Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Loans

The following schedule details the loans of the Company at March 31, 2024 and December 31, 2023:

	(In Thousands)
	March 31, 2024			December 31, 2023
Residential 1-4 family real estate	$	969,700		$	959,218
Commercial and multi-family real estate		1,344,853			1,313,284
Construction, land development and farmland		874,822			901,336
Commercial, industrial and agricultural		121,734			127,659
1-4 family equity lines of credit		214,814			202,731
Consumer and other		103,958			104,373
Total loans before net deferred loan fees		3,629,881			3,608,601
Net deferred loan fees		(12,824	)		(13,078	)
Total loans		3,617,057			3,595,523
Less: Allowance for credit losses		(44,742	)		(44,848	)
Net loans	$	3,572,315		$	3,550,675

Summary of Transactions in Allowance for Credit Losses

Transactions in the allowance for credit losses for the three months ended March 31, 2024 and March 31, 2023 are summarized as follows:

	(In Thousands)
	Residential 1-4 Family Real Estate			Commercial and Multi-family Real Estate		Construction, Land Development and Farmland			Commercial, Industrial and Agricultural			1-4 family Equity Lines of Credit		Consumer and Other			Total
March 31, 2024
Allowance for credit losses - loans:
Beginning balance January 1,	$	8,765			17,422		14,027			1,533			1,809		1,292			44,848
Provision for credit losses		(122	)		575		(674	)		(53	)		14		260			—
Charge-offs		—			—		—			(6	)		—		(288	)		(294	)
Recoveries		18			—		3			5			—		162			188
Ending balance	$	8,661		$	17,997	$	13,356		$	1,479		$	1,823	$	1,426			44,742

	(In Thousands)
	Residential 1-4 Family Real Estate		Commercial and Multi- family Real Estate		Construction, Land Development and Farmland		Commercial, Industrial and Agricultural		1-4 family Equity Lines of Credit		Consumer and Other			Total
March 31, 2023
Allowance for credit losses - loans:
Beginning balance January 1,	$	7,310		15,299		13,305		1,437		1,170		1,292			39,813
Provision		647		387		488		118		54		268			1,962
Charge-offs		—		—		—		—		—		(448	)		(448	)
Recoveries		—		—		4		—		—		115			119
Ending balance	$	7,957		15,686		13,797		1,555		1,224		1,227			41,446

Schedule of Amortized Cost Basis of Collateral Dependent Loans

The following table presents the amortized cost basis of collateral dependent loans at March 31, 2024 and December 31, 2023 which are individually evaluated to determine expected credit losses:

	In Thousands
	Real Estate		Other		Total
March 31, 2024
Residential 1-4 family real estate	$	857		—		857
Commercial and multi-family real estate		17,890		—		17,890
Construction, land development and farmland		21,599		—		21,599
Commercial, industrial and agricultural		—		—		—
1-4 family equity lines of credit		—		—		—
Consumer and other		—		—		—
	$	40,346		—		40,346

	In Thousands
	Real Estate		Other		Total
December 31, 2023
Residential 1-4 family real estate	$	1,949		—		1,949
Commercial and multi-family real estate		2,889		—		2,889
Construction, land development and farmland		—		—		—
Commercial, industrial and agricultural		—		—		—
1-4 family equity lines of credit		—		—		—
Consumer and other		—		—		—
	$	4,838		—		4,838

Schedule of Loans on Nonaccrual Status

Loans on Nonaccrual Status

	In Thousands
	March 31,		December 31,
	2024		2023
Residential 1-4 family real estate	$	—	$	—
Commercial and multi-family real estate		—		—
Construction, land development and farmland		—		—
Commercial, industrial and agricultural		—		—
1-4 family equity lines of credit		—		—
Consumer and other		—		—
Total	$	—	$	—

Schedule of Age Analysis of Past Due Loans

	(In thousands)
	30-59 Days Past Due		60-89 Days Past Due		Non Accrual and Greater Than 89 Days Past Due		Total Non Accrual and Past Due		Current		Total Loans		Recorded Investment Greater Than 89 Days Past Due and Accruing
March 31, 2024
Residential 1-4 family real estate	$	2,115		325		—		2,440		967,260		969,700	$	—
Commercial and multi-family real estate		29		—		—		29		1,344,824		1,344,853		—
Construction, land development and    farmland		2,809		2,679		498		5,986		868,836		874,822		498
Commercial, industrial and agricultural		98		12		—		110		121,624		121,734		—
1-4 family equity lines of credit		395		40		315		750		214,064		214,814		315
Consumer and other		325		118		74		517		103,441		103,958		74
Total	$	5,771		3,174		887		9,832		3,620,049		3,629,881	$	887
December 31, 2023
Residential 1-4 family real estate	$	1,544		552		1,178		3,274		955,944		959,218	$	1,178
Commercial and multi-family real estate		5,846		—		—		5,846		1,307,438		1,313,284		—
Construction, land development and    farmland		2,959		1		—		2,960		898,376		901,336		—
Commercial, industrial and agricultural		52		—		7		59		127,600		127,659		7
1-4 family equity lines of credit		571		209		106		886		201,845		202,731		106
Consumer and other		350		78		118		546		103,827		104,373		118
Total	$	11,322		840		1,409		13,571		3,595,030		3,608,601	$	1,409

Modified Financing Receivables

(In Thousands)

Principal Forgiveness

Payment Delay

Term Extension

Interest Rate Reduction

Combination Term Extension and Principal Forgiveness

Combination Term Extension and Interest Rate Reduction

Total Class of Financing Receivable

March 31, 2024

Residential 1-4 family real estate

$

—

$

—

$

—

$

—

$

—

$

—

—

%

Commercial and multi-family real estate

—

—

—

—

—

—

—

%

Construction, land development and    farmland

—

—

—

—

—

—

—

%

Commercial, industrial and agricultural

—

—

—

—

—

—

—

%

1-4 family equity lines of credit

—

—

—

—

—

—

—

%

Consumer and other

—

—

—

—

—

—

—

%

Total

$

—

$

—

$

—

$

—

$

—

$

—

—

%

	(In Thousands)
	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Combination Term Extension and Principal Forgiveness		Combination Term Extension and Interest Rate Reduction		Total Class of Financing Receivable
March 31, 2023
Residential 1-4 family real estate	$	—	$	947	$	—	$	—	$	—	$	—		0.11	%
Commercial and multi-family real estate		—		2,453		—		—		—		—		0.22	%
Construction, land development and    farmland		—		—		—		—		—		—		—	%
Commercial, industrial and agricultural		—		—		102		—		—		—		0.08	%
1-4 family equity lines of credit		—		—		—		—		—		—		—	%
Consumer and other		—		—		—		—		—		—		—	%
Total	$	—	$	3,400	$	102	$	—	$	—	$	—		0.11	%

	In Thousands
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due
March 31, 2024
Residential 1-4 family real estate	$	—	$	—	$	—	$	—
Commercial and multi-family real estate		—		—		—		—
Construction, land development and    farmland		—		—		—		—
Commercial, industrial and agricultural		—		—		—		—
1-4 family equity lines of credit		—		—		—		—
Consumer and other		—		—		—		—
Total	$	—	$	—	$	—	$	—

	In Thousands
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due
March 31, 2023
Residential 1-4 family real estate	$	—	$	—	$	—	$	—
Commercial and multi-family real estate		—		—		—		—
Construction, land development and    farmland		—		—		—		—
Commercial, industrial and agricultural		—		—		—		—
1-4 family equity lines of credit		—		—		—		—
Consumer and other		—		—		—		—
Total	$	—	$	—	$	—	$	—

As evidenced above, no loans that were modified within the twelve months prior to March 31, 2024 or March 31, 2023 were thirty (30) days or more past due at March 31, 2024 or March 31, 2023, respectively.

Three months Ended March 31, 2024	Principal Forgiveness		Weighted-Average Interest Rate Reduction			Weighted-Average Months of Term Extension
Residential 1-4 family real estate	$	—		—	%		—
Commercial and multi-family real estate		—		—			—
Construction, land development and farmland		—		—			—
Commercial, industrial and agricultural		—		—			—
1-4 family equity lines of credit		—		—			—
Consumer and other		—		—			—
Total	$	—		—	%		—

Three Months Ended March 31, 2023	Principal Forgiveness		Weighted-Average Interest Rate Reduction			Weighted-Average Months of Term Extension
Residential 1-4 family real estate	$	—		—	%		—
Commercial and multi-family real estate		—		—			—
Construction, land development and farmland		—		—			—
Commercial, industrial and agricultural		—		—			37
1-4 family equity lines of credit		—		—			—
Consumer and other		—		—			—
Total	$	—		—	%		37

	In Thousands
Three months Ended March 31, 2024	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction
Residential 1-4 family real estate	$	—	$	—	$	—	$	—
Commercial and multi-family real estate		—		—		—		—
Construction, land development and    farmland		—		—		—		—
Commercial, industrial and agricultural		—		—		—		—
1-4 family equity lines of credit		—		—		—		—
Consumer and other		—		—		—		—
Total	$	—	$	—	$	—	$	—

	In Thousands
Three Months Ended March 31, 2023	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction
Residential 1-4 family real estate	$	—	$	—	$	—	$	—
Commercial and multi-family real estate		—		—		—		—
Construction, land development and    farmland		—		—		—		—
Commercial, industrial and agricultural		—		—		—		—
1-4 family equity lines of credit		—		—		—		—
Consumer and other		—		—		—		—
Total	$	—	$	—	$	—	$	—

Schedule of Loan Portfolio by Risk Rating

The table below presents loan balances classified within each risk rating category by primary loan type and based on year of origination as of March 31, 2024:

	In Thousands
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
March 31, 2024
Residential 1-4 family real estate
Pass	$	39,902		159,784		291,641		235,225		86,633		134,670		16,409		964,264
Special mention		—		76		951		—		871		2,325		—		4,223
Substandard		—		—		—		223		—		990		—		1,213
Total Residential 1-4 family real estate	$	39,902		159,860		292,592		235,448		87,504		137,985		16,409		969,700
Residential 1-4 family real estate:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Commercial and multi-family real estate
Pass	$	16,319		110,267		351,697		380,291		141,491		280,560		46,078		1,326,703
Special mention		—		—		—		—		153		17,919		—		18,072
Substandard		—		—		—		—		—		78		—		78
Total Commercial and multi-family real    estate	$	16,319		110,267		351,697		380,291		141,644		298,557		46,078		1,344,853
Commercial and multi-family real estate:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Construction, land development and    farmland
Pass	$	36,515		241,798		231,001		87,146		19,043		15,906		221,255		852,664
Special mention		—		—		20,210		—		1,899		49		—		22,158
Substandard		—		—		—		—		—		—		—		—
Total Construction, land development    and farmland	$	36,515		241,798		251,211		87,146		20,942		15,955		221,255		874,822
Construction, land development and    farmland:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Commercial, industrial and agricultural
Pass	$	2,227		15,061		32,274		6,683		11,322		23,118		30,891		121,576
Special mention		94		14		—		22		16		—		12		158
Substandard		—		—		—		—		—		—		—		—
Total Commercial, industrial and    agricultural	$	2,321		15,075		32,274		6,705		11,338		23,118		30,903		121,734
Commercial, industrial and agricultural:
Current-period gross charge-offs	$	—		—		6		—		—		—		—		6
1-4 family equity lines of credit
Pass	$	—		—		—		—		—		—		213,799		213,799
Special mention		—		—		—		—		—		—		503		503
Substandard		—		—		—		—		—		—		512		512
Total 1-4 family equity lines of credit	$	—		—		—		—		—		—		214,814		214,814
1-4 family equity lines of credit:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Consumer and other
Pass	$	7,003		24,252		12,814		4,406		13,975		10,759		30,421		103,630
Special mention		—		6		67		57		35		17		1		183
Substandard		—		32		89		14		10		—		—		145
Total Consumer and other	$	7,003		24,290		12,970		4,477		14,020		10,776		30,422		103,958
Consumer and other:
Current-period gross charge-offs	$	—		56		55		3		—		—		174		288

	In Thousands
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
March 31, 2024
Pass	$	101,966		551,162		919,427		713,751		272,464		465,013		558,853		3,582,636
Special mention		94		96		21,228		79		2,974		20,310		516		45,297
Substandard		—		32		89		237		10		1,068		512		1,948
Total	$	102,060		551,290		940,744		714,067		275,448		486,391		559,881		3,629,881

	In Thousands
													Revolving
	2023		2022		2021		2020		2019		Prior		Loans		Total
December 31, 2023
Residential 1-4 family real estate:
Pass	$	165,655		297,535		239,035		89,563		56,092		90,119		16,585		954,584
Special mention		76		859		225		876		137		1,558		—		3,731
Substandard		—		—		—		—		128		775		—		903
Total Residential 1-4 family real estate	$	165,731		298,394		239,260		90,439		56,357		92,452		16,585		959,218
Residential 1-4 family real estate:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Commercial and multi-family real estate:
Pass	$	103,050		321,767		378,418		143,178		91,640		217,645		57,320		1,313,018
Special mention		—		—		155		—		—		31		—		186
Substandard		—		—		—		—		—		80		—		80
Total Commercial and multi-family real estate	$	103,050		321,767		378,573		143,178		91,640		217,756		57,320		1,313,284
Commercial and multi-family real estate:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Construction, land development and farmland:
Pass	$	231,337		306,056		99,456		26,710		7,586		10,141		219,999		901,285
Special mention		—		—		—		—		—		51		—		51
Substandard		—		—		—		—		—		—		—		—
Total Construction, land development and farmland	$	231,337		306,056		99,456		26,710		7,586		10,192		219,999		901,336
Construction, land development and farmland:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Commercial, industrial and agricultural:
Pass	$	16,811		34,507		7,460		12,272		17,066		7,593		31,832		127,541
Special mention		93		7		6		—		—		—		12		118
Substandard		—		—		—		—		—		—		—		—
Total Commercial, industrial and agricultural	$	16,904		34,514		7,466		12,272		17,066		7,593		31,844		127,659
Commercial, industrial and agricultural:
Current-period gross charge-offs	$	—		30		—		—		—		—		—		30
1-4 family equity lines of credit:
Pass	$	—		—		—		—		—		—		202,189		202,189
Special mention		—		—		—		—		—		—		404		404
Substandard		—		—		—		—		—		—		138		138
Total 1-4 family equity lines of credit	$	—		—		—		—		—		—		202,731		202,731
1-4 family equity lines of credit:
Current-period gross charge-offs	$	—		—		—		—		—		—		—		—
Consumer and other:
Pass	$	27,998		15,511		5,331		14,497		4,728		6,381		29,638		104,084
Special mention		4		52		57		7		—		—		—		120
Substandard		51		106		—		11		—		1		—		169
Total Consumer and other	$	28,053		15,669		5,388		14,515		4,728		6,382		29,638		104,373
Consumer and other:
Current-period gross charge-offs	$	1,843		213		98		22		—		—		151		2,328

	In Thousands
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
December 31, 2023
Pass	$	544,851	$	975,376	$	729,700	$	286,220	$	177,112	$	331,879	$	557,563		3,602,701
Special mention		173		918		443		883		137		1,640		416		4,610
Substandard		51		106		—		11		128		856		138		1,290
Total	$	545,075		976,400		730,143		287,114		177,377		334,375		558,117		3,608,601