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Loans and Allowance for Credit Losses | 3 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses on Loans The majority of the disclosures in this footnote are prepared at the class level, which is equivalent to the call report or call code classification. The roll forward of the allowance for credit losses is presented at the portfolio segment level. Accrued interest receivable on loans of $4,225,000 and $4,512,000 at September 30, 2023 and December 31, 2022 respectively is not included in the loan tables below and is included in other assets on the Company’s balance sheets. Outstanding loans are summarized by class as follows:
Loan Type (Dollars in thousands) |  | September 30, 2023 |  |  |  | December 31, 2022 |  |
Commercial: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 106,061 |  |  |  |  | $ | 141,197 |  |  |
Agricultural production |  | 25,190 |  |  |  |  | 37,007 |  |  |
Total commercial |  | 131,251 |  |  |  |  | 178,204 |  |  |
Real estate: |  |  |  |  |  |  |  |
Construction & other land loans |  | 81,264 |  |  |  |  | 109,175 |  |  |
Commercial real estate - owner occupied |  | 197,228 |  |  |  |  | 194,663 |  |  |
Commercial real estate - non-owner occupied |  | 525,835 |  |  |  |  | 464,809 |  |  |
Farmland |  | 123,467 |  |  |  |  | 119,648 |  |  |
Multi-family residential |  | 44,794 |  |  |  |  | 24,586 |  |  |
1-4 family - close-ended |  | 95,573 |  |  |  |  | 93,510 |  |  |
1-4 family - revolving |  | 28,251 |  |  |  |  | 30,071 |  |  |
Total real estate |  | 1,096,412 |  |  |  |  | 1,036,462 |  |  |
Consumer |  | 46,204 |  |  |  |  | 40,252 |  |  |
Total gross loans |  | 1,273,867 |  |  |  |  | 1,254,918 |  |  |
Net deferred origination fees |  | 1,544 |  |  |  |  | 1,386 |  |  |
Loans, net of deferred origination fees |  | 1,275,411 |  |  |  |  | 1,256,304 |  |  |
Allowance for credit losses |  | (15,534) |  |  |  |  | (10,848) |  |  |
Total loans, net |  | $ | 1,259,877 |  |  |  |  | $ | 1,245,456 |  |  |
At September 30, 2023 and December 31, 2022, loans originated under Small Business Administration (SBA) programs totaling $18,246,000 and $19,947,000, respectively, were included in the real estate and commercial categories, of which, $13,955,000 or 76% and $15,333,000 or 77%, respectively, are secured by government guarantees. Allowance for Credit Losses on Loans The measurement of the allowance for credit losses on collectively evaluated loans is based on modeled expectations of lifetime expected credit losses utilizing national and local peer group historical losses, weighting of economic scenarios, and other relevant factors. The Company incorporates forward-looking information using macroeconomic scenarios, which include variables that are considered key drivers of credit losses within the portfolio. The Company uses a probability-weighted, multiple scenario forecast approach. These scenarios may consist of a base forecast representing the most likely outcome, combined with downside or upside scenarios reflecting possible worsening or improving economic conditions. When a loan no longer shares similar risk characteristics with other loans, such as in the case of certain nonaccrual loans, the Company estimates the allowance for credit losses on an individual loan basis. There were no loans on nonaccrual or individually evaluated as of September 30, 2023 or December 31, 2022. The following table shows the summary of activities for the allowance for credit losses for the three months ended September 30, 2023 and 2022 by portfolio segment (in thousands):
|  | Commercial |  | Commercial Real Estate |  | 1-4 Family Real Estate |  | Consumer |  |  |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, July 1, 2023 |  | $ | 1,477 |  |  | $ | 10,684 |  |  | $ | 2,489 |  |  | $ | 813 |  |  |  |  | $ | 15,463 |
Provision (credit) for credit losses (1) |  | 161 |  |  | 195 |  |  | (71) |  |  | (20) |  |  |  |  | 265 |
Charge-offs |  | (236) |  |  | — |  |  | — |  |  | (18) |  |  |  |  | (254) |
Recoveries |  | 38 |  |  | — |  |  | 2 |  |  | 20 |  |  |  |  | 60 |
Ending balance, September 30, 2023 |  | $ | 1,440 |  |  | $ | 10,879 |  |  | $ | 2,420 |  |  | $ | 795 |  |  |  |  | $ | 15,534 |
(1) Represents credit losses for loans only. The provision for credit losses on the Consolidated Statements of Income of $186 includes a $(175) credit for held-to-maturity securities and a $96 provision for unfunded loan commitments.
|  | Commercial |  | Real Estate |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |
Beginning balance, July 1, 2022 |  | $ | 1,973 |  |  | $ | 6,994 |  |  | $ | 769 |  |  | $ | 137 |  |  | $ | 9,873 |
Provision (credit) for credit losses (1) |  | 118 |  |  | 418 |  |  | (29) |  |  | (7) |  |  | 500 |
Charge-offs |  | — |  | — |  | — |  |  | (20) |  |  | — |  |  | (20) |
Recoveries |  | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
Ending balance, September 30, 2022 |  | $ | 2,091 |  |  | $ | 7,412 |  |  | $ | 733 |  |  | $ | 130 |  |  | $ | 10,366 |
(1) Represents credit losses for loans only. The provision for credit losses on the Consolidated Statements of Income of $495 includes a $5 provision for unfunded loan commitments. The following table shows the summary of activities for the allowance for credit losses as of and for the nine months ended September 30, 2023 and 2022 by portfolio segment (in thousands):
|  | Commercial |  | Commercial Real Estate |  | 1-4 Family Real Estate |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, January 1, 2023 prior to adoption of ASU 2016-13 (CECL) |  | $ | 1,814 |  |  | $ | 7,803 |  |  | $ | 607 |  |  | $ | 284 |  |  | $ | 340 |  |  | $ | 10,848 |
Impact of adoption of ASU 2016-13 |  | 454 |  |  | 1,693 |  |  | 1,614 |  |  | 489 |  |  | (340) |  |  | 3,910 |
(Credit) provision for credit losses (1) |  | (630) |  |  | 1,383 |  |  | 184 |  |  | 30 |  |  | — |  |  | 967 |
Charge-offs |  | (558) |  |  | — |  |  | — |  |  | (53) |  |  | — |  |  | (611) |
Recoveries |  | 360 |  |  | — |  |  | 15 |  |  | 45 |  |  | — |  |  | 420 |
Ending balance, September 30, 2023 |  | $ | 1,440 |  |  | $ | 10,879 |  |  | $ | 2,420 |  |  | $ | 795 |  |  | $ | — |  |  | $ | 15,534 |
(1) Represents credit losses for loans only. The provision for credit losses on the Consolidated Statements of Income of $476 includes a $(495) credit for held-to-maturity securities and a $4 provision for unfunded loan commitments.
|  | Commercial |  | Real Estate |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |
Beginning balance, January 1, 2022 |  | $ | 2,011 |  |  | $ | 6,741 |  |  | $ | 568 |  |  | $ | 280 |  |  | $ | 9,600 |
(Credit) provision for credit losses (1) |  | (269) |  |  | 671 |  |  | 248 |  |  | (150) |  |  | 500 |
Charge-offs |  | (18) |  |  | — |  |  | (120) |  |  | — |  |  | (138) |
Recoveries |  | 367 |  |  | — |  |  | 37 |  |  | — |  |  | 404 |
Ending balance, September 30, 2022 |  | $ | 2,091 |  |  | $ | 7,412 |  |  | $ | 733 |  |  | $ | 130 |  |  | $ | 10,366 |
(1) Represents credit losses for loans only. The provision for credit losses on the Consolidated Statements of Income of $495 includes a $5 provision for unfunded loan commitments. During the three and nine month periods ended September 30, 2023, the provision for credit losses was primarily driven by weakening economic scenario forecasts in commercial real estate and multi-family and increases in commercial real estate and multi-family loan balances, partially offset by lower loan balances in the commercial loan segment. Management believes that the allowance for credit losses at September 30, 2023 appropriately reflected expected credit losses in the loan portfolio at that date. The following table shows the loan portfolio by class, net of deferred fees, allocated by management’s internal risk ratings for the period indicated (in thousands):
| Term Loans Amortized Cost Basis by Origination Year As of September 30, 2023 |  |  |  |
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Converted to Term | Total |
Commercial and industrial |
Pass/Watch | $ | 16,221 |  | $ | 22,452 |  | $ | 21,652 |  | $ | 4,966 |  | $ | 1,852 |  | $ | 8,127 |  | $ | 25,568 |  | $ | 215 |  | $ | 101,053 |  |
Special mention | — |  | 294 |  | 151 |  | 188 |  | 703 |  | 276 |  | 3,500 |  | — |  | 5,112 |  |
Substandard | — |  | — |  | — |  | 192 |  | — |  | 87 |  | — |  | — |  | 279 |  |
Total | $ | 16,221 |  | $ | 22,746 |  | $ | 21,803 |  | $ | 5,346 |  | $ | 2,555 |  | $ | 8,490 |  | $ | 29,068 |  | $ | 215 |  | $ | 106,444 |  |
Current period gross write-offs | $ | 241 |  | $ | — |  | $ | 323 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 564 |  |
Agricultural production |
Pass/Watch | $ | 144 |  | $ | 242 |  | $ | 15 |  | $ | — |  | $ | 251 |  | $ | 162 |  | $ | 15,105 |  | $ | 999 |  | $ | 16,918 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | 6,940 |  | — |  | 6,940 |  |
Substandard | — |  | 1,366 |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,366 |  |
Total | $ | 144 |  | $ | 1,608 |  | $ | 15 |  | $ | — |  | $ | 251 |  | $ | 162 |  | $ | 22,045 |  | $ | 999 |  | $ | 25,224 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Construction & other land loans |
Pass/Watch | $ | 1,734 |  | $ | 18,366 |  | $ | 21,988 |  | $ | 10,801 |  | $ | 1,677 |  | $ | 2,795 |  | $ | 5,263 |  | $ | — |  | $ | 62,624 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | 2,452 |  | — |  | — |  | 15,928 |  | — |  | — |  | — |  | 18,380 |  |
Total | $ | 1,734 |  | $ | 20,818 |  | $ | 21,988 |  | $ | 10,801 |  | $ | 17,605 |  | $ | 2,795 |  | $ | 5,263 |  | $ | — |  | $ | 81,004 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Commercial real estate - owner occupied |
Pass/Watch | $ | 13,216 |  | $ | 23,104 |  | $ | 20,962 |  | $ | 28,148 |  | $ | 22,170 |  | $ | 82,973 |  | $ | 2,887 |  | $ | — |  | $ | 193,460 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | 1,420 |  | 247 |  | — |  | 1,667 |  |
Substandard | — |  | — |  | — |  | — |  | — |  | 2,126 |  | — |  | — |  | 2,126 |  |
Total | $ | 13,216 |  | $ | 23,104 |  | $ | 20,962 |  | $ | 28,148 |  | $ | 22,170 |  | $ | 86,519 |  | $ | 3,134 |  | $ | — |  | $ | 197,253 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Commercial real estate - non-owner occupied |
Pass/Watch | $ | 71,209 |  | $ | 114,906 |  | $ | 77,927 |  | $ | 40,903 |  | $ | 23,257 |  | $ | 181,300 |  | $ | 12,308 |  | $ | — |  | $ | 521,810 |  |
Special mention | — |  | 600 |  | — |  | — |  | — |  | 434 |  | — |  | — |  | 1,034 |  |
Substandard | — |  | — |  | — |  | — |  | — |  | 2,362 |  | — |  | — |  | 2,362 |  |
Total | $ | 71,209 |  | $ | 115,506 |  | $ | 77,927 |  | $ | 40,903 |  | $ | 23,257 |  | $ | 184,096 |  | $ | 12,308 |  | $ | — |  | $ | 525,206 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Farmland |  |  |  |  |  |  |  |  |  |
Pass/Watch | $ | 5,597 |  | $ | 23,972 |  | $ | 10,960 |  | $ | 29,810 |  | $ | 11,221 |  | $ | 23,816 |  | $ | 13,685 |  | $ | 1,955 |  | $ | 121,016 |  |
Special mention | — |  | — |  | — |  | 2,213 |  | — |  | — |  | — |  | — |  | 2,213 |  |
Substandard | — |  | — |  | — |  | — |  | — |  | 196 |  | — |  | — |  | 196 |  |
Total | $ | 5,597 |  | $ | 23,972 |  | $ | 10,960 |  | $ | 32,023 |  | $ | 11,221 |  | $ | 24,012 |  | $ | 13,685 |  | $ | 1,955 |  | $ | 123,425 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Multi-family residential |
Pass/Watch | $ | 2,992 |  | $ | 1,858 |  | $ | 20,358 |  | $ | 2,381 |  | $ | 4,561 |  | $ | 12,134 |  | $ | 531 |  | $ | — |  | $ | 44,815 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total | $ | 2,992 |  | $ | 1,858 |  | $ | 20,358 |  | $ | 2,381 |  | $ | 4,561 |  | $ | 12,134 |  | $ | 531 |  | $ | — |  | $ | 44,815 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
1-4 family - close-ended |
Pass/Watch | $ | — |  | $ | 64,585 |  | $ | 8,052 |  | $ | 2,305 |  | $ | 2,122 |  | $ | 18,624 |  | $ | — |  | $ | — |  | $ | 95,688 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total | $ | — |  | $ | 64,585 |  | $ | 8,052 |  | $ | 2,305 |  | $ | 2,122 |  | $ | 18,624 |  | $ | — |  | $ | — |  | $ | 95,688 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
1-4 family - revolving |  |  |  |  |  |  |  |  |  |
Pass/Watch |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 22,376 |  | $ | 6,103 |  | $ | 28,479 |  |
Special mention |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 22,376 |  | $ | 6,103 |  | $ | 28,479 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Consumer |  |  |  |  |  |  |  |  |  |
Pass/Watch | $ | 23,021 |  | $ | 9,655 |  | $ | 7,254 |  | $ | 2,450 |  | $ | 2,168 |  | $ | 2,650 |  | $ | 640 |  | $ | 4 |  | $ | 47,842 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | — |  | 31 |  | — |  | — |  | — |  | — |  | — |  | 31 |  |
Total | $ | 23,021 |  | $ | 9,655 |  | $ | 7,285 |  | $ | 2,450 |  | $ | 2,168 |  | $ | 2,650 |  | $ | 640 |  | $ | 4 |  | $ | 47,873 |  |
Current period gross write-offs | $ | 20 |  | $ | — |  | $ | — |  | $ | — |  | $ | 27 |  | $ | — |  | $ | — |  | $ | — |  | $ | 47 |  |
Total loans outstanding (risk rating): |  |  |  |  |  |  |  |  |  |
Pass/Watch | $ | 134,134 |  | $ | 279,140 |  | $ | 189,168 |  | $ | 121,764 |  | $ | 69,279 |  | $ | 332,581 |  | $ | 98,363 |  | $ | 9,276 |  | $ | 1,233,705 |  |
Special mention | — |  | 894 |  | 151 |  | 2,401 |  | 703 |  | 2,130 |  | 10,687 |  | — |  | 16,966 |  |
Substandard | — |  | 3,818 |  | 31 |  | 192 |  | 15,928 |  | 4,771 |  | — |  | — |  | 24,740 |  |
Grand Total | $ | 134,134 |  | $ | 283,852 |  | $ | 189,350 |  | $ | 124,357 |  | $ | 85,910 |  | $ | 339,482 |  | $ | 109,050 |  | $ | 9,276 |  | $ | 1,275,411 |  |
Current period total gross write-offs | $ | 261 |  | $ | — |  | $ | 323 |  | $ | — |  | $ | 27 |  | $ | — |  | $ | — |  | $ | — |  | $ | 611 |  |
The following table shows the loan portfolio by class, net of deferred fees, allocated by management’s internal risk ratings at December 31, 2022 (in thousands):
|  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
Commercial: |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 131,300 |  |  | $ | 8,707 |  |  | $ | 1,655 |  |  | $ | — |  |  | $ | 141,662 |
Agricultural production |  | 24,926 |  |  | 6,713 |  |  | 5,399 |  |  | — |  |  | 37,038 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Construction & other land loans |  | 93,817 |  |  | — |  |  | 15,024 |  |  | — |  |  | 108,841 |
Commercial real estate - owner occupied |  | 189,344 |  |  | 3,283 |  |  | 2,169 |  |  | — |  |  | 194,796 |
Commercial real estate - non-owner occupied |  | 458,746 |  |  | 3,440 |  |  | 2,412 |  |  | — |  |  | 464,598 |
Farmland |  | 109,898 |  |  | 8,879 |  |  | 824 |  |  | — |  |  | 119,601 |
Multi-family residential |  | 24,636 |  |  | — |  |  | — |  |  | — |  |  | 24,636 |
1-4 family - close-ended |  | 93,644 |  |  | — |  |  | — |  |  | — |  |  | 93,644 |
1-4 family - revolving |  | 30,031 |  |  | — |  |  | 266 |  |  | — |  |  | 30,297 |
Consumer: |  | 41,155 |  |  | 2 |  |  | 34 |  |  | — |  |  | 41,191 |
Total |  | $ | 1,197,497 |  |  | $ | 31,024 |  |  | $ | 27,783 |  |  | $ | — |  |  | $ | 1,256,304 |
The following table shows an aging analysis of the loan portfolio by class at September 30, 2023 (in thousands):
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 89 Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Loans Past Due > 89 Days, Still Accruing |  | Non-accrual
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | 106,024 |  |  | $ | 106,061 |  |  | $ | — |  |  | $ | — |
Agricultural production |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,190 |  |  | 25,190 |  |  | — |  |  | — |
Real estate: |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & other land loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 81,264 |  |  | 81,264 |  |  | — |  |  | — |
Commercial real estate - owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | 197,228 |  |  | 197,228 |  |  | — |  |  | — |
Commercial real estate - non-owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | 525,835 |  |  | 525,835 |  |  | — |  |  | — |
Farmland |  | — |  |  | — |  |  | — |  |  | — |  |  | 123,467 |  |  | 123,467 |  |  | — |  |  | — |
Multi-family residential |  | — |  |  | — |  |  | — |  |  | — |  |  | 44,794 |  |  | 44,794 |  |  | — |  |  | — |
1-4 family - close-ended |  | — |  |  | — |  |  | — |  |  | — |  |  | 95,573 |  |  | 95,573 |  |  | — |  |  | — |
1-4 family - revolving |  | — |  |  | — |  |  | — |  |  | — |  |  | 28,251 |  |  | 28,251 |  |  | — |  |  | — |
Consumer |  | 199 |  |  | — |  |  | — |  |  | 199 |  |  | 46,005 |  |  | 46,204 |  |  | — |  |  | — |
Deferred fees |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | 1,544 |  |  | 1,544 |  |  | — |  |  | — |
Total |  | $ | 236 |  |  | $ | — |  |  | $ | — |  |  | $ | 236 |  |  | $ | 1,275,175 |  |  | $ | 1,275,411 |  |  | $ | — |  |  | $ | — |
The following table shows an aging analysis of the loan portfolio by class at December 31, 2022 (in thousands):
|  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 89 Days Past Due |  | Total Past Due |  | Current |  | Total Loans |  | Loans Past Due > 89 Days, Still Accruing |  | Non- accrual
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 440 |  |  | $ | — |  |  | $ | — |  |  | $ | 440 |  |  | $ | 140,757 |  |  | $ | 141,197 |  |  | $ | — |  |  | $ | — |
Agricultural production |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,007 |  |  | 37,007 |  |  | — |  |  | — |
Real estate: |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & other land loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 109,175 |  |  | 109,175 |  |  | — |  |  | — |
Commercial real estate - owner occupied |  | 250 |  |  | — |  |  | — |  |  | 250 |  |  | 194,413 |  |  | 194,663 |  |  | — |  |  | — |
Commercial real estate - non-owner occupied |  | 4,507 |  |  | — |  |  | — |  |  | 4,507 |  |  | 460,302 |  |  | 464,809 |  |  | — |  |  | — |
Farmland |  | — |  |  | — |  |  | — |  |  | — |  |  | 119,648 |  |  | 119,648 |  |  | — |  |  | — |
Multi-family residential |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,586 |  |  | 24,586 |  |  | — |  |  | — |
1-4 family - close-ended |  | — |  |  | — |  |  | — |  |  | — |  |  | 93,510 |  |  | 93,510 |  |  | — |  |  | — |
1-4 family - revolving |  | 465 |  |  | — |  |  | — |  |  | 465 |  |  | 29,606 |  |  | 30,071 |  |  | — |  |  | — |
Consumer |  | 233 |  |  | — |  |  | — |  |  | 233 |  |  | 40,019 |  |  | 40,252 |  |  | — |  |  | — |
Deferred fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,386 |  |  | 1,386 |  |  | — |  |  | — |
Total |  | $ | 5,895 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,895 |  |  | $ | 1,250,409 |  |  | $ | 1,256,304 |  |  | $ | — |  |  | $ | — |
As of September 30, 2023 and December 31, 2022 there were no collateral dependent loans. There was no foregone interest on nonaccrual loans for the three and nine month periods ended September 30, 2023. Foregone interest on nonaccrual loans totaled $75,000 and $132,000 for the three and nine month periods ended September 30, 2022, respectively. Occasionally, the Company modifies loans to borrowers in financial distress by providing reductions of the stated interest rate of the loan or an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk. There were no loan modifications granted to borrowers experiencing financial difficulty during the nine month period ended September 30, 2023 or during 2022. As of December 31, 2022, the Company had a recorded investment in troubled debt restructurings (“TDR”) of $2,372,000. The Company allocated $314,000 of specific reserves for those loans at December 31, 2022. The Company committed to lend no additional amounts as of December 31, 2022 to customers with outstanding loans that were classified as troubled debt restructurings.

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