Loans And Leases

3 Months Ended

Mar. 31, 2024

Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract]

Loans And Leases

4.LOANS AND LEASES

Portfolio Segments

The Company has divided the loan portfolio into the following portfolio segments based on risk characteristics:

Construction, land development and other land loans – Commercial construction, land and land development loans include loans for the development of residential housing projects, loans for the development of commercial and industrial use property, loans for the purchase and improvement of raw land and loans primarily for agricultural production that are secured by farmland. These loans are secured in whole or in part by the underlying real estate collateral and are generally guaranteed by the principals of the borrowing entity.

Secured by 1-4 family residential properties – These loans include conventional mortgage loans on one-to-four family residential properties. These properties may serve as the borrower’s primary residence, vacation home or investment property. Also included in this portfolio are home equity loans and lines of credit. This type of lending, which is secured by a first or second mortgage on the borrower’s residence, allows customers to borrow against the equity in their home.

Secured by multi-family residential properties – This portfolio segment includes mortgage loans secured by apartment buildings.

Secured by non-farm, non-residential properties – This portfolio segment includes real estate loans secured by commercial and industrial properties, office or mixed-use facilities, strip shopping centers or other commercial property. These loans are generally guaranteed by the principals of the borrowing entity.

Commercial and industrial loans and leases – This portfolio segment includes loans and leases to commercial customers for use in the normal course of business. These credits may be loans, lines of credit and leases to financially strong borrowers, secured by inventories, equipment or receivables, and are generally guaranteed by the principals of the borrowing entity.

Direct consumer – This portfolio segment includes a variety of secured and unsecured personal loans, including automobile loans, loans for household and personal purposes and all other direct consumer installment loans.

Branch retail – This portfolio segment includes loans secured by collateral purchased by consumers at retail stores with whom the Company previously had an established relationship to provide financing for the retail products sold if applicable underwriting standards were met. The collateral securing these loans generally includes personal property items such as furniture, ATVs and home appliances. Loans in this category are no longer being funded, and therefore, the portfolio balance will continue to decrease.

Indirect consumer – This portfolio segment includes loans secured by collateral purchased by consumers at retail stores with whom the Company has an established relationship to provide financing for the retail products sold if applicable underwriting standards are met. The collateral securing these loans generally includes recreational vehicles, campers, boats, horse trailers and cargo trailers.

As of March 31, 2024 and December 31, 2023, the composition of the loan portfolio by portfolio segment was as follows:

	March 31, 2024		December 31, 2023
Real estate loans:
Construction, land development and other land loans	$	102,282	$	88,140
Secured by 1-4 family residential properties		74,361		76,200
Secured by multi-family residential properties		62,145		62,397
Secured by non-farm, non-residential properties		212,465		213,586
Commercial and industrial loans and leases (1)		57,112		60,515
Consumer loans:
Direct		5,590		5,938
Branch retail		7,794		8,670
Indirect		301,192		306,345
Total loans		822,941		821,791
Allowance for credit losses on loans and leases		10,436		10,507
Net loans	$	812,505	$	811,284

(1)Includes equipment financing leases, which totaled $12.5 million and $12.6 million as of March 31, 2024 and December 31, 2023, respectively.

The Company makes commercial, real estate and installment loans to its customers. Although the Company has a diversified loan portfolio, 54.8% and 53.6% of the portfolio was concentrated in loans secured by real estate as of March 31, 2024 and December 31, 2023, respectively.

Loans with a carrying value of $97.3 million and $98.6 million were pledged as collateral to secure Federal Home Loan Bank (“FHLB”) borrowings as of March 31, 2024 and December 31, 2023, respectively. In addition, loans with a carrying value of $288.4 million and $294.4 million were pledged to secure borrowings with the Federal Reserve Bank ("FRB") as of March 31, 2024 and December 31, 2023, respectively.

Related Party Loans

In the ordinary course of business, the Bank makes loans to certain officers and directors of the Company, including companies with which they are associated. These loans are made on the same terms as those prevailing for comparable transactions with unrelated parties. Management believes that such loans do not represent more than a normal risk of collectability, nor do they present other unfavorable features. The aggregate balances of such related party loans and commitments were $1.4 million as of both March 31, 2024 and December 31, 2023. During the three months ended March 31, 2024, there were no new loans to these parties and no repayments made. During the year ended December 31, 2023, there were new loans of $1.3 million to these parties, and no repayments made by active related parties.

Allowances for Credit Losses

Effective January 1, 2023, the Company adopted the CECL model to account for credit losses on financial instruments, including loans and leases held for investment, as well as off-balance sheet credit exposures including unfunded lending commitments. In accordance with the CECL accounting guidance, the Company recorded a cumulative-effect adjustment totaling $2.4 million, of which $1.8 million (net of tax) was recorded through retained earnings upon adoption of the model. This amount included estimates for credit losses associated with both loan and lease receivables, as well as unfunded lending commitments. Prospectively, following the date of adoption, all adjustments for credit losses are required to be recorded as a provision for (recovery of) credit losses in the Company’s consolidated statement of operations.

Allowance for Credit Losses on Loans and Leases

The Company records the allowance for credit losses on loans and leases as a contra-asset valuation account that is deducted from the amortized cost basis of loans and leases held for investment. Loans are charged off against the allowance when management believes that the uncollectibility of a loan balance is confirmed. Recoveries of previously charged off loans are also recorded to the allowance when collected. As of each quarter-end date, the Company evaluates the appropriateness of the allowance for credit losses on loans and leases and adjusts the allowance through the provision for (recovery of) credit losses.

Determining the appropriateness of the allowance for credit losses on loans and leases is complex and requires judgment by management about the effects of matters that are inherently uncertain. The level of the allowance is influenced by loan and lease volumes and mix, historical credit loss experience, estimated remaining life of portfolio segments, asset quality characteristics, delinquency status, and other conditions including reasonable and supportable forecasts of economic conditions and qualitative adjustment factors based on management’s understanding of various attributes that could impact life-of-loan losses as of the balance sheet date. The methodology to estimate losses includes two basic components: (1) an asset-specific component for individual loans that do not share similar risk characteristics with other loans, and (2) a pooled component for estimated expected credit losses for loans that share similar risk characteristics.

Loans that do not share risk characteristics with other loans are evaluated on an individual basis. The process for determining whether a loan should be evaluated on an individual basis begins with a determination of credit rating. All loans graded by management as substandard or worse with a total commitment of $0.5 million or more are evaluated on an individual basis. At management's discretion, other loans may be evaluated, including loans less than $0.5 million, if management determines that the loans exhibit unique risk characteristics. For loans individually evaluated, the allowance is based primarily on the fair value of the underlying collateral, less any estimated costs to sell, as applicable, utilizing independent third-party appraisals, and assessment of borrower guarantees. The fair value is compared to the amortized cost basis of the loan to determine if an allowance for credit losses should be recognized.

For estimating the component of the allowance for credit losses that share similar risk characteristics, loans are segregated into pooled loan categories that share risk characteristics. Loans are designated into pooled categories based on product types, business lines, collateral, and other risk characteristics. For all pooled loan categories, the Company uses a loss-rate methodology to calculate estimated life-of-loan and lease credit losses. This methodology focuses on historical credit loss rates applied over the estimated weighted average remaining life of each loan pool, adjusted by qualitative factors, to estimate life-of-loan losses for each pool. The qualitative factors utilized include, among others, reasonable and supportable forecasts of economic data, including inflation and unemployment levels, as well as interest rates.

Allowance for Credit Losses on Unfunded Lending Commitments

Unfunded lending commitments are off-balance sheet arrangements that represent unconditional commitments of the Company to lend to a borrower that are unfunded as of the balance sheet date. These may include unfunded loan commitments, standby letters of credit, and financial guarantees. The CECL accounting guidance requires that an estimate of expected credit loss be measured on commitments in which an entity is exposed to credit risk via a present contractual obligation to extend credit unless the obligation is unconditionally cancellable by the issuer. For the Company, unconditional lending commitments generally include unfunded term loan agreements, home equity lines of credit, lines of credit, and demand deposit account overdraft protection.

As of each quarter-end date, the Company estimates expected credit losses on unfunded lending commitments over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on unfunded lending commitments is recorded in other liabilities, and adjustments to the allowance are recorded through the provision for (recovery of) credit losses.

Summary of Allowances for Credit Losses

The following tables present changes in the allowance for credit losses on loans and leases, as well as unfunded lending commitments, during the three months ended March 31, 2024 and 2023:

	As of and for the Three Months Ended March 31, 2024
	Construction, Land Development, and Other			Real Estate 1-4 Family			Real Estate Multi- Family			Non- Farm Non- Residential			Commercial and Industrial			Direct Consumer			Branch Retail			Indirect Consumer			Total
	(Dollars in Thousands)
Allowance for credit losses on loans and leases:
Beginning balance	$	565		$	591		$	415		$	1,425		$	513		$	64		$	436		$	6,498		$	10,507
Charge-offs		—			(2	)		—			—			—			(22	)		(22	)		(344	)		(390	)
Recoveries		—			23			—			—			—			100			54			30			207
Provision for (recovery of) credit losses		95			(80	)		(15	)		(75	)		(24	)		(74	)		(161	)		446			112
Allowance for credit losses on loans and leases	$	660		$	532		$	400		$	1,350		$	489		$	68		$	307		$	6,630		$	10,436
Allowance for credit losses on unfunded lending commitments:
Beginning balance	$	450		$	1		$	9		$	2		$	102		$	5		$	—		$	—		$	569
Provision for (recovery of) credit losses on unfunded lending commitments		(100	)		(1	)		(1	)		4			—			(14	)		—			—			(112	)
Allowance for credit losses on unfunded lending commitments	$	350		$	—		$	8		$	6		$	102		$	(9	)	$	—		$	—		$	457

	As of and for the Three Months Ended March 31, 2023
	Construction, Land Development, and Other			Real Estate 1-4 Family			Real Estate Multi- Family			Non- Farm Non- Residential			Commercial and Industrial			Direct Consumer			Branch Retail			Indirect Consumer			Total
	(Dollars in Thousands)
Allowance for credit losses on loans and leases:
Beginning balance	$	517		$	832		$	646		$	1,970		$	919		$	866		$	518		$	3,154		$	9,422
Impact of adopting CECL accounting guidance		(94	)		(39	)		(85	)		(147	)		(20	)		47			628			1,833			2,123
Charge-offs		—			(8	)		—			—			—			(215	)		(155	)		(156	)		(534	)
Recoveries		—			16			—			—			—			198			77			28			319
Provision for (recovery of) credit losses on loans and leases		97			(32	)		(52	)		(61	)		(117	)		(4	)		—			438			269
Allowance for credit losses on loans and leases	$	520		$	769		$	509		$	1,762		$	782		$	892		$	1,068		$	5,297		$	11,599
Allowance for credit losses on unfunded lending commitments:
Beginning balance	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Impact of adopting CECL accounting guidance		172			39			3			2			—			68			8			—			292
Provision for (recovery of) credit losses on unfunded lending commitments		—			—			—			—			—			—			—			—			—
Allowance for credit losses on unfunded lending commitments	$	172		$	39		$	3		$	2		$	—		$	68		$	8		$	—		$	292

Credit Quality Indicators

The Company utilizes a credit grading system that provides a uniform framework for establishing and monitoring credit risk in the loan portfolio. Under this system, construction, land, multi-family real estate, other commercial real estate, and commercial and industrial loans are graded based on pre-determined risk metrics and categorized into one of nine risk grades. These risk grades can be summarized into categories described as pass, special mention, substandard, doubtful and loss, as described in further detail below.

•Pass (Risk Grades 1-5): Loans in this category include obligations in which the probability of default is considered low.

•Special Mention (Risk Grade 6): Loans in this category exhibit potential credit weaknesses or downward trends deserving management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Although a special mention asset has a higher probability of default than pass-rated categories, its default is not imminent.

•Substandard (Risk Grade 7): Loans in this category have defined weaknesses that jeopardize the orderly liquidation of debt. A substandard loan is inadequately protected by the current worth and paying capacity of the obligor or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy, although no loss of principal is envisioned. There is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard.

•Doubtful (Risk Grade 8): Loans classified as doubtful have all of the weaknesses found in substandard loans, with the added characteristic that the weaknesses make collection of debt in full, based on currently existing facts, conditions and values, highly questionable or improbable. Serious problems exist such that partial loss of principal is likely; however, because of certain important, reasonably specific pending factors that may work to strengthen the assets, the loans’ classification as estimated losses is deferred until a more exact status may be determined. Such pending factors may include proposed merger, acquisition or liquidation procedures, capital injection, perfection of liens on additional collateral and refinancing plans. Loans classified as doubtful may include loans to borrowers that have demonstrated a history of failing to live up to agreements. The Company did not have any loans classified as Doubtful (Risk Grade 8) as of March 31, 2024 or December 31, 2023.

•Loss (Risk Grade 9): Loans are classified in this category when borrowers are deemed incapable of repayment of unsecured debt. Loans to such borrowers are considered uncollectable and of such little value that continuance as active assets of the Company is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not prudent to defer writing off these assets, even though partial recovery may be realized in the future. The Company did not have any loans classified as Loss (Risk Grade 9) as of March 31, 2024 or December 31, 2023.

Because residential real estate and consumer loans are more uniform in nature, each loan is categorized into one of two risk grades, depending on whether the loan is considered to be performing or nonperforming. Performing loans are loans that are paying principal and interest in accordance with a contractual agreement. Nonperforming loans are loans that have demonstrated characteristics that indicate a probability of loss.

The tables below illustrate the carrying amount of loans and leases by credit quality indicator and year of origination as of March 31, 2024:

		March 31, 2024
		Loans at Amortized Cost Basis by Origination Year
		2024		2023		2022		2021		2020		Prior		Total
		(Dollars in Thousands)
Commercial:
Construction, land development and other land loans	Pass	$	1,088	$	8,391	$	47,121	$	44,385	$	785	$	512	$	102,282
	Special Mention		—		—		—		—		—		—		—
	Substandard		—		—		—		—		—		—		—
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
	Subtotal	$	1,088	$	8,391	$	47,121	$	44,385	$	785	$	512	$	102,282
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Secured by multi-family residential properties	Pass	$	64	$	404	$	29,669	$	5,909	$	5,662	$	20,437	$	62,145
	Special Mention		—		—		—		—		—		—		—
	Substandard		—		—		—		—		—		—		—
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
	Subtotal	$	64	$	404	$	29,669	$	5,909	$	5,662	$	20,437	$	62,145
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Secured by non-farm, non-residential properties	Pass	$	70	$	27,290	$	36,186	$	24,554	$	55,913	$	64,971	$	208,984
	Special Mention		—		—		314		494		341		406		1,555
	Substandard		—		—		—		72		150		1,704		1,926
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
	Subtotal	$	70	$	27,290	$	36,500	$	25,120	$	56,404	$	67,081	$	212,465
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial loans and leases	Pass	$	1,117	$	10,577	$	4,901	$	14,224	$	2,798	$	22,741	$	56,358
	Special Mention		—		—		—		—		—		—		—
	Substandard		—		—		114		95		51		494		754
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
	Subtotal	$	1,117	$	10,577	$	5,015	$	14,319	$	2,849	$	23,235	$	57,112
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total commercial	Pass	$	2,339	$	46,662	$	117,877	$	89,072	$	65,158	$	108,661	$	429,769
	Special Mention		—		—		314		494		341		406		1,555
	Substandard		—		—		114		167		201		2,198		2,680
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
		$	2,339	$	46,662	$	118,305	$	89,733	$	65,700	$	111,265	$	434,004
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

		March 31, 2024
		Loans at Amortized Cost Basis by Origination Year
		2024		2023		2022		2021		2020		Prior		Total
		(Dollars in Thousands)
Consumer:
Secured by 1-4 family residential properties	Performing	$	1,227	$	4,109	$	18,852	$	14,765	$	6,596	$	27,989	$	73,538
	Non-performing		—		—		—		—		—		823		823
	Subtotal	$	1,227	$	4,109	$	18,852	$	14,765	$	6,596	$	28,812	$	74,361
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	2	$	2
Direct	Performing	$	706	$	2,008	$	990	$	1,155	$	454	$	277	$	5,590
	Non-performing		—		—		—		—		—		—		—
	Subtotal	$	706	$	2,008	$	990	$	1,155	$	454	$	277	$	5,590
	Current period gross charge-offs	$	—	$	—	$	—	$	20	$	2	$	—	$	22
Branch retail	Performing	$	—	$	—	$	—	$	1,863	$	2,466	$	3,465	$	7,794
	Non-performing		—		—		—		—		—		—		—
	Subtotal	$	—	$	—	$	—	$	1,863	$	2,466	$	3,465	$	7,794
	Current period gross charge-offs	$	—	$	—	$	—	$	4	$	1	$	17	$	22
Indirect	Performing	$	8,815	$	84,771	$	85,681	$	63,593	$	48,029	$	10,230	$	301,119
	Non-performing		—		—		—		54		19		—		73
	Subtotal	$	8,815	$	84,771	$	85,681	$	63,647	$	48,048	$	10,230	$	301,192
	Current period gross charge-offs	$	—	$	—	$	83	$	99	$	109	$	53	$	344
Total consumer	Performing	$	10,748	$	90,888	$	105,523	$	81,376	$	57,545	$	41,961	$	388,041
	Non-performing		—		—		—		54		19		823		896
		$	10,748	$	90,888	$	105,523	$	81,430	$	57,564	$	42,784	$	388,937
	Current period gross charge-offs	$	—	$	—	$	83	$	123	$	112	$	72	$	390

The tables below illustrate the carrying amount of loans and leases by credit quality indicator and year of origination as of December 31, 2023:

		December 31, 2023
		Loans at Amortized Cost Basis by Origination Year
		2023		2022		2021		2020		2019		Prior		Total
		(Dollars in Thousands)
Commercial:
Construction, land development and other land loans	Pass	$	7,913	$	37,068	$	41,800	$	804	$	—	$	555	$	88,140
	Special Mention		—		—		—		—		—		—		—
	Substandard		—		—		—		—		—		—		—
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
	Subtotal	$	7,913	$	37,068	$	41,800	$	804	$	—	$	555	$	88,140
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Secured by multi-family residential properties	Pass	$	407	$	29,683	$	5,950	$	5,676	$	7,063	$	13,618	$	62,397
	Special Mention		—		—		—		—		—		—		—
	Substandard		—		—		—		—		—		—		—
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
	Subtotal	$	407	$	29,683	$	5,950	$	5,676	$	7,063	$	13,618	$	62,397
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Secured by non-farm, non-residential properties	Pass	$	26,521	$	36,141	$	23,551	$	56,404	$	18,127	$	46,261	$	207,005
	Special Mention		—		532		1,776		344		—		1,448		4,100
	Substandard		—		—		—		152		—		2,329		2,481
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
	Subtotal	$	26,521	$	36,673	$	25,327	$	56,900	$	18,127	$	50,038	$	213,586
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial loans	Pass	$	10,948	$	6,187	$	14,586	$	2,593	$	1,565	$	22,614	$	58,493
	Special Mention		—		159		782		174		38		—		1,153
	Substandard		—		116		191		59		260		243		869
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
	Subtotal	$	10,948	$	6,462	$	15,559	$	2,826	$	1,863	$	22,857	$	60,515
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total commercial	Pass	$	45,789	$	109,079	$	85,887	$	65,477	$	26,755	$	83,048	$	416,035
	Special Mention		—		691		2,558		518		38		1,448		5,253
	Substandard		—		116		191		211		260		2,572		3,350
	Doubtful		—		—		—		—		—		—		—
	Loss		—		—		—		—		—		—		—
		$	45,789	$	109,886	$	88,636	$	66,206	$	27,053	$	87,068	$	424,638
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

		December 31, 2023
		Loans at Amortized Cost Basis by Origination Year
		2023		2022		2021		2020		2019		Prior		Total
		(Dollars in Thousands)
Consumer:
Secured by 1-4 family residential properties	Performing	$	4,230	$	20,172	$	14,986	$	6,675	$	8,950	$	20,334	$	75,347
	Non-performing		—		—		—		—		—		853		853
	Subtotal	$	4,230	$	20,172	$	14,986	$	6,675	$	8,950	$	21,187	$	76,200
	Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	97	$	97
Direct consumer	Performing	$	2,383	$	1,157	$	1,485	$	575	$	225	$	113	$	5,938
	Non-performing		—		—		—		—		—		—		—
	Subtotal	$	2,383	$	1,157	$	1,485	$	575	$	225	$	113	$	5,938
	Current period gross charge-offs	$	2	$	5	$	316	$	118	$	42	$	88	$	571
Branch retail	Performing	$	—	$	—	$	2,160	$	2,696	$	1,572	$	2,242	$	8,670
	Non-performing		—		—		—		—		—		—		—
	Subtotal	$	—	$	—	$	2,160	$	2,696	$	1,572	$	2,242	$	8,670
	Current period gross charge-offs	$	—	$	—	$	108	$	140	$	57	$	140	$	445
Indirect consumer	Performing	$	88,688	$	89,376	$	66,147	$	50,883	$	5,485	$	5,712	$	306,291
	Non-performing		—		—		54		—		—		—		54
	Subtotal	$	88,688	$	89,376	$	66,201	$	50,883	$	5,485	$	5,712	$	306,345
	Current period gross charge-offs	$	6	$	235	$	332	$	270	$	39	$	50	$	932
Total consumer:	Performing	$	95,301	$	110,705	$	84,778	$	60,829	$	16,232	$	28,401	$	396,246
	Non-performing		—		—		54		—		—		853		907
		$	95,301	$	110,705	$	84,832	$	60,829	$	16,232	$	29,254	$	397,153
	Current period gross charge-offs	$	8	$	240	$	756	$	528	$	138	$	375	$	2,045

The following table provides an aging analysis of past due loans by class as of March 31, 2024:

	As of March 31, 2024
	30-59 Days Past Due			60-89 Days Past Due			90 Days Or Greater			Total Past Due			Current			Total Loans			Recorded Investment > 90 Days And Accruing
	(Dollars in Thousands)
Loans secured by real estate:
Construction, land development    and other land loans	$	—		$	—		$	—		$	—		$	102,282		$	102,282		$	—
Secured by 1-4 family residential    properties		727			—			20			747			73,614			74,361			—
Secured by multi-family residential    properties		—			—			—			—			62,145			62,145			—
Secured by non-farm, non-residential    properties		—			—			1,289			1,289			211,176			212,465			—
Commercial and industrial loans		37			—			169			206			56,906			57,112			—
Consumer loans:								—
Direct		21			—			—			21			5,569			5,590			—
Branch retail		9			29			—			38			7,756			7,794			—
Indirect		277			82			73			432			300,760			301,192			—
Total	$	1,071		$	111		$	1,551		$	2,733		$	820,208		$	822,941		$	—
As a percentage of total loans		0.13	%		0.01	%		0.19	%		0.33	%		99.67	%		100.00	%

The following table provides an aging analysis of past due loans by class as of December 31, 2023:

	As of December 31, 2023
	30-59 Days Past Due			60-89 Days Past Due			90 Days Or Greater			Total Past Due			Current			Total Loans			Recorded Investment > 90 Days And Accruing
	(Dollars in Thousands)
Loans secured by real estate:
Construction, land development    and other land loans	$	—		$	—		$	—		$	—		$	88,140		$	88,140		$	—
Secured by 1-4 family residential    properties		820			177			23			1,020			75,180			76,200			—
Secured by multi-family residential    properties		—			—			—			—			62,397			62,397			—
Secured by non-farm, non-residential    properties		—			—			1,302			1,302			212,284			213,586			—
Commercial and industrial loans		89			34			147			270			60,245			60,515			—
Consumer loans:
Direct		42			—			—			42			5,896			5,938			—
Branch retail		39			1			—			40			8,630			8,670			—
Indirect		316			33			54			403			305,942			306,345			—
Total	$	1,306		$	245		$	1,526		$	3,077		$	818,714		$	821,791		$	—
As a percentage of total loans		0.15	%		0.03	%		0.19	%		0.37	%		99.63	%		100.00	%

The tables below present the amortized cost of loans on nonaccrual status and loans past due 90 days or more and still accruing interest as of March 31, 2024 and December 31, 2023. Also presented is the balance of loans on nonaccrual status at March 31, 2024 and December 31, 2023 for which there was no related allowance for credit losses recorded.

	Loans on Non-Accrual Status
	March 31, 2024
	(Dollars in Thousands)
	Total nonaccrual loans		Nonaccrual loans with no allowance for credit losses		Loans past due 90 days or more and still accruing
Loans secured by real estate:
Construction, land development and other land loans	$	—	$	—	$	—
Secured by 1-4 family residential properties		859		439		—
Secured by multi-family residential properties		—		—		—
Secured by non-farm, non-residential properties		1,289		1,289		—
Commercial and industrial loans		172		51		—
Consumer loans:						—
Direct		—		—		—
Branch retail		—		—		—
Indirect		73		—		—
Total loans	$	2,393	$	1,779	$	—

	Loans on Non-Accrual Status
	December 31, 2023
	(Dollars in Thousands)
	Total nonaccrual loans		Nonaccrual loans with no allowance for credit losses		Loans past due 90 days or more and still accruing
Loans secured by real estate:
Construction, land development and other land loans	$	—	$	—	$	—
Secured by 1-4 family residential properties		891		462		—
Secured by multi-family residential properties		—		—		—
Secured by non-farm, non-residential properties		1,302		1,314		—
Commercial and industrial loans		152		77		—
Consumer loans:						—
Direct		—		—		—
Branch retail		—		—		—
Indirect		55		—		—
Total loans	$	2,400	$	1,853	$	—

The following tables present the amortized cost basis of collateral dependent loans as of March 31, 2024 and December 31, 2023, which loans are individually evaluated to determine credit losses:

	March 31, 2024
	Real Estate		Other		Total
	(Dollars in Thousands)
Loans secured by real estate
Construction, land development and other land loans	$	—	$	—	$	—
Secured by 1-4 family residential properties		468		—		468
Secured by multi-family residential properties		—		—		—
Secured by non-farm, non-residential properties		1,705		—		1,705
Commercial and industrial		—		99		99
Direct consumer		—		—		—
Total loans individually evaluated	$	2,173	$	99	$	2,272

	December 31, 2023
	Real Estate		Other		Total
	(Dollars in Thousands)
Loans secured by real estate
Construction, land development and other land loans	$	—	$	—	$	—
Secured by 1-4 family residential properties		485		—		485
Secured by multi-family residential properties		—		—		—
Secured by non-farm, non-residential properties		2,333		—		2,333
Commercial and industrial		—		112		112
Direct consumer		—		—		—
Total loans individually evaluated	$	2,818	$	112	$	2,930

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

From time to time, the Company may modify the terms of loan agreements with borrowers that are experiencing financial difficulties. Modification of the terms of such loans typically include one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. No modifications in 2024 or 2023 resulted in the permanent reduction of the recorded investment in the loan.

During the three months ended March 31, 2024 and the year ended December 31, 2023, the Company did not modify any loans to borrowers experiencing financial difficulty, and there were no payment defaults on loans that were modified in the previous twelve months.