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Loans and Allowance for Credit Losses on Loans - (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Loans by Class

The following table presents the amortized cost of loans by class as of September 30, 2021 and December 31, 2020.

(in thousands)			September 30, 2021			December 31, 2020
Commercial and industrial			$	377,965		$	498,408
Real estate:
Commercial owner-occupied			398,543			304,963
Commercial investor-owned			1,157,344			961,208
Construction			125,060			73,046
Home equity			92,396			104,813
Other residential			117,778			123,395
Installment and other consumer loans			47,933			22,723
Total loans, at amortized cost 1			2,317,019			2,088,556
Allowance for credit losses on loans			(22,414)			(22,874)
Total loans, net			$	2,294,605		$	2,065,682

1 Amortized cost includes net deferred loan origination fees of $(2.9) million and $(4.9) million at September 30, 2021 and December 31, 2020, respectively. Amounts are also net of unrecognized purchase discounts of $2,834 thousand and $815 thousand at September 30, 2021 and December 31, 2020, respectively. Amortized cost excludes accrued interest, which totaled $7.7 million and $8.8 million at September 30, 2021 and December 31, 2020, respectively, and is included in interest receivable and other assets in the consolidated statements of condition.

Financing Receivable Credit Quality Indicators

The following tables present the loan portfolio by loan class, origination year and internal risk rating as of September 30, 2021 and December 31, 2020. Generally, existing term loans that were re-underwritten are reflected in the table in the year of renewal. Lines of credit that have a conversion feature at the time of origination, such as construction to perm loans, are presented by year of origination.

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
September 30, 2021			2021			2020			2019			2018			2017			Prior						Total
Commercial and industrial:
Pass			$	130,037		$	54,621		$	28,941		$	18,245		$	3,044		$	33,707		$	101,044		$	369,639
Special Mention			—			1,787			613			346			—			2			4,037			6,785
Substandard			—			—			—			—			—			—			1,541			1,541
Total commercial and industrial			$	130,037		$	56,408		$	29,554		$	18,591		$	3,044		$	33,709		$	106,622		$	377,965
Commercial real estate, owner-occupied:
Pass			$	40,399		$	43,782		$	50,976		$	53,139		$	42,410		$	109,020		$	—		$	339,726
Special Mention			—			—			—			7,889			16,418			20,110			—			44,417
Substandard			—			7,155			289			—			—			6,838			—			14,282
Doubtful			—			118			—			—			—			—			—			118
Total commercial real estate, owner-occupied			$	40,399		$	51,055		$	51,265		$	61,028		$	58,828		$	135,968		$	—		$	398,543
Commercial real estate, investor-owned:
Pass			$	153,943		$	188,064		$	188,508		$	135,653		$	83,895		$	352,715		$	90		$	1,102,868
Special Mention			—			1,210			2,715			19,345			1,796			27,167			—			52,233
Substandard			—			—			—			709			—			1,534			—			2,243
Total commercial real estate, investor-owned			$	153,943		$	189,274		$	191,223		$	155,707		$	85,691		$	381,416		$	90		$	1,157,344
Construction:
Pass			$	26,902		$	63,355		$	25,696		$	9,107		$	—		$	—		$	—		$	125,060
Total construction			$	26,902		$	63,355		$	25,696		$	9,107		$	—		$	—		$	—		$	125,060
Home equity:
Pass			$	—		$	—		$	—		$	—		$	—		$	259		$	91,333		$	91,592
Substandard			—			—			—			—			—			384			420			804
Total home equity			$	—		$	—		$	—		$	—		$	—		$	643		$	91,753		$	92,396
Other residential:
Pass			$	14,229		$	32,700		$	26,347		$	17,476		$	8,374		$	18,652		$	—		$	117,778
Total other residential			$	14,229		$	32,700		$	26,347		$	17,476		$	8,374		$	18,652		$	—		$	117,778
Installment and other consumer:
Pass			$	12,311		$	8,514		$	11,620		$	5,777		$	1,129		$	6,833		$	1,749		$	47,933
Total installment and other consumer			$	12,311		$	8,514		$	11,620		$	5,777		$	1,129		$	6,833		$	1,749		$	47,933
Total loans:
Pass			$	377,821		$	391,036		$	332,088		$	239,397		$	138,852		$	521,186		$	194,216		$	2,194,596
Total Special Mention			$	—		$	2,997		$	3,328		$	27,580		$	18,214		$	47,279		$	4,037		$	103,435
Total Substandard			$	—		$	7,155		$	289		$	709		$	—		$	8,756		$	1,961		$	18,870
Total Doubtful			$	—		$	118		$	—		$	—		$	—		$	—		$	—		$	118
Totals			$	377,821		$	401,306		$	335,705		$	267,686		$	157,066		$	577,221		$	200,214		$	2,317,019

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
December 31, 2020			2020			2019			2018			2017			2016			Prior						Total
Commercial and industrial:
Pass			$	308,237		$	22,589		$	12,596		$	4,508		$	5,915		$	34,282		$	85,889		$	474,016
Special Mention			—			2,034			1,318			141			11			49			19,092			22,645
Substandard			1,747			—			—			—			—			—			—			1,747
Total commercial and industrial			$	309,984		$	24,623		$	13,914		$	4,649		$	5,926		$	34,331		$	104,981		$	498,408
Commercial real estate, owner-occupied:
Pass			$	31,029		$	27,581		$	32,603		$	43,843		$	12,768		$	101,014		$	—		$	248,838
Special Mention			—			—			11,764			17,062			7,343			6,601			—			42,770
Substandard			7,147			—			—			—			6,208			—			—			13,355
Total commercial real estate, owner-occupied			$	38,176		$	27,581		$	44,367		$	60,905		$	26,319		$	107,615		$	—		$	304,963
Commercial real estate, investor-owned:
Pass			$	162,300		$	144,751		$	173,955		$	100,842		$	94,862		$	253,611		$	117		$	930,438
Special Mention			—			10,695			—			1,819			—			8,124			—			20,638
Substandard			—			2,716			4,435			—			1,553			1,428			—			10,132
Total commercial real estate, investor-owned			$	162,300		$	158,162		$	178,390		$	102,661		$	96,415		$	263,163		$	117		$	961,208
Construction:
Pass			$	31,654		$	30,150		$	11,242		$	—		$	—		$	—		$	—		$	73,046
Total construction			$	31,654		$	30,150		$	11,242		$	—		$	—		$	—		$	—		$	73,046
Home equity:
Pass			$	—		$	—		$	—		$	—		$	128		$	694		$	102,614		$	103,436
Special Mention			—			—			—			—			—			—			799			799
Substandard			—			—			—			—			—			391			187			578
Total home equity			$	—		$	—		$	—		$	—		$	128		$	1,085		$	103,600		$	104,813
Other residential:
Pass			$	34,447		$	31,079		$	23,673		$	10,574		$	6,035		$	17,587		$	—		$	123,395
Total other residential			$	34,447		$	31,079		$	23,673		$	10,574		$	6,035		$	17,587		$	—		$	123,395
Installment and other consumer:
Pass			$	2,361		$	4,382		$	3,483		$	1,543		$	3,423		$	4,921		$	2,593		$	22,706
Substandard			—			—			—			17			—			—			—			17
Total installment and other consumer			$	2,361		$	4,382		$	3,483		$	1,560		$	3,423		$	4,921		$	2,593		$	22,723
Total loans:
Pass			$	570,028		$	260,532		$	257,552		$	161,310		$	123,131		$	412,109		$	191,213		$	1,975,875
Total Special Mention			$	—		$	12,729		$	13,082		$	19,022		$	7,354		$	14,774		$	19,891		$	86,852
Total Substandard			$	8,894		$	2,716		$	4,435		$	17		$	7,761		$	1,819		$	187		$	25,829
Totals			$	578,922		$	275,977		$	275,069		$	180,349		$	138,246		$	428,702		$	211,291		$	2,088,556

Past Due Financing Receivables

The following table shows the amortized cost of loans by class, payment aging and non-accrual status as of September 30, 2021 and December 31, 2020.

Loan Aging Analysis by Class
(in thousands)			Commercial and industrial			Commercial real estate, owner-occupied			Commercial real estate, investor-owned			Construction			Home equity			Other residential			Installment and other consumer			Total
September 30, 2021
30-59 days past due			$	181		$	—		$	—		$	—		$	143		$	—		$	73		$	397
60-89 days past due			924			—			—			—			121			—			1			1,046
90 days or more past due			—			—						—			—			—			—			—
Total past due			1,105			—			—			—			264			—			74			1,443
Current			376,860			398,543			1,157,344			125,060			92,132			117,778			47,859			2,315,576
Total loans 1			$	377,965		$	398,543		$	1,157,344		$	125,060		$	92,396		$	117,778		$	47,933		$	2,317,019
Non-accrual loans 2			$	—		$	7,273		$	709		$	—		$	441		$	—		$	—		$	8,423
Non-accrual loans with no allowance			$	—		$	7,273		$	709		$	—		$	441		$	—		$	—		$	8,423
December 31, 2020
30-59 days past due			$	—		$	—		$	1,673		$	—		$	274		$	—		$	136		$	2,083
60-89 days past due			—			—			—			—			—			—			622			622
90 days or more past due			—			—			—			—			—			—			—			—
Total past due			—			—			1,673			—			274			—			758			2,705
Current			498,408			304,963			959,535			73,046			104,539			123,395			21,965			2,085,851
Total loans 1			$	498,408		$	304,963		$	961,208		$	73,046		$	104,813		$	123,395		$	22,723		$	2,088,556
Non-accrual loans 2			$	—		$	7,147		$	1,610		$	—		$	459		$	—		$	17		$	9,233
Non-accrual loans with no allowance			$	—		$	7,147		$	1,610		$	—		$	459		$	—		$	17		$	9,233

1 There were no loans past due more than ninety days accruing interest at September 30, 2021 or December 31, 2020.

2 None of the non-accrual loans as of September 30, 2021 or December 31, 2020 were earning interest on a cash basis. We recognized no interest income on non-accrual loans for the three and nine months ended September 30, 2021 and 2020. Other than a $118 thousand owner-occupied commercial real estate loan assumed in the ARB acquisition, there were no new loans placed on non-accrual status during the nine months ended September 30, 2021. Accrued interest of $20 thousand was reversed from interest income for loans that were placed on non-accrual status during the nine months ended September 30, 2020.

Schedule of Collateral Dependent Loans

The following table presents the amortized cost basis of individually analyzed collateral-dependent non-accrual loans by class at September 30, 2021 and December 31, 2020.

			Amortized Cost by Collateral Type
(in thousands)			Commercial Real Estate			Residential Real Estate						Other			Total			Allowance for Credit Losses
September 30, 2021
Commercial real estate, owner-occupied			$	7,273		$	—					$	—		$	7,273		$	—
Commercial real estate, investor-owned			709			—						—			709			—
Home equity			—			441						—			441			—
Total			$	7,982		$	441					$	—		$	8,423		$	—
December 31, 2020
Commercial real estate, owner-occupied			$	7,147		$	—					$	—		$	7,147		$	—
Commercial real estate, investor-owned			1,610			—						—			1,610			—
Home equity			—			459						—			459			—
Installment and other consumer			—			—						17			17			—
Total			$	8,757		$	459					$	17		$	9,233		$	—

Troubled Debt Restructurings on Financing Receivables

The following table summarizes the carrying amount of TDR loans by loan class as of September 30, 2021 and December 31, 2020.

(in thousands)
Recorded Investment in Troubled Debt Restructurings 1			September 30, 2021			December 31, 2020
Commercial and industrial			$	1,394		$	1,021
Commercial real estate, owner-occupied			7,155			7,147
Commercial real estate, investor-owned			1,718			3,305
Home equity			273			281
Installment and other consumer			706			752
Total			$	11,246		$	12,506

1TDR loans on non-accrual status totaled $7.4 million at both September 30, 2021 and December 31, 2020. Unfunded commitments for TDR loans totaled $242 thousand as of September 30, 2021.

The following table presents information for loans modified in a TDR during the presented periods, including the number of modified contracts, the recorded investment in the loans prior to modification, and the recorded investment in the loans at period end after being restructured. The table excludes fully charged-off TDR loans and loans modified in a TDR and subsequently paid-off during the years presented, if applicable.

(dollars in thousands)			Number of Contracts Modified			Pre-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment			Post-Modification Outstanding Recorded Investment at Period End
TDRs during the three months ended September 30, 2021:
Commercial and industrial			1			$	1,101		$	1,101		$	1,101
TDRs during the three months ended September 30, 2020:
Commercial real estate, investor-owned			1			$	1,553		$	1,553		$	1,553

TDRs during the nine months ended September 30, 2021:
Commercial and industrial			1			$	1,101		$	1,101		$	1,101
TDRs during the nine months ended September 30, 2020:
Commercial and industrial			1			$	170		$	162		$	144
Commercial real estate, investor-owned			1			1,553			1,553			1,553
Home equity			1			276			276			276
Installment and other consumer			3			211			211			210
Total			6			$	2,210		$	2,202		$	2,183

Schedule of Purchased Loans with Credit Deterioration

A reconciliation of the unpaid principal balance (or par value) to the purchase price (or fair value) for PCD loans as of the August 6, 2021 merger date is presented below.

(in thousands)
Unpaid principal balance (par value)			$	92,029
Non-credit discount			(1,662)
Amortized cost basis			90,367
Initial allowance for credit losses on PCD loans			(1,505)
Purchase price (PCD loans at fair value)			$	88,862

Allowance for Credit Losses on Financing Receivables

The following table discloses activity in the allowance for credit losses on loans for the periods presented.

Allowance for Credit Losses on Loans Rollforward
(in thousands)			Commercial and industrial			Commercial real estate, owner-occupied			Commercial real estate, investor-owned			Construction			Home equity			Other residential			Installment and other consumer			Unallocated			Total
Three months ended September 30, 2021
Beginning balance			$	1,590		$	2,037		$	10,761		$	1,142		$	412		$	613		$	238		$	2,307		$	19,100
Provision (reversal) - CECL			126			(30)			1,011			77			247			4			384			(19)			1,800
Initial allowance for PCD loans			405			559			533			—			—			6			2			—			1,505
Charge-offs			—			—			—			—			—			—			(2)			—			(2)
Recoveries			3			—			—			8			—			—			—			—			11
Ending balance			$	2,124		$	2,566		$	12,305		$	1,227		$	659		$	623		$	622		$	2,288		$	22,414
Three months ended September 30, 2020
Beginning balance			$	2,609		$	2,910		$	10,403		$	836		$	1,044		$	1,266		$	426		$	1,374		$	20,868
Provision - incurred loss			(79)			225			1,221			24			(6)			(6)			(20)			(109)			1,250
Charge-offs			(10)			—			—			—			—			—			—			—			(10)
Recoveries			5			—			—			—			—			—			—			—			5
Ending balance			$	2,525		$	3,135		$	11,624		$	860		$	1,038		$	1,260		$	406		$	1,265		$	22,113

Allowance for Credit Losses on Loans Rollforward
(in thousands)			Commercial and industrial			Commercial real estate, owner-occupied			Commercial real estate, investor			Construction			Home equity			Other residential			Installment and other consumer			Unallocated			Total
Nine months ended September 30, 2021
Beginning balance			$	2,530		$	2,778		$	12,682		$	1,557		$	738		$	998		$	291		$	1,300		$	22,874
Provision (reversal) - CECL			(821)			(771)			(910)			(356)			(129)			(381)			331			988			(2,049)
Initial allowance for PCD loans			405			559			533			—			—			6			2			—			1,505
Charge-offs			—			—			—			—			—			—			(2)			—			(2)
Recoveries			10			—			—			26			50			—			—			—			86
Ending balance			$	2,124		$	2,566		$	12,305		$	1,227		$	659		$	623		$	622		$	2,288		$	22,414
Nine months ended September 30, 2020
Beginning balance			$	2,334		$	2,462		$	8,483		$	638		$	850		$	973		$	284		$	653		$	16,677
Provision - incurred loss			208			673			3,141			219			188			287			122			612			5,450
Charge-offs			(30)			—			—			—			—			—			—			—			(30)
Recoveries			13			—			—			3			—			—			—			—			16
Ending balance			$	2,525		$	3,135		$	11,624		$	860		$	1,038		$	1,260		$	406		$	1,265		$	22,113

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Tabular disclosure of allowance for credit loss on financing receivable.

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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Tabular disclosure of financing receivable modified as troubled debt restructuring.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
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