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Regulatory Capital Requirements | 9 Months Ended
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Sep. 30, 2020
Regulatory Capital Requirements |
Regulatory Capital Requirements |
9. | Regulatory Capital Requirements
Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believed that as of September 30, 2020, the Company and the Bank met all capital adequacy requirements to which they were subject at that time. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The Company and the Bank are subject to the Basel III Rule, which is applicable to all U.S. banks that are subject to minimum capital requirements, as well as to bank and savings and loan holding companies other than “small bank holding companies” (generally, non-public bank holding companies with consolidated assets of less than $3.0 billion). The Basel III Rule includes a common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.5%, a minimum ratio of Tier 1 capital to risk-weighted assets of 6.0%, a minimum ratio of Total Capital to risk-weighted assets of 8.0%, and a minimum Tier 1 leverage ratio of 4.0%. A capital conservation buffer, equal to 2.5% of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. The capital conservation buffer increases the common equity Tier 1 capital ratio, and Tier 1 capital and total risk based capital ratios. As of September 30, 2020 and December 31, 2019, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action then in effect. There are no conditions or events since that notification that management believes have changed the institution’s category. The following is a comparison of the Company’s regulatory capital to minimum capital requirements at September 30, 2020 and December 31, 2019: Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies
(Dollars in thousands) |  |  |  |  | For capital |
|  | Actual |  |  | adequacy purposes |
|  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio (1) |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage |  | $ | 116,240 |  |  |  | 10.40% |  |  | $ | 44,715 |  |  |  | 4.0% |
Common Equity Tier 1 Capital |  |  | 95,240 |  |  |  | 13.19% |  |  |  | 50,533 |  |  |  | 7.0% |
Tier 1 Capital |  |  | 116,240 |  |  |  | 16.10% |  |  |  | 61,361 |  |  |  | 8.5% |
Total Risk Based Capital |  |  | 124,746 |  |  |  | 17.28% |  |  |  | 75,799 |  |  |  | 10.5% |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage |  | $ | 106,938 |  |  |  | 10.94% |  |  | $ | 39,109 |  |  |  | 4.0% |
Common Equity Tier 1 Capital |  |  | 85,938 |  |  |  | 13.09% |  |  |  | 45,952 |  |  |  | 7.0% |
Tier 1 Capital |  |  | 106,938 |  |  |  | 16.29% |  |  |  | 55,799 |  |  |  | 8.5% |
Total Risk Based Capital |  |  | 113,545 |  |  |  | 17.30% |  |  |  | 68,928 |  |  |  | 10.5% |
| (1) | The required ratios for capital adequacy purposes include a capital conservation buffer of 2.5%.
The following is a comparison of the Bank’s regulatory capital to minimum capital requirements at September 30, 2020 and December 31, 2019: Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations
|  |  |  |  |  |  |  |  |  |  |  |  |  | To be well-capitalized |
|  |  |  |  |  |  |  |  |  |  |  |  |  | under prompt |
(Dollars in thousands) |  |  |  |  | For capital |  |  | corrective |
|  | Actual |  |  | adequacy purposes |  |  | action provisions |
|  | Amount |  |  | Ratio |  |  | Amount |  |  | Ratio(1) |  |  | Amount |  |  | Ratio |
As of September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage |  | $ | 113,659 |  |  |  | 10.20% |  |  | $ | 44,592 |  |  |  | 4.0% |  |  | $ | 55,740 |  |  |  | 5.0% |
Common Equity Tier 1 Capital |  |  | 113,659 |  |  |  | 15.76% |  |  |  | 50,490 |  |  |  | 7.0% |  |  |  | 46,884 |  |  |  | 6.5% |
Tier 1 Capital |  |  | 113,659 |  |  |  | 15.76% |  |  |  | 61,310 |  |  |  | 8.5% |  |  |  | 57,703 |  |  |  | 8.0% |
Total Risk Based Capital |  |  | 122,165 |  |  |  | 16.94% |  |  |  | 75,736 |  |  |  | 10.5% |  |  |  | 72,129 |  |  |  | 10.0% |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Leverage |  | $ | 104,510 |  |  |  | 10.72% |  |  | $ | 38,984 |  |  |  | 4.0% |  |  | $ | 48,730 |  |  |  | 5.0% |
Common Equity Tier 1 Capital |  |  | 104,510 |  |  |  | 15.94% |  |  |  | 45,884 |  |  |  | 7.0% |  |  |  | 42,607 |  |  |  | 6.5% |
Tier 1 Capital |  |  | 104,510 |  |  |  | 15.94% |  |  |  | 55,716 |  |  |  | 8.5% |  |  |  | 52,439 |  |  |  | 8.0% |
Total Risk Based Capital |  |  | 111,117 |  |  |  | 16.95% |  |  |  | 68,826 |  |  |  | 10.5% |  |  |  | 65,549 |  |  |  | 10.0% |
(1) | The required ratios for capital adequacy purposes include a capital conservation buffer of 2.5%.

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- Definition The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1F -URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958575-112826 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958569-112826 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (a)(2) -URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 505 -Section 50 -Paragraph 1D -URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958573-112826 + Details
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