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Allowance for Credit Losses and Reserve for Unfunded Loan Commitments (Tables)

6 Months Ended

Jun. 30, 2023

Allowance for Credit Losses and Reserve for Unfunded Loan Commitments

Activity in the Allowance for Loan Losses by Portfolio Segment

The following tables detail the activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2023 and 2022:

For the three months ended June 30, 2023

Residential

(In thousands)

SBA

Commercial

Residential

Consumer

construction

Total

Balance, beginning of period

$

1,103

$

15,299

$

6,135

$

1,022

$

2,642

$

26,201

Charge-offs

—

—

—

(225)

(900)

(1,125)

Recoveries

15

96

—

24

—

135

Net (charge-offs) recoveries

15

96

—

(201)

(900)

(990)

Provision for (credit to) credit losses charged to expense

438

121

302

24

(108)

777

Balance, end of period

$

1,556

$

15,516

$

6,437

$

845

$

1,634

$

25,988


		For the three months ended June 30, 2022
															Residential
(In thousands)		SBA			Commercial			Residential			Consumer			construction			Total
Balance, beginning of period		$	941		$	14,705		$	4,284		$	642		$	1,596		$	22,168
Charge-offs			—			(501)			—			(40)			—	a		(541)
Recoveries			6			32			1			4			—			43
Net recoveries (charge-offs)			6			(469)			1			(36)			—			(498)
Provision for (credit to) credit losses charged to expense			(189)			672			501			197			7			1,188
Balance, end of period		$	758		$	14,908		$	4,786		$	803		$	1,603		$	22,858

For the six months ended June 30, 2023

Residential

(In thousands)

SBA

Commercial

Residential

Consumer

construction

Total

Balance, beginning of period

$

875

$

15,254

$

5,450

$

990

$

2,627

$

25,196

Effect of adopting Accounting Standards Update ("ASU") No. 2016-13 ("CECL")

163

171

376

101

36

847

Charge-offs

(113)

—

—

(345)

(900)

(1,358)

Recoveries

15

367

—

36

—

418

Net (charge-offs) recoveries

(98)

367

—

(309)

(900)

(940)

Provision for (credit to) loan losses charged to expense

616

(276)

611

63

(129)

885

Balance, end of period

$

1,556

$

15,516

$

6,437

$

845

$

1,634

$

25,988


		For the six months ended June 30, 2022
		SBA held
		for													Residential
(In thousands)		investment			Commercial			Residential			Consumer			construction			Total
Balance, beginning of period		$	1,074		$	15,053		$	4,114		$	671		$	1,390		$	22,302
Charge-offs			—			(501)			—			(46)			—			(547)
Recoveries			28			61			1			4			—			94
Net (charge-offs) recoveries			28			(440)			1			(42)			—			(453)
Provision (credit) for loan losses charged to expense			(344)			295			671			174			213			1,009
Balance, end of period		$	758		$	14,908		$	4,786		$	803		$	1,603		$	22,858

Allowance for Credit Losses on Financing Receivables

The following tables present loans and their related allowance for credit losses, by portfolio segment, as of June 30, 2023 and December 31, 2022:

June 30, 2023

Residential

(In thousands)

SBA

Commercial

Residential

Consumer

construction

Unallocated

Total

Allowance for credit losses ending balance:

Individually evaluated

$

530

$

—

$

147

$

—

$

274

a

$

—

$

951

Collectively evaluated

1,026

15,516

6,290

845

1,360

—

25,037

Total

$

1,556

$

15,516

$

6,437

$

845

$

1,634

$

—

$

25,988

Loan ending balances:

Individually evaluated

$

357

$

449

$

7,787

$

—

$

3,916

$

—

$

12,509

Collectively evaluated

62,150

1,255,583

625,627

75,990

135,508

—

2,154,858

Total

$

62,507

$

1,256,032

$

633,414

$

75,990

$

139,424

$

—

$

2,167,367


		December 31, 2022
															Residential
(In thousands)		SBA			Commercial			Residential			Consumer			construction			Unallocated			Total
Allowance for credit losses ending balance:
Individually evaluated for impairment		$	115		$	516		$	36		$	—		$	1,112	a	$	—		$	1,779
Collectively evaluated for impairment			760			14,738			5,414			990			1,515			—			23,417
Total		$	875		$	15,254		$	5,450		$	990		$	2,627		$	—		$	25,196
Loan ending balances:
Individually evaluated for impairment		$	690		$	3,101		$	3,361		$	—		$	3,432		$	—		$	10,584
Collectively evaluated for impairment			71,614			1,184,442			601,730			78,164			160,025			—			2,095,975
Total		$	72,304		$	1,187,543		$	605,091		$	78,164		$	163,457		$	—		$	2,106,559