Loans by Type (Tables)

3 Months Ended

Mar. 31, 2024

A summary of loans is as follows:


(In thousands)	March 31, 2024		December 31, 2023
Commercial and industrial	$	526,486	$	498,502
Real estate:
Commercial:
Mortgage	114,200		118,371
Construction	8,812		8,233
Faith-based:
Mortgage	378,158		381,368
Construction	9,336		7,790
Other	5		54
Total loans	$	1,036,997	$	1,014,318

Schedule of Debt

The following table presents the aging of loans past due by category at March 31, 2024 and December 31, 2023:


	Performing						Nonperforming
(In thousands)	Current		30-59 Days		60-89 Days		90 Days and Over		Non- accrual		Total Loans
March 31, 2024
Commercial and industrial	$	526,486	$	—	$	—	$	—	$	—	$	526,486
Real estate
Commercial:
Mortgage	114,200		—		—		—		—		114,200
Construction	8,812		—		—		—		—		8,812
Faith-based:
Mortgage	378,158		—		—		—		—		378,158
Construction	9,336		—		—		—		—		9,336

Other	5		—		—		—		—		5
Total	$	1,036,997	$	—	$	—	$	—	$	—	$	1,036,997
December 31, 2023
Commercial and industrial	$	498,502	$	—	$	—	$	—	$	—	$	498,502
Real estate
Commercial:
Mortgage	118,371		—		—		—		—		118,371
Construction	8,233		—		—		—		—		8,233
Faith-based:
Mortgage	381,368		—		—		—		—		381,368
Construction	7,790		—		—		—		—		7,790

Other	54		—		—		—		—		54
Total	$	1,014,318	$	—	$	—	$	—	$	—	$	1,014,318

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, 2024 and December 31, 2023:


(In thousands)	Loans Subject to Normal Monitoring1		Performing Loans Subject to Special Monitoring2		Nonperforming Loans Subject to Special Monitoring2		Total Loans
March 31, 2024
Commercial and industrial	$	526,486	$	—	$	—	$	526,486
Real estate
Commercial:
Mortgage	110,407		3,793		—		114,200
Construction	8,812		—		—		8,812
Faith-based:
Mortgage	371,711		6,447		—		378,158
Construction	9,336		—		—		9,336

Other	5		—		—		5
Total	$	1,026,757	$	10,240	$	—	$	1,036,997
December 31, 2023
Commercial and industrial	$	498,502	$	—	$	—	$	498,502
Real estate
Commercial:
Mortgage	118,371		—		—		118,371
Construction	8,233		—		—		8,233
Faith-based:
Mortgage	375,865		5,503		—		381,368
Construction	7,790		—		—		7,790

Other	54		—		—		54
Total	$	1,008,815	$	5,503	$	—	$	1,014,318


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 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












Commercial and industrial	$	—	$	11,225	$	—	$	—	2.04	%








Total	$	—	$	11,225	$	—	$	—	1.05	%

The following table shows the payment status of loans that have been modified to borrowers experiencing financial difficulty in the last twelve months:


(In thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due

Commercial and industrial	$	11,686	$	—	$	—	$	—	$	—








Total	$	11,686	$	—	$	—	$	—	$	—

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, 2024 and year-ended December 31, 2023 is as follows:


(In thousands)	C&I		CRE		Faith-based CRE		Construction		Total
Balance at December 31, 2022	$	5,978	$	940	$	6,437	$	184	$	13,539
Provision for (release of) credit losses	(566)		153		39		(76)		(450)

Balance at December 31, 2023	$	5,412	$	1,093	$	6,476	$	108	$	13,089

(Release of) provision for credit losses (1)	215		(58)		38		15		210

Balance at March 31, 2024	$	5,627	$	1,035	$	6,514	$	123	$	13,299


(1)			For the three month period ended March 31, 2024 and year-ended December 31, 2023, there was a release of credit losses of $115,000 and $100,000, respectively, for unfunded commitments.