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LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Tables)

3 Months Ended

Mar. 31, 2024

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)						March 31, 2024						December 31, 2023
Commercial Loans:
Commercial real estate - non-owner-occupied						$	1,402,326					$	1,370,446
Commercial real estate - owner-occupied						300,626						301,860
Commercial						397,395						403,901
Total commercial loans						2,100,347						2,076,207
Retail Loans:
Residential real estate						1,762,482						1,763,378
Home equity						240,674						240,341
Consumer						17,537						18,168
Total retail loans						2,020,693						2,021,887
Total loans						$	4,121,040					$	4,098,094

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)						March 31, 2024						December 31, 2023
Net unamortized loan origination costs						$	7,070					$	7,113
Net unamortized fair value mark discount on acquired loans						(142)						(168)
Total						$	6,928					$	6,945

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 March 31, 2024
Beginning balance, December 31, 2023						$	16,581					$	2,290					$	4,869					$	10,254					$	2,217					$	724					$	36,935
Charge-offs						—						—						(309)						—						—						(36)						(345)
Recoveries						7						—						92						6						80						2						187
(Credit) provision for loan losses						(1,294)						(60)						(192)						305						63						14						(1,164)
Ending balance, March 31, 2024						$	15,294					$	2,230					$	4,460					$	10,565					$	2,360					$	704					$	35,613
At or For The Three Months Ended March 31, 2023
Beginning balance, December 31, 2022						$	17,296					$	2,362					$	5,446					$	9,089					$	2,225					$	504					$	36,922
Charge-offs						—						—						(312)						(18)						—						(4)						(334)
Recoveries						1						—						99						4						—						3						107
(Credit) provision for loan losses						(973)						108						(652)						1,737						215						4						439
Ending balance, March 31, 2023						$	16,324					$	2,470					$	4,581					$	10,812					$	2,440					$	507					$	37,134
At or For The Year Ended December 31, 2023
Beginning balance, December 31, 2022						$	17,296					$	2,362					$	5,446					$	9,089					$	2,225					$	504					$	36,922
Charge-offs						—						(58)						(1,560)						(18)						—						(91)						(1,727)
Recoveries						19						—						471						44						1						31						566
(Credit) provision for loan losses						(734)						(14)						512						1,139						(9)						280						1,174
Ending balance, December 31, 2023						$	16,581					$	2,290					$	4,869					$	10,254					$	2,217					$	724					$	36,935

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)						2024						2023						2022						2021						2020						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of and for the period ended March 31, 2024
Commercial real estate - non-owner-occupied
Risk rating
Pass (Grades 1-6)						$	24,940					$	110,364					$	373,193					$	298,334					$	144,522					$	428,600					$	—					$	—					$	1,379,953
Special mention (Grade 7)						—						7,997						—						—						348						3,566						—						—						11,911
Substandard (Grade 8)						539						—						272						—						2,268						7,383						—						—						10,462
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						$	25,479					$	118,361					$	373,465					$	298,334					$	147,138					$	439,549					$	—					$	—					$	1,402,326
Gross charge-offs for the three months ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial real estate - owner-occupied
Risk rating
Pass (Grades 1-6)						$	7,549					$	25,991					$	51,679					$	75,480					$	24,167					$	101,351					$	—					$	—					$	286,217
Special mention (Grade 7)						—						545						—						2,242						—						1,869						—						—						4,656
Substandard (Grade 8)						—						—						399						317						—						9,037						—						—						9,753
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner occupied						$	7,549					$	26,536					$	52,078					$	78,039					$	24,167					$	112,257					$	—					$	—					$	300,626
Gross charge-offs for the three months ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial
Risk rating
Pass (Grades 1-6)						$	6,841					$	39,680					$	52,095					$	53,429					$	23,017					$	58,186					$	121,578					$	33,102					$	387,928
Special mention (Grade 7)						—						58						236						—						—						99						538						159						1,090
Substandard (Grade 8)						—						234						484						357						887						2,108						2,471						1,836						8,377
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						$	6,841					$	39,972					$	52,815					$	53,786					$	23,904					$	60,393					$	124,587					$	35,097					$	397,395
Gross charge-offs for the three months ended						$	—					$	2					$	—					$	14					$	—					$	218					$	25					$	50					$	309
Residential Real Estate
Risk rating
Pass (Grades 1-6)						$	24,318					$	165,392					$	533,172					$	532,317					$	217,904					$	285,193					$	377					$	380					$	1,759,053
Special mention (Grade 7)						—						—						—						—						—						—						—						—						—
Substandard (Grade 8)						—						—						—						664						—						2,765						—						—						3,429
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						$	24,318					$	165,392					$	533,172					$	532,981					$	217,904					$	287,958					$	377					$	380					$	1,762,482
Gross charge-offs for the three months ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Home equity
Risk rating
Performing						$	1,889					$	15,937					$	22,054					$	506					$	319					$	15,771					$	169,846					$	13,364					$	239,686
Non-performing						—						—						288						—						—						10						546						144						988
Total home equity						$	1,889					$	15,937					$	22,342					$	506					$	319					$	15,781					$	170,392					$	13,508					$	240,674
Gross charge-offs for the three months ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Consumer
Risk rating
Performing						$	1,303					$	4,867					$	4,344					$	1,750					$	656					$	2,467					$	2,144					$	—					$	17,531
Non-performing						—						—						—						—						—						6						—						—						6
Total consumer						$	1,303					$	4,867					$	4,344					$	1,750					$	656					$	2,473					$	2,144					$	—					$	17,537
Gross charge-offs for the three months ended						$	—					$	15					$	15					$	5					$	—					$	—					$	1					$	—					$	36

(In thousands)						2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of and for the year ended December 31, 2023
Commercial real estate - non-owner-occupied
Risk rating:
Pass (Grades 1-6)						$	103,012					$	364,777					$	296,152					$	146,707					$	116,777					$	320,101					$	—					$	—					$	1,347,526
Special mention (Grade 7)						7,997						—						—						350						33						3,597						—						—						11,977
Substandard (Grade 8)						747						450						—						2,287						114						7,345						—						—						10,943
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						$	111,756					$	365,227					$	296,152					$	149,344					$	116,924					$	331,043					$	—					$	—					$	1,370,446
Gross charge-offs for the year ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial real estate - owner-occupied
Risk rating:
Pass (Grades 1-6)						$	26,902					$	53,550					$	76,575					$	24,608					$	18,728					$	89,133					$	—					$	—					$	289,496
Special mention (Grade 7)						—						—						2,355						—						—						141						—						—						2,496
Substandard (Grade 8)						—						402						320						—						—						9,146						—						—						9,868
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner-occupied						$	26,902					$	53,952					$	79,250					$	24,608					$	18,728					$	98,420					$	—					$	—					$	301,860
Gross charge-offs for the year ended						$	—					$	—					$	—					$	—					$	—					$	58					$	—					$	—					$	58
Commercial
Risk rating:
Pass (Grades 1-6)						$	41,871					$	54,323					$	56,102					$	24,338					$	25,620					$	35,442					$	119,119					$	36,895					$	393,710
Special mention (Grade 7)						45						—						152						195						—						101						660						5						1,158
Substandard (Grade 8)						248						588						296						769						955						1,354						2,415						2,408						9,033
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						$	42,164					$	54,911					$	56,550					$	25,302					$	26,575					$	36,897					$	122,194					$	39,308					$	403,901
Gross charge-offs for the year ended						$	—					$	68					$	137					$	31					$	20					$	1,075					$	82					$	147					$	1,560
Residential Real Estate
Risk rating:
Pass (Grades 1-6)						$	160,315					$	539,835					$	540,980					$	220,943					$	70,917					$	226,126					$	370					$	386					$	1,759,872
Special mention (Grade 7)						—						—						—						—						—						—						—						—						—
Substandard (Grade 8)						—						—						963						—						89						2,454						—						—						3,506
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						$	160,315					$	539,835					$	541,943					$	220,943					$	71,006					$	228,580					$	370					$	386					$	1,763,378
Gross charge-offs for the year ended						$	—					$	—					$	—					$	—					$	—					$	18					$	—					$	—					$	18
Home equity
Risk rating:
Performing						$	15,976					$	23,104					$	547					$	324					$	4,124					$	12,686					$	169,416					$	13,405					$	239,582
Non-performing						—						—						—						—						—						11						527						221						759
Total home equity						$	15,976					$	23,104					$	547					$	324					$	4,124					$	12,697					$	169,943					$	13,626					$	240,341
Gross charge-offs for the year ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Consumer
Risk rating:
Performing						$	5,525					$	4,908					$	2,068					$	815					$	345					$	2,279					$	2,191					$	—					$	18,131
Non-performing						—						—						5						—						—						32						—						—						37
Total consumer						$	5,525					$	4,908					$	2,073					$	815					$	345					$	2,311					$	2,191					$	—					$	18,168
Gross charge-offs for the year ended						$	2					$	19					$	31					$	14					$	8					$	4					$	13					$	—					$	91

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
March 31, 2024
Commercial real estate - non-owner-occupied						$	—					$	—					$	7					$	7					$	1,402,319					$	1,402,326					$	—
Commercial real estate - owner-occupied						92						—						—						92						300,534						300,626
Commercial						346						203						620						1,169						396,226						397,395						—
Residential real estate						834						192						967						1,993						1,760,489						1,762,482						—
Home equity						696						382						164						1,242						239,432						240,674						—
Consumer						50						1						6						57						17,480						17,537						—
Total						$	2,018					$	778					$	1,764					$	4,560					$	4,116,480					$	4,121,040					$	—
December 31, 2023
Commercial real estate - non-owner-occupied						$	44					$	41					$	184					$	269					$	1,370,177					$	1,370,446					$	—
Commercial real estate - owner-occupied						655						—						—						655						301,205						301,860						—
Commercial						1,153						1,199						1,155						3,507						400,394						403,901						—
Residential real estate						1,317						322						1,094						2,733						1,760,645						1,763,378						—
Home equity						521						451						301						1,273						239,068						240,341						—
Consumer						85						8						5						98						18,070						18,168						—
Total						$	3,775					$	2,021					$	2,739					$	8,535					$	4,089,559					$	4,098,094					$	—

Financing Receivable, Nonaccrual

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

						March 31, 2024																		December 31, 2023
(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						$	82					$	—					$	82					$	261					$	—					$	261
Commercial real estate - owner-occupied						123						—						123						125						—						125
Commercial						1,980						—						1,980						1,725						—						1,725
Residential real estate						2,473						—						2,473						2,541						—						2,541
Home equity						994						—						994						759						—						759
Consumer						6						—						6						37						—						37
Total						$	5,658					$	—					$	5,658					$	5,448					$	—					$	5,448

The following table presents the amortized cost basis of collateral-dependent loans by portfolio segment and collateral type, as of the dates indicated:

						March 31, 2024												December 31, 2023
						Collateral Type									Total Collateral -Dependent Loans						Collateral Type									Total Collateral -Dependent Loans
(In thousands)						Real Estate															Real Estate
Commercial real estate - non-owner occupied						$	4,493								$	4,493					$	4,494								$	4,494
Commercial						—									—						671									671
Total						$	4,493								$	4,493					$	5,165								$	5,165

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