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Loans and Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2023
Loans and Allowance for Credit Losses |
Loans and Allowance for Credit Losses | NOTE 6 Loans and Allowance for Credit Losses The following table presents total loans outstanding, by portfolio segment, as of December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
(dollars in thousands) |  | 2023 |  | 2022
Commercial | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 598,321 | ​ | $ | 583,876
Real estate construction | ​ |  | 124,034 | ​ |  | 97,810
Commercial real estate | ​ |  | 1,126,912 | ​ |  | 881,670
Total commercial | ​ |  | 1,849,267 | ​ |  | 1,563,356
Consumer | ​ |  |  | ​ |  |
Residential real estate first mortgage | ​ |  | 726,879 | ​ |  | 679,551
Residential real estate junior lien | ​ |  | 154,134 | ​ |  | 150,479
Other revolving and installment | ​ |  | 29,303 | ​ |  | 50,608
Total consumer | ​ |  | 910,316 | ​ |  | 880,638
Total loans | ​ | $ | 2,759,583 | ​ | $ | 2,443,994
​ Total loans include net deferred loan fees and costs of $0.2 million and $0.9 million at December 31, 2023 and 2022, respectively. Unearned discounts associated with the acquisition of Metro Phoenix Bank totaled $5.1 million and $7.1 million as of December 31, 2023 and 2022, respectively. Accrued interest receivable on loans is recorded within accrued interest receivable, and totaled $12.2 million at December 31, 2023 and $9.2 million at December 31, 2022. The Company manages its loan portfolio proactively to effectively identify problem credits and assess trends early, implement effective work-out strategies, and take charge-offs as promptly as practical. In addition, the Company continuously reassesses its underwriting standards in response to credit risk posed by changes in economic conditions. The Company monitors and manages credit risk through the following governance structure: ​
| ● | The Credit Risk team, Collection and Special Assets team and the Credit Governance Committee, which is an internal management committee comprised of various executives and senior managers across business lines, including Accounting and Finance, Credit Underwriting, Collections and Special Assets, Risk, and Commercial and Retail Banking, oversee the Company's systems and procedures to monitor the credit quality of its loan portfolio, conduct a loan review program, and maintain the integrity of the loan rating system.
​
| ● | The Loan Committee is responsible for reviewing and approving all credit requests that exceed individual limits that have not been countersigned by an individual with sufficient assigned authority. This committee has full authority to commit the Bank to any request that fits within its assigned approval authority.
​
| ● | The adequacy of the ACL is overseen by the ACL Governance Committee, which is an internal management committee comprised of various Company executives and senior managers across business lines, including Accounting and Finance, Credit Underwriting, Collections and Special Assets, Risk, and Commercial and Retail Banking. The ACL Governance Committee supports the oversight efforts of the Board of Directors.
​
| ● | The Board of Directors has approval authority and responsibility for all matters regarding loan policy, reviews all loans approved or declined by the Loan Committee, approves lending authority and monitors asset quality and concentration levels.
​
| ● | The ACL Governance Committee and Bank Board of Directors has approval authority and oversight responsibility for the ACL adequacy and methodology.
​ Loans with a carrying value of $1.6 billion and $1.5 billion were pledged at December 31, 2023 and 2022, respectively, to secure FHLB borrowings, public deposits, and for other purposes required or permitted by law. ​ Segmentation For purposes of determining the ACL on loans, the Company disaggregates its loans into portfolio segments. Each portfolio segment possesses unique risk characteristics that are considered when determining the appropriate level of allowance. As of December 31, 2023, the Company's loan portfolio segments, as determined based on the unique risk characteristics of each, included the following: ​ Commercial & Industrial: Commercial loans consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate, if applicable. Commercial loans are primarily paid by the operating cash flow of the borrower. Commercial loans may be secured or unsecured. ​ Commercial Real Estate – Construction, Land & Development: Construction, Land & Development commercial estate loans primarily consists of loans to commercial real estate construction projects until they are completed. The construction projects are for real property that may include, but are not limited to multifamily residential, commercial/retail office space, industrial/warehouse space, hotels, assisted living facilities and other specific use properties. Construction, Land & Development commercial real estate loans are typically written with interest only, variable rate, multi advance structures. Collateral values are determine based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan-to-value ratios at origination are governed by established policy and regulatory guidelines. ​ Commercial Real Estate – Multifamily: Multifamily commercial estate loans are investment properties in which the primary source for repayment of the loan by the borrower is derived from rental income associated with the property or the proceeds of the sale, refinancing, or permanent refinancing of the property. Multifamily commercial real estate loans consist of mortgage loans to finance investments in real property including multifamily residential properties, Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan-to-value ratios at origination are governed by established policy and regulatory guidelines. ​ Commercial Real Estate – Non-Owner Occupied: Non-owner occupied commercial estate loans are investment properties in which the primary source for repayment of the loan by the borrower is derived from rental income associated with the property or the proceeds of the sale, refinancing, or permanent refinancing of the property. Non owner occupied commercial real estate loans consist of mortgage loans to finance investments in real property that may include, but are not limited to, commercial/retail office space, industrial/warehouse space, hotels, assisted living facilities and other specific use properties. Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan to value ratios at origination are governed by established policy and regulatory guidelines. ​ Commercial Real Estate – Owner Occupied: Generally, owner occupied commercial real estate loans are properties that are owned and operated by the borrower, and the primary source for repayment is the cash flow from the ongoing operations and activities conducted by the borrower's business. Owner occupied commercial real estate loans consist of mortgage loans to finance investments in real property that may include, but are not limited to, commercial/retail office space, restaurants, educational and medical practice facilities and other specific use properties. Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan to value ratios at origination are governed by established policy and regulatory guidelines. ​ ​ Agricultural: Agricultural loans include loans secured by farmland and loans for agricultural production. Farmland includes purposes such as crop and livestock production. Farmland loans are typically written with amortizing payment structures. Collateral values for farmland are determined based upon appraisals and evaluations in accordance with established policy guidelines and maximum loan-to-value ratios at origination are governed by established policy and regulatory guidelines. Agricultural production loans are for the purpose of financing working capital and/or capital investment for agriculture production activities. Collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate in applicable. Agricultural production loans are primarily paid by the operating cash flow of the borrower. Agricultural production loans may be secured or unsecured. ​ Residential – 1st Lien: Residential real estate loans held in the Company's loan portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan to value ratios within established policy guidelines. Collateral consists of senior mortgage liens on one to four family residences, including for investment purposes. ​ Residential – Construction: Residential real estate construction loans held in the Company's loan portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines. Residential real estate construction loans are typically written with interest only, variable rate, multi advance structures. Collateral consists of residential construction projects for one to four family residences, including for investment purposes. ​ HELOC: Home equity lines of credit are made to qualified individuals and are secured by senior or junior mortgage liens on owner occupied one to four family homes, condominiums, or vacation homes. Home equity lines of credit have a variable rate and are billed as interest only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines. ​ Residential – Jr Lien: Residential real estate loans held in the Company's loan portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan to value ratios within established policy guidelines. Collateral consists of junior mortgage liens on one to four family residences, including for investment purposes. ​ Consumer: Consumer loan products including personal lines of credit and amortizing loans made to qualified individuals for various purposes such as education, auto loans, debt consolidation, personal expenses or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines, as applicable. Consumer loans may be secured or unsecured. ​ ​ ACL on Loans The following tables present, by loan portfolio segment, a summary of the changes in the ACL for the three years ending December 31, 2023, 2022, and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2023
​ | ​ | Beginning | ​ | Adoption | ​ | Provision for | ​ | Loan | ​ | Loan | ​ | Ending
(dollars in thousands) |  | Balance |  | of ASC 326 |  | Credit Losses(1) |  | Charge-offs |  | Recoveries |  | Balance
Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 9,233 | ​ | $ | (707) | ​ | $ | 645 | ​ | $ | (436) | ​ | $ | 1,159 | ​ | $ | 9,894
Real estate construction | ​ | ​ | 1,437 | ​ | ​ | 2,549 | ​ | ​ | 2,125 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,111
Commercial real estate | ​ | ​ | 12,761 | ​ | ​ | (131) | ​ | ​ | (778) | ​ | ​ | — | ​ | ​ | 45 | ​ | ​ | 11,897
Total commercial | ​ | ​ | 23,431 | ​ | ​ | 1,711 | ​ | ​ | 1,992 | ​ | ​ | (436) | ​ | ​ | 1,204 | ​ | ​ | 27,902
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate first mortgage | ​ | ​ | 5,857 | ​ | ​ | 2,269 | ​ | ​ | (1,829) | ​ | ​ | (49) | ​ | ​ | 330 | ​ | ​ | 6,578
Residential real estate junior lien | ​ | ​ | 1,318 | ​ | ​ | (27) | ​ | ​ | (115) | ​ | ​ | (77) | ​ | ​ | 52 | ​ | ​ | 1,151
Other revolving and installment | ​ | ​ | 540 | ​ | ​ | (96) | ​ | ​ | (273) | ​ | ​ | (51) | ​ | ​ | 92 | ​ | ​ | 212
Total consumer | ​ | ​ | 7,715 | ​ | ​ | 2,146 | ​ | ​ | (2,217) | ​ | ​ | (177) | ​ | ​ | 474 | ​ | ​ | 7,941
Total | ​ | $ | 31,146 | ​ | $ | 3,857 | ​ | $ | (225) | ​ | $ | (613) | ​ | $ | 1,678 | ​ | $ | 35,843
(1) | The difference in the credit loss expense reported herein compared to the consolidated statements of income is associated with the credit loss expense of $2.2 million related to off-balance sheet credit exposure and $40 thousand related to investment securities held-to-maturity.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2022
​ | ​ | Beginning | ​ | Provision for | ​ | Loan | ​ | Loan | ​ | Ending
(dollars in thousands) |  | Balance |  | Loan Losses |  | Charge-offs |  | Recoveries |  | Balance
Commercial | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial and industrial | ​ | $ | 9,218 | ​ | $ | 950 | ​ | $ | (1,396) | ​ | $ | 461 | ​ | $ | 9,233
Real estate construction | ​ |  | 810 | ​ |  | 551 | ​ |  | — | ​ |  | 76 | ​ |  | 1,437
Commercial real estate | ​ |  | 12,778 | ​ |  | (151) | ​ |  | — | ​ |  | 134 | ​ |  | 12,761
Total commercial | ​ |  | 22,806 | ​ |  | 1,350 | ​ |  | (1,396) | ​ |  | 671 | ​ |  | 23,431
Consumer | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential real estate first mortgage | ​ |  | 6,874 | ​ |  | (1,017) | ​ |  | — | ​ |  | — | ​ |  | 5,857
Residential real estate junior lien | ​ |  | 1,380 | ​ |  | (344) | ​ |  | — | ​ | ​ | 282 | ​ |  | 1,318
Other revolving and installment | ​ |  | 512 | ​ |  | 11 | ​ |  | (153) | ​ |  | 170 | ​ |  | 540
Total consumer | ​ |  | 8,766 | ​ |  | (1,350) | ​ |  | (153) | ​ |  | 452 | ​ |  | 7,715
Total | ​ | $ | 31,572 | ​ | $ | — | ​ | $ | (1,549) | ​ | $ | 1,123 | ​ | $ | 31,146
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2021
​ | ​ | Beginning | ​ | Provision for | ​ | Loan | ​ | Loan | ​ | Ending
(dollars in thousands) |  | Balance |  | Loan Losses |  | Charge-offs |  | Recoveries |  | Balance
Commercial | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial and industrial | ​ | $ | 10,547 | ​ | $ | (1,759) | ​ | $ | (1,230) | ​ | $ | 1,660 | ​ | $ | 9,218
Real estate construction | ​ |  | 690 | ​ |  | 120 | ​ |  | — | ​ |  | — | ​ |  | 810
Commercial real estate | ​ |  | 14,574 | ​ |  | (2,082) | ​ |  | (536) | ​ |  | 822 | ​ |  | 12,778
Total commercial | ​ |  | 25,811 | ​ |  | (3,721) | ​ |  | (1,766) | ​ |  | 2,482 | ​ |  | 22,806
Consumer | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential real estate first mortgage | ​ |  | 6,174 | ​ |  | 700 | ​ |  | — | ​ |  | — | ​ |  | 6,874
Residential real estate junior lien | ​ |  | 1,472 | ​ |  | (215) | ​ |  | — | ​ |  | 123 | ​ |  | 1,380
Other revolving and installment | ​ |  | 789 | ​ |  | (264) | ​ |  | (156) | ​ |  | 143 | ​ |  | 512
Total consumer | ​ |  | 8,435 | ​ |  | 221 | ​ |  | (156) | ​ |  | 266 | ​ |  | 8,766
Total | ​ | $ | 34,246 | ​ | $ | (3,500) | ​ | $ | (1,922) | ​ | $ | 2,748 | ​ | $ | 31,572
​ ​ The ACL on loans at December 31, 2023, was $35.8 million, an increase of $4.7 million, or 15.1%, since December 31, 2022. The increase was primarily due to the adoption of CECL, which resulted in an additional allowance of $3.9 million in the ACL on loans. As of December 31, 2023 and 2022, the significant model inputs and assumptions used within the discounted cash flow model for purposes of estimating the ACL on loans were: ​
| ● | Macroeconomic (loss) drivers: As of December 31, 2023 and 2022, the following loss drivers for each loan segment were used to calculate the expected PD over the forecast and reversion period:
| ● | Commercial & Industrial – National Unemployment; Change in National GDP
| ● | CRE – Construction, Land & Development – National Unemployment; Change in National GDP
| ● | CRE – Multifamily – National Unemployment
| ● | CRE – Non-Owner Occupied – National Unemployment; Change in National GDP
| ● | CRE – Owner Occupied – National Unemployment
| ● | Agricultural – (None)
| ● | Residential – 1st Lien – National Unemployment; Change in National Home Price Index (“HPI”)
| ● | Residential – Construction – National Unemployment; Change in National HPI
| ● | Residential – HELOC – National Unemployment; Change in National HPI
| ● | Residential – Jr Lien – National Unemployment; Change in National HPI
| ● | Consumer – National Unemployment; Change in National GDP
| ● | Paycheck Protection Program – (None)
​ After adoption of ASU 2016-13, given the strong loan growth and the future economic uncertainty, the reserve increased $840 thousand during 2023. This increase was partially offset by the release of certain qualitative factors due to strong asset quality and the continued maturity of the overall model. The increase in the reserve represents the elevated risk of credit loss within the Company's portfolio. ​ Credit Concentrations The Company focuses on maintaining a well-balanced and diversified loan portfolio. Despite such efforts, it is recognized that credit concentrations may occasionally emerge as a result of economic conditions, changes in local demand, natural loan growth and runoff. To identify credit concentrations effectively, all commercial and industrial and owner occupied real estate loans are assigned Standard Industrial Classification codes, North American Industry Classification System codes, and state and county codes. Property type coding is used for investment real estate. As of December 31, 2023, the Company's total exposure to the general business industry was 10.7% of total loans. There were no other industry concentrations exceeding 10% of the Company's total loan portfolio as of December 31, 2023. ​ Credit Quality Indicators The Company’s consumer loan portfolio is primarily comprised of secured loans that are evaluated at origination on a centralized basis against standardized underwriting criteria. The Company generally does not risk rate consumer loans unless a default event such as bankruptcy or extended nonperformance takes place. Credit quality for the consumer loan portfolio is measured by delinquency rates, nonaccrual amounts and actual losses incurred. These loans are rated as either performing or non-performing. The Company assigns a risk rating to all commercial loans, except pools of homogeneous loans, and performs detailed internal and external reviews of risk rated loans over a certain threshold to identify credit risks and to assess the overall collectability of the portfolio. These risk ratings are also subject to examination by the Company’s regulators. During the internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which the borrowers operate and the estimated fair values of collateral securing the loans. These credit quality indicators are used to assign a risk rating to each individual loan. ​ The Company’s ratings are aligned to pass and criticized categories. The criticized category includes special mention, substandard, and doubtful risk ratings. The risk ratings are defined as follows:
| ● | Pass: A pass loan is a credit with no existing or known potential weaknesses deserving of management’s close attention.
| ● | Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, this potential weakness may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.
| ● | Substandard: Loans classified as substandard are not adequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. Well-defined weaknesses include a borrower’s lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time, or the failure to fulfill economic expectations. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
| ● | Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
| ● | Loss: Loans classified as loss are considered uncollectible and charged off immediately.
​ The following table sets forth the amortized cost basis of loans by credit quality indicator and vintage based on the most recent analysis performed, as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
(dollars in thousands) |  | Term Loans Amortized Cost Basis by Origination Year | ​ | Loans Amortized | ​ | ​ | ​
As of December 31, 2023 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | Prior | ​ | Cost Basis | ​ | Total
Commercial and industrial | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Pass | ​ | $ | 197,533 | ​ | $ | 89,090 | ​ | $ | 67,691 | ​ | $ | 64,272 | ​ | $ | 34,603 | ​ | $ | 15,053 | ​ | $ | 100,239 | ​ | $ | 568,481
Special mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | 464 | ​ | ​ | 4,844 | ​ | ​ | 236 | ​ | ​ | 6,328 | ​ | ​ | 94 | ​ | ​ | 2,513 | ​ | ​ | 15,361 | ​ | ​ | 29,840
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Subtotal | ​ | $ | 197,997 | ​ | $ | 93,934 | ​ | $ | 67,927 | ​ | $ | 70,600 | ​ | $ | 34,697 | ​ | $ | 17,566 | ​ | $ | 115,600 | ​ | $ | 598,321
Gross charge-offs for the year ended | ​ | $ | 39 | ​ | $ | — | ​ | $ | 49 | ​ | $ | 11 | ​ | $ | 247 | ​ | $ | 90 | ​ | $ | — | ​ | $ | 436
Real estate construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 29,902 | ​ | $ | 57,944 | ​ | $ | 14,326 | ​ | $ | 122 | ​ | $ | — | ​ | $ | 952 | ​ | $ | 121 | ​ | $ | 103,367
Special mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — |  | ​ | 20,667 |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | — | ​ | ​ | — |  | ​ | 20,667
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Subtotal | ​ | $ | 29,902 | ​ | $ | 78,611 | ​ | $ | 14,326 | ​ | $ | 122 | ​ | $ | — | ​ | $ | 952 | ​ | $ | 121 | ​ | $ | 124,034
Gross charge-offs for the year ended | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Commercial real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 272,261 | ​ | $ | 265,549 | ​ | $ | 142,027 | ​ | $ | 153,796 | ​ | $ | 116,861 | ​ | $ | 159,454 | ​ | $ | 7,794 | ​ | $ | 1,117,742
Special mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 262 | ​ | ​ | — | ​ | ​ | 262
Substandard | ​ | ​ | — | ​ | ​ | 587 | ​ | ​ | 2,872 | ​ | ​ | — | ​ | ​ | 3,690 | ​ | ​ | 1,759 | ​ | ​ | — |  | ​ | 8,908
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Subtotal | ​ | $ | 272,261 | ​ | $ | 266,136 | ​ | $ | 144,899 | ​ | $ | 153,796 | ​ | $ | 120,551 | ​ | $ | 161,475 | ​ | $ | 7,794 | ​ | $ | 1,126,912
Gross charge-offs for the year ended | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Residential real estate first mortgage | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Performing | ​ | $ | 72,180 | ​ | $ | 207,177 | ​ | $ | 218,719 | ​ | $ | 108,100 | ​ | $ | 33,102 | ​ | $ | 87,212 | ​ | $ | 284 | ​ | $ | 726,774
Non-performing | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 105 | ​ | ​ | — | ​ | ​ | 105
Subtotal | ​ | $ | 72,180 | ​ | $ | 207,177 | ​ | $ | 218,719 | ​ | $ | 108,100 | ​ | $ | 33,102 | ​ | $ | 87,317 | ​ | $ | 284 | ​ | $ | 726,879
Gross charge-offs for the year ended | ​ | $ | — | ​ | $ | — | ​ | $ | 9 | ​ | $ | — | ​ | $ | — | ​ | $ | 40 | ​ | $ | — | ​ | $ | 49
Residential real estate junior lien | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Performing | ​ | $ | 18,408 | ​ | $ | 15,655 | ​ | $ | 5,946 | ​ | $ | 4,857 | ​ | $ | 1,769 | ​ | $ | 5,280 | ​ | $ | 100,438 | ​ | $ | 152,353
Non-performing | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,781 | ​ | ​ | 1,781
Subtotal | ​ | $ | 18,408 | ​ | $ | 15,655 | ​ | $ | 5,946 | ​ | $ | 4,857 | ​ | $ | 1,769 | ​ | $ | 5,280 | ​ | $ | 102,219 | ​ | $ | 154,134
Gross charge-offs for the year ended | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 77 | ​ | $ | — | ​ | $ | 77
Other revolving and installment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Performing | ​ | $ | 5,320 | ​ | $ | 6,395 | ​ | $ | 980 | ​ | $ | 4,489 | ​ | $ | 1,554 | ​ | $ | 952 | ​ | $ | 9,613 | ​ | $ | 29,303
Non-performing | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Subtotal | ​ | $ | 5,320 | ​ | $ | 6,395 | ​ | $ | 980 | ​ | $ | 4,489 | ​ | $ | 1,554 | ​ | $ | 952 | ​ | $ | 9,613 | ​ | $ | 29,303
Gross charge-offs for the year ended | ​ | $ | 4 | ​ | $ | 2 | ​ | $ | — | ​ | $ | 31 | ​ | $ | 6 | ​ | $ | 8 | ​ | $ | — | ​ | $ | 51
Total loans | ​ | $ | 596,068 | ​ | $ | 667,908 | ​ | $ | 452,797 | ​ | $ | 341,964 | ​ | $ | 191,673 | ​ | $ | 273,542 | ​ | $ | 235,631 | ​ | $ | 2,759,583
Gross charge-offs for the year ended | ​ | $ | 43 | ​ | $ | 2 | ​ | $ | 58 | ​ | $ | 42 | ​ | $ | 253 | ​ | $ | 215 | ​ | $ | — | ​ | $ | 613
​ The following table sets forth the risk category of loans by class and credit quality indicator used on the most recent analysis performed as of December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | Criticized | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total
Commercial |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Commercial and industrial | ​ | $ | 558,694 | ​ | $ | 21,969 | ​ | $ | 3,213 | ​ | $ | — | ​ | $ | 583,876
Real estate construction | ​ |  | 97,548 | ​ |  | — | ​ |  | 262 | ​ |  | — | ​ |  | 97,810
Commercial real estate | ​ |  | 873,270 | ​ |  | — | ​ |  | 8,400 | ​ |  | — | ​ |  | 881,670
Total commercial | ​ | ​ | 1,529,512 | ​ | ​ | 21,969 | ​ | ​ | 11,875 | ​ | ​ | — | ​ | ​ | 1,563,356
Consumer | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential real estate first mortgage | ​ |  | 678,743 | ​ |  | 63 | ​ |  | 745 | ​ |  | — | ​ |  | 679,551
Residential real estate junior lien | ​ |  | 149,847 | ​ |  | — | ​ |  | 632 | ​ |  | — | ​ |  | 150,479
Other revolving and installment | ​ |  | 50,607 | ​ |  | — | ​ |  | 1 | ​ |  | — | ​ |  | 50,608
Total consumer | ​ |  | 879,197 | ​ |  | 63 | ​ |  | 1,378 | ​ |  | — | ​ |  | 880,638
Total loans | ​ | $ | 2,408,709 | ​ | $ | 22,032 | ​ | $ | 13,253 | ​ | $ | — | ​ | $ | 2,443,994
​ Past Due and Nonaccrual Loans The Company closely monitors the performance of its loan portfolio. A loan is placed on non-accrual when the financial condition of the borrower is deteriorating, payment in full of both principal and interest is not expected as scheduled or principal or interest has been in default for 90 days or more. Exceptions may be made if the asset is secured by collateral sufficient to satisfy both the principal and accrued interest in full and collection is reasonably assured. When one loan to a borrower is placed on non-accrual, all other loans to the borrower are re-evaluated to determine if they should also be placed on non-accrual. All previously accrued and unpaid interest is reversed at that time. A loan will return to accrual when collection of principal and interest is assured and the borrower has demonstrated timely payments of principal and interest for a reasonable period, generally at least six months. The following tables present past due aging analysis of total loans outstanding, by portfolio segment, as of December 31, 2023 and 2022, respectively: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 90 Days | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accruing | ​ | 30 - 59 Days | ​ | 60 - 89 Days | ​ | or More | ​ | ​ | ​ | ​ | Total
(dollars in thousands) |  | Current |  | Past Due |  | Past Due |  | Past Due |  | Nonaccrual |  | Loans
Commercial |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Commercial and industrial | ​ | $ | 590,663 | ​ | $ | 924 | ​ | $ | — | ​ | $ | 139 | ​ | $ | 6,595 | ​ | $ | 598,321
Real estate construction | ​ |  | 124,034 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 124,034
Commercial real estate | ​ |  | 1,125,669 | ​ |  | 128 | ​ |  | — | ​ |  | — | ​ |  | 1,115 | ​ |  | 1,126,912
Total commercial | ​ |  | 1,840,366 | ​ |  | 1,052 | ​ |  | — | ​ |  | 139 | ​ |  | 7,710 | ​ |  | 1,849,267
Consumer | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential real estate first mortgage | ​ |  | 724,786 | ​ |  | 901 | ​ |  | 554 | ​ |  | — | ​ | ​ | 638 | ​ |  | 726,879
Residential real estate junior lien | ​ |  | 153,220 | ​ |  | 666 | ​ |  | — | ​ |  | — | ​ |  | 248 | ​ |  | 154,134
Other revolving and installment | ​ |  | 29,086 | ​ |  | 170 | ​ |  | 47 | ​ |  | — | ​ |  | — | ​ |  | 29,303
Total consumer | ​ |  | 907,092 | ​ |  | 1,737 | ​ |  | 601 | ​ |  | — | ​ |  | 886 | ​ |  | 910,316
Total loans | ​ | $ | 2,747,458 | ​ | $ | 2,789 | ​ | $ | 601 | ​ | $ | 139 | ​ | $ | 8,596 | ​ | $ | 2,759,583
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 90 Days | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accruing | ​ | 30 - 59 Days | ​ | 60 - 89 Days | ​ | or More | ​ | ​ | ​ | ​ | Total
(dollars in thousands) |  | Current |  | Past Due |  | Past Due |  | Past Due |  | Nonaccrual |  | Loans
Commercial | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial and industrial | ​ | $ | 580,288 | ​ | $ | 2,332 | ​ | $ | 94 | ​ | $ | — | ​ | $ | 1,162 | ​ | $ | 583,876
Real estate construction | ​ |  | 97,370 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 440 | ​ |  | 97,810
Commercial real estate | ​ |  | 879,830 | ​ |  | 368 | ​ |  | — | ​ |  | — | ​ |  | 1,472 | ​ |  | 881,670
Total commercial | ​ |  | 1,557,488 | ​ |  | 2,700 | ​ |  | 94 | ​ |  | — | ​ |  | 3,074 | ​ |  | 1,563,356
Consumer | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential real estate first mortgage | ​ |  | 677,471 | ​ |  | 1,234 | ​ |  | 311 | ​ |  | — | ​ |  | 535 | ​ |  | 679,551
Residential real estate junior lien | ​ |  | 149,918 | ​ |  | 377 | ​ |  | — | ​ |  | — | ​ |  | 184 | ​ |  | 150,479
Other revolving and installment | ​ |  | 50,360 | ​ |  | 237 | ​ |  | 10 | ​ |  | — | ​ |  | 1 | ​ |  | 50,608
Total consumer | ​ |  | 877,749 | ​ |  | 1,848 | ​ |  | 321 | ​ |  | — | ​ |  | 720 | ​ |  | 880,638
Total loans | ​ | $ | 2,435,237 | ​ | $ | 4,548 | ​ | $ | 415 | ​ | $ | — | ​ | $ | 3,794 | ​ | $ | 2,443,994
​ ​ ​ In calculating expected credit losses, the Company includes loans on nonaccrual status and loans 90 days or more past due and still accruing. The following table presents the amortized cost basis on nonaccrual status loans and loans 90 days or more past due and still accruing as of December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | 90 Days
​ | ​ | Nonaccrual | ​ | ​ | ​ | ​ | or More
​ | ​ | with no Allowance | ​ | ​ | ​ | ​ | Past Due
(dollars in thousands) | ​ | for Credit Losses | ​ | Nonaccrual | ​ | and Accruing
Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 79 | ​ | $ | 6,595 | ​ | $ | 139
Real estate construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Commercial real estate | ​ | ​ | 95 | ​ | ​ | 1,115 | ​ | ​ | —
Total commercial | ​ | ​ | 174 | ​ | ​ | 7,710 | ​ | ​ | 139
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate first mortgage | ​ | ​ | 632 | ​ | ​ | 638 | ​ | ​ | —
Residential real estate junior lien | ​ | ​ | 185 | ​ | ​ | 248 | ​ | ​ | —
Other revolving and installment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total consumer | ​ | ​ | 817 | ​ | ​ | 886 | ​ | ​ | —
Total loans | ​ | $ | 991 | ​ | $ | 8,596 | ​ | $ | 139
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | 90 Days
​ | ​ | Nonaccrual | ​ | ​ | ​ | ​ | or More
​ | ​ | with no Allowance | ​ | ​ | ​ | ​ | Past Due
(dollars in thousands) | ​ | for Credit Losses | ​ | Nonaccrual | ​ | and Accruing
Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 638 | ​ | $ | 1,162 | ​ | $ | —
Real estate construction | ​ | ​ | — | ​ | ​ | 440 | ​ | ​ | —
Commercial real estate | ​ | ​ | 576 | ​ | ​ | 1,472 | ​ | ​ | —
Total commercial | ​ | ​ | 1,214 | ​ | ​ | 3,074 | ​ | ​ | —
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate first mortgage | ​ | ​ | 535 | ​ | ​ | 535 | ​ | ​ | —
Residential real estate junior lien | ​ | ​ | 184 | ​ | ​ | 184 | ​ | ​ | —
Other revolving and installment | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | —
Total consumer | ​ | ​ | 720 | ​ | ​ | 720 | ​ | ​ | —
Total loans | ​ | $ | 1,934 | ​ | $ | 3,794 | ​ | $ | —
​ Interest income that would have been recognized if loans on nonaccrual status had been current in accordance with their original terms for the years ended December 31, 2023, 2022, and 2021 is estimated to have been $469 thousand, $155 thousand, and $183 thousand, respectively. The Company’s policy is to reverse previously recorded interest income when a loan is placed on nonaccrual. As a result, the Company did not record any interest income on its nonaccrual loans for the years ended years ended December 31, 2023, 2022 and 2021. As of December 31, 2023 and 2022, total accrued interest receivable on loans, which had been excluded from reported amortized cost basis on loans; was $12.2 million and $9.2 million, respectively, and was reported within accrued interest receivable on the consolidated statements of condition. An allowance was not carried on the accrued interest receivable at either date. ​ In cases where a borrower experiences financial difficulty, the Company may make certain concessions for which the terms of the loan are modified. Loans experiencing financial difficulty can include modifications for an interest rate reduction below current market rates, a forgiveness of principal balance, an extension of the loan term, an-other than significant payment delay, or some combination of similar types of modifications. During the years ended December 31, 2023 and 2022, the Company did not provide any modifications to loans under these circumstances that were experiencing financial difficulty. The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine credit losses, and the related ACL allocated to these loans, as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2023
​ | ​ | Primary Type of Collateral
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Allowance for
(dollars in thousands) | ​ | Real estate | ​ | Equipment | ​ | Other | ​ | Total | ​ | Credit Losses
Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 6,124 | ​ | $ | — | ​ | $ | — | ​ | $ | 6,124 | ​ | $ | 2,384
Commercial real estate | ​ | ​ | 695 | ​ | ​ | — | ​ | ​ | 96 | ​ | ​ | 791 | ​ | ​ | 601
Total commercial | ​ | ​ | 6,819 | ​ | ​ | — | ​ | ​ | 96 | ​ | ​ | 6,915 | ​ | ​ | 2,985
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate first mortgage | ​ | ​ | 638 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 638 | ​ | ​ | 3
Residential real estate junior lien | ​ | ​ | 134 | ​ | ​ | 22 | ​ | ​ | 93 | ​ | ​ | 249 | ​ | ​ | 6
Total consumer | ​ | ​ | 772 | ​ | ​ | 22 | ​ | ​ | 93 | ​ | ​ | 887 | ​ | ​ | 9
Total loans | ​ | $ | 7,591 | ​ | $ | 22 | ​ | $ | 189 | ​ | $ | 7,802 | ​ | $ | 2,994
​ Collateral dependent loans are loans for which the repayment is expected to be provided substantially by the underlying collateral and there are no other available and reliable sources of repayment. Pre-ASC 326 Adoption impaired loan disclosures The following tables present the recorded investment in loans and related allowance for the loan losses, by portfolio segment, disaggregated on the basis of the Company’s impairment methodology, as of December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Recorded Investment | ​ | Allowance for Loan Losses
​ | ​ | Individually | ​ | Collectively | ​ | ​ | ​ | ​ | Individually | ​ | Collectively | ​ | ​ | ​
(dollars in thousands) |  | Evaluated |  | Evaluated |  | Total |  | Evaluated |  | Evaluated |  | Total
Commercial | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 1,313 | ​ | $ | 582,563 | ​ | $ | 583,876 | ​ | $ | 275 | ​ | $ | 8,958 | ​ | $ | 9,233
Real estate construction | ​ |  | 262 | ​ |  | 97,548 | ​ |  | 97,810 | ​ | ​ | 97 | ​ | ​ | 1,340 | ​ | ​ | 1,437
Commercial real estate | ​ |  | 1,472 | ​ |  | 880,198 | ​ |  | 881,670 | ​ | ​ | 582 | ​ | ​ | 12,179 | ​ | ​ | 12,761
Total commercial | ​ |  | 3,047 | ​ |  | 1,560,309 | ​ |  | 1,563,356 | ​ | ​ | 954 | ​ | ​ | 22,477 | ​ | ​ | 23,431
Consumer | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate first mortgage | ​ |  | 535 | ​ |  | 679,016 | ​ |  | 679,551 | ​ | ​ | — | ​ | ​ | 5,857 | ​ | ​ | 5,857
Residential real estate junior lien | ​ |  | 184 | ​ | ​ | 150,295 | ​ |  | 150,479 | ​ | ​ | — | ​ | ​ | 1,318 | ​ | ​ | 1,318
Other revolving and installment | ​ |  | 1 | ​ |  | 50,607 | ​ |  | 50,608 | ​ | ​ | — | ​ | ​ | 540 | ​ | ​ | 540
Total consumer | ​ |  | 720 | ​ |  | 879,918 | ​ |  | 880,638 | ​ | ​ | — | ​ | ​ | 7,715 | ​ | ​ | 7,715
Total loans | ​ | $ | 3,767 | ​ | $ | 2,440,227 | ​ | $ | 2,443,994 | ​ | $ | 954 | ​ | $ | 30,192 | ​ | $ | 31,146
​ The table below summarizes key information on impaired loans as of December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Recorded | ​ | Unpaid | ​ | Related
(dollars in thousands) |  | Investment |  | Principal |  | Allowance
Impaired loans with a valuation allowance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 675 | ​ | $ | 711 | ​ | $ | 275
Real estate construction | ​ | ​ | 262 | ​ | ​ | 440 | ​ | ​ | 97
Commercial real estate | ​ |  | 896 | ​ |  | 900 | ​ |  | 582
Residential real estate first mortgage | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total impaired loans with a valuation allowance | ​ | ​ | 1,833 | ​ | ​ | 2,051 | ​ | ​ | 954
Impaired loans without a valuation allowance |  | ​ |  |  | ​ |  |  | ​ |
Commercial and industrial | ​ | ​ | 638 | ​ | ​ | 767 | ​ | ​ | —
Real estate construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Commercial real estate | ​ | ​ | 576 | ​ |  | 660 | ​ |  | —
Residential real estate first mortgage | ​ | ​ | 535 | ​ |  | 573 | ​ |  | —
Residential real estate junior lien | ​ | ​ | 184 | ​ |  | 218 | ​ |  | —
Other revolving and installment | ​ | ​ | 1 | ​ |  | 1 | ​ |  | —
Total impaired loans without a valuation allowance | ​ | ​ | 1,934 | ​ | ​ | 2,219 | ​ | ​ | —
Total impaired loans | ​ | ​ |  | ​ |  |  | ​ |  |
Commercial and industrial | ​ | ​ | 1,313 | ​ | ​ | 1,478 | ​ | ​ | 275
Real estate construction | ​ | ​ | 262 | ​ | ​ | 440 | ​ | ​ | 97
Commercial real estate | ​ |  | 1,472 | ​ |  | 1,560 | ​ |  | 582
Residential real estate first mortgage | ​ | ​ | 535 | ​ | ​ | 573 | ​ | ​ | —
Residential real estate junior lien | ​ |  | 184 | ​ |  | 218 | ​ |  | —
Other revolving and installment | ​ |  | 1 | ​ |  | 1 | ​ |  | —
Total impaired loans | ​ | $ | 3,767 | ​ | $ | 4,270 | ​ | $ | 954
​ ​ The table below presents the average recorded investment in impaired loans and interest income for the two years ending December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2022 | ​ | 2021
​ | ​ | Average | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​
​ | ​ | Recorded | ​ | Interest | ​ | Recorded | ​ | Interest
(dollars in thousands) |  | Investment |  | Income |  | Investment |  | Income
Impaired loans with a valuation allowance | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | $ | 722 | ​ | $ | 13 | ​ | $ | 517 | ​ | $ | 13
Real estate construction | ​ | ​ | 442 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Commercial real estate | ​ |  | 935 | ​ |  | — | ​ | ​ | 187 | ​ |  | 7
Residential real estate first mortgage | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​
Residential real estate junior lien | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | —
Other revolving and installment | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | —
Total impaired loans with a valuation allowance | ​ | ​ | 2,099 | ​ | ​ | 13 | ​ | ​ | 704 | ​ | ​ | 20
Impaired loans without a valuation allowance | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Commercial and industrial | ​ | ​ | 707 | ​ | ​ | — | ​ | ​ | 1,988 | ​ | ​ | 20
Real estate construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Commercial real estate | ​ |  | 618 | ​ |  | — | ​ | ​ | 672 | ​ |  | —
Residential real estate first mortgage | ​ |  | 575 | ​ |  | — | ​ | ​ | 23 | ​ |  | —
Residential real estate junior lien | ​ |  | 191 | ​ | ​ | — | ​ | ​ | 98 | ​ | ​ | —
Other revolving and installment | ​ |  | 1 | ​ |  | — | ​ | ​ | 1 | ​ |  | —
Total impaired loans without a valuation allowance | ​ | ​ | 2,092 | ​ | ​ | — | ​ | ​ | 2,782 | ​ | ​ | 20
Total impaired loans | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |  |
Commercial and industrial | ​ | ​ | 1,429 | ​ | ​ | 13 | ​ | ​ | 2,505 | ​ | ​ | 33
Real estate construction | ​ | ​ | 442 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Commercial real estate | ​ |  | 1,553 | ​ |  | — | ​ | ​ | 859 | ​ |  | 7
Residential real estate first mortgage | ​ |  | 575 | ​ |  | — | ​ | ​ | 23 | ​ |  | —
Residential real estate junior lien | ​ |  | 191 | ​ |  | — | ​ | ​ | 98 | ​ |  | —
Other revolving and installment | ​ |  | 1 | ​ |  | — | ​ | ​ | 1 | ​ |  | —
Total impaired loans | ​ | $ | 4,191 | ​ | $ | 13 | ​ | $ | 3,486 | ​ | $ | 40
​

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