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Nature of Business Activities and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Impact of Adoption of CECL

The following table illustrates the impact of the adoption of CECL, and the transition away from the incurred loss method, on January 1, 2023. The impact to the ACL is presented at the loan segment level (in thousands):

						January 1, 2023
						Reserves under Incurred Loss Model						Reserves under CECL Model						Impact of CECL Adoption
Financial Assets:
Commercial real estate						$	15,477					$	18,163					$	2,686
Owner-occupied commercial real estate						635						629						(6)
Acquisition, construction & development						2,082						1,442						(640)
Commercial & industrial						438						675						237
Single family residential (1-4 units)						2,379						4,040						1,661
Consumer non-real estate and other						28						215						187
Unallocated reserve						—						—						—
Allowance for credit losses on loans						$	21,039					$	25,164					$	4,125
Financial Liabilities:
Allowance for credit losses on off-balance sheet credit exposure						$	—					$	275					$	275

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

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