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LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended
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Dec. 31, 2023
Loans and Leases Receivable Disclosure [Abstract] |
LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES | LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES Major categories of loans are summarized as follows:
(dollars in thousands) | December 31, 2023 |  | December 31, 2022
Commercial and industrial | $ | 427,800 |  |  | $ | 266,757 |
Commercial real estate - owner occupied | 295,842 |  |  | 218,503 |
Commercial real estate - non-owner occupied | 880,681 |  |  | 713,202 |
Construction and land development | 363,983 |  |  | 360,824 |
Multi-family | 417,923 |  |  | 287,865 |
One-to-four family residential | 491,508 |  |  | 338,253 |
Agricultural and farmland | 287,294 |  |  | 237,746 |
Municipal, consumer, and other | 239,386 |  |  | 197,103 |
Loans, before allowance for credit losses | 3,404,417 |  |  | 2,620,253 |
Allowance for credit losses | (40,048) |  |  | (25,333) |
Loans, net of allowance for credit losses | $ | 3,364,369 |  |  | $ | 2,594,920 |
Allowance for Credit Losses Management estimates the allowance for credit losses using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The discounted cash flow method is used to estimate expected credit losses for all loan categories, except for consumer loans where the weighted average remaining maturity method is utilized. At December 31, 2023, the economic forecast used by management anticipates a mild recession in 2024, with the unemployment rate increasing modestly and GDP growth slowing and then shrinking over the next 4 quarters considered in the forecast period. After the forecast period, the Company reverts to long-term averages over a 4-quarter reversion period. Additionally, management has made qualitative adjustments to the loss estimates to reflect other factors that influence credit losses. The following tables detail activity in the allowance for credit losses:
(dollars in thousands) | Commercial and Industrial |  | Commercial Real Estate Owner Occupied |  | Commercial Real Estate Non-owner Occupied |  | Construction and Land Development |  | Multi-Family |  | One-to-four Family Residential |  | Agricultural and Farmland |  | Municipal, Consumer, and Other |  | Total
Balance, December 31, 2020 | $ | 3,929 |  |  | $ | 3,141 |  |  | $ | 11,251 |  |  | $ | 4,232 |  |  | $ | 1,957 |  |  | $ | 1,801 |  |  | $ | 793 |  |  | $ | 4,734 |  |  | $ | 31,838 |
Provision for loan losses | (1,474) |  |  | (1,280) |  |  | (3,130) |  |  | 340 |  |  | (694) |  |  | (472) |  |  | 52 |  |  | (1,419) |  |  | (8,077) |
Charge-offs | (668) |  |  | (30) |  |  | — |  |  | — |  |  | — |  |  | (267) |  |  | — |  |  | (449) |  |  | (1,414) |
Recoveries | 653 |  |  | 9 |  |  | 24 |  |  | 342 |  |  | — |  |  | 249 |  |  | — |  |  | 312 |  |  | 1,589 |
Balance, December 31, 2021 | $ | 2,440 |  |  | $ | 1,840 |  |  | $ | 8,145 |  |  | $ | 4,914 |  |  | $ | 1,263 |  |  | $ | 1,311 |  |  | $ | 845 |  |  | $ | 3,178 |  |  | $ | 23,936 |
Provision for loan losses | 88 |  |  | (1,653) |  |  | (1,707) |  |  | (692) |  |  | 209 |  |  | 146 |  |  | (49) |  |  | 2,952 |  |  | (706) |
Charge-offs | (23) |  |  | (25) |  |  | — |  |  | — |  |  | — |  |  | (67) |  |  | — |  |  | (569) |  |  | (684) |
Recoveries | 774 |  |  | 1,031 |  |  | 283 |  |  | 1 |  |  | — |  |  | 369 |  |  | — |  |  | 329 |  |  | 2,787 |
Balance, December 31, 2022 | $ | 3,279 |  |  | $ | 1,193 |  |  | $ | 6,721 |  |  | $ | 4,223 |  |  | $ | 1,472 |  |  | $ | 1,759 |  |  | $ | 796 |  |  | $ | 5,890 |  |  | $ | 25,333 |
Adoption of ASC 326 | (822) |  |  | 587 |  |  | 501 |  |  | 1,969 |  |  | 85 |  |  | 797 |  |  | 1,567 |  |  | 2,299 |  |  | 6,983 |
PCD allowance established in acquisition | 69 |  |  | 127 |  |  | 239 |  |  | 240 |  |  | 68 |  |  | 492 |  |  | 5 |  |  | 7 |  |  | 1,247 |
Provision for loan losses | 2,823 |  |  | 352 |  |  | 187 |  |  | (487) |  |  | 1,931 |  |  | 2,004 |  |  | (1,399) |  |  | 1,254 |  |  | 6,665 |
Charge-offs | (428) |  |  | (5) |  |  | (202) |  |  | — |  |  | — |  |  | (34) |  |  | — |  |  | (690) |  |  | (1,359) |
Recoveries | 59 |  |  | 18 |  |  | 268 |  |  | 53 |  |  | 281 |  |  | 186 |  |  | 6 |  |  | 308 |  |  | 1,179 |
Balance, December 31, 2023 | $ | 4,980 |  |  | $ | 2,272 |  |  | $ | 7,714 |  |  | $ | 5,998 |  |  | $ | 3,837 |  |  | $ | 5,204 |  |  | $ | 975 |  |  | $ | 9,068 |  |  | $ | 40,048 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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