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Loans and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Schedule of financing receivables | The following table provides information about the principal classes of the loan portfolio at September 30, 2023 and December 31, 2022.
(Dollars in thousands) |  | September 30, 2023 |  | % of Total Loans |  | December 31, 2022 |  | % of Total Loans
Construction |  | $ | 328,750 |  |  | 7.12 | % |  | $ | 246,319 |  |  | 9.64 | %
Residential real estate |  | 1,439,464 |  |  | 31.17 | % |  | 810,497 |  |  | 31.71 | %
Commercial real estate |  | 2,283,521 |  |  | 49.45 | % |  | 1,065,409 |  |  | 41.68 | %
Commercial |  | 229,474 |  |  | 4.97 | % |  | 147,856 |  |  | 5.78 | %
Consumer |  | 330,411 |  |  | 7.16 | % |  | 286,026 |  |  | 11.19 | %
Credit Cards |  | 6,099 |  |  | 0.13 | % |  | — |  |  | — | %
Total loans |  | 4,617,719 |  |  | 100.00 | % |  | 2,556,107 |  |  | 100.00 | %
Allowance for credit losses on loans |  | (57,051) |  |  |  |  | (16,643) |  |  |
Total loans, net |  | $ | 4,560,668 |  |  |  |  | $ | 2,539,464 |  |  |
Schedule of acquired loans in TCFC acquisition | The following purchased credit deteriorated loans were acquired in connection with the TCFC merger on the Acquisition Date.
(Dollars in Thousands) |  | Par Value |  | Purchase Discount |  | Allowance |  | Purchase Price
Construction |  | $ | 177 |  |  | $ | (11) |  |  | $ | (3) |  |  | $ | 163 |
Residential real estate |  | 8,379 |  |  | (1,157) |  |  | (215) |  |  | 7,007 |
Commercial real estate |  | 55,779 |  |  | (6,864) |  |  | (985) |  |  | 47,930 |
Commercial |  | 2,137 |  |  | (59) |  |  | (278) |  |  | 1,800 |
Consumer |  | 519 |  |  | (35) |  |  | (14) |  |  | 470 |
Credit Card |  | 999 |  |  | (144) |  |  | (18) |  |  | 837 |
Total |  | $ | 67,990 |  |  | $ | (8,270) |  |  | $ | (1,513) |  |  | $ | 58,207 |
Schedule of Non accrual Loans | The following table provides information on nonaccrual loans by loan class as of September 30, 2023.
(Dollars in thousands) |  | Non-accrual with no allowance for credit loss |  | Non-accrual with an allowance for credit loss |  | Total Non-accruals
September 30, 2023 |  |  |  |  |  |
Nonaccrual loans: |  |  |  |  |  |
Construction |  | $ | 147 |  |  | $ | — |  |  | $ | 147 |
Residential real estate |  | 3,603 |  |  | 299 |  |  | 3,902 |
Commercial real estate |  | 3,866 |  |  | — |  |  | 3,866 |
Commercial |  | 174 |  |  | 671 |  |  | 845 |
Consumer |  | 203 |  |  | 19 |  |  | 222 |
Total |  | $ | 7,993 |  |  | $ | 989 |  |  | $ | 8,982 |
Interest income |  | $ | — |  |  | $ | — |  |  | $ | — |
(Dollars in thousands) |  | Non-accrual Delinquent Loans |  | Non-accrual Current Loans |  | Total Non-accruals
September 30, 2023 |  |  |  |  |  |
Nonaccrual loans: |  |  |  |  |  |
Construction |  | $ | 147 |  |  | $ | — |  |  | $ | 147 |
Residential real estate |  | 2,258 |  |  | 1,644 |  |  | 3,902 |
Commercial real estate |  | 749 |  |  | 3,117 |  |  | 3,866 |
Commercial |  | 1 |  |  | 844 |  |  | 845 |
Consumer |  | 221 |  |  | 1 |  |  | 222 |
Total |  | $ | 3,376 |  |  | $ | 5,606 |  |  | $ | 8,982 |
Schedule of financing receivable credit quality indicators | The following table provides information on loan risk ratings as of September 30, 2023 and gross write-offs during the nine months ended September 30, 2023.
|  | Term Loans by Origination Year |  | Revolving Loans |  | Revolving Converted to Term Loans |  | Total
(Dollars in thousands) |  | Prior |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction
Pass |  | $ | 27,243 |  |  | $ | 14,732 |  |  | $ | 29,531 |  |  | $ | 40,493 |  |  | $ | 135,418 |  |  | $ | 72,852 |  |  | $ | 8,331 |  |  | $ | — |  |  | $ | 328,600 |
Substandard |  | 138 |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 150 |
Total |  | $ | 27,381 |  |  | $ | 14,732 |  |  | $ | 29,531 |  |  | $ | 40,505 |  |  | $ | 135,418 |  |  | $ | 72,852 |  |  | $ | 8,331 |  |  | $ | — |  |  | $ | 328,750 |
Gross Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Residential real estate
Pass |  | $ | 330,183 |  |  | $ | 55,088 |  |  | $ | 107,259 |  |  | $ | 248,445 |  |  | $ | 355,912 |  |  | $ | 218,563 |  |  | $ | 116,868 |  |  | $ | 876 |  |  | $ | 1,433,194 |
Special Mention |  | 41 |  |  | 259 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 192 |  |  | — |  |  | 492 |
Substandard |  | 5,320 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 458 |  |  | — |  |  | 5,778 |
Total |  | $ | 335,544 |  |  | $ | 55,347 |  |  | $ | 107,259 |  |  | $ | 248,445 |  |  | $ | 355,912 |  |  | $ | 218,563 |  |  | $ | 117,518 |  |  | $ | 876 |  |  | $ | 1,439,464 |
Gross Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate
Pass |  | $ | 683,984 |  |  | $ | 192,789 |  |  | $ | 302,597 |  |  | $ | 430,908 |  |  | $ | 430,214 |  |  | $ | 195,260 |  |  | $ | 16,420 |  |  | $ | 2,202 |  |  | $ | 2,254,374 |
Special Mention |  | 13,931 |  |  | 141 |  |  | — |  |  | 6,184 |  |  | 4,475 |  |  | — |  |  | — |  |  | 426 |  |  | 25,157 |
Substandard |  | 1,498 |  |  | 1,937 |  |  | — |  |  | 555 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,990 |
Total |  | $ | 699,413 |  |  | $ | 194,867 |  |  | $ | 302,597 |  |  | $ | 437,647 |  |  | $ | 434,689 |  |  | $ | 195,260 |  |  | $ | 16,420 |  |  | $ | 2,628 |  |  | $ | 2,283,521 |
Gross Charge-offs |  | $ | (513) |  |  | $ | — |  |  | $ | (814) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,327) |
Commercial
Pass |  | $ | 25,796 |  |  | $ | 14,254 |  |  | $ | 15,332 |  |  | $ | 43,209 |  |  | $ | 40,337 |  |  | $ | 24,582 |  |  | $ | 62,679 |  |  | $ | 1,641 |  |  | $ | 227,830 |
Special Mention |  | 137 |  |  | — |  |  | — |  |  | 440 |  |  | — |  |  | — |  |  | 75 |  |  | 243 |  |  | 895 |
Substandard |  | 1 |  |  | 186 |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  | 493 |  |  | 46 |  |  | 749 |
Total |  | $ | 25,934 |  |  | $ | 14,440 |  |  | $ | 15,332 |  |  | $ | 43,649 |  |  | $ | 40,360 |  |  | $ | 24,582 |  |  | $ | 63,247 |  |  | $ | 1,930 |  |  | $ | 229,474 |
Gross Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Consumer
Pass |  | $ | 682 |  |  | $ | 1,258 |  |  | $ | 15,574 |  |  | $ | 83,768 |  |  | $ | 150,126 |  |  | $ | 78,067 |  |  | $ | 713 |  |  | $ | — |  |  | $ | 330,188 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Substandard |  | — |  |  | 26 |  |  | — |  |  | 117 |  |  | 78 |  |  | — |  |  | 1 |  |  | — |  |  | 222 |
Total |  | $ | 682 |  |  | $ | 1,284 |  |  | $ | 15,574 |  |  | $ | 83,885 |  |  | $ | 150,204 |  |  | $ | 78,067 |  |  | $ | 715 |  |  | $ | — |  |  | $ | 330,411 |
Gross Charge-offs |  | $ | (45) |  |  | $ | — |  |  | $ | (16) |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (328) |  |  | $ | (1) |  |  | $ | (5) |  |  | $ | (399) |
Total
Pass |  | $ | 1,067,888 |  |  | $ | 278,121 |  |  | $ | 470,293 |  |  | $ | 846,823 |  |  | $ | 1,112,007 |  |  | $ | 589,324 |  |  | $ | 205,011 |  |  | $ | 4,719 |  |  | $ | 4,574,186 |
Special Mention |  | 14,109 |  |  | 400 |  |  | — |  |  | 6,624 |  |  | 4,475 |  |  | — |  |  | 268 |  |  | 669 |  |  | 26,545 |
Substandard |  | 6,957 |  |  | 2,149 |  |  | — |  |  | 684 |  |  | 101 |  |  | — |  |  | 952 |  |  | 46 |  |  | 10,889 |
Total loans by risk category |  | $ | 1,088,954 |  |  | $ | 280,670 |  |  | $ | 470,293 |  |  | $ | 854,131 |  |  | $ | 1,116,583 |  |  | $ | 589,324 |  |  | $ | 206,231 |  |  | $ | 5,434 |  |  | $ | 4,611,620 |
Total gross charge-offs |  | $ | (558) |  |  | $ | — |  |  | $ | (830) |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (328) |  |  | $ | (1) |  |  | $ | (5) |  |  | $ | (1,726) |
|  | Term Loans by Origination Year |  | Revolving Loans |  | Revolving Converted to Term Loans |  | Total
(Dollars in thousands) |  | Prior |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Cards
Performing |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,099 |  |  | $ | — |  |  | $ | 6,099 |
Non-Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,099 |  |  | $ | — |  |  | $ | 6,099 |
Gross Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (60) |  |  | $ | — |  |  | $ | (60) |
Total loans evaluated by performing status |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,099 |  |  | $ | — |  |  | $ | 6,099 |
Total gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (60) |  |  | $ | — |  |  | $ | (60) |
Total Recorded Investment |  | $ | 1,088,954 |  |  | $ | 280,670 |  |  | $ | 470,293 |  |  | $ | 854,131 |  |  | $ | 1,116,583 |  |  | $ | 589,324 |  |  | $ | 212,330 |  |  | $ | 5,434 |  |  | $ | 4,617,719 |
The following tables provide information on loan risk ratings as of December 31, 2022.
(Dollars in thousands) |  | Pass/Performing (1) |  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | PCI |  | Total
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 231,160 |  |  | $ | 14,212 |  |  | $ | — |  |  | $ | 297 |  |  | $ | — |  |  | $ | 650 |  |  | $ | 246,319 |
Residential real estate |  | 761,405 |  |  | 32,467 |  |  | 1,239 |  |  | 1,430 |  |  | — |  |  | 13,956 |  |  | 810,497 |
Commercial real estate |  | 929,501 |  |  | 121,711 |  |  | 1,814 |  |  | 517 |  |  | — |  |  | 11,866 |  |  | 1,065,409 |
Commercial |  | 131,084 |  |  | 15,958 |  |  | 484 |  |  | 174 |  |  | — |  |  | 156 |  |  | 147,856 |
Consumer |  | 285,786 |  |  | 196 |  |  | 2 |  |  | 28 |  |  | — |  |  | 14 |  |  | 286,026 |
Total |  | $ | 2,338,936 |  |  | $ | 184,544 |  |  | $ | 3,539 |  |  | $ | 2,446 |  |  | $ | — |  |  | $ | 26,642 |  |  | $ | 2,556,107 |
(1)Includes loans measured at fair value of $8.4 million at December 31, 2022.
Schedule of past due financing receivables | The following tables provide information on the aging of the loan portfolio as of September 30, 2023 and December 31, 2022.
(Dollars in thousands) |  | 30‑59 days past due |  | 60‑89 days past due |  | 90 days past due and still accruing |  | 90 days past due and not accruing |  | Total past due |  | Current Non-accrual |  | Current Accrual Loans (1) |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 1,035 |  |  | $ | — |  |  | $ | 65 |  |  | $ | 147 |  |  | $ | 1,247 |  |  | $ | — |  |  | $ | 327,503 |  |  | $ | 328,750 |
Residential real estate |  | 3,036 |  |  | 250 |  |  | 871 |  |  | 1,669 |  |  | 5,826 |  |  | 1,644 |  |  | 1,431,994 |  |  | 1,439,464 |
Commercial real estate |  | 785 |  |  | 445 |  |  | — |  |  | 749 |  |  | 1,979 |  |  | 3,117 |  |  | 2,278,425 |  |  | 2,283,521 |
Commercial |  | 103 |  |  | — |  |  | — |  |  | — |  |  | 103 |  |  | 844 |  |  | 228,527 |  |  | 229,474 |
Consumer |  | 593 |  |  | 2,744 |  |  | 1,160 |  |  | 214 |  |  | 4,711 |  |  | 1 |  |  | 325,699 |  |  | 330,411 |
Credit Cards |  | 61 |  |  | 41 |  |  | 53 |  |  | — |  |  | 155 |  |  | — |  |  | 5,944 |  |  | 6,099 |
Total |  | $ | 5,613 |  |  | $ | 3,480 |  |  | $ | 2,149 |  |  | $ | 2,779 |  |  | $ | 14,021 |  |  | $ | 5,606 |  |  | $ | 4,598,092 |  |  | $ | 4,617,719 |
Percent of total loans |  | 0.1 | % |  | 0.1 | % |  | — | % |  | — | % |  | 0.3 | % |  | 0.1 | % |  | 99.6 | % |  | 100.0 | %
(1)Includes loans measured at fair value of $9.3 million at September 30, 2023.
|  | Accruing |  |  |  |  |  |
(Dollars in thousands) |  | Current (1) |  | 30‑59 days past due |  | 60‑89 days past due |  | 90 days or more past due |  | Total past due |  | Non-accrual |  | PCI |  | Total
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 239,990 |  |  | $ | 4,343 |  |  | $ | 1,015 |  |  | $ | 24 |  |  | $ | 5,382 |  |  | $ | 297 |  |  | $ | 650 |  |  | $ | 246,319 |
Residential real estate |  | 787,070 |  |  | 6,214 |  |  | 891 |  |  | 1,107 |  |  | 8,212 |  |  | 1,259 |  |  | 13,956 |  |  | 810,497 |
Commercial real estate |  | 1,052,314 |  |  | 369 |  |  | — |  |  | 710 |  |  | 1,079 |  |  | 150 |  |  | 11,866 |  |  | 1,065,409 |
Commercial |  | 147,511 |  |  | 15 |  |  | — |  |  | — |  |  | 15 |  |  | 174 |  |  | 156 |  |  | 147,856 |
Consumer |  | 285,750 |  |  | 223 |  |  | 11 |  |  | — |  |  | 234 |  |  | 28 |  |  | 14 |  |  | 286,026 |
Total |  | $ | 2,512,635 |  |  | $ | 11,164 |  |  | $ | 1,917 |  |  | $ | 1,841 |  |  | $ | 14,922 |  |  | $ | 1,908 |  |  | $ | 26,642 |  |  | $ | 2,556,107 |
Percent of total loans |  | 98.3 | % |  | 0.4 | % |  | 0.1 | % |  | 0.1 | % |  | 0.6 | % |  | 0.1 | % |  | 1.0 | % |  | 100.0 | %
(1)Includes loans measured at fair value of $8.4 million at December 31, 2022.
Schedule of consolidated allowance for credit losses on financing receivables | The following tables provide a summary of the activity in the ACL allocated by loan class for the three and nine months ended September 30, 2023 and September 30, 2022. Allocation of a portion of the allowance to one loan class does not preclude its availability to absorb losses in other loan classes.
(Dollars in thousands) |  | Beginning Balance |  | Merger Adjustments (2) |  | Charge-offs |  | Recoveries |  | Net (charge-offs) recoveries |  | Provisions |  | Ending Balance
For three months ended September 30, 2023
Construction |  | $ | 2,386 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 1,439 |  |  | $ | 3,831 |
Residential real estate |  | 9,151 |  |  | 215 |  |  | — |  |  | 3 |  |  | 3 |  |  | 9,806 |  |  | 19,175 |
Commercial real estate |  | 10,267 |  |  | 985 |  |  | (1,327) |  |  | — |  |  | (1,327) |  |  | 12,875 |  |  | 22,800 |
Commercial |  | 1,956 |  |  | 278 |  |  | — |  |  | 2 |  |  | 2 |  |  | 2,101 |  |  | 4,337 |
Consumer (1) |  | 5,254 |  |  | 14 |  |  | (115) |  |  | 45 |  |  | (70) |  |  | 1,658 |  |  | 6,856 |
Credit Card |  | — |  |  | 18 |  |  | (60) |  |  | — |  |  | (60) |  |  | 94 |  |  | 52 |
Total |  | $ | 29,014 |  |  | $ | 1,513 |  |  | $ | (1,502) |  |  | $ | 53 |  |  | $ | (1,449) |  |  | $ | 27,973 |  |  | $ | 57,051 |
(1)Gross charge-offs of consumer loans for the three months ended September 30, 2023 included $95,000 of demand deposit overdrafts. (2)Merger adjustments consist of gross-up for acquired PCD loans in the TCFC merger.
(Dollars in thousands) |  | Beginning Balance |  | Charge-offs |  | Recoveries |  | Net (charge-offs) recoveries |  | Provisions |  | Ending Balance
For three months ended September 30, 2022
Construction |  | $ | 3,345 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | (315) |  |  | $ | 3,032 |
Residential real estate |  | 2,778 |  |  | — |  |  | 12 |  |  | 12 |  |  | 218 |  |  | 3,008 |
Commercial real estate |  | 4,441 |  |  | — |  |  | 243 |  |  | 243 |  |  | 325 |  |  | 5,009 |
Commercial |  | 1,681 |  |  | (202) |  |  | 60 |  |  | (142) |  |  | 368 |  |  | 1,907 |
Consumer |  | 3,238 |  |  | — |  |  | 4 |  |  | 4 |  |  | 79 |  |  | 3,321 |
Total |  | $ | 15,483 |  |  | $ | (202) |  |  | $ | 321 |  |  | $ | 119 |  |  | $ | 675 |  |  | $ | 16,277 |
(Dollars in thousands) |  | Beginning Balance |  | Impact of ASC326 Adoption |  | Merger Adjustments (2) |  | Charge-offs |  | Recoveries |  | Net (charge-offs) recoveries |  | Provisions |  | Ending Balance
For nine months ended September 30, 2023
Construction |  | $ | 2,973 |  |  | $ | 1,222 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 10 |  |  | $ | (377) |  |  | $ | 3,831 |
Residential real estate |  | 2,622 |  |  | 4,974 |  |  | 215 |  |  | — |  |  | 37 |  |  | 37 |  |  | 11,327 |  |  | 19,175 |
Commercial real estate |  | 4,899 |  |  | 3,742 |  |  | 985 |  |  | (1,327) |  |  | — |  |  | (1,327) |  |  | 14,501 |  |  | 22,800 |
Commercial |  | 1,652 |  |  | 401 |  |  | 278 |  |  | — |  |  | 10 |  |  | 10 |  |  | 1,996 |  |  | 4,337 |
Consumer (1) |  | 4,497 |  |  | 452 |  |  | 14 |  |  | (399) |  |  | 210 |  |  | (189) |  |  | 2,082 |  |  | 6,856 |
Credit Card |  | — |  |  | — |  |  | 18 |  |  | (60) |  |  | — |  |  | (60) |  |  | 94 |  |  | 52 |
Total |  | $ | 16,643 |  |  | $ | 10,791 |  |  | $ | 1,513 |  |  | $ | (1,786) |  |  | $ | 267 |  |  | $ | (1,519) |  |  | $ | 29,623 |  |  | $ | 57,051 |
(1)Gross charge-offs of consumer loans for the nine months ended September 30, 2023 included $0.4 million of demand deposit overdrafts. (2)Merger adjustments consist of gross-up for acquired PCD loans in the TCFC merger.
(Dollars in thousands) |  | Beginning Balance |  | Charge-offs |  | Recoveries |  | Net (charge-offs) recoveries |  | Provisions |  | Ending Balance
For nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 2,454 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | 569 |  |  | $ | 3,032 |
Residential real estate |  | 2,858 |  |  | (4) |  |  | 131 |  |  | 127 |  |  | 23 |  |  | 3,008 |
Commercial real estate |  | 4,598 |  |  | (6) |  |  | 948 |  |  | 942 |  |  | (531) |  |  | 5,009 |
Commercial |  | 2,070 |  |  | (416) |  |  | 200 |  |  | (216) |  |  | 53 |  |  | 1,907 |
Consumer |  | 1,964 |  |  | (31) |  |  | 27 |  |  | (4) |  |  | 1,361 |  |  | 3,321 |
Total |  | $ | 13,944 |  |  | $ | (457) |  |  | $ | 1,315 |  |  | $ | 858 |  |  | $ | 1,475 |  |  | $ | 16,277 |
Schedule of collateral-dependent loans | The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment.
|  | September 30, 2023
(Dollars in thousands) |  | Real Estate Collateral |  | Other Collateral |  | Total
Construction |  | $ | 250 |  |  | $ | — |  |  | $ | 250 |
Residential real estate |  | 7,620 |  |  | — |  |  | 7,620 |
Commercial real estate |  | 5,411 |  |  | — |  |  | 5,411 |
Commercial |  | — |  |  | 1,100 |  |  | 1,100 |
Consumer |  | — |  |  | 1,381 |  |  | 1,381 |
Total |  | $ | 13,281 |  |  | $ | 2,481 |  |  | $ | 15,762 |
Schedule of loans acquired from severn | The following table provides information about all loans acquired from Severn as of December 31, 2022.
|  | December 31, 2022
(Dollars in thousands) |  | Acquired Loans - Purchased Credit Impaired |  | Acquired Loans - Purchased Performing |  | Acquired Loans - Total
Outstanding principal balance |  | $ | 29,620 |  |  | $ | 349,262 |  |  | $ | 378,882 |
Carrying amount |  |  |  |  |  |
Construction |  | $ | 650 |  |  | $ | 18,761 |  |  | $ | 19,411 |
Residential real estate |  | 13,956 |  |  | 116,118 |  |  | 130,074 |
Commercial real estate |  | 11,866 |  |  | 174,278 |  |  | 186,144 |
Commercial |  | 156 |  |  | 35,687 |  |  | 35,843 |
Consumer |  | 14 |  |  | 697 |  |  | 711 |
Total loans |  | $ | 26,642 |  |  | $ | 345,541 |  |  | $ | 372,183 |
Schedule of PCI loans acquired | The following table presents a summary of the change in the accretable yield on PCI loans acquired from Severn.
(Dollars in thousands) |  | Nine Months Ended September 30, 2022
Accretable yield, beginning of period |  | $ | 5,367 |
Accretion |  | (1,195) |
Reclassification of nonaccretable difference due to improvement in expected cash flows |  | 399 |
Other changes, net |  | 287 |
Accretable yield, end of period |  | $ | 4,858 |
Schedule of allowance for credit losses on financing receivables | The following tables include impairment information relating to loans and the ACL on loans as of December 31, 2022.
(Dollars in thousands) |  | Ending balance: Individually evaluated for impairment |  | Ending balance: Collectively evaluated for impairment |  | Acquired Loans- PCI |  | Total (1)
December 31, 2022 |  |  |  |  |  |  |  |
Loan Receivables: |  |  |  |  |  |  |  |
Construction |  | $ | 331 |  |  | $ | 236,901 |  |  | $ | 650 |  |  | $ | 237,882 |
Residential real estate |  | 5,081 |  |  | 791,460 |  |  | 13,956 |  |  | 810,497 |
Commercial real estate |  | 2,540 |  |  | 1,051,003 |  |  | 11,866 |  |  | 1,065,409 |
Commercial |  | 174 |  |  | 147,526 |  |  | 156 |  |  | 147,856 |
Consumer |  | 28 |  | 285,984 |  |  | 14 |  | 286,026 |
Total |  | $ | 8,154 |  |  | $ | 2,512,874 |  |  | $ | 26,642 |  |  | $ | 2,547,670 |
Allowance for credit losses on loans: |  | Allocated to loans individually evaluated for impairment |  | Allocated to loans collectively evaluated for impairment |  | Total |  |
Construction |  | $ | — |  |  | $ | 2,973 |  |  | $ | 2,973 |  |  |
Residential real estate |  | 127 |  |  | 2,495 |  |  | 2,622 |  |  |
Commercial real estate |  | — |  |  | 4,899 |  |  | 4,899 |  |  |
Commercial |  | — |  |  | 1,652 |  |  | 1,652 |  |  |
Consumer |  | — |  |  | 4,497 |  |  | 4,497 |  |  |
Total |  | $ | 127 |  |  | $ | 16,516 |  |  | $ | 16,643 |  |  |
(1)Excludes loans measured at fair value of $8.4 million at December 31, 2022.
Schedule of impaired financing receivables | The difference between the unpaid principal balance and the recorded investment is the amount of partial charge-offs that have been taken and interest paid on nonaccrual loans that has been applied to principal.
|  | Unpaid principal balance |  | Recorded investment with no allowance |  | Recorded investment with an allowance |  | Related allowance |  | September 30, 2022
(Dollars in thousands) |  |  |  |  |  | Quarter-to-date average recorded investment |  | Year-to-date average recorded investment |  | Interest income recognized
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impaired nonaccrual loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 297 |  |  | $ | 297 |  |  | $ | — |  |  | $ | — |  |  | $ | 297 |  |  | $ | 314 |  |  | $ | — |
Residential real estate |  | 1,363 |  |  | 1,259 |  |  | — |  |  | — |  |  | 1,639 |  |  | 1,534 |  |  | — |
Commercial real estate |  | 159 |  |  | 150 |  |  | — |  |  | — |  |  | 466 |  |  | 704 |  |  | — |
Commercial |  | 359 |  |  | 174 |  |  | — |  |  | — |  |  | 197 |  |  | 242 |  |  | — |
Consumer |  | 29 |  |  | 28 |  |  | — |  |  | — |  |  | 40 |  |  | 48 |  |  | — |
Total |  | $ | 2,207 |  |  | $ | 1,908 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,639 |  |  | $ | 2,842 |  |  | $ | — |
Impaired accruing TDRs: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 10 |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 18 |  |  | $ | 1 |
Residential real estate |  | 2,849 |  |  | 1,176 |  |  | 1,539 |  |  | 127 |  |  | 2,750 |  |  | 3,064 |  |  | 83 |
Commercial real estate |  | 1,680 |  |  | 1,680 |  |  | — |  |  | — |  |  | 1,830 |  |  | 2,231 |  |  | 48 |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |
Total |  | $ | 4,539 |  |  | $ | 2,866 |  |  | $ | 1,539 |  |  | $ | 127 |  |  | $ | 4,594 |  |  | $ | 5,319 |  |  | $ | 132 |
Other impaired accruing loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 24 |  |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | 304 |  |  | $ | 190 |  |  | $ | 6 |
Residential real estate |  | 1,107 |  |  | 1,107 |  |  | — |  |  | — |  |  | 745 |  |  | 259 |  |  | 3 |
Commercial real estate |  | 710 |  |  | 710 |  |  | — |  |  | — |  |  | 537 |  |  | 493 |  |  | 7 |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | 7 |  |  | 1 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |
Total |  | $ | 1,841 |  |  | $ | 1,841 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,599 |  |  | $ | 962 |  |  | $ | 17 |
Total impaired loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 331 |  |  | $ | 331 |  |  | $ | — |  |  | $ | — |  |  | $ | 615 |  |  | $ | 522 |  |  | $ | 7 |
Residential real estate |  | 5,319 |  |  | 3,542 |  |  | 1,539 |  |  | 127 |  |  | 5,134 |  |  | 4,857 |  |  | 86 |
Commercial real estate |  | 2,549 |  |  | 2,540 |  |  | — |  |  | — |  |  | 2,833 |  |  | 3,428 |  |  | 55 |
Commercial |  | 359 |  |  | 174 |  |  | — |  |  | — |  |  | 210 |  |  | 249 |  |  | 1 |
Consumer |  | 29 |  |  | 28 |  |  | — |  |  | — |  |  | 40 |  |  | 67 |  |  | — |
Total |  | $ | 8,587 |  |  | $ | 6,615 |  |  | $ | 1,539 |  |  | $ | 127 |  |  | $ | 8,832 |  |  | $ | 9,123 |  |  | $ | 149 |

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