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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2025
Shareholders' Equity [Abstract] |
Shareholders' Equity |
Note 7: | Shareholders’ Equity
On October 30, 2023, the Company adopted a repurchase plan that authorizes the repurchase of up to 750,000 shares of the Company’s stock. Stock repurchases under the plan will take place pursuant to a Rule 10b5-1 Plan with pricing and purchasing parameters established by management. There were no repurchases under this plan as of March 31, 2025. A summary of the activity under the repurchase plan is as follows:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Number of shares repurchased |  |  | - |  |  |  | - |
Average price of shares repurchased |  | $ | - |  |  | $ | - |
Shares remaining to be repurchased |  |  | 750,000 |  |  |  | 750,000 |
The Company and Bank are subject to risk-based capital guidelines issued by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under GAAP, regulatory reporting requirements and regulatory capital standards. The Company’s and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s and the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (set forth in the following table) of total, Tier I, and Common Equity capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined). Management believes, as of March 31, 2025, that the Company and Bank meet all capital adequacy requirements to which it is subject and maintains capital conservation buffers that allow the Company and Bank to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to certain executive officers. As of March 31, 2025, the most recent notification from the Federal Deposit Insurance Corporation (FDIC) categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain capital ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Company’s and Bank’s actual capital amounts and ratios are presented in the following table as of March 31, 2025 and December 31, 2024 (dollars in thousands):
|  | Actual |  |  | Minimum Capital Requirements |  |  | With Capital Conservation Buffer |  |  | Minimum To Be Well Capitalized Under Prompt Corrective Action |
|  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio |
As of March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company |  | $ | 232,560 |  |  |  | 15.24 | % |  | $ | 122,069 |  |  |  | 8.00 | % |  | $ | 160,216 |  |  |  | 10.50 | % |  |  | N/A |  |  |  | N/A |
Bank |  |  | 232,520 |  |  |  | 15.25 | % |  |  | 121,988 |  |  |  | 8.00 | % |  |  | 160,110 |  |  |  | 10.50 | % |  | $ | 152,485 |  |  |  | 10.00 | %
Tier I capital to risk-weighted assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company |  |  | 213,934 |  |  |  | 14.02 | % |  |  | 91,552 |  |  |  | 6.00 | % |  |  | 129,699 |  |  |  | 8.50 | % |  |  | N/A |  |  |  | N/A |
Bank |  |  | 213,894 |  |  |  | 14.03 | % |  |  | 91,491 |  |  |  | 6.00 | % |  |  | 129,613 |  |  |  | 8.50 | % |  |  | 121,988 |  |  |  | 8.00 | %
CET I capital to risk-weighted assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company |  |  | 213,934 |  |  |  | 14.02 | % |  |  | 68,664 |  |  |  | 4.50 | % |  |  | 106,811 |  |  |  | 7.00 | % |  |  | N/A |  |  |  | N/A |
Bank |  |  | 213,894 |  |  |  | 14.03 | % |  |  | 68,618 |  |  |  | 4.50 | % |  |  | 106,740 |  |  |  | 7.00 | % |  |  | 99,116 |  |  |  | 6.50 | %
Tier I capital to average assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company |  |  | 213,934 |  |  |  | 12.39 | % |  |  | 69,041 |  |  |  | 4.00 | % |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Bank |  |  | 213,894 |  |  |  | 12.39 | % |  |  | 69,041 |  |  |  | 4.00 | % |  |  | N/A |  |  |  | N/A |  |  |  | 86,302 |  |  |  | 5.00 | %
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company |  | $ | 227,229 |  |  |  | 15.21 | % |  | $ | 119,489 |  |  |  | 8.00 | % |  | $ | 156,830 |  |  |  | 10.50 | % |  |  | N/A |  |  |  | N/A |
Bank |  |  | 227,189 |  |  |  | 15.22 | % |  |  | 119,408 |  |  |  | 8.00 | % |  |  | 156,723 |  |  |  | 10.50 | % |  | $ | 149,260 |  |  |  | 10.00 | %
Tier I capital to risk-weighted assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company |  |  | 208,847 |  |  |  | 13.98 | % |  |  | 89,617 |  |  |  | 6.00 | % |  |  | 126,957 |  |  |  | 8.50 | % |  |  | N/A |  |  |  | N/A |
Bank |  |  | 208,807 |  |  |  | 13.99 | % |  |  | 89,556 |  |  |  | 6.00 | % |  |  | 126,871 |  |  |  | 8.50 | % |  |  | 119,408 |  |  |  | 8.00 | %
CET I capital to risk-weighted assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company |  |  | 208,847 |  |  |  | 13.98 | % |  |  | 67,213 |  |  |  | 4.50 | % |  |  | 104,553 |  |  |  | 7.00 | % |  |  | N/A |  |  |  | N/A |
Bank |  |  | 208,807 |  |  |  | 13.99 | % |  |  | 67,167 |  |  |  | 4.50 | % |  |  | 104,482 |  |  |  | 7.00 | % |  |  | 97,019 |  |  |  | 6.50 | %
Tier I capital to average assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company |  |  | 208,847 |  |  |  | 12.19 | % |  |  | 68,558 |  |  |  | 4.00 | % |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Bank |  |  | 208,807 |  |  |  | 12.18 | % |  |  | 68,558 |  |  |  | 4.00 | % |  |  | N/A |  |  |  | N/A |  |  |  | 85,698 |  |  |  | 5.00 | %
The federal banking agencies require that banking organizations meet several risk-based capital adequacy requirements. The current risk-based capital standards applicable to the Company and the Bank are based on the Basel III Capital Rules established by the Basel Committee on Banking Supervision (the “Basel Committee”). The Basel Committee is a committee of central banks and bank supervisors/regulators from the major industrialized countries that develops broad policy guidelines for use by each country’s supervisors in determining the supervisory policies they apply. The requirements are intended to ensure that banking organizations have adequate capital given the risk levels of assets and off-balance sheet financial instruments. The Basel III Capital Rules require the Bank and the Company to comply with four minimum capital standards: a Tier 1 leverage ratio of at least 4.0%; a CET1 to risk-weighted assets of 4.5%; a Tier 1 capital to risk-weighted assets of at least 6.0%; and a total capital to risk-weighted assets of at least 8.0%. The calculation of all types of regulatory capital is subject to definitions, deductions and adjustments specified in the regulations. The Basel III Capital Rules also require a “capital conservation buffer” of 2.5% above the regulatory minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress and effectively increases the minimum required risk-weighted capital ratios. Banking institutions with a ratio of CET1 to risk-weighted assets below the effective minimum (4.5% plus the capital conservation buffer) are subject to limitations on certain activities, including payment of dividends, share repurchases and discretionary bonuses to executive officers based on the amount of the shortfall. As of March 31, 2025, the Company’s and the Bank’s capital ratios exceeded the minimum capital adequacy guideline percentage requirements under the Basel III Capital Rules on a fully phased-in basis. The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. At March 31, 2025, approximately $66.9 million of retained earnings was available for dividend declaration from the Bank without prior regulatory approval.

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