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Note 2 - Loans and Allowance for Credit Losses | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Financing Receivables [Text Block] | Note 2: Loans and Allowance for Credit Losses Loans The loan portfolio, excluding mortgage loans held for sale, was comprised of the following.
|  | March 31, 2023 |  |  | December 31, 2022 |
Real estate construction |  | $ | 54,052 |  |  | $ | 54,579 |
Consumer real estate |  |  | 223,438 |  |  |  | 221,052 |
Commercial real estate |  |  | 438,843 |  |  |  | 437,888 |
Commercial non real estate |  |  | 60,516 |  |  |  | 57,652 |
Public sector and IDA |  |  | 47,359 |  |  |  | 48,074 |
Consumer non real estate |  |  | 33,188 |  |  |  | 33,948 |
Gross loans |  |  | 857,396 |  |  |  | 853,193 |
Less unearned income and deferred fees and costs |  |  | (431 | ) |  |  | (449 | )
Loans, net of unearned income and deferred fees and costs |  | $ | 856,965 |  |  | $ | 852,744 |
Allowance for credit losses on loans |  |  | (10,650 | ) |  |  | (8,225 | )
Total loans, net |  | $ | 846,315 |  |  | $ | 844,519 |
Accrued interest receivable on loans, which is excluded from the amortized cost of loans, totaled $2,558 and $2,516 at March 31, 2023 and December 31, 2022, respectively. Past Due and Nonaccrual Loans The following tables present the aging of past due loans, by loan pool, as of the dates indicated.
|  | March 31, 2023 |
|  | Accruing Current Loans |  |  | Accruing Loans 30 – 89 Days Past Due |  |  | Accruing Loans 90 or More Days Past Due |  |  | Nonaccrual Loans |  |  | Total Loans |  |  | Accruing and Nonaccrual 90 or More Days Past Due |
Real Estate Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, 1-4 family residential |  | $ | 13,143 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 13,143 |  |  | $ | - |
Construction, other |  |  | 40,909 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 40,909 |  |  |  | - |
Consumer Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity line |  |  | 14,503 |  |  |  | 23 |  |  |  | - |  |  |  | - |  |  |  | 14,526 |  |  |  | - |
Residential closed-end first liens |  |  | 121,466 |  |  |  | 836 |  |  |  | 27 |  |  |  | 90 |  |  |  | 122,419 |  |  |  | 117 |
Residential closed-end junior liens |  |  | 2,476 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,476 |  |  |  | - |
Investor-owned residential real estate |  |  | 83,924 |  |  |  | 93 |  |  |  | - |  |  |  | - |  |  |  | 84,017 |  |  |  | - |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily residential real estate |  |  | 131,952 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 131,952 |  |  |  | - |
Commercial real estate owner-occupied |  |  | 124,882 |  |  |  | 8 |  |  |  | - |  |  |  | 2,472 |  |  |  | 127,362 |  |  |  | 247 |
Commercial real estate, other |  |  | 179,529 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 179,529 |  |  |  | 1 |
Commercial Non Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 60,201 |  |  |  | 62 |  |  |  | 1 |  |  |  | 252 |  |  |  | 60,516 |  |  |  | - |
Public Sector and IDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  |  | 47,359 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 47,359 |  |  |  | - |
Consumer Non-Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 4,557 |  |  |  | 5 |  |  |  | 1 |  |  |  | - |  |  |  | 4,563 |  |  |  | 1 |
Automobile |  |  | 10,328 |  |  |  | 75 |  |  |  | - |  |  |  | - |  |  |  | 10,403 |  |  |  | - |
Other consumer loans |  |  | 18,146 |  |  |  | 72 |  |  |  | 4 |  |  |  | - |  |  |  | 18,222 |  |  |  | 4 |
Total |  | $ | 853,375 |  |  | $ | 1,174 |  |  | $ | 33 |  |  | $ | 2,814 |  |  | $ | 857,396 |  |  | $ | 370 |
|  | December 31, 2022 |
|  | Accruing Current Loans |  |  | Accruing Loans 30 – 89 Days Past Due |  |  | Accruing Loans 90 or More Days Past Due |  |  | Nonaccrual Loans |  |  | Total Loans |  |  | Accruing and Nonaccrual 90 or More Days Past Due |
Real Estate Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, 1-4 family residential |  | $ | 12,538 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 12,538 |  |  | $ | - |
Construction, other |  |  | 42,041 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 42,041 |  |  |  | - |
Consumer Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity line |  |  | 15,010 |  |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | 15,026 |  |  |  | - |
Residential closed-end first liens |  |  | 121,807 |  |  |  | 750 |  |  |  | - |  |  |  | 91 |  |  |  | 122,648 |  |  |  | 91 |
Residential closed-end junior liens |  |  | 2,446 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,446 |  |  |  | - |
Investor-owned residential real estate |  |  | 80,524 |  |  |  | 408 |  |  |  | - |  |  |  | - |  |  |  | 80,932 |  |  |  | - |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multifamily residential real estate |  |  | 127,312 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 127,312 |  |  |  | - |
Commercial real estate owner-occupied |  |  | 126,640 |  |  |  | - |  |  |  | - |  |  |  | 2,493 |  |  |  | 129,133 |  |  |  | 252 |
Commercial real estate, other |  |  | 181,443 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 181,443 |  |  |  | - |
Commercial Non Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 57,373 |  |  |  | 16 |  |  |  | - |  |  |  | 263 |  |  |  | 57,652 |  |  |  | - |
Public Sector and IDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  |  | 48,074 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 48,074 |  |  |  | - |
Consumer Non-Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 4,592 |  |  |  | 3 |  |  |  | 2 |  |  |  | - |  |  |  | 4,597 |  |  |  | 2 |
Automobile |  |  | 9,833 |  |  |  | 102 |  |  |  | - |  |  |  | - |  |  |  | 9,935 |  |  |  | - |
Other consumer loans |  |  | 19,317 |  |  |  | 93 |  |  |  | 6 |  |  |  | - |  |  |  | 19,416 |  |  |  | 6 |
Total |  | $ | 848,950 |  |  | $ | 1,388 |  |  | $ | 8 |  |  | $ | 2,847 |  |  | $ | 853,193 |  |  | $ | 351 |
The following table presents nonaccrual loans, by loan class, as of the dates indicated:
|  | CECL |  |  | Incurred Loss |
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Nonaccrual Loans |  |  | Nonaccrual Loans |
|  | With No Allowance |  |  | With an Allowance |  |  | Total |  |  |  |
Consumer Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential closed-end first liens |  | $ | - |  |  | $ | 90 |  |  | $ | 90 |  |  | $ | 91 |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate owner-occupied |  |  | - |  |  |  | 2,472 |  |  |  | 2,472 |  |  |  | 2,493 |
Commercial Non Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | - |  |  |  | 252 |  |  |  | 252 |  |  |  | 263 |
Total |  | $ | - |  |  | $ | 2,814 |  |  | $ | 2,814 |  |  | $ | 2,847 |
During the three months ended March 31, 2023, no accrued interest receivable was reversed against interest income. The following table presents certain past due indicators as of the dates indicated.
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2022 |
Ratio of ACLL to nonaccrual loans |  |  | 378.46 | % |  |  | 272.12 | % |  |  | 288.90 | %
Ratio of loans past due 90 days or more and still accruing to loans, net of unearned income and deferred fees and costs |  |  | 0.00 | % |  |  | 0.05 | % |  |  | 0.00 | %
Allowance for Credit Losses on Loans The activity in the ACLL by portfolio segment follows:
|  | Activity in the Allowance for Credit Losses on Loans for the Three Months Ended March 31, 2023 |
|  | Real Estate Construction |  |  | Consumer Real Estate |  |  | Commercial Real Estate |  |  | Commercial Non Real Estate |  |  | Public Sector and IDA |  |  | Consumer Non Real Estate |  |  | Unallocated |  |  | Total |
Balance, Dec. 31, 2022 |  | $ | 450 |  |  | $ | 2,199 |  |  | $ | 3,642 |  |  | $ | 930 |  |  | $ | 319 |  |  | $ | 506 |  |  | $ | 179 |  |  | $ | 8,225 |
Adoption of ASU 2016-13 |  |  | (21 | ) |  |  | 1,261 |  |  |  | 700 |  |  |  | 216 |  |  |  | (15 | ) |  |  | 72 |  |  |  | 129 |  |  |  | 2,342 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (12 | ) |  |  | - |  |  |  | (80 | ) |  |  | - |  |  |  | (92 | )
Recoveries |  |  | - |  |  |  | 102 |  |  |  | 12 |  |  |  | 2 |  |  |  | - |  |  |  | 57 |  |  |  | - |  |  |  | 173 |
Provision for (recovery of) credit losses |  |  | 22 |  |  |  | (260 | ) |  |  | 20 |  |  |  | 58 |  |  |  | (10 | ) |  |  | - |  |  |  | 172 |  |  |  | 2 |
Balance, March 31, 2023 |  | $ | 451 |  |  | $ | 3,302 |  |  | $ | 4,374 |  |  | $ | 1,194 |  |  | $ | 294 |  |  | $ | 555 |  |  | $ | 480 |  |  | $ | 10,650 |
|  | Activity in the Allowance for Loan Losses for the Three Months Ended March 31, 2022 |
|  | Real Estate Construction |  |  | Consumer Real Estate |  |  | Commercial Real Estate |  |  | Commercial Non Real Estate |  |  | Public Sector and IDA |  |  | Consumer Non Real Estate |  |  | Unallocated |  |  | Total |
Balance, Dec. 31, 2021 |  | $ | 422 |  |  | $ | 1,930 |  |  | $ | 3,121 |  |  | $ | 1,099 |  |  | $ | 297 |  |  | $ | 444 |  |  | $ | 361 |  |  | $ | 7,674 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (60 | ) |  |  | - |  |  |  | (60 | )
Recoveries |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 3 |  |  |  | - |  |  |  | 25 |  |  |  | - |  |  |  | 40 |
Provision for (recovery of) loan losses |  |  | 171 |  |  |  | 5 |  |  |  | 290 |  |  |  | (158 | ) |  |  | 10 |  |  |  | 6 |  |  |  | (190 | ) |  |  | 134 |
Balance, March, 31, 2022 |  | $ | 593 |  |  | $ | 1,935 |  |  | $ | 3,423 |  |  | $ | 944 |  |  | $ | 307 |  |  | $ | 415 |  |  | $ | 171 |  |  | $ | 7,788 |
|  | Activity in the Allowance for Loan Losses for the Year Ended December 31, 2022 |
|  | Real Estate Construction |  |  | Consumer Real Estate |  |  | Commercial Real Estate |  |  | Commercial Non Real Estate |  |  | Public Sector and IDA |  |  | Consumer Non Real Estate |  |  | Unallocated |  |  | Total |
Balance, Dec. 31, 2021 |  | $ | 422 |  |  | $ | 1,930 |  |  | $ | 3,121 |  |  | $ | 1,099 |  |  | $ | 297 |  |  | $ | 444 |  |  | $ | 361 |  |  | $ | 7,674 |
Charge-offs |  |  | - |  |  |  | (13 | ) |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | (352 | ) |  |  | - |  |  |  | (367 | )
Recoveries |  |  | - |  |  |  | 29 |  |  |  | 49 |  |  |  | 11 |  |  |  | - |  |  |  | 123 |  |  |  | - |  |  |  | 212 |
Provision for (recovery of) loan losses |  |  | 28 |  |  |  | 253 |  |  |  | 472 |  |  |  | (178 | ) |  |  | 22 |  |  |  | 291 |  |  |  | (182 | ) |  |  | 706 |
Balance, Dec. 31, 2022 |  | $ | 450 |  |  | $ | 2,199 |  |  | $ | 3,642 |  |  | $ | 930 |  |  | $ | 319 |  |  | $ | 506 |  |  | $ | 179 |  |  | $ | 8,225 |
Information about the ACLL for individually evaluated loans and collectively evaluated loans by portfolio segment follows.
|  | Allowance for Credit Losses on Loans as of March 31, 2023 |
|  | Real Estate Construction |  |  | Consumer Real Estate |  |  | Commercial Real Estate |  |  | Commercial Non Real Estate |  |  | Public Sector and IDA |  |  | Consumer Non Real Estate |  |  | Unallocated |  |  | Total |
Individually evaluated |  | $ | 1 |  |  | $ | 84 |  |  | $ | 201 |  |  | $ | 148 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 434 |
Collectively evaluated |  |  | 450 |  |  |  | 3,218 |  |  |  | 4,173 |  |  |  | 1,046 |  |  |  | 294 |  |  |  | 555 |  |  |  | 480 |  |  |  | 10,216 |
Total |  | $ | 451 |  |  | $ | 3,302 |  |  | $ | 4,374 |  |  | $ | 1,194 |  |  | $ | 294 |  |  | $ | 555 |  |  | $ | 480 |  |  | $ | 10,650 |
|  | Allowance for Loan Losses as of December 31, 2022 |
|  | Real Estate Construction |  |  | Consumer Real Estate |  |  | Commercial Real Estate |  |  | Commercial Non Real Estate |  |  | Public Sector and IDA |  |  | Consumer Non- Real Estate |  |  | Unallocated |  |  | Total |
Individually evaluated |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Collectively evaluated |  |  | 450 |  |  |  | 2,199 |  |  |  | 3,642 |  |  |  | 930 |  |  |  | 319 |  |  |  | 506 |  |  |  | 179 |  |  |  | 8,225 |
Total |  | $ | 450 |  |  | $ | 2,199 |  |  | $ | 3,642 |  |  | $ | 930 |  |  | $ | 319 |  |  | $ | 506 |  |  | $ | 179 |  |  | $ | 8,225 |
Information about individually evaluated loans and collectively evaluated loans by portfolio segment follows.
|  | Loans as of March 31, 2023 |
|  | Real Estate Construction |  |  | Consumer Real Estate |  |  | Commercial Real Estate |  |  | Commercial Non Real Estate |  |  | Public Sector and IDA |  |  | Consumer Non Real Estate |  |  | Total |
Individually evaluated |  | $ | 294 |  |  | $ | 1,061 |  |  | $ | 2,480 |  |  | $ | 295 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,130 |
Collectively evaluated |  |  | 53,758 |  |  |  | 222,377 |  |  |  | 436,363 |  |  |  | 60,221 |  |  |  | 47,359 |  |  |  | 33,188 |  |  |  | 853,266 |
Total |  | $ | 54,052 |  |  | $ | 223,438 |  |  | $ | 438,843 |  |  | $ | 60,516 |  |  | $ | 47,359 |  |  | $ | 33,188 |  |  | $ | 857,396 |
|  | Loans as of December 31, 2022 |
|  | Real Estate Construction |  |  | Consumer Real Estate |  |  | Commercial Real Estate |  |  | Commercial Non Real Estate |  |  | Public Sector and IDA |  |  | Consumer Non- Real Estate |  |  | Total |
Individually evaluated |  | $ | - |  |  | $ | 186 |  |  | $ | 2,583 |  |  | $ | 263 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,032 |
Collectively evaluated |  |  | 54,579 |  |  |  | 220,866 |  |  |  | 435,305 |  |  |  | 57,389 |  |  |  | 48,074 |  |  |  | 33,948 |  |  |  | 850,161 |
Total |  | $ | 54,579 |  |  | $ | 221,052 |  |  | $ | 437,888 |  |  | $ | 57,652 |  |  | $ | 48,074 |  |  | $ | 33,948 |  |  | $ | 853,193 |
A summary of ratios pertaining to the ACLL follows.
|  | As of and for the |
|  | Three Months Ended March 31, |  |  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2022 |
Ratio of ACLL to the end of period loans, net of unearned income and deferred fees and costs |  |  | 1.24 | % |  |  | 0.95 | % |  |  | 0.96 | %
Ratio of net charge-offs (recoveries), annualized, to average loans, net of unearned income and deferred fees and costs |  |  | (0.04 | )% |  |  | 0.01 | % |  |  | 0.02 | %
In accordance with CECL, the Company identifies individually evaluated loans when their risk characteristics become different from their pool. Under previous GAAP, the Company identified loans for potential impairment through a variety of means, including, but not limited to, ongoing loan review, renewal processes, delinquency data, market communications, and public information. When the Company determined that it was probable all principal and interest amounts due would not be collected in accordance with the contractual terms of the loan agreement, the loan was generally deemed impaired and individually evaluated. For further information on the impairment process under previous GAAP, please refer to the Company’s 2022 Annual Report on Form 10-K. A summary of individually evaluated loans for the dates indicated follows.
|  | Individually Evaluated Loans under Incurred Loss as of December 31, 2022 |
|  | Principal Balance |  |  | Recorded Investment(1) |  |  | Recorded Investment(1) for Which There is No Related Allowance |  |  | Recorded Investment(1) for Which There is a Related Allowance |  |  | Related Allowance |
Consumer Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investor-owned residential real estate |  | $ | 186 |  |  | $ | 186 |  |  | $ | 186 |  |  | $ | - |  |  | $ | - |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate, owner occupied |  |  | 3,248 |  |  |  | 2,583 |  |  |  | 2,583 |  |  |  | - |  |  |  | - |
Commercial Non Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 285 |  |  |  | 263 |  |  |  | 263 |  |  |  | - |  |  |  | - |
Total |  | $ | 3,719 |  |  | $ | 3,032 |  |  | $ | 3,032 |  |  | $ | - |  |  | $ | - |
| (1) | Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status.
The following tables show the average recorded investment and interest income recognized for individually evaluated loans. Only classes with individually evaluated loans are presented.
|  | For the Three Months Ended March 31, 2022 |
|  | Average Recorded Investment(1) |  |  | Interest Income Recognized |
Consumer Real Estate |  |  |  |  |  |  |  |
Investor-owned residential real estate |  | $ | 190 |  |  | $ | 3 |
Commercial Real Estate |  |  |  |  |  |  |  |
Commercial real estate, owner occupied |  |  | 2,640 |  |  |  | 1 |
Commercial real estate, other |  |  | 2,720 |  |  |  | 17 |
Commercial Non-Real Estate |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 292 |  |  |  | - |
Total |  | $ | 5,842 |  |  | $ | 21 |
| (1) | Recorded investment is net of charge-offs and interest paid while a loan is in nonaccrual status.
Collateral Dependent Loans The Company reviews individually evaluated loans for collateral dependency. As of March 31, 2023, none of the Company’s individually evaluated loans were considered collateral dependent. Credit Quality The Company categorizes loans by risk based on relevant information about the ability of borrowers to service their debt, including: collateral and financial information, historical payment experience, credit documentation and current economic trends, among other factors. At origination, each loan is assigned a risk rating. Ongoing analysis of the loan portfolio adjusts risk ratings on an individual loan basis to reflect updated information. General descriptions of risk ratings are as follows:
| ● | Pass: loans with acceptable credit quality are rated pass.
| ● | Special mention: loans with potential weaknesses due to challenging economic or financial conditions are rated special mention.
| ● | Classified: loans with well-defined weaknesses that heighten the risk of default are rated classified.
The following tables present the amortized cost basis of the loan portfolio, by year of origination, loan class, and credit quality, as of the date indicated.
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2023 |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | Prior |  |  | Revolving |  |  | Revolving Loans Converted to Term |  |  | Total |
Construction, residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | 213 |  |  | $ | 1,370 |  |  | $ | 5,000 |  |  | $ | 554 |  |  | $ | - |  |  | $ | 6,006 |  |  | $ | - |  |  | $ | 13,143 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | - |  |  | $ | 213 |  |  | $ | 1,370 |  |  | $ | 5,000 |  |  | $ | 554 |  |  | $ | - |  |  | $ | 6,006 |  |  | $ | - |  |  | $ | 13,143 |
Construction, other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,253 |  |  | $ | 1,502 |  |  | $ | 26,880 |  |  | $ | 5,229 |  |  | $ | 1,573 |  |  | $ | 2,807 |  |  | $ | 1,371 |  |  | $ | - |  |  | $ | 40,615 |
Classified |  |  | - |  |  |  | - |  |  |  | 294 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 294 |
Total |  | $ | 1,253 |  |  | $ | 1,502 |  |  | $ | 27,174 |  |  | $ | 5,229 |  |  | $ | 1,573 |  |  | $ | 2,807 |  |  | $ | 1,371 |  |  | $ | - |  |  | $ | 40,909 |
Equity lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 53 |  |  | $ | 14,465 |  |  | $ | 8 |  |  | $ | 14,526 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 53 |  |  | $ | 14,465 |  |  | $ | 8 |  |  | $ | 14,526 |
Residential closed-end first liens |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 6,191 |  |  | $ | 15,467 |  |  | $ | 32,829 |  |  | $ | 27,691 |  |  | $ | 4,381 |  |  | $ | 35,532 |  |  | $ | - |  |  |  | - |  |  | $ | 122,091 |
Classified |  |  | - |  |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 301 |  |  |  | - |  |  |  | - |  |  |  | 328 |
Total |  | $ | 6,191 |  |  | $ | 15,494 |  |  | $ | 32,829 |  |  | $ | 27,691 |  |  | $ | 4,381 |  |  | $ | 35,833 |  |  | $ | - |  |  | $ | - |  |  | $ | 122,419 |
Residential closed-end junior liens |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 7 |  |  | $ | - |  |  | $ | 87 |  |  | $ | 405 |  |  | $ | 82 |  |  | $ | 1,895 |  |  | $ | - |  |  |  | - |  |  | $ | 2,476 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 7 |  |  | $ | - |  |  | $ | 87 |  |  | $ | 405 |  |  | $ | 82 |  |  | $ | 1,895 |  |  | $ | - |  |  |  | - |  |  | $ | 2,476 |
Investor-owned residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 5,379 |  |  | $ | 15,052 |  |  | $ | 20,412 |  |  | $ | 14,414 |  |  | $ | 2,301 |  |  | $ | 24,079 |  |  | $ | 1,547 |  |  | $ | 100 |  |  | $ | 83,284 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 733 |  |  |  | - |  |  |  | - |  |  |  | 733 |
Total |  | $ | 5,379 |  |  | $ | 15,052 |  |  | $ | 20,412 |  |  | $ | 14,414 |  |  | $ | 2,301 |  |  | $ | 24,812 |  |  | $ | 1,547 |  |  | $ | 100 |  |  | $ | 84,017 |
Multifamily residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,856 |  |  | $ | 11,973 |  |  | $ | 41,285 |  |  | $ | 27,249 |  |  | $ | 4,851 |  |  | $ | 44,731 |  |  | $ | 7 |  |  |  | - |  |  | $ | 131,952 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 1,856 |  |  | $ | 11,973 |  |  | $ | 41,285 |  |  | $ | 27,249 |  |  | $ | 4,851 |  |  | $ | 44,731 |  |  | $ | 7 |  |  |  | - |  |  | $ | 131,952 |
Commercial real estate, owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 19,563 |  |  | $ | 24,191 |  |  | $ | 5,088 |  |  | $ | 16,648 |  |  | $ | 1,899 |  |  | $ | 54,991 |  |  | $ | 2,452 |  |  |  | 50 |  |  | $ | 124,882 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,480 |  |  |  | - |  |  |  | - |  |  |  | 2,480 |
Total |  | $ | 19,563 |  |  | $ | 24,191 |  |  | $ | 5,088 |  |  | $ | 16,648 |  |  | $ | 1,899 |  |  | $ | 57,471 |  |  | $ | 2,452 |  |  |  | 50 |  |  | $ | 127,362 |
Commercial real estate, other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 22,410 |  |  | $ | 19,838 |  |  | $ | 36,961 |  |  | $ | 23,541 |  |  | $ | 262 |  |  | $ | 76,142 |  |  | $ | 375 |  |  | $ | - |  |  | $ | 179,529 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 22,410 |  |  | $ | 19,838 |  |  | $ | 36,961 |  |  | $ | 23,541 |  |  | $ | 262 |  |  | $ | 76,142 |  |  | $ | 375 |  |  | $ | - |  |  | $ | 179,529 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,064 |  |  | $ | 10,123 |  |  | $ | 15,106 |  |  | $ | 8,959 |  |  | $ | 2,258 |  |  | $ | 6,691 |  |  | $ | 16,020 |  |  | $ | - |  |  | $ | 60,221 |
Classified |  |  | 36 |  |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | - |  |  |  | 252 |  |  |  | - |  |  |  | - |  |  |  | 295 |
Total |  | $ | 1,100 |  |  | $ | 10,123 |  |  | $ | 15,106 |  |  | $ | 8,966 |  |  | $ | 2,258 |  |  | $ | 6,943 |  |  | $ | 16,020 |  |  | $ | - |  |  | $ | 60,516 |
YTD gross charge-offs |  | $ | 12 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 12 |
Public sector and IDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 42 |  |  | $ | 247 |  |  | $ | 18,419 |  |  | $ | 6,650 |  |  | $ | - |  |  | $ | 22,001 |  |  | $ | - |  |  | $ | - |  |  | $ | 47,359 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 42 |  |  | $ | 247 |  |  | $ | 18,419 |  |  | $ | 6,650 |  |  | $ | - |  |  | $ | 22,001 |  |  | $ | - |  |  | $ | - |  |  | $ | 47,359 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4,563 |  |  | $ | - |  |  | $ | 4,563 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4,563 |  |  | $ | - |  |  | $ | 4,563 |
YTD gross charge-offs |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8 |  |  | $ | - |  |  | $ | 8 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 519 |  |  | $ | 1,119 |  |  | $ | 2,453 |  |  | $ | 4,255 |  |  | $ | 1,884 |  |  | $ | 173 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,403 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 519 |  |  | $ | 1,119 |  |  | $ | 2,453 |  |  | $ | 4,255 |  |  | $ | 1,884 |  |  | $ | 173 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,403 |
YTD gross charge-offs |  | $ | - |  |  | $ | - |  |  | $ | 1 |  |  | $ | 30 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 31 |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 543 |  |  | $ | 1,412 |  |  | $ | 3,245 |  |  | $ | 9,416 |  |  | $ | 2,577 |  |  | $ | 174 |  |  | $ | 855 |  |  | $ | - |  |  | $ | 18,222 |
Classified |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 543 |  |  | $ | 1,412 |  |  | $ | 3,245 |  |  | $ | 9,416 |  |  | $ | 2,577 |  |  | $ | 174 |  |  | $ | 855 |  |  | $ | - |  |  | $ | 18,222 |
YTD gross charge-offs |  | $ | - |  |  | $ | - |  |  | $ | 6 |  |  | $ | 13 |  |  | $ | - |  |  | $ | - |  |  | $ | 22 |  |  | $ | - |  |  | $ | 41 |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 58,826 |  |  | $ | 101,136 |  |  | $ | 204,134 |  |  | $ | 149,458 |  |  | $ | 22,622 |  |  | $ | 273,833 |  |  | $ | 43,098 |  |  | $ | 159 |  |  | $ | 853,266 |
Classified |  |  | 36 |  |  |  | 27 |  |  |  | 294 |  |  |  | 7 |  |  |  | - |  |  |  | 3,766 |  |  |  | - |  |  |  | - |  |  |  | 4,130 |
Total |  | $ | 58,862 |  |  | $ | 101,163 |  |  | $ | 204,428 |  |  | $ | 149,465 |  |  | $ | 22,622 |  |  | $ | 277,599 |  |  | $ | 43,098 |  |  | $ | 159 |  |  | $ | 857,396 |
YTD gross charge-offs |  | $ | 12 |  |  | $ | - |  |  | $ | 7 |  |  | $ | 43 |  |  | $ | - |  |  | $ | - |  |  | $ | 30 |  |  | $ | - |  |  | $ | 92 |
The following table presents the recorded investment by loan pool and credit quality as of December 31, 2022.
|  | December 31, 2022 |
|  | Pass |  |  | Special Mention |  |  | Classified |
Real Estate Construction |  |  |  |  |  |  |  |  |  |  |  |
Construction, 1-4 family residential |  | $ | 12,538 |  |  | $ | - |  |  | $ | - |
Construction, other |  |  | 41,741 |  |  |  | - |  |  |  | 300 |
Consumer Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Equity lines |  |  | 15,026 |  |  |  | - |  |  |  | - |
Residential closed-end first liens |  |  | 122,187 |  |  |  | - |  |  |  | 461 |
Residential closed-end junior liens |  |  | 2,446 |  |  |  | - |  |  |  | - |
Investor-owned residential real estate |  |  | 80,143 |  |  |  | - |  |  |  | 603 |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Multifamily residential real estate |  |  | 127,312 |  |  |  | - |  |  |  | - |
Commercial real estate owner-occupied |  |  | 126,550 |  |  |  | - |  |  |  | - |
Commercial real estate, other |  |  | 181,443 |  |  |  | - |  |  |  | - |
Commercial Non Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | 57,381 |  |  |  | - |  |  |  | 8 |
Public Sector and IDA |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  |  | 48,074 |  |  |  | - |  |  |  | - |
Consumer Non-Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 4,597 |  |  |  | - |  |  |  | - |
Automobile |  |  | 9,932 |  |  |  | - |  |  |  | 3 |
Other consumer |  |  | 19,398 |  |  |  | - |  |  |  | 18 |
Total |  | $ | 848,768 |  |  | $ | - |  |  | $ | 1,393 |
Loan Modifications to Borrowers Experiencing Financial Difficulty There were no loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2023. The Company analyzed its modified loan portfolio for loans that defaulted during the three month period ended March 31 2023, and that were modified within 12 months prior to default. The Company designates three circumstances that indicate default: one or more payments that occur more than 90 days past the due date, charge-off, or foreclosure after the date of modification. Of the Company’s modifications at March 31, 2023, none of the defaulted modifications were modified within 12 months prior to default. ACL on Unfunded Commitments The following table presents the balance and activity in the ACL for unfunded commitments for the three months ended March 31, 2023:
Allowance for Credit Losses on Unfunded Commitments |
Balance, December 31, 2022 |  | $ | 35 |
Adoption of ASU 2016-13 |  |  | 207 |
Provision for credit losses |  |  | - |
Balance, March 31, 2023 |  | $ | 242 |

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