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Loans and ACL (Tables)

6 Months Ended

Jun. 30, 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)		June 30, 2024				December 31, 2023
Commercial and industrial		$	401,589			$	508,944
Real estate – construction, commercial			135,517				180,052
Real estate – construction, residential			55,849				75,832
Real estate – commercial			879,098				870,540
Real estate – residential			727,246				730,110
Real estate – farmland			5,717				5,470
Consumer			53,427				59,169
Gross loans			2,258,443				2,430,117
Deferred loan fees, net of costs			836				830
Total		$	2,259,279			$	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.

		June 30, 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		$	384,877			$	2,150			$	1,526			$	2,751			$	10,285			$	401,589
Real estate – construction, commercial			134,017				—				1,180				—				320				135,517
Real estate – construction, residential			55,849				—				—				—				—				55,849
Real estate – commercial			863,718				8,647				359				—				6,374				879,098
Real estate – residential			717,816				501				2,906				—				6,023				727,246
Real estate – farmland			5,717				—				—				—				—				5,717
Consumer			49,515				2,195				672				376				669				53,427
Less: Deferred loan fees, net of costs			836				—				—				—				—				836
Total Loans		$	2,212,345			$	13,493			$	6,643			$	3,127			$	23,671			$	2,259,279

		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.

		June 30, 2024
(Dollars in thousands)		Nonaccrual Loans with No ACL				Nonaccrual Loans with an ACL				Total Nonaccrual Loans
Commercial and industrial		$	—			$	10,285			$	10,285
Real estate – construction, commercial			—				320				320
Real estate – commercial			—				6,374				6,374
Real estate – residential			557				5,466				6,023
Consumer			—				669				669
Total		$	557			$	23,114			$	23,671

		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 tables present 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 June 30,								For the six months ended June 30,
(Dollars in thousands)		2024				2023				2024				2023
Commercial and industrial		$	267			$	44			$	324			$	76
Real estate – construction, commercial			—				21				25				22
Real estate – construction, residential			—				14				—				19
Real estate – commercial			14				1				65				206
Real estate – residential			44				47				54				61
Consumer			3				4				8				5
Total		$	328			$	131			$	476			$	389

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 June 30, 2024. There were no loans classified as loss (risk grade 9) as of the same date. Also presented are current period gross charge-offs by loan type for the six months ended June 30, 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		$	7,340			$	14,180			$	87,369			$	18,050			$	21,300			$	19,557			$	101,747			$	269,543
Risk Grades 5 - 6			913				23,961				42,271				16,008				5,790				1,831				23,233				114,007
Risk Grade 7			—				3,252				1,315				6,764				783				1,377				1,791				15,282
Risk Grade 8			214				—				—				2,542				—				1				—				2,757
Total			8,467				41,393				130,955				43,364				27,873				22,766				126,771				401,589
Current period gross charge-offs			—				47				13,345				302				124				120				1				13,939
Real estate – construction, commercial
Risk Grades 1 - 4			—				8,765				58,330				16,190				10,604				5,791				2,252				101,932
Risk Grades 5 - 6			—				1,098				23,789				1,498				—				4,968				—				31,353
Risk Grade 7			—				117				1,723				32				—				360				—				2,232
Total			—				9,980				83,842				17,720				10,604				11,119				2,252				135,517
Current period gross charge-offs			—				—				—				—				—				—				—				—
Real estate – construction, residential
Risk Grades 1 - 4			7,508				17,128				4,974				9,758				—				62				12,189				51,619
Risk Grades 5 - 6			398				479				2,608				—				163				—				—				3,648
Risk Grade 7			—				427				155				—				—				—				—				582
Total			7,906				18,034				7,737				9,758				163				62				12,189				55,849
Current period gross charge-offs			—				—				—				—				—				39				—				39
Real estate – commercial																															—
Risk Grades 1 - 4			4,255				21,379				268,057				119,175				145,317				159,935				20,358				738,476
Risk Grades 5 - 6			3,154				—				62,937				13,818				16,259				19,209				4,184				119,561
Risk Grade 7			—				—				—				9,051				3,772				7,109				25				19,957
Risk Grade 8			—				—				1,104				—				—				—				—				1,104
Total			7,409				21,379				332,098				142,044				165,348				186,253				24,567				879,098
Current period gross charge-offs			—				—				—				—				—				—				—				—
Real estate – residential
Risk Grades 1 - 4			934				56,064				227,986				116,478				67,486				149,912				57,409				676,269
Risk Grades 5 - 6			—				12,578				9,567				4,496				2,263				8,967				3,181				41,052
Risk Grade 7			—				—				1,796				954				1,166				5,635				374				9,925
Total			934				68,642				239,349				121,928				70,915				164,514				60,964				727,246
Current period gross charge-offs			—				—				—				—				—				42				2				44
Real estate – farmland
Risk Grades 1 - 4			150				—				1,002				1,266				—				2,888				167				5,473
Risk Grades 5 - 6			—				141				—				103				—				—				—				244
Total			150				141				1,002				1,369				—				2,888				167				5,717
Current period gross charge-offs			—				—				—				—				—				—				—				—
Consumer
Risk Grades 1 - 4			6,170				21,468				11,319				2,578				1,945				847				7,618				51,945
Risk Grades 5 - 6			—				54				38				11				26				57				407				593
Risk Grade 7			14				145				405				168				93				64				—				889
Total			6,184				21,667				11,762				2,757				2,064				968				8,025				53,427
Current period gross charge-offs			434				178				619				27				20				12				—				1,290
Total Loans
Risk Grades 1 - 4		$	26,357			$	138,984			$	659,037			$	283,495			$	246,652			$	338,992			$	201,740			$	1,895,257
Risk Grades 5 - 6			4,465				38,311				141,210				35,934				24,501				35,032				31,005				310,458
Risk Grade 7			14				3,941				5,394				16,969				5,814				14,545				2,190				48,867
Risk Grade 8			214				—				1,104				2,542				—				1				—				3,861
Total		$	31,050			$	181,236			$	806,745			$	338,940			$	276,967			$	388,570			$	234,935			$	2,258,443
Total current period gross charge-offs		$	434			$	225			$	13,964			$	329			$	144			$	213			$	3			$	15,312

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. There were no loans classified as loss (risk grade 9) as of the same date.

		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 June 30, 2024
(Dollars in thousands)		Commercial				Consumer				Total
Balance, beginning of period		$	27,065			$	7,960			$	35,025
Charge-offs			(11,982	)			(628	)			(12,610	)
Recoveries			1,829				192				2,021
Net charge-offs			(10,153	)			(436	)			(10,589	)
Provision for credit losses - loans			3,472				128				3,600
Balance, end of period		$	20,384			$	7,652			$	28,036

		For the three months ended June 30, 2023
(Dollars in thousands)		Commercial				Consumer				Total
Balance, beginning of period		$	27,266			$	8,695			$	35,961
Charge-offs			(7,326	)			(1,694	)			(9,020	)
Recoveries			887				126				1,013
Net charge-offs			(6,439	)			(1,568	)			(8,007	)
Provision for credit losses - loans			9,037				1,576				10,613
Balance, end of period		$	29,864			$	8,703			$	38,567

		For the six months ended June 30, 2024
(Dollars in thousands)		Commercial				Consumer				Total
Balance, beginning of period		$	27,491			$	8,402			$	35,893
Charge-offs			(13,939	)			(1,373	)			(15,312	)
Recoveries			3,360				495				3,855
Net charge-offs			(10,579	)			(878	)			(11,457	)
Provision for credit losses - loans			3,472				128				3,600
Balance, end of period		$	20,384			$	7,652			$	28,036

		For the six months ended June 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			(8,125	)			(2,204	)			(10,329	)
Recoveries			1,005				230				1,235
Net charge-offs			(7,120	)			(1,974	)			(9,094	)
Provision for credit losses - loans			6,988				2,515				9,503
Balance, end of period		$	29,864			$	8,703			$	38,567

Of the commercial loan net charge-off amount in the 2024 periods,

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)		June 30, 2024				December 31, 2023
Commercial and industrial		$	43,721			$	67,555
Real estate – construction, commercial			4,039				6,309
Real estate – construction, residential			—				2,303
Real estate – commercial			14,814				13,401
Real estate – residential			4,667				7,337
Total collateral-dependent loans		$	67,241			$	96,905

Summary of Modified Loans

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

		June 30, 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)			4			$	18,834				4.69	%
Real estate – construction, residential			1				155				0.28	%
Real estate – residential			1				126				0.02	%
Modification - payment deferral														Payment deferral 6-9 months
Real estate – residential			1				557				0.08	%
Commercial and industrial			1				183				0.05	%
Total			8			$	19,855				0.88	%
(1) Included in this balance was a nonperforming specialty finance loan totaling $14.4 million and classified as held for sale as of June 30, 2024.

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.

		June 30, 2024
(Dollars in thousands)		Current Loans				30-89 Days Past Due				Greater than 90 Days Past Due & Accruing				Nonaccrual				Total
Commercial and industrial (1)		$	1,680			$	—			$	—			$	17,337			$	19,017
Real estate – residential			126				—				—				557				683
Real estate – construction, residential			155				—				—				—				155
Total modified loans		$	1,961			$	—			$	—			$	17,894			$	19,855
(1) Included in this line item was a nonperforming specialty finance loan totaling $14.4 million and classified as held for sale as of June 30, 2024.

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