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v3.23.1

Loans by Type (Tables) | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Summary of Loan Categories | A summary of loans is as follows:
(In thousands) | March 31, 2023 |  | December 31, 2022
Commercial and industrial | $ | 548,923 |  |  | $ | 561,616 |
Real estate: |  |  |
Commercial: |  |  |
Mortgage | 116,202 |  |  | 108,166 |
Construction | 19,075 |  |  | 17,874 |
Faith-based: |  |  |
Mortgage | 376,630 |  |  | 387,114 |
Construction | 9,538 |  |  | 8,094 |
Other | 5 |  |  | 42 |
Total loans | $ | 1,070,373 |  |  | $ | 1,082,906 |
Schedule of Debt | The following table presents the aging of loans past due by category at March 31, 2023 and December 31, 2022:
| Performing |  | Nonperforming |  |
(In thousands) | Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Non- accrual |  | Total Loans
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 548,923 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 548,923 |
Real estate |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Mortgage | 116,202 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 116,202 |
Construction | 19,075 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,075 |
Faith-based: |  |  |  |  |  |  |  |  |  |  |
Mortgage | 376,630 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 376,630 |
Construction | 9,538 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,538 |
Other | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |
Total | $ | 1,070,373 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,070,373 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 560,466 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,150 |  |  | $ | 561,616 |
Real estate |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Mortgage | 108,166 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 108,166 |
Construction | 17,874 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,874 |
Faith-based: |  |  |  |  |  |  |  |  |  |  |
Mortgage | 387,114 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 387,114 |
Construction | 8,094 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,094 |
Other | 42 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42 |
Total | $ | 1,081,756 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,150 |  |  | $ | 1,082,906 |
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, 2023 and December 31, 2022:
(In thousands) | Loans Subject to Normal Monitoring 1 |  | Performing Loans Subject to Special Monitoring 2 |  | Nonperforming Loans Subject to Special Monitoring 2 |  | Total Loans
March 31, 2023 |  |  |  |  |  |  |
Commercial and industrial | $ | 537,698 |  |  | $ | 11,225 |  |  | $ | — |  |  | $ | 548,923 |
Real estate |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |
Mortgage | 116,202 |  |  | — |  |  | — |  |  | 116,202 |
Construction | 19,075 |  |  | — |  |  | — |  |  | 19,075 |
Faith-based: |  |  |  |  |  |  |
Mortgage | 372,951 |  |  | 3,679 |  |  | — |  |  | 376,630 |
Construction | 9,538 |  |  | — |  |  | — |  |  | 9,538 |
Other | 5 |  |  | — |  |  | — |  |  | 5 |
Total | $ | 1,055,469 |  |  | $ | 14,904 |  |  | $ | — |  |  | $ | 1,070,373 |
December 31, 2022 |  |  |  |  |  |  |
Commercial and industrial | $ | 549,241 |  |  | $ | 11,225 |  |  | $ | 1,150 |  |  | $ | 561,616 |
Real estate |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |
Mortgage | 108,166 |  |  | — |  |  | — |  |  | 108,166 |
Construction | 17,874 |  |  | — |  |  | — |  |  | 17,874 |
Faith-based: |  |  |  |  |  |  |
Mortgage | 386,169 |  |  | 945 |  |  | — |  |  | 387,114 |
Construction | 8,094 |  |  | — |  |  | — |  |  | 8,094 |
Other | 42 |  |  | — |  |  | — |  |  | 42 |
Total | $ | 1,069,586 |  |  | $ | 12,170 |  |  | $ | 1,150 |  |  | $ | 1,082,906 |
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.
Financing Receivable, Troubled Debt Restructuring | The following table shows the amortized cost of loans at March 31, 2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2023, segregated by category and type of modification.
(In thousands) | Payment Delay |  | Term Extension |  | Interest Rate Reduction |  | Combination Term Extension and Interest Rate Reduction |  | Percentage of Total Loans Held for Investment
March 31, 2023 |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | 11,225 |  |  | $ | — |  |  | $ | — |  |  | 2.04 | %
Total | $ | — |  |  | $ | 11,225 |  |  | $ | — |  |  | $ | — |  |  | 1.05 | %
The following table shows the performance of loans that have been modified to borrowers experiencing financial difficulty during the three months ended March 31, 2023.
(In thousands) | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or More Past Due |  | Total Past Due
March 31, 2023 |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 11,225 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total | $ | 11,225 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Summary of ACL by Category | A summary of the activity in the allowance for credit losses (“ACL”) by category for the three-month period ended March 31, 2023 and year-ended December 31, 2022 is as follows:
(In thousands) | C&I |  | CRE |  | Faith-based CRE |  | Construction |  | Total
Balance at December 31, 2021 | $ | 5,034 |  |  | $ | 1,031 |  |  | $ | 5,684 |  |  | $ | 292 |  |  | $ | 12,041 |
Provision for (release of) credit losses | 931 |  |  | (91) |  |  | 753 |  |  | (108) |  |  | 1,485 |
Recoveries | 13 |  |  | — |  |  | — |  |  | — |  |  | 13 |
Balance at December 31, 2022 | $ | 5,978 |  |  | $ | 940 |  |  | $ | 6,437 |  |  | $ | 184 |  |  | $ | 13,539 |
(Release of) provision for credit losses (1) | (68) |  |  | 77 |  |  | (314) |  |  | 20 |  |  | (285) |
Recoveries | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2023 | $ | 5,910 |  |  | $ | 1,017 |  |  | $ | 6,123 |  |  | $ | 204 |  |  | $ | 13,254 |
(1) | For the three-month period ended March 31, 2023 and year-ended December 31, 2022, there was a release of credit losses of $55,000 and $135,000, respectively, for unfunded commitments.

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