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Loans (Tables)

12 Months Ended

Dec. 31, 2024

Loans and Leases Receivable Disclosure [Abstract]

The Company’s loan portfolio consisted of the following at December 31 (in thousands):


		Principal Amount Outstanding				Net Deferred Loan (Fees) Costs				Loans, Net
2024
Commercial business		$	664,846			$	475			$	665,321
Commercial mortgage–construction			584,296				(1,677	)			582,619
Commercial mortgage–multifamily			471,499				(545	)			470,954
Commercial mortgage–non-owner occupied			859,079				(1,092	)			857,987
Commercial mortgage–owner occupied			288,042				(6	)			288,036
Residential real estate loans			639,466				10,740				650,206
Residential real estate lines			72,308				3,244				75,552
Consumer indirect			819,116				26,656				845,772
Other consumer			42,827				(70	)			42,757
Total		$	4,441,479			$	37,725				4,479,204
Allowance for credit losses–loans											(48,041	)
Total loans, net										$	4,431,163

2023
Commercial business		$	734,947			$	753			$	735,700
Commercial mortgage–construction			495,198				(2,195	)			493,003
Commercial mortgage–multifamily			452,778				(623	)			452,155
Commercial mortgage–non-owner occupied			789,631				(1,116	)			788,515
Commercial mortgage–owner occupied			271,662				(16	)			271,646
Residential real estate loans			637,173				12,649				649,822
Residential real estate lines			73,972				3,395				77,367
Consumer indirect			915,723				33,108				948,831
Other consumer			45,167				(67	)			45,100
Total		$	4,416,251			$	45,888				4,462,139
Allowance for credit losses–loans											(51,082	)
Total loans, net										$	4,411,057

Recorded Investment by Loan Class in Current and Nonaccrual Loans

The Company’s recorded investment, by loan class, in current and nonaccrual loans, as well as an analysis of accruing delinquent loans is set forth as of December 31 (in thousands):


		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days				Total Past Due				Nonaccrual				Current				Total Loans				Nonaccrual With No Specific Allowance
2024
Commercial business		$	293			$	9			$	8			$	310			$	5,609			$	658,927			$	664,846			$	427
Commercial mortgage–construction			-				2,285				-				2,285				20,280				561,731				584,296				19,460
Commercial mortgage–multifamily			-				-				-				-				-				471,499				471,499				-
Commercial mortgage–non-owner occupied			256				-				-				256				4,773				854,050				859,079				4,773
Commercial mortgage–owner occupied			-				-				-				-				354				287,688				288,042				354
Residential real estate loans			3,435				95				-				3,530				6,918				629,018				639,466				6,918
Residential real estate lines			370				47				-				417				253				71,638				72,308				253
Consumer indirect			12,734				2,219				-				14,953				3,157				801,006				819,116				3,157
Other consumer			109				135				35				279				19				42,529				42,827				19
Total loans, gross		$	17,197			$	4,790			$	43			$	22,030			$	41,363			$	4,378,086			$	4,441,479			$	35,361

2023
Commercial business		$	341			$	-			$	-			$	341			$	5,664			$	728,942			$	734,947			$	341
Commercial mortgage–construction			-				727				-				727				5,320				489,151				495,198				5,320
Commercial mortgage–multifamily			4,036				-				-				4,036				189				448,553				452,778				189
Commercial mortgage–non-owner occupied			338				-				-				338				4,651				784,642				789,631				4,651
Commercial mortgage–owner occupied			1,526				-				-				1,526				403				269,733				271,662				403
Residential real estate loans			2,614				80				-				2,694				6,364				628,115				637,173				6,364
Residential real estate lines			163				20				-				183				221				73,568				73,972				221
Consumer indirect			16,128				3,204				-				19,332				3,814				892,577				915,723				3,814
Other consumer			122				27				21				170				13				44,984				45,167				13
Total loans, gross		$	25,268			$	4,058			$	21			$	29,347			$	26,639			$	4,360,265			$	4,416,251			$	21,316

Amortized Cost basis of Loans Modified to Borrowers Experiencing Financial Difficulty

The following table presents the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by loan class and type of concession granted as of December 31, 2024 (in thousands):


		Amortized Cost Basis
Loan Type		Interest Rate Reduction				Term Extension				Principal Forgiveness				Combination - Term Extension and Principal Forgiveness				Combination - Term Extension and Interest Rate Reduction				Total				% of Total Loans
Commercial business		$	-			$	-			$	-			$	-			$	-			$	-				0.0	%
Commercial mortgage–construction			-				-				-				-				-				-				0.0	%
Commercial mortgage–multifamily			-				-				-				-				-				-				0.0	%
Commercial mortgage–non-owner occupied			-				-				-				-				-				-				0.0	%
Commercial mortgage–owner occupied			-				-				-				-				-				-				0.0	%
Residential real estate loans			-				1,720				-				-				-				1,720				0.3	%
Residential real estate lines			-				-				-				-				-				-				0.0	%
Consumer indirect			-				-				-				-				-				-				0.0	%
Other consumer			-				-				-				-				-				-				0.0	%
Total		$	-			$	1,720			$	-			$	-			$	-			$	1,720				0.0	%

Financial Effect of the Modifications Made to Borrowers Experiencing Financial Difficulty

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:


Term Extension
Loan Type		Financial Effect
Residential real estate loans		Added a weighted average 10.0 years to the life of the loans, which reduced monthly payment amount for the borrower.

Performance of Loans that are Modified to Borrowers Experiencing Financial Difficulty

The following table depicts the performance of loans that have been modified during the year ended December 31, 2024 (in thousands):


		Payment Status (Amortized Cost Basis)
Loan Type		Current				30-89 Days Past Due				90+ Days Past Due
Commercial business		$	-			$	-			$	-
Commercial mortgage–construction			-				-				-
Commercial mortgage–multifamily			-				-				-
Commercial mortgage–non-owner occupied			-				-				-
Commercial mortgage–owner occupied			-				-				-
Residential real estate loans			1,327				393				-
Residential real estate lines			-				-				-
Consumer indirect			-				-				-
Other consumer			-				-				-
Total		$	1,327			$	393			$	-

Summary of Collateral Dependent Loans

The amortized cost basis of collateral dependent loans categorized by collateral type are set forth as of December 31 (in thousands):


		Collateral Type
		Business Assets				Real Property				Total				Specific Reserve
2024
Commercial business		$	5,860			$	5,000			$	10,860			$	2,073
Commercial mortgage–construction			—				29,792				29,792				820
Commercial mortgage–multifamily			—				—				—				—
Commercial mortgage–non-owner occupied			—				17,767				17,767				—
Commercial mortgage–owner occupied			—				720				720				—
Total		$	5,860			$	53,279			$	59,139			$	2,893

2023
Commercial business		$	8,698			$	5,000			$	13,698			$	2,198
Commercial mortgage–construction			—				14,939				14,939				—
Commercial mortgage–multifamily			—				6,164				6,164				559
Commercial mortgage–non-owner occupied			—				4,651				4,651				—
Commercial mortgage–owner occupied			—				821				821				—
Total		$	8,698			$	31,575			$	40,273			$	2,757

Commercial Loan Portfolio Categorized by Internally Assigned Asset Classification

The following tables sets forth the Company’s commercial loan portfolio, categorized by internally assigned asset classification, as of the dates indicated (in thousands):


		Term Loans Amortized Cost Basis by Origination Year
		2024				2023				2022				2021				2020				Prior				Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total
December 31, 2024
Commercial business:
Uncriticized		$	121,094			$	90,618			$	69,669			$	43,566			$	20,745			$	19,409			$	267,186			$	-			$	632,287
Special mention			2,218				4,814				297				57				8				1,678				9,297				-				18,369
Substandard			169				937				20				19				22				184				7,789				-				9,140
Doubtful			-				-				5,039				21				-				172				293				-				5,525
Total		$	123,481			$	96,369			$	75,025			$	43,663			$	20,775			$	21,443			$	284,565			$	-			$	665,321
Current period gross write-offs		$	-			$	5			$	-			$	20			$	-			$	274			$	-			$	-			$	299

Commercial mortgage–construction
Uncriticized		$	52,470			$	175,559			$	311,182			$	3,753			$	341			$	6,516			$	-			$	-			$	549,821
Special mention			-				-				722				2,284				-				-				-				-				3,006
Substandard			-				-				-				-				-				9,512				-				-				9,512
Doubtful			-				820				-				19,460				-				-				-				-				20,280
Total		$	52,470			$	176,379			$	311,904			$	25,497			$	341			$	16,028			$	-			$	-			$	582,619
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-

Commercial mortgage–multifamily
Uncriticized		$	26,339			$	105,838			$	43,924			$	143,994			$	65,206			$	67,715			$	-			$	-			$	453,016
Special mention			-				-				3,625				-				6,825				6,234				-				-				16,684
Substandard			-				-				-				-				463				791				-				-				1,254
Doubtful			-				-				-				-				-				-				-				-				-
Total		$	26,339			$	105,838			$	47,549			$	143,994			$	72,494			$	74,740			$	-			$	-			$	470,954
Current period gross write-offs		$	-			$	-			$	-			$	13			$	-			$	-			$	-			$	-			$	13

Commercial mortgage–non-owner occupied
Uncriticized		$	83,677			$	66,338			$	245,618			$	99,175			$	82,368			$	250,316			$	-			$	-			$	827,492
Special mention			-				-				-				4,691				-				7,829				-				-				12,520
Substandard			-				12,994				-				208				-				-				-				-				13,202
Doubtful			-				-				293				-				-				4,480				-				-				4,773
Total		$	83,677			$	79,332			$	245,911			$	104,074			$	82,368			$	262,625			$	-			$	-			$	857,987
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-

Commercial mortgage–owner occupied
Uncriticized		$	67,060			$	41,274			$	48,517			$	34,049			$	43,528			$	50,967			$	-			$	-			$	285,395
Special mention			-				-				451				-				126				1,110				-				-				1,687
Substandard			-				-				224				-				366				10				-				-				600
Doubtful			-				-				-				-				-				354				-				-				354
Total		$	67,060			$	41,274			$	49,192			$	34,049			$	44,020			$	52,441			$	-			$	-			$	288,036
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-


		Term Loans Amortized Cost Basis by Origination Year
		2023				2022				2021				2020				2019				Prior				Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total
December 31, 2023
Commercial business:
Uncriticized		$	111,035			$	124,572			$	77,079			$	49,531			$	21,971			$	64,648			$	257,585			$	—			$	706,421
Special mention			7,532				—				2,400				—				114				—				2,442				—				12,488
Substandard			1,609				11				81				—				—				888				8,532				—				11,121
Doubtful			—				5,097				—				—				14				397				162				—				5,670
Total		$	120,176			$	129,680			$	79,560			$	49,531			$	22,099			$	65,933			$	268,721			$	—			$	735,700
Current period gross write-offs		$	—			$	5			$	3			$	31			$	8			$	235			$	—			$	—			$	282

Commercial mortgage–construction
Uncriticized		$	115,475			$	269,461			$	59,147			$	9,352			$	7,447			$	225			$	—			$	—			$	461,107
Special mention			—				—				16,895				—				—				—				—				—				16,895
Substandard			—				—				—				—				—				9,681				—				—				9,681
Doubtful			1,320				—				4,000				—				—				—				—				—				5,320
Total		$	116,795			$	269,461			$	80,042			$	9,352			$	7,447			$	9,906			$	—			$	—			$	493,003
Current period gross write-offs		$	981			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	981

Commercial mortgage–multifamily
Uncriticized		$	111,622			$	53,495			$	128,605			$	68,029			$	23,359			$	51,476			$	—			$	—			$	436,586
Special mention			—				494				241				6,825				119				—				—				—				7,679
Substandard			—				—				—				499				—				7,215				—				—				7,714
Doubtful			77				—				83				14				—				2				—				—				176
Total		$	111,699			$	53,989			$	128,929			$	75,367			$	23,478			$	58,693			$	—			$	—			$	452,155
Current period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

Commercial mortgage–non-owner occupied
Uncriticized		$	78,053			$	212,188			$	103,894			$	83,714			$	93,645			$	197,915			$	—			$	—			$	769,409
Special mention			—				—				—				2,157				—				11,355				—				—				13,512
Substandard			—				338				212				—				—				379				—				—				929
Doubtful			—				—				15				—				67				4,583				—				—				4,665
Total		$	78,053			$	212,526			$	104,121			$	85,871			$	93,712			$	214,232			$	—			$	—			$	788,515
Current period gross write-offs		$	—			$	—			$	—			$	13			$	—			$	—			$	—			$	—			$	13

Commercial mortgage–owner occupied
Uncriticized		$	45,220			$	68,542			$	37,270			$	48,118			$	26,571			$	45,087			$	—			$	—			$	270,808
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				419				—				16				—				—				435
Doubtful			—				—				—				—				—				403				—				—				403
Total		$	45,220			$	68,542			$	37,270			$	48,537			$	26,571			$	45,506			$	—			$	—			$	271,646
Current period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	18			$	—			$	—			$	18

Retail Loan Portfolio Categorized by Payment Status

The following tables sets forth the Company’s retail loan portfolio, categorized by payment status, as of the dates indicated (in thousands):


		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total
		2024				2023				2022				2021				2020				Prior
December 31, 2024
Residential real estate loans:
Performing		$	54,345			$	110,882			$	75,264			$	73,754			$	99,943			$	229,100			$	-			$	-			$	643,288
Nonperforming			-				658				625				1,410				1,436				2,789				-				-				6,918
Total		$	54,345			$	111,540			$	75,889			$	75,164			$	101,379			$	231,889			$	-			$	-			$	650,206
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	109			$	-			$	-			$	109

Residential real estate lines:
Performing		$	-			$	-			$	-			$	-			$	-			$	-			$	71,059			$	4,240			$	75,299
Nonperforming			-				-				-				-				-				-				74				179				253
Total		$	-			$	-			$	-			$	-			$	-			$	-			$	71,133			$	4,419			$	75,552
Current period gross write-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-

Consumer indirect:
Performing		$	215,964			$	183,917			$	235,262			$	149,499			$	41,773			$	16,200			$	-			$	-			$	842,615
Nonperforming			262				482				1,130				694				351				238				-				-				3,157
Total		$	216,226			$	184,399			$	236,392			$	150,193			$	42,124			$	16,438			$	-			$	-			$	845,772
Current period gross write-offs		$	361			$	4,814			$	5,964			$	4,621			$	1,708			$	1,511			$	-			$	-			$	18,979

Other consumer:
Performing		$	7,482			$	28,777			$	2,316			$	729			$	281			$	242			$	2,876			$	-			$	42,703
Nonperforming			3				2				1				6				1				-				41				-				54
Total		$	7,485			$	28,779			$	2,317			$	735			$	282			$	242			$	2,917			$	-			$	42,757
Current period gross write-offs		$	527			$	129			$	124			$	33			$	27			$	11			$	92			$	-			$	943


		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total
		2023				2022				2021				2020				2019				Prior
December 31, 2023
Residential real estate loans:
Performing		$	112,704			$	80,117			$	80,323			$	109,601			$	70,325			$	190,388			$	—			$	—			$	643,458
Nonperforming			—				384				1,190				1,354				1,137				2,299				—				—				6,364
Total		$	112,704			$	80,501			$	81,513			$	110,955			$	71,462			$	192,687			$	—			$	—			$	649,822
Current period gross write-offs		$	—			$	—			$	—			$	—			$	32			$	95			$	—			$	—			$	127

Residential real estate lines:
Performing		$	—			$	—			$	—			$	—			$	—			$	—			$	72,128			$	5,018			$	77,146
Nonperforming			—				—				—				—				—				—				55				166				221
Total		$	—			$	—			$	—			$	—			$	—			$	—			$	72,183			$	5,184			$	77,367
Current period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	28			$	13			$	41

Consumer indirect:
Performing		$	247,194			$	336,369			$	232,891			$	78,652			$	31,091			$	18,820			$	—			$	—			$	945,017
Nonperforming			724				1,083				1,273				380				224				130				—				—				3,814
Total		$	247,918			$	337,452			$	234,164			$	79,032			$	31,315			$	18,950			$	—			$	—			$	948,831
Current period gross write-offs		$	1,371			$	6,279			$	5,845			$	1,787			$	1,282			$	1,459			$	—			$	—			$	18,023

Other consumer:
Performing		$	35,483			$	3,990			$	1,424			$	949			$	217			$	256			$	2,747			$	—			$	45,066
Nonperforming			13				—				—				—				—				—				21				—				34
Total		$	35,496			$	3,990			$	1,424			$	949			$	217			$	256			$	2,768			$	—			$	45,100
Current period gross write-offs		$	902			$	127			$	105			$	52			$	31			$	20			$	47			$	—			$	1,284

Changes in the Allowance for Loan Losses

The following tables set forth the changes in the allowance for credit losses–loans for the years ended December 31 (in thousands):


						Commercial Mortgage																Residential Real Estate
		Commercial Business				Construction				Multi- Family				Non-Owner Occupied				Owner Occupied				Loans				Lines				Consumer Indirect				Other Consumer				Total
2024
Beginning balance			13,102				3,710				4,009				6,074				2,065				5,286				764				14,099				1,973			$	51,082
Charge-offs			(299	)			-				(13	)			-				-				(109	)			-				(18,979	)			(943	)			(20,343	)
Recoveries			201				-				1				8				4				14				-				11,052				377				11,657
(Benefit) provision			(4,339	)			3,114				(539	)			1,248				2,114				(1,595	)			29				6,533				(920	)			5,645
Ending balance		$	8,665			$	6,824			$	3,458			$	7,330			$	4,183			$	3,596			$	793			$	12,705			$	487			$	48,041

2023
Beginning balance			12,585				2,657				3,409				6,237				2,109				3,301				608				14,238				269			$	45,413
Charge-offs			(282	)			(980	)			-				(14	)			(18	)			(127	)			(41	)			(18,023	)			(1,284	)			(20,769	)
Recoveries			391				-				-				889				88				38				-				10,428				391				12,225
Provision (benefit)			408				2,033				600				(1,038	)			(114	)			2,074				197				7,456				2,597				14,213
Ending balance		$	13,102			$	3,710			$	4,009			$	6,074			$	2,065			$	5,286			$	764			$	14,099			$	1,973			$	51,082

2022
Beginning balance			11,099				2,678				3,479				6,948				1,672				1,604				379				11,611				206			$	39,676
Charge-offs			(312	)			-				-				(1,157	)			(13	)			(303	)			(38	)			(13,215	)			(1,682	)			(16,720	)
Recoveries			376				-				-				2,021				2				24				39				8,677				343				11,482
Provision (benefit)			1,422				(21	)			(70	)			(1,575	)			448				1,976				228				7,165				1,402				10,975
Ending balance		$	12,585			$	2,657			$	3,409			$	6,237			$	2,109			$	3,301			$	608			$	14,238			$	269			$	45,413