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Loans and Allowance for Credit Losses on Loans (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Loans by Class

The following table presents the amortized cost of loans by portfolio class as of March 31, 2025 and December 31, 2024.

(in thousands)			March 31, 2025			December 31, 2024
Commercial and industrial			$	147,291		$	152,263
Real estate:
Commercial owner-occupied			319,112			321,962
Commercial non-owner occupied			1,292,281			1,273,596
Construction			25,745			36,970
Home equity			89,240			88,325
Other residential			133,960			143,207
Installment and other consumer loans			65,919			66,933
Total loans, at amortized cost 1			2,073,548			2,083,256
Allowance for credit losses on loans			(29,906)			(30,656)
Total loans, net of allowance for credit losses on loans			$	2,043,642		$	2,052,600

1 Amortized cost includes net deferred loan origination costs of $2.5 million and $2.5 million at March 31, 2025 and December 31, 2024, respectively. Amounts are also net of unrecognized purchase discounts of $1.2 million and $1.1 million at March 31, 2025 and December 31, 2024, respectively. Amortized cost excludes accrued interest, which totaled $6.6 million and $6.8 million at March 31, 2025 and December 31, 2024, respectively, and is included in interest receivable and other assets in the consolidated statements of condition.

Schedule of Loans by Risk Grade and Origination Year

The following tables present the loan portfolio by loan portfolio class, origination/renewal year and internal risk rating as of March 31, 2025 and December 31, 2024. The current year vintage table reflects gross charge-offs by loan portfolio class and year of origination. Generally, existing term loans that were re-underwritten are reflected in the table in the year of renewal. Lines of credit that have a conversion feature at the time of origination, such as construction to perm loans, are presented by year of origination.

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
March 31, 2025			2025			2024			2023			2022			2021			Prior						Total
Commercial and industrial:
Pass and Watch			$	2,269		$	10,117		$	19,391		$	7,349		$	1,204		$	28,128		$	68,164		$	136,622
Special Mention			18			—			—			—			—			191			—			209
Substandard			—			528			—			2,793			—			—			7,139			10,460
Total commercial and industrial			$	2,287		$	10,645		$	19,391		$	10,142		$	1,204		$	28,319		$	75,303		$	147,291
Commercial real estate, owner-occupied:
Pass and Watch			$	6,657		$	14,570		$	13,189		$	41,394		$	44,197		$	168,522		$	100		$	288,629
Special Mention			—			—			375			1,172			18,690			5,383			—			25,620
Substandard			—			—			—			2,079			—			2,784			—			4,863
Total commercial real estate, owner-occupied			$	6,657		$	14,570		$	13,564		$	44,645		$	62,887		$	176,689		$	100		$	319,112
Commercial real estate, non-owner occupied:
Pass and Watch			$	33,132		$	116,474		$	64,634		$	161,874		$	195,261		$	615,133		$	9,089		$	1,195,597
Special Mention			—			18,347			—			2,721			2,086			33,235			—			56,389
Substandard			—			—			497			—			—			39,798			—			40,295
Total commercial real estate, non-owner occupied			$	33,132		$	134,821		$	65,131		$	164,595		$	197,347		$	688,166		$	9,089		$	1,292,281

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
March 31, 2025			2025			2024			2023			2022			2021			Prior						Total
Gross current period charge-offs			$	—		$	—		$	—		$	—		$	(809)		$	—		$	—		$	(809)
Construction:
Pass and Watch			$	5,189		$	13,855		$	—		$	—		$	—		$	—		$	—		$	19,044
Special Mention			6,701			—			—			—			—			—			—			6,701
Total construction			$	11,890		$	13,855		$	—		$	—		$	—		$	—		$	—		$	25,745
Home equity:
Pass and Watch			$	—		$	76		$	13		$	—		$	—		$	952		$	86,786		$	87,827
Substandard			—			—			—			—			—			171			1,242			1,413
Total home equity			$	—		$	76		$	13		$	—		$	—		$	1,123		$	88,028		$	89,240
Other residential:
Pass and Watch			$	—		$	29,963		$	17,025		$	18,594		$	12,215		$	55,957		$	—		$	133,754
Substandard			—			—			—			—			206			—			—			206
Total other residential			$	—		$	29,963		$	17,025		$	18,594		$	12,421		$	55,957		$	—		$	133,960
Installment and other consumer:
Pass and Watch			$	3,423		$	17,144		$	13,766		$	10,202		$	7,397		$	12,652		$	1,137		$	65,721
Substandard			—			—			—			—			198			—			—			198
Total installment and other consumer			$	3,423		$	17,144		$	13,766		$	10,202		$	7,595		$	12,652		$	1,137		$	65,919
Gross current period charge-offs			$	—		$	—		$	—		$	—		$	—		$	(15)		$	(1)		$	(16)
Total loans:
Pass and Watch			$	50,670		$	202,199		$	128,018		$	239,413		$	260,274		$	881,344		$	165,276		$	1,927,194
Total Special Mention			$	6,719		$	18,347		$	375		$	3,893		$	20,776		$	38,809		$	—		$	88,919
Total Substandard			$	—		$	528		$	497		$	4,872		$	404		$	42,753		$	8,381		$	57,435
Totals			$	57,389		$	221,074		$	128,890		$	248,178		$	281,454		$	962,906		$	173,657		$	2,073,548
Total gross current period charge-offs			$	—		$	—		$	—		$	—		$	(809)		$	(15)		$	(1)		$	(825)

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
December 31, 2024			2024			2023			2022			2021			2020			Prior						Total
Commercial and industrial:
Pass and Watch			$	9,951		$	20,282		$	7,742		$	1,371		$	2,650		$	27,487		$	71,212		$	140,695
Special Mention			598			—			—			—			5			221			7,286			8,110
Substandard			—			—			2,793			—			—			—			665			3,458
Total commercial and industrial			$	10,549		$	20,282		$	10,535		$	1,371		$	2,655		$	27,708		$	79,163		$	152,263
Gross current period charge-offs			$	—		$	—		$	—		$	—		$	—		$	—		$	(41)		$	(41)
Commercial real estate, owner-occupied:
Pass and Watch			$	14,638		$	13,386		$	43,381		$	44,536		$	41,160		$	130,197		$	169		$	287,467
Special Mention			—			378			—			18,870			804			9,499			—			29,551
Substandard			—			—			2,110			—			—			2,834			—			4,944
Total commercial real estate, owner-occupied			$	14,638		$	13,764		$	45,491		$	63,406		$	41,964		$	142,530		$	169		$	321,962
Commercial real estate, non-owner occupied:
Pass and Watch			$	119,053		$	64,906		$	162,804		$	196,661		$	179,060		$	442,574		$	9,178		$	1,174,236
Special Mention			18,343			—			2,736			2,097			729			39,888			—			63,793
Substandard			—			497			—			2,127			—			32,943			—			35,567
Total commercial real estate, non-owner occupied			$	137,396		$	65,403		$	165,540		$	200,885		$	179,789		$	515,405		$	9,178		$	1,273,596
Construction:
Pass and Watch			$	18,128		$	—		$	11,380		$	—		$	—		$	—		$	—		$	29,508
Special Mention			7,462			—			—			—			—			—			—			7,462
Total construction			$	25,590		$	—		$	11,380		$	—		$	—		$	—		$	—		$	36,970
Home equity:
Pass and Watch			$	94		$	13		$	—		$	—		$	—		$	968		$	86,337		$	87,412
Substandard			—			—			—			—			—			174			739			913

(in thousands)			Term Loans - Amortized Cost by Origination Year																		Revolving Loans Amortized Cost
December 31, 2024			2024			2023			2022			2021			2020			Prior						Total
Total home equity			$	94		$	13		$	—		$	—		$	—		$	1,142		$	87,076		$	88,325
Other residential:
Pass and Watch			$	35,390		$	17,267		$	19,682		$	12,989		$	24,378		$	33,501		$	—		$	143,207
Total other residential			$	35,390		$	17,267		$	19,682		$	12,989		$	24,378		$	33,501		$	—		$	143,207
Installment and other consumer:
Pass and Watch			$	17,525		$	15,429		$	10,841		$	7,798		$	2,788		$	10,901		$	1,429		$	66,711
Substandard			—			—			—			207			—			15			—			222
Total installment and other consumer			$	17,525		$	15,429		$	10,841		$	8,005		$	2,788		$	10,916		$	1,429		$	66,933
Gross current period charge-offs			$	—		$	(14)		$	—		$	(39)		$	—		$	(1)		$	(4)		$	(58)
Total loans:
Pass and Watch			$	214,779		$	131,283		$	255,830		$	263,355		$	250,036		$	645,628		$	168,325		$	1,929,236
Total Special Mention			$	26,403		$	378		$	2,736		$	20,967		$	1,538		$	49,608		$	7,286		$	108,916
Total Substandard			$	—		$	497		$	4,903		$	2,334		$	—		$	35,966		$	1,404		$	45,104
Totals			$	241,182		$	132,158		$	263,469		$	286,656		$	251,574		$	731,202		$	177,015		$	2,083,256
Total gross current period charge-offs			$	—		$	(14)		$	—		$	(39)		$	—		$	(1)		$	(45)		$	(99)

Schedule of Loans Outstanding and Aging Analysis

The following table shows the amortized cost of loans by portfolio class, payment aging and non-accrual status as of March 31, 2025 and December 31, 2024.

Loan Aging Analysis by Class
(in thousands)			Commercial and industrial			Commercial real estate, owner-occupied			Commercial real estate, non-owner occupied			Construction			Home equity			Other residential			Installment and other consumer			Total
March 31, 2025
30-59 days past due			$	245		$	1,552		$	382		$	—		$	—		$	802		$	204		$	3,185
60-89 days past due			—			285			3,563			—			150			—			—			3,998
90 days or more past due 1			2,845			365			8,616			—			925			—			—			12,751
Total past due			3,090			2,202			12,561			—			1,075			802			204			19,934
Current			144,201			316,910			1,279,720			25,745			88,165			133,158			65,715			2,053,614
Total loans 1			$	147,291		$	319,112		$	1,292,281		$	25,745		$	89,240		$	133,960		$	65,919		$	2,073,548
Non-accrual loans 2			$	2,845		$	1,493		$	26,826		$	—		$	1,353		$	206		$	198		$	32,921
Non-accrual loans with no allowance			$	—		$	1,493		$	1,225		$	—		$	1,353		$	206		$	198		$	4,475
December 31, 2024
30-59 days past due			$	203		$	208		$	718		$	—		$	738		$	—		$	415		$	2,282
60-89 days past due			—			559			—			—			186			—			7			752
90 days or more past due 1			2,793			113			10,742			—			248			—			8			13,904
Total past due			2,996			880			11,460			—			1,172			—			430			16,938
Current			149,267			321,082			1,262,136			36,970			87,153			143,207			66,503			2,066,318
Total loans 1			$	152,263		$	321,962		$	1,273,596		$	36,970		$	88,325		$	143,207		$	66,933		$	2,083,256
Non-accrual loans 2			$	2,845		$	1,537		$	28,525		$	—		$	752		$	—		$	222		$	33,881
Non-accrual loans with no allowance			$	—		$	1,537		$	497		$	—		$	752		$	—		$	207		$	2,993

1 There were no non-performing loans over 90 days past due and accruing interest as of March 31, 2025 or December 31, 2024.

2 None of the non-accrual loans as of March 31, 2025 or December 31, 2024 were earning interest on a cash or accrual basis. We reversed $33 thousand in accrued interest income for loans that were placed on non-accrual status during the three months ended March 31, 2025. We reversed accrued interest income of $10 thousand for loans that were placed on non-accrual status during the three months ended March 31, 2024.

Schedule of Collateral Dependent Non-Accrual Loans

The following table presents the amortized cost basis of individually analyzed collateral-dependent loans, which were all on non-accrual status, by portfolio class at March 31, 2025 and December 31, 2024.

			Amortized Cost by Collateral Type
(in thousands)			Commercial Real Estate			Residential Real Estate						Other			Total 1			Allowance for Credit Losses
March 31, 2025
Commercial real estate, owner-occupied			$	1,493		$	—					$	—		$	1,493		$	—
Commercial real estate, non-owner occupied			26,826			—						—			26,826			7,478
Home equity			—			1,353						—			1,353			—
Other residential			—			206						—			206			—
Installment and other consumer			—			—						198			198			—
Total			$	28,319		$	1,559					$	198		$	30,076		$	7,478
December 31, 2024
Commercial and industrial			$	52		$	—					$	—		$	52		$	52
Commercial real estate, owner-occupied			1,537			—						—			1,537			—
Commercial real estate, non-owner occupied			28,525			—						—			28,525			7,933
Home equity						752									752
Installment and other consumer			—			—						222			222			15
Total			$	30,114		$	752					$	222		$	31,088		$	8,000

1 There were no collateral-dependent residential real estate mortgage loans in process of foreclosure or in substance repossessed at March 31, 2025 and December 31, 2024. The weighted average loan-to-value of real estate secured collateral dependent loans was approximately 128% at March 31, 2025 and 116% at December 31, 2024.

Schedule of Loan Modifications to Borrowers Experiencing Financial Difficulty

There were no modifications of loans during the three months ended March 31, 2025 requiring disclosure. The following table summarizes the amortized cost of loans as of March 31, 2024 that were modified during the three months ended March 31, 2024 by portfolio class and type of modification granted.

(in thousands)									Term Extension						Total Modifications			Percent of Portfolio Class Total
Three months ended March 31, 2024
Commercial and industrial									$	2,191					$	2,191		1.5		%
Home Equity									82						82			0.1		%
Total									$	2,273					$	2,273

The following table summarizes the financial effect of loan modifications presented in the table above during the three months ended March 31, 2024 by portfolio class.

									Weighted-Average Term Extension (in years)
Three months ended March 31, 2024
Commercial and industrial									0.3
Home Equity									15.0

The Bank closely monitors the performance of the modified loans to understand the effectiveness of its modification efforts. The following table summarizes the amortized cost and payment status of loans as of March 31, 2024 that were modified during the three months ended March 31, 2024 by portfolio class.

(in thousands)			Current			30-59 Days Past Due			60-89 Days Past Due			90 Days or More Past Due			Total			Non-Accrual
Three months ended March 31, 2024
Commercial and industrial			$	2,191		$	—		$	—		$	—		$	2,191		$	2,191
Home Equity			82			—			—			—			82			82
Total			$	2,273		$	—		$	—		$	—		$	2,273		$	2,273

Schedule of Allowance for Credit Losses on Financing Receivables

The following table presents the details of the allowance for credit losses on loans segregated by loan portfolio class as of March 31, 2025 and December 31, 2024.

Allocation of the Allowance for Credit Losses on Loans
(in thousands)			Commercial and industrial			Commercial real estate, owner-occupied			Commercial real estate, non-owner occupied			Construction			Home equity			Other residential			Installment and other consumer			Unallocated			Total
March 31, 2025
Modeled expected credit losses			$	792		$	1,198		$	7,549		$	42		$	636		$	1,072		$	621		$	—		$	11,910
Qualitative adjustments			615			1,121			6,734			374			62			2			263			1,246			10,417
Specific allocations			101			—			7,478			—			—			—			—			—			7,579
Total			$	1,508		$	2,319		$	21,761		$	416		$	698		$	1,074		$	884		$	1,246		$	29,906
December 31, 2024
Modeled expected credit losses			$	759		$	1,241		$	7,632		$	41		$	620		$	1,133		$	625		$	—		$	12,051
Qualitative adjustments			672			1,120			6,528			597			64			8			268			1,255			10,512
Specific allocations			145			—			7,933			—			—			—			15			—			8,093
Total			$	1,576		$	2,361		$	22,093		$	638		$	684		$	1,141		$	908		$	1,255		$	30,656

The following table discloses activity in the allowance for credit losses on loans for the periods presented.

Allowance for Credit Losses on Loans Rollforward
(in thousands)			Commercial and industrial			Commercial real estate, owner-occupied			Commercial real estate, non-owner occupied			Construction			Home equity			Other residential			Installment and other consumer			Unallocated			Total
Three months ended March 31, 2025
Beginning balance			$	1,576		$	2,361		$	22,093		$	638		$	684		$	1,141		$	908		$	1,255		$	30,656
(Reversal) Provision			(68)			(42)			477			(222)			14			(67)			(8)			(9)			75
(Charge-offs)			—			—			(809)			—			—			—			(16)			—			(825)
Recoveries			—			—			—			—			—			—			—			—			—
Ending balance			$	1,508		$	2,319		$	21,761		$	416		$	698		$	1,074		$	884		$	1,246		$	29,906
Three months ended March 31, 2024
Beginning balance			$	1,712		$	2,476		$	14,933		$	1,832		$	552		$	653		$	976		$	2,038		$	25,172
Provision (Reversal)			19			24			771			(550)			75			39			(39)			11			350
(Charge-offs)			(4)			—			—			—			—			—			(17)			—			(21)
Recoveries			—			—			—			—			—			—			—			—			—
Ending balance			$	1,727		$	2,500		$	15,704		$	1,282		$	627		$	692		$	920		$	2,049		$	25,501

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

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Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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