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Loans and Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Loans and Allowance for Credit Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES 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 $4,752,000 and $4,512,000 at December 31, 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) |  | December 31, 2023 |  |  |  | December 31, 2022 |  |
Commercial: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 105,466 |  |  |  |  | $ | 141,197 |  |  |
Agricultural production |  | 33,556 |  |  |  |  | 37,007 |  |  |
Total commercial |  | 139,022 |  |  |  |  | 178,204 |  |  |
Real estate: |  |  |  |  |  |  |  |
Construction & other land loans |  | 33,472 |  |  |  |  | 109,175 |  |  |
Commercial real estate - owner occupied |  | 215,146 |  |  |  |  | 194,663 |  |  |
Commercial real estate - non-owner occupied |  | 539,522 |  |  |  |  | 464,809 |  |  |
Farmland |  | 120,674 |  |  |  |  | 119,648 |  |  |
Multi-family residential |  | 61,307 |  |  |  |  | 24,586 |  |  |
1-4 family - close-ended |  | 96,558 |  |  |  |  | 93,510 |  |  |
1-4 family - revolving |  | 27,648 |  |  |  |  | 30,071 |  |  |
Total real estate |  | 1,094,327 |  |  |  |  | 1,036,462 |  |  |
Consumer |  | 55,606 |  |  |  |  | 40,252 |  |  |
Total gross loans |  | 1,288,955 |  |  |  |  | 1,254,918 |  |  |
Net deferred origination fees |  | 1,842 |  |  |  |  | 1,386 |  |  |
Loans, net of deferred origination fees |  | 1,290,797 |  |  |  |  | 1,256,304 |  |  |
Allowance for credit losses |  | (14,653) |  |  |  |  | (10,848) |  |  |
Total loans, net |  | $ | 1,276,144 |  |  |  |  | $ | 1,245,456 |  |  |
At December 31, 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 December 31, 2023 or December 31, 2022. The following table shows the summary of activities for the allowance for credit losses as of and for the year ended December 31, 2023, 2022, and 2021 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) |  | (766) |  |  | 296 |  |  | 199 |  |  | 186 |  |  | — |  |  | (85) |
Charge-offs |  | (636) |  |  | — |  |  | — |  |  | (53) |  |  | — |  |  | (689) |
Recoveries |  | 609 |  |  | — |  |  | 15 |  |  | 45 |  |  | — |  |  | 669 |
Ending balance, December 31, 2023 |  | $ | 1,475 |  |  | $ | 9,792 |  |  | $ | 2,435 |  |  | $ | 951 |  |  | $ | — |  |  | $ | 14,653 |
(1) Represents credit losses for loans only. The provision for credit losses on the Consolidated Statements of Income of $309 includes a $276 provision for held-to-maturity securities and a $118 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) |  | (531) |  |  | 1,062 |  |  | 409 |  |  | 60 |  |  | 1,000 |
Charge-offs |  | (27) |  |  | — |  |  | (151) |  |  | — |  |  | (178) |
Recoveries |  | 367 |  |  | — |  |  | 59 |  |  | — |  |  | 426 |
Ending balance, December 31, 2022 |  | $ | 1,820 |  |  | $ | 7,803 |  |  | $ | 885 |  |  | $ | 340 |  |  | $ | 10,848 |
(1) Represents credit losses for loans only. The provision for credit losses on the Consolidated Statements of Income of $995 includes a $(5) credit for unfunded loan commitments.
|  | Commercial |  | Real Estate |  | Consumer |  | Unallocated |  | Total
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |
Beginning balance, January 1, 2021 |  | $ | 2,019 |  |  | $ | 9,174 |  |  | $ | 1,091 |  |  | $ | 631 |  |  | $ | 12,915 |
Credit for credit losses (1) |  | (663) |  |  | (2,752) |  |  | (534) |  |  | (351) |  |  | (4,300) |
Charge-offs |  | (46) |  |  | — |  |  | (221) |  |  | — |  |  | (267) |
Recoveries |  | 701 |  |  | 319 |  |  | 232 |  |  | — |  |  | 1,252 |
Ending balance, December 31, 2021 |  | $ | 2,011 |  |  | $ | 6,741 |  |  | $ | 568 |  |  | $ | 280 |  |  | $ | 9,600 |
(1) Represents credit losses for loans only. The credit for credit losses on the Consolidated Statements of Income of $(4,435) includes a $(135) credit for unfunded loan commitments. During the year ended December 31, 2023, the credit to credit losses was primarily driven by stable economic scenario forecasts in commercial real estates, partially offset by loan balances changes. Management believes that the allowance for credit losses at December 31, 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 December 31, 2023 |  |  |  |
| 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Converted to Term | Total |
Commercial and industrial |
Pass/Watch | $ | 19,886 |  | $ | 17,129 |  | $ | 21,050 |  | $ | 4,643 |  | $ | 1,561 |  | $ | 6,980 |  | $ | 29,391 |  | $ | 215 |  | $ | 100,855 |  |
Special mention | — |  | 277 |  | 139 |  | 183 |  | 107 |  | 272 |  | 3,750 |  | — |  | 4,728 |  |
Substandard | — |  | — |  | — |  | 156 |  | — |  | 66 |  | — |  | — |  | 222 |  |
Total | $ | 19,886 |  | $ | 17,406 |  | $ | 21,189 |  | $ | 4,982 |  | $ | 1,668 |  | $ | 7,318 |  | $ | 33,141 |  | $ | 215 |  | $ | 105,805 |  |
Current period gross write-offs | $ | 241 |  | $ | — |  | $ | 323 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 564 |  |
Agricultural production |
Pass/Watch | $ | 153 |  | $ | 830 |  | $ | 14 |  | $ | — |  | $ | 251 |  | $ | 112 |  | $ | 30,241 |  | $ | 999 |  | $ | 32,600 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | 676 |  | — |  | — |  | — |  | — |  | 300 |  | — |  | 976 |  |
Total | $ | 153 |  | $ | 1,506 |  | $ | 14 |  | $ | — |  | $ | 251 |  | $ | 112 |  | $ | 30,541 |  | $ | 999 |  | $ | 33,576 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Construction & other land loans |
Pass/Watch | $ | 6,953 |  | $ | 15,593 |  | $ | 1,305 |  | $ | 701 |  | $ | 1,538 |  | $ | 3,039 |  | $ | 4,167 |  | $ | — |  | $ | 33,296 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total | $ | 6,953 |  | $ | 15,593 |  | $ | 1,305 |  | $ | 701 |  | $ | 1,538 |  | $ | 3,039 |  | $ | 4,167 |  | $ | — |  | $ | 33,296 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Commercial real estate - owner occupied |
Pass/Watch | $ | 20,648 |  | $ | 25,132 |  | $ | 20,783 |  | $ | 39,356 |  | $ | 21,831 |  | $ | 80,384 |  | $ | 3,207 |  | $ | — |  | $ | 211,341 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | 3,026 |  | 272 |  | — |  | 3,298 |  |
Substandard | — |  | — |  | — |  | — |  | — |  | 497 |  | — |  | — |  | 497 |  |
Total | $ | 20,648 |  | $ | 25,132 |  | $ | 20,783 |  | $ | 39,356 |  | $ | 21,831 |  | $ | 83,907 |  | $ | 3,479 |  | $ | — |  | $ | 215,136 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Commercial real estate - non-owner occupied |
Pass/Watch | $ | 81,153 |  | $ | 115,031 |  | $ | 77,375 |  | $ | 38,307 |  | $ | 12,181 |  | $ | 175,419 |  | $ | 19,218 |  | $ | 3,216 |  | $ | 521,900 |  |
Special mention | — |  | 600 |  | — |  | — |  | — |  | 374 |  | — |  | — |  | 974 |  |
Substandard | — |  | — |  | — |  | — |  | 13,625 |  | 2,344 |  | — |  | — |  | 15,969 |  |
Total | $ | 81,153 |  | $ | 115,631 |  | $ | 77,375 |  | $ | 38,307 |  | $ | 25,806 |  | $ | 178,137 |  | $ | 19,218 |  | $ | 3,216 |  | $ | 538,843 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Farmland |  |  |  |  |  |  |  |  |  |
Pass/Watch | $ | 8,382 |  | $ | 24,063 |  | $ | 10,873 |  | $ | 29,770 |  | $ | 11,155 |  | $ | 23,324 |  | $ | 8,695 |  | $ | 1,955 |  | $ | 118,217 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | — |  | — |  | 2,213 |  | — |  | 200 |  | — |  | — |  | 2,413 |  |
Total | $ | 8,382 |  | $ | 24,063 |  | $ | 10,873 |  | $ | 31,983 |  | $ | 11,155 |  | $ | 23,524 |  | $ | 8,695 |  | $ | 1,955 |  | $ | 120,630 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
Multi-family residential |
Pass/Watch | $ | 2,988 |  | $ | 1,847 |  | $ | 38,644 |  | $ | 2,364 |  | $ | 4,538 |  | $ | 10,417 |  | $ | 532 |  | $ | — |  | $ | 61,330 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total | $ | 2,988 |  | $ | 1,847 |  | $ | 38,644 |  | $ | 2,364 |  | $ | 4,538 |  | $ | 10,417 |  | $ | 532 |  | $ | — |  | $ | 61,330 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
1-4 family - close-ended |
Pass/Watch | $ | 1,689 |  | $ | 64,056 |  | $ | 7,898 |  | $ | 2,259 |  | $ | 1,703 |  | $ | 18,237 |  | $ | — |  | $ | 809 |  | $ | 96,651 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total | $ | 1,689 |  | $ | 64,056 |  | $ | 7,898 |  | $ | 2,259 |  | $ | 1,703 |  | $ | 18,237 |  | $ | — |  | $ | 809 |  | $ | 96,651 |  |
Current period gross write-offs | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |
1-4 family - revolving |  |  |  |  |  |  |  |  |  |
Pass/Watch | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 21,662 |  | $ | 6,213 |  | $ | 27,875 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Total | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 21,662 |  | $ | 6,213 |  | $ | 27,875 |  |
Current period gross write-offs | $ | 75 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 75 |  |
Consumer |  |  |  |  |  |  |  |  |  |
Pass/Watch | $ | 34,866 |  | $ | 8,745 |  | $ | 6,503 |  | $ | 2,265 |  | $ | 2,007 |  | $ | 2,398 |  | $ | 643 |  | $ | 4 |  | $ | 57,431 |  |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |
Substandard | 182 |  | — |  | 42 |  | — |  | — |  | — |  | — |  | — |  | 224 |  |
Total | $ | 35,048 |  | $ | 8,745 |  | $ | 6,545 |  | $ | 2,265 |  | $ | 2,007 |  | $ | 2,398 |  | $ | 643 |  | $ | 4 |  | $ | 57,655 |  |
Current period gross write-offs | $ | 23 |  | $ | — |  | $ | — |  | $ | — |  | $ | 27 |  | $ | — |  | $ | — |  | $ | — |  | $ | 50 |  |
Total loans outstanding (risk rating): |  |  |  |  |  |  |  |  |  |
Pass/Watch | $ | 176,718 |  | $ | 272,426 |  | $ | 184,445 |  | $ | 119,665 |  | $ | 56,765 |  | $ | 320,310 |  | $ | 117,756 |  | $ | 13,411 |  | $ | 1,261,496 |  |
Special mention | — |  | 877 |  | 139 |  | 183 |  | 107 |  | 3,672 |  | 4,022 |  | — |  | 9,000 |  |
Substandard | 182 |  | 676 |  | 42 |  | 2,369 |  | 13,625 |  | 3,107 |  | 300 |  | — |  | 20,301 |  |
Grand Total | $ | 176,900 |  | $ | 273,979 |  | $ | 184,626 |  | $ | 122,217 |  | $ | 70,497 |  | $ | 327,089 |  | $ | 122,078 |  | $ | 13,411 |  | $ | 1,290,797 |  |
Current period total gross write-offs | $ | 339 |  | $ | — |  | $ | 323 |  | $ | — |  | $ | 27 |  | $ | — |  | $ | — |  | $ | — |  | $ | 689 |  |
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 December 31, 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 |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | 105,441 |  |  | $ | 105,466 |  |  | $ | — |  |  | $ | — |
Agricultural production |  | 507 |  |  | — |  |  | — |  |  | 507 |  |  | 33,049 |  |  | 33,556 |  |  | — |  |  | — |
Real estate: |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & other land loans |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,472 |  |  | 33,472 |  |  | — |  |  | — |
Commercial real estate - owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | 215,146 |  |  | 215,146 |  |  | — |  |  | — |
Commercial real estate - non-owner occupied |  | — |  |  | — |  |  | — |  |  | — |  |  | 539,522 |  |  | 539,522 |  |  | — |  |  | — |
Farmland |  | — |  |  | — |  |  | — |  |  | — |  |  | 120,674 |  |  | 120,674 |  |  | — |  |  | — |
Multi-family residential |  | — |  |  | — |  |  | — |  |  | — |  |  | 61,307 |  |  | 61,307 |  |  | — |  |  | — |
1-4 family - close-ended |  | 2,973 |  |  | — |  |  | — |  |  | — |  |  | 96,558 |  |  | 96,558 |  |  | — |  |  | — |
1-4 family - revolving |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,648 |  |  | 27,648 |  |  | — |  |  | — |
Consumer |  | 169 |  |  | 68 |  |  | — |  |  | 237 |  |  | 55,369 |  |  | 55,606 |  |  | — |  |  | — |
Deferred fees |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | 1,842 |  |  | 1,842 |  |  | — |  |  | — |
Total |  | $ | 3,674 |  |  | $ | 68 |  |  | $ | — |  |  | $ | 769 |  |  | $ | 1,290,028 |  |  | $ | 1,290,797 |  |  | $ | — |  |  | $ | — |
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: |  | — |  |  |  |  |  |  |  |  | 0 |  |  |  |  |  |
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 December 31, 2023 and December 31, 2022 there were no collateral dependent loans. There was no foregone interest on nonaccrual loans for the year ended December 31, 2023. Foregone interest on nonaccrual loans totaled $132,000 and $99,000 for the years ended December 31, 2022 and 2021, 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 years ended December 31, 2023 or 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. 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 |
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 |
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 |

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