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Loans and Allowance for Loan Losses (Tables) | 12 Months Ended
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Dec. 31, 2023
Loans and Allowance for Loan Losses [Abstract] |
Summary of Loans | A summary of loans at December 31, 2023 and December 31, 2022, are as follows (dollars in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Construction & development |  | $ | 137,206 |  |  | $ | 163,203 |
1 - 4 family real estate |  |  | 100,576 |  |  |  | 76,928 |
Commercial real estate - other |  |  | 518,622 |  |  |  | 439,001 |
Total commercial real estate |  | $ | 756,404 |  |  | $ | 679,132 |
Commercial & industrial |  |  | 526,185 |  |  |  | 513,011 |
Agricultural |  |  | 66,495 |  |  |  | 66,145 |
Consumer |  |  | 14,517 |  |  |  | 14,949 |
Gross loans |  |  | 1,363,601 |  |  |  | 1,273,237 |
Less allowance for credit losses |  |  | (19,691 | ) |  |  | (14,734 | )
Less deferred loan fees |  |  | (2,762 | ) |  |  | (2,781 | )
Net loans |  | $ | 1,341,148 |  |  | $ | 1,255,722 |
Activity in Allowance for Loan Losses by Portfolio Segment | The following table presents, by portfolio segment, the activity in the allowance for credit losses for the years ended December 31, 2023 and 2022 (dollars in thousands):
|  | Construction & Development |  |  | 1 - 4 Family Real Estate |  |  | Commercial Real Estate - Other |  |  | Commercial & Industrial |  |  | Agricultural |  |  | Consumer |  |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,889 |  |  | $ | 890 |  |  | $ | 5,080 |  |  | $ | 5,937 |  |  | $ | 765 |  |  | $ | 173 |  |  | $ | 14,734 |
Impact of CECL adoption |  |  | 44 |  |  |  | (138 | ) |  |  | (168 | ) |  |  | 716 |  |  |  | (149 | ) |  |  | (55 | ) |  |  | 250 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16,500 | ) |  |  | (7 | ) |  |  | (17 | ) |  |  | (16,524 | )
Recoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 40 |  |  |  | 2 |  |  |  | 8 |  |  |  | 50 |
Net (charge-offs) recoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16,460 | ) |  |  | (5 | ) |  |  | (9 | ) |  |  | (16,474 | )
Provision (credit) for credit losses |  |  | (516 | ) |  |  | 519 |  |  |  | 1,977 |  |  |  | 19,044 |  |  |  | 17 |  |  |  | 140 |  |  |  | 21,181 |
Balance, end of period |  | $ | 1,417 |  |  | $ | 1,271 |  |  | $ | 6,889 |  |  | $ | 9,237 |  |  | $ | 628 |  |  | $ | 249 |  |  | $ | 19,691 |
Unfunded Commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Impact of CECL adoption |  |  | 171 |  |  |  | 4 |  |  |  | 24 |  |  |  | 274 |  |  |  | 25 |  |  |  | 2 |  |  |  | 500 |
Provision (credit) for credit losses |  |  | (13 | ) |  |  | - |  |  |  | (16 | ) |  |  | 6 |  |  |  | (14 | ) |  |  | 1 |  |  |  | (36 | )
Balance, end of period |  | $ | 158 |  |  | $ | 4 |  |  | $ | 8 |  |  | $ | 280 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | 464 |
Total Allowance for Credit Losses |  | $ | 1,575 |  |  | $ | 1,275 |  |  | $ | 6,897 |  |  | $ | 9,517 |  |  | $ | 639 |  |  | $ | 252 |  |  | $ | 20,155 |
Total Provision for Credit Losses |  | $ | (529 | ) |  | $ | 519 |  |  | $ | 1,961 |  |  | $ | 19,050 |  |  | $ | 3 |  |  | $ | 141 |  |  | $ | 21,145 |
|  | Construction & Development |  |  | 1 - 4 Family Real Estate |  |  | Commercial Real Estate - Other |  |  | Commercial & Industrial |  |  | Agricultural |  |  | Consumer |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,695 |  |  | $ | 630 |  |  | $ | 3,399 |  |  | $ | 3,621 |  |  | $ | 730 |  |  | $ | 241 |  |  | $ | 10,316 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | (50 | ) |  |  | (22 | ) |  |  | (74 | )
Recoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | 4 |  |  |  | 10 |  |  |  | 24 |
Net (charge-offs) recoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |  |  |  | (46 | ) |  |  | (12 | ) |  |  | (50 | )
Provision (credit) for credit losses |  |  | 194 |  |  |  | 260 |  |  |  | 1,681 |  |  |  | 2,308 |  |  |  | 81 |  |  |  | (56 | ) |  |  | 4,468 |
Balance, end of period |  | $ | 1,889 |  |  | $ | 890 |  |  | $ | 5,080 |  |  | $ | 5,937 |  |  | $ | 765 |  |  | $ | 173 |  |  | $ | 14,734 |
Loan Portfolio Based on Internal Rating Category | The following table presents the amortized cost of the Company’s loan portfolio with the gross charge-offs for the twelve months ended by year of origination based on internal rating category as of December 31, 2023 (dollars in thousands):
As of December 31, 2023 |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving Loans Amortized Cost Basis |  |  | Total |
Construction & development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 (Pass) |  | $ | 26,915 |  |  | $ | 2,266 |  |  | $ | 3,182 |  |  | $ | 201 |  |  | $ | 98 |  |  | $ | 44 |  |  | $ | 103,711 |  |  | $ | 136,417 |
2 (Watch) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
3 (Special Mention) |  |  | 563 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 226 |  |  |  | 789 |
4 (Substandard) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total construction & development |  |  | 27,478 |  |  |  | 2,266 |  |  |  | 3,182 |  |  |  | 201 |  |  |  | 98 |  |  |  | 44 |  |  |  | 103,937 |  |  |  | 137,206 |
Current-period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
1 - 4 family real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 (Pass) |  |  | 48,275 |  |  |  | 22,573 |  |  |  | 13,305 |  |  |  | 3,928 |  |  |  | 1,808 |  |  |  | 1,069 |  |  |  | 9,618 |  |  |  | 100,576 |
2 (Watch) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
3 (Special Mention) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
4 (Substandard) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total 1 - 4 family real estate |  |  | 48,275 |  |  |  | 22,573 |  |  |  | 13,305 |  |  |  | 3,928 |  |  |  | 1,808 |  |  |  | 1,069 |  |  |  | 9,618 |  |  |  | 100,576 |
Current-period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial real estate - other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 (Pass) |  |  | 187,086 |  |  |  | 153,764 |  |  |  | 32,641 |  |  |  | 36,278 |  |  |  | 2,613 |  |  |  | 4,043 |  |  |  | 86,370 |  |  |  | 502,795 |
2 (Watch) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
3 (Special Mention) |  |  | 14,612 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,089 |  |  |  | - |  |  |  | 15,701 |
4 (Substandard) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 126 |  |  |  | - |  |  |  | 126 |
Total Commercial real estate - other |  |  | 201,698 |  |  |  | 153,764 |  |  |  | 32,641 |  |  |  | 36,278 |  |  |  | 2,613 |  |  |  | 5,258 |  |  |  | 86,370 |  |  |  | 518,622 |
Current-period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 (Pass) |  |  | 158,062 |  |  |  | 59,265 |  |  |  | 38,093 |  |  |  | 2,777 |  |  |  | 1,706 |  |  |  | 4,059 |  |  |  | 221,471 |  |  |  | 485,433 |
2 (Watch) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,094 |  |  |  | 4,094 |
3 (Special Mention) |  |  | 4,151 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,616 |  |  |  | 5,767 |
4 (Substandard) |  |  | 20,660 |  |  |  | 7,937 |  |  |  | 98 |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 2,188 |  |  |  | 30,891 |
Total Commercial and industrial |  |  | 186,967 |  |  |  | 67,202 |  |  |  | 38,191 |  |  |  | 2,785 |  |  |  | 1,706 |  |  |  | 4,059 |  |  |  | 225,275 |  |  |  | 526,185 |
Current-period gross charge-offs |  |  | 16,500 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16,500 |
Agriculural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 (Pass) |  |  | 9,283 |  |  |  | 5,789 |  |  |  | 23,205 |  |  |  | 4,283 |  |  |  | 927 |  |  |  | 1,104 |  |  |  | 21,904 |  |  |  | 66,495 |
2 (Watch) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
3 (Special Mention) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
4 (Substandard) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total agriculural |  |  | 9,283 |  |  |  | 5,789 |  |  |  | 23,205 |  |  |  | 4,283 |  |  |  | 927 |  |  |  | 1,104 |  |  |  | 21,904 |  |  |  | 66,495 |
Current-period gross charge-offs |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 (Pass) |  |  | 4,415 |  |  |  | 1,545 |  |  |  | 2,171 |  |  |  | 2,554 |  |  |  | 663 |  |  |  | 1,819 |  |  |  | 1,270 |  |  |  | 14,437 |
2 (Watch) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
3 (Special Mention) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
4 (Substandard) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 80 |  |  |  | - |  |  |  | 80 |
Total consumer |  |  | 4,415 |  |  |  | 1,545 |  |  |  | 2,171 |  |  |  | 2,554 |  |  |  | 663 |  |  |  | 1,899 |  |  |  | 1,270 |  |  |  | 14,517 |
Current-period gross charge-offs |  |  | 17 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17 |
Total loans held for investment |  | $ | 478,116 |  |  | $ | 253,139 |  |  | $ | 112,695 |  |  | $ | 50,029 |  |  | $ | 7,815 |  |  | $ | 13,433 |  |  | $ | 448,374 |  |  | $ | 1,363,601 |
Total current-period gross charge-offs |  | $ | 16,517 |  |  | $ | 7 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 16,524 |
The following table presents the credit risk profile of the Company’s loan portfolio based on internal rating category, prior to the adoption of ASU 2016-13, as of December 31, 2022 (dollars in thousands):
|  | Construction & Development |  |  | 1 - 4 Family Real Estate |  |  | Commercial Real Estate - Other |  |  | Commercial & Industrial |  |  | Agricultural |  |  | Consumer |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Grade |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 (Pass) |  | $ | 163,203 |  |  | $ | 76,928 |  |  | $ | 397,295 |  |  | $ | 493,412 |  |  | $ | 65,857 |  |  | $ | 14,927 |  |  | $ | 1,211,622 |
2 (Watch) |  |  | - |  |  |  | - |  |  |  | 14,976 |  |  |  | - |  |  |  | 288 |  |  |  | - |  |  |  | 15,264 |
3 (Special Mention) |  |  | - |  |  |  | - |  |  |  | 24,747 |  |  |  | 584 |  |  |  | - |  |  |  | - |  |  |  | 25,331 |
4 (Substandard) |  |  | - |  |  |  | - |  |  |  | 1,983 |  |  |  | 19,015 |  |  |  | - |  |  |  | 22 |  |  |  | 21,020 |
Total |  | $ | 163,203 |  |  | $ | 76,928 |  |  | $ | 439,001 |  |  | $ | 513,011 |  |  | $ | 66,145 |  |  | $ | 14,949 |  |  | $ | 1,273,237 |
Loan Portfolio Aging Analysis of Recorded Investment in Loans | The following table presents the Company’s loan portfolio aging analysis of the recorded investment in loans as of December 31, 2023 and December 31, 2022 (dollars in thousands):
|  | Past Due |  |  |  |  |  |  |  |  | Total Loans |
|  | 30–59 Days |  |  | 60–89 Days |  |  | Greater than 90 Days |  |  | Total |  |  | Current |  |  | Total Loans |  |  | > 90 Days & Accruing |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 137,206 |  |  | $ | 137,206 |  |  | $ | - |
1 - 4 family real estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,576 |  |  |  | 100,576 |  |  |  | - |
Commercial real estate - other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 518,622 |  |  |  | 518,622 |  |  |  | - |
Commercial & industrial(1) |  |  | 472 |  |  |  | 10,969 |  |  |  | 9,946 |  |  |  | 21,387 |  |  |  | 504,798 |  |  |  | 526,185 |  |  |  | 9,946 |
Agricultural |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 66,495 |  |  |  | 66,495 |  |  |  | - |
Consumer(2) |  |  | - |  |  |  | 27 |  |  |  | 80 |  |  |  | 107 |  |  |  | 14,410 |  |  |  | 14,517 |  |  |  | 80 |
Total |  | $ | 472 |  |  | $ | 10,996 |  |  | $ | 10,026 |  |  | $ | 21,494 |  |  | $ | 1,342,107 |  |  | $ | 1,363,601 |  |  | $ | 10,026 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 163,203 |  |  | $ | 163,203 |  |  | $ | - |
1 - 4 family real estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 76,928 |  |  |  | 76,928 |  |  |  | - |
Commercial real estate - other |  |  | - |  |  |  | 617 |  |  |  | - |  |  |  | 617 |  |  |  | 438,384 |  |  |  | 439,001 |  |  |  | - |
Commercial & industrial(1) |  |  | 21 |  |  |  | - |  |  |  | 9,923 |  |  |  | 9,944 |  |  |  | 503,067 |  |  |  | 513,011 |  |  |  | 9,923 |
Agricultural |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 66,141 |  |  |  | 66,145 |  |  |  | - |
Consumer |  |  | 291 |  |  |  | 82 |  |  |  | 22 |  |  |  | 395 |  |  |  | 14,554 |  |  |  | 14,949 |  |  |  | 18 |
Total |  | $ | 316 |  |  | $ | 699 |  |  | $ | 9,945 |  |  | $ | 10,960 |  |  | $ | 1,262,277 |  |  | $ | 1,273,237 |  |  | $ | 9,941 |
(1) | The $9.95 million and $9.92 million that is greater than 90 days past due as of December 31, 2023 and December 31, 2022, respectively, primarily consists of a single borrower that is well collateralized and for which collection is being diligently pursued.
(2) | The $80,000 that is greater than 90 days past due as of December 31, 2023, consists of a single borrower that is well secured and for which collection is being diligently pursued.
Nonaccrual Loans | The following table presents information regarding nonaccrual loans as of December 31, 2023 (dollars in thousands):
|  | With an Allowance |  |  | No Allowance |  |  | Total Non- Accrual Loans |  |  | Related Allowance |  |  | Interest Income Recognized |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
1 - 4 Family Real Estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial Real Estate - other |  |  | - |  |  |  | 126 |  |  |  | 126 |  |  |  | - |  |  |  | 24 |
Commercial & industrial |  |  | 10,255 |  |  |  | 8,560 |  |  |  | 18,815 |  |  |  | 2,147 |  |  |  | 3,625 |
Agricultural |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 10,255 |  |  | $ | 8,686 |  |  | $ | 18,941 |  |  | $ | 2,147 |  |  | $ | 3,649 |
Impaired Loans | The following table presents impaired loans, prior to the adoption of ASU 2016-13, as of December 31, 2022 (dollars in thousands):
|  | Unpaid Principal Balance |  |  | Recorded Investment with No Allowance |  |  | Recorded Investment with an Allowance |  |  | Total Recorded Investment |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 21 |  |  | $ | - |
1 - 4 Family Real Estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial Real Estate - other |  |  | 2,808 |  |  |  | 1,983 |  |  |  | - |  |  |  | 1,983 |  |  |  | - |  |  |  | 11,749 |  |  |  | 141 |
Commercial & industrial |  |  | 19,882 |  |  |  | 18,882 |  |  |  | 133 |  |  |  | 19,015 |  |  |  | 133 |  |  |  | 11,773 |  |  |  | 1,214 |
Agricultural |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | - |
Consumer |  |  | 31 |  |  |  | 22 |  |  |  | - |  |  |  | 22 |  |  |  | - |  |  |  | 27 |  |  |  | - |
Total |  | $ | 22,721 |  |  | $ | 20,887 |  |  | $ | 133 |  |  | $ | 21,020 |  |  | $ | 133 |  |  | $ | 23,584 |  |  | $ | 1,355 |
Collateral-Dependent Gross Loans Held for Investment | The following table summarizes collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows (dollars in thousands):
|  | Collateral Type |  |  |  |  |  |  |
|  |  |  |  | Business |  |  |  |  |  |  |  |  | Specific |
|  | Real Estate |  |  | Assets |  |  | Other Assets |  |  | Total |  |  | Allocation |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
1 - 4 Family Real Estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial Real Estate - other |  |  | 126 |  |  |  | - |  |  |  | - |  |  |  | 126 |  |  |  | - |
Commercial & industrial |  |  | - |  |  |  | 20,848 |  |  |  | 9,932 |  |  |  | 30,780 |  |  |  | 2,038 |
Agricultural |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer |  |  | 27 |  |  |  | - |  |  |  | 80 |  |  |  | 107 |  |  |  | - |
Total |  | $ | 153 |  |  | $ | 20,848 |  |  | $ | 10,012 |  |  | $ | 31,013 |  |  | $ | 2,038 |
Loans Modified to Borrowers Experiencing Financial Difficulty | The following tables present the amortized cost basis at the end of the reporting period of loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification made, as well as the financial effect of the modifications made as of December 31, 2023:
|  | Term Extension and Payment Deferral
|  | Amortized Cost Basis |  |  | % of Total Class |  | Financial Effect
December 31, 2023 |  |  |  |  |  |  |
Construction & development |  | $ | - |  |  |  | - | % |
1 - 4 Family Real Estate |  |  | - |  |  |  | - |  |
Commercial Real Estate - other |  |  | - |  |  |  | - |  |
Commercial & industrial |  |  | 10,108 |  |  |  | 1.9 |  | Extended the maturity of loan by four months, and payment of principal and interest deferred until the sale of collateral
Agricultural |  |  | - |  |  |  | - |  |
Consumer |  |  | - |  |  |  | - |  |
Total |  | $ | 10,108 |  |  |  | 1.9 | % |
Performance of Loans Modified in Last 12 Months | The following table depicts the performance of loans that have been modified in the last 12 months:
|  | Current |  |  | 30-89 Days Past Due |  |  | 90+ Days Past Due |  |  | Non-Accruing |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Construction & development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
1 - 4 Family Real Estate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial Real Estate - other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial & industrial |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,108 |
Agricultural |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Consumer |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 10,108 |
Information Regarding Nonperforming Assets | The following table represents information regarding nonperforming assets at December 31, 2022 (dollars in thousands):
|  | Construction & Development |  |  | 1 - 4 Family Real Estate |  |  | Commercial Real Estate - Other |  |  | Commercial & Industrial |  |  | Agricultural |  |  | Consumer |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans |  | $ | - |  |  | $ | - |  |  | $ | 1,348 |  |  | $ | 6,686 |  |  | $ | - |  |  | $ | 5 |  |  | $ | 8,039 |
Troubled-debt restructurings (1) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Accruing loans 90 or more days past due |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,923 |  |  |  | - |  |  |  | 18 |  |  |  | 9,941 |
Total nonperforming loans |  | $ | - |  |  | $ | - |  |  | $ | 1,348 |  |  | $ | 16,609 |  |  | $ | - |  |  | $ | 23 |  |  | $ | 17,980 |
(1) $1.2 million of TDRs as of December 31, 2022, are included in the nonaccrual loans balance.

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