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Loans by Type (Tables) | 6 Months Ended
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Jun. 30, 2021
Receivables [Abstract] |
Summary of Loan Categories | A summary of loan categories is as follows:
(In thousands) |  | June 30, 2021 |  | December 31, 2020
Commercial and industrial |  | $ | 330,714 |  | $ | 298,984
Real estate: |  |  |  |  |  |
Commercial: |  |  |  |  |  |
Mortgage |  |  | 103,878 |  |  | 100,419
Construction |  |  | 24,500 |  |  | 25,090
Faith-based: |  |  |  |  |  |
Mortgage |  |  | 331,235 |  |  | 333,661
Construction |  |  | 24,051 |  |  | 23,818
Paycheck Protection Program (“PPP”) |  |  | 56,642 |  |  | 109,704
Total loans |  | $ | 871,020 |  | $ | 891,676
Schedule of the Aging Loans by Loan Categories | The following table presents the aging of loans past due by category at June 30, 2021 and December 31, 2020:
|  | Performing |  | Nonperforming |  |
(In thousands) |  | Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Non- accrual |  | Total Loans
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 330,714 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 330,714
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 103,878 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 103,878
Construction |  |  | 24,500 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,500
Faith-based: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 331,235 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 331,235
Construction |  |  | 24,051 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 24,051
PPP |  |  | 56,642 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 56,642
Total |  | $ | 871,020 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 871,020
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 June 30, 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
June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 319,477 |  | $ | 11,237 |  | $ | — |  | $ | 330,714
Real estate |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 103,637 |  |  | 241 |  |  | — |  |  | 103,878
Construction |  |  | 24,500 |  |  | — |  |  | — |  |  | 24,500
Faith-based: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage |  |  | 328,236 |  |  | 2,999 |  |  | — |  |  | 331,235
Construction |  |  | 24,051 |  |  | — |  |  | — |  |  | 24,051
PPP |  |  | 56,642 |  |  | — |  |  | — |  |  | 56,642
Total |  | $ | 856,543 |  | $ | 14,477 |  | $ | — |  | $ | 871,020
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 June 30, 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 |  |  | (509) |  |  | (54) |  |  | (199) |  |  | (28) |  |  | ($790)
Recoveries |  |  | 2 |  |  | — |  |  | 15 |  |  | — |  |  | 17
Balance at June 30, 2021 |  | $ | 4,128 |  | $ | 1,121 |  | $ | 5,533 |  | $ | 389 |  | $ | 11,171
The release of provision for credit losses during the six months ended June 30, 2021 is primarily due to improved economic conditions and the removal of specific allowance for credit loss allocations on impaired loans.
(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

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- Definition Tabular disclosure of troubled debt restructurings in the current period: (1) for each restructuring, the principal changes in terms, the major features of settlement, or both; (2) the aggregate gain (loss) on restructuring of payables; (3) the income tax effect on the gain or loss recognized on the restructuring of payables; (4) the gain (loss) recognized on the restructuring of payables, after the impact of income tax expense or benefit; and (5) the aggregate gain (loss) on transfer of assets recognized during the period, after the impact of income tax expense or benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6402221&loc=d3e15743-112638 + Details
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