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Loans | 12 Months Ended
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Dec. 31, 2023
Loans and Leases Receivable Disclosure [Abstract] |
Loans | NOTE 3. Loans The composition of loans at December 31, 2023 and 2022 was as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Mortgage loans on real estate: |  |  |  |  |  |
Construction and & Secured by Farmland |  | $ | 84,145 |  |  | $ | 89,651 |
HELOCs |  |  | 47,674 |  |  |  | 43,588 |
Residential First Lien - Investor |  |  | 117,431 |  |  |  | 111,074 |
Residential First Lien - Owner Occupied |  |  | 178,180 |  |  |  | 125,088 |
Residential Junior Liens |  |  | 12,831 |  |  |  | 11,417 |
Commercial - Owner Occupied |  |  | 251,456 |  |  |  | 232,115 |
Commercial - Non-Owner Occupied & Multifamily |  |  | 348,879 |  |  |  | 315,326 |
Commercial and industrial loans: |  |  |  |  |  |
SBA PPP loans |  |  | 51 |  |  |  | 74 |
Other commercial and industrial loans |  |  | 107,777 |  |  |  | 99,571 |
Marine loans |  |  | 251,168 |  |  |  | 230,874 |
Consumer loans |  |  | 42,419 |  |  |  | 44,841 |
Overdrafts |  |  | 253 |  |  |  | 218 |
Other loans |  |  | 12,895 |  |  |  | 12,503 |
Total loans |  | $ | 1,455,159 |  |  | $ | 1,316,340 |
Net deferred loan costs and premiums |  |  | 7,527 |  |  |  | 7,443 |
Allowance for credit losses |  |  | (14,493 | ) |  |  | (11,218 | )
|  | $ | 1,448,193 |  |  | $ | 1,312,565 |
At December 31, 2023 and 2022, the Company was servicing loans totaling $7.7 million and $231.7 million, respectively for other financial institutions which are not included in the table above. Also excluded from the table above are net servicing assets of $153 thousand and $684 thousand at December 31, 2023 and 2022, respectively, which are recorded in other assets in the Consolidated Balance Sheets. On August 23, 2023, the Company completed the sale of certain assets of its marine finance division to an unrelated third-party. Under the Sale Agreements, the Company sold its interest in marine floor plan loans, the servicing rights associated with marine loans that had been sold to outside investors prior to August 23, 2023, and other assets that were not individually significant. Refer to Note 27 for additional information related to this transaction.

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