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Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Loans by Portfolio Segment

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

			September 30, 2024						December 31, 2023
Real estate loans:
Construction			$	585,817					$	789,744
1-4 family residential			755,406						696,738
Commercial			2,422,612						2,168,451
Commercial loans			358,854						366,893
Municipal loans			402,041						441,168
Loans to individuals			53,318						61,516
Total loans			4,578,048						4,524,510
Less: Allowance for loan losses			44,276						42,674
Net loans			$	4,533,772					$	4,481,836

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, 2024			Term Loans Amortized Cost Basis by Origination Year																																				Revolving Loans Amortized Cost Basis						Total
			2024						2023						2022						2021						2020						Prior
Construction real estate:
Pass			$	71,994					$	125,687					$	99,870					$	17,993					$	4,052					$	7,019					$	161,656					$	488,271
Pass watch			220						—						71,129						—						441						—						1,232						73,022
Special mention			—						—						—						610						—						74						—						684
Substandard			—						114						23,653						61						—						—						—						23,828
Doubtful			—						—						—						—						—						12						—						12
Total construction real estate			$	72,214					$	125,801					$	194,652					$	18,664					$	4,493					$	7,105					$	162,888					$	585,817
Current period gross charge-offs			$	—					$	24					$	—					$	—					$	—					$	—					$	—					$	24
1-4 family residential real estate:
Pass			$	39,810					$	64,391					$	157,973					$	144,490					$	108,906					$	233,187					$	1,598					$	750,355
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						508						—						—						—						508
Substandard			50						225						—						231						1,167						2,662						—						4,335
Doubtful			—						—						—						—						—						208						—						208
Total 1-4 family residential real estate			$	39,860					$	64,616					$	157,973					$	145,229					$	110,073					$	236,057					$	1,598					$	755,406
Current period gross charge-offs			$	—					$	31					$	—					$	—					$	10					$	220					$	—					$	261
Commercial real estate:
Pass			$	167,260					$	469,960					$	658,916					$	571,720					$	168,752					$	250,200					$	4,967					$	2,291,775
Pass watch			—						15,094						54,106						—						2,430						11,194						—						82,824
Special mention			4,005						—						19,436						563						—						13,393						—						37,397
Substandard			—						3,722						835						87						255						5,597						—						10,496
Doubtful			—						—						—						—						—						120						—						120
Total commercial real estate			$	171,265					$	488,776					$	733,293					$	572,370					$	171,437					$	280,504					$	4,967					$	2,422,612
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial loans:
Pass			$	65,558					$	66,550					$	58,740					$	15,720					$	6,927					$	3,541					$	126,939					$	343,975
Pass watch			—						32						697						985						74						588						4,375						6,751
Special mention			409						2,018						171						263						—						117						2,289						5,267
Substandard			61						283						1,042						32						—						16						1,027						2,461
Doubtful			99						64						120						69						—						48						—						400
Total commercial loans			$	66,127					$	68,947					$	60,770					$	17,069					$	7,001					$	4,310					$	134,630					$	358,854
Current period gross charge-offs			$	23					$	310					$	83					$	67					$	—					$	11					$	—					$	494
Municipal loans:
Pass			$	1,949					$	35,057					$	59,447					$	65,666					$	43,395					$	196,527					$	—					$	402,041
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—
Total municipal loans			$	1,949					$	35,057					$	59,447					$	65,666					$	43,395					$	196,527					$	—					$	402,041
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Loans to individuals:
Pass			$	16,564					$	13,034					$	9,161					$	7,095					$	3,502					$	1,256					$	2,607					$	53,219
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			11						2						53						—						—						11						—						77
Doubtful			—						4						15						3						—						—						—						22
Total loans to individuals			$	16,575					$	13,040					$	9,229					$	7,098					$	3,502					$	1,267					$	2,607					$	53,318
Current period gross charge-offs (1)			$	1,212					$	33					$	37					$	2					$	33					$	32					$	—					$	1,349
Total loans			$	367,990					$	796,237					$	1,215,364					$	826,096					$	339,901					$	725,770					$	306,690					$	4,578,048
Total current period gross charge-offs (1)			$	1,235					$	398					$	120					$	69					$	43					$	263					$	—					$	2,128

(1) Includes $900,000 in charged off demand deposit overdrafts reported as 2024 originations.

December 31, 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			$	132,838					$	236,573					$	196,311					$	37,997					$	3,938					$	6,457					$	144,358					$	758,472
Pass watch			—						7,798						—						—						—						—						—						7,798
Special mention			13,166						9,456						698						—						7						—						—						23,327
Substandard			36						—						68						—						—						43						—						147
Doubtful			—						—						—						—						—						—						—						—
Total construction real estate			$	146,040					$	253,827					$	197,077					$	37,997					$	3,945					$	6,500					$	144,358					$	789,744
Current period gross charge-offs			$	—					$	92					$	—					$	—					$	—					$	—					$	—					$	92
1-4 family residential real estate:
Pass			$	41,520					$	126,981					$	145,671					$	114,631					$	63,710					$	196,651					$	1,803					$	690,967
Pass watch			—						—						—						32						—						—						—						32
Special mention			—						—						—						75						—						—						—						75
Substandard			325						—						73						1,379						—						3,259						74						5,110
Doubtful			—						—						—						163						—						391						—						554
Total 1-4 family residential real estate			$	41,845					$	126,981					$	145,744					$	116,280					$	63,710					$	200,301					$	1,877					$	696,738
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	1					$	118					$	—					$	119
Commercial real estate:
Pass			$	469,844					$	641,577					$	495,363					$	143,150					$	91,085					$	189,021					$	16,493					$	2,046,533
Pass watch			24,300						34,424						255						1,037						333						146						—						60,495
Special mention			17,403						—						—						—						9,746						25,072						—						52,221
Substandard			—						862						95						269						1,565						6,346						—						9,137
Doubtful			—						—						—						—						65						—						—						65
Total commercial real estate			$	511,547					$	676,863					$	495,713					$	144,456					$	102,794					$	220,585					$	16,493					$	2,168,451
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	788					$	—					$	—					$	788
Commercial loans:
Pass			$	78,090					$	62,192					$	42,114					$	10,708					$	4,356					$	3,310					$	161,153					$	361,923
Pass watch			—						128						117						—						—						18						—						263
Special mention			191						174						—						16						—						162						—						543
Substandard			14						2,357						73						—						65						12						821						3,342
Doubtful			238						267						133						—						64						120						—						822
Total commercial loans			$	78,533					$	65,118					$	42,437					$	10,724					$	4,485					$	3,622					$	161,974					$	366,893
Current period gross charge-offs			$	745					$	440					$	44					$	26					$	23					$	5					$	—					$	1,283
Municipal loans:
Pass			$	39,028					$	61,429					$	68,979					$	49,746					$	39,949					$	182,037					$	—					$	441,168
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Doubtful			—						—						—						—						—						—						—						—
Total municipal loans			$	39,028					$	61,429					$	68,979					$	49,746					$	39,949					$	182,037					$	—					$	441,168
Current period gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Loans to individuals:
Pass			$	22,788					$	15,503					$	11,588					$	6,256					$	2,180					$	941					$	2,216					$	61,472
Pass watch			—						—						—						—						—						—						—						—
Special mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						13						—						—						13
Doubtful			4						17						—						10						—						—						—						31
Total loans to individuals			$	22,792					$	15,520					$	11,588					$	6,266					$	2,193					$	941					$	2,216					$	61,516
Current period gross charge-offs			$	1,682					$	54					$	61					$	20					$	6					$	99					$	—					$	1,922
Total loans			$	839,785					$	1,199,738					$	961,538					$	365,469					$	217,076					$	613,986					$	326,918					$	4,524,510
Total current period gross charge-offs (1)			$	2,427					$	586					$	105					$	46					$	818					$	222					$	—					$	4,204

(1) Includes $1.7 million in charged off demand deposit overdrafts reported as 2023 originations.

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, 2024
			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			$	320					$	—					$	—					$	320					$	585,497					$	585,817
1-4 family residential			439						471						55						965						754,441						755,406
Commercial			194						3,837						30						4,061						2,418,551						2,422,612
Commercial loans			879						1,150						642						2,671						356,183						358,854
Municipal loans			—						—						—						—						402,041						402,041
Loans to individuals			68						15						—						83						53,235						53,318
Total			$	1,900					$	5,473					$	727					$	8,100					$	4,569,948					$	4,578,048

			December 31, 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			$	474					$	—					$	29					$	503					$	789,241					$	789,744
1-4 family residential			4,638						774						1,700						7,112						689,626						696,738
Commercial			621						34						40						695						2,167,756						2,168,451
Commercial loans			1,693						347						127						2,167						364,726						366,893
Municipal loans			27						—						—						27						441,141						441,168
Loans to individuals			107						1						10						118						61,398						61,516
Total			$	7,560					$	1,156					$	1,906					$	10,622					$	4,513,888					$	4,524,510

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, 2024						December 31, 2023
Nonaccrual loans:
Real estate loans:
Construction			$	150					$	29
1-4 family residential			1,346						2,093
Commercial			3,929						528
Commercial loans			1,796						1,208
Loans to individuals			33						31
Total nonaccrual loans (1)			7,254						3,889
Accruing loans past due more than 90 days			—						—
Restructured loans			—						13
OREO			388						99
Repossessed assets			14						—
Total nonperforming assets			$	7,656					$	4,001

(1)    Includes $362,000 and $506,000 of restructured loans as of September 30, 2024 and December 31, 2023, respectively.

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, 2024
			Real Estate
			Construction						1-4 Family Residential						Commercial						Commercial Loans						Municipal Loans						Loans to Individuals												Total
Balance at beginning of period			$	4,734					$	2,704					$	31,841					$	2,942					$	18					$	168											$	42,407
Loans charged-off			—						(133)						—						(127)						—						(513)												(773)
Recoveries of loans charged-off			—						47						1						92						—						225												365
Net loans (charged-off) recovered			—						(86)						1						(35)						—						(288)												(408)
Provision for (reversal of) loan losses			421						172						1,917						(507)						(3)						277												2,277
Balance at end of period			$	5,155					$	2,790					$	33,759					$	2,400					$	15					$	157											$	44,276

			Nine Months Ended September 30, 2024
			Real Estate
			Construction						1-4 Family Residential						Commercial						Commercial Loans						Municipal Loans						Loans to Individuals												Total
Balance at beginning of period			$	5,287					$	2,840					$	32,266					$	2,086					$	19					$	176											$	42,674
Loans charged-off (1)			(24)						(261)						—						(494)						—						(1,349)												(2,128)
Recoveries of loans charged-off			—						91						4						339						—						722												1,156
Net loans (charged-off) recovered			(24)						(170)						4						(155)						—						(627)												(972)
Provision for (reversal of) loan losses			(108)						120						1,489						469						(4)						608												2,574
Balance at end of period			$	5,155					$	2,790					$	33,759					$	2,400					$	15					$	157											$	44,276

			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

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Period Type:	duration