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Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Loans by Class

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

			December 31,
(in thousands)			2021			2020
Commercial and industrial			$	301,602		$	498,408
Real estate:
Commercial owner-occupied			392,345			304,963
Commercial investor-owned			1,189,021			961,208
Construction			119,840			73,046
Home equity			88,746			104,813
Other residential			114,558			123,395
Installment and other consumer loans			49,533			22,723
Total loans, at amortized cost 1			2,255,645			2,088,556
Allowance for credit losses on loans			(23,023)			(22,874)
Total loans, net of allowance for credit losses on loans			$	2,232,622		$	2,065,682

1 Amortized cost includes net deferred loan origination (fees) costs of $(901) thousand and $(4.1) million at December 31, 2021 and 2020, respectively. Amounts are also net of unrecognized purchase discounts of $2.5 million and $815 thousand at December 31, 2021 and 2020, respectively. Amortized cost excludes accrued interest, which totaled $7.1 million and $8.8 million at December 31, 2021 and 2020, respectively, and is included in interest receivable and other assets in the consolidated statements of condition.

Schedule of Financing Receivable Credit Quality Indicators

The following tables present the loan portfolio by loan class, origination year and internal risk rating as of December 31, 2021 and 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.

December 31, 2021			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
(in thousands)			2021			2020			2019			2018			2017			Prior						Total
Commercial and industrial:
Pass and Watch			$	96,643		$	35,967		$	25,754		$	12,763		$	2,729		$	31,280		$	90,744		$	295,880
Special Mention			—			1,700			584			273			—			—			2,088			4,645
Substandard			—			—			—			—			—			—			1,077			1,077
Total commercial and industrial			$	96,643		$	37,667		$	26,338		$	13,036		$	2,729		$	31,280		$	93,909		$	301,602
Commercial real estate, owner-occupied:
Pass and Watch			$	58,395		$	43,216		$	49,485		$	36,174		$	42,430		$	104,898		$	—		$	334,598
Special Mention			16,748			—			—			7,846			—			16,996			—			41,590
Substandard			—			7,155			285			—			—			8,603			—			16,043
Doubtful			—			114			—			—			—			—			—			114
Total commercial real estate, owner-occupied			$	75,143		$	50,485		$	49,770		$	44,020		$	42,430		$	130,497		$	—		$	392,345
Commercial real estate, investor-owned:
Pass and Watch			$	225,722		$	186,214		$	187,418		$	143,028		$	75,419		$	325,882		$	84		$	1,143,767
Special Mention			—			1,214			2,714			11,773			1,787			9,540			—			27,028
Substandard			—			—			—			695			—			17,531			—			18,226
Total commercial real estate, investor-owned			$	225,722		$	187,428		$	190,132		$	155,496		$	77,206		$	352,953		$	84		$	1,189,021

December 31, 2021			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
(in thousands)			2021			2020			2019			2018			2017			Prior						Total
Construction:
Pass and Watch			$	31,269		$	70,528		$	8,935		$	9,108		$	—		$	—		$	—		$	119,840
Total construction			$	31,269		$	70,528		$	8,935		$	9,108		$	—		$	—		$	—		$	119,840
Home equity:
Pass and Watch			$	—		$	—		$	—		$	—		$	10		$	268		$	87,693		$	87,971
Substandard			—			—			—			—			—			377			398			775
Total home equity			$	—		$	—		$	—		$	—		$	10		$	645		$	88,091		$	88,746
Other residential:
Pass and Watch			$	15,800		$	31,981		$	25,529		$	15,411		$	7,964		$	17,873		$	—		$	114,558
Total other residential			$	15,800		$	31,981		$	25,529		$	15,411		$	7,964		$	17,873		$	—		$	114,558
Installment and other consumer:
Pass and Watch			$	17,207		$	7,748		$	9,436		$	5,633		$	1,123		$	6,620		$	1,766		$	49,533
Total installment and other consumer			$	17,207		$	7,748		$	9,436		$	5,633		$	1,123		$	6,620		$	1,766		$	49,533
Total loans:
Pass and Watch			$	445,036		$	375,654		$	306,557		$	222,117		$	129,675		$	486,821		$	180,287		$	2,146,147
Total Special Mention			$	16,748		$	2,914		$	3,298		$	19,892		$	1,787		$	26,536		$	2,088		$	73,263
Total Substandard			$	—		$	7,155		$	285		$	695		$	—		$	26,511		$	1,475		$	36,121
Total Doubtful			$	—		$	114		$	—		$	—		$	—		$	—		$	—		$	114
Totals			$	461,784		$	385,837		$	310,140		$	242,704		$	131,462		$	539,868		$	183,850		$	2,255,645

December 31, 2020			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
(in thousands)			2020			2019			2018			2017			2016			Prior						Total
Commercial and industrial:
Pass and Watch			$	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 and Watch			$	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 and Watch			$	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 and Watch			$	31,654		$	30,150		$	11,242		$	—		$	—		$	—		$	—		$	73,046
Total construction			$	31,654		$	30,150		$	11,242		$	—		$	—		$	—		$	—		$	73,046
Home equity:
Pass and Watch			$	—		$	—		$	—		$	—		$	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 and Watch			$	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 and Watch			$	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 and Watch			$	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

Schedule of Past Due Financing Receivables

The following table shows the amortized cost of loans by class, payment aging and non-accrual status as of December 31, 2021 and 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
December 31, 2021
30-59 days past due			$	2		$	—		$	—		$	—		$	498		$	—		$	1,036		$	1,536
60-89 days past due			394			—			—			—			67			—			—			461
90 days or more past due			229			—			—			—			88			—			—			317
Total past due			625			—			—			—			653			—			1,036			2,314
Current			300,977			392,345			1,189,021			119,840			88,093			114,558			48,497			2,253,331
Total loans 1			$	301,602		$	392,345		$	1,189,021		$	119,840		$	88,746		$	114,558		$	49,533		$	2,255,645
Non-accrual loans 2			$	—		$	7,269		$	694		$	—		$	413		$	—		$	—		$	8,376
Non-accrual loans with no allowance			$	—		$	7,269		$	694		$	—		$	413		$	—		$	—		$	8,376
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 two SBA-PPP loans past due more than ninety days totaling $229 thousand accruing interest at December 31, 2021 for which we requested "guarantee" payment from the SBA. The SBA subsequently purchased both loans in January 2022. There were no loans past due more than ninety days accruing interest at December 31, 2020.

2 None of the non-accrual loans as of December 31, 2021 or 2020 were earning interest on a cash basis. We recognized no interest income on non-accrual loans for the years ended December 31, 2021, 2020 or 2019. There was no accrued interest reversed from interest income for the single loan that was placed on non-accrual status in 2021, as interest due was paid current. Accrued interest of $36 thousand was reversed from interest income for loans that were placed on non-accrual status during the year ended December 31, 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 December 31, 2021 and 2020.

			Amortized Cost by Collateral Type
(in thousands)			Commercial Real Estate			Residential Real Estate						Other			Total			Allowance for Credit Losses
December 31, 2021
Commercial real estate, owner-occupied			$	7,269		$	—					$	—		$	7,269		$	—
Commercial real estate, investor-owned			694			—						—			694			—
Home equity			—			413						—			413			—
Total			$	7,963		$	413					$	—		$	8,376		$	—
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			$	16,720		$	872					$	17		$	17,609		$	—

Schedule of Troubled Debt Restructurings on Financing Receivables

The following table summarizes the amortized cost of TDR loans by loan class as of December 31, 2021 and 2020.

			December 31,
(in thousands)			2021			2020
Commercial and industrial			$	1,183		$	1,021
Commercial real estate, owner-occupied			7,155			7,147
Commercial real estate, investor-owned			179			3,305
Home equity			386			281
Installment and other consumer			607			752
Total 1			$	9,510		$	12,506

1 TDR loans on non-accrual status totaled $7.4 million at both December 31, 2021 and 2020. Unfunded commitments for TDR loans totaled $441 thousand and $704 thousand as of December 31, 2021 and 2020, respectively.

The following table presents information for loans modified in a TDR during the presented periods, including the number of modified contracts, the amortized cost of the loans prior to modification, and the amortized cost of 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 Amortized Cost			Post-Modification Amortized Cost			Post-Modification Amortized Cost at Period End
TDRs modified during 2021:
Commercial and industrial			1			$	1,101		$	1,101		$	901
Home equity			1			120			120			120
Total			2			$	1,221		$	1,221		$	1,021
TDRs modified during 2020:
Commercial and industrial			1			$	170		$	162		$	96
Commercial real estate, investor-owned			1			1,553			1,553			1,553
Home equity			1			276			276			271
Installment and other consumer			2			204			204			201
Total			5			$	2,203		$	2,195		$	2,121
TDRs modified during 2019:
Commercial and industrial			1			$	298		$	298		$	150

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

Schedule of Allowance for Credit Losses on Financing Receivables

The following tables disclose activity in the allowance for credit losses.

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
Year ended December 31, 2021
Beginning balance			$	2,530		$	2,778		$	12,682		$	1,557		$	738		$	998		$	291		$	1,300		$	22,874
Provision (reversal) - CECL method			(1,240)			(561)			(476)			62			(193)			(360)			333			986			(1,449)
Initial allowance for PCD loans			405			559			533			—			—			6			2			—			1,505
(Charge-offs)			—			—			—			—			—			—			(5)			—			(5)
Recoveries			14			—			—			34			50			—			—			—			98
Ending balance			$	1,709		$	2,776		$	12,739		$	1,653		$	595		$	644		$	621		$	2,286		$	23,023
Year ended December 31, 2020
Beginning balance			$	2,334		$	2,462		$	8,483		$	638		$	850		$	973		$	284		$	653		$	16,677
Provision - incurred loss method			208			673			3,141			219			188			287			122			612			5,450
(Charge-offs)			(30)			—			—			—			—			—			—			—			(30)
Recoveries			13			—			—			3			—			—			—			—			16
Balance at September 30, 2020			2,525			3,135			11,624			860			1,038			1,260			406			1,265			22,113
Impact of CECL adoption			(278)			138			1,755			201			(361)			(212)			(125)			486			1,604
Post adoption balance at October 1, 2020			2,247			3,273			13,379			1,061			677			1,048			281			1,751			23,717
Provision (reversal) - CECL method			269			(495)			(697)			496			61			(50)			11			(451)			(856)
(Charge-offs)			—			—			—			—			—			—			(1)			—			(1)
Recoveries			14			—			—			—			—			—			—			—			14
Ending balance			$	2,530		$	2,778		$	12,682		$	1,557		$	738		$	998		$	291		$	1,300		$	22,874
Year ended December 31, 2019
Beginning balance			$	2,436		$	2,407		$	7,703		$	756		$	915		$	800		$	310		$	494		$	15,821
Provision (reversal) - incurred loss method			(49)			55			768			(118)			(65)			173			(23)			159			900
(Charge-offs)			(75)			—			—			—			—			—			(3)			—			(78)
Recoveries			22			—			12			—			—			—			—			—			34
Ending balance			$	2,334		$	2,462		$	8,483		$	638		$	850		$	973		$	284		$	653		$	16,677

Schedule of Related Party Transactions

The following table shows changes in net loans to related parties for each of the three years ended December 31, 2021, 2020 and 2019.

(in thousands)			2021			2020			2019
Balance at beginning of year			$	6,423		$	8,333		$	10,635
Assumed in the ARB acquisition			4,037			—			—
Repayments			(2,518)			(1,910)			(2,320)
Reclassified due to a change in borrower status			—			—			18
Balance at end of year			$	7,942		$	6,423		$	8,333

X

- Definition

Financing Receivable, Purchased With Credit Deterioration And Not Purchased With Credit Deterioration

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No definition available.

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Schedule of Collateral Dependent Loans

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- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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-Section 50
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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524

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X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
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