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v3.23.3

Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Schedule of Allowance for Loan Losses by Class of Financing Receivable and Allowance | A breakdown of the allowance for credit losses as of September 30, 2023, by class of financing receivable and allowance element, is presented in the following table:
As of September 30, 2023 | Specific Reserves on Loans Evaluated Individually | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors |  | Total Reserves
Commercial |  |  |  |  |
Real estate owner occupied | $ | — |  | $ | 3,731,000 |  | $ | 780,000 |  |  | $ | 4,511,000 |
Real estate non-owner occupied | — |  | 3,855,000 |  | 574,000 |  |  | 4,429,000 |
Construction | — |  | 1,445,000 |  | 157,000 |  |  | 1,602,000 |
C&I | 225,000 |  | 3,909,000 |  | 663,000 |  |  | 4,797,000 |
Multifamily | — |  | 1,184,000 |  | 93,000 |  |  | 1,277,000 |
Municipal | — |  | 332,000 |  | 44,000 |  |  | 376,000 |
Residential |  |  |  |  |
Term | 41,000 |  | 4,020,000 |  | 825,000 |  |  | 4,886,000 |
Construction | — |  | 602,000 |  | (26,000) |  |  | 576,000 |
Home Equity |  |  |  |  |
Revolving and term | — |  | 442,000 |  | 175,000 |  |  | 617,000 |
Consumer | — |  | 219,000 |  | 32,000 |  |  | 251,000 |
| $ | 266,000 |  | $ | 19,739,000 |  | $ | 3,317,000 |  |  | $ | 23,322,000 |
A breakdown of the allowance for loan losses as of December 31, 2022 under the incurred loss method, by class of financing receivable and allowance element, is presented in the following table:
As of December 31, 2022 | Specific Reserves on Loans Evaluated Individually for Impairment | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Unallocated Reserves | Total Reserves
Commercial |  |  |  |  |
Real estate | $ | — |  | $ | 974,000 |  | $ | 5,142,000 |  | $ | — |  | $ | 6,116,000 |
Construction | — |  | 131,000 |  | 690,000 |  | — |  | 821,000 |
Other | 298,000 |  | 446,000 |  | 2,353,000 |  | — |  | 3,097,000 |
Municipal | — |  | — |  | 162,000 |  | — |  | 162,000 |
Residential |  |  |  |  |
Term | 100,000 |  | 83,000 |  | 2,376,000 |  | — |  | 2,559,000 |
Construction | — |  | 7,000 |  | 192,000 |  | — |  | 199,000 |
Home equity line of credit | — |  | 101,000 |  | 928,000 |  | — |  | 1,029,000 |
Consumer | — |  | 286,000 |  | 776,000 |  | — |  | 1,062,000 |
Unallocated | — |  | — |  | — |  | 1,678,000 |  | 1,678,000 |
| $ | 398,000 |  | $ | 2,028,000 |  | $ | 12,619,000 |  | $ | 1,678,000 |  | $ | 16,723,000 |
A breakdown of the allowance for loan losses as of September 30, 2022 under the incurred loss method, by class of financing receivable and allowance element, is presented in the following table:
As of September 30, 2022 | Specific Reserves on Loans Evaluated Individually for Impairment | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Unallocated Reserves | Total Reserves
Commercial |  |  |  |  |
Real estate | $ | — |  | $ | 867,000 |  | $ | 4,708,000 |  | $ | — |  | $ | 5,575,000 |
Construction | 6,000 |  | 173,000 |  | 942,000 |  | — |  | 1,121,000 |
Other | 315,000 |  | 420,000 |  | 2,279,000 |  | — |  | 3,014,000 |
Municipal | — |  | — |  | 160,000 |  | — |  | 160,000 |
Residential |  |  |  |  |
Term | 99,000 |  | 102,000 |  | 2,346,000 |  | — |  | 2,547,000 |
Construction | — |  | 7,000 |  | 161,000 |  | — |  | 168,000 |
Home equity line of credit | — |  | 106,000 |  | 887,000 |  | — |  | 993,000 |
Consumer | — |  | 216,000 |  | 656,000 |  | — |  | 872,000 |
Unallocated | — |  | — |  | — |  | 1,937,000 |  | 1,937,000 |
| $ | 420,000 |  | $ | 1,891,000 |  | $ | 12,139,000 |  | $ | 1,937,000 |  | $ | 16,387,000 |
Schedule of ACL for Off-balance Sheet Credit Exposure | The following table presents the activity in the ACL for off-balance sheet credit exposures for the nine months ended September 30, 2023 :
Allowance for credit losses: |
Beginning balance, prior to adoption of ASC 326 | $ | 100,000 |
Impact of adopting ASC 326 | 1,297,000 |
Credit loss expense | 89,000 |
Total ending allowance balance | $ | 1,486,000 |
Schedule of Credit Quality Risk Ratings for Loans | The following table summarizes the credit quality for the Company's portfolio by risk category of loans and by class by vintage as follows:
| 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
As of September 30, 2023 |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate owner occupied |  |  |  |  |  |  |  |  |
Pass (risk rating 1-5) | $ | 43,022 |  | $ | 75,590 |  | $ | 41,851 |  | $ | 28,387 |  | $ | 35,696 |  | $ | 65,064 |  | $ | 9,355 |  | $ | 175 |  | $ | 299,140 |
Special Mention (risk rating 6) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard (risk rating 7) | 283 |  | — |  | — |  | — |  | 503 |  | 17 |  | — |  | — |  | 803 |
Doubtful (risk rating 8) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Real Estate Owner Occupied | 43,305 |  | 75,590 |  | 41,851 |  | 28,387 |  | 36,199 |  | 65,081 |  | 9,355 |  | 175 |  | 299,943 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | 40 |  | — |  | — |  | 40 |
Real estate non-owner occupied |  |  |  |  |  |  |  |  |
Pass (risk rating 1-5) | 27,875 |  | 71,474 |  | 130,132 |  | 49,160 |  | 27,670 |  | 85,559 |  | 5,092 |  | — |  | 396,962 |
Special Mention (risk rating 6) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard (risk rating 7) | — |  | — |  | — |  | — |  | — |  | 62 |  | — |  | — |  | 62 |
Doubtful (risk rating 8) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Real Estate Non-Owner Occupied | 27,875 |  | 71,474 |  | 130,132 |  | 49,160 |  | 27,670 |  | 85,621 |  | 5,092 |  | — |  | 397,024 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Construction |  |  |  |  |  |  |  |  |
Pass (risk rating 1-5) | 16,892 |  | 41,852 |  | 8,506 |  | 1,665 |  | 1,039 |  | 2,470 |  | — |  | — |  | 72,424 |
Special Mention (risk rating 6) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard (risk rating 7) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Doubtful (risk rating 8) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Construction | 16,892 |  | 41,852 |  | 8,506 |  | 1,665 |  | 1,039 |  | 2,470 |  | — |  | — |  | 72,424 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
C&I |  |  |  |  |  |  |  |  |
Pass (risk rating 1-5) | 43,648 |  | 66,873 |  | 53,712 |  | 37,052 |  | 6,526 |  | 38,003 |  | 90,748 |  | 11,937 |  | 348,499 |
Special Mention (risk rating 6) | — |  | 129 |  | 268 |  | — |  | — |  | 8 |  | 400 |  | — |  | 805 |
Substandard (risk rating 7) | 94 |  | 363 |  | 35 |  | — |  | 188 |  | 545 |  | 67 |  | — |  | 1,292 |
Doubtful (risk rating 8) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total C&I | 43,742 |  | 67,365 |  | 54,015 |  | 37,052 |  | 6,714 |  | 38,556 |  | 91,215 |  | 11,937 |  | 350,596 |
Current period gross write-offs | — |  | — |  | — |  | — |  | 16 |  | — |  | — |  | — |  | 16 |
Multifamily |  |  |  |  |  |  |  |  |
Pass (risk rating 1-5) | 8,435 |  | 32,082 |  | 18,172 |  | 16,103 |  | 5,553 |  | 8,796 |  | 329 |  | 207 |  | 89,677 |
Special Mention (risk rating 6) | — |  | — |  | 1,364 |  | — |  | — |  | — |  | — |  | — |  | 1,364 |
Substandard (risk rating 7) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Doubtful (risk rating 8) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Multifamily | 8,435 |  | 32,082 |  | 19,536 |  | 16,103 |  | 5,553 |  | 8,796 |  | 329 |  | 207 |  | 91,041 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Municipal |  |  |  |  |  |  |  |  |
Pass (risk rating 1-5) | 24,527 |  | 6,239 |  | 4,121 |  | 10,226 |  | 5,270 |  | 8,064 |  | — |  | — |  | 58,447 |
Special Mention (risk rating 6) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard (risk rating 7) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Doubtful (risk rating 8) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Municipal | 24,527 |  | 6,239 |  | 4,121 |  | 10,226 |  | 5,270 |  | 8,064 |  | — |  | — |  | 58,447 |
Current period gross write-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
As of September 30, 2023 |  |  |  |  |  |  |  |  |
Residential |  |  |  |  |  |  |  |  |
Term |  |  |  |  |  |  |  |  |
Performing | 47,019 |  | 149,470 |  | 143,048 |  | 97,350 |  | 40,621 |  | 179,788 |  | 1,301 |  | 132 |  | 658,729 |
Non-performing | — |  | 304 |  | — |  | 81 |  | 340 |  | 595 |  | — |  | — |  | 1,320 |
Total Term | 47,019 |  | 149,774 |  | 143,048 |  | 97,431 |  | 40,961 |  | 180,383 |  | 1,301 |  | 132 |  | 660,049 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Construction |  |  |  |  |  |  |  |  |
Performing | 15,966 |  | 11,715 |  | — |  | 1,305 |  | — |  | — |  | — |  | — |  | 28,986 |
Non-performing | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Construction | 15,966 |  | 11,715 |  | — |  | 1,305 |  | — |  | — |  | — |  | — |  | 28,986 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Home Equity Revolving and Term |  |  |  |  |  |  |  |  |
Performing | 8,154 |  | 9,472 |  | 2,073 |  | 1,214 |  | 609 |  | 1,754 |  | 67,639 |  | 10,575 |  | 101,490 |
Non-performing | — |  | — |  | — |  | — |  | — |  | 115 |  | 198 |  | 177 |  | 490 |
Total Home Equity Revolving and Term | 8,154 |  | 9,472 |  | 2,073 |  | 1,214 |  | 609 |  | 1,869 |  | 67,837 |  | 10,752 |  | 101,980 |
Current period gross write-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Consumer |  |  |  |  |  |  |  |  |
Performing | 3,072 |  | 2,338 |  | 1,296 |  | 1,951 |  | 538 |  | 4,404 |  | 5,771 |  | — |  | 19,370 |
Non-performing | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Consumer | 3,072 |  | 2,338 |  | 1,296 |  | 1,951 |  | 538 |  | 4,404 |  | 5,771 |  | — |  | 19,370 |
Current period gross write-offs | 5 |  | 41 |  | 30 |  | 30 |  | 7 |  | 39 |  | — |  | — |  | 152 |
Total loans | $ | 238,987 |  | $ | 467,901 |  | $ | 404,578 |  | $ | 244,494 |  | $ | 124,553 |  | $ | 395,244 |  | $ | 180,900 |  | $ | 23,203 |  | $ | 2,079,860 |
Schedule of Allowance for Loan Losses Transactions | The following table presents allowance for credit losses activity by class for the nine months and quarter ended September 30, 2023:
Dollars in thousands | Commercial | Municipal | Residential | Home Equity | Consumer | Unallocated | Total
Real Estate Owner Occupied | Real Estate Non-Owner Occupied | Construction | C&I | Multifamily |  | Term | Construction | Revolving and term |  |  |
For the nine months ended September 30, 2023
Beginning balance, prior to adoption of ASC 326 | $ | 6,116 |  | $ | — |  | $ | 821 |  | $ | 3,097 |  | $ | — |  | $ | 162 |  | $ | 2,559 |  | $ | 199 |  | $ | 1,029 |  | $ | 1,062 |  | $ | 1,678 |  | $ | 16,723 |
Charge offs | 40 |  | — |  | — |  | 16 |  | — |  | — |  | — |  | — |  | — |  | 152 |  | — |  | 208 |
Recoveries | 2 |  | 75 |  | — |  | 3 |  | — |  | — |  | 10 |  | — |  | 10 |  | 78 |  | — |  | 178 |
Provision (credit) | 119 |  | 39 |  | (162) |  | 68 |  | 93 |  | 82 |  | 439 |  | (358) |  | 34 |  | 65 |  | — |  | 419 |
Impact of adopting ASC 326 | (1,686) |  | 4,315 |  | 943 |  | 1,645 |  | 1,184 |  | 132 |  | 1,878 |  | 735 |  | (456) |  | (802) |  | (1,678) |  | 6,210 |
Ending balance | $ | 4,511 |  | $ | 4,429 |  | $ | 1,602 |  | $ | 4,797 |  | $ | 1,277 |  | $ | 376 |  | $ | 4,886 |  | $ | 576 |  | $ | 617 |  | $ | 251 |  | $ | — |  | $ | 23,322 |
For the three months ended September 30, 2023
Beginning balance | $ | 4,719 |  | $ | 4,492 |  | $ | 1,469 |  | $ | 4,721 |  | $ | 1,312 |  | $ | 399 |  | $ | 4,831 |  | $ | 609 |  | $ | 635 |  | $ | 278 |  | $ | — |  | $ | 23,465 |
Charge offs | 1 |  | — |  | — |  | 16 |  | — |  | — |  | — |  | — |  | — |  | 69 |  | — |  | 86 |
Recoveries | 2 |  | — |  | — |  | — |  | — |  | — |  | 4 |  | — |  | 3 |  | 20 |  | — |  | 104 |
Provision (credit) | (209) |  | (63) |  | 133 |  | 92 |  | (35) |  | (23) |  | 51 |  | (33) |  | (21) |  | 22 |  | — |  | (161) |
Ending balance | $ | 4,511 |  | $ | 4,429 |  | $ | 1,602 |  | $ | 4,797 |  | $ | 1,277 |  | $ | 376 |  | $ | 4,886 |  | $ | 576 |  | $ | 617 |  | $ | 251 |  | $ | — |  | $ | 23,322 |
The following table presents allowance for loan losses activity by class for the year ended December 31, 2022:
Dollars in thousands | Commercial | Municipal | Residential | Home Equity Line of Credit | Consumer | Unallocated | Total
Real Estate | Construction | Other |  | Term | Construction |  |  |  |
For the year ended December 31, 2022
Beginning balance | $ | 5,367 |  | $ | 746 |  | $ | 2,830 |  | $ | 157 |  | $ | 2,733 |  | $ | 148 |  | $ | 925 |  | $ | 833 |  | $ | 1,782 |  | $ | 15,521 |
Charge offs | — |  | — |  | 309 |  | — |  | 8 |  | — |  | 29 |  | 412 |  | — |  | 758 |
Recoveries | 20 |  | — |  | 13 |  | — |  | 29 |  | — |  | 4 |  | 144 |  | — |  | 210 |
Provision (credit) | 729 |  | 75 |  | 563 |  | 5 |  | (195) |  | 51 |  | 129 |  | 497 |  | (104) |  | 1,750 |
Ending balance | $ | 6,116 |  | $ | 821 |  | $ | 3,097 |  | $ | 162 |  | $ | 2,559 |  | $ | 199 |  | $ | 1,029 |  | $ | 1,062 |  | $ | 1,678 |  | $ | 16,723 |
The following table presents allowance for loan losses activity by class for the nine months and quarter ended September 30, 2022:
Dollars in thousands | Commercial | Municipal | Residential | Home Equity Line of Credit | Consumer | Unallocated | Total
Real Estate | Construction | Other |  | Term | Construction |  |  |  |
For the nine months ended September 30, 2022
Beginning balance | $ | 5,367 |  | $ | 746 |  | $ | 2,830 |  | $ | 157 |  | $ | 2,733 |  | $ | 148 |  | $ | 925 |  | $ | 833 |  | $ | 1,782 |  | $ | 15,521 |
Charge offs | — |  | — |  | 272 |  | — |  | — |  | — |  | 29 |  | 318 |  | — |  | 619 |
Recoveries | 16 |  | — |  | 11 |  | — |  | 27 |  | — |  | 3 |  | 128 |  | — |  | 185 |
Provision (credit) | 192 |  | 375 |  | 445 |  | 3 |  | (213) |  | 20 |  | 94 |  | 229 |  | 155 |  | 1,300 |
Ending balance | $ | 5,575 |  | $ | 1,121 |  | $ | 3,014 |  | $ | 160 |  | $ | 2,547 |  | $ | 168 |  | $ | 993 |  | $ | 872 |  | $ | 1,937 |  | $ | 16,387 |
For the three months ended September 30, 2022
Beginning balance | $ | 5,480 |  | $ | 1,151 |  | $ | 2,948 |  | $ | 157 |  | $ | 2,592 |  | $ | 191 |  | $ | 966 |  | $ | 866 |  | $ | 1,850 |  | $ | 16,201 |
Charge offs | — |  | — |  | 229 |  | — |  | — |  | — |  | — |  | 31 |  | — |  | 260 |
Recoveries | (1) |  | — |  | 9 |  | — |  | 16 |  | — |  | 2 |  | 20 |  | — |  | 46 |
Provision (credit) | 96 |  | (30) |  | 286 |  | 3 |  | (61) |  | (23) |  | 25 |  | 17 |  | 87 |  | 400 |
Ending balance | $ | 5,575 |  | $ | 1,121 |  | $ | 3,014 |  | $ | 160 |  | $ | 2,547 |  | $ | 168 |  | $ | 993 |  | $ | 872 |  | $ | 1,937 |  | $ | 16,387 |

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- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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