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Washington, D.C. 20549

FORM

10-Q

(Mark One)

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

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-36094

(Exact Name of Registrant as Specified in Its Charter)

Maryland						52-1652138
(State of Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

3035 Leonardtown Road, Waldorf, MD, 20601

Securities registered pursuant to Section 12(b) of Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

TCFC

The 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 definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-accelerated Filer

☒

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 April 29, 2022, the registrant had 5,654,971 shares of common stock outstanding. 

TABLE OF CONTENTS

Table of Contents						Page
Forward-Looking Statements
PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements (Unaudited)						1
Consolidated Balance Sheets						1
Consolidated Statements of Income						2
Consolidated Statements of Comprehensive Income/Loss						3
Consolidated Statements of Changes in Stockholders’ Equity						4
Consolidated Statements of Cash Flows						5
Notes to Consolidated Financial Statements						7
Item 2 – Management’s Discussion and Analysis (MD&A) of Financial Condition and Results of Operations						41
Item 3 – Quantitative and Qualitative Disclosures about Market Risk						66
Item 4 – Controls and Procedures						67
PART II – OTHER INFORMATION
Item 1 – Legal Proceedings						68
Item 1A – Risk Factors						68
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds						68
Item 3 – Defaults Upon Senior Securities						68
Item 4 – Mine Safety Disclosures						68
Item 5 – Other Information						68
Item 6 – Exhibits						69
SIGNATURES						70

Factors that might cause actual results to differ materially from those made in such statements include, but are not limited to: (i) risks, uncertainties and other factors relating to the COVID-19 pandemic (including the length of time that the pandemic continues, the ability of states and local governments to successfully implement the lifting of restrictions on movement and the potential imposition of further restrictions on movement and travel in the future, the effect of the pandemic on the general economy and on the businesses of our borrowers and their ability to make payments on their obligations; (ii) the remedial actions and stimulus measures adopted by federal, state and local governments, and the inability of employees to work due to illness, quarantine, or government mandates); (iii) the impacts related to or resulting from Russia’s military action in Ukraine, including the broader impacts to financial markets and the global macroeconomic and geopolitical environments; (iv) assumptions that interest-earning assets will reprice faster than interest-bearing liabilities and the Bank’s ability to maintain its current favorable funding mix; (v) the synergies and other expected financial benefits from any acquisition that we have undertaken or may undertake in the future may or may not be realized within the expected time frames; (vi) changes in the Company's or the Bank's strategy, costs or difficulties related to integration matters might be greater than expected; (vii) availability of and costs associated with obtaining adequate and timely sources of liquidity; (viii) the ability to maintain credit quality; (ix) general economic trends and conditions, including inflation and its impacts; (xii) changes in interest rates; loss of deposits and loan demand to other financial institutions; (xiii) substantial changes in financial markets; (xiv) changes in real estate value and the real estate market; (xv) regulatory changes; (xvi) the impact of government shutdowns or sequestration; (xvii) the possibility of unforeseen events affecting the industry generally; (xviii) the uncertainties associated with newly developed or acquired operations; (xix) the outcome of pending or threatened litigation, or of matters before regulatory agencies, whether currently existing or commencing in the future; (xx) market disruptions and other effects of terrorist activities; and (xxi) the matters described in “Item 1A Risk Factors” in the Company’s Annual Report on Form 10-K for the Year Ended December 31, 2021, and in its other Reports filed with the Securities and Exchange Commission (the “SEC”).

The Company’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this Report or in its filings with the SEC, accessible on the SEC’s Web site at www.sec.gov. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the SEC.

You are cautioned not to place undue reliance on the forward-looking statements contained in this document in that actual results could differ materially from those indicated in such forward-looking statements, due to a variety of factors. Any forward-looking statement speaks only as of the date of this Report, and the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this Report.

CONSOLIDATED BALANCE SHEETS

						(Unaudited)
(dollars in thousands, except per share amounts)						March 31, 2022						December 31, 2021
Assets
Cash and due from banks						$	80,702					$	108,990
Interest-bearing deposits with banks						32,460						30,664
Securities available for sale ("AFS"), at fair value						507,527						497,839
Equity securities carried at fair value through income						4,562						4,772
Non-marketable equity securities held in other financial institutions						207						207
Federal Home Loan Bank ("FHLB") stock - at cost						1,685						1,472
Loans held for sale						373						—
Net U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") Loans						15,279						26,398
Portfolio Loans Receivable net of allowance for credit losses of $21,382 and $18,417						1,608,156						1,560,393
Net loans						1,623,435						1,586,791
Goodwill						10,835						10,835
Premises and equipment, net						21,304						21,427
Accrued interest receivable						5,389						5,588
Investment in bank owned life insurance						39,145						38,932
Core deposit intangible						924						1,032
Net deferred tax assets						15,523						9,033
Right of use assets - operating leases						6,033						6,124
Other assets						1,819						3,600
Total Assets						$	2,351,923					$	2,327,306
Liabilities and Stockholders’ Equity
Deposits
Non-interest-bearing deposits						$	644,385					$	445,778
Interest-bearing deposits						1,450,698						1,610,386
Total deposits						2,095,083						2,056,164
Long-term debt						12,213						12,231
Guaranteed preferred beneficial interest in junior subordinated debentures ("TRUPs")						12,000						12,000
Subordinated notes net of debt issuance costs - 4.75%						19,524						19,510
Lease liabilities - operating leases						6,266						6,343
Accrued expenses and other liabilities						13,697						12,925
Total Liabilities						2,158,783						2,119,173
Stockholders’ Equity
Common stock - par value $0.01; authorized - 15,000,000 shares; issued 5,686,799 and 5,718,528 shares, respectively						57						57
Additional paid in capital						97,189						96,896
Retained earnings						115,179						113,448
Accumulated other comprehensive losses						(18,969)						(1,952)
Unearned ESOP shares						(316)						(316)
Total Stockholders’ Equity						193,140						208,133
Total Liabilities and Stockholders’ Equity						$	2,351,923					$	2,327,306

(Unaudited)

						Three Months Ended March 31,
(dollars in thousands, except per share amounts)						2022						2021
Interest and Dividend Income
Loans, including fees						$	15,610					$	16,592
Interest and dividends on investment securities						1,666						1,064
Interest on deposits with banks						60						22
Total Interest and Dividend Income						17,336						17,678
Interest Expense
Deposits						513						802
Long-term debt						354						367
Total Interest Expense						867						1,169
Net Interest Income						16,469						16,509
Provision for credit losses						450						295
Provision (recovery) for unfunded commitments						(31)						—
Net Interest Income After Provision For Credit Losses						16,050						16,214
Noninterest Income
Loan appraisal, credit, and miscellaneous charges						176						198
Net gains on sale of investment securities						—						586
Unrealized losses on equity securities						(222)						(85)
Income from bank owned life insurance						214						214
Service charges						926						1,187
Referral fee income						361						451
Net losses on sale of loans originated for sale						(4)						—
Loss on sale of loans						—						(191)
Total Noninterest Income						1,451						2,360
Noninterest Expense
Compensation and benefits						5,055						4,788
Occupancy expense						732						761
Advertising						64						79
Data processing expense						1,007						936
Professional fees						731						640
Depreciation of premises and equipment						149						147
FDIC Insurance						179						252
OREO valuation allowance and expenses						6						181
Core deposit intangible amortization						109						133
Fraud losses						40						1,329
Other expenses						1,008						902
Total Noninterest Expense						9,080						10,148
Income before income taxes						8,421						8,426
Income tax expense						2,133						2,127
Net Income						$	6,288					$	6,299
Earnings Per Common Share
Basic						$	1.11					$	1.07
Diluted						$	1.10					$	1.07
Cash dividends paid per common share						$	0.175					$	0.125

(Unaudited)

						Three Months Ended March 31,
(dollars in thousands)						2022						2021
Net Income						$	6,288					$	6,299
Net unrealized holding loss arising during period, net of tax benefit of $(5,998) and $(1,147), respectively.						(17,017)						(3,253)
Reclassification adjustment for gains included in net income, net of tax expense of $0 and $153, respectively.						—						433
Comprehensive (Losses) Income						$	(10,729)					$	3,479

For the Three Months Ended March 31, 2022 and 2021

(dollars in thousands)						Common Stock						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income						Unearned ESOP Shares						Total
Balance at January 1, 2022						$	57					$	96,896					$	113,448					$	(1,952)					$	(316)					$	208,133
Cumulative effect adjustment due to the adoption of ASC 326, net of tax						—						—						(2,006)						—						—						(2,006)
Net Income						—						—						6,288						—						—						6,288
Unrealized holding loss on investment securities, net of tax $(5,998)						—						—						—						(17,017)						—						(17,017)
Cash dividend at $0.175 per common share						—						—						(949)						—						—						(949)
Dividend reinvestment						—						52						(52)						—						—						—
Net change in fair market value below cost of leveraged ESOP shares released						—						6						—						—						—						6
Repurchase of common stock						—						—						(1,550)						—						—						(1,550)
Stock based compensation						—						235						—						—						—						235
Balance at March 31, 2022						$	57					$	97,189					$	115,179					$	(18,969)					$	(316)					$	193,140

(dollars in thousands)						Common Stock						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income						Unearned ESOP Shares						Total
Balance at January 1, 2021						$	59					$	95,965					$	97,944					$	4,504					$	(459)					$	198,013
Net Income						—						—						6,299						—						—						6,299
Unrealized holding gain on investment securities, net of tax $(994)						—						—						—						(2,820)						—						(2,820)
Cash dividend at $0.125 per common share						—						—						(704)						—						—						(704)
Dividend reinvestment						—						35						(35)						—						—						—
Net change in fair market value below cost of leveraged ESOP shares released						—						(5)						—						—						—						(5)
Repurchase of common stock						—						—						(210)						—						—						(210)
Stock based compensation						—						186						—						—						—						186
Balance at March 31, 2021						$	59					$	96,181					$	103,294					$	1,684					$	(459)					$	200,759

See notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

						Three Months Ended March 31,
(dollars in thousands)						2022						2021
Cash Flows from Operating Activities
Net income						$	6,288					$	6,299
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses						450						295
Provision (recovery) for unfunded commitments						(31)						—
Depreciation and amortization						373						399
Loans originated for resale						(1,606)						—
Proceeds from sale of loans originated for sale						1,255						—
Net loss on sale of loans held for sale						4						—
Loss on sale of loans						—						191
Net gain on the sale of OREO						—						(22)
Gains on sales of investment securities						—						(586)
Unrealized loss on equity securities						222						85
Net amortization of premium/discount on investment securities						582						108
Net accretion of merger accounting adjustments						(62)						(90)
Net amortization of debt issuance costs						14						(58)
Amortization of core deposit intangible						109						133
Amortization of right of use asset						91						128
Net change in right of use assets and lease liabilities						(77)						(161)
Increase in OREO valuation allowance						—						180
Increase in cash surrender value of bank owned life insurance						(213)						(214)
Increase in deferred income tax benefit						206						232
Decrease in accrued interest receivable						199						1,380
Stock based compensation						235						186
Net change in fair market value above (below) cost of leveraged ESOP shares released						6						(5)
Decrease in net deferred loan costs						283						1,240
Increase (decrease) in accrued expenses and other liabilities						586						(399)
Decrease (increase) in other assets						1,781						(158)
Net Cash Provided by Operating Activities						10,695						9,163
Cash Flows from Investing Activities
Purchase of AFS investment securities						(46,404)						(35,557)
Proceeds from redemption or principal payments of AFS investment securities						13,107						12,420
Proceeds from sale of AFS investment securities						—						12,540
Net decrease (increase) of FHLB stock						(214)						742
Net change in loans						(39,828)						(18,710)
Purchase of premises and equipment						(250)						(668)
Proceeds from sale of OREO						—						622
Proceeds from sale of loans						—						8,858
Net Cash Used in Investing Activities						(73,589)						(19,753)

						Three Months Ended March 31,
(dollars in thousands)						2022						2021
Cash Flows from Financing Activities
Net increase in deposits						$	38,919					$	122,294
Payments of long-term debt						(18)						(17)
Dividends paid						(949)						(704)
Repurchase of common stock						(1,550)						(210)
Net Cash Provided by Financing Activities						36,402						121,363
(Decrease) increase in Cash and Cash Equivalents						(26,492)						110,773
Cash and Cash Equivalents - January 1						139,654						77,065
Cash and Cash Equivalents - March 31						$	113,162					$	187,838
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for
Interest						$	637					$	1,105
Income taxes						$	—					$	—
Supplemental Schedule of Non-Cash Operating Activities
Issuance of common stock for payment of compensation						$	130					$	—
Supplemental Schedule of Non-Cash Investing and Financing Activities
Cumulative effect adjustment for adoption of ASU 2016-13						$	2,006					$	—

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

						January 1, 2022
(dollars in thousands)						As Reported Under ASC 326						Pre-ASC 326 Adoption						Impact of ASC 326 Adoption
Portfolio Loans:
Commercial real estate						$	1,113,793					$	1,115,485					(1,692)
Residential first mortgages						92,710						91,120						1,590
Residential rentals						194,911						195,035						(124)
Construction and land development						35,502						35,590						(88)
Home equity and second mortgages						25,661						25,638						23
Commercial loans						50,512						50,574						(62)
Consumer loans						3,015						3,002						13
Commercial equipment						62,706						62,499						207
Gross Portfolio Loans						1,578,810						1,578,943						(133)
Adjustments:
Net deferred costs						—						(133)						133
Allowance for credit losses						(20,913)						(18,417)						(2,496)
Net Portfolio Loans						1,557,897						1,560,393						(2,496)
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans						26,398						27,276						(878)
Net deferred fees						—						(878)						878
Net U.S. SBA PPP Loans						26,398						26,398						—
Total Net Loans						$	1,584,295					$	1,586,791					$	(2,496)
Liabilities: Reserve for Unfunded Commitments						$	268					$	51					$	217

Loans that do not share the same common risk characteristics with other loans are individually assessed. Such loans include non-accrual loans, TDRs, loans classified as substandard or worse, loans that are greater than 89 days delinquent and any other loan identified by management determines for individual assessment. Reserves on individually assessed loans are measured on a loan-by loan basis. Generally, consumer loans, including credit cards, are not individually assessed as the Bank's policy is to charge-off credit card loans when they become 180 days delinquent and other consumer loans when they are more than 90 days delinquent.

ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard replaced the existing “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, applies to (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, HTM securities, loan commitments, and financial guarantees. Credit losses relating to AFS debt securities will be recorded through an allowance for credit losses. The ASU also simplifies the accounting model for Purchase Credit Impaired (“PCI”) debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach).

ASU 2019-05 - Financial Instruments-Credit Losses (Topic 326). In May 2019, the FASB issued ASU No. 2019-05. This ASU allows entities to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The fair value option election does not apply to HTM debt securities. Entities are required to make this election on an instrument-by-instrument basis. The Company adopted ASU 2019-05 concurrently upon adoption of ASU 2016-13. The adoption of CECL did not have a material effect on available-for-sale securities, which are predominantly composed of mortgage-backed securities issued by government sponsored entities and U.S. agencies and U.S. government obligations.

Pending adoption

ASU 2020-04 - Reference Rate Reform (Topic 848). In March 2020, the FASB issued guidance to provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. The Company does not expect these amendments to have a material effect on its Consolidated Financial Statements.

ASU Update 2022-02 Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU Update 2022-02 eliminates the TDR recognition and measurement guidance and, instead required that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. In addition, ASU Update 2022-02 requires that an entity disclosure current-period gross write-offs by year of origination for financing receivables and net investment in leases. Entities have the option to apply a modified retrospective transition method for TDRs. The disclosure amendments in the Update 2022-02 will be applied prospectively. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company does not expect these amendments to have a material effect on its Consolidated Financial Statements.

						March 31, 2022
(dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
AFS Securities
Asset-backed securities issued by GSEs and U.S. Agencies
Residential Mortgage Backed Securities ("MBS")						$	127,828					$	172					$	6,480					$	121,520
Residential Collateralized Mortgage Obligations ("CMOs")						197,548						85						7,834						189,799
U.S. Agency						14,488						—						1,078						13,410
Asset-backed securities ("ABSs") issued by Others:
Residential CMOs						199						3						3						199
Student Loan Trust ABSs						54,425						147						1,103						53,469
Municipal bonds						98,889						16						8,078						90,827
Corporate bonds						3,000						—						40						2,960
U.S. government obligations						36,805						—						1,462						35,343
Total AFS Securities						$	533,182					$	423					$	26,078					$	507,527
Equity securities carried at fair value through income
CRA investment fund						$	4,562					$	—					$	—					$	4,562
Non-marketable equity securities
Other equity securities						$	207					$	—					$	—					$	207
Total Investment Securities						$	537,951					$	423					$	26,078					$	512,296

						December 31, 2021
(dollars in thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
AFS Securities
Asset-backed securities issued by GSEs and U.S. Agencies
Residential MBS						$	121,125					$	1,057					$	2,266					$	119,916
Residential CMOs						198,780						710						2,367						197,123
U.S. Agency						14,433						11						140						14,304
Asset-backed securities issued by Others:
Residential CMOs						220						5						4						221
Student Loan Trust ABSs						56,422						438						286						56,574
Municipal bonds						92,556						1,169						884						92,841
U.S. government obligations						16,942						—						82						16,860
Total AFS Securities						$	500,478					$	3,390					$	6,029					$	497,839
Equity securities carried at fair value through income
CRA investment fund						$	4,772					$	—					$	—					$	4,772
Non-marketable equity securities
Other equity securities						$	207					$	—					$	—					$	207
Total Investment Securities						$	505,457					$	3,390					$	6,029					$	502,818

March 31, 2022						Less Than 12 Months												More Than 12 Months												Total
(dollars in thousands)						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Losses
Asset-backed securities issued by GSEs and U.S. Agencies						$	190,094					$	10,820					$	106,161					$	4,572					$	296,255					$	15,392
Asset-backed securities issued by Others						—						—						44						3						44						3
Student Loan Trust ABSs						17,882						716						24,890						387						42,772						1,103
Municipal bonds						56,379						5,774						33,041						2,304						89,420						8,078
Corporate bonds						2,960						40						—						—						2,960						40
U.S. government obligations						25,896						959						9,447						503						35,343						1,462
						$	293,211					$	18,309					$	173,583					$	7,769					$	466,794					$	26,078

December 31, 2021						Less Than 12 Months												More Than 12 Months												Total
(dollars in thousands)						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Losses
Asset-backed securities issued by GSEs and U.S. Agencies						$	205,891					$	3,997					$	41,327					$	776					$	247,218					$	4,773
Asset-backed securities issued by Others						—						—						57						4						57						4
Student Loan Trust ABSs						21,640						281						2,226						5						23,866						286
Municipal bonds						47,314						776						6,696						108						54,010						884
U.S. government obligations						14,860						82						1,999						—						16,859						82
						$	289,705					$	5,136					$	52,305					$	893					$	342,010					$	6,029

						March 31, 2022												December 31, 2021
(dollars in thousands)						Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
Within one year						$	36,359					$	34,610					$	36,859					$	36,665
Over one year through five years						146,286						139,247						121,308						120,668
Over five years through ten years						196,631						187,170						191,166						190,158
After ten years						153,906						146,500						151,145						150,348
Total AFS securities						$	533,182					$	507,527					$	500,478					$	497,839

						March 31, 2022
(dollars in thousands)						Total						% of Total Loans
Portfolio Loans:
Commercial real estate						$	1,177,761					72.28		%
Residential first mortgages						86,416						5.30		%
Residential rentals						191,065						11.73		%
Construction and land development						30,649						1.88		%
Home equity and second mortgages						26,445						1.62		%
Commercial loans						48,948						3.00		%
Consumer loans						3,592						0.22		%
Commercial equipment						64,662						3.97		%
Total portfolio loans (1)						1,629,538						100.00		%
Less: Allowance for Credit Losses						(21,382)						(1.31)		%
Total net portfolio loans						1,608,156
U.S. SBA PPP loans (1)						15,279
Total net loans						$	1,623,435
Portfolio loans are summarized by type as follows at December 31, 2021:
Portfolio Loans:						December 31, 2021
Commercial real estate						$	1,115,485					70.66		%
Residential first mortgages						91,120						5.77		%
Residential rentals						195,035						12.35		%
Construction and land development						35,590						2.25		%
Home equity and second mortgages						25,638						1.62		%
Commercial loans						50,574						3.20		%
Consumer loans						3,002						0.19		%
Commercial equipment						62,499						3.96		%
Gross portfolio loans (1)						1,578,943						100.00		%
Adjustments:
Net deferred costs						(133)						(0.01)		%
Allowance for loan losses						(18,417)						(1.17)		%
						(18,550)
Net portfolio loans						1,560,393
Gross U.S. SBA PPP loans (1)						27,276
Net deferred fees						(878)
Net U.S. SBA PPP Loans						26,398
Total net loans						$	1,586,791
Total gross loans						$	1,606,219

(1)Excludes accrued interest receivable of $4.2 million and $4.5 million, at March 31, 2022 and December 31, 2021, respectively.

Non-accrual loans as of March 31, 2022 and December 31, 2021 were as follows:

						March 31, 2022
(dollars in thousands)						Nonaccrual with No Allowance for Credit Losses						Nonaccrual with Allowance for Credit Losses						Total Nonaccrual Loans
Commercial real estate						$	4,899					$	89					$	4,988
Residential first mortgages						736						—						736
Residential rentals						672						—						672
Home equity and second mortgages						377						—						377
Commercial loans						—						25						25
Commercial equipment						500						166						666
U.S. SBA PPP						1						—						1
Total						$	7,185					$	280					$	7,465
Interest Income on Nonaccrual Loans						$	40					$	—					$	40

						December 31, 2021
(dollars in thousands)						Non-accrual Delinquent Loans						Non-accrual Current Loans						Total Non-accrual Loans
Commercial real estate						$	—					$	4,890					$	4,890
Residential first mortgages						450						—						450
Residential rentals						252						690						942
Home equity and second mortgages						202						399						601
Commercial equipment						—						691						691
U.S. SBA PPP loans						57						—						57
						$	961					$	6,670					$	7,631

						March 31, 2022
(dollars in thousands)						31-60 DPD						61-89 DPD						90 DPD and Still Accruing						Current						Non-Accrual						Total Loans						Current Non-Accrual
Commercial real estate						$	—					$	—					$	—					$	1,172,773					$	4,988					$	1,177,761					$	4,516
Residential first mortgages						—						—						—						85,680						736						86,416						276
Residential rentals						281						—						—						190,112						672						191,065						672
Construction and land development						51						—						—						30,598						—						30,649						—
Home equity and second mortgages						—						—						—						26,068						377						26,445						95
Commercial loans						30						—						—						48,893						25						48,948						25
Consumer loans						1						15						20						3,556						—						3,592						—
Commercial equipment						—						—						—						63,996						666						64,662						666
U.S. SBA PPP						—						8						—						15,270						1						15,279						—
Total Loans						$	363					$	23					$	20					$	1,636,946					$	7,465					$	1,644,817					$	6,250

						December 31, 2021
(dollars in thousands)						31-60 Days						61-89 Days						90 or Greater Days						Total Past Due						PCI Loans						Current						Total Loan Receivables
Commercial real estate						$	—					$	—					$	—					$	—					$	1,116					$	1,114,369					$	1,115,485
Residential first mortgages						—						277						450						727						—						90,393						91,120
Residential rentals						—						42						252						294						—						194,741						195,035
Construction and land development						—						—						—						—						—						35,590						35,590
Home equity and second mortgages						200						—						202						402						—						25,236						25,638
Commercial loans						—						—						—						—						—						50,574						50,574
Consumer loans						—						—						—						—						—						3,002						3,002
Commercial equipment						—						—						—						—						—						62,499						62,499
Total portfolio loans						$	200					$	319					$	904					$	1,423					$	1,116					$	1,576,404					$	1,578,943
U.S. SBA PPP loans						$	9					$	40					$	57					$	106					$	—					$	27,170					$	27,276