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Loans by Type (Tables) | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Summary of Loan Categories | A summary of loans is as follows:
(In thousands) | June 30, 2024 |  | December 31, 2023
Commercial and industrial | $ | 548,625 |  |  | $ | 498,502 |
Real estate: |  |  |
Commercial: |  |  |
Mortgage | 121,701 |  |  | 118,371 |
Construction | 9,488 |  |  | 8,233 |
Faith-based: |  |  |
Mortgage | 371,313 |  |  | 381,368 |
Construction | 10,861 |  |  | 7,790 |
Other | 3 |  |  | 54 |
Total loans | $ | 1,061,991 |  |  | $ | 1,014,318 |
Schedule of Debt | The following table presents the aging of loans past due by category at June 30, 2024 and December 31, 2023:
| Performing |  | Nonperforming |  |
(In thousands) | Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Over |  | Non- accrual |  | Total Loans
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 548,625 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 548,625 |
Real estate |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |
Mortgage | 121,701 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 121,701 |
Construction | 9,488 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,488 |
Faith-based: |  |  |  |  |  |  |  |  |  |  |
Mortgage | 371,313 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 371,313 |
Construction | 10,861 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,861 |
Other | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Total | $ | 1,061,991 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,061,991 |
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 June 30, 2024 and December 31, 2023:
(In thousands) | Loans Subject to Normal Monitoring 1 |  | Performing Loans Subject to Special Monitoring 2 |  | Nonperforming Loans Subject to Special Monitoring 2 |  | Total Loans
June 30, 2024 |  |  |  |  |  |  |
Commercial and industrial | $ | 548,625 |  |  | $ | — |  |  | $ | — |  |  | $ | 548,625 |
Real estate |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |
Mortgage | 119,223 |  |  | 2,478 |  |  | — |  |  | 121,701 |
Construction | 9,488 |  |  | — |  |  | — |  |  | 9,488 |
Faith-based: |  |  |  |  |  |  |
Mortgage | 356,353 |  |  | 14,960 |  |  | — |  |  | 371,313 |
Construction | 10,861 |  |  | — |  |  | — |  |  | 10,861 |
Other | 3 |  |  | — |  |  | — |  |  | 3 |
Total | $ | 1,044,553 |  |  | $ | 17,438 |  |  | $ | — |  |  | $ | 1,061,991 |
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 six-month period ended June 30, 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 | $ | — |  |  | $ | 10,952 |  |  | $ | — |  |  | $ | — |  |  | 2.05 | %
Total | $ | — |  |  | $ | 10,952 |  |  | $ | — |  |  | $ | — |  |  | 1.04 | %
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 | $ | 11,333 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total | $ | 11,333 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Summary of ACL by Category | A summary of the activity in the allowance for credit losses (“ACL”) by category for the six-month periods ended June 30, 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 |
(Release of) provision for credit losses | (566) |  |  | 153 |  |  | 39 |  |  | (76) |  |  | (450) |
Balance at December 31, 2023 | $ | 5,412 |  |  | $ | 1,093 |  |  | $ | 6,476 |  |  | $ | 108 |  |  | $ | 13,089 |
Provision for (release of) credit losses (1) | 502 |  |  | 23 |  |  | (11) |  |  | 31 |  |  | 545 |
Balance at June 30, 2024 | $ | 5,914 |  |  | $ | 1,116 |  |  | $ | 6,465 |  |  | $ | 139 |  |  | $ | 13,634 |
(1) | For the six-month period ended June 30, 2024 and year-ended December 31, 2023, there was a release of credit losses of $50,000 and $100,000, respectively, for unfunded commitments.

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