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Loans and Allowance for Credit Losses on Loans (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Loans by Class

The following table presents the amortized cost of loans by class as of March 31, 2023 and December 31, 2022.

(in thousands)			March 31, 2023			December 31, 2022
Commercial and industrial			$	195,964		$	173,547
Real estate:
Commercial owner-occupied			352,529			354,877
Commercial non-owner occupied			1,189,962			1,191,889
Construction			110,386			114,373
Home equity			86,572			88,748
Other residential			116,447			112,123
Installment and other consumer loans			60,468			56,989
Total loans, at amortized cost 1			2,112,328			2,092,546
Allowance for credit losses on loans			(23,330)			(22,983)
Total loans, net of allowance for credit losses on loans			$	2,088,998		$	2,069,563

1 Amortized cost includes net deferred loan origination costs of $2.1 million and $1.8 million at March 31, 2023 and December 31, 2022, respectively. Amounts are also net of unrecognized purchase discounts of $2.4 million and $2.6 million at March 31, 2023 and December 31, 2022, respectively. Amortized cost excludes accrued interest, which totaled $6.1 million at both March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022. The current year 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
March 31, 2023			2023			2022			2021			2020			2019			Prior						Total
Commercial and industrial:
Pass and Watch			$	25,074		$	13,349		$	5,414		$	6,732		$	17,105		$	27,065		$	87,069		$	181,808
Special Mention			3			275			—			—			2,743			4,395			1,089			8,505
Substandard			—			—			—			1,141			—			585			3,925			5,651
Total commercial and industrial			$	25,077		$	13,624		$	5,414		$	7,873		$	19,848		$	32,045		$	92,083		$	195,964
Gross current period charge-offs			$	—		$	—		$	—		$	—		$	(3)		$	—		$	—		$	(3)
Commercial real estate, owner-occupied:
Pass and Watch			$	371		$	55,727		$	51,067		$	39,903		$	47,400		$	130,314		$	—		$	324,782
Special Mention			—			—			16,058			—			298			9,680			—			26,036
Substandard			—			—			—			—			—			1,711			—			1,711
Total commercial real estate, owner-occupied			$	371		$	55,727		$	67,125		$	39,903		$	47,698		$	141,705		$	—		$	352,529
Commercial real estate, non-owner occupied:
Pass and Watch			$	5,456		$	179,181		$	210,546		$	154,342		$	162,111		$	426,972		$	48		$	1,138,656
Special Mention			—			—			1,166			11,998			3,907			11,466			—			28,537
Substandard			—			—			2,246			—			—			20,523			—			22,769
Total commercial real estate, non-owner occupied			$	5,456		$	179,181		$	213,958		$	166,340		$	166,018		$	458,961		$	48		$	1,189,962
Construction:
Pass and Watch			$	4,578		$	44,693		$	24,804		$	27,198		$	—		$	9,113		$	—		$	110,386
Total construction			$	4,578		$	44,693		$	24,804		$	27,198		$	—		$	9,113		$	—		$	110,386
Home equity:
Pass and Watch			$	—		$	—		$	—		$	—		$	—		$	966		$	84,723		$	85,689
Substandard			—			—			—			—			—			228			655			883
Total home equity			$	—		$	—		$	—		$	—		$	—		$	1,194		$	85,378		$	86,572
Other residential:
Pass and Watch			$	6,223		$	21,047		$	14,386		$	28,542		$	21,750		$	24,499		$	—		$	116,447
Total other residential			$	6,223		$	21,047		$	14,386		$	28,542		$	21,750		$	24,499		$	—		$	116,447
Installment and other consumer:
Pass and Watch			$	6,591		$	18,531		$	12,501		$	5,443		$	5,951		$	10,501		$	950		$	60,468
Total installment and other consumer			$	6,591		$	18,531		$	12,501		$	5,443		$	5,951		$	10,501		$	950		$	60,468
Gross current period charge-offs			$	—		$	(5)		$	—		$	(3)		$	—		$	(1)		$	(2)		$	(11)
Total loans:
Pass and Watch			$	48,293		$	332,528		$	318,718		$	262,160		$	254,317		$	629,430		$	172,790		$	2,018,236
Total Special Mention			$	3		$	275		$	17,224		$	11,998		$	6,948		$	25,541		$	1,089		$	63,078
Total Substandard			$	—		$	—		$	2,246		$	1,141		$	—		$	23,047		$	4,580		$	31,014
Total Doubtful			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Totals			$	48,296		$	332,803		$	338,188		$	275,299		$	261,265		$	678,018		$	178,459		$	2,112,328
Total gross current period charge-offs			$	—		$	(5)		$	—		$	(3)		$	(3)		$	(1)		$	(2)		$	(14)

(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
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, non-owner occupied:
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, non-owner occupied			$	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

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
December 31, 2022			2022			2021			2020			2019			2018			Prior						Total
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
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

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 March 31, 2023 and December 31, 2022.

Loan Aging Analysis by Class
(in thousands)			Commercial and industrial			Commercial real estate, owner-occupied			Commercial real estate, non-owner occupied			Construction			Home equity			Other residential			Installment and other consumer			Total
March 31, 2023
30-59 days past due			$	822		$	—		$	924		$	—		$	399		$	—		$	1		$	2,146
60-89 days past due			—			—			—			—			—			—			—			—
90 days or more past due			—			33			—			—			598			—			3			634
Total past due			822			33			924			—			997			—			4			2,780
Current			195,142			352,496			1,189,038			110,386			85,575			116,447			60,464			2,109,548
Total loans 1			$	195,964		$	352,529		$	1,189,962		$	110,386		$	86,572		$	116,447		$	60,468		$	2,112,328
Non-accrual loans 2			$	—		$	331		$	924		$	—		$	768		$	—		$	3		$	2,026
Non-accrual loans with no allowance			$	—		$	331		$	924		$	—		$	768		$	—		$	—		$	2,023
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			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

1 There were no non-performing loans past due more than ninety days and accruing interest as of March 31, 2023 and December 31, 2022.

2 None of the non-accrual loans as of March 31, 2023 or December 31, 2022 were earning interest on a cash basis. We recognized no interest income on non-accrual loans for the three months ended March 31, 2023 and 2022. We reversed interest income totaling $16 thousand and less than one thousand for loans placed on non-accrual status during the three months ended March 31, 2023 and March 31, 2022, respectively.

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 March 31, 2023 and December 31, 2022.

			Amortized Cost by Collateral Type
(in thousands)			Commercial Real Estate			Residential Real Estate						Other			Total 1			Allowance for Credit Losses
March 31, 2023
Commercial real estate, owner-occupied			$	331		$	—					$	—		$	331		$	—
Commercial real estate, non-owner occupied			924			—						—			924			—
Home equity			—			768						—			768			—
Installment and other consumer			—			—						3			3			3
Total			$	1,255		$	768					$	3		$	2,026		$	3
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		$	—

1 There were no collateral-dependent residential real estate mortgage loans in process of foreclosure or in substance repossessed at March 31, 2023 or December 31, 2022. The weighted average loan-to-value of collateral dependent loans was approximately 42% at both March 31, 2023 and December 31, 2022.

Schedule of Allocation of the Allowance for Credit Losses on Loans

The following table presents the details of the allowance for credit losses on loans segregated by loan portfolio segments as of March 31, 2023 and December 31, 2022.

Allocation of the Allowance for Credit Losses on Loans
(in thousands)			Commercial and industrial			Commercial real estate, owner-occupied			Commercial real estate, non-owner occupied			Construction			Home equity			Other residential			Installment and other consumer			Unallocated			Total
March 31, 2023
Modeled expected credit losses			$	1,137		$	1,349		$	7,409		$	239		$	459		$	535		$	574		$	—		$	11,702
Qualitative adjustments			784			1,291			5,292			1,780			79			42			305			2,032			11,605
Specific allocations			20			—			—			—			—			—			3			—			23
Total			$	1,941		$	2,640		$	12,701		$	2,019		$	538		$	577		$	882		$	2,032		$	23,330
December 31, 2022
Modeled expected credit losses			$	1,079		$	1,497		$	7,937		$	453		$	504		$	571		$	610		$	—		$	12,651
Qualitative adjustments			706			990			4,739			1,484			54			24			258			2,068			10,323
Specific allocations			9			—			—			—			—			—			—			—			9
Total			$	1,794		$	2,487		$	12,676		$	1,937		$	558		$	595		$	868		$	2,068		$	22,983

Schedule of 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, non-owner occupied			Construction			Home equity			Other residential			Installment and other consumer			Unallocated			Total
Three months ended March 31, 2023
Beginning balance			$	1,794		$	2,487		$	12,676		$	1,937		$	558		$	595		$	868		$	2,068		$	22,983
Provision (reversal)			147			153			25			74			(20)			(18)			25			(36)			350
(Charge-offs)			(3)			—			—			—			—			—			(11)			—			(14)
Recoveries			3			—			—			8			—			—			—			—			11
Ending balance			$	1,941		$	2,640		$	12,701		$	2,019		$	538		$	577		$	882		$	2,032		$	23,330
Three months ended March 31, 2022
Beginning balance			$	1,709		$	2,776		$	12,739		$	1,653		$	595		$	644		$	621		$	2,286		$	23,023
Provision (reversal)			72			(154)			(438)			56			(46)			(16)			22			19			(485)
(Charge-offs)			—			—			—			—			—			—			(2)			—			(2)
Recoveries			3			—			—			8			—			—			—			—			11
Ending balance			$	1,784		$	2,622		$	12,301		$	1,717		$	549		$	628		$	641		$	2,305		$	22,547

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