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Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Outstanding loans

Outstanding loans are summarized as follows (in thousands):

Loan Type						December 31, 2022						% of Total  loans						December 31, 2021						% of Total  loans
Commercial:
Commercial and industrial						$	141,197					11.2		%				$	136,847					13.2		%
Agricultural production						39,007						3.1		%				40,860						3.9		%
Total commercial						180,204						14.3		%				177,707						17.1		%
Real estate:
Owner occupied						194,663						15.5		%				212,234						20.4		%
Real estate construction and other land loans						109,175						8.7		%				61,586						5.9		%
Commercial real estate						464,809						37.1		%				369,529						35.6		%
Agricultural real estate						117,648						9.4		%				98,481						9.5		%
Other real estate						24,586						2.0		%				26,084						2.5		%
						910,881						72.7		%				767,914						73.9		%
Consumer:
Equity loans and lines of credit						123,581						9.8		%				55,620						5.4		%
Consumer and installment						40,252						3.2		%				36,999						3.6		%
Total consumer						163,833						13.0		%				92,619						9.0		%
Net deferred origination costs (fees)						1,386												871
Total gross loans						1,256,304						100.0		%				1,039,111						100.0		%
Allowance for credit losses						(10,848)												(9,600)
Total loans						$	1,245,456											$	1,029,511

Allowance for credit losses

Changes in the allowance for credit losses were as follows (in thousands):

						Years Ended December 31,
						2022						2021						2020
Balance, beginning of year						$	9,600					$	12,915					$	9,130
Provision (reversal) charged to operations						1,000						(4,300)						3,275
Losses charged to allowance						(178)						(267)						(229)
Recoveries						426						1,252						739
Balance, end of year						$	10,848					$	9,600					$	12,915

The following table shows the summary of activities for the allowance for credit losses as of and for the years ended December 31, 2022, 2021, and 2020 by portfolio segment (in thousands):

						Commercial						Real Estate						Consumer						Unallocated						Total
Allowance for credit losses:
Beginning balance, January 1, 2022						$	2,011					$	6,741					$	568					$	280					$	9,600
Provision (reversal) charged to operations						(531)						1,062						409						60						1,000
Losses charged to allowance						(27)						—						(151)						—						(178)
Recoveries						367						—						59						—						426
Ending balance, December 31, 2022						$	1,820					$	7,803					$	885					$	340					$	10,848
Allowance for credit losses:
Beginning balance, January 1, 2021						$	2,019					$	9,174					$	1,091					$	631					$	12,915
Reversal of provision charged to operations						(663)						(2,752)						(534)						(351)						(4,300)
Losses charged to allowance						(46)						—						(221)						—						(267)
Recoveries						701						319						232						—						1,252
Ending balance, December 31, 2021						$	2,011					$	6,741					$	568					$	280					$	9,600
Allowance for credit losses:
Beginning balance, January 1, 2020						$	1,428					$	6,769					$	897					$	36					$	9,130
Provision charged to operations						100						2,405						175						595						3,275
Losses charged to allowance						(121)						—						(108)						—						(229)
Recoveries						612						—						127						—						739
Ending balance, December 31, 2020						$	2,019					$	9,174					$	1,091					$	631					$	12,915

The following is a summary of the allowance for credit losses by impairment methodology and portfolio segment as of December 31, 2022 and December 31, 2021 (in thousands):

						Commercial						Real Estate						Consumer						Unallocated						Total
Allowance for credit losses:
Ending balance, December 31, 2022						$	1,820					$	7,803					$	885					$	340					$	10,848
Ending balance: individually evaluated for impairment						$	309					$	5					$	—					$	—					$	314
Ending balance: collectively evaluated for impairment						$	1,511					$	7,798					$	885					$	340					$	10,534
Ending balance, December 31, 2021						$	2,011					$	6,741					$	568					$	280					$	9,600
Ending balance: individually evaluated for impairment						$	607					$	38					$	4					$	—					$	649
Ending balance: collectively evaluated for impairment						$	1,404					$	6,703					$	564					$	280					$	8,951

Loans by impairment methdology

The following table shows the ending balances of loans as of December 31, 2022 and December 31, 2021 by portfolio segment and by impairment methodology (in thousands):

						Commercial						Real Estate						Consumer						Total
Loans:
Ending balance, December 31, 2022						$	180,204					$	910,881					$	163,833					$	1,254,918
Ending balance: individually evaluated for impairment						$	1,240					$	139					$	993					$	2,372
Ending balance: collectively evaluated for impairment						$	178,964					$	910,742					$	162,840					$	1,252,546
Loans:
Ending balance, December 31, 2021						$	177,707					$	767,914					$	92,619					$	1,038,240
Ending balance: individually evaluated for impairment						$	7,086					$	450					$	1,050					$	8,586
Ending balance: collectively evaluated for impairment						$	170,621					$	767,464					$	91,569					$	1,029,654

Loan portfolio by internal risk rating

The following table shows the loan portfolio by class allocated by management’s internal risk ratings at December 31, 2022 (in thousands):

						Pass						Special Mention						Substandard						Doubtful						Total
Commercial:
Commercial and industrial						$	130,835					$	8,706					$	1,656					$	—					$	141,197
Agricultural production						26,894						6,714						5,399						—						39,007
Real Estate:
Owner occupied						189,211						3,282						2,170						—						194,663
Real estate construction and other land loans						94,151						—						15,024						—						109,175
Commercial real estate						458,957						3,440						2,412						—						464,809
Agricultural real estate						107,945						8,879						824						—						117,648
Other real estate						24,586						—						—						—						24,586
Consumer:
Equity loans and lines of credit						123,315						—						266						—						123,581
Consumer and installment						40,216						2						34						—						40,252
Total						$	1,196,110					$	31,023					$	27,785					$	—					$	1,254,918

    The following table shows the loan portfolio by class allocated by management’s internally assigned risk grade ratings at December 31, 2021 (in thousands):

						Pass						Special Mention						Substandard						Doubtful						Total
Commercial:
Commercial and industrial						$	125,537					$	8,724					$	2,586					$	—					$	136,847
Agricultural production						37,179						1,325						2,356						—						40,860
Real Estate:
Owner occupied						205,092						3,582						3,560						—						212,234
Real estate construction and other land loans						54,066						7,520						—						—						61,586
Commercial real estate						351,395						18,134						—						—						369,529
Agricultural real estate						96,949						1,532						—						—						98,481
Other real estate						26,084						—						—						—						26,084
Consumer:
Equity loans and lines of credit						55,611						9						—						—						55,620
Consumer and installment						36,942						19						38						—						36,999
Total						$	988,855					$	40,845					$	8,540					$	—					$	1,038,240

Loan portfolio by time past due

The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2022 (in thousands):

						30-59 Days Past Due						60-89 Days Past Due						Greater Than  90 Days Past Due						Total Past Due						Current						Total Loans						Recorded Investment > 90 Days Accruing						Non-accrual
Commercial:
Commercial and industrial						$	392					$	—					$	—					$	392					$	140,805					$	141,197					$	—					$	—
Agricultural production						—						—						—						—						39,007						39,007						—						—
Real estate:
Owner occupied						249						—						—						249						194,414						194,663						—						—
Real estate construction and other land loans						—						—						—						—						109,175						109,175						—						—
Commercial real estate						4,507						—						—						4,507						460,302						464,809						—						—
Agricultural real estate						—						—						—						—						117,648						117,648						—						—
Other real estate						—						—						—						—						24,586						24,586						—						—
Consumer:
Equity loans and lines of credit						465						—						—						465						123,116						123,581						—						—
Consumer and installment						237						—						—						237						40,015						40,252						—						—
Total						$	5,850					$	—					$	—					$	5,850					$	1,249,068					$	1,254,918					$	—					$	—

    The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2021 (in thousands):

						30-59 Days Past Due						60-89 Days Past Due						Greater Than  90 Days Past Due						Total Past Due						Current						Total Loans						Recorded Investment > 90 Days Accruing						Non- accrual
Commercial:
Commercial and industrial						$	1					$	—					$	—					$	1					$	136,846					$	136,847					$	—					$	312
Agricultural production						—						—						—						—						40,860						40,860						—						634
Real estate:						—																														—
Owner occupied						—						—						—						—						212,234						212,234						—						—
Real estate construction and other land loans						—						—						—						—						61,586						61,586						—						—
Commercial real estate						—						—						—						—						369,529						369,529						—						—
Agricultural real estate						—						—						—						—						98,481						98,481						—						—
Other real estate						—						—						—						—						26,084						26,084						—						—
Consumer:																																				—
Equity loans and lines of credit						—						—						—						—						55,620						55,620						—						—
Consumer and installment						79						—						—						79						36,920						36,999						—						—
Total						$	80					$	—					$	—					$	80					$	1,038,160					$	1,038,240					$	—					$	946

Impaired loans

The following table shows information related to impaired loans by class at December 31, 2022 (in thousands):

						Recorded Investment						Unpaid Principal Balance						Related Allowance
With no related allowance recorded:
Consumer:
Equity loans and lines of credit						$	993					$	1,007					$	—
Total with no related allowance recorded						993						1,007						—
With an allowance recorded:
Commercial:
Commercial and industrial						1,240						1,240						309
Real estate:
Commercial real estate						126						126						2
Agricultural real estate						13						13						3
Total real estate						139						139						5
Total with an allowance recorded						1,379						1,379						314
Total						$	2,372					$	2,386					$	314

    The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality.

    The following table shows information related to impaired loans by class at December 31, 2021 (in thousands):

						Recorded Investment						Unpaid Principal Balance						Related Allowance
With no related allowance recorded:
Consumer:
Equity loans and lines of credit						$	136					$	172					$	—
Total with no related allowance recorded						136						172						—
With an allowance recorded:
Commercial:
Commercial and industrial						6,452						6,491						544
Agricultural land and production						634						714						63
Total commercial						7,086						7,205						607
Real estate:
Real estate construction and other land loans						292						292						30
Commercial real estate						137						138						3
Agricultural real estate						21						21						5
Total real estate						450						451						38
Consumer:
Equity loans and lines of credit						914						914						4
Total consumer						914						914						4
Total with an allowance recorded						8,450						8,570						649
Total						$	8,586					$	8,742					$	649

    The recorded investment in loans excludes accrued interest receivable and net loan origination fees, due to immateriality.

    The following presents by class, information related to the average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2022, 2021, and 2020 (in thousands):

						Year Ended December 31, 2022												Year Ended December 31, 2021												Year Ended December 31, 2020
						Average Recorded Investment						Interest Income Recognized						Average Recorded Investment						Interest Income Recognized						Average Recorded Investment						Interest Income Recognized
With no related allowance recorded:
Commercial:
Commercial and industrial						$	81					$	—					$	43					$	—					$	1,322					$	—
Agricultural production						25						—						—						—						104						—
Total commercial						106						—						43						—						1,426						—
Real estate:
Owner occupied						—						—						55						—						394						—
Real estate construction and other land loans						—						—						156						—						8						—
Commercial real estate						—						—						380						—						779						—
Agricultural real estate						—						—						—						—						146						—
Total real estate						—						—						591						—						1,327						—
Consumer:
Equity loans and lines of credit						750						71						140						12						216						12
Total with no related allowance recorded						856						71						774						12						2,969						12
						—
With an allowance recorded:						—
Commercial:
Commercial and industrial						2,296						129						6,327						365						6,139						582
Agricultural production						49						—						908						—						430						—
Total commercial						2,345						129						7,235						365						6,569						582
Real estate:
Real estate construction and other land loans						88						—						673						21						586						—
Commercial real estate						132						8						142						9						206						11
Agricultural real estate						19						2						27						1						27						2
Total real estate						239						10						842						31						819						13
Consumer:
Equity loans and lines of credit						280						—						925						54						1,001						55
Consumer and installment						—						—						14						—						64						—
Total consumer						280						—						939						54						1,065						55
Total with an allowance recorded						2,864						139						9,016						450						8,453						650
Total						$	3,720					$	210					$	9,790					$	462					$	11,422					$	662

Troubled Debt Restructurings

During the year ended December 31, 2022, no loans were modified as troubled debt restructuring.

    The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2021 (dollars in thousands):

Troubled Debt Restructurings:						Number of Loans						Pre-Modification Outstanding Recorded Investment (1)						Principal Modification						Post Modification Outstanding Recorded Investment (2)						Outstanding Recorded Investment
Commercial:
Commercial and Industrial						1						$	2,489					$	—					$	2,489					$	1,989
Real Estate:
Real estate construction and other land loans						1						333						—						333						292
Total						2						$	2,822					$	—					$	2,822					$	2,281

(1)Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any.

(2)Balance outstanding after principal modification, if any borrower reduction to recorded investment.

    The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2020 (dollars in thousands):

Troubled Debt Restructurings:						Number of Loans						Pre-Modification Outstanding Recorded Investment (1)						Principal Modification						Post Modification Outstanding Recorded Investment (2)						Outstanding Recorded Investment
Commercial:
Commercial and Industrial						1						$	12,925					$	—					$	12,925					$	6,650

(1)Amounts represent the recorded investment in loans before recognizing effects of the TDR, if any.

(2)Balance outstanding after principal modification, if any borrower reduction to recorded investment.

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