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LOANS (Tables)
9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of accounts, notes, loans and financing receivable

    

September 30, 

    

December 31, 

2024

2023

Commercial and industrial (1)

$

174,430

$

162,889

Construction and land

 

2,631

 

9,559

Commercial real estate

 

1,631,373

 

1,668,585

Residential

 

103,090

 

86,002

Consumer

 

397

 

738

Total loans

 

1,911,921

 

1,927,773

Net deferred loan costs

 

184

 

56

Allowance for credit losses

 

(18,310)

 

(22,000)

Net loans

$

1,893,795

$

1,905,829

(1)Includes $1.7 million and $3.8 million of U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans as of September 30, 2024 and December 31, 2023, respectively.
Schedule of impaired financing receivables

The Company’s total individually evaluated loans, including collateral dependent loans, nonaccrual loans, modified loans to borrowers experiencing financial difficulty, and accreting purchase credit deteriorated (“PCD”) loans that have experienced post-acquisition declines in cash flows expected to be collected are summarized as follows:

    

Commercial

    

Construction

    

Commercial

    

    

    

and industrial

and land

real estate

Residential

Consumer

Total

September 30, 2024

  

 

  

 

  

 

  

 

  

 

  

Recorded investment in loans individually evaluated:

 

  

 

  

 

  

 

  

 

  

 

  

With no specific allowance recorded

$

1,037

$

$

13,832

$

747

$

$

15,616

With a specific allowance recorded

 

154

 

 

1,750

 

532

 

 

2,436

Total recorded investment in loans individually evaluated

$

1,191

$

$

15,582

$

1,279

$

$

18,052

Specific allowance on loans individually evaluated

$

44

$

$

194

$

205

$

$

443

December 31, 2023

 

  

 

  

 

  

 

  

 

  

 

  

Recorded investment in loans individually evaluated:

 

  

 

  

 

  

 

  

 

  

 

  

With no specific allowance recorded

$

273

$

366

$

1,298

$

1,349

$

$

3,286

With a specific allowance recorded

 

1,799

 

 

7,745

 

147

 

 

9,691

Total recorded investment in loans individually evaluated

$

2,072

$

366

$

9,043

$

1,496

$

$

12,977

Specific allowance on loans individually evaluated

$

1,423

$

$

3,008

$

2

$

$

4,433

Schedule of debtor troubled debt restructuring, current period

A summary of previously modified loans to borrowers experiencing financial difficulty by type of concession and type of loan, as of the dates indicated, is set forth below:

    

Number of

    

Rate

    

Term

    

Rate & term

    

% of Total

loans

modification

modification

modification

Total

loans outstanding

September 30, 2024

Commercial and industrial

 

2

$

$

103

$

$

103

0.06

%

Construction and land

 

 

 

 

 

 

%

Commercial real estate

 

4

 

 

1,884

 

 

1,884

 

0.12

%

Residential

 

1

 

747

 

 

747

 

0.72

%

Consumer

 

 

 

 

 

 

%

Total

 

7

$

$

2,734

$

$

2,734

0.14

%

    

Number of

    

Rate

    

Term

    

Rate & term

    

% of Total

loans

modification

modification

modification

Total

loans outstanding

December 31, 2023

Commercial and industrial

 

2

$

$

125

$

$

125

0.08

%

Construction and land

 

 

 

 

 

 

%

Commercial real estate

 

4

 

 

3,400

 

 

3,400

 

0.20

%

Residential

 

1

 

 

778

 

 

778

 

0.90

%

Consumer

 

 

 

 

 

 

%

Total

 

7

$

$

4,303

$

$

4,303

0.22

%

Schedule of financing receivable credit quality indicators

The following tables present the internally assigned risk grade by class of loans at the dates indicated:

Revolving

    

Term loans - amortized cost by origination year    

loans

2024

2023

2022

2021

2020

Prior

amortized cost

Total

September 30, 2024

 

  

 

  

 

  

 

  

 

  

Commercial and industrial:

Pass

$

5,484

$

52,925

$

29,764

$

25,656

$

14,425

$

39,473

$

$

167,727

Special mention

1,216

355

1,791

455

57

345

4,219

Substandard

148

206

354

1,776

2,484

Total commercial and industrial

$

6,848

$

53,486

$

31,909

$

26,111

$

14,482

$

41,594

$

$

174,430

YTD gross charge-offs

$

$

$

$

1,021

$

45

$

321

$

$

1,387

Construction and land:

Pass

$

50

$

65

$

1,183

$

139

$

56

$

1,138

$

$

2,631

Special mention

Substandard

Total construction and land

$

50

$

65

$

1,183

$

139

$

56

$

1,138

$

$

2,631

YTD gross charge-offs

$

$

$

$

$

$

$

$

Commercial real estate:

Pass

$

189,826

$

115,983

$

114,061

$

426,290

$

492,857

$

192,739

$

$

1,531,756

Special mention

14,108

635

8,805

12,285

36,681

72,514

Substandard

13,180

150

1,462

6,446

5,865

27,103

Total commercial real estate

$

217,114

$

115,983

$

114,846

$

436,557

$

511,588

$

235,285

$

$

1,631,373

YTD gross charge-offs

$

$

$

$

2,413

$

$

1,359

$

$

3,772

Residential:

Pass

$

4,058

$

23,506

$

306

$

27,873

$

39,175

$

5,490

$

$

100,408

Special mention

839

419

1,258

Substandard

1,111

313

1,424

Total residential

$

5,169

$

23,506

$

306

$

27,873

$

40,327

$

5,909

$

$

103,090

YTD gross charge-offs

$

$

$

$

$

$

$

$

Consumer:

Pass

$

97

$

212

$

$

49

$

10

$

29

$

$

397

Special mention

Substandard

Total consumer

$

97

$

212

$

$

49

$

10

$

29

$

$

397

YTD gross charge-offs

$

$

$

$

$

$

$

2

$

2

Total loans outstanding

Risk ratings

Pass

$

199,515

$

192,691

$

145,314

$

480,007

$

546,523

$

238,869

$

$

1,802,919

Special mention

15,324

355

2,426

9,260

13,181

37,445

77,991

Substandard

14,439

206

504

1,462

6,759

7,641

31,011

Doubtful

Total loans outstanding

$

229,278

$

193,252

$

148,244

$

490,729

$

566,463

$

283,955

$

$

1,911,921

YTD gross charge-offs

$

$

$

$

3,434

$

45

$

1,680

$

2

$

5,161

Revolving

    

Term loans - amortized cost by origination year    

loans

2023

2022

2021

2020

2019

Prior

amortized cost

Total

December 31, 2023

 

  

 

  

 

  

 

  

 

  

Commercial and industrial:

Pass

$

26,055

$

25,039

$

19,294

$

22,831

$

26,008

$

17,357

$

17,754

$

154,338

Special mention

1,323

932

1,926

1,831

6,012

Substandard

156

320

1,039

1,024

2,539

Total commercial and industrial

$

26,055

$

25,039

$

19,294

$

24,310

$

27,260

$

20,322

$

20,609

$

162,889

YTD gross charge-offs

$

$

$

$

$

27

$

436

$

$

463

Construction and land:

Pass

$

1,217

$

6,040

$

$

1,177

$

109

$

650

$

$

9,193

Special mention

Substandard

366

366

Total construction and land

$

1,217

$

6,040

$

$

1,543

$

109

$

650

$

$

9,559

YTD gross charge-offs

$

$

$

$

$

$

$

$

Commercial real estate:

Pass

$

80,576

$

397,319

$

377,165

$

140,265

$

180,859

$

370,887

$

9,405

$

1,556,476

Special mention

10,348

1,894

17,001

15,101

41,482

85,826

Substandard

158

946

11,579

13,600

26,283

Total commercial real estate

$

80,576

$

407,825

$

380,005

$

157,266

$

207,539

$

425,969

$

9,405

$

1,668,585

YTD gross charge-offs

$

$

$

$

$

$

$

$

Residential:

Pass

$

$

$

2,432

$

4,319

$

7,986

$

36,814

$

32,420

$

83,971

Special mention

437

437

Substandard

1,594

1,594

Total residential

$

$

$

2,432

$

4,319

$

8,423

$

38,408

$

32,420

$

86,002

YTD gross charge-offs

$

$

$

$

$

$

172

$

3

$

175

Consumer:

Pass

$

65

$

67

$

$

6

$

18

$

69

$

494

$

719

Special mention

Substandard

19

19

Total consumer

$

65

$

67

$

$

6

$

37

$

69

$

494

$

738

YTD gross charge-offs

$

$

$

$

$

$

$

5

$

5

Total loans outstanding

Risk ratings

Pass

$

107,913

$

428,465

$

398,891

$

168,598

$

214,980

$

425,777

$

60,073

$

1,804,697

Special mention

10,348

1,894

18,324

16,470

43,408

1,831

92,275

Substandard

158

946

522

11,918

16,233

1,024

30,801

Doubtful

Total loans outstanding

$

107,913

$

438,971

$

401,731

$

187,444

$

243,368

$

485,418

$

62,928

$

1,927,773

YTD gross charge-offs

$

$

$

$

$

27

$

608

$

8

$

643

Schedule of past due financing receivables

The following tables provide an aging of the Company’s loans receivable as of the dates indicated:

    

    

    

    

    

    

    

    

Recorded

    

    

    

90 Days

    

    

    

    

    

investment >

30–59 Days

60–89 Days

or more

Total

Total loans

90 days and

past due

past due

past due

past due

Current

PCD loans

receivable

accruing

September 30, 2024

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Commercial and industrial

$

675

$

588

$

231

$

1,494

$

172,813

$

123

$

174,430

$

Construction and land

 

 

 

 

 

2,620

 

11

 

2,631

 

Commercial real estate

 

2,032

 

3,527

 

1,455

 

7,014

 

1,600,916

 

23,443

 

1,631,373

 

Residential

 

27

 

2

1,030

 

1,059

 

101,727

 

304

 

103,090

 

Consumer

 

 

 

 

 

397

 

 

397

 

Total

$

2,734

$

4,117

$

2,716

$

9,567

$

1,878,473

$

23,881

$

1,911,921

$

    

    

    

    

    

    

    

    

Recorded

    

    

    

90 Days

    

    

    

    

    

investment >

30–59 Days

60–89 Days

or more

Total

Total loans

90 days and

past due

past due

past due

past due

Current

PCD loans

receivable

accruing

December 31, 2023

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Commercial and industrial

$

803

$

146

$

1,782

$

2,731

$

159,960

$

198

$

162,889

$

Construction and land

 

97

 

 

366

 

463

 

9,071

 

25

 

9,559

 

Commercial real estate

 

2,908

 

1,702

 

7,793

 

12,403

 

1,631,129

 

25,053

 

1,668,585

 

Residential

 

55

 

 

 

55

 

85,500

 

447

 

86,002

 

Consumer

 

 

 

 

 

738

 

 

738

 

Total

$

3,863

$

1,848

$

9,941

$

15,652

$

1,886,398

$

25,723

$

1,927,773

$