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Note 7 - Loans Receivable | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 7 - Loans Receivable The Bancorp’s current lending programs are described below: Residential Real Estate. The primary lending activity of the Bancorp has been the granting of conventional mortgage loans to enable borrowers to purchase existing homes, refinance existing homes, or construct new homes. Conventional loans are made up to a maximum of 97% of the purchase price or appraised value, whichever is less. For loans made in excess of 80% of value, private mortgage insurance is generally required in an amount sufficient to reduce the Bancorp’s exposure to 80% or less of the appraised value of the property. Loans insured by private mortgage insurance companies can be made for up to 97% of value. Loans closed with over 20% of equity do not require private mortgage insurance because of the borrower’s level of equity investment. Fixed rate loans currently originated generally conform to Freddie Mac guidelines for loans purchased under the one‑to‑four family program. Loan interest rates are determined based on secondary market yield requirements and local market conditions. Fixed rate mortgage loans with contractual maturities generally exceeding fifteen years and greater may be sold and/or classified as held for sale to control exposure to interest rate risk. The 15 year mortgage loan program has gained wide acceptance in the Bancorp’s primary market area. As a result of the shortened maturity of these loans, this product has been priced below the comparable 20 and 30 year loan offerings. Mortgage applicants for 15 year loans tend to have a larger than normal down payment; this, coupled with the larger principal and interest payment amount, has caused the 15 year mortgage loan portfolio to consist, to a significant extent, of second time home buyers whose underwriting qualifications tend to be above average. The Bancorp’s Adjustable Rate Mortgage Loans (“ARMs”) include offerings that reprice annually or are “mini-fixed.” The “mini‑fixed” mortgage reprices annually after a one, three, five, seven or ten year period. The ability of the Bancorp to successfully market ARM’s depends upon loan demand, prevailing interest rates, volatility of interest rates, public acceptance of such loans and terms offered by competitors. Home Equity Line of Credit. The Bancorp offers a fixed and variable rate revolving line of credit secured by the equity in the borrower’s home. Both products offer an interest only option where the borrower pays interest only on the outstanding balance each month. Equity lines will typically require a second mortgage appraisal and a second mortgage lender’s title insurance policy. Loans are generally made up to a maximum of 89% of the appraised value of the property less any outstanding liens. Fixed term home improvement and equity loans are made up to a maximum of 85% of the appraised value of the improved property, less any outstanding liens. These loans are offered on both a fixed and variable rate basis with a maximum term of 240 months. All home equity loans are made on a direct basis to borrowers. Commercial Real Estate and Multifamily Loans. Commercial real estate loans are typically made to a maximum of 80% of the appraised value. Such loans are generally made on an adjustable rate basis. These loans are typically made for terms of 15 to 25 years. Loans with an amortizing term exceeding 15 years normally have a balloon feature calling for a full repayment within seven to ten years from the date of the loan. The balloon feature affords the Bancorp the opportunity to restructure the loan if economic conditions so warrant. Commercial real estate loans include loans secured by commercial rental units, apartments, condominium developments, small shopping centers, owner occupied commercial/industrial properties, hospitality units and other retail and commercial developments. While commercial real estate lending is generally considered to involve a higher degree of risk than single‑family residential lending due to the concentration of principal in a limited number of loans and the effects of general economic conditions on real estate developers and managers, the Bancorp has endeavored to reduce this risk in several ways. In originating commercial real estate loans, the Bancorp considers the feasibility of the project, the financial strength of the borrowers and lessees, the managerial ability of the borrowers, the location of the project and the economic environment. Management evaluates the debt coverage ratio and analyzes the reliability of cash flows, as well as the quality of earnings. All such loans are made in accordance with well-defined underwriting standards and are generally supported by personal guarantees, which represent a secondary source of repayment. Loans for the construction of commercial properties are generally located within an area permitting physical inspection and regular review of business records. Projects financed outside of the Bancorp’s primary lending area generally involve borrowers and guarantors who are or were previous customers of the Bancorp or projects that are underwritten according to the Bank’s underwriting standards. Construction and Land Development. Construction loans on residential properties are made primarily to individuals and contractors who are under contract with individual purchasers. These loans are personally guaranteed by the borrower. The maximum loan-to-value ratio is 89% of either the current appraised value or the cost of construction, whichever is less. Residential construction loans are typically made for periods of six months to one year. Loans are also made for the construction of commercial properties. All such loans are made in accordance with well-defined underwriting standards. Generally if the loans are not owner occupied, these types of loans require proof of intent to lease and a confirmed end-loan takeout. In general, loans made do not exceed 80% of the appraised value of the property. Commercial construction loans are typically made for periods not to exceed two years or date of occupancy, whichever is less. Commercial Business and Farmland Loans. Although the Bancorp’s priority in extending various types of commercial business loans changes from time to time, the basic considerations in determining the makeup of the commercial business loan portfolio are economic factors, regulatory requirements and money market conditions. The Bancorp seeks commercial loan relationships from the local business community and from its present customers. Conservative lending policies based upon sound credit analysis governs the extension of commercial credit. The following loans, although not inclusive, are considered preferable for the Bancorp’s commercial loan portfolio: loans collateralized by liquid assets; loans secured by general use machinery and equipment; secured short‑term working capital loans to established businesses secured by business assets; short‑term loans with established sources of repayment and secured by sufficient equity and real estate; and unsecured loans to customers whose character and capacity to repay are firmly established. Consumer Loans. The Bancorp offers consumer loans to individuals for personal, household or family purposes. Consumer loans are either secured by adequate collateral, or unsecured. Unsecured loans are based on the strength of the applicant’s financial condition. All borrowers must meet current underwriting standards. The consumer loan program includes both fixed and variable rate products. Manufactured Homes. The Bancorp purchases fixed rate closed loans from a third party that are subject to Bancorp’s underwriting requirements and secured by manufactured homes. The maturity date on these loans can range up to 25 years. In addition, these loans are partially secured by a reserve account held at the Bancorp. Government Loans. The Bancorp is permitted to purchase non-rated municipal securities, tax anticipation notes and warrants within the local market area.
(Dollars in thousands) |  |  |  |  |  |  |  |
|  | March 31, 2023 |  |  | December 31, 2022 |
Loans secured by real estate: |  |  |  |  |  |  |  |
Residential real estate |  | $ | 476,899 |  |  | $ | 484,595 |
Home equity |  |  | 39,877 |  |  |  | 38,978 |
Commercial real estate |  |  | 484,564 |  |  |  | 486,431 |
Construction and land development |  |  | 116,308 |  |  |  | 108,926 |
Multifamily |  |  | 252,633 |  |  |  | 251,014 |
Total loans secured by real estate |  |  | 1,370,281 |  |  |  | 1,369,944 |
Commercial business |  |  | 100,652 |  |  |  | 93,278 |
Consumer |  |  | 723 |  |  |  | 918 |
Manufactured homes |  |  | 34,027 |  |  |  | 34,882 |
Government |  |  | 10,646 |  |  |  | 9,549 |
Loans receivable |  |  | 1,516,329 |  |  |  | 1,508,571 |
Add (less): |  |  |  |  |  |  |  |
Net deferred loan origination costs |  |  | 4,829 |  |  |  | 5,083 |
Undisbursed loan funds |  |  | (69 | ) |  |  | (23 | )
Loans receivable, net of deferred fees and costs |  | $ | 1,521,089 |  |  | $ | 1,513,631 |
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 and Accruing |  |  | Total Past Due and Accruing |  |  | Current |  |  | Accruing Loans |  |  | Non-accrual Loans |  |  | Total Loans Receivable |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 6,602 |  |  | $ | 434 |  |  | $ | 489 |  |  | $ | 7,525 |  |  | $ | 464,246 |  |  | $ | 471,771 |  |  | $ | 5,128 |  |  | $ | 476,899 |
Home equity |  |  | 73 |  |  |  | - |  |  |  | 65 |  |  |  | 138 |  |  |  | 38,366 |  |  |  | 38,504 |  |  |  | 1,373 |  |  |  | 39,877 |
Commercial real estate |  |  | 751 |  |  |  | - |  |  |  | - |  |  |  | 751 |  |  |  | 480,831 |  |  |  | 481,582 |  |  |  | 2,982 |  |  |  | 484,564 |
Construction and land development |  |  | 358 |  |  |  | 542 |  |  |  | - |  |  |  | 900 |  |  |  | 115,408 |  |  |  | 116,308 |  |  |  | - |  |  |  | 116,308 |
Multifamily |  |  | 760 |  |  |  | - |  |  |  | - |  |  |  | 760 |  |  |  | 244,523 |  |  |  | 245,283 |  |  |  | 7,350 |  |  |  | 252,633 |
Commercial business |  |  | 441 |  |  |  | 795 |  |  |  | - |  |  |  | 1,236 |  |  |  | 96,776 |  |  |  | 98,012 |  |  |  | 2,640 |  |  |  | 100,652 |
Consumer |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 723 |  |  |  | 723 |  |  |  | - |  |  |  | 723 |
Manufactured homes |  |  | 932 |  |  |  | 201 |  |  |  | 324 |  |  |  | 1,457 |  |  |  | 32,570 |  |  |  | 34,027 |  |  |  | - |  |  |  | 34,027 |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,646 |  |  |  | 10,646 |  |  |  | - |  |  |  | 10,646 |
Total |  | $ | 9,917 |  |  | $ | 1,972 |  |  | $ | 878 |  |  | $ | 12,767 |  |  | $ | 1,484,089 |  |  | $ | 1,496,856 |  |  | $ | 19,473 |  |  | $ | 1,516,329 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 3,758 |  |  | $ | 2,520 |  |  | $ | 166 |  |  | $ | 6,444 |  |  | $ | 472,804 |  |  | $ | 479,248 |  |  | $ | 5,347 |  |  | $ | 484,595 |
Home equity |  |  | 315 |  |  |  | 42 |  |  |  | - |  |  |  | 357 |  |  |  | 38,027 |  |  |  | 38,384 |  |  |  | 594 |  |  |  | 38,978 |
Commercial real estate |  |  | 1,399 |  |  |  | 150 |  |  |  | - |  |  |  | 1,549 |  |  |  | 481,640 |  |  |  | 483,189 |  |  |  | 3,242 |  |  |  | 486,431 |
Construction and land development |  |  | 2,673 |  |  |  | - |  |  |  | - |  |  |  | 2,673 |  |  |  | 106,253 |  |  |  | 108,926 |  |  |  | - |  |  |  | 108,926 |
Multifamily |  |  | 1,724 |  |  |  | 616 |  |  |  | - |  |  |  | 2,340 |  |  |  | 241,610 |  |  |  | 243,950 |  |  |  | 7,064 |  |  |  | 251,014 |
Commercial business |  |  | 1,775 |  |  |  | - |  |  |  | - |  |  |  | 1,775 |  |  |  | 89,622 |  |  |  | 91,397 |  |  |  | 1,881 |  |  |  | 93,278 |
Consumer |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 915 |  |  |  | 918 |  |  |  | - |  |  |  | 918 |
Manufactured homes |  |  | 601 |  |  |  | 256 |  |  |  | 82 |  |  |  | 939 |  |  |  | 33,943 |  |  |  | 34,882 |  |  |  | - |  |  |  | 34,882 |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,549 |  |  |  | 9,549 |  |  |  | - |  |  |  | 9,549 |
Total |  | $ | 12,248 |  |  | $ | 3,584 |  |  | $ | 248 |  |  | $ | 16,080 |  |  | $ | 1,474,363 |  |  | $ | 1,490,443 |  |  | $ | 18,128 |  |  | $ | 1,508,571 |
The following table shows the amortized cost of loans, segregated by portfolio segment, credit quality rating and year of origination as of March 31, 2023, and gross charge-offs for the three months ended March 31, 2023.
March 31, 2023 |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving |  |  | Revolving Converted to Term |  |  | Total |
Total Loans Receivable |  | $ | 33,681 |  |  | $ | 330,215 |  |  | $ | 351,588 |  |  | $ | 263,691 |  |  | $ | 130,476 |  |  | $ | 323,663 |  |  | $ | 82,874 |  |  | $ | 141 |  |  | $ | 1,516,329 |
Total Current period gross writeoff |  | $ | (19 | ) |  | $ | - |  |  | $ | - |  |  | $ | (75 | ) |  | $ | - |  |  | $ | (12 | ) |  | $ | - |  |  | $ | - |  |  | $ | (106 | )
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 4,775 |  |  | $ | 79,050 |  |  | $ | 101,214 |  |  | $ | 124,391 |  |  | $ | 26,094 |  |  | $ | 131,775 |  |  | $ | 2,729 |  |  | $ | - |  |  | $ | 470,028 |
Special Mention (7) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 43 |  |  |  | 703 |  |  |  | - |  |  |  | - |  |  |  | 746 |
Substandard (8) |  |  | - |  |  |  | 358 |  |  |  | 261 |  |  |  | 499 |  |  |  | 376 |  |  |  | 4,631 |  |  |  | - |  |  |  | - |  |  |  | 6,125 |
Total |  | $ | 4,775 |  |  | $ | 79,408 |  |  | $ | 101,475 |  |  | $ | 124,890 |  |  | $ | 26,513 |  |  | $ | 137,109 |  |  | $ | 2,729 |  |  | $ | - |  |  | $ | 476,899 |
Current period gross writeoff |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,693 |  |  | $ | 36,213 |  |  | $ | 141 |  |  | $ | 38,047 |
Special Mention (7) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 128 |  |  |  | 284 |  |  |  | - |  |  |  | 412 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 185 |  |  |  | 916 |  |  |  | 317 |  |  |  | - |  |  |  | 1,418 |
Total |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 185 |  |  | $ | 2,737 |  |  | $ | 36,814 |  |  | $ | 141 |  |  | $ | 39,877 |
Current period gross writeoff |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 6,379 |  |  | $ | 116,935 |  |  | $ | 107,229 |  |  | $ | 57,713 |  |  | $ | 59,064 |  |  | $ | 123,857 |  |  | $ | 3,287 |  |  | $ | - |  |  | $ | 474,464 |
Special Mention (7) |  |  | - |  |  |  | 76 |  |  |  | - |  |  |  | - |  |  |  | 1,165 |  |  |  | 2,141 |  |  |  | 149 |  |  |  | - |  |  |  | 3,531 |
Substandard (8) |  |  | - |  |  |  | 1,216 |  |  |  | 92 |  |  |  | 240 |  |  |  | - |  |  |  | 5,021 |  |  |  | - |  |  |  | - |  |  |  | 6,569 |
Total |  | $ | 6,379 |  |  | $ | 118,227 |  |  | $ | 107,321 |  |  | $ | 57,953 |  |  | $ | 60,229 |  |  | $ | 131,019 |  |  | $ | 3,436 |  |  | $ | - |  |  | $ | 484,564 |
Current period gross writeoff |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (12 | ) |  |  | - |  |  |  | - |  |  |  | (12 | )
Construction and land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 7,667 |  |  | $ | 52,259 |  |  | $ | 34,588 |  |  | $ | 1,023 |  |  | $ | 9,018 |  |  | $ | 634 |  |  | $ | 6,669 |  |  | $ | - |  |  | $ | 111,858 |
Special Mention (7) |  |  | - |  |  |  | - |  |  |  | 2,391 |  |  |  | 2,059 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,450 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 7,667 |  |  | $ | 52,259 |  |  | $ | 36,979 |  |  | $ | 3,082 |  |  | $ | 9,018 |  |  | $ | 634 |  |  | $ | 6,669 |  |  | $ | - |  |  | $ | 116,308 |
Current period gross writeoff |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 6,388 |  |  | $ | 54,961 |  |  | $ | 81,790 |  |  | $ | 59,245 |  |  | $ | 15,334 |  |  | $ | 25,646 |  |  | $ | 180 |  |  | $ | - |  |  | $ | 243,544 |
Special Mention (7) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 861 |  |  |  | - |  |  |  | 877 |  |  |  | - |  |  |  | - |  |  |  | 1,738 |
Substandard (8) |  |  | - |  |  |  | 901 |  |  |  | - |  |  |  | - |  |  |  | 6,089 |  |  |  | 361 |  |  |  | - |  |  |  | - |  |  |  | 7,351 |
Total |  | $ | 6,388 |  |  | $ | 55,862 |  |  | $ | 81,790 |  |  | $ | 60,106 |  |  | $ | 21,423 |  |  | $ | 26,884 |  |  | $ | 180 |  |  | $ | - |  |  | $ | 252,633 |
Current period gross writeoff |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 6,488 |  |  | $ | 20,333 |  |  | $ | 8,189 |  |  | $ | 7,261 |  |  | $ | 6,871 |  |  | $ | 15,140 |  |  | $ | 32,796 |  |  | $ | - |  |  | $ | 97,078 |
Special Mention (7) |  |  | - |  |  |  | - |  |  |  | 70 |  |  |  | - |  |  |  | 145 |  |  |  | 469 |  |  |  | 250 |  |  |  | - |  |  |  | 934 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | 227 |  |  |  | 416 |  |  |  | 5 |  |  |  | 1,992 |  |  |  | - |  |  |  | - |  |  |  | 2,640 |
Total |  | $ | 6,488 |  |  | $ | 20,333 |  |  | $ | 8,486 |  |  | $ | 7,677 |  |  | $ | 7,021 |  |  | $ | 17,601 |  |  | $ | 33,046 |  |  | $ | - |  |  | $ | 100,652 |
Current period gross writeoff |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (75 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (75 | )
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 94 |  |  | $ | 132 |  |  | $ | 175 |  |  | $ | 18 |  |  | $ | 31 |  |  | $ | 273 |  |  | $ | - |  |  | $ | - |  |  | $ | 723 |
Total |  | $ | 94 |  |  | $ | 132 |  |  | $ | 175 |  |  | $ | 18 |  |  | $ | 31 |  |  | $ | 273 |  |  | $ | - |  |  | $ | - |  |  | $ | 723 |
Current period gross writeoff |  |  | (19 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (19 | )
Manufactured homes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | - |  |  | $ | 1,994 |  |  | $ | 13,840 |  |  | $ | 9,965 |  |  | $ | 6,056 |  |  | $ | 2,172 |  |  | $ | - |  |  | $ | - |  |  | $ | 34,027 |
Total |  | $ | - |  |  | $ | 1,994 |  |  | $ | 13,840 |  |  | $ | 9,965 |  |  | $ | 6,056 |  |  | $ | 2,172 |  |  | $ | - |  |  | $ | - |  |  | $ | 34,027 |
Current period gross writeoff |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 1,890 |  |  | $ | 2,000 |  |  | $ | 1,522 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,234 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,646 |
Total |  | $ | 1,890 |  |  | $ | 2,000 |  |  | $ | 1,522 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,234 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,646 |
Current period gross writeoff |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
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 |
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. 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. Non-performing loans include those loans that are 90 days or more past due and those loans that have been placed on non-accrual status. Loan Modification Disclosures Pursuant to ASU 2022-02 The following table shows the amortized cost of loans at March 31, 2023, that were both experiencing financial difficulty and modified during the three months ended March 31, 2023, segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to the amortized cost of each segment of financial receivable is also presented below.
(Dollars in thousands) |  | Payment Delay |  |  | Term Extension |  |  | Interest Rate Reduction |  |  | Combination Term Extension and Interest Rate Reduction |  |  | % of Total Segment Financing Receivables |
Residential Real Estate |  | $ | 600 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  |  | 0.13 | %
Total |  | $ | 600 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  |  | 0.04 | %
There were no commitments to lend additional amounts to the borrowers included in the previous table. The Bancorp closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table shows the performance of such loans and leases that have been modified during the three months ended March 31, 2023.
(Dollars in thousands) |  | Current |  |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 90 Days Past Due |
Residential Real Estate |  | $ | 224 |  |  | $ | - |  |  | $ | - |  |  | $ | 376 |
Total |  | $ | 224 |  |  | $ | - |  |  | $ | - |  |  | $ | 376 |
The borrowers with payment delays have had principal and interest payments deferred to the contractual maturity of their loans. Upon the Bancorp’s determination that a modified loan has subsequently been deemed uncollectible, the loan or lease is written off. Therefore, the amortized cost of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Troubled Debt Restructuring (TDR) Disclosures Prior to the Adoption of ASU 2022-02 During the three months ending March 31, 2022, four residential real estate loans totaling $194 thousand and one home equity loan totaling $7 thousand, were modified to include deferral of principal resulting troubled debt restructuring classification. During the three months ending March 31, 2021, two residential real estate loans to one customer totaling $150 thousand were modified to included deferral of principal resulting troubled debt restructuring classification. One residential real estate trouble debt restructuring loan totaling $39 thousand had subsequently defaulted during the three months ending March 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. Acquired Loan Purchase Discounts As part of the fair value of loans receivable, there was a net fair value discount for loans acquired of $5.8 million at March 31, 2023, compared to $5.5 million at December 31, 2022.
Accretable yield, or income recorded for the three months ended March 31, is as follows:
(dollars in thousands) |  | Total |
2022 |  | $ | 107 |
2023 |  |  | 167 |
Accretable yield, or income expected to be recorded in the future is as follows:
(dollars in thousands) |  | Total |
Remainder 2023 |  |  | 537 |
2024 |  |  | 744 |
2025 |  |  | 661 |
2026 |  |  | 462 |
2027 and thereafter |  |  | 3,352 |
Total |  | $ | 5,756 |
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Bancorp’s loan and lease portfolios utilizing guidance in Accounting Standards Codification (ASC) Topic 326. The Bancorp adopted ASU 2016-13 on January 1, 2023. Therefore, March 31, 2022, provision for credit losses and other allowance for loan and lease loss disclosures for the three months ended March 31, 2022, were calculated under the incurred loss method. The determination of the allowance requires significant judgment to estimate credit losses measured on a collective pool basis when similar risk characteristics exist, and for loans evaluated individually. In determining the allowance, the Bancorp estimates expected future losses for the loan’s entire contractual term adjusted for expected payments when appropriate. The allowance estimate considers relevant available information, from internal and external sources relating to the historical loss experience, current conditions, and reasonable and supportable forecasts for the Bancorp’s outstanding loan and lease balances. The allowance is an estimation that reflects management’s evaluation of expected losses related to the Bancorp’s financial assets measured at amortized cost. To ensure that the allowance is maintained at an adequate level, a detailed analysis is performed on a quarterly basis and an appropriate provision is made to adjust the allowance. The Bancorp categorizes the loan portfolios into nine segments based on similar risk characteristics. Loans within each segment are collectively evaluated using the probability of default (“PD”)/loss given default (“LGD”) methodology (PD/LGD). In creating the CECL model, the Bancorp has established a two-year reasonable and supportable forecast period with a one-year straight line reversion to the long-term historical average. Due to its minimal loss history, the Bancorp elected to use peer data for a more reasonable calculation. The following table shows the changes in the allowance for loan and lease losses, segregated by portfolio segment, for the three months ended March 31, 2023 and 2022.
(Dollars in thousands) |  | Beginning Balance |  |  | Adoption of ASC 326 |  |  | PCD Gross-up |  |  | Charge-offs |  |  | Recoveries |  |  | Provisions |  |  | Ending Balance |
The Bancorp's activity in the allowance for credit losses, by loan segment, is summarized below for the three months ended March 31, 2023: |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 3,021 |  |  | $ | 1,688 |  |  | $ | 31 |  |  | $ | - |  |  | $ | 52 |  |  | $ | (228 | ) |  | $ | 4,564 |
Home equity |  |  | 410 |  |  |  | 99 |  |  |  | 533 |  |  |  | - |  |  |  | - |  |  |  | 105 |  |  |  | 1,147 |
Commercial real estate |  |  | 5,784 |  |  |  | 1,003 |  |  |  | 443 |  |  |  | (12 | ) |  |  | - |  |  |  | (99 | ) |  |  | 7,119 |
Construction and land development |  |  | 1,253 |  |  |  | 1,735 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 241 |  |  |  | 3,229 |
Multifamily |  |  | 1,007 |  |  |  | 141 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (89 | ) |  |  | 1,059 |
Commercial business |  |  | 1,365 |  |  |  | 320 |  |  |  | 5 |  |  |  | (75 | ) |  |  | 47 |  |  |  | 433 |  |  |  | 2,095 |
Consumer |  |  | 57 |  |  |  | 5 |  |  |  | 17 |  |  |  | (19 | ) |  |  | 3 |  |  |  | 1 |  |  |  | 64 |
Manufactured homes |  |  | - |  |  |  | 112 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 104 |  |  |  | 216 |
Government |  |  | - |  |  |  | 55 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20 |  |  |  | 75 |
Total |  | $ | 12,897 |  |  | $ | 5,158 |  |  | $ | 1,029 |  |  | $ | (106 | ) |  | $ | 102 |  |  | $ | 488 |  |  | $ | 19,568 |
The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the three months ended March 31, 2022:
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 2,480 |  |  | $ | - |  |  | $ | 21 |  |  | $ | (8 | ) |  | $ | 2,493 |
Home equity |  |  | 357 |  |  |  | - |  |  |  | - |  |  |  | (3 | ) |  |  | 354 |
Commercial real estate |  |  | 5,515 |  |  |  | - |  |  |  | - |  |  |  | 15 |  |  |  | 5,530 |
Construction and land development |  |  | 2,119 |  |  |  | - |  |  |  | - |  |  |  | 16 |  |  |  | 2,135 |
Multifamily |  |  | 848 |  |  |  | - |  |  |  | - |  |  |  | 41 |  |  |  | 889 |
Commercial business |  |  | 2,009 |  |  |  | - |  |  |  | 31 |  |  |  | (99 | ) |  |  | 1,941 |
Consumer |  |  | 15 |  |  |  | (10 | ) |  |  | 2 |  |  |  | 38 |  |  |  | 45 |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 13,343 |  |  | $ | (10 | ) |  | $ | 54 |  |  | $ | - |  |  | $ | 13,387 |
A collateral dependent financial loan relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with the loan, the Bancorp considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. However, as other sources of repayment become inadequate over time, the significance of the collateral's value increases and the loan may become collateral dependent. The table below presents the amortized cost basis and allowance for credit losses (“ACL”) allocated for collateral dependent loans in accordance with ASC 326, which are individually evaluated to determine expected credit losses.
|  | March 31, 2023 |
(dollars in thousands) |  | Real Estate |  |  | Accounts Receivable |  |  | Other |  |  | Total |  |  | ACL Allocation |
Commercial and Industrial |  | $ | 57 |  |  | $ | 3,231 |  |  | $ | 388 |  |  | $ | 3,676 |  |  | $ | 645 |
Commercial Real Estate |  |  | 5,185 |  |  |  | - |  |  |  | - |  |  |  | 5,185 |  |  |  | 422 |
Multifamily |  |  | 7,418 |  |  |  | - |  |  |  | - |  |  |  | 7,418 |  |  |  | - |
Total |  | $ | 12,660 |  |  | $ | 3,231 |  |  | $ | 388 |  |  | $ | 16,279 |  |  | $ | 1,067 |
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 expectations, the deferred cost reserve is paid as a premium to the third party originator of the loan. The unamortized balance of the deferred cost reserve totaled $4.5 million and $4.6 million as of March 31, 2023, and December 31, 2022, respectively, and is included in net deferred loan origination cost. The following table presents non–accrual loans, loans past due over 90 days still on accrual by class of loans:
As of March 31, 2023 |  | Nonaccrual with No Allowance for Credit Loss |  |  | Nonaccrual |  |  | Loans Past Due over 90 Days Still Accruing |
Residential real estate |  | $ | 1,323 |  |  | $ | 3,805 |  |  | $ | 488 |
Home equity |  |  | - |  |  |  | 1,373 |  |  |  | 65 |
Commercial real estate |  |  | 2,841 |  |  |  | 141 |  |  |  | - |
Construction and land development |  |  | - |  |  |  | - |  |  |  | - |
Multifamily |  |  | 7,350 |  |  |  | - |  |  |  | - |
Commercial business |  |  | 57 |  |  |  | 2,583 |  |  |  | - |
Consumer |  |  | - |  |  |  | - |  |  |  | - |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | 324 |
Government |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 11,571 |  |  | $ | 7,902 |  |  | $ | 877 |
The Bancorp's impairment analysis is summarized below:
|  | Ending Balances |
(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 individually evaluated impaired loans are summarized below:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  | For the three months ended, |
(unaudited) |  | As of December 31, 2022 |  |  | March 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 |  |  | $ | - |  |  | $ | 2,629 |  |  | $ | 30 |
Home equity |  |  | 399 |  |  |  | 416 |  |  |  | - |  |  |  | 255 |  |  |  | 7 |
Commercial real estate |  |  | 5,314 |  |  |  | 5,406 |  |  |  | - |  |  |  | 2,188 |  |  |  | 10 |
Construction and land development |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 460 |  |  |  | - |
Multifamily |  |  | 7,121 |  |  |  | 7,163 |  |  |  | - |  |  |  | 2,036 |  |  |  | - |
Commercial business |  |  | 2,278 |  |  |  | 2,392 |  |  |  | - |  |  |  | 1,226 |  |  |  | 15 |
Consumer |  |  | 17 |  |  |  | 17 |  |  |  | - |  |  |  | 11 |  |  |  | - |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 251 |  |  | $ | 276 |  |  | $ | 24 |  |  | $ | 87 |  |  | $ | 3 |
Home equity |  |  | 20 |  |  |  | 20 |  |  |  | 3 |  |  |  | 22 |  |  |  | 1 |
Commercial real estate |  |  | 13 |  |  |  | 14 |  |  |  | 13 |  |  |  | 843 |  |  |  | - |
Construction and land development |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Multifamily |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial business |  |  | 433 |  |  |  | 561 |  |  |  | 297 |  |  |  | 354 |  |  |  | 16 |
Consumer |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Manufactured homes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 2,506 |  |  | $ | 3,987 |  |  | $ | 24 |  |  | $ | 2,716 |  |  | $ | 33 |
Home equity |  | $ | 419 |  |  | $ | 436 |  |  | $ | 3 |  |  | $ | 277 |  |  | $ | 8 |
Commercial real estate |  | $ | 5,327 |  |  | $ | 5,420 |  |  | $ | 13 |  |  | $ | 3,031 |  |  | $ | 10 |
Construction & land development |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 460 |  |  | $ | - |
Multifamily |  | $ | 7,121 |  |  | $ | 7,163 |  |  | $ | - |  |  | $ | 2,036 |  |  | $ | - |
Commercial business |  | $ | 2,711 |  |  | $ | 2,953 |  |  | $ | 297 |  |  | $ | 1,580 |  |  | $ | 31 |
Consumer |  | $ | 17 |  |  | $ | 17 |  |  | $ | - |  |  | $ | 11 |  |  | $ | - |
Manufactured homes |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Government |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Accrued interest receivable on loans totaled $5.3 million and is excluded from the estimate of credit losses. The Bancorp made the accounting policy election to not measure an ACL for accrued interest receivable. Accrued interest deemed uncollectible will be written off through interest income. Liability for Credit Losses on Unfunded Loan Commitments The liability for credit losses inherent in unfunded loan commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the ACL. The following table shows the changes in the liability for credit losses on unfunded loan commitments.
|  | Three months ended, |
|  | March 31, |
(Dollars in thousands) |  | 2023 |
Balance, beginning of period |  | $ | - |
Adoption of ASC 326 |  |  | 3,108 |
Provision (recovery of provision) |  |  | - |
Balance, end of period |  | $ | 3,108 |

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