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Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022				December 31, 2021
Commercial and industrial		$	522,281			$	320,827
Paycheck Protection Program			13,148				30,742
Real estate – construction, commercial			145,066				146,523
Real estate – construction, residential			77,085				58,857
Real estate – mortgage, commercial			800,134				701,503
Real estate – mortgage, residential			569,931				493,982
Real estate – mortgage, farmland			6,757				6,173
Consumer			38,400				49,877
Gross loans			2,172,802				1,808,484
Less: deferred loan fees, net of costs			(1,312	)			(906	)
Total		$	2,171,490			$	1,807,578

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, 2022				December 31, 2021
PCI loans
Outstanding principal balance		$	73,659			$	97,418
Recorded investment			65,190				84,029
Purchased performing loans
Outstanding principal balance			559,982				706,147
Recorded investment			558,078				703,333
Total acquired loans
Outstanding principal balance			633,641				803,565
Recorded investment			623,268				787,362

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)		2022				2021				2022				2021
Balance, beginning of period		$	12,945			$	7,830			$	16,849			$	123
Additions			—				—				—				10,030
Accretion			(1,108	)			(1,239	)			(6,370	)			(3,704	)
Reclassification of nonaccretable difference due to improvement in expected cash flows			—				—				2,515				106
Other changes, net			—				—				(1,157	)			36
Balance, end of period		$	11,837			$	6,591			$	11,837			$	6,591

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, 2022
(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		$	237			$	162			$	—			$	1,815			$	2,214			$	3,461			$	516,606			$	522,281
Paycheck Protection Program			—				—				—				—				—				—				13,148				13,148
Real estate – construction, commercial			—				47				—				716				763				1,201				143,102				145,066
Real estate – construction, residential			1,207				269				—				11				1,487				—				75,598				77,085
Real estate – mortgage, commercial			196				262				—				1,841				2,299				54,433				743,402				800,134
Real estate – mortgage, residential			864				939				—				5,088				6,891				5,732				557,308				569,931
Real estate – mortgage, farmland			—				403				81				—				484				—				6,273				6,757
Consumer			419				57				—				569				1,045				363				36,992				38,400
Less: deferred loan fees, net of costs			—				—				—				—				—				—				(1,312	)			(1,312	)
Total Loans		$	2,923			$	2,139			$	81			$	10,040			$	15,183			$	65,190			$	2,091,117			$	2,171,490

		December 31, 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		$	2,338			$	—			$	30			$	6,066			$	8,434			$	8,903			$	303,490			$	320,827
Paycheck Protection Program			—				—				—				—				—				—				30,742				30,742
Real estate – construction, commercial			271				—				—				88				359				14,754				131,410				146,523
Real estate – construction, residential			651				98				279				413				1,441				—				57,416				58,857
Real estate – mortgage, commercial			53				—				—				3,024				3,077				51,872				646,554				701,503
Real estate – mortgage, residential			13,950				1,587				359				5,190				21,086				7,621				465,275				493,982
Real estate – mortgage, farmland			—				—				—				—				—				—				6,173				6,173
Consumer			902				583				249				396				2,130				879				46,868				49,877
Less: deferred loan fees, net of costs			—				—				—				—				—				—				(906	)			(906	)
Total Loans		$	18,165			$	2,268			$	917			$	15,177			$	36,527			$	84,029			$	1,687,022			$	1,807,578

Summary of Investment of PCI loans

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

		September 30, 2022
(Dollars in thousands)		30-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Current Loans				Total Loans
Commercial and industrial		$	—			$	—			$	3,461			$	3,461
Real estate – construction, commercial			—				—				1,201				1,201
Real estate – mortgage, commercial			—				—				54,433				54,433
Real estate – mortgage, residential			553				—				5,179				5,732
Consumer			—				—				363				363
Total PCI Loans		$	553			$	—			$	64,637			$	65,190

		December 31, 2021
(Dollars in thousands)		30-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Current Loans				Total Loans
Commercial and industrial		$	—			$	—			$	8,903			$	8,903
Real estate – construction, commercial			—				—				14,754				14,754
Real estate – mortgage, commercial			—				—				51,872				51,872
Real estate – mortgage, residential			147				—				7,474				7,621
Consumer			—				4				875				879
Total PCI Loans		$	147			$	4			$	83,878			$	84,029

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, 2022
(Dollars in thousands)		Individually Evaluated for Impairment				Collectively  Evaluated for  Impairment				Total Loan Balances				Related Allowance for Loan Losses
PCI loans:
Commercial and industrial		$	—			$	3,461			$	3,461			$	—
Real estate – construction, commercial			—				1,201				1,201				—
Real estate – mortgage, commercial			—				54,433				54,433				—
Real estate – mortgage, residential			—				5,732				5,732				11
Consumer			—				363				363				—
Total PCI loans			—				65,190				65,190				11
Originated and purchased performing loans:
Commercial and industrial			5,705				513,115				518,820				13,154
Real estate – construction, commercial			521				143,344				143,865				1,078
Real estate – construction, residential			—				77,085				77,085				127
Real estate – mortgage, commercial			2,762				742,939				745,701				2,539
Real estate – mortgage, residential			1,337				562,862				564,199				2,542
Real estate – mortgage, farmland			—				6,757				6,757				33
Consumer			—				38,037				38,037				1,050
Total originated and purchased performing loans			10,325				2,084,139				2,094,464				20,523
Gross loans			10,325				2,149,329				2,159,654				20,534
Less: deferred loan fees, net of costs			—				(1,312	)			(1,312	)			—
Total		$	10,325			$	2,148,017			$	2,158,342			$	20,534

		December 31, 2021
(Dollars in thousands)		Individually Evaluated for Impairment				Collectively  Evaluated for  Impairment				Total Loan Balances				Related Allowance for Loan Losses
PCI loans:
Commercial and industrial		$	—			$	8,903			$	8,903			$	—
Real estate – construction, commercial			—				14,754				14,754				—
Real estate – mortgage, commercial			—				51,872				51,872				—
Real estate – mortgage, residential			—				7,621				7,621				117
Consumer			—				879				879				—
Total PCI loans			—				84,029				84,029				117
Originated and purchased performing loans:
Commercial and industrial			4,612				307,312				311,924				7,133
Real estate – construction, commercial			527				131,242				131,769				953
Real estate – construction, residential			—				58,857				58,857				395
Real estate – mortgage, commercial			3,194				646,437				649,631				1,403
Real estate – mortgage, residential			1,400				484,961				486,361				1,184
Real estate – mortgage, farmland			—				6,173				6,173				23
Consumer			—				48,998				48,998				913
Total originated and purchased performing loans			9,733				1,683,980				1,693,713				12,004
Gross loans			9,733				1,768,009				1,777,742				12,121
Less: deferred loan fees, net of costs			—				(570	)			(570	)			—
Total		$	9,733			$	1,767,439			$	1,777,172			$	12,121

Summary of Impaired Financing Receivables

The following tables present information related to impaired loans by loan type as of the dates and for the periods stated.

		September 30, 2022												December 31, 2021
(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		$	1,689			$	5,165			$	—			$	—			$	—			$	—
Real estate – construction, commercial			521				521				—				527				527				—
Real estate – mortgage, commercial			2,715				2,829				—				—				—				—
Real estate – mortgage, residential			1,195				1,188				—				—				—				—
With an allowance recorded:
Commercial and industrial		$	4,016			$	4,016			$	747			$	4,612			$	4,612			$	836
Real estate – mortgage, commercial			47				662				301				3,194				3,849				1
Real estate – mortgage, residential			142				142				15				1,400				1,400				42
Total		$	10,325			$	14,523			$	1,063			$	9,733			$	10,388			$	879

		For the three months ended
		September 30, 2022								September 30, 2021
(Dollars in thousands)		Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized
With no specific allowance recorded:
Commercial and industrial		$	5,197			$	—			$	4,710			$	53
Real estate – construction, commercial			521				8				532				8
Real estate – mortgage, commercial			2,839				26				1,378				21
Real estate – mortgage, residential			1,188				5				1,421				5
With an allowance recorded:
Commercial and industrial		$	4,024			$	44			$	—			$	—
Real estate – mortgage, commercial			851				1				—				—
Real estate – mortgage, residential			142				1				—				—
Total		$	14,762			$	85			$	8,041			$	87

		For the nine months ended
		September 30, 2022								September 30, 2021
(Dollars in thousands)		Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized
With no specific allowance recorded:
Commercial and industrial		$	5,568			$	74			$	4,390			$	149
Real estate – construction, commercial			522				16				537				24
Real estate – mortgage, commercial			6,991				174				1,402				62
Real estate – mortgage, residential			1,324				22				1,078				11
With an allowance recorded:			—				—
Commercial and industrial		$	4,644			$	77			$	—			$	—
Real estate – mortgage, commercial			1,503				3				—				—
Real estate – mortgage, residential			86				6				—				—
Total		$	20,639			$	372			$	7,407			$	246

Summary of Allowance for Loans Losses

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

		For the three months ended September 30,								For the nine months ended September 30,
(Dollars in thousands)		2022				2021				2022				2021
ALL, beginning of period		$	17,242			$	13,007			$	12,121			$	13,827
Charge-offs
Commercial and industrial			(6	)			(18	)			(3,752	)			(968	)
Real estate – construction			(39	)			—				(162	)			—
Real estate – mortgage			(51	)			(133	)			(1,145	)			(146	)
Consumer			(651	)			(361	)			(1,255	)			(757	)
Total charge-offs			(747	)			(512	)			(6,314	)			(1,871	)
Recoveries
Commercial and industrial			6				26				43				210
Real estate – construction			24				—				40				—
Real estate – mortgage			2				5				393				108
Consumer			107				88				357				340
Total recoveries			139				119				833				658
Net charge-offs			(608	)			(393	)			(5,481	)			(1,213	)
Provision for loan losses			3,900				—				13,894				—
ALL, end of period		$	20,534			$	12,614			$	20,534			$	12,614

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, 2022
(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				Grade 8 Doubtful				Total
PCI loans:
Commercial and industrial		$	—			$	—			$	990			$	1,445			$	1			$	510			$	98			$	417			$	3,461
Real estate – construction, commercial			—				—				—				24				—				—				1,177				—				1,201
Real estate – mortgage, commercial			—				—				—				18,466				26,615				7,051				2,302				—				54,434
Real estate – mortgage residential			—				—				—				1,387				1,430				1,172				1,742				—				5,731
Consumer loans			—				—				—				—				—				356				7				—				363
Total PCI loans			—				—				990				21,322				28,046				9,089				5,326				417				65,190
Originated and purchased performing loans:
Commercial and industrial			368				887				207,059				292,346				11,039				1,201				5,540				380				518,820
Paycheck Protection Program			13,148				—				—				—				—				—				—				—				13,148
Real estate – construction, commercial			—				369				14,410				117,634				10,565				65				822				—				143,865
Real estate – construction, residential			—				—				8,904				66,558				1,623				—				—				—				77,085
Real estate – mortgage, commercial			—				2,190				235,649				453,618				46,213				5,052				2,978				—				745,700
Real estate – mortgage residential			840				7,817				239,060				298,608				10,501				24				7,350				—				564,200
Real estate – mortgage, farmland			606				—				1,364				4,660				127				—				—				—				6,757
Consumer loans			179				—				17,965				18,887				362				1				643				—				38,037
Total originated and purchased performing loans:			15,141				11,263				724,411				1,252,311				80,430				6,343				17,333				380				2,107,612
Gross loans		$	15,141			$	11,263			$	725,401			$	1,273,633			$	108,476			$	15,432			$	22,659			$	797			$	2,172,802
Less: deferred loan fees, net of costs																																			(1,312	)
Total																																		$	2,171,490

		December 31, 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				Grade 8 Doubtful				Total
PCI loans:
Commercial and industrial		$	—			$	—			$	—			$	1,567			$	2,818			$	2,748			$	1,770			$	—			$	8,903
Real estate – construction, commercial			—				—				—				2,423				—				11,010				1,321				—				14,754
Real estate – mortgage, commercial			—				—				—				2,642				3,892				33,487				11,851				—				51,872
Real estate – mortgage residential			—				—				—				142				1,657				2,709				3,113				—				7,621
Consumer loans			—				—				—				—				388				481				10				—				879
Total PCI loans			—				—				—				6,774				8,755				50,435				18,065				—				84,029
Originated and purchased performing loans:
Commercial and industrial			291				560				156,519				133,738				11,256				3,180				6,380				—				311,924
Paycheck Protection Program			30,742				—				—				—				—				—				—				—				30,742
Real estate – construction, commercial			—				412				28,973				91,900				7,995				1,846				643				—				131,769
Real estate – construction, residential			—				—				14,610				40,418				3,416				—				413				—				58,857
Real estate – mortgage, commercial			—				2,382				307,067				283,165				34,750				17,133				5,134				—				649,631
Real estate – mortgage residential			990				9,218				276,992				180,980				11,107				974				6,100				—				486,361
Real estate – mortgage, farmland			340				—				1,067				4,766				—				—				—				—				6,173
Consumer loans			262				3				16,920				30,691				542				—				580				—				48,998
Total originated and purchased performing loans:			32,625				12,575				802,148				765,658				69,066				23,133				19,250				—				1,724,455
Gross loans		$	32,625			$	12,575			$	802,148			$	772,432			$	77,821			$	73,568			$	37,315			$	—			$	1,808,484
Less: deferred loan fees, net of costs																																			(906	)
Total																																		$	1,807,578

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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