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Loans (Tables)

9 Months Ended

Sep. 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 $2.0 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

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 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

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 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

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.

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 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.

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

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 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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