Loans (Tables)

3 Months Ended

Mar. 31, 2024

Loans

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

	March 31,		December 31,
	2024		2023
Residential real estate	$	1,040,464	$	1,085,776
Commercial real estate		244,546		236,982
Construction		4,915		10,381
Commercial and industrial		13,348		15,832
Other consumer		6		1
Total loans		1,303,279		1,348,972
Less: allowance for credit losses		(29,257)		(29,404)
Loans, net	$	1,274,022	$	1,319,568

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

	Residential		Commercial				Commercial
Three Months Ended March 31, 2024	Real Estate		Real Estate		Construction		and Industrial		Total
Allowance for credit losses:
Balance at the beginning of the period	$	14,322	$	13,550	$	1,386	$	146	$	29,404
Provision for (recovery of) credit losses		912		(395)		(616)		(48)		(147)
Charge offs		—		—		—		—		—
Recoveries		—		—		—		—		—
Total ending balance	$	15,234	$	13,155	$	770	$	98	$	29,257

	Residential		Commercial				Commercial
Three Months Ended March 31, 2023	Real Estate		Real Estate		Construction		and Industrial		Total
Allowance for credit losses:
Balance at the beginning of the period	$	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		(1,889)		3,217		(546)		2		784
Charge offs		(6,478)		—		—		—		(6,478)
Recoveries		60		5		1		—		66
Total ending balance	$	20,498	$	16,067	$	1,994	$	6	$	38,565

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

March 31, 2024

December 31, 2023

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

$

9,318

$

2,064

$

30

$

8,942

$

4,079

$

31

The following table presents an aging of the amortized cost basis of contractually past due loans as of March 31, 2024 and December 31, 2023:

	30 - 59		60 - 89		90 Days
	Days		Days		or More		Total		Current
March 31, 2024	Past Due		Past Due		Past Due		Past Due		Loans		Total
Residential real estate	$	10,316	$	2,708	$	9,348	$	22,372	$	1,018,092	$	1,040,464
Commercial real estate		—		—		—		—		244,546		244,546
Construction		—		—		—		—		4,915		4,915
Commercial and industrial		—		—		—		—		13,348		13,348
Other consumer		—		—		—		—		6		6
Total	$	10,316	$	2,708	$	9,348	$	22,372	$	1,280,907	$	1,303,279

	30 - 59		60 - 89		90 Days
	Days		Days		or More		Total		Current
December 31, 2023	Past Due		Past Due		Past 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

Schedule of risk rating of loans by class of loans

													Revolving		Revolving
													Loans		Loans
	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of March 31, 2024	2024		2023		2022		2021		2020		Prior		Costs Basis		to Term		Total
Residential lending
Residential mortgage loans:
Payment performance:
Accrual	$	—	$	762	$	71,885	$	130,283	$	97,241	$	722,935	$	7,767	$	273	$	1,031,146
Nonaccrual		—		—		—		—		—		9,318		—		—		9,318
Total residential mortgage loans	$	—	$	762	$	71,885	$	130,283	$	97,241	$	732,253	$	7,767	$	273	$	1,040,464
Residential mortgage loans:
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

													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 March 31, 2024	2024		2023		2022		2021		2020		Prior		Costs Basis		to Term		Total
Commercial lending
Real estate - commercial real estate:
Risk rating
Pass	$	14,929	$	22,176	$	78,672	$	34,970	$	34,958	$	24,352	$	—	$	—	$	210,057
Special mention		—		944		3,550		—		2,718		8,632		—		—		15,844
Substandard or lower		—		—		—		11,785		—		6,860		—		—		18,645
Total real estate – commercial real estate	$	14,929	$	23,120	$	82,222	$	46,755	$	37,676	$	39,844	$	—	$	—	$	244,546
Real estate – commercial real estate:
Current period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate – construction:
Risk rating
Pass	$	—	$	12	$	—	$	—	$	—	$	—	$	—	$	—	$	12
Substandard or lower		—		—		—		—		—		4,903		—		—		4,903
Total real estate - construction	$	—	$	12	$	—	$	—	$	—	$	4,903	$	—	$	—	$	4,915
Real estate – construction:
Current period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial:
Risk rating
Pass	$	—	$	9,467	$	1,064	$	—	$	—	$	94	$	2,672	$	51	$	13,348
Total commercial and industrial	$	—	$	9,467	$	1,064	$	—	$	—	$	94	$	2,672	$	51	$	13,348
Commercial and industrial:
Current period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

													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 - 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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate - construction:
Risk rating
Pass	$	14	$	—	$	—	$	1,591	$	—	$	—	$	—	$	—	$	1,605
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	$	73	$	15,832
Commercial and industrial:
Current period gross charge offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—