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Loans (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Composition of Loan Portfolio

The following table shows the composition of the Company's loan portfolio by class of financing receivable as of June 30, 2022 and 2021 and at December 31, 2021:

			June 30, 2022												December 31, 2021												June 30, 2021
Commercial
Real estate			$	617,488,000					34.5			%			$	576,198,000					35.0			%			$	527,415,000					33.2			%
Construction			128,927,000						7.2			%			79,365,000						4.8			%			65,794,000						4.1			%
Other			275,714,000						15.4			%			264,570,000						16.1			%			298,747,000						18.8			%
Municipal			46,835,000						2.6			%			48,362,000						2.9			%			41,079,000						2.6			%
Residential
Term			582,313,000						32.6			%			550,783,000						33.4			%			523,344,000						33.0			%
Construction			44,011,000						2.5			%			31,763,000						1.9			%			29,818,000						1.9			%
Home equity line of credit			71,711,000						4.0			%			73,632,000						4.5			%			77,709,000						4.9			%
Consumer			21,356,000						1.2			%			22,976,000						1.4			%			24,358,000						1.5			%
Total			$	1,788,355,000					100.0			%			$	1,647,649,000					100.0			%			$	1,588,264,000					100.0			%

Schedule of Past Due Loans Aging

For all loan classes, loans over 30 days past due are considered delinquent. Information on the past-due status of loans by class of financing receivable as of June 30, 2022, 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			$	—					$	6,000					$	191,000					$	197,000					$	617,291,000					$	617,488,000					$	—
Construction			—						—						—						—						128,927,000						128,927,000						—
Other			448,000						76,000						83,000						607,000						275,107,000						275,714,000						—
Municipal			—						—						—						—						46,835,000						46,835,000						—
Residential
Term			343,000						497,000						1,195,000						2,035,000						580,278,000						582,313,000						72,000
Construction			—						—						—						—						44,011,000						44,011,000						—
Home equity line of credit			186,000						—						—						186,000						71,525,000						71,711,000						—
Consumer			54,000						64,000						4,000						122,000						21,234,000						21,356,000						4,000
Total			$	1,031,000					$	643,000					$	1,473,000					$	3,147,000					$	1,785,208,000					$	1,788,355,000					$	76,000

Information on the past-due status of loans by class of financing receivable as of December 31, 2021, 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			$	249,000					$	—					$	191,000					$	440,000					$	575,758,000					$	576,198,000					$	—
Construction			12,000						—						12,000						24,000						79,341,000						79,365,000						—
Other			30,000						23,000						104,000						157,000						264,413,000						264,570,000						—
Municipal			—						—						—						—						48,362,000						48,362,000						—
Residential
Term			348,000						169,000						1,780,000						2,297,000						548,486,000						550,783,000						—
Construction			—						—						—						—						31,763,000						31,763,000						—
Home equity line of credit			741,000						159,000						135,000						1,035,000						72,597,000						73,632,000						—
Consumer			168,000						192,000						32,000						392,000						22,584,000						22,976,000						32,000
Total			$	1,548,000					$	543,000					$	2,254,000					$	4,345,000					$	1,643,304,000					$	1,647,649,000					$	32,000

Information on the past-due status of loans by class of financing receivable as of June 30, 2021, 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			$	75,000					$	—					$	191,000					$	266,000					$	527,149,000					$	527,415,000					$	—
Construction			13,000						—						16,000						29,000						65,765,000						65,794,000						—
Other			62,000						—						821,000						883,000						297,864,000						298,747,000						—
Municipal			—						—						—						—						41,079,000						41,079,000						—
Residential
Term			134,000						773,000						715,000						1,622,000						521,722,000						523,344,000						—
Construction			—						—						—						—						29,818,000						29,818,000						—
Home equity line of credit			43,000						—						246,000						289,000						77,420,000						77,709,000						17,000
Consumer			140,000						104,000						87,000						331,000						24,027,000						24,358,000						87,000
Total			$	467,000					$	877,000					$	2,076,000					$	3,420,000					$	1,584,844,000					$	1,588,264,000					$	104,000

Schedule of Nonaccrual Loans

Information on nonaccrual loans as of June 30, 2022 and 2021 and at December 31, 2021 is presented in the following table:

			June 30, 2022						December 31, 2021						June 30, 2021
Commercial
Real estate			$	197,000					$	242,000					$	1,029,000
Construction			25,000						27,000						105,000
Other			953,000						1,068,000						1,452,000
Municipal			—						—						—
Residential
Term			3,383,000						3,808,000						3,820,000
Construction			—						—						—
Home equity line of credit			254,000						457,000						575,000
Consumer			—						—						—
Total			$	4,812,000					$	5,602,000					$	6,981,000

Schedule of Impaired Loans by Class of Financing Receivable

A breakdown of impaired loans by class of financing receivable as of and for the period ended June 30, 2022 is presented in the following table:

												For the six months ended June 30, 2022						For the quarter ended June 30, 2022
			Recorded Investment			Unpaid Principal Balance			Related Allowance			Average Recorded Investment			Recognized Interest Income			Average Recorded Investment			Recognized Interest Income
With No Related Allowance
Commercial
Real estate			$	1,352,000		$	1,661,000		$	—		$	1,588,000		$	28,000		$	1,600,000		$	15,000
Construction			25,000			27,000			—			26,000			—			26,000			—
Other			416,000			471,000			—			446,000			8,000			435,000			4,000
Municipal			—			—			—			—			—			—			—
Residential
Term			6,053,000			7,189,000			—			5,738,000			49,000			5,682,000			26,000
Construction			—			—			—			—			—			—			—
Home equity line of credit			254,000			283,000			—			323,000			—			324,000			—
Consumer			1,000			1,000			—			1,000			—			—			—
			$	8,101,000		$	9,632,000		$	—		$	8,122,000		$	85,000		$	8,067,000		$	45,000
With an Allowance Recorded
Commercial
Real estate			$	—		$	—		$	—		$	21,000		$	—		$	—		$	—
Construction			661,000			661,000			8,000			661,000			11,000			661,000			5,000
Other			744,000			843,000			502,000			778,000			—			761,000			—
Municipal			—			—			—			—			—			—			—
Residential
Term			1,449,000			1,483,000			103,000			1,650,000			25,000			1,566,000			13,000
Construction			—			—			—			—			—			—			—
Home equity line of credit			—			—			—			17,000			—			—			—
Consumer			—			—			—			—			—			—			—
			$	2,854,000		$	2,987,000		$	613,000		$	3,127,000		$	36,000		$	2,988,000		$	18,000
Total
Commercial
Real estate			$	1,352,000		$	1,661,000		$	—		$	1,609,000		$	28,000		$	1,600,000		$	15,000
Construction			686,000			688,000			8,000			687,000			11,000			687,000			5,000
Other			1,160,000			1,314,000			502,000			1,224,000			8,000			1,196,000			4,000
Municipal			—			—			—			—			—			—			—
Residential
Term			7,502,000			8,672,000			103,000			7,388,000			74,000			7,248,000			39,000
Construction			—			—			—			—			—			—			—
Home equity line of credit			254,000			283,000			—			340,000			—			324,000			—
Consumer			1,000			1,000			—			1,000			—			—			—
			$	10,955,000		$	12,619,000		$	613,000		$	11,249,000		$	121,000		$	11,055,000		$	63,000

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 and for the year ended December 31, 2021 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			$	1,386,000					$	1,689,000					$	—					$	1,590,000					$	63,000
Construction			28,000						28,000						—						22,000						—
Other			917,000						1,009,000						—						1,051,000						15,000
Municipal			—						—						—						—						—
Residential
Term			6,178,000						7,238,000						—						6,429,000						87,000
Construction			—						—						—						—						—
Home equity line of credit			457,000						487,000						—						461,000						—
Consumer			2,000						2,000						—						—						1,000
			$	8,968,000					$	10,453,000					$	—					$	9,553,000					$	166,000
With an Allowance Recorded
Commercial
Real estate			$	42,000					$	71,000					$	42,000					$	614,000					—
Construction			661,000						661,000						16,000						661,000						22,000
Other			386,000						411,000						381,000						396,000						—
Municipal			—						—						—						—						—
Residential
Term			1,995,000						2,164,000						137,000						1,897,000						54,000
Construction			—						—						—						—						—
Home equity line of credit			—						—						—						—						—
Consumer			—						—						—						—						—
			$	3,084,000					$	3,307,000					$	576,000					$	3,568,000					$	76,000
Total
Commercial
Real estate			$	1,428,000					$	1,760,000					$	42,000					$	2,204,000					$	63,000
Construction			689,000						689,000						16,000						683,000						22,000
Other			1,303,000						1,420,000						381,000						1,447,000						15,000
Municipal			—						—						—						—						—
Residential
Term			8,173,000						9,402,000						137,000						8,326,000						141,000
Construction			—						—						—						—						—
Home equity line of credit			457,000						487,000						—						461,000						—
Consumer			2,000						2,000						—						—						1,000
			$	12,052,000					$	13,760,000					$	576,000					$	13,121,000					$	242,000

A breakdown of impaired loans by class of financing receivable as of and for the period ended June 30, 2021 is presented in the following table:

												For the six months ended June 30, 2021						For the quarter ended June 30, 2021
			Recorded Investment			Unpaid Principal Balance			Related Allowance			Average Recorded Investment			Recognized Interest Income			Average Recorded Investment			Recognized Interest Income
With No Related Allowance
Commercial
Real estate			$	2,145,000		$	2,490,000		$	—		$	2,295,000		$	35,000		$	2,412,000		$	18,000
Construction			106,000			106,000			—			92,000			—			94,000			—
Other			1,567,000			1,638,000			—			1,615,000			8,000			1,575,000			3,000
Municipal			—			—			—			—			—			—			—
Residential
Term			7,506,000			8,770,000			—			7,256,000			68,000			7,329,000			33,000
Construction			—			—			—			—			—			—			—
Home equity line of credit			574,000			607,000			—			815,000			—			756,000			—
Consumer			6,000			6,000			—			7,000			—			—			—
			$	11,904,000		$	13,617,000		$	—		$	12,080,000		$	111,000		$	12,166,000		$	54,000
With an Allowance Recorded
Commercial
Real estate			$	929,000		$	956,000		$	167,000		$	954,000		$	20,000		$	939,000		11,000
Construction			681,000			681,000			19,000			681,000			11,000			681,000			5,000
Other			422,000			439,000			403,000			498,000			5,000			471,000			5,000
Municipal			—			—			—			—			—			—			—
Residential
Term			1,620,000			1,662,000			118,000			1,810,000			23,000			1,662,000			7,000
Construction			—			—			—			—			—			—			—
Home equity line of credit			22,000			22,000			—			11,000			—			15,000			—
Consumer			—			—			—			—			—			—			—
			$	3,674,000		$	3,760,000		$	707,000		$	3,954,000		$	59,000		$	3,768,000		$	28,000
Total
Commercial
Real estate			$	3,074,000		$	3,446,000		$	167,000		$	3,249,000		$	55,000		$	3,351,000		$	29,000
Construction			787,000			787,000			19,000			773,000			11,000			775,000			5,000
Other			1,989,000			2,077,000			403,000			2,113,000			13,000			2,046,000			8,000
Municipal			—			—			—			—			—			—			—
Residential
Term			9,126,000			10,432,000			118,000			9,066,000			91,000			8,991,000			40,000
Construction			—			—			—			—			—			—			—
Home equity line of credit			596,000			629,000			—			826,000			—			771,000			—
Consumer			6,000			6,000			—			7,000			—			—			—
			$	15,578,000		$	17,377,000		$	707,000		$	16,034,000		$	170,000		$	15,934,000		$	82,000

Schedule of Troubled Debt Restructurings on Financing Receivables

The following table shows TDRs by class and the specific reserve as of June 30, 2022:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			6						$	1,155,000					$	—
Construction			1						661,000						8,000
Other			5						709,000						316,000
Municipal			—						—						—
Residential
Term			40						4,958,000						104,000
Construction			—						—						—
Home equity line of credit			—						—						—
Consumer			1						1,000						—
			53						$	7,484,000					$	428,000

The following table shows TDRs by class and the specific reserve as of December 31, 2021:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			8						$	1,227,000					$	42,000
Construction			1						661,000						16,000
Other			5						765,000						337,000
Municipal			—						—						—
Residential
Term			45						5,686,000						137,000
Construction			—						—						—
Home equity line of credit			—						—						—
Consumer			1						2,000						—
			60						$	8,341,000					$	532,000

The following table shows TDRs by class and the specific reserve as of June 30, 2021:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			13						$	2,490,000					$	166,000
Construction			2						762,000						19,000
Other			7						956,000						357,000
Municipal			—						—						—
Residential
Term			48						6,546,000						118,000
Construction			—						—						—
Home equity line of credit			1						22,000						—
Consumer			1						6,000						—
			72						$	10,782,000					$	660,000

As of June 30, 2022, nine of the loans classified as TDRs with a total balance of $641,000 were more than 30 days past due. Of these loans, one had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2022:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			—						$	—					$	—
Construction			—						—						—
Other			2						313,000						230,000
Municipal			—						—						—
Residential
Term			6						327,000						—
Construction			—						—						—
Home equity line of credit			—						—						—
Consumer			1						1,000						—
			9						$	641,000					$	230,000

As of June 30, 2021, 11 of the loans classified as TDRs with a total balance of $737,000 were more than 30 days past due. Of these loans, none had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2021:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			1						$	25,000					$	25,000
Construction			—						—
Other			4						419,000						92,000
Municipal			—						—
Residential
Term			5						287,000						—
Construction			—						—						—
Home equity line of credit			—						—						—
Consumer			1						6,000						—
			11						$	737,000					$	117,000

For the six months ended June 30, 2022, no loans were placed on TDR status.

For the six months ended June 30, 2021, three loans were placed on TDR status. The following table shows this TDR by class and associated specific reserves included in the allowance for loan losses as of June 30, 2021:

			Number of Loans						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment						Specific Reserves
Commercial
Real estate			—						$	—					$	—					$	—
Construction			1						80,000						80,000						—
Other			1						261,000						261,000						261,000
Municipal			—						—						—						—
Residential
Term			1						9,000						4,000						—
Construction			—						—						—						—
Home equity line of credit			—						—						—						—
Consumer			—						—						—						—
			3						$	350,000					$	345,000					$	261,000

For the quarter ended June 30, 2022, no loans were placed on TDR status.

For the quarter ended June 30, 2021, two loans were placed on TDR status. The following table shows this TDR by class and the associated specific reserve included in the allowance for loan losses as of June 30, 2021:

			Number of Loans						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment						Specific Reserves
Commercial
Real estate			—						$	—					$	—					$	—
Construction			1						80,000						80,000						—
Other			—						—						—						—
Municipal			—						—						—						—
Residential
Term			1						9,000						4,000						—
Construction			—						—						—						—
Home equity line of credit			—						—						—
Consumer			—						—						—						—
			2						$	89,000					$	84,000					$	—

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 326
-SubTopic 20
-Section 50
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Tabular disclosure of financing receivable modified as troubled debt restructuring.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
-URI https://asc.fasb.org/extlink&oid=123577603&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 https://asc.fasb.org/extlink&oid=123577603&loc=SL6953682-111524

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