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Loans and Allowance for Credit Losses on Loans (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Composition of Loan Portfolio, Excluding Residential Loans Held for Sale

The composition of the Company’s loan portfolio, excluding residential loans held for sale, was as follows for the dates indicated:

						December 31,
(In thousands)						2021						2020
Commercial Loans:
Commercial real estate - non-owner-occupied						$	1,178,185					$	1,097,975
Commercial real estate - owner-occupied						317,275						271,495
Commercial						363,695						381,494
SBA PPP						35,953						135,095
Total commercial loans						1,895,108						1,886,059
Retail Loans:
Residential real estate						1,306,447						1,054,798
Home equity						210,403						258,573
Consumer						19,516						20,392
Total retail loans						1,536,366						1,333,763
Total loans						$	3,431,474					$	3,219,822

Schedule of Loan Balances for Each Portfolio Segment

The loan balances for each portfolio segment presented above are net of their respective net unamortized fair value mark discount on acquired loans and net unamortized loan origination costs for the dates indicated:

						December 31,
(In thousands)						2021						2020
Net unamortized fair value mark discount on acquired loans						$	(593)					$	(1,291)
Net unamortized loan origination costs(1)						3,110						856
Total						$	2,517					$	(435)

(1)     Net unamortized loan origination costs includes unrecognized origination fees for SBA PPP loans of $1.2 million and $2.2 million as of December 31, 2021 and 2020, respectively.

Activity in Allowance for Loan Losses by Portfolio Segment

The following table presents the activity in the ACL on loans, as reported under CECL, for the periods indicated:

						Commercial Real Estate
(In thousands)						Non-Owner-Occupied						Owner- Occupied						Commercial						SBA PPP						Residential Real Estate						Home Equity						Consumer						Total
At or For the Year Ended December 31, 2021
Beginning balance, December 31, 2020						$	21,778					$	2,832					$	6,703					$	69					$	3,474					$	2,616					$	393					$	37,865
Loans charged off						—						—						(799)						—						(92)						(162)						(111)						(1,164)
Recoveries						—						9						220						—						107						4						32						372
(Credit ) provision for loan losses						(2,944)						(302)						(1,941)						(50)						2,644						(989)						(235)						(3,817)
Ending balance, December 31, 2021						$	18,834					$	2,539					$	4,183					$	19					$	6,133					$	1,469					$	79					$	33,256
At or For the Year Ended December 31, 2020
Beginning balance, December 31, 2019						$	10,924					$	1,490					$	3,985					$	—					$	5,842					$	2,423					$	507					$	25,171
Impact of adopting CECL(1)						(668)						(90)						1,548						—						(1,129)						792						(220)						233
Loans charged off						(82)						(21)						(1,130)						—						(121)						(317)						(167)						(1,838)
Recoveries						107						13						572						—						292						33						67						1,084
Provision (credit) for loan losses						11,497						1,440						1,728						69						(1,410)						(315)						206						13,215
Ending balance, December 31, 2020						$	21,778					$	2,832					$	6,703					$	69					$	3,474					$	2,616					$	393					$	37,865

(1)    Effective January 1, 2020, the Company adopted ASU 2016-13, commonly referred to as “CECL.” Refer to Note 1 for further details.

The following table presents activity in the allowance for loan losses and select loan information by portfolio segment, under the incurred loss methodology, for the period indicated:

(In thousands)						Commercial Real Estate						Commercial												Residential Real Estate						Home Equity						Consumer						Total
At or For the Year Ended December 31, 2019:
Allowance:
Beginning balance						$	11,654					$	3,957											$	6,071					$	2,796					$	234					$	24,712
Loans charged off						(300)						(1,238)												(462)						(412)						(301)						(2,713)
Recoveries						49						225												16						1						19						310
Provision for loan losses						1,011						1,041												217						38						555						2,862
Ending balance						$	12,414					$	3,985											$	5,842					$	2,423					$	507					$	25,171
Allowance balance attributable loans:
Individually evaluated for impairment						$	30					$	—											$	364					$	69					$	—					$	463
Collectively evaluated for impairment						12,384						3,985												5,478						2,354						507						24,708
Total ending allowance						$	12,414					$	3,985											$	5,842					$	2,423					$	507					$	25,171
Loans:
Individually evaluated for impairment						$	402					$	319											$	3,384					$	373					$	—					$	4,478
Collectively evaluated for impairment						1,242,995						442,382												1,066,990						312,406						25,772						3,090,545
Total loan balances						$	1,243,397					$	442,701											$	1,070,374					$	312,779					$	25,772					$	3,095,023

Credit Risk Exposure Indicators by Portfolio Segment

Based on the most recent analysis performed, the risk category of loans by portfolio segment by vintage, reported under the CECL methodology, was as follows as of the periods indicated:

(In thousands)						2021						2020						2019						2018						2017						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of December 31, 2021
Commercial real estate - non-owner-occupied
Risk rating
Pass (Grades 1-6)						$	286,428					$	179,565					$	161,695					$	118,196					$	96,169					$	274,731					$	—					$	—					$	1,116,784
Special mention (Grade 7)						171						7,266						286						119						4,294						10,590						—						—						22,726
Substandard (Grade 8)						350						1,518						217						9,942						391						26,257						—						—						38,675
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						286,949						188,349						162,198						128,257						100,854						311,578						—						—						1,178,185
Commercial real estate - owner-occupied
Risk rating
Pass (Grades 1-6)						91,328						39,082						31,409						43,786						46,466						56,682						—						—						308,753
Special mention (Grade 7)												—						—						3,396						362						1,708						—						—						5,466
Substandard (Grade 8)						—						—						54						—						1,785						1,217						—						—						3,056
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner-occupied						91,328						39,082						31,463						47,182						48,613						59,607						—						—						317,275
Commercial
Risk rating
Pass (Grades 1-6)						91,102						43,757						44,925						23,895						13,818						27,743						80,775						31,586						357,601
Special mention (Grade 7)						145						117						590						115						383						222						967						244						2,783
Substandard (Grade 8)						—						339						320						492						293						1,209						360						298						3,311
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						91,247						44,213						45,835						24,502						14,494						29,174						82,102						32,128						363,695
SBA PPP
Risk rating
Pass (Grades 1-6)						35,164						319						—						—						—						—						—						—						35,483
Special mention (Grade 7)						470						—						—						—						—						—						—						—						470
Substandard (Grade 8)						—						—						—						—						—						—						—						—						—
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total SBA PPP						35,634						319						—						—						—						—						—						—						35,953
Residential Real Estate
Risk rating
Pass (Grades 1-6)						586,637						281,804						103,228						63,403						46,696						219,983						903						—						1,302,654
Special mention (Grade 7)						—						—						—						—						—						230						—						—						230
Substandard (Grade 8)						—						—						—						—						—						3,563						—						—						3,563
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						586,637						281,804						103,228						63,403						46,696						223,776						903						—						1,306,447
Home equity
Risk rating
Performing						760						554						6,179						10,995						2,464						10,792						165,189						12,295						209,228
Non-performing						—						—						—						41						—						174						847						113						1,175
Total home equity						760						554						6,179						11,036						2,464						10,966						166,036						12,408						210,403
Consumer
Risk rating
Performing						6,860						3,523						3,089						1,051						548						2,014						2,399						—						19,484
Non-performing						—						9						21						—						—						2						—						—						32
Total consumer						6,860						3,532						3,110						1,051						548						2,016						2,399						—						19,516
Total Loans						$	1,099,415					$	557,853					$	352,013					$	275,431					$	213,669					$	637,117					$	251,440					$	44,536					$	3,431,474

(In thousands)						2020						2019						2018						2017						2016						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of December 31, 2020
Commercial real estate - non-owner-occupied
Risk rating
Pass (Grades 1-6)						$	138,010					$	224,148					$	144,552					$	119,409					$	157,588					$	264,253					$	—					$	—					$	1,047,960
Special mention (Grade 7)						5,739						—						—						4,256						3,497						847						—						—						14,339
Substandard (Grade 8)						24						125						2,070						405						1,522						31,530						—						—						35,676
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						143,773						224,273						146,622						124,070						162,607						296,630						—						—						1,097,975
Commercial real estate - owner-occupied
Risk rating
Pass (Grades 1-6)						35,948						29,217						48,312						47,065						25,507						76,098						—						—						262,147
Special mention (Grade 7)						—						—						4,584						—						—						1,513						—						—						6,097
Substandard (Grade 8)						—						—						891						462						—						1,898						—						—						3,251
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner-occupied						35,948						29,217						53,787						47,527						25,507						79,509						—						—						271,495
Commercial
Risk rating
Pass (Grades 1-6)						53,966						72,863						40,688						25,478						15,788						51,869						72,425						37,026						370,103
Special mention (Grade 7)						—						22						313						4,924						117						400						—						867						6,643
Substandard (Grade 8)						187						1,012						211						51						42						2,081						65						1,099						4,748
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						54,153						73,897						41,212						30,453						15,947						54,350						72,490						38,992						381,494
SBA PPP
Risk rating
Pass (Grades 1-6)						135,095						—						—						—						—						—						—						—						135,095
Special mention (Grade 7)						—						—						—						—						—						—						—						—						—
Substandard (Grade 8)						—						—						—						—						—						—						—						—						—
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total SBA PPP						135,095						—						—						—						—						—						—						—						135,095
Residential Real Estate
Risk rating
Pass (Grades 1-6)						339,834						183,877						119,426						79,159						57,269						266,324						3,028						—						1,048,917
Special mention (Grade 7)						—						—						—						—						—						398						—						—						398
Substandard (Grade 8)						—						—						176						487						—						4,820						—						—						5,483
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						339,834						183,877						119,602						79,646						57,269						271,542						3,028						—						1,054,798
Home equity
Risk rating
Performing						855						9,415						17,281						3,478						1,339						17,664						194,065						12,480						256,577
Non-performing						—						—						—						—						—						207						1,241						548						1,996
Total home equity						855						9,415						17,281						3,478						1,339						17,871						195,306						13,028						258,573
Consumer
Risk rating
Performing						6,572						6,525						3,096						1,359						378						1,780						678						—						20,388
Non-performing						—						—						—						—						4						—						—						—						4
Total consumer						6,572						6,525						3,096						1,359						382						1,780						678						—						20,392
Total Loans						$	716,230					$	527,204					$	381,600					$	286,533					$	263,051					$	721,682					$	271,502					$	52,020					$	3,219,822

Loan Aging Analysis by Portfolio Segment (Including Loans Past Due Over Ninety Days and Non Accrual Loans) and Summary of Non Accrual Loans, Which Include Troubled Debt Restructured Loans, and Loans Past Due Over Ninety Days and Accruing

The following is a loan aging analysis by portfolio segment (including loans past due over 90 days and non-accrual loans) and loans past due over 90 days and accruing as of the following dates:

(In thousands)						30 – 59 Days Past Due						60 – 89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Current						Total Loans Outstanding						Loans > 90 Days Past Due and Accruing
December 31, 2021:
Commercial real estate - non-owner-occupied						$	—					$	—					$	51					$	51					$	1,178,134					$	1,178,185					$	—
Commercial real estate - owner-occupied						47						—						133						180						$	317,095					317,275						—
Commercial						282						174						787						1,243						$	362,452					363,695						—
SBA PPP						—						68						—						68						$	35,885					35,953						—
Residential real estate						379						475						1,210						2,064						$	1,304,383					1,306,447						—
Home equity						456						50						445						951						$	209,452					210,403						—
Consumer						95						1						32						128						19,388						19,516						—
Total						$	1,259					$	768					$	2,658					$	4,685					$	3,426,789					$	3,431,474					$	—
December 31, 2020:
Commercial real estate - non-owner-occupied						$	—					$	50					$	173					$	223					$	1,097,752					$	1,097,975					$	—
Commercial real estate - owner-occupied						99						—						47						146						271,349						271,495						—
Commercial						430						—						857						1,287						380,207						381,494						—
SBA PPP						—						—						—						—						135,095						135,095						—
Residential real estate						1,406						1,103						2,535						5,044						1,049,754						1,054,798						—
Home equity						335						173						1,416						1,924						256,649						258,573						—
Consumer						92						67						4						163						20,229						20,392						—
Total						$	2,362					$	1,393					$	5,032					$	8,787					$	3,211,035					$	3,219,822					$	—

Financing Receivable, Nonaccrual

The following table presents the amortized cost basis of loans on non-accrual status (including non-accruing TDRs) by portfolio segment as of the dates indicated:

						December 31,
						2021																		2020
(In thousands)						Non-Accrual Loans With an Allowance						Non-Accrual Loans Without an Allowance						Total Non-Accrual Loans						Non-Accrual Loans With an Allowance						Non-Accrual Loans Without an Allowance						Total Non-Accrual Loans
Commercial real estate - non-owner-occupied						$	38					$	13					$	51					$	351					$	15					$	366
Commercial real estate - owner-occupied						86						47						133						99						47						146
Commercial						785						44						829						1,549						58						1,607
Residential real estate						1,780						327						2,107						3,136						341						3,477
Home equity						1,064						111						1,175						1,961						35						1,996
Consumer						32						—						32						4						—						4
Total						$	3,785					$	542					$	4,327					$	7,100					$	496					$	7,596

The following table presents the amortized cost basis of collateral-dependent non-accrual loans (including non-accruing TDRs) by portfolio segment and collateral type, as of the date indicated:

						December 31, 2021																		December 31, 2020
						Collateral Type												Total Collateral -Dependent Non-Accrual Loans						Collateral Type												Total Collateral -Dependent Non-Accrual Loans
(In thousands)						Real Estate						General Business Assets												Real Estate						General Business Assets
Commercial						$	—					$	—					$	—					$	—					$	689					$	689
Residential real estate						268						—						268						248						—						248
Home equity						111						—						111						—						—						—
Total						$	379					$	—					$	379					$	248					$	689					$	937

Troubled Debt Restructuring and Specific Reserve Related to TDRs

The following is a summary of TDRs, by portfolio segment, and the associated specific reserve included within the ACL for the dates indicated:

						Number of Contracts												Recorded Investment												Specific Reserve
(In thousands, except number of contracts)						December 31,												December 31,												December 31,
						2021						2020						2021						2020						2021						2020
Commercial real estate - owner-occupied						1						2						$	118					$	328					$	43					$	37
Commercial						2						2						74						100						—						—
Residential real estate						19						21						2,341						2,638						348						364
Consumer and home equity						3						—						253						—						6						—
Total						25						25						$	2,786					$	3,066					$	397					$	401

Summary of All Troubled Debt Restructuring Loans (Accruing and Non Accruing) by Portfolio Segment

The following represents loan modifications that qualify as TDRs that occurred during the periods indicated:

						Number of Contracts																		Pre-Modification Outstanding Recorded Investment																		Post-Modification Outstanding Recorded Investment																		Specific Reserve
(In thousands, except number of contracts)						For the Year Ended December 31,																		For the Year Ended December 31,																		For the Year Ended December 31,																		For the Year Ended December 31,
						2021						2020						2019						2021						2020						2019						2021						2020						2019						2021						2020						2019
Home Equity
Interest rate concession and payment deferral						1						—												$	159					$	—											$	170					$	—											$	—					$	—
Maturity concession						2						—						—						187						—						—						187						—						—						6						—						—
Interest rate and maturity concession						—						—						2						—						—						64						—						—						69						—						—						15
Total						3						—						2						$	346					$	—					$	64					$	357					$	—					$	69					$	6					$	—					$	15

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Tabular disclosure of allowance for credit loss on financing receivable.

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

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-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

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-Topic 326
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-Section 55
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