Loans (Tables)

12 Months Ended

Dec. 31, 2023

Loans

Schedule of major categories of loans held for sale, investment and allowance for credit losses

	December 31,
	2023		2022
Residential real estate	$	—	$	6,181
Commercial real estate		—		1,544
Total loans held for sale	$	—	$	7,725

	December 31,
	2023		2022
Residential real estate	$	1,085,776	$	1,391,276
Commercial real estate		236,982		221,669
Construction		10,381		44,503
Commercial and industrial		15,832		1,396
Other consumer		1		5
Total loans		1,348,972		1,658,849
Less: allowance for credit losses		(29,404)		(45,464)
Loans, net	$	1,319,568	$	1,613,385

Schedule of activity in allowance for credit losses and recorded investment by portfolio segment

							Commercial
	Residential		Commercial				and
December 31, 2023	Real Estate		Real Estate		Construction		Industrial		Total
Allowance for credit losses:
Beginning balance	$	27,951	$	11,694	$	5,781	$	38	$	45,464
Adoption of ASU 2016-13		865		1,151		(3,633)		(34)		(1,651)
Adoption of ASU 2022-02		(11)		—		391		—		380
Provision for (recovery of) credit losses		(8,433)		605		(1,158)		142		(8,844)
Charge offs		(6,478)		—		—		—		(6,478)
Recoveries		428		100		5		—		533
Total ending balance	$	14,322	$	13,550	$	1,386	$	146	$	29,404

							Commercial
	Residential		Commercial				Lines of
December 31, 2022	Real Estate		Real Estate		Construction		Credit		Total
Allowance for loan losses:
Beginning balance	$	32,202	$	12,608	$	11,730	$	8	$	56,548
Provision for (recovery of) loan losses		(5,105)		3,060		(7,919)		30		(9,934)
Charge offs		(197)		(4,064)		—		—		(4,261)
Recoveries		1,051		90		1,970		—		3,111
Total ending balance	$	27,951	$	11,694	$	5,781	$	38	$	45,464

							Commercial
	Residential		Commercial				Lines of
December 31, 2021	Real Estate		Real Estate		Construction		Credit		Total
Allowance for loan losses:
Beginning balance	$	32,366	$	21,942	$	17,988	$	91	$	72,387
Provision for (recovery of) loan losses		(1,578)		(2,052)		(4,552)		(83)		(8,265)
Charge offs		—		(7,921)		(1,965)		—		(9,886)
Recoveries		1,414		639		259		—		2,312
Total ending balance	$	32,202	$	12,608	$	11,730	$	8	$	56,548

							Commercial
	Residential		Commercial				Lines of		Other
December 31, 2022	Real Estate		Real Estate		Construction		Credit		Consumer		Total
Allowance for loan losses:
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	11	$	—	$	—	$	—	$	—	$	11
Collectively evaluated for impairment		27,940		11,694		5,781		38		—		45,453
Total ending allowance balance	$	27,951	$	11,694	$	5,781	$	38	$	—	$	45,464
Loans:
Loans individually evaluated for impairment	$	45	$	—	$	2,485	$	107	$	—	$	2,637
Loans collectively evaluated for impairment		1,391,231		221,669		42,018		1,289		5		1,656,212
Total ending loans balance	$	1,391,276	$	221,669	$	44,503	$	1,396	$	5	$	1,658,849

Schedule of information related to impaired loans by class of loans, as determined prior to adoption of ASU 2016-13

The following table presents information related to impaired loans by class of loans as of and for the year ended December 31, 2022 and 2021, as determined in accordance with ASC 310 prior to the adoption of ASU 2016-13:

	At December 31, 2022						Year Ended December 31, 2022
	Unpaid						Average		Interest		Cash Basis
	Principal		Recorded		Allowance for		Recorded		Income		Interest
	Balance		Investment		Loan Losses		Investment		Recognized		Recognized
With no related allowance for loan losses recorded:
Commercial real estate:
Retail	$	227	$	—	$	—	$	—	$	—	$	—
Construction		2,485		2,485		—		6,004		166		149
Commercial lines of credit:
Private banking		107		107		—		112		6		5
Subtotal		2,819		2,592		—		6,116		172		154
With an allowance for loan losses recorded:
Residential real estate, first mortgage		79		45		11		169		4		4
Total	$	2,898	$	2,637	$	11	$	6,285	$	176	$	158

	At December 31, 2021						Year Ended December 31, 2021
	Unpaid						Average		Interest		Cash Basis
	Principal		Recorded		Allowance for		Recorded		Income		Interest
	Balance		Investment		Loan Losses		Investment		Recognized		Recognized
With no related allowance for loan losses recorded:
Residential real estate, first mortgage	$	91	$	65	$	—	$	79	$	—	$	—
Commercial real estate:
Retail		—		—		—		612		—		—
Hotels/Single-room occupancy hotels		4,459		4,441		—		14,370		—		—
Office		—		—		—		1,846		—		—
Other		—		—		—		68		—		—
Construction		15,004		14,984		—		30,239		231		218
Commercial lines of credit:
Private banking		116		116		—		1,034		8		8
Subtotal		19,670		19,606		—		48,248		239		226
With an allowance for loan losses recorded:
Residential real estate, first mortgage		273		285		159		281		3		3
Construction		—		—		—		2,541		219		200
Subtotal		273		285		159		2,822		222		203
Total	$	19,943	$	19,891	$	159	$	51,070	$	461	$	429

Schedule of recorded investment in nonaccrual and loans past due over 90 days or more and still on accrual by class of loans and aging of the recorded investment in past due loans

	December 31,
	2023						2022
			Nonaccrual		Past Due 90				Nonaccrual		Past Due 90
			With No		Days or More				With No		Days or More
	Nonaccrual		Allowance for		and Still		Nonaccrual		Allowance for		and Still
	Loans		Credit Losses		Accruing		Loans		Credit Losses		Accruing
Residential real estate:
Residential first mortgage	$	8,942	$	4,079	$	31	$	33,501	$	—	$	35
Residential second mortgage		—		—		—		189		—		—
Commercial real estate		—		—		—		—		—		—
Total	$	8,942	$	4,079	$	31	$	33,690	$	—	$	35

The following table presents an aging of the amortized cost basis of contractually past due loans at December 31, 2023:

	30 ‑ 59		60 ‑ 89		90 Days
	Days Past		Days Past		or More Past		Total		Current
December 31, 2023	Due		Due		Due		Past Due		Loans		Total
Residential real estate	$	16,634	$	2,305	$	8,973	$	27,912	$	1,057,864	$	1,085,776
Commercial real estate		—		—		—		—		236,982		236,982
Construction		—		—		—		—		10,381		10,381
Commercial and industrial		—		—		—		—		15,832		15,832
Other consumer		—		—		—		—		1		1
Total	$	16,634	$	2,305	$	8,973	$	27,912	$	1,321,060	$	1,348,972

The following table presents the aging of the recorded investment in past due loans, presented in accordance with ASC 310, at December 31, 2022, by class of loans:

	30 ‑ 59		60 ‑ 89		90 Days
	Days		Days		or More		Total		Current
December 31, 2022	Past Due		Past Due		Past Due		Past Due		Loans		Total
Residential real estate:
Residential first mortgage	$	17,881	$	5,337	$	33,536	$	56,754	$	1,324,545	$	1,381,299
Residential second mortgage		99		—		189		288		9,689		9,977
Commercial real estate:
Retail		—		—		—		—		28,971		28,971
Multifamily		—		—		—		—		81,444		81,444
Office		—		—		—		—		39,610		39,610
Hotels/Single-room occupancy hotels		—		—		—		—		5,208		5,208
Industrial		—		—		—		—		30,242		30,242
Other		—		—		—		—		36,194		36,194
Construction		—		—		—		—		44,503		44,503
Commercial lines of credit:
Private banking		—		—		—		—		107		107
C&I lending		—		—		—		—		1,289		1,289
Other consumer		—		—		—		—		5		5
Total	$	17,980	$	5,337	$	33,725	$	57,042	$	1,601,807	$	1,658,849

Schedule of risk rating of loans by class of loans

For residential and consumer loan classes, the Company evaluates credit quality based on the accrual status of the loan. The following table presents the amortized cost in residential loans based on accrual status:

													Revolving		Revolving
													Loans		Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of December 31, 2023	2023		2022		2021		2020		2019		Prior		Costs Basis		to Term		Total
Residential lending
Residential mortgage loans:
Payment performance:
Accrual	$	764	$	72,840	$	132,567	$	99,676	$	202,793	$	560,185	$	7,729	$	280	$	1,076,834
Nonaccrual		—		—		—		—		1,739		7,203		—		—		8,942
Total residential mortgage loans	$	764	$	72,840	$	132,567	$	99,676	$	204,532	$	567,388	$	7,729	$	280	$	1,085,776
Residential mortgage loans:
Current period gross write offs	$	—	$	—	$	—	$	—	$	1,858	$	4,601	$	19	$	—	$	6,478

The amortized cost basis by year of origination and credit quality indicator of the Company’s commercial loans based on the most recent analysis performed was as follows:

													Revolving		Revolving
													Loans		Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of December 31, 2023	2023		2022		2021		2020		2019		Prior		Costs Basis		to Term		Total
Commercial lending
Real estate – construction:
Risk rating
Pass	$	14	$	—	$	—	$	1,591	$	—	$	—	$	—	$	—	$	1,605
Special mention		—		—		—		—		—		—		—		—		—
Substandard or lower		—		—		—		—		8,776		—		—		—		8,776
Total real estate - construction	$	14	$	—	$	—	$	1,591	$	8,776	$	—	$	—	$	—	$	10,381
Real estate – construction:
Current period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial:
Risk rating
Pass	$	14,461	$	1,071	$	—	$	—	$	—	$	97	$	130	$	73	$	15,832
Total commercial and industrial	$	14,461	$	1,071	$	—	$	—	$	—	$	97	$	130	$	—	$	15,832
Commercial and industrial:
Current period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate – commercial real estate:
Risk rating
Pass	$	28,975	$	79,013	$	33,694	$	35,148	$	6,938	$	13,020	$	—	$	—	$	196,788
Special mention		948		3,574		1,407		2,724		8,610		4,253		—		—		21,516
Substandard or lower		—		—		11,778		—		2,805		4,095		—		—		18,678
Total real estate – commercial real estate	$	29,923	$	82,587	$	46,879	$	37,872	$	18,353	$	21,368	$	—	$	—	$	236,982
Real estate – commercial real estate:
Current period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The credit risk profiles by internally assigned grade for loans by class of loans as of December 31, 2022, as determined in accordance with ASC 310, prior to the adoption of ASU 2016-13, were as follows:

			Special
December 31, 2022	Pass		Mention		Substandard		Doubtful		Total
Residential real estate:
Residential first mortgage	$	1,347,763	$	—	$	33,536	$	—	$	1,381,299
Residential second mortgage		9,788		—		189		—		9,977
Commercial real estate:
Retail		28,971		—		—		—		28,971
Multifamily		67,361		14,083		—		—		81,444
Office		39,610		—		—		—		39,610
Hotels/Single-room occupancy hotels		—		3,669		1,539		—		5,208
Industrial		30,242		—		—		—		30,242
Other		21,036		15,158		—		—		36,194
Construction		31,369		4,650		8,484		—		44,503
Commercial lines of credit:
Private banking		107		—		—		—		107
C&I lending		1,289		—		—		—		1,289
Other consumer		5		—		—		—		5
Total	$	1,577,541	$	37,560	$	43,748	$	—	$	1,658,849