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Concentrations of Credit Risk | 12 Months Ended
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Dec. 31, 2022
Risks and Uncertainties [Abstract] |
Concentrations of Credit Risk | Concentrations of Credit Risk Concentration of credit risk is associated with a lack of diversification, such as having substantial investments in a few individual issuers, thereby potentially exposing us to adverse economic, political, regulatory, geographic, industrial or credit developments. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities and loans. Our cash in correspondent bank accounts, at times, may exceed FDIC insured limits. We place cash and cash equivalents with the Federal Reserve Bank and other high credit quality financial institutions, periodically monitor their credit worthiness and limit the amount of credit exposure to any one institution according to regulations. Concentrations of credit risk with respect to investment securities primarily related to the U.S. government and GSEs, which accounted for $1.535 billion, or 87% of our total investment portfolio at December 31, 2022 and $1.277 billion, or 85% at December 31, 2021. The increase is from the deployment of excess liquidity throughout 2022 into securities with purchases of $516.6 million of this security type. The largest security not issued by the U.S. Government or a GSE accounted for approximately 1% of our total investment portfolio at December 31, 2022, and 2% at December 31, 2021. We also manage our credit exposure related to our loan portfolio to avoid the risk of undue concentration of credits in a particular industry by reducing significant exposure to highly leveraged transactions or to any individual customer or counterparty, and by obtaining collateral, as appropriate. No single borrower relationship accounted for more than 3% of outstanding loan balances at December 31, 2022 or 2021. The largest loan concentration is real estate, which accounted for 89% and 84% of our loan portfolio at December 31, 2022 and 2021, respectively. The increase in the percentage in real estate from 2021 to 2022 was primarily due to a $107.7 million reduction in unsecured loans guaranteed by the SBA under the PPP, which are included in commercial and industrial loans.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 + Details
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- References No definition available. + Details
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