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Loans and Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2023
Loans and Leases Receivable Disclosure [Abstract] |
Schedule of Financing Receivables | The following table provides information about the principal classes of the loan portfolio at December 31, 2023 and December 31, 2022
(Dollars in thousands) |  | December 31, 2023 |  | % of Total Loans |  | December 31, 2022 |  | % of Total Loans
Construction |  | $ | 299,000 |  |  | 6.40 | % |  | $ | 246,319 |  |  | 9.60 | %
Residential real estate |  | 1,490,438 |  |  | 32.10 | % |  | 810,497 |  |  | 31.70 | %
Commercial real estate |  | 2,286,154 |  |  | 49.30 | % |  | 1,065,409 |  |  | 41.70 | %
Commercial |  | 229,939 |  |  | 5.00 | % |  | 147,856 |  |  | 5.80 | %
Consumer |  | 328,896 |  |  | 7.10 | % |  | 286,026 |  |  | 11.20 | %
Credit Cards |  | 6,583 |  |  | 0.10 | % |  | — |  |  | — | %
Total loans |  | $ | 4,641,010 |  |  | 100.00 | % |  | $ | 2,556,107 |  |  | 100.00 | %
Allowance for credit losses |  | (57,351) |  |  |  |  | (16,643) |  |  |
Total loans, net |  | $ | 4,583,659 |  |  |  |  | $ | 2,539,464 |  |  |
Schedule Of Loans Acquired Due To Business Combination | The following purchased credit deteriorated loans were acquired in connection with the TCFC merger on July 1, 2023.
(Dollars in thousands) |  | Par Value |  | Purchase Discount |  | Allowance |  | Purchase Price
Construction |  | $ | 177 |  |  | $ | (11) |  |  | $ | (3) |  |  | $ | 163 |
Residential real estate |  | 8,379 |  |  | (1,307) |  |  | (215) |  |  | 6,857 |
Commercial real estate |  | 55,779 |  |  | (6,950) |  |  | (985) |  |  | 47,844 |
Commercial |  | 2,317 |  |  | (243) |  |  | (278) |  |  | 1,796 |
Consumer |  | 519 |  |  | (38) |  |  | (14) |  |  | 467 |
Credit Card |  | 999 |  |  | (222) |  |  | (18) |  |  | 759 |
Total |  | $ | 68,170 |  |  | $ | (8,771) |  |  | $ | (1,513) |  |  | $ | 57,886 |
Financing Receivable, Nonaccrual | The following tables provides information on nonaccrual loans by loan class as of December 31, 2023.
(Dollars in thousands) |  | Non-accrual with no allowance for credit loss |  | Non-accrual with an allowance for credit loss |  | Total Non-accruals
December 31, 2023 |  |  |  |  |  |
Nonaccrual loans: |  |  |  |  |  |
Construction |  | $ | 626 |  |  | $ | — |  |  | $ | 626 |
Residential real estate |  | 5,865 |  |  | 480 |  |  | 6,345 |
Commercial real estate |  | 4,364 |  |  | — |  |  | 4,364 |
Commercial |  | 176 |  |  | 368 |  |  | 544 |
Consumer |  | 216 |  |  | 689 |  |  | 905 |
Total |  | $ | 11,247 |  |  | $ | 1,537 |  |  | $ | 12,784 |
Interest income |  | $ | 399 |  |  | $ | 53 |  |  | $ | 452 |
(Dollars in thousands) |  | Non-accrual Delinquent Loans |  | Non-accrual Current Loans |  | Total Non-accruals
December 31, 2023 |  |  |  |  |  |
Nonaccrual loans: |  |  |  |  |  |
Construction |  | $ | 221 |  |  | $ | 405 |  |  | $ | 626 |
Residential real estate |  | 4,137 |  |  | 2,208 |  |  | 6,345 |
Commercial real estate |  | 1,215 |  |  | 3,149 |  |  | 4,364 |
Commercial |  | 28 |  |  | 516 |  |  | 544 |
Consumer |  | 903 |  |  | 2 |  |  | 905 |
Total |  | $ | 6,504 |  |  | $ | 6,280 |  |  | $ | 12,784 |
Financing Receivable Credit Quality Indicators | The following table provides information on loan risk ratings as of December 31, 2023 and gross write-offs during the twelve months ended December 31, 2023.
|  | Term Loans by Origination Year |  | Revolving loans |  | Revolving converted to term loans |  | Total
(Dollars in thousands) |  | Prior |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction
Pass |  | $ | 23,450 |  |  | $ | 15,721 |  |  | $ | 14,773 |  |  | $ | 34,325 |  |  | $ | 101,426 |  |  | $ | 100,620 |  |  | $ | 8,056 |  |  | $ | — |  |  | $ | 298,371 |
Substandard |  | 199 |  |  | — |  |  | — |  |  | 12 |  |  | 418 |  |  | — |  |  | — |  |  | — |  |  | 629 |
Total |  | $ | 23,649 |  |  | $ | 15,721 |  |  | $ | 14,773 |  |  | $ | 34,337 |  |  | $ | 101,844 |  |  | $ | 100,620 |  |  | $ | 8,056 |  |  | $ | — |  |  | $ | 299,000 |
Gross Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Residential real estate
Pass |  | $ | 317,528 |  |  | $ | 54,387 |  |  | $ | 105,269 |  |  | $ | 251,269 |  |  | $ | 392,378 |  |  | $ | 239,914 |  |  | $ | 119,777 |  |  | $ | 874 |  |  | $ | 1,481,396 |
Special Mention |  | 154 |  |  | 256 |  |  | 564 |  |  | 503 |  |  | — |  |  | — |  |  | 192 |  |  | — |  |  | 1,669 |
Substandard |  | 6,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,373 |  |  | — |  |  | 7,373 |
Total |  | $ | 323,682 |  |  | $ | 54,643 |  |  | $ | 105,833 |  |  | $ | 251,772 |  |  | $ | 392,378 |  |  | $ | 239,914 |  |  | $ | 121,342 |  |  | $ | 874 |  |  | $ | 1,490,438 |
Gross Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (119) |  |  | $ | — |  |  | $ | (119) |
Commercial real estate
Pass |  | $ | 670,042 |  |  | $ | 190,753 |  |  | $ | 311,980 |  |  | $ | 426,750 |  |  | $ | 428,240 |  |  | $ | 210,915 |  |  | $ | 14,873 |  |  | $ | 2,138 |  |  | $ | 2,255,691 |
Special Mention |  | 14,986 |  |  | 331 |  |  | — |  |  | 5,501 |  |  | 4,446 |  |  | — |  |  | 100 |  |  | 409 |  |  | 25,773 |
Substandard |  | 2,119 |  |  | 2,029 |  |  | — |  |  | 542 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,690 |
Total |  | $ | 687,147 |  |  | $ | 193,113 |  |  | $ | 311,980 |  |  | $ | 432,793 |  |  | $ | 432,686 |  |  | $ | 210,915 |  |  | $ | 14,973 |  |  | $ | 2,547 |  |  | $ | 2,286,154 |
Gross Charge-offs |  | $ | (512) |  |  | $ | — |  |  | $ | (814) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,326) |
Commercial
Pass |  | $ | 23,771 |  |  | $ | 12,946 |  |  | $ | 14,464 |  |  | $ | 41,621 |  |  | $ | 35,897 |  |  | $ | 27,901 |  |  | $ | 49,160 |  |  | $ | 22,284 |  |  | $ | 228,044 |
Special Mention |  | 143 |  |  | — |  |  | — |  |  | 425 |  |  | — |  |  | — |  |  | 251 |  |  | — |  |  | 819 |
Substandard |  | 160 |  |  | 69 |  |  | — |  |  | — |  |  | 487 |  |  | — |  |  | 314 |  |  | 46 |  |  | 1,076 |
Total |  | $ | 24,074 |  |  | $ | 13,015 |  |  | $ | 14,464 |  |  | $ | 42,046 |  |  | $ | 36,384 |  |  | $ | 27,901 |  |  | $ | 49,725 |  |  | $ | 22,330 |  |  | $ | 229,939 |
Gross Charge-offs |  | $ | (1) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (242) |  |  | $ | (243) |
Consumer
Pass |  | $ | 621 |  |  | $ | 961 |  |  | $ | 14,158 |  |  | $ | 76,629 |  |  | $ | 143,507 |  |  | $ | 91,415 |  |  | $ | 699 |  |  | $ | — |  |  | $ | 327,990 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Substandard |  | — |  |  | 38 |  |  | 5 |  |  | 80 |  |  | 780 |  |  | — |  |  | 1 |  |  | — |  |  | 904 |
Total |  | $ | 621 |  |  | $ | 999 |  |  | $ | 14,163 |  |  | $ | 76,709 |  |  | $ | 144,287 |  |  | $ | 91,415 |  |  | $ | 702 |  |  | $ | — |  |  | $ | 328,896 |
Gross Charge-offs |  | $ | (522) |  |  | $ | — |  |  | $ | (16) |  |  | $ | (17) |  |  | $ | (8) |  |  | $ | (4) |  |  | $ | (7) |  |  | $ | — |  |  | $ | (574) |
Total
Pass |  | $ | 1,035,412 |  |  | $ | 274,768 |  |  | $ | 460,644 |  |  | $ | 830,594 |  |  | $ | 1,101,448 |  |  | $ | 670,765 |  |  | $ | 192,565 |  |  | $ | 25,296 |  |  | $ | 4,591,492 |
Special Mention |  | 15,283 |  |  | 587 |  |  | 564 |  |  | 6,429 |  |  | 4,446 |  |  | — |  |  | 545 |  |  | 409 |  |  | 28,263 |
Substandard |  | 8,478 |  |  | 2,136 |  |  | 5 |  |  | 634 |  |  | 1,685 |  |  | — |  |  | 1,688 |  |  | 46 |  |  | 14,672 |
Total loans by risk category |  | $ | 1,059,173 |  |  | $ | 277,491 |  |  | $ | 461,213 |  |  | $ | 837,657 |  |  | $ | 1,107,579 |  |  | $ | 670,765 |  |  | $ | 194,798 |  |  | $ | 25,751 |  |  | $ | 4,634,427 |
Total gross charge-offs |  | $ | (1,035) |  |  | $ | — |  |  | $ | (830) |  |  | $ | (17) |  |  | $ | (8) |  |  | $ | (4) |  |  | $ | (126) |  |  | $ | (242) |  |  | $ | (2,262) |
|  | Term Loans by Origination Year |  | Revolving loans |  | Revolving converted to term loans |  | Total
(Dollars in thousands) |  | Prior |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |  |
Credit Cards
Performing |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,583 |  |  | $ | — |  |  | $ | 6,583 |
Non-Performing |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,583 |  |  | $ | — |  |  | $ | 6,583 |
Gross Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (111) |  |  | $ | — |  |  | $ | (111) |
Total loans evaluated by performing status |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,583 |  |  | $ | — |  |  | $ | 6,583 |
Total gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (111) |  |  | $ | — |  |  | $ | (111) |
Total Recorded Investment |  | $ | 1,059,173 |  |  | $ | 277,491 |  |  | $ | 461,213 |  |  | $ | 837,657 |  |  | $ | 1,107,579 |  |  | $ | 670,765 |  |  | $ | 201,381 |  |  | $ | 25,751 |  |  | $ | 4,641,010 |
The following tables provide information on loan risk ratings at December 31, 2022.
(Dollars in thousands) |  | Pass/Performing (1) |  | Pass/Watch |  | 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 on December 31, 2022. The following tables provide a roll-forward for TDRs as of and for the years ended December 31, 2022.
(Dollars in thousands) |  | 1/1/2022 TDR Balance |  | New TDRs |  | Disbursements (Payments) |  | Charge-offs |  | Reclassifications/ Transfer In/ (Out) |  | Payoffs |  | 12/31/2022 TDR Balance |  | Related Allowance
For the Year Ended December 31, 2022
Accruing TDRs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 24 |  |  | $ | — |  |  | $ | (14) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |
Residential real estate |  | 2,836 |  |  | — |  |  | (100) |  |  | — |  |  | (20) |  |  | (1) |  |  | 2,715 |  |  | (127) |
Commercial real estate |  | 2,807 |  |  | — |  |  | (180) |  |  | — |  |  | — |  |  | (947) |  |  | 1,680 |  |  | — |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 5,667 |  |  | $ | — |  |  | $ | (294) |  |  | $ | — |  |  | $ | (20) |  |  | $ | (948) |  |  | $ | 4,405 |  |  | $ | (127) |
Nonaccrual TDRs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Residential real estate |  | — |  |  | — |  |  | (6) |  |  | — |  |  | 20 |  |  | — |  |  | 14 |  |  | — |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial |  | 216 |  |  | — |  |  | (46) |  |  | — |  |  | — |  |  | — |  |  | 170 |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 216 |  |  | $ | — |  |  | $ | (52) |  |  | $ | — |  |  | $ | 20 |  |  | $ | — |  |  | $ | 184 |  |  | $ | — |
Total |  | $ | 5,883 |  |  | $ | — |  |  | $ | (346) |  |  | $ | — |  |  | $ | — |  |  | $ | (948) |  |  | $ | 4,589 |  |  | $ | (127) |
Summary of Aging of Loan Portfolio | The following tables provide information on the aging of loan portfolio as of December 31, 2023 and December 31, 2022.
|  |  |  | Current Accrual Loans (1) |  | Current Non-accrual Loans |  | Total
(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 |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 1,919 |  |  | $ | — |  |  | $ | — |  |  | $ | 220 |  |  | $ | 2,139 |  |  | $ | 296,456 |  |  | $ | 405 |  |  | $ | 299,000 |
Residential real estate |  | 2,962 |  |  | 1,198 |  |  | 108 |  |  | 2,668 |  |  | 6,936 |  |  | 1,481,294 |  |  | 2,208 |  |  | 1,490,438 |
Commercial real estate |  | 16 |  |  | — |  |  | — |  |  | 1,222 |  |  | 1,238 |  |  | 2,281,767 |  |  | 3,149 |  |  | 2,286,154 |
Commercial |  | 48 |  |  | — |  |  | 488 |  |  | 28 |  |  | 564 |  |  | 228,859 |  |  | 516 |  |  | 229,939 |
Consumer |  | 3,224 |  |  | 1,415 |  |  | — |  |  | 879 |  |  | 5,518 |  |  | 323,376 |  |  | 2 |  |  | 328,896 |
Credit Cards |  | 35 |  |  | 36 |  |  | 142 |  |  | — |  |  | 213 |  |  | 6,370 |  |  | — |  |  | 6,583 |
Total |  | $ | 8,204 |  |  | $ | 2,649 |  |  | $ | 738 |  |  | $ | 5,017 |  |  | $ | 16,608 |  |  | $ | 4,618,122 |  |  | $ | 6,280 |  |  | $ | 4,641,010 |
Percent of total loans |  | 0.2 | % |  | 0.1 | % |  | — | % |  | 0.1 | % |  | 0.4 | % |  | 99.5 | % |  | 0.1 | % |  | 100.0 | %
____________________________________ (1)Includes loans measured at fair value of $9.9 million at December 31, 2023.
|  | Accruing |  | Nonaccrual |  | PCI |  | Total
(Dollars in thousands) |  | Current (1) |  | 30‑59 days past due |  | 60‑89 days past due |  | Greater than 90 days |  | Total past due |  |  |
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.
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 twelve months ended December 31, 2023 and December 31, 2022. Allocation of a portion of the allowance to one loan class does not include its availability to absorb losses in other loan classes.
(Dollars in thousands) |  | Beginning Balance |  | Impact of ASC326 Adoption |  | Merger Adjustments (2) |  | Charge-offs |  | Recoveries |  | Net (charge-offs) recoveries |  | Provision |  | Ending Balance
For the year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 2,973 |  |  | $ | 1,222 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | (278) |  |  | $ | 3,935 |
Residential real estate |  | 2,622 |  |  | 4,974 |  |  | 215 |  |  | (119) |  |  | 44 |  |  | (75) |  |  | 14,213 |  |  | 21,949 |
Commercial real estate |  | 4,899 |  |  | 3,742 |  |  | 985 |  |  | (1,326) |  |  | — |  |  | (1,326) |  |  | 12,675 |  |  | 20,975 |
Commercial |  | 1,652 |  |  | 401 |  |  | 278 |  |  | (243) |  |  | 11 |  |  | (232) |  |  | 572 |  |  | 2,671 |
Consumer (1) |  | 4,497 |  |  | 452 |  |  | 14 |  |  | (574) |  |  | 284 |  |  | (290) |  |  | 2,928 |  |  | 7,601 |
Credit Card |  | — |  |  | — |  |  | 18 |  |  | (111) |  |  | — |  |  | (111) |  |  | 313 |  |  | 220 |
Total |  | $ | 16,643 |  |  | $ | 10,791 |  |  | $ | 1,513 |  |  | $ | (2,373) |  |  | $ | 354 |  |  | $ | (2,019) |  |  | $ | 30,423 |  |  | $ | 57,351 |
____________________________________ (1)Gross charge-offs of consumer loans for the twelve months ended December 31, 2023 included $0.2 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 |  | Provision |  | Ending Balance
For the year ended December 31, 2022
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 2,454 |  |  | — |  |  | 13 |  |  | 13 |  |  | 506 |  |  | $ | 2,973 |
Residential real estate |  | 2,858 |  |  | (5) |  |  | 142 |  |  | 137 |  |  | (373) |  |  | 2,622 |
Commercial real estate |  | 4,598 |  |  | (6) |  |  | 951 |  |  | 945 |  |  | (644) |  |  | 4,899 |
Commercial |  | 2,070 |  |  | (546) |  |  | 227 |  |  | (319) |  |  | (99) |  |  | 1,652 |
Consumer |  | 1,964 |  |  | (31) |  |  | 29 |  |  | (2) |  |  | 2,535 |  |  | 4,497 |
Total |  | $ | 13,944 |  |  | $ | (588) |  |  | $ | 1,362 |  |  | $ | 774 |  |  | $ | 1,925 |  |  | $ | 16,643 |
Financing Receivable, Collateral Dependent Loans | The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment.
|  | December 31, 2023
(Dollars in thousands) |  | Real Estate Collateral |  | Other Collateral |  | Total
Construction |  | $ | 662 |  |  | $ | — |  |  | $ | 662 |
Residential real estate |  | 8,047 |  |  | — |  |  | 8,047 |
Commercial real estate |  | 6,134 |  |  | — |  |  | 6,134 |
Commercial |  | — |  |  | 1,106 |  |  | 1,106 |
Consumer |  | — |  |  | 904 |  |  | 904 |
Total |  | $ | 14,843 |  |  | $ | 2,010 |  |  | $ | 16,853 |
Summary of Amortized Cost Basis of Loan Modifications | The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02:
Loan Classes |  | Modification Types
Commercial Real Estate |  | Term extension greater than three months.
Commercial |  | Term extension greater than three months.
The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during twelve months ended December 31, 2023.
(dollars in thousands) |  | Term Extension |  | Interest Rate Reduction |  | Payment Delay and Term Extension |  | Term Extension and Interest Rate Reduction |  | Payment Delay |  | Total |  | % of Total Portfolio Segment
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Residential real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential rentals |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate |  | 125 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125 |  |  | 0.01 |
Commercial |  | 242 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 242 |  |  | 0.11 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Credit Cards |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 367 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 367 |  |  | 0.01 |
The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended December 31, 2023.
(dollars in thousands) |  | Weighted-Average Months of Term Extension |  |  |  |
December 31, 2023 |  |  |  |  |  |
Construction |  | 0 |  |  |  |
Residential real estate |  | 0 |  |  |  |
Residential rentals |  | 0 |  |  |  |
Commercial real estate |  | 12 |  |  |  |
Commercial |  | 12 |  |  |  |
Consumer |  | 0 |  |  |  |
Credit Cards |  | 0 |  |  |  |
Summary of Loan Modifications Made to Borrowers Experiencing Financial Difficulty | The following table present the aging analysis of loan modifications made to borrowers experiencing financial difficulty as of December 31, 2023.
|  | Accruing |  |  |  |  |  |
(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 Accrual |  | Current Non-Accrual |  | Total Recorded Investment
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Residential real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential rentals |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125 |  |  | 125 |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 153 |  |  | 89 |  |  | 242 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Credit Cards |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 153 |  | $ | 214 |  | $ | 367
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) |  | For the Year Ended December 31, 2022
Accretable yield, beginning of period |  | $ | 5,367 |
Accretion |  | (1,603) |
Reclassification of nonaccretable difference due to improvement in expected cash flows |  | 469 |
Other changes, net |  | 506 |
Accretable yield, end of period |  | $ | 4,739 |
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) |  | Loans individually evaluated for impairment |  | Loans collectively evaluated for impairment (1) |  | Acquired loans - PCI |  | Total
December 31, 2022 |  |  |  |  |  |  |  |
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 allocated to: |  | Loans individually evaluated for impairment |  | Loans collectively evaluated for impairment |  | Total allowance |  |
December 31, 2022 |  |  |  |  |  |  |  |
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.
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.
(Dollars in thousands) |  | Unpaid principal balance |  | Recorded investment with no allowance |  | Recorded investment with an allowance |  | Related allowance |  | Year-to-date average recorded investment |  | Interest income recognized
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Impaired nonaccrual loans: |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 297 |  |  | $ | 297 |  |  | $ | — |  |  | $ | — |  |  | $ | 309 |  |  | $ | — |
Residential real estate |  | 1,363 |  |  | 1,259 |  |  | — |  |  | — |  |  | 1,661 |  |  | — |
Commercial real estate |  | 159 |  |  | 150 |  |  | — |  |  | — |  |  | 604 |  |  | — |
Commercial |  | 359 |  |  | 174 |  |  | — |  |  | — |  |  | 227 |  |  | — |
Consumer |  | 29 |  |  | 28 |  |  | — |  |  | — |  |  | 43 |  |  | — |
Total |  | $ | 2,207 |  |  | $ | 1,908 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,844 |  |  | $ | — |
Impaired accruing TDRs: |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 10 |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | 1 |
Residential real estate |  | 2,849 |  |  | 1,176 |  |  | 1,539 |  |  | 127 |  |  | 2,979 |  |  | 108 |
Commercial real estate |  | 1,680 |  |  | 1,680 |  |  | — |  |  | — |  |  | 2,095 |  |  | 56 |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Total |  | $ | 4,539 |  |  | $ | 2,866 |  |  | $ | 1,539 |  |  | $ | 127 |  |  | $ | 5,095 |  |  | $ | 165 |
Other impaired accruing loans: |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 24 |  |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | 215 |  |  | $ | 6 |
Residential real estate |  | 1,107 |  |  | 1,107 |  |  | — |  |  | — |  |  | 474 |  |  | 3 |
Commercial real estate |  | 710 |  |  | 710 |  |  | — |  |  | — |  |  | 553 |  |  | 30 |
Commercial |  | — |  |  | — |  |  | — |  |  | — |  |  | 51 |  |  | 1 |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |
Total |  | $ | 1,841 |  |  | $ | 1,841 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,308 |  |  | $ | 40 |
Total impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 331 |  |  | $ | 331 |  |  | $ | — |  |  | $ | — |  |  | $ | 540 |  |  | $ | 7 |
Residential real estate |  | 5,319 |  |  | 3,542 |  |  | 1,539 |  |  | 127 |  |  | 5,114 |  |  | 111 |
Commercial real estate |  | 2,549 |  |  | 2,540 |  |  | — |  |  | — |  |  | 3,252 |  |  | 86 |
Commercial |  | 359 |  |  | 174 |  |  | — |  |  | — |  |  | 278 |  |  | 1 |
Consumer |  | 29 |  |  | 28 |  |  | — |  |  | — |  |  | 63 |  |  | — |
Total |  | $ | 8,587 |  |  | $ | 6,615 |  |  | $ | 1,539 |  |  | $ | 127 |  |  | $ | 9,247 |  |  | $ | 205 |

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