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Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Loans, by Major Class Within the Company's Loan Portfolio
Major classifications within the Company’s held for investment loan portfolio at March 31, 2024 and December 31, 2023 were as follows:
(in thousands)March 31, 2024December 31, 2023
Commercial, financial, and agricultural$218,018 $226,275 
Real estate construction − residential47,08858,347
Real estate construction − commercial52,781130,296
Real estate mortgage − residential375,118372,391
Real estate mortgage − commercial807,703731,024
Installment and other consumer18,14520,814
Total loans held for investment$1,518,853 $1,539,147 
Schedule of the Allowance for Loan Losses
The following tables illustrate the changes in the allowance for credit losses by portfolio segment:
Three Months Ended March 31, 2024
(in thousands)Commercial, Financial, & AgriculturalReal Estate Construction - ResidentialReal Estate Construction - CommercialReal Estate Mortgage - ResidentialReal Estate Mortgage - CommercialInstallment and Other ConsumerUn- allocatedTotal
Allowance for Credit Losses on Loans
Balance at beginning of period$3,208 $1,043 $3,273 $5,264 $10,537 $232 $187 $23,744 
Charge-offs(30)— — (1)(23)(70)— (124)
Recoveries10 — — 1 — 44 — 55 
Provision for (release of) credit losses186 (371)(1,976)(155)2,343 (34)7 — 
Balance at end of period$3,374 $672 $1,297 $5,109 $12,857 $172 $194 $23,675 
Liability for Unfunded Commitments
Balance at beginning of period$197 $273 $245 $103 $110 $1 $18 $947 
Provision for (release of) credit losses on unfunded commitments(105)(159)57 — (10)— (13)(230)
Balance at end of period$92 $114 $302 $103 $100 $1 $5 $717 
Allowance for credit losses on loans and liability for unfunded commitments$3,466 $786 $1,599 $5,212 $12,957 $173 $199 $24,392 
Three Months Ended March 31, 2023
(in thousands)Commercial, Financial, & AgriculturalReal Estate Construction - ResidentialReal Estate Construction - CommercialReal Estate Mortgage - ResidentialReal Estate Mortgage - CommercialInstallment and Other ConsumerUn- allocatedTotal
Allowance for Credit Losses on Loans
Balance at beginning of period$2,735 $157 $875 $3,329 $8,000 $326 $166 $15,588 
Adoption of ASU 2016-13(649)291 2,894 1,890 1,613 (80)(166)5,793 
Balance at January 1, 20232,086 448 3,769 5,219 9,613 246 — 21,381 
Charge-offs(30)— — — (5)(58)— (93)
Recoveries9 — — 2 2 28 — 41 
Provision for (release of) credit losses(144)183 695 41 (123)6 (8)650 
Balance at end of period$1,921 $631 $4,464 $5,262 $9,487 $222 $(8)$21,979 
Liability for Unfunded Commitments
Balance at beginning of period$— $— $— $— $— $— $— $— 
Adoption of ASU 2016-13104 341 569 107 150 1 — 1,272 
Balance at January 1, 2023104 341 569 107 150 1 — 1,272 
Provision for (release of) credit losses on unfunded commitments20 48 (7)3 (8)— (26)30 
Balance at end of period$124 $389 $562 $110 $142 $1 $(26)$1,302 
Allowance for credit losses on loans and liability for unfunded commitments$2,045 $1,020 $5,026 $5,372 $9,629 $223 $(34)$23,281 
Schedule of Risk Categories by Class
The amortized cost of collateral-dependent loans by class as of March 31, 2024 and December 31, 2023 was as follows:
Collateral Type
(in thousands)Real EstateOtherAllowance Allocated
March 31, 2024
Commercial, financial, and agricultural$— $2,204 $1,861 
Real estate construction − residential456 — 196 
Real estate mortgage − residential45 — 24 
Real estate mortgage − commercial3,962 — 799 
Total$4,463 $2,204 $2,880 
December 31, 2023
Commercial, financial, and agricultural$— $2,221 $1,300 
Real estate construction − residential432 — 164 
Real estate mortgage − residential46 — 19 
Real estate mortgage − commercial2,369 — — 
Total$2,847 $2,221 $1,483 
The following table presents the recorded investment by risk categories at March 31, 2024:
Term Loans
Amortized Cost Basis by Origination Year and Risk Grades
(in thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
March 31, 2024
Commercial, Financial, & Agricultural
Pass$8,146 $32,236 $40,709 $30,728 $30,311 $6,766 $54,733 $— $203,629 
Watch322 155 2,440 28 344 280 2,629 — 6,198 
Substandard— 1,463 3,675 1 15 43 571 — 5,768 
Non-accrual loans3 262 89 322 — 1 1,746 — 2,423 
Total$8,471 $34,116 $46,913 $31,079 $30,670 $7,090 $59,679 $— $218,018 
Gross YTD charge-offs— — — — 2 28 — — 30 
Real Estate Construction - Residential
Pass$2,327 $38,291 $5,210 $630 $173 $— $— $— $46,631 
Non-accrual loans— 457 — — — — — — 457 
Total$2,327 $38,748 $5,210 $630 $173 $— $— $— $47,088 
Gross YTD charge-offs— — — — — — — — — 
Real Estate Construction - Commercial
Pass$8,553 $23,754 $11,057 $5,093 $1,025 $746 $1,861 $— $52,089 
Watch— 509 16 — — — 103 — 628 
Non-accrual loans— — — — — 64 — — 64 
Total$8,553 $24,263 $11,073 $5,093 $1,025 $810 $1,964 $— $52,781 
Gross YTD charge-offs— — — — — — — — — 
Real Estate Mortgage - Residential
Pass$8,197 $55,036 $124,785 $60,775 $46,615 $28,849 $45,768 $392 $370,417 
Watch1,454 280 247 406 501 1,077 31 — 3,996 
Substandard— 16 — — — 164 — — 180 
Non-accrual loans— — 22 91 57 235 120 — 525 
Total$9,651 $55,332 $125,054 $61,272 $47,173 $30,325 $45,919 $392 $375,118 
Gross YTD charge-offs— — — — — 1 — — 1 
Real Estate Mortgage - Commercial
Pass$6,390 $127,095 $241,478 $219,924 $82,076 $65,824 $17,445 $51 $760,283 
Watch2,355 4,705 4,984 2,554 — 440 76 — 15,114 
Special Mention12,312 — 5,876 7,947 — — — — 26,135 
Substandard— 710 213 428 48 282 — — 1,681 
Non-accrual loans— 1,181 — 2,922 211 176 — — 4,490 
Total$21,057 $133,691 $252,551 $233,775 $82,335 $66,722 $17,521 $51 $807,703 
Gross YTD charge-offs— — — — — 23 — — 23 
Installment and other Consumer
Pass$1,078 $5,802 $5,654 $2,299 $1,055 $2,173 $80 $— $18,141 
Non-accrual loans— — — 4 — — — — 4 
Total$1,078 $5,802 $5,654 $2,303 $1,055 $2,173 $80 $— $18,145 
Gross YTD charge-offs— 3 5 — — 62 — — 70 
Total Portfolio
Pass$34,691 $282,214 $428,893 $319,449 $161,255 $104,358 $119,887 $443 $1,451,190 
Watch4,131 5,649 7,687 2,988 845 1,797 2,839 — 25,936 
Special Mention12,312 — 5,876 7,947 — — — — 26,135 
Substandard— 2,189 3,888 429 63 489 571 — 7,629 
Non-accrual loans3 1,900 111 3,339 268 476 1,866 — 7,963 
Total$51,137 $291,952 $446,455 $334,152 $162,431 $107,120 $125,163 $443 $1,518,853 
Total Gross YTD charge-offs$— $3 $5 $— $2 $114 $— $— $124 
The following table presents the recorded investment by risk categories at December 31, 2023:
Term Loans
Amortized Cost Basis by Origination Year and Risk Grades
(in thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost BasisTotal
December 31, 2023
Commercial, Financial, & Agricultural
Pass$40,103 $43,082 $32,812 $30,965 $4,774 $5,022 $55,379 $213 $212,350 
Watch1 2,505 32 586 3 282 2,502 — 5,911 
Substandard371 3,758 19 16 — — 323 1,299 5,786 
Non-accrual loans159 96 317 — 7 — 1,649 — 2,228 
Total$40,634 $49,441 $33,180 $31,567 $4,784 $5,304 $59,853 $1,512 $226,275 
Gross YTD charge-offs— 1 — — — 160 — — 161 
Real Estate Construction - Residential
Pass$39,847 $17,259 $634 $175 $— $— $— $— $57,915 
Non-accrual loans432 — — — — — — — 432 
Total$40,279 $17,259 $634 $175 $— $— $— $— $58,347 
Gross YTD charge-offs— — — — — — — — — 
Real Estate Construction - Commercial
Pass$49,041 $53,058 $24,371 $1,040 $31 $735 $187 $— $128,463 
Watch934 17 — — — — 103 — 1,054 
Substandard710 — — — — — — — 710 
Non-accrual loans— — — — — 69 — — 69 
Total$50,685 $53,075 $24,371 $1,040 $31 $804 $290 $— $130,296 
Gross YTD charge-offs— — — — — — — — — 
Real Estate Mortgage - Residential
Pass$65,472 $121,430 $62,998 $47,884 $7,242 $19,193 $44,574 $202 $368,995 
Watch179 251 411 293 71 1,310 23 — 2,538 
Substandard16 — — 129 — 126 — — 271 
Non-accrual loans— 23 93 135 — 246 90 — 587 
Total$65,667 $121,704 $63,502 $48,441 $7,313 $20,875 $44,687 $202 $372,391 
Gross YTD charge-offs— — — 75 — — 13 — 88 
Real Estate Mortgage - Commercial
Pass$99,081 $208,699 $204,789 $84,363 $27,085 $39,941 $16,059 $659 $680,676 
Watch15,759 10,978 2,737 91 345 897 70 — 30,877 
Substandard— 215 15,944 — 45 289 — — 16,493 
Non-accrual loans1,817 54 712 212 83 — 100 — 2,978 
Total$116,657 $219,946 $224,182 $84,666 $27,558 $41,127 $16,229 $659 $731,024 
Gross YTD charge-offs— — — — — 32 — — 32 
Installment and other Consumer
Pass$7,430 $6,497 $2,720 $1,287 $987 $1,803 $90 $— $20,814 
Total$7,430 $6,497 $2,720 $1,287 $987 $1,803 $90 $— $20,814 
Gross YTD charge-offs84 23 7 — — 232 1 — 347 
Total Portfolio
Pass$300,974 $450,025 $328,324 $165,714 $40,119 $66,694 $116,289 $1,074 $1,469,213 
Watch16,873 13,751 3,180 970 419 2,489 2,698 — 40,380 
Substandard1,097 3,973 15,963 145 45 415 323 1,299 23,260 
Non-accrual loans2,408 173 1,122 347 90 315 1,839 — 6,294 
Total$321,352 $467,922 $348,589 $167,176 $40,673 $69,913 $121,149 $2,373 $1,539,147 
Total Gross YTD charge-offs$84 $24 $7 $75 $— $424 $14 $— $628 
Schedule of Financing Receivable, Nonaccrual
The following tables present the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2024 and December 31, 2023:
(in thousands)Non-accrual with no AllowanceNon-accrual with AllowanceTotal Non-accrual90 Days Past Due And Still AccruingTotal Non-performing Loans
March 31, 2024
Commercial, Financial, and Agricultural$— $2,423 $2,423 $— $2,423 
Real estate construction − residential— 456 456 — 456 
Real estate construction − commercial— 64 64 — 64 
Real estate mortgage − residential— 525 525 573 1,098 
Real estate mortgage − commercial212 4,279 4,491 — 4,491 
Installment and Other Consumer— 4 4 13 17 
Total$212 $7,751 $7,963 $586 $8,549 
December 31, 2023
Commercial, Financial, and Agricultural$— $2,228 $2,228 $— $2,228 
Real estate construction − residential— 432 432 —432 
Real estate construction − commercial— 69 69 —69 
Real estate mortgage − residential— 587 587 115702 
Real estate mortgage − commercial2,368 610 2,978 —2,978 
Installment and Other Consumer— — — 4 4 
Total$2,368 $3,926 $6,294 $119 $6,413 
Schedule of Aging Information for the Company's Past Due and Non-Accrual Loans
The following table provides aging information for the Company’s past due and non-accrual loans at March 31, 2024 and December 31, 2023.
(in thousands)Current or Less Than 30 Days Past Due30 - 89 Days Past Due90 Days Past Due And Still AccruingNon-AccrualTotal
March 31, 2024
Commercial, Financial, and Agricultural$214,547 $1,048 $— $2,423 $218,018 
Real estate construction − residential46,426 206 — 456 47,088 
Real estate construction − commercial52,717 — — 64 52,781 
Real estate mortgage − residential372,649 1,371 573 525 375,118 
Real estate mortgage − commercial802,455 757 — 4,491 807,703 
Installment and Other Consumer17,988 140 13 4 18,145 
Total$1,506,782 $3,522 $586 $7,963 $1,518,853 
December 31, 2023
Commercial, Financial, and Agricultural$223,845 $202 $— $2,228 $226,275 
Real estate construction − residential57,568 347 — 432 58,347 
Real estate construction − commercial130,227 — — 69 130,296 
Real estate mortgage − residential368,956 2,733 115 587 372,391 
Real estate mortgage − commercial728,029 17 — 2,978 731,024 
Installment and Other Consumer20,607 203 4 — 20,814 
Total$1,529,232 $3,502 $119 $6,294 $1,539,147