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Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Summary of Loans Held for Investment

The following table presents loans held for investment, including Paycheck Protection Program ("PPP") loans, as of the dates stated.

(Dollars in thousands)		September 30, 2021				December 31, 2020
Commercial and industrial		$	309,058			$	123,675
Paycheck Protection Program			47,325				292,068
Real estate – construction, commercial			139,286				54,702
Real estate – construction, residential			51,098				18,040
Real estate – mortgage, commercial			680,309				273,499
Real estate – mortgage, residential			499,361				213,404
Real estate – mortgage, farmland			6,317				3,615
Consumer			67,787				46,684
Gross loans			1,800,541				1,025,687
Less: Deferred loan fees, net of costs			(1,440	)			(4,271	)
Total		$	1,799,101			$	1,021,416

Summary of Acquired Loans Included in Consolidated Statement of Condition

The following table presents the outstanding principal balance and related recorded investment of these acquired loans included in the consolidated balance sheets as of the dates stated.

(Dollars in thousands)		September 30, 2021				December 31, 2020
PCI loans
Outstanding principal balance		$	98,076			$	1,278
Recorded investment			84,044				1,085
Purchased performing loans
Outstanding principal balance			784,302				97,301
Recorded investment			781,348				96,317
Total acquired loans
Outstanding principal balance			882,378				98,579
Recorded investment			865,392				97,402

Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans

The following table presents the changes in the accretable yield for PCI loans for the periods stated.

		For the three months ended September 30,								For the nine months ended September 30,
(Dollars in thousands)		2021				2020				2021				2020
Balance, beginning of period		$	7,830			$	153			$	123			$	185
Additions			—				—				10,030				—
Accretion			(1,239	)			(16	)			(3,704	)			(48	)
Reclassification of nonaccretable difference due to improvement in expected cash flows			—				—				106				—
Other changes, net			—				—				36				—
Balance, end of period		$	6,591			$	137			$	6,591			$	137

Summary of Financing Receivable, Past Due

The following tables present the aging of the recorded investment of loans held for investment as of the dates stated.

		September 30, 2021
(Dollars in thousands)		30-59 Days Past Due				60-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total Past Due & Nonaccrual				PCI Loans				Current Loans				Total Loans
Commercial and industrial		$	338			$	332			$	—			$	6,270			$	6,940			$	8,947			$	293,171			$	309,058
Paycheck Protection Program			—				—				—				—				—				—				47,325				47,325
Real estate – construction, commercial			2,696				21				65				88				2,870				14,015				122,401				139,286
Real estate – construction, residential			—				—				451				254				705				—				50,393				51,098
Real estate – mortgage, commercial			2,006				15				24				3,191				5,236				52,371				622,702				680,309
Real estate – mortgage, residential			989				1,601				1,726				2,605				6,921				7,671				484,769				499,361
Real estate – mortgage, farmland			—				—				—				—				—				—				6,317				6,317
Consumer			702				236				112				369				1,419				1,040				65,328				67,787
Less: Deferred loan fees, net of costs			—				—				—				—				—				—				(1,440	)			(1,440	)
Total Loans		$	6,731			$	2,205			$	2,378			$	12,777			$	24,091			$	84,044			$	1,690,966			$	1,799,101

		December 31, 2020
(Dollars in thousands)		30-59 Days Past Due				60-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total Past Due & Nonaccrual				PCI Loans				Current Loans				Total Loans
Commercial and industrial		$	1,117			$	—			$	—			$	1,310			$	2,427			$	—			$	121,248			$	123,675
Paycheck Protection Program			—				—				—				—				—				—				292,068				292,068
Real estate – construction, commercial			—				—				—				—				—				35				54,667				54,702
Real estate – construction, residential			262				—				—				—				262				—				17,778				18,040
Real estate – mortgage, commercial			771				211				—				3,643				4,625				808				268,066				273,499
Real estate – mortgage, residential			1,062				—				46				881				1,989				242				211,173				213,404
Real estate – mortgage, farmland			—				—				—				—				—				—				3,615				3,615
Consumer			935				334				—				714				1,983				—				44,701				46,684
Less: Deferred loan fees, net of costs			—				—				—				—				—				—				(4,271	)			(4,271	)
Total Loans		$	4,147			$	545			$	46			$	6,548			$	11,286			$	1,085			$	1,009,045			$	1,021,416

Summary of Recorded Investment of PCI Loans, Past Due

The following tables present the aging of the recorded investment of PCI loans as of the dates stated.

		September 30, 2021
(Dollars in thousands)		30-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Current Loans				Total Loans
Commercial and industrial		$	—			$	—			$	8,947			$	8,947
Real estate – construction, commercial			21				65				13,929				14,015
Real estate – mortgage, commercial			148				24				52,199				52,371
Real estate – mortgage, residential			552				1,726				5,393				7,671
Consumer			5				—				1,035				1,040
Total PCI Loans		$	726			$	1,815			$	81,503			$	84,044

		December 31, 2020
(Dollars in thousands)		30-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Current Loans				Total Loans
Real estate – construction, commercial			—				—				35				35
Real estate – mortgage, commercial			224				—				584				808
Real estate – mortgage, residential			35				—				207				242
Total PCI Loans		$	259			$	—			$	826			$	1,085

Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment

The following tables present a summary of the loan portfolio individually and collectively evaluated for impairment as of the dates stated.

		September 30, 2021
(Dollars in thousands)		Individually Evaluated for Impairment				Collectively  Evaluated for  Impairment				Total
Originated and purchased performing loans:
Commercial and industrial		$	4,697			$	295,414			$	300,111
Real estate – construction, commercial			531				124,740				125,271
Real estate – construction, residential			—				51,098				51,098
Real estate – mortgage, commercial			1,333				626,605				627,938
Real estate – mortgage, residential			1,672				490,018				491,690
Real estate – mortgage, farmland			—				6,317				6,317
Consumer			—				66,747				66,747
Total originated and purchased performing loans			8,233				1,660,939				1,669,172
PCI loans:
Commercial and industrial			—				8,947				8,947
Real estate – construction, commercial			—				14,015				14,015
Real estate – mortgage, commercial			—				52,371				52,371
Real estate – mortgage, residential			—				7,671				7,671
Consumer			—				1,040				1,040
Total PCI loans			—				84,044				84,044
Gross loans			8,233				1,744,983				1,753,216
Less: Deferred loan fees, net of costs			—				(763	)			(763	)
Total		$	8,233			$	1,744,220			$	1,752,453

		December 31, 2020
(Dollars in thousands)		Individually Evaluated for Impairment				Collectively  Evaluated for  Impairment				Total
Originated and purchased performing loans:
Commercial and industrial		$	234			$	123,441			$	123,675
Real estate – construction, commercial			—				54,667				54,667
Real estate – construction, residential			—				18,040				18,040
Real estate – mortgage, commercial			1,645				271,046				272,691
Real estate – mortgage, residential			452				212,710				213,162
Real estate – mortgage, farmland			—				3,615				3,615
Consumer			—				46,684				46,684
Total originated and purchased performing loans			2,331				730,203				732,534
PCI loans:
Real estate – construction, commercial			—				35				35
Real estate – mortgage, commercial			—				808				808
Real estate – mortgage, residential			—				242				242
Total PCI loans			—				1,085				1,085
Gross loans			2,331				731,288				733,619
Less: Deferred loan fees, net of costs			—				(736	)			(736	)
Total		$	2,331			$	730,552			$	732,883

Summary of Impaired Financing Receivables

The following tables present information related to impaired loans by loan type as of the dates presented.

		September 30, 2021												December 31, 2020
(Dollars in thousands)		Recorded Investment				Unpaid Principal Balance				Related Allowance				Recorded Investment				Unpaid Principal Balance				Related Allowance
With no specific allowance recorded:
Commercial and industrial		$	4,697			$	4,697			$	—			$	234			$	234			$	144
Real estate – construction, commercial			531				531				—				—				—				—
Real estate – mortgage, commercial			1,333				1,432				—				1,645				2,030				—
Real estate – mortgage, residential			1,672				1,672				—				452				571				—
With an allowance recorded:
Real estate – mortgage, commercial			—				—				—				—				—				—
Real estate – mortgage, residential			—				—				—				—				—				—
		$	8,233			$	8,332			$	—			$	2,331			$	2,835			$	144

		For the three months ended
		September 30, 2021								September 30, 2020
(Dollars in thousands)		Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized
With no specific allowance recorded:
Commercial and industrial		$	4,710			$	53			$	—			$	—
Real estate – construction, commercial			532				8				—				—
Real estate – mortgage, commercial			1,378				21				—				—
Real estate – mortgage, residential			1,421				5				696				28
With an allowance recorded:
Commercial and industrial			—				—				375				—
Real estate – mortgage, commercial			—				—				337				1
Real estate – mortgage, residential			—				—				—				—
		$	8,041			$	87			$	1,408			$	29
		For the nine months ended
		September 30, 2021								September 30, 2020
(Dollars in thousands)		Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized
With no specific allowance recorded:
Commercial and industrial		$	4,390			$	149			$	—			$	—
Real estate – construction, commercial			537				24				—				—
Real estate – mortgage, commercial			1,402				62				—				—
Real estate – mortgage, residential			1,078				11				696				28
With an allowance recorded:
Commercial and industrial			—				—				375				1
Real estate – mortgage, commercial			—				—				337				7
Real estate – mortgage, residential			—				—				—				—
		$	7,407			$	246			$	1,408			$	36

Summary of Allowance for Loans Losses

The following table presents an analysis of the change in the ALL by loan type as of and for the periods stated.

		For the three months ended September 30,								For the nine months ended September 30,
(Dollars in thousands)		2021				2020				2021				2020
ALL, beginning of period		$	13,007			$	8,206			$	13,827			$	4,572
Charge-offs
Commercial and industrial			(18	)			—				(968	)			—
Real estate – mortgage			(133	)			—				(146	)			—
Consumer			(361	)			(213	)			(757	)			(787	)
Total charge-offs			(512	)			(213	)			(1,871	)			(787	)
Recoveries
Commercial and industrial			26				33				210				34
Real estate – mortgage			5				—				108				—
Consumer			88				97				340				229
Total recoveries			119				130				658				263
Net charge-offs			(393	)			(83	)			(1,213	)			(524	)
Provision for loan losses			—				4,000				—				8,075
ALL, end of period		$	12,614			$	12,123			$	12,614			$	12,123

Summary of Accounts Notes Loans and Financing Receivable

The following tables present the Company’s loan portfolio by internal loan grade as of the dates stated.

		September 30, 2021
(Dollars in thousands)		Grade 1 Prime				Grade 2 Desirable				Grade 3 Good				Grade 4 Acceptable				Grade 5 Pass/Watch				Grade 6 Special Mention				Grade 7 Substandard				Total
Commercial and industrial		$	591			$	3,521			$	142,771			$	135,275			$	14,247			$	4,505			$	8,148			$	309,058
Paycheck Protection Program			47,325				—				—				—				—				—				—				47,325
Real estate – construction, commercial			—				516				32,633				86,430				6,845				10,849				2,013				139,286
Real estate – construction, residential			7				—				16,715				29,246				4,875				—				255				51,098
Real estate – mortgage, commercial			4,358				2,447				317,296				244,322				34,810				60,845				16,231				680,309
Real estate – mortgage residential			1,286				9,068				291,246				173,404				13,621				4,422				6,314				499,361
Real estate – mortgage, farmland			366				—				1,122				4,829				—				—				—				6,317
Consumer			339				8				17,768				47,346				1,279				489				558				67,787
Gross loans		$	54,272			$	15,560			$	819,551			$	720,852			$	75,677			$	81,110			$	33,519			$	1,800,541
Less: Deferred loan fees, net of costs																															(1,440	)
Total																														$	1,799,101

		December 31, 2020
(Dollars in thousands)		Grade 1 Prime				Grade 2 Desirable				Grade 3 Good				Grade 4 Acceptable				Grade 5 Pass/Watch				Grade 6 Special Mention				Grade 7 Substandard				Total
Commercial and industrial		$	844			$	484			$	23,828			$	85,928			$	7,251			$	4			$	5,336			$	123,675
Paycheck Protection Program			292,068				—				—				—				—				—				—				292,068
Real estate – construction, commercial			—				2,143				19,524				26,324				5,916				218				577				54,702
Real estate – construction, residential			—				—				3,073				8,247				6,458				—				262				18,040
Real estate – mortgage, commercial			—				3,994				128,163				114,977				15,799				2,968				7,598				273,499
Real estate – mortgage residential			—				3,583				101,078				100,601				5,750				158				2,234				213,404
Real estate – mortgage, farmland			444				—				1,175				1,996				—				—				—				3,615
Consumer			324				36				17,062				28,033				521				1				707				46,684
Gross loans		$	293,680			$	10,240			$	293,903			$	366,106			$	41,695			$	3,349			$	16,714			$	1,025,687
Less: Deferred loan fees, net of costs																															(4,271	)
Total																														$	1,021,416

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