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Loans Receivable (Tables)

6 Months Ended

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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