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Loans and Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2023
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.
|  | December 31, |
(Dollars in thousands) |  | 2023 |  |  | 2022 |
Commercial and industrial |  | $ | 506,558 |  |  | $ | 590,049 |
Paycheck Protection Program |  |  | 2,386 |  |  |  | 11,967 |
Real estate – construction, commercial |  |  | 180,052 |  |  |  | 183,301 |
Real estate – construction, residential |  |  | 75,832 |  |  |  | 76,599 |
Real estate – mortgage, commercial |  |  | 870,540 |  |  |  | 864,989 |
Real estate – mortgage, residential |  |  | 730,110 |  |  |  | 631,772 |
Real estate – mortgage, farmland |  |  | 5,470 |  |  |  | 6,599 |
Consumer |  |  | 59,169 |  |  |  | 47,423 |
Gross loans |  |  | 2,430,117 |  |  |  | 2,412,699 |
Deferred loan fees, net of costs |  |  | 830 |  |  |  | (1,640 | )
Total |  | $ | 2,430,947 |  |  | $ | 2,411,059 |
Summary of Financing Receivable, Past Due | The following table present the aging of the recorded investment of loans held for investment by loan category as of the dates stated.
|  | December 31, 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 |  | $ | 462,553 |  |  | $ | 2,235 |  |  | $ | 632 |  |  | $ | 1,709 |  |  | $ | 39,429 |  |  | $ | 506,558 |
Paycheck Protection Program |  |  | 2,386 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,386 |
Real estate – construction, commercial |  |  | 177,653 |  |  |  | 2,016 |  |  |  | — |  |  |  | — |  |  |  | 383 |  |  |  | 180,052 |
Real estate – construction, residential |  |  | 75,309 |  |  |  | 523 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 75,832 |
Real estate – mortgage, commercial |  |  | 855,263 |  |  |  | 2,109 |  |  |  | 714 |  |  |  | 574 |  |  |  | 11,880 |  |  |  | 870,540 |
Real estate – mortgage, residential |  |  | 717,141 |  |  |  | 5,101 |  |  |  | 288 |  |  |  | — |  |  |  | 7,580 |  |  |  | 730,110 |
Real estate – mortgage, farmland |  |  | 5,470 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,470 |
Consumer |  |  | 55,084 |  |  |  | 2,298 |  |  |  | 279 |  |  |  | 754 |  |  |  | 754 |  |  |  | 59,169 |
Deferred loan fees, net of costs |  |  | 830 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 830 |
Total Loans |  | $ | 2,351,689 |  |  | $ | 14,282 |  |  | $ | 1,913 |  |  | $ | 3,037 |  |  | $ | 60,026 |  |  | $ | 2,430,947 |
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 Recorded Investment of Loans Held for Investment by Internal Loan Grade by Year of Orgination | The following table presents the recorded investment of loans held for investment by internal loan risk grade by year of origination as of December 31, 2023. Also presented are current period gross charge-offs by loan type as of and for the year ended December 31, 2023.
|  | Term Loans Recorded Investment Basis by Origination Year |  |  |  |  |  |  |
(Dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving Loans |  |  | Total |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  | $ | 15,830 |  |  | $ | 114,291 |  |  | $ | 29,887 |  |  | $ | 25,429 |  |  | $ | 8,217 |  |  | $ | 14,200 |  |  | $ | 138,267 |  |  | $ | 346,121 |
Risk Grades 5 - 6 |  |  | 26,563 |  |  |  | 40,399 |  |  |  | 12,759 |  |  |  | 6,305 |  |  |  | 819 |  |  |  | 1,537 |  |  |  | 19,722 |  |  |  | 108,104 |
Risk Grade 7 |  |  | — |  |  |  | 877 |  |  |  | 3,623 |  |  |  | 829 |  |  |  | 543 |  |  |  | 134 |  |  |  | 9,191 |  |  |  | 15,197 |
Risk Grade 8 |  |  | — |  |  |  | 34,203 |  |  |  | 2,554 |  |  |  | — |  |  |  | — |  |  |  | 379 |  |  |  | — |  |  |  | 37,136 |
Total |  |  | 42,393 |  |  |  | 189,770 |  |  |  | 48,823 |  |  |  | 32,563 |  |  |  | 9,579 |  |  |  | 16,250 |  |  |  | 167,180 |  |  |  | 506,558 |
Current period gross charge-offs |  |  | 2,266 |  |  |  | 21,086 |  |  |  | 1,067 |  |  |  | 1,920 |  |  |  | 1,211 |  |  |  | 164 |  |  |  | 125 |  |  |  | 27,839 |
Paycheck Protection Program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | — |  |  |  | — |  |  |  | 2,386 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,386 |
Total |  |  | — |  |  |  | — |  |  |  | 2,386 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,386 |
Real estate – construction, commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 8,533 |  |  |  | 85,687 |  |  |  | 33,344 |  |  |  | 14,690 |  |  |  | 6,358 |  |  |  | 5,589 |  |  |  | 4,367 |  |  |  | 158,568 |
Risk Grades 5 - 6 |  |  | 4,213 |  |  |  | 11,072 |  |  |  | 760 |  |  |  | 293 |  |  |  | — |  |  |  | 738 |  |  |  | 3,827 |  |  |  | 20,903 |
Risk Grade 7 |  |  | 119 |  |  |  | 46 |  |  |  | 40 |  |  |  | — |  |  |  | — |  |  |  | 376 |  |  |  | — |  |  |  | 581 |
Total |  |  | 12,865 |  |  |  | 96,805 |  |  |  | 34,144 |  |  |  | 14,983 |  |  |  | 6,358 |  |  |  | 6,703 |  |  |  | 8,194 |  |  |  | 180,052 |
Current period gross charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 28 |  |  |  | — |  |  |  | 36 |
Real estate – construction, residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 31,611 |  |  |  | 22,734 |  |  |  | 3,867 |  |  |  | 59 |  |  |  | 741 |  |  |  | 67 |  |  |  | 10,656 |  |  |  | 69,735 |
Risk Grades 5 - 6 |  |  | 1,486 |  |  |  | 2,672 |  |  |  | — |  |  |  | 167 |  |  |  | 200 |  |  |  | — |  |  |  | — |  |  |  | 4,525 |
Risk Grade 7 |  |  | 367 |  |  |  | 1,205 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,572 |
Total |  |  | 33,464 |  |  |  | 26,611 |  |  |  | 3,867 |  |  |  | 226 |  |  |  | 941 |  |  |  | 67 |  |  |  | 10,656 |  |  |  | 75,832 |
Real estate – mortgage, commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 14,671 |  |  |  | 280,479 |  |  |  | 121,257 |  |  |  | 144,498 |  |  |  | 42,226 |  |  |  | 123,774 |  |  |  | 20,332 |  |  |  | 747,237 |
Risk Grades 5 - 6 |  |  | 2,841 |  |  |  | 25,075 |  |  |  | 9,038 |  |  |  | 19,597 |  |  |  | 12,921 |  |  |  | 27,778 |  |  |  | 4,214 |  |  |  | 101,464 |
Risk Grade 7 |  |  | 323 |  |  |  | — |  |  |  | 8,202 |  |  |  | 4,938 |  |  |  | 111 |  |  |  | 8,265 |  |  |  | — |  |  |  | 21,839 |
Total |  |  | 17,835 |  |  |  | 305,554 |  |  |  | 138,497 |  |  |  | 169,033 |  |  |  | 55,258 |  |  |  | 159,817 |  |  |  | 24,546 |  |  |  | 870,540 |
Real estate – mortgage, residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 51,042 |  |  |  | 218,375 |  |  |  | 121,872 |  |  |  | 69,165 |  |  |  | 27,877 |  |  |  | 132,986 |  |  |  | 55,327 |  |  |  | 676,644 |
Risk Grades 5 - 6 |  |  | 12,014 |  |  |  | 9,339 |  |  |  | 677 |  |  |  | 1,944 |  |  |  | 2,122 |  |  |  | 7,281 |  |  |  | 3,255 |  |  |  | 36,632 |
Risk Grade 7 |  |  | — |  |  |  | 2,240 |  |  |  | 2,446 |  |  |  | 1,812 |  |  |  | 943 |  |  |  | 9,307 |  |  |  | 85 |  |  |  | 16,833 |
Risk Grade 8 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Total |  |  | 63,056 |  |  |  | 229,954 |  |  |  | 124,995 |  |  |  | 72,921 |  |  |  | 30,942 |  |  |  | 149,575 |  |  |  | 58,667 |  |  |  | 730,110 |
Current period gross charge-offs |  |  | — |  |  |  | 744 |  |  |  | — |  |  |  | 648 |  |  |  | — |  |  |  | 206 |  |  |  | 32 |  |  |  | 1,630 |
Real estate – mortgage, farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | — |  |  |  | 729 |  |  |  | 1,397 |  |  |  | — |  |  |  | 1,520 |  |  |  | 1,562 |  |  |  | 115 |  |  |  | 5,323 |
Risk Grades 5 - 6 |  |  | 147 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 147 |
Total |  |  | 147 |  |  |  | 729 |  |  |  | 1,397 |  |  |  | — |  |  |  | 1,520 |  |  |  | 1,562 |  |  |  | 115 |  |  |  | 5,470 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 26,535 |  |  |  | 14,215 |  |  |  | 3,598 |  |  |  | 2,724 |  |  |  | 1,137 |  |  |  | 466 |  |  |  | 8,766 |  |  |  | 57,441 |
Risk Grades 5 - 6 |  |  | 61 |  |  |  | 42 |  |  |  | 12 |  |  |  | 12 |  |  |  | 8 |  |  |  | 433 |  |  |  | 495 |  |  |  | 1,063 |
Risk Grade 7 |  |  | 14 |  |  |  | 259 |  |  |  | 115 |  |  |  | 131 |  |  |  | 44 |  |  |  | 102 |  |  |  | — |  |  |  | 665 |
Total |  |  | 26,610 |  |  |  | 14,516 |  |  |  | 3,725 |  |  |  | 2,867 |  |  |  | 1,189 |  |  |  | 1,001 |  |  |  | 9,261 |  |  |  | 59,169 |
Current period gross charge-offs |  |  | 1,493 |  |  |  | 421 |  |  |  | 218 |  |  |  | 60 |  |  |  | 53 |  |  |  | 65 |  |  |  | 4 |  |  |  | 2,314 |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  | $ | 148,222 |  |  | $ | 736,510 |  |  | $ | 317,608 |  |  | $ | 256,565 |  |  | $ | 88,076 |  |  | $ | 278,644 |  |  | $ | 237,830 |  |  | $ | 2,063,455 |
Risk Grades 5 - 6 |  |  | 47,325 |  |  |  | 88,599 |  |  |  | 23,246 |  |  |  | 28,318 |  |  |  | 16,070 |  |  |  | 37,767 |  |  |  | 31,513 |  |  |  | 272,838 |
Risk Grade 7 |  |  | 823 |  |  |  | 4,627 |  |  |  | 14,426 |  |  |  | 7,710 |  |  |  | 1,641 |  |  |  | 18,184 |  |  |  | 9,276 |  |  |  | 56,687 |
Risk Grade 8 |  |  | — |  |  |  | 34,203 |  |  |  | 2,554 |  |  |  | — |  |  |  | — |  |  |  | 380 |  |  |  | — |  |  |  | 37,137 |
Total |  | $ | 196,370 |  |  | $ | 863,939 |  |  | $ | 357,834 |  |  | $ | 292,593 |  |  | $ | 105,787 |  |  | $ | 334,975 |  |  | $ | 278,619 |  |  | $ | 2,430,117 |
Total current period gross charge-offs |  | $ | 3,759 |  |  | $ | 22,251 |  |  | $ | 1,285 |  |  | $ | 2,628 |  |  | $ | 1,272 |  |  | $ | 463 |  |  | $ | 161 |  |  | $ | 31,819 |
Summary of Change in the ACL by Major Loan Segment |
|  | December 31, 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 |  |  | (27,874 | ) |  |  | (3,945 | ) |  |  | (31,819 | )
Recoveries |  |  | 3,984 |  |  |  | 867 |  |  |  | 4,851 |
Net charge-offs |  |  | (23,890 | ) |  |  | (3,078 | ) |  |  | (26,968 | )
Provision for credit losses - loans |  |  | 21,648 |  |  |  | 3,055 |  |  |  | 24,703 |
Balance, end of period |  | $ | 27,754 |  |  | $ | 8,139 |  |  | $ | 35,893 |
The following table presents an analysis of the change in the allowance for loans losses by loan type as of the dates and for the periods stated.
|  | December 31, |
(Dollars in thousands) |  | 2022 |  |  | 2021 |
Allowance for loan losses, beginning of period |  | $ | 12,121 |  |  | $ | 13,827 |
Charge-offs |  |  |  |  |  |
Commercial and industrial |  |  | (4,779 | ) |  |  | (1,098 | )
Real estate – construction |  |  | (162 | ) |  |  | (195 | )
Real estate – mortgage |  |  | (1,824 | ) |  |  | (125 | )
Consumer |  |  | (1,686 | ) |  |  | (1,123 | )
Total charge-offs |  |  | (8,451 | ) |  |  | (2,541 | )
Recoveries |  |  |  |  |  |
Commercial and industrial |  |  | 442 |  |  |  | 196 |
Real estate – construction |  |  | 40 |  |  |  | — |
Real estate – mortgage |  |  | 409 |  |  |  | 98 |
Consumer |  |  | 492 |  |  |  | 424 |
Total recoveries |  |  | 1,383 |  |  |  | 718 |
Net charge-offs |  |  | (7,068 | ) |  |  | (1,823 | )
Provision for loan losses |  |  | 25,687 |  |  |  | 117 |
Allowance for loan losses, end of period |  | $ | 30,740 |  |  | $ | 12,121 |
Summary of Accrued Interest Receivable by Loan Type Reversed from Income | The following table presents accrued interest receivable by loan type reversed from interest income associated with loans held for investment that were placed on nonaccrual status during the year ended December 31, 2023.
(Dollars in thousands) |  | December 31, 2023 |
Commercial and industrial |  | $ | 179 |
Real estate – construction, commercial |  |  | 7 |
Real estate – construction, residential |  |  | 29 |
Real estate – mortgage, commercial |  |  | 300 |
Real estate – mortgage, residential |  |  | 80 |
Consumer |  |  | 16 |
Total |  | $ | 611 |
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) |  | December 31, 2023 |
Commercial and industrial |  | $ | 67,555 |
Real estate – construction, commercial |  |  | 6,309 |
Real estate – construction, residential |  |  | 2,303 |
Real estate – mortgage, commercial |  |  | 13,401 |
Real estate – mortgage, residential |  |  | 7,337 |
Total collateral-dependent loans |  | $ | 96,905 |
Summary of Modified Loans | The following table presents information on modified loans as of the date stated.
|  | December 31, 2023
(Dollars in thousands) |  | Number of Loans |  |  | Recorded Investment |  |  | Recorded Investment of Modified Loans to Gross Loans by Category |  |  | Financial Effect
Modification - term extension and forbearance |  |  |  |  |  |  |  |  |  |  | Forbearance agreements
Commercial and industrial (1) |  |  | 3 |  |  | $ | 36,930 |  |  |  | 7.29 | % |  |
Real estate – mortgage, commercial |  |  | 2 |  |  |  | 6,087 |  |  |  | 0.70 | % |  |
Real estate – mortgage, residential |  |  | 1 |  |  |  | 129 |  |  |  | 0.02 | % |  |
Real estate – construction, residential |  |  | 1 |  |  |  | 155 |  |  |  | 0.20 | % |  |
Modification - payment deferral |  |  |  |  |  |  |  |  |  |  | Payment deferral 6-9 months
Commercial and industrial |  |  | 1 |  |  |  | 182 |  |  |  | 0.04 | % |  |
Real estate - mortgage, residential |  |  | 1 |  |  |  | 577 |  |  |  | 0.08 | % |  |
Total |  |  | 9 |  |  | $ | 44,060 |  |  |  | 1.81 | % |  |
(1) Included in this balance was a $32.8 million loan that 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, which were applied to the book principal balance of the loan. This loan is collateral-dependent, is on nonaccrual status, and has a specific reserve of $9.6 million as of December 31, 2023. Subsequent to December 31, 2023, the Company received cash payments totaling $3.0 million, which were applied to the book principal balance of the loan.
The following table presents an aging analysis of the recorded investment of loans modified as of the date stated.
|  | December 31, 2023 |
(Dollars in thousands) |  | Current Loans |  |  | 30-89 Days Past Due |  |  | Greater than 90 Days Past Due & Accruing |  |  | Nonaccrual |  |  | Total |
Commercial and industrial |  | $ | 1,626 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,486 |  |  | $ | 37,112 |
Real estate – mortgage, commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,087 |  |  |  | 6,087 |
Real estate – mortgage, residential |  |  | 129 |  |  |  | — |  |  |  | — |  |  |  | 577 |  |  |  | 706 |
Real estate – construction, residential |  |  | 155 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 155 |
Total modified loans |  | $ | 1,910 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,150 |  |  | $ | 44,060 |
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 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 the accretable yield for PCI loans for the period stated.
(Dollars in thousands) |  | December 31, 2022 |
Balance, beginning of period |  | $ | 16,849 |
Accretion |  |  | (9,410 | )
Reclassification of nonaccretable difference due to improvement in expected cash flows |  |  | 3,804 |
Other changes, net |  |  | (71 | )
Balance, end of period |  | $ | 11,172 |
Summary of Investment of PCI loans | The following table presents the recorded investment of nonaccrual loans held for investment by loan category as of the date stated.
|  | December 31, 2023 |
(Dollars in thousands) |  | Nonaccrual Loans with No ACL |  |  | Nonaccrual Loans with an ACL |  |  | Total Nonaccrual Loans |
Commercial and industrial |  | $ | 1,487 |  |  | $ | 37,942 |  |  | $ | 39,429 |
Real estate – construction, commercial |  |  | — |  |  |  | 383 |  |  |  | 383 |
Real estate – construction, residential |  |  | — |  |  |  | — |  |  |  | — |
Real estate – mortgage, commercial |  |  | 2,024 |  |  |  | 9,856 |  |  |  | 11,880 |
Real estate – mortgage, residential |  |  | 577 |  |  |  | 7,003 |  |  |  | 7,580 |
Consumer |  |  | — |  |  |  | 754 |  |  |  | 754 |
Total |  | $ | 4,088 |  |  | $ | 55,938 |  |  | $ | 60,026 |
The following table presents the aging of the recorded investment 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 | ) |  |  | (1,640 | ) |  |  | — |
Total |  | $ | 73,643 |  |  | $ | 2,325,449 |  |  | $ | 2,399,092 |  |  | $ | 30,740 |
Summary of Impaired Financing Receivables | The following table presents information related to impaired loans held for investment by loan type as of date stated.
| December 31, 2022 |
(Dollars in thousands) | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |
With no specific allowance recorded: |  |  |  |  |  |  |  |
Commercial and industrial | $ | 1,268 |  |  | $ | 1,289 |  |  | $ | — |
Real estate – construction, commercial |  | 521 |  |  |  | 521 |  |  |  | — |
Real estate – mortgage, commercial |  | 4,508 |  |  |  | 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 |
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 |  |  | Grade 8 Doubtful |  |  | 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 |  |  |  | 0 |  |  |  | 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 |

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