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Loans and Allowance for Credit Losses on Loans (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Loans by Class

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

			December 31,
(in thousands)			2023			2022
Commercial and industrial			$	153,750		$	173,547
Real estate:
Commercial owner-occupied			333,181			354,877
Commercial non-owner occupied			1,219,385			1,191,889
Construction			99,164			114,373
Home equity			82,087			88,748
Other residential			118,508			112,123
Installment and other consumer loans			67,645			56,989
Total loans, at amortized cost 1			2,073,720			2,092,546
Allowance for credit losses on loans			(25,172)			(22,983)
Total loans, net of allowance for credit losses on loans			$	2,048,548		$	2,069,563

1 Amortized cost includes net deferred loan origination costs of $2.7 million and $1.8 million at December 31, 2023 and 2022, respectively. Amounts are also net of unrecognized purchase discounts of $2.0 million and $2.6 million at December 31, 2023 and 2022, respectively. Amortized cost excludes accrued interest, which totaled $6.6 million and $6.1 million at December 31, 2023 and 2022, 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 portfolio class, origination/renewal year and internal risk rating as of December 31, 2023 and 2022. The current year vintage table reflects gross charge-offs by 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
December 31, 2023			2023			2022			2021			2020			2019			Prior						Total
Commercial and industrial:
Pass and Watch			$	25,615		$	9,187		$	2,970		$	3,718		$	15,128		$	21,004		$	62,486		$	140,108
Special Mention			—			—			—			—			334			—			9,300			9,634
Substandard			—			—			—			—			1,311			2,697			—			4,008
Total commercial and industrial			$	25,615		$	9,187		$	2,970		$	3,718		$	16,773		$	23,701		$	71,786		$	153,750
Gross current period charge-offs			$	—		$	—		$	—		$	(4)		$	(3)		$	(3)		$	(1)		$	(11)
Commercial real estate, owner-occupied:
Pass and Watch			$	13,128		$	41,808		$	49,887		$	37,708		$	40,994		$	114,018		$	56		$	297,599
Special Mention			1,431			4,498			15,636			820			286			8,902			—			31,573
Substandard			—			2,231			—			—			—			1,778			—			4,009
Total commercial real estate, owner-occupied			$	14,559		$	48,537		$	65,523		$	38,528		$	41,280		$	124,698		$	56		$	333,181
Gross current period charge-offs			$	—		$	—		$	—		$	—		$	(406)		$	—		$	—		$	(406)
Commercial real estate, non-owner occupied:
Pass and Watch			$	76,718		$	172,028		$	196,340		$	150,831		$	139,860		$	368,675		$	9,832		$	1,114,284
Special Mention			—			2,790			9,498			11,776			15,708			41,602			—			81,374
Substandard			878			272			2,204			—			—			20,373			—			23,727
Total commercial real estate, non-owner occupied			$	77,596		$	175,090		$	208,042		$	162,607		$	155,568		$	430,650		$	9,832		$	1,219,385
Construction:
Pass and Watch			$	13,138		$	24,403		$	19,521		$	29,512		$	—		$	—		$	—		$	86,574
Special Mention			12,590			—			—			—			—			—			—			12,590
Total construction			$	25,728		$	24,403		$	19,521		$	29,512		$	—		$	—		$	—		$	99,164
Home equity:
Pass and Watch			$	—		$	—		$	—		$	—		$	—		$	734		$	80,773		$	81,507
Substandard			—			—			—			—			—			369			211			580
Total home equity			$	—		$	—		$	—		$	—		$	—		$	1,103		$	80,984		$	82,087
Other residential:
Pass and Watch			$	17,861		$	20,114		$	13,390		$	25,637		$	20,935		$	20,571		$	—		$	118,508
Total other residential			$	17,861		$	20,114		$	13,390		$	25,637		$	20,935		$	20,571		$	—		$	118,508
Installment and other consumer:
Pass and Watch			$	22,038		$	14,528		$	10,632		$	4,687		$	5,300		$	9,399		$	1,061		$	67,645
Total installment and other consumer			$	22,038		$	14,528		$	10,632		$	4,687		$	5,300		$	9,399		$	1,061		$	67,645
Gross current period charge-offs			$	(7)		$	(6)		$	(1)		$	(4)		$	—		$	(1)		$	(5)		$	(24)
Total loans:
Pass and Watch			$	168,498		$	282,068		$	292,740		$	252,093		$	222,217		$	534,401		$	154,208		$	1,906,225
Total Special Mention			$	14,021		$	7,288		$	25,134		$	12,596		$	16,328		$	50,504		$	9,300		$	135,171
Total Substandard			$	878		$	2,503		$	2,204		$	—		$	1,311		$	25,217		$	211		$	32,324
Totals			$	183,397		$	291,859		$	320,078		$	264,689		$	239,856		$	610,122		$	163,719		$	2,073,720
Total gross current period charge-offs			$	(7)		$	(6)		$	(1)		$	(8)		$	(409)		$	(4)		$	(6)		$	(441)

(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 Past Due Financing Receivables

The following table shows the amortized cost of loans by portfolio class, payment aging and non-accrual status as of December 31, 2023 and 2022.

Loan Aging Analysis by Portfolio 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
December 31, 2023
30-59 days past due			$	2,991		$	618		$	—		$	—		$	43		$	83		$	195		$	3,930
60-89 days past due			69			—			2,204			—			—			—			1			2,274
90 days or more past due 1			1,311			149			—			—			—			—			—			1,460
Total past due			4,371			767			2,204			—			43			83			196			7,664
Current			149,379			332,414			1,217,181			99,164			82,044			118,425			67,449			2,066,056
Total loans 1			$	153,750		$	333,181		$	1,219,385		$	99,164		$	82,087		$	118,508		$	67,645		$	2,073,720
Non-accrual loans 2			$	4,008		$	434		$	3,081		$	—		$	469		$	—		$	—		$	7,992
Non-accrual loans with no allowance			$	1,311		$	434		$	877		$	—		$	469		$	—		$	—		$	3,091
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

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

2 None of the non-accrual loans as of December 31, 2023 or 2022 were earning interest on a cash basis. We recognized no interest income on non-accrual loans in 2023, 2022 or 2021. Accrued interest of $206 thousand and $48 thousand was reversed from interest income for the loans that were placed on non-accrual status in 2023 and 2022, respectively. 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 were all on non-accrual status, by portfolio class and collateral type as of December 31, 2023 and 2022.

			Amortized Cost by Collateral Type
(in thousands)			Commercial Real Estate			Residential Real Estate						Other			Total1			Allowance for Credit Losses
December 31, 2023
Commercial and industrial			$	1,311		$	—					$	—		$	1,311		$	—
Commercial real estate, owner-occupied			434			—						—			434			—
Commercial real estate, non-owner occupied			3,081			—						—			3,081			408
Home equity			—			469						—			469			—
Total			$	4,826		$	469					$	—		$	5,295		$	408
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		$	—

1There were no collateral-dependent residential real estate mortgage loans in process of foreclosure or in substance repossessed at December 31, 2023 and 2022.

The weighted average loan-to-value of collateral-dependent loans was approximately 70% and 42% at December 31, 2023 and 2022, respectively.

Schedule of Troubled Debt Restructurings on Financing Receivables

The following table summarizes the amortized cost of loans as of December 31, 2023 modified for borrowers experiencing financial difficulty during the year ended December 31, 2023 by portfolio class and type of modification granted.

(in thousands)									Term Extension									Percent of Portfolio Class Total
December 31, 2023
Commercial real estate, owner-occupied									$	1,431								0.4		%
Commercial real estate, non-owner occupied									878									0.1		%
Total									$	2,309

The following table summarizes the financial effect of loan modifications presented in the table above during the year ended December 31, 2023 by portfolio class.

(in thousands)									Weighted-Average Term Extension (in years)
Year ended December 31, 2023
Commercial real estate, owner-occupied									2.3
Commercial real estate, non-owner occupied									0.5

The following table summarizes the amortized cost and payment status of loans as of December 31, 2023 that were modified during the year ended December 31, 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
December 31, 2023
Commercial real estate, owner-occupied			$	1,431		$	—		$	—		$	—		$	1,431		$	—
Commercial real estate, non-owner occupied			878			—			—			—			878			878
Total			$	2,309		$	—		$	—		$	—		$	2,309		$	878

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 December 31, 2023 and 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
December 31, 2023
Modeled expected credit losses			$	897		$	1,270		$	7,380		$	185		$	482		$	619		$	634		$	—		$	11,467
Qualitative adjustments			622			1,205			6,327			1,647			70			33			342			2,038			12,284
Specific allocations			193			1			1,226			—			—			1			—			—			1,421
Total			$	1,712		$	2,476		$	14,933		$	1,832		$	552		$	653		$	976		$	2,038		$	25,172
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 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
Year ended December 31, 2023
Beginning balance			$	1,794		$	2,487		$	12,676		$	1,937		$	558		$	595		$	868		$	2,068		$	22,983
(Reversal) provision			(100)			395			2,257			(130)			(6)			58			131			(30)			2,575
(Charge-offs)			(11)			(406)			—			—			—			—			(24)			—			(441)
Recoveries			29			—			—			25			—			—			1			—			55
Ending balance			$	1,712		$	2,476		$	14,933		$	1,832		$	552		$	653		$	976		$	2,038		$	25,172
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
(Reversal) provision			(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

1 The initial allowance for purchased credit impaired ("PCD") loans relates to the AMRB merger discussed in Note 18, Merger.

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, 2023, 2022 and 2021.

(in thousands)			2023			2022			2021
Balance at beginning of year			$	6,445		$	7,942		$	6,423
Additions			—			1,525			—
Assumed in the AMRB acquisition			—			—			4,037
Repayments			(613)			(364)			(2,518)
Reclassified due to a change in borrower status			—			(2,658)			—
Balance at end of year			$	5,832		$	6,445		$	7,942

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Schedule of Collateral Dependent Loans

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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
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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
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
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-URI https://asc.fasb.org//1943274/2147481962/310-10-50-29

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Tabular disclosure of aging analysis for financing receivable.

+ References

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