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Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Table 4.1 presents the balance of each major product type within the Company’s portfolio as of the dates indicated.

Table 4.1: Loans Outstanding
(in thousands)						June 30, 2024						December 31, 2023
Real estate:
Commercial						$	2,774,001					$	2,685,419
Commercial land and development						4,766						15,551
Commercial construction						72,444						62,863
Residential construction						9,011						15,456
Residential						29,641						25,893
Farmland						48,852						51,669
Commercial:
Secured						154,080						165,109
Unsecured						23,198						23,850
Consumer and other						152,564						38,166
Subtotal						3,268,557						3,083,976
Net deferred loan fees						(2,266)						(2,257)
Loans held for investment						3,266,291						3,081,719
Allowance for credit losses						(35,406)						(34,431)
Loans held for investment, net of allowance for credit losses						$	3,230,885					$	3,047,288

Summary of Credit Quality Indicators

Table 4.2 presents the amortized cost basis of the Company’s loans by origination year, where origination is defined as the later of origination or renewal date, and credit quality indicator as of the periods indicated.

Table 4.2: Loans by Risk Category and Vintage

						Amortized Cost Basis by Origination Year as of June 30, 2024
(in thousands)						2024						2023						2022						2021						2020						Prior						Revolving Loans						Revolving Converted to Term						Total
Real estate:
Commercial
Pass						$	250,845					$	323,243					$	934,312					$	651,701					$	231,487					$	330,193					$	4,879					$	—					$	2,726,660
Watch						644						—						17,734						19,363						4,670						340						—						—						42,751
Substandard						—						—						—						—						—						1,818						—						—						1,818
Total						251,489						323,243						952,046						671,064						236,157						332,351						4,879						—						2,771,229
Commercial land and development
Pass						1,636						1,000						1,259						—						182						695						—						—						4,772
Total						1,636						1,000						1,259						—						182						695						—						—						4,772
Commercial construction
Pass						2,982						28,518						23,512						—						11,231						5,897						—						—						72,140
Total						2,982						28,518						23,512						—						11,231						5,897						—						—						72,140
Residential construction
Pass						5,099						—						—						3,914						—						—						—						—						9,013
Total						5,099						—						—						3,914						—						—						—						—						9,013
Residential
Pass						5,686						4,814						2,911						6,148						2,240						6,559						1,308						—						29,666
Total						5,686						4,814						2,911						6,148						2,240						6,559						1,308						—						29,666
Farmland
Pass						900						2,074						7,114						11,761						7,129						18,552						—						—						47,530
Watch						—						—						799						—						—						—						—						502						1,301
Total						900						2,074						7,913						11,761						7,129						18,552						—						502						48,831
Commercial:
Secured
Pass						10,976						24,789						24,675						11,212						10,608						17,313						41,113						—						140,686
Watch						—						193						9,661						2,591						97						1,338						—						—						13,880
Substandard						—						—						—						—						—						60						—						—						60
Total						10,976						24,982						34,336						13,803						10,705						18,711						41,113						—						154,626
Unsecured
Pass						2,394						4,782						3,292						4,260						5,322						1,883						1,280						—						23,213
Total						2,394						4,782						3,292						4,260						5,322						1,883						1,280						—						23,213
Consumer and other
Pass						98,048						38,134						9,468						6,874						2						250						—						—						152,776
Watch						—						—						15						—						—						—						—						—						15
Substandard						—						—						10						—						—						—						—						—						10
Total						98,048						38,134						9,493						6,874						2						250						—						—						152,801
Total
Pass						378,566						427,354						1,006,543						695,870						268,201						381,342						48,580						—						3,206,456
Watch						644						193						28,209						21,954						4,767						1,678						—						502						57,947
Substandard						—						—						10						—						—						1,878						—						—						1,888
Total						$	379,210					$	427,547					$	1,034,762					$	717,824					$	272,968					$	384,898					$	48,580					$	502					$	3,266,291

Table 4.2: Loans by Risk Category and Vintage (continued)

						Amortized Cost Basis by Origination Year as of December 31, 2023
(in thousands)						2023						2022						2021						2020						2019						Prior						Revolving Loans						Revolving Converted to Term						Total
Real estate:
Commercial
Pass						$	329,876					$	992,181					$	714,965					$	238,655					$	128,424					$	247,030					$	4,685					$	—					$	2,655,816
Watch						—						8,534						6,274						4,727						574						4,896						—						—						25,005
Substandard						—						—						—						—						—						1,890						—						—						1,890
Total						329,876						1,000,715						721,239						243,382						128,998						253,816						4,685						—						2,682,711
Commercial land and development
Pass						11,388						3,229						—						184						—						733						—						—						15,534
Total						11,388						3,229						—						184						—						733						—						—						15,534
Commercial construction
Pass						9,074						32,154						4,189						11,230						—						5,897						—						—						62,544
Total						9,074						32,154						4,189						11,230						—						5,897						—						—						62,544
Residential construction
Pass						2,412						9,128						3,912						—						—						—						—						—						15,452
Total						2,412						9,128						3,912						—						—						—						—						—						15,452
Residential
Pass						4,838						3,964						6,244						2,279						1,182						5,995						1,420						—						25,922
Total						4,838						3,964						6,244						2,279						1,182						5,995						1,420						—						25,922
Farmland
Pass						2,311						8,037						12,678						7,860						12,365						8,391						4						—						51,646
Total						2,311						8,037						12,678						7,860						12,365						8,391						4						—						51,646
Commercial:
Secured
Pass						25,299						28,879						14,304						12,164						9,918						10,363						50,020						—						150,947
Watch						189						8,802						2,705						63						154						941						1,727						—						14,581
Substandard						—						—						—						—						45						27						—						—						72
Total						25,488						37,681						17,009						12,227						10,117						11,331						51,747						—						165,600
Unsecured
Pass						3,891						3,782						4,902						5,963						2,240						7						3,072						—						23,857
Total						3,891						3,782						4,902						5,963						2,240						7						3,072						—						23,857
Consumer and other
Pass						18,489						11,359						8,264						6						—						307						—						—						38,425
Watch						—						16						—						—						—						—						—						—						16
Substandard						—						12						—						—						—						—						—						—						12
Total						18,489						11,387						8,264						6						—						307						—						—						38,453
Total
Pass						407,578						1,092,713						769,458						278,341						154,129						278,723						59,201						—						3,040,143
Watch						189						17,352						8,979						4,790						728						5,837						1,727						—						39,602
Substandard						—						12						—						—						45						1,917						—						—						1,974
Total						$	407,767					$	1,110,077					$	778,437					$	283,131					$	154,902					$	286,477					$	60,928					$	—					$	3,081,719

Summary of Age Analysis of Past Due Loans

Table 4.3 shows the age analysis of past due loans by class as of the dates shown.

Table 4.3: Age Analysis of Past Due Loans by Class
(in thousands)						Past Due
						30-59 Days						60-89 Days						Greater Than 90 Days						Total Past Due						Current						Total Loans Receivable
June 30, 2024
Real estate:
Commercial						$	—					$	—					$	—					$	—					$	2,771,229					$	2,771,229
Commercial land and development						—						—						—						—						4,772						4,772
Commercial construction						—						—						—						—						72,140						72,140
Residential construction						—						—						—						—						9,013						9,013
Residential						—						—						—						—						29,666						29,666
Farmland						—						—						—						—						48,831						48,831
Commercial:
Secured						549						—						—						549						154,077						154,626
Unsecured						—						—						—						—						23,213						23,213
Consumer and other						80						—						—						80						152,721						152,801
Total						$	629					$	—					$	—					$	629					$	3,265,662					$	3,266,291
December 31, 2023
Real estate:
Commercial						$	—					$	—					$	—					$	—					$	2,682,711					$	2,682,711
Commercial land and development						—						—						—						—						15,534						15,534
Commercial construction						—						—						—						—						62,544						62,544
Residential construction						—						—						—						—						15,452						15,452
Residential						—						—						—						—						25,922						25,922
Farmland						—						—						—						—						51,646						51,646
Commercial:
Secured						—						—						—						—						165,600						165,600
Unsecured						—						—						—						—						23,857						23,857
Consumer and other						76						—						—						76						38,377						38,453
Total						$	76					$	—					$	—					$	76					$	3,081,643					$	3,081,719

Schedule of Non-accrual Loans

Non-accrual loans, segregated by class, as of June 30, 2024 and December 31, 2023 are shown in Table 4.4.

Table 4.4: Nonaccrual Loans
(in thousands)						June 30, 2024						December 31, 2023
Real estate:
Commercial						$	1,821					$	1,893
Commercial:
Secured						60						72
Total non-accrual loans						$	1,881					$	1,965

Disclosure of Activity in the Allowance For Loan Losses

Table 4.5 discloses activity in the allowance for credit losses for the periods indicated.

Table 4.5: Allowance for Credit Losses
(in thousands)						Beginning Balance						Effect of Adoption of ASC 326						Charge-offs						Recoveries						Provision (Benefit)						Ending Balance
Three months ended June 30, 2024
Real estate:
Commercial						$	28,895					$	—					$	—					$	—					$	(4,187)					$	24,708
Commercial land and development						164						—						—						—						(92)						72
Commercial construction						697						—						—						—						400						1,097
Residential construction						114						—						—						—						(14)						100
Residential						164						—						—						—						31						195
Farmland						438						—						—						—						(36)						402
Commercial:
Secured						3,262						—						(1,239)						57						5,306						7,386
Unsecured						259						—						(36)						—						(9)						214
Consumer and other						660						—						(72)						93						551						1,232
Total						$	34,653					$	—					$	(1,347)					$	150					$	1,950					$	35,406

Table 4.5: Allowance for Credit Losses (continued)
(in thousands)						Beginning Balance						Effect of Adoption of ASC 326						Charge-offs						Recoveries						Provision (Benefit)						Ending Balance
Three months ended June 30, 2023
Real estate:
Commercial						$	27,119					$	—					$	—					$	—					$	434					$	27,553
Commercial land and development						226						—						—						—						(42)						184
Commercial construction						1,438						—						—						—						(226)						1,212
Residential construction						175						—						—						—						42						217
Residential						181						—						—						—						(29)						152
Farmland						219						—						—						—						17						236
Commercial:
Secured						4,258						—						(1,124)						47						570						3,751
Unsecured						152						—						—						—						57						209
Consumer and other						404						—						(137)						106						97						470
Total						$	34,172					$	—					$	(1,261)					$	153					$	920					$	33,984
Six months ended June 30, 2024
Real estate:
Commercial						$	29,015					$	—					$	—					$	—					$	(4,307)					$	24,708
Commercial land and development						178						—						—						—						(106)						72
Commercial construction						718						—						—						—						379						1,097
Residential construction						89						—						—						—						11						100
Residential						151						—						—						—						44						195
Farmland						399						—						—						—						3						402
Commercial:
Secured						3,314						—						(2,237)						239						6,070						7,386
Unsecured						189						—						(70)						—						95						214
Consumer and other						378						—						(143)						186						811						1,232
Total						$	34,431					$	—					$	(2,450)					$	425					$	3,000					$	35,406
Six months ended June 30, 2023
Real estate:
Commercial						$	19,216					$	7,606					$	—					$	—					$	731					$	27,553
Commercial land and development						54						74						—						—						56						184
Commercial construction						645						882						—						—						(315)						1,212
Residential construction						49						81						—						—						87						217
Residential						175						3						—						—						(26)						152
Farmland						644						(396)						—						—						(12)						236
Commercial:
Secured						7,098						(3,060)						(1,611)						139						1,185						3,751
Unsecured						116						37						—						—						56						209
Consumer and other						347						80						(522)						507						58						470
Unallocated						45						(45)						—						—						—						—
Total						$	28,389					$	5,262					$	(2,133)					$	646					$	1,820					$	33,984

Table 4.6: Unfunded Loan Commitment Reserves
						Three months ended												Six months ended
(in thousands)						June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Balance at beginning of period						$	1,097					$	1,217					$	1,247					$	125
Effect of adoption of ASC 326						—						—						—						1,092
Provision						50						330						(100)						330
Balance at end of period						$	1,147					$	1,547					$	1,147					$	1,547

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