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v3.23.3

Loans and Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Components of Loans in the Consolidated Balance Sheet | The following table presents the components of loans as of the periods shown:
(Dollars in thousands) |  | September 30, 2023 |  | December 31, 2022
Commercial: |  |  |  |
Business |  | $ | 811,203 |  |  | $ | 851,072 |
Real estate |  | 640,167 |  |  | 632,839 |
Acquisition, development and construction |  | 121,758 |  |  | 126,999 |
Total commercial |  | 1,573,128 |  |  | 1,610,910 |
Residential real estate |  | 650,321 |  |  | 606,970 |
Home equity lines of credit |  | 14,862 |  |  | 18,734 |
Consumer |  | 30,341 |  |  | 131,566 |
Total loans, excluding purchased credit impaired loans |  | 2,268,652 |  |  | 2,368,180 |
Purchased credit impaired loans: |  |  |  |
Residential real estate |  | — |  |  | 2,482 |
Total purchased credit impaired loans |  | — |  |  | 2,482 |
Total loans |  | 2,268,652 |  |  | 2,370,662 |
Deferred loan origination costs, net |  | 1,781 |  |  | 1,983 |
Loans receivable |  | $ | 2,270,433 |  |  | $ | 2,372,645 |
Impaired Loans by Class | The following table presents impaired loans by class segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of the periods shown:
|  | Impaired Loans with Specific Allowance |  | Impaired Loans with No Specific Allowance |  | Total Impaired Loans
(Dollars in thousands) |  | Recorded Investment |  | Related Allowance |  | Recorded Investment |  | Recorded Investment |  | Unpaid Principal Balance
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |
Business |  | $ | 3,436 |  |  | $ | 1,253 |  |  | $ | 7,015 |  |  | $ | 10,451 |  |  | $ | 15,324 |
Real estate |  | 1,240 |  |  | 222 |  |  | 125 |  |  | 1,365 |  |  | 1,470 |
Acquisition, development and construction |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,415 |
Total commercial |  | 4,676 |  |  | 1,475 |  |  | 7,140 |  |  | 11,816 |  |  | 18,209 |
Residential real estate |  | — |  |  | — |  |  | 2,603 |  |  | 2,603 |  |  | 2,671 |
Home equity lines of credit |  | — |  |  | — |  |  | 90 |  |  | 90 |  |  | 94 |
Consumer |  | 1,347 |  |  | 268 |  |  | 4 |  |  | 1,351 |  |  | 1,351 |
Total impaired loans |  | $ | 6,023 |  |  | $ | 1,743 |  |  | $ | 9,837 |  |  | $ | 15,860 |  |  | $ | 22,325 |
Average Recorded Investment in Impaired Loans and Related Interest Income Recognized | The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods shown:
|  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
(Dollars in thousands) |  | Average Investment in Impaired Loans |  | Interest Income Recognized on Accrual Basis |  | Interest Income Recognized on Cash Basis |  | Average Investment in Impaired Loans |  | Interest Income Recognized on Accrual Basis |  | Interest Income Recognized on Cash Basis
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Business |  | $ | 12,390 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 11,378 |  |  | $ | 6 |  |  | $ | 6 |
Real estate |  | 1,372 |  |  | 14 |  |  | 18 |  |  | 1,491 |  |  | 43 |  |  | 47 |
Acquisition, development and construction |  | 282 |  |  | — |  |  | — |  |  | 303 |  |  | — |  |  | — |
Total commercial |  | 14,044 |  |  | 15 |  |  | 20 |  |  | 13,172 |  |  | 49 |  |  | 53 |
Residential |  | 8,425 |  |  | 4 |  |  | 3 |  |  | 8,390 |  |  | 12 |  |  | 11 |
Home equity |  | 157 |  |  | — |  |  | — |  |  | 169 |  |  | — |  |  | — |
Consumer |  | 1085 |  |  | — |  |  | — |  |  | 757 |  |  | — |  |  | — |
Total |  | $ | 23,711 |  |  | $ | 19 |  |  | $ | 23 |  |  | $ | 22,488 |  |  | $ | 61 |  |  | $ | 64 |
Classes of the Loan Portfolio Summarized by Vintage Year and the Aggregate Pass and the Criticized Categories | The following table presents the amortized cost of loans summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system by vintage year as of the period shown:
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 49,607 |  |  | $ | 293,000 |  |  | $ | 84,060 |  |  | $ | 28,735 |  |  | $ | 15,491 |  |  | $ | 60,635 |  |  | $ | 219,201 |  |  | $ | — |  |  | $ | 750,729 |
Special Mention |  | — |  |  | 5,231 |  |  | 13 |  |  | 842 |  |  | 10 |  |  | 4,418 |  |  | 510 |  |  | — |  |  | 11,024 |
Substandard |  | — |  |  | 1 |  |  | 35,353 |  |  | — |  |  | 5,362 |  |  | 4,525 |  |  | — |  |  | — |  |  | 45,241 |
Doubtful |  | — |  |  | 2,071 |  |  | 468 |  |  | 264 |  |  | — |  |  | 1,406 |  |  | — |  |  | — |  |  | 4,209 |
Total commercial business loans |  | $ | 49,607 |  |  | $ | 300,303 |  |  | $ | 119,894 |  |  | $ | 29,841 |  |  | $ | 20,863 |  |  | $ | 70,984 |  |  | $ | 219,711 |  |  | $ | — |  |  | $ | 811,203 |
Gross charge-offs |  | $ | — |  |  | $ | 228 |  |  | $ | 975 |  |  | $ | 141 |  |  | $ | — |  |  | $ | 2,953 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,297 |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 60,509 |  |  | $ | 158,327 |  |  | $ | 222,770 |  |  | $ | 12,094 |  |  | $ | 26,592 |  |  | $ | 110,857 |  |  | $ | — |  |  | $ | — |  |  | $ | 591,149 |
Special Mention |  | — |  |  | — |  |  | 8,010 |  |  | — |  |  | 6,801 |  |  | 14,994 |  |  | — |  |  | — |  |  | 29,805 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,213 |  |  | — |  |  | — |  |  | 19,213 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial real estate loans |  | $ | 60,509 |  |  | $ | 158,327 |  |  | $ | 230,780 |  |  | $ | 12,094 |  |  | $ | 33,393 |  |  | $ | 145,064 |  |  | $ | — |  |  | $ | — |  |  | $ | 640,167 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial acquisition, development and construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,987 |  |  | $ | 46,062 |  |  | $ | 30,768 |  |  | $ | 22,016 |  |  | $ | 3,128 |  |  | $ | 1,551 |  |  | $ | — |  |  | $ | — |  |  | $ | 106,512 |
Special Mention |  | — |  |  | — |  |  | 14,476 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 14,481 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 765 |  |  | — |  |  | — |  |  | 765 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial acquisition, development and construction loans |  | $ | 2,987 |  |  | $ | 46,062 |  |  | $ | 45,244 |  |  | $ | 22,016 |  |  | $ | 3,128 |  |  | $ | 2,321 |  |  | $ | — |  |  | $ | — |  |  | $ | 121,758 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Real Estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 51,593 |  |  | $ | 417,420 |  |  | $ | 100,007 |  |  | $ | 38,942 |  |  | $ | 7,031 |  |  | $ | 23,923 |  |  | $ | — |  |  | $ | — |  |  | $ | 638,916 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | 414 |  |  | 725 |  |  | — |  |  | — |  |  | 1,139 |
Substandard |  | — |  |  | 991 |  |  | 3,789 |  |  | 4,240 |  |  | 136 |  |  | 899 |  |  | — |  |  | — |  |  | 10,055 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 211 |  |  | — |  |  | — |  |  | 211 |
Total residential real estate loans |  | $ | 51,593 |  |  | $ | 418,411 |  |  | $ | 103,796 |  |  | $ | 43,182 |  |  | $ | 7,581 |  |  | $ | 25,758 |  |  | $ | — |  |  | $ | — |  |  | $ | 650,321 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 381 |  |  | $ | — |  |  | $ | — |  |  | $ | 381 |
Home equity lines of credit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | 170 |  |  | $ | 780 |  |  | $ | 13,486 |  |  | $ | — |  |  | $ | 14,473 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 76 |  |  | 148 |  |  | — |  |  | 224 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 165 |  |  | — |  |  | — |  |  | 165 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total home equity lines of credit loans |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | 170 |  |  | $ | 1,021 |  |  | $ | 13,634 |  |  | $ | — |  |  | $ | 14,862 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,460 |  |  | $ | 20,613 |  |  | $ | 6,225 |  |  | $ | — |  |  | $ | 48 |  |  | $ | 23 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 29,398 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard |  | 198 |  |  | 576 |  |  | 169 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 943 |
Doubtful |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total consumer loans |  | $ | 2,658 |  |  | $ | 21,189 |  |  | $ | 6,394 |  |  | $ | — |  |  | $ | 48 |  |  | $ | 23 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 30,341 |
Gross charge-offs |  | $ | 866 |  |  | $ | 9,543 |  |  | $ | 1,522 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,933 |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 167,156 |  |  | $ | 935,459 |  |  | $ | 443,830 |  |  | $ | 101,787 |  |  | $ | 52,460 |  |  | $ | 197,769 |  |  | $ | 232,716 |  |  | $ | — |  |  | $ | 2,131,177 |
Special Mention |  | — |  |  | 5,231 |  |  | 22,499 |  |  | 842 |  |  | 7,225 |  |  | 20,218 |  |  | 658 |  |  | — |  |  | 56,673 |
Substandard |  | 198 |  |  | 1,568 |  |  | 39,311 |  |  | 4,240 |  |  | 5,498 |  |  | 25,567 |  |  | — |  |  | — |  |  | 76,382 |
Doubtful |  | — |  |  | 2,071 |  |  | 468 |  |  | 264 |  |  | — |  |  | 1,617 |  |  | — |  |  | — |  |  | 4,420 |
Total consumer loans |  | $ | 167,354 |  |  | $ | 944,329 |  |  | $ | 506,108 |  |  | $ | 107,133 |  |  | $ | 65,183 |  |  | $ | 245,171 |  |  | $ | 233,374 |  |  | $ | — |  |  | $ | 2,268,652 |
Gross charge-offs |  | $ | 866 |  |  | $ | 9,771 |  |  | $ | 2,497 |  |  | $ | 141 |  |  | $ | — |  |  | $ | 3,336 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,611 |
The following table represents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the internal risk rating system as of the periods shown:
(Dollars in thousands) |  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |
Business |  | $ | 830,319 |  |  | $ | 5,963 |  |  | $ | 12,103 |  |  | $ | 2,687 |  |  | $ | 851,072 |
Real estate |  | 592,997 |  |  | 18,883 |  |  | 20,600 |  |  | 359 |  |  | 632,839 |
Acquisition, development and construction |  | 120,788 |  |  | 5,277 |  |  | 934 |  |  | — |  |  | 126,999 |
Total commercial |  | 1,544,104 |  |  | 30,123 |  |  | 33,637 |  |  | 3,046 |  |  | 1,610,910 |
Residential real estate |  | 605,513 |  |  | 760 |  |  | 1,556 |  |  | 1,623 |  |  | 609,452 |
Home equity lines of credit |  | 18,269 |  |  | 375 |  |  | 90 |  |  | — |  |  | 18,734 |
Consumer |  | 131,562 |  |  | — |  |  | 4 |  |  | — |  |  | 131,566 |
Total loans |  | $ | 2,299,448 |  |  | $ | 31,258 |  |  | $ | 35,287 |  |  | $ | 4,669 |  |  | $ | 2,370,662 |
Classes of the Loan Portfolio Summarized by Aging Categories | The following table presents the amortized cost basis in loans by aging category and accrual status as of the periods shown:
(Dollars in thousands) |  | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | Total Past Due |  | Total Loans |  | Non-Accrual |  | 90+ Days Still Accruing |  | Non Accrual with No Credit Loss |  | Interest Income Recognized
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business |  | $ | 802,899 |  |  | $ | 789 |  |  | $ | 64 |  |  | $ | 7,451 |  |  | $ | 8,304 |  |  | $ | 811,203 |  |  | $ | 7,451 |  |  | $ | — |  |  | $ | 3,782 |  |  | $ | — |
Real estate |  | 640,167 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 640,167 |  |  | — |  |  | — |  |  | — |  |  | — |
Acquisition, development and construction |  | 120,993 |  |  | — |  |  | — |  |  | 765 |  |  | 765 |  |  | 121,758 |  |  | 765 |  |  | — |  |  | — |  |  | — |
Total commercial |  | 1,564,059 |  |  | 789 |  |  | 64 |  |  | 8,216 |  |  | 9,069 |  |  | 1,573,128 |  |  | 8,216 |  |  | — |  |  | 3,782 |  |  | — |
Residential real estate |  | 648,511 |  |  | 414 |  |  | 127 |  |  | 1,269 |  |  | 1,810 |  |  | 650,321 |  |  | 1,269 |  |  | — |  |  | — |  |  | — |
Home equity lines of credit |  | 14,807 |  |  | 48 |  |  | 7 |  |  | — |  |  | 55 |  |  | 14,862 |  |  | 165 |  |  | — |  |  | — |  |  | — |
Consumer |  | 26,995 |  |  | 1,821 |  |  | 582 |  |  | 943 |  |  | 3,346 |  |  | 30,341 |  |  | 943 |  |  | — |  |  | — |  |  | — |
Total loans |  | $ | 2,254,372 |  |  | $ | 3,072 |  |  | $ | 780 |  |  | $ | 10,428 |  |  | $ | 14,280 |  |  | $ | 2,268,652 |  |  | $ | 10,593 |  |  | $ | — |  |  | $ | 3,782 |  |  | $ | — |
The following table presents the aging of recorded investment in loans, including accruing and nonaccrual loans, as of the period shown:
(Dollars in thousands) |  | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90+ Days Past Due |  | Total Past Due |  | Total Loans |  | Non-Accrual |  | 90+ Days Still Accruing
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business |  | $ | 850,112 |  |  | $ | — |  |  | $ | 960 |  |  | $ | — |  |  | $ | 960 |  |  | $ | 851,072 |  |  | $ | 7,528 |  |  | $ | — |
Real estate |  | 632,839 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 632,839 |  |  | — |  |  | — |
Acquisition, development and construction |  | 126,999 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 126,999 |  |  | — |  |  | — |
Total commercial |  | 1,609,950 |  |  | — |  |  | 960 |  |  | — |  |  | 960 |  |  | 1,610,910 |  |  | 7,528 |  |  | — |
Residential real estate |  | 606,554 |  |  | 1,820 |  |  | 1,078 |  |  | — |  |  | 2,898 |  |  | 609,452 |  |  | 2,196 |  |  | — |
Home equity lines of credit |  | 18,131 |  |  | 603 |  |  | — |  |  | — |  |  | 603 |  |  | 18,734 |  |  | 90 |  |  | — |
Consumer |  | 120,504 |  |  | 6,848 |  |  | 2,867 |  |  | 1,347 |  |  | 11,062 |  |  | 131,566 |  |  | 1,351 |  |  | — |
Total loans |  | $ | 2,355,139 |  |  | $ | 9,271 |  |  | $ | 4,905 |  |  | $ | 1,347 |  |  | $ | 15,523 |  |  | $ | 2,370,662 |  |  | $ | 11,165 |  |  | $ | — |
Amortized Cost Basis of Collateral-Dependent Loans | The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of the periods shown:
(Dollars in thousands) |  | Real Estate |  | Vehicles and Equipment |  | Assignment of Cash Flow |  | Accounts Receivable |  | Other |  | Totals |  | Allowance for Credit Losses
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business |  | $ | 1,141 |  |  | $ | 4,058 |  |  | $ | 1 |  |  | $ | 462 |  |  | $ | 264 |  |  | $ | 5,926 |  |  | $ | 1,491 |
Total commercial |  | $ | 1,141 |  |  | $ | 4,058 |  |  | $ | 1 |  |  | $ | 462 |  |  | $ | 264 |  |  | $ | 5,926 |  |  | $ | 1,491 |
Residential |  | 1,088 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,088 |  |  | 36 |
Consumer |  | — |  |  | 943 |  |  | — |  |  | — |  |  | — |  |  | 943 |  |  | 159 |
Total |  | $ | 2,229 |  |  | $ | 5,001 |  |  | $ | 1 |  |  | $ | 462 |  |  | $ | 264 |  |  | $ | 7,957 |  |  | $ | 1,686 |
Collateral value |  | $ | 4,301 |  |  | $ | 5,309 |  |  | $ | — |  |  | $ | 906 |  |  | $ | 320 |  |  | $ | 10,836 |  |  |
Allowance Activity | The following table presents the balance and activity for the primary segments of the ACL as of the periods shown:
|  | Commercial |  | Residential |  | Home Equity |  | Consumer |  | Total
(Dollars in thousands) |  | Business |  | Real Estate |  | Acquisition, development and construction |  | Total Commercial |  |  |  |
June 30, 2023 |  | $ | 11,308 |  |  | $ | 3,051 |  |  | $ | 1,707 |  |  | $ | 16,066 |  |  | $ | 7,168 |  |  | $ | 114 |  |  | $ | 6,946 |  |  | $ | 30,294 |
Provision (release of allowance) for credit losses |  | 1,584 |  |  | 183 |  |  | 343 |  |  | 2,110 |  |  | (242) |  |  | (15) |  |  | (2,012) |  |  | (159) |
Charge-offs |  | (4,028) |  |  | — |  |  | — |  |  | (4,028) |  |  | (359) |  |  | — |  |  | (3,677) |  |  | (8,064) |
Recoveries |  | 4 |  |  | 7 |  |  | — |  |  | 11 |  |  | — |  |  | 1 |  |  | 2,193 |  |  | 2,205 |
ACL at September 30, 2023 |  | $ | 8,868 |  |  | $ | 3,241 |  |  | $ | 2,050 |  |  | $ | 14,159 |  |  | $ | 6,567 |  |  | $ | 100 |  |  | $ | 3,450 |  |  | $ | 24,276 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ALL, prior to adoption of ASC 326, at December 31, 2022 |  | $ | 8,771 |  |  | $ | 5,704 |  |  | $ | 1,064 |  |  | $ | 15,539 |  |  | $ | 2,880 |  |  | $ | 131 |  |  | $ | 5,287 |  |  | $ | 23,837 |
Impact of adopting ASC 326 |  | (126) |  |  | (2,846) |  |  | 288 |  |  | (2,684) |  |  | 3,889 |  |  | (5) |  |  | 6,482 |  |  | 7,682 |
Provision (release of allowance) for credit losses |  | 3,770 |  |  | 363 |  |  | 698 |  |  | 4,831 |  |  | (328) |  |  | (29) |  |  | (4,165) |  |  | 309 |
Initial allowance on loans purchased with credit deterioration |  | 710 |  |  | — |  |  | — |  |  | 710 |  |  | 507 |  |  | — |  |  | — |  |  | 1,217 |
Charge-offs |  | (4,297) |  |  | — |  |  | — |  |  | (4,297) |  |  | (381) |  |  | — |  |  | (11,933) |  |  | (16,611) |
Recoveries |  | 40 |  |  | 20 |  |  | — |  |  | 60 |  |  | — |  |  | 3 |  |  | 7,779 |  |  | 7,842 |
ACL at September 30, 2023 |  | $ | 8,868 |  |  | $ | 3,241 |  |  | $ | 2,050 |  |  | $ | 14,159 |  |  | $ | 6,567 |  |  | $ | 100 |  |  | $ | 3,450 |  |  | $ | 24,276 |
The following table presents the primary segments of the ALL segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of the periods shown:
|  | Commercial |  | Residential |  | Home Equity |  | Consumer |  | Total
(Dollars in thousands) |  | Business |  | Real Estate |  | Acquisition, development and construction |  | Total Commercial |  |  |  |
ALL balance at June 30, 2022 |  | $ | 8,077 |  |  | $ | 6,641 |  |  | $ | 967 |  |  | $ | 15,685 |  |  | $ | 1,772 |  |  | $ | 141 |  |  | $ | 5,136 |  |  | $ | 22,734 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,652) |  |  | (3,652) |
Recoveries |  | 41 |  |  | 65 |  |  | — |  |  | 106 |  |  | — |  |  | 1 |  |  | 2,206 |  |  | 2,313 |
Provision (release) |  | 1,626 |  |  | (310) |  |  | 191 |  |  | 1,507 |  |  | 1,165 |  |  | (6) |  |  | 2,454 |  |  | 5,120 |
ALL balance at September 30, 2022 |  | $ | 9,744 |  |  | $ | 6,396 |  |  | $ | 1,158 |  |  | $ | 17,298 |  |  | $ | 2,937 |  |  | $ | 136 |  |  | $ | 6,144 |  |  | $ | 26,515 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ALL balance at December 31, 2021 |  | $ | 8,027 |  |  | $ | 5,091 |  |  | $ | 982 |  |  | $ | 14,100 |  |  | $ | 1,492 |  |  | $ | 128 |  |  | $ | 2,546 |  |  | $ | 18,266 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,304) |  |  | (7,304) |
Recoveries |  | 51 |  |  | 127 |  |  | — |  |  | 178 |  |  | — |  |  | 5 |  |  | 3,870 |  |  | 4,053 |
Provision |  | 1,666 |  |  | 1,178 |  |  | 176 |  |  | 3,020 |  |  | 1,445 |  |  | 3 |  |  | 7,032 |  |  | 11,500 |
ALL balance at September 30, 2022 |  | $ | 9,744 |  |  | $ | 6,396 |  |  | $ | 1,158 |  |  | $ | 17,298 |  |  | $ | 2,937 |  |  | $ | 136 |  |  | $ | 6,144 |  |  | $ | 26,515 |
Individually evaluated for impairment |  | $ | 2,078 |  |  | $ | 221 |  |  | $ | — |  |  | $ | 2,299 |  |  | $ | 84 |  |  | $ | — |  |  | $ | 248 |  |  | $ | 2,631 |
Collectively evaluated for impairment |  | $ | 7,666 |  |  | $ | 6,175 |  |  | $ | 1,158 |  |  | $ | 14,999 |  |  | $ | 2,853 |  |  | $ | 136 |  |  | $ | 5,896 |  |  | $ | 23,884 |
The following table presents the primary segments of our loan portfolio as of the period shown:
|  | Commercial |  | Residential |  | Home Equity Lines of Credit |  | Consumer |  | Total
(Dollars in thousands) |  | Business |  | Real Estate |  | Acquisition, development and construction |  | Total Commercial |  |  |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 15,349 |  |  | $ | 1,090 |  |  | $ | 278 |  |  | $ | 16,717 |  |  | $ | 8,421 |  |  | $ | 157 |  |  | $ | 1246 |  |  | $ | 26,541 |
Collectively evaluated for impairment |  | 856,919 |  |  | 700,395 |  |  | 131,107 |  |  | 1,688,421 |  |  | 596,214 |  |  | 19,219 |  |  | 140,043 |  |  | 2,443,897 |
Total loans |  | $ | 872,268 |  |  | $ | 701,485 |  |  | $ | 131,385 |  |  | $ | 1,705,138 |  |  | $ | 604,635 |  |  | $ | 19,376 |  |  | $ | 141,289 |  |  | $ | 2,470,438 |
Summary of Modified Loans | The following tables summarize the amortized cost basis of loans that were modified during three and nine months ended September 30, 2023:
(Dollars in thousands) |  | Principal Forgiveness |  | Payment Delay |  | Term Extension |  | Interest Rate Reduction |  | Total |  | Total Class of Financing Receivable
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Business |  | $ | — |  |  | $ | 7,681 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,681 |  |  | 1 | %
Real estate |  | — |  |  | 11,321 |  |  | — |  |  | — |  |  | 11,321 |  |  | 2 | %
Total commercial |  | — |  |  | 19,002 |  |  | — |  |  | — |  |  | 19,002 |  |  | 1 | %
Residential |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — | %
Home equity lines of credit |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — | %
Consumer |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — | %
Total |  | $ | — |  |  | $ | 19,002 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,002 |  |  | 1 | %
The following table presents the performance of such loans that have been modified as of the period shown:
(Dollars in thousands) |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 89 Days Past Due |  | Total Past Due
September 30, 2023 |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |
Business |  | $ | — |  |  | $ | 2,071 |  |  | $ | — |  |  | $ | 2,071 |
Real estate |  | — |  |  | — |  |  | — |  |  | — |
Total commercial |  | — |  |  | 2,071 |  |  | — |  |  | 2,071 |
Residential |  | — |  |  | — |  |  | — |  |  | — |
Home equity lines of credit |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | 2,071 |  |  | $ | — |  |  | $ | 2,071 |
Summary of Modified Loans with Subsequent Default | The following table presents the amortized cost basis of loans that had a payment default and were modified prior to that default to borrowers experiencing financial difficulty as of the period shown:
(Dollars in thousands) |  | Principal Forgiveness |  | Payment Delay |  | Term Extension |  | Interest Rate Reduction |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |
Business |  | $ | — |  |  | $ | 2,071 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,071 |
Real estate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total commercial |  | — |  |  | 2,071 |  |  | — |  |  | — |  |  | 2,071 |
Residential |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Home equity lines of credit |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | 2,071 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,071 |

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