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Loans, net and allowance for credit losses | 3 Months Ended
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Mar. 31, 2023
Loans, net and allowance for credit losses |
Loans, net and allowance for credit losses | 5. Loans, net and allowance for credit losses: ​ The major classifications of loans outstanding, net of deferred loan origination fees and costs at March 31, 2023 and December 31, 2022 are summarized as follows. The Company had net deferred loan origination fees of $0.1 million and $0.3 million at March 31, 2023 and December 31, 2022, respectively. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | ​ | March 31, 2023 |  | December 31, 2022 |
Commercial and Industrial | ​ | $ | 430,098 | ​ | $ | 433,048 | ​
Municipal | ​ | ​ | 169,278 | ​ | ​ | 166,210 | ​
Total | ​ | ​ | 599,376 | ​ | ​ | 599,258 | ​
Real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | ​ | 1,782,911 | ​ |  | 1,709,827 | ​
Residential | ​ | ​ | 342,459 | ​ |  | 330,728 | ​
Total | ​ | ​ | 2,125,370 | ​ | ​ | 2,040,555 | ​
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​
Indirect Auto | ​ | ​ | 86,587 | ​ | ​ | 76,461 | ​
Consumer Other | ​ | ​ | 6,710 | ​ |  | 13,842 | ​
Total | ​ | ​ | 93,297 | ​ | ​ | 90,303 | ​
Total | ​ | $ | 2,818,043 | ​ | $ | 2,730,116 | ​
​ ​ PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted purposes in accordance with the requirements of the PPP. These loans carry a fixed rate of 1.00% and a term of two years or five years, if not forgiven, in whole or in part. Payments are deferred until either the date on which the SBA remits the amount of forgiveness proceeds to the lender or the date that is 10 months after the last day of the covered period if the borrower does not apply for forgiveness within that 10 month period. PPP fees are deferred and accreted into interest income over the contractual period of 24 months or 60 months, as applicable. Upon SBA forgiveness, unamortized fees are then recognized into interest income. ​ The Bank originated additional loans through the PPP, which expired on May 31, 2021. During 2021, the Bank had generated and received SBA approval on 1,062 PPP loans totaling $121.6 million and generated $4.4 million in related deferred PPP net fees. ​ Included in the commercial and industrial balances at March 31, 2023 are Paycheck Protection Program (PPP) loans that had an outstanding balance of $22.2 million comprised of $10.9 million remaining from those originated during 2021 as part of round two and $11.3 million remaining from loans originated during 2020 under round one of the program. At December 31, 2022, PPP loans had outstanding balances totaling $22.3 million. Net deferred loan origination fees remaining related to PPP loans was $0.2 million at March 31, 2023 and December 31, 2022. The PPP loans are risk rated ‘Pass’ and do not carry an allowance for credit losses due to a 100% SBA guarantee. At March 31, 2023 and December 31, 2022, the outstanding PPP balances were considered current. ​ The following tables present the balance of the allowance for credit losses at March 31, 2023 and 2022. For the three months ended March 31, 2023, the balance of the allowance for credit losses is based on the CECL methodology, as presented in Note 1. For the three months ended March 31, 2022, the allowance for loan losses is based upon the calculation methodology as described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ | ​ |  | ​ | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2023 |  | Commercial |  | Municipal |  | Commercial |  | Residential | ​ | Consumer | ​ | Total |
Allowance for credit losses: | ​ | $ | 4,365 | ​ | $ | 1,247 | ​ | $ | 17,915 | ​ | $ | 3,072 | ​ | $ | 873 | ​ | $ | 27,472 | ​
Impact of adopting ASU 2016-13 | ​ | ​ | (1,683) | ​ | ​ | 747 | ​ | ​ | (3,344) | ​ | ​ | 987 | ​ | ​ | 30 | ​ | ​ | (3,263) | ​
Adjusted Beginning Balance January 1, 2023 | ​ | ​ | 2,682 | ​ | ​ | 1,994 | ​ | ​ | 14,571 | ​ | ​ | 4,059 | ​ | ​ | 903 | ​ | ​ | 24,209 | ​
Charge-offs | ​ |  | (4) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (71) | ​ |  | (75) | ​
Recoveries | ​ |  | ​ | ​ |  | ​ | ​ |  | 1 | ​ |  | 16 | ​ |  | 49 | ​ |  | 66 | ​
Provisions (credits) | ​ |  | (197) | ​ |  | 324 | ​ |  | 1,120 | ​ |  | (207) | ​ |  | 204 | ​ |  | 1,244 | ​
Ending balance | ​ | $ | 2,481 | ​ | $ | 2,318 | ​ | $ | 15,692 | ​ | $ | 3,868 | ​ | $ | 1,085 | ​ | $ | 25,444 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2022 |  | Commercial |  | Municipal |  | Commercial |  | Residential | ​ | Consumer | ​ | Total |
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning Balance January 1, 2022 | ​ | $ | 7,466 | ​ | $ | 987 | ​ | $ | 15,928 | ​ | $ | 3,209 | ​ | $ | 793 | ​ | $ | 28,383 | ​
Charge-offs | ​ |  | (161) | ​ |  | ​ | ​ |  | (132) | ​ |  | ​ | ​ |  | (62) | ​ |  | (355) | ​
Recoveries | ​ |  | 9 | ​ |  | ​ | ​ |  | 16 | ​ |  | 3 | ​ |  | 51 | ​ |  | 79 | ​
Provisions (credits) | ​ |  | (887) | ​ |  | 179 | ​ |  | 977 | ​ |  | 43 | ​ |  | (12) | ​ |  | 300 | ​
Ending balance | ​ | $ | 6,427 |  | $ | 1,166 |  | $ | 16,789 | ​ | $ | 3,255 | ​ | $ | 770 | ​ | $ | 28,407 | ​
​ The following table represents the allowance for credit losses by major classification of loan and whether the loans were individually or collectively evaluated and collateral dependent by class of loans at March 31, 2023 under ASU 2016-13. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ | ​ |  | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ |
March 31, 2023 |  | Commercial |  | Municipal |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for credit losses: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 2,481 | ​ | $ | 2,318 | ​ | $ | 15,692 |  | $ | 3,868 | ​ | $ | 1,085 | ​ | $ | 25,444 |
Ending balance: individually evaluated |  |  | 14 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 14 |
Ending balance: collectively evaluated |  | $ | 2,467 | ​ | $ | 2,318 | ​ | $ | 15,692 | ​ | $ | 3,868 | ​ | $ | 1,085 | ​ | $ | 25,430 |
Loans receivable: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 430,098 | ​ | $ | 169,278 | ​ | $ | 1,782,911 |  | $ | 342,459 | ​ | $ | 93,297 | ​ | $ | 2,818,043 |
Individually evaluated - collateral dependent - real estate | ​ |  | 10 | ​ |  | ​ | ​ | ​ | 867 | ​ | ​ | 789 | ​ | ​ | ​ | ​ |  | 1,666 |
Individually evaluated - collateral dependent - non-real estate | ​ | ​ | 14 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 14 | ​
Collectively evaluated | ​ | ​ | 430,074 | ​ | ​ | 169,278 | ​ | ​ | 1,782,044 | ​ | ​ | 341,670 | ​ | ​ | 93,297 | ​ | ​ | 2,816,363 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The following table represents the allowance for loan losses by major classification of loan and whether the loans were individually or collectively evaluated for impairment at December 31, 2022 prior to the adoption of ASU 2016-13. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ | ​ |  | ​ | Real estate | ​ | ​ | ​ | ​ | ​ | ​ |
December 31, 2022 |  | Commercial |  | Municipal |  | Commercial |  | Residential |  | Consumer |  | Total |
Allowance for loan losses: | ​ |  |  | ​ |  |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 4,365 | ​ | $ | 1,247 | ​ | $ | 17,915 |  | $ | 3,072 | ​ | $ | 873 | ​ | $ | 27,472 |
Ending balance: individually evaluated for impairment |  |  | 19 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | 21 | ​ | ​ | ​ | ​ |  | 40 |
Ending balance: collectively evaluated for impairment |  | $ | 4,346 | ​ | $ | 1,247 | ​ | $ | 17,915 | ​ | $ | 3,051 | ​ | $ | 873 | ​ | $ | 27,432 |
Loans receivable: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 433,048 | ​ | $ | 166,210 | ​ | $ | 1,709,827 |  | $ | 330,728 | ​ | $ | 90,303 | ​ | $ | 2,730,116 |
Ending balance: individually evaluated for impairment | ​ |  | 98 | ​ |  | ​ | ​ | ​ | 2,063 | ​ | ​ | 1,760 | ​ | ​ | ​ | ​ |  | 3,921 |
Ending balance: collectively evaluated for impairment | ​ | ​ | 432,950 | ​ | ​ | 166,210 | ​ | ​ | 1,707,764 | ​ | ​ | 328,968 | ​ | ​ | 90,303 | ​ | ​ | 2,726,195 |
​ ​ Nonaccrual Loans ​ The following table presents the Company’s nonaccrual loans at March 31, 2023 and December 31, 2022 and interest income for the quarter that would have been recorded under the original terms of such nonaccrual loans.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | ​ | March 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Recorded for | ​
​ | ​ | ​ | Total | ​ | ​ | Nonaccrual with | ​ | ​ | Nonaccrual with | ​ | ​ | Nonaccrual Loans | ​
​ | ​ | ​ | Nonaccrual | ​ | ​ | an Allowance for | ​ | ​ | no Allowance for | ​ | ​ | in the three months | ​
(Dollars in thousands) |  | ​ | Loans | ​ | ​ | Credit Losses | ​ | ​ | Credit Losses | ​ | ​ | ended March 31, 2023 |
Commercial | ​ | $ | 14 | ​ | $ | 14 | ​ | $ | ​ | ​ | $ | 5 | ​
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 867 | ​ |  | ​ | ​ |  | 867 | ​ |  | 374 | ​
Residential | ​ |  | 723 | ​ |  | ​ | ​ |  | 723 | ​ |  | ​ | ​
Consumer | ​ |  | 194 | ​ |  | ​ | ​ |  | 194 | ​ |  | ​ | ​
Total | ​ | $ | 1,798 | ​ | $ | 14 | ​ | $ | 1,784 | ​ | $ | 379 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | ​ | December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Recorded for | ​
​ | ​ | ​ | Total | ​ | ​ | Nonaccrual with | ​ | ​ | Nonaccrual with | ​ | ​ | Nonaccrual Loans | ​
​ | ​ | ​ | Nonaccrual | ​ | ​ | an Allowance for | ​ | ​ | no Allowance for | ​ | ​ | in the three months | ​
(Dollars in thousands) |  | ​ | Loans | ​ | ​ | Credit Losses | ​ | ​ | Credit Losses | ​ | ​ | ended December 31, 2022 |
Commercial | ​ | $ | 86 | ​ | $ | 19 | ​ | $ | 67 | ​ | $ | ​ | ​
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 1,155 | ​ |  | ​ | ​ |  | 1,155 | ​ |  | ​ | ​
Residential | ​ |  | 562 | ​ |  | ​ | ​ |  | 562 | ​ |  | ​ | ​
Consumer | ​ |  | 232 | ​ |  | ​ | ​ |  | 232 | ​ |  | ​ | ​
Total | ​ | $ | 2,035 | ​ | $ | 19 | ​ | $ | 2,016 | ​ | $ | ​ | ​
​ The following table summarizes information concerning impaired loans, which include nonaccrual loans, troubled debt restructurings and loans past due 90 days or more and still accruing, as of and for the three months ended March 31, 2022 by major loan classification: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | For the Quarter Ended
​ | ​ | ​ | ​ | ​ | Unpaid | ​ | ​ | ​ | ​ | Average | ​ | Interest
​ | ​ | Recorded | ​ | Principal | ​ | Related | ​ | Recorded | ​ | Income
(Dollars in thousands) |  | Investment |  | Balance |  | Allowance |  | Investment |  | Recognized
With no related allowance: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ |
Commercial | ​ | $ | 138 | ​ | $ | 475 | ​ | $ | ​ | ​ | $ | 148 | ​ | $ | 2
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 2,748 | ​ |  | 3,505 | ​ | ​ | ​ | ​ |  | 2,562 | ​ | ​ | 12
Residential | ​ |  | 874 | ​ |  | 1,047 | ​ | ​ | ​ | ​ |  | 874 | ​ | ​ | 4
Consumer | ​ |  | 207 | ​ |  | 217 | ​ | ​ | ​ | ​ |  | 173 | ​ | ​ | ​
Total | ​ |  | 3,967 | ​ |  | 5,244 | ​ | ​ | ​ | ​ |  | 3,757 | ​ | ​ | 18
With an allowance recorded: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 21 | ​ |  | 21 | ​ | ​ | 21 | ​ |  | 31 | ​ | ​ | ​
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 440 | ​ |  | 452 | ​ |  | 45 | ​ |  | 477 | ​ |  | 4
Residential | ​ |  | 273 | ​ |  | 274 | ​ |  | 49 | ​ |  | 338 | ​ |  | 3
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ |  | 734 | ​ |  | 747 | ​ |  | 115 | ​ |  | 846 | ​ |  | 7
Total impaired loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 159 | ​ |  | 496 | ​ |  | 21 | ​ |  | 179 | ​ |  | 2
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 3,188 | ​ |  | 3,957 | ​ |  | 45 | ​ |  | 3,039 | ​ |  | 16
Residential | ​ |  | 1,147 | ​ |  | 1,321 | ​ |  | 49 | ​ |  | 1,212 | ​ |  | 7
Consumer | ​ |  | 207 | ​ |  | 217 | ​ | ​ | ​ | ​ |  | 173 | ​ | ​ | ​
Total | ​ | $ | 4,701 | ​ | $ | 5,991 | ​ | $ | 115 | ​ | $ | 4,603 | ​ | $ | 25
​ ​ The Company segments loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Loans are individually analyzed for credit risk by classifying them within the Company’s internal risk rating system. The Company’s risk rating classifications are defined as follows: ​
| ● | Pass- A loan to borrowers with acceptable credit quality and risk that is not adversely classified as Substandard, Doubtful, Loss nor designated as Special Mention.
​
| ● | Special Mention- A loan that has potential weaknesses that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified since they do not expose the Company to sufficient risk to warrant adverse classification.
​
| ● | Substandard- A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected.
​
| ● | Doubtful – A loan classified as Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make the collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
​
| ● | Loss- A loan classified as Loss is considered uncollectible and of such little value that its continuance as bankable loan is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.
​ The following table presents the amortized cost of loans and gross chargeoffs by year of origination and by major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at March 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | ​ | 2023 |  | ​ | 2022 |  | ​ | 2021 |  | ​ | 2020 |  | ​ | 2019 |  | ​ | Prior |  | ​ | Revolving Loans Amortized Cost Basis |  | ​ | Total
Commercial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 11,531 | ​ | $ | 50,495 | ​ | $ | 46,353 | ​ | $ | 32,496 | ​ | $ | 50,260 | ​ | $ | 89,938 | ​ | $ | 140,615 | ​ | $ | 421,688
Special Mention | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 67 | ​ |  | 67
Substandard | ​ |  | 15 | ​ | ​ | ​ | ​ | ​ | 46 | ​ | ​ | ​ | ​ | ​ | 53 | ​ | ​ | 276 | ​ |  | 7,953 | ​ | ​ | 8,343
Total Commercial | ​ |  | 11,546 | ​ |  | 50,495 | ​ |  | 46,399 | ​ |  | 32,496 | ​ |  | 50,313 | ​ |  | 90,214 | ​ |  | 148,635 | ​ |  | 430,098
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 1,400 | ​ |  | 45,146 | ​ |  | 91,776 | ​ |  | 11,850 | ​ |  | 36 | ​ |  | 18,983 | ​ |  | 87 | ​ |  | 169,278
Special Mention | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Substandard | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Total Municipal | ​ | ​ | 1,400 | ​ |  | 45,146 | ​ |  | 91,776 | ​ |  | 11,850 | ​ |  | 36 | ​ |  | 18,983 | ​ |  | 87 | ​ |  | 169,278
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 55,319 | ​ |  | 531,819 | ​ |  | 488,524 | ​ |  | 151,845 | ​ |  | 154,002 | ​ |  | 386,268 | ​ |  | ​ | ​ |  | 1,767,777
Special Mention | ​ | ​ | 1,763 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 303 | ​ |  | 3,301 | ​ |  | ​ | ​ |  | 5,367
Substandard | ​ | ​ | 175 | ​ |  | ​ | ​ |  | 1,637 | ​ |  | 165 | ​ |  | 628 | ​ |  | 7,162 | ​ |  | ​ | ​ |  | 9,767
Total Commercial real estate | ​ | ​ | 57,257 | ​ | ​ | 531,819 | ​ | ​ | 490,161 | ​ | ​ | 152,010 | ​ | ​ | 154,933 | ​ | ​ | 396,731 | ​ | ​ | ​ | ​ | ​ | 1,782,911
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 5,741 | ​ |  | 55,051 | ​ |  | 69,011 | ​ |  | 28,927 | ​ |  | 17,764 | ​ |  | 93,343 | ​ |  | 72,014 | ​ |  | 341,851
Special Mention | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Substandard | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 17 | ​ |  | 214 | ​ |  | ​ | ​ |  | 377 | ​ |  | ​ | ​ |  | 608
Total Residential real estate | ​ | ​ | 5,741 | ​ |  | 55,051 | ​ |  | 69,028 | ​ |  | 29,141 | ​ |  | 17,764 | ​ |  | 93,720 | ​ |  | 72,014 | ​ |  | 342,459
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 17,548 | ​ |  | 39,005 | ​ |  | 17,087 | ​ |  | 8,127 | ​ |  | 5,179 | ​ |  | 5,457 | ​ |  | 700 | ​ |  | 93,103
Special Mention | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Substandard | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 111 | ​ |  | 30 | ​ |  | 19 | ​ |  | 34 | ​ |  | ​ | ​ |  | 194
Total Consumer | ​ |  | 17,548 | ​ |  | 39,005 | ​ |  | 17,198 | ​ |  | 8,157 | ​ |  | 5,198 | ​ |  | 5,491 | ​ |  | 700 | ​ |  | 93,297
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans | ​ | $ | 93,492 | ​ | $ | 721,516 | ​ | $ | 714,562 | ​ | $ | 233,654 | ​ | $ | 228,244 | ​ | $ | 605,139 | ​ | $ | 221,436 | ​ | $ | 2,818,043
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross charge-offs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ | $ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | $ | ​ | ​ | $ | 4 | ​ | $ | 4
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 35 | ​ | ​ | 17 | ​ | ​ | 10 | ​ | ​ | 8 | ​ | ​ | ​ | ​ | ​ | 71
Total Gross charge-offs | ​ | $ | ​ | ​ | $ | 1 | ​ | $ | 35 | ​ | $ | 17 | ​ | $ | 10 | ​ | $ | 8 | ​ | $ | 4 | ​ | $ | 75
​ ​ The following table presents the amortized cost of loans by major classification of loans summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system at December 31, 2022 as disclosed prior to ASU 2016-13: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
(Dollars in thousands) |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total |
Commercial | ​ | $ | 424,411 | ​ | $ | 7,822 | ​ | $ | 815 | ​ | $ | ​ | ​ | $ | 433,048 | ​
Municipal | ​ | ​ | 166,210 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 166,210 | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 1,699,041 | ​ |  | 7,509 | ​ |  | 3,277 | ​ | ​ | ​ | ​ |  | 1,709,827 | ​
Residential | ​ |  | 329,098 | ​ |  | ​ | ​ |  | 1,630 | ​ | ​ | ​ | ​ |  | 330,728 | ​
Consumer | ​ |  | 90,020 | ​ |  | ​ | ​ |  | 283 | ​ | ​ | ​ | ​ |  | 90,303 | ​
Total | ​ | $ | 2,708,780 | ​ | $ | 15,331 | ​ | $ | 6,005 | ​ | $ | ​ | ​ | $ | 2,730,116 | ​
​ ​ ​ The major classifications of loans by past due status are summarized as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2023 |
​ |  | ​ | ​ |  | ​ | ​ |  | Greater |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Loans > 90 |
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | than 90 | ​ | Total Past | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Days and |
(Dollars in thousands) | ​ | Past Due | ​ | Past Due | ​ | Days | ​ | Due | ​ | Current | ​ | Total Loans | ​ | Accruing |
Commercial | ​ | $ | 156 | ​ | $ | ​ | ​ | $ | 14 | ​ | $ | 170 | ​ | $ | 429,928 | ​ | $ | 430,098 | ​ | $ | ​ | ​
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 169,278 | ​ | ​ | 169,278 | ​ | ​ | ​ | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 92 | ​ | ​ | 616 | ​ |  | 245 | ​ |  | 953 | ​ |  | 1,781,958 | ​ |  | 1,782,911 | ​ | ​ | ​ | ​
Residential | ​ |  | 1,965 | ​ | ​ | 444 | ​ | ​ | 467 | ​ |  | 2,876 | ​ |  | 339,583 | ​ |  | 342,459 | ​ | ​ | 59 | ​
Consumer | ​ |  | 487 | ​ | ​ | 92 | ​ |  | 53 | ​ |  | 632 | ​ |  | 92,665 | ​ |  | 93,297 | ​ |  | ​ | ​
Total | ​ | $ | 2,700 | ​ | $ | 1,152 | ​ | $ | 779 | ​ | $ | 4,631 | ​ | $ | 2,813,412 | ​ | $ | 2,818,043 | ​ | $ | 59 | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022 |
​ |  | ​ | ​ |  | ​ | ​ |  | Greater |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Loans > 90 |
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | than 90 | ​ | Total Past | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Days and |
(Dollars in thousands) | ​ | Past Due | ​ | Past Due | ​ | Days | ​ | Due | ​ | Current | ​ | Total Loans | ​ | Accruing |
Commercial | ​ | $ | 137 | ​ | $ | 38 | ​ | $ | 86 | ​ | $ | 261 | ​ | $ | 432,787 | ​ | $ | 433,048 | ​ | $ | ​ | ​
Municipal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 166,210 | ​ | ​ | 166,210 | ​ | ​ | ​ | ​
Real estate: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial | ​ |  | 102 | ​ | ​ | 2 | ​ |  | 334 | ​ |  | 438 | ​ |  | 1,709,389 | ​ |  | 1,709,827 | ​ | ​ | ​ | ​
Residential | ​ |  | 1,162 | ​ |  | 128 | ​ |  | 988 | ​ |  | 2,278 | ​ |  | 328,450 | ​ |  | 330,728 | ​ | ​ | 748 | ​
Consumer | ​ |  | 690 | ​ |  | 199 | ​ |  | 120 | ​ |  | 1,009 | ​ |  | 89,294 | ​ |  | 90,303 | ​ |  | ​ | ​
Total | ​ | $ | 2,091 | ​ | $ | 367 | ​ | $ | 1,528 | ​ | $ | 3,986 | ​ | $ | 2,726,130 | ​ | $ | 2,730,116 | ​ | $ | 748 | ​
​ ​ Allowance for Credit Losses on Off Balance Sheet Commitments ​ The following table presents the activity in the ACL on off balance sheet commitments for the three months ended March 31, 2023: ​
​ | ​ | ​ | ​
(Dollars in thousands) | ​ | ​ | March 31, 2023
Balance at December 31, 2022 | ​ | $ | 179
Impact of adopting Topic 326 | ​ | ​ | 270
Credit recorded in noninterest expense | ​ | ​ | (185)
Total allowance for credit losses on off balance sheet commitments | ​ | $ | 264
​ ​ ​ Modifications to Borrowers Experiencing Financial Difficulty ​ The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. ​ There were no loans made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2023 and hence there were no loans made to borrowers experiencing financial difficulty that subsequently defaulted. ​ Information on loan modifications prior to the adoption of ASU 2022-02 on January 1, 2023 is presented in accordance with the applicable accounting standards in effect at that time. During the three months ended March 31, 2022, the Company did not modify any loans that were determined to be a troubled debt restructuring. ​

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