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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of the Impact of the Adoption of CECL and the Transition Away from the Incurred Loss Method

The following table illustrates the impact of the adoption of CECL, and the transition away from the incurred loss method, on January 1, 2023. The impact to the ACL is presented at the loan segment level:

			January 1, 2023
			Reserves under Incurred Loss Model						Reserves under CECL Model						Impact of CECL Adoption
Financial Assets:
Commercial loans:
Commercial real estate			$	13,558					$	16,415					$	2,857
Acquisition and development			3,214						3,000						(214)
Commercial and industrial			4,505						5,433						928
Municipal			24						193						169
Consumer loans:
Residential mortgage			3,444						2,323						(1,121)
Installment and other			188						237						49
Unallocated reserve			245						—						(245)
Allowance for credit losses on loans			$	25,178					$	27,601					$	2,423
Liabilities:
Allowance for credit losses on off-balance sheet credit exposures			$	1,633					$	1,733					$	100

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482989/270-10-45-12

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482989/270-10-45-13

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