XML 33 R27.htm IDEA: XBRL DOCUMENT v3.24.3
Loans and ACL (Tables)
9 Months Ended
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