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LOANS | 3 Months Ended
--- | ---
Mar. 31, 2024
LOANS |
LOANS | 4. LOANS The following table sets forth the classification of the Company’s loans by loan portfolio segment for the periods presented. ​
​ | ​ | ​ | ​ | ​ | ​
(in thousands) | March 31, 2024 |  | December 31, 2023
Residential real estate | $ | 756,896 | ​ | $ | 714,843
Multi-family |  | 568,043 | ​ |  | 572,849
Commercial real estate |  | 546,572 | ​ |  | 548,012
Commercial and industrial |  | 123,419 | ​ |  | 107,912
Construction and land development |  | 10,136 | ​ |  | 13,170
Consumer |  | 449 | ​ |  | 413
Total loans |  | 2,005,515 | ​ |  | 1,957,199
Allowance for credit losses |  | (19,873) | ​ |  | (19,658)
Total loans, net | $ | 1,985,642 | ​ | $ | 1,937,541
​ The Company’s Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans outstanding, included in commercial and industrial loans in the table above, totaled $2.4 million and $2.9 million at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, the Company was servicing approximately $282.2 million and $262.8 million, respectively, of loans for others. The Company had $7.6 million and $8.9 million of SBA loans held for sale at March 31, 2024 and December 31, 2023, respectively. For the three months ended March 31, 2024 and 2023, the Company sold loans totaling approximately $26.7 million and $12.8 million, respectively, recognizing net gains of $2.5 million and $1.0 million, respectively. The following tables summarize the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2024 and the allowance for loan losses for the three months ended March 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Commercial | ​ | Construction | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Residential | ​ | Multi- | ​ | Commercial | ​ | and | ​ | and Land | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Real Estate |  | Family |  | Real Estate |  | Industrial |  | Development |  | Consumer |  | ​ | ​
​ | ​ | Loans | ​ | Loans | ​ | Loans | ​ | Loans | ​ | Loans | ​ | Loans | ​ | Total
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 5,001 | ​ | $ | 4,671 | ​ | $ | 8,390 | ​ | $ | 1,419 | ​ | $ | 122 | ​ | $ | 55 | ​ | $ | 19,658
Charge-offs | ​ |  | — | ​ |  | — | ​ |  | (30) | ​ |  | (60) | ​ |  | — | ​ | ​ | — | ​ |  | (90)
Recoveries | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 5 | ​ |  | — | ​ |  | — | ​ |  | 5
Provision for credit losses | ​ |  | 276 | ​ |  | (454) | ​ |  | 219 | ​ |  | 279 | ​ |  | (25) | ​ |  | 5 | ​ |  | 300
Ending balance | ​ | $ | 5,277 | ​ | $ | 4,217 | ​ | $ | 8,579 | ​ | $ | 1,643 | ​ | $ | 97 | ​ | $ | 60 | ​ | $ | 19,873
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Commercial | ​ | Construction | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Residential | ​ | Multi- | ​ | Commercial | ​ | and | ​ | and Land | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Real Estate | ​ | Family | ​ | Real Estate | ​ | Industrial | ​ | Development | ​ | Consumer | ​ | ​ | ​
​ |  | Loans |  | Loans |  | Loans |  | Loans |  | Loans |  | Loans |  | Total
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 4,508 | ​ | $ | 5,697 | ​ | $ | 3,234 | ​ | $ | 852 | ​ | $ | 104 | ​ | $ | 9 | ​ | $ | 14,404
Charge-offs | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (457) | ​ |  | — | ​ |  | — | ​ |  | (457)
Recoveries | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Provision for loan losses | ​ |  | 156 | ​ |  | (382) | ​ |  | 10 | ​ |  | 1,130 | ​ |  | 9 | ​ |  | 9 | ​ |  | 932
Ending balance | ​ | $ | 4,664 | ​ | $ | 5,315 | ​ | $ | 3,244 | ​ | $ | 1,525 | ​ | $ | 113 | ​ | $ | 18 | ​ | $ | 14,879
​ Allowance for Credit Losses on Unfunded Commitments The Company has recorded an ACL for unfunded credit commitments, which is recorded in other liabilities. The provision for credit losses on unfunded commitments is recorded within the other expenses on the Company’s income statement. The following table presents the allowance for credit losses for unfunded commitments for the three months ended March 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31,
(in thousands) | ​ | 2024 |  | 2023
Balance at beginning of period |  | $ | 124 | ​ | $ | 170
Provision for credit losses on unfunded commitments | ​ |  | 140 | ​ |  | —
Balance at end of period | ​ | $ | 264 | ​ | $ | 170
​ ​ The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing as of March 31, 2024 and December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | Nonaccrual | ​ | ​ | ​ | ​ | Loans Past
​ |  | With No |  | ​ | ​ |  | Due Over
​ | ​ | Allowance | ​ | ​ | ​ | ​ | 89 Days
(in thousands) | ​ | for Credit Loss | ​ | Nonaccrual | ​ | Still Accruing
Residential real estate | ​ | $ | 4,385 | ​ | $ | 4,385 | ​ | $ | —
Multi-family | ​ |  | 3,383 | ​ |  | 3,383 | ​ |  | —
Commercial real estate | ​ | ​ | 6,086 | ​ | ​ | 6,110 | ​ | ​ | 3,010
Commercial and industrial | ​ | ​ | 1,000 | ​ | ​ | 1,000 | ​ | ​ | —
Construction and land development | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Consumer | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 14,854 | ​ | $ | 14,878 | ​ | $ | 3,010
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | Nonaccrual | ​ | ​ | ​ | ​ | Loans Past
​ | ​ | With No |  | ​ | ​ |  | Due Over
​ | ​ | Allowance | ​ | ​ | ​ | ​ | 89 Days
(in thousands) | ​ | for Credit Loss | ​ | Nonaccrual | ​ | Still Accruing
Residential real estate | ​ | $ | 4,369 | ​ | $ | 4,369 | ​ | $ | —
Multi-family | ​ |  | 1,794 | ​ |  | 3,374 | ​ |  | —
Commercial real estate | ​ | ​ | 5,976 | ​ | ​ | 6,000 | ​ | ​ | —
Commercial and industrial | ​ | ​ | 708 | ​ | ​ | 708 | ​ | ​ | —
Construction and land development | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Consumer | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total | ​ | $ | 12,847 | ​ | $ | 14,451 | ​ | $ | —
​ ​ The Company recognized $228 thousand and $29 thousand of interest income on nonaccrual loans during the three months ended March 31, 2024 and 2023, respectively. ​ Individually Analyzed Loans Effective October 1, 2023, the Company began analyzing loans on an individual basis when management determined that the loan no longer exhibited risk characteristics consistent with the risk characteristics existing in its designed pool of loans, under the Company’s CECL methodology. Loans individually analyzed include certain nonaccrual loans. As of March 31, 2024, the amortized cost basis of individually analyzed loans amounted to $14.1 million, of which $14.0 million were considered collateral dependent. For collateral dependent loans where the borrower is experiencing financial difficulty and repayment is likely to be substantially provided through the sale or operation of the collateral, the ACL is measured based on the difference between the fair value of the collateral adjusted for sales costs and the amortized cost basis of the loan, at measurement date. Certain assets held as collateral may be exposed to future deterioration in fair value, particularly due to changes in real estate markets or usage. ​ The following tables present the amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent as of March 31, 2024 and December 31, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
(in thousands) |  | Amortized Cost Basis |  | Related Allowance
​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate (1) | ​ | $ | 4,222 | ​ | $ | —
Multi-family (2) | ​ | ​ | 3,358 | ​ | ​ | —
Commercial real estate (2) | ​ | ​ | 6,071 | ​ | ​ | 24
Commercial and industrial (1) (2) | ​ | ​ | 388 | ​ | ​ | —
Total |  | $ | 14,039 |  | $ | 24
(1) | Secured by residential real estate
(2) | Secured by commercial real estate
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
(in thousands) | ​ | Amortized Cost Basis |  | Related Allowance
​ | ​ | ​ | ​ | ​ | ​ | ​
Residential real estate (1) | ​ | $ | 4,226 | ​ | $ | —
Multi-family (2) | ​ | ​ | 3,356 | ​ | ​ | 397
Commercial real estate (2) | ​ | ​ | 5,986 | ​ | ​ | 24
Commercial and industrial (1) | ​ | ​ | 272 | ​ | ​ | —
Total |  | $ | 13,840 |  | $ | 421
(1) | Secured by residential real estate
(2) | Secured by commercial real estate
​ The following tables present the aging of the amortized cost basis in past due loans as of March 31, 2024 and December 31, 2023 by class of loans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | 30 - 59 | ​ | 60 - 89 | ​ | Greater than | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Days | ​ | Days | ​ | 89 Days | ​ | Total | ​ | Loans Not | ​ | ​
March 31, 2024 | ​ | Past Due |  | Past Due |  | Past Due | ​ | Past Due |  | Past Due |  | Total
Residential real estate | ​ | $ | 4,638 | ​ | $ | 2,591 | ​ | $ | 3,654 | ​ | $ | 10,883 | ​ | $ | 746,013 | ​ | $ | 756,896
Multi-family | ​ |  | — | ​ |  | — | ​ |  | 3,383 | ​ |  | 3,383 | ​ |  | 564,660 | ​ |  | 568,043
Commercial real estate | ​ |  | 3,706 | ​ |  | 1,429 | ​ |  | 9,120 | ​ |  | 14,255 | ​ |  | 532,317 | ​ |  | 546,572
Commercial and industrial | ​ |  | 2,086 | ​ |  | 540 | ​ |  | 314 | ​ |  | 2,940 | ​ |  | 120,479 | ​ |  | 123,419
Construction and land development | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 10,136 | ​ |  | 10,136
Consumer | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 449 | ​ |  | 449
Total | ​ | $ | 10,430 | ​ | $ | 4,560 | ​ | $ | 16,471 | ​ | $ | 31,461 | ​ | $ | 1,974,054 | ​ | $ | 2,005,515
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | 30 - 59 | ​ | 60 - 89 | ​ | Greater than | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Days | ​ | Days | ​ | 89 Days | ​ | Total | ​ | Loans Not | ​ | ​
December 31, 2023 | ​ | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Past Due |  | Total
Residential real estate | ​ | $ | 4,508 | ​ | $ | 2,360 | ​ | $ | 4,369 | ​ | $ | 11,237 | ​ | $ | 703,606 | ​ | $ | 714,843
Multi-family | ​ |  | — | ​ |  | — | ​ |  | 3,374 | ​ |  | 3,374 | ​ |  | 569,475 | ​ |  | 572,849
Commercial real estate | ​ |  | 2,666 | ​ |  | 3,212 | ​ |  | 6,000 | ​ |  | 11,878 | ​ |  | 536,134 | ​ |  | 548,012
Commercial and industrial | ​ |  | 755 | ​ |  | 555 | ​ |  | 211 | ​ |  | 1,521 | ​ |  | 106,391 | ​ |  | 107,912
Construction and land development | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 13,170 | ​ |  | 13,170
Consumer | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 413 | ​ | ​ | 413
Total | ​ | $ | 7,929 | ​ | $ | 6,127 | ​ | $ | 13,954 | ​ | $ | 28,010 | ​ | $ | 1,929,189 | ​ | $ | 1,957,199
​ ​ The Company adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) on October 1, 2023. The Company did not have any loans that were both experiencing difficulties and modified during the reporting periods beginning after October 1, 2023. Credit Quality Indicators: The Company has adopted a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. When the lender learns of important financial developments, the risk rating is reviewed and adjusted if necessary. In addition, the Company engages a third-party independent loan reviewer that performs quarterly reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the loan loss provision and to confirm the adequacy of the allowance for credit losses. The Company categorizes 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, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to credit risk. The Company uses the following definitions for risk ratings: Special Mention: The loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the asset or in the Company’s credit position at some future date. Substandard: The loan is inadequately protected by current sound worth and paying capacity of the obligor or collateral pledged, if any. Loans classified as Substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: The loan has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing factors, conditions, and values, highly questionable and improbable. Loans not having a credit risk rating of Special Mention, Substandard or Doubtful are considered pass loans. ​ The following table summarizes the Company’s loans by year of origination and internally assigned credit risk at March 31, 2024 and gross charge-offs for the three months ended March 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
​ | ​ | Term Loans Amortized Cost by Origination Year | ​ | Revolving | ​ | Loans to | ​ | ​ | ​
(in thousands) | ​ | 2024 |  | 2023 |  | 2022 |  | 2021 | ​ | 2020 |  | Prior |  | Loans | ​ | Term Loans |  | Total
Residential real estate (1) |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | $ | 51,611 | ​ | $ | 190,491 | ​ | $ | 203,712 | ​ | $ | 62,960 | ​ | $ | 39,118 | ​ | $ | 171,905 | ​ | $ | — | ​ | $ | 26,223 | ​ | $ | 746,020
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 593 | ​ | ​ | 1,219 | ​ | ​ | 520 | ​ | ​ | 1,003 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,335
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 731 | ​ | ​ | — | ​ | ​ | 683 | ​ | ​ | 5,110 | ​ | ​ | — | ​ | ​ | 656 | ​ | ​ | 7,180
Total Residential real estate | ​ | ​ | 51,611 | ​ | ​ | 190,491 | ​ | ​ | 205,036 | ​ | ​ | 64,179 | ​ | ​ | 40,321 | ​ | ​ | 178,018 | ​ | ​ | — | ​ | ​ | 26,879 | ​ | ​ | 756,535
Current period gross charge-offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-family |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 804 | ​ | ​ | 3,429 | ​ | ​ | 297,120 | ​ | ​ | 161,824 | ​ | ​ | 36,386 | ​ | ​ | 65,098 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 564,661
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,585 | ​ | ​ | 1,797 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,382
Total Multi-family | ​ | ​ | 804 | ​ | ​ | 3,429 | ​ | ​ | 297,120 | ​ | ​ | 163,409 | ​ | ​ | 38,183 | ​ | ​ | 65,098 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 568,043
Current period gross charge-offs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 15,601 | ​ | ​ | 90,038 | ​ | ​ | 180,032 | ​ | ​ | 80,068 | ​ | ​ | 25,871 | ​ | ​ | 128,142 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 519,752
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,846 | ​ | ​ | 8,380 | ​ | ​ | — | ​ | ​ | 8,332 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,558
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 497 | ​ | ​ | 7,765 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,262
Total Commercial real estate | ​ | ​ | 15,601 | ​ | ​ | 90,038 | ​ | ​ | 181,878 | ​ | ​ | 88,448 | ​ | ​ | 26,368 | ​ | ​ | 144,239 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 546,572
Current period gross charge-offs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 30
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 22,401 | ​ | ​ | 69,998 | ​ | ​ | 11,045 | ​ | ​ | 9,791 | ​ | ​ | 3,206 | ​ | ​ | 4,870 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 121,311
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 925 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 925
Substandard | ​ | ​ | — | ​ | ​ | 206 | ​ | ​ | — | ​ | ​ | 372 | ​ | ​ | 30 | ​ | ​ | 575 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,183
Total Commercial and industrial | ​ | ​ | 22,401 | ​ | ​ | 70,204 | ​ | ​ | 11,045 | ​ | ​ | 11,088 | ​ | ​ | 3,236 | ​ | ​ | 5,445 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 123,419
Current period gross charge-offs | ​ | ​ | — | ​ | ​ | 60 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 60
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction and land development |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 4 | ​ | ​ | 855 | ​ | ​ | — | ​ | ​ | 9,277 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,136
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Construction and land development | ​ | ​ | 4 | ​ | ​ | 855 | ​ | ​ | — | ​ | ​ | 9,277 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,136
Current period gross charge-offs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 48 | ​ | ​ | 317 | ​ | ​ | 84 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 449
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Consumer | ​ | ​ | 48 | ​ | ​ | 317 | ​ | ​ | 84 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 449
Current period gross charge-offs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans | ​ | $ | 90,469 | ​ | $ | 355,334 | ​ | $ | 695,163 | ​ | $ | 336,401 | ​ | $ | 108,108 | ​ | $ | 392,800 | ​ | $ | — | ​ | $ | 26,879 | ​ | $ | 2,005,154
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross charge-offs | ​ | $ | — | ​ | $ | 60 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 30 | ​ | $ | — | ​ | $ | — | ​ | $ | 90
(1) | Certain fixed residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $361 thousand related to basis adjustments for loans in the closed portfolio under the portfolio layer method at March 31, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if hedge was dedesignated. See “Note 10 – Derivates” for more information on the fair value hedge.
The following table summarizes the Company’s loans by year of origination and internally assigned credit risk at December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revolving | ​ | ​ | ​
​ | ​ | Term Loans Amortized Cost by Origination Year | ​ | Revolving | ​ | Loans to | ​ | ​ | ​
(in thousands) | ​ | 2023 |  | 2022 |  | 2021 |  | 2020 | ​ | 2019 |  | Prior |  | Loans | ​ | Term Loans |  | Total
Residential real estate (1) |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | $ | 191,238 | ​ | $ | 207,166 | ​ | $ | 64,906 | ​ | $ | 39,772 | ​ | $ | 79,581 | ​ | $ | 98,150 | ​ | $ | — | ​ | $ | 24,975 | ​ | $ | 705,788
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 522 | ​ | ​ | 230 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 752
Substandard | ​ | ​ | — | ​ | ​ | 740 | ​ | ​ | — | ​ | ​ | 676 | ​ | ​ | 4,185 | ​ | ​ | 927 | ​ | ​ | — | ​ | ​ | 656 | ​ | ​ | 7,184
Total Residential real estate | ​ | ​ | 191,238 | ​ | ​ | 207,906 | ​ | ​ | 64,906 | ​ | ​ | 40,970 | ​ | ​ | 83,996 | ​ | ​ | 99,077 | ​ | ​ | — | ​ | ​ | 25,631 | ​ | ​ | 713,724
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-family |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 3,533 | ​ | ​ | 299,217 | ​ | ​ | 162,678 | ​ | ​ | 36,592 | ​ | ​ | 10,854 | ​ | ​ | 56,601 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 569,475
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,580 | ​ | ​ | 1,794 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,374
Total Multi-family | ​ | ​ | 3,533 | ​ | ​ | 299,217 | ​ | ​ | 164,258 | ​ | ​ | 38,386 | ​ | ​ | 10,854 | ​ | ​ | 56,601 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 572,849
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial real estate |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 86,834 | ​ | ​ | 187,570 | ​ | ​ | 80,761 | ​ | ​ | 26,300 | ​ | ​ | 42,476 | ​ | ​ | 95,265 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 519,206
Special Mention | ​ | ​ | — | ​ | ​ | 1,852 | ​ | ​ | 8,433 | ​ | ​ | 293 | ​ | ​ | 3,647 | ​ | ​ | 6,427 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,652
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 199 | ​ | ​ | 6,826 | ​ | ​ | 1,129 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,154
Total Commercial real estate | ​ | ​ | 86,834 | ​ | ​ | 189,422 | ​ | ​ | 89,194 | ​ | ​ | 26,792 | ​ | ​ | 52,949 | ​ | ​ | 102,821 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 548,012
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 74,352 | ​ | ​ | 11,392 | ​ | ​ | 10,015 | ​ | ​ | 4,407 | ​ | ​ | 126 | ​ | ​ | 5,274 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 105,566
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 913 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 540 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,453
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 266 | ​ | ​ | 35 | ​ | ​ | 145 | ​ | ​ | 447 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 893
Total Commercial and industrial | ​ | ​ | 74,352 | ​ | ​ | 11,392 | ​ | ​ | 11,194 | ​ | ​ | 4,442 | ​ | ​ | 271 | ​ | ​ | 6,261 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 107,912
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction and land development |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 904 | ​ | ​ | 3,613 | ​ | ​ | 8,653 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,170
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Construction and land development | ​ | ​ | 904 | ​ | ​ | 3,613 | ​ | ​ | 8,653 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,170
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Pass | ​ | ​ | 326 | ​ | ​ | 87 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 413
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Consumer | ​ | ​ | 326 | ​ | ​ | 87 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 413
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans | ​ | $ | 357,187 | ​ | $ | 711,637 | ​ | $ | 338,205 | ​ | $ | 110,590 | ​ | $ | 148,070 | ​ | $ | 264,760 | ​ | $ | — | ​ | $ | 25,631 | ​ | $ | 1,956,080
(1) | Certain fixed residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $1.1 million related to basis adjustments for loans in the closed portfolio under the portfolio layer method at December 31, 2023. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if hedge was dedesignated. See “Note 10 – Derivates” for more information on the fair value hedge.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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