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Risks and Uncertainties | 6 Months Ended
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Jun. 30, 2023
Risks and Uncertainties [Abstract] |
Risks and Uncertainties | (3) Risks and Uncertainties Digital Asset Lending The Company’s digital asset loan segment includes loans to digital asset customers, which can be secured by a security interest in the digital assets, cash, a security in the purchased mining equipment or a combination of these. As of June 30, 2023, we had a total of $16.8 million in outstanding loans, all to one digital asset customer, and all of which was on non-accrual and was individually analyzed for reserves, which totaled $7.2 million. The $16.8 million loan relationship was modified to provide a term extension during the quarter ended June 30, 2023, and is currently performing in accordance with the modified terms. The estimates and assumptions that went into the valuation of the collateral on individually analyzed loans secured by cryptocurrency mining rigs were based on market data as of June 30, 2023. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The Bitcoin markets as well as the markets for cryptocurrency mining rigs are highly volatile and speculative and subject to a variety of risks, including market and liquidity risks. Changes in market driven factors, among others, could have a material impact on the values reported at June 30, 2023. In the event of further deterioration in the value of the collateral of individually analyzed loans to digital asset customers the Company could recognize additional increases in credit loss expense and the allowance for credit losses. In addition, the Company may also see increases in loan workout expenses related to the portfolio of loans to digital asset customers. Current Banking Environment Industry events have led to a greater focus by institutions, investors and regulators on liquidity positions of and funding sources for financial institutions, the composition of their deposits, including the amount of uninsured deposits, the amount of accumulated other comprehensive loss, capital levels and interest rate risk management. The Company believes it is well insulated from the fallout resulting from the market turmoil due to the following considerations: The Bank’s deposit and loan portfolios were and continue to be well-diversified; As of June 30, 2023, the Federal Deposit Insurance Fund (“FDIC”) insured 52.6% of our customers’ deposits and the remaining 47.4% were insured through the Depositors Insurance Fund (“DIF”); We have access to multiple funding sources and sufficient capacity to borrow, if needed, as of June 30, 2023 between the Federal Home Loan Bank of Boston and the Federal Reserve Bank of Boston’s borrower-in-custody program, we had the ability to borrow an additional $239.2 million; Our securities portfolio represented only 1.6% of total assets, as of June 30, 2023 and the accumulated other comprehensive loss on the portfolio was $1.9 million, or 0.9% of shareholders’ equity as of that date. Management believes that the unrealized losses on these debt security holdings are a function of changes in investment spreads and interest rate movements and not changes in credit quality. Based on our ability to borrow, cash position and low deposit outflows there is no expected reliance on security sales to meet operational needs.

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