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Loans
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Loans Loans
We estimate the ACL based on relevant available information from both internal and external sources, including historical loss trends, current conditions and forecasts, specific analysis of individual loans, and other relevant and appropriate factors. The ACL process is designed to provide for expected future losses based on our reasonable and supportable (“R&S”) forecast as of the reporting date. Our ACL process is administered by our Risk Management group utilizing a third party software solution, with significant input and ultimate approval from our Executive Enterprise Risk Committee. Further, we have established a current expected credit loss ("CECL") Forecast Committee, which includes a cross discipline structure with membership from Executive Management, Risk Management, Credit Administration and Accounting, which approves ACL model assumptions each quarter. Our ACL is comprised of three principal elements: (i) specific analysis of individual loans identified during the review of the loan portfolio, (ii) pooled analysis of loans with similar risk characteristics based on historical experience, adjusted for current conditions, R&S forecasts, and expected prepayments, and (iii) additional allowances based on subjective factors, including local and general economic business factors and trends, portfolio concentrations and changes in the size and/or the general terms of the loan portfolio.
The first ACL element (specific allocations) includes loans that do not share similar risk characteristics and are evaluated on an individual basis. We will typically evaluate on an individual basis loans that are on nonaccrual; commercial loans that have been modified resulting in a concession, for which the borrower is experiencing financial difficulties, and which are considered loan modifications or with well defined weaknesses; and severely delinquent mortgage and installment loans. When we determine that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for estimated selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses.
The second ACL element (pooled analysis) includes loans with similar risk characteristics, which are broken down by segment, class, and risk metric. The Bank’s primary segments of commercial, mortgage, and installment loans are further classified by other relevant attributes, such as collateral type, lien position, occupancy status, amortization method, and balance size. Commercial classes are additionally segmented by risk rating, and mortgage and installment loan classes by credit score tier, which are updated at least semi-annually.
We utilize a discounted cash flow (“DCF”) model to estimate expected future losses for pooled loans. Expected future cash flows are developed from payment schedules over the contractual term, adjusted for forecasted default (probability of default), loss, and prepayment assumptions. We are not required to develop forecasts over the full contractual term of the financial asset or group of financial assets. Rather, for periods beyond which we are able to make or obtain R&S forecasts of expected credit losses, we revert to the long term average on a straight line or immediate basis, as determined by our CECL Forecast Committee, and which may vary depending on the economic outlook and uncertainty.
The DCF model for the mortgage and installment pooled loan segments includes using probability of default (“PD”) assumptions that are derived through regression analysis with forecasted US unemployment levels by credit score tier. We review a composite forecast of approximately 50 analysts as well as the Federal Open Market Committee (“FOMC”) projections in setting the unemployment forecast for the R&S period. The current ACL utilizes a one year R&S forecast followed by immediate reversion to the 75 year average unemployment rate. PD assumptions for the remaining segments are based primarily on historical rates by risk metric as defaults were not strongly correlated with any economic indicator. Loss given default (“LGD”) assumptions for the mortgage loan segment are based on a two years forecast followed by a two year straight line reversion period to the longer term average, while LGD rates for the remaining segments are the historical average for the entire period. Prepayment assumptions represent average rates per segment for a period determined by the CECL Forecast Committee and as calculated through the Bank’s Asset and Liability Management program.
Pooled reserves for the commercial loan segment are calculated using the DCF model with assumptions generally based on historical averages by class and risk rating. Effective risk rating practices allow for strong predictability of defaults and losses over the portfolio’s expected shorter duration, relative to mortgage and installment loans. Our rating system is similar to those employed by state and federal banking regulators.
The third ACL element (additional allocations based on subjective factors) is based on factors that cannot be associated with a specific credit or loan category and reflects our attempt to ensure that the overall ACL appropriately reflects a margin for the imprecision necessarily inherent in the estimates of expected credit losses. We adjust our quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The qualitative
framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base quantitative model. We utilize a survey completed by business unit management throughout the Bank, as well as discussion with the CECL Forecast Committee to establish reserves under the qualitative framework.
An analysis of the allowance for credit losses by portfolio segment for the three months ended September 30, follows:
Commercial Mortgage Installment Subjective
Allocation 		Total
(In thousands)
2025
Balance at beginning of period$25,890 $20,752 $3,015 $11,500 $61,157 
Additions (deductions)   
Provision for credit losses2,587 (231)470 (794)2,032 
Recoveries credited to the allowance7 35 431 — 473 
Loans charged against the allowance— (10)(1,193)— (1,203)
Balance at end of period$28,484 $20,546 $2,723 $10,706 $62,459 
2024
Balance at beginning of period$18,979 $20,731 $3,901 $12,630 $56,241 
Additions (deductions)  
Provision for credit losses1,082 (1,004)1,156 276 1,510 
Recoveries credited to the allowance101 131 479 — 711 
Loans charged against the allowance— (26)(992)— (1,018)
Balance at end of period$20,162 $19,832 $4,544 $12,906 $57,444 
An analysis of the ACL by portfolio segment for the nine months ended September 30, follows:
Commercial Mortgage Installment Subjective
Allocation 		Total
(In thousands)
2025
Balance at beginning of period$22,872 $22,317 $3,040 $11,150 $59,379 
Additions (deductions)    
Provision for credit losses5,617 (1,850)929 (444)4,252 
Recoveries credited to the allowance73 205 1,326 — 1,604 
Loans charged against the allowance(78)(126)(2,572)— (2,776)
Balance at end of period$28,484 $20,546 $2,723 $10,706 $62,459 
    
2024    
Balance at beginning of period$16,724 $21,386 $4,126 $12,422 $54,658 
Additions (deductions)    
Provision for credit losses3,199 (1,524)1,241 484 3,400 
Recoveries credited to the allowance239 270 1,597 — 2,106 
Loans charged against the allowance— (300)(2,420)— (2,720)
Balance at end of period$20,162 $19,832 $4,544 $12,906 $57,444 
Loans on non-accrual status and past due more than 90 days (“Non-performing Loans”) follow:
Non-
Accrual
with no
Allowance
for Credit
Loss		Non-
Accrual
with an
Allowance
for Credit
Loss		Total
Non-
Accrual		90+ and
Still
Accruing		Total Non-
Performing
Loans
(In thousands)
September 30, 2025
Commercial
Commercial and industrial (1)$— $— $— $— $— 
Commercial real estate— 13,825 13,825 — 13,825 
Mortgage
1-4 family owner occupied - jumbo1,480 — 1,480 — 1,480 
1-4 family owner occupied - non-jumbo (2)1,659 718 2,377 — 2,377 
1-4 family non-owner occupied139 93 232 — 232 
1-4 family - 2nd lien725 759 1,484 — 1,484 
Resort lending— 57 57 — 57 
Installment
Boat lending— 400 400 — 400 
Recreational vehicle lending— 288 288 — 288 
Other— 212 212 — 212 
Total
$4,003 $16,352 $20,355 $— $20,355 
Accrued interest excluded from total$— $— $— $— $— 
December 31, 2024
Commercial
Commercial and industrial (1)$— $49 $49 $— $49 
Commercial real estate— — — — — 
Mortgage
1-4 family owner occupied - jumbo1,480 — 1,480 — 1,480 
1-4 family owner occupied - non-jumbo (2)1,929 496 2,425 — 2,425 
1-4 family non-owner occupied— 157 157 — 157 
1-4 family - 2nd lien246 769 1,015 — 1,015 
Resort lending— 143 143 — 143 
Installment
Boat lending— 209 209 — 209 
Recreational vehicle lending— 377 377 — 377 
Other— 147 147 — 147 
Total$3,655 $2,347 $6,002 $— $6,002 
Accrued interest excluded from total$— $— $— $— $— 
(1)Non-performing commercial and industrial loans exclude zero and $0.005 million of government guaranteed loans at September 30, 2025 and December 31, 2024, respectively.
(2)Non-performing 1-4 family owner occupied – non jumbo loans exclude $2.243 million and $1.785 million of government guaranteed loans at September 30, 2025 and December 31, 2024, respectively.
The following table provides collateral information by class of loan for collateral-dependent loans with specific allocations of the ACL. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and the repayment is expected to be provided substantially through the operation or sale of collateral.
The amortized cost of collateral-dependent loans by class follows:
Collateral TypeAllowance
for
Credit Losses
Real
Estate
Other (1)
(In thousands)
September 30, 2025
Commercial
Commercial and industrial$687 $9,180 $1,481 
Commercial real estate15,012 — 3,459 
Mortgage   
1-4 family owner occupied - jumbo1,480 — — 
1-4 family owner occupied - non-jumbo2,688 — 366 
1-4 family non-owner occupied154 — 5 
1-4 family - 2nd lien1,032 — 109 
Resort lending57 — 20 
Installment
Boat lending— 318 113 
Recreational vehicle lending— 215 76 
Other— 88 31 
Total$21,110 $9,801 $5,660 
Accrued interest excluded from total$8 $56  
December 31, 2024
Commercial
Commercial and industrial$686 $5,166 $1,647 
Commercial real estate817 — 3 
Mortgage
1-4 family owner occupied - jumbo1,480 — — 
1-4 family owner occupied - non-jumbo2,903 — 347 
1-4 family non-owner occupied— — — 
1-4 family - 2nd lien510 — 94 
Resort lending143 — 51 
Installment
Boat lending— 87 31 
Recreational vehicle lending— 266 94 
Other— 92 33 
Total$6,539 $5,611 $2,300 
Accrued interest excluded from total$5 $34  
(1) Commercial and industrial loan collateral generally includes machinery and equipment, accounts receivable, and inventory.
An aging analysis of loans by class follows:
Loans Past DueLoans not
Past Due		Total
Loans
30-59 days60-89 days90+ daysTotal
(In thousands)
September 30, 2025
Commercial
Commercial and industrial$— $— $— $— $1,118,967 $1,118,967 
Commercial real estate— — — — 1,006,086 1,006,086 
Mortgage
1-4 family owner occupied - jumbo662 1,402 1,491 3,555 875,248 878,803 
1-4 family owner occupied - non-jumbo1,371 1,169 1,337 3,877 284,743 288,620 
1-4 family non-owner occupied61 36 140 237 169,001 169,238 
1-4 family - 2nd lien721 309 411 1,441 151,749 153,190 
Resort lending— 115 57 172 27,633 27,805 
Installment
Boat lending199 35 318 552 278,853 279,405 
Recreational vehicle lending627 251 192 1,070 199,274 200,344 
Other324 162 63 549 75,276 75,825 
Total$3,965 $3,479 $4,009 $11,453 $4,186,830 $4,198,283 
Accrued interest excluded from total$32 $36 $— $68 $14,089 $14,157 
December 31, 2024
Commercial
Commercial and industrial$78 $— $54 $132 $1,001,197 $1,001,329 
Commercial real estate— — — — 936,035 936,035 
Mortgage
1-4 family owner occupied - jumbo755 664 1,480 2,899 872,652 875,551 
1-4 family owner occupied - non-jumbo3,395 1,653 1,201 6,249 292,893 299,142 
1-4 family non-owner occupied329 — — 329 176,621 176,950 
1-4 family - 2nd lien648 66 345 1,059 132,888 133,947 
Resort lending— — 143 143 30,993 31,136 
Installment
Boat lending281 99 87 467 263,874 264,341 
Recreational vehicle lending622 395 190 1,207 223,330 224,537 
Other231 158 25 414 95,443 95,857 
Total$6,339 $3,035 $3,525 $12,899 $4,025,926 $4,038,825 
Accrued interest excluded from total$65 $44 $— $109 $13,352 $13,461 
During the three months ended September 30, 2025 there were no loans modified to a borrower experiencing financial difficulty.
During the nine months ended September 30, 2025 there were two mortgage - 1-4 family owner occupied - non-jumbo loans modified to borrowers experiencing financial difficulty totaling $0.10 million (0.1% of the total loan class). Both of the loan modifications to borrowers experiencing financial difficulty during the nine months ended September 30, 2025 related to term extensions and added a weighted average 12.0 years to the life of the loans. One of the loans modified during the nine months ended September 30, 2025 also received a 4.75% interest rate reduction. Both of the loans modified during the nine months ended September 30, 2025 were on non-accrual status.
During the three months ended September 30, 2024 there was one mortgage - 1-4 family owner occupied - non-jumbo loan modification to a borrower experiencing financial difficulty totaling $0.08 million (0.1% of the total loan class). The modification during the three months ended September 30, 2024 related to a term extension that added a weighted average 2.1 years to the life of the loan.
During the nine months ended September 30, 2024 there were five mortgage - 1-4 family owner occupied - non-jumbo loans, one mortgage 1-4 family - 2nd lien loan, and one installment - other loan modified to borrowers experiencing financial difficulty totaling $0.51 million (0.1% of the total loan class), $0.07 million (0.1% of the total loan class), and $0.01 million (0.1% of the total loan class), respectively. All of the loan modifications to borrowers experiencing financial difficulty during the nine months ended September 30, 2024 related to term extensions and added a weighted average 2.1 years to the life of the loans. All of the loans modified during the nine months ended September 30, 2024 were on non-accrual status.
As of September 30, 2025, none of the loans that were modified to borrowers experiencing financial difficulty within the past 12 months have subsequently defaulted.
A loan is generally considered to be in payment default once it is 90 days contractually past due under the modified terms for commercial loans and installment loans and when four consecutive payments are missed for mortgage loans.
In order to determine whether a borrower is experiencing financial difficulty, we perform an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under our internal underwriting policy.
Credit Quality Indicators – As part of our on-going monitoring of the credit quality of our loan portfolios, we track certain credit quality indicators including (a) risk grade of commercial loans, (b) the level of classified commercial loans, (c) credit scores of mortgage and installment loan borrowers, and (d) delinquency history and non-performing loans.
For commercial loans, we use a loan rating system that is similar to those employed by state and federal banking regulators. Loans are graded on a scale of 1 to 12. A description of the general characteristics of the ratings follows:
Rating 1 through 6: These loans are generally referred to as our “non-watch” commercial credits that include very high or exceptional credit fundamentals through acceptable credit fundamentals.
Rating 7 and 8: These loans are generally referred to as our “watch” commercial credits. These ratings include loans to borrowers that exhibit potential credit weakness or downward trends. If not checked or cured these trends could weaken our asset or credit position. While potentially weak, no loss of principal or interest is envisioned with these ratings.
Rating 9: These loans are generally referred to as our “substandard accruing” commercial credits. This rating includes loans to borrowers that exhibit a well-defined weakness where payment default is probable and loss is possible if deficiencies are not corrected. Generally, loans with this rating are considered collectible as to both principal and interest primarily due to collateral coverage.
Rating 10 and 11: These loans are generally referred to as our ‘‘substandard - non-accrual’’ and ‘‘doubtful’’ commercial credits. These ratings include loans to borrowers with weaknesses that make collection of the loan in full, on the basis of current facts, conditions and values at best questionable and at worst improbable. All of these loans are placed in non-accrual.
Rating 12: These loans are generally referred to as our “loss” commercial credits. This rating includes loans to borrowers that are deemed incapable of repayment and are charged-off.
The following tables summarize loan ratings by loan class for our commercial portfolio loan segment at September 30, 2025 and December 31, 2024:
Commercial
Term Loans Amortized Cost Basis by Origination YearRevolving
Loans
Amortized
Cost Basis		Total
20252024202320222021Prior
(In thousands)
September 30, 2025
Commercial and industrial
Non-watch (1-6)$134,978 $193,874 $137,933 $115,430 $59,345 $151,690 $297,535 $1,090,785 
Watch (7-8)146 1,953 2,848 935 1,270 6,940 4,224 18,316 
Substandard Accrual (9)— 1,845 — — 881 290 6,850 9,866 
Non-Accrual (10-11)— — — — — — — — 
Total$135,124 $197,672 $140,781 $116,365 $61,496 $158,920 $308,609 $1,118,967 
Accrued interest excluded from total$376 $557 $465 $292 $143 $626 $1,198 $3,657 
Current period gross charge-offs$— $— $78 $— $— $— $— $78 
Commercial real estate
Non-watch (1-6)$133,658 $165,637 $171,323 $165,496 $70,317 $185,779 $59,315 $951,525 
Watch (7-8)8,232 1,317 8,096 16,588 — 4,967 346 39,546 
Substandard Accrual (9)— — 401 — 129 660 — 1,190 
Non-Accrual (10-11)— — 13,825 — — — — 13,825 
Total$141,890 $166,954 $193,645 $182,084 $70,446 $191,406 $59,661 $1,006,086 
Accrued interest excluded from total$454 $574 $520 $624 $146 $653 $224 $3,195 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total Commercial
Non-watch (1-6)$268,636 $359,511 $309,256 $280,926 $129,662 $337,469 $356,850 $2,042,310 
Watch (7-8)8,378 3,270 10,944 17,523 1,270 11,907 4,570 57,862 
Substandard Accrual (9)— 1,845 401 — 1,010 950 6,850 11,056 
Non-Accrual (10-11)— — 13,825 — — — — 13,825 
Total$277,014 $364,626 $334,426 $298,449 $131,942 $350,326 $368,270 $2,125,053 
Accrued interest excluded from total$830 $1,131 $985 $916 $289 $1,279 $1,422 $6,852 
Current period gross charge-offs$— $— $78 $— $— $— $— $78 
Term Loans Amortized Cost Basis by Origination YearRevolving
Loans
Amortized
Cost Basis 		Total
20242023202220212020Prior
(In thousands)
December 31, 2024
Commercial and industrial
Non-watch (1-6)$183,261 $137,270 $142,630 $71,225 $72,928 $106,086 $242,573 $955,973 
Watch (7-8)10,348 3,055 1,251 9,002 5,636 336 2,104 31,732 
Substandard Accrual (9)2,693 2,052 1,642 2,208 267 195 4,513 13,570 
Non-Accrual (10-11)— — — 47 — 7 — 54 
Total$196,302 $142,377 $145,523 $82,482 $78,831 $106,624 $249,190 $1,001,329 
Accrued interest excluded from total$612 $478 $361 $217 $342 $341 $959 $3,310 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Commercial real estate
Non-watch (1-6)$142,154 $236,390 $153,321 $75,053 $49,969 $166,966 $72,879 $896,732 
Watch (7-8)— — 16,007 — — 4,400 18,079 38,486 
Substandard Accrual (9)— — — 135 — 682 — 817 
Non-Accrual (10-11)— — — — — — — — 
Total$142,154 $236,390 $169,328 $75,188 $49,969 $172,048 $90,958 $936,035 
Accrued interest excluded from total$608 $632 $628 $166 $131 $658 $363 $3,186 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Total Commercial
Non-watch (1-6)$325,415 $373,660 $295,951 $146,278 $122,897 $273,052 $315,452 $1,852,705 
Watch (7-8)10,348 3,055 17,258 9,002 5,636 4,736 20,183 70,218 
Substandard Accrual (9)2,693 2,052 1,642 2,343 267 877 4,513 14,387 
Non-Accrual (10-11)— — — 47 — 7 — 54 
Total$338,456 $378,767 $314,851 $157,670 $128,800 $278,672 $340,148 $1,937,364 
Accrued interest excluded from total$1,220 $1,110 $989 $383 $473 $999 $1,322 $6,496 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
For each of our mortgage and installment portfolio segment classes, we generally monitor credit quality based on the credit scores of the borrowers. These credit scores are generally updated semi-annually.
The following tables summarize credit scores by loan class for our mortgage and installment loan portfolio segments at September 30, 2025 and December 31, 2024:
Mortgage (1)
Term Loans Amortized Cost Basis by Origination YearRevolving
Loans
Amortized
Cost Basis		Total
20252024202320222021Prior
(In thousands)
September 30, 2025
1-4 family owner occupied - jumbo
800 and above$8,154 $5,850 $10,895 $39,616 $59,830 $31,923 $709 $156,977 
750-79929,151 34,883 33,679 89,609 184,279 81,095 1,148 453,844 
700-74914,630 16,074 13,007 40,329 54,308 31,822 2,494 172,664 
650-6995,056 4,115 7,639 15,332 14,096 18,197 — 64,435 
600-6491,129 746 3,569 6,936 1,574 4,604 — 18,558 
550-599— 871 995 2,626 1,677 2,068 — 8,237 
500-549— — — 681 725 1,959 — 3,365 
Under 500— — — — — 723 — 723 
Unknown— — — — — — — — 
Total$58,120 $62,539 $69,784 $195,129 $316,489 $172,391 $4,351 $878,803 
Accrued interest excluded from total$265 $307 $353 $595 $716 $460 $38 $2,734 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
1-4 family owner occupied - non-jumbo
800 and above$3,699 $1,312 $3,317 $12,283 $9,875 $15,521 $4,602 $50,609 
750-7996,470 7,607 11,573 29,361 21,473 28,383 14,934 119,801 
700-7491,585 4,490 5,653 9,416 8,829 26,194 4,289 60,456 
650-6991,822 1,647 939 4,979 2,583 14,992 1,536 28,498 
600-649468 — 214 1,743 1,844 6,257 207 10,733 
550-599— 295 492 579 1,239 6,780 55 9,440 
500-549— — — 739 263 5,714 129 6,845 
Under 500— 85 — 420 98 1,611 24 2,238 
Unknown— — — — — — — — 
Total$14,044 $15,436 $22,188 $59,520 $46,204 $105,452 $25,776 $288,620 
Accrued interest excluded from total$91 $123 $93 $193 $109 $395 $192 $1,196 
Current period gross charge-offs$— $— $— $19 $6 $5 $— $30 
1-4 family non-owner occupied
800 and above$2,006 $2,096 $2,684 $5,055 $11,718 $10,486 $546 $34,591 
750-7997,841 12,530 9,536 13,117 25,707 20,297 1,716 90,744 
700-7491,244 4,017 3,340 5,876 3,603 9,821 1,575 29,476 
650-6991,161 26 533 243 3,273 5,525 226 10,987 
600-649— — 33 60 451 1,461 57 2,062 
550-599— — — — 51 598 — 649 
500-549— — — 369 — 178 — 547 
Under 500— — — — — 182 — 182 
Unknown— — — — — — — — 
Total$12,252 $18,669 $16,126 $24,720 $44,803 $48,548 $4,120 $169,238 
Accrued interest excluded from total$54 $104 $80 $94 $118 $190 $29 $669 
Current period gross charge-offs$— $— $— $— $— $10 $— $10 
Mortgage - continued (1)
Term Loans Amortized Cost Basis by Origination YearRevolving
Loans
Amortized
Cost Basis		Total
20252024202320222021Prior
(In thousands)
September 30, 2025 - continued
1-4 family - 2nd lien
800 and above$1,803 $219 $543 $661 $581 $2,067 $16,098 $21,972 
750-7992,787 3,044 2,646 1,710 2,914 3,637 54,000 70,738 
700-7491,148 1,406 1,078 1,731 648 2,258 29,196 37,465 
650-699387 198 446 418 387 1,706 11,339 14,881 
600-649— 40 230 22 345 582 2,266 3,485 
550-599— — 397 78 54 562 1,061 2,152 
500-549— — 84 163 231 1,068 438 1,984 
Under 500— — 297 — — 216 — 513 
Unknown— — — — — — — — 
Total$6,125 $4,907 $5,721 $4,783 $5,160 $12,096 $114,398 $153,190 
Accrued interest excluded from total$21 $18 $27 $18 $14 $41 $805 $944 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Resort lending
800 and above$— $— $23 $— $411 $3,326 $— $3,760 
750-799121 — — 604 471 12,767 — 13,963 
700-749— — — — — 4,391 — 4,391 
650-699— — — — 292 4,456 — 4,748 
600-649— — — — — 549 — 549 
550-599— — — — — 394 — 394 
500-549— — — — — — — — 
Under 500— — — — — — — — 
Unknown— — — — — — — — 
Total$121 $— $23 $604 $1,174 $25,883 $— $27,805 
Accrued interest excluded from total$1 $— $— $2 $3 $138 $— $144 
Current period gross charge-offs$— $— $— $— $— $86 $— $86 
Total Mortgage
800 and above$15,662 $9,477 $17,462 $57,615 $82,415 $63,323 $21,955 $267,909 
750-79946,370 58,064 57,434 134,401 234,844 146,179 71,798 749,090 
700-74918,607 25,987 23,078 57,352 67,388 74,486 37,554 304,452 
650-6998,426 5,986 9,557 20,972 20,631 44,876 13,101 123,549 
600-6491,597 786 4,046 8,761 4,214 13,453 2,530 35,387 
550-599— 1,166 1,884 3,283 3,021 10,402 1,116 20,872 
500-549— — 84 1,952 1,219 8,919 567 12,741 
Under 500— 85 297 420 98 2,732 24 3,656 
Unknown— — — — — — — — 
Total$90,662 $101,551 $113,842 $284,756 $413,830 $364,370 $148,645 $1,517,656 
Accrued interest excluded from total$432 $552 $553 $902 $960 $1,224 $1,064 $5,687 
Current period gross charge-offs$— $— $— $19 $6 $101 $— $126 
Mortgage (1)
Term Loans Amortized Cost Basis by Origination YearRevolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
December 31, 2024
1-4 family owner occupied - jumbo
800 and above$5,009 $12,192 $37,147 $51,242 $22,126 $14,291 $— $142,007 
750-79933,118 43,013 106,378 194,725 58,703 35,103 1,275 472,315 
700-74913,981 13,602 40,219 68,687 17,552 11,669 450 166,160 
650-6994,537 10,286 19,366 15,736 6,937 6,555 1,500 64,917 
600-649— 2,265 9,528 1,636 2,288 4,619 — 20,336 
550-599746 — 2,414 1,086 2,803 — — 7,049 
500-549— — — — 900 664 — 1,564 
Under 500— 485 — — — 718 — 1,203 
Unknown— — — — — — — — 
Total$57,391 $81,843 $215,052 $333,112 $111,309 $73,619 $3,225 $875,551 
Accrued interest excluded from total$264 $377 $634 $712 $264 $238 $31 $2,520 
Current period gross charge-offs$— $— $22 $— $— $— $— $22 
1-4 family owner occupied - non-jumbo
800 and above$1,919 $2,113 $14,018 $8,928 $3,089 $9,138 $4,066 $43,271 
750-79912,472 10,604 26,405 21,548 14,028 23,586 10,429 119,072 
700-7497,927 7,110 12,810 9,598 5,492 21,692 4,231 68,860 
650-6998,258 2,758 5,586 4,885 2,262 12,820 1,848 38,417 
600-649682 126 1,001 762 2,459 6,757 180 11,967 
550-599— 213 365 794 996 3,438 40 5,846 
500-54987 — 1,523 948 278 5,780 — 8,616 
Under 500— — — 98 652 2,343 — 3,093 
Unknown— — — — — — — — 
Total$31,345 $22,924 $61,708 $47,561 $29,256 $85,554 $20,794 $299,142 
Accrued interest excluded from total$105 $139 $195 $113 $77 $368 $163 $1,160 
Current period gross charge-offs$— $— $— $23 $— $22 $— $45 
1-4 family non-owner occupied
800 and above$4,122 $1,557 $7,468 $12,757 $4,204 $6,975 $897 $37,980 
750-79911,433 12,831 15,929 25,543 9,920 16,439 2,539 94,634 
700-7493,372 3,218 6,289 6,401 1,308 6,131 2,072 28,791 
650-6991,016 431 297 4,115 2,552 3,560 332 12,303 
600-649— — — — 410 930 108 1,448 
550-599— 38 — — — 919 — 957 
500-549— — 369 51 — 221 — 641 
Under 500— — — — — 196 — 196 
Unknown— — — — — — — — 
Total$19,943 $18,075 $30,352 $48,867 $18,394 $35,371 $5,948 $176,950 
Accrued interest excluded from total$84 $85 $119 $134 $48 $166 $44 $680 
Current period gross charge-offs$— $— $— $— $— $158 $— $158 
Mortgage - continued (1)
Term Loans Amortized Cost Basis by Origination YearRevolving
Loans
Amortized
Cost Basis		Total
20242023202220212020Prior
(In thousands)
December 31, 2024 - (continued)
1-4 family - 2nd lien
800 and above$751 $249 $219 $185 $1,161 $859 $12,245 $15,669 
750-7993,209 2,717 2,290 3,065 1,604 3,825 44,896 61,606 
700-7491,358 942 1,898 1,239 932 2,123 26,687 35,179 
650-699268 450 655 313 251 1,385 10,979 14,301 
600-649— 39 204 197 328 769 2,084 3,621 
550-599— 297 37 51 — 357 512 1,254 
500-549— 59 101 95 — 768 919 1,942 
Under 500— — 20 — — 350 5 375 
Unknown— — — — — — — — 
Total$5,586 $4,753 $5,424 $5,145 $4,276 $10,436 $98,327 $133,947 
Accrued interest excluded from total$19 $23 $18 $11 $13 $42 $720 $846 
Current period gross charge-offs$— $— $— $— $— $3 $22 $25 
Resort lending
800 and above$— $— $— $534 $— $4,079 $— $4,613 
750-799— 39 639 740 724 12,845 — 14,987 
700-749— — 268 — 212 4,851 — 5,331 
650-699— — — — 354 4,622 — 4,976 
600-649— — — — — 1,051 — 1,051 
550-599— — — — — 92 — 92 
500-549— — — — — 86 — 86 
Under 500— — — — — — — — 
Unknown— — — — — — — — 
Total$— $39 $907 $1,274 $1,290 $27,626 $— $31,136 
Accrued interest excluded from total$— $— $4 $3 $4 $140 $— $151 
Current period gross charge-offs$— $— $— $— $— $50 $— $50 
Total Mortgage
800 and above$11,801 $16,111 $58,852 $73,646 $30,580 $35,342 $17,208 $243,540 
750-79960,232 69,204 151,641 245,621 84,979 91,798 59,139 762,614 
700-74926,638 24,872 61,484 85,925 25,496 46,466 33,440 304,321 
650-69914,079 13,925 25,904 25,049 12,356 28,942 14,659 134,914 
600-649682 2,430 10,733 2,595 5,485 14,126 2,372 38,423 
550-599746 548 2,816 1,931 3,799 4,806 552 15,198 
500-54987 59 1,993 1,094 1,178 7,519 919 12,849 
Under 500— 485 20 98 652 3,607 5 4,867 
Unknown— — — — — — — — 
Total$114,265 $127,634 $313,443 $435,959 $164,525 $232,606 $128,294 $1,516,726 
Accrued interest excluded from total$472 $624 $970 $973 $406 $954 $958 $5,357 
Current period gross charge-offs$— $— $22 $23 $— $233 $22 $300 
(1)Credit scores have been updated within the last twelve months.
Installment (1)
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorTotal
(In thousands)
September 30, 2025
Boat lending
800 and above$8,642 $4,290 $7,205 $7,795 $6,530 $10,664 $45,126 
750-79930,763 21,874 25,400 22,955 22,194 30,864 154,050 
700-74910,039 11,858 7,825 11,108 8,671 11,428 60,929 
650-6991,031 2,308 2,241 2,506 1,983 3,541 13,610 
600-649204 485 480 584 504 998 3,255 
550-59953 81 68 311 418 533 1,464 
500-549— 103 104 198 190 174 769 
Under 500— — 35 133 — 34 202 
Unknown— — — — — — — 
Total$50,732 $40,999 $43,358 $45,590 $40,490 $58,236 $279,405 
Accrued interest excluded from total$174 $162 $167 $104 $91 $125 $823 
Current period gross charge-offs$— $13 $— $247 $28 $79 $367 
Recreational vehicle lending
800 and above$660 $948 $3,635 $9,099 $8,302 $8,583 $31,227 
750-7993,895 9,232 9,158 30,951 28,395 18,304 99,935 
700-7491,040 3,921 5,055 12,181 15,017 8,264 45,478 
650-699121 963 1,688 4,718 4,489 2,766 14,745 
600-649— 323 526 995 1,677 691 4,212 
550-5997 137 284 576 1,109 535 2,648 
500-549— 39 131 387 604 374 1,535 
Under 500— 69 73 202 171 49 564 
Unknown— — — — — — — 
Total$5,723 $15,632 $20,550 $59,109 $59,764 $39,566 $200,344 
Accrued interest excluded from total$23 $57 $73 $144 $136 $88 $521 
Current period gross charge-offs$— $11 $140 $232 $399 $109 $891 
Other
800 and above$1,759 $537 $1,188 $1,228 $671 $1,026 $6,409 
750-7998,060 7,125 5,472 5,024 2,958 5,197 33,836 
700-7495,323 4,749 3,679 3,362 2,158 3,416 22,687 
650-6992,407 1,708 1,294 810 732 1,196 8,147 
600-649124 580 271 457 207 437 2,076 
550-599— 189 231 254 144 267 1,085 
500-549— 74 150 202 171 129 726 
Under 500— 11 25 33 29 32 130 
Unknown729 — — — — — 729 
Total$18,402 $14,973 $12,310 $11,370 $7,070 $11,700 $75,825 
Accrued interest excluded from total$57 $63 $46 $28 $17 $63 $274 
Current period gross charge-offs$1,092 $38 $32 $58 $29 $65 $1,314 
Total installment
800 and above$11,061 $5,775 $12,028 $18,122 $15,503 $20,273 $82,762 
750-79942,718 38,231 40,030 58,930 53,547 54,365 287,821 
700-74916,402 20,528 16,559 26,651 25,846 23,108 129,094 
650-6993,559 4,979 5,223 8,034 7,204 7,503 36,502 
600-649328 1,388 1,277 2,036 2,388 2,126 9,543 
550-59960 407 583 1,141 1,671 1,335 5,197 
500-549— 216 385 787 965 677 3,030 
Under 500— 80 133 368 200 115 896 
Unknown729 — — — — — 729 
Total$74,857 $71,604 $76,218 $116,069 $107,324 $109,502 $555,574 
Accrued interest excluded from total$254 $282 $286 $276 $244 $276 $1,618 
Current period gross charge-offs$1,092 $62 $172 $537 $456 $253 $2,572 
Installment - continued (1)
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorTotal
(In thousands)
December 31, 2024
Boat lending
800 and above$6,125 $6,702 $8,231 $7,492 $3,512 $9,079 $41,141 
750-79926,320 29,173 28,608 24,858 11,604 26,792 147,355 
700-74911,397 9,487 11,342 9,807 4,177 9,137 55,347 
650-6992,722 2,888 2,516 2,419 1,191 3,111 14,847 
600-649504 438 1,104 364 148 775 3,333 
550-599— 215 464 394 76 301 1,450 
500-54927 — 135 199 140 238 739 
Under 500— 35 14 — — 80 129 
Unknown— — — — — — — 
Total$47,095 $48,938 $52,414 $45,533 $20,848 $49,513 $264,341 
Accrued interest excluded from total$179 $178 $124 $104 $50 $101 $736 
Current period gross charge-offs$— $8 $31 $8 $49 $53 $149 
Recreational vehicle lending
800 and above$1,365 $4,270 $11,721 $9,776 $3,382 $7,262 $37,776 
750-79910,528 11,173 33,140 32,266 9,398 14,656 111,161 
700-7495,402 5,230 14,093 15,336 4,177 5,500 49,738 
650-699965 1,949 4,278 5,357 1,249 1,836 15,634 
600-649268 697 1,213 2,364 407 502 5,451 
550-59941 183 443 1,075 135 415 2,292 
500-54950 172 638 745 161 207 1,973 
Under 500— 67 156 207 19 63 512 
Unknown— — — — — — — 
Total$18,619 $23,741 $65,682 $67,126 $18,928 $30,441 $224,537 
Accrued interest excluded from total$69 $89 $156 $154 $41 $67 $576 
Current period gross charge-offs$— $42 $152 $322 $42 $109 $667 
Other
800 and above$1,342 $1,323 $1,788 $938 $639 $831 $6,861 
750-7999,938 8,029 7,208 4,732 2,013 4,375 36,295 
700-74914,512 4,941 4,232 2,829 1,292 3,278 31,084 
650-69910,551 1,633 1,689 979 430 1,293 16,575 
600-649537 476 522 294 59 418 2,306 
550-59980 211 271 210 21 210 1,003 
500-549— 149 301 229 92 93 864 
Under 50011 17 58 49 3 50 188 
Unknown681 — — — — — 681 
Total$37,652 $16,779 $16,069 $10,260 $4,549 $10,548 $95,857 
Accrued interest excluded from total$96 $65 $40 $22 $10 $63 $296 
Current period gross charge-offs$1,327 $69 $92 $17 $8 $91 $1,604 
Total installment
800 and above$8,832 $12,295 $21,740 $18,206 $7,533 $17,172 $85,778 
750-79946,786 48,375 68,956 61,856 23,015 45,823 294,811 
700-74931,311 19,658 29,667 27,972 9,646 17,915 136,169 
650-69914,238 6,470 8,483 8,755 2,870 6,240 47,056 
600-6491,309 1,611 2,839 3,022 614 1,695 11,090 
550-599121 609 1,178 1,679 232 926 4,745 
500-54977 321 1,074 1,173 393 538 3,576 
Under 50011 119 228 256 22 193 829 
Unknown681 — — — — — 681 
Total$103,366 $89,458 $134,165 $122,919 $44,325 $90,502 $584,735 
Accrued interest excluded from total$344 $332 $320 $280 $101 $231 $1,608 
Current period gross charge-offs$1,327 $119 $275 $347 $99 $253 $2,420 
(1)Credit scores have been updated within the last twelve months.
Foreclosed residential real estate properties included in other real estate and repossessed assets, net on our interim Condensed Consolidated Statements of Financial Condition totaled $0.3 million and $0.9 million at September 30, 2025 and December 31, 2024, respectively. Retail mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements totaled $2.4 million and $2.0 million at September 30, 2025 and December 31, 2024, respectively.
During the three and nine month periods ended September 30, 2025, we sold $4.5 million and $19.9 million, respectively, of portfolio residential mortgage loans servicing retained and recognized a gain on sale of $0.07 million and $0.37 million, respectively. During the three and nine month periods ended September 30, 2024, we sold $6.6 million and $14.7 million, respectively, of portfolio residential mortgage loans servicing retained and recognized a gain on sale of $0.12 million and $0.25 million, respectively. These gains are included in net gains (losses) on assets - mortgage loans on our interim Condensed Consolidated Statements of Operations. These transactions were done primarily for asset/liability management purposes.