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v3.23.3

Loans and ACL - (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Summary of Amortized Cost of Loans Held for Investment | The following table presents the amortized cost of loans held for investment, including Paycheck Protection Program ("PPP") loans, as of the dates stated.
(Dollars in thousands) |  | September 30, 2023 |  |  | December 31, 2022 |
Commercial and industrial |  | $ | 532,999 |  |  | $ | 590,049 |
Paycheck Protection Program |  |  | 6,414 |  |  |  | 11,967 |
Real estate – construction, commercial |  |  | 162,860 |  |  |  | 183,301 |
Real estate – construction, residential |  |  | 76,896 |  |  |  | 76,599 |
Real estate – mortgage, commercial |  |  | 879,655 |  |  |  | 864,989 |
Real estate – mortgage, residential |  |  | 721,383 |  |  |  | 631,772 |
Real estate – mortgage, farmland |  |  | 6,150 |  |  |  | 6,599 |
Consumer |  |  | 59,528 |  |  |  | 47,423 |
Gross loans |  |  | 2,445,885 |  |  |  | 2,412,699 |
Less: deferred loan fees, net of costs |  |  | 485 |  |  |  | (1,640 | )
Total |  | $ | 2,446,370 |  |  | $ | 2,411,059 |
Summary of Financing Receivable, Past Due | The following table presents the aging of the amortized cost of loans held for investment by loan category as of the date stated.
|  | September 30, 2023 |
(Dollars in thousands) |  | Current Loans |  |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater than 90 Days Past Due & Accruing |  |  | Nonaccrual |  |  | Total Loans |
Commercial and industrial |  | $ | 472,291 |  |  | $ | 2,543 |  |  | $ | 1,748 |  |  | $ | 1,528 |  |  | $ | 54,889 |  |  | $ | 532,999 |
Paycheck Protection Program |  |  | 6,414 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,414 |
Real estate – construction, commercial |  |  | 156,722 |  |  |  | 3,541 |  |  |  | — |  |  |  | — |  |  |  | 2,597 |  |  |  | 162,860 |
Real estate – construction, residential |  |  | 75,831 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,065 |  |  |  | 76,896 |
Real estate – mortgage, commercial |  |  | 867,480 |  |  |  | — |  |  |  | 1,104 |  |  |  | — |  |  |  | 11,071 |  |  |  | 879,655 |
Real estate – mortgage, residential |  |  | 710,944 |  |  |  | 373 |  |  |  | 449 |  |  |  | 2,016 |  |  |  | 7,601 |  |  |  | 721,383 |
Real estate – mortgage, farmland |  |  | 6,150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,150 |
Consumer |  |  | 56,766 |  |  |  | 1,435 |  |  |  | 313 |  |  |  | 379 |  |  |  | 635 |  |  |  | 59,528 |
Less: Deferred loan fees, net of costs |  |  | 485 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 485 |
Total Loans |  | $ | 2,353,083 |  |  | $ | 7,892 |  |  | $ | 3,614 |  |  | $ | 3,923 |  |  | $ | 77,858 |  |  | $ | 2,446,370 |
The following table presents the aging of the amortized cost of loans held for investment as of the date stated.
|  | December 31, 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 |  |  | $ | 488 |  |  | $ | 279 |  |  | $ | — |  |  | $ | 68,039 |  |  | $ | 68,806 |  |  | $ | 1,481 |  |  | $ | 519,762 |  |  | $ | 590,049 |
Paycheck Protection Program |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,967 |  |  |  | 11,967 |
Real estate – construction, commercial |  |  |  | 1,137 |  |  |  | 19 |  |  |  | — |  |  |  | 714 |  |  |  | 1,870 |  |  |  | — |  |  |  | 181,431 |  |  |  | 183,301 |
Real estate – construction, residential |  |  |  | 1,416 |  |  |  | 1,204 |  |  |  | — |  |  |  | — |  |  |  | 2,620 |  |  |  | 7 |  |  |  | 73,972 |  |  |  | 76,599 |
Real estate – mortgage, commercial |  |  |  | 6,198 |  |  |  | 297 |  |  |  | 6,234 |  |  |  | 1,658 |  |  |  | 14,387 |  |  |  | 51,223 |  |  |  | 799,379 |  |  |  | 864,989 |
Real estate – mortgage, residential |  |  |  | 4,544 |  |  |  | 231 |  |  |  | 1,998 |  |  |  | 5,143 |  |  |  | 11,916 |  |  |  | 5,678 |  |  |  | 614,178 |  |  |  | 631,772 |
Real estate – mortgage, farmland |  |  |  | — |  |  |  | 75 |  |  |  | — |  |  |  | — |  |  |  | 75 |  |  |  | — |  |  |  | 6,524 |  |  |  | 6,599 |
Consumer |  |  |  | 880 |  |  |  | 200 |  |  |  | 28 |  |  |  | 495 |  |  |  | 1,603 |  |  |  | 359 |  |  |  | 45,461 |  |  |  | 47,423 |
Less: deferred loan fees, net of costs |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,640 | ) |  |  | (1,640 | )
Total Loans |  |  | $ | 14,663 |  |  | $ | 2,305 |  |  | $ | 8,260 |  |  | $ | 76,049 |  |  | $ | 101,277 |  |  | $ | 58,748 |  |  | $ | 2,251,034 |  |  | $ | 2,411,059 |
Summary of Amortized Cost of Loans Held for Investment by Internal Loan Grade by Year of Orgination | The following table presents the amortized cost of loans held for investment by internal loan risk grade by year of origination as of September 30, 2023. Also presented are current period gross charge-offs by loan type for the nine months ended September 30, 2023.
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |
(Dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving Loans |  |  | Total |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  | $ | 33,067 |  |  | $ | 140,132 |  |  | $ | 36,097 |  |  | $ | 27,087 |  |  | $ | 11,425 |  |  | $ | 16,388 |  |  | $ | 131,422 |  |  | $ | 395,618 |
Risk Grades 5 - 6 |  |  | 26,097 |  |  |  | 2,123 |  |  |  | 12,446 |  |  |  | 6,427 |  |  |  | 790 |  |  |  | 1,775 |  |  |  | 23,641 |  |  |  | 73,299 |
Risk Grade 7 |  |  | — |  |  |  | 3,731 |  |  |  | 2,460 |  |  |  | 3,421 |  |  |  | 825 |  |  |  | 36 |  |  |  | 2,620 |  |  |  | 13,093 |
Risk Grade 8 |  |  | — |  |  |  | 48,160 |  |  |  | 2,450 |  |  |  | — |  |  |  | — |  |  |  | 379 |  |  |  | — |  |  |  | 50,989 |
Total |  |  | 59,164 |  |  |  | 194,146 |  |  |  | 53,453 |  |  |  | 36,935 |  |  |  | 13,040 |  |  |  | 18,578 |  |  |  | 157,683 |  |  |  | 532,999 |
Current period gross charge-offs |  |  | 1,334 |  |  |  | 7,214 |  |  |  | 248 |  |  |  | 232 |  |  |  | 725 |  |  |  | 43 |  |  |  | 131 |  |  |  | 9,927 |
Paycheck Protection Program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | — |  |  |  | — |  |  |  | 6,414 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,414 |
Total |  |  | — |  |  |  | — |  |  |  | 6,414 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,414 |
Real estate – construction, commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 7,496 |  |  |  | 65,904 |  |  |  | 36,512 |  |  |  | 15,800 |  |  |  | 2,104 |  |  |  | 5,759 |  |  |  | 11,530 |  |  |  | 145,105 |
Risk Grades 5 - 6 |  |  | 3,370 |  |  |  | 6,851 |  |  |  | 2,020 |  |  |  | — |  |  |  | — |  |  |  | 748 |  |  |  | 3,621 |  |  |  | 16,610 |
Risk Grade 7 |  |  | 119 |  |  |  | — |  |  |  | — |  |  |  | 532 |  |  |  | 18 |  |  |  | 476 |  |  |  | — |  |  |  | 1,145 |
Total |  |  | 10,985 |  |  |  | 72,755 |  |  |  | 38,532 |  |  |  | 16,332 |  |  |  | 2,122 |  |  |  | 6,983 |  |  |  | 15,151 |  |  |  | 162,860 |
Current period gross charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28 |  |  |  | — |  |  |  | 28 |
Real estate – construction, residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 31,389 |  |  |  | 33,009 |  |  |  | 2,659 |  |  |  | 63 |  |  |  | 946 |  |  |  | 69 |  |  |  | 1,987 |  |  |  | 70,122 |
Risk Grades 5 - 6 |  |  | 1,288 |  |  |  | 3,566 |  |  |  | — |  |  |  | 169 |  |  |  | 241 |  |  |  | — |  |  |  | — |  |  |  | 5,264 |
Risk Grade 7 |  |  | 21 |  |  |  | 580 |  |  |  | 462 |  |  |  | 447 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,510 |
Total |  |  | 32,698 |  |  |  | 37,155 |  |  |  | 3,121 |  |  |  | 679 |  |  |  | 1,187 |  |  |  | 69 |  |  |  | 1,987 |  |  |  | 76,896 |
Real estate – mortgage, commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 13,996 |  |  |  | 289,696 |  |  |  | 123,153 |  |  |  | 136,403 |  |  |  | 39,800 |  |  |  | 132,130 |  |  |  | 21,357 |  |  |  | 756,535 |
Risk Grades 5 - 6 |  |  | 2,353 |  |  |  | 24,797 |  |  |  | 5,767 |  |  |  | 16,959 |  |  |  | 15,943 |  |  |  | 31,425 |  |  |  | 4,065 |  |  |  | 101,309 |
Risk Grade 7 |  |  | 331 |  |  |  |  |  |  | 8,266 |  |  |  | 4,647 |  |  |  | 112 |  |  |  | 8,455 |  |  |  | — |  |  |  | 21,811 |
Total |  |  | 16,680 |  |  |  | 314,493 |  |  |  | 137,186 |  |  |  | 158,009 |  |  |  | 55,855 |  |  |  | 172,010 |  |  |  | 25,422 |  |  |  | 879,655 |
Real estate – mortgage, residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 41,916 |  |  |  | 209,899 |  |  |  | 124,713 |  |  |  | 70,812 |  |  |  | 28,702 |  |  |  | 139,827 |  |  |  | 55,703 |  |  |  | 671,572 |
Risk Grades 5 - 6 |  |  | 11,372 |  |  |  | 8,325 |  |  |  | 184 |  |  |  | 1,627 |  |  |  | 1,895 |  |  |  | 6,935 |  |  |  | 1,663 |  |  |  | 32,001 |
Risk Grade 7 |  |  | — |  |  |  | 2,263 |  |  |  | 2,005 |  |  |  | 1,980 |  |  |  | 996 |  |  |  | 10,438 |  |  |  | 128 |  |  |  | 17,810 |
Total |  |  | 53,288 |  |  |  | 220,487 |  |  |  | 126,902 |  |  |  | 74,419 |  |  |  | 31,593 |  |  |  | 157,200 |  |  |  | 57,494 |  |  |  | 721,383 |
Current period gross charge-offs |  |  | — |  |  |  | 744 |  |  |  | — |  |  |  | 498 |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 1,256 |
Real estate – mortgage, farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | — |  |  |  | 875 |  |  |  | 1,809 |  |  |  | — |  |  |  | 1,535 |  |  |  | 1,573 |  |  |  | 209 |  |  |  | 6,001 |
Risk Grades 5 - 6 |  |  | 149 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 149 |
Total |  |  | 149 |  |  |  | 875 |  |  |  | 1,809 |  |  |  | — |  |  |  | 1,535 |  |  |  | 1,573 |  |  |  | 209 |  |  |  | 6,150 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 22,899 |  |  |  | 15,567 |  |  |  | 4,204 |  |  |  | 3,198 |  |  |  | 1,471 |  |  |  | 666 |  |  |  | 10,268 |  |  |  | 58,273 |
Risk Grades 5 - 6 |  |  | 64 |  |  |  | 51 |  |  |  | 13 |  |  |  | 16 |  |  |  | 14 |  |  |  | 440 |  |  |  | 30 |  |  |  | 628 |
Risk Grade 7 |  |  | 14 |  |  |  | 223 |  |  |  | 87 |  |  |  | 117 |  |  |  | 56 |  |  |  | 130 |  |  |  | — |  |  |  | 627 |
Total |  |  | 22,977 |  |  |  | 15,841 |  |  |  | 4,304 |  |  |  | 3,331 |  |  |  | 1,541 |  |  |  | 1,236 |  |  |  | 10,298 |  |  |  | 59,528 |
Current period gross charge-offs |  |  | 1,083 |  |  |  | 280 |  |  |  | 200 |  |  |  | 31 |  |  |  | 48 |  |  |  | 57 |  |  |  | — |  |  |  | 1,699 |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  | $ | 150,763 |  |  | $ | 755,082 |  |  | $ | 335,561 |  |  | $ | 253,363 |  |  | $ | 85,983 |  |  | $ | 296,412 |  |  | $ | 232,476 |  |  | $ | 2,109,640 |
Risk Grades 5 - 6 |  |  | 44,693 |  |  |  | 45,713 |  |  |  | 20,430 |  |  |  | 25,198 |  |  |  | 18,883 |  |  |  | 41,323 |  |  |  | 33,020 |  |  |  | 229,260 |
Risk Grade 7 |  |  | 485 |  |  |  | 6,797 |  |  |  | 13,280 |  |  |  | 11,144 |  |  |  | 2,007 |  |  |  | 19,535 |  |  |  | 2,748 |  |  |  | 55,996 |
Risk Grade 8 |  |  | — |  |  |  | 48,160 |  |  |  | 2,450 |  |  |  | — |  |  |  | — |  |  |  | 379 |  |  |  | — |  |  |  | 50,989 |
Total |  | $ | 195,941 |  |  | $ | 855,752 |  |  | $ | 371,721 |  |  | $ | 289,705 |  |  | $ | 106,873 |  |  | $ | 357,649 |  |  | $ | 268,244 |  |  | $ | 2,445,885 |
Total current period gross charge-offs |  | $ | 2,417 |  |  | $ | 8,238 |  |  | $ | 448 |  |  | $ | 761 |  |  | $ | 773 |  |  | $ | 142 |  |  | $ | 131 |  |  | $ | 12,910 |
Of the $51.0 million of commercial and industrial loans classified as doubtful (risk grade 8) as of September 30, 2023, $48.2 million was attributable to a group of specialty finance loans with a collective specific reserve of $21.8 million as of the same date.
Summary of Change in the ACL by Major Loan Segment |
|  | For the three months ended September 30, 2023 |
(Dollars in thousands) |  | Commercial |  |  | Consumer |  |  | Total |
Balance, beginning of period |  | $ | 29,864 |  |  | $ | 8,703 |  |  | $ | 38,567 |
Charge-offs |  |  | (1,832 | ) |  |  | (749 | ) |  |  | (2,581 | )
Recoveries |  |  | 1,600 |  |  |  | 445 |  |  |  | 2,045 |
Net charge-offs |  |  | (232 | ) |  |  | (304 | ) |  |  | (536 | )
Provision for credit losses - loans |  |  | 11,394 |  |  |  | 206 |  |  |  | 11,600 |
Balance, end of period |  | $ | 41,026 |  |  | $ | 8,605 |  |  | $ | 49,631 |
|  | For the nine months ended September 30, 2023 |
(Dollars in thousands) |  | Commercial |  |  | Consumer |  |  | Total |
Balance, beginning of period |  | $ | 27,070 |  |  | $ | 3,670 |  |  | $ | 30,740 |
Impact of ASC 326 adoption |  |  | 2,926 |  |  |  | 4,492 |  |  |  | 7,418 |
Charge-offs |  |  | (9,955 | ) |  |  | (2,954 | ) |  |  | (12,909 | )
Recoveries |  |  | 2,605 |  |  |  | 674 |  |  |  | 3,279 |
Net charge-offs |  |  | (7,350 | ) |  |  | (2,280 | ) |  |  | (9,630 | )
Provision for credit losses - loans |  |  | 18,380 |  |  |  | 2,723 |  |  |  | 21,103 |
Balance, end of period |  | $ | 41,026 |  |  | $ | 8,605 |  |  | $ | 49,631 |
The following table presents the analysis of the change in the allowance for loan losses by loan type for the period stated.
(Dollars in thousands) |  | For the three months ended September 30, 2022 |  |  | For the nine months ended September 30, 2022 |
Allowance for loan losses, beginning of period |  | $ | 17,242 |  |  | $ | 12,121 |
Charge-offs |  |  |  |  |  |
Commercial and industrial |  |  | (31 | ) |  |  | (4,958 | )
Consumer |  |  | (717 | ) |  |  | (1,357 | )
Total charge-offs |  |  | (748 | ) |  |  | (6,315 | )
Recoveries |  |  |  |  |  |
Commercial and industrial |  |  | 6 |  |  |  | 430 |
Consumer |  |  | 134 |  |  |  | 404 |
Total recoveries |  |  | 140 |  |  |  | 834 |
Net charge-offs |  |  | (608 | ) |  |  | (5,481 | )
Provision for loan losses |  |  | 3,900 |  |  |  | 13,894 |
Allowance for loan losses, end of period |  | $ | 20,534 |  |  | $ | 20,534 |
Summary of Amortized Cost of Collateral-Dependent Loans | The following table presents the amortized cost of collateral-dependent loans as of the date stated.
(Dollars in thousands) |  | September 30, 2023 |
Commercial and industrial |  | $ | 83,437 |
Real estate – construction, commercial |  |  | 6,635 |
Real estate – construction, residential |  |  | 2,299 |
Real estate – mortgage, commercial |  |  | 18,352 |
Real estate – mortgage, residential |  |  | 3,029 |
Total collateral-dependent loans |  | $ | 113,752 |
Summary of Modified Loans | The following table presents information on modified loans as of the date stated.
|  | September 30, 2023
(Dollars in thousands) |  | Number of Loans |  |  | Amortized Cost |  |  | Amortized Cost of Modified Loans to Gross Loans by Category |  |  | Financial Effect
Modification - term extension and forbearance |  |  |  |  |  |  |  |  |  |  | Forbearance agreements
Commercial and industrial (1) |  |  | 1 |  |  |  | 32,750 |  |  |  | 6.14 | % |  |
Real estate – mortgage, commercial |  |  | 2 |  |  |  | 6,208 |  |  |  | 0.71 | % |  |
Modification - interest-only |  |  |  |  |  |  |  |  |  |  | Interest-only payments for six months
Real estate – mortgage, commercial |  |  | 1 |  |  |  | 244 |  |  |  | 0.03 | % |  |
Commercial and industrial |  |  | 1 |  |  |  | 2,982 |  |  |  | 0.34 | % |  |
Modification - Payment Deferral |  |  |  |  |  |  |  |  |  |  | Payment Deferral 3-9 Months
Real estate – mortgage, commercial |  |  | 1 |  |  |  | 2,999 |  |  |  | 0.34 | % |  |
Commercial and industrial |  |  | 5 |  |  |  | 5,806 |  |  |  | 0.66 | % |  |
Total |  |  | 11 |  |  | $ | 50,989 |  |  |  | 2.08 | % |  |
(1) A $32.8 million loan was modified via a forbearance agreement in the second quarter of 2023 under which the borrower defaulted in the same period. The Company received cash payments of $4.5 million in the first half of 2023 for interest. This loan is collateral-dependent, is on nonaccrual status, and has a specific reserve of $9.3 million as of September 30, 2023.
The following table presents an aging analysis of the amortized cost of loans modified in the preceding 12 months as of the date stated.
|  | September 30, 2023 |
|  | Payment Status (Amortized Cost) |
(Dollars in thousands) |  | Current Loans |  |  | 30-89 Days Past Due |  |  | Greater than 90 Days Past Due & Accruing |  |  | Nonaccrual |  |  | Total |
Commercial and industrial |  | $ | 2,692 |  |  | $ | — |  |  | $ | 244 |  |  | $ | 35,864 |  |  | $ | 38,800 |
Real estate – mortgage, commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,189 |  |  |  | 12,189 |
Total modified loans |  | $ | 2,692 |  |  | $ | — |  |  | $ | 244 |  |  | $ | 48,053 |  |  | $ | 50,989 |
None of the loans in the table above other than the $32.75 million commercial and industrial loan on nonaccrual had a payment default during the nine months ended June 30, 2023.
Summary of Acquired Loans Included in Consolidated Statement of Condition | The following table presents the outstanding principal balance and related recorded investment of acquired loans included in the consolidated balance sheet as of the date stated.
(Dollars in thousands) |  | December 31, 2022 |
PCI loans |  |  |
Outstanding principal balance |  | $ | 64,911 |
Recorded investment |  |  | 58,748 |
Purchased performing loans |  |  |
Outstanding principal balance |  |  | 513,461 |
Recorded investment |  |  | 511,752 |
Total acquired loans |  |  |
Outstanding principal balance |  |  | 578,372 |
Recorded investment |  |  | 570,500 |
Summary of Changes in Accretable Yield on Purchased Credit Impaired Loans | The following table presents the changes in accretable yield for PCI loans for the periods stated.
(Dollars in thousands) |  | For the three months ended September 30, 2022 |  |  | For the nine months ended September 30, 2022 |
Balance, beginning of period |  | $ | 12,945 |  |  | $ | 16,849 |
Accretion |  |  | (1,108 | ) |  |  | (6,370 | )
Reclassification of nonaccretable difference due to improvement in expected cash flows |  |  | — |  |  |  | 2,515 |
Other changes, net |  |  | — |  |  |  | (1,157 | )
Balance, end of period |  | $ | 11,837 |  |  | $ | 11,837 |
Summary of Investment of PCI loans | The following table presents the amortized cost of nonaccrual loans held for investment by loan category as of the date stated.
|  | September 30, 2023 |
(Dollars in thousands) |  | Nonaccrual Loans with No ACL |  |  | Nonaccrual Loans with an ACL |  |  | Total Nonaccrual Loans |
Commercial and industrial |  | $ | — |  |  | $ | 54,889 |  |  | $ | 54,889 |
Real estate – construction, commercial |  |  | 2,100 |  |  |  | 497 |  |  |  | 2,597 |
Real estate – construction, residential |  |  | — |  |  |  | 1,065 |  |  |  | 1,065 |
Real estate – mortgage, commercial |  |  | 5,519 |  |  |  | 5,552 |  |  |  | 11,071 |
Real estate – mortgage, residential |  |  | 866 |  |  |  | 6,735 |  |  |  | 7,601 |
Consumer |  |  | — |  |  |  | 635 |  |  |  | 635 |
Total |  | $ | 8,485 |  |  | $ | 69,373 |  |  | $ | 77,858 |
The following table presents the aging of the amortized cost of PCI loans as of the date stated.
|  | December 31, 2022 |
(Dollars in thousands) |  | Current Loans |  |  | 30-89 Days Past Due |  |  | Greater than 90 Days Past Due & Accruing |  |  | Total Loans |
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | 1,481 |  |  | $ | 1,481 |
Real estate – construction, commercial |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 7 |
Real estate – mortgage, commercial |  |  | — |  |  |  | — |  |  |  | 51,223 |  |  |  | 51,223 |
Real estate – mortgage, residential |  |  | 354 |  |  |  | — |  |  |  | 5,324 |  |  |  | 5,678 |
Consumer |  |  | — |  |  |  | — |  |  |  | 359 |  |  |  | 359 |
Total PCI Loans |  | $ | 354 |  |  | $ | — |  |  | $ | 58,394 |  |  | $ | 58,748 |
Summary of Loan Portfolio Individually and Collectively Evaluated for Impairment | The following table presents a summary of the loan portfolio individually and collectively evaluated for impairment as of the date stated.
|  | December 31, 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 |  | $ | — |  |  | $ | 1,481 |  |  | $ | 1,481 |  |  | $ | — |
Real estate – construction, commercial |  |  | — |  |  |  | 7 |  |  |  | 7 |  |  |  | — |
Real estate – mortgage, commercial |  |  | — |  |  |  | 51,223 |  |  |  | 51,223 |  |  |  | 3 |
Real estate – mortgage, residential |  |  | — |  |  |  | 5,678 |  |  |  | 5,678 |  |  |  | — |
Consumer |  |  | — |  |  |  | 359 |  |  |  | 359 |  |  |  | — |
Total PCI loans |  |  | — |  |  |  | 58,748 |  |  |  | 58,748 |  |  |  | 3 |
Originated and purchased performing loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 67,654 |  |  |  | 520,914 |  |  |  | 588,568 |  |  |  | 23,073 |
Real estate – construction, commercial |  |  | 521 |  |  |  | 182,773 |  |  |  | 183,294 |  |  |  | 1,637 |
Real estate – construction, residential |  |  | — |  |  |  | 76,599 |  |  |  | 76,599 |  |  |  | 628 |
Real estate – mortgage, commercial |  |  | 4,634 |  |  |  | 809,132 |  |  |  | 813,766 |  |  |  | 2,353 |
Real estate – mortgage, residential |  |  | 834 |  |  |  | 625,260 |  |  |  | 626,094 |  |  |  | 1,760 |
Real estate – mortgage, farmland |  |  | — |  |  |  | 6,599 |  |  |  | 6,599 |  |  |  | 4 |
Consumer |  |  | — |  |  |  | 47,064 |  |  |  | 47,064 |  |  |  | 1,282 |
Total originated and purchased performing loans |  |  | 73,643 |  |  |  | 2,268,341 |  |  |  | 2,341,984 |  |  |  | 30,737 |
Gross loans |  |  | 73,643 |  |  |  | 2,327,089 |  |  |  | 2,400,732 |  |  |  | 30,740 |
Less: deferred loan fees, net of costs |  |  | — |  |  |  | — |  |  |  | (1,640 | ) |  |  | — |
Total |  | $ | 73,643 |  |  | $ | 2,327,089 |  |  | $ | 2,399,092 |  |  | $ | 30,740 |
Summary of Impaired Financing Receivables | The following tables present information related to impaired loans held for investment by loan type as of and for the dates stated.
|  | December 31, 2022 |
(Dollars in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |
With no specific allowance recorded: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 1,269 |  |  | $ | 1,289 |  |  | $ | — |
Real estate – construction, commercial |  |  | 521 |  |  |  | 521 |  |  |  | — |
Real estate – mortgage, commercial |  |  | 4,507 |  |  |  | 4,504 |  |  |  | — |
Real estate – mortgage, residential |  |  | 834 |  |  |  | 834 |  |  |  | — |
With an allowance recorded: |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 66,386 |  |  | $ | 66,386 |  |  | $ | 11,605 |
Real estate – mortgage, commercial |  |  | 126 |  |  |  | 126 |  |  |  | 1 |
Total |  | $ | 73,643 |  |  | $ | 73,660 |  |  | $ | 11,606 |
|  | For the three months ended September 30, 2022 |  |  | For the nine months ended September 30, 2022 |
(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 |  |  | $ | — |  |  | $ | 5,568 |  |  | $ | 74 |
Real estate – construction, commercial |  |  | 521 |  |  |  | 8 |  |  |  | 522 |  |  |  | 16 |
Real estate – mortgage, commercial |  |  | 2,839 |  |  |  | 26 |  |  |  | 6,991 |  |  |  | 174 |
Real estate – mortgage, residential |  |  | 1,188 |  |  |  | 5 |  |  |  | 1,324 |  |  |  | 22 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 4,024 |  |  | $ | 44 |  |  | $ | 4,644 |  |  | $ | 77 |
Real estate – mortgage, commercial |  |  | 851 |  |  |  | 1 |  |  |  | 1,503 |  |  |  | 3 |
Real estate – mortgage, residential |  |  | 142 |  |  |  | 1 |  |  |  | 86 |  |  |  | 6 |
Total |  | $ | 14,762 |  |  | $ | 85 |  |  | $ | 20,638 |  |  | $ | 372 |
Summary of Accounts Notes Loans and Financing Receivable | The following table presents the amortized cost of loans held for investment by internal loan risk grade as of the date stated.
|  | December 31, 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 |  |  | Total |
PCI loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,369 |  |  | $ | — |  |  | $ | 112 |  |  | $ | — |  |  | $ | 1,481 |
Real estate – construction, commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |
Real estate – mortgage, commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,778 |  |  |  | 26,059 |  |  |  | 1,700 |  |  |  | 686 |  |  |  | 51,223 |
Real estate – mortgage residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,453 |  |  |  | 1,985 |  |  |  | — |  |  |  | 2,240 |  |  |  | 5,678 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 353 |  |  |  | — |  |  |  | 6 |  |  |  | 359 |
Total PCI loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,607 |  |  |  | 28,397 |  |  |  | 1,812 |  |  |  | 2,932 |  |  |  | 58,748 |
Originated and purchased performing loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 318 |  |  |  | 885 |  |  |  | 192,393 |  |  |  | 291,204 |  |  |  | 31,902 |  |  |  | 2,834 |  |  |  | 69,032 |  |  |  | 588,568 |
Paycheck Protection Program |  |  | 11,967 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,967 |
Real estate – construction, commercial |  |  | — |  |  |  | 361 |  |  |  | 14,223 |  |  |  | 156,027 |  |  |  | 8,504 |  |  |  | 3,365 |  |  |  | 814 |  |  |  | 183,294 |
Real estate – construction, residential |  |  | — |  |  |  | — |  |  |  | 3,110 |  |  |  | 72,327 |  |  |  | 1,162 |  |  |  | — |  |  |  | — |  |  |  | 76,599 |
Real estate – mortgage, commercial |  |  | — |  |  |  | 2,330 |  |  |  | 187,648 |  |  |  | 561,554 |  |  |  | 54,352 |  |  |  | 2,048 |  |  |  | 5,834 |  |  |  | 813,766 |
Real estate – mortgage residential |  |  | — |  |  |  | 7,311 |  |  |  | 233,697 |  |  |  | 365,511 |  |  |  | 11,858 |  |  |  | — |  |  |  | 7,717 |  |  |  | 626,094 |
Real estate – mortgage, farmland |  |  | 549 |  |  |  | — |  |  |  | 1,315 |  |  |  | 4,609 |  |  |  | 126 |  |  |  | — |  |  |  | — |  |  |  | 6,599 |
Consumer |  |  | 197 |  |  |  | — |  |  |  | 21,330 |  |  |  | 24,731 |  |  |  | 256 |  |  |  | — |  |  |  | 550 |  |  |  | 47,064 |
Total originated and purchased performing loans |  |  | 13,031 |  |  |  | 10,887 |  |  |  | 653,716 |  |  |  | 1,475,963 |  |  |  | 108,160 |  |  |  | 8,247 |  |  |  | 83,947 |  |  |  | 2,353,951 |
Gross loans |  | $ | 13,031 |  |  | $ | 10,887 |  |  | $ | 653,716 |  |  | $ | 1,501,570 |  |  | $ | 136,557 |  |  | $ | 10,059 |  |  | $ | 86,879 |  |  | $ | 2,412,699 |
Less: deferred loan fees, net of costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,640 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,411,059 |
There were no loans classified as doubtful or loss as of December 31, 2022.

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