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Loans (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Loan Portfolio

Schedule of Loan Portfolio

		June 30,				December 31,
(Dollars in thousands)		2023				2022
Commercial		$	75,716			$	72,409
Real estate:
Construction			94,418				91,223
Mortgage-residential			74,626				65,759
Mortgage-commercial			741,662				709,218
Consumer:
Home equity			31,334				28,723
Other			14,409				13,525
Total loans, net of deferred loan fees and costs		$	1,032,165			$	980,857

Schedule of loan category and loan by risk categories

The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of June 30, 2023:

Schedule of loan category and loan by risk categories

		Term Loans by year of Origination
($ in thousands)		2019				2020				2021				2022				2023				Prior				Revolving				Revolving Converted to Term				Total
Commercial
Pass		$	1,645			$	1,720			$	24,363			$	11,984			$	6,955			$	10,257			$	18,670			$	—			$	75,593
Special mention			—				—				—				—				—				23				—				—				23
Substandard			—				20				79				—				—				—				—				—				99
Total commercial			1,645				1,740				24,442				11,984				6,955				10,280				18,670				—				75,716
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Real estate construction
Pass			6,935				1,114				11,474				40,486				21,072				—				13,337				—				94,418
Total real estate construction			6,935				1,114				11,474				40,486				21,072				—				13,337				—				94,418
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Real estate mortgage-residential
Pass			2,004				10,813				6,849				30,545				12,835				8,983				806				1,332				74,167
Special mention			—				27				—				—				—				397				—				—				424
Substandard			—				—				—				—				—				35				—				—				35
Total real estate mortgage-residential			2,004				10,840				6,849				30,545				12,835				9,415				806				1,332				74,626
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Real estate mortgage-commercial
Pass			50,233				102,609				138,126				193,658				36,316				207,977				12,614				—				741,533
Special mention			—				—				—				—				—				22				—				—				22
Substandard			—				—				—				—				—				107				—				—				107
Total real estate mortgage-commercial			50,233				102,609				138,126				193,658				36,316				208,106				12,614				—				741,662
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Consumer - home equity
Pass			—				—				—				—				—				—				30,189				—				30,189
Special mention			—				—				—				—				—				—				76				—				76
Substandard			—				—				—				—				—				—				1,069				—				1,069
Total consumer - home equity			—				—				—				—				—				—				31,334				—				31,334
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Consumer - other
Pass			456				498				667				1,416				1,148				937				9,270				—				14,392
Special mention			—				10				—				—				—				7				—				—				17
Substandard			—				—				—				—				—				—				—				—				—
Total consumer - other			456				508				667				1,416				1,148				944				9,270				—				14,409
Current period gross write-offs			—				—				—				—				—				—				2				—				2

The risk category of loans by class of loans is shown in the table below as of December 31, 2022. As of December 31, 2022, no loans were classified as doubtful.

(Dollars in thousands)						Special
December 31, 2022		Pass				Mention				Substandard				Doubtful				Total
Commercial		$	72,333			$	47			$	29			$	—			$	72,409
Real estate:			—				—				—
Construction			91,223				—				—				—				91,223
Mortgage – residential			65,505				220				34				—				65,759
Mortgage – commercial			704,357				80				4,781				—				709,218
Consumer:			—				—				—
Home Equity			27,531				117				1,075				—				28,723
Other			13,269				93				163				—				13,525
Total		$	974,218			$	557			$	6,082			$	—			$	980,857

The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and six months ended June 30, 2023 under CECL methodology:

The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and six months ended June 30, 2023 under CECL methodology:

($ in thousands)		Commercial				Real Estate Construction				Real Estate Mortgage Residential				Real Estate Mortgage Commercial				Consumer Home Equity				Consumer Other				Total Loans
Balance at March 31, 2023		$	996			$	1080			$	790			$	7,927			$	424			$	203			$	11,420
Charge-offs			—				—				—				—				—				(27	)			(27	)
Recoveries			1				1				3				6				4				2				17
Provision for credit losses			15				46				68				(47	)			10				52				144
Balance at June 30, 2023		$	1,012			$	1,127			$	861			$	7,886			$	438			$	230			$	11,554

($ in thousands)		Commercial				Real Estate Construction				Real Estate Mortgage Residential				Real Estate Mortgage Commercial				Consumer Home Equity				Consumer Other				Unallocated				Total Loans
Balance at December 31, 2022		$	849			$	75			$	723			$	8,569			$	314			$	170			$	636			$	11,336
Adjustment to allowance for adoption of ASU 2016-13			193				1,075				32				(883	)			166				39				(636	)			(14	)
Charge-offs			—				—				—				—				—				(36	)			—				(36	)
Recoveries			3				1				3				17				7				6				—				37
Provision for credit losses			(33	)			(24	)			103				183				(49	)			51				—				231
Balance at June 30, 2023		$	1,012			$	1,127			$	861			$	7,886			$	438			$	230				—			$	11,554

Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses under the incurred loss methodology. The following tables are disclosures related to the allowance in the prior periods.

(Dollars in thousands)		Commercial				Real estate Construction				Real estate Mortgage Residential				Real estate Mortgage Commercial				Consumer Home equity				Consumer Other				Unallocated				Total
Three months ended June 30, 2022
Allowance for loan losses:
Beginning balance March 31, 2022		$	849			$	91			$	513			$	8,508			$	331			$	150			$	621			$	11,063
Charge-offs			—				—				—				—				—				(19	)			—				(19	)
Recoveries			—				—				1				237				4				4				—				246
Provisions			(32	)			(7	)			32				(106	)			(20	)			67				(4	)			(70	)
Ending balance June 30, 2022		$	817			$	84			$	546			$	8,639			$	315			$	202			$	617			$	11,220
										Real estate				Real estate				Consumer
						Real estate				Mortgage				Mortgage				Home				Consumer
(Dollars in thousands)		Commercial				Construction				Residential				Commercial				equity				Other				Unallocated				Total
Six months ended June 30, 2022
Allowance for loan losses:
Beginning balance December 31, 2021		$	853			$	113			$	560			$	8,570			$	333			$	126			$	624			$	11,179
Charge-offs			—				—				—				—				—				(33	)			—				(33	)
Recoveries			11				—				1				243				7				7				—				269
Provisions			(47	)			(29	)			(15	)			(174	)			(25	)			102				(7	)			(195	)
Ending balance June 30, 2022		$	817			$	84			$	546			$	8,639			$	315			$	202			$	617			$	11,220

Schedule of Average Recorded Investment and Interest Income Recognized

The following table presents information related to the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the three and six months ended June 30, 2022.

Schedule of Average Recorded Investment and Interest Income Recognized

		Six months ended								Three months ended
		Average				Interest				Average				Interest
(Dollars in thousands)		Recorded				Income				Recorded				Income
June 30, 2022		Investment				Recognized				Investment				Recognized
With no allowance recorded:
Commercial, financial, agricultural		$	—			$	—			$	—			$	—
Real estate:
Construction			—				—				—				—
Mortgage-residential			42				1				37				1
Mortgage-commercial			4,289				244				4,274				122
Consumer:
Home equity			164				4				163				2
Other			—				—				—				—
With an allowance recorded:
Commercial, financial, agricultural			—				—				—				—
Real estate:
Construction			—				—				—				—
Mortgage-residential			—				—				—				—
Mortgage-commercial			—				—				—				—
Consumer:
Home equity			—				—				—				—
Other			—				—				—				—
Total:
Commercial, financial, agricultural		$	—			$	—			$	—			$	—
Real estate:
Construction			—				—				—				—
Mortgage-residential			42				1				37				1
Mortgage-commercial			4,289				244				4,274				122
Consumer:
Home equity			164				4				163				2
Other			—				—				—				—
		$	4,495			$	249			$	4,474			$	125

The following table presents loans individually evaluated for impairment by class of loans, excluding PCI loans, as of December 31, 2022.

						Unpaid
(Dollars in thousands)		Recorded				Principal				Related
December 31, 2022		Investment				Balance				Allowance
With no allowance recorded:
Commercial		$	29			$	29			$	—
Real estate:
Construction			—				—				—
Mortgage-residential			34				51				—
Mortgage-commercial			4,752				5,260				—
Consumer:
Home Equity			168				168				—
Other			—				—				—
With an allowance recorded:
Commercial			—				—				—
Real estate:
Construction			—				—				—
Mortgage-residential			—				—				—
Mortgage-commercial			—				—				—
Consumer:
Home Equity			—				—				—
Other			—				—				—
Total:
Commercial			29				29				—
Real estate:
Construction			—				—				—
Mortgage-residential			34				51				—
Mortgage-commercial			4,752				5,260				—
Consumer:
Home Equity			168				168				—
Other			—				—				—
		$	4,983			$	5,508			$	—

Schedule of Amortized Cost of Loans, by Loan Category, Modified for Borrowers with Financial Difficulty

Schedule of Loan Category and Aging Analysis of Loans

The following tables present an aging analysis of past due loans segregated by loan category as of June 30, 2023 and December 31, 2022.  

Schedule of Loan Category and Aging Analysis of Loans

										Greater than
(Dollars in thousands)		30-59 Days				60-89 Days				90 Days and								Total
June 30, 2023		Past Due				Past Due				Accruing				Non-accrual				Past Due				Current				Total Loans
Commercial		$	155			$	—			$	—			$	44			$	199			$	75,517			$	75,716
Real estate:
Construction			9				—				—				—				9				94,409				94,418
Mortgage-residential			64				—				—				35				99				74,527				74,626
Mortgage-commercial			—				—				—				—				—				741,662				741,662
Consumer:
Home equity			69				216				—				4				289				31,045				31,334
Other			2				—				1				—				3				14,406				14,409
Total		$	299			$	216			$	1			$	83			$	599			$	1,031,566			$	1,032,165
										Greater than
(Dollars in thousands)		30-59 Days				60-89 Days				90 Days and								Total
December 31, 2022		Past Due				Past Due				Accruing				Non-accrual				Past Due				Current				Total Loans
Commercial		$	87			$	—			$	—			$	29			$	116			$	72,293			$	72,409
Real estate:
Construction			—				—				—				—				—				91,223				91,223
Mortgage-residential			327				—				—				34				361				65,398				65,759
Mortgage-commercial			46				8				—				4,664				4,718				704,500				709,218
Consumer:
Home equity			—				—				—				168				168				28,555				28,723
Other			96				—				2				—				98				13,427				13,525
Total		$	556			$	8			$	2			$	4,895			$	5,461			$	975,396			$	980,857

Schedule of Nonaccrual Loans

The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated.

Schedule of Nonaccrual Loans

		CECL												Incurred Loss
		June 30, 2023												December 31, 2022
(Dollars in thousands)		Non-accrual Loans with No Allowance				Non-accrual Loans with an Allowance				Total Non-accrual Loans				Non-accrual Loans
Commercial		$	44			$	—			$	44			$	29
Real Estate Construction			—				—				—				—
Real Estate Mortgage Residential			35				—				35				34
Real Estate Mortgage Commercial			—				—				—				4,664
Consumer Home Equity			4				—				4				168
Consumer Other			—				—				—				—
Total Loans		$	83			$	—			$	83			$	4,895

Schedule of Unfunded Commitments

The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the six months ended June 30, 2023.

Schedule of Unfunded Commitments

(Dollars in thousands)		Total Allowance for Credit Losses - Unfunded Commitments
Balance, December 31, 2022		$	—
Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13			398
Provision for (release of) unfunded commitments			31
Balance, June 30, 2023		$	429

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