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Loans
6 Months Ended
Jun. 30, 2024
Loans [Abstract]  
Loans
 
3.
 
LOANS
The following table is a summary of the distribution of
 
loans held for investment by type (in thousands):
At
 
June 30,
 
2024
 
and
 
December 31,
 
2023,
 
the
 
Company
 
had
 
$
547.9
 
million
 
and
 
$
534.2
 
million,
 
respectively,
 
of
commercial real estate
 
and residential mortgage loans
 
pledged as collateral
 
for lines of
 
credit with the
 
FHLB and the
 
Federal
Reserve Bank of Atlanta.
Allowance for Credit Losses
In
 
general,
 
the
 
Company
 
utilizes
 
the
 
Discounted
 
Cash
 
Flow
 
(“DCF”)
 
method
 
or
 
the
 
Remaining
 
Life
 
(“WARM”)
methodology to estimate the quantitative portion
 
of the ACL for loan
 
pools. The DCF uses a
 
loss driver analysis (“LDA”) and
discounted cash flow
 
analyses. Management engaged
 
advisors and consultants
 
with expertise in
 
CECL model development
to assist
 
in development
 
of a
 
LDA based
 
on regression
 
models and
 
supportable forecast.
 
Peer group
 
data obtained
 
from
FFIEC
 
Call
 
Report
 
filings
 
is
 
used
 
to
 
inform
 
regression
 
analyses
 
to
 
quantify
 
the
 
impact
 
of
 
reasonable
 
and
 
supportable
forecasts in projective
 
models. Economic forecasts
 
applied to regression
 
models to estimate
 
probability of default
 
for loan
receivables use at least one
 
of the following economic indicators: civilian
 
unemployment rate (national), real gross domestic
product growth (national
 
GDP) or the
 
House Price Index (“HPI”).
 
For each of
 
the segments in
 
which the WARM methodology
is used,
 
the long-term
 
average loss
 
rate is
 
calculated
 
and applied
 
on a
 
quarterly basis
 
for the
 
remaining
 
life of
 
the pool.
Adjustments for economic expectations are made through
 
qualitative factors.
Qualitative factors (“Q-Factors”) used in the ACL methodology
 
include:
 
Changes in lending policies, procedures, and strategies
 
Changes in international, national, regional, and local conditions
 
Changes in nature and volume of portfolio
 
Changes in the volume and severity of past due loans and other similar conditions
 
Concentration risk
 
Changes in the value of underlying collateral
 
The effect of other external factors: e.g., competition, legal, and regulatory requirements
 
Changes in lending management, among others
Changes in the ACL for the three and six months ended June
 
30, 2024 and 2023 were as follows (in thousands):
At June
 
30, 2024,
 
the ACL
 
was $
22.2
 
million compared
 
to $
21.1
 
million at
 
December 31,
 
2023. The
 
increase of
 
$
1.1
million in the ACL was due to loan growth.
 
Charge offs for the three months ended
 
June 30, 2024 totaled $
5
 
thousand and were all originated in
 
2024. Charge offs
for the six months ended June 30, 2024 totaled $
10
 
thousand and were all originated in 2024.
The Company
 
had charge
 
offs totaling
 
$
40
 
thousand for
 
the quarter
 
ended June
 
30 2023
 
on loans.
 
$
21
 
thousand of
charge offs related to loans were originated in 2015 and
 
$
19
 
thousand related to loans were originated in 2023. For the six
months ended
 
June 30,
 
2023, the
 
Company had
 
a total
 
of $
45
 
thousand in
 
charge offs,
 
$
24
 
thousand originated
 
in 2023
and $
21
 
originated in 2015.
The
 
Federal
 
Open
 
Market
 
Committee
 
(“FOMC”)
 
economic
 
forecasts
 
as
 
of
 
June
 
30,
 
2024,
 
showed
 
minimal
improvements in
 
unemployment and a
 
slight slower
 
growth forecast
 
for real
 
GDP. Fannie Mae HPI forecast
 
reflected minimal
improvement in national housing prices
 
over the next four quarters.
 
The Company continued to adjust the
 
HPI index effect
on
 
1-4
 
Family
 
loan
 
portfolio
 
with
 
a
 
qualitative
 
factor
 
because
 
Florida
 
housing
 
prices
 
are
 
performing
 
better
 
than
 
national
levels.
 
The
 
Q-factor
 
scorecard
 
was
 
updated
 
based
 
on
 
the
 
latest
 
portfolio
 
stress
 
test
 
and
 
the
 
resulting
 
maximum
 
loss
calculation.
 
Our ACL
 
included residential
 
loans. To
 
assess the
 
potential impact
 
of changes
 
in qualitative
 
factors related
 
to these
loans,
 
management
 
performed
 
a sensitivity
 
analysis.
 
The Company
 
evaluated
 
the
 
impact
 
of the
 
HPI
 
used
 
in calculating
expected losses on the residential loan segment. As of June 30,
 
2024, for every 100 basis points increase in the HPI
 
index,
the
 
forecast
 
reduces
 
reserves
 
by
 
approximately
 
$
218
 
thousand
 
and
 
about
1
 
basis
 
point
 
to
 
the
 
reserve
 
coverage
 
ratio,
everything else being
 
constant. This sensitivity
 
analysis provides a
 
hypothetical result to
 
assess the sensitivity
 
of the ACL
and does not represent a change in management’s
 
judgement.
 
As of June 30, 2024, we stress
 
tested two qualitative factors in our commercial
 
real estate loan pool, as it’s
 
the largest
segment in
 
our portfolio.
 
We evaluated
 
the impact
 
of a
 
change in
 
the qualitative
 
factors from
 
no risk
 
to maximum
 
loss to
measure the
 
sensitivity of
 
the qualitative
 
factors. The
 
change from
 
no risk
 
to high
 
risk resulted
 
in a
 
$
5.9
 
million or
29.5
%
increase in
 
ACL. This
 
sensitivity analysis
 
provides a
 
hypothetical result
 
to assess
 
the sensitivity
 
of the
 
ACL and
 
does not
represent a change in management’s judgement.
 
The ACL
 
and the
 
outstanding balances
 
in the
 
specified loan
 
categories as
 
of June 30,
 
2024 and
 
December 31, 2023
are as follows (in thousands):
Credit Quality Indicators
The Company grades loans based on the estimated capability of the borrower to repay the contractual obligation of the
loan agreement based
 
on relevant information
 
which may include:
 
current financial information
 
on the borrower,
 
historical
payment
 
experience,
 
credit
 
documentation
 
and
 
other
 
current
 
economic
 
trends.
 
Internal
 
credit
 
risk
 
grades
 
are
 
evaluated
periodically.
 
The Company's internally assigned credit risk grades are as follows:
Pass
– Loans indicate different levels of satisfactory
 
financial condition and performance.
 
Special Mention
 
– Loans classified as special mention have a potential weakness
 
that deserves management’s
close attention. If left uncorrected, these potential weaknesses
 
may result in deterioration of the repayment
prospects for the loan or of the institution’s
 
credit position at some future date.
 
Substandard
– Loans classified as substandard are inadequately protected
 
by the current net worth and paying
capacity of the obligator or of the collateral pledged, if
 
any. Loans so classified
 
have a well-defined weakness or
weaknesses that jeopardize the liquidation of the debt.
 
They are characterized by the distinct possibility that the
institution will sustain some loss if the deficiencies are
 
not corrected.
 
Doubtful
 
– Loans classified as doubtful have all the weaknesses inherent
 
in those classified at substandard, with
the added characteristic that the weaknesses make collection
 
or liquidation in full on the basis of currently existing
facts, conditions, and values, highly questionable and improbable.
 
Loss
– Loans classified as loss are considered uncollectible.
Loan credit exposures by internally assigned grades are
 
presented below for the periods indicated (in thousands):
Loan Aging
The Company
 
also considers the
 
performance of loans
 
in grading
 
and in
 
evaluating the
 
credit quality
 
of the
 
loan portfolio.
The Company
 
analyzes credit
 
quality and
 
loan grades
 
based on
 
payment performance
 
and the
 
aging status
 
of the
 
loan.
 
The
 
following
 
tables
 
include
 
an
 
aging
 
analysis
 
of
 
accruing
 
loans
 
and
 
total
 
non-accruing
 
loans
 
as
 
of
 
June 30,
 
2024
 
and
December 31, 2023 (in thousands):
Non-accrual Status
 
The following table
 
includes the amortized
 
cost basis of
 
loans on non-accrual
 
status and loans
 
past due over
 
90 days
and still accruing as of June 30, 2024 and as of December
 
31, 2023 (in thousands):
Accrued interest
 
receivable is
 
excluded from
 
the estimate
 
of credit
 
losses. There
 
was
no
 
interest income
 
recognized
attributable to non-accrual
 
loans outstanding during
 
the three months
 
ended June 30,
 
2024 and 2023.
 
Interest income
 
on
these loans for
 
the three months
 
ended June 30,
 
2024 and 2023,
 
would have been
 
approximately $
11
thousand and
 
$
13
thousand, respectively,
 
had these loans performed in accordance with their
 
original terms.
 
Collateral-Dependent Loans
A
 
loan
 
is
 
collateral
 
dependent
 
when
 
the
 
borrower
 
is
 
experiencing
 
financial
 
difficulty
 
and
 
repayment
 
of
 
the
 
loan
 
is
expected to
 
be provided
 
substantially through
 
the sale
 
or operation
 
of the
 
collateral. There
 
were
no
 
collateral dependent
loans as of June 30,
 
2024, or as of December 31, 2023.
 
Loan Modifications to Borrowers Experiencing Financial
 
Difficulties
 
The following
 
table presents
 
newly restructured
 
loans, by
 
type of
 
modification, which
 
occurred during
 
the six
 
months
ended June 30, 2024 (in thousands):
The Company had
 
no new modifications to
 
borrowers experiencing financial difficulties for
 
the three months
 
ended June
30, 2024 and one new modification for the six months ended June 30, 2024. There were
no
 
existing loan modifications that
subsequently
 
defaulted
 
during
 
the
 
three
 
months
 
and
 
six
 
months
 
ended
 
June
 
30,
 
2024.
 
The
 
Company
 
had
 
one
 
new
modification to borrowers experiencing
 
financial difficulties for
 
the three and six
 
months ended June 30,
 
2023. There were
no
 
existing loan modifications that subsequently defaulted
 
for the three and six months ended June 30, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
December 31, 2023
Total
Percent of
Total
Total
Percent of
Total
Residential Real Estate
$
256,807
13.8
%
$
204,419
11.5
%
Commercial Real Estate
1,053,030
56.4
%
1,047,593
58.8
%
Commercial and Industrial
248,525
13.3
%
219,757
12.4
%
Foreign Banks
112,510
6.0
%
114,945
6.5
%
Consumer and Other
194,644
10.5
%
191,930
10.8
%
Total
 
gross loans
1,865,516
100.0
%
1,778,644
100.0
%
Plus: Deferred fees/costs
3,733
 
2,183
Total
 
loans net of deferred fees/costs
1,869,249
1,780,827
Less: Allowance for credit losses
22,230
21,084
Total
 
net loans
$
1,847,019
$
1,759,743
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
Real Estate
Commercial
Real Estate
Commercial
and
Industrial
Foreign
Banks
Consumer
and Other
Total
Three Months Ended June 30, 2024
Beginning balance
$
2,930
$
10,302
$
4,272
$
794
$
3,156
$
21,454
Provision for credit losses
(1)
257
(30)
474
98
(25)
774
Recoveries
6
-
1
-
-
7
Charge-offs
-
-
-
-
(5)
(5)
Ending Balance
$
3,193
$
10,272
$
4,747
$
892
$
3,126
$
22,230
Six Months Ended June 30, 2024
 
 
 
 
 
Beginning balance
$
2,695
$
10,366
$
3,974
$
911
$
3,138
$
21,084
Provision for credit losses
(2)
492
(94)
762
(19)
(4)
1,137
Recoveries
6
-
11
-
2
19
Charge-offs
-
-
-
-
(10)
(10)
Ending Balance
$
3,193
$
10,272
$
4,747
$
892
$
3,126
$
22,230
(1) Provision for credit losses excludes a $
15
 
thousand charge due to unfunded commitments included in other liabilities and a $
3
thousand charge related to investment securities held to maturity.
(2) Provision for credit losses excludes a $
58
 
thousand charge due to unfunded commitments included in other liabilities and a $
1
thousand charge related to investment securities held to maturity.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
Real Estate
Commercial
Real Estate
Commercial
and
Industrial
Foreign
Banks
Consumer
and Other
Total
Three Months Ended June 30, 2023
Beginning balance
$
2,819
$
10,453
$
2,367
$
772
$
2,476
$
18,887
Provision for credit losses
(1)
(148)
(270)
125
(95)
345
(43)
Recoveries
2
-
8
-
1
11
Charge-offs
-
-
-
-
(40)
(40)
Ending Balance
$
2,673
$
10,183
$
2,500
$
677
$
2,782
$
18,815
Six Months Ended June 30, 2023
Beginning balance
$
1,352
$
10,143
$
4,163
$
720
$
1,109
$
17,487
Cumulative effect of adoption of accounting
principle
(2)
1,238
1,105
(2,158)
23
858
1,066
Provision for credit losses
(3)
73
(1,065)
443
(66)
857
242
Recoveries
10
-
52
-
3
65
Charge-offs
-
-
-
-
(45)
(45)
Ending Balance
$
2,673
$
10,183
$
2,500
$
677
$
2,782
$
18,815
(1) Provision for credit losses excludes a $
62
 
thousand release due to unfunded commitments included in other liabilities and $
19
thousand expense related to investment securities held to maturity.
(2) Impact of CECL adoption on January 1, 2023.
(3) Provision for credit losses excludes a $
22
 
thousand release due to unfunded commitments included in other liabilities and $
19
thousand expense related to investment securities held to maturity.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2024
Term Loans by Origination Year
Revolving
Loans
Total
2024
2023
2022
2021
2020
Prior
Residential real estate
Pass
$
63,233
$
40,811
$
36,206
$
24,077
$
5,855
$
77,144
$
8,894
$
256,220
Substandard
-
-
-
-
-
587
-
587
Total
63,233
40,811
36,206
24,077
5,855
77,731
8,894
256,807
Commercial real estate
Pass
47,957
141,375
326,081
178,623
100,704
247,850
4,287
1,046,877
Substandard
-
-
-
5,463
690
-
-
6,153
Total
47,957
141,375
326,081
184,086
101,394
247,850
4,287
1,053,030
Commercial and
industrial
Pass
42,342
93,995
36,074
31,401
5,038
15,055
22,869
246,774
Substandard
-
-
-
552
-
1,199
-
1,751
Total
42,342
93,995
36,074
31,953
5,038
16,254
22,869
248,525
Foreign banks
Pass
85,759
26,751
-
-
-
-
-
112,510
Total
85,759
26,751
-
-
-
-
-
112,510
Consumer and other
loans
Pass
25,731
57,722
68,818
38,250
498
1,708
1,917
194,644
Substandard
-
-
-
-
-
-
-
-
Total
25,731
57,722
68,818
38,250
498
1,708
1,917
194,644
Total
 
Loans
Pass
265,022
360,654
467,179
272,351
112,095
341,757
37,967
1,857,025
Special Mention
-
-
-
-
-
-
-
-
Substandard
-
-
-
6,015
690
1,786
-
8,491
Doubtful
-
-
-
-
-
-
-
-
Total
$
265,022
$
360,654
$
467,179
$
278,366
$
112,785
$
343,543
$
37,967
$
1,865,516
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
Real Estate
Commercial
Real Estate
Commercial
and Industrial
Foreign
Banks
Consumer
and Other
Total
June 30, 2024:
Allowance for credit losses:
Individually evaluated
$
45
$
-
$
50
$
-
$
-
$
95
Collectively evaluated
3,148
10,272
4,697
892
3,126
22,135
Balances, end of period
$
3,193
$
10,272
$
4,747
$
892
$
3,126
$
22,230
Loans:
 
 
 
 
 
Individually evaluated
$
7,209
$
-
$
747
$
-
$
-
$
7,956
Collectively evaluated
249,598
1,053,030
247,778
112,510
194,644
1,857,560
Balances, end of period
$
256,807
$
1,053,030
$
248,525
$
112,510
$
194,644
$
1,865,516
 
 
 
 
 
December 31, 2023:
Allowance for credit losses:
Individually evaluated
$
145
$
-
$
128
$
-
$
-
$
273
Collectively evaluated
2,550
10,366
3,846
911
3,138
20,811
Balances, end of period
$
2,695
$
10,366
$
3,974
$
911
$
3,138
$
21,084
 
 
 
 
 
Loans:
Individually evaluated
$
6,994
$
-
$
1,668
$
-
$
-
$
8,662
Collectively evaluated
197,425
1,047,593
218,089
114,945
191,930
1,769,982
Balances, end of period
$
204,419
$
1,047,593
$
219,757
$
114,945
$
191,930
$
1,778,644
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2023
Term Loans by Origination Year
Revolving
Loans
Total
2023
2022
2021
2020
2019
Prior
Residential real estate
Pass
$
44,365
$
36,325
$
26,180
$
6,080
$
9,325
$
75,654
$
6,198
$
204,127
Substandard
-
-
-
-
292
-
-
292
Total
44,365
36,325
26,180
6,080
9,617
75,654
6,198
204,419
Commercial real estate
Pass
148,311
337,938
184,024
104,182
78,153
182,714
4,710
1,040,032
Substandard
-
-
6,867
694
-
-
-
7,561
Total
148,311
337,938
190,891
104,876
78,153
182,714
4,710
1,047,593
Commercial and
industrial
Pass
97,753
37,414
34,090
6,499
13,706
3,113
25,554
218,129
Substandard
-
-
330
-
1,298
-
-
1,628
Total
97,753
37,414
34,420
6,499
15,004
3,113
25,554
219,757
Foreign banks
Pass
114,945
-
-
-
-
-
-
114,945
Total
114,945
-
-
-
-
-
-
114,945
Consumer and other
loans
Pass
71,593
74,387
41,966
615
560
1,337
1,472
191,930
Total
71,593
74,387
41,966
615
560
1,337
1,472
191,930
Total
 
Loans
Pass
476,967
486,064
286,260
117,376
101,744
262,818
37,934
1,769,163
Special Mention
-
-
-
-
-
-
-
-
Substandard
-
-
7,197
694
1,590
-
-
9,481
Doubtful
-
-
-
-
-
-
-
-
Total
$
476,967
$
486,064
$
293,457
$
118,070
$
103,334
$
262,818
$
37,934
$
1,778,644
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accruing
As of June 30, 2024
Current
Past Due 30-
89 Days
Past Due 90
Days or >
and Still
Accruing
Total
Accruing
Non-Accrual
Total Loans
Residential real estate:
Home equity line of credit and other
$
547
$
-
$
-
$
547
$
-
$
547
1-4 family residential
197,537
5,757
-
203,294
-
203,294
Condo residential
52,646
-
-
52,646
320
52,966
250,730
5,757
-
256,487
320
256,807
Commercial real estate:
Land and construction
40,049
-
-
40,049
-
40,049
Multi-family residential
204,811
-
-
204,811
-
204,811
Condo commercial
58,292
-
-
58,292
-
58,292
Commercial property
749,868
-
-
749,868
-
749,868
Leasehold improvements
10
-
-
10
-
10
1,053,030
-
-
1,053,030
-
1,053,030
Commercial and industrial:
Secured
229,428
-
-
229,428
438
229,866
Unsecured
18,659
-
-
18,659
-
18,659
248,087
-
-
248,087
438
248,525
Foreign banks
112,510
-
-
112,510
-
112,510
Consumer and other
194,644
-
-
194,644
-
194,644
Total
$
1,859,001
$
5,757
$
-
$
1,864,758
$
758
$
1,865,516
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accruing
As of December 31, 2023:
Current
Past Due
30-89 Days
Past Due 90
Days or >
and Still
Accruing
Total
Accruing
Non-Accrual
Total Loans
Residential real estate:
Home equity line of credit and other
$
559
$
-
$
-
$
559
$
-
$
559
1-4 family residential
155,842
711
-
156,553
-
156,553
Condo residential
43,572
3,735
-
47,307
-
47,307
199,973
4,446
-
204,419
-
204,419
Commercial real estate:
Land and construction
33,710
-
-
33,710
-
33,710
Multi-family residential
181,287
-
-
181,287
-
181,287
Condo commercial
58,106
-
-
58,106
-
58,106
Commercial property
772,569
1,890
-
774,459
-
774,459
Leasehold improvements
31
-
-
31
-
31
1,045,703
1,890
-
1,047,593
-
1,047,593
Commercial and industrial:
 
 
 
 
Secured
200,235
29
-
200,264
468
200,732
Unsecured
19,025
-
-
19,025
-
19,025
219,260
29
-
219,289
468
219,757
 
 
 
 
Foreign banks
114,945
-
-
114,945
-
114,945
Consumer and other
191,930
-
-
191,930
-
191,930
Total
$
1,771,811
$
6,365
$
-
$
1,778,176
$
468
$
1,778,644
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024
Nonaccrual
Loans With
No Related
Allowance
Nonaccrual
Loans With
Related
Allowance
Total Non-
accruals
Loans Past
Due Over 90
Days and Still
Accruing
Residential real estate
$
320
$
-
$
320
$
-
Commercial and industrial
-
438
438
-
Total
$
320
$
438
$
758
$
-
December 31, 2023
Nonaccrual
Loans With
No Related
Allowance
Nonaccrual
Loans With
Related
Allowance
Total Non-
accruals
Loans Past
Due Over 90
Days and Still
Accruing
Commercial and industrial
$
-
$
468
$
468
$
-
Total
$
-
$
468
$
468
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recorded Investment Prior to Modification
Recorded Investment After Modification
Number of
Loans
Combination
Modifications
Total
Modifications
Number of
Loans
Combination
Modifications
Total
Modifications
Commercial and industrial
1
$
468
$
468
1
$
468
$
468
Total
1
$
468
$
468
1
$
468
$
468