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Loans (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and 2022 and at December 31, 2022:

			September 30, 2023									December 31, 2022									September 30, 2022
Commercial
Real estate owner occupied			$	299,943,000		14.4			%			$	256,623,000		13.4			%			$	251,410,000		13.6			%
Real estate non-owner occupied			397,024,000			19.1			%			363,660,000			19.0			%			315,514,000			17.0			%
Construction			72,424,000			3.5			%			93,907,000			4.9			%			129,036,000			6.9			%
C&I			350,596,000			16.9			%			319,359,000			16.7			%			310,110,000			16.7			%
Multifamily			91,041,000			4.4			%			79,057,000			4.1			%			71,784,000			3.9			%
Municipal			58,447,000			2.8			%			40,619,000			2.1			%			48,702,000			2.6			%
Residential
Term			660,049,000			31.7			%			597,404,000			31.2			%			581,066,000			31.3			%
Construction			28,986,000			1.4			%			49,907,000			2.6			%			41,631,000			2.2			%
Home Equity
Revolving and term			101,980,000			4.9			%			93,075,000			4.9			%			87,903,000			4.7			%
Consumer			19,370,000			0.9			%			21,063,000			1.1			%			20,819,000			1.1			%
Total			$	2,079,860,000		100.0			%			$	1,914,674,000		100.0			%			$	1,857,975,000		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 September 30, 2023, 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 owner occupied			$	—		$	—		$	—		$	—		$	299,943,000		$	299,943,000		$	—
Real estate non-owner occupied			—			—			—			—			397,024,000			397,024,000			—
Construction			—			7,000			8,000			15,000			72,409,000			72,424,000			—
C&I			349,000			100,000			221,000			670,000			349,926,000			350,596,000			—
Multifamily			—			—			—			—			91,041,000			91,041,000			—
Municipal			—			—			—			—			58,447,000			58,447,000			—
Residential
Term			39,000			106,000			578,000			723,000			659,326,000			660,049,000			—
Construction			—			62,000			—			62,000			28,924,000			28,986,000			—
Home equity
Revolving and term			79,000			—			179,000			258,000			101,722,000			101,980,000			—
Consumer			210,000			39,000			11,000			260,000			19,110,000			19,370,000			11,000
Total			$	677,000		$	314,000		$	997,000		$	1,988,000		$	2,077,872,000		$	2,079,860,000		$	11,000

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			596,952,000			597,404,000			118,000
Construction			—			—			—			—			49,907,000			49,907,000			—
Home equity line of credit			241,000			29,000			151,000			421,000			92,654,000			93,075,000			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 September 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			$	—		$	4,000		$	191,000		$	195,000		$	638,513,000		$	638,708,000		$	—
Construction			—			—			—			—			129,036,000			129,036,000			—
Other			172,000			16,000			83,000			271,000			309,839,000			310,110,000			—
Municipal			—			—			—			—			48,702,000			48,702,000			—
Residential
Term			79,000			77,000			166,000			322,000			580,744,000			581,066,000			—
Construction			—			—			—			—			41,631,000			41,631,000			—
Home equity line of credit			473,000			29,000			—			502,000			87,401,000			87,903,000			—
Consumer			143,000			28,000			—			171,000			20,648,000			20,819,000			—
Total			$	867,000		$	154,000		$	440,000		$	1,461,000		$	1,856,514,000		$	1,857,975,000		$	—

Schedule of Nonaccrual Loans

The following table presents the amortized costs basis of loans on nonaccrual status as of September 30, 2023, December 31, 2022 and September 30, 2022:

			September 30, 2023									December 31, 2022			September 30, 2022
			Nonaccrual with Allowance for Credit Loss			Nonaccrual with no Allowance for Credit Loss			Total Nonaccrual			Total Nonaccrual			Total Nonaccrual
Commercial
Real estate owner occupied			$	—		$	—		$	—		$	193,000		$	195,000
Real estate non-owner occupied			—			—			—			—			—
Construction			—			29,000			29,000			23,000			25,000
C&I			363,000			351,000			714,000			663,000			756,000
Multifamily			—			—			—			—			—
Municipal			—			—			—			—			—
Residential
Term			304,000			1,016,000			1,320,000			572,000			637,000
Construction			—			—			—			—			—
Home equity
Revolving and term			—			490,000			490,000			304,000			247,000
Consumer			—			—			—			—			—
Total			$	667,000		$	1,886,000		$	2,553,000		$	1,755,000		$	1,860,000

Schedule of Individually Analyzed Loans by Class of Financing Receivable

The following table presents the amortized cost basis of collateral-dependent loans as of September 30, 2023 by collateral type:

			Collateral Type
			Commercial Real Estate			Residential Real Estate						Total
Commercial
Real estate owner occupied			$	—		$	—					$	—
Real estate non-owner occupied			—			—						—
Construction			—			—						—
C&I			—			—						—
Multifamily			—			—						—
Municipal			—			—						—
Residential
Term			—			687,000						687,000
Construction			—			—						—
Home Equity
Revolving and term			—			—						—
Consumer			—			—						—
Total			$	—		$	687,000					$	687,000

A breakdown of individually analyzed loans by class of financing receivable as of and for the period ended September 30, 2023 is presented in the following table:

												For the nine months ended September 30, 2023						For the quarter ended September 30, 2023
			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 owner occupied			$	—		$	—		$	—		$	143,000		$	—		$	—		$	—
Real estate non-owner occupied			—			—			—			537,000			—			—			(12,000)
Construction			—			—			—			157,000			—			—			—
C&I			—			—			—			72,000			—			—			—
Multifamily			—			—			—			—			—			—			—
Municipal			—			—			—			—			—			—			—
Residential
Term			384,000			411,000			—			977,000			15,000			384,000			8,000
Construction			—			—			—			—			—			—			—
Home Equity
Revolving and term			—			—			—			238,000			—			—			—
Consumer			—			—			—			—			—			—			—
			$	384,000		$	411,000		$	—		$	2,124,000		$	15,000		$	384,000		$	(4,000)
With an Allowance Recorded
Commercial
Real estate owner occupied			$	—		$	—		$	—		$	—		$	—		$	—		$	—
Real estate non-owner occupied			—			—			—			—			—			—			—
Construction			—			—			—			—			—			—			—
C&I			363,000			456,000			225,000			502,000			—			366,000			—
Multifamily			—			—			—			—			—			—			—
Municipal			—			—			—			—			—			—			—
Residential
Term			566,000			573,000			41,000			878,000			10,000			697,000			(2,000)
Construction			—			—			—			—			—			—			—
Home Equity
Revolving and term			—			—			—			9,000			—			—			—
Consumer			—			—			—			—			—			—			—
			$	929,000		$	1,029,000		$	266,000		$	1,389,000		$	10,000		$	1,063,000		$	(2,000)
Total
Commercial
Real estate owner occupied			$	—		$	—		$	—		$	143,000		$	—		$	—		$	—
Real estate non-owner occupied			—			—			—			537,000			—			—			(12,000)
Construction			—			—			—			157,000			—			$	—		—
C&I			363,000			456,000			225,000			574,000			—			366,000			—
Multifamily			—			—			—			—			—			—			—
Municipal			—			—			—			—			—			—			—
Residential
Term			950,000			984,000			41,000			1,855,000			25,000			1,081,000			6,000
Construction			—			—			—			—			—			—			—
Home Equity
Revolving and term			—			—			—			247,000			—			—			—
Consumer			—			—			—			—			—			—			—
			$	1,313,000		$	1,440,000		$	266,000		$	3,513,000		$	25,000		$	1,447,000		$	(6,000)

A breakdown of individually analyzed loans by class of financing receivable as of and for the year ended 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

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

												For the nine months ended September 30, 2022						For the quarter ended September 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			$	1,295,000		$	1,607,000		$	—		$	1,497,000		$	42,000		$	1,314,000		$	14,000
Construction			25,000			27,000			—			26,000			—			25,000			—
Other			399,000			459,000			—			432,000			10,000			405,000			2,000
Municipal			—			—			—			—			—			—			—
Residential
Term			1,912,000			2,139,000			—			5,380,000			40,000			4,666,000			(9,000)
Construction			—			—			—			—			—			—			—
Home equity line of credit			247,000			279,000			—			299,000			—			249,000			—
Consumer			—			—			—			1,000			—			—			—
			$	3,878,000		$	4,511,000		$	—		$	7,635,000		$	92,000		$	6,659,000		$	7,000
With an Allowance Recorded
Commercial
Real estate			$	—		$	—		$	—		$	14,000		$	—		$	—		$	—
Construction			661,000			661,000			6,000			661,000			27,000			661,000			16,000
Other			552,000			647,000			315,000			745,000			—			679,000			—
Municipal			—			—			—			—			—			—			—
Residential
Term			1,264,000			1,267,000			99,000			1,562,000			34,000			1,384,000			9,000
Construction			—			—			—			—			—			—			—
Home equity line of credit			—			—			—			11,000			—			—			—
Consumer			—			—			—			—			—			—			—
			$	2,477,000		$	2,575,000		$	420,000		$	2,993,000		$	61,000		$	2,724,000		$	25,000
Total
Commercial
Real estate			$	1,295,000		$	1,607,000		$	—		$	1,511,000		$	42,000		$	1,314,000		$	14,000
Construction			686,000			688,000			6,000			687,000			27,000			686,000			16,000
Other			951,000			1,106,000			315,000			1,177,000			10,000			1,084,000			2,000
Municipal			—			—			—			—			—			—			—
Residential
Term			3,176,000			3,406,000			99,000			6,942,000			74,000			6,050,000			—
Construction			—			—			—			—			—			—			—
Home equity line of credit			247,000			279,000			—			310,000			—			249,000			—
Consumer			—			—			—			1,000			—			—			—
			$	6,355,000		$	7,086,000		$	420,000		$	10,628,000		$	153,000		$	9,383,000		$	32,000

Schedule of Troubled Debt Restructurings on Financing Receivables

The following table represents loan modifications made to borrowers experiencing financial difficulty by modification type and class of financing receivable, during the three months ended September 30, 2023:

			Payment Deferral
			Amortized Cost Basis at September 30, 2023			% of Total Class of Financing Receivable
Commercial
Real estate owner occupied			$	504,000		0.17		%
C&I			19,000			0.01		%
			$	523,000		0.03		%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty for the three months ended September 30, 2023:

			Payment Deferral
			Financial Effect
Commercial
Real estate owner occupied			Temporary payment accommodation, payments deferred to end of loan.
C&I			Temporary payment accommodation, payments deferred to end of loan.

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified during the nine months ended September 30, 2023:

			Payment Status (Amortized Cost Basis)
			Current			30-59 Days Past Due			60-89 Days Past Due			90+ Days Past Due
Commercial
Real estate owner occupied			$	503,000		$	—		$	—		$	—
C&I			220,000			40,000			—			—
Total			$	723,000		$	40,000		$	—		$	—

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

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					$	—

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					$	—

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-Section 50
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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