XML 44 R30.htm IDEA: XBRL DOCUMENT v3.23.2
Loans and Allowance for Credit Losses (Tables)
12 Months Ended
Jun. 30, 2023
Loans and Allowance for Credit Losses  
Schedule of classes of loans

(dollars in thousands)

    

June 30, 2023

    

June 30, 2022

Real Estate Loans:

Residential

$

1,133,417

$

904,160

Construction

 

550,052

 

258,072

Commercial

 

1,562,379

 

1,146,673

Consumer loans

 

133,515

 

92,996

Commercial loans

 

599,030

 

441,598

 

3,978,393

 

2,843,499

Loans in process

 

(359,196)

 

(123,656)

Deferred loan fees, net

 

(299)

 

(453)

Allowance for credit losses

 

(47,820)

 

(33,192)

Total loans

$

3,571,078

$

2,686,198

Schedule of PCD loans

(dollars in thousands)

    

January 20, 2023

PCD Loans - Citizens

Purchase price of PCD loans at acquisition

$

27,481

Allowance for credit losses at acquisition

 

(1,121)

Fair value of PCD loans at acquisition

$

26,360

(dollars in thousands)

    

February 25, 2022

PCD Loans - Fortune

Purchase price of PCD loans at acquisition

$

15,055

Allowance for credit losses at acquisition

 

(120)

Fair value of PCD loans at acquisition

$

14,935

Schedule of balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment methods

(dollars in thousands)

 

Residential

Construction

 

Commercial

 

June 30, 2023

    

Real Estate

    

Real Estate

    

Real Estate

    

Consumer

    

Commercial

    

Total

Allowance for credit losses:

Balance, beginning of period

$

8,908

$

2,220

$

16,838

$

710

$

4,516

$

33,192

Initial ACL on PCD loans

96

12

628

164

221

1,121

Provision charged to expense

6,655

432

5,605

334

1,105

14,131

Losses charged off

(19)

(245)

(327)

(82)

(673)

Recoveries

1

12

28

8

49

Balance, end of period

$

15,641

$

2,664

$

22,838

$

909

$

5,768

$

47,820

(dollars in thousands)

 

Residential

Construction

 

Commercial

 

June 30, 2022

    

Real Estate

    

Real Estate

    

Real Estate

    

Consumer

    

Commercial

    

Total

Allowance for credit losses:

Balance, beginning of period

$

11,192

$

2,170

$

14,535

$

916

$

4,409

$

33,222

Impact of CECL adoption

23

4

52

41

120

Provision (benefit) charged to expense

(2,238)

46

2,251

(205)

80

(66)

Losses charged off

(72)

(65)

(16)

(153)

Recoveries

3

64

2

69

Balance, end of period

$

8,908

$

2,220

$

16,838

$

710

$

4,516

$

33,192

(dollars in thousands)

 

Residential

Construction

 

Commercial

 

June 30, 2021

    

Real Estate

    

Real Estate

    

Real Estate

    

Consumer

    

Commercial

    

Total

Allowance for credit losses:

Balance, beginning of period

$

4,875

$

2,010

$

12,132

$

1,182

$

4,940

$

25,139

Impact of CECL adoption

3,521

(121)

3,856

1,065

1,012

9,333

Provision (benefit) charged to expense

2,973

281

(1,364)

(1,232)

(1,260)

(602)

Losses charged off

(180)

(90)

(146)

(318)

(734)

Recoveries

3

1

47

35

86

Balance, end of period

$

11,192

$

2,170

$

14,535

$

916

$

4,409

$

33,222

Schedule of Allowance for off-balance credit exposure

(dollars in thousands)

 

Residential

Construction

 

Commercial

 

June 30, 2023

    

Real Estate

    

Real Estate

    

Real Estate

    

Consumer

    

Commercial

    

Total

Allowance for off-balance sheet credit exposure:

Balance, beginning of period

$

58

$

2,178

$

421

$

61

$

640

$

3,358

Provision charged to expense

13

2,631

54

12

220

2,930

Balance, end of period

$

71

$

4,809

$

475

$

73

$

860

$

6,288

(dollars in thousands)

 

Residential

Construction

 

Commercial

 

June 30, 2022

    

Real Estate

    

Real Estate

    

Real Estate

    

Consumer

    

Commercial

    

Total

Allowance for off-balance sheet credit exposure:

Balance, beginning of period

$

37

$

502

$

188

$

218

$

860

$

1,805

Provision (benefit) charged to expense

21

1,676

233

(157)

(220)

1,553

Balance, end of period

$

58

$

2,178

$

421

$

61

$

640

$

3,358

(dollars in thousands)

 

Residential

Construction

 

Commercial

 

June 30, 2021

    

Real Estate

    

Real Estate

    

Real Estate

    

Consumer

    

Commercial

    

Total

Allowance for off-balance sheet credit exposure:

Balance, beginning of period

$

19

$

769

$

172

$

153

$

846

$

1,959

Impact of CECL adoption

35

(167)

95

197

108

268

Provision (benefit) charged to expense

(17)

(100)

(79)

(132)

(94)

(422)

Balance, end of period

$

37

$

502

$

188

$

218

$

860

$

1,805

Schedule of credit risk profile of the Company's loan portfolio based on rating category and payment activity

(dollars in thousands)

Revolving

June 30,

    

2023

    

2022

    

2021

    

2020

    

2019

    

Prior

    

loans

    

Total

Residential Real Estate

Pass

$

328,142

$

312,853

$

252,077

$

103,735

$

25,651

$

96,035

$

9,100

$

1,127,593

Watch

 

1,214

 

1,136

 

616

 

108

 

198

 

27

 

5

 

3,304

Special Mention

 

 

 

 

 

 

 

 

Substandard

 

837

 

316

 

510

 

 

 

857

 

 

2,520

Doubtful

 

 

 

 

 

 

 

 

Total Residential Real Estate

$

330,193

$

314,305

$

253,203

$

103,843

$

25,849

$

96,919

$

9,105

$

1,133,417

Construction Real Estate

 

 

 

 

 

 

 

 

Pass

$

124,479

$

50,011

$

10,946

$

3,190

$

$

$

941

$

189,567

Watch

 

280

 

 

 

 

 

 

 

280

Special Mention

 

 

 

 

 

 

 

 

Substandard

 

330

 

679

 

 

 

 

 

 

1,009

Doubtful

 

 

 

 

 

 

 

 

Total Construction Real Estate

$

125,089

$

50,690

$

10,946

$

3,190

$

$

$

941

$

190,856

Commercial Real Estate

 

 

 

 

 

 

 

 

Pass

$

462,643

$

474,140

$

279,921

$

89,272

$

74,653

$

83,871

$

37,443

$

1,501,943

Watch

 

8,122

 

5,382

 

163

 

3,879

 

 

117

 

 

17,663

Special Mention

 

2,940

 

 

 

 

 

 

 

2,940

Substandard

 

7,690

 

26,465

 

2,425

 

288

 

473

 

1,735

 

757

 

39,833

Doubtful

 

 

 

 

 

 

 

 

Total Commercial Real Estate

$

481,395

$

505,987

$

282,509

$

93,439

$

75,126

$

85,723

$

38,200

$

1,562,379

Consumer

 

 

 

 

 

 

 

 

Pass

$

36,003

$

14,530

$

5,446

$

1,692

$

717

$

1,379

$

73,225

$

132,992

Watch

 

71

 

 

62

 

 

 

 

 

133

Special Mention

 

 

 

 

 

 

 

 

Substandard

 

33

 

2

 

1

 

 

 

41

 

313

 

390

Doubtful

 

 

 

 

 

 

 

 

Total Consumer

$

36,107

$

14,532

$

5,509

$

1,692

$

717

$

1,420

$

73,538

$

133,515

Commercial

 

 

 

 

 

 

 

 

Pass

$

138,500

$

83,011

$

71,054

$

10,723

$

6,239

$

10,657

$

272,710

$

592,894

Watch

 

698

 

211

 

91

 

3

 

 

 

2,549

 

3,552

Special Mention

 

 

 

 

 

 

 

 

Substandard

 

860

 

329

 

128

 

184

 

175

 

574

 

334

 

2,584

Doubtful

 

 

 

 

 

 

 

 

Total Commercial

$

140,058

$

83,551

$

71,273

$

10,910

$

6,414

$

11,231

$

275,593

$

599,030

Total Loans

 

 

 

 

 

 

 

 

Pass

$

1,089,767

$

934,545

$

619,444

$

208,612

$

107,260

$

191,942

$

393,419

$

3,544,989

Watch

 

10,385

 

6,729

 

932

 

3,990

 

198

 

144

 

2,554

 

24,932

Special Mention

 

2,940

 

 

 

 

 

 

 

2,940

Substandard

 

9,750

 

27,791

 

3,064

 

472

 

648

 

3,207

 

1,404

 

46,336

Doubtful

 

 

 

 

 

 

 

 

Total

$

1,112,842

$

969,065

$

623,440

$

213,074

$

108,106

$

195,293

$

397,377

$

3,619,197

(dollars in thousands)

Revolving

June 30,

    

2022

    

2021

    

2020

    

2019

    

2018

    

Prior

    

loans

    

Total

Residential Real Estate

Pass

$

380,502

$

295,260

$

118,464

$

19,383

$

22,143

$

58,545

$

6,074

$

900,371

Watch

 

44

 

242

 

1,083

 

56

 

 

30

 

 

1,455

Special Mention

 

 

 

 

 

 

 

 

Substandard

 

266

 

918

 

87

 

440

 

18

 

605

 

 

2,334

Doubtful

 

 

 

 

 

 

 

 

Total Residential Real Estate

$

380,812

$

296,420

$

119,634

$

19,879

$

22,161

$

59,180

$

6,074

$

904,160

Construction Real Estate

 

 

 

 

 

 

 

 

Pass

$

100,114

$

34,082

$

$

$

$

$

220

$

134,416

Watch

 

 

 

 

 

 

 

 

Special Mention

 

 

 

 

 

 

 

 

Substandard

 

 

 

 

 

 

 

 

Doubtful

 

 

 

 

 

 

 

 

Total Construction Real Estate

$

100,114

$

34,082

$

$

$

$

$

220

$

134,416

Commercial Real Estate

 

 

 

 

 

 

 

 

Pass

$

487,486

$

284,736

$

105,893

$

71,380

$

51,804

$

78,115

$

23,669

$

1,103,083

Watch

 

4,763

 

769

 

1,818

 

 

668

 

2,000

 

548

 

10,566

Special Mention

 

9,297

 

 

 

 

 

 

 

9,297

Substandard

 

22,086

 

481

 

140

 

13

 

22

 

93

 

65

 

22,900

Doubtful

 

827

 

 

 

 

 

 

 

827

Total Commercial Real Estate

$

524,459

$

285,986

$

107,851

$

71,393

$

52,494

$

80,208

$

24,282

$

1,146,673

Consumer

 

 

 

 

 

 

 

 

Pass

$

28,519

$

10,989

$

3,662

$

1,524

$

916

$

676

$

46,521

$

92,807

Watch

 

21

 

71

 

 

 

 

 

 

92

Special Mention

 

 

 

 

 

 

 

 

Substandard

 

23

 

6

 

4

 

 

10

 

31

 

23

 

97

Doubtful

 

 

 

 

 

 

 

 

Total Consumer

$

28,563

$

11,066

$

3,666

$

1,524

$

926

$

707

$

46,544

$

92,996

Commercial

 

 

 

 

 

 

 

 

Pass

$

111,370

$

93,906

$

20,795

$

10,496

$

3,253

$

7,612

$

190,235

$

437,667

Watch

 

1,319

 

194

 

38

 

6

 

 

186

 

1,206

 

2,949

Special Mention

 

 

 

 

 

 

 

 

Substandard

 

295

 

11

 

 

186

 

 

167

 

323

 

982

Doubtful

 

 

 

 

 

 

 

 

Total Commercial

$

112,984

$

94,111

$

20,833

$

10,688

$

3,253

$

7,965

$

191,764

$

441,598

Total Loans

 

 

 

 

 

 

 

 

Pass

$

1,107,991

$

718,973

$

248,814

$

102,783

$

78,116

$

144,948

$

266,719

$

2,668,344

Watch

 

6,147

 

1,276

 

2,939

 

62

 

668

 

2,216

 

1,754

 

15,062

Special Mention

 

9,297

 

 

 

 

 

 

 

9,297

Substandard

 

22,670

 

1,416

 

231

 

639

 

50

 

896

 

411

 

26,313

Doubtful

 

827

 

 

 

 

 

 

 

827

Total

$

1,146,932

$

721,665

$

251,984

$

103,484

$

78,834

$

148,060

$

268,884

$

2,719,843

Schedule of company's loan portfolio aging analysis

Greater Than

Greater Than 90

30-59 Days

60-89 Days

90 Days

Total

Total Loans

Days Past Due

(dollars in thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

    

and Accruing

June 30, 2023

Real Estate Loans:

Residential

$

1,984

$

401

$

483

$

2,868

$

1,130,549

$

1,133,417

$

109

Construction

 

443

 

311

 

698

 

1,452

 

189,404

 

190,856

 

Commercial

 

616

 

1,854

 

1,580

 

4,050

 

1,558,329

 

1,562,379

 

Consumer loans

 

456

 

124

 

212

 

792

 

132,723

 

133,515

 

Commercial loans

 

713

 

77

 

789

 

1,579

 

597,451

 

599,030

 

Total loans

$

4,212

$

2,767

$

3,762

$

10,741

$

3,608,456

$

3,619,197

$

109

Greater Than

Greater Than 90

30-59 Days

60-89 Days

90 Days

Total

Total Loans

Days Past Due

(dollars in thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

    

and Accruing

June 30, 2022

Real Estate Loans:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Residential

$

1,402

$

$

1,064

$

2,466

$

901,694

$

904,160

$

Construction

 

 

 

 

 

134,416

 

134,416

 

Commercial

 

416

 

615

 

288

 

1,319

 

1,145,354

 

1,146,673

 

Consumer loans

 

340

 

45

 

57

 

442

 

92,554

 

92,996

 

Commercial loans

 

274

 

72

 

13

 

359

 

441,239

 

441,598

 

Total loans

$

2,432

$

732

$

1,422

$

4,586

$

2,715,257

$

2,719,843

$

Schedule of company's collateral dependent loans and related ACL

    

Amortized cost basis of

(dollars in thousands)

loans determined to be

Related allowance

June 30, 2023

collateral dependent

for credit losses

Residential real estate loans

 

  

 

  

1- to 4-family residential loans

 

$

6,376

$

901

Total loans

$

6,376

$

901

    

Amortized cost basis of

(dollars in thousands)

loans determined to be

Related allowance

June 30, 2022

collateral dependent

for credit losses

Residential real estate loans

 

  

 

  

1- to 4-family residential loans

 

$

864

$

193

Total loans

$

864

$

193

Schedule of Company's nonaccrual loans

    

    

(dollars in thousands)

June 30, 2023

June 30, 2022

    

Residential real estate

$

934

$

1,647

Construction real estate

 

698

 

Commercial real estate

 

4,564

 

2,259

Consumer loans

 

256

 

73

Commercial loans

 

1,091

 

139

Total loans

$

7,543

$

4,118

Performing loans classified as TDRs and outstanding , segregated by class

June 30, 2023

June 30, 2022

Number of

Recorded

Number of

Recorded

(dollars in thousands)

    

modifications

    

Investment

    

modifications

    

Investment

Residential real estate

 

10

$

3,438

 

11

$

3,625

Construction real estate

 

 

 

 

Commercial real estate

 

6

 

24,017

 

8

 

25,132

Consumer loans

 

 

 

 

Commercial loans

 

6

 

2,310

 

8

 

1,849

Total

 

22

$

29,765

 

27

$

30,606

Schedule of loans to executive officers, directors, significant shareholders and their affiliates held by the Company

June 30, 

(dollars in thousands)

    

2023

    

2022

Beginning Balance

 

$

10,614

$

10,624

Additions

 

 

6,374

 

6,393

Repayments

 

 

(7,223)

 

(6,403)

Change in related party

 

 

782

 

Ending Balance

 

$

10,547

$

10,614