LOANS AND ALLOWANCE FOR CREDIT LOSSES

Schedule of activity in allowance for loan losses and allocation of allowance to loan segments


									Second
									Mortgages
					Commercial				and		Residential
	Commercial		Commercial		and		One- to Four-		Equity Lines		Real Estate
	Real Estate		Construction		Industrial		Family		of Credit		Construction		Consumer		Total

	(in thousands)

Balance at December 31, 2024	$	30,764	$	4,257	$	10,700	$	8,720	$	1,348	$	186	$	126	$	56,101

Charge-offs		(8,304)				(384)								(28)		(8,716)
Recoveries		4				22				10				11		47
Provision		2,360		(800)		628		(130)		(155)		(18)		6		1,891
Balance at March 31, 2025	$	24,824	$	3,457	$	10,966	$	8,590	$	1,203	$	168	$	115	$	49,323


									Second
									Mortgages
					Commercial				and		Residential
	Commercial		Commercial		and		One- to Four-		Equity Lines		Real Estate
	Real Estate		Construction		Industrial		Family		of Credit		Construction		Consumer		Total

	(in thousands)

Balance at December 31, 2023	$	21,288	$	4,824	$	8,107	$	12,101	$	964	$	418	$	270	$	47,972

Charge-offs		—		—		(228)		—		—		—		(49)		(277)
Recoveries		100		—		46		—		3		—		3		152
Provision		(125)		498		138		(66)		(25)		(87)		5		338
Balance at March 31, 2024	$	21,263	$	5,322	$	8,063	$	12,035	$	942	$	331	$	229	$	48,185

Summary of past due and non-accrual loans


					90 Days				Non-accrual Loans
	30-59 Days		60-89 Days		or More		Total		With		Without
	Past Due		Past Due		Past Due		Past Due		an ACL		an ACL

	(in thousands)
March 31, 2025
Commercial real estate	$	30	$	8,610	$	—	$	8,640	$	—	$	8,610
Commercial construction		—		—		—		—		—		—
Commercial and industrial		3,039		3		1,461		4,503		152		10,386
Residential real estate:
One- to four-family		8,688		1,131		5,937		15,756		306		10,458
Second mortgages and equity lines of credit		221		137		450		808		—		941
Consumer:
Auto		26		—		8		34		9		—
Personal		33		16		31		80		40		—
Total	$	12,037	$	9,897	$	7,887	$	29,821	$	507	$	30,395

December 31, 2024
Commercial real estate	$	3,803	$	40	$	—	$	3,843	$	16,836	$	—
Commercial construction		—		—		—		—		—		—
Commercial and industrial		8,273		684		1,269		10,226		665		1,539
Residential real estate:
One- to four-family		8,589		7,014		6,670		22,273		—		9,545
Second mortgages and equity lines of credit		466		312		183		961		89		775
Consumer:
Auto		52		10		—		62		—		—
Personal		42		16		4		62		14		—
Total	$	21,225	$	8,076	$	8,126	$	37,427	$	17,604	$	11,859

Schedule of loans by risk rating


															Revolving
													Revolving		Loans
													Loans		Converted
	Term Loans at Amortized Cost by Origination Year												Amortized		to Term
	2025		2024		2023		2022		2021		Prior		Cost		Loans		Total

	(in thousands)
Balance at March 31, 2025

Commercial real estate
Pass	$	10,814	$	83,643	$	160,911	$	733,666	$	465,523	$	670,876	$	—	$	—	$	2,125,433
Special mention		—		—		7,064		49,623		10,967		24,136		—		—		91,790
Substandard		—		—		5,921		27,018		—		13,708		—		—		46,647
Doubtful		—		—		—		8,610		—		—		—		—		8,610
Total commercial real estate		10,814		83,643		173,896		818,917		476,490		708,720		—		—		2,272,480
YTD gross charge-offs		—		—		—		8,298		—		6		—		—		8,304

Commercial and industrial
Pass		28,905		85,922		71,157		78,126		80,540		150,752		107,456		—		602,858
Special mention		—		4		6,222		1,650		—		1,283		—		—		9,159
Substandard		—		—		61		2,798		3,767		3,593		3,750		—		13,969
Doubtful		—		—		—		—		—		1,320		174		—		1,494
Total commercial and industrial		28,905		85,926		77,440		82,574		84,307		156,948		111,380		—		627,480
YTD gross charge-offs		—		180		48		—		—		156		—		—		384

Commercial construction
Pass		860		33,898		49,671		78,517		35,835		—		1,827		—		200,608
Special mention		—		—		—		15,405		—		—		—		—		15,405
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial construction		860		33,898		49,671		93,922		35,835		—		1,827		—		216,013
YTD gross charge-offs		—		—		—		—		—		—		—		—		—

Residential real estate
Accrual		6,924		83,455		123,742		406,850		447,088		426,244		180,689		2,417		1,677,409
Non-accrual		—		—		—		852		664		9,601		570		18		11,705
Total residential real estate		6,924		83,455		123,742		407,702		447,752		435,845		181,259		2,435		1,689,114
YTD gross charge-offs		—		—		—		—		—		—		—		—		—

Consumer
Accrual		2,174		4,306		3,521		2,772		900		744		913		—		15,330
Non-accrual		—		—		27		4		—		—		18		—		49
Total Consumer		2,174		4,306		3,548		2,776		900		744		931		—		15,379
YTD gross charge-offs		—		17		3		—		—		8		—		—		28

Total loans before basis adjustment	$	49,677	$	291,228	$	428,297	$	1,405,891	$	1,045,284	$	1,302,257	$	295,397	$	2,435	$	4,820,466
Total YTD gross charge-offs	$	—	$	197	$	51	$	8,298	$	—	$	170	$	—	$	—	$	8,716


															Revolving
													Revolving		Loans
													Loans		Converted
	Term Loans at Amortized Cost by Origination Year												Amortized		to Term
	2024		2023		2022		2021		2020		Prior		Cost		Loans		Total

	(in thousands)
Balance at December 31, 2024

Commercial real estate
Pass	$	82,833	$	162,401	$	743,173	$	433,482	$	190,543	$	525,120	$	-	$	-	$	2,137,552
Special mention		-		6,872		39,614		7,539		12,077		12,149		-		-		78,251
Substandard		-		6,598		44,191		-		-		13,717		-		-		64,506
Doubtful		-		-		-		-		-		-		-		-		—
Total commercial real estate		82,833		175,871		826,978		441,021		202,620		550,986		-		-		2,280,309
YTD gross charge-offs		-		-		-		-		-		-		-		-		—

Commercial and industrial
Pass		80,926		78,767		72,636		82,638		63,043		93,493		104,897		-		576,400
Special mention		5		-		1,703		-		-		1,279		2,783		-		5,770
Substandard		-		178		2,874		3,844		-		3,841		260		-		10,997
Doubtful		-		-		-		-		-		1,237		49		-		1,286
Total commercial and industrial		80,931		78,945		77,213		86,482		63,043		99,850		107,989		-		594,453
YTD gross charge-offs		69		26		303		122		74		34		-		-		628

Commercial construction
Pass		31,074		45,739		82,447		73,657		-		-		1,972		-		234,889
Special mention		-		-		17,802		-		-		-		-		-		17,802
Substandard		-		-		-		-		-		-		-		-		—
Doubtful		-		-		-		-		-		-		-		-		—
Total commercial construction		31,074		45,739		100,249		73,657		-		-		1,972		-		252,691
YTD gross charge-offs		-		-		-		-		-		-		-		-		—

Residential real estate
Accrual		85,268		125,741		413,118		452,081		192,734		246,206		179,516		2,403		1,697,067
Non-accrual		-		-		469		673		113		8,572		577		5		10,409
Total residential real estate		85,268		125,741		413,587		452,754		192,847		254,778		180,093		2,408		1,707,476
YTD gross charge-offs		-		-		-		-		-		-		-		-		—

Consumer
Accrual		7,134		4,040		3,186		1,113		279		720		1,004		-		17,476
Non-accrual		3		-		11		-		-		-		-		-		14
Total Consumer		7,137		4,040		3,197		1,113		279		720		1,004		-		17,490
YTD gross charge-offs		-		63		35		25		10		21		-		-		154

Total loans before basis adjustment	$	287,243	$	430,336	$	1,421,224	$	1,055,027	$	458,789	$	906,334	$	291,058	$	2,408	$	4,852,419
Total YTD gross charge-offs	$	69	$	89	$	338	$	147	$	84	$	55	$	—	$	—	$	782