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Loans and Allowance for Credit Losses | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Loans Major classifications within the Company’s held for investment loan portfolio at September 30, 2023 and December 31, 2022 were as follows:
(in thousands) | September 30, 2023 |  | December 31, 2022
Commercial, financial, and agricultural | $ | 227,372 |  |  | $ | 244,549 |
Real estate construction − residential | 58,774 |  | 32,095
Real estate construction − commercial | 130,572 |  | 137,235
Real estate mortgage − residential | 379,514 |  | 361,025
Real estate mortgage − commercial | 739,413 |  | 722,729
Installment and other consumer | 21,324 |  | 23,619
Total loans held for investment | $ | 1,556,969 |  |  | $ | 1,521,252 |
The Bank grants real estate, commercial, installment, and other consumer loans to customers located within the Missouri communities surrounding Jefferson City, Columbia, Clinton, Warsaw, Springfield, St. Louis, and the greater Kansas City metropolitan area. As such, the Bank is susceptible to changes in the economic environment in these communities. The Bank does not have a concentration of credit in any one economic sector. Installment and other consumer loans consist primarily of the financing of automotive vehicles. Accrued interest on loans totaled $7.1 million and $6.4 million at September 30, 2023 and December 31, 2022, respectively, and is included in the accrued interest receivable on the Company's consolidated balance sheets. The total amount of accrued interest is excluded from the amortized cost basis of loans presented above. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable. At September 30, 2023, loans of $719.9 million were pledged to the Federal Home Loan Bank (FHLB) as collateral for borrowings and letters of credit. Allowance for Credit Losses The allowance for credit losses is measured using a lifetime expected loss model that incorporates relevant information about past events, including historical credit loss experience on loans with similar risk characteristics, current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily large loans on non-accrual status, are evaluated on an individual basis. The allowance for credit losses is a valuation account that is deducted from loans amortized cost basis to present the net amount expected to be collected on the instrument. Expected recoveries are included in the allowance and do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Loans are charged off against the allowance for credit losses when management believes the balance has become uncollectible. For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using relevant peer historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and the Company's outstanding loan balances during a lookback period. The Company chose to use relevant peer loan loss data due to statistical relevance concerns, low observation counts, historical data limitations, and the inability to secure through the cycle loan-level data. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of a single macroeconomic variable, which is the civilian unemployment rate. The adjustments are based on results from various regression models projecting the impact of the selected macroeconomic variable to loss rates. The forecast is used for a reasonable and supportable period before reverting back to historical averages using a straight-line method. The forecast adjusted loss rate is applied to the loans over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions, renewals and modifications. Credit cards and certain similar consumer lines of credit do not have stated maturities and therefore, for these loan classes, remaining contractual lives are determined by estimating future cash flows expected to be received from customers until payments have been fully allocated to outstanding balances. Agriculture loans also use the remaining life methodology for estimating life of loan losses. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions. Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures The Company maintains a separate allowance for credit losses for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with associated expense recognized as a component of the provision for credit losses on the consolidated statements of income. The liability for unfunded lending commitments utilizes the same model as the allowance for credit losses on loans, however, the liability for unfunded lending commitments incorporates an assumption for the portion of unfunded commitments that are expected to be funded. Sensitivity in the Allowance for Credit Loss Model The allowance for credit losses is an estimate that requires significant judgment including projections of the macroeconomic environment. The forecasted macroeconomic environment continuously changes, which can cause fluctuations in estimated expected losses. On January 1, 2023, the Company's adoption of the CECL methodology resulted in an increase to the allowance for credit losses of $5.8 million and a liability for unfunded commitments totaling $1.3 million. The following tables illustrate the changes in the allowance for credit losses by portfolio segment:
| Three Months Ended September 30, 2023
(in thousands) | Commercial, Financial, & Agricultural |  | Real Estate Construction - Residential |  | Real Estate Construction - Commercial |  | Real Estate Mortgage - Residential |  | Real Estate Mortgage - Commercial |  | Installment and Other Consumer |  | Un- allocated |  | Total
Balance at beginning of period | $ | 1,844 |  |  | $ | 748 |  |  | $ | 3,422 |  |  | $ | 5,465 |  |  | $ | 10,295 |  |  | $ | 217 |  |  | $ | 245 |  |  | $ | 22,236 |
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for (release of ) credit losses (1) | 99 |  |  | 125 |  |  | (157) |  |  | (153) |  |  | 440 |  |  | 94 |  |  | (148) |  |  | 300 |
Deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans charged off | 16 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 76 |  |  | — |  |  | 95 |
Less recoveries on loans | (9) |  |  | — |  |  | — |  |  | (2) |  |  | (1) |  |  | (9) |  |  | — |  |  | (21) |
Net loan charge-offs (recoveries) | 7 |  |  | — |  |  | — |  |  | (2) |  |  | 2 |  |  | 67 |  |  | — |  |  | 74 |
Balance at end of period | $ | 1,936 |  |  | $ | 873 |  |  | $ | 3,265 |  |  | $ | 5,314 |  |  | $ | 10,733 |  |  | $ | 244 |  |  | $ | 97 |  |  | $ | 22,462 |
Liability for Unfunded Commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | 112 |  |  | $ | 355 |  |  | $ | 414 |  |  | $ | 108 |  |  | $ | 126 |  |  | $ | 1 |  |  | $ | 21 |  |  | $ | 1,137 |
Provision for credit losses on unfunded commitments | 9 |  |  | (68) |  |  | (110) |  |  | (4) |  |  | (1) |  |  | — |  |  | (16) |  |  | (190) |
Balance at end of period | $ | 121 |  |  | $ | 287 |  |  | $ | 304 |  |  | $ | 104 |  |  | $ | 125 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 947 |
Allowance for credit losses on loans and liability for unfunded commitments | $ | 2,057 |  |  | $ | 1,160 |  |  | $ | 3,569 |  |  | $ | 5,418 |  |  | $ | 10,858 |  |  | $ | 245 |  |  | $ | 102 |  |  | $ | 23,409 |
| Three Months Ended September 30, 2022
(in thousands) | Commercial, Financial, & Agricultural |  | Real Estate Construction - Residential |  | Real Estate Construction - Commercial |  | Real Estate Mortgage - Residential |  | Real Estate Mortgage - Commercial |  | Installment and Other Consumer |  | Un- allocated |  | Total
Balance at beginning of period | $ | 3,005 |  |  | $ | 66 |  |  | $ | 762 |  |  | $ | 2,747 |  |  | $ | 8,410 |  |  | $ | 312 |  |  | $ | 51 |  |  | $ | 15,353 |
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for (release of ) loan losses (1) | (124) |  |  | 5 |  |  | 87 |  |  | 481 |  |  | (414) |  |  | 129 |  |  | 136 |  |  | 300 |
Deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans charged off | 46 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 146 |  |  |  |  | 191 |
Less recoveries on loans | (13) |  |  | — |  |  | — |  |  | (4) |  |  | (5) |  |  | (21) |  |  |  |  | (43) |
Net loan charge-offs (recoveries) | 33 |  |  | — |  |  | — |  |  | (4) |  |  | (6) |  |  | 125 |  |  | — |  |  | 148 |
Balance at end of period | $ | 2,848 |  |  | $ | 71 |  |  | $ | 849 |  |  | $ | 3,232 |  |  | $ | 8,002 |  |  | $ | 316 |  |  | $ | 187 |  |  | $ | 15,505 |
The following tables illustrate the changes in the allowance for loan losses by portfolio segment:
| Nine Months Ended September 30, 2023
(in thousands) | Commercial, Financial, & Agricultural |  | Real Estate Construction - Residential |  | Real Estate Construction - Commercial |  | Real Estate Mortgage - Residential |  | Real Estate Mortgage - Commercial |  | Installment and Other Consumer |  | Un- allocated |  | Total
Balance at beginning of period | $ | 2,735 |  |  | $ | 157 |  |  | $ | 875 |  |  | $ | 3,329 |  |  | $ | 8,000 |  |  | $ | 326 |  |  | $ | 166 |  |  | $ | 15,588 |
Adoption of ASU 2016-13 | (649) |  |  | 291 |  |  | 2,894 |  |  | 1,890 |  |  | 1,613 |  |  | (80) |  |  | (166) |  |  | 5,793 |
Balance at January 1, 2023 | 2,086 |  |  | 448 |  |  | 3,769 |  |  | 5,219 |  |  | 9,613 |  |  | 246 |  |  | — |  |  | 21,381 |
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for (release of ) credit losses (1) | (274) |  | 425 |  | (504) |  | 89 |  | 1,145 |  | 137 |  | 97 |  | 1,115
Deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans charged off | 59 |  | — |  | — |  | — |  | 28 |  | 204 |  | — |  | 291
Less recoveries on loans | (183) |  | — |  | — |  | (6) |  | (3) |  | (65) |  | — |  | (257)
Net loan charge-offs (recoveries) | (124) |  | — |  | — |  | (6) |  | 25 |  | 139 |  | — |  | 34
Balance at end of period | $ | 1,936 |  |  | $ | 873 |  |  | $ | 3,265 |  |  | $ | 5,314 |  |  | $ | 10,733 |  |  | $ | 244 |  |  | $ | 97 |  |  | $ | 22,462 |
Liability for Unfunded Commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Adoption of ASU 2016-13 | 104 |  |  | 341 |  |  | 569 |  |  | 107 |  |  | 150 |  |  | 1 |  |  | — |  |  | 1,272 |
Balance at January 1, 2023 | 104 |  |  | 341 |  |  | 569 |  |  | 107 |  |  | 150 |  |  | 1 |  |  | — |  |  | 1,272 |
Provision for credit losses on unfunded commitments | 17 |  | (54) |  | (265) |  | (3) |  | (25) |  | — |  | 5 |  | (325)
Balance at end of period | $ | 121 |  |  | $ | 287 |  |  | $ | 304 |  |  | $ | 104 |  |  | $ | 125 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 947 |
Allowance for credit losses on loans and liability for unfunded commitments | $ | 2,057 |  |  | $ | 1,160 |  |  | $ | 3,569 |  |  | $ | 5,418 |  |  | $ | 10,858 |  |  | $ | 245 |  |  | $ | 102 |  |  | $ | 23,409 |
| Nine Months Ended September 30, 2022
(in thousands) | Commercial, Financial, & Agricultural |  | Real Estate Construction - Residential |  | Real Estate Construction - Commercial |  | Real Estate Mortgage - Residential |  | Real Estate Mortgage - Commercial |  | Installment and Other Consumer |  | Un- allocated |  | Total
Balance at beginning of period | $ | 2,717 |  |  | $ | 137 |  |  | $ | 588 |  |  | $ | 2,482 |  |  | $ | 10,662 |  |  | $ | 256 |  |  | $ | 61 |  |  | $ | 16,903 |
Additions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for (release of ) loan losses (1) | 188 |  |  | (66) |  |  | 261 |  |  | 723 |  |  | (2,491) |  |  | 259 |  |  | 126 |  |  | (1,000) |
Deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans charged off | 106 |  |  | — |  |  | — |  |  | — |  |  | 178 |  |  | 262 |  |  | — |  |  | 546 |
Less recoveries on loans | (49) |  |  | — |  |  | — |  |  | (27) |  |  | (9) |  |  | (63) |  |  | — |  |  | (148) |
Net loan charge-offs (recoveries) | 57 |  |  | — |  |  | — |  |  | (27) |  |  | 169 |  |  | 199 |  |  | — |  |  | 398 |
Balance at end of period | $ | 2,848 |  |  | $ | 71 |  |  | $ | 849 |  |  | $ | 3,232 |  |  | $ | 8,002 |  |  | $ | 316 |  |  | $ | 187 |  |  | $ | 15,505 |
(1) Beginning January 1, 2023, calculation is based on CECL methodology. Prior to January 1, 2023, calculation was based on probable incurred loss methodology. Collateral-Dependent loans Collateral-dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Under the CECL methodology, for collateral-dependent loans, the Company has adopted the practical expedient to measure the allowance on the fair value of collateral. The allowance is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral, which is adjusted for liquidation costs/discounts, and the loan’s amortized cost. If the fair value of the collateral exceeds the loan’s amortized cost, no allowance is necessary. The Company’s policy is to obtain appraisals on any significant pieces of collateral. Higher discounts are applied in determining fair value for real estate collateral in industries that are undergoing significant stress, or for properties that are specialized use or have limited marketability. There have been no significant changes to the types of collateral securing the Company's collateral dependent loans since December 31, 2022. The amortized cost of collateral-dependent loans by class as of September 30, 2023 was as follows:
| Collateral Type |  |
(in thousands) | Real Estate |  | Other |  | Allowance Allocated
September 30, 2023 |  |  |  |  |
Real estate mortgage − residential | $ | 142 |  |  | $ | — |  |  | $ | 22 |
Real estate mortgage − commercial | 2,432 |  |  | — |  |  | — |
Total | $ | 2,574 |  |  | $ | — |  |  | $ | 22 |
Impaired Loans The following impaired loans disclosures were superseded by ASU 2016-13. The following table illustrates the allowance for loan losses and recorded investment by portfolio segment based on the impairment method:
(in thousands) | Commercial, Financial, and Agricultural |  | Real Estate Construction - Residential |  | Real Estate Construction - Commercial |  | Real Estate Mortgage - Residential |  | Real Estate Mortgage - Commercial |  | Installment and Other Consumer |  | Un- allocated |  | Total
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 36 |  |  | $ | — |  |  | $ | 11 |  |  | $ | 148 |  |  | $ | 62 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 258 |
Collectively evaluated for impairment | 2,699 |  | 157 |  | 864 |  | 3,181 |  | 7,938 |  | 325 |  | 166 |  | 15,330
Total | $ | 2,735 |  |  | $ | 157 |  |  | $ | 875 |  |  | $ | 3,329 |  |  | $ | 8,000 |  |  | $ | 326 |  |  | $ | 166 |  |  | $ | 15,588 |
Loans outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 295 |  |  | $ | — |  |  | $ | 87 |  |  | $ | 1,863 |  |  | $ | 18,110 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 20,361 |
Collectively evaluated for impairment | 244,254 |  | 32,095 |  | 137,148 |  | 359,162 |  | 704,619 |  | 23,613 |  | — |  | 1,500,891
Total | $ | 244,549 |  |  | $ | 32,095 |  |  | $ | 137,235 |  |  | $ | 361,025 |  |  | $ | 722,729 |  |  | $ | 23,619 |  |  | $ | — |  |  | $ | 1,521,252 |
Loans evaluated under Accounting Standards Codification (ASC) 310-10-35 include loans that are individually evaluated for impairment. All other loans are collectively evaluated for impairment under ASC 450-20. Impaired loans individually evaluated for impairment totaled $20.4 million at December 31, 2022, and were comprised of loans on non-accrual status and loans classified as TDRs. The net carrying value of impaired loans is based on the fair values of collateral obtained through independent appraisals, internal evaluations, or by discounting the total expected future cash flows. At December 31, 2022, $17.7 million of impaired loans were evaluated based on the fair value less estimated selling costs of the loans' collateral. The categories of impaired loans at December 31, 2022 were as follows:
(in thousands) |  |  | December 31, 2022
Non-accrual loans |  |  | $ | 18,700 |
Performing TDRs |  |  | 1,661
Total impaired loans |  |  | $ | 20,361 |
The following table presents loans individually evaluated for impairment at December 31, 2022, segregated between loans for which an allowance was provided and loans for which no allowance was provided.
(in thousands) | Recorded Investment |  | Unpaid Principal Balance |  | Specific Reserves |  | Average Recorded Investment
December 31, 2022 |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |
Real estate mortgage − residential | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Real estate mortgage − commercial | 17,664 |  | 18,975 |  | — |  | 16,230
Total | $ | 17,664 |  |  | $ | 18,975 |  |  | $ | — |  |  | $ | 16,231 |
With an allowance recorded: |  |  |  |  |  |  |
Commercial, financial and agricultural | $ | 295 |  |  | $ | 330 |  |  | $ | 36 |  |  | $ | 319 |
Real estate construction − commercial | 87 |  | 127 |  | 11 |  | 93
Real estate mortgage − residential | 1,863 |  | 2,080 |  | 148 |  | 2,189
Real estate mortgage − commercial | 446 |  | 535 |  | 62 |  | 428
Installment and other consumer | 6 |  | 6 |  | 1 |  | 90
Total | $ | 2,697 |  |  | $ | 3,078 |  |  | $ | 258 |  |  | 3,119 |
Total impaired loans | $ | 20,361 |  |  | $ | 22,053 |  |  | $ | 258 |  |  | $ | 19,350 |
Credit Quality The Company categorizes loans into risk categories based upon an internal rating system reflecting management’s risk assessment. •Pass - loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral. •Watch - loans that have one or more weaknesses identified that may result in the borrower being unable to meet repayment terms or when the Company’s credit position could deteriorate at some future date. •Substandard - loans that are inadequately protected by the current sound worth and paying capacity of the obligor or by the collateral pledged, if any. Loans so classified may have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. Such loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected. •Non-accrual - loans that are delinquent for 90 days or more and the ultimate collectability of interest or principal is no longer probable. (The majority of the Company's non-accrual loans have a substandard risk grade) •Doubtful - loans that have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to non-accrual status, in accordance with the Federal Financial Institutions Examination Counsel's Retail Credit Classification Policy. The following table presents the recorded investment by risk categories at September 30, 2023:
| Term Loans |  |  |  |  |  |
| Amortized Cost Basis by Origination Year and Risk Grades |  |  |  |  |  |
(in thousands) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term Loans Amortized Cost Basis |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, Financial, & Agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 38,345 |  |  | $ | 46,113 |  |  | $ | 34,333 |  |  | $ | 32,286 |  |  | $ | 5,094 |  |  | $ | 4,851 |  |  | $ | 51,245 |  |  | $ | 603 |  |  | $ | 212,870 |
Watch | 181 |  |  | 2,630 |  |  | 381 |  |  | 610 |  |  | 3 |  |  | 331 |  |  | 4,159 |  |  | — |  |  | 8,295 |
Substandard | 382 |  |  | 3,841 |  |  | 58 |  |  | 18 |  |  | — |  |  | — |  |  | 1,820 |  |  | — |  |  | 6,119 |
Non-accrual loans | — |  |  | 2 |  |  | — |  |  | — |  |  | 11 |  |  | 75 |  |  | — |  |  | — |  |  | 88 |
Total | $ | 38,908 |  |  | $ | 52,586 |  |  | $ | 34,772 |  |  | $ | 32,914 |  |  | $ | 5,108 |  |  | $ | 5,257 |  |  | $ | 57,224 |  |  | $ | 603 |  |  | $ | 227,372 |
Gross YTD charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | — |  |  | 59 |
Real Estate Construction - Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 35,074 |  |  | $ | 22,884 |  |  | $ | 638 |  |  | $ | 177 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 58,774 |
Watch | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-accrual loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 35,074 |  |  | $ | 22,884 |  |  | $ | 638 |  |  | $ | 177 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 58,774 |
Gross YTD charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real Estate Construction - Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 40,936 |  |  | $ | 56,321 |  |  | $ | 29,056 |  |  | $ | 1,193 |  |  | $ | 63 |  |  | $ | 739 |  |  | $ | 311 |  |  | $ | — |  |  | $ | 128,619 |
Watch | 839 |  |  | 18 |  |  | 196 |  |  | — |  |  | — |  |  | 13 |  |  | 103 |  |  | — |  |  | 1,169 |
Substandard | 710 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 710 |
Non-accrual loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  | — |  |  | — |  |  | 74 |
Total | $ | 42,485 |  |  | $ | 56,339 |  |  | $ | 29,252 |  |  | $ | 1,193 |  |  | $ | 63 |  |  | $ | 826 |  |  | $ | 414 |  |  | $ | — |  |  | $ | 130,572 |
Gross YTD charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real Estate Mortgage - Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 59,185 |  |  | $ | 126,650 |  |  | $ | 64,789 |  |  | $ | 49,317 |  |  | $ | 7,345 |  |  | $ | 22,551 |  |  | $ | 44,237 |  |  | $ | 202 |  |  | $ | 374,276 |
Watch | 180 |  |  | 208 |  |  | 416 |  |  | 989 |  |  | 127 |  |  | 2,265 |  |  | — |  |  | — |  |  | 4,185 |
Substandard | 16 |  |  | — |  |  | — |  |  | 130 |  |  | — |  |  | 134 |  |  | — |  |  | — |  |  | 280 |
Non-accrual loans | — |  |  | 49 |  |  | — |  |  | 232 |  |  | — |  |  | 273 |  |  | 219 |  |  | — |  |  | 773 |
Total | $ | 59,381 |  |  | $ | 126,907 |  |  | $ | 65,205 |  |  | $ | 50,668 |  |  | $ | 7,472 |  |  | $ | 25,223 |  |  | $ | 44,456 |  |  | $ | 202 |  |  | $ | 379,514 |
Gross YTD charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real Estate Mortgage - Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 89,802 |  |  | $ | 214,581 |  |  | $ | 205,323 |  |  | $ | 86,113 |  |  | $ | 27,954 |  |  | $ | 42,089 |  |  | $ | 15,563 |  |  | $ | 662 |  |  | $ | 682,087 |
Watch | 16,073 |  |  | 11,881 |  |  | 4,405 |  |  | 1,417 |  |  | 390 |  |  | 1,352 |  |  | 75 |  |  | — |  |  | 35,593 |
Substandard | 2,541 |  |  | 219 |  |  | 15,519 |  |  | — |  |  | 128 |  |  | 294 |  |  | 100 |  |  | 58 |  |  | 18,859 |
Non-accrual loans | 1,815 |  |  | 111 |  |  | 730 |  |  | 218 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,874 |
Total | $ | 110,231 |  |  | $ | 226,792 |  |  | $ | 225,977 |  |  | $ | 87,748 |  |  | $ | 28,472 |  |  | $ | 43,735 |  |  | $ | 15,738 |  |  | $ | 720 |  |  | $ | 739,413 |
Gross YTD charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | — |  |  | — |  |  | 28 |
Installment and other Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 6,434 |  |  | $ | 7,243 |  |  | $ | 3,217 |  |  | $ | 1,543 |  |  | $ | 1,202 |  |  | $ | 1,602 |  |  | $ | 80 |  |  | $ | — |  |  | $ | 21,321 |
Watch | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-accrual loans | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total | $ | 6,434 |  |  | $ | 7,243 |  |  | $ | 3,218 |  |  | $ | 1,545 |  |  | $ | 1,202 |  |  | $ | 1,602 |  |  | $ | 80 |  |  | $ | — |  |  | $ | 21,324 |
Gross YTD charge-offs | — |  |  | 21 |  |  | 13 |  |  | — |  |  | — |  |  | 169 |  |  | 1 |  |  | — |  |  | 204 |
Total Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 269,776 |  |  | $ | 473,792 |  |  | $ | 337,356 |  |  | $ | 170,629 |  |  | $ | 41,658 |  |  | $ | 71,832 |  |  | $ | 111,437 |  |  | $ | 1,467 |  |  | $ | 1,477,947 |
Watch | 17,273 |  |  | 14,737 |  |  | 5,398 |  |  | 3,018 |  |  | 520 |  |  | 3,961 |  |  | 4,337 |  |  | — |  |  | 49,244 |
Substandard | 3,649 |  |  | 4,060 |  |  | 15,577 |  |  | 148 |  |  | 128 |  |  | 428 |  |  | 1,920 |  |  | 58 |  |  | 25,968 |
Non-accrual loans | 1,815 |  |  | 162 |  |  | 731 |  |  | 450 |  |  | 11 |  |  | 422 |  |  | 219 |  |  | — |  |  | 3,810 |
Total | $ | 292,513 |  |  | $ | 492,751 |  |  | $ | 359,062 |  |  | $ | 174,245 |  |  | $ | 42,317 |  |  | $ | 76,643 |  |  | $ | 117,913 |  |  | $ | 1,525 |  |  | $ | 1,556,969 |
Total Gross YTD charge-offs | $ | — |  |  | $ | 21 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 256 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 291 |
The following table presents the recorded investment by risk categories at December 31, 2022:
| Term Loans |  |  |  |  |  |
| Amortized Cost Basis by Origination Year and Risk Grades |  |  |  |  |  |
(in thousands) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans Amortized Cost Basis |  | Revolving Loans Converted to Term Loans Amortized Cost Basis |  | Total
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, Financial, & Agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 73,654 |  |  | $ | 40,681 |  |  | $ | 37,994 |  |  | $ | 6,479 |  |  | $ | 4,050 |  |  | $ | 2,718 |  |  | $ | 63,869 |  |  | $ | 504 |  |  | $ | 229,949 |
Watch | 1,228 |  |  | 296 |  |  | 756 |  |  | 150 |  |  | 48 |  |  | 251 |  |  | 3,155 |  |  | 1,527 |  |  | 7,411 |
Substandard | 5,014 |  |  | 58 |  |  | 24 |  |  | — |  |  | 152 |  |  | — |  |  | 1,820 |  |  | — |  |  | 7,068 |
Non-accrual loans | — |  |  | — |  |  | — |  |  | 26 |  |  | 95 |  |  | — |  |  | — |  |  | — |  |  | 121 |
Total | $ | 79,896 |  |  | $ | 41,035 |  |  | $ | 38,774 |  |  | $ | 6,655 |  |  | $ | 4,345 |  |  | $ | 2,969 |  |  | $ | 68,844 |  |  | $ | 2,031 |  |  | $ | 244,549 |
Gross YTD charge-offs | 135 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 135 |
Real Estate Construction - Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 29,289 |  |  | $ | 1,248 |  |  | $ | 769 |  |  | $ | 449 |  |  | $ | — |  |  | $ | — |  |  | $ | 340 |  |  | $ | — |  |  | $ | 32,095 |
Watch | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-accrual loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 29,289 |  |  | $ | 1,248 |  |  | $ | 769 |  |  | $ | 449 |  |  | $ | — |  |  | $ | — |  |  | $ | 340 |  |  | $ | — |  |  | $ | 32,095 |
Gross YTD charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real Estate Construction - Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 60,318 |  |  | $ | 67,977 |  |  | $ | 2,249 |  |  | $ | 78 |  |  | $ | 676 |  |  | $ | 656 |  |  | $ | 1,831 |  |  | $ | — |  |  | $ | 133,785 |
Watch | 2,239 |  |  | 321 |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 103 |  |  | — |  |  | 2,677 |
Substandard | 686 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 686 |
Non-accrual loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 87 |  |  | — |  |  | — |  |  | 87 |
Total | $ | 63,243 |  |  | $ | 68,298 |  |  | $ | 2,249 |  |  | $ | 78 |  |  | $ | 676 |  |  | $ | 757 |  |  | $ | 1,934 |  |  | $ | — |  |  | $ | 137,235 |
Gross YTD charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real Estate Mortgage - Residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 147,130 |  |  | $ | 68,380 |  |  | $ | 53,322 |  |  | $ | 8,013 |  |  | $ | 4,981 |  |  | $ | 25,590 |  |  | $ | 45,182 |  |  | $ | 523 |  |  | $ | 353,121 |
Watch | 1,226 |  |  | 429 |  |  | 1,511 |  |  | 145 |  |  | 215 |  |  | 2,015 |  |  | — |  |  | — |  |  | 5,541 |
Substandard | — |  |  | 136 |  |  | 820 |  |  | — |  |  | 10 |  |  | 712 |  |  | — |  |  | — |  |  | 1,678 |
Non-accrual loans | 59 |  |  | — |  |  | 144 |  |  | — |  |  | — |  |  | 386 |  |  | 96 |  |  | — |  |  | 685 |
Total | $ | 148,415 |  |  | $ | 68,945 |  |  | $ | 55,797 |  |  | $ | 8,158 |  |  | $ | 5,206 |  |  | $ | 28,703 |  |  | $ | 45,278 |  |  | $ | 523 |  |  | $ | 361,025 |
Gross YTD charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Real Estate Mortgage - Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 248,529 |  |  | $ | 203,033 |  |  | $ | 99,989 |  |  | $ | 31,341 |  |  | $ | 21,354 |  |  | $ | 38,317 |  |  | $ | 10,868 |  |  | $ | 121 |  |  | $ | 653,552 |
Watch | 14,049 |  |  | 14,029 |  |  | 16,863 |  |  | 842 |  |  | 897 |  |  | 811 |  |  | 149 |  |  | 401 |  |  | 48,041 |
Substandard | 260 |  |  | 2,673 |  |  | — |  |  | 48 |  |  | — |  |  | 306 |  |  | — |  |  | 48 |  |  | 3,335 |
Non-accrual loans | 4,621 |  |  | 13,180 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,801 |
Total | $ | 267,459 |  |  | $ | 232,915 |  |  | $ | 116,852 |  |  | $ | 32,231 |  |  | $ | 22,251 |  |  | $ | 39,434 |  |  | $ | 11,017 |  |  | $ | 570 |  |  | $ | 722,729 |
Gross YTD charge-offs | 101 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80 |  |  | — |  |  | — |  |  | 181 |
Installment and other Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 11,170 |  |  | $ | 5,183 |  |  | $ | 2,891 |  |  | $ | 2,016 |  |  | $ | 459 |  |  | $ | 88 |  |  | $ | 1,806 |  |  | $ | — |  |  | $ | 23,613 |
Watch | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-accrual loans | 2 |  |  | 3 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |
Total | $ | 11,172 |  |  | $ | 5,186 |  |  | $ | 2,891 |  |  | $ | 2,017 |  |  | $ | 459 |  |  | $ | 88 |  |  | $ | 1,806 |  |  | $ | — |  |  | $ | 23,619 |
Gross YTD charge-offs | 268 |  |  | 10 |  |  | 5 |  |  | 21 |  |  | 1 |  |  | — |  |  | 16 |  |  | — |  |  | 321 |
Total Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 570,090 |  |  | $ | 386,502 |  |  | $ | 197,214 |  |  | $ | 48,376 |  |  | $ | 31,520 |  |  | $ | 67,369 |  |  | $ | 123,896 |  |  | $ | 1,148 |  |  | $ | 1,426,115 |
Watch | 18,742 |  |  | 15,075 |  |  | 19,130 |  |  | 1,137 |  |  | 1,160 |  |  | 3,091 |  |  | 3,407 |  |  | 1,928 |  |  | 63,670 |
Substandard | 5,960 |  |  | 2,867 |  |  | 844 |  |  | 48 |  |  | 162 |  |  | 1,018 |  |  | 1,820 |  |  | 48 |  |  | 12,767 |
Non-accrual loans | 4,682 |  |  | 13,183 |  |  | 144 |  |  | 27 |  |  | 95 |  |  | 473 |  |  | 96 |  |  | — |  |  | 18,700 |
Total | $ | 599,474 |  |  | $ | 417,627 |  |  | $ | 217,332 |  |  | $ | 49,588 |  |  | $ | 32,937 |  |  | $ | 71,951 |  |  | $ | 129,219 |  |  | $ | 3,124 |  |  | $ | 1,521,252 |
Total Gross YTD charge-offs | $ | 504 |  |  | $ | 10 |  |  | $ | 5 |  |  | $ | 21 |  |  | $ | 1 |  |  | $ | 80 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 637 |
Delinquent and Non-Accrual Loans The delinquency status of loans is determined based on the contractual terms of the notes. Loans are generally classified as delinquent once payments become 30 days or more past due. The Company’s policy is to discontinue the accrual of interest income on any loan when, in the opinion of management, the ultimate collectability of interest or principal is no longer probable. In general, loans are placed on non-accrual status when they become 90 days or more past due. However, management considers many factors before placing a loan on non-accrual status, including the delinquency status of the loan, the overall financial condition of the borrower, the progress of management’s collection efforts and the value of the underlying collateral. Subsequent interest payments received on non-accrual loans are applied to principal if any doubt exists as to the collectability of such principal; otherwise, such receipts are recorded as interest income on a cash basis. Non-accrual loans are returned to accrual status when, in the opinion of management, the financial condition of the borrower indicates that the timely collectability of interest and principal is probable and the borrower demonstrates the ability to pay under the terms of the note through a sustained period of repayment performance, which is generally six months. The following tables present the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loans as of September 30, 2023 and December 31, 2022:
(in thousands) | Non-accrual with no Allowance |  | Non-accrual with Allowance |  | Total Non-accrual (1) |  | 90 Days Past Due And Still Accruing |  | Total Non-performing Loans
September 30, 2023 |  |  |  |  |  |  |  |  |
Commercial, Financial, and Agricultural | $ | — |  |  | $ | 88 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 88 |
Real estate construction − commercial | — |  |  | 74 |  |  | 74 |  |  | — |  |  | 74 |
Real estate mortgage − residential | 95 |  |  | 678 |  |  | 773 |  |  | 31 |  |  | 804 |
Real estate mortgage − commercial | 2,431 |  |  | 443 |  |  | 2,874 |  |  | — |  |  | 2,874 |
Installment and Other Consumer | — |  |  | 1 |  |  | 1 |  |  | 6 |  |  | 7 |
Total | $ | 2,526 |  |  | $ | 1,284 |  |  | $ | 3,810 |  |  | $ | 37 |  |  | $ | 3,847 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Commercial, Financial, and Agricultural | $ | — |  |  | $ | 121 |  |  | $ | 121 |  |  | $ | — |  |  | $ | 121 |
Real estate construction − commercial | — |  |  | 87 |  |  | 87 |  |  | — |  | 87 |
Real estate mortgage − residential | — |  |  | 685 |  |  | 685 |  |  | — |  | 685 |
Real estate mortgage − commercial | 17,664 |  |  | 137 |  |  | 17,801 |  |  | — |  | 17,801 |
Installment and Other Consumer | — |  |  | 6 |  |  | 6 |  |  | 1 |  |  | 7 |
Total | $ | 17,664 |  |  | $ | 1,036 |  |  | $ | 18,700 |  |  | $ | 1 |  |  | $ | 18,701 |
(1) Includes $0.3 million of restructured loans as of both September 30, 2023 and December 31, 2022. No material amount of interest income was recognized on non-accrual loans during the three and nine months ended September 30, 2023. The following table provides aging information for the Company’s past due and non-accrual loans at September 30, 2023 and December 31, 2022.
(in thousands) | Current or Less Than 30 Days Past Due |  | 30 - 89 Days Past Due |  | 90 Days Past Due And Still Accruing |  | Non-Accrual |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |
Commercial, Financial, and Agricultural | $ | 227,106 |  |  | $ | 178 |  |  | $ | — |  |  | $ | 88 |  |  | $ | 227,372 |
Real estate construction − residential | 58,540 |  |  | 234 |  |  | — |  |  | — |  |  | 58,774 |
Real estate construction − commercial | 130,498 |  |  | — |  |  | — |  |  | 74 |  |  | 130,572 |
Real estate mortgage − residential | 378,362 |  |  | 348 |  |  | 31 |  |  | 773 |  |  | 379,514 |
Real estate mortgage − commercial | 736,318 |  |  | 221 |  |  | — |  |  | 2,874 |  |  | 739,413 |
Installment and Other Consumer | 21,156 |  |  | 161 |  |  | 6 |  |  | 1 |  |  | 21,324 |
Total | $ | 1,551,980 |  |  | $ | 1,142 |  |  | $ | 37 |  |  | $ | 3,810 |  |  | $ | 1,556,969 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Commercial, Financial, and Agricultural | $ | 244,392 |  |  | $ | 36 |  |  | $ | — |  |  | $ | 121 |  |  | $ | 244,549 |
Real estate construction − residential | 32,095 |  |  | — |  |  | — |  |  | — |  |  | 32,095 |
Real estate construction − commercial | 137,148 |  |  | — |  |  | — |  |  | 87 |  |  | 137,235 |
Real estate mortgage − residential | 359,672 |  |  | 668 |  |  | — |  |  | 685 |  |  | 361,025 |
Real estate mortgage − commercial | 704,925 |  |  | 3 |  |  | — |  |  | 17,801 |  |  | 722,729 |
Installment and Other Consumer | 23,506 |  |  | 106 |  |  | 1 |  |  | 6 |  |  | 23,619 |
Total | $ | 1,501,738 |  |  | $ | 813 |  |  | $ | 1 |  |  | $ | 18,700 |  |  | $ | 1,521,252 |
Loan Modifications for Borrowers Experiencing Financial Difficulty Subsequent to the Adoption of ASU 2022-02 In the normal course of business, the Company may execute loan modifications with borrowers. These modifications are analyzed to determine whether the modification is considered concessionary, long-term and made to a borrower experiencing financial difficulty. The Company’s modifications generally include interest rate adjustments, principal reductions, and amortization and maturity date extensions. If a loan modification is determined to be made to a borrower experiencing financial difficulty, the loan is considered collateral-dependent and evaluated as part of the allowance for credit losses as described above in the Allowance for Credit Losses section of this note. For both the three and nine months ended September 30, 2023, the Company did not modify any loans made to borrowers experiencing financial difficulty. The Company monitors loan payments on an on-going basis to determine if a loan is considered to have a payment default. Determination of payment default involves analyzing the economic conditions that exist for each customer and their ability to generate positive cash flows during the loan term. The following table presents information regarding modifications to borrowers experiencing financial difficulty as of September 30, 2023:
| September 30, 2023
(Dollars in thousands) | Number of contracts |  | Recorded Investment |  | % to Total Loans
Commercial, financial and agricultural | 2 |  | $ | 164 |  | 0.01%
Real estate mortgage − residential | 6 |  | 998 |  | 0.06%
Real estate mortgage − commercial | 2 |  | 273 |  | 0.02%
Total | 10 |  |  | $ | 1,435 |  |  | 0.09 | %
Troubled Debt Restructurings (TDRs) Prior to Adoption of ASU 2022-02 Prior to the adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. See “Note 1 Summary of Significant Accounting Policies” in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for more information on our TDR policy, and “Note 1, Summary of Significant Accounting Policies” in this report for more information on the adoption of ASU 2022-02. At September 30, 2022, loans classified as TDRs totaled $1.9 million, of which $0.3 million were classified as non-performing TDRs and $1.6 million were classified as performing TDRs. Both performing and non-performing TDRs are considered impaired loans. When an individual loan is determined to be a TDR, the amount of impairment is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral less applicable selling costs. Accordingly, specific reserves of $171,000 related to TDRs were allocated to the allowance for loan losses at September 30, 2022. For both the three and nine months ended September 30, 2022, the Company had one new loan meeting the TDR criteria. For both the three and nine months ended September 30, 2022, the Company had no TDRs for which there was a payment default within the 12 months following the restructure date. Loans Held for Sale The Company designates certain long-term fixed rate personal real estate loans as held for sale. These loans are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized in mortgage banking income. The loans are primarily sold to Freddie Mac, Fannie Mae, PennyMac, and various other secondary market investors. At September 30, 2023, the carrying amount of these loans was $3.0 million compared to $0.6 million at December 31, 2022.

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