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Loans and ACL (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Summary of Amortized Cost of Loans Held for Investment

The following table presents the amortized cost of loans held for investment as of the dates stated.

(Dollars in thousands)		March 31, 2024				December 31, 2023
Commercial and industrial		$	489,972			$	508,944
Real estate – construction, commercial			156,943				180,052
Real estate – construction, residential			62,947				75,832
Real estate – commercial			881,798				870,540
Real estate – residential			740,249				730,110
Real estate – farmland			5,673				5,470
Consumer			55,782				59,169
Gross loans			2,393,364				2,430,117
Deferred loan fees, net of costs			725				830
Total		$	2,394,089			$	2,430,947

Summary of Financing Receivable, Past Due

The following tables present the aging of the amortized cost of loans held for investment by loan category as of the dates stated.

		March 31, 2024
(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		$	448,156			$	4,357			$	1,609			$	1,904			$	33,946			$	489,972
Real estate – construction, commercial			154,710				—				—				—				2,233				156,943
Real estate – construction, residential			62,947				—				—				—				—				62,947
Real estate – commercial			872,060				2,297				—				—				7,441				881,798
Real estate – residential			727,010				6,356				419				—				6,464				740,249
Real estate – farmland			5,673				—				—				—				—				5,673
Consumer			47,151				6,966				470				405				790				55,782
Less: Deferred loan fees, net of costs			725				—				—				—				—				725
Total Loans		$	2,318,432			$	19,976			$	2,498			$	2,309			$	50,874			$	2,394,089

		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		$	464,939			$	2,235			$	632			$	1,709			$	39,429			$	508,944
Real estate – construction, commercial			177,653				2,016				—				—				383				180,052
Real estate – construction, residential			75,309				523				—				—				—				75,832
Real estate – commercial			855,263				2,109				714				574				11,880				870,540
Real estate – residential			717,141				5,101				288				—				7,580				730,110
Real estate – 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

Summary of Investment of PCI loans

The following tables present the amortized cost of nonaccrual loans held for investment with and without an ACL by loan category as of the dates stated.

		March 31, 2024
(Dollars in thousands)		Nonaccrual Loans with No ACL				Nonaccrual Loans with an ACL				Total Nonaccrual Loans
Commercial and industrial		$	—			$	33,946			$	33,946
Real estate – construction, commercial			1,863				370				2,233
Real estate – commercial			—				7,441				7,441
Real estate – residential			565				5,899				6,464
Consumer			—				790				790
Total		$	2,428			$	48,446			$	50,874

		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 – commercial			2,024				9,856				11,880
Real estate – residential			577				7,003				7,580
Consumer			—				754				754
Total		$	4,088			$	55,938			$	60,026

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 for the periods stated.

		For the three months ended March 31,
(Dollars in thousands)		2024				2023
Commercial and industrial		$	57			$	11
Real estate – construction, commercial			25				1
Real estate – commercial			51				20
Real estate – residential			10				245
Consumer			5				49
Total		$	148			$	326

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 March 31, 2024. Also presented are current period gross charge-offs by loan type for the three months ended March 31, 2024.

		Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)		2024				2023				2022				2021				2020				Prior				Revolving Loans				Total
Commercial and industrial
Risk Grades 1 - 4		$	2,491			$	14,949			$	109,129			$	25,875			$	23,954			$	20,635			$	136,887			$	333,920
Risk Grades 5 - 6			68				27,159				37,715				13,637				6,044				2,338				20,977				107,938
Risk Grade 7			—				77				324				6,135				803				752				7,716				15,807
Risk Grade 8			—				—				29,750				2,557				—				—				—				32,307
Total			2,559				42,185				176,918				48,204				30,801				23,725				165,580				489,972
Current period gross charge-offs			—				447				1,364				138				3				5				—				1,957
Real estate – construction, commercial
Risk Grades 1 - 4			115				9,397				85,565				17,534				13,531				7,463				1,537				135,142
Risk Grades 5 - 6			—				1,101				5,529				1,513				194				5,684				3,632				17,653
Risk Grade 7			—				118				3,630				36				—				364				—				4,148
Total			115				10,616				94,724				19,083				13,725				13,511				5,169				156,943
Current period gross charge-offs			—				—				—				—				—				—				—				—
Real estate – construction, residential
Risk Grades 1 - 4			5,952				27,017				8,063				6,740				26				64				10,729				58,591
Risk Grades 5 - 6			—				2,281				1,362				—				165				—				—				3,808
Risk Grade 7			—				393				155				—				—				—				—				548
Total			5,952				29,691				9,580				6,740				191				64				10,729				62,947
Current period gross charge-offs			—				—				—				—				—				—				—				—
Real estate – commercial
Risk Grades 1 - 4			5,053				18,197				269,429				122,861				147,005				168,496				21,967				753,011
Risk Grades 5 - 6			—				452				43,469				15,779				17,641				33,312				4,214				114,867
Risk Grade 7			—				—				1,104				6,977				3,835				2,007				—				13,923
Total			5,053				18,649				314,002				145,617				168,481				203,815				26,181				881,798
Current period gross charge-offs			—				—				—				—				—				—				—				—
Real estate – residential
Risk Grades 1 - 4			145				52,894				230,577				118,789				68,096				157,871				55,377				683,749
Risk Grades 5 - 6			229				12,509				10,066				3,659				2,278				13,796				3,341				45,878
Risk Grade 7			—				—				2,160				1,266				1,455				5,465				276				10,622
Total			374				65,403				242,803				123,714				71,829				177,132				58,994				740,249
Current period gross charge-offs			—				—				—				—				—								—				—
Real estate – farmland
Risk Grades 1 - 4			—				—				1,004				1,383				—				2,956				186				5,529
Risk Grades 5 - 6			—				144				—				—				—				—				—				144
Total			—				144				1,004				1,383				—				2,956				186				5,673
Current period gross charge-offs			—				—				—				—				—				—				—				—
Consumer
Risk Grades 1 - 4			3,566				23,334				12,661				3,001				2,303				1,179				8,098				54,142
Risk Grades 5 - 6			—				58				40				8				6				60				495				667
Risk Grade 7			—				195				377				193				123				85				—				973
Total			3,566				23,587				13,078				3,202				2,432				1,324				8,593				55,782
Current period gross charge-offs			523				75				119				10				16				2				—				745
Total Loans
Risk Grades 1 - 4		$	17,322			$	145,788			$	716,428			$	296,183			$	254,915			$	358,664			$	234,781			$	2,024,081
Risk Grades 5 - 6			297				43,704				98,181				34,596				26,328				55,190				32,659				290,955
Risk Grade 7			—				783				7,750				14,607				6,216				8,673				7,992				46,021
Risk Grade 8			—				—				29,750				2,557				—				—				—				32,307
Total		$	17,619			$	190,275			$	852,109			$	347,943			$	287,459			$	422,527			$	275,432			$	2,393,364
Total current period gross charge-offs		$	523			$	522			$	1,483			$	148			$	19			$	7			$	—			$	2,702

The following table presents the amortized cost of loans held for investment by internal loan risk grade by year of origination as of 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			$	32,273			$	25,429			$	8,217			$	14,200			$	138,267			$	348,507
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				51,209				32,563				9,579				16,250				167,180				508,944
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
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 – 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 – 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
Real estate – 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
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

Summary of Change in the ACL by Major Loan Segment

		For the three months ended March 31, 2024
(Dollars in thousands)		Commercial				Consumer				Total
Balance, beginning of period		$	27,491			$	8,402			$	35,893
Charge-offs			(1,957	)			(745	)			(2,702	)
Recoveries			1,531				303				1,834
Net charge-offs			(426	)			(442	)			(868	)
Balance, end of period		$	27,065			$	7,960			$	35,025

		For the three months ended March 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			(799	)			(510	)			(1,309	)
Recoveries			118				104				222
Net charge-offs			(681	)			(406	)			(1,087	)
(Recovery of) provision for credit losses - loans			(2,049	)			939				(1,110	)
Balance, end of period		$	27,266			$	8,695			$	35,961

Summary of Amortized Cost of Collateral-Dependent Loans

The following table presents the amortized cost of collateral-dependent loans as of the dates stated.

(Dollars in thousands)		March 31, 2024				December 31, 2023
Commercial and industrial		$	62,905			$	67,555
Real estate – construction, commercial			5,719				6,309
Real estate – construction, residential			—				2,303
Real estate – commercial			14,285				13,401
Real estate – residential			8,690				7,337
Total collateral-dependent loans		$	91,599			$	96,905

Summary of Modified Loans

The following table presents information on loans modified in the last 12 months from the date stated.

		March 31, 2024
(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			$	33,979				6.93	%
Real estate – construction, residential			1				155				0.02	%
Real estate – residential			1				127				0.02	%
Modification - payment deferral														Payment deferral 6-9 months
Real estate – residential			1				565				0.06	%
Commercial and industrial			1				183				0.04	%
Total			7			$	35,009				1.46	%
(1) Included in this balance was a $29.8 million loan that was modified via a forbearance agreement in the second quarter of 2023 under which the borrower defaulted in the same period. This loan is collateral-dependent, is on nonaccrual status, and has a specific reserve of $9.6 million as of March 31, 2024. Subsequent to March 31, 2024, the Company received cash payments totaling $1.5 million, which were applied to the book principal balance of the loan.

Summary of Aging Analysis of Loans Modified

The following table presents an aging analysis of the recorded investment of loans modified as of the date stated.

		March 31, 2024
(Dollars in thousands)		Current Loans				30-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total
Commercial and industrial		$	1,681			$	—			$	—			$	32,481			$	34,162
Real estate – residential			127				—				—				565				692
Real estate – construction, residential			155				—				—				—				155
Total modified loans		$	1,963			$	—			$	—			$	33,046			$	35,009

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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