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Loans Receivable | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Loans Receivable | Note 5 – Loans Receivable Loans receivable, net at September 30, 2022 and December 31, 2022 were comprised of the following:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Commercial real estate |  | $ | 1,080,288 |  |  | $ | 873,573 |
Commercial and industrial |  |  | 52,157 |  |  |  | 28,859 |
Construction |  |  | 320,824 |  |  |  | 417,538 |
Residential first-lien mortgage |  |  | 39,682 |  |  |  | 43,125 |
Home equity/consumer |  |  | 7,860 |  |  |  | 9,729 |
Total loans |  |  | 1,500,811 |  |  |  | 1,372,824 |
Deferred fees and costs |  |  | (2,311 | ) |  |  | (2,456 | )
Loans, net |  | $ | 1,498,500 |  |  | $ | 1,370,368 |
Except as discussed in Note 2 regarding the Noah Bank acquisition, the Company did not purchase any loans during the three and nine months ended September 30, 2023 and 2022, respectively. Upon adoption of CECL the Company elected to use the discounted cash flow methodology in determining the appropriate quantitative adjustments, which projects future losses, based on historical loss data, as part of the allowance for credit losses (“ACL”) reserve. Qualitative adjustments include and consider changes in national, regional and local economic and business conditions, an assessment of the lending environment, including underwriting standards and other factors affecting credit quality. The following table presents the components of the allowance for credit losses:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Allowance for credit losses—loans |  | $ | (17,992 | ) |  | $ | (16,461 | )
Allowance for credit losses—off balance sheet |  |  | (517 | ) |  |  | (332 | )
|  | $ | (18,509 | ) |  | $ | (16,793 | )
The following table presents nonaccrual loans by segment of the loan portfolio as of September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | With a Related Allowance |  |  | Without a Related Allowance |  |  | With a Related Allowance |  |  | Without a Related Allowance |
|  | (In thousands) |
Commercial real estate |  | $ | — |  |  | $ | 4,485 |  |  | $ | — |  |  | $ | — |
Commercial and industrial |  |  | — |  |  |  | 2,159 |  |  |  | — |  |  |  | — |
Construction |  |  | — |  |  |  | — |  |  |  | 148 |  |  |  | — |
Residential first-lien mortgage |  |  | — |  |  |  | 109 |  |  |  | — |  |  |  | 118 |
Total nonaccrual loans |  | $ | — |  |  | $ | 6,753 |  |  | $ | 148 |  |  | $ | 118 |
The calculation of the allowance for credit losses does not include any accrued interest receivable. The Company’s policy is to write off any interest not collected after 90 days. During the nine-month period ending September 30, 2023, the Company wrote off $366 thousand in accrued interest receivable for loans. The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loan receivables by the length of time a recorded payment is past due. The following table presents the segments of the loan portfolio, summarized by the past due status as of September 30, 2023:
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | >90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Loans Receivable |  |  | Loans Receivable >90 Days and Accruing |
|  | (In thousands) |
Commercial real estate |  | $ | 152 |  |  | $ | 1,844 |  |  | $ | 4,485 |  |  | $ | 7,896 |  |  | $ | 1,072,392 |  |  | $ | 1,080,288 |  |  | $ | — |
Commercial and industrial |  |  | 34 |  |  |  | 873 |  |  |  | 2,159 |  |  |  | 1,651 |  |  |  | 50,506 |  |  |  | 52,157 |  |  |  | — |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 320,824 |  |  |  | 320,824 |  |  |  | — |
Residential first-lien mortgage |  |  | — |  |  |  | 31 |  |  |  | 109 |  |  |  | 140 |  |  |  | 39,542 |  |  |  | 39,682 |  |  |  | — |
Home equity/consumer |  |  | — |  |  |  | 47 |  |  |  | — |  |  |  | 47 |  |  |  | 7,813 |  |  |  | 7,860 |  |  |  | — |
Total |  | $ | 186 |  |  | $ | 2,795 |  |  | $ | 6,753 |  |  | $ | 9,734 |  |  | $ | 1,491,077 |  |  | $ | 1,500,811 |  |  | $ | — |
The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2022:
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater than 90 days |  |  | Total Past Due |  |  | Current |  |  | Total Loans Receivable |  |  | Receivable >90 Days and Accruing |
|  |  |  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | 6,193 |  |  | $ | — |  |  | $ | 6,193 |  |  | $ | 867,380 |  |  | $ | 873,573 |  |  | $ | — |
Commercial and industrial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,859 |  |  |  | 28,859 |  |  |  | — |
Construction |  |  | — |  |  |  | — |  |  |  | 148 |  |  |  | 148 |  |  |  | 417,390 |  |  |  | 417,538 |  |  |  | — |
Residential first-lien mortgage |  |  | 1,292 |  |  |  | — |  |  |  | 118 |  |  |  | 1,410 |  |  |  | 41,715 |  |  |  | 43,125 |  |  |  | — |
Home equity/consumer |  |  | 255 |  |  |  | — |  |  |  | 184 |  |  |  | 439 |  |  |  | 9,290 |  |  |  | 9,729 |  |  |  | 184 |
Total |  | $ | 1,547 |  |  | $ | 6,193 |  |  | $ | 450 |  |  | $ | 8,190 |  |  | $ | 1,364,634 |  |  | $ | 1,372,824 |  |  | $ | 184 |
The Company categorizes all loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends, among other factors. The Company evaluates risk ratings on an ongoing basis and assigns one of the following ratings: pass, special mention, substandard and doubtful. The Company engages a third party to review its assessment on a semiannual basis. The Company classifies residential and consumer loans as either performing or nonperforming based on payment status. The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of September 30, 2023.
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving Loans |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | (Dollars in thousands) |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 47,531 |  |  | $ | 235,341 |  |  | $ | 119,682 |  |  | $ | 54,153 |  |  | $ | 173,138 |  |  | $ | 428,018 |  |  | $ | 15,164 |  |  | $ | 1,073,027 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,776 |  |  |  | — |  |  |  | 2,776 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,485 |  |  |  | — |  |  |  | 4,485 |
Total commercial real estate |  |  | 47,531 |  |  |  | 235,341 |  |  |  | 119,682 |  |  |  | 54,153 |  |  |  | 173,138 |  |  |  | 435,279 |  |  |  | 15,164 |  |  |  | 1,080,288 |
Current-period gross charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,718 |  |  |  | — |  |  |  | 1,718 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 1,749 |  |  |  | 6,041 |  |  |  | 1,143 |  |  |  | 1,987 |  |  |  | 8,019 |  |  |  | 23,809 |  |  |  | 6,564 |  |  |  | 49,312 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 686 |  |  |  | — |  |  |  | 686 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,159 |  |  |  | — |  |  |  | 2,159 |
Total commercial and industrial |  |  | 1,749 |  |  |  | 6,041 |  |  |  | 1,143 |  |  |  | 1,987 |  |  |  | 8,019 |  |  |  | 26,654 |  |  |  | 6,564 |  |  |  | 52,157 |
Current-period gross charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 792 |  |  |  | 4,409 |  |  |  | 89,500 |  |  |  | 14,682 |  |  |  | 5,000 |  |  |  | 4,414 |  |  |  | 202,027 |  |  |  | 320,824 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total construction |  |  | 792 |  |  |  | 4,409 |  |  |  | 89,500 |  |  |  | 14,682 |  |  |  | 5,000 |  |  |  | 4,414 |  |  |  | 202,027 |  |  |  | 320,824 |
Current-period gross charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 148 |  |  |  | — |  |  |  | 148 |
Residential first-lien mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | — |  |  |  | 993 |  |  |  | 5,635 |  |  |  | 2,863 |  |  |  | 1,562 |  |  |  | 28,520 |  |  |  | — |  |  |  | 39,573 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 109 |  |  |  | — |  |  |  | 109 |
Total residential first-lien mortgage |  |  | — |  |  |  | 993 |  |  |  | 5,635 |  |  |  | 2,863 |  |  |  | 1,562 |  |  |  | 28,629 |  |  |  | — |  |  |  | 39,682 |
Home equity/consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 1,045 |  |  |  | 38 |  |  |  | 319 |  |  |  | 4 |  |  |  | — |  |  |  | 3,548 |  |  |  | 2,906 |  |  |  | 7,860 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total home equity/consumer |  |  | 1,045 |  |  |  | 38 |  |  |  | 319 |  |  |  | 4 |  |  |  | — |  |  |  | 3,548 |  |  |  | 2,906 |  |  |  | 7,860 |
Total loans receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 51,117 |  |  |  | 246,822 |  |  |  | 216,279 |  |  |  | 73,689 |  |  |  | 187,719 |  |  |  | 488,309 |  |  |  | 226,661 |  |  |  | 1,490,596 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,462 |  |  |  | — |  |  |  | 3,462 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,753 |  |  |  | — |  |  |  | 6,753 |
Total loans receivable |  | $ | 51,117 |  |  | $ | 246,822 |  |  | $ | 216,279 |  |  | $ | 73,689 |  |  | $ | 187,719 |  |  | $ | 498,524 |  |  | $ | 226,661 |  |  | $ | 1,500,811 |
The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2022:
|  | Pass |  |  | Special Mention |  |  | Substandard |  |  | Doubtful |  |  | Total |
|  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |
Commercial real estate |  | $ | 864,497 |  |  | $ | 2,883 |  |  | $ | 6,193 |  |  | $ | — |  |  | $ | 873,573 |
Commercial and industrial |  |  | 28,350 |  |  |  | 509 |  |  |  | — |  |  |  | — |  |  |  | 28,859 |
Construction |  |  | 417,390 |  |  |  | — |  |  |  | 148 |  |  |  | — |  |  |  | 417,538 |
Residential first-lien mortgage |  |  | 43,007 |  |  |  | — |  |  |  | 118 |  |  |  | — |  |  |  | 43,125 |
Home equity/consumer |  |  | 9,729 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,729 |
Total with no related allowance |  | $ | 1,362,973 |  |  | $ | 3,392 |  |  | $ | 6,459 |  |  | $ | — |  |  | $ | 1,372,824 |
The following table presents the allowance for credit losses on loans receivable at and for the three months ended September 30, 2023:
|  | Commercial real estate |  |  | Commercial and industrial |  |  | Construction |  |  | Residential first-lien mortgage |  |  | Home equity/ consumer |  |  | Unallocated |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 12,123 |  |  | $ | 407 |  |  | $ | 4,529 |  |  | $ | 661 |  |  | $ | 250 |  |  | $ | — |  |  | $ | 17,970 |
Provision 1 |  |  | 3,301 |  |  |  | (81 | ) |  |  | (3,219 | ) |  |  | 160 |  |  |  | (161 | ) |  |  | — |  |  |  | — |
Charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Recoveries |  |  | 4 |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22 |
Total |  | $ | 15,428 |  |  | $ | 344 |  |  | $ | 1,310 |  |  | $ | 821 |  |  | $ | 89 |  |  | $ | — |  |  | $ | 17,992 |
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Collectively evaluated |  |  | 15,428 |  |  |  | 344 |  |  |  | 1,310 |  |  |  | 821 |  |  |  | 89 |  |  |  | — |  |  |  | 17,992 |
|  | $ | 15,428 |  |  | $ | 344 |  |  | $ | 1,310 |  |  | $ | 821 |  |  | $ | 89 |  |  | $ | — |  |  | $ | 17,992 |
1 | The credit provision for credit losses on the Consolidated Statement of Income is a credit of $182 thousand comprising a $182 thousand reduction to the reserve for unfunded liabilities.
The following table presents the recorded investment in loans receivable at September 30, 2023:
|  | Commercial real estate |  |  | Commercial and industrial |  |  | Construction |  |  | Residential first-lien mortgage |  |  | Home equity/ consumer |  |  | Unallocated |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated |  | $ | 4,485 |  |  | $ | 2,232 |  |  | $ | 2,925 |  |  | $ | 111 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,753 |
Collectively evaluated |  |  | 1,075,803 |  |  |  | 49,925 |  |  |  | 317,899 |  |  |  | 39,571 |  |  |  | 7,860 |  |  |  | — |  |  |  | 1,491,058 |
Ending balance |  | $ | 1,080,288 |  |  | $ | 52,157 |  |  | $ | 320,824 |  |  | $ | 39,682 |  |  | $ | 7,860 |  |  | $ | — |  |  | $ | 1,500,811 |
The following table presents the allowance for loan losses on loans receivables at and for the three months ended September 30, 2022:
|  | Commercial real estate |  |  | Commercial and industrial |  |  | Construction |  |  | Residential first-lien mortgage |  |  | Home equity/ consumer |  |  | Unallocated |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,683 |  |  | $ | 279 |  |  | $ | 6,430 |  |  | $ | 259 |  |  | $ | 50 |  |  | $ | 965 |  |  | $ | 16,666 |
Provision |  |  | 413 |  |  |  | 11 |  |  |  | (304 | ) |  |  | (8 | ) |  |  | (5 | ) |  |  | 93 |  |  |  | 200 |
Charge-offs |  |  | (200 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (200 | )
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 8,896 |  |  | $ | 290 |  |  | $ | 6,126 |  |  | $ | 251 |  |  | $ | 45 |  |  | $ | 1,058 |  |  | $ | 16,666 |
The following table presents the allowance for credit losses on loans receivable at and for the nine months ended September 30, 2023:
|  | Commercial real estate |  |  | Commercial and industrial |  |  | Construction |  |  | Residential first-lien mortgage |  |  | Home equity/ consumer |  |  | Unallocated |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 8,654 |  |  | $ | 271 |  |  | $ | 6,289 |  |  | $ | 236 |  |  | $ | 45 |  |  | $ | 966 |  |  | $ | 16,461 |
CECL adoption |  |  | 1,384 |  |  |  | (73 | ) |  |  | (1,269 | ) |  |  | 428 |  |  |  | 195 |  |  |  | (966 | ) |  |  | (301 | )
CECL day 1 provision |  |  | 1,586 |  |  |  | 105 |  |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 1,707 |
Purchased credit deteriorated loans |  |  | 499 |  |  |  | 102 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 601 |
Provision 1 |  |  | 4,994 |  |  |  | (84 | ) |  |  | (3,562 | ) |  |  | 143 |  |  |  | (151 | ) |  |  | — |  |  |  | 1,340 |
Charge-offs |  |  | (1,718 | ) |  |  | — |  |  |  | (148 | ) |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | (1,868 | )
Recoveries |  |  | 29 |  |  |  | 23 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 52 |
Total |  | $ | 15,428 |  |  | $ | 344 |  |  | $ | 1,310 |  |  | $ | 821 |  |  | $ | 89 |  |  | $ | — |  |  | $ | 17,992 |
1 | The provision for credit losses on the Consolidated Statement of Income is $2.5 million comprising $1.7 million related to non-PCD loans acquired, a $1.3 million increase to the allowance for credit losses on loans and a $501 thousand reduction to the reserve for unfunded liabilities.
The following table presents the allowance for credit losses on loans receivable at and for the nine months ended September 30, 2022:
|  | Commercial real estate |  |  | Commercial and industrial |  |  | Construction |  |  | Residential first-lien mortgage |  |  | Home equity/ consumer |  |  | Unallocated |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |  |  |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 7,458 |  |  | $ | 713 |  |  | $ | 7,228 |  |  | $ | 267 |  |  | $ | 48 |  |  | $ | 906 |  |  | $ | 16,620 |
Provision |  |  | 1,592 |  |  |  | (423 | ) |  |  | (1,102 | ) |  |  | (16 | ) |  |  | (3 | ) |  |  | 152 |  |  |  | 200 |
Charge-offs |  |  | (400 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (400 | )
Recoveries |  |  | 246 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 246 |
Total |  | $ | 8,896 |  |  | $ | 290 |  |  | $ | 6,126 |  |  | $ | 251 |  |  | $ | 45 |  |  | $ | 1,058 |  |  | $ | 16,666 |
The following table presents the recorded investment of loans receivables and allowance for loan losses at December 31, 2022:
|  | Commercial real estate |  |  | Commercial and industrial |  |  | Construction |  |  | Residential first-lien mortgage |  |  | Home equity/ consumer |  |  | Unallocated |  |  | Total |
|  |  |  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | 12,030 |  |  | $ | 10 |  |  | $ | 148 |  |  | $ | 118 |  |  | $ | 71 |  |  | $ | — |  |  | $ | 12,377 |
Collectively evaluated for impairment |  |  | 861,543 |  |  |  | 28,849 |  |  |  | 417,390 |  |  |  | 43,007 |  |  |  | 9,658 |  |  |  | — |  |  |  | 1,360,447 |
Ending balance |  | $ | 873,573 |  |  | $ | 28,859 |  |  | $ | 417,538 |  |  | $ | 43,125 |  |  | $ | 9,729 |  |  | $ | — |  |  | $ | 1,372,824 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  |  | $ | — |  |  | $ | 118 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 118 |
Collectively evaluated for impairment |  |  | 8,654 |  |  |  | 271 |  |  |  | 6,171 |  |  |  | 236 |  |  |  | 45 |  |  |  | 966 |  |  |  | 16,343 |
|  | $ | 8,654 |  |  | $ | 271 |  |  | $ | 6,289 |  |  | $ | 236 |  |  | $ | 45 |  |  | $ | 966 |  |  | $ | 16,461 |
With the adoption of CECL, performing TDRs are no longer reported for the current period. At December 31, 2022 there were three loans classified as TDR loans totaling $5.9 million and each of these loans was performing in accordance with the agreed-upon terms. There were no loans modified during the nine months ended September 30, 2023.

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