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Loans | 9 Months Ended
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Sep. 30, 2024
Loans |
Loans | ​ NOTE 3: Loans ​ The Corporation’s loans are stated at their face amount, net of deferred fees and costs and discounts, and consist of the classes of loans included in the table below. The Corporation has elected to exclude accrued interest receivable, totaling $7.93 million and $7.65 million at September 30, 2024 and December 31, 2023, respectively, from the recorded balance of loans. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
(Dollars in thousands) |  | 2024 |  | 2023
Commercial real estate | ​ | $ | 701,647 | ​ | $ | 668,122
Commercial business | ​ |  | 115,410 | ​ |  | 115,348
Construction - commercial real estate | ​ |  | 155,072 | ​ |  | 69,768
Land acquisition and development | ​ |  | 33,774 | ​ |  | 29,064
Builder lines | ​ |  | 29,664 | ​ |  | 24,668
Construction - consumer real estate | ​ | ​ | 16,874 | ​ | ​ | 11,223
Residential mortgage | ​ | ​ | 310,595 | ​ | ​ | 293,256
Equity lines | ​ | ​ | 59,406 | ​ | ​ | 51,592
Other consumer | ​ | ​ | 9,667 | ​ | ​ | 10,588
Consumer finance – automobiles | ​ | ​ | 406,385 | ​ | ​ | 401,276
Consumer finance - marine and recreational vehicles | ​ |  | 70,915 | ​ |  | 67,234
Subtotal | ​ |  | 1,909,409 | ​ |  | 1,742,139
Less allowance for credit losses | ​ |  | (40,771) | ​ |  | (39,651)
Loans, net | ​ | $ | 1,868,638 | ​ | $ | 1,702,488
​ Other consumer loans included $210,000 and $228,000 of demand deposit overdrafts at September 30, 2024 and December 31, 2023, respectively. ​ The following table shows the aging of the Corporation’s loan portfolio, by class, at September 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | 90+ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 90+ Days
​ | ​ | Days | ​ | Days | ​ | Days | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Past Due and
(Dollars in thousands) |  | Past Due | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ | Current1 | ​ | Total Loans | ​ | Accruing
Commercial real estate | ​ | $ | 89 | ​ | $ | 429 | ​ | $ | — | ​ | $ | 518 | ​ | $ | 701,129 | ​ | $ | 701,647 | ​ | $ | —
Commercial business | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 115,410 | ​ | ​ | 115,410 | ​ | ​ | —
Construction - commercial real estate | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 155,072 | ​ | ​ | 155,072 | ​ | ​ | —
Land acquisition and development | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 33,774 | ​ | ​ | 33,774 | ​ | ​ | —
Builder lines | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29,664 | ​ | ​ | 29,664 | ​ | ​ | —
Construction - consumer real estate | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,874 | ​ | ​ | 16,874 | ​ | ​ | —
Residential mortgage | ​ | ​ | 2,042 | ​ | ​ | 132 | ​ | ​ | 231 | ​ | ​ | 2,405 | ​ | ​ | 308,190 | ​ | ​ | 310,595 | ​ | ​ | 115
Equity lines | ​ | ​ | — | ​ | ​ | 174 | ​ | ​ | 89 | ​ | ​ | 263 | ​ | ​ | 59,143 | ​ | ​ | 59,406 | ​ | ​ | 89
Other consumer | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,667 | ​ | ​ | 9,667 | ​ | ​ | —
Consumer finance - automobiles | ​ | ​ | 12,826 | ​ | ​ | 2,408 | ​ | ​ | 1,008 | ​ | ​ | 16,242 | ​ | ​ | 390,143 | ​ | ​ | 406,385 | ​ | ​ | —
Consumer finance - marine and recreational vehicles | ​ |  | 228 | ​ | ​ | 107 | ​ | ​ | 93 | ​ | ​ | 428 | ​ | ​ | 70,487 | ​ | ​ | 70,915 | ​ | ​ | —
Total | ​ | $ | 15,185 | ​ | $ | 3,250 | ​ | $ | 1,421 | ​ | $ | 19,856 | ​ | $ | 1,889,553 | ​ | $ | 1,909,409 | ​ | $ | 204
1 | For the purposes of the table above, “Current” includes loans that are 1-29 days past due. |
​ The table above includes nonaccrual loans that are current of $240,000, 30-59 days past due of $156,000, 60-89 days past due of $115,000, and 90+ days past due of $1.22 million. ​ The following table shows the aging of the Corporation’s loan portfolio, by class, at December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 | ​ | 60-89 | ​ | 90+ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 90+ Days
​ | ​ | Days | ​ | Days | ​ | Days | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Past Due and
(Dollars in thousands) |  | Past Due | ​ | Past Due | ​ | Past Due | ​ | Past Due | ​ | Current1 | ​ | Total Loans | ​ | Accruing
Commercial real estate | ​ | $ | 92 | ​ | $ | — | ​ | $ | — | ​ | $ | 92 | ​ | $ | 668,030 | ​ | $ | 668,122 | ​ | $ | —
Commercial business | ​ |  | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 115,347 | ​ | ​ | 115,348 | ​ | ​ | 1
Construction - commercial real estate | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 69,768 | ​ | ​ | 69,768 | ​ | ​ | —
Land acquisition and development | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29,064 | ​ | ​ | 29,064 | ​ | ​ | —
Builder lines | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,668 | ​ | ​ | 24,668 | ​ | ​ | —
Construction - consumer real estate | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,223 | ​ | ​ | 11,223 | ​ | ​ | —
Residential mortgage | ​ | ​ | 1,643 | ​ | ​ | 387 | ​ | ​ | 273 | ​ | ​ | 2,303 | ​ | ​ | 290,953 | ​ | ​ | 293,256 | ​ | ​ | 89
Equity lines | ​ | ​ | 215 | ​ | ​ | 103 | ​ | ​ | 115 | ​ | ​ | 433 | ​ | ​ | 51,159 | ​ | ​ | 51,592 | ​ | ​ | 38
Other consumer | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 9 | ​ | ​ | 12 | ​ | ​ | 10,576 | ​ | ​ | 10,588 | ​ | ​ | —
Consumer finance - automobiles | ​ | ​ | 15,263 | ​ | ​ | 2,628 | ​ | ​ | 892 | ​ | ​ | 18,783 | ​ | ​ | 382,493 | ​ | ​ | 401,276 | ​ | ​ | —
Consumer finance - marine and recreational vehicles | ​ |  | 282 | ​ | ​ | 115 | ​ | ​ | — | ​ | ​ | 397 | ​ | ​ | 66,837 | ​ | ​ | 67,234 | ​ | ​ | —
Total | ​ | $ | 17,498 | ​ | $ | 3,233 | ​ | $ | 1,290 | ​ | $ | 22,021 | ​ | $ | 1,720,118 | ​ | $ | 1,742,139 | ​ | $ | 128
1For the purposes of the table above, “Current” includes loans that are 1-29 days past due. ​ The table above includes nonaccrual loans that are current of $113,000, 60-89 days past due of $22,000 and 90+ days past due of $1.16 million. ​ The following table shows the Corporation’s recorded balance of loans on nonaccrual status as of September 30, 2024 and December 31, 2023. The Corporation recognized $10,000 in interest income on loans on nonaccrual status as of September 30, 2024 and had $1,000 and $9,000 in reversals of interest income upon placing commercial loans on nonaccrual status during the three and nine months ended September 30, 2024, respectively. All nonaccrual loans at September 30, 2024 had an allowance for credit losses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
(Dollars in thousands) |  | 2024 | ​ | 2023
Commercial business | ​ | $ | 92 | ​ | $ | —
Residential mortgage | ​ | ​ | 516 | ​ | ​ | 320
Equity lines | ​ | ​ | 20 | ​ | ​ | 77
Other consumer | ​ | ​ | — | ​ | ​ | 9
Consumer finance - automobiles | ​ | ​ | 1,008 | ​ | ​ | 892
Consumer finance - marine and recreational vehicles | ​ | ​ | 93 | ​ | ​ | —
Total | ​ | $ | 1,729 | ​ | $ | 1,298
​ Occasionally, the Corporation modifies loans to borrowers experiencing financial difficulties by providing principal forgiveness, term extensions, interest rate reductions or other-than-insignificant payment delays. As the effect of most modifications is already included in the allowance for credit losses due to the measurement methodologies used in its estimate, the allowance for credit losses is typically not adjusted upon modification. When principal forgiveness is provided at modification, the amount forgiven is charged against the allowance for credit losses. In some cases, the Corporation may provide multiple types of modifications on one loan and when multiple types of modifications occur within the same period, the combination of modifications is separately reported. ​ The following tables present the amortized cost basis of loans as of September 30, 2024 and 2023 that were both experiencing financial difficulty and modified during the three and nine months ended September 30, 2024 and 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2024 | ​ | ​ | ​ | Nine Months Ended September 30, 2024 | ​
​ | ​ | ​ | % of Total | ​ | ​ | ​ | ​ | % of Total | ​
​ | ​ | ​ | Class of | ​ | ​ | ​ | ​ | Class of | ​
​ | ​ | Amortized | Financing | ​ | ​ | ​ | Amortized | Financing | ​
(Dollars in thousands) |  | Cost | Receivable | ​ | ​ | ​ | Cost | Receivable | ​
Term Extension | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate | ​ | $ | 96 | ​ | 0.0 | % | ​ | ​ | $ | 96 | ​ | 0.0 | %
Residential mortgage | ​ | $ | — | ​ | — | ​ | ​ | ​ | $ | 336 | ​ | 0.1 | ​
Total Term Extension | ​ | $ | 96 | ​ | ​ | ​ | ​ | ​ | $ | 432 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Combination Term Extension and Interest Rate Reduction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage | ​ | $ | — | ​ | — | % | ​ | ​ | $ | 18 | ​ | 0.0 | %
Total Combination Term Extension and Interest Rate Reduction | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | $ | 18 | ​ | ​ | ​
Total | ​ | $ | 96 | ​ | 0.0 | % | ​ | ​ | $ | 450 | ​ | 0.0 | %
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2023 | ​ | ​ | ​ | Nine Months Ended September 30, 2023 | ​
​ | ​ | ​ | % of Total | ​ | ​ | ​ | ​ | % of Total | ​
​ | ​ | ​ | Class of | ​ | ​ | ​ | ​ | Class of | ​
​ | ​ | Amortized | Financing | ​ | ​ | ​ | Amortized | Financing | ​
(Dollars in thousands) |  | Cost | Receivable | ​ | ​ | ​ | Cost | Receivable | ​
Term Extension | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate | ​ | $ | 969 | ​ | 0.2 | % | ​ | ​ | $ | 969 | ​ | 0.2 | %
Residential mortgage | ​ | ​ | 71 | ​ | 0.0 | ​ | ​ | ​ | ​ | 71 | ​ | 0.0 | ​
Total Term Extension | ​ | $ | 1,040 | ​ | ​ | ​ | ​ | ​ | $ | 1,040 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Combination Term Extension and Interest Rate Reduction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate | ​ | $ | — | ​ | — | % | ​ | ​ | $ | 45 | ​ | 0.0 | %
Total Combination Term Extension and Interest Rate Reduction | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | $ | 45 | ​ | ​ | ​
Total | ​ | $ | 1,040 | ​ | 0.1 | % | ​ | ​ | $ | 1,085 | ​ | 0.1 | %
​ The following table presents the financial effects of the loan modifications presented above to borrowers experiencing financial difficulty for the three and nine months ended September 30, 2024 and 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30, 2024 | ​ | ​ | Nine Months Ended September 30, 2024
​ | Weighted- | ​ | Weighted- | ​ | ​ | Weighted- | ​ | Weighted-
​ | Average | ​ | Average | ​ | ​ | Average | ​ | Average
​ | Interest Rate | ​ | Term Extension | ​ | ​ | Interest Rate | ​ | Term Extension
(Dollars in thousands) | Reduction | ​ | (in years) | ​ | ​ | Reduction | ​ | (in years)
Commercial real estate | ​ | — | % | ​ | 1.0 | ​ |  | ​ | — | % | ​ | 1.0
Residential mortgage | ​ | — | ​ | ​ | — | ​ | ​ | ​ | 1.51 | ​ | ​ | 6.9
Total | ​ | — | % | ​ | 1.0 | ​ | ​ | ​ | 1.51 | % | ​ | 5.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30, 2023 | ​ | ​ | Nine Months Ended September 30, 2023
​ | Weighted- | ​ | Weighted- | ​ | ​ | Weighted- | ​ | Weighted-
​ | Average | ​ | Average | ​ | ​ | Average | ​ | Average
​ | Interest Rate | ​ | Term Extension | ​ | ​ | Interest Rate | ​ | Term Extension
(Dollars in thousands) | Reduction | ​ | (in years) | ​ | ​ | Reduction | ​ | (in years)
Commercial real estate | ​ | — | % | ​ | 2.0 | ​ |  | ​ | 0.75 | % | ​ | 2.1
Residential mortgage | ​ | — | ​ | ​ | 10.0 | ​ | ​ | ​ | — | ​ | ​ | 10.0
Total | ​ | — | % | ​ | 2.5 | ​ | ​ | ​ | 0.75 | % | ​ | 2.6
​ The Corporation closely monitors the performance of modified loans to understand the effectiveness of its modification efforts. Upon the determination that all or a portion of a modified loan is uncollectible, that amount is charged against the allowance for credit losses. There were no payment defaults during the three and nine months ended September 30, 2024 and 2023 of modified loans that were modified during the previous twelve months and all were current as of September 30, 2024.

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- Definition The entire disclosure for claims held for amounts due a company, excluding disclosure for allowance for credit losses. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Also excludes disclosure for financing receivables. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent + Details
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