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Loans, Lease Receivables, and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Loan and Lease Receivables Composition

Loan and lease receivables consist of the following:


		September 30, 2025				December 31, 2024
		(In Thousands)
Commercial real estate:
Commercial real estate — owner occupied		$	287,005			$	273,397
Commercial real estate — non-owner occupied			871,807				845,298
Construction			236,590				221,086
Multi-family			565,102				530,853
1-4 family			66,735				46,496
Total commercial real estate			2,027,239				1,917,130
Commercial and industrial			1,264,111				1,151,720
Consumer and other			45,323				45,000
Total gross loans and leases receivable			3,336,673				3,113,850
Less:
Allowance for credit losses			36,690				35,785
Deferred loan fees and costs, net			1,717				722
Loans and leases receivable, net		$	3,298,266			$	3,077,343

Financing Receivable by Credit Quality Indicators

The following table illustrates ending balances of the Corporation’s loan and lease portfolio, including non-accrual loans by class of receivable, and considering certain credit quality indicators:


September 30, 2025		Term Loans Amortized Cost Basis by Origination Year
(In Thousands)		2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total		Category as a % of total portfolio
Commercial real estate — owner occupied
Category
I		$46,381		$21,783		$40,701		$32,663		$32,405		$102,813		$1,892		$278,638		97.1%
II		—		—		2,026		—		—		—		—		2,026		0.7%
III		—		2,211		—		—		—		4,130		—		6,341		2.2%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$46,381		$23,994		$42,727		$32,663		$32,405		$106,943		$1,892		$287,005		100.0%
Commercial real estate — non-owner occupied
Category
I		$67,053		$86,598		$90,413		$86,699		$68,548		$398,897		$40,541		$838,749		96.2%
II		—		—		—		—		—		18,868		—		18,868		2.2%
III		—		—		—		—		—		14,190		—		14,190		1.6%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$67,053		$86,598		$90,413		$86,699		$68,548		$431,955		$40,541		$871,807		100.0%
Construction
Category
I		$11,466		$45,653		$112,294		$9,683		$591		$5,068		$37,254		$222,009		93.8%
II		—		—		—		—		—		—		—		—		0.0%
III		—		—		—		454		8,155		5,972		—		14,581		6.2%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$11,466		$45,653		$112,294		$10,137		$8,746		$11,040		$37,254		$236,590		100.0%
Multi-family
Category
I		$48,355		$18,894		$97,418		$92,800		$58,742		$226,433		$2,320		$544,962		96.4%
II		—		—		—		7,338		2,578		789		—		10,705		1.9%
III		—		—		—		—		8,410		1,025		—		9,435		1.7%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$48,355		$18,894		$97,418		$100,138		$69,730		$228,247		$2,320		$565,102		100.0%
1-4 family
Category
I		$16,524		$12,947		$1,429		$4,557		$2,053		$3,807		$25,418		$66,735		100.0%
II		—		—		—		—		—		—		—		—		0.0%
III		—		—		—		—		—		—		—		—		0.0%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$16,524		$12,947		$1,429		$4,557		$2,053		$3,807		$25,418		$66,735		100.0%
Commercial and industrial
Category
I		$188,128		$192,178		$153,791		$58,926		$38,358		$33,091		$452,978		$1,117,450		88.4%
II		—		14,303		13,976		6,017		1,401		2,721		35,490		73,908		5.8%
III		672		6,116		5,583		4,505		599		4,142		27,623		49,240		3.9%
IV		338		1,255		3,617		3,339		432		2,403		12,129		23,513		1.9%
Total		$189,138		$213,852		$176,967		$72,787		$40,790		$42,357		$528,220		$1,264,111		100.0%
Consumer and other
Category
I		$7,288		$6,371		$4,569		$5,625		$2,451		$12,489		$6,530		$45,323		100.0%
II		—		—		—		—		—		—		—		—		0.0%
III		—		—		—		—		—		—		—		—		0.0%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$7,288		$6,371		$4,569		$5,625		$2,451		$12,489		$6,530		$45,323		100.0%
Total Loans
Category
I		$385,195		$384,424		$500,615		$290,953		$203,148		$782,598		$566,933		$3,113,866		93.3%
II		—		14,303		16,002		13,355		3,979		22,378		35,490		105,507		3.2%
III		672		8,327		5,583		4,959		17,164		29,459		27,623		93,787		2.8%
IV		338		1,255		3,617		3,339		432		2,403		12,129		23,513		0.7%
Total		$386,205		$408,309		$525,817		$312,606		$224,723		$836,838		$642,175		$3,336,673		100.0%


December 31, 2024		Term Loans Amortized Cost Basis by Origination Year
(In Thousands)		2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total		Category as a % of total portfolio
Commercial real estate — owner occupied
Category
I		$26,508		$45,066		$42,849		$34,486		$37,078		$85,405		$447		$271,839		99.4%
II		—		—		—		—		—		—		—		—		0.0%
III		750		—		—		—		—		217		—		967		0.4%
IV		—		—		—		—		—		591		—		591		0.2%
Total		$27,258		$45,066		$42,849		$34,486		$37,078		$86,213		$447		$273,397		100.0%
Commercial real estate — non-owner occupied
Category
I		$80,371		$85,651		$89,181		$69,129		$85,238		$340,802		$37,129		$787,501		93.2%
II		—		—		—		—		2,150		31,720		—		33,870		4.0%
III		—		638		—		—		—		23,289		—		23,927		2.8%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$80,371		$86,289		$89,181		$69,129		$87,388		$395,811		$37,129		$845,298		100.0%
Construction
Category
I		$36,135		$110,437		$24,302		$1,183		$719		$5,520		$28,205		$206,501		93.4%
II		—		—		—		—		—		—		—		—		0.0%
III		—		—		454		8,155		5,713		263		—		14,585		6.6%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$36,135		$110,437		$24,756		$9,338		$6,432		$5,783		$28,205		$221,086		100.0%
Multi-family
Category
I		$40,079		$102,886		$74,753		$66,775		$97,303		$134,331		$2,288		$518,415		97.6%
II		—		—		7,407		2,584		—		1,043		—		11,034		2.1%
III		—		—		—		1,404		—		—		—		1,404		0.3%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$40,079		$102,886		$82,160		$70,763		$97,303		$135,374		$2,288		$530,853		99.9%
1-4 family
Category
I		$15,220		$4,200		$7,005		$2,336		$2,282		$2,178		$13,275		$46,496		100.0%
II		—		—		—		—		—		—		—		—		0.0%
III		—		—		—		—		—		—		—		—		0.0%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$15,220		$4,200		$7,005		$2,336		$2,282		$2,178		$13,275		$46,496		100.0%
Commercial and industrial
Category
I		$259,976		$216,621		$93,119		$52,066		$23,960		$27,370		$405,499		$1,078,611		93.7%
II		316		2,700		2,657		—		470		8		7,676		13,827		1.2%
III		4,205		5,418		3,909		1,379		2,446		3,957		10,192		31,506		2.7%
IV		536		4,060		6,245		1,038		274		2,519		13,104		27,776		2.4%
Total		$265,033		$228,799		$105,930		$54,483		$27,150		$33,854		$436,471		$1,151,720		100.0%
Consumer and other
Category
I		$6,955		$5,244		$7,416		$2,764		$10,994		$3,885		$7,742		$45,000		100.0%
II		—		—		—		—		—		—		—		—		0.0%
III		—		—		—		—		—		—		—		—		0.0%
IV		—		—		—		—		—		—		—		—		0.0%
Total		$6,955		$5,244		$7,416		$2,764		$10,994		$3,885		$7,742		$45,000		100.0%
Total Loans
Category
I		$465,244		$570,105		$338,625		$228,739		$257,574		$599,491		$494,585		$2,954,363		94.9%
II		316		2,700		10,064		2,584		2,620		32,771		7,676		58,731		1.9%
III		4,955		6,056		4,363		10,938		8,159		27,726		10,192		72,389		2.3%
IV		536		4,060		6,245		1,038		274		3,110		13,104		28,367		0.9%
Total		$471,051		$582,921		$359,297		$243,299		$268,627		$663,098		$525,557		$3,113,850		100.0%

Delinquency Aging of Loan and Lease Portfolio by Class of Receivable

The delinquency aging of the loan and lease portfolio by class of receivable was as follows:


		September 30, 2025
		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days Past Due				Total Past Due				Current				Total Loans and Leases
		(Dollars in Thousands)
Total loans and leases
Commercial real estate:
Owner occupied		$	—			$	—			$	—			$	—			$	287,005			$	287,005
Non-owner occupied			3,593				—				—				3,593				868,214				871,807
Construction			—				—				—				—				236,590				236,590
Multi-family			—				—				—				—				565,102				565,102
1-4 family			—				—				—				—				66,735				66,735
Commercial and industrial			1,175				774				16,474				18,423				1,245,688				1,264,111
Consumer and other			—				—				—				—				45,323				45,323
Total		$	4,768			$	774			$	16,474			$	22,016			$	3,314,657			$	3,336,673
Percent of portfolio			0.14	%			0.02	%			0.49	%			0.65	%			99.35	%			100.00	%


		December 31, 2024
		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days Past Due				Total Past Due				Current				Total Loans and Leases
		(Dollars in Thousands)
Total loans and leases
Commercial real estate:
Owner occupied		$	1,102			$	—			$	—			$	1,102			$	272,295			$	273,397
Non-owner occupied			—				—				—				—				845,298				845,298
Construction			14,321				263				—				14,584				206,502				221,086
Multi-family			—				—				—				—				530,853				530,853
1-4 family			—				—				—				—				46,496				46,496
Commercial and industrial			5,405				1,072				18,984				25,461				1,126,259				1,151,720
Consumer and other			—				10				—				10				44,990				45,000
Total		$	20,828			$	1,345			$	18,984			$	41,157			$	3,072,693			$	3,113,850
Percent of portfolio			0.67	%			0.04	%			0.61	%			1.32	%			98.68	%			100.00	%

Schedule of Financing Receivables, Non-Performing Status

The following tables provide additional detail on loans on non-accrual status and loans past due over 89 days still accruing as of:


		September 30, 2025
		Non-accrual With No Allowance for Credit Loss				Non-accrual With Allowance for Credit Loss				Loans Past Due Over 89 Days Still Accruing
		(In Thousands)
Commercial real estate:
Commercial real estate — owner occupied		$	—			$	—			$	—
Commercial real estate — non-owner occupied			—				—				—
Construction			—				—				—
Multi-family			—				—				—
1-4 family			—				—				—
Total commercial real estate			—				—				—
Commercial and industrial			8,331				15,182				—
Consumer and other			—				—				—
Total non-accrual loans and leases		$	8,331			$	15,182			$	—


		December 31, 2024
		Non-accrual With No Allowance for Credit Loss				Non-accrual With Allowance for Credit Loss				Loans Past Due Over 89 Days Still Accruing
		(In Thousands)
Commercial real estate:
Commercial real estate — owner occupied		$	—			$	591			$	—
Commercial real estate — non-owner occupied			—				—				—
Construction			—				—				—
Multi-family			—				—				—
1-4 family			—				—				—
Total commercial real estate			—				591				—
Commercial and industrial			13,125				14,651				—
Consumer and other			—				—				—
Total non-accrual loans and leases		$	13,125			$	15,242			$	—


		September 30, 2025				December 31, 2024
Total non-accrual loans and leases to gross loans and leases			0.70	%			0.91	%
Allowance for credit losses to gross loans and leases			1.15				1.20
Allowance for credit losses to non-accrual loans and leases			163.24				131.38

Schedule of Collateral Dependent Loans

The following table presents the amortized cost basis of the non-accrual, collateral-dependent loans as of:


		September 30, 2025				December 31, 2024
		(In Thousands)
Equipment		$	16,097			$	12,178
Real Estate			935				7,724
Accounts Receivable			6,113				6,570
Other			504				2,053
Total		$	23,649			$	28,525

Summary of Financial Difficulty and Modification Type

The following table presents the amortized cost basis of loans at September 30, 2025 that were both experiencing financial difficulty and modified during the nine months ended September 30, 2025 and 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized costs basis of each class of financing receivable is also presented below.


		For the Nine Months Ended September 30, 2025
		Principal Forgiveness				Payment Delay				Term Extension				Interest Rate Reduction				Combination Payment Delay and Term Extension				Total				Total Class of Financing Receivable
		(In Thousands)
Commercial real estate		$	—			$	—			$	—			$	—			$	—			$	—				0.00	%
Commercial and industrial			—				—				—				302				6,016				6,318				0.50
Total		$	—			$	—			$	—			$	302			$	6,016			$	6,318				0.19	%


		For the Nine Months Ended September 30, 2024
		Principal Forgiveness				Payment Delay				Term Extension				Interest Rate Reduction				Combination Payment Delay and Term Extension				Total				Total Class of Financing Receivable
		(In Thousands)
Commercial real estate		$	—			$	5,901			$	—			$	—			$	—			$	5,901				0.32	%
Commercial and industrial			—				1,847				477				—				—				2,324				0.20
Total		$	—			$	7,748			$	477			$	—			$	—			$	8,225				0.27	%

The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last 12 months:

          
         For the Nine Months Ended September 30, 2025

          
         30-59
Days Past
Due

         60-89
Days Past
Due

         Greater
Than 90
Days Past
Due

         Total Past
Due

          
         (Dollars in Thousands)

Commercial real estate

$

—

$

—

$

—

$

—

Commercial and industrial

—

—

—

—

Total

$

—

$

—

$

—

$

—


		For the Nine Months Ended September 30, 2024
		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days Past Due				Total Past Due
		(Dollars in Thousands)
Commercial real estate		$	—			$	—			$	—			$	—
Commercial and industrial			—				360				50				410
Total		$	—			$	360			$	50			$	410

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the nine months ended September 30, 2025 and 2024:


		For the Nine Months Ended September 30, 2025
(Dollars in Thousands)		Principal Forgiveness				Weighted Average Interest Rate Reduction				Weighted Average Term Extension (years)				Weighted Average Payment Delay (years)
Commercial real estate		$	—				0.00	%			0.00				0.00
Commercial and industrial			—				2.25				0.50				0.50
Total		$	—				2.25	%			0.50				0.50


		For the Nine Months Ended September 30, 2024
(Dollars in Thousands)		Principal Forgiveness				Weighted Average Interest Rate Reduction				Weighted Average Term Extension (years)				Weighted Average Payment Delay (years)
Commercial real estate		$	—				0.00	%			0.00				0.75
Commercial and industrial			—				0.00				1.01				0.67
Total		$	—				0.00	%			1.01				1.42

Schedule of Amortized Cost Basis of Loans That Had Payment Default

The following table presents the amortized cost basis of loans that had a payment default during the nine months ended September 30, 2025 and 2024 and were modified in the 12 months prior to that default to borrowers experience financial difficulty:


		For the Nine Months Ended September 30, 2025
		Principal Forgiveness				Payment Delay				Term Extension				Interest Rate Reduction
		(In Thousands)
Commercial real estate		$	—			$	—			$	—			$	—
Commercial and industrial			—				—				397				—
Total		$	—			$	—			$	397			$	—


		For the Nine Months Ended September 30, 2024
		Principal Forgiveness				Payment Delay				Term Extension				Interest Rate Reduction
		(In Thousands)
Commercial real estate		$	—			$	—			$	—			$	—
Commercial and industrial			—				753				—				—
Total		$	—			$	753			$	—			$	—

Summary of Activity in Allowance for Credit Losses by Portfolio Segment

A summary of the activity in the allowance for credit losses by portfolio segment is as follows:


		As of and for the Three Months Ended September 30, 2025
		Owner Occupied				Non-Owner Occupied				Construction				Multi- Family				1-4 Family				Commercial and Industrial				Consumer and Other				Total
		(In Thousands)
Beginning balance		$	1,685			$	6,330			$	2,467			$	6,059			$	429			$	20,836			$	404			$	38,210
Charge-offs			—				—				—				—				—				(1,706	)			(2	)			(1,708	)
Recoveries			—				—				—				—				6				434				—				440
Net recoveries (charge-offs)			—				—				—				—				6				(1,272	)			(2	)			(1,268	)
Provision (credit) for credit losses			160				421				374				59				118				357				(49	)			1,440
Ending balance		$	1,845			$	6,751			$	2,841			$	6,118			$	553			$	19,921			$	353			$	38,382
Components:
Allowance for credit losses on loans		$	1,837			$	6,689			$	1,930			$	6,103			$	527			$	19,282			$	322			$	36,690
Allowance for credit losses on unfunded credit commitments			8				62				911				15				26				639				31				1,692
Total ACL		$	1,845			$	6,751			$	2,841			$	6,118			$	553			$	19,921			$	353			$	38,382


		As of and for the Three Months Ended September 30, 2024
		Owner Occupied				Non-Owner Occupied				Construction				Multi- Family				1-4 Family				Commercial and Industrial				Consumer and Other				Total
		(In Thousands)
Beginning balance		$	1,531			$	6,415			$	3,045			$	3,752			$	461			$	19,280			$	466			$	34,950
Charge-offs			—				—				—				—				—				(1,619	)			—				(1,619	)
Recoveries			1				—				—				—				6				84				—				91
Net recoveries (charge-offs)			1				—				—				—				6				(1,535	)			—				(1,528	)
Provision (credit) for credit losses			70				(325	)			483				(17	)			12				1,911				(47	)			2,087
Ending balance		$	1,602			$	6,090			$	3,528			$	3,735			$	479			$	19,656			$	419			$	35,509
Components:
Allowance for credit losses on loans		$	1,588			$	6,048			$	2,518			$	3,710			$	439			$	19,010			$	375			$	33,688
Allowance for credit losses on unfunded credit commitments			14				42				1,010				25				40				646				44				1,821
Total ACL		$	1,602			$	6,090			$	3,528			$	3,735			$	479			$	19,656			$	419			$	35,509


		As of and for the Nine Months Ended September 30, 2025
		Owner Occupied				Non-Owner Occupied				Construction				Multi- Family				1-4 Family				Commercial and Industrial				Consumer and Other				Total
		(In Thousands)
Beginning balance		$	1,629			$	5,892			$	2,826			$	4,613			$	523			$	21,470			$	315			$	37,268
Charge-offs			—				—				—				—				—				(6,844	)			(12	)			(6,856	)
Recoveries			2				—				—				—				19				1,149				—				1,170
Net recoveries (charge-offs)			2				—				—				—				19				(5,695	)			(12	)			(5,686	)
Provision for credit losses			214				859				15				1,505				11				4,146				50				6,800
Ending balance		$	1,845			$	6,751			$	2,841			$	6,118			$	553			$	19,921			$	353			$	38,382
Components:
Allowance for credit losses on loans		$	1,837			$	6,689			$	1,930			$	6,103			$	527			$	19,282			$	322			$	36,690
Allowance for credit losses on unfunded credit commitments			8				62				911				15				26				639				31				1,692
Total ACL		$	1,845			$	6,751			$	2,841			$	6,118			$	553			$	19,921			$	353			$	38,382


		As of and for the Nine Months Ended September 30, 2024
		Owner Occupied				Non-Owner Occupied				Construction				Multi- Family				1-4 Family				Commercial and Industrial				Consumer and Other				Total
		(In Thousands)
Beginning balance		$	1,540			$	5,636			$	2,125			$	3,571			$	266			$	19,408			$	451			$	32,997
Charge-offs			—				—				—				—				—				(4,101	)			(22	)			(4,123	)
Recoveries			2				—				—				—				121				365				21				509
Net recoveries (charge-offs)			2				—				—				—				121				(3,736	)			(1	)			(3,614	)
Provision for credit losses			60				454				1,403				164				92				3,984				(31	)			6,126
Ending balance		$	1,602			$	6,090			$	3,528			$	3,735			$	479			$	19,656			$	419			$	35,509
Components:
Allowance for credit losses on loans		$	1,588			$	6,048			$	2,518			$	3,710			$	439			$	19,010			$	375			$	33,688
Allowance for credit losses on unfunded credit commitments			14				42				1,010				25				40				646				44				1,821
Total ACL		$	1,602			$	6,090			$	3,528			$	3,735			$	479			$	19,656			$	419			$	35,509

Allowance for Credit Losses and Balances by Type of Allowance Methodology

The following tables provide information regarding the allowance for credit losses and balances by type of allowance methodology.


		As of September 30, 2025
		Owner Occupied				Non-Owner Occupied				Construction				Multi- Family				1-4 Family				Commercial and Industrial				Consumer and Other				Total
		(In Thousands)
Allowance for credit losses:
Collectively evaluated for credit losses		$	1,837			$	6,689			$	1,930			$	6,103			$	527			$	13,657			$	322			$	31,065
Individually evaluated for credit loss			—				—				—				—				—				5,625				—				5,625
Total		$	1,837			$	6,689			$	1,930			$	6,103			$	527			$	19,282			$	322			$	36,690
Loans and lease receivables:
Collectively evaluated for credit losses		$	287,005			$	871,807			$	236,590			$	565,102			$	66,735			$	1,240,598			$	45,323			$	3,313,160
Individually evaluated for credit loss			—				—				—				—				—				23,513				—				23,513
Total		$	287,005			$	871,807			$	236,590			$	565,102			$	66,735			$	1,264,111			$	45,323			$	3,336,673


		As of December 31, 2024
		Owner Occupied				Non-Owner Occupied				Construction				Multi- Family				1-4 Family				Commercial and Industrial				Consumer and Other				Total
		(In Thousands)
Allowance for credit losses:
Collectively evaluated for credit losses		$	1,615			$	5,843			$	2,022			$	4,597			$	492			$	12,016			$	282			$	26,867
Individually evaluated for credit loss			—				—				—				—				—				8,918				—				8,918
Total		$	1,615			$	5,843			$	2,022			$	4,597			$	492			$	20,934			$	282			$	35,785
Loans and lease receivables:
Collectively evaluated for credit losses		$	272,806			$	845,298			$	221,086			$	530,853			$	46,496			$	1,123,944			$	45,000			$	3,085,483
Individually evaluated for credit loss			591				—				—				—				—				27,776				—				28,367
Total		$	273,397			$	845,298			$	221,086			$	530,853			$	46,496			$	1,151,720			$	45,000			$	3,113,850