		37,324		100,693		—		573,104
Commercial – Real estate
Pass	62,095		185,776		145,756		68,748		96,238		116,347		—		674,960
Special Mention	—		6,897		—		—		805		985		—		8,687
Substandard	—		—		—		—		582		—		—		582
Doubtful	—		—		—		—		—		—		—		—
Total	62,095		192,673		145,756		68,748		97,625		117,332		—		684,229
Construction – Real estate
Pass	142,157		72,240		46,180		16,859		6,246		2,517		—		286,199
Special Mention	—		—		—		—		—		614		—		614
Substandard	—		—		—		1,254		597		1,444		—		3,295
Doubtful	—		—		—		—		—		—		—		—
Total	142,157		72,240		46,180		18,113		6,843		4,575		—		290,108
Commercial and Industrial
Pass	70,540		71,689		28,007		9,364		18,036		37,392		—		235,028
Special Mention	—		156		—		2,406		47		273		—		2,882
Substandard	30		814		211		—		42		201		—		1,298
Doubtful	—		—		—		—		—		—		—		—
Total	70,570		72,659		28,218		11,770		18,125		37,866		—		239,208
Other consumer
Pass	75		278		147		116		—		334		—		950
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total	75		278		147		116		—		334		—		950
Credit card
Ungraded	—		—		—		—		—		—		123,331		123,331
Portfolio loans receivable, gross	$	415,291	$	475,245	$	296,991	$	179,355	$	159,917	$	260,800	$	123,331	$	1,910,930


December 31, 2023
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving		Total
Gross Charge-Offs
Residential	$	—	$	—	$	—	$	—	$	—	$	670	$	—	$	670
Commercial	—		—		—		—		943		—		—		943
Commercial and Industrial	—		98		—		—		—		—		—		98
Credit card	—		—		—		—		—		—		7,076		7,076
Total	$	—	$	98	$	—	$	—	$	943	$	670	$	7,076	$	8,787

Outstanding loan commitments were as follows:


(in thousands)	September 30, 2024		December 31, 2023
Unused lines of credit
Real Estate:
Residential	$	20,954	$	15,436
Residential - Home Equity	45,957		43,892
Commercial	42,809		20,424
Construction	90,871		98,777
Commercial and Industrial	77,391		42,751
Credit card(1)	125,304		114,882
Other consumer	254		310
Total	$	403,540	$	336,472



Letters of credit	$	4,633	$	4,641

_______________

Lines of credit are agreements to lend to a customer as long as there is no violation of any condition of the contract. Lines of credit generally have variable interest rates. Such lines do not represent future cash requirements because it is unlikely that all customers will, at any given time, draw upon their lines in full. Loan commitments generally have variable interest rates, fixed expiration dates, and may require payment of a fee.

The Company's maximum exposure to credit loss in the event of nonperformance by the customer is the contractual amount of the credit commitment. Loan commitments and lines of credit are generally made on the same terms, including with regard to collateral, as outstanding loans. Management is not aware of any accounting loss to be incurred by funding these loan commitments.

The Company maintains an estimated reserve for unfunded commitments and certain off-balance sheet items such as unfunded lines of credit, which is reflected in other liabilities, with increases or decreases in the reserve being charged to or released from operating expense. Activity for this account is as follows for the periods presented:


	Three months ended				Nine months ended
(in thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Balance at beginning of period	$	1,052	$	888	$	806	$	1,682
Impact of adopting the CECL standard on January 1, 2023	—		—		—		(775)
Provision for credit losses on unfunded commitments	17		24		263		5


Balance at end of period	$	1,069	$	912	$	1,069	$	912

The Company makes representations and warranties that loans sold to investors meet the investors’ program guidelines and that the information provided by the borrowers is accurate and complete. In the event of a default on a loan sold, the investor may have the right to make a claim for losses due to document deficiencies, program non-compliance, early payment default, and fraud or borrower misrepresentations.

The Company maintains a reserve for potential losses on mortgage loans sold, which is reflected in other liabilities, with changes being charged to or released from operating expense. Activity in this reserve is as follows for the periods presented:


	Three months ended				Nine months ended
(in thousands)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Balance at beginning of period	$	912	$	1,182	$	985	$	1,174
(Release of) provision for mortgage loan put-back reserve	20		4		(53)		12


Balance at end of period	$	932	$	1,186	$	932	$	1,186

Fair Value - Schedule of Carrying Amount, Fair Value and Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets
Cash and due from banks	$ 23,462	$ 14,513
Interest-bearing deposits at other financial institutions	133,180	39,044
Federal funds sold	58	407
Carrying Amount \| Level 1
Financial assets
Cash and due from banks	23,462	14,513
Interest-bearing deposits at other financial institutions	133,180	39,044
Federal funds sold	58	407
Financial liabilities
Noninterest-bearing deposits	718,120	617,373
Carrying Amount \| Level 3
Financial assets
Portfolio loans receivable, net	2,075,597	1,874,678
Restricted investments	5,895	4,353
Financial liabilities
Interest-bearing deposits	1,468,104	1,278,623
FHLB advances and other borrowed funds	64,062	49,062
Fair Value \| Level 1
Financial assets
Cash and due from banks	23,462	14,513
Interest-bearing deposits at other financial institutions	133,180	39,044
Federal funds sold	58	407
Financial liabilities
Noninterest-bearing deposits	717,951	617,373
Fair Value \| Level 3
Financial assets
Portfolio loans receivable, net	2,056,729	1,855,158
Restricted investments	5,895	4,353
Financial liabilities
Interest-bearing deposits	1,470,711	1,280,682
FHLB advances and other borrowed funds	$ 62,302	$ 46,634

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The Company has categorized its financial instruments measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 as follows:


(in thousands)
September 30, 2024	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment securities available-for-sale
U.S. Treasuries	$	127,804	$	127,804	$	—	$	—

Municipal	9,767		—		9,767		—
Corporate	4,680		—		4,680		—
Asset-backed securities	5,657		—		5,657		—
Mortgage-backed securities	60,792		—		60,792		—
Total	$	208,700	$	127,804	$	80,896	$	—

Loans held for sale	$	19,554	$	—	$	19,554	$	—
Derivative assets	$	8	$	—	$	8	$	—
Derivative liabilities	$	8	$	—	$	8	$	—


December 31, 2023
Investment securities available-for-sale
U.S. Treasuries	$	149,228	$	149,228	$	—	$	—

Municipal	9,372		—		9,372		—
Corporate	4,413		—		4,413		—
Asset-backed securities	7,045		—		7,045		—
Mortgage-backed securities	38,271		—		38,271		—
Total	$	208,329	$	149,228	$	59,101	$	—

Loans held for sale	$	7,481	$	—	$	7,481	$	—
Derivative assets	$	—	$	—	$	—	$	—
Derivative liabilities	$	—	$	—	$	—	$	—

Schedule of Fair Value of Loans Held for Sale


Fair Value of Loans Held for Sale
(in thousands)	September 30, 2024		December 31, 2023
Aggregate fair value	$	19,554	$	7,481
Contractual principal	15,218		5,168
Difference	$	4,336	$	2,313

Schedule of Financial Instruments Measured at Fair Value on a Nonrecurring Basis

The Company has categorized its financial instruments measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023 as follows:



(in thousands)	September 30, 2024		December 31, 2023
Individually evaluated loans for credit loss, net


Level 3 inputs	$	14,456	$	15,620
Total	$	14,456	$	15,620

Schedule of Unobservable Inputs in Fair Value Measurements

The following table provides information describing the unobservable inputs used in Level 3 fair value measurements at September 30, 2024 and December 31, 2023:

Unobservable Inputs

Valuation Technique

Unobservable Inputs

Range of Inputs

Individually evaluated loans

Appraised Value/Discounted Cash Flows

Discounts to appraisals or cash flows for estimated holding and/or selling costs

0 to 25%

Schedule of Carrying Amount, Fair Value and Fair Value Hierarchy of Financial Instruments

The table below presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments.


	September 30, 2024				December 31, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Level 1
Cash and due from banks	$	23,462	$	23,462	$	14,513	$	14,513
Interest-bearing deposits at other financial institutions	133,180		133,180		39,044		39,044

Federal funds sold	58		58		407		407
Level 3

Portfolio loans receivable, net	$	2,075,597	$	2,056,729	$	1,874,678	$	1,855,158

Restricted investments	5,895		5,895		4,353		4,353

Financial liabilities
Level 1
Noninterest-bearing deposits	$	718,120	$	717,951	$	617,373	$	617,373

Level 3
Interest-bearing deposits	$	1,468,104	$	1,470,711	$	1,278,623	$	1,280,682
FHLB advances and other borrowed funds	64,062		62,302		49,062		46,634

Portfolio Loans Receivable and Allowance for Credit Losses - Schedule of Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 loanModification	Sep. 30, 2023 loanModification	Sep. 30, 2024 USD ($) loanModification	Sep. 30, 2023 loanModification
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of loan modifications \| loanModification	0	0	3	0
Interest rate reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis			$ 963
Interest rate reduction \| Residential \| Real estate:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis			$ 760
% of Total Loan Type			0.199%
Contractual interest rate before loan modifications	8.375%		8.375%
Contractual interest rate loan modifications	6.375%		6.375%
Interest rate reduction \| Residential \| Residential - Home Equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis			$ 91
% of Total Loan Type			0.164%
Contractual interest rate before loan modifications	10.49%		10.49%
Contractual interest rate loan modifications	6.375%		6.375%
Interest rate reduction \| Commercial and Industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis			$ 112
% of Total Loan Type			0.044%
Contractual interest rate before loan modifications	11.25%		11.25%
Contractual interest rate loan modifications	6.00%		6.00%
Term extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis			$ 963
Term extension \| Residential \| Real estate:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis			$ 760
% of Total Loan Type			0.199%
Term increase to the life of the loan after loan modifications			1 year
Term extension \| Residential \| Residential - Home Equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis			$ 91
% of Total Loan Type			0.164%
Term increase to the life of the loan after loan modifications			22 years
Term extension \| Commercial and Industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis			$ 112
% of Total Loan Type			0.044%
Term increase to the life of the loan after loan modifications			6 months
Payment deferral period after loan modifications	6 months		6 months

Portfolio Loans Receivable and Allowance for Credit Losses - Schedule of Loans by Credit Quality Indicators and Gross Charge-Offs (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Term Loans by Origination Year
Current year	$ 376,459	$ 415,291
One year before current year	399,397	475,245
Two years before current year	406,324	296,991
Three years before current year	263,050	179,355
Four years before current year	177,378	159,917
Prior	363,999	260,800
Revolving	127,098	123,331
Total	2,113,705	1,910,930
Gross Charge-Offs
Current year	0	0
One year before current year	80	98
Two years before current year	876	0
Three years before current year	0	0
Four years before current year	0	943
Prior	714	670
Revolving	5,019	7,076
Total	6,689	8,787
Residential
Gross Charge-Offs
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	630	670
Revolving	0	0
Total	630	670
Commercial
Gross Charge-Offs
Current year	0	0
One year before current year	0	0
Two years before current year	570	0
Three years before current year	0	0
Four years before current year	0	943
Prior	0	0
Revolving	0	0
Total	570	943
Commercial and Industrial
Term Loans by Origination Year
Current year	64,624	70,570
One year before current year	62,445	72,659
Two years before current year	61,151	28,218
Three years before current year	26,174	11,770
Four years before current year	10,112	18,125
Prior	47,305	37,866
Revolving	0	0
Total	271,811	239,208
Gross Charge-Offs
Current year	0	0
One year before current year	80	98
Two years before current year	306	0
Three years before current year	0	0
Four years before current year	0	0
Prior	84	0
Revolving	0	0
Total	470	98
Commercial and Industrial \| Pass
Term Loans by Origination Year
Current year	64,379	70,540
One year before current year	62,304	71,689
Two years before current year	60,045	28,007
Three years before current year	25,969	9,364
Four years before current year	6,869	18,036
Prior	46,791	37,392
Revolving	0	0
Total	266,357	235,028
Commercial and Industrial \| Special Mention
Term Loans by Origination Year
Current year	245	0
One year before current year	0	156
Two years before current year	508	0
Three years before current year	0	2,406
Four years before current year	0	47
Prior	41	273
Revolving	0	0
Total	794	2,882
Commercial and Industrial \| Substandard
Term Loans by Origination Year
Current year	0	30
One year before current year	141	814
Two years before current year	598	211
Three years before current year	205	0
Four years before current year	3,243	42
Prior	473	201
Revolving	0	0
Total	4,660	1,298
Commercial and Industrial \| Doubtful
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	0	0
Total	0	0
Real estate: \| Residential
Term Loans by Origination Year
Current year	107,537	140,394
One year before current year	127,435	137,395
Two years before current year	124,689	76,690
Three years before current year	74,108	80,608
Four years before current year	74,520	37,324
Prior	115,395	100,693
Revolving	0	0
Total	623,684	573,104
Real estate: \| Residential \| Pass
Term Loans by Origination Year
Current year	107,537	140,394
One year before current year	127,435	137,362
Two years before current year	124,543	76,556
Three years before current year	73,180	76,938
Four years before current year	70,915	36,122
Prior	108,952	88,055
Revolving	0	0
Total	612,562	555,427
Real estate: \| Residential \| Special Mention
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	146	134
Three years before current year	140	3,670
Four years before current year	3,605	1,176
Prior	284	288
Revolving	0	0
Total	4,175	5,268
Real estate: \| Residential \| Substandard
Term Loans by Origination Year
Current year	0	0
One year before current year	0	33
Two years before current year	0	0
Three years before current year	788	0
Four years before current year	0	26
Prior	6,159	12,350
Revolving	0	0
Total	6,947	12,409
Real estate: \| Residential \| Doubtful
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	0	0
Total	0	0
Real estate: \| Commercial
Term Loans by Origination Year
Current year	140,849	62,095
One year before current year	68,438	192,673
Two years before current year	171,396	145,756
Three years before current year	139,391	68,748
Four years before current year	75,957	97,625
Prior	191,127	117,332
Revolving	0	0
Total	787,158	684,229
Real estate: \| Commercial \| Pass
Term Loans by Origination Year
Current year	140,849	62,095
One year before current year	66,138	185,776
Two years before current year	153,913	145,756
Three years before current year	139,391	68,748
Four years before current year	75,637	96,238
Prior	188,033	116,347
Revolving	0	0
Total	763,961	674,960
Real estate: \| Commercial \| Special Mention
Term Loans by Origination Year
Current year	0	0
One year before current year	2,300	6,897
Two years before current year	10,778	0
Three years before current year	0	0
Four years before current year	0	805
Prior	2,290	985
Revolving	0	0
Total	15,368	8,687
Real estate: \| Commercial \| Substandard
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	6,705	0
Three years before current year	0	0
Four years before current year	320	582
Prior	804	0
Revolving	0	0
Total	7,829	582
Real estate: \| Commercial \| Doubtful
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	0	0
Total	0	0
Real estate: \| Construction
Term Loans by Origination Year
Current year	62,238	142,157
One year before current year	141,079	72,240
Two years before current year	48,890	46,180
Three years before current year	23,269	18,113
Four years before current year	16,688	6,843
Prior	9,745	4,575
Revolving	0	0
Total	301,909	290,108
Real estate: \| Construction \| Pass
Term Loans by Origination Year
Current year	62,238	142,157
One year before current year	141,079	72,240
Two years before current year	48,890	46,180
Three years before current year	23,269	16,859
Four years before current year	15,188	6,246
Prior	6,903	2,517
Revolving	0	0
Total	297,567	286,199
Real estate: \| Construction \| Special Mention
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	614
Revolving	0	0
Total	0	614
Real estate: \| Construction \| Substandard
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	1,254
Four years before current year	1,500	597
Prior	2,842	1,444
Revolving	0	0
Total	4,342	3,295
Real estate: \| Construction \| Doubtful
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	0	0
Total	0	0
Other consumer \| Consumer
Term Loans by Origination Year
Current year	1,211	75
One year before current year	0	278
Two years before current year	198	147
Three years before current year	108	116
Four years before current year	101	0
Prior	427	334
Revolving	0	0
Total	2,045	950
Other consumer \| Consumer \| Pass
Term Loans by Origination Year
Current year	1,211	75
One year before current year	0	278
Two years before current year	198	147
Three years before current year	108	116
Four years before current year	101	0
Prior	427	334
Revolving	0	0
Total	2,045	950
Other consumer \| Consumer \| Special Mention
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	0	0
Total	0	0
Other consumer \| Consumer \| Substandard
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	0	0
Total	0	0
Other consumer \| Consumer \| Doubtful
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	0	0
Total	0	0
Credit card, net of reserve \| Consumer
Term Loans by Origination Year
Total	127,098	123,331
Gross Charge-Offs
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	5,019	7,076
Total	5,019	7,076
Credit card, net of reserve \| Consumer \| Ungraded
Term Loans by Origination Year
Current year	0	0
One year before current year	0	0
Two years before current year	0	0
Three years before current year	0	0
Four years before current year	0	0
Prior	0	0
Revolving	127,098	123,331
Total	$ 127,098	$ 123,331

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 23,439	$ 26,841
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Provision for credit losses	9,892	6,802
Provision for credit losses on unfunded commitments	263	5
(Release of) provision for mortgage put-back reserve, net	(53)	12
Net amortization on investments	53	82
Premises and equipment depreciation	246	235
Lease asset (accretion) amortization	(997)	396
Increase in cash surrender value of BOLI	(1,068)	(791)
Executive long-term incentive plan expense	428	297
Stock-based compensation expense	1,422	1,317
Director and employee compensation paid in Company stock	523	535
Deferred income tax benefit	(31)	(76)
Valuation allowance on derivatives	9	8
(Decrease) increase in valuation of loans held for sale carried at fair value	(32)	6
Proceeds from sales of loans held for sale	161,320	144,871
Originations of loans held for sale	(173,361)	(142,304)
Changes in assets and liabilities:
Accrued interest receivable	(974)	(1,742)
Taxes payable	(329)	450
Accounts receivable	458	(231)
Other assets	(16,009)	(550)
Accrued interest payable	2,920	4,173
Other liabilities	903	889
Net cash provided by operating activities	9,022	41,225
Cash flows from investing activities
Purchases of securities available-for-sale	(33,130)	0
Proceeds from calls and maturities of securities available-for-sale	38,730	45,461
Net (purchases) sales of restricted investments	(1,542)	3,022
Net increase in portfolio loans receivable	(210,811)	(137,636)
Net purchases of premises and equipment	(139)	(2,542)
Net cash used in investing activities	(206,892)	(91,695)
Net increase (decrease) in:
Noninterest-bearing deposits	100,747	6,490
Interest-bearing deposits	189,481	203,426
Federal Home Loan Bank advances (repayments)	30,000	(85,000)
Other borrowed funds	(15,000)	0
Dividends paid	(3,618)	(2,808)
Repurchase of common stock	(1,399)	(6,936)
Net proceeds from exercise of stock options	395	1,035
Net cash provided by financing activities	300,606	116,207
Net increase in cash and cash equivalents	102,736	65,737
Cash and cash equivalents, beginning of year	53,964	80,415
Cash and cash equivalents, end of period	156,700	146,152
Noncash investing and financing activities:
Change in unrealized gains (losses) on investments	6,024	(883)
Cash paid during the period for:
Taxes	71	7,704
Interest	$ 38,255	$ 25,427

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Information

The Company’s lease information is summarized as follows:


(in thousands)	September 30, 2024		December 31, 2023
Lease Right of Use Asset:
Lease asset	$	6,069	$	6,810
Less: Accumulated amortization	(2,226)		(3,223)
Net lease asset	$	3,843	$	3,587



Lease Liability:
Lease liability	$	6,404	6,892
Less: Accumulated amortization	(2,053)		(3,101)
Net lease liability	$	4,351	$	3,791

Schedule of Minimum Payments for Operating Leases

Future minimum payments for operating leases with initial or remaining terms of one year or more are as follows:


(in thousands)	September 30, 2024
Amounts due in:
2024	$	248
2025	1,112
2026	1,081
2027	576
2028	450
2029 and thereafter	1,629
Total future lease payments	5,096
Discount of cash flows	(745)
Present value of net future lease payments	$	4,351

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 8,672	$ 8,205	$ 6,562	$ 9,788	$ 7,318	$ 9,735	$ 23,439	$ 26,841

- Definition

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

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Merger-related expenses		$ 520	$ 0	$ 1,315	$ 0
Subsequent Event
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
IFHI
Business Acquisition [Line Items]
Merger-related expenses		$ 500		$ 1,300
IFHI \| Subsequent Event
Business Acquisition [Line Items]
Number of entity shares of common stock for each share of acquiree common stock converted (in shares)	1.115
Cash per share of acquiree common stock converted (in dollars per share)	$ 5.36
IFHI \| Subsequent Event
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)	$ 1.00

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 8,672	$ 9,788	$ 23,439	$ 26,841
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities available-for-sale	5,929	(1,820)	6,024	(883)
Income tax (expense) benefit relating to the items above	(1,423)	28	(1,535)	(209)
Other comprehensive income (loss)	4,506	(1,792)	4,489	(1,092)
Comprehensive income	$ 13,178	$ 7,996	$ 27,928	$ 25,749

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Acquisition	9 Months Ended
Acquisition	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Note 2 - Acquisition Acquisition of Integrated Financial Holdings, Inc. On October 1, 2024, the Company completed its previously announced merger (the “Merger”) with Integrated Financial Holdings, Inc., a North Carolina corporation (“IFHI”) pursuant to an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), dated as of March 27, 2024. At the effective time of the Merger (the “Effective Time”), IFHI merged with and into the Company, with the Company continuing as the surviving corporation in the Merger. Immediately following the Merger, West Town Bank & Trust, merged with and into Capital Bank, with Capital Bank as the surviving bank. In accordance with the terms of the Merger Agreement, each share of IFHI’s common stock, par value $1.00 per share was converted into the right to receive (i) 1.115 shares of the Company’s common stock, par value $0.01 per share, and (ii) subject to certain adjustments, $5.36 in cash per share of IFHI common stock, par value $1.00 per share, held immediately prior to the Effective Time, as well as cash in lieu of fractional shares of the Company’s common stock. In addition, each stock option granted by IFHI to purchase shares of IFHI common stock, whether vested or unvested, outstanding immediately prior to the Effective Time, was assumed by the Company and converted into an equivalent option to purchase the Company’s common stock, with the same terms and conditions as applied to the IFHI stock option. During the three and nine months ended September 30, 2024, the Company incurred merger-related expenses related to the acquisition of IFHI totaling $0.5 million and $1.3 million, respectively.

Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segments

The Company’s reportable segments represent business units with discrete financial information whose results are regularly reviewed by management. The four segments include Commercial Banking, Capital Bank Home Loans (the Company’s mortgage loan division), OpenSky™ (the Company’s credit card division) and the Corporate Office.

Effective January 1, 2024, the Company allocated certain expenses previously recorded directly to the Commercial Bank segment to the other segments. These expenses are for shared services also consumed by OpenSky™, CBHL, and Corporate. The Company performs an allocation process based on several metrics the Company believes more accurately ascribe shared service overhead to each segment. The Company believes this reflects the cost of support for each segment that should be considered in assessing segment performance. Historical information has been recast to reflect financial information consistently with the 2024 presentation.

The following schedule presents financial information for each reportable segment at September 30, 2024 and September 30, 2023.


For the Three Months Ended September 30, 2024
(in thousands)	Commercial Bank		CBHL		OpenSky™		Corporate(2)		Eliminations		Consolidated
Interest income	$	35,805	$	161	$	15,625	$	1,049	$	(30)	$	52,610
Interest expense	13,984		108		—		194		(30)		14,256
Net interest income	21,821		53		15,625		855		—		38,354
Provision for credit losses	1,453		—		2,294		1		—		3,748
Provision for credit losses on unfunded commitments	17		—		—		—		—		17
Net interest income after provision	20,351		53		13,331		854		—		34,589
Noninterest income	726		1,811		4,096		2		—		6,635
Noninterest expense(1)	12,422		2,395		13,276		1,632		—		29,725
Net income (loss) before taxes	$	8,655	$	(531)	$	4,151	$	(776)	$	—	$	11,499

Total assets	$	2,358,555	$	19,831	$	121,587	$	300,325	$	(239,510)	$	2,560,788

For the Three Months Ended September 30, 2023
Interest income	$	30,409	$	111	$	16,143	$	1,162	$	(84)	$	47,741
Interest expense	10,736		32		—		247		(84)		10,931
Net interest income	19,673		79		16,143		915		—		36,810
Provision for credit losses	275		—		1,875		130		—		2,280
Provision for credit losses on unfunded commitments	24		—		—		—		—		24
Net interest income after provision	19,374		79		14,268		785		—		34,506
Noninterest income	665		1,255		4,405		1		—		6,326
Noninterest expense(1)	12,610		1,880		13,227		329		—		28,046
Net income (loss) before taxes	$	7,429	$	(546)	$	5,446	$	457	$	—	$	12,786

Total assets	$	2,102,749	$	5,280	$	116,318	$	264,950	$	(216,813)	$	2,272,484

(1) Noninterest expense includes $6.2 million and $6.1 million in data processing expense in the OpenSky™ segment for the three months ended September 30, 2024 and 2023, respectively.

(2) The Corporate segment invests idle cash in revenue producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.


For the Nine Months Ended September 30, 2024
(in thousands)	Commercial Bank		CBHL		OpenSky™		Corporate(2)		Eliminations		Consolidated
Interest income	$	102,269	$	376	$	46,331	$	2,772	$	(154)	$	151,594
Interest expense	40,450		232		—		647		(154)		41,175
Net interest income	61,819		144		46,331		2,125		—		110,419
Provision for credit losses	3,680		—		6,152		60		—		9,892
Provision for credit losses on unfunded commitments	263		—		—		—		—		263
Net interest income after provision	57,876		144		40,179		2,065		—		100,264
Noninterest income	2,107		5,008		12,379		3		—		19,497
Noninterest expense(1)	36,890		7,000		40,650		4,165		—		88,705
Net income (loss) before taxes	$	23,093	$	(1,848)	$	11,908	$	(2,097)	$	—	$	31,056

Total assets	$	2,358,555	$	19,831	$	121,587	$	300,325	$	(239,510)	$	2,560,788

For the Nine Months Ended September 30, 2023
Interest income	$	85,451	$	299	$	47,441	$	3,274	$	(228)	$	136,237
Interest expense	29,012		104		—		712		(228)		29,600
Net interest income	56,439		195		47,441		2,562		—		106,637
Provision for credit losses	849		—		5,823		130		—		6,802
Provision for credit losses on unfunded commitments	5		—		—		—		—		5
Net interest income after provision	55,585		195		41,618		2,432		—		99,830
Noninterest income	1,964		3,743		13,329		3		—		19,039
Noninterest expense(1)	36,043		6,538		40,083		1,196		—		83,860
Net income (loss) before taxes	$	21,506	$	(2,600)	$	14,864	$	1,239	$	—	$	35,009

Total assets	$	2,102,749	$	5,280	$	116,318	$	264,950	$	(216,813)	$	2,272,484

(1) Noninterest expense includes $18.7 million and $17.9 million in data processing expense in OpenSky’s™ segment for the nine months ended September 30, 2024 and 2023, respectively.

(2) The Corporate segment invests idle cash in revenue producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Cash and Cash Equivalents	9 Months Ended
Cash and Cash Equivalents	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from banks, interest-bearing deposits and federal funds sold. The Bank is required by regulations to maintain an average cash reserve balance based on a percentage of deposits; however, on March 15, 2020, the Federal Reserve announced that, due to economic conditions, reserve requirement ratios for all depository institutions would be reduced to zero percent effective March 26, 2020. The reserve requirement is still at zero percent as of September 30, 2024.