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LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Tables)

9 Months Ended

Sep. 30, 2023

Loans and Leases Receivable Disclosure [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:

(In thousands)						September 30, 2023						December 31, 2022
Commercial Loans:
Commercial real estate - non-owner-occupied						$	1,349,463					$	1,292,443
Commercial real estate - owner-occupied						303,825						332,494
Commercial						400,031						430,131
Total commercial loans						2,053,319						2,055,068
Retail Loans:
Residential real estate						1,752,401						1,700,266
Home equity						233,452						234,428
Consumer						19,241						20,591
Total retail loans						2,005,094						1,955,285
Total loans						$	4,058,413					$	4,010,353

Schedule of Loan Balances by Portfolio Segment

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

(In thousands)						September 30, 2023						December 31, 2022
Net unamortized loan origination costs						$	7,069					$	6,890
Net unamortized fair value mark discount on acquired loans						(203)						(313)
Total						$	6,866					$	6,577

Summary of Activity in Allowance for Loan Losses

The following table presents the activity in the ACL on loans for the periods indicated:

						Commercial Real Estate
(In thousands)						Non-Owner-Occupied						Owner- Occupied						Commercial						Residential Real Estate						Home Equity						Consumer						Total
At or For The Three Months Ended September 30, 2023
Beginning balance, June 30, 2023						$	16,155					$	2,351					$	4,795					$	10,627					$	2,397					$	658					$	36,983
Charge-offs						—						(58)						(255)						—						—						(32)						(345)
Recoveries						17						—						189						5						1						13						225
Provision (credit) for loan losses						607						(131)						(247)						(590)						(101)						6						(456)
Ending balance, September 30, 2023						$	16,779					$	2,162					$	4,482					$	10,042					$	2,297					$	645					$	36,407
At or For The Nine Months Ended September 30, 2023
Beginning balance, December 31, 2022						$	17,296					$	2,362					$	5,446					$	9,089					$	2,225					$	504					$	36,922
Charge-offs						—						(58)						(1,101)						(18)						—						(63)						(1,240)
Recoveries						19						—						352						38						1						27						437
(Credit) provision for loan losses						(536)						(142)						(215)						933						71						177						288
Ending balance, September 30, 2023						$	16,779					$	2,162					$	4,482					$	10,042					$	2,297					$	645					$	36,407
At or For The Three Months Ended September 30, 2022
Beginning balance, June 30, 2022						$	16,210					$	2,501					$	5,146					$	8,438					$	1,796					$	153					$	34,244
Charge-offs						—						—						(183)						(49)						—						(46)						(278)
Recoveries						1						—						61						—						1						—						63
Provision for loan losses						922						146						192						696						63						494						2,513
Ending balance, September 30, 2022						$	17,133					$	2,647					$	5,216					$	9,085					$	1,860					$	601					$	36,542
At or For The Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021						$	18,834					$	2,539					$	4,202					$	6,133					$	1,469					$	79					$	33,256
Charge-offs						—						—						(744)						(65)						—						(130)						(939)
Recoveries						2						2						341						—						87						5						437
(Credit) provision for loan losses						(1,703)						106						1,417						3,017						304						647						3,788
Ending balance, September 30, 2022						$	17,133					$	2,647					$	5,216					$	9,085					$	1,860					$	601					$	36,542
At or For The Year Ended December 31, 2022
Beginning balance, December 31, 2021						$	18,834					$	2,539					$	4,202					$	6,133					$	1,469					$	79					$	33,256
Charge-offs						—						—						(1,042)						(66)						—						(134)						(1,242)
Recoveries						3						2						379						—						87						7						478
(Credit) provision for loan losses						(1,541)						(179)						1,907						3,022						669						552						4,430
Ending balance, December 31, 2022						$	17,296					$	2,362					$	5,446					$	9,089					$	2,225					$	504					$	36,922

Credit Risk Exposure Indicators by Portfolio Segment

Based on the most recent analysis performed, the risk category of loans by portfolio segment by vintage was as follows as of and for the dates indicated:

(In thousands)						2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of and for the period ended September 30, 2023
Commercial real estate - non-owner-occupied
Risk rating
Pass (Grades 1-6)						$	60,945					$	356,211					$	300,251					$	149,663					$	118,273					$	341,183					$	—					$	—					$	1,326,526
Special mention (Grade 7)						7,997						—						—						352						34						3,629						—						—						12,012
Substandard (Grade 8)						—						176						116						2,183						115						8,335						—						—						10,925
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						$	68,942					$	356,387					$	300,367					$	152,198					$	118,422					$	353,147					$	—					$	—					$	1,349,463
Gross charge-offs for the nine months ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial real estate - owner-occupied
Risk rating
Pass (Grades 1-6)						$	22,527					$	55,097					$	77,457					$	25,120					$	18,982					$	95,828					$	—					$	—					$	295,011
Special mention (Grade 7)						—						—						—						—						—						142						—						—						142
Substandard (Grade 8)						—						—						2,179						—						—						6,493						—						—						8,672
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner occupied						$	22,527					$	55,097					$	79,636					$	25,120					$	18,982					$	102,463					$	—					$	—					$	303,825
Gross charge-offs for the nine months ended						$	—					$	—					$	—					$	—					$	—					$	58					$	—					$	—					$	58
Commercial
Risk rating
Pass (Grades 1-6)						$	25,211					$	57,843					$	59,490					$	26,000					$	27,833					$	40,535					$	111,723					$	41,471					$	390,106
Special mention (Grade 7)						47						—						166						205						1						105						2,181						871						3,576
Substandard (Grade 8)						265						427						310						803						294						1,374						1,380						1,496						6,349
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						$	25,523					$	58,270					$	59,966					$	27,008					$	28,128					$	42,014					$	115,284					$	43,838					$	400,031
Gross charge-offs for the nine months ended						$	—					$	68					$	137					$	23					$	20					$	725					$	32					$	96					$	1,101
Residential Real Estate
Risk rating
Pass (Grades 1-6)						$	119,925					$	542,015					$	552,802					$	225,028					$	73,467					$	234,661					$	361					$	391					$	1,748,650
Special mention (Grade 7)						—						—						—						—						—						—						—						—						—
Substandard (Grade 8)						—						—						968						—						90						2,693						—						—						3,751
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						$	119,925					$	542,015					$	553,770					$	225,028					$	73,557					$	237,354					$	361					$	391					$	1,752,401
Gross charge-offs for the nine months ended						$	—					$	—					$	—					$	—					$	—					$	18					$	—					$	—					$	18
Home equity
Risk rating
Performing						$	12,311					$	23,740					$	553					$	329					$	4,197					$	13,442					$	165,017					$	13,230					$	232,819
Non-performing						—						—						—						—						—						14						373						246						633
Total home equity						$	12,311					$	23,740					$	553					$	329					$	4,197					$	13,456					$	165,390					$	13,476					$	233,452
Gross charge-offs for the nine months ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Consumer
Risk rating
Performing						$	4,720					$	5,671					$	2,393					$	986					$	447					$	2,433					$	2,550					$	—					$	19,200
Non-performing						—						—						—						—						7						34						—						—						41
Total consumer						$	4,720					$	5,671					$	2,393					$	986					$	454					$	2,467					$	2,550					$	—					$	19,241
Gross charge-offs for the nine months ended						$	—					$	19					$	21					$	10					$	2					$	4					$	7					$	—					$	63

(In thousands)						2022						2021						2020						2019						2018						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of December 31, 2022
Commercial real estate - non-owner-occupied
Risk rating
Pass (Grades 1-6)						$	339,171					$	287,749					$	160,621					$	125,029					$	108,823					$	242,024					$	—					$	—					$	1,263,417
Special mention (Grade 7)						—						167						364						259						75						321						—						—						1,186
Substandard (Grade 8)						—						127						1,306						203						7,798						18,406						—						—						27,840
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						$	339,171					$	288,043					$	162,291					$	125,491					$	116,696					$	260,751					$	—					$	—					$	1,292,443
Commercial real estate - owner-occupied
Risk rating
Pass (Grades 1-6)						$	60,127					$	80,781					$	28,378					$	23,381					$	39,554					$	70,568					$	—					$	—					$	302,789
Special mention (Grade 7)						—						2,053						—						19,992						—						411						—						—						22,456
Substandard (Grade 8)						17						—						—						—						3,266						3,966						—						—						7,249
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner occupied						$	60,144					$	82,834					$	28,378					$	43,373					$	42,820					$	74,945					$	—					$	—					$	332,494
Commercial
Risk rating
Pass (Grades 1-6)						$	73,537					$	70,110					$	32,272					$	33,491					$	22,271					$	26,245					$	135,157					$	30,191					$	423,274
Special mention (Grade 7)						—						—						93						141						70						189						1,196						12						1,701
Substandard (Grade 8)						149						52						133						216						846						1,524						50						2,186						5,156
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						$	73,686					$	70,162					$	32,498					$	33,848					$	23,187					$	27,958					$	136,403					$	32,389					$	430,131
Residential Real Estate
Risk rating
Pass (Grades 1-6)						$	533,035					$	579,216					$	244,691					$	79,492					$	50,214					$	210,262					$	340					$	—					$	1,697,250
Special mention (Grade 7)						—						—						—						—						—						23						—						—						23
Substandard (Grade 8)						—						—						—						—						163						2,830						—						—						2,993
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						$	533,035					$	579,216					$	244,691					$	79,492					$	50,377					$	213,115					$	340					$	—					$	1,700,266
Home equity
Risk rating
Performing						$	26,712					$	693					$	341					$	4,842					$	7,730					$	8,551					$	173,338					$	11,735					$	233,942
Non-performing						—						—						—						—						—						27						377						82						486
Total home equity						$	26,712					$	693					$	341					$	4,842					$	7,730					$	8,578					$	173,715					$	11,817					$	234,428
Consumer
Risk rating
Performing						$	8,009					$	3,816					$	1,702					$	1,188					$	345					$	2,462					$	3,069					$	—					$	20,591
Non-performing						—						—						—						—						—						—						—						—						—
Total consumer						$	8,009					$	3,816					$	1,702					$	1,188					$	345					$	2,462					$	3,069					$	—					$	20,591

Loan Aging Analysis by Portfolio Segment

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
September 30, 2023
Commercial real estate - non-owner-occupied						$	45					$	—					$	92					$	137					$	1,349,326					$	1,349,463					$	—
Commercial real estate - owner-occupied						—						142						—						142						303,683						303,825
Commercial						1,975						820						515						3,310						396,721						400,031						—
Residential real estate						507						527						1,024						2,058						1,750,343						1,752,401						—
Home equity						585						14						281						880						232,572						233,452						—
Consumer						30						6						7						43						19,198						19,241						—
Total						$	3,142					$	1,509					$	1,919					$	6,570					$	4,051,843					$	4,058,413					$	—
December 31, 2022
Commercial real estate - non-owner-occupied						$	267					$	—					$	11					$	278					$	1,292,165					$	1,292,443					$	—
Commercial real estate - owner-occupied						55						—						47						102						332,392						332,494						—
Commercial						667						134						640						1,441						428,690						430,131						—
Residential real estate						852						186						524						1,562						1,698,704						1,700,266						—
Home equity						357						—						171						528						233,900						234,428						—
Consumer						23						11						—						34						20,557						20,591						—
Total						$	2,221					$	331					$	1,393					$	3,945					$	4,006,408					$	4,010,353					$	—

Financing Receivable, Nonaccrual

The following table presents the amortized cost basis of loans on non-accrual status (including non-accruing TDRs prior to adoption of ASU 2022-02) by portfolio segment as of the dates indicated:

						September 30, 2023																		December 31, 2022
(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						$	83					$	9					$	92					$	—					$	11					$	11
Commercial real estate - owner-occupied						—						—						—						—						46						46
Commercial						978						105						1,083						415						300						715
Residential real estate						1,943						832						2,775						1,314						419						1,733
Home equity						570						63						633						421						65						486
Consumer						41						—						41						—						—						—
Total						$	3,615					$	1,009					$	4,624					$	2,150					$	841					$	2,991

The following table presents the amortized cost basis of collateral-dependent non-accrual loans (including non-accruing TDRs prior to adoption of ASU 2022-02) by portfolio segment and collateral type, as of the dates indicated:

						September 30, 2023																		December 31, 2022
						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
Residential real estate						$	144					$	—					$	144					$	387					$	—					$	387
Total						$	144					$	—					$	144					$	387					$	—					$	387

Troubled Debt Restructuring and Specific Reserve Related to TDRs

The following is a summary of TDRs prior to adoption of ASU 2022-02, by portfolio segment, and the associated specific reserve included within the ACL as of December 31, 2022:

(In thousands, except number of contracts)						Number of Contracts						Recorded Investment						Specific Reserve
Commercial real estate - owner-occupied						1						$	113					$	50
Commercial						—						—						—
Residential real estate						18						2,208						307
Consumer and home equity						3						245						9
Total						22						$	2,566					$	366

Troubled Debt Restructuring

The following represents loan modifications that qualified as TDRs during the year ended December 31, 2022:

(In thousands, except number of contracts)						Number of Contracts						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment						Specific Reserve
Home equity:
Maturity concession						1						$	69					$	96					$	—
Total						1						$	69					$	96					$	—

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