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LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025						December 31, 2024
Commercial Loans:
Commercial real estate - non-owner-occupied						$	1,685,852					$	1,387,252
Commercial real estate - owner-occupied						381,246						324,712
Commercial						487,409						382,785
Total commercial loans						2,554,507						2,094,749
Retail Loans:
Residential real estate						2,028,062						1,752,249
Home equity						283,491						253,251
Consumer						19,026						15,010
Total retail loans						2,330,579						2,020,510
Total loans						$	4,885,086					$	4,115,259

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, 2025						December 31, 2024
Net unamortized loan origination costs						$	6,587					$	6,685
Net unamortized fair value mark discount on acquired loans						(91,974)						(79)
Total						$	(85,387)					$	6,606

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
As of or for the Three Months Ended March 31, 2025
Beginning balance, December 31, 2024						$	14,897					$	2,481					$	5,856					$	9,979					$	2,397					$	118					$	35,728
Charge-offs						—						(191)						(896)						(4)						(3)						(26)						(1,120)
Recoveries						1						51						110						6						—						3						171
Acquired PCD loans(1)						1,659						340						575						305						165						27						3,071
Provision for loans losses
Provision for acquired non-PCD loans						2,335						840						816						1,979						268						55						6,293
General provision (credit) for loan losses						60						671						(326)						1,607						589						(21)						2,580
Total provision for loan losses						2,395						1,511						490						3,586						857						34						8,873
Ending balance, March 31, 2025						$	18,952					$	4,192					$	6,135					$	13,872					$	3,416					$	156					$	46,723
As of 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
As of or for the Year Ended    December 31, 2024
Beginning balance, December 31, 2023						$	16,581					$	2,290					$	4,869					$	10,254					$	2,217					$	724					$	36,935
Charge-offs						—						—						(1,784)						—						(1)						(98)						(1,883)
Recoveries						10						—						455						26						98						34						623
(Credit) provision for loan losses						(1,694)						191						2,316						(301)						83						(542)						53
Ending balance, December 31, 2024						$	14,897					$	2,481					$	5,856					$	9,979					$	2,397					$	118					$	35,728

(1)     Upon acquisition of Northway on January 2, 2025, the Company designated certain acquired loans with an unpaid principal balance of $103.0 million as PCD loans. Refer to Note 3 for further discussion of the Company's designation of PCD loans.

During the first quarter of 2025, the Company completed its assessment of significant model inputs and assumptions within its discounted cash flow analysis used for estimating its ACL on loans and determined there were no material changes to the methodology. However, the Company did update one significant key assumption during the quarter within the Macroeconomic (loss) driver. As of March, the following loss drivers for each loan segment were used to calculate the expected PD over the forecast and reversion period: (i) commercial real estate – non-owner-occupied used Maine Unemployment and change in National GDP; (ii) commercial real estate – owner-occupied used Maine Unemployment and change in National GDP, (iii) commercial used Maine Unemployment and change in National GDP; (iv) residential real estate used Maine Unemployment and change in Maine House Price Index, (v) home equity used Maine Unemployment and change in Maine House Price Index and (vi) consumer used Maine Unemployment and change in National Retail Sales.

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)						2025						2024						2023						2022						2021						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of and for the period ended March 31, 2025
Commercial real estate - non-owner-occupied
Risk rating
Pass (Grades 1-6)						$	20,787					$	103,372					$	118,621					$	396,328					$	328,044					$	657,605					$	—					$	—					$	1,624,757
Special mention (Grade 7)						—						—						—						466						—						6,990						—						—						7,456
Substandard (Grade 8)						—						—						194						27,147						—						26,298						—						—						53,639
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						$	20,787					$	103,372					$	118,815					$	423,941					$	328,044					$	690,893					$	—					$	—					$	1,685,852
Gross charge-offs for the three months ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial real estate - owner-occupied
Risk rating
Pass (Grades 1-6)						$	3,106					$	54,050					$	35,931					$	54,369					$	85,747					$	128,002					$	—					$	—					$	361,205
Special mention (Grade 7)						—						—						—						—						11						378						—						—						389
Substandard (Grade 8)						—						200						1,043						3,630						1,973						12,806						—						—						19,652
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner occupied						$	3,106					$	54,250					$	36,974					$	57,999					$	87,731					$	141,186					$	—					$	—					$	381,246
Gross charge-offs for the three months ended						$	—					$	—					$	—					$	185					$	—					$	6					$	—					$	—					$	191
Commercial
Risk rating
Pass (Grades 1-6)						$	40,116					$	86,887					$	29,056					$	51,723					$	26,092					$	64,567					$	140,153					$	39,924					$	478,518
Special mention (Grade 7)						—						520						—						—						—						—						397						—						917
Substandard (Grade 8)						—						121						545						1,982						285						1,203						2,080						1,758						7,974
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						$	40,116					$	87,528					$	29,601					$	53,705					$	26,377					$	65,770					$	142,630					$	41,682					$	487,409
Gross charge-offs for the three months ended						$	—					$	—					$	462					$	68					$	—					$	307					$	49					$	10					$	896
Residential Real Estate
Risk rating
Pass (Grades 1-6)						$	35,964					$	149,164					$	164,547					$	581,766					$	575,651					$	514,071					$	416					$	1,167					$	2,022,746
Special mention (Grade 7)						—						—						—						—						—						—						—						—						—
Substandard (Grade 8)						—						—						—						1,119						950						3,247						—						—						5,316
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						$	35,964					$	149,164					$	164,547					$	582,885					$	576,601					$	517,318					$	416					$	1,167					$	2,028,062
Gross charge-offs for the three months ended						$	—					$	—					$	—					$	—					$	—					$	4					$	—					$	—					$	4
Home equity
Risk rating
Performing						$	581					$	4,825					$	15,772					$	20,891					$	611					$	13,963					$	209,326					$	16,383					$	282,352
Non-performing						—						—						—						—						—						40						734						165						939
Total home equity						$	581					$	4,825					$	15,772					$	20,891					$	611					$	14,003					$	210,060					$	16,548					$	283,291
Gross charge-offs for the three months ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	3					$	3
Consumer
Risk rating
Performing						$	3,166					$	4,184					$	5,061					$	3,124					$	924					$	952					$	1,608					$	—					$	19,019
Non-performing						—						—						5						—						—						2						—						—						7
Total consumer						$	3,166					$	4,184					$	5,066					$	3,124					$	924					$	954					$	1,608					$	—					$	19,026
Gross charge-offs for the three months ended						$	—					$	—					$	18					$	6					$	—					$	—					$	2					$	—					$	26

(In thousands)						2024						2023						2022						2021						2020						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of and for the year ended December 31, 2024
Commercial real estate - non-owner-occupied
Risk rating:
Pass (Grades 1-6)						$	91,377					$	107,607					$	324,743					$	285,862					$	140,686					$	390,527					$	—					$	—					$	1,340,802
Special mention (Grade 7)						—						—						—						—						342						225						—						—						567
Substandard (Grade 8)						—						195						25,252						—						—						20,436						—						—						45,883
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						$	91,377					$	107,802					$	349,995					$	285,862					$	141,028					$	411,188					$	—					$	—					$	1,387,252
Gross charge-offs for the year ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial real estate - owner-occupied
Risk rating:
Pass (Grades 1-6)						$	53,436					$	31,141					$	48,633					$	71,629					$	19,582					$	89,092					$	—					$	—					$	313,513
Special mention (Grade 7)						—						—						—						1,900						—						304						—						—						2,204
Substandard (Grade 8)						—						540						822						191						—						7,442						—						—						8,995
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner-occupied						$	53,436					$	31,681					$	49,455					$	73,720					$	19,582					$	96,838					$	—					$	—					$	324,712
Gross charge-offs for the year ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial
Risk rating:
Pass (Grades 1-6)						$	81,815					$	26,918					$	44,283					$	30,134					$	16,644					$	23,014					$	115,795					$	37,211					$	375,814
Special mention (Grade 7)						534						—						—						—						—						—						282						—						816
Substandard (Grade 8)						—						1,030						706						159						125						1,175						984						1,976						6,155
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						$	82,349					$	27,948					$	44,989					$	30,293					$	16,769					$	24,189					$	117,061					$	39,187					$	382,785
Gross charge-offs for the year ended						$	—					$	146					$	47					$	54					$	89					$	1,017					$	357					$	74					$	1,784
Residential Real Estate
Risk rating:
Pass (Grades 1-6)						$	133,856					$	151,020					$	500,756					$	502,285					$	204,756					$	255,104					$	406					$	1,175					$	1,749,358
Special mention (Grade 7)						—						—						—						—						—						—						—						—						—
Substandard (Grade 8)						—						—						—						778						—						2,113						—						—						2,891
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						$	133,856					$	151,020					$	500,756					$	503,063					$	204,756					$	257,217					$	406					$	1,175					$	1,752,249
Gross charge-offs for the year ended						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Home equity
Risk rating:
Performing						$	3,708					$	13,961					$	20,003					$	439					$	302					$	13,378					$	185,581					$	15,448					$	252,820
Non-performing						—						—						—						—						—						—						264						159						423
Total home equity						$	3,708					$	13,961					$	20,003					$	439					$	302					$	13,378					$	185,845					$	15,607					$	253,243
Gross charge-offs for the year ended						$	—					$	—					$	—					$	—					$	—					$	—					$	1					$	—					$	1
Consumer
Risk rating:
Performing						$	4,307					$	3,188					$	2,784					$	1,080					$	380					$	2,102					$	1,151					$	—					$	14,992
Non-performing						—						—						15						—						—						3						—						—						18
Total consumer						$	4,307					$	3,188					$	2,799					$	1,080					$	380					$	2,105					$	1,151					$	—					$	15,010
Gross charge-offs for the year ended						$	—					$	47					$	18					$	14					$	5					$	—					$	14					$	—					$	98

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, 2025
Commercial real estate - non-owner-occupied						$	29					$	—					$	129					$	158					$	1,685,694					$	1,685,852					$	—
Commercial real estate - owner-occupied						313						38						130						481						380,765						381,246
Commercial						331						927						696						1,954						485,455						487,409						—
Residential real estate						1,640						798						1,202						3,640						2,024,422						2,028,062						—
Home equity						204						177						332						713						282,778						283,491						—
Consumer						81						58						2						141						18,885						19,026						—
Total						$	2,598					$	1,998					$	2,491					$	7,087					$	4,877,999					$	4,885,086					$	—
December 31, 2024
Commercial real estate - non-owner-occupied						$	59					$	—					$	130					$	189					$	1,387,063					$	1,387,252					$	—
Commercial real estate - owner-occupied						85						545						430						1,060						323,652						324,712						—
Commercial						373						265						1,548						2,186						380,599						382,785						—
Residential real estate						333						333						974						1,640						1,750,609						1,752,249						—
Home equity						428						141						125						694						252,557						253,251						—
Consumer						55						13						18						86						14,924						15,010						—
Total						$	1,333					$	1,297					$	3,225					$	5,855					$	4,109,404					$	4,115,259					$	—

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, 2025																		December 31, 2024
(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						$	128					$	—					$	128					$	129					$	—					$	129
Commercial real estate - owner-occupied						143						—						143						430						—						430
Commercial						1,803						—						1,803						1,927						—						1,927
Residential real estate						4,322						—						4,322						1,891						—						1,891
Home equity						848						—						848						434						—						434
Consumer						7						—						7						18						—						18
Total						$	7,251					$	—					$	7,251					$	4,829					$	—					$	4,829

Interest income that would have been recognized if loans on non-accrual status had been current in accordance with their original terms is estimated to have been $73,000 and $43,000 for the three months ended March 31, 2025 and 2024, respectively.

The Company's policy is to reverse previously recorded accrued interest income when a loan is placed on non-accrual, as such, the Company did not record any interest income on its non-accrual loans for the three months ended March 31, 2025 and 2024.

Collateral-dependent loans are loans for which repayment is expected to be provided substantially by the underlying collateral and there are no other available and reliable sources of repayment. 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, 2025																		December 31, 2024
						Collateral Type												Total Collateral -Dependent Loans						Collateral Type												Total Collateral -Dependent Loans
(In thousands)						Real Estate									Other Assets												Real Estate												Other Assets
Commercial real estate - non-owner occupied						$	4,434								$	—					$	4,434					$	4,448								$	—					$	4,448
Commercial						—									—						—						—									669						—
Total						$	4,434								$	—					$	4,434					$	4,448								$	669					$	4,448

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