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Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Loans by Class

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

			December 31,
(in thousands)			2022			2021
Commercial and industrial			$	173,547		$	301,602
Real estate:
Commercial owner-occupied			354,877			392,345
Commercial investor-owned			1,191,889			1,189,021
Construction			114,373			119,840
Home equity			88,748			88,746
Other residential			112,123			114,558
Installment and other consumer loans			56,989			49,533
Total loans, at amortized cost 1			2,092,546			2,255,645
Allowance for credit losses on loans			(22,983)			(23,023)
Total loans, net of allowance for credit losses on loans			$	2,069,563		$	2,232,622

1 Amortized cost includes net deferred loan origination costs (fees) of $1.8 million and $(901) thousand at December 31, 2022 and 2021, respectively. Amounts are also net of unrecognized purchase discounts of $2.6 million and $2.5 million at December 31, 2022 and 2021, respectively. Amortized cost excludes accrued interest, which totaled $6.1 million and $7.1 million at December 31, 2022 and 2021, 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, 2022 and 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
December 31, 2022			2022			2021			2020			2019			2018			Prior						Total
Commercial and industrial:
Pass and Watch			$	15,349		$	6,679		$	7,603		$	19,982		$	5,362		$	24,954		$	84,655		$	164,584
Special Mention			275			—			—			2,272			3,836			—			402			6,785
Substandard			—			—			1,252			—			—			625			301			2,178
Total commercial and industrial			$	15,624		$	6,679		$	8,855		$	22,254		$	9,198		$	25,579		$	85,358		$	173,547
Gross current period charge-offs			$	—		$	—		$	(9)		$	—		$	—		$	—		$	—		$	(9)
Commercial real estate, owner-occupied:
Pass and Watch			$	54,188		$	52,080		$	40,369		$	44,798		$	29,856		$	104,377		$	—		$	325,668
Special Mention			—			16,199			—			304			5,255			4,493			—			26,251
Substandard			—			—			—			1,160			—			1,699			—			2,859
Doubtful			—			—			99			—			—			—			—			99
Total commercial real estate, owner-occupied			$	54,188		$	68,279		$	40,468		$	46,262		$	35,111		$	110,569		$	—		$	354,877
Commercial real estate, investor-owned:
Pass and Watch			$	177,822		$	211,228		$	155,278		$	160,670		$	129,166		$	308,509		$	57		$	1,142,730
Special Mention			—			1,172			12,097			3,934			678			9,290			—			27,171
Substandard			—			2,264			—			—			—			19,724			—			21,988
Total commercial real estate, investor-owned			$	177,822		$	214,664		$	167,375		$	164,604		$	129,844		$	337,523		$	57		$	1,191,889
Construction:
Pass and Watch			$	49,262		$	19,393		$	28,861		$	7,745		$	9,112		$	—		$	—		$	114,373
Total construction			$	49,262		$	19,393		$	28,861		$	7,745		$	9,112		$	—		$	—		$	114,373
Home equity:
Pass and Watch			$	—		$	—		$	—		$	—		$	—		$	883		$	86,971		$	87,854
Substandard			—			—			—			—			—			480			414			894
Total home equity			$	—		$	—		$	—		$	—		$	—		$	1,363		$	87,385		$	88,748
Other residential:
Pass and Watch			$	21,154		$	14,547		$	29,018		$	21,890		$	11,064		$	14,450		$	—		$	112,123
Total other residential			$	21,154		$	14,547		$	29,018		$	21,890		$	11,064		$	14,450		$	—		$	112,123
Installment and other consumer:
Pass and Watch			$	20,054		$	13,022		$	5,727		$	6,492		$	4,181		$	6,478		$	944		$	56,898
Substandard			—			—			—			—			—			91			—			91
Total installment and other consumer			$	20,054		$	13,022		$	5,727		$	6,492		$	4,181		$	6,569		$	944		$	56,989
Gross current period charge-offs			$	—		$	—		$	—		$	—		$	—		$	(18)		$	(5)		$	(23)
Total loans:
Pass and Watch			$	337,829		$	316,949		$	266,856		$	261,577		$	188,741		$	459,651		$	172,627		$	2,004,230
Total Special Mention			$	275		$	17,371		$	12,097		$	6,510		$	9,769		$	13,783		$	402		$	60,207
Total Substandard			$	—		$	2,264		$	1,252		$	1,160		$	—		$	22,619		$	715		$	28,010
Total Doubtful			$	—		$	—		$	99		$	—		$	—		$	—		$	—		$	99
Totals			$	338,104		$	336,584		$	280,304		$	269,247		$	198,510		$	496,053		$	173,744		$	2,092,546
Total gross current period charge-offs			$	—		$	—		$	(9)		$	—		$	—		$	(18)		$	(5)		$	(32)

(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
Total Doubtful			$	—		$	114		$	—		$	—		$	—		$	—		$	—		$	114
Totals			$	461,784		$	385,837		$	310,140		$	242,704		$	131,462		$	539,868		$	183,850		$	2,255,645

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, 2022 and 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
December 31, 2022
30-59 days past due			$	3		$	—		$	—		$	—		$	319		$	93		$	5		$	420
60-89 days past due			—			—			—			—			244			—			—			244
90 days or more past due 1			264			—			—			—			414			—			—			678
Total past due			267			—			—			—			977			93			5			1,342
Current			173,280			354,877			1,191,889			114,373			87,771			112,030			56,984			2,091,204
Total loans 1			$	173,547		$	354,877		$	1,191,889		$	114,373		$	88,748		$	112,123		$	56,989		$	2,092,546
Non-accrual loans 2			$	—		$	1,563		$	—		$	—		$	778		$	—		$	91		$	2,432
Non-accrual loans with no allowance			$	—		$	1,563		$	—		$	—		$	778		$	—		$	91		$	2,432
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 1			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 at December 31, 2022 and 2021. There were $264 thousand and $229 thousand in SBA PPP loans included in commercial and industrial that were past due ninety days as of December 31, 2022 and 2021, respectively, for which the loan was either in process of SBA forgiveness or purchase.

2 None of the non-accrual loans as of December 31, 2022 or 2021 were earning interest on a cash basis. We recognized no interest income on non-accrual loans in 2022, 2021 or 2020. Accrued interest of $48 thousand was reversed from interest income for the loans that were placed on non-accrual status in 2022. No interest income was reversed for the single loan that was placed on non-accrual status in 2021.

Schedule of Collateral Dependent Loans

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

			Amortized Cost by Collateral Type
(in thousands)			Commercial Real Estate			Residential Real Estate						Other			Total1			Allowance for Credit Losses
December 31, 2022
Commercial real estate, owner-occupied			$	1,563		$	—					$	—		$	1,563		$	—
Home equity			—			778						—			778			—
Installment and other consumer			—			—						91			91			—
Total			$	1,563		$	778					$	91		$	2,432		$	—
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		$	—

1There were no collateral-dependent residential real estate mortgage loans in process of foreclosure or in substance repossessed, at December 31, 2022 and 2021. The weighted average loan-to-value of collateral-dependent loans was approximately 42% and 67% at December 31, 2022 and 2021, respectively.

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, 2022 and 2021.

			December 31,
(in thousands)			2022			2021
Commercial and industrial			$	900		$	1,183
Commercial real estate, owner-occupied			1,160			7,155
Commercial real estate, investor-owned			160			179
Home equity			619			386
Installment and other consumer			549			607
Total 1			$	3,388		$	9,510

1 TDR loans on non-accrual status totaled $1.6 million and $7.4 million at December 31, 2022 and 2021, respectively. Unfunded commitments for TDR loans totaled $209 thousand and $441 thousand as of December 31, 2022 and 2021, 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 2022:
Commercial real estate, owner-occupied			1			$	1,758		$	1,758		$	1,160
Home equity			3			247			247			240
Total			4			$	2,005		$	2,005		$	1,400
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

Schedule of Allowance for Credit Losses on Financing Receivables

The following table discloses activity in the allowance for credit losses 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
Year ended December 31, 2022
Beginning balance			$	1,709		$	2,776		$	12,739		$	1,653		$	595		$	644		$	621		$	2,286		$	23,023
Provision (reversal)			72			(289)			(63)			251			(37)			(49)			270			(218)			(63)
(Charge-offs)			(9)			—			—			—			—			—			(23)			—			(32)
Recoveries			22			—			—			33			—			—			—			—			55
Ending balance			$	1,794		$	2,487		$	12,676		$	1,937		$	558		$	595		$	868		$	2,068		$	22,983
Year ended December 31, 2021
Beginning balance			$	2,530		$	2,778		$	12,682		$	1,557		$	738		$	998		$	291		$	1,300		22,874
Provision (reversal)			(1,240)			(561)			(476)			62			(193)			(360)			333			986			(1,449)
Initial allowance for PCD loans 1			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 2
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

1 The initial allowance for PCD loans relates to the AMRB merger discussed in Note 18, Merger.

2 Refer to Note 1, Summary of Significant Accounting Policies, for a discussion of our methodology for the adoption of the current expected credit loss ("CECL") accounting standards in 2020.

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, 2022, 2021 and 2020.

(in thousands)			2022			2021			2020
Balance at beginning of year			$	7,942		$	6,423		$	8,333
Additions			1,525			—			—
Assumed in the AMRB acquisition			—			4,037			—
Repayments			(364)			(2,518)			(1,910)
Reclassified due to a change in borrower status			(2,658)			—			—
Balance at end of year			$	6,445		$	7,942		$	6,423

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Schedule of Collateral Dependent Loans

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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

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Tabular disclosure of aging analysis for financing receivable.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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