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Loans and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of composition of loans

The composition of loans at March 31, 2024 and December 31, 2023 was as follows:

		March 31,				December 31,
		2024				2023
		(in thousands)
Mortgage real estate loans:
Construction & Secured by Farmland		$	82,692			$	84,145
HELOCs			46,329				47,674
Residential First Lien - Investor			113,813				117,431
Residential First Lien - Owner Occupied			181,323				178,180
Residential Junior Liens			12,690				12,831
Commercial - Owner Occupied			254,744				251,456
Commercial - Non-Owner Occupied & Multifamily			344,192				348,879
Commercial and industrial loans:
SBA PPP loans			45				51
Other commercial and industrial loans			100,067				107,777
Marine loans			247,042				251,168
Consumer loans			34,529				42,419
Overdrafts			1,559				253
Other loans			12,466				12,895
Total loans		$	1,431,491			$	1,455,159
Net deferred loan costs and premiums			7,561				7,527
Allowance for credit losses			(14,448	)			(14,493	)
		$	1,424,604			$	1,448,193

Schedule of changes in allowance for loan losses

Changes in the allowance for credit losses on loans for the three months ended March 31, 2024 and 2023, and the year ended December 31, 2023 were as follows:

		Three Months Ended				Year Ended				Three Months Ended
		March 31,				December 31,				March 31,
		2024				2023				2023
	(in thousands)
Balance, beginning		$	14,493			$	11,218			$	11,218
Cumulative effect adjustment for adoption of ASC 326			—				2,077				2,077
Provision for credit losses			475				1,641				709
Recoveries added to the allowance			185				298				21
Credit losses charged to the allowance			(705	)			(741	)			(75	)
Balance, ending		$	14,448			$	14,493			$	13,950

Schedule of nonaccrual And past due loans by class

Past due loans by class at March 31, 2024 and December 31, 2023 were as follows:

		March 31, 2024
		(in thousands)
		30 - 59 Days Past Due				60 - 89 Days Past Due				90 or More Days Past Due				Total Past Due				Current				Total Loans				90 or More Days Past Due Still Accruing
Mortgage real estate loans:
Construction & Secured by Farmland		$	—			$	—			$	—			$	—			$	82,692			$	82,692			$	—
HELOCs			—				19				—				19				46,310				46,329				—
Residential First Lien - Investor			904				—				—				904				112,909				113,813				—
Residential First Lien - Owner Occupied			139				—				147				286				181,037				181,323				—
Residential Junior Liens			—				—				9				9				12,681				12,690				—
Commercial - Owner Occupied			7				—				—				7				254,737				254,744				—
Commercial - Non-Owner Occupied & Multifamily			295				—				—				295				343,897				344,192				—
Commercial and industrial loans:
SBA PPP loans			—				—				—				—				45				45				—
Other commercial and industrial loans			—				—				162				162				99,905				100,067				159
Marine loans			605				—				514				1,119				245,923				247,042				—
Consumer loans			222				—				252				474				34,055				34,529				252
Overdrafts			—				—				—				—				1,559				1,559				—
Other loans			—				—				—				—				12,466				12,466				—
Total		$	2,172			$	19			$	1,084			$	3,275			$	1,428,216			$	1,431,491			$	411

		December 31, 2023
		(in thousands)
		30 - 59 Days Past Due				60 - 89 Days Past Due				90 or More Days Past Due				Total Past Due				Current				Total Loans				90 or More Past Due Still Accruing
Mortgage real estate loans:
Construction & Secured by Farmland		$	—			$	—			$	—			$	—			$	84,145			$	84,145			$	—
HELOCs			—				—				—				—				47,674				47,674				—
Residential First Lien - Investor			844				253				—				1,097				116,334				117,431				—
Residential First Lien - Owner Occupied			—				78				149				227				177,953				178,180				—
Residential Junior Liens			—				—				9				9				12,822				12,831				—
Commercial - Owner Occupied			—				—				—				—				251,456				251,456				—
Commercial - Non-Owner Occupied & Multifamily			—				—				—				—				348,879				348,879				—
Commercial and industrial loans:
SBA PPP loans			—				—				—				—				51				51				—
Other commercial and industrial loans			9				—				26				35				107,742				107,777				14
Marine loans			—				—				552				552				250,616				251,168				—
Consumer loans			173				—				167				340				42,079				42,419				167
Overdrafts			—				—				—				—				253				253				—
Other loans			—				—				—				—				12,895				12,895				—
Total		$	1,026			$	331			$	903			$	2,260			$	1,452,899			$	1,455,159			$	181

Nonaccrual loans by class at March 31, 2024 and December 31, 2023 were as follows:

		March 31, 2024												December 31, 2023
		(in thousands)												(in thousands)
		Nonaccruals with No Allowance for Credit Losses				Nonaccrual with an Allowance for Credit Losses				Nonaccrual Loans				Nonaccruals with No Allowance for Credit Losses				Nonaccrual with an Allowance for Credit Losses				Nonaccrual Loans
Mortgage real estate loans:
Construction & Secured by Farmland		$	—			$	—			$	—			$	95			$	—			$	95
HELOCs			—				—				—				15				—				15
Residential First Lien - Investor			1,063				—				1,063				1,085				—				1,085
Residential First Lien - Owner Occupied			224				—				224				228				—				228
Residential Junior Liens			9				—				9				11				—				11
Commercial - Owner Occupied			7				—				7				22				—				22
Commercial - Non-Owner Occupied & Multifamily			2,336				—				2,336				3,625				—				3,625
Commercial and industrial loans:
SBA PPP loans			—				—				—				—				—				—
Other commercial and industrial loans			3				—				3				12				—				12
Marine loans			514				—				514				552				—				552
Consumer loans			—				—				—				—				—				—
Overdrafts			—				—				—				—				—				—
Other loans			—				—				—				—				—				—
Total		$	4,156			$	—			$	4,156			$	5,645			$	—			$	5,645

Schedule of allowance for credit losses on loans by segment

The allowance for credit losses on loans by segment at March 31, 2024 and December 31, 2023 was as follows:

		As of and For the Three Months Ended
		March 31, 2024
		(in thousands)
		Construction and Farmland				Residential Real Estate				Commercial Real Estate & MultiFamily				Commercial				Marine				Consumer				All Other Loans				Unallocated				Total
Allowance for credit losses:
Beginning Balance		$	772			$	4,725			$	6,224			$	1,027			$	1,153			$	198			$	394			$	—			$	14,493
Charge-Offs			(94	)			(15	)			—				(74	)			(453	)			(38	)			(31	)			—				(705	)
Recoveries			2				6				155				14				—				5				3				—				185
Provision			197				(95	)			(473	)			24				841				(32	)			(85	)			98				475
Ending balance		$	877			$	4,621			$	5,906			$	991			$	1,541			$	133			$	281			$	98			$	14,448
Ending balance: Individually evaluated for impairment		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Ending balance: Collectively evaluated for impairment		$	877			$	4,621			$	5,906			$	991			$	1,541			$	133			$	281			$	98			$	14,448
Loans:
Ending balance		$	82,692			$	354,155			$	598,936			$	100,112			$	247,042			$	34,529			$	14,025			$	—			$	1,431,491
Ending balance: Individually evaluated for impairment		$	—			$	1,263			$	2,336			$	—			$	514			$	—			$	—			$	—			$	4,113
Ending balance: Collectively evaluated for impairment		$	82,692			$	352,892			$	596,600			$	100,112			$	246,528			$	34,529			$	14,025			$	—			$	1,427,378

		As of and For the Year Ended
		December 31, 2023
		(in thousands)
		Construction and Farmland				Residential Real Estate				Commercial Real Estate & MultiFamily				Commercial				Marine				Consumer				All Other Loans				Unallocated				Total
Allowance for credit losses:
Beginning Balance		$	2,714			$	1,735			$	2,221			$	2,222			$	1,555			$	299			$	472			$	—			$	11,218
Cumulative effect adjustment for adoption of ASC 326			(1,840	)			1,933				3,584				(1,102	)			(285	)			(123	)			(90	)			—				2,077
Charge-Offs			—				—				—				(312	)			(126	)			(121	)			(182	)			—				(741	)
Recoveries			8				18				—				43				—				48				181				—				298
Provision			(110	)			1,039				419				176				9				95				13				—				1,641
Ending balance		$	772			$	4,725			$	6,224			$	1,027			$	1,153			$	198			$	394			$	—			$	14,493
Ending balance: Individually evaluated for impairment		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Ending balance: Collectively evaluated for impairment		$	772			$	4,725			$	6,224			$	1,027			$	1,153			$	198			$	394			$	—			$	14,493
Loans:
Ending balance		$	84,145			$	356,116			$	600,335			$	107,828			$	251,168			$	42,419			$	13,148			$	—			$	1,455,159
Ending balance: Individually evaluated for impairment		$	95			$	1,288			$	3,639			$	—			$	552			$	—			$	—			$	—			$	5,574
Ending balance: Collectively evaluated for impairment		$	84,050			$	354,828			$	596,696			$	107,828			$	250,616			$	42,419			$	13,148			$	—			$	1,449,585

Schedule of amortized cost basis of collateral-dependent loans by loan portfolio segment

The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment:

		March 31, 2024												December 31, 2023
		(in thousands)												(in thousands)
(in thousands)		Real Estate Collateral				Other Collateral				Total				Real Estate Collateral				Other Collateral				Total
Mortgage real estate loans:
Construction & Secured by Farmland		$	—			$	—			$	—			$	95			$	—			$	95
HELOCs			—				—				—				—				—				—
Residential First Lien - Investor			1,063				—				1,063				1,086				—				1,086
Residential First Lien - Owner Occupied			191				—				191				194				—				194
Residential Junior Liens			9				—				9				8				—				8
Commercial - Owner Occupied			—				—				—				14				—				14
Commercial - Non-Owner Occupied & Multifamily			2,336				—				2,336				3,625				—				3,625
Commercial and industrial loans:
SBA PPP loans			—				—				—				—				—				—
Other commercial and industrial loans			—				—				—				—				—				—
Marine loans			—				514				514				—				552				552
Consumer loans			—				—				—				—				—				—
Overdrafts			—				—				—				—				—				—
Other loans			—				—				—				—				—				—
		$	3,599			$	514			$	4,113			$	5,022			$	552			$	5,574

Schedule of credit quality information by class

Credit quality information by class at March 31, 2024 and December 31, 2023 was as follows:

		March 31, 2024
		Term Loan Amortized Cost Basis by Origination Year
(in thousands)		2024				2023				2022				2021				2020				Prior				Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total
Mortgage real estate loans:
Construction & Secured by Farmland
Pass		$	3,581			$	32,199			$	20,332			$	4,911			$	4,797			$	5,904			$	3,225			$	—			$	74,949
Special Mention			—				6,532				—				—				—				1,032				—				—				7,564
Classified			—				—				—				—				143				36				—				—				179
Total		$	3,581			$	38,731			$	20,332			$	4,911			$	4,940			$	6,972			$	3,225			$	—			$	82,692
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	94			$	—			$	—			$	94
HELOCs
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	46,280			$	—			$	46,280
Special Mention			—				—				—				—				—				—				49				—				49
Classified			—				—				—				—				—				—				—				—				—
Total		$	—			$	—			$	—			$	—			$	—			$	—			$	46,329			$	—			$	46,329
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	14			$	—			$	—			$	14
Residential First Lien - Investor
Pass		$	1,674			$	18,785			$	22,529			$	30,136			$	9,795			$	24,715			$	—			$	1,146			$	108,780
Special Mention			—				—				277				276				1,772				1,645				—				—				3,970
Classified			—				—				—				1,063				—				—				—				—				1,063
Total		$	1,674			$	18,785			$	22,806			$	31,475			$	11,567			$	26,360			$	—			$	1,146			$	113,813
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Residential First Lien - Owner Occupied
Pass		$	8,267			$	55,504			$	34,025			$	23,561			$	35,310			$	23,404			$	—			$	556			$	180,627
Special Mention			—				—				—				—				—				47				—				—				47
Classified			—				—				—				—				—				649				—				—				649
Total		$	8,267			$	55,504			$	34,025			$	23,561			$	35,310			$	24,100			$	—			$	556			$	181,323
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Residential Junior Liens
Pass		$	242			$	2,643			$	2,836			$	3,357			$	1,460			$	1,926			$	—			$	186			$	12,650
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				25				—				15				40
Total		$	242			$	2,643			$	2,836			$	3,357			$	1,460			$	1,951			$	—			$	201			$	12,690
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	1			$	—			$	—			$	1
Commercial - Owner Occupied
Pass		$	3,795			$	35,991			$	66,215			$	35,461			$	22,616			$	62,550			$	1,629			$	4,226			$	232,483
Special Mention			—				558				10,193				4,397				2,129				3,525				—				—				20,802
Classified			—				—				—				958				494				7				—				—				1,459
Total		$	3,795			$	36,549			$	76,408			$	40,816			$	25,239			$	66,082			$	1,629			$	4,226			$	254,744
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

Commercial - Non-Owner Occupied & Multifamily
Pass		$	959			$	41,292			$	80,586			$	65,003			$	62,800			$	47,580			$	1,196			$	5,561			$	304,977
Special Mention			—				15,671				10,807				3,659				6,741				—				—				—				36,878
Classified			—				—				—				—				2,337				—				—				—				2,337
Total		$	959			$	56,963			$	91,393			$	68,662			$	71,878			$	47,580			$	1,196			$	5,561			$	344,192
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial and industrial loans:
SBA PPP loans
Pass		$	—			$	—			$	—			$	45			$	—			$	—			$	—			$	—			$	45
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				—				—				—
Total		$	—			$	—			$	—			$	45			$	—			$	—			$	—			$	—			$	45
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Other commercial and industrial loans
Pass		$	3,766			$	12,803			$	25,956			$	8,154			$	4,421			$	6,268			$	32,496			$	1,042			$	94,906
Special Mention			—				2,969				—				—				—				44				1,829				316				5,158
Classified			—				—				—				—				3				—				—				—				3
Total		$	3,766			$	15,772			$	25,956			$	8,154			$	4,424			$	6,312			$	34,325			$	1,358			$	100,067
Current period gross charge-offs		$	—			$	11			$	9			$	—			$	54			$	—			$	—			$	—			$	74
Marine loans
Pass		$	—			$	84,210			$	126,544			$	35,114			$	660			$	—			$	—			$	—			$	246,528
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				514				—				—				—				—				—				—				514
Total		$	—			$	84,724			$	126,544			$	35,114			$	660			$	—			$	—			$	—			$	247,042
Current period gross charge-offs		$	—			$	366			$	87			$	—			$	—			$	—			$	—			$	—			$	453
Consumer loans
Pass		$	699			$	2,993			$	13,411			$	5,966			$	8,448			$	1,692			$	1,279			$	41			$	34,529
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				—				—				—
Total		$	699			$	2,993			$	13,411			$	5,966			$	8,448			$	1,692			$	1,279			$	41			$	34,529
Current period gross charge-offs		$	28			$	10			$	—			$	—			$	—			$	—			$	—			$	—			$	38
Overdrafts
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Special Mention			—				—				—				—				—				—				—				—				—
Classified			1,559				—				—				—				—				—				—				—				1,559
Total		$	1,559			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	1,559
Current period gross charge-offs		$	31			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	31
Other loans
Pass		$	—			$	65			$	9,927			$	—			$	—			$	2,409			$	59			$	6			$	12,466
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				—				—				—
Total		$	—			$	65			$	9,927			$	—			$	—			$	2,409			$	59			$	6			$	12,466
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Total by Risk Category

Pass		$	22,983			$	286,485			$	402,361			$	211,708			$	150,307			$	176,448			$	86,164			$	12,764			$	1,349,220
Special Mention			—				25,730				21,277				8,332				10,642				6,293				1,878				316				74,468
Classified			1,559				514				—				2,021				2,977				717				—				15				7,803
Total		$	24,542			$	312,729			$	423,638			$	222,061			$	163,926			$	183,458			$	88,042			$	13,095			$	1,431,491
Total current period gross charge-offs		$	59			$	387			$	96			$	—			$	54			$	109			$	—			$	—			$	705

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Tabular disclosure of allowance for credit loss on financing receivable.

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