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Basis of Financial Statement Presentation (Tables) | 3 Months Ended
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Mar. 31, 2023
Basis of Financial Statement Presentation [Abstract] |
Impact of ASC 326 Adoption | Effective January 1, 2023, the Company adopted the provisions of ASC 326 through the application of the modified retrospective transition approach, and recorded a net decrease of $1.3 million to the beginning balance of retained earnings as of January 1, 2023 for the cumulative effect adjustment. The following table illustrates the impact of the adoption of the CECL model under ASC 326 on the Company’s consolidated statements of financial position as of January 1, 2023:
|  | Pre-CECL Adoption |  |  | Impact of CECL Adoption |  |  | As Reported Under CECL |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |
Allowance for credit losses on available-for-sale securities |  | $ | – |  |  | $ | – |  |  | $ | – |
Allowance for credit losses on loans |  |  | 4,388 |  |  |  | 1,809 |  |  |  | 6,197 |
Deferred tax assets |  |  | 11,872 |  |  |  | 508 |  |  |  | 12,380 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on off-balance sheet exposures |  |  | 412 |  |  |  | (45 | ) |  |  | 367 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 9,294 |  |  |  | (1,256 | ) |  |  | 8,038 |

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