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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2024
or
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File No. 000-51338

PARKE BANCORP, INC.
(Exact name of registrant as specified in its charter)
New Jersey65-1241959
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
601 Delsea Drive, Washington Township, New Jersey
08080
(Address of principal executive offices)(Zip Code)

856-256-2500
(Registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of Each Exchange on Which Registered
Common Stock, par value $0.10 per sharePKBKThe Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes []                No []

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes []                No []

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer”, “accelerated filer", “smaller reporting company” and “emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer []       Accelerated filer [ ]         Non-accelerated filer [X]        Smaller reporting company [] Emerging growth company [ ] 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ]                No []

As of May 3, 2024, there were 11,962,821 shares of the registrant's common stock ($0.10 par value) outstanding.





INDEX
  Page
Part IFINANCIAL INFORMATION 
   
Item 1.Financial Statements
Item 2.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
   
Part IIOTHER INFORMATION 
   
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
   
SIGNATURES
   
 




PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Parke Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited)
(Dollars in thousands except per share data)
 March 31,
2024
December 31,
2023
Assets  
Cash and due from banks$7,624 $12,716 
Interest bearing deposits with banks163,469 167,660 
Cash and cash equivalents
171,093 180,376 
Investment securities available for sale, at fair value6,640 7,095 
Investment securities held to maturity, net of allowance for credit losses of $0 at March 31, 2024 and December 31, 2023 (fair value of $7,685 at March 31, 2024 and $7,892 at December 31, 2023)
9,271 9,292 
Total investment securities15,911 16,387 
Loans, net of unearned income1,785,542 1,787,340 
Less: Allowance for credit losses(31,918)(32,131)
Net loans
1,753,624 1,755,209 
Accrued interest receivable8,865 8,555 
Premises and equipment, net5,501 5,579 
Restricted stock6,298 7,636 
Bank owned life insurance (BOLI)28,575 28,415 
Deferred tax asset9,271 9,262 
Other real estate owned (OREO)1,550 1,550 
Other 8,385 10,531 
Total assets$2,009,073 $2,023,500 
Liabilities and Shareholders' Equity  
Liabilities  
Deposits
  
Noninterest-bearing deposits
$196,388 $232,189 
Interest-bearing deposits
1,367,316 1,320,638 
Total deposits
1,563,704 1,552,827 
FHLBNY borrowings
95,000 125,000 
Subordinated debentures
43,158 43,111 
Accrued interest payable
4,398 4,146 
Other
14,427 14,099 
Total liabilities
1,720,687 1,739,183 
Shareholders' Equity  
Preferred stock, 1,000,000 shares authorized, $1,000 liquidation value Series B non-cumulative convertible; 375 shares outstanding at March 31, 2024 and December 31, 2023
375 375 
Common stock, $0.10 par value; authorized 15,000,000 shares; Issued: 12,247,343 shares and 12,240,821 shares at March 31, 2024 and December 31, 2023, respectively
1,225 1,224 
  Additional paid-in capital136,801 136,700 
  Retained earnings153,430 149,437 
  Accumulated other comprehensive loss(430)(404)
  Treasury stock, 284,522 shares at March 31, 2024 and December 31, 2023, at cost
(3,015)(3,015)
   Total shareholders’ equity288,386 284,317 
   Total liabilities and shareholders' equity$2,009,073 $2,023,500 

See accompanying notes to the unaudited consolidated financial statements
1


Parke Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(Dollars in thousands except per share data)
 For the Three Months Ended
March 31,
 20242023
 
Interest income:
Interest and fees on loans$28,083 $24,545 
Interest and dividends on investments249 210 
Interest on deposits with banks1,145 1,269 
Total interest income29,477 26,024 
Interest expense:
Interest on deposits13,457 7,582 
Interest on borrowings1,966 1,293 
Total interest expense15,423 8,875 
Net interest income14,054 17,149 
Provision for (recovery of) credit losses204 (2,400)
Net interest income after provision for (recovery of) credit losses13,850 19,549 
Non-interest income  
Service fees on deposit accounts379 1,215 
Other loan fees238 178 
Bank owned life insurance income160 143 
Other285 246 
Total non-interest income1,062 1,782 
Non-interest expense  
Compensation and benefits3,218 3,641 
Professional services445 593 
Occupancy and equipment641 644 
Data processing366 301 
FDIC insurance and other assessments331 225 
OREO expense353 172 
Other operating expense1,181 1,185 
Total non-interest expense6,535 6,761 
Income before income tax expense8,377 14,570 
Income tax expense2,226 3,440 
Net income attributable to Company6,151 11,130 
Less: Preferred stock dividend (6)(7)
Net income available to common shareholders$6,145 $11,123 
Earnings per common share  
Basic$0.51 $0.93 
Diluted$0.51 $0.92 
Weighted average common shares outstanding  
Basic11,958,776 11,944,163 
Diluted12,138,613 12,160,793 

See accompanying notes to the unaudited consolidated financial statements
2


Parke Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(Dollars in thousands)
 For the Three Months Ended
March 31,
 20242023
Net income attributable to the Company$6,151 $11,130 
Unrealized (loss) gain on investment securities(35)82 
Tax impact on unrealized loss (gain)9 (21)
Total unrealized (loss) gain on investment securities(26)61 
Comprehensive income attributable to the Company$6,125 $11,191 

See accompanying notes to the unaudited consolidated financial statements

3


Parke Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(Dollars in thousands except share data)
Three-months ended March 31, 2024 and 2023

 Shares of Preferred Stock OutstandingPreferred
Stock
Shares of Common
Stock issued
Common
Stock
Additional
Paid-In
Capital
 
Retained
Earnings
Accumulated
Other Comprehensive Loss
Treasury
Stock
Total Shareholders' Equity
Three Months Ended
Balance, December 31, 2022445$445 12,225,097 $1,223 $136,201 $131,706 $(526)$(3,015)$266,034 
Cumulative effect of adoption of ASU 2016-13— — — — — (2,102)— — (2,102)
Net income — — — — — 11,130 — — 11,130 
Common stock options exercised— — 6,096 — 33 — — — 33 
Other comprehensive income— — — — — — 61 — 61 
Stock compensation expense— — — — 107 — — — 107 
Dividend on preferred stock ($15.00 per share)
— — — — — (7)— — (7)
Dividend on common stock ($0.18 per share)
— — — — — (2,150)— — (2,150)
Balance, March 31, 2023
445$445 12,231,193 $1,223 $136,341 $138,577 $(465)$(3,015)$273,106 
Three Months Ended
Balance, December 31, 2023375$375 12,240,821 $1,224 $136,700 $149,437 $(404)$(3,015)$284,317 
Net income — — — — — 6,151 — — 6,151 
Common stock options exercised — — 6,522 1 55 — — — 56 
Other comprehensive loss — — — — — — (26)— (26)
Stock compensation expense— — — — 46 — — — 46 
Dividend on preferred stock ($15.00 per share)
— — — — — (6)— — (6)
Dividend on common stock ($0.18 per share)
— — — — — (2,152)— — (2,152)
Balance, March 31, 2024
375$375 12,247,343 $1,225 $136,801 $153,430 $(430)$(3,015)$288,386 




See accompanying notes to the unaudited consolidated financial statements

4


Parke Bancorp Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(Dollars in thousands)
 For the Three Months Ended
March 31,
 20242023
 
Cash Flows from Operating Activities:  
Net income$6,151 $11,130 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization143 31 
Provision for (recovery of) credit losses204 (2,400)
Increase in value of bank owned life insurance(160)(143)
Net accretion of purchase premiums and discounts on securities(11)(9)
Stock based compensation46 107 
Net changes in:  
Decrease in accrued interest receivable and other assets1,836 195 
Increase in accrued interest payable and other accrued liabilities141 1,638 
Net cash provided by operating activities8,350 10,549 
Cash Flows from Investing Activities:  
Repayments and maturities of investment securities available for sale415 465 
Repayments and maturities of investment securities held to maturity37 34 
Net decrease (increase) in loans1,820 (11,356)
(Purchases) sales of bank premises and equipment(18)133 
Redemptions of restricted stock3,600  
Purchases of restricted stock(2,262)(3,690)
Net cash provided by (used in) investing activities3,592 (14,414)
Cash Flows from Financing Activities:  
Cash dividends(2,158)(2,157)
Proceeds from exercise of stock options56 33 
Decrease in FHLBNY long-term borrowings(75,000) 
Net increase in FHLBNY short-term borrowings45,000 82,000 
Net decrease in noninterest-bearing deposits(35,801)(75,418)
Net increase (decrease) in interest-bearing deposits46,678 (36,769)
Net cash used in financing activities(21,225)(32,311)
Net decrease in cash and cash equivalents(9,283)(36,176)
Cash and Cash Equivalents, January 1,180,376 182,150 
Cash and Cash Equivalents, March 31,$171,093 $145,974 
Supplemental Disclosure of Cash Flow Information:  
Interest paid$15,171 $8,396 
Income taxes paid$237 $1,445 
Non-cash Investing and Financing Items  
Loans transferred to OREO$ $123 
Accrued dividends payable$2,158 $2,157 

See accompanying notes to the unaudited consolidated financial statements
5


Notes to Consolidated Financial Statements (Unaudited)

NOTE 1. ORGANIZATION

Parke Bancorp, Inc. (the “Company, we, us, our”) is a bank holding company headquartered in Sewell, New Jersey. Through subsidiaries, the Company provides individuals, corporations and other businesses and institutions with commercial and retail banking services, principally loans and deposits. The Company was incorporated in January 2005 under the laws of the State of New Jersey for the sole purpose of becoming the holding company of Parke Bank (the "Bank").
The Bank is a commercial bank, which was incorporated on August 25, 1998, and commenced operations on January 28, 1999. The Bank is chartered by the New Jersey Department of Banking and Insurance and its deposits are insured by the Federal Deposit Insurance Corporation. The Bank maintains its principal office at 601 Delsea Drive, Sewell, New Jersey, and has six additional branch office locations; 501 Tilton Road, Northfield, New Jersey, 567 Egg Harbor Road, Washington Township, New Jersey, 67 East Jimmie Leeds Road, Galloway Township, New Jersey, 1150 Haddon Avenue, Collingswood, New Jersey, 1610 Spruce Street, Philadelphia, Pennsylvania, and 1032 Arch Street, Philadelphia, Pennsylvania. The Bank also has a loan office located at 1817 East Venango Street, Philadelphia, Pennsylvania.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Financial Statement Presentation: We prepared our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Parke Bank (including certain partnership interests). Parke Capital Trust I, Parke Capital Trust II and Parke Capital Trust III are wholly-owned subsidiaries but are not consolidated as they do not meet the requirements for consolidation under applicable accounting guidance. We have eliminated inter-company balances and transactions. We have also reclassified certain prior year amounts to conform to the current year presentation, which did not have a material impact on our consolidated financial condition or results of operations.

The accompanying interim financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying interim financial statements for the three months ended March 31, 2024 and 2023 are unaudited. The balance sheet as of December 31, 2023, was derived from the audited financial statements. In the opinion of management, these financial statements include all normal and recurring adjustments necessary for a fair statement of the results for such interim periods. Results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results for the full year or any other period.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the allowance for credit losses, the valuation of deferred income taxes, and the carrying value of other real estate owned ("OREO").

Recently Issued Accounting Pronouncements:

In March 2020, the FASB issued ASU No. 2020.-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide optional guidance to entities for a limited period of time to ease the transition in accounting for and recognizing the effects of reference rate reform on financial reporting. Under the guidance, modifications of contracts due to reference rate reform will not require contract remeasurement or reassessment of a previous accounting determination. For hedge accounting, modification of critical terms of the hedge due to changes in reference rate reform will not affect hedge accounting or de-designate the hedging relationship. The guidance also provides specific expedients for fair value hedges, cash flow hedges, and excluded components. Further, the guidance provides a one-time election to sell or transfer held to maturity debt securities that are affected by the reference rate change. The guidance is effective upon issuance through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the sunset (or expiration) date of Accounting Standards Codification (ASC) Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. ASU 2022-06 is effective for all reporting entities immediately upon issuance and must be applied on a prospective basis. The Company does not expect the application of this guidance to have a material impact on the Consolidated Financial Statements.

6


NOTE 3. INVESTMENT SECURITIES

The following is a summary of the Company's investments in available for sale and held to maturity securities as of March 31, 2024 and December 31, 2023: 
As of March 31, 2024Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair value
(Dollars in thousands)
Available for sale:    
Residential mortgage-backed securities$7,219 $1 $580 $6,640 
Total available for sale$7,219 $1 $580 $6,640 
     
Held to maturity:    
Residential mortgage-backed securities$5,368 $ $1,169 $4,199 
States and political subdivisions3,903 22 439 3,486 
Total held to maturity$9,271 $22 $1,608 $7,685 
As of December 31, 2023Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair value
(Dollars in thousands)
Available for sale:    
Residential mortgage-backed securities$7,639 $3 $547 $7,095 
Total available for sale$7,639 $3 $547 $7,095 
     
Held to maturity:    
Residential mortgage-backed securities$5,406 $ $1,054 $4,352 
States and political subdivisions3,886 38 384 3,540 
Total held to maturity$9,292 $38 $1,438 $7,892 























7


The amortized cost and fair value of debt securities classified as available for sale and held to maturity, by contractual maturity as of March 31, 2024 are as follows:
 Amortized
Cost
Fair
Value
 (Dollars in thousands)
Available for sale: 
Due within one year$ $ 
Due after one year through five years2,755 2,573 
Due after five years through ten years974 906 
Due after ten years3,490 3,161 
Total available for sale$7,219 $6,640 
Held to maturity: 
Due within one year$ $ 
Due after one year through five years1,429 1,451 
Due after five years through ten years  
Due after ten years7,842 6,234 
Total held to maturity$9,271 $7,685 

Expected maturities may differ from contractual maturities because the issuers of certain debt securities do have the right to call or prepay their obligations without any penalty.

The Company did not sell any securities during the three months ended March 31, 2024. The following tables show the gross unrealized losses and fair value of the Company's available for sale investments for which an allowance for credit losses has not been recorded, which are aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023:

As of March 31, 2024Less Than 12 Months12 Months or GreaterTotal
Description of SecuritiesFair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
 (Dollars in thousand)
Available for sale:      
Residential mortgage-backed securities$80 $ $6,439 $580 $6,519 $580 
Total available for sale$80 $ $6,439 $580 $6,519 $580 

As of December 31, 2023Less Than 12 Months12 Months or GreaterTotal
Description of SecuritiesFair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
 (Dollars in thousands)
Available for sale:      
Residential mortgage-backed securities$25 $ $6,870 $547 $6,895 $547 
Total available for sale$25 $ $6,870 $547 $6,895 $547 

The Company’s unrealized loss for the debt securities is comprised of 8 securities in the less than 12 months loss position and 20 securities in the 12 months or greater loss position at March 31, 2024. The mortgage-backed securities that had unrealized losses were issued or guaranteed by the US government or US government sponsored entities. The unrealized losses associated with those mortgage-backed securities are generally driven by changes in interest rates and are not due to credit losses given the explicit or implicit guarantees provided by the U.S. government. The states and political subdivisions securities that had unrealized losses were issued by a school district, and the loss is attributed to changes in interest rates and not due to credit losses. Because the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, the Company does not consider the unrealized loss in these securities to be credit losses at March 31, 2024.

8



NOTE 4. LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

At March 31, 2024 and December 31, 2023, the Company had $1.79 billion and $1.79 billion, respectively, in loans receivable outstanding. Outstanding balances include $2.4 million and $2.7 million at March 31, 2024 and December 31, 2023, respectively, for net deferred loan costs, and unamortized discounts.

The portfolio segments of loans receivable at March 31, 2024 and December 31, 2023, consist of the following:
 March 31, 2024December 31, 2023
 (Dollars in thousands)
Commercial and Industrial$37,002 $35,451 
Construction142,178 157,556 
Real Estate Mortgage:  
Commercial – Owner Occupied140,021 141,742 
Commercial – Non-owner Occupied360,961 369,909 
Residential – 1 to 4 Family448,219 449,682 
Residential – 1 to 4 Family Investment523,029 524,167 
Residential – Multifamily128,855 103,324 
Consumer5,277 5,509 
Total Loan receivable1,785,542 1,787,340 
Allowance for credit losses on loans (31,918)(32,131)
Total loan receivable, net of allowance for credit losses on loans$1,753,624 $1,755,209 

An age analysis of past due loans by class at March 31, 2024 and December 31, 2023 is as follows:

March 31, 202430-59
Days Past
Due
60-89
Days Past
Due
Greater
than 90
Days
Total Past
Due
CurrentTotal
Loans
 (Dollars in Thousands)
Commercial and Industrial$ $ $698 $698 $36,304 $37,002 
Construction  1,091 1,091 141,087 142,178 
Real Estate Mortgage:      
Commercial – Owner Occupied  1,117 1,117 138,904 140,021 
Commercial – Non-owner Occupied  2,106 2,106 358,855 360,961 
Residential – 1 to 4 Family357  1,969 2,326 445,893 448,219 
Residential – 1 to 4 Family Investment438 287  725 522,304 523,029 
Residential – Multifamily    128,855 128,855 
Consumer19   19 5,258 5,277 
Total Loans$814 $287 $6,981 $8,082 $1,777,460 $1,785,542 

9


December 31, 202330-59
Days Past
Due
60-89
Days Past
Due
Greater
than 90
Days
Total Past
Due
CurrentTotal
Loans
 (Dollars in thousands)
Commercial and Industrial$ $ $712 $712 $34,739 $35,451 
Construction  1,091 1,091 156,465 157,556 
Real Estate Mortgage:      
Commercial – Owner Occupied
  1,117 1,117 140,625 141,742 
Commercial – Non-owner Occupied
 1,549 3,107 4,656 365,253 369,909 
Residential – 1 to 4 Family
58 1,793 1,211 3,062 446,620 449,682 
Residential – 1 to 4 Family Investment 440  440 523,727 524,167 
Residential – Multifamily
    103,324 103,324 
Consumer66   66 5,443 5,509 
Total Loans$124 $3,782 $7,238 $11,144 $1,776,196 $1,787,340 

The following table provides the amortized cost of loans on nonaccrual status:
March 31, 2024
(amounts in thousands)Nonaccrual with no ACLNonaccrual with ACLTotal NonaccrualLoans Past Due Over 90 Days Still AccruingTotal Nonperforming
Commercial and Industrial$277 $421 $698 $ $698 
Construction1,091  1,091  1,091 
Commercial - Owner Occupied717 400 1,117  1,117 
Commercial - Non-owner Occupied2,106  2,106  2,106 
Residential - 1 to 4 Family1,954  1,954 15 1,969 
Residential - 1 to 4 Family Investment     
Residential - Multifamily     
Consumer     
     Total$6,145 $821 $6,966 $15 $6,981 

10


December 31, 2023
(amounts in thousands)Nonaccrual with no ACLNonaccrual with ACLTotal NonaccrualLoans Past Due Over 90 Days Still AccruingTotal Nonperforming
Commercial and Industrial$277 $435 $712 $ $712 
Construction1,091  1,091  1,091 
Commercial - Owner Occupied717 400 1,117  1,117 
Commercial - Non-owner Occupied3,107  3,107  3,107 
Residential - 1 to 4 Family1,211  1,211  1,211 
Residential - 1 to 4 Family Investment     
Residential - Multifamily     
Consumer     
     Total$6,403 $835 $7,238 $ $7,238 

Allowance For Credit Losses (ACL)
We maintain the ACL at a level that we believe to be appropriate to absorb estimated credit losses in the loan portfolios as of the balance sheet date. We established our allowance in accordance with guidance provided in Accounting Standard Codification ("ASC") - Financial Instruments - Credit Losses ("ASC 326").

The allowance for credit losses represents management’s estimate of expected losses inherent in the Company’s lending activities excluding loans accounted for under fair value. The allowance for credit losses is maintained through charges to the provision for credit losses in the Consolidated Statements of Income as expected losses are estimated. Loans or portions thereof that are determined to be uncollectible are charged against the allowance, and subsequent recoveries, if any, are credited to the allowance.

The Company performs periodic reviews of its loan and lease portfolios to identify credit risks and to assess the overall collectability of those portfolios. The Company's allowance for credit losses includes a general component and an asset-specific component for collateral-dependent loans. To determine the asset-specific component of the allowance, the loans are evaluated individually based on the fair value of the underlying collateral. The Company generally measures the asset-specific allowance as the difference between the net realizable value of loan collateral and the recorded investment of a loan.

The general component of the allowance evaluates the impairments of pools of the loan portfolio collectively. It incorporates a historical valuation allowance and qualitative allowance. The historical valuation utilizes a vintage loss rate approach utilizing a third party software model. The vintage loss rate approach creates pools of loans based on the segments defined by management, and consists of commercial and industrial, construction, commercial - owner occupied, commercial - non-owner occupied, residential - 1 to 4 family, residential - 1 to 4 family investment, residential - multifamily, and consumer. The loan pools are aggregated by origination year. Charge-offs, net of recoveries, are allocated by the year of charge-off to each loan pool. An average life is prescribed to a pool of loans that were originated in a particular year. The actual charge-offs as a percent of total loans are calculated for each historical year, and projected for future years for each year within the average life time horizon. The sum of the actual charge-offs and projected charge-offs are divided by the average amortized origination amount for each respective year. Those charge-off percentages are added together to obtain an aggregated vintage loss percentage which is then multiplied by the outstanding loan balances to obtain a reserve requirement.

The qualitative allowance component is based on general economic conditions and other qualitative risk factors both internal and external to the Company. It is generally determined by evaluating, among other things: (i) the experience, ability and effectiveness of the Bank's lending management and staff; (ii) the effectiveness of the Bank's lending policies, procedures and internal controls;(iii) volume and severity of loan credit quality; (iv) nature and volume of portfolio and term of loans (v) the composition and concentrations of credit; (vi) the effectiveness of the internal loan review system; and (vii) national and local economic trends and conditions, and industry conditions. Management evaluates the degree of risk that each one of these components has on the quality of the loan portfolio on a quarterly basis. Each component is determined to have either a high, high-moderate, moderate, low-moderate or low degree of risk. The results are then input into a "general allocation matrix" to determine an appropriate general valuation allowance.

11


The Company has elected to exclude accrued interest receivable from the measurement of the ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is generally reversed against interest income.

The process of determining the level of the allowance for credit losses requires a high degree of estimate and judgment. It is reasonably possible that actual outcomes may differ from our estimates.


Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

The Company estimates expected credit losses 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 off-balance sheet credit exposures is adjusted through the provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. At March 31, 2024 and December 31, 2023, the allowance for credit losses on off-balance sheet credit exposures was $938.0 thousand and $499 thousand, respectively.

The following tables present the information regarding the allowance for credit losses for the three months ended March 31, 2024 and 2023:

Real Estate Mortgage
Commercial and IndustrialConstructionCommercial Owner OccupiedCommercial Non-owner OccupiedResidential 1 to 4 FamilyResidential 1 to 4 Family InvestmentResidential MultifamilyConsumerTotal
(Dollars in thousands)
Three months ended March 31, 2024
December 31, 2023$926 $3,347 $1,795 $7,108 $9,061 $8,783 $1,049 $62 $32,131 
    Charge-offs         
    Recoveries22        22 
    Provisions (benefits)112 (314)(104)(1,722)274 813 698 8 (235)
Ending Balance at March 31, 2024
$1,060 $3,033 $1,691 $5,386 $9,335 $9,596 $1,747 $70 $31,918 

During the quarter, the increase to the Residential Multifamily portfolio was due to an increase in the portfolio balance that increased the loan exposure and also caused changes to the qualitative factors related to concentration levels within the portfolio segments. The increase to the Residential 1 to 4 Family Investment portfolio is driven by changes to the qualitative factors related to concentration levels within the portfolio segments. The provision benefit during the quarter to the Commercial Non-owner Occupied segment was mainly due to a decrease in the problem loan balance as well as a decrease in the portfolio balance.

Real Estate Mortgage
Commercial and IndustrialConstructionCommercial Owner OccupiedCommercial Non-owner OccupiedResidential 1 to 4 FamilyResidential 1 to 4 Family InvestmentResidential MultifamilyConsumerTotal
(Dollars in thousands)
Three months ended March 31, 2023
December 31, 2022$390 $2,581 $2,298 $9,709 $6,076 $9,381 $1,347 $63 $31,845 
Impact of adoption of ASC 326168 1,899 (171)(951)1,782 (795)(128)53 $1,857 
    Charge-offs         
    Recoveries3  2      5 
    Provisions (benefits)177 (881)(253)(682)(52)(516)19 (12)(2,200)
Ending Balance at March 31, 2023$738 $3,599 $1,876 $8,076 $7,806 $8,070 $1,238 $104 $31,507 
12



During the quarter, the credit provisions to the Construction, Commercial Non-owner Occupied, and Residential 1-4 Family Investment segments were largely driven by declines or slowdowns to growth within the portfolio that lowered the loan exposure and also caused changes to the qualitative factors related to loan volume within the portfolio segments. The credit provision to the Commercial Owner Occupied segment was largely driven by a reduction in other assets especially mentioned ("OAEM") loans during the quarter, partially offset by an increase in loan volume.


Collateral-Dependent Loans

The following table presents the collateral-dependent loans by portfolio segment and collateral type at March 31, 2024:

(amounts in thousands)Real EstateBusiness AssetsOther
Commercial and Industrial$698 $ $ 
Construction1,091   
Commercial - Owner Occupied1,117   
Commercial - Non-owner Occupied2,106   
Residential - 1 to 4 Family1,954   
Residential - 1 to 4 Family Investment   
Residential - Multifamily   
Consumer   
    Total$6,966 $ $ 

The following table presents the collateral-dependent loans by portfolio segment and collateral type at December 31, 2023:

(amounts in thousands)Real EstateBusiness AssetsOther
Commercial and Industrial$712 $ $ 
Construction1,091   
Commercial - Owner Occupied1,117   
Commercial - Non-owner Occupied3,107   
Residential - 1 to 4 Family1,211   
Residential - 1 to 4 Family Investment   
Residential - Multifam