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Loans (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Composition of Loan Portfolio

The following table shows the composition of the Company's loan portfolio as of December 31, 2022 and 2021:

			December 31, 2022												December 31, 2021
Commercial
Real estate			$	699,340,000					36.5		%				$	576,198,000					35.0		%
Construction			93,907,000						4.9		%				79,365,000						4.8		%
Other			319,359,000						16.7		%				264,570,000						16.1		%
Municipal			40,619,000						2.1		%				48,362,000						2.9		%
Residential
Term			613,919,000						32.1		%				550,783,000						33.4		%
Construction			49,907,000						2.6		%				31,763,000						1.9		%
Home equity line of credit			76,560,000						4.0		%				73,632,000						4.5		%
Consumer			21,063,000						1.1		%				22,976,000						1.4		%
Total loans			$	1,914,674,000					100.0		%				$	1,647,649,000					100.0		%

Summary of 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,			2022						2021
Balance at beginning of year			$	26,307,000					$	21,214,000
New loans			5,159,000						10,074,000
Repayments			(1,976,000)						(2,498,000)
Retired executive officers			—						(2,483,000)
Balance at end of year			$	29,490,000					$	26,307,000

Schedule of Past Due Loans Aging

Information on the past-due status of loans by class of financing receivable as of December 31, 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			$	—					$	3,000					$	190,000					$	193,000					$	699,147,000					$	699,340,000					$	—
Construction			—						—						—						—						93,907,000						93,907,000						—
Other			118,000						23,000						85,000						226,000						319,133,000						319,359,000						34,000
Municipal			—						—						—						—						40,619,000						40,619,000						—
Residential
Term			135,000						33,000						284,000						452,000						613,467,000						613,919,000						118,000
Construction			—						—						—						—						49,907,000						49,907,000						—
Home equity line of credit			241,000						29,000						151,000						421,000						76,139,000						76,560,000						86,000
Consumer			131,000						33,000						3,000						167,000						20,896,000						21,063,000						3,000
Total			$	625,000					$	121,000					$	713,000					$	1,459,000					$	1,913,215,000					$	1,914,674,000					$	241,000

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

Schedule of Nonaccrual Loans

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

As of December 31,			2022						2021
Commercial
Real estate			$	193,000					$	242,000
Construction			23,000						27,000
Other			663,000						1,068,000
Municipal			—						—
Residential
Term			572,000						3,808,000
Construction			—						—
Home equity line of credit			304,000						457,000
Consumer			—						—
Total			$	1,755,000					$	5,602,000

Summary of Impaired Loans

Information regarding impaired loans is as follows:

For the years ended December 31,			2022						2021						2020
Average investment in impaired loans			$	9,536,000					$	13,121,000					$	21,088,000
Interest income recognized on impaired loans, all on cash basis			204,000						242,000						478,000

As of December 31,			2022						2021
Balance of impaired loans			$	6,160,000					$	12,052,000
Less portion for which no allowance for loan losses is allocated			(4,359,000)						(8,968,000)
Portion of impaired loan balance for which an allowance for loan losses is allocated			$	1,801,000					$	3,084,000
Portion of allowance for loan losses allocated to the impaired loan balance			$	398,000					$	576,000

Schedule of Impaired Loans by Class of Financing Receivable

A breakdown of impaired loans by class of financing receivable as of December 31, 2022, 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			$	1,236,000					$	1,532,000					$	—					$	1,440,000					$	50,000
Construction			685,000						687,000						—						81,000						35,000
Other			301,000						348,000						—						408,000						13,000
Municipal			—						—						—						—						—
Residential
Term			1,833,000						2,035,000						—						4,507,000						56,000
Construction			—						—						—						—						—
Home equity line of credit			304,000						340,000						—						295,000						—
Consumer			—						—						—						1,000						—
			$	4,359,000					$	4,942,000					$	—					$	6,732,000					$	154,000
With an Allowance Recorded
Commercial
Real estate			$	—					$	—					$	—					$	11,000					$	—
Construction			—						—						—						606,000						—
Other			545,000						647,000						298,000						693,000						—
Municipal			—						—						—						—						—
Residential
Term			1,256,000						1,259,000						100,000						1,486,000						50,000
Construction			—						—						—						—						—
Home equity line of credit			—						—						—						8,000						—
Consumer			—						—						—						—						—
			$	1,801,000					$	1,906,000					$	398,000					$	2,804,000					$	50,000
Total
Commercial
Real estate			$	1,236,000					$	1,532,000					$	—					$	1,451,000					$	50,000
Construction			685,000						687,000						—						687,000						35,000
Other			846,000						995,000						298,000						1,101,000						13,000
Municipal			—						—						—						—						—
Residential
Term			3,089,000						3,294,000						100,000						5,993,000						106,000
Construction			—						—						—						—						—
Home equity line of credit			304,000						340,000						—						303,000						—
Consumer			—						—						—						1,000						—
			$	6,160,000					$	6,848,000					$	398,000					$	9,536,000					$	204,000

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, 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 category 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

Schedule of Troubled Debt Restructurings on Financing Receivables

The following table shows TDRs by class and the specific reserve as of December 31, 2022:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			5						$	1,044,000					$	—
Construction			1						661,000						—
Other			3						361,000						81,000
Municipal			—						—						—
Residential
Term			20						2,678,000						100,000
Construction			—						—						—
Home equity line of credit			—						—						—
Consumer			—						—						—
			29						$	4,744,000					$	181,000

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

As of December 31, 2022, one of the loans classified as TDR with a total balance of $97,000 was more than 30 days past due and was not 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, 2022:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			—						$	—					—
Construction			—						—						—
Other			1						97,000						—
Municipal			—						—						—
Residential
Term			—						—						—
Construction			—						—						—
Home equity line of credit			—						—						—
Consumer			—						—						—
			1						$	97,000					—

As of December 31, 2021, five of the loans classified as TDRs with a total balance of $349,000 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, 2021:

			Number of Loans						Balance						Specific Reserves
Commercial
Real estate			—						$	—					—
Construction			—						—						—
Other			1						83,000						—
Municipal			—						—						—
Residential
Term			4						266,000						—
Construction			—						—						—
Home equity line of credit			—						—						—
Consumer			—						—						—
			5						$	349,000					—

For the year ended December 31, 2022, one loan was placed on TDR status. The following table shows this TDR by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2022:

			Number of Loans						Pre-Modification Outstanding Recorded Investment						Post-Modification Outstanding Recorded Investment						Specific Reserves
Commercial
Real estate			—						$	—					$	—					—
Construction			—						—						—						—
Other			—						—						—						—
Municipal			—						—						—						—
Residential
Term			1						38,000						38,000						—
Construction			—						—						—						—
Home equity line of credit			—						—						—						—
Consumer			—						—						—						—
			1						$	38,000					$	38,000					—

For the year ended December 31, 2021, four 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, 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						251,000						247,000						247,000
Municipal			—						—						—						—
Residential
Term			2						142,000						124,000						—
Construction			—						—						—						—
Home equity line of credit			—						—						—						—
Consumer			—						—						—						—
			4						$	473,000					$	451,000					$	247,000

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