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Loans | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Loans | Note 4 - Loans The following table summarizes the composition of our loan portfolio. Total loans are recorded net of deferred loan fees and costs, which totaled $2.0 million and $2.2 million as of September 30, 2024 and December 31, 2023, respectively. Schedule of Loan Portfolio
|  | September 30, |  |  | December 31, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |
Commercial |  | $ | 84,445 |  |  | $ | 78,134 |
Real estate: |  |  |  |  |  |  |  |
Construction |  |  | 149,395 |  |  |  | 118,225 |
Mortgage-residential |  |  | 121,021 |  |  |  | 94,796 |
Mortgage-commercial |  |  | 786,029 |  |  |  | 791,947 |
Consumer: |  |  |  |  |  |  |  |
Home equity |  |  | 38,697 |  |  |  | 34,752 |
Other |  |  | 17,072 |  |  |  | 16,165 |
Total loans, net of deferred loan fees and costs |  | $ | 1,196,659 |  |  | $ | 1,134,019 |
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a monthly basis. Loans not meeting the criteria below that are analyzed individually as part of the analysis are considered as pass rated loans. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of September 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 |  | $ | 679 |  |  | $ | 20,609 |  |  | $ | 7,649 |  |  | $ | 8,928 |  |  | $ | 15,591 |  |  | $ | 8,355 |  |  | $ | 22,586 |  |  | $ | 38 |  |  | $ | 84,435 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | 10 |
Total commercial |  |  | 679 |  |  |  | 20,609 |  |  |  | 7,649 |  |  |  | 8,928 |  |  |  | 15,591 |  |  |  | 8,355 |  |  |  | 22,596 |  |  |  | 38 |  |  |  | 84,445 |
Current period gross write-offs |  |  | — |  |  |  | 77 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 83 |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | — |  |  |  | 4,415 |  |  |  | 41,830 |  |  |  | 54,141 |  |  |  | 15,879 |  |  |  | 6,249 |  |  |  | 26,881 |  |  |  | — |  |  |  | 149,395 |
Total real estate construction |  |  | — |  |  |  | 4,415 |  |  |  | 41,830 |  |  |  | 54,141 |  |  |  | 15,879 |  |  |  | 6,249 |  |  |  | 26,881 |  |  |  | — |  |  |  | 149,395 |
Current period gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate mortgage-residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 9,129 |  |  |  | 5,566 |  |  |  | 32,835 |  |  |  | 29,775 |  |  |  | 12,569 |  |  |  | 8,466 |  |  |  | 880 |  |  |  | 21,201 |  |  |  | 120,421 |
Special mention |  |  | 219 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 170 |  |  |  | — |  |  |  | — |  |  |  | 389 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 211 |  |  |  | — |  |  |  | — |  |  |  | 211 |
Total real estate mortgage-residential |  |  | 9,348 |  |  |  | 5,566 |  |  |  | 32,835 |  |  |  | 29,775 |  |  |  | 12,569 |  |  |  | 8,466 |  |  |  | 880 |  |  |  | 21,201 |  |  |  | 121,021 |
Current period gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Real estate mortgage-commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 82,379 |  |  |  | 123,895 |  |  |  | 192,465 |  |  |  | 110,281 |  |  |  | 58,864 |  |  |  | 205,140 |  |  |  | 12,084 |  |  |  | 581 |  |  |  | 785,689 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 151 |  |  |  | — |  |  |  | — |  |  |  | 151 |
Substandard |  |  | — |  |  |  | 117 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 72 |  |  |  | — |  |  |  | — |  |  |  | 189 |
Total real estate mortgage-commercial |  |  | 82,379 |  |  |  | 124,012 |  |  |  | 192,465 |  |  |  | 110,281 |  |  |  | 58,864 |  |  |  | 205,363 |  |  |  | 12,084 |  |  |  | 581 |  |  |  | 786,029 |
Current period gross write-offs |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Consumer - home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,532 |  |  |  | — |  |  |  | 37,532 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 105 |  |  |  | — |  |  |  | 105 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,060 |  |  |  | — |  |  |  | 1,060 |
Total consumer - home equity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38,697 |  |  |  | — |  |  |  | 38,697 |
Current period gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer - other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 120 |  |  |  | 283 |  |  |  | 752 |  |  |  | 1,279 |  |  |  | 2,438 |  |  |  | 1,236 |  |  |  | 10,946 |  |  |  | — |  |  |  | 17,054 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |
Total consumer - other |  |  | 120 |  |  |  | 283 |  |  |  | 752 |  |  |  | 1,294 |  |  |  | 2,441 |  |  |  | 1,236 |  |  |  | 10,946 |  |  |  | — |  |  |  | 17,072 |
Current period gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 64 |  |  |  | — |  |  |  | 64 |
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 |
The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and nine months ended September 30, 2024 is shown below: 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 June 30, 2024 |  | $ | 1,026 |  |  | $ | 1,619 |  |  | $ | 1,378 |  |  | $ | 8,146 |  |  | $ | 504 |  |  | $ | 259 |  |  | $ | 12,932 |
Charge-offs |  |  | (53 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (29 | ) |  |  | (82 | )
Recoveries |  |  | 3 |  |  |  | 1 |  |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | 6 |  |  |  | 14 |
Provision for credit losses |  |  | 35 |  |  |  | 63 |  |  |  | 148 |  |  |  | (274 | ) |  |  | 50 |  |  |  | (47 | ) |  |  | 69 |
Balance at September 30, 2024 |  | $ | 1,011 |  |  | $ | 1,683 |  |  | $ | 1,526 |  |  | $ | 7,874 |  |  | $ | 556 |  |  | $ | 283 |  |  | $ | 12,933 |
($ 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 |  |  | (83 | ) |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (64 | ) |  |  | (149 | )
Recoveries |  |  | 5 |  |  |  | 2 |  |  |  | 18 |  |  |  | 9 |  |  |  | 7 |  |  |  | 12 |  |  |  | 53 |
Provision for credit losses |  |  | 154 |  |  |  | 344 |  |  |  | 386 |  |  |  | (280 | ) |  |  | 77 |  |  |  | 80 |  |  |  | 761 |
Balance at September 30, 2024 |  | $ | 1,011 |  |  | $ | 1,683 |  |  | $ | 1,526 |  |  | $ | 7,874 |  |  | $ | 556 |  |  | $ | 283 |  |  | $ | 12,933 |
The detailed activity in the allowance for credit losses and the recorded investment in loans receivable for the three and nine months ended September 30, 2023 is shown below:
($ in thousands) |  | Commercial |  |  | Real estate Construction |  |  | Real estate Mortgage Residential |  |  | Real estate Mortgage Commercial |  |  | Consumer Home equity |  |  | Consumer Other |  |  | Total |
Balance at June 30, 2023 |  | $ | 1,012 |  |  | $ | 1,127 |  |  | $ | 861 |  |  | $ | 7,886 |  |  | $ | 438 |  |  | $ | 230 |  |  | $ | 11,554 |
Charge-offs |  |  | (20 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14 | ) |  |  | (34 | )
Recoveries |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 15 |  |  |  | 13 |  |  |  | 7 |  |  |  | 38 |
Provisions |  |  | (6 | ) |  |  | 222 |  |  |  | 122 |  |  |  | (82 | ) |  |  | (12 | ) |  |  | 16 |  |  |  | 260 |
Ending balance September 30, 2023 |  | $ | 987 |  |  | $ | 1,350 |  |  | $ | 984 |  |  | $ | 7,819 |  |  | $ | 439 |  |  | $ | 239 |  |  | $ | 11,818 |
($ 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 |  |  | (20 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (50 | ) |  |  | — |  |  |  | (70 | )
Recoveries |  |  | 4 |  |  |  | 2 |  |  |  | 4 |  |  |  | 33 |  |  |  | 19 |  |  |  | 13 |  |  |  | — |  |  |  | 75 |
Provisions |  |  | (39 | ) |  |  | 198 |  |  |  | 225 |  |  |  | 100 |  |  |  | (60 | ) |  |  | 67 |  |  |  | — |  |  |  | 491 |
Ending balance September 30, 2023 |  | $ | 987 |  |  | $ | 1,350 |  |  | $ | 984 |  |  | $ | 7,819 |  |  | $ | 439 |  |  | $ | 239 |  |  |  | — |  |  | $ | 11,818 |
There were no loans modified for borrowers experiencing financial difficulty during the nine months ended September 30, 2024 or the nine months ended September 30, 2023. The following table shows the amortized cost basis as of September 30, 2024 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.
|  | September 30, 2024 |
(Dollars in thousands) |  | Amortized cost basis |  |  | % of Total Loan Type |  |  | Financial effect |
Real Estate Mortgage Residential |  |  | 197 |  |  |  | 0.16 | % |  | Deferred two monthly payments that are added to the end of the original loan term. |
Total Loans |  | $ | 197 |  |  | $ | 0.16 | % |  |  |
The following tables are by loan category and present loans past due and on non-accrual status as of September 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 |  |  |  |  |  |  |
September 30, 2024 |  | Past Due |  |  | Past Due |  |  | Accruing |  |  | Non-accrual |  |  | Past Due |  |  | Current |  |  | Total Loans |
Commercial |  | $ | 55 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 61 |  |  | $ | 84,384 |  |  | $ | 84,445 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 149,395 |  |  |  | 149,395 |
Mortgage-residential |  |  | 129 |  |  |  | 422 |  |  |  | 211 |  |  |  | — |  |  |  | 762 |  |  |  | 120,259 |  |  |  | 121,021 |
Mortgage-commercial |  |  | 148 |  |  |  | 74 |  |  |  | — |  |  |  | 117 |  |  |  | 339 |  |  |  | 785,690 |  |  |  | 786,029 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  | 229 |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 231 |  |  |  | 38,466 |  |  |  | 38,697 |
Other |  |  | 10 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 17,055 |  |  |  | 17,072 |
Total |  | $ | 571 |  |  | $ | 509 |  |  | $ | 211 |  |  | $ | 119 |  |  | $ | 1,410 |  |  | $ | 1,195,249 |  |  | $ | 1,196,659 |
|  |  |  |  |  |  |  | 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.
|  | CECL |
|  | September 30, 2024 |
(Dollars in thousands) |  | Non-accrual Loans with No Allowance |  |  | Non-accrual Loans with an Allowance |  |  | Total Non-accrual Loans |
Commercial |  | $ | — |  |  | $ | — |  |  | $ | — |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-residential |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-commercial |  |  | — |  |  |  | 117 |  |  |  | 117 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  | — |  |  |  | 2 |  |  |  | 2 |
Other |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | — |  |  | $ | 119 |  |  | $ | 119 |
|  | 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 |
The Company recognized $6,800 and $29,200 of interest income on non-accrual loans during the three and nine months ended September 30, 2024, and the company recognized $5,100 and $93,700 of interest income on non-accrual loans during the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2024 and September 30, 2023 $1,600 and less than $1,000 of accrued interest was written off by reversing interest income. There were no collateral dependent loans that were individually evaluated at September 30, 2024 and December 31, 2023. Unfunded Commitments The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable (i.e., commitment cannot be cancelled at any time). The allowance for off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans. The allowance for credit losses for unfunded loan commitments is separately classified on the balance sheet within Other Liabilities and was $409,000 and $597,000 at September 30, 2024 and December 31, 2023, respectively. The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three and nine months ended September 30, 2024 and September 30, 2023. Schedule of Unfunded Commitments
(Dollars in thousands) |  | Total Allowance for Credit Losses - Unfunded Commitments |
Balance, June 30, 2024 |  | $ | 490 |
Provision for unfunded commitments |  |  | (81 | )
Balance, September 30, 2024 |  | $ | 409 |
(Dollars in thousands) |  | Total Allowance for Credit Losses - Unfunded Commitments |
Balance, December 31, 2023 |  | $ | 597 |
Provision for unfunded commitments |  |  | (188 | )
Balance, September 30, 2024 |  | $ | 409 |
(Dollars in thousands) |  | Total Allowance for Credit Losses - Unfunded Commitments |
Balance, June 30, 2023 |  | $ | 429 |
Provision for unfunded commitments |  |  | 214 |
Balance, September 30, 2023 |  | $ | 643 |
(Dollars in thousands) |  | Total Allowance for Credit Losses - Unfunded Commitments |
Balance, December 31, 2022 |  | $ | — |
Adjustment for ASU |  |  | 398 |
Provision for unfunded commitments |  |  | 245 |
Balance, September 30, 2023 |  | $ | 643 |

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