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Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Loans by Portfolio Segment

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

			September 30, 2023						December 31, 2022
Real estate loans:
Construction			$	720,515					$	559,681
1-4 family residential			689,492						663,519
Commercial			2,117,306						1,987,707
Commercial loans			385,816						412,064
Municipal loans			441,512						450,067
Loans to individuals			65,992						74,653
Total loans			4,420,633						4,147,691
Less: Allowance for loan losses			41,760						36,515
Net loans			$	4,378,873					$	4,111,176

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):

September 30, 2023			Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
			2023						2022						2021						2020						2019						Prior
Construction real estate:
Pass			$	109,018					$	225,290					$	191,843					$	33,111					$	3,009					$	6,753					$	128,083					$	697,107
Pass watch			—						—						—						—						—						—						9,544						9,544
Special mention			171						13,303						188						—						8						—						—						13,670
Substandard			—						73						—						—						—						80						—						153
Doubtful			—						—						41						—						—						—						—						41
Total construction real estate			$	109,189					$	238,666					$	192,072					$	33,111					$	3,017					$	6,833					$	137,627					$	720,515
Current period gross charge-offs			$	—					$	63					$	—					$	—					$	—					$	—					$	—					$	63
1-4 family residential real estate:
Pass			$	36,549					$	114,435					$	143,340					$	119,327					$	64,791					$	202,168					$	1,858					$	682,468
Pass watch			—						—						—						34						—						—						—						34
Special mention			—						—						—						1,090						—						1,348						—						2,438
Substandard			155						—						76						378						53						3,479						57						4,198
Doubtful			—						—						—						—						—						354						—						354
Total 1-4 family residential real estate			$	36,704					$	114,435					$	143,416					$	120,829					$	64,844					$	207,349					$	1,915					$	689,492
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	71					$	—					$	71
Commercial real estate:
Pass			$	338,060					$	708,281					$	501,231					$	148,979					$	92,448					$	203,242					$	15,583					$	2,007,824
Pass watch			39,704						9,530						1,846						632						338						148						—						52,198
Special mention			2,015						871						—						—						7,761						25,347						—						35,994
Substandard			—						—						281						269						14,206						6,377						—						21,133
Doubtful			—						—						—						—						70						87						—						157
Total commercial real estate			$	379,779					$	718,682					$	503,358					$	149,880					$	114,823					$	235,201					$	15,583					$	2,117,306
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial loans:
Pass			$	54,023					$	78,551					$	58,150					$	12,486					$	5,107					$	4,038					$	170,437					$	382,792
Pass watch			26						40						125						—						—						20						—						211
Special mention			—						176						—						20						—						177						780						1,153
Substandard			205						443						89						—						92						6						—						835
Doubtful			—						395						106						—						102						120						102						825
Total commercial loans			$	54,254					$	79,605					$	58,470					$	12,506					$	5,301					$	4,361					$	171,319					$	385,816
Current period gross charge-offs			$	575					$	439					$	44					$	26					$	23					$	6					$	—					$	1,113
Municipal loans:
Pass			$	30,063					$	62,250					$	70,471					$	50,793					$	42,340					$	185,595					$	—					$	441,512
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—
Total municipal loans			$	30,063					$	62,250					$	70,471					$	50,793					$	42,340					$	185,595					$	—					$	441,512
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Loans to individuals:
Pass			$	20,845					$	17,948					$	13,536					$	7,550					$	2,698					$	1,169					$	2,207					$	65,953
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						14						—						—						14
Doubtful			—						—						5						—						—						11						9						25
Total loans to individuals			$	20,845					$	17,948					$	13,541					$	7,550					$	2,712					$	1,180					$	2,216					$	65,992
Current period gross charge-offs (1)			$	1,218					$	34					$	39					$	12					$	3					$	79					$	—					$	1,385
Total loans			$	630,834					$	1,231,586					$	981,328					$	374,669					$	233,037					$	640,519					$	328,660					$	4,420,633
Total current period gross charge-offs (1)			$	1,793					$	536					$	83					$	38					$	26					$	156					$	—					$	2,632

(1) Includes $1.2 million in charged off demand deposit overdrafts reported as 2023 originations.

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

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):

			September 30, 2023
			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			$	175					$	—					$	—					$	175					$	720,340					$	720,515
1-4 family residential			748						685						1,963						3,396						686,096						689,492
Commercial			2,331						41						36						2,408						2,114,898						2,117,306
Commercial loans			494						162						525						1,181						384,635						385,816
Municipal loans			—						—						—						—						441,512						441,512
Loans to individuals			140						11						—						151						65,841						65,992
Total			$	3,888					$	899					$	2,524					$	7,311					$	4,413,322					$	4,420,633

			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

Nonperforming assets by asset class

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

			September 30, 2023						December 31, 2022
Nonaccrual loans:
Real estate loans:
Construction			$	41					$	405
1-4 family residential			2,365						848
Commercial			527						762
Commercial loans			1,358						757
Loans to individuals			25						74
Total nonaccrual loans (1)			4,316						2,846
Accruing loans past due more than 90 days			—						—
Restructured loans (2)			15						7,849
OREO			50						93
Repossessed assets			—						74
Total nonperforming assets			$	4,381					$	10,862

(1)    Includes $343,000 and $897,000 of restructured loans as of September 30, 2023 and December 31, 2022, respectively.

(2) Pursuant to our adoption of ASU 2022-02, effective January 1, 2023, we prospectively discontinued the recognition and measurement guidance previously required on troubled debt restructures. As a result, “restructured” loans as of September 30, 2023 exclude any loan modifications that are performing but would have previously required disclosure as troubled debt restructures.

Restructured Loans

The following tables set forth the recorded balance of restructured loans and type of modification by class of loans during the periods presented (dollars in thousands):

			Three Months Ended September 30, 2023
			Amortization  Period Extension						Interest Rate Reduction						Combination						Total Modifications						Number of Loans						Percent of Total Class
Commercial loans			$	15					$	—					$	65					$	80					2						0.02		%
Total			$	15					$	—					$	65					$	80					2

			Nine Months Ended September 30, 2023
			Amortization  Period Extension						Interest Rate Reduction						Combination						Total Modifications						Number of Loans						Percent of Total Class
Commercial loans			$	293					$	—					$	65					$	358					4						0.09		%
Total			$	293					$	—					$	65					$	358					4

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):

			Three Months Ended September 30, 2023
			Real Estate
			Construction						1-4 Family Residential						Commercial						Commercial Loans						Municipal Loans						Loans to Individuals												Total
Balance at beginning of period			$	3,395					$	2,660					$	28,012					$	2,017					$	37					$	182											$	36,303
Loans charged-off			—						—						—						(744)						—						(518)												(1,262)
Recoveries of loans charged-off			—						62						—						65						—						251												378
Net loans (charged-off) recovered			—						62						—						(679)						—						(267)												(884)
Provision for (reversal of) loan losses			1,019						17						4,327						731						(17)						264												6,341
Balance at end of period			$	4,414					$	2,739					$	32,339					$	2,069					$	20					$	179											$	41,760

			Nine Months Ended September 30, 2023
			Real Estate
			Construction						1-4 Family Residential						Commercial						Commercial Loans						Municipal Loans						Loans to Individuals												Total
Balance at beginning of period			$	3,164					$	2,173					$	28,701					$	2,235					$	45					$	197											$	36,515
Loans charged-off			(63)						(71)						—						(1,113)						—						(1,385)												(2,632)
Recoveries of loans charged-off			1						108						1						268						—						792												1,170
Net loans (charged-off) recovered			(62)						37						1						(845)						—						(593)												(1,462)
Provision for (reversal of) loan losses			1,312						529						3,637						679						(25)						575												6,707
Balance at end of period			$	4,414					$	2,739					$	32,339					$	2,069					$	20					$	179											$	41,760

			Three Months Ended September 30, 2022
			Real Estate
			Construction						1-4 Family Residential						Commercial						Commercial Loans						Municipal Loans						Loans to Individuals												Total
Balance at beginning of period			$	3,399					$	2,024					$	27,221					$	2,558					$	46					$	201											$	35,449
Loans charged-off			—						(66)						—						(192)						—						(428)												(686)
Recoveries of loans charged-off			—						4						—						139						—						306												449
Net loans (charged-off) recovered			—						(62)						—						(53)						—						(122)												(237)
Provision for (reversal of) loan losses			136						44						1,273						(272)						(2)						115												1,294
Balance at end of period			$	3,535					$	2,006					$	28,494					$	2,233					$	44					$	194											$	36,506

			Nine Months Ended September 30, 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			—						(66)						—						(369)						—						(1,285)												(1,720)
Recoveries of loans charged-off			1						96						81						469						—						858												1,505
Net loans (charged-off) recovered			1						30						81						100						—						(427)												(215)
Provision for (reversal of) loan losses			(253)						110						1,433						(264)						(3)						425												1,448
Balance at end of period			$	3,535					$	2,006					$	28,494					$	2,233					$	44					$	194											$	36,506

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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