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LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Loans by portfolio segment

Loans in the accompanying consolidated balance sheets are classified as follows (in thousands):

						December 31, 2022						December 31, 2021
Real estate loans:
Construction						$	559,681					$	447,860
1-4 family residential						663,519						651,140
Commercial						1,987,707						1,598,172
Commercial loans						412,064						418,998
Municipal loans						450,067						443,078
Loans to individuals						74,653						85,914
Total loans						4,147,691						3,645,162
Less: Allowance for loan losses						36,515						35,273
Net loans						$	4,111,176					$	3,609,889

Summary of loans by credit quality indicators and origination year

The following tables set forth the amortized cost basis by class of financing receivable and credit quality indicator for the periods presented (in thousands):

December 31, 2022			Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
			2022						2021						2020						2019						2018						Prior
Construction real estate:
Pass			$	169,652					$	184,501					$	34,537					$	7,091					$	1,844					$	6,434					$	152,530					$	556,589
Pass watch			299						—						—						—						—						—						—						299
Special mention			1,858						290						—						—						—						—						—						2,148
Substandard			—						—						—						10						42						194						—						246
Doubtful			—						44						—						355						—						—						—						399
Total construction real estate			$	171,809					$	184,835					$	34,537					$	7,456					$	1,886					$	6,628					$	152,530					$	559,681
1-4 family residential real estate:
Pass			$	82,847					$	144,424					$	128,666					$	70,142					$	36,710					$	194,490					$	2,160					$	659,439
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						79						—						1,397						—						—						1,476
Substandard			3						—						217						54						32						1,942						43						2,291
Doubtful			—						—						—						—						173						140						—						313
Total 1-4 family residential real estate			$	82,850					$	144,424					$	128,962					$	70,196					$	38,312					$	196,572					$	2,203					$	663,519
Commercial real estate:
Pass			$	798,653					$	546,938					$	168,607					$	136,440					$	55,480					$	233,509					$	12,315					$	1,951,942
Pass watch			—						9,219						—						—						—						—						—						9,219
Special mention			—						—						1,832						330						115						1,849						—						4,126
Substandard			—						—						281						14,603						260						6,992						—						22,136
Doubtful			—						—						—						76						—						208						—						284
Total commercial real estate			$	798,653					$	556,157					$	170,720					$	151,449					$	55,855					$	242,558					$	12,315					$	1,987,707
Commercial loans:
Pass			$	113,678					$	68,509					$	17,852					$	8,249					$	4,820					$	3,313					$	178,951					$	395,372
Pass watch			208						13						56						—						—						—						—						277
Special mention			—						5,109						31						—						288						—						9,986						15,414
Substandard			220						116						70						110						12						9						—						537
Doubtful			68						100						—						86						210						—						—						464
Total commercial loans			$	114,174					$	73,847					$	18,009					$	8,445					$	5,330					$	3,322					$	188,937					$	412,064
Municipal loans:
Pass			$	65,258					$	74,617					$	57,147					$	47,636					$	24,576					$	173,919					$	—					$	443,153
Pass watch			—						—						—						508						403						6,003						—						6,914
Special mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—
Total municipal loans			$	65,258					$	74,617					$	57,147					$	48,144					$	24,979					$	179,922					$	—					$	450,067
Loans to individuals:
Pass			$	29,579					$	21,480					$	12,651					$	5,261					$	1,665					$	1,005					$	2,935					$	74,576
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			—						1						—						6						—						2						—						9
Doubtful			7						—						—						18						40						3						—						68
Total loans to individuals			$	29,586					$	21,481					$	12,651					$	5,285					$	1,705					$	1,010					$	2,935					$	74,653
Total loans			$	1,262,330					$	1,055,361					$	422,026					$	290,975					$	128,067					$	630,012					$	358,920					$	4,147,691

December 31, 2021			Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
			2021						2020						2019						2018						2017						Prior
Construction real estate:
Pass			$	179,521					$	82,862					$	38,788					$	5,666					$	2,126					$	6,080					$	132,592					$	447,635
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						175						—						175
Doubtful			—						—						—						50						—						—						—						50
Total construction real estate			$	179,521					$	82,862					$	38,788					$	5,716					$	2,126					$	6,255					$	132,592					$	447,860
1-4 family residential real estate:
Pass			$	141,058					$	129,681					$	81,607					$	47,566					$	34,236					$	209,470					$	2,238					$	645,856
Pass watch			—						—						—						—						—						777						—						777
Special mention			—						82						—						—						—						—						—						82
Substandard			57						403						55						—						295						3,257						88						4,155
Doubtful			—						—						—						—						—						270						—						270
Total 1-4 family residential real estate			$	141,115					$	130,166					$	81,662					$	47,566					$	34,531					$	213,774					$	2,326					$	651,140
Commercial real estate:
Pass			$	648,002					$	207,370					$	209,923					$	114,788					$	143,350					$	209,368					$	7,566					$	1,540,367
Pass watch			21,669						—						2,163						3,074						374						—						—						27,280
Special mention			—						2,062						2,217						119						163						1,877						—						6,438
Substandard			3,299						667						10,830						1,480						—						7,691						—						23,967
Doubtful			—						—						—						—						—						120						—						120
Total commercial real estate			$	672,970					$	210,099					$	225,133					$	119,461					$	143,887					$	219,056					$	7,566					$	1,598,172
Commercial loans:
Pass			$	140,628					$	51,866					$	24,688					$	13,204					$	2,516					$	4,062					$	178,263					$	415,227
Pass watch			—						—						280						22						—						—						—						302
Special mention			—						57						78						363						—						157						—						655
Substandard			—						283						296						174						16						—						1,457						2,226
Doubtful			7						26						124						359						—						72						—						588
Total commercial loans			$	140,635					$	52,232					$	25,466					$	14,122					$	2,532					$	4,291					$	179,720					$	418,998
Municipal loans:
Pass			$	80,167					$	64,803					$	61,348					$	29,168					$	56,274					$	151,318					$	—					$	443,078
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—
Total municipal loans			$	80,167					$	64,803					$	61,348					$	29,168					$	56,274					$	151,318					$	—					$	443,078
Loans to individuals:
Pass			$	40,252					$	24,028					$	11,813					$	4,121					$	1,684					$	849					$	3,052					$	85,799
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						36						—						—						—						36
Substandard			—						1						24						4						23						10						2						64
Doubtful			—						—						1						7						3						4						—						15
Total loans to individuals			$	40,252					$	24,029					$	11,838					$	4,168					$	1,710					$	863					$	3,054					$	85,914
Total loans			$	1,254,660					$	564,191					$	444,235					$	220,201					$	241,060					$	595,557					$	325,258					$	3,645,162

Aging of past due loans by class of loan

The following tables present the aging of the amortized cost basis in past due loans by class of loans (in thousands):

						December 31, 2022
						30-59 Days Past Due						60-89 Days  Past Due						Greater than 90 Days Past Due						Total Past Due						Current						Total
Real estate loans:
Construction						$	43					$	21					$	—					$	64					$	559,617					$	559,681
1-4 family residential						3,529						368						214						4,111						659,408						663,519
Commercial						105						153						415						673						1,987,034						1,987,707
Commercial loans						515						277						247						1,039						411,025						412,064
Municipal loans						—						—						—						—						450,067						450,067
Loans to individuals						203						3						40						246						74,407						74,653
Total						$	4,395					$	822					$	916					$	6,133					$	4,141,558					$	4,147,691

						December 31, 2021
						30-59 Days Past Due						60-89 Days  Past Due						Greater than  90 Days Past Due						Total Past  Due						Current						Total
Real estate loans:
Construction						$	82					$	58					$	—					$	140					$	447,720					$	447,860
1-4 family residential						3,226						606						227						4,059						647,081						651,140
Commercial						1,191						—						99						1,290						1,596,882						1,598,172
Commercial loans						1,523						251						537						2,311						416,687						418,998
Municipal loans						170						—						—						170						442,908						443,078
Loans to individuals						315						41						8						364						85,550						85,914
Total						$	6,507					$	956					$	871					$	8,334					$	3,636,828					$	3,645,162

Nonperforming assets by asset class

The following table sets forth the amortized cost basis of nonperforming assets for the periods presented (in thousands):

			December 31, 2022						December 31, 2021
Nonaccrual loans:
Real estate loans:
Construction			$	405					$	57
1-4 family residential			848						969
Commercial			762						668
Commercial loans			757						815
Loans to individuals			74						27
Total nonaccrual loans (1)			2,846						2,536
Accruing loans past due more than 90 days			—						—
TDR loans			7,849						9,073
OREO			93						—
Repossessed assets			74						—
Total nonperforming assets			$	10,862					$	11,609

(1)    Includes $897,000 and $1.1 million of restructured loans as of December 31, 2022 and December 31, 2021, respectively.

Troubled debt restructurings

The following tables set forth the recorded balance of loans considered to be TDRs that were restructured and the type of concession by class of loans during the periods presented (dollars in thousands):

						December 31, 2022
						Extend Amortization  Period						Interest Rate Reductions						Combination						Total Modifications						Number of Loans
Real estate loans:
1-4 family residential						$	—					$	—					$	305					$	305					4
Commercial loans						—						—						6						6						1
Loans to individuals						—						—						8						8						2
Total						$	—					$	—					$	319					$	319					7

						December 31, 2021
						Extend Amortization  Period						Interest Rate Reductions						Combination						Total Modifications						Number of Loans
Real estate loans:
1-4 family residential						$	—					$	—					$	560					$	560					7
Commercial						—						—						450						450						1
Commercial loans						—						16						84						100						3
Total						$	—					$	16					$	1,094					$	1,110					11

						December 31, 2020
						Extend Amortization  Period						Interest Rate Reductions						Combination						Total Modifications						Number of Loans
Real estate loans:
Commercial						$	—					$	—					$	58					$	58					1
Commercial loans						51						—						390						441						6
Loans to individuals						—						—						22						22						1
Total						$	51					$	—					$	470					$	521					8

Allowance for loan losses activity by portfolio segment

The following tables detail activity in the allowance for loan losses by portfolio segment for the periods presented (in thousands):

			Year Ended December 31, 2022
			Real Estate
			Construction						1-4 Family Residential						Commercial						Commercial Loans						Municipal Loans						Loans to Individuals												Total
Balance at beginning of period			$	3,787					$	1,866					$	26,980					$	2,397					$	47					$	196											$	35,273
Loans charged-off			—						(69)						—						(792)						—						(1,723)												(2,584)
Recoveries of loans charged-off			2						107						81						593						—						1,105												1,888
Net loans (charged-off) recovered			2						38						81						(199)						—						(618)												(696)
Provision for (reversal of) loan losses			(625)						269						1,640						37						(2)						619												1,938
Balance at end of period			$	3,164					$	2,173					$	28,701					$	2,235					$	45					$	197											$	36,515

			Year Ended December 31, 2021
			Real Estate
			Construction						1-4 Family Residential						Commercial						Commercial Loans						Municipal Loans						Loans to Individuals												Total
Balance at beginning of period			$	6,490					$	2,270					$	35,709					$	4,107					$	46					$	384											$	49,006
Loans charged-off			—						(136)						—						(1,004)						—						(1,611)												(2,751)
Recoveries of loans charged-off			2						75						87						674						—						1,142												1,980
Net loans (charged-off) recovered			2						(61)						87						(330)						—						(469)												(771)
Provision for (reversal of) loan losses			(2,705)						(343)						(8,816)						(1,380)						1						281												(12,962)
Balance at end of period			$	3,787					$	1,866					$	26,980					$	2,397					$	47					$	196											$	35,273

			Year Ended December 31, 2020
			Real Estate
			Construction						1-4 Family Residential						Commercial						Commercial Loans						Municipal Loans						Loans to Individuals												Total
Balance at beginning of period			$	3,539					$	3,833					$	9,572					$	6,351					$	570					$	932											$	24,797
Impact of CECL adoption - cumulative effect adjustment			2,968						(1,447)						7,730						(3,532)						(522)						(125)												5,072
Impact of CECL adoption - purchased loans with credit deterioration			(15)						(6)						333						(22)						—						(59)												231
Loans charged-off			(40)						(152)						(33)						(823)						—						(1,806)												(2,854)
Recoveries of loans charged-off			28						32						102						310						—						1,178												1,650
Net loans (charged-off) recovered			(12)						(120)						69						(513)						—						(628)												(1,204)
Provision for (reversal of) loan losses (1)			10						10						18,005						1,823						(2)						264												20,110
Balance at end of period			$	6,490					$	2,270					$	35,709					$	4,107					$	46					$	384											$	49,006

(1)    The increase in the provision for credit losses during 2020 was primarily due to the economic impact of COVID-19 on macroeconomic factors used in the CECL methodology.

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