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Loans (Tables)
 6 Months Ended
Jun. 30, 2024
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of Composition of Loan Portfolio by Major Loan Classifications

The composition of the loan portfolio by major loan classifications at June 30, 2024 and December 31, 2023, stated at their face amount, net of deferred fees and costs and discounts, including fair value marks, appears below (dollars in thousands). The Company has elected to exclude accrued interest receivable, totaling $4.9 million as of June 30, 2024, from the amortized cost basis of loans.

 

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Commercial

 

$

222,677

 

 

$

152,517

 

Real estate construction and land

 

 

36,908

 

 

 

33,682

 

1-4 family residential mortgages

 

 

307,055

 

 

 

317,558

 

Commercial mortgages

 

 

553,455

 

 

 

550,867

 

Consumer

 

 

38,119

 

 

 

38,041

 

Total loans

 

 

1,158,214

 

 

 

1,092,665

 

Less: Allowance for credit losses

 

 

(8,028

)

 

 

(8,395

)

Net loans

 

$

1,150,186

 

 

$

1,084,270

 
Schedule of Aging of Past Due Loans

The following table shows the aging of the Company's loan portfolio, by class, at June 30, 2024 (dollars in thousands):

 

 

30-59 Days

 

 

60-89 Days

 

 

90 Days or More Past Due and Still Accruing

 

 

Nonaccrual Loans

 

 

Current Loans

 

 

Total Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

2,582

 

 

$

23

 

 

$

1,533

 

 

$

-

 

 

$

218,539

 

 

$

222,677

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,908

 

 

 

36,908

 

1-4 family residential mortgages

 

 

868

 

 

 

433

 

 

 

-

 

 

 

2,008

 

 

 

303,746

 

 

 

307,055

 

Commercial mortgages

 

 

-

 

 

 

-

 

 

 

-

 

 

 

357

 

 

 

553,098

 

 

 

553,455

 

Consumer loans

 

 

146

 

 

 

121

 

 

 

63

 

 

 

-

 

 

 

37,789

 

 

 

38,119

 

Notes Receivable Gross

 

$

3,596

 

 

$

577

 

 

$

1,596

 

 

$

2,365

 

 

$

1,150,080

 

 

$

1,158,214

 

 

The following table shows the aging of the Company's loan portfolio, by class, at December 31, 2023 (dollars in thousands):

 

 

30-59 Days

 

 

60-89 Days

 

 

90 Days or More

 

 

Nonaccrual Loans

 

 

Current Loans

 

 

Total Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

$

378

 

 

$

369

 

 

$

782

 

 

$

-

 

 

$

150,988

 

 

$

152,517

 

Real estate construction and land

 

 

70

 

 

 

37

 

 

 

-

 

 

 

-

 

 

 

33,575

 

 

 

33,682

 

1-4 family residential mortgages

 

 

1,834

 

 

 

860

 

 

 

-

 

 

 

1,438

 

 

 

313,426

 

 

 

317,558

 

Commercial mortgages

 

 

6,304

 

 

 

-

 

 

 

-

 

 

 

414

 

 

 

544,149

 

 

 

550,867

 

Consumer loans

 

 

225

 

 

 

141

 

 

 

97

 

 

 

-

 

 

 

37,578

 

 

 

38,041

 

Notes Receivable Gross

 

$

8,811

 

 

$

1,407

 

 

$

879

 

 

$

1,852

 

 

$

1,079,716

 

 

$

1,092,665

 
Schedule of Impaired Loans Classified as Non-Accruals by Class The following table shows the Company's amortized cost basis of loans on nonaccrual status as of June 30, 2024 (dollars in thousands).

 

 

June 30, 2024

 

 

 

Nonaccrual Loans with No Allowance

 

 

Nonaccrual Loans with an Allowance

 

 

Total Nonaccrual Loans

 

Commercial

 

$

-

 

 

$

-

 

 

$

-

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

1-4 family residential mortgages

 

 

2,008

 

 

 

-

 

 

 

2,008

 

Commercial mortgages

 

 

357

 

 

 

 

 

 

357

 

Consumer

 

 

-

 

 

 

-

 

 

 

-

 

Notes Receivable Gross

 

$

2,365

 

 

$

-

 

 

$

2,365

 

The following table shows the Company's amortized cost basis of loans on nonaccrual status as of December 31, 2023 (dollars in thousands).

 

 

December 31, 2023

 

 

 

Nonaccrual Loans with No Allowance

 

 

Nonaccrual Loans with an Allowance

 

 

Total Nonaccrual Loans

 

Commercial

 

$

-

 

 

$

-

 

 

$

-

 

Real estate construction and land

 

 

-

 

 

 

-

 

 

 

-

 

1-4 family residential mortgages

 

 

1,383

 

 

 

55

 

 

 

1,438

 

Commercial mortgages

 

 

414

 

 

 

 

 

 

414

 

Consumer

 

 

-

 

 

 

-

 

 

 

-

 

Notes Receivable Gross

 

$

1,797

 

 

$

55

 

 

$

1,852

 

Troubled loan modifications