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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended
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Jun. 30, 2024
Credit Loss [Abstract] |
Schedule of Composition of the Loan Portfolio by Type | The composition of the loan portfolio, net of deferred origination fees and costs, is summarized as follows (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Commercial and industrial |  | $ | 290,546 |  |  | $ | 264,396 |
Commercial mortgages: |  |  |  |
Construction |  | 146,369 |  |  | 138,887 |
Commercial mortgages, other |  | 1,008,343 |  |  | 984,038 |
Residential mortgages |  | 271,620 |  |  | 277,992 |
Consumer loans: |  |  |  |
Home equity lines and loans |  | 87,228 |  |  | 87,056 |
Indirect consumer loans |  | 198,407 |  |  | 210,423 |
Direct consumer loans |  | 8,959 |  |  | 9,872 |
Total loans, net of deferred loan fees and costs |  | 2,011,472 |  |  | 1,972,664 |
Allowance for credit losses |  | (21,031) |  |  | (22,517) |
Loans, net |  | $ | 1,990,441 |  |  | $ | 1,950,147 |
Schedules of Allowance for Credit Loss | The following tables present the activity in the allowance for credit losses by portfolio segment for the three month periods ended June 30, 2024 and June 30, 2023 (in thousands):
| Three Months Ended June 30, 2024
Allowance for credit losses | Commercial and Industrial |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Total
Beginning balance, April 1, 2024 | $ | 4,516 |  |  | $ | 10,367 |  |  | $ | 2,062 |  |  | $ | 3,526 |  |  | $ | 20,471 |
Charge-offs | — |  |  | — |  |  | (3) |  |  | (446) |  |  | (449) |
Recoveries | 13 |  |  | 1 |  |  | 26 |  |  | 103 |  |  | 143 |
Net recoveries (charge-offs) | 13 |  |  | 1 |  |  | 23 |  |  | (343) |  |  | (306) |
Provision (1) | 365 |  |  | 162 |  |  | 21 |  |  | 318 |  |  | 866 |
Ending balance, June 30, 2024 | $ | 4,894 |  |  | $ | 10,530 |  |  | $ | 2,106 |  |  | $ | 3,501 |  |  | $ | 21,031 |
(1)Additional provision related to off-balance sheet exposure was $13 thousand for the three months ended June 30, 2024.
| Three Months Ended June 30, 2023
Allowance for credit losses | Commercial and Industrial |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Total
Beginning balance, April 1, 2023 | $ | 4,053 |  |  | $ | 10,983 |  |  | $ | 1,892 |  |  | $ | 3,147 |  |  | $ | 20,075 |
Charge-offs | (9) |  |  | — |  |  | — |  |  | (242) |  |  | (251) |
Recoveries | 3 |  |  | 1 |  |  | — |  |  | 101 |  |  | 105 |
Net recoveries (charge-offs) | (6) |  |  | 1 |  |  | — |  |  | (141) |  |  | (146) |
Provision (1) | 74 |  |  | 10 |  |  | 13 |  |  | 146 |  |  | 243 |
Ending balance, June 30, 2023 | $ | 4,121 |  |  | $ | 10,994 |  |  | $ | 1,905 |  |  | $ | 3,152 |  |  | $ | 20,172 |
(1)Additional provision related to off-balance sheet exposure was a $7 thousand credit for the three months ended June 30, 2023. The following tables present the activity in the allowance for credit losses by portfolio segment for the six month periods ended June 30, 2024 and June 30, 2023 (in thousands):
| Six Months Ended June 30, 2024
Allowance for credit losses | Commercial and Industrial |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Total
Beginning balance, January 1, 2024 | $ | 5,055 |  |  | $ | 12,026 |  |  | $ | 2,194 |  |  | $ | 3,242 |  |  | $ | 22,517 |
Charge-offs | — |  |  | — |  |  | (19) |  |  | (797) |  |  | (816) |
Recoveries | 50 |  |  | 2 |  |  | 49 |  |  | 227 |  |  | 328 |
Net recoveries (charge-offs) | 50 |  |  | 2 |  |  | 30 |  |  | (570) |  |  | (488) |
Provision (credit) (1) | (211) |  |  | (1,498) |  |  | (118) |  |  | 829 |  |  | (998) |
Ending balance, June 30, 2024 | $ | 4,894 |  |  | $ | 10,530 |  |  | $ | 2,106 |  |  | $ | 3,501 |  |  | $ | 21,031 |
(1)Additional provision related to off-balance sheet exposure was a $163 thousand credit for the six months ended June 30, 2024. The Corporation performs an annual update to the loss drivers used in modeling its estimate of the allowance for credit losses. Annual updates for the model in 2024 were completed during the three month period ended March 31, 2024.
| Six Months Ended June 30, 2023
Allowance for credit losses | Commercial and Industrial |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Total
Beginning balance, January 1, 2023 | $ | 3,373 |  |  | $ | 11,576 |  |  | $ | 1,845 |  |  | $ | 2,865 |  |  | $ | 19,659 |
Cumulative effect adjustment for the adoption of ASC 326 | 909 |  |  | (695) |  |  | (16) |  |  | 176 |  |  | 374 |
Beginning balance after cumulative effect adjustment, January 1, 2023 | 4,282 |  |  | 10,881 |  |  | 1,829 |  |  | 3,041 |  |  | 20,033 |
Charge-offs | (199) |  |  | — |  |  | — |  |  | (437) |  |  | (636) |
Recoveries | 8 |  |  | 1 |  |  | — |  |  | 212 |  |  | 221 |
Net recoveries (charge-offs) | (191) |  |  | 1 |  |  | — |  |  | (225) |  |  | (415) |
Provision (1) | 30 |  |  | 112 |  |  | 76 |  |  | 336 |  |  | 554 |
Ending balance, June 30, 2023 | $ | 4,121 |  |  | $ | 10,994 |  |  | $ | 1,905 |  |  | $ | 3,152 |  |  | $ | 20,172 |
(1)Additional provision related to off-balance sheet exposure was a $41 thousand credit for the six months ended June 30, 2023. The following tables present the activity in the allowance for credit losses on unfunded commitments for the three and six month periods ended June 30, 2024 and 2023 (in thousands):
| For the Three Months Ended
Allowance for credit losses on unfunded commitments | June 30, 2024 |  | June 30, 2023
Beginning balance | $ | 743 |  |  | $ | 1,048 |
Provision (credit) for credit losses on unfunded commitments | 13 |  |  | (7) |
Ending balance | $ | 756 |  |  | $ | 1,041 |
| For the Six Months Ended
Allowance for credit losses on unfunded commitments | June 30, 2024 |  | June 30, 2023
Beginning balance | $ | 919 |  |  | $ | — |
Impact of ASC 326 adoption | — |  |  | 1,082 |
Provision (credit) for credit losses on unfunded commitments | (163) |  |  | (41) |
Ending balance | $ | 756 |  |  | $ | 1,041 |
The following tables present the provision for credit losses on loans and unfunded commitments for the three and six month periods ended June 30, 2024 and June 30, 2023 (in thousands):
|  | For the Three Months Ended
| Provision (credit) for credit losses | June 30, 2024 |  | June 30, 2023
| Provision for credit losses on loans | $ | 866 |  |  | $ | 243 |
| Provision (credit) for credit losses on unfunded commitments | 13 |  |  | (7) |
| Total provision (credit) for credit losses | $ | 879 |  |  | $ | 236 |
|  | For the Six Months Ended
| Provision for credit losses | June 30, 2024 |  | June 30, 2023
| Provision (credit) for credit losses on loans | $ | (998) |  |  | $ | 554 |
| Provision (credit) for credit losses on unfunded commitments | (163) |  |  | (41) |
| Total provision (credit) for credit losses | $ | (1,161) |  |  | $ | 513 |
The following tables present the balance in the allowance for credit losses by portfolio segment, as of June 30, 2024 and December 31, 2023 (in thousands):
| June 30, 2024
Allowance for credit losses | Commercial and Industrial |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Total
Ending allowance balance attributable to loans: |  |  |  |
Individually analyzed | $ | 1,860 |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,881 |
Collectively analyzed | 3,034 |  |  | 10,509 |  |  | 2,106 |  |  | 3,501 |  |  | 19,150 |
Total ending allowance balance | $ | 4,894 |  |  | $ | 10,530 |  |  | $ | 2,106 |  |  | $ | 3,501 |  |  | $ | 21,031 |
| December 31, 2023
Allowance for credit losses | Commercial and Industrial |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Totals
Ending allowance balance attributable to loans: |  |  |  |
Individually analyzed | $ | 1,928 |  |  | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,955 |
Collectively analyzed | 3,127 |  |  | 11,999 |  |  | 2,194 |  |  | 3,242 |  |  | 20,562 |
Total ending allowance balance | $ | 5,055 |  |  | $ | 12,026 |  |  | $ | 2,194 |  |  | $ | 3,242 |  |  | $ | 22,517 |
The following tables present the amortized cost basis of loans by portfolio segment, as of June 30, 2024 and December 31, 2023 (in thousands):
| June 30, 2024
Amortized cost basis of loans: | Commercial and Industrial |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Total
Individually analyzed | $ | 2,102 |  |  | $ | 3,947 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,049 |
Collectively analyzed | 288,444 |  |  | 1,150,765 |  |  | 271,620 |  |  | 294,594 |  |  | 2,005,423 |
Total ending loans balance | $ | 290,546 |  |  | $ | 1,154,712 |  |  | $ | 271,620 |  |  | $ | 294,594 |  |  | $ | 2,011,472 |
| December 31, 2023
Amortized cost basis of loans: | Commercial and Industrial |  | Commercial Mortgages |  | Residential Mortgages |  | Consumer Loans |  | Total
Individually analyzed | $ | 2,067 |  |  | $ | 5,968 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,035 |
Collectively analyzed | 262,329 |  |  | 1,116,957 |  |  | 277,992 |  |  | 307,351 |  |  | 1,964,629 |
Total ending loans balance | $ | 264,396 |  |  | $ | 1,122,925 |  |  | $ | 277,992 |  |  | $ | 307,351 |  |  | $ | 1,972,664 |
Schedule of Financing Receivable, Modified | The following tables summarize the amortized cost basis of loans modified during the three and six month periods ended June 30, 2024 and June 30, 2023 (in thousands):
| Three Months Ended June 30, 2024
Loans modified under ASU 2022-02: | Principal Reduction |  | Interest Rate Reduction |  | Term Extension |  | Payment Delay |  | Combination |  | Total |  | (%) of Loan Class (1)
Residential mortgages | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 440 |  |  | $ | — |  |  | $ | 440 |  |  | 0.16 | %
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 440 |  |  | $ | — |  |  | $ | 440 |  |  |
(1) Represents amortized cost basis of loans modified during the period as a percentage of the period-end loan balances by class.
| Three Months Ended June 30, 2023
Loans modified under ASU 2022-02: | Principal Reduction |  | Interest Rate Reduction |  | Term Extension |  | Payment Delay |  | Combination |  | Total |  | (%) of Loan Class (1)
Commercial mortgages, other | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,920 |  |  | $ | — |  |  | $ | 1,920 |  |  | 0.21 | %
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,920 |  |  | $ | — |  |  | $ | 1,920 |  |  |
(1) Represents amortized cost basis of loans modified during the period as a percentage of the period-end loan balances by class.
| Six Months Ended June 30, 2024
Loans modified under ASU 2022-02: | Principal Reduction |  | Interest Rate Reduction |  | Term Extension |  | Payment Delay |  | Combination |  | Total |  | (%) of Loan Class (1)
Residential mortgages | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 440 |  |  | $ | — |  |  | $ | 440 |  |  | 0.16 | %
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 440 |  |  | $ | — |  |  | $ | 440 |  |  |
(1) Represents amortized cost basis of loans modified during the period as a percentage of the period-end loan balances by class.
| Six Months Ended June 30, 2023
Loans modified under ASU 2022-02: | Principal Reduction |  | Interest Rate Reduction |  | Term Extension |  | Payment Delay |  | Combination |  | Total |  | (%) of Loan Class (1)
Commercial mortgages, other | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | 1,920 |  |  | $ | — |  |  | $ | 2,195 |  |  | 0.24 | %
Total | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | 1,920 |  |  | $ | — |  |  | $ | 2,195 |  |  |
(1) Represents amortized cost basis of loans modified during the period as a percentage of the period-end loan balances by class. The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the three and six month periods ended June 30, 2024 and June 30, 2023 (in thousands):
| Three Months Ended June 30, 2024
Effect of loan modifications under ASU 2022-02: |  | Principal Reduction (in thousands) |  | Weighted-average interest rate reduction (%) |  | Weighted-average term extension (in months) |  | Weighted-average payment delay (in months)
Residential mortgages |  | $— |  | —% |  | 0 |  | 6
| Three Months Ended June 30, 2023 |  |  |  |  |  |
Effect of loan modifications under ASU 2022-02: | Principal Reduction (in thousands) |  | Weighted-average interest rate reduction (%) |  | Weighted-average term extension (in months) |  | Weighted-average payment delay (in months) |  |  |  |  |  |
Commercial mortgages, other | $— |  | —% |  | 0 |  | 4 |  |  |  |  |  |
|  | Six Months Ended June 30, 2024
Effect of loan modifications under ASU 2022-02: |  | Principal Reduction (in thousands) |  | Weighted-average interest rate reduction (%) |  | Weighted-average term extension (in months) |  | Weighted-average payment delay (in months)
Residential mortgages |  | $— |  | —% |  | 0 |  | 6
| Six Months Ended June 30, 2023 |  |  |  |  |  |
Effect of loan modifications under ASU 2022-02: | Principal Reduction (in thousands) |  | Weighted-average interest rate reduction (%) |  | Weighted-average term extension (in months) |  | Weighted-average payment delay (in months) |  |  |  |  |  |
Commercial mortgages, other | $— |  | —% |  | 60 |  | 4 |  |  |  |  |  |
Schedule of Recorded Investment in Past Due and Non-Accrual Status by Class of Loans | The following tables present the performance of such loans that have been modified in the twelve month period preceding June 30, 2024 and the six month period preceding June 30, 2023 (in thousands):
| Twelve Months Ended June 30, 2024 |  |  |  |  |  |
Past Due Status of Modifications under ASU 2022-02: | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 89 Days Past Due |  | Loans Not Past Due |  | Total |  |  |  |  |  |
Commercial and industrial | $ | — |  |  | $ | — |  |  | $ | 675 |  |  | $ | 121 |  |  | $ | 796 |  |  |  |  |  |  |
Residential mortgages | — |  |  | — |  |  | 440 |  |  | — |  |  | 440 |  |  |  |  |  |  |
Home equity lines and loans | — |  |  | — |  |  | — |  |  | 116 |  |  | 116 |  |  |  |  |  |  |
Total | $ | — |  |  | $ | — |  |  | $ | 1,115 |  |  | $ | 237 |  |  | $ | 1,352 |  |  |  |  |  |  |
| Six Months Ended June 30, 2023 (1) |  |  |  |  |  |
Past Due Status of Modifications under ASU 2022-02: | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 89 Days Past Due |  | Loans Not Past Due |  | Total |  |  |  |  |  |
Commercial mortgages, other | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 271 |  |  | $ | 271 |  |  |  |  |  |  |
(1) Represents loans modified during the six month period subsequent to the adoption of ASU 2022-02 on January 1, 2023. The following table presents the amortized cost basis in nonaccrual loans without an associated allocation in the allowance for credit losses, total nonaccrual loans, and loans past due greater than 90 days and still accruing, by class of loan as of June 30, 2024 and December 31, 2023 (in thousands):
| Nonaccrual with No Allowance for Credit Losses |  | Nonaccrual |  | Loans Past Due 90 Days or More and Still Accruing
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Commercial and industrial | $ | 255 |  |  | $ | 76 |  |  | $ | 2,007 |  |  | $ | 1,930 |  |  | $ | 13 |  |  | $ | 10 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |
Construction | 2,258 |  |  | 2,209 |  |  | 2,258 |  |  | 2,209 |  |  | — |  |  | — |
Commercial mortgages, other | 1,668 |  |  | 3,732 |  |  | 1,689 |  |  | 3,760 |  |  | — |  |  | — |
Residential mortgages | 1,438 |  |  | 1,315 |  |  | 1,438 |  |  | 1,315 |  |  | — |  |  | — |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans | 320 |  |  | 508 |  |  | 320 |  |  | 508 |  |  | — |  |  | — |
Indirect consumer loans | 483 |  |  | 687 |  |  | 483 |  |  | 687 |  |  | — |  |  | — |
Direct consumer loans | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Total | $ | 6,422 |  |  | $ | 8,529 |  |  | $ | 8,195 |  |  | $ | 10,411 |  |  | $ | 13 |  |  | $ | 10 |
The following tables present the aging of the amortized cost basis of loans as of June 30, 2024 and December 31, 2023 (in thousands):
| June 30, 2024
| 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | 90 Days or More Past Due |  | Total Past Due |  |  |  | Loans Not Past Due |  | Total
Commercial and industrial | $ | 138 |  |  | $ | 271 |  |  | $ | 886 |  |  | $ | 1,295 |  |  |  |  | $ | 289,251 |  |  | $ | 290,546 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | — |  |  | — |  |  | 2,258 |  |  | 2,258 |  |  |  |  | 144,111 |  |  | 146,369 |
Commercial mortgages, other | 1,062 |  |  | 94 |  |  | 150 |  |  | 1,306 |  |  |  |  | 1,007,037 |  |  | 1,008,343 |
Residential mortgages | 3,203 |  |  | 422 |  |  | 897 |  |  | 4,522 |  |  |  |  | 267,098 |  |  | 271,620 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans | 298 |  |  | 66 |  |  | 210 |  |  | 574 |  |  |  |  | 86,654 |  |  | 87,228 |
Indirect consumer loans | 2,034 |  |  | 202 |  |  | 233 |  |  | 2,469 |  |  |  |  | 195,938 |  |  | 198,407 |
Direct consumer loans | 36 |  |  | 5 |  |  | — |  |  | 41 |  |  |  |  | 8,918 |  |  | 8,959 |
Total | $ | 6,771 |  |  | $ | 1,060 |  |  | $ | 4,634 |  |  | $ | 12,465 |  |  |  |  | $ | 1,999,007 |  |  | $ | 2,011,472 |
| December 31, 2023
| 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | 90 Days or More Past Due |  | Total Past Due |  |  |  | Loans Not Past Due |  | Total
Commercial and industrial | $ | 1,196 |  |  | $ | 31 |  |  | $ | 10 |  |  | $ | 1,237 |  |  |  |  | $ | 263,159 |  |  | $ | 264,396 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | 2,164 |  |  | — |  |  | 2,207 |  |  | 4,371 |  |  |  |  | 134,516 |  |  | 138,887 |
Commercial mortgages, other | 1,022 |  |  | 103 |  |  | 261 |  |  | 1,386 |  |  |  |  | 982,652 |  |  | 984,038 |
Residential mortgages | 2,244 |  |  | 201 |  |  | 585 |  |  | 3,030 |  |  |  |  | 274,962 |  |  | 277,992 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans | 461 |  |  | 87 |  |  | 366 |  |  | 914 |  |  |  |  | 86,142 |  |  | 87,056 |
Indirect consumer loans | 2,473 |  |  | 501 |  |  | 426 |  |  | 3,400 |  |  |  |  | 207,023 |  |  | 210,423 |
Direct consumer loans | 2 |  |  | 20 |  |  | — |  |  | 22 |  |  |  |  | 9,850 |  |  | 9,872 |
Total | $ | 9,562 |  |  | $ | 943 |  |  | $ | 3,855 |  |  | $ | 14,360 |  |  |  |  | $ | 1,958,304 |  |  | $ | 1,972,664 |
Schedule of Analysis of Collateral Dependent Loans | The following table presents the amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent as of June 30, 2024 and December 31, 2023 (in thousands):
|  | June 30, 2024 |  | December 31, 2023
|  | Amortized Cost Basis |  | Related Allowance |  | Amortized Cost Basis |  | Related Allowance
Commercial and industrial (3) |  | $ | 295 |  |  | $ | 229 |  |  | $ | 379 |  |  | $ | 240 |
Commercial mortgages: |  |  |  |  |  |  |  |
Construction (1) |  | 2,258 |  |  | — |  |  | 2,209 |  |  | — |
Commercial mortgages, other (1) (2) (3) |  | 1,689 |  |  | 21 |  |  | 3,759 |  |  | 27 |
Total |  | $ | 4,242 |  |  | $ | 250 |  |  | $ | 6,347 |  |  | $ | 267 |
(1) Secured by commercial real estate (2) Secured by residential real estate (3) Secured by business assets
Schedule of Impaired Financing Receivables | The following table presents the average amortized cost basis and interest income recognized on loans individually analyzed, by class of loans, for the three and six month periods ended June 30, 2024 and 2023 (in thousands):
| Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 2023 |  | Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023 |  |  |
With no related allowance recorded: | Average Amortized Basis |  | Interest Income Recognized (1) |  | Average Amortized Basis |  | Interest Income Recognized (1) |  | Average Amortized Basis |  | Interest Income Recognized (1) |  | Average Amortized Basis |  | Interest Income Recognized (1) |  |  |  |  |  |  |
Commercial and industrial | $ | 126 |  |  | $ | (1) |  |  | $ | 516 |  |  | $ | — |  |  | $ | 109 |  |  | $ | 4 |  |  | $ | 686 |  |  | $ | — |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction | 2,233 |  |  | — |  |  | — |  |  | — |  |  | 2,225 |  |  | — |  |  | 2 |  |  | — |  |  |  |  |  |  |  |
Commercial mortgages, other | 1,701 |  |  | — |  |  | 3,992 |  |  | 8 |  |  | 2,378 |  |  | — |  |  | 4,138 |  |  | 14 |  |  |  |  |  |  |  |
Residential mortgages | — |  |  | — |  |  | 358 |  |  | — |  |  | — |  |  | — |  |  | 479 |  |  | — |  |  |  |  |  |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines & loans | — |  |  | — |  |  | 178 |  |  | — |  |  | — |  |  | — |  |  | 165 |  |  | — |  |  |  |  |  |  |  |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | 1,799 |  |  | 3 |  |  | 1,230 |  |  | 2 |  |  | 1,863 |  |  | 6 |  |  | 1,183 |  |  | 4 |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages, other | 22 |  |  | — |  |  | 34 |  |  | — |  |  | 23 |  |  | — |  |  | 35 |  |  | — |  |  |  |  |  |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines & loans | — |  |  | — |  |  | 78 |  |  | 3 |  |  | — |  |  | — |  |  | 63 |  |  | 3 |  |  |  |  |  |  |  |
Total | $ | 5,881 |  |  | $ | 2 |  |  | $ | 6,386 |  |  | $ | 13 |  |  | $ | 6,598 |  |  | $ | 10 |  |  | $ | 6,751 |  |  | $ | 21 |  |  |  |  |  |  |  |
(1) Cash basis interest income approximates interest income recognized.
Schedule of Risk Category of the Recorded Investment of Loans by Class of Loans | Based on the analyses performed as of June 30, 2024, the risk category of the amortized cost basis of loans by class and vintage, as well as gross charge-offs by class and vintage for the period, were as follows (in thousands):
| Term Loans Amortized Cost by Origination Year |  | Revolving Loans Amortized Cost |  | Revolving Loans Converted to Term |  | Total
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  |
Commercial & industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 20,765 |  |  | $ | 36,797 |  |  | $ | 32,313 |  |  | $ | 20,601 |  |  | $ | 10,682 |  |  | $ | 37,849 |  |  | $ | 100,151 |  |  | $ | 1,528 |  |  | $ | 260,686 |
Special mention | 50 |  |  | 282 |  |  | 9,609 |  |  | — |  |  | 4,557 |  |  | 4,339 |  |  | 7,807 |  |  | 24 |  |  | 26,668 |
Substandard | — |  |  | 88 |  |  | 387 |  |  | 780 |  |  | 56 |  |  | 229 |  |  | 553 |  |  | 337 |  |  | 2,430 |
Doubtful | 24 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 738 |  |  | — |  |  | — |  |  | 762 |
Total | 20,839 |  |  | 37,167 |  |  | 42,309 |  |  | 21,381 |  |  | 15,295 |  |  | 43,155 |  |  | 108,511 |  |  | 1,889 |  |  | 290,546 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,268 |  |  | 52,798 |  |  | 77,318 |  |  | 9,625 |  |  | — |  |  | 1,619 |  |  | 483 |  |  | — |  |  | 144,111 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,258 |  |  | — |  |  | — |  |  | 2,258 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 2,268 |  |  | 52,798 |  |  | 77,318 |  |  | 9,625 |  |  | — |  |  | 3,877 |  |  | 483 |  |  | — |  |  | 146,369 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 38,891 |  |  | 123,128 |  |  | 245,207 |  |  | 167,080 |  |  | 107,067 |  |  | 290,391 |  |  | 5,477 |  |  | 727 |  |  | 977,968 |
Special mention | — |  |  | — |  |  | 2,512 |  |  | 8,106 |  |  | 2,572 |  |  | 7,956 |  |  | 2,000 |  |  | — |  |  | 23,146 |
Substandard | — |  |  | 2,408 |  |  | 1,055 |  |  | 333 |  |  | 1,007 |  |  | 2,308 |  |  | 97 |  |  | — |  |  | 7,208 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |
Total | 38,891 |  |  | 125,536 |  |  | 248,774 |  |  | 175,519 |  |  | 110,646 |  |  | 300,676 |  |  | 7,574 |  |  | 727 |  |  | 1,008,343 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not rated | 5,987 |  |  | 19,926 |  |  | 55,840 |  |  | 57,413 |  |  | 68,695 |  |  | 62,190 |  |  | — |  |  | — |  |  | 270,051 |
Substandard | — |  |  | — |  |  | — |  |  | 778 |  |  | 240 |  |  | 551 |  |  | — |  |  | — |  |  | 1,569 |
Total | 5,987 |  |  | 19,926 |  |  | 55,840 |  |  | 58,191 |  |  | 68,935 |  |  | 62,741 |  |  | — |  |  | — |  |  | 271,620 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | 19 |
Home equity lines and loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not rated | 6,505 |  |  | 12,049 |  |  | 15,065 |  |  | 5,310 |  |  | 2,841 |  |  | 11,697 |  |  | 32,182 |  |  | 1,143 |  |  | 86,792 |
Special mention | — |  |  | — |  |  | 116 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 116 |
Substandard | — |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | 286 |  |  | — |  |  | 9 |  |  | 320 |
Total | 6,505 |  |  | 12,074 |  |  | 15,181 |  |  | 5,310 |  |  | 2,841 |  |  | 11,983 |  |  | 32,182 |  |  | 1,152 |  |  | 87,228 |
Gross charge-offs | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 12 |
Indirect consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not rated | 24,245 |  |  | 62,465 |  |  | 82,562 |  |  | 17,811 |  |  | 6,387 |  |  | 4,454 |  |  | — |  |  | — |  |  | 197,924 |
Substandard | — |  |  | 113 |  |  | 150 |  |  | 90 |  |  | 63 |  |  | 67 |  |  | — |  |  | — |  |  | 483 |
Total | 24,245 |  |  | 62,578 |  |  | 82,712 |  |  | 17,901 |  |  | 6,450 |  |  | 4,521 |  |  | — |  |  | — |  |  | 198,407 |
Gross charge-offs | — |  |  | 220 |  |  | 277 |  |  | 134 |  |  | 66 |  |  | 85 |  |  | — |  |  | — |  |  | 782 |
Direct consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not rated | 1,293 |  |  | 2,280 |  |  | 2,070 |  |  | 475 |  |  | 121 |  |  | 272 |  |  | 2,432 |  |  | 5 |  |  | 8,948 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 10 |  |  | — |  |  | 11 |
Total | 1,293 |  |  | 2,280 |  |  | 2,070 |  |  | 475 |  |  | 122 |  |  | 272 |  |  | 2,442 |  |  | 5 |  |  | 8,959 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total loans | $ | 100,028 |  |  | $ | 312,359 |  |  | $ | 524,204 |  |  | $ | 288,402 |  |  | $ | 204,289 |  |  | $ | 427,225 |  |  | $ | 151,192 |  |  | $ | 3,773 |  |  | $ | 2,011,472 |
Total gross charge-offs | $ | — |  |  | $ | 220 |  |  | $ | 278 |  |  | $ | 134 |  |  | $ | 66 |  |  | $ | 115 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 816 |
Based on the analyses performed as of December 31, 2023, the risk category of the amortized cost basis of loans by class and vintage, as well as gross charge-offs by class and vintage for the period, were as follows (in thousands):
| Term Loans Amortized Cost by Origination Year |  | Revolving Loans Amortized Cost |  | Revolving Loans Converted to Term |  | Total
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |  |
Commercial & industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 41,925 |  |  | $ | 40,579 |  |  | $ | 21,892 |  |  | $ | 13,541 |  |  | $ | 31,233 |  |  | $ | 10,523 |  |  | $ | 77,241 |  |  | $ | 1,662 |  |  | $ | 238,596 |
Special mention | 185 |  |  | 4,608 |  |  | — |  |  | 4,020 |  |  | — |  |  | 4,690 |  |  | 9,137 |  |  | 482 |  |  | 23,122 |
Substandard | — |  |  | 24 |  |  | 991 |  |  | 109 |  |  | 23 |  |  | 456 |  |  | — |  |  | 161 |  |  | 1,764 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 790 |  |  | 75 |  |  | 49 |  |  | 914 |
Total | 42,110 |  |  | 45,211 |  |  | 22,883 |  |  | 17,670 |  |  | 31,256 |  |  | 16,459 |  |  | 86,453 |  |  | 2,354 |  |  | 264,396 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 272 |  |  | — |  |  | — |  |  | 281 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 46,951 |  |  | 68,483 |  |  | 19,066 |  |  | — |  |  | 28 |  |  | 1,669 |  |  | 481 |  |  | — |  |  | 136,678 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | 2,207 |  |  | 2 |  |  | — |  |  | — |  |  | 2,209 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 46,951 |  |  | 68,483 |  |  | 19,066 |  |  | — |  |  | 2,235 |  |  | 1,671 |  |  | 481 |  |  | — |  |  | 138,887 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 110,864 |  |  | 260,763 |  |  | 161,858 |  |  | 113,198 |  |  | 57,782 |  |  | 244,211 |  |  | 5,197 |  |  | 767 |  |  | 954,640 |
Special mention | — |  |  | 2,533 |  |  | 8,189 |  |  | 2,609 |  |  | — |  |  | 8,642 |  |  | — |  |  | — |  |  | 21,973 |
Substandard | 272 |  |  | 1,107 |  |  | 345 |  |  | 1,022 |  |  | — |  |  | 4,555 |  |  | 97 |  |  | — |  |  | 7,398 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27 |  |  | — |  |  | — |  |  | 27 |
Total | 111,136 |  |  | 264,403 |  |  | 170,392 |  |  | 116,829 |  |  | 57,782 |  |  | 257,435 |  |  | 5,294 |  |  | 767 |  |  | 984,038 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not rated | 18,653 |  |  | 58,098 |  |  | 60,024 |  |  | 71,369 |  |  | 15,948 |  |  | 52,585 |  |  | — |  |  | — |  |  | 276,677 |
Substandard | — |  |  | 75 |  |  | 346 |  |  | — |  |  | 169 |  |  | 725 |  |  | — |  |  | — |  |  | 1,315 |
Total | 18,653 |  |  | 58,173 |  |  | 60,370 |  |  | 71,369 |  |  | 16,117 |  |  | 53,310 |  |  | — |  |  | — |  |  | 277,992 |
Gross charge-offs | — |  |  | 32 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32 |
Home equity lines and loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not rated | 13,552 |  |  | 16,384 |  |  | 5,821 |  |  | 3,134 |  |  | 2,867 |  |  | 10,400 |  |  | 33,275 |  |  | 1,115 |  |  | 86,548 |
Substandard | — |  |  | 77 |  |  | — |  |  | — |  |  | — |  |  | 293 |  |  | 25 |  |  | 113 |  |  | 508 |
Total | 13,552 |  |  | 16,461 |  |  | 5,821 |  |  | 3,134 |  |  | 2,867 |  |  | 10,693 |  |  | 33,300 |  |  | 1,228 |  |  | 87,056 |
Gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Indirect consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not rated | 72,264 |  |  | 98,008 |  |  | 23,015 |  |  | 9,192 |  |  | 3,870 |  |  | 3,387 |  |  | — |  |  | — |  |  | 209,736 |
Substandard | 119 |  |  | 246 |  |  | 135 |  |  | 48 |  |  | 36 |  |  | 103 |  |  | — |  |  | — |  |  | 687 |
Total | 72,383 |  |  | 98,254 |  |  | 23,150 |  |  | 9,240 |  |  | 3,906 |  |  | 3,490 |  |  | — |  |  | — |  |  | 210,423 |
Gross charge-offs | 184 |  |  | 375 |  |  | 215 |  |  | 121 |  |  | 21 |  |  | 55 |  |  | — |  |  | — |  |  | 971 |
Direct consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not rated | 3,005 |  |  | 2,745 |  |  | 785 |  |  | 256 |  |  | 53 |  |  | 324 |  |  | 2,697 |  |  | 5 |  |  | 9,870 |
Substandard | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Total | 3,005 |  |  | 2,745 |  |  | 785 |  |  | 258 |  |  | 53 |  |  | 324 |  |  | 2,697 |  |  | 5 |  |  | 9,872 |
Gross charge-offs | 4 |  |  | 15 |  |  | 8 |  |  | 6 |  |  | — |  |  | 54 |  |  | 6 |  |  | — |  |  | 93 |
Total loans | $ | 307,790 |  |  | $ | 553,730 |  |  | $ | 302,467 |  |  | $ | 218,500 |  |  | $ | 114,216 |  |  | $ | 343,382 |  |  | $ | 128,225 |  |  | $ | 4,354 |  |  | $ | 1,972,664 |
Total gross charge-offs | $ | 188 |  |  | $ | 422 |  |  | $ | 223 |  |  | $ | 127 |  |  | $ | 30 |  |  | $ | 381 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 1,383 |

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