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Loans and Allowance for Credit Losses on Loans (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Loans by Class

The following table presents the amortized cost of loans by class as of June 30, 2022 and December 31, 2021.

(in thousands)			June 30, 2022			December 31, 2021
Commercial and industrial			$	213,122		$	301,602
Real estate:
Commercial owner-occupied			382,897			392,345
Commercial investor-owned			1,190,419			1,189,021
Construction			118,147			119,840
Home equity			90,629			88,746
Other residential			113,361			114,558
Installment and other consumer loans			54,057			49,533
Total loans, at amortized cost 1			2,162,632			2,255,645
Allowance for credit losses on loans			(22,539)			(23,023)
Total loans, net of allowance for credit losses on loans			$	2,140,093		$	2,232,622

1 Amortized cost includes net deferred loan origination costs (fees) of $1.4 million and $(901) thousand at June 30, 2022 and December 31, 2021, respectively. Amounts are also net of unrecognized purchase discounts of $2.7 million and $2.5 million at June 30, 2022 and December 31, 2021, respectively. Amortized cost excludes accrued interest, which totaled $5.8 million and $7.1 million at June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021. We early adopted the vintage disclosure requirements of ASU 2022-02 prospectively as described in Note 2 beginning with the first quarter of 2022. Accordingly, the 2022 vintage table reflects gross charge-offs by loan class and year of origination. 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
June 30, 2022			2022			2021			2020			2019			2018			Prior						Total
Commercial and industrial:
Pass and Watch			$	9,586		$	21,160		$	9,230		$	24,730		$	6,988		$	28,168		$	102,567		$	202,429
Special Mention			—			—			—			503			4,248			—			123			4,874
Substandard			—			—			1,469			—			—			—			4,350			5,819
Total commercial and industrial			$	9,586		$	21,160		$	10,699		$	25,233		$	11,236		$	28,168		$	107,040		$	213,122
Commercial real estate, owner-occupied:
Pass and Watch			$	55,263		$	53,245		$	41,565		$	45,948		$	30,419		$	116,659		$	—		$	343,099
Special Mention			—			16,471			—			317			5,386			4,567			—			26,741
Substandard			—			—			7,142			1,754			—			4,055			—			12,951
Doubtful			—			—			106			—			—			—			—			106
Total commercial real estate, owner-occupied			$	55,263		$	69,716		$	48,813		$	48,019		$	35,805		$	125,281		$	—		$	382,897
Commercial real estate, investor-owned:
Pass and Watch			$	118,868		$	221,908		$	164,765		$	171,674		$	125,646		$	343,000		$	73		$	1,145,934
Special Mention			—			—			4,531			2,714			9,729			9,980			—			26,954
Substandard			—			—			—			—			—			17,531			—			17,531
Total commercial real estate, investor-owned			$	118,868		$	221,908		$	169,296		$	174,388		$	135,375		$	370,511		$	73		$	1,190,419

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
June 30, 2022			2022			2021			2020			2019			2018			Prior						Total
Construction:
Pass and Watch			$	33,184		$	24,274		$	42,658		$	8,921		$	9,110		$	—		$	—		$	118,147
Total construction			$	33,184		$	24,274		$	42,658		$	8,921		$	9,110		$	—		$	—		$	118,147
Home equity:
Pass and Watch			$	—		$	24		$	—		$	—		$	—		$	600		$	89,369		$	89,993
Substandard			—			—			—			—			—			433			203			636
Total home equity			$	—		$	24		$	—		$	—		$	—		$	1,033		$	89,572		$	90,629
Other residential:
Pass and Watch			$	11,504		$	15,575		$	30,158		$	22,869		$	13,186		$	20,069		$	—		$	113,361
Total other residential			$	11,504		$	15,575		$	30,158		$	22,869		$	13,186		$	20,069		$	—		$	113,361
Installment and other consumer:
Pass and Watch			$	10,938		$	15,523		$	6,850		$	7,441		$	4,696		$	6,888		$	1,721		$	54,057
Total installment and other consumer			$	10,938		$	15,523		$	6,850		$	7,441		$	4,696		$	6,888		$	1,721		$	54,057
Gross current period charge-offs			$	—		$	—		$	—		$	—		$	—		$	(18)		$	(4)		$	(22)
Total loans:
Pass and Watch			$	239,343		$	351,709		$	295,226		$	281,583		$	190,045		$	515,384		$	193,730		$	2,067,020
Total Special Mention			$	—		$	16,471		$	4,531		$	3,534		$	19,363		$	14,547		$	123		$	58,569
Total Substandard			$	—		$	—		$	8,611		$	1,754		$	—		$	22,019		$	4,553		$	36,937
Total Doubtful			$	—		$	—		$	106		$	—		$	—		$	—		$	—		$	106
Totals			$	239,343		$	368,180		$	308,474		$	286,871		$	209,408		$	551,950		$	198,406		$	2,162,632
Total gross current period charge-offs			$	—		$	—		$	—		$	—		$	—		$	(18)		$	(4)		$	(22)

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
December 31, 2021			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
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
Doubtful			$	—		$	114		$	—		$	—		$	—		$	—		$	—		$	114
Totals			$	461,784		$	385,837		$	310,140		$	242,704		$	131,462		$	539,868		$	183,850		$	2,255,645

Past Due Financing Receivables

The following table shows the amortized cost of loans by class, payment aging and non-accrual status as of June 30, 2022 and December 31, 2021.

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
June 30, 2022
30-59 days past due			$	1,065		$	660		$	—		$	—		$	100		$	—		$	166		$	1,991
60-89 days past due			589			545			—			—			—			—			28			1,162
90 days or more past due			202			—			—			—			54			—			—			256
Total past due			1,856			1,205			—			—			154			—			194			3,409
Current			211,266			381,692			1,190,419			118,147			90,475			113,361			53,863			2,159,223
Total loans 1			$	213,122		$	382,897		$	1,190,419		$	118,147		$	90,629		$	113,361		$	54,057		$	2,162,632
Non-accrual loans 2			$	—		$	7,564		$	—		$	—		$	454		$	—		$	—		$	8,018
Non-accrual loans with no allowance			$	—		$	7,564		$	—		$	—		$	454		$	—		$	—		$	8,018
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

1 There were no non-performing loans past due more than ninety days and accruing interest as of June 30, 2022 and December 31, 2021.

2 None of the non-accrual loans as of June 30, 2022 or December 31, 2021 were earning interest on a cash basis. We recognized no interest income on non-accrual loans for the three and six months ended June 30, 2022 and 2021. There were three loans totaling $397 thousand placed on non-accrual status during the six months ended June 30, 2022 for which we reversed $8 thousand in interest income at the time of change in status, one of which for $16 thousand was subsequently charged off in the second quarter.

Schedule of Collateral Dependent Loans

The following table presents the amortized cost basis of individually analyzed collateral-dependent loans, which are all on non-accrual status, by class at June 30, 2022 and December 31, 2021.

			Amortized Cost by Collateral Type
(in thousands)			Commercial Real Estate			Residential Real Estate						Other			Total 1			Allowance for Credit Losses
June 30, 2022
Commercial real estate, owner-occupied			$	7,564		$	—					$	—		$	7,564		$	—
Home equity			—			454						—			454			—
Total			$	7,564		$	454					$	—		$	8,018		$	—
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		$	—

1 There were no collateral-dependent residential real estate mortgage loans in process of foreclosure or in substance repossessed at June 30, 2022 or December 31, 2021. The weighted average loan-to-value of collateral dependent loans was approximately 67% at both June 30, 2022 and December 31, 2021.

Troubled Debt Restructurings on Financing Receivables

The following table summarizes the amortized cost of TDR loans by loan class as of June 30, 2022 and December 31, 2021.

(in thousands)			June 30, 2022			December 31, 2021
Commercial and industrial			$	1,178		$	1,183
Commercial real estate, owner-occupied			7,141			7,155
Commercial real estate, investor-owned			170			179
Home equity			479			386
Installment and other consumer			571			607
Total 1			$	9,539		$	9,510

1 TDR loans on non-accrual status totaled $7.4 million at both June 30, 2022 and December 31, 2021. Unfunded commitments for TDR loans totaled $241 thousand and $441 thousand as of June 30, 2022 and December 31, 2021, respectively.

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 June 30, 2022
Beginning balance			$	1,784		$	2,622		$	12,301		$	1,717		$	549		$	628		$	641		$	2,305		$	22,547
(Reversal) Provision			(89)			(5)			138			12			(19)			(43)			112			(106)			—
Charge-offs			—			—			—			—			—			—			(20)			—			(20)
Recoveries			4			—			—			8			—			—			—			—			12
Ending balance			$	1,699		$	2,617		$	12,439		$	1,737		$	530		$	585		$	733		$	2,199		$	22,539
Three months ended June 30, 2021
Beginning balance			$	1,654		$	2,304		$	10,856		$	1,312		$	520		$	757		$	255		$	2,300		$	19,958
(Reversal) Provision			(68)			(267)			(95)			(178)			(158)			(144)			(17)			7			(920)
Charge-offs			—			—			—			—			—			—			—			—			—
Recoveries			4			—			—			8			50			—			—			—			62
Ending balance			$	1,590		$	2,037		$	10,761		$	1,142		$	412		$	613		$	238		$	2,307		$	19,100

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
Six months ended June 30, 2022
Beginning balance			$	1,709		$	2,776		$	12,739		$	1,653		$	595		$	644		$	621		$	2,286		$	23,023
(Reversal) Provision			(17)			(159)			(300)			68			(65)			(59)			134			(87)			(485)
Charge-offs			—			—			—			—			—			—			(22)			—			(22)
Recoveries			7			—			—			16			—			—			—			—			23
Ending balance			$	1,699		$	2,617		$	12,439		$	1,737		$	530		$	585		$	733		$	2,199		$	22,539
Six months ended June 30, 2021
Beginning balance			$	2,530		$	2,778		$	12,682		$	1,557		$	738		$	998		$	291		$	1,300		$	22,874
(Reversal) Provision			(947)			(741)			(1,921)			(433)			(376)			(385)			(53)			1,007			(3,849)
Charge-offs			—			—			—			—			—			—			—			—			—
Recoveries			7			—			—			18			50			—			—			—			75
Ending balance			$	1,590		$	2,037		$	10,761		$	1,142		$	412		$	613		$	238		$	2,307		$	19,100

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X

- Definition

Tabular disclosure of financing receivable modified as troubled debt restructuring.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953676-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953682-111524

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