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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Summary of Impact of ASC on Allowance for Credit Losses | The following table illustrates the allowance for credit losses and the related impact under ASU 2016-13 to the Company as of January 1, 2020.
|  | As Reported Under ASU 2016-13 |  |  | Pre-ASU 2016-13 Adoption |  |  | Impact of ASU 2016-13 Adoption |
|  | (in thousands) |
Real estate loans: |  |  |  |  |  |  |  |  |
Commercial property |  |  |  |  |  |  |  |  |
Retail |  | $ | 6,785 |  |  | $ | 4,911 |  |  | $ | 1,873 |
Hospitality |  |  | 12,387 |  |  |  | 6,686 |  |  |  | 5,702 |
Other |  |  | 13,415 |  |  |  | 8,060 |  |  |  | 5,355 |
Total commercial property loans |  |  | 32,587 |  |  |  | 19,657 |  |  |  | 12,930 |
Construction loans |  |  | 15,590 |  |  |  | 15,003 |  |  |  | 587 |
Residential/consumer loans |  |  | 2,286 |  |  |  | 1,775 |  |  |  | 510 |
Total real estate loans |  |  | 50,463 |  |  |  | 36,435 |  |  |  | 14,027 |
Commercial and industrial loans: |  |  |  |  |  |  |  |  |
Commercial term loans |  |  | 12,175 |  |  |  | 14,077 |  |  |  | (1,903 | )
Commercial lines of credit |  |  | 1,358 |  |  |  | 1,887 |  |  |  | (529 | )
International loans |  |  | 176 |  |  |  | 242 |  |  |  | (65 | )
Total commercial loans |  |  | 13,709 |  |  |  | 16,206 |  |  |  | (2,497 | )
Equipment financing agreements |  |  | 14,669 |  |  |  | 8,767 |  |  |  | 5,902 |
Allowance for credit losses on loans receivable |  | $ | 78,841 |  |  | $ | 61,408 |  |  | $ | 17,432 |
Allowance for credit losses on off-balance sheet items |  | $ | 2,062 |  |  | $ | 2,398 |  |  | $ | (335 | )
Useful Lives for Principal Classes of Assets | The ranges of useful lives for the principal classes of assets are as follows:
Buildings and improvements | 10 to 30 years
Furniture and equipment | 3 to 10 years
Leasehold improvements | Term of lease or useful life, whichever is shorter
Software | 3 years

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