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Loans (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Loan Portfolio

The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $2.1 million and $2.2 million as of June 30, 2024 and December 31, 2023, respectively. 

Schedule of Loan Portfolio

		June 30,				December 31,
(Dollars in thousands)		2024				2023
Commercial		$	83,075			$	78,134
Real estate:
Construction			141,709				118,225
Mortgage-residential			113,862				94,796
Mortgage-commercial			797,573				791,947
Consumer:
Home equity			37,274				34,752
Other			15,696				16,165
Total loans, net of deferred loan fees and costs		$	1,189,189			$	1,134,019

Schedule of loan category and loan by risk categories

The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of June 30, 2024:

Schedule of loan category and loan by risk categories

		Term Loans by year of Origination
($ in thousands)		2020				2021				2022				2023				2024				Prior				Revolving				Revolving Converted to Term				Total
Commercial
Pass		$	1,129			$	21,082			$	7,562			$	9,223			$	11,207			$	8,974			$	23,803			$	41			$	83,021
Special mention			—				—				—				—				—				—				—				—				—
Substandard			—				54				—				—				—				—				—				—				54
Total commercial			1,129				21,136				7,562				9,223				11,207				8,974				23,803				41				83,075
Current period gross write-offs			—				24				—				—				—				5				—				—				29
Real estate construction
Pass			—				4,937				40,299				53,713				9,966				6,294				26,500				—				141,709
Total real estate construction			—				4,937				40,299				53,713				9,966				6,294				26,500				—				141,709
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Real estate mortgage-residential
Pass			10,071				5,645				33,097				31,504				9,051				8,911				867				14,111				113,257
Special mention			221				—				—				—				—				172				—				—				393
Substandard			—				—				—				—				—				212				—				—				212
Total real estate mortgage-residential			10,292				5,645				33,089				31,504				9,065				9,289				867				14,111				113,862
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Real estate mortgage-commercial
Pass			91,374				128,334				197,155				119,531				27,704				216,008				17,005				98				797,209
Special mention			—				—				—				—				—				157				—				—				157
Substandard			—				117				—				—				—				90				—				—				207
Total real estate mortgage-commercial			91,374				128,450				197,155				119,531				27,705				216,255				17,005				98				797,573
Current period gross write-offs			—				2				—				—				—				—				—				—				2
Consumer - home equity
Pass			—				—				—				—				—				—				36,104				—				36,104
Special mention			—				—				—				—				—				—				109				—				109
Substandard			—				—				—				—				—				—				1,061				—				1,061
Total consumer - home equity			—				—				—				—				—				—				37,274				—				37,274
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Consumer - other
Pass			148				327				832				1,570				1,735				1,253				9,814				—				15,679
Special mention			—				—				—				17				—				—				—				—				17
Substandard			—				—				—				—				—				—				—				—				—
Total consumer - other			148				327				832				1,587				1,735				1,253				9,814				—				15,696
Current period gross write-offs			—				—				—				—				—				—				36				—				36

The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of December 31, 2023:

		Term Loans by year of Origination
($ in thousands)		2019				2020				2021				2022				2023				Prior				Revolving				Revolving Converted to Term				Total
Commercial
Pass		$	1,149			$	1,375			$	23,226			$	9,018			$	12,950			$	9,230			$	21,033			$	49			$	78,030
Special mention			—				—				—				—				—				26				—				—				26
Substandard			—				—				78				—				—				—				—				—				78
Total commercial			1,149				1,375				23,304				9,018				12,950				9,256				21,033				49				78,134
Current period gross write-offs			—				20				—				—				—				—				—				—				20
Real estate construction
Pass			6,864				—				5,074				39,514				47,992				—				18,781				—				118,225
Total real estate construction			6,864				—				5,074				39,514				47,992				—				18,781				—				118,225
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Real estate mortgage-residential
Pass			1,894				10,548				6,219				28,843				28,517				8,420				977				8,962				94,380
Special mention			—				25				—				—				—				177				—				—				202
Substandard			—				—				—				—				—				214				—				—				214
Total real estate mortgage-residential			1,894				10,573				6,219				28,843				28,517				8,811				977				8,962				94,796
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Real estate mortgage-commercial
Pass			47,962				95,120				136,892				201,380				106,125				189,983				14,038				329				791,829
Special mention			—				—				—				—				—				21				—				—				21
Substandard			—				—				—				—				—				97				—				—				97
Total real estate mortgage-commercial			47,962				95,120				136,892				201,380				106,125				190,101				14,038				329				791,947
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Consumer - home equity
Pass			—				—				—				—				—				—				33,621				—				33,621
Special mention			—				—				—				—				—				—				67				—				67
Substandard			—				—				—				—				—				—				1,064				—				1,064
Total consumer - home equity			—				—				—				—				—				—				34,752				—				34,752
Current period gross write-offs			—				—				—				—				—				—				—				—				—
Consumer - other
Pass			420				203				435				1,164				2,043				902				10,982				—				16,149
Special mention			—				—				—				—				16				—				—				—				16
Substandard			—				—				—				—				—				—				—				—				—
Total consumer - other			420				203				435				1,164				2,059				902				10,982				—				16,165
Current period gross write-offs			—				—				—				—				—				—				67				—				67

Schedule of Allowance for Credit Losses

The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and six months ended June 30, 2024:

Schedule of Allowance for Credit Losses

($ in thousands)		Commercial				Real Estate Construction				Real Estate Mortgage Residential				Real Estate Mortgage Commercial				Consumer Home Equity				Consumer Other				Total Loans
Balance at March 31, 2024		$	941			$	1,583			$	1,194			$	8,021			$	454			$	266			$	12,459
Charge-offs			(5	)			—				—				(2	)			—				(10	)			(17	)
Recoveries			1				1				—				4				2				4				12
Provision for credit losses			89				35				184				123				48				(1	)			478
Balance at June 30, 2024		$	1,026			$	1,619			$	1,378			$	8,146			$	504			$	259			$	12,932

($ in thousands)		Commercial				Real Estate Construction				Real Estate Mortgage Residential				Real Estate Mortgage Commercial				Consumer Home Equity				Consumer Other				Total Loans
Balance at December 31, 2023		$	935			$	1,337			$	1,122			$	8,146			$	472			$	255			$	12,267
Charge-offs			(29	)			—				—				(2	)			—				(36	)			(67	)
Recoveries			2				1				18				7				5				6				39
Provision for credit losses			118				281				238				(5	)			27				34				693
Balance at June 30, 2024		$	1,026			$	1,619			$	1,378			$	8,146			$	504			$	259			$	12,932

The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and six months ended June 30, 2023:

($ in thousands)		Commercial				Real estate Construction				Real estate Mortgage Residential				Real estate Mortgage Commercial				Consumer Home equity				Consumer Other				Total
Balance at March 31, 2023		$	996			$	1,080			$	790			$	7,927			$	424			$	203			$	11,336
Charge-offs			—				—				—				—				—				(27	)			(27	)
Recoveries			1				1				3				6				4				2				17
Provisions			15				46				68				(47	)			10				52				144
Ending balance June 30, 2023		$	1,012			$	1,127			$	861			$	7,886			$	438			$	230			$	11,554

($ in thousands)		Commercial				Real estate Construction				Real estate Mortgage Residential				Real estate Mortgage Commercial				Consumer Home equity				Consumer Other				Unallocated				Total
Balance at December 31, 2022		$	849			$	75			$	723			$	8,569			$	314			$	170			$	636			$	11,336
Adjustment to allowance for adoption of ASU 2016-13			193				1,075				32				(883	)			166				39				(636	)			(14	)
Charge-offs			—				—				—				—				—				(36	)			—				(36	)
Recoveries			3				1				3				17				7				6				—				37
Provisions			(33	)			(24	)			103				183				(49	)			51				—				231
Ending balance June 30, 2023		$	1,012			$	1,127			$	861			$	7,886			$	438			$	230			$	—			$	11,554

The following table shows the amortized cost basis as of June 30, 2023 of the loans modified for borrowers experiencing financial difficulty segregated by loan category and describes the financial effect of the modification made for a borrower experiencing financial difficulty.

Schedule of Loan Category and Aging Analysis of Loans

The following tables are by loan category and present loans past due and on non-accrual status as of June 30, 2024 and December 31, 2023.

Schedule of Loan Category and Aging Analysis of Loans

										Greater than
(Dollars in thousands)		30-59 Days				60-89 Days				90 Days and								Total
June 30, 2024		Past Due				Past Due				Accruing				Non-accrual				Past Due				Current				Total Loans
Commercial		$	23			$	4			$	—			$	53			$	80			$	82,995			$	83,075
Real estate:
Construction			—				—				—				—				—				141,709				141,709
Mortgage-residential			—				237				—				—				237				113,625				113,862
Mortgage-commercial			—				21				—				117				138				797,435				797,573
Consumer:
Home equity			503				—				—				3				506				36,768				37,274
Other			65				—				—				—				65				15,631				15,696
Total		$	591			$	262			$	—			$	173			$	1,026			$	1,188,163			$	1,189,189
										Greater than
(Dollars in thousands)		30-59 Days				60-89 Days				90 Days and								Total
December 31, 2023		Past Due				Past Due				Accruing				Non-accrual				Past Due				Current				Total Loans
Commercial		$	19			$	7			$	—			$	24			$	50			$	78,084			$	78,134
Real estate:
Construction			—				—				—				—				—				118,225				118,225
Mortgage-residential			244				15				214				—				473				94,323				94,796
Mortgage-commercial			67				124				—				—				191				791,756				791,947
Consumer:
Home equity			—				—				—				3				3				34,749				34,752
Other			22				—				1				—				23				16,142				16,165
Total		$	352			$	146			$	215			$	27			$	740			$	1,133,279			$	1,134,019

The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated.

The following table is a summary of the Company’s non-accrual loans by major categories for the periods indicated.

		CECL
		June 30, 2024
(Dollars in thousands)		Non-accrual Loans with No Allowance				Non-accrual Loans with an Allowance				Total Non-accrual Loans
Commercial		$	—			$	53			$	53
Real estate:
Construction			—				—				—
Mortgage-residential			—				—				—
Mortgage-commercial			—				117				117
Consumer:
Home equity			—				3				3
Other			—				—				—
Total		$	—			$	173			$	173

		CECL
		December 31, 2023
(Dollars in thousands)		Non-accrual Loans with No Allowance				Non-accrual Loans with an Allowance				Total Non-accrual Loans
Commercial		$	—			$	24			$	24
Real estate:
Construction			—				—				—
Mortgage-residential			—				—				—
Mortgage-commercial			—				—				—
Consumer:
Home equity			—				3				3
Other			—				—				—
Total		$	—			$	27			$	27

Schedule of Unfunded Commitments

The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three and six months ended June 30, 2024 and June 30, 2023.

Schedule of Unfunded Commitments

(Dollars in thousands)		Total Allowance for Credit Losses - Unfunded Commitments
Balance, March 31, 2024		$	512
Provision for unfunded commitments			(22	)
Balance, June 30, 2024		$	490

(Dollars in thousands)		Total Allowance for Credit Losses - Unfunded Commitments
Balance, December 31, 2023		$	597
Provision for unfunded commitments			(107	)
Balance, June 30, 2024		$	490

(Dollars in thousands)		Total Allowance for Credit Losses - Unfunded Commitments
Balance, March 31, 2023		$	382
Provision for unfunded commitments			47
Balance, June 30, 2023		$	429

(Dollars in thousands)		Total Allowance for Credit Losses - Unfunded Commitments
Balance, December 31, 2022		$	—
Adjustment for ASU			398
Provision for unfunded commitments			31
Balance, June 30, 2023		$	429

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