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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2025

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Loans


		March 31,			December 31,
(in thousands)		2025			2024
Commercial construction		$	141,060		$	131,617
Commercial real estate owner occupied			308,674			302,074
Commercial real estate non-owner occupied			1,361,692			1,358,903
Tax exempt and other			36,042			44,275
Commercial and industrial			301,378			319,766
Residential real estate			871,816			888,251
Home equity			95,882			94,141
Consumer other			7,696			8,069
Total loans			3,124,240			3,147,096
Allowance for credit losses			28,614			28,744
Net loans		$	3,095,626		$	3,118,352

Summary of Unamortized Net Costs and Premiums


		March 31,			December 31,
(in thousands)		2025			2024
Net unamortized loan origination costs		$	2,044		$	1,982
Net unamortized fair value discount on acquired loans			(2,354)			(2,442)
Total		$	(310)		$	(460)

Schedule of Activity in the Allowance for Credit Losses


		At or for the Three Months Ended March 31, 2025
		Balance at
		Beginning of												Balance at
(in thousands)		Period			Charge Offs			Recoveries			Provision			End of Period
Commercial construction		$	2,096		$	—		$	—		$	(31)		$	2,065
Commercial real estate owner occupied			2,794			—			—			36			2,830
Commercial real estate non-owner occupied			11,104			—			—			(181)			10,923
Tax exempt and other			128			—			—			(16)			112
Commercial and industrial			5,064			(39)			2			387			5,414
Residential real estate			6,732			—			4			(289)			6,447
Home equity			741			—			5			(2)			744
Consumer other			85			(45)			—			39			79
Total		$	28,744		$	(84)		$	11		$	(57)		$	28,614


		At or for the Three Months Ended March 31, 2024
		Balance at
		Beginning of												Balance at
(in thousands)		Period			Charge Offs			Recoveries			Provision			End of Period
Commercial construction		$	4,261		$	—		$	—		$	(564)		$	3,697
Commercial real estate owner occupied			2,863			(3)			—			221			3,081
Commercial real estate non-owner occupied			9,443			—			—			(288)			9,155
Tax exempt			119			—			—			(6)			113
Commercial and industrial			3,259			(65)			1			639			3,834
Residential real estate			7,352			—			5			294			7,651
Home equity			767			—			3			(18)			752
Consumer other			78			(45)			28			11			72
Total		$	28,142		$	(113)		$	37		$	289		$	28,355

Schedule of Loans by Risk Rating

The following table presents our loans by year of origination, loan segmentation and risk indicator as of March 31, 2025:



(in thousands)		2025			2024			2023			2022			2021			Prior			Total
Commercial construction
Risk rating:
Pass		$	4,262		$	42,127		$	22,912		$	58,356		$	752		$	12,651		$	141,060
Special mention			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—
Total		$	4,262		$	42,127		$	22,912		$	58,356		$	752		$	12,651		$	141,060
Current period gross write-offs			—			—			—			—			—			—			—

Commercial real estate owner occupied
Risk rating:
Pass		$	6,731		$	39,069		$	44,631		$	70,730		$	31,662		$	111,095		$	303,918
Special mention			—			—			119			—			705			2,046			2,870
Substandard			—			—			—			—			—			1,824			1,824
Doubtful			—			—			—			—			—			62			62
Total		$	6,731		$	39,069		$	44,750		$	70,730		$	32,367		$	115,027		$	308,674
Current period gross write-offs			—			—			—			—			—			—			—

Commercial real estate non-owner occupied
Risk rating:
Pass		$	15,631		$	151,336		$	65,096		$	375,528		$	219,707		$	445,413		$	1,272,711
Special mention			—			—			—			—			33,922			19,155			53,077
Substandard			—			—			7,685			—			—			28,219			35,904
Doubtful			—			—			—			—			—			—			—
Total		$	15,631		$	151,336		$	72,781		$	375,528		$	253,629		$	492,787		$	1,361,692
Current period gross write-offs			—			—			—			—			—			—			—

Tax exempt and other
Risk rating:
Pass		$	20		$	4,126		$	2,669		$	6,283		$	538		$	22,406		$	36,042
Special mention			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—
Total		$	20		$	4,126		$	2,669		$	6,283		$	538		$	22,406		$	36,042
Current period gross write-offs			—			—			—			—			—			—			—

Commercial and industrial
Risk rating:
Pass		$	23,188		$	63,397		$	54,763		$	48,400		$	11,739		$	93,214		$	294,701
Special mention			83			567			1,169			1,185			752			717			4,473
Substandard			—			146			69			384			240			972			1,811
Doubtful			—			—			—			—			—			393			393
Total		$	23,271		$	64,110		$	56,001		$	49,969		$	12,731		$	95,296		$	301,378
Current period gross write-offs			—			—			—			—			19			20			39


Residential real estate
Performing		$	6,349		$	37,888		$	64,208		$	167,851		$	151,554		$	439,113		$	866,963
Nonperforming			—			—			189			221			1,048			3,395			4,853
Total		$	6,349		$	37,888		$	64,397		$	168,072		$	152,602		$	442,508		$	871,816
Current period gross write-offs			—			—			—			—			—			—			—

Home equity
Performing		$	4,236		$	18,830		$	15,498		$	12,256		$	6,392		$	37,617		$	94,829
Nonperforming			—			—			—			147			52			854			1,053
Total		$	4,236		$	18,830		$	15,498		$	12,403		$	6,444		$	38,471		$	95,882
Current period gross write-offs			—			—			—			—			—			—			—

Consumer other
Performing		$	1,743		$	2,810		$	1,409		$	702		$	208		$	788		$	7,660
Nonperforming			—			—			20			—			—			16			36
Total		$	1,743		$	2,810		$	1,429		$	702		$	208		$	804		$	7,696
Current period gross write-offs			—			—			—			5			—			40			45

Total Loans		$	62,243		$	360,296		$	280,437		$	742,043		$	459,271		$	1,219,950		$	3,124,240

The following table presents our loans by year of origination, loan segmentation and risk indicator as of December 31, 2024:



(in thousands)		2024			2023			2022			2021			2020			Prior			Total
Commercial construction
Risk rating:
Pass		$	34,320		$	27,251		$	55,825		$	771		$	4,404		$	9,046		$	131,617
Special mention			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—
Total		$	34,320		$	27,251		$	55,825		$	771		$	4,404		$	9,046		$	131,617
Current period gross write-offs			—			—			—			—			—			—			—

Commercial real estate owner occupied
Risk rating:
Pass		$	42,705		$	46,869		$	60,102		$	29,808		$	20,761		$	96,123		$	296,368
Special mention			—			128			—			—			—			2,070			2,198
Substandard			—			—			—			—			—			3,442			3,442
Doubtful			—			—			—			—			—			66			66
Total		$	42,705		$	46,997		$	60,102		$	29,808		$	20,761		$	101,701		$	302,074
Current period gross write-offs			—			—			—			—			—			3			3

Commercial real estate non-owner occupied
Risk rating:
Pass		$	142,348		$	47,986		$	405,235		$	234,520		$	156,873		$	295,646		$	1,282,608
Special mention			—			—			—			20,446			3,913			26,969			51,328
Substandard			—			7,702			—			—			—			17,265			24,967
Doubtful			—			—			—			—			—			—			—
Total		$	142,348		$	55,688		$	405,235		$	254,966		$	160,786		$	339,880		$	1,358,903
Current period gross write-offs			—			—			—			—			—			—			—

Tax exempt and other
Risk rating:
Pass		$	11,026		$	2,669		$	6,283		$	602		$	178		$	23,517		$	44,275
Special mention			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—
Total		$	11,026		$	2,669		$	6,283		$	602		$	178		$	23,517		$	44,275
Current period gross write-offs			—			—			—			—			—			—			—

Commercial and industrial
Risk rating:
Pass		$	79,211		$	62,047		$	47,739		$	12,154		$	32,239		$	65,002		$	298,392
Special mention			9			14,878			1,266			834			60			632			17,679
Substandard			128			72			408			221			—			2,866			3,695
Doubtful			—			—			—			—			—			—			—
Total		$	79,348		$	76,997		$	49,413		$	13,209		$	32,299		$	68,500		$	319,766
Current period gross write-offs			—			48			28			62			18			31			187


Residential real estate
Performing		$	35,872		$	67,708		$	174,677		$	154,229		$	89,752		$	362,421		$	884,659
Nonperforming			—			194			458			—			—			2,940			3,592
Total		$	35,872		$	67,902		$	175,135		$	154,229		$	89,752		$	365,361		$	888,251
Current period gross write-offs			—			—			—			—			—			—			—

Home equity
Performing		$	19,175		$	15,762		$	12,515		$	6,648		$	5,536		$	33,238		$	92,874
Nonperforming			—			—			198			53			—			1,016			1,267
Total		$	19,175		$	15,762		$	12,713		$	6,701		$	5,536		$	34,254		$	94,141
Current period gross write-offs			—			—			—			—			—			—			—

Consumer other
Performing		$	4,432		$	1,644		$	870		$	276		$	108		$	715		$	8,045
Nonperforming			—			8			—			1			—			15			24
Total		$	4,432		$	1,652		$	870		$	277		$	108		$	730		$	8,069
Current period gross write-offs			—			59			12			—			2			204			277

Total Loans		$	369,226		$	294,918		$	765,576		$	460,563		$	313,824		$	942,989		$	3,147,096

Summary of Past Due Loans


		March 31, 2025
(in thousands)		30-59			60-89			90+			Total Past Due			Current			Total Loans
Commercial construction		$	—		$	—		$	—		$	—		$	141,060		$	141,060
Commercial real estate owner occupied			438			—			6			444			308,230			308,674
Commercial real estate non-owner occupied			—			—			87			87			1,361,605			1,361,692
Tax exempt and other			—			—			—			—			36,042			36,042
Commercial and industrial			66			86			939			1,091			300,287			301,378
Residential real estate			11,886			965			538			13,389			858,427			871,816
Home equity			992			171			189			1,352			94,530			95,882
Consumer other			33			2			30			65			7,631			7,696
Total		$	13,415		$	1,224		$	1,789		$	16,428		$	3,107,812		$	3,124,240


		December 31, 2024
(in thousands)		30-59			60-89			90+			Total Past Due			Current			Total Loans
Commercial construction		$	—		$	—		$	—		$	—		$	131,617		$	131,617
Commercial real estate owner occupied			—			—			6			6			302,068			302,074
Commercial real estate non-owner occupied			184			—			93			277			1,358,626			1,358,903
Tax exempt and other			—			—			—			—			44,275			44,275
Commercial and industrial			428			227			578			1,233			318,533			319,766
Residential real estate			14,076			2,426			663			17,165			871,086			888,251
Home equity			963			441			193			1,597			92,544			94,141
Consumer other			35			20			1			56			8,013			8,069
Total		$	15,686		$	3,114		$	1,534		$	20,334		$	3,126,762		$	3,147,096

Summary of Non-Accrual Loans


		March 31, 2025
					Nonaccrual With No			90+ Days Past
(in thousands)		Nonaccrual			Related Allowance			Due and Accruing
Commercial construction		$	—		$	—		$	—
Commercial real estate owner occupied			702			640			—
Commercial real estate non-owner occupied			87			—			—
Tax exempt and other			—			—			—
Commercial and industrial			1,355			547			—
Residential real estate			4,853			686			—
Home equity			1,053			1			—
Consumer other			36			1			2
Total		$	8,086		$	1,875		$	2


		December 31, 2024
					Nonaccrual With No			90+ Days Past
(in thousands)		Nonaccrual			Related Allowance			Due and Accruing
Commercial construction		$	—		$	—		$	—
Commercial real estate owner occupied			736			671			—
Commercial real estate non-owner occupied			277			184			—
Tax exempt and other			—			—			—
Commercial and industrial			1,099			295			—
Residential real estate			3,591			898			—
Home equity			1,267			1			2
Consumer other			24			1			—
Total		$	6,994		$	2,050		$	2

Schedule of amortized cost basis of collateral-dependent loans


		March 31, 2025						December 31, 2024
(in thousands)		Real Estate			Other			Real Estate			Other
Commercial construction		$	—		$	—		$	—		$	—
Commercial real estate owner occupied			656			—			736			—
Commercial real estate non-owner occupied			—			—			277			—
Tax exempt and other			—			—			—			—
Commercial and industrial			393			—			1,099			—
Residential real estate			1,161			—			3,591			—
Home equity			—			—			1,267			—
Consumer other			—			—			24			—
Total		$	2,210		$	—		$	6,994		$	—

Schedule of amortized cost basis of of loans experiencing financial difficulty and modification


(in thousands)		Principal Forgiveness			Payment Delay			Term Extension			Interest Rate Reduction			Combination Interest Rate Reduction and Term Extension			% of Total Class of Loans
Three Months Ended March 31, 2025
Commercial construction		$	—		$	—		$	—		$	—		$	—		—	%
Commercial real estate owner occupied			—			—			—			—			—		—
Commercial real estate non-owner occupied			—			—			—			—			—		—
Tax exempt and other			—			—			—			—			—		—
Commercial and industrial			—			—			283			—			—		0.09
Residential real estate			—			—			—			—			—		—
Home equity			—			—			—			—			—		—
Consumer other			—			—			—			—			—		—
Total		$	—		$	—		$	283		$	—		$	—		0.01	%


(in thousands)		Principal Forgiveness			Payment Delay			Term Extension			Interest Rate Reduction			Combination Interest Rate Reduction and Term Extension			% of Total Class of Loans
Three Months Ended March 31, 2024
Commercial construction		$	—		$	—		$	—		$	—		$	—		—	%
Commercial real estate owner occupied			—			—			—			—			—		—
Commercial real estate non-owner occupied			—			—			—			—			—		—
Tax exempt and other			—			—			—			—			—		—
Commercial and industrial			—			—			—			—			—		—
Residential real estate			—			—			33			—			—		0.00
Home equity			—			—			—			—			—		—
Consumer other			—			—			—			—			—		—
Total		$	—		$	—		$	33		$	—		$	—		0.00	%

Schedule of financial effect loan modifications


		Weighted-Average Months of Payment Delay			Weighted-Average Months of Term Extension				Weighted-Average Interest Rate Reduction
Three Months Ended March 31, 2025
Commercial construction			—			—			—	%
Commercial real estate owner occupied			—			—			—
Commercial real estate non-owner occupied			—			—			—
Tax exempt and other			—			—			—
Commercial and industrial			—			53			—
Residential real estate			—			—			—
Home equity			—			—			—
Consumer other			—			—			—


		Weighted-Average Months of Payment Delay			Weighted-Average Months of Term Extension				Weighted-Average Interest Rate Reduction
Three Months Ended March 31, 2024
Commercial construction			—			—			—	%
Commercial real estate owner occupied			—			—			—
Commercial real estate non-owner occupied			—			—			—
Tax exempt and other			—			—			—
Commercial and industrial			—			—			—
Residential real estate			—			64			—
Home equity			—			—			—
Consumer other			—			—			—

Unfunded Loan Commitment

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Activity in the Allowance for Credit Losses


		Three Months Ended March 31,
(in thousands)		2025			2024
Beginning Balance		$	3,049		$	3,825
Provision for credit losses			(74)			(186)
Ending Balance		$	2,975		$	3,639