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Loans Receivable (Tables) | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Summary of loans receivable net | Loans receivable, net at June 30, 2025 and December 31, 2024 were comprised of the following:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Commercial real estate |  | $ | 1,378,327 |  |  | $ | 1,385,085 |
Commercial and industrial |  |  | 78,409 |  |  |  | 92,857 |
Construction |  |  | 255,335 |  |  |  | 257,169 |
Residential first-lien mortgage |  |  | 108,558 |  |  |  | 68,030 |
Home equity/consumer |  |  | 21,416 |  |  |  | 18,133 |
Total loans |  |  | 1,842,045 |  |  |  | 1,821,274 |
Deferred fees and costs |  |  | (2,817 | ) |  |  | (2,399 | )
Loans, net |  | $ | 1,839,228 |  |  | $ | 1,818,875 |
Summary of components of allowance for credit losses | The following table presents the components of the allowance for credit losses:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | (In thousands) |
Allowance for credit losses - loans |  | $ | (21,014 | ) |  | $ | (23,657 | )
Allowance for credit losses - off balance sheet |  |  | (411 | ) |  |  | (361 | )
|  | $ | (21,425 | ) |  | $ | (24,018 | )
Summary of nonaccrual loans by segment of loan portfolio | The following table presents nonaccrual loans by segment of the loan portfolio as of June 30, 2025 and December 31, 2024:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | With a |  |  | Without a |  |  | With a |  |  | Without a |
|  | Related |  |  | Related |  |  | Related |  |  | Related |
|  | Allowance |  |  | Allowance |  |  | Allowance |  |  | Allowance |
|  | (In thousands) |
Commercial real estate |  | $ | — |  |  | $ | 15,312 |  |  | $ | 18,502 |  |  | $ | 6,939 |
Commercial and industrial |  |  | — |  |  | $ | 1,071 |  |  |  | 109 |  |  |  | 1,178 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Residential first-lien mortgage |  |  | — |  |  |  | 147 |  |  |  | — |  |  |  | 94 |
Home equity/consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |
Total nonaccrual loans |  | $ | — |  |  | $ | 16,530 |  |  | $ | 18,611 |  |  | $ | 8,230 |
Summary of performance and credit quality of loan portfolio | The following table presents the segments of the loan portfolio, summarized by the past due status as of June 30, 2025:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans |
|  | 30-59 |  |  | 60-89 |  |  | >90 |  |  |  |  |  |  |  |  |  |  |  | Receivable |
|  | Days |  |  | Days |  |  | Days |  |  | Total |  |  |  |  |  | Total |  |  | >90 Days |
|  | Past |  |  | Past |  |  | Past |  |  | Past |  |  |  |  |  | Loans |  |  | and |
|  | Due |  |  | Due |  |  | Due |  |  | Due |  |  | Current |  |  | Receivable |  |  | Accruing |
|  | (In thousands) |
Commercial real estate |  | $ | 379 |  |  | $ | — |  |  | $ | 15,312 |  |  | $ | 15,691 |  |  | $ | 1,362,636 |  |  | $ | 1,378,327 |  |  | $ | — |
Commercial and industrial |  |  | 1,423 |  |  |  | — |  |  |  | 1,071 |  |  |  | 2,494 |  |  |  | 75,915 |  |  |  | 78,409 |  |  |  | 65 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 255,335 |  |  |  | 255,335 |  |  |  | — |
Residential first-lien mortgage |  |  | 612 |  |  |  | — |  |  |  | 147 |  |  |  | 759 |  |  |  | 107,799 |  |  |  | 108,558 |  |  |  | — |
Home equity/consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,416 |  |  |  | 21,416 |  |  |  | — |
Total |  | $ | 2,414 |  |  | $ | — |  |  | $ | 16,530 |  |  | $ | 18,944 |  |  | $ | 1,823,101 |  |  | $ | 1,842,045 |  |  | $ | 65 |
The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2024:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans |
|  | 30-59 |  |  | 60-89 |  |  | >90 |  |  |  |  |  |  |  |  |  |  |  | Receivable |
|  | Days |  |  | Days |  |  | Days |  |  | Total |  |  |  |  |  | Total |  |  | >90 Days |
|  | Past |  |  | Past |  |  | Past |  |  | Past |  |  |  |  |  | Loans |  |  | and |
|  | Due |  |  | Due |  |  | Due |  |  | Due |  |  | Current |  |  | Receivable |  |  | Accruing |
|  | (In thousands) |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 25,441 |  |  | $ | 25,441 |  |  | $ | 1,359,644 |  |  | $ | 1,385,085 |  |  | $ | — |
Commercial and industrial |  |  | 36 |  |  |  | — |  |  |  | 421 |  |  |  | 457 |  |  |  | 92,400 |  |  |  | 92,857 |  |  |  | 32 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 257,169 |  |  |  | 257,169 |  |  |  | — |
Residential first-lien mortgage |  |  | 700 |  |  |  | 94 |  |  |  | — |  |  |  | 794 |  |  |  | 67,236 |  |  |  | 68,030 |  |  |  | — |
Home equity/consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,133 |  |  |  | 18,133 |  |  |  | — |
Total |  | $ | 736 |  |  | $ | 94 |  |  | $ | 25,862 |  |  | $ | 26,692 |  |  | $ | 1,794,582 |  |  | $ | 1,821,274 |  |  | $ | 32 |
Summary of loans by year of origination, internally assigned credit grades and risk characteristics | The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of June 30, 2025. Gross charge-offs are included for the six-months ended June 30, 2025.
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Revolving Loans |  |  | Total |
|  | (Dollars in thousands) |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 48,349 |  |  | $ | 129,926 |  |  | $ | 163,654 |  |  | $ | 302,928 |  |  | $ | 131,269 |  |  | $ | 572,356 |  |  | $ | 6,030 |  |  | $ | 1,354,512 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,502 |  |  |  | — |  |  |  | 8,502 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,313 |  |  |  | — |  |  |  | 15,313 |
Total commercial real estate |  |  | 48,349 |  |  |  | 129,926 |  |  |  | 163,654 |  |  |  | 302,928 |  |  |  | 131,269 |  |  |  | 596,171 |  |  |  | 6,030 |  |  |  | 1,378,327 |
Current period gross charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,950 |  |  |  |  |  |  |  | 9,950 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 2,641 |  |  |  | 3,046 |  |  |  | 4,952 |  |  |  | 10,625 |  |  |  | 11,517 |  |  |  | 14,513 |  |  |  | 29,404 |  |  |  | 76,698 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 641 |  |  |  | — |  |  |  | 641 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,070 |  |  |  | — |  |  |  | 1,070 |
Total commercial and industrial |  |  | 2,641 |  |  |  | 3,046 |  |  |  | 4,952 |  |  |  | 10,625 |  |  |  | 11,517 |  |  |  | 16,224 |  |  |  | 29,404 |  |  |  | 78,409 |
Current period gross charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 83 |  |  |  |  |  |  |  | 83 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 18,602 |  |  |  | 4,000 |  |  |  | 7,234 |  |  |  | 9,380 |  |  |  | 31,349 |  |  |  | 6,416 |  |  |  | 178,354 |  |  |  | 255,335 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total construction |  |  | 18,602 |  |  |  | 4,000 |  |  |  | 7,234 |  |  |  | 9,380 |  |  |  | 31,349 |  |  |  | 6,416 |  |  |  | 178,354 |  |  |  | 255,335 |
Current period gross charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Residential first-lien mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 5,204 |  |  |  | 34,213 |  |  |  | 11,357 |  |  |  | 7,957 |  |  |  | 7,083 |  |  |  | 42,597 |  |  |  | — |  |  |  | 108,411 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 147 |  |  |  | — |  |  |  | 147 |
Total residential first-lien mortgage |  |  | 5,204 |  |  |  | 34,213 |  |  |  | 11,357 |  |  |  | 7,957 |  |  |  | 7,083 |  |  |  | 42,744 |  |  |  | — |  |  |  | 108,558 |
Home equity/consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 4,147 |  |  |  | 1,596 |  |  |  | 374 |  |  |  | 1,930 |  |  |  | 986 |  |  |  | 995 |  |  |  | 11,388 |  |  |  | 21,416 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total home equity/consumer |  |  | 4,147 |  |  |  | 1,596 |  |  |  | 374 |  |  |  | 1,930 |  |  |  | 986 |  |  |  | 995 |  |  |  | 11,388 |  |  |  | 21,416 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 78,943 |  |  |  | 172,781 |  |  |  | 187,571 |  |  |  | 332,820 |  |  |  | 182,204 |  |  |  | 636,877 |  |  |  | 225,176 |  |  |  | 1,816,372 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,143 |  |  |  | — |  |  |  | 9,143 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,530 |  |  |  | — |  |  |  | 16,530 |
Total loans |  | $ | 78,943 |  |  | $ | 172,781 |  |  | $ | 187,571 |  |  | $ | 332,820 |  |  | $ | 182,204 |  |  | $ | 662,550 |  |  | $ | 225,176 |  |  | $ | 1,842,045 |
The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of December 31, 2024. Gross charge-offs are included for the year-ended December 31, 2024.
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Revolving Loans |  |  | Total |
|  | (Dollars in thousands) |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 143,453 |  |  | $ | 168,828 |  |  | $ | 309,379 |  |  | $ | 136,509 |  |  | $ | 58,755 |  |  | $ | 537,532 |  |  | $ | 2,600 |  |  | $ | 1,357,056 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,588 |  |  |  | — |  |  |  | 2,588 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,938 |  |  |  | 18,503 |  |  |  | — |  |  |  | 25,441 |
Total commercial real estate |  |  | 143,453 |  |  |  | 168,828 |  |  |  | 309,379 |  |  |  | 136,509 |  |  |  | 65,693 |  |  |  | 558,623 |  |  |  | 2,600 |  |  |  | 1,385,085 |
Current period gross charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 236 |  |  |  |  |  |  |  | 236 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | — |  |  |  | 3,022 |  |  |  | 10,876 |  |  |  | 11,183 |  |  |  | — |  |  |  | 16,440 |  |  |  | 48,143 |  |  |  | 89,664 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,906 |  |  |  | — |  |  |  | 1,906 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,287 |  |  |  | — |  |  |  | 1,287 |
Total commercial and industrial |  |  | — |  |  |  | 3,022 |  |  |  | 10,876 |  |  |  | 11,183 |  |  |  | — |  |  |  | 19,633 |  |  |  | 48,143 |  |  |  | 92,857 |
Current period gross charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 516 |  |  |  |  |  |  |  | 516 |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 17,765 |  |  |  | 22,109 |  |  |  | 46,558 |  |  |  | 92,841 |  |  |  | 16,431 |  |  |  | 242 |  |  |  | 61,223 |  |  |  | 257,169 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total construction |  |  | 17,765 |  |  |  | 22,109 |  |  |  | 46,558 |  |  |  | 92,841 |  |  |  | 16,431 |  |  |  | 242 |  |  |  | 61,223 |  |  |  | 257,169 |
Current period gross charge-offs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Residential first-lien mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 596 |  |  |  | 1,895 |  |  |  | 6,789 |  |  |  | 6,134 |  |  |  | 2,860 |  |  |  | 49,662 |  |  |  | — |  |  |  | 67,936 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 94 |  |  |  | — |  |  |  | 94 |
Total residential first-lien mortgage |  |  | 596 |  |  |  | 1,895 |  |  |  | 6,789 |  |  |  | 6,134 |  |  |  | 2,860 |  |  |  | 49,756 |  |  |  | — |  |  |  | 68,030 |
Home equity/consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  | 1,234 |  |  |  | 967 |  |  |  | 556 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,357 |  |  |  | 18,114 |
Nonperforming |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19 |
Total home equity/consumer |  |  | 1,234 |  |  |  | 967 |  |  |  | 575 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,357 |  |  |  | 18,133 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 163,048 |  |  |  | 196,821 |  |  |  | 374,158 |  |  |  | 246,667 |  |  |  | 78,046 |  |  |  | 603,876 |  |  |  | 127,323 |  |  |  | 1,789,939 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,494 |  |  |  | — |  |  |  | 4,494 |
Substandard |  |  | — |  |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  | 6,938 |  |  |  | 19,884 |  |  |  | — |  |  |  | 26,841 |
Total loans |  | $ | 163,048 |  |  | $ | 196,821 |  |  | $ | 374,177 |  |  | $ | 246,667 |  |  | $ | 84,984 |  |  | $ | 628,254 |  |  | $ | 127,323 |  |  | $ | 1,821,274 |
Summary of allowance for credit losses on loans receivables | The following table presents the allowance for credit losses on loans receivable at and for the three months ended June 30, 2025:
|  |  |  |  | Commercial |  |  |  |  |  | Residential |  |  |  |  |  |  |
|  | Commercial |  |  | and |  |  |  |  |  | first-lien |  |  | Home equity/ |  |  |  |
|  | real estate |  |  | industrial |  |  | Construction |  |  | mortgage |  |  | consumer |  |  | Total |
|  | (In thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 20,981 |  |  | $ | 1,104 |  |  | $ | 400 |  |  | $ | 1,288 |  |  | $ | 169 |  |  |  | 23,942 |
Provision (reversal) 1 |  |  | 7,013 |  |  |  | (155 | ) |  |  | 29 |  |  |  | 70 |  |  |  | (8 | ) |  |  | 6,949 |
Charge-offs |  |  | (9,950 | ) |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,949 | )
Recoveries |  |  | 6 |  |  |  | 66 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 72 |
Total |  | $ | 18,050 |  |  | $ | 1,016 |  |  | $ | 429 |  |  | $ | 1,358 |  |  | $ | 161 |  |  | $ | 21,014 |
1 | The provision for credit losses on the Consolidated Statement of Income is $7.0 million comprising of an increase of $6.9 million to the allowance for loan loss and a $7 thousand increase to the reserve for unfunded liabilities.
The following table presents the allowance for credit losses on loans receivable at and for the six months ended June 30, 2025:
|  |  |  |  | Commercial |  |  |  |  |  | Residential |  |  |  |  |  |  |
|  | Commercial |  |  | and |  |  |  |  |  | first-lien |  |  | Home equity/ |  |  |  |
|  | real estate |  |  | industrial |  |  | Construction |  |  | mortgage |  |  | consumer |  |  | Total |
|  | (In thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 20,821 |  |  | $ | 1,173 |  |  | $ | 609 |  |  | $ | 893 |  |  | $ | 161 |  |  |  | 23,657 |
Provision (reversal) 1 |  |  | 7,162 |  |  |  | (273 | ) |  |  | (180 | ) |  |  | 465 |  |  |  | — |  |  |  | 7,174 |
Charge-offs |  |  | (9,950 | ) |  |  | (83 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,033 | )
Recoveries |  |  | 17 |  |  |  | 199 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 216 |
Total |  | $ | 18,050 |  |  | $ | 1,016 |  |  | $ | 429 |  |  | $ | 1,358 |  |  | $ | 161 |  |  | $ | 21,014 |
1 | The provision for credit losses on the Consolidated Statement of Income is $7.2 million comprising of an increase of $7.1 million increase to the allowance for loan loss and a $50 thousand increase to the reserve for unfunded liabilities.
The following table presents the allowance for credit losses on loans receivable at and for the three months ended June 30, 2024:
|  |  |  |  | Commercial |  |  |  |  |  | Residential |  |  |  |  |  |  |
|  | Commercial |  |  | and |  |  |  |  |  | first-lien |  |  | Home equity/ |  |  |  |
|  | real estate |  |  | industrial |  |  | Construction |  |  | mortgage |  |  | consumer |  |  | Total |
|  | (In thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 16,446 |  |  | $ | 513 |  |  | $ | 1,021 |  |  | $ | 572 |  |  | $ | 66 |  |  | $ | 18,618 |
Provision (reversal) 1 |  |  | 106 |  |  |  | (80 | ) |  |  | (277 | ) |  |  | 88 |  |  |  | (6 | ) |  |  | (169 | )
Charge-offs |  |  | — |  |  |  | (84 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (84 | )
Recoveries |  |  | 71 |  |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 99 |
Total |  | $ | 16,623 |  |  | $ | 377 |  |  | $ | 744 |  |  | $ | 660 |  |  | $ | 60 |  |  | $ | 18,464 |
1 | The reversal of credit losses on the Consolidated Statement of Income is $118 thousand comprising of a $169 thousand decrease to the allowance for credit losses on loans and a $51 thousand increase to the reserve for unfunded liabilities.
The following table presents the allowance for credit losses on loans receivable at and for the six months ended June 30, 2024:
|  |  |  |  | Commercial |  |  |  |  |  | Residential |  |  |  |  |  |  |
|  | Commercial |  |  | and |  |  |  |  |  | first-lien |  |  | Home equity/ |  |  |  |
|  | real estate |  |  | industrial |  |  | Construction |  |  | mortgage |  |  | consumer |  |  | Total |
|  | (In thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 16,047 |  |  | $ | 488 |  |  | $ | 1,145 |  |  | $ | 725 |  |  | $ | 87 |  |  | $ | 18,492 |
Provision (reversal) 1 |  |  | 737 |  |  |  | (111 | ) |  |  | (401 | ) |  |  | (65 | ) |  |  | (27 | ) |  |  | 133 |
Charge-offs |  |  | (237 | ) |  |  | (130 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (367 | )
Recoveries |  |  | 76 |  |  |  | 130 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 206 |
Total |  | $ | 16,623 |  |  | $ | 377 |  |  | $ | 744 |  |  | $ | 660 |  |  | $ | 60 |  |  | $ | 18,464 |
1 | The provision for credit losses on the Consolidated Statement of Income is $68 thousand comprising of a $133 thousand increase to the allowance for credit losses on loans and a $65 thousand reduction to the reserve for unfunded liabilities.

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