v3.25.3

Portfolio Loans Receivable and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Major Categories of Total Loans Outstanding

The following is a summary of the major categories of total loans outstanding:

						September 30, 2025												December 31, 2024
(in thousands)						Amount						Percent						Amount						Percent
Real estate:
Residential						$	740,060					26		%				$	688,552					26		%
Commercial						987,519						35						943,019						36
Construction						344,290						12						321,252						12
Commercial and Industrial						619,148						22						554,550						21
Credit card, net of reserve(1)						136,483						5						127,766						5
Other consumer						2,010						—						2,089						—
Portfolio loans receivable, gross						2,829,510						100		%				2,637,228						100		%
Deferred origination fees, net						(7,527)												(7,065)
Allowance for credit losses						(53,045)												(48,652)
Portfolio loans receivable, net						$	2,768,938											$	2,581,511

_____________

(1)    Credit card loans are presented net of reserve for interest and fees.

Schedule of Changes in Allowance for Credit Losses by Loan Segment Class

The following tables set forth the changes in the ACL by loan segment class for the three and nine months ended September 30, 2025 and September 30, 2024.

The ACL on loans at September 30, 2025 included $3.4 million on acquired purchased credit deteriorated (“PCD”) loans established as a measurement period adjustment to the Day 1 purchase accounting.

(in thousands)						Beginning Balance						Measurement Period Adjustment for Acquired PCD Loans						Provision (Release of Provision) for Credit Losses						Charge-Offs						Recoveries						Ending Balance
Three Months Ended September 30, 2025
Real estate:
Residential						$	6,772					$	—					$	249					$	—					$	7					$	7,028
Commercial						14,262						—						603						—						—						14,865
Construction						3,410						—						321						—						—						3,731
Commercial and Industrial						16,249						3,424						680						(336)						—						20,017
Credit card						6,749						—						2,797						(2,156)						9						7,399
Other consumer						5						—						—						—						—						5
Total						$	47,447					$	3,424					$	4,650					$	(2,492)					$	16					$	53,045
Nine Months Ended September 30, 2025
Real estate:
Residential						$	6,945					$	—					$	76					$	(1)					$	8					$	7,028
Commercial						16,041						—						519						(1,695)						—						14,865
Construction						2,973						—						1,022						(264)						—						3,731
Commercial and Industrial						16,377						3,424						1,764						(1,597)						49						20,017
Credit card						6,301						—						7,606						(6,524)						16						7,399
Other consumer						15						—						(10)						—						—						5
Total						$	48,652					$	3,424					$	10,977					$	(10,081)					$	73					$	53,045

(in thousands)						Beginning Balance																		Provision (Release of Provision) for Credit Losses						Charge-Offs						Recoveries						Ending Balance
Three Months Ended September 30, 2024
Real estate:
Residential						$	5,999																	$	(21)					$	4					$	—					$	5,982
Commercial						11,682																		593						(570)						—						11,705
Construction						2,299																		305						—						—						2,604
Commercial and Industrial						4,076																		577						(368)						2						4,287
Credit card						6,758																		2,294						(1,727)						4						7,329
Other consumer						18																		—						—						—						18
Total						$	30,832																	$	3,748					$	(2,661)					$	6					$	31,925
Nine Months Ended September 30, 2024
Real estate:
Residential						$	5,518																	$	1,094					$	(630)					$	—					$	5,982
Commercial						10,316																		1,959						(570)						—						11,705
Construction						2,271																		333						—						—						2,604
Commercial and Industrial						4,406																		349						(470)						2						4,287
Credit card						6,087																		6,151						(5,019)						110						7,329
Other consumer						12																		6						—						—						18
Total						$	28,610																	$	9,892					$	(6,689)					$	112					$	31,925

Schedule of Past Due Loans Segregated by Age and Class of Loans

Past due loans, segregated by age and class of loans, as of September 30, 2025 and December 31, 2024 were as follows:

Portfolio Loans Past Due
						Loans 30-59 Days Past Due						Loans 60-89 Days Past Due						Loans 90 or More Days Past Due						Total Past Due Loans						Current Loans						Total Portfolio Loans						Accruing Loans 90 or More Days Past Due1						Nonaccrual Loans
(in thousands)
September 30, 2025
Real estate:
Residential						$	9,584					$	2,541					$	7,278					$	19,403					$	720,657					$	740,060					$	615					$	6,551
Commercial						20,590						401						13,320						34,311						953,208						987,519						23						16,687
Construction						307						3,197						9,709						13,213						331,077						344,290						3,196						6,513
Commercial and Industrial						2,376						13,345						15,248						30,969						588,179						619,148						361						22,496
Credit card						7,436						6,477						1,881						15,794						120,689						136,483						1,881						—
Other consumer						—						—						—						—						2,010						2,010						—						—
Total						$	40,293					$	25,961					$	47,436					$	113,690					$	2,715,820					$	2,829,510					$	6,076					$	52,247
						Loans 30-59 Days Past Due						Loans 60-89 Days Past Due						Loans 90 or More Days Past Due						Total Past Due Loans						Current Loans						Total Portfolio Loans						Accruing Loans 90 or More Days Past Due						Nonaccrual Loans
December 31, 2024
Real estate:
Residential						$	1,656					$	4,913					$	6,644					$	13,213					$	675,339					$	688,552					$	—					$	8,652
Commercial						4,957						7,570						7,001						19,528						923,491						943,019						100						14,312
Construction						1,000						415						4,309						5,724						315,528						321,252						—						4,309
Commercial and Industrial						10,981						1,245						1,049						13,275						541,275						554,550						—						2,968
Credit card						6,923						6,561						1,544						15,028						112,738						127,766						1,544						—
Other consumer						—						—						—						—						2,089						2,089						—						—
Total						$	25,517					$	20,704					$	20,547					$	66,768					$	2,570,460					$	2,637,228					$	1,644					$	30,241

1Accruing Loans 90 or More Days Past Due are well-collateralized and in the process of collection. The balance includes a $3.2 million loan that was collected after September 30, 2025 and is now resolved.

Schedule of Nonaccrual Loans

The following presents the nonaccrual loans as of September 30, 2025 and December 31, 2024:

						September 30, 2025
						Nonaccrual with No Allowance for Credit Loss						Nonaccrual with an Allowance for Credit Loss						Total Nonaccrual Loans						Interest Recognized on Nonaccrual Loans
(in thousands)
Real estate:
Residential						$	6,543					$	8					$	6,551					$	92
Commercial						15,380						1,307						16,687						10
Construction						6,513						—						6,513						490
Commercial and Industrial						13,859						8,637						22,496						394
Total						$	42,295					$	9,952					$	52,247					$	986
						December 31, 2024
						Nonaccrual with No Allowance for Credit Loss						Nonaccrual with an Allowance for Credit Loss						Total Nonaccrual Loans						Interest Recognized on Nonaccrual Loans
Real estate:
Residential									$	8,055											$	597								$	8,652					$	38
Commercial						3,205						11,107						14,312						122
Construction						4,309						—						4,309						144
Commercial and Industrial						247						2,721						2,968						106
Total						$	15,816					$	14,425					$	30,241					$	410

Collateral dependent loans amortized cost
(in thousands)						September 30, 2025						December 31, 2024
Real estate:
Residential						$	6,657					$	8,780
Commercial						14,862						14,803
Construction						5,232						4,301
Commercial and Industrial						11,235						6,551
Total						$	37,986					$	34,435

Schedule of Loan Modifications to Borrowers Experiencing Financial Difficulty

The Company made one loan modification on loans to borrowers experiencing financial difficulty during the nine months ended September 30, 2025 as follows:

Modifications

(in thousands)

Amortized Cost Basis

% of Total Loan Type

Financial Effect

Real estate:

Commercial and Industrial

44

0.007

%

Extended maturity date of one loan which reduced monthly payment amount for the borrower.

Total

$

44

The Company made four loan modifications on loans to borrowers experiencing financial difficulty during the nine months ended September 30, 2024 as follows:

Modifications
(in thousands)						Amortized Cost Basis						% of Total Loan Type						Financial Effect
Real estate:
Residential						$	760					0.199		%				Added 1 year to the life of the loan which reduced monthly payment amount for the borrower; Reduced contractual interest rate from 8.375% to 6.375% on one loan.
Residential - Home Equity						91						0.164		%				Added 22 years to the life of the loan which reduced monthly payment amount for the borrower; Reduced contractual interest rate from 10.490% to 6.375% on one loan.
Commercial and Industrial						112						0.044		%				Provided 6 months payment deferral to borrower through the Bank’s standard deferral program on one loan; Reduced contractual interest rate from 11.250% to 6.000% on one loan.
Total						$	963

Schedule of Financing Receivable Modified Past Due

The following table presents the payment status of loans that have been modified in the last twelve months:

						September 30, 2025
												Past Due						Past Due
(in thousands)						Current						30-89 Days						90 Days or More						Nonaccrual						Total
Real estate:
Residential						$	44					$	—					$	—					$	—					$	44
Residential - Home Equity						—						—						—						—						—
Commercial						524						—						—						890						1,414
Commercial and Industrial						2,504						—						—						—						2,504
						$	3,072					$	—					$	—					$	890					$	3,962

Schedule of Loans by Credit Quality Indicators and Gross Charge-Offs

The following table presents the balances of classified loans based on the most recent credit quality indicator analysis. Classified loans include Special Mention, Substandard and Doubtful loans. Pass classified loans include loans graded exceptional, very good, good, satisfactory, and pass/watch. Credit card loans are ungraded as they are not individually graded. Charge-offs presented represent gross charge-offs recognized in the current period:

September 30, 2025						Term Loans by Origination Year
(in thousands)						2025						2024						2023						2022						2021						Prior						Revolving						Total
Residential – Real estate
Pass						$	163,768					$	117,167					$	104,384					$	110,192					$	67,743					$	161,696					$	—					$	724,950
Special Mention						—						—						1,991						2,030						1,232						3,567						—						8,820
Substandard						580						287						—						33						322						5,068						—						6,290
Doubtful						—						—						—						—						—						—						—						—
Total						164,348						117,454						106,375						112,255						69,297						170,331						—						740,060
Commercial – Real estate
Pass						126,825						222,560						57,351						128,644						130,560						249,602						—						915,542
Special Mention						—						—						2,526						39,436						5,718						6,581						—						54,261
Substandard						—						—						5,967						5,989						1,611						4,149						—						17,716
Doubtful						—						—						—						—						—						—						—						—
Total						126,825						222,560						65,844						174,069						137,889						260,332						—						987,519
Construction – Real estate
Pass						65,799						110,579						84,932						44,504						11,615						17,680						—						335,109
Special Mention						—						—						1,000						—						1,668						—						—						2,668
Substandard						—						—						1,976						—						593						3,944						—						6,513
Doubtful						—						—						—						—						—						—						—						—
Total						65,799						110,579						87,908						44,504						13,876						21,624						—						344,290
Commercial and Industrial
Pass						133,635						149,007						98,043						94,645						35,890						71,822						—						583,042
Special Mention						—						202						101						801						129						5,775						—						7,008
Substandard						4,213						326						16,688						1,737						1,525						4,609						—						29,098
Doubtful						—						—						—						—						—						—						—						—
Total						137,848						149,535						114,832						97,183						37,544						82,206						—						619,148
Other consumer
Pass						598						1,176						—						52						54						130						—						2,010
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—
Total						598						1,176						—						52						54						130						—						2,010
Credit card
Ungraded						—						—						—						—						—						—						136,483						136,483
Portfolio loans receivable, gross						$	495,418					$	601,304					$	374,959					$	428,063					$	258,660					$	534,623					$	136,483					$	2,829,510

September 30, 2025
(in thousands)						2025						2024						2023						2022						2021						Prior						Revolving						Total
Gross Charge-Offs
Residential real estate						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial real estate						—						—						—						—						—						1,695						—						1,695
Construction						—						—						—						—						—						264						—						264
Commercial and Industrial						—						15						713						252						8						609						—						1,597
Credit card						—						—						—						—						—						—						6,522						6,522
Total						$	—					$	15					$	713					$	252					$	8					$	2,568					$	6,522					$	10,078

December 31, 2024						Term Loans by Origination Year
(in thousands)						2024						2023						2022						2021						2020						Prior						Revolving						Total
Residential – Real estate
Pass						$	155,867					$	129,639					$	122,203					$	76,906					$	69,647					$	117,272					$	—					$	671,534
Special Mention						—						—						2,065						1,242						3,604						—						—						6,911
Substandard						—						—						—						3,422						189						6,496						—						10,107
Doubtful						—						—						—						—						—						—						—						—
Total						155,867						129,639						124,268						81,570						73,440						123,768						—						688,552
Commercial – Real estate
Pass						235,929						61,372						170,611						146,642						92,038						207,631						—						914,223
Special Mention						—						2,300						10,747						5,052						—						788						—						18,887
Substandard						—						—						7,558						—						320						2,031						—						9,909
Doubtful						—						—						—						—						—						—						—						—
Total						235,929						63,672						188,916						151,694						92,358						210,450						—						943,019
Construction – Real estate
Pass						98,942						129,202						46,532						20,634						15,458						6,175						—						316,943
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						2,252						2,057						—						4,309
Doubtful						—						—						—						—						—						—						—						—
Total						98,942						129,202						46,532						20,634						17,710						8,232						—						321,252
Commercial and Industrial
Pass						129,043						130,647						117,346						42,747						21,356						107,953						—						549,092
Special Mention						232						—						489						—						—						270						—						991
Substandard						—						209						712						205						3,239						102						—						4,467
Doubtful						—						—						—						—						—						—						—						—
Total						129,275						130,856						118,547						42,952						24,595						108,325						—						554,550
Other consumer
Pass						1,226						278						73						95						76						341						—						2,089
Special Mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						—						—						—
Doubtful						—						—						—						—						—						—						—						—
Total						1,226						278						73						95						76						341						—						2,089
Credit card
Ungraded						—						—						—						—						—						—						127,766						127,766
Portfolio loans receivable, gross						$	621,239					$	453,647					$	478,336					$	296,945					$	208,179					$	451,116					$	127,766					$	2,637,228

December 31, 2024
(in thousands)						2024						2023						2022						2021						2020						Prior						Revolving						Total
Gross Charge-Offs
Residential real estate						$	—					$	—					$	—					$	—					$	—					$	907					$	—					$	907
Commercial real estate						—						—						570						—						—						—						—						570
Commercial and Industrial						84						80						306						—						—						136						—						606
Credit card						—						—						—						—						—						—						7,145						7,145
Total						$	84					$	80					$	876					$	—					$	—					$	1,043					$	7,145					$	9,228

Schedule of Outstanding Loan Commitments

Outstanding loan commitments were as follows:

(in thousands)						September 30, 2025						December 31, 2024
Unused lines of credit
Real Estate:
Residential						$	21,655					$	20,996
Residential - Home Equity						42,960						46,900
Commercial						21,812						44,201
Construction						90,818						85,984
Commercial and Industrial						68,813						79,961
Credit card(1)						137,816						124,732
Other consumer						229						255
Total						$	384,103					$	403,029
Letters of credit						$	1,633					$	3,122

_______________

(1)Outstanding loan commitments in the credit card portfolio include $98.4 million and $97.2 million in secured and partially secured balances as of September 30, 2025 and December 31, 2024, respectively.

Schedule of Credit Losses for Financing Receivables

Activity for this account is as follows for the periods presented:

						Three months ended												Nine months ended
(in thousands)						September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Balance at beginning of period						$	1,191					$	1,052					$	1,191					$	806
Provision for credit losses on unfunded commitments						217						17						217						263
Balance at end of period						$	1,408					$	1,069					$	1,408					$	1,069

Activity in this reserve is as follows for the periods presented:

						Three months ended												Nine months ended
(in thousands)						September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Balance at beginning of period						$	2,294					$	912					$	2,260					$	985
Provision for (release of) mortgage loan put-back reserve						19						20						53						(53)
Balance at end of period						$	2,313					$	932					$	2,313					$	932

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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Topic 310
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-Section 55
-Paragraph 12A
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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- Definition

Tabular disclosure of allowance for credit loss of financing receivable, classified as current.

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-Topic 326
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- Definition

Tabular disclosure of financing receivable on nonaccrual status.

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-Topic 326
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- Definition

Tabular disclosure of financing receivable modified for debtor experiencing financial difficulty.

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