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Loans (Tables)

12 Months Ended

Dec. 31, 2020

Loans and Leases Receivable Disclosure [Abstract]

Composition of Loan Portfolio

The following table shows the composition of the Company's loan portfolio as of December 31, 2020 and 2019:

			December 31, 2020												December 31, 2019
Commercial
Real estate			$	442,121,000					29.9		%				$	372,810,000					28.7		%
Construction			56,565,000						3.8		%				38,084,000						3.0		%
Other			285,015,000						19.3		%				218,773,000						16.9		%
Municipal			43,783,000						3.0		%				41,288,000						3.2		%
Residential
Term			522,070,000						35.3		%				492,455,000						37.9		%
Construction			21,600,000						1.5		%				14,813,000						1.2		%
Home equity line of credit			79,750,000						5.4		%				92,349,000						7.1		%
Consumer			25,857,000						1.8		%				26,503,000						2.0		%
Total loans			$	1,476,761,000					100.0		%				$	1,297,075,000					100.0		%

Loans to Directors, Officers and Employees which exceed $60,000

A summary of loans to directors and executive officers is as follows:

For the years ended December 31,			2020						2019
Balance at beginning of year			$	21,134,000					$	22,149,000
New loans			3,544,000						521,000
Repayments			(3,138,000)						(1,536,000)
Retired director			(326,000)						—
Balance at end of year			$	21,214,000					$	21,134,000

Past Due Loans Aging

Information on the past-due status of loans by class of financing receivable as of December 31, 2020, is presented in the following table:

			30-59 Days Past Due						60-89 Days Past Due						90+ Days Past Due						All Past Due						Current						Total						90+ Days & Accruing
Commercial
Real estate			$	139,000					$	190,000					$	226,000					$	555,000					$	441,566,000					$	442,121,000					$	—
Construction			13,000						—						80,000						93,000						56,472,000						56,565,000						—
Other			490,000						62,000						2,082,000						2,634,000						282,381,000						285,015,000						1,464,000
Municipal			—						—						—						—						43,783,000						43,783,000						—
Residential
Term			540,000						1,799,000						1,616,000						3,955,000						518,115,000						522,070,000						23,000
Construction			—						—						—						—						21,600,000						21,600,000						—
Home equity line of credit			1,645,000						324,000						367,000						2,336,000						77,414,000						79,750,000						—
Consumer			89,000						42,000						18,000						149,000						25,708,000						25,857,000						18,000
Total			$	2,916,000					$	2,417,000					$	4,389,000					$	9,722,000					$	1,467,039,000					$	1,476,761,000					$	1,505,000

Information on the past-due status of loans by class of financing receivable as of December 31, 2019, is presented in the following table:

			30-59 Days Past Due						60-89 Days Past Due						90+ Days Past Due						All Past Due						Current						Total						90+ Days & Accruing
Commercial
Real estate			$	786,000					$	377,000					$	611,000					$	1,774,000					$	371,036,000					$	372,810,000					$	—
Construction			—						14,000						257,000						271,000						37,813,000						38,084,000						—
Other			2,764,000						465,000						1,799,000						5,028,000						213,745,000						218,773,000						1,464,000
Municipal			—						—						—						—						41,288,000						41,288,000						—
Residential
Term			1,129,000						1,132,000						2,379,000						4,640,000						487,815,000						492,455,000						86,000
Construction			—						—						—						—						14,813,000						14,813,000						—
Home equity line of credit			1,169,000						58,000						1,730,000						2,957,000						89,392,000						92,349,000						—
Consumer			291,000						46,000						10,000						347,000						26,156,000						26,503,000						10,000
Total			$	6,139,000					$	2,092,000					$	6,786,000					$	15,017,000					$	1,282,058,000					$	1,297,075,000					$	1,560,000

Modification Statuses by Portfolio Segment

Modification statuses by portfolio segment are summarized below:

Commercial/Municipal Loan Modifications
			Units			Percentage			Balance			Percentage
Paid Off			61			10.0		%	$	9,027,000		4.0		%
Subsequent Modification			54			9.0		%	32,724,000			14.0		%
Still in Original Modification			16			3.0		%	7,244,000			3.0		%
Out of Modification			470			78.0		%	189,413,000			79.0		%
Total			601			100.0		%	$	238,408,000		100.0		%
Residential Real Estate Modifications
			Units			Percentage			Balance			Percentage
Paid Off			27			7.0		%	$	5,930,000		12.0		%
Subsequent Modification			154			43.0		%	19,468,000			38.0		%
Still in Original Modification			27			7.0		%	2,615,000			5.0		%
Out of Modification			154			43.0		%	23,553,000			45.0		%
Total			362			100.0		%	$	51,566,000		100.0		%

Consumer Loan Modifications
			Units			Percentage			Balance			Percentage
Paid Off			11			16.0		%	$	118,000		10.0		%
Subsequent Modification			3			4.0		%	104,000			9.0		%
Still in Original Modification			4			6.0		%	53,000			5.0		%
Out of Modification			50			74.0		%	854,000			76.0		%
Total			68			100.0		%	$	1,129,000		100.0		%

Nonaccrual Loans

Information on nonaccrual loans as of December 31, 2020 and 2019 is presented in the following table:

As of December 31,			2020						2019
Commercial
Real estate			$	543,000					$	1,784,000
Construction			89,000						256,000
Other			1,481,000						6,534,000
Municipal			—						—
Residential
Term			3,593,000						5,899,000
Construction			—						—
Home equity line of credit			1,015,000						2,171,000
Consumer			—						5,000
Total			$	6,721,000					$	16,649,000

Impaired Loans

Information regarding impaired loans is as follows:

For the years ended December 31,			2020						2019						2018
Average investment in impaired loans			$	21,088,000					$	31,557,000					$	31,805,000
Interest income recognized on impaired loans, all on cash basis			478,000						735,000						864,000

As of December 31,			2020						2019
Balance of impaired loans			$	16,039,000					$	29,274,000
Less portion for which no allowance for loan losses is allocated			(12,098,000)						(18,212,000)
Portion of impaired loan balance for which an allowance for loan losses is allocated			$	3,941,000					$	11,062,000
Portion of allowance for loan losses allocated to the impaired loan balance			$	462,000					$	2,213,000

Impaired Loans by class of financing receivable

A breakdown of impaired loans by class of financing receivable as of December 31, 2020, is presented in the following table:

			Recorded Investment						Unpaid Principal Balance						Related Allowance						Average Recorded Investment						Recognized Interest Income
With No Related Allowance
Commercial
Real estate			$	2,060,000					$	2,368,000					$	—					$	4,123,000					$	127,000
Construction			89,000						89,000						—						358,000						—
Other			1,591,000						1,623,000						—						999,000						15,000
Municipal			—						—						—						—						—
Residential
Term			7,335,000						8,629,000						—						8,773,000						193,000
Construction			—						—						—						—						—
Home equity line of credit			1,015,000						1,089,000						—						1,219,000						—
Consumer			8,000						8,000						—						1,000						1,000
			$	12,098,000					$	13,806,000					$	—					$	15,473,000					$	336,000
With an Allowance Recorded
Commercial
Real estate			$	969,000					$	995,000					$	112,000					$	1,018,000					$	43,000
Construction			681,000						681,000						18,000						579,000						30,000
Other			188,000						202,000						169,000						1,193,000						3,000
Municipal			—						—						—						—						—
Residential
Term			2,079,000						2,134,000						163,000						2,073,000						65,000
Construction			—						—						—						—						—
Home equity line of credit			24,000						24,000						—						744,000						1,000
Consumer			—						—						—						8,000						—
			$	3,941,000					$	4,036,000					$	462,000					$	5,615,000					$	142,000
Total
Commercial
Real estate			$	3,029,000					$	3,363,000					$	112,000					$	5,141,000					$	170,000
Construction			770,000						770,000						18,000						937,000						30,000
Other			1,779,000						1,825,000						169,000						2,192,000						18,000
Municipal			—						—						—						—						—
Residential
Term			9,414,000						10,763,000						163,000						10,846,000						258,000
Construction			—						—						—						—						—
Home equity line of credit			1,039,000						1,113,000						—						1,963,000						1,000
Consumer			8,000						8,000						—						9,000						1,000
			$	16,039,000					$	17,842,000					$	462,000					$	21,088,000					$	478,000

Substantially all interest income recognized on impaired loans for all classes of financing receivables was recognized on a cash basis as received.

A breakdown of impaired loans by class of financing receivable as of December 31, 2019, is presented in the following table:

			Recorded Investment						Unpaid Principal Balance						Related Allowance						Average Recorded Investment						Recognized Interest Income
With No Related Allowance
Commercial
Real estate			$	5,235,000					$	5,492,000					$	—					$	7,611,000					$	228,000
Construction			958,000						970,000						—						936,000						47,000
Other			756,000						786,000						—						965,000						29,000
Municipal			—						—						—						—						—
Residential
Term			10,176,000						11,931,000						—						10,033,000						269,000
Construction			—						—						—						—						—
Home equity line of credit			1,087,000						1,151,000						—						997,000						20,000
Consumer			—						—						—						—						—
			$	18,212,000					$	20,330,000					$	—					$	20,542,000					$	593,000
With an Allowance Recorded
Commercial
Real estate			$	1,074,000					$	1,093,000					$	251,000					$	1,528,000					$	60,000
Construction			—						—						—						—						—
Other			6,319,000						6,925,000						1,273,000						6,778,000						—
Municipal			—						—						—						—						—
Residential
Term			2,263,000						2,412,000						237,000						2,424,000						82,000
Construction			—						—						—						—						—
Home equity line of credit			1,401,000						1,412,000						447,000						283,000						—
Consumer			5,000						6,000						5,000						2,000						—
			$	11,062,000					$	11,848,000					$	2,213,000					$	11,015,000					$	142,000
Total
Commercial
Real estate			$	6,309,000					$	6,585,000					$	251,000					$	9,139,000					$	288,000
Construction			958,000						970,000						—						936,000						47,000
Other			7,075,000						7,711,000						1,273,000						7,743,000						29,000
Municipal			—						—						—						—						—
Residential
Term			12,439,000						14,343,000						237,000						12,457,000						351,000
Construction			—						—						—						—						—
Home equity line of credit			2,488,000						2,563,000						447,000						1,280,000						20,000
Consumer			5,000						6,000						5,000						2,000						—
			$	29,274,000					$	32,178,000					$	2,213,000					$	31,557,000					$	735,000

A breakdown of impaired loans by category as of December 31, 2018, is presented in the following table:

			Recorded Investment						Unpaid Principal Balance						Related Allowance						Average Recorded Investment						Recognized Interest Income
With No Related Allowance
Commercial
Real estate			$	8,718,000					$	9,161,000					$	—					$	5,536,000					$	380,000
Construction			721,000						721,000						—						762,000						43,000
Other			1,468,000						1,555,000						—						2,037,000						32,000
Municipal			—						—						—						—						—
Residential
Term			9,136,000						10,317,000						—						9,427,000						289,000
Construction			—						—						—						—						—
Home equity line of credit			972,000						1,035,000						—						1,001,000						20,000
Consumer			15,000						42,000						—						13,000						—
			$	21,030,000					$	22,831,000					$	—					$	18,776,000					$	764,000
With an Allowance Recorded
Commercial
Real estate			$	1,042,000					$	1,059,000					$	260,000					$	3,477,000					$	42,000
Construction			—						—						—						—						—
Other			7,791,000						8,216,000						1,696,000						7,471,000						5,000
Municipal			—						—						—						—						—
Residential
Term			1,768,000						1,998,000						335,000						1,982,000						53,000
Construction			—						—						—						—						—
Home equity line of credit			120,000						124,000						17,000						99,000						—
Consumer			—						—						—						—						—
			$	10,721,000					$	11,397,000					$	2,308,000					$	13,029,000					$	100,000
Total
Commercial
Real estate			$	9,760,000					$	10,220,000					$	260,000					$	9,013,000					$	422,000
Construction			721,000						721,000						—						762,000						43,000
Other			9,259,000						9,771,000						1,696,000						9,508,000						37,000
Municipal			—						—						—						—						—
Residential
Term			10,904,000						12,315,000						335,000						11,409,000						342,000
Construction			—						—						—						—						—
Home equity line of credit			1,092,000						1,159,000						17,000						1,100,000						20,000
Consumer			15,000						42,000						—						13,000						—
			$	31,751,000					$	34,228,000					$	2,308,000					$	31,805,000					$	864,000

Troubled Debt Restructurings on Financing Receivables

The following table shows TDRs by class and the specific reserve as of December 31, 2020:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			13						$	2,558,000					$	106,000
Construction			1						681,000						18,000
Other			6						717,000						96,000
Municipal			—						—						—
Residential
Term			51						7,384,000						149,000
Construction			—						—						—
Home equity line of credit			2						186,000						—
Consumer			1						8,000						—
			74						$	11,534,000					$	369,000

The following table shows TDRs by class and the specific reserve as of December 31, 2019:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			17						$	4,836,000					$	246,000
Construction			1						701,000						—
Other			8						6,932,000						1,231,000
Municipal			—						—						—
Residential
Term			52						8,472,000						200,000
Construction			—						—						—
Home equity line of credit			3						483,000						—
Consumer			—						—						—
			81						$	21,424,000					$	1,677,000

As of December 31, 2020, 14 of the loans classified as TDRs with a total balance of $1,577,000 were more than 30 days past due. One of these loans had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2020:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			—						$	—					$	—
Construction			—						—						—
Other			4						419,000						92,000
Municipal			—						—						—
Residential
Term			8						988,000						5,000
Construction			—						—						—
Home equity line of credit			1						162,000						—
Consumer			1						8,000						—
			14						$	1,577,000					$	97,000

As of December 31, 2019, 13 of the loans classified as TDRs with a total balance of $1,510,000 were more than 30 days past due. Two of these loans had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2019:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			—						$	—					$	—
Construction			—						—						—
Other			4						371,000						131,000
Municipal			—						—						—
Residential
Term			8						972,000						86,000
Construction			—						—						—
Home equity line of credit			1						167,000						—
Consumer			—						—						—
			13						$	1,510,000					$	217,000

For the year ended December 31, 2020, three loans were placed on TDR status. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2020:

			Number of Loans						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment						Specific Reserves
Commercial
Real estate			—						$	—					$	—					—
Construction			—						—						—						—
Other			—						—						—						—
Municipal			—						—						—						—
Residential
Term			2						234,000						185,000						21,000
Construction			—						—						—						—
Home equity line of credit			—						—						—						—
Consumer			1						8,000						8,000						—
			3						$	242,000					$	193,000					21,000

For the year ended December 31, 2019, 11 loans were placed in TDR status. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as for December 31, 2019.

			Number of Loans						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment						Specific Reserves
Commercial
Real estate			2						$	109,000					$	90,000					$	90,000
Construction			—						—						—						—
Other			1						98,000						98,000						—
Municipal			—						—						—						—
Residential
Term			8						996,000						872,000						72,000
Construction			—						—						—						—
Home equity line of credit			—						—						—						—
Consumer			—						—						—						—
			11						$	1,203,000					$	1,060,000					$	162,000

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-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919258-210447

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- Definition

Tabular disclosure of financing receivable modified as troubled debt restructuring.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953676-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953682-111524

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