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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2024

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Loans


		March 31,			December 31,
(in thousands)		2024			2023
Commercial construction		$	158,270		$	154,048
Commercial real estate owner occupied			323,581			310,015
Commercial real estate non-owner occupied			1,155,297			1,144,566
Tax exempt			39,261			43,688
Commercial and industrial			306,844			310,883
Residential real estate			933,911			940,334
Home equity			86,879			87,683
Consumer other			7,629			7,832
Total loans			3,011,672			2,999,049
Allowance for credit losses			28,355			28,142
Net loans		$	2,983,317		$	2,970,907

Summary of Unamortized Net Costs and Premiums


		March 31,			December 31,
(in thousands)		2024			2023
Net unamortized loan origination costs		$	2,774		$	3,039
Net unamortized fair value discount on acquired loans			(2,781)			(2,891)
Total		$	(7)		$	148

Schedule of Activity in the Allowance for Credit Losses


		At or for the Three Months Ended March 31, 2024
		Balance at
		Beginning of												Balance at
(in thousands)		Period			Charge Offs			Recoveries			Provision			End of Period
Commercial construction		$	4,261		$	—		$	—		$	(564)		$	3,697
Commercial real estate owner occupied			2,863			(3)			—			221			3,081
Commercial real estate non-owner occupied			9,443			—			—			(288)			9,155
Tax exempt			119			—			—			(6)			113
Commercial and industrial			3,259			(65)			1			639			3,834
Residential real estate			7,352			—			5			294			7,651
Home equity			767			—			3			(18)			752
Consumer other			78			(45)			28			11			72
Total		$	28,142		$	(113)		$	37		$	289		$	28,355


		At or for the Three Months Ended March 31, 2023
		Balance at
		Beginning of												Balance at
(in thousands)		Period			Charge Offs			Recoveries			Provision			End of Period
Commercial construction		$	2,579		$	—		$	—		$	455		$	3,034
Commercial real estate owner occupied			2,189			—			—			159			2,348
Commercial real estate non-owner occupied			9,341			—			—			3			9,344
Tax exempt			93			—			—			—			93
Commercial and industrial			3,493			(1)			6			117			3,615
Residential real estate			7,274			(4)			8			27			7,305
Home equity			811			—			2			(21)			792
Consumer other			80			(63)			1			58			76
Total		$	25,860		$	(68)		$	17		$	798		$	26,607

Schedule of Loans by Risk Rating

The following table presents our loans by year of origination, loan segmentation and risk indicator as of March 31, 2024:



(in thousands)		2024			2023			2022			2021			2020			Prior			Total
Commercial construction
Risk rating:
Pass		$	1,219		$	23,199		$	107,106		$	20,918		$	4,415		$	1,413		$	158,270
Special mention			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—
Total		$	1,219		$	23,199		$	107,106		$	20,918		$	4,415		$	1,413		$	158,270
Current period gross write-offs			—			—			—			—			—			—			—

Commercial real estate owner occupied
Risk rating:
Pass		$	1,328		$	52,491		$	67,078		$	60,467		$	19,975		$	115,429		$	316,768
Special mention			—			152			—			—			1,565			3,382			5,099
Substandard			—			—			—			—			—			1,604			1,604
Doubtful			—			—			—			—			—			110			110
Total		$	1,328		$	52,643		$	67,078		$	60,467		$	21,540		$	120,525		$	323,581
Current period gross write-offs			—			—			—			—			—			3			3

Commercial real estate non-owner occupied
Risk rating:
Pass		$	10,379		$	41,205		$	342,797		$	198,618		$	135,808		$	321,447		$	1,050,254
Special mention			—			7,782			9,363			21,525			27,946			20,597			87,213
Substandard			—			—			—			—			—			17,830			17,830
Doubtful			—			—			—			—			—			—			—
Total		$	10,379		$	48,987		$	352,160		$	220,143		$	163,754		$	359,874		$	1,155,297
Current period gross write-offs			—			—			—			—			—			—			—

Tax exempt
Risk rating:
Pass		$	501		$	2,832		$	8,468		$	724		$	208		$	26,528		$	39,261
Special mention			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—
Total		$	501		$	2,832		$	8,468		$	724		$	208		$	26,528		$	39,261
Current period gross write-offs			—			—			—			—			—			—			—

Commercial and industrial
Risk rating:
Pass		$	25,552		$	79,412		$	62,520		$	18,175		$	33,714		$	79,651		$	299,024
Special mention			—			306			1,419			124			704			3,442			5,995
Substandard			—			155			201			123			124			1,001			1,604
Doubtful			—			—			—			—			—			221			221
Total		$	25,552		$	79,873		$	64,140		$	18,422		$	34,542		$	84,315		$	306,844
Current period gross write-offs			—			—			—			62			3			—			65


Residential real estate
Performing		$	7,076		$	76,695		$	186,939		$	162,848		$	94,344		$	401,684		$	929,586
Nonperforming			—			—			403			662			—			3,260			4,325
Total		$	7,076		$	76,695		$	187,342		$	163,510		$	94,344		$	404,944		$	933,911
Current period gross write-offs			—			—			—			—			—			—			—

Home equity
Performing		$	2,620		$	15,816		$	15,200		$	7,107		$	6,138		$	39,038		$	85,919
Nonperforming			—			—			—			57			—			903			960
Total		$	2,620		$	15,816		$	15,200		$	7,164		$	6,138		$	39,941		$	86,879
Current period gross write-offs			—			—			—			—			—			—			—

Consumer other
Performing		$	1,913		$	2,618		$	1,476		$	572		$	212		$	827		$	7,618
Nonperforming			—			—			—			6			5			—			11
Total		$	1,913		$	2,618		$	1,476		$	578		$	217		$	827		$	7,629
Current period gross write-offs			—			4			1			—			—			40			45

Total Loans		$	50,588		$	302,663		$	802,970		$	491,926		$	325,158		$	1,038,367		$	3,011,672

The following table presents our loans by year of origination, loan segmentation and risk indicator as of December 31, 2023:



(in thousands)		2023			2022			2021			2020			2019			Prior			Total
Commercial construction
Risk rating:
Pass		$	14,040		$	99,115		$	35,978		$	3,992		$	—		$	923		$	154,048
Special mention			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—
Total		$	14,040		$	99,115		$	35,978		$	3,992		$	—		$	923		$	154,048
Current period gross write-offs			—			—			—			—			—			—			—

Commercial real estate owner occupied
Risk rating:
Pass		$	57,603		$	61,015		$	43,228		$	20,209		$	20,462		$	91,187		$	293,704
Special mention			160			387			7,488			1,596			—			3,066			12,697
Substandard			—			—			—			—			—			3,497			3,497
Doubtful			—			—			—			—			—			117			117
Total		$	57,763		$	61,402		$	50,716		$	21,805		$	20,462		$	97,867		$	310,015
Current period gross write-offs			—			—			—			—			—			—			—

Commercial real estate non-owner occupied
Risk rating:
Pass		$	41,270		$	353,613		$	199,311		$	127,231		$	78,759		$	238,973		$	1,039,157
Special mention			7,809			—			14,134			37,249			15,246			17,108			91,546
Substandard			—			—			—			—			—			13,863			13,863
Doubtful			—			—			—			—			—			—			—
Total		$	49,079		$	353,613		$	213,445		$	164,480		$	94,005		$	269,944		$	1,144,566
Current period gross write-offs			—			—			—			—			—			—			—

Tax exempt
Risk rating:
Pass		$	6,340		$	8,468		$	787		$	208		$	590		$	27,295		$	43,688
Special mention			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—
Total		$	6,340		$	8,468		$	787		$	208		$	590		$	27,295		$	43,688
Current period gross write-offs			—			—			—			—			—			—			—

Commercial and industrial
Risk rating:
Pass		$	80,942		$	69,402		$	22,205		$	38,824		$	14,739		$	77,273		$	303,385
Special mention			364			1,446			—			776			28			3,588			6,202
Substandard			58			94			186			109			95			532			1,074
Doubtful			—			—			—			—			87			135			222
Total		$	81,364		$	70,942		$	22,391		$	39,709		$	14,949		$	81,528		$	310,883
Current period gross write-offs			—			—			—			—			5			659			664


Performing		$	72,395		$	194,109		$	165,434		$	96,016		$	62,648		$	345,823		$	936,425
Nonperforming			—			—			41			—			234			3,634			3,909
Total		$	72,395		$	194,109		$	165,475		$	96,016		$	62,882		$	349,457		$	940,334
Current period gross write-offs			—			—			—			—			—			8			8

Home equity
Performing		$	15,582		$	15,334		$	7,873		$	6,633		$	4,800		$	36,652		$	86,874
Nonperforming			—			—			—			—			—			809			809
Total		$	15,582		$	15,334		$	7,873		$	6,633		$	4,800		$	37,461		$	87,683
Current period gross write-offs			—			—			—			—			—			12			12

Consumer other
Performing		$	4,128		$	1,787		$	696		$	301		$	51		$	864		$	7,827
Nonperforming			—			—			4			1			—			—			5
Total		$	4,128		$	1,787		$	700		$	302		$	51		$	864		$	7,832
Current period gross write-offs			—			52			18			5			—			214			289

Total Loans		$	300,691		$	804,770		$	497,365		$	333,145		$	197,739		$	865,339		$	2,999,049

Summary of Past Due Loans


		March 31, 2024
(in thousands)		30-59			60-89			90+			Total Past Due			Current			Total Loans
Commercial construction		$	—		$	—		$	—		$	—		$	158,270		$	158,270
Commercial real estate owner occupied			262			359			—			621			322,960			323,581
Commercial real estate non-owner occupied			217			—			94			311			1,154,986			1,155,297
Tax exempt			—			—			—			—			39,261			39,261
Commercial and industrial			527			183			1,010			1,720			305,124			306,844
Residential real estate			1,138			1,112			787			3,037			930,874			933,911
Home equity			187			150			348			685			86,194			86,879
Consumer other			66			8			7			81			7,548			7,629
Total		$	2,397		$	1,812		$	2,246		$	6,455		$	3,005,217		$	3,011,672


		December 31, 2023
(in thousands)		30-59			60-89			90+			Total Past Due			Current			Total Loans
Commercial construction		$	—		$	—		$	—		$	—		$	154,048		$	154,048
Commercial real estate owner occupied			—			—			—			—			310,015			310,015
Commercial real estate non-owner occupied			—			—			103			103			1,144,463			1,144,566
Tax exempt			—			—			—			—			43,688			43,688
Commercial and industrial			465			59			330			854			310,029			310,883
Residential real estate			1,520			627			1,999			4,146			936,188			940,334
Home equity			600			—			337			937			86,746			87,683
Consumer other			10			2			—			12			7,820			7,832
Total		$	2,595		$	688		$	2,769		$	6,052		$	2,992,997		$	2,999,049

Summary of Non-Accrual Loans


		March 31, 2024
					Nonaccrual With No			90+ Days Past
(in thousands)		Nonaccrual			Related Allowance			Due and Accruing
Commercial construction		$	—		$	—		$	—
Commercial real estate owner occupied			95			—			—
Commercial real estate non-owner occupied			327			201			—
Tax exempt			—			—			—
Commercial and industrial			1,152			516			—
Residential real estate			4,325			726			—
Home equity			960			1			—
Consumer other			11			1			—
Total		$	6,870		$	1,445		$	—


		December 31, 2023
					Nonaccrual With No			90+ Days Past
(in thousands)		Nonaccrual			Related Allowance			Due and Accruing
Commercial construction		$	—		$	—		$	—
Commercial real estate owner occupied			103			44			—
Commercial real estate non-owner occupied			340			224			—
Tax exempt			—			—			—
Commercial and industrial			363			6			—
Residential real estate			3,908			1,131			118
Home equity			809			1			22
Consumer other			5			—			—
Total		$	5,528		$	1,406		$	140

Schedule of amortized cost basis of collateral-dependent loans


		March 31, 2024						December 31, 2023
(in thousands)		Real Estate			Other			Real Estate			Other
Commercial construction		$	—		$	—		$	—		$	—
Commercial real estate owner occupied			95			—			104			—
Commercial real estate non-owner occupied			327			—			340			—
Tax exempt			—			—			—			—
Commercial and industrial			1,019			133			229			134
Residential real estate			4,325			—			3,908			—
Home equity			960			—			808			—
Consumer other			11			—			5			—
Total		$	6,737		$	133		$	5,394		$	134

Schedule of amortized cost basis of of loans experiencing financial difficulty and modification


(in thousands)		Principal Forgiveness			Payment Delay			Term Extension			Interest Rate Reduction			Combination Interest Rate Reduction and Term Extension			% of Total Class of Loans
Three Months Ended March 31, 2024
Commercial construction		$	—		$	—		$	—		$	—		$	—		—	%
Commercial real estate owner occupied			—			—			—			—			—		—
Commercial real estate non-owner occupied			—			—			—			—			—		—
Tax exempt			—			—			—			—			—		—
Commercial and industrial			—			—			—			—			—		—
Residential real estate			—			—			33			—			—		0.00
Home equity			—			—			—			—			—		—
Consumer other			—			—			—			—			—		—
Total		$	—		$	—		$	33		$	—		$	—		0.00	%

Schedule of Financial Effect Loan Modifications


(in thousands)		Weighted-Average Months of Payment Delay			Weighted-Average Months of Term Extension				Weighted-Average Interest Rate Reduction
Three Months Ended March 31, 2024
Commercial construction			—			—			—	%
Commercial real estate owner occupied			—			—			—
Commercial real estate non-owner occupied			—			—			—
Tax exempt			—			—			—
Commercial and industrial			—			—			—
Residential real estate			—			64			—
Home equity			—			—			—
Consumer other			—			—			—
Total			—			64			—	%

Unfunded Loan Commitment

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Activity in the Allowance for Credit Losses


(in thousands)		Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
Beginning Balance		$	3,825		$	3,910
Provision for credit losses			(186)			(175)
Ending Balance		$	3,639		$	3,639