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Loans Receivable and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2023

Credit Loss [Abstract]

Schedule of Loans Receivable

As of June 30, 2023 and December 31, 2022, loans receivable, net, consisted of the following:

(In thousands)						June 30, 2023						December 31, 2022
Loan portfolio segment:
Commercial Real Estate						$	511,655					$	437,443
Residential Real Estate						116,454						124,140
Commercial and Industrial						171,574						138,787
Consumer and Other						123,063						141,091
Construction						5,525						4,922
Construction to Permanent - CRE						2,463						1,933
Loans receivable, gross						930,734						848,316
Allowance for credit losses						(24,098)						(10,310)
Loans receivable, net						$	906,636					$	838,006

Allowance for Credit Loss

The following tables summarize the activity in the allowance for credit losses, allocated to segments of the loan portfolio, for the three and six months ended June 30, 2023 and allowance for loan and lease losses for three and six months ended June 30, 2022:

(In thousands)			Commercial Real Estate						Residential Real Estate						Commercial and Industrial						Consumer and Other						Construction						Construction to Permanent - CRE						Unallocated						Total
Three Months Ended June 30, 2023
Allowance for credit losses:
March 31, 2023			$	9,809					$	853					$	1,799					$	12,251					$	21					$	47					$	—					$	24,780
Charge-offs			—						—						(4)						(2,516)						(150)						—						—						(2,670)
Recoveries			—						11						9						260						—						—						—						280
Provisions (credits)			230						163						(131)						1,280						162						4						—						1,708			-1
June 30, 2023			$	10,039					$	1,027					$	1,673					$	11,275					$	33					$	51					$	—					$	24,098
Three Months Ended June 30, 2022
Allowance for loan and lease losses:
March 31, 2022			$	4,889					$	1,512					$	2,860					$	319					$	56					$	9					$	92					$	9,737
Charge-offs			—						—						—						(100)						—						—						—						(100)
Recoveries			—						—						11						6						—						—						—						17
Provisions (credits)			91						(117)						(555)						838						2						6						10						275
June 30, 2022			$	4,980					$	1,395					$	2,316					$	1,063					$	58					$	15					$	102					$	9,929

The allowance and provision for the three and six months ended June 30, 2023 are not comparable to prior periods due to the adoption of CECL.

(1) The provision on credit losses for three months ended June 30, 2023 does not include the credit on unfunded loan commitments of $383,000 for the three months ended June 30, 2023.

(In thousands)			Commercial Real Estate						Residential Real Estate						Commercial and Industrial						Consumer and Other						Construction						Construction to Permanent - CRE						Unallocated						Total
Six Months Ended June 30, 2023
Allowance for credit losses:
December 31, 2022			$	6,966					$	665					$	1,403					$	1,207					$	24					$	10					$	35					$	10,310
Impact of ASC 326 Adoption			1,626						189						219						10,977						(4)						29						(35)						13,001
Charge-offs			—						—						(6)						(4,312)						(150)						—						—						(4,468)
Recoveries			—						11						16						433						—						—						—						460
Provisions			1,447						162						41						2,970						163						12						—						4,795			(2)
June 30, 2023			$	10,039					$	1,027					$	1,673					$	11,275					$	33					$	51					$	—					$	24,098
Six Months Ended June 30, 2022
Allowance for loan and lease losses:
December 31, 2021			$	5,063					$	1,700					$	2,532					$	253					$	78					$	41					$	238					$	9,905
Charge-offs			—						—						(68)						(147)						(70)						—						—						(285)
Recoveries			—						1						26						7						—						—						—						34
(Credits) provisions			(83)						(306)						(174)						950						50						(26)						(136)						275
June 30, 2022			$	4,980					$	1,395					$	2,316					$	1,063					$	58					$	15					$	102					$	9,929

(2) The provision on credit losses for six months ended June 30, 2023 does not include the credit on unfunded loan commitments of $1.3 million.

Schedule of Individually Evaluated for Impairment

The following tables summarize, by loan portfolio segment, the amount of loans receivable evaluated individually and collectively for impairment as of June 30, 2023:

(In thousands)			Commercial Real Estate						Residential Real Estate						Commercial and Industrial						Consumer and Other						Construction						Construction to  Permanent  - CRE						Unallocated						Total
June 30, 2023
Allowance for credit losses:
Individually evaluated for impairment			$	6,387					$	196					$	719					$	—					$	—					$	—					$	—					$	7,302
Collectively evaluated for impairment			3,652						831						954						11,275						33						51						—						16,796
Total allowance for credit losses			$	10,039					$	1,027					$	1,673					$	11,275					$	33					$	51					$	—					$	24,098
Loans receivable, gross:
Individually evaluated for impairment			$	11,368					$	2,355					$	6,582					$	—					$	—					$	—					$	—					$	20,305
Collectively evaluated for impairment			500,287						114,099						164,992						123,063						5,525						2,463						—						910,429
Total loans receivable, gross			$	511,655					$	116,454					$	171,574					$	123,063					$	5,525					$	2,463					$	—					$	930,734

The following tables presents the balance in the allowance for loan and lease losses and the recorded investment in loans by portfolio segment based on impairment method as of December 31, 2022:

(In thousands)			Commercial Real Estate						Residential Real Estate						Commercial and Industrial						Consumer and Other						Construction						Construction to Permanent - CRE						Unallocated						Total
December 31, 2022
Allowance for loan and lease losses:
Individually evaluated for impairment			$	5,430					$	5					$	608					$	—					$	—					$	—					$	—					$	6,043
Collectively evaluated for impairment			1,536						660						795						1,207						24						10						35						4,267
Total allowance for loan losses			$	6,966					$	665					$	1,403					$	1,207					$	24					$	10					$	35					$	10,310
Loans receivable, gross:
Individually evaluated for impairment			$	11,241					$	2,508					$	4,653					$	514					$	—					$	—					$	—					$	18,916
Collectively evaluated for impairment			426,202						121,632						134,134						140,577						4,922						1,933						—						829,400
Total loans receivable, gross			$	437,443					$	124,140					$	138,787					$	141,091					$	4,922					$	1,933					$	—					$	848,316

Financing Receivable Credit Quality Indicators

The following tables summarize loan amortized cost by vintage, credit quality indicator and class of loans based on year of origination:

			Term of Loans by Origination
As of June 30, 2023:			2023						2022						2021						2020						2019						Prior						Revolving						Total Loans Receivable Gross
Loan portfolio segment:
Commercial Real Estate:
Pass			$	94,387					$	157,102					$	129,284					$	3,728					$	30,112					$	69,815					$	—					$	484,428
Special mention			—						—						—						—						550						—						—						550
Substandard			—						—						—						—						21,296						5,381						—						26,677
			94,387						157,102						129,284						3,728						51,958						75,196						—						511,655
Residential Real Estate:
Pass			18						1,267						3,297						12,081						15,897						80,192						528						113,280
Special mention			—						—						—						—						—						609						—						609
Substandard			—						—						—						—						—						2,565						—						2,565
			18						1,267						3,297						12,081						15,897						83,366						528						116,454
Commercial and Industrial:
Pass			1,470						15,000						24,677						8,312						8,908						7,810						97,560						163,737
Special mention			11						—						—						—						513						11						—						535
Substandard			—						732						938						—						4,295						1,268						69						7,302
			1,481						15,732						25,615						8,312						13,716						9,089						97,629						171,574
Consumer and Other:
Pass			7,864						53,517						7,026						—						5,992						15,816						32,779						122,994
Substandard			—						—						—						—						—						69						—						69
			7,864						53,517						7,026						—						5,992						15,885						32,779						123,063
Construction:
Pass			—						—						5,033						—						—						—						—						5,033
Substandard			—						—						—						—						492						—						—						492
			—						—						5,033						—						492						—						—						5,525
Construction to Permanent -CRE:
Pass			—						—						2,463						—						—						—						—						2,463
			—						—						2,463						—						—						—						—						2,463
Total			$	103,750					$	227,618					$	172,718					$	24,121					$	88,055					$	183,536					$	130,936					$	930,734
Loans receivable, gross:
Pass			$	103,739					$	226,886					$	171,780					$	24,121					$	60,909					$	173,633					$	130,867					$	891,935
Special mention			11						—						—						—						1,063						620						—						1,694
Substandard			—						732						938						—						26,083						9,283						69						37,105
Loans receivable, gross			$	103,750					$	227,618					$	172,718					$	24,121					$	88,055					$	183,536					$	130,936					$	930,734

Financing Receivable, Past Due

The following tables summarize performing and non-performing (i.e., non-accruing) loans receivable by portfolio segment, by aging category, by delinquency status as of June 30, 2023.

(In thousands)						Performing (Accruing) Loans
As of June 30, 2023:						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Current						Total Performing Loans						Non- accruing Loans						Loans Receivable Gross
Loan portfolio segment:
Commercial Real Estate:
Pass						$	3,284					$	—					$	—					$	3,284					$	481,144					$	484,428					$	—					$	484,428
Special mention						—						—						—						—						550						550						—						550
Substandard						322						—						—						322						14,987						15,309						11,368						26,677
						3,606						—						—						3,606						496,681						500,287						11,368						511,655
Residential Real Estate:
Pass						1,054						74						330						1,458						111,822						113,280						—						113,280
Special mention						—						—						—						—						609						609						—						609
Substandard						—						—						—						—						—						—						2,565						2,565
						1,054						74						330						1,458						112,431						113,889						2,565						116,454
Commercial and Industrial:
Pass						1,678						—						230						1,908						161,829						163,737						—						163,737
Special mention						—						—						—						—						535						535						—						535
Substandard						—						541						—						541						106						647						6,655						7,302
						1,678						541						230						2,449						162,470						164,919						6,655						171,574
Consumer and Other:
Pass						1,397						1,543						868						3,808						119,186						122,994						—						122,994
Substandard						—						—						—						—						23						23						46						69
						1,397						1,543						868						3,808						119,209						123,017						46						123,063
Construction:
Pass						—						—						—						—						5,033						5,033						—						5,033
Substandard						—						—						—						—						492						492						—						492
						—						—						—						—						5,525						5,525						—						5,525
Construction to Permanent - CRE:
Pass						—						—						—						—						2,463						2,463						—						2,463
						—						—						—						—						2,463						2,463						—						2,463
Total						$	7,735					$	2,158					$	1,428					$	11,321					$	898,779					$	910,100					$	20,634					$	930,734
Loans receivable, gross:
Pass						$	7,413					$	1,617					$	1,428					$	10,458					$	881,477					$	891,935					$	—					$	891,935
Special mention						—						—						—						—						1,694						1,694						—						1,694
Substandard						322						541						—						863						15,608						16,471						20,634						37,105
Loans receivable, gross						$	7,735					$	2,158					$	1,428					$	11,321					$	898,779					$	910,100					$	20,634					$	930,734

The following tables summarize performing and non-performing loans (i.e., non-accruing) receivable by portfolio segment, by aging category, by delinquency status as of December 31, 2022.

(In thousands)						Performing (Accruing) Loans
As of December 31, 2022:						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Current						Total Performing Loans						Non-accruing Loans						Loans Receivable Gross
Loan portfolio segment:
Commercial Real Estate:
Pass						$	—					$	—					$	—					$	—					$	401,313					$	401,313					$	—					$	401,313
Special mention						—						—						—						—						24,559						24,559						—						24,559
Substandard						330						—						—						330						—						330						11,241						11,571
						330						—						—						330						425,872						426,202						11,241						437,443
Residential Real Estate:
Pass						330						—						—						330						120,715						121,045						—						121,045
Special mention						—						—						—						—						625						625						—						625
Substandard						—						—						—						—						—						—						2,470						2,470
						330						—						—						330						121,340						121,670						2,470						124,140
Commercial and Industrial:
Pass						2						—						230						232						131,092						131,324						—						131,324
Special mention						—						—						—						—						597						597						—						597
Substandard						1,488						412						—						1,900						133						2,033						4,833						6,866
						1,490						412						230						2,132						131,822						133,954						4,833						138,787
Consumer and Other:
Pass						929						3,175						925						5,029						135,990						141,019						—						141,019
Substandard						—						—						—						—						23						23						49						72
						929						3,175						925						5,029						136,013						141,042						49						141,091
Construction:
Pass						895						—						—						895						3,503						4,398						—						4,398
Special mention						—						—						—						—						524						524						—						524
						895						—						—						895						4,027						4,922						—						4,922
Construction to Permanent - CRE:
Pass						—						—						—						—						1,933						1,933						—						1,933
						—						—						—						—						1,933						1,933						—						1,933
Total						$	3,974					$	3,587					$	1,155					$	8,716					$	821,007					$	829,723					$	18,593					$	848,316
Loans receivable, gross:
Pass						$	2,156					$	3,175					$	1,155					$	6,486					$	794,546					$	801,032					$	—					$	801,032
Special mention						—						—						—						—						26,305						26,305						—						26,305
Substandard						1,818						412						—						2,230						156						2,386						18,593						20,979
Loans receivable, gross						$	3,974					$	3,587					$	1,155					$	8,716					$	821,007					$	829,723					$	18,593					$	848,316

Financing Receivable, Nonaccrual

The following tables summarize non-performing (i.e., non-accruing) loans by aging category and status, within the applicable loan portfolio segment as of June 30, 2023 and December 31, 2022:

(In thousands)						Non-accruing Loans
						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Current						Total Non-accruing Loans
As of June 30, 2023:
Loan portfolio segment:
Commercial Real Estate:
Substandard						$	—					$	—					$	11,368					$	11,368					$	—					$	11,368
Residential Real Estate:
Substandard						89						71						1,795						1,955						610						2,565
Commercial and Industrial:
Substandard						940						—						5,570						6,510						145						6,655
Consumer and Other:
Substandard						—						—						26						26						20						46
Total non-accruing loans						$	1,029					$	71					$	18,759					$	19,859					$	775					$	20,634
As of December 31, 2022:
Loan portfolio segment:
Commercial Real Estate:
Substandard						$	—					$	—					$	11,241					$	11,241					$	—					$	11,241
Residential Real Estate:
Substandard						657						—						1,796						2,453						17						2,470
Commercial and Industrial:
Substandard						46						395						3,196						3,637						1,196						4,833
Consumer and Other:
Substandard						—						—						27						27						22						49
Total non-accruing loans						$	703					$	395					$	16,260					$	17,358					$	1,235					$	18,593

Impaired Financing Receivables

The following table reflects information about the individually evaluated loans by class as of June 30, 2023 and December 31, 2022:

(In thousands)						June 30, 2023																		December 31, 2022
						Recorded Investment						Principal Outstanding						Related Allowance						Recorded Investment						Principal Outstanding						Related Allowance
With no related allowance recorded:
Commercial Real Estate						$	387					$	430					$	—					$	2,435					$	2,428					$	—
Residential Real Estate						732						872						—						2,402						2,224						—
Commercial and Industrial						1,859						2,223						—						1,939						2,424						—
Consumer and Other						—						—						—						514						514						—
						2,978						3,525						—						7,290						7,590						—
With a related allowance recorded:
Commercial Real Estate						10,981						10,955						6,387						8,806						8,656						5,430
Residential Real Estate						1,623						1,448						196						106						105						5
Commercial and Industrial						4,723						4,742						719						2,714						2,863						608
						17,327						17,145						7,302						11,626						11,624						6,043
Individually evaluated loans, Total:
Commercial Real Estate						11,368						11,385						6,387						11,241						11,084						5,430
Residential Real Estate						2,355						2,320						196						2,508						2,329						5
Commercial and Industrial						6,582						6,965						719						4,653						5,287						608
Consumer and Other						—						—						—						514						514						—
Total						$	20,305					$	20,670					$	7,302					$	18,916					$	19,214					$	6,043

The following table summarizes additional information regarding individually evaluated loans by class for the three and six months ended June 30, 2023 and 2022.

						Three Month Ended June 30,																								Six Months Ended June 30,
(In thousands)						2023												2022												2023												2022
						Average Recorded Investment						Interest Income Recognized						Average Recorded Investment						Interest Income Recognized						Average Recorded Investment						Interest Income Recognized						Average Recorded Investment						Interest Income Recognized
With no related allowance recorded:
Commercial Real Estate						$	387					$	—					$	6,611					$	32					$	680					$	—					$	6,697					$	64
Residential Real Estate						748						24						2,818						10						992						27						2,829						18
Commercial and Industrial						2,046						68						607						2						2,181						150						614						5
Consumer and Other						128						—						520						4						293						—						521						9
Construction						579						—						—						—						993						—						—						—
						3,888						92						10,556						48						5,139						177						10,661						96
With a related allowance recorded:
Commercial Real Estate						10,405						—						8,843						40						10,651						154						8,858						65
Residential Real Estate						1,352						—						368						1						1,468						—						408						3
Commercial and Industrial						4,052						98						3,961						29						4,341						139						3,762						50
Consumer and Other						18						—						126						—						10						—						143						—
						15,827						98						13,298						70						16,470						293						13,171						118
Individually evaluated loans, Total:
Commercial Real Estate						10,792						—						15,454						72						11,331						154						15,555						129
Residential Real Estate						2,100						24						3,186						11						2,460						27						3,237						21
Commercial and Industrial						6,098						166						4,568						31						6,522						289						4,376						55
Consumer and Other						146						—						646						4						303						—						664						9
Construction						579						—						—						—						993						—						—						—
Total						$	19,715					$	190					$	23,854					$	118					$	21,609					$	470					$	23,832					$	214

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Schedule Of Individually Evaluated for Impairment

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Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
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- Definition

Tabular disclosure of impaired financing receivables.

+ References

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-Topic 310
-SubTopic 10
-Section 50
-Paragraph 15
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X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
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- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
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