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Note 4 - Loans Receivable | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 – Loans Receivable Year end loans are summarized below:
(Dollars in thousands) |  |  |  |  |  |  |  |
|  | December 31, 2022 |  |  | December 31, 2021 |
Loans secured by real estate: |  |  |  |  |  |  |  |
Residential real estate |  | $ | 484,595 |  |  | $ | 260,134 |
Home equity |  |  | 38,978 |  |  |  | 34,612 |
Commercial real estate |  |  | 486,431 |  |  |  | 317,145 |
Construction and land development |  |  | 108,926 |  |  |  | 123,822 |
Multifamily |  |  | 251,014 |  |  |  | 61,194 |
Total loans secured by real estate |  |  | 1,369,944 |  |  |  | 796,907 |
Commercial business |  |  | 93,278 |  |  |  | 115,772 |
Consumer |  |  | 918 |  |  |  | 582 |
Manufactured homes |  |  | 34,882 |  |  |  | 37,887 |
Government |  |  | 9,549 |  |  |  | 8,991 |
Loans receivable |  |  | 1,508,571 |  |  |  | 960,139 |
Add (less): |  |  |  |  |  |  |  |
Net deferred loan origination costs |  |  | 5,083 |  |  |  | 6,810 |
Undisbursed loan funds |  |  | (23 | ) |  |  | (229 | )
Loans receivable, net of deferred fees and costs.. |  | $ | 1,513,631 |  |  | $ | 966,720 |
(Dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provisions |  |  | Ending Balance |
The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2022: |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 2,480 |  |  | $ | (29 | ) |  | $ | 53 |  |  | $ | 517 |  |  | $ | 3,021 |
Home equity |  |  | 357 |  |  |  | - |  |  |  | - |  |  |  | 53 |  |  |  | 410 |
Commercial real estate |  |  | 5,515 |  |  |  | (431 | ) |  |  | - |  |  |  | 700 |  |  |  | 5,784 |
Construction and land development... |  |  | 2,119 |  |  |  | - |  |  |  | - |  |  |  | (866 | ) |  |  | 1,253 |
Multifamily |  |  | 848 |  |  |  | - |  |  |  | - |  |  |  | 159 |  |  |  | 1,007 |
Commercial business |  |  | 2,009 |  |  |  | (57 | ) |  |  | 89 |  |  |  | (676 | ) |  |  | 1,365 |
Consumer |  |  | 15 |  |  |  | (91 | ) |  |  | 20 |  |  |  | 113 |  |  |  | 57 |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 13,343 |  |  | $ | (608 | ) |  | $ | 162 |  |  | $ | - |  |  | $ | 12,897 |
The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2021:
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 2,211 |  |  | $ | (32 | ) |  | $ | 81 |  |  | $ | 220 |  |  | $ | 2,480 |
Home equity |  |  | 276 |  |  |  | (1 | ) |  |  | 1 |  |  |  | 81 |  |  |  | 357 |
Commercial real estate |  |  | 5,406 |  |  |  | (530 | ) |  |  | - |  |  |  | 639 |  |  |  | 5,515 |
Construction and land development |  |  | 1,405 |  |  |  | - |  |  |  | - |  |  |  | 714 |  |  |  | 2,119 |
Multifamily |  |  | 626 |  |  |  | - |  |  |  | - |  |  |  | 222 |  |  |  | 848 |
Commercial business |  |  | 2,508 |  |  |  | (158 | ) |  |  | 36 |  |  |  | (377 | ) |  |  | 2,009 |
Consumer |  |  | 26 |  |  |  | (29 | ) |  |  | 8 |  |  |  | 10 |  |  |  | 15 |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 12,458 |  |  | $ | (750 | ) |  | $ | 126 |  |  | $ | 1,509 |  |  | $ | 13,343 |
A deferred cost reserve is maintained for the portfolio of manufactured home loans that have been purchased. This reserve is available for use for manufactured home loan nonperformance and costs associated with nonperformance. If the segment performs in line with expectation, the deferred cost reserve is paid as an origination cost to the third party originator of the loan. The unamortized balance of the deferred cost reserve totaled $4.6 million and $5.8 million as of December 31, 2022 and December 31, 2021, respectively, and is included in net deferred loan origination fees and costs.
(Dollars in thousands) |  | Individually evaluated for impairment reserves |  |  | Collectively evaluated for impairment reserves |  |  | Loan receivables |  |  | Individually evaluated for impairment |  |  | Purchased credit impaired individually evaluated for impairment |  |  | Collectively evaluated for impairment |
The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2022: |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 24 |  |  | $ | 2,997 |  |  | $ | 484,595 |  |  | $ | 1,518 |  |  | $ | 988 |  |  | $ | 482,089 |
Home equity |  |  | 3 |  |  |  | 407 |  |  |  | 38,978 |  |  |  | 294 |  |  |  | 125 |  |  |  | 38,559 |
Commercial real estate |  |  | 13 |  |  |  | 5,771 |  |  |  | 486,431 |  |  |  | 2,392 |  |  |  | 2,935 |  |  |  | 481,104 |
Construction and land development... |  |  | - |  |  |  | 1,253 |  |  |  | 108,926 |  |  |  | - |  |  |  | - |  |  |  | 108,926 |
Multifamily |  |  | - |  |  |  | 1,007 |  |  |  | 251,014 |  |  |  | 6,739 |  |  |  | 382 |  |  |  | 243,893 |
Commercial business |  |  | 297 |  |  |  | 1,068 |  |  |  | 93,278 |  |  |  | 1,758 |  |  |  | 953 |  |  |  | 90,567 |
Consumer |  |  | - |  |  |  | 57 |  |  |  | 918 |  |  |  | - |  |  |  | 17 |  |  |  | 901 |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | 34,882 |  |  |  | - |  |  |  | - |  |  |  | 34,882 |
Government |  |  | - |  |  |  | - |  |  |  | 9,549 |  |  |  | - |  |  |  | - |  |  |  | 9,549 |
Total |  | $ | 337 |  |  | $ | 12,560 |  |  | $ | 1,508,571 |  |  | $ | 12,701 |  |  | $ | 5,400 |  |  | $ | 1,490,470 |
The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2021:
Residential real estate |  | $ | 17 |  |  | $ | 2,463 |  |  | $ | 260,134 |  |  | $ | 755 |  |  | $ | 1,016 |  |  | $ | 258,363 |
Home equity |  |  | 4 |  |  |  | 353 |  |  |  | 34,612 |  |  |  | 147 |  |  |  | 137 |  |  |  | 34,328 |
Commercial real estate |  |  | 386 |  |  |  | 5,129 |  |  |  | 317,145 |  |  |  | 1,600 |  |  |  | - |  |  |  | 315,545 |
Construction and land development |  |  | - |  |  |  | 2,119 |  |  |  | 123,822 |  |  |  | - |  |  |  | - |  |  |  | 123,822 |
Multifamily |  |  | - |  |  |  | 848 |  |  |  | 61,194 |  |  |  | - |  |  |  | 556 |  |  |  | 60,638 |
Commercial business |  |  | 277 |  |  |  | 1,732 |  |  |  | 115,772 |  |  |  | 524 |  |  |  | 1,073 |  |  |  | 114,175 |
Consumer |  |  | - |  |  |  | 15 |  |  |  | 582 |  |  |  | - |  |  |  | - |  |  |  | 582 |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | 37,887 |  |  |  | - |  |  |  | - |  |  |  | 37,887 |
Government |  |  | - |  |  |  | - |  |  |  | 8,991 |  |  |  | - |  |  |  | - |  |  |  | 8,991 |
Total |  | $ | 684 |  |  | $ | 12,659 |  |  | $ | 960,139 |  |  | $ | 3,026 |  |  | $ | 2,782 |  |  | $ | 954,331 |
The Bancorp's credit quality indicators are summarized below at December 31, 2022 and December 31, 2021:
|  | Credit Exposure - Credit Risk Portfolio By Creditworthiness Category |
|  | December 31, 2022 |
(Dollars in thousands) |  |  | 1-6 |  |  |  | 7 |  |  |  | 8 |  |  |  |  |
Loan Segment |  | Pass |  |  | Special mention |  |  | Substandard |  |  | Total |
Residential real estate |  | $ | 477,222 |  |  | $ | 1,338 |  |  | $ | 6,035 |  |  | $ | 484,595 |
Home equity |  |  | 37,981 |  |  |  | 385 |  |  |  | 612 |  |  |  | 38,978 |
Commercial real estate |  |  | 474,055 |  |  |  | 4,955 |  |  |  | 7,421 |  |  |  | 486,431 |
Construction and land development |  |  | 106,580 |  |  |  | 2,346 |  |  |  | - |  |  |  | 108,926 |
Multifamily |  |  | 242,091 |  |  |  | 1,859 |  |  |  | 7,064 |  |  |  | 251,014 |
Commercial business |  |  | 90,694 |  |  |  | 703 |  |  |  | 1,881 |  |  |  | 93,278 |
Consumer |  |  | 918 |  |  |  | - |  |  |  | - |  |  |  | 918 |
Manufactured homes |  |  | 34,882 |  |  |  | - |  |  |  | - |  |  |  | 34,882 |
Government |  |  | 9,549 |  |  |  | - |  |  |  | - |  |  |  | 9,549 |
Total |  | $ | 1,473,972 |  |  | $ | 11,586 |  |  | $ | 23,013 |  |  | $ | 1,508,571 |
|  | December 31, 2021 |
(Dollars in thousands) |  |  | 1-6 |  |  |  | 7 |  |  |  | 8 |  |  |  |  |
Loan Segment |  | Pass |  |  | Special mention |  |  | Substandard |  |  | Total |
Residential real estate |  | $ | 253,472 |  |  | $ | 2,940 |  |  | $ | 3,722 |  |  | $ | 260,134 |
Home equity |  |  | 33,565 |  |  |  | 415 |  |  |  | 632 |  |  |  | 34,612 |
Commercial real estate |  |  | 301,572 |  |  |  | 12,011 |  |  |  | 3,562 |  |  |  | 317,145 |
Construction and land development |  |  | 120,192 |  |  |  | 3,630 |  |  |  | - |  |  |  | 123,822 |
Multifamily |  |  | 60,657 |  |  |  | 153 |  |  |  | 384 |  |  |  | 61,194 |
Commercial business |  |  | 113,470 |  |  |  | 1,915 |  |  |  | 387 |  |  |  | 115,772 |
Consumer |  |  | 582 |  |  |  | - |  |  |  | - |  |  |  | 582 |
Manufactured homes |  |  | 37,828 |  |  |  | 59 |  |  |  | - |  |  |  | 37,887 |
Government |  |  | 8,991 |  |  |  | - |  |  |  | - |  |  |  | 8,991 |
Total |  | $ | 930,329 |  |  | $ | 21,123 |  |  | $ | 8,687 |  |  | $ | 960,139 |
The Bancorp has established a standard loan grading system to assist management, lenders and review personnel in their analysis and supervision of the loan portfolio. The use and application of these grades by the Bancorp is uniform and conforms to regulatory definitions. During the year, the Bancorp reassessed its risk ratings, and while the credit quality indicators have not change the naming conventions have. The loan grading system is as follows: 1 – Superior Quality Loans in this category are substantially risk free. Loans fully collateralized by a Bank certificate of deposit or Bank deposits with a hold are substantially risk free. 2 – Excellent Quality The borrower generates excellent and consistent cash flow for debt coverage, excellent average credit scores, excellent liquidity and net worth and are reputable operators with over 15 years experience. Current and debt to tangible net worth ratios are excellent. Loan to value is substantially below policy and collateral condition is excellent. 3 – Great Quality The borrower generates more than sufficient cash flow to fund debt service and cash flow is improving. Average credit scores are very strong. Operators are reputable with significant years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are very strong. Loan to value is significantly below policy and collateral condition is significantly above average. 4 – Above Average Quality The borrower generates more than sufficient cash flow to fund debt service but cash flow trends may be stable or slightly declining. Average credit scores are strong. The borrower is a reputable operator with many years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are strong. Loan to value is below policy and collateral condition is above average. 5 – Average Quality Borrowers are considered creditworthy and can repay the debt in the normal course of business, however, cash flow trends may be inconsistent or fluctuating. Average credit scores are satisfactory and years of experience is acceptable. Liquidity and net worth are satisfactory. Current and debt to tangible net worth ratios are average. Loan to value is slightly below policy and the collateral condition is slightly above average. 6 – Pass Borrowers are considered credit worthy but financial condition may show signs of weakness due to internal or external factors. Cash flow trends may be declining annually. Average credit scores may be low but remain acceptable. Borrower has limited years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are below average. Loan to value is nearing policy limits and collateral condition is average. 7 – Special Mention A special mention asset has identified weaknesses that deserve Management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. There is still adequate protection by the current sound worth and paying capacity of the obligor or of the collateral pledged. The Special Mention rating is viewed as transitional and will be monitored closely. Loans in this category may exhibit some of the following risk factors. Cash flow trends may be consistently declining or may be questionable. Debt coverage ratios may be at or near 1:1. Average credit scores may be very weak or the borrower may have minimal years of experience. Liquidity, net worth, current and debt to tangible net worth ratios may be very weak. Loan to value may be at policy limits or may exceed policy limits. Collateral condition may be below average. 8 – Substandard This classification consists of loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Loans are still considered collectible, but due to increased risks and defined weaknesses of the credit, some loss could be incurred in collection if the deficiencies are not corrected. 9 – Doubtful Such loans have been placed on nonaccrual status and may be heavily dependent upon collateral possessing a value that is difficult to determine or based upon some near-term event which lacks clear certainty. These loans have all of the weaknesses of those classified as Substandard; however, based on existing conditions, these weaknesses make full collection of the principal balance highly improbable. 10 – Loss Loans that are considered uncollectible and of such little value that continuing to carry them as assets is not warranted. Performing loans are loans that are paying as agreed and are approximately less than ninety days past due on payments of interest and principal. During the twelve months ending December 31, 2022, nine residential real estate loans to nine customers totaling $743 thousand were modified to include deferral of principal or interest resulting in troubled debt restructuring classification. Two home equity loans to two customers totaling $189 thousand were modified to include deferral of principal or interest resulting in troubled debt restructuring classification. One commercial real estate loan totaling $1.4 million was provided a short-term renewal resulting in troubled debt restructuring classification. No trouble debt restructuring loans had subsequently defaulted during the twelve months ending December 31, 2022. During the twelve months ending December 31, 2021, three residential real estate loans to three customers totaling $203 thousand were modified to include deferral of principal or interest resulting in troubled debt restructuring classification. One commercial business loan totaling $601 thousand was provided a short-term renewal and a pending long term restructure resulting in troubled debt restructuring classification. One residential real estate trouble debt restructuring loan totaling $37 thousand had subsequently defaulted during the twelve months ending December 31, 2022. As of December 31, 2022, one residential real estate loan in the process of foreclosure totaling $32 thousand. The Bancorp was not in the process of foreclosing on any residential real estate loan as of December 31, 2021. All of the loans classified as troubled debt restructurings are also considered impaired. The valuation basis for the Bancorp’s troubled debt restructurings is based on the present value of cash flows, unless consistent cash flows are not present, then the fair value of the collateral securing the loan is the basis for valuation.
The Bancorp's individually evaluated impaired loans are summarized below:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  | For the twelve months ended |
(unaudited) |  | As of December 31, 2022 |  |  | December 31, 2022 |
|  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 2,255 |  |  | $ | 3,711 |  |  | $ | - |  |  | $ | 2,528 |  |  | $ | 202 |
Home equity |  |  | 399 |  |  |  | 416 |  |  |  | - |  |  |  | 253 |  |  |  | 12 |
Commercial real estate |  |  | 5,314 |  |  |  | 5,406 |  |  |  | - |  |  |  | 3,409 |  |  |  | 205 |
Construction and land development. |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 344 |  |  |  | - |
Multifamily |  |  | 7,121 |  |  |  | 7,163 |  |  |  | - |  |  |  | 3,387 |  |  |  | 16 |
Commercial business |  |  | 2,278 |  |  |  | 2,392 |  |  |  | - |  |  |  | 1,365 |  |  |  | 76 |
Consumer |  |  | 17 |  |  |  | 17 |  |  |  | - |  |  |  | 15 |  |  |  | - |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 251 |  |  | $ | 276 |  |  | $ | 24 |  |  | $ | 194 |  |  | $ | 5 |
Home equity |  |  | 20 |  |  |  | 20 |  |  |  | 3 |  |  |  | 21 |  |  |  | 1 |
Commercial real estate |  |  | 13 |  |  |  | 14 |  |  |  | 13 |  |  |  | 678 |  |  |  | - |
Construction and land development. |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Multifamily |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial business |  |  | 433 |  |  |  | 561 |  |  |  | 297 |  |  |  | 352 |  |  |  | 13 |
Consumer |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 2,506 |  |  | $ | 3,987 |  |  | $ | 24 |  |  | $ | 2,722 |  |  | $ | 207 |
Home equity |  | $ | 419 |  |  | $ | 436 |  |  | $ | 3 |  |  | $ | 274 |  |  | $ | 13 |
Commercial real estate |  | $ | 5,327 |  |  | $ | 5,420 |  |  | $ | 13 |  |  | $ | 4,087 |  |  | $ | 205 |
Construction & land development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 344 |  |  | $ | - |
Multifamily |  | $ | 7,121 |  |  | $ | 7,163 |  |  | $ | - |  |  | $ | 3,387 |  |  | $ | 16 |
Commercial business |  | $ | 2,711 |  |  | $ | 2,953 |  |  | $ | 297 |  |  | $ | 1,717 |  |  | $ | 89 |
Consumer |  | $ | 17 |  |  | $ | 17 |  |  | $ | - |  |  | $ | 15 |  |  | $ | - |
Manufactured homes |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Government |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
|  |  |  |  |  |  |  |  |  |  |  |  |  | For the twelve months ended |
|  | As of December 31, 2021 |  |  | December 31, 2021 |
(Dollars in thousands) |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 1,683 |  |  | $ | 3,017 |  |  | $ | - |  |  | $ | 1,689 |  |  | $ | 113 |
Home equity |  |  | 262 |  |  |  | 275 |  |  |  | - |  |  |  | 298 |  |  |  | 12 |
Commercial real estate |  |  | 765 |  |  |  | 765 |  |  |  | - |  |  |  | 1,167 |  |  |  | 43 |
Construction & land development |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Multifamily |  |  | 556 |  |  |  | 647 |  |  |  | - |  |  |  | 629 |  |  |  | 31 |
Commercial business |  |  | 1,205 |  |  |  | 1,324 |  |  |  | - |  |  |  | 1,369 |  |  |  | 52 |
Consumer |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 88 |  |  | $ | 88 |  |  | $ | 17 |  |  | $ | 145 |  |  | $ | 2 |
Home equity |  |  | 22 |  |  |  | 22 |  |  |  | 4 |  |  |  | 18 |  |  |  | 1 |
Commercial real estate |  |  | 835 |  |  |  | 835 |  |  |  | 386 |  |  |  | 4,727 |  |  |  | 225 |
Construction & land development |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Multifamily |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial business |  |  | 392 |  |  |  | 392 |  |  |  | 277 |  |  |  | 637 |  |  |  | 24 |
Consumer |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 1,771 |  |  | $ | 3,105 |  |  | $ | 17 |  |  | $ | 1,834 |  |  | $ | 115 |
Home equity |  | $ | 284 |  |  | $ | 297 |  |  | $ | 4 |  |  | $ | 316 |  |  | $ | 13 |
Commercial real estate |  | $ | 1,600 |  |  | $ | 1,600 |  |  | $ | 386 |  |  | $ | 5,894 |  |  | $ | 268 |
Construction & land development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Multifamily |  | $ | 556 |  |  | $ | 647 |  |  | $ | - |  |  | $ | 629 |  |  | $ | 31 |
Commercial business |  | $ | 1,597 |  |  | $ | 1,716 |  |  | $ | 277 |  |  | $ | 2,006 |  |  | $ | 76 |
Consumer |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Manufactured homes |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Government |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
The Bancorp's age analysis of past due loans is summarized below:
(Dollars in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Loans |  |  | Recorded Investments Greater than 90 Days Past Due and Accruing |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 3,758 |  |  | $ | 2,520 |  |  | $ | 2,309 |  |  | $ | 8,587 |  |  | $ | 476,008 |  |  | $ | 484,595 |  |  | $ | 166 |
Home equity |  |  | 315 |  |  |  | 42 |  |  |  | 162 |  |  |  | 519 |  |  |  | 38,459 |  |  |  | 38,978 |  |  |  | - |
Commercial real estate |  |  | 1,399 |  |  |  | 150 |  |  |  | 1,817 |  |  |  | 3,366 |  |  |  | 483,065 |  |  |  | 486,431 |  |  |  | - |
Construction and land development. |  |  | 2,673 |  |  |  | - |  |  |  | - |  |  |  | 2,673 |  |  |  | 106,253 |  |  |  | 108,926 |  |  |  | - |
Multifamily |  |  | 1,724 |  |  |  | 616 |  |  |  | 1,004 |  |  |  | 3,344 |  |  |  | 247,670 |  |  |  | 251,014 |  |  |  | - |
Commercial business |  |  | 1,775 |  |  |  | - |  |  |  | 529 |  |  |  | 2,304 |  |  |  | 90,974 |  |  |  | 93,278 |  |  |  | - |
Consumer |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 915 |  |  |  | 918 |  |  |  | - |
Manufactured homes |  |  | 601 |  |  |  | 256 |  |  |  | 82 |  |  |  | 939 |  |  |  | 33,943 |  |  |  | 34,882 |  |  |  | 82 |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,549 |  |  |  | 9,549 |  |  |  | - |
Total |  | $ | 12,248 |  |  | $ | 3,584 |  |  | $ | 5,903 |  |  | $ | 21,735 |  |  | $ | 1,486,836 |  |  | $ | 1,508,571 |  |  | $ | 248 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 2,507 |  |  | $ | 824 |  |  | $ | 2,142 |  |  | $ | 5,473 |  |  | $ | 254,661 |  |  | $ | 260,134 |  |  | $ | 31 |
Home equity |  |  | 169 |  |  |  | 67 |  |  |  | 565 |  |  |  | 801 |  |  |  | 33,811 |  |  |  | 34,612 |  |  |  | 34 |
Commercial real estate |  |  | 231 |  |  |  | 1,960 |  |  |  | 944 |  |  |  | 3,135 |  |  |  | 314,010 |  |  |  | 317,145 |  |  |  | 91 |
Construction and land development. |  |  | 5,148 |  |  |  | 283 |  |  |  | - |  |  |  | 5,431 |  |  |  | 118,391 |  |  |  | 123,822 |  |  |  | - |
Multifamily |  |  | - |  |  |  | - |  |  |  | 109 |  |  |  | 109 |  |  |  | 61,085 |  |  |  | 61,194 |  |  |  | - |
Commercial business |  |  | 573 |  |  |  | 1,594 |  |  |  | 242 |  |  |  | 2,409 |  |  |  | 113,363 |  |  |  | 115,772 |  |  |  | 49 |
Consumer |  |  | - |  |  |  | 3 |  |  |  | - |  |  |  | 3 |  |  |  | 579 |  |  |  | 582 |  |  |  | - |
Manufactured homes |  |  | 633 |  |  |  | 171 |  |  |  | - |  |  |  | 804 |  |  |  | 37,083 |  |  |  | 37,887 |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,991 |  |  |  | 8,991 |  |  |  | - |
Total |  | $ | 9,261 |  |  | $ | 4,902 |  |  | $ | 4,002 |  |  | $ | 18,165 |  |  | $ | 941,974 |  |  | $ | 960,139 |  |  | $ | 205 |
The Bancorp's loans on nonaccrual status are summarized below:
(Dollars in thousands) |  |  |  |  |  |  |  |
|  | December 31, 2022 |  |  | December 31, 2021 |
Residential real estate |  | $ | 5,347 |  |  | $ | 4,651 |
Home equity |  |  | 594 |  |  |  | 623 |
Commercial real estate |  |  | 3,242 |  |  |  | 940 |
Construction and land development. |  |  | - |  |  |  | - |
Multifamily |  |  | 7,064 |  |  |  | 455 |
Commercial business |  |  | 1,881 |  |  |  | 387 |
Consumer |  |  | - |  |  |  | - |
Manufactured homes |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |
Total |  | $ | 18,128 |  |  | $ | 7,056 |
As a result of acquisition activity, the Bancorp acquired loans for which there was evidence of credit quality deterioration since origination and it was determined that it was probable that the Bancorp would be unable to collect all contractually required principal and interest payments. At December 31, 2022, total purchased credit impaired loans with unpaid principal balances totaled $6.9 million with a recorded investment of $5.4 million. At December 31, 2021, purchased credit impaired loans with unpaid principal balances totaled $4.2 million with a recorded investment of $2.8 million. As part of the fair value of loans receivable, there was a net fair value discount for loans acquired of $5.5 million at December 31, 2022, compared to $1.1 million at December 31, 2021. Total unpaid principal balances of acquired non-impaired loans with remaining fair value discount totaled $347.7 million and $72.5 million as of December 31, 2022, and December 31, 2021, respectively. Accretable yield, or income recorded for the three months ended September 30, is as follows:
(dollars in thousands) |  | Total |
2021 |  | $ | 960 |
2022 |  |  | 1,010 |
Accretable yield, or income expected to be recorded in the future is as follows:
(dollars in thousands) |  |  | Total |
2023 |  |  |  | 541 |
2024 |  |  |  | 605 |
2025 |  |  |  | 511 |
2026 |  |  |  | 342 |
2027 and thereafter |  |  |  | 3,494 |
Total |  |  | $ | 5,493 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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