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Loans and Allowance for Credit Losses on Loans (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Loans by Class

The following table presents the amortized cost of loans by portfolio class as of September 30, 2023 and December 31, 2022.

(in thousands)			September 30, 2023			December 31, 2022
Commercial and industrial			$	174,096		$	173,547
Real estate:
Commercial owner-occupied			346,307			354,877
Commercial non-owner occupied			1,190,813			1,191,889
Construction			109,305			114,373
Home equity			83,267			88,748
Other residential			116,674			112,123
Installment and other consumer loans			66,480			56,989
Total loans, at amortized cost 1			2,086,942			2,092,546
Allowance for credit losses on loans			(24,260)			(22,983)
Total loans, net of allowance for credit losses on loans			$	2,062,682		$	2,069,563

1 Amortized cost includes net deferred loan origination costs of $2.6 million and $1.8 million at September 30, 2023 and December 31, 2022, respectively. Amounts are also net of unrecognized purchase discounts of $2.2 million and $2.6 million at September 30, 2023 and December 31, 2022, respectively. Amortized cost excludes accrued interest, which totaled $6.3 million and $6.1 million at September 30, 2023 and December 31, 2022, respectively, and is included in interest receivable and other assets in the consolidated statements of condition.

Schedule of Loans by Risk Grade and Origination Year

The following tables present the loan portfolio by loan portfolio class, origination year and internal risk rating as of September 30, 2023 and December 31, 2022. The current year vintage table reflects gross charge-offs by loan portfolio 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
September 30, 2023			2023			2022			2021			2020			2019			Prior						Total
Commercial and industrial:
Pass and Watch			$	31,632		$	9,235		$	3,360		$	4,644		$	16,222		$	23,223		$	67,670		$	155,986
Special Mention			391			—			—			—			1,687			269			8,172			10,519
Substandard			—			273			—			918			—			2,735			3,665			7,591
Total commercial and industrial			$	32,023		$	9,508		$	3,360		$	5,562		$	17,909		$	26,227		$	79,507		$	174,096
Gross current period charge-offs			$	—		$	—		$	—		$	—		$	(3)		$	(3)		$	(1)		$	(7)
Commercial real estate, owner-occupied:
Pass and Watch			$	10,374		$	48,054		$	50,265		$	38,176		$	40,211		$	118,370		$	—		$	305,450
Special Mention			1,056			4,547			15,779			825			289			10,463			—			32,959
Substandard			—			2,260			—			—			3,834			1,804			—			7,898
Total commercial real estate, owner-occupied			$	11,430		$	54,861		$	66,044		$	39,001		$	44,334		$	130,637		$	—		$	346,307
Commercial real estate, non-owner occupied:
Pass and Watch			$	30,200		$	174,327		$	198,342		$	152,318		$	144,112		$	399,022		$	—		$	1,098,321
Special Mention			—			2,802			9,545			11,857			15,801			28,881			—			68,886
Substandard			—			—			2,209			—			—			21,397			—			23,606
Total commercial real estate, non-owner occupied			$	30,200		$	177,129		$	210,096		$	164,175		$	159,913		$	449,300		$	—		$	1,190,813

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
September 30, 2023			2023			2022			2021			2020			2019			Prior						Total
Construction:
Pass and Watch			$	17,173		$	44,236		$	18,827		$	29,069		$	—		$	—		$	—		$	109,305
Total construction			$	17,173		$	44,236		$	18,827		$	29,069		$	—		$	—		$	—		$	109,305
Home equity:
Pass and Watch			$	—		$	—		$	—		$	—		$	—		$	711		$	81,954		$	82,665
Substandard			—			—			—			—			—			189			413			602
Total home equity			$	—		$	—		$	—		$	—		$	—		$	900		$	82,367		$	83,267
Other residential:
Pass and Watch			$	13,224		$	20,218		$	13,673		$	26,487		$	21,075		$	21,997		$	—		$	116,674
Total other residential			$	13,224		$	20,218		$	13,673		$	26,487		$	21,075		$	21,997		$	—		$	116,674
Installment and other consumer:
Pass and Watch			$	18,666		$	15,071		$	11,374		$	4,971		$	5,483		$	9,930		$	985		$	66,480
Total installment and other consumer			$	18,666		$	15,071		$	11,374		$	4,971		$	5,483		$	9,930		$	985		$	66,480
Gross current period charge-offs			$	(7)		$	(5)		$	—		$	(4)		$	—		$	(1)		$	(5)		$	(22)
Total loans:
Pass and Watch			$	121,269		$	311,141		$	295,841		$	255,665		$	227,103		$	573,253		$	150,609		$	1,934,881
Total Special Mention			$	1,447		$	7,349		$	25,324		$	12,682		$	17,777		$	39,613		$	8,172		$	112,364
Total Substandard			$	—		$	2,533		$	2,209		$	918		$	3,834		$	26,125		$	4,078		$	39,697
Totals			$	122,716		$	321,023		$	323,374		$	269,265		$	248,714		$	638,991		$	162,859		$	2,086,942
Total gross current period charge-offs			$	(7)		$	(5)		$	—		$	(4)		$	(3)		$	(4)		$	(6)		$	(29)

(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
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 Loans Outstanding and Aging Analysis

The following table shows the amortized cost of loans by portfolio class, payment aging and non-accrual status as of September 30, 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
September 30, 2023
30-59 days past due			$	1,321		$	—		$	797		$	—		$	—		$	—		$	97		$	2,215
60-89 days past due			—			—			901			—			196			—			1			1,098
90 days or more past due			—			3,992			—			—			4			—			—			3,996
Total past due			1,321			3,992			1,698			—			200			—			98			7,309
Current			172,775			342,315			1,189,115			109,305			83,067			116,674			66,382			2,079,633
Total loans 1			$	174,096		$	346,307		$	1,190,813		$	109,305		$	83,267		$	116,674		$	66,480		$	2,086,942
Non-accrual loans 2			$	—		$	4,281		$	901		$	—		$	490		$	—		$	—		$	5,672
Non-accrual loans with no allowance			$	—		$	4,281		$	901		$	—		$	490		$	—		$	—		$	5,672
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 September 30, 2023 and December 31, 2022.

2 None of the non-accrual loans as of September 30, 2023 or December 31, 2022 were earning interest on a cash or accrual basis. We reversed $131 thousand and $158 thousand in accrued interest income for loans that were placed on non-accrual status for the three and nine months ended September 30, 2023. We reversed accrued interest income of $39 thousand and $47 thousand for loans that were placed on non-accrual status during the three and nine months ended September 30, 2022, respectively.

Schedule of Collateral Dependent Non-Accrual Loans

The following table presents the amortized cost basis of individually analyzed collateral-dependent loans, which are all on non-accrual status, by portfolio class at September 30, 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
September 30, 2023
Commercial real estate, owner-occupied			$	4,281		$	—					$	—		$	4,281		$	—
Commercial real estate, non-owner occupied			901			—						—			901			—
Home equity			—			490						—			490			—
Total			$	5,182		$	490					$	—		$	5,672		$	—
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 September 30, 2023 and December 31, 2022. The weighted average loan-to-value of collateral dependent loans was approximately 61% at September 30, 2023 and 42% at December 31, 2022.

Schedule of Loan Modifications to Borrowers Experiencing Financial Difficulty

The following table summarizes the amortized cost of loans as of September 30, 2023 that were modified during the three and nine months ended September 30, 2023 by portfolio class and type of modification granted.

(in thousands)									Term Extension									Percent of Portfolio Class Total
Three months ended September 30, 2023
Commercial and industrial									$	391								0.2		%
Commercial owner-occupied									1,056									0.3		%
Total									$	1,447
Nine months ended September 30, 2023
Commercial and industrial									$	391								0.2		%
Commercial owner-occupied									1,056									0.3		%
Total									$	1,447

The following table summarizes the financial effect of loan modifications presented in the table above during the three and nine months ended September 30, 2023 by portfolio class.

(in thousands)									Weighted-Average Term Extension (in years)
Three months ended September 30, 2023
Commercial and industrial									2.3
Commercial owner-occupied									2.5
Nine months ended September 30, 2023
Commercial and industrial									2.3
Commercial owner-occupied									2.5

The following table summarizes the amortized cost and payment status of loans as of September 30, 2023 that were modified during the three and nine months ended September 30, 2023 by portfolio class.

(in thousands)			Current			30-59 Days Past Due			60-89 Days Past Due			90 Days or More Past Due			Total			Non-Accrual
Three months ended September 30, 2023
Commercial and industrial			$	391		$	—		$	—		$	—		$	391		$	—
Commercial owner-occupied			1,056			—			—			—			1,056			—
Total			$	1,447		$	—		$	—		$	—		$	1,447		$	—
Nine months ended September 30, 2023
Commercial and industrial			$	391		$	—		$	—		$	—		$	391		$	—
Commercial owner-occupied			1,056			—			—			—			1,056			—
Total			$	1,447		$	—		$	—		$	—		$	1,447		$	—

Schedule of Allowance for Credit Losses on Financing Receivables

The following table presents the details of the allowance for credit losses on loans segregated by loan portfolio class as of September 30, 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
September 30, 2023
Modeled expected credit losses			$	1,042		$	1,315		$	7,324		$	213		$	494		$	566		$	613		$	—		$	11,567
Qualitative adjustments			761			1,214			6,300			1,805			71			38			338			2,159			12,686
Specific allocations			5			1			—			—			—			1			—			—			7
Total			$	1,808		$	2,530		$	13,624		$	2,018		$	565		$	605		$	951		$	2,159		$	24,260
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

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 September 30, 2023
Beginning balance			$	1,831		$	2,589		$	13,201		$	1,942		$	561		$	599		$	940		$	2,169		$	23,832
(Reversal) Provision			(20)			(59)			423			68			4			6			13			(10)			425
(Charge-offs)			(4)			—			—			—			—			—			(2)			—			(6)
Recoveries			1			—			—			8			—			—			—			—			9
Ending balance			$	1,808		$	2,530		$	13,624		$	2,018		$	565		$	605		$	951		$	2,159		$	24,260
Three months ended September 30, 2022
Beginning balance			$	1,699		$	2,617		$	12,439		$	1,737		$	530		$	585		$	733		$	2,199		$	22,539
Provision (Reversal)			265			(81)			299			38			12			5			83			(199)			422
(Charge-offs)			(9)			—			—			—			—			—			(1)			—			(10)
Recoveries			3			—			—			9			—			—			—			—			12
Ending balance			$	1,958		$	2,536		$	12,738		$	1,784		$	542		$	590		$	815		$	2,000		$	22,963

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
Nine months ended September 30, 2023
Beginning balance			$	1,794		$	2,487		$	12,676		$	1,937		$	558		$	595		$	868		$	2,068		$	22,983
Provision (Reversal)			16			43			948			56			7			10			104			91			1,275
Charge-offs			(7)			—			—			—			—			—			(22)			—			(29)
Recoveries			5			—			—			25			—			—			1			—			31
Ending balance			$	1,808		$	2,530		$	13,624		$	2,018		$	565		$	605		$	951		$	2,159		$	24,260
Nine months ended September 30, 2022
Beginning balance			$	1,709		$	2,776		$	12,739		$	1,653		$	595		$	644		$	621		$	2,286		$	23,023
Provision (Reversal)			248			(240)			(1)			106			(53)			(54)			217			(286)			(63)
Charge-offs			(9)			—			—			—			—			—			(23)			—			(32)
Recoveries			10			—			—			25			—			—			—			—			35
Ending balance			$	1,958		$	2,536		$	12,738		$	1,784		$	542		$	590		$	815		$	2,000		$	22,963

X

- Definition

Schedule of Collateral Dependent Loans

+ References

No definition available.

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X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B

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X

- 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
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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