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Loans and ACL (Tables) | 9 Months Ended
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Sep. 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) |  | September 30, 2024 |  |  | December 31, 2023 |
Commercial and industrial |  | $ | 378,922 |  |  | $ | 508,944 |
Real estate – construction, commercial |  |  | 116,276 |  |  |  | 180,052 |
Real estate – construction, residential |  |  | 43,322 |  |  |  | 75,832 |
Real estate – commercial |  |  | 873,721 |  |  |  | 870,540 |
Real estate – residential |  |  | 713,442 |  |  |  | 730,110 |
Real estate – farmland |  |  | 5,619 |  |  |  | 5,470 |
Consumer |  |  | 48,206 |  |  |  | 59,169 |
Gross loans |  |  | 2,179,508 |  |  |  | 2,430,117 |
Deferred costs, net of loan fees |  |  | 905 |  |  |  | 830 |
Total |  | $ | 2,180,413 |  |  | $ | 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.
|  | September 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 |  | $ | 361,417 |  |  | $ | 1,640 |  |  | $ | 1,253 |  |  | $ | 3,142 |  |  | $ | 11,470 |  |  | $ | 378,922 |
Real estate – construction, commercial |  |  | 115,963 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 313 |  |  |  | 116,276 |
Real estate – construction, residential |  |  | 43,322 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,322 |
Real estate – commercial |  |  | 862,140 |  |  |  | 4,252 |  |  |  | — |  |  |  | — |  |  |  | 7,329 |  |  |  | 873,721 |
Real estate – residential |  |  | 703,539 |  |  |  | 1,237 |  |  |  | 77 |  |  |  | — |  |  |  | 8,589 |  |  |  | 713,442 |
Real estate – farmland |  |  | 5,619 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,619 |
Consumer |  |  | 44,433 |  |  |  | 1,942 |  |  |  | 600 |  |  |  | 583 |  |  |  | 648 |  |  |  | 48,206 |
Deferred costs, net of loan fees |  |  | 905 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 905 |
Total |  | $ | 2,137,338 |  |  | $ | 9,071 |  |  | $ | 1,930 |  |  | $ | 3,725 |  |  | $ | 28,349 |  |  | $ | 2,180,413 |
|  | 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 costs, net of loan fees |  |  | 830 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 830 |
Total |  | $ | 2,351,689 |  |  | $ | 14,282 |  |  | $ | 1,913 |  |  | $ | 3,037 |  |  | $ | 60,026 |  |  | $ | 2,430,947 |
In the second quarter of 2024,
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.
|  | September 30, 2024 |
(Dollars in thousands) |  | Nonaccrual Loans with No ACL |  |  | Nonaccrual Loans with an ACL |  |  | Total Nonaccrual Loans |
Commercial and industrial |  | $ | — |  |  | $ | 11,470 |  |  | $ | 11,470 |
Real estate – construction, commercial |  |  | — |  |  |  | 313 |  |  |  | 313 |
Real estate – commercial |  |  | — |  |  |  | 7,329 |  |  |  | 7,329 |
Real estate – residential |  |  | 2,496 |  |  |  | 6,093 |  |  |  | 8,589 |
Consumer |  |  | — |  |  |  | 648 |  |  |  | 648 |
Total |  | $ | 2,496 |  |  | $ | 25,853 |  |  | $ | 28,349 |
|  | 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 September 30, |  |  | For the nine months ended September 30, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Commercial and industrial |  | $ | 165 |  |  | $ | 34 |  |  | $ | 381 |  |  | $ | 302 |
Real estate – construction, commercial |  |  | 35 |  |  |  | 42 |  |  |  | 60 |  |  |  | 42 |
Real estate – construction, residential |  |  | — |  |  |  | 11 |  |  |  | — |  |  |  | 26 |
Real estate – commercial |  |  | 77 |  |  |  | 53 |  |  |  | 175 |  |  |  | 251 |
Real estate – residential |  |  | 52 |  |  |  | 12 |  |  |  | 104 |  |  |  | 49 |
Consumer |  |  | 5 |  |  |  | 6 |  |  |  | 10 |  |  |  | 15 |
Total |  | $ | 334 |  |  | $ | 158 |  |  | $ | 730 |  |  | $ | 685 |
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, 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 nine months ended September 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 |  | $ | 9,046 |  |  | $ | 9,673 |  |  | $ | 84,473 |  |  | $ | 16,702 |  |  | $ | 19,368 |  |  | $ | 17,087 |  |  | $ | 102,357 |  |  | $ | 258,706 |
Risk Grades 5 - 6 |  |  | 752 |  |  |  | 25,585 |  |  |  | 38,620 |  |  |  | 11,558 |  |  |  | 5,621 |  |  |  | 893 |  |  |  | 13,974 |  |  |  | 97,003 |
Risk Grade 7 |  |  | 871 |  |  |  | 1,013 |  |  |  | 4,250 |  |  |  | 10,515 |  |  |  | 420 |  |  |  | 1,376 |  |  |  | 1,701 |  |  |  | 20,146 |
Risk Grade 8 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,289 |  |  |  | 727 |  |  |  | 1 |  |  |  | 50 |  |  |  | 3,067 |
Total |  |  | 10,669 |  |  |  | 36,271 |  |  |  | 127,343 |  |  |  | 41,064 |  |  |  | 26,136 |  |  |  | 19,357 |  |  |  | 118,082 |  |  |  | 378,922 |
Current period gross charge-offs |  |  | 73 |  |  |  | 475 |  |  |  | 16,213 |  |  |  | 2,437 |  |  |  | 130 |  |  |  | 165 |  |  |  | 447 |  |  |  | 19,940 |
Real estate – construction, commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 6,071 |  |  |  | 7,005 |  |  |  | 63,471 |  |  |  | 15,166 |  |  |  | 10,480 |  |  |  | 5,615 |  |  |  | 399 |  |  |  | 108,207 |
Risk Grades 5 - 6 |  |  | — |  |  |  | 1,094 |  |  |  | 102 |  |  |  | 1,034 |  |  |  | — |  |  |  | 3,620 |  |  |  | — |  |  |  | 5,850 |
Risk Grade 7 |  |  | — |  |  |  | 116 |  |  |  | 1,723 |  |  |  | 26 |  |  |  | — |  |  |  | 354 |  |  |  | — |  |  |  | 2,219 |
Total |  |  | 6,071 |  |  |  | 8,215 |  |  |  | 65,296 |  |  |  | 16,226 |  |  |  | 10,480 |  |  |  | 9,589 |  |  |  | 399 |  |  |  | 116,276 |
Real estate – construction, residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 12,491 |  |  |  | 11,772 |  |  |  | 3,563 |  |  |  | 11,917 |  |  |  | — |  |  |  | 60 |  |  |  | — |  |  |  | 39,803 |
Risk Grades 5 - 6 |  |  | 255 |  |  |  | — |  |  |  | 3,005 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,260 |
Risk Grade 7 |  |  | — |  |  |  | 104 |  |  |  | 155 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 259 |
Total |  |  | 12,746 |  |  |  | 11,876 |  |  |  | 6,723 |  |  |  | 11,917 |  |  |  | — |  |  |  | 60 |  |  |  | — |  |  |  | 43,322 |
Current period gross charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 39 |  |  |  | — |  |  |  | 39 |
Real estate – commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 4,799 |  |  |  | 22,723 |  |  |  | 274,021 |  |  |  | 120,168 |  |  |  | 144,931 |  |  |  | 142,903 |  |  |  | 20,621 |  |  |  | 730,166 |
Risk Grades 5 - 6 |  |  | 535 |  |  |  | — |  |  |  | 65,919 |  |  |  | 7,042 |  |  |  | 15,291 |  |  |  | 24,264 |  |  |  | 4,184 |  |  |  | 117,235 |
Risk Grade 7 |  |  | 1,570 |  |  |  | — |  |  |  | — |  |  |  | 12,403 |  |  |  | 3,690 |  |  |  | 6,753 |  |  |  | 525 |  |  |  | 24,941 |
Risk Grade 8 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,379 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,379 |
Total |  |  | 6,904 |  |  |  | 22,723 |  |  |  | 339,940 |  |  |  | 140,992 |  |  |  | 163,912 |  |  |  | 173,920 |  |  |  | 25,330 |  |  |  | 873,721 |
Current period gross charge-offs |  |  | — |  |  |  | — |  |  |  | 1,103 |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 1,109 |
Real estate – residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 940 |  |  |  | 56,212 |  |  |  | 225,724 |  |  |  | 114,846 |  |  |  | 64,510 |  |  |  | 143,476 |  |  |  | 55,317 |  |  |  | 661,025 |
Risk Grades 5 - 6 |  |  | 300 |  |  |  | 12,649 |  |  |  | 8,715 |  |  |  | 3,075 |  |  |  | 2,250 |  |  |  | 9,237 |  |  |  | 1,274 |  |  |  | 37,500 |
Risk Grade 7 |  |  | — |  |  |  | 741 |  |  |  | 2,598 |  |  |  | 2,321 |  |  |  | 1,769 |  |  |  | 5,318 |  |  |  | 2,170 |  |  |  | 14,917 |
Total |  |  | 1,240 |  |  |  | 69,602 |  |  |  | 237,037 |  |  |  | 120,242 |  |  |  | 68,529 |  |  |  | 158,031 |  |  |  | 58,761 |  |  |  | 713,442 |
Current period gross charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 72 |  |  |  | 2 |  |  |  | 74 |
Real estate – farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 148 |  |  |  | — |  |  |  | 1,000 |  |  |  | 1,252 |  |  |  | — |  |  |  | 2,816 |  |  |  | 164 |  |  |  | 5,380 |
Risk Grades 5 - 6 |  |  | — |  |  |  | 138 |  |  |  | — |  |  |  | 101 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 239 |
Total |  |  | 148 |  |  |  | 138 |  |  |  | 1,000 |  |  |  | 1,353 |  |  |  | — |  |  |  | 2,816 |  |  |  | 164 |  |  |  | 5,619 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  |  | 6,217 |  |  |  | 19,199 |  |  |  | 9,923 |  |  |  | 2,151 |  |  |  | 1,461 |  |  |  | 599 |  |  |  | 7,178 |  |  |  | 46,728 |
Risk Grades 5 - 6 |  |  | — |  |  |  | 50 |  |  |  | 36 |  |  |  | 10 |  |  |  | 24 |  |  |  | 53 |  |  |  | 450 |  |  |  | 623 |
Risk Grade 7 |  |  | 45 |  |  |  | 201 |  |  |  | 344 |  |  |  | 141 |  |  |  | 83 |  |  |  | 41 |  |  |  | — |  |  |  | 855 |
Total |  |  | 6,262 |  |  |  | 19,450 |  |  |  | 10,303 |  |  |  | 2,302 |  |  |  | 1,568 |  |  |  | 693 |  |  |  | 7,628 |  |  |  | 48,206 |
Current period gross charge-offs |  |  | 609 |  |  |  | 324 |  |  |  | 1,007 |  |  |  | 64 |  |  |  | 26 |  |  |  | 33 |  |  |  | — |  |  |  | 2,063 |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Grades 1 - 4 |  | $ | 39,712 |  |  | $ | 126,584 |  |  | $ | 662,175 |  |  | $ | 282,202 |  |  | $ | 240,750 |  |  | $ | 312,556 |  |  | $ | 186,036 |  |  | $ | 1,850,015 |
Risk Grades 5 - 6 |  |  | 1,842 |  |  |  | 39,516 |  |  |  | 116,397 |  |  |  | 22,820 |  |  |  | 23,186 |  |  |  | 38,067 |  |  |  | 19,882 |  |  |  | 261,710 |
Risk Grade 7 |  |  | 2,486 |  |  |  | 2,175 |  |  |  | 9,070 |  |  |  | 25,406 |  |  |  | 5,962 |  |  |  | 13,842 |  |  |  | 4,396 |  |  |  | 63,337 |
Risk Grade 8 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,668 |  |  |  | 727 |  |  |  | 1 |  |  |  | 50 |  |  |  | 4,446 |
Total |  | $ | 44,040 |  |  | $ | 168,275 |  |  | $ | 787,642 |  |  | $ | 334,096 |  |  | $ | 270,625 |  |  | $ | 364,466 |  |  | $ | 210,364 |  |  | $ | 2,179,508 |
Total current period gross charge-offs |  | $ | 682 |  |  | $ | 799 |  |  | $ | 18,323 |  |  | $ | 2,501 |  |  | $ | 156 |  |  | $ | 315 |  |  | $ | 449 |  |  | $ | 23,225 |
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 Loan Segment | The following table presents an analysis of the change in the ACL by loan segment for the periods stated.
|  | As of and for the three months ended |  |  | As of and for the nine months ended |
(Dollars in thousands) |  | September 30, 2024 |  |  | September 30, 2023 |  |  | September 30, 2024 |  |  | September 30, 2023 |
Allowance for credit losses, beginning of period |  | $ | 28,036 |  |  | $ | 38,567 |  |  | $ | 35,893 |  |  | $ | 30,740 |
Impact of ASC 326 adoption |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,418 |
Charge-offs |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | (6,001 | ) |  | $ | (1,832 | ) |  | $ | (19,940 | ) |  | $ | (9,927 | )
Real estate – construction, commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (28 | )
Real estate – construction, residential |  |  | — |  |  |  | — |  |  |  | (39 | ) |  |  | — |
Real estate – commercial |  |  | (1,109 | ) |  |  | — |  |  |  | (1,109 | ) |  |  | — |
Real estate – residential |  |  | (30 | ) |  |  | — |  |  |  | (74 | ) |  |  | (1,255 | )
Consumer |  |  | (773 | ) |  |  | (749 | ) |  |  | (2,063 | ) |  |  | (1,699 | )
Total charge-offs |  |  | (7,913 | ) |  |  | (2,581 | ) |  |  | (23,225 | ) |  |  | (12,909 | )
Recoveries |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 11,095 |  |  | $ | 1,596 |  |  | $ | 14,455 |  |  | $ | 2,327 |
Real estate – construction, commercial |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 15 |
Real estate – construction, residential |  |  | — |  |  |  | 132 |  |  |  | — |  |  |  | 132 |
Real estate – commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 263 |
Real estate – residential |  |  | 60 |  |  |  | 126 |  |  |  | 76 |  |  |  | 145 |
Consumer |  |  | 175 |  |  |  | 186 |  |  |  | 654 |  |  |  | 397 |
Total recoveries |  |  | 11,330 |  |  |  | 2,045 |  |  |  | 15,185 |  |  |  | 3,279 |
Net recoveries (charge-offs) |  |  | 3,417 |  |  |  | (536 | ) |  |  | (8,040 | ) |  |  | (9,630 | )
Total (recovery of) provision for credit losses - loans |  |  | (6,000 | ) |  |  | 11,600 |  |  |  | (2,400 | ) |  |  | 21,103 |
Allowance for credit losses, end of period |  | $ | 25,453 |  |  | $ | 49,631 |  |  | $ | 25,453 |  |  | $ | 49,631 |
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) |  | September 30, 2024 |  |  | December 31, 2023 |
Commercial and industrial |  | $ | 45,058 |  |  | $ | 67,555 |
Real estate – construction, commercial |  |  | 1,839 |  |  |  | 6,309 |
Real estate – construction, residential |  |  | — |  |  |  | 2,303 |
Real estate – commercial |  |  | 19,448 |  |  |  | 13,401 |
Real estate – residential |  |  | 7,796 |  |  |  | 7,337 |
Total collateral-dependent loans |  | $ | 74,141 |  |  | $ | 96,905 |
Summary of Amortized Cost of TLMs | The following tables present the amortized cost of TLMs, categorized by loan type and type of concession granted, for the periods stated.
|  | For the three months ended September 30, 2024 |  |  | For the nine months ended September 30, 2024 |
(Dollars in thousands) |  | Recorded Investment |  |  | % of Recorded Investment to Gross Loans by Category |  |  | Recorded Investment |  |  | % of Recorded Investment to Gross Loans by Category |
Term extension and forbearance |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 335 |  |  |  | 0.09 | % |  | $ | 335 |  |  |  | 0.09 | %
Real estate – residential |  |  | 72 |  |  |  | 0.01 | % |  |  | 72 |  |  |  | 0.01 | %
Real estate – commercial |  |  | 1,743 |  |  |  | 0.20 | % |  |  | 1,781 |  |  |  | 0.20 | %
Total term extension and forbearance |  | $ | 2,150 |  |  |  |  |  | $ | 2,188 |  |  |  |
Payment deferral 6-9 months |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 644 |  |  |  | 0.17 | % |  | $ | 1,024 |  |  |  | 0.27 | %
Real estate – residential |  |  | 504 |  |  |  | 0.07 | % |  |  | 504 |  |  |  | 0.07 | %
Real estate – commercial |  |  | 74 |  |  |  | 0.01 | % |  |  | 74 |  |  |  | 0.01 | %
Consumer loans |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | 0.02 | %
Total payment deferral |  | $ | 1,222 |  |  |  |  |  | $ | 1,613 |  |  |  |
Total |  | $ | 3,372 |  |  |  |  |  | $ | 3,801 |  |  |  |
|  | For the three months ended September 30, 2023 |  |  | For the nine months ended September 30, 2023 |
(Dollars in thousands) |  | Recorded Investment |  |  | % of Recorded Investment to Gross Loans by Category |  |  | Recorded Investment |  |  | % of Recorded Investment to Gross Loans by Category |
Term extension and forbearance |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 5,806 |  |  |  | 1.09 | % |  | $ | 32,750 |  | (1) |  | 6.14 | %
Real estate – commercial |  |  | 2,999 |  |  |  | 0.34 | % |  |  | 6,208 |  |  |  | 0.71 | %
Total term extension and forbearance |  | $ | 8,805 |  |  |  |  |  | $ | 38,958 |  |  |  |
Interest-only for 6 months |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 297 |  |  |  | 0.06 | % |  | $ | 2,982 |  |  |  | 0.34 | %
Real estate – commercial |  |  | — |  |  |  | — |  |  |  | 244 |  |  |  | 0.03 | %
Total interest-only |  | $ | 297 |  |  |  |  |  | $ | 3,226 |  |  |  |
Payment deferral 3-9 months |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  |  | — |  |  | $ | 5,806 |  |  |  | 0.66 | %
Real estate – commercial |  |  | — |  |  |  | — |  |  |  | 2,999 |  |  |  | 0.34 | %
Total payment deferral |  | $ | — |  |  |  |  |  | $ | 8,805 |  |  |  |
Total |  | $ | 9,102 |  |  |  |  |  | $ | 50,989 |  |  |  |
(1) A $32.8 million specialty finance 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 nine months of 2023 for interest, which were applied to principal as the loan was on nonaccrual status. |
The following table presents the amortized cost of TLMs that were modified in the preceding twelve months and had a payment default during the periods stated.
|  | For the three months ended September 30, 2024 |  |  | For the nine months ended September 30, 2024 |
(Dollars in thousands) |  | Amortized Cost |  |  | % of Amortized Cost to Gross Loans by Category |  |  | Amortized Cost |  |  | % of Amortized Cost to Gross Loans by Category |
Term extension and forbearance |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  |  | — |  |  | $ | 350 |  |  |  | 0.09 | %
Real estate – construction, residential |  |  | — |  |  |  | — |  |  |  | 155 |  |  |  | 0.36 | %
Real estate – commercial |  |  | — |  |  |  | — |  |  |  | 299 |  |  |  | 0.03 | %
Total term extension and forbearance |  | $ | — |  |  |  |  |  | $ | 804 |  |  |  |
Payment deferral 6-9 months |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 225 |  |  |  | 0.06 | % |  | $ | 569 |  |  |  | 0.15 | %
Real estate – commercial |  |  | 74 |  |  |  | 0.01 | % |  |  | 74 |  |  |  | 0.01 | %
Total payment deferral |  | $ | 299 |  |  |  |  |  | $ | 643 |  |  |  |
Total |  | $ | 299 |  |  |  |  |  | $ | 1,447 |  |  |  |
Summary of Aging Analysis of Amortized Cost of TLMs | The following tables present an aging analysis of the amortized cost of TLMs as of the dates stated.
|  | September 30, 2024 |
(Dollars in thousands) |  | Current Loans |  |  | 30-89 Days Past Due |  |  | Greater than 90 Days Past Due & Accruing |  |  | Nonaccrual |  |  | Total |
Commercial and industrial |  | $ | 335 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,238 |  |  | $ | 3,573 |
Real estate – construction, residential |  |  | 155 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 155 |
Real estate – residential |  |  | 196 |  |  |  | — |  |  |  | — |  |  |  | 504 |  |  |  | 700 |
Real estate - commercial |  |  | 1,781 |  |  |  | — |  |  |  | — |  |  |  | 3,074 |  |  |  | 4,854 |
Consumer loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | 11 |
Total modified loans |  | $ | 2,467 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,826 |  |  | $ | 9,293 |
|  | 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 |

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