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v3.21.1

Loans by Type (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Receivables [Abstract] |
Summary of Loan Categories | A summary of loan categories is as follows:
(In thousands) |  | March 31, 2021 |  | December 31, 2020
Commercial and industrial |  | $ | 302,747 |  | $ | 298,984
Real estate: |  |  |  |  |  |
Commercial: |  |  |  |  |  |
Mortgage |  |  | 96,630 |  |  | 100,419
Construction |  |  | 23,766 |  |  | 25,090
Faith-based: |  |  |  |  |  |
Mortgage |  |  | 331,153 |  |  | 333,661
Construction |  |  | 20,800 |  |  | 23,818
Paycheck Protection Program (“PPP”) |  |  | 113,474 |  |  | 109,704
Other |  |  | 5 |  |  | —
Total loans |  | $ | 888,575 |  | $ | 891,676
Schedule of the Aging Loans by Loan Categories | The following table presents the aging of loans by loan categories at March 31, 2021 and December 31, 2020:
|  | Performing |  | Nonperforming |  |
(In thousands) |  | Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Non- accrual |  | Total Loans
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 302,747 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 302,747
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 96,630 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96,630
Construction |  |  | 23,766 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,766
Faith-based: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 331,153 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 331,153
Construction |  |  | 20,800 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,800
PPP |  |  | 113,474 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 113,474
Other |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5
Total |  | $ | 888,575 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 888,575
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 298,984 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 298,984
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 100,419 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100,419
Construction |  |  | 25,090 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,090
Faith-based: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 333,661 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 333,661
Construction |  |  | 23,818 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,818
PPP |  |  | 109,704 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 109,704
Total |  | $ | 891,676 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 891,676
Schedule of Credit Exposure of the Loan Portfolio | The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of March 31, 2021 and December 31, 2020:
(In thousands) |  | Loans Subject to Normal Monitoring1 |  | Performing Loans Subject to Special Monitoring2 |  | Nonperforming Loans Subject to Special Monitoring2 |  | Total Loans
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 289,698 |  | $ | 13,049 |  | $ | — |  | $ | 302,747
Real estate |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 95,305 |  |  | 1,325 |  |  | — |  |  | 96,630
Construction |  |  | 23,766 |  |  | — |  |  | — |  |  | 23,766
Faith-based: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 328,105 |  |  | 3,048 |  |  | — |  |  | 331,153
Construction |  |  | 20,800 |  |  | — |  |  | — |  |  | 20,800
PPP |  |  | 113,474 |  |  | — |  |  | — |  |  | 113,474
Other |  |  | 5 |  |  | — |  |  | — |  |  | 5
Total |  | $ | 871,153 |  | $ | 17,422 |  | $ | — |  | $ | 888,575
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 284,882 |  | $ | 14,102 |  | $ | — |  | $ | 298,984
Real estate |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 99,044 |  |  | 1,375 |  |  | — |  |  | 100,419
Construction |  |  | 25,090 |  |  | — |  |  | — |  |  | 25,090
Faith-based: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 330,554 |  |  | 3,107 |  |  | — |  |  | 333,661
Construction |  |  | 23,818 |  |  | — |  |  | — |  |  | 23,818
PPP |  |  | 109,704 |  |  | — |  |  | — |  |  | 109,704
Total |  | $ | 873,092 |  | $ | 18,584 |  | $ | — |  | $ | 891,676
1 | Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations.
2 | Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.
Summary of Category of Loans Considered as Troubled Debt Restructuring | The recorded investment by category for loans considered as troubled debt restructuring during the year ended December 31, 2020 is as follows:
(In thousands) |  | Number of Loans |  | Pre-Modification Outstanding Balance |  | Post-Modification Outstanding Balance
Commercial and industrial |  | 1 |  | $ | 8,773 |  | $ | 8,773
Faith-based real estate |  | 1 |  |  | 1,029 |  |  | 1,029
Total |  | 2 |  | $ | 9,802 |  | $ | 9,802
Summary of ACL by Category | A summary of the activity in allowance for credit losses (“ACL”) by category for the period ended March 31, 2021 and December 31, 2020 is as follows:
(In thousands) |  | C&I |  | CRE |  | Faith-based CRE |  | Construction |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  | $ | 4,635 |  | $ | 1,175 |  | $ | 5,717 |  | $ | 417 |  | $ | 11,944
Charge Offs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
(Release of) provision for credit losses |  |  | 54 |  |  | (65) |  |  | (200) |  |  | (29) |  |  | (240)
Recoveries |  |  | 2 |  |  | — |  |  | 15 |  |  | — |  |  | 17
Balance at March 31, 2021 |  | $ | 4,691 |  | $ | 1,110 |  | $ | 5,532 |  | $ | 388 |  | $ | 11,721
The decrease in the provision for credit losses on loans during the quarter ended March 31, 2021 is due to the Company’s forecast of macroeconomic factors, which improved during the first quarter 2021.
(In thousands) |  | C&I |  | CRE |  | Faith-based CRE |  | Construction |  | Total
Allowance for credit losses on loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 |  | $ | 4,874 |  | $ | 1,528 |  | $ | 3,842 |  | $ | 312 |  | $ | 10,556
Cumulative effect of accounting change (ASU 2016-13) |  |  | (526) |  |  | (401) |  |  | 1,636 |  |  | 14 |  |  | 723
Balance at January 1, 2020 |  |  | 4,348 |  |  | 1,127 |  |  | 5,478 |  |  | 326 |  |  | 11,279
Provision for credit losses |  |  | 268 |  |  | 48 |  |  | 238 |  |  | 91 |  |  | 645
Recoveries |  |  | 19 |  |  | — |  |  | 1 |  |  | — |  |  | 20
Balance at December 31, 2020 |  | $ | 4,635 |  | $ | 1,175 |  | $ | 5,717 |  | $ | 417 |  | $ | 11,944
Summary of the Allowance for Loan Losses | A summary of the activity in the allowance for loan losses from December 31, 2019 to March 31, 2020 is as follows:
(In thousands) |  | December 31, 2019 |  | Charge- Offs |  | Recoveries |  | Provision |  | March 31, 2020
Commercial and industrial |  | $ | 4,874 |  | $ | — |  | $ | 7 |  | $ | 213 |  | $ | 5,094
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 1,528 |  |  | — |  |  | — |  |  | 24 |  |  | 1,552
Construction |  |  | 191 |  |  | — |  |  | — |  |  | (41) |  |  | 150
Faith-based: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 3,842 |  |  | — |  |  | 1 |  |  | 106 |  |  | 3,949
Construction |  |  | 121 |  |  | — |  |  | — |  |  | 23 |  |  | 144
Total |  | $ | 10,556 |  | $ | — |  | $ | 8 |  | $ | 325 |  | $ | 10,889

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