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Loans Receivable and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2023

Credit Loss [Abstract]

Schedule of Loans Receivable

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

(In thousands)						September 30, 2023						December 31, 2022
Loan portfolio segment:
Commercial Real Estate						$	499,132					$	437,443
Residential Real Estate						112,600						124,140
Commercial and Industrial						160,496						138,787
Consumer and Other						111,411						141,091
Construction						3,790						4,922
Construction to Permanent - CRE						2,463						1,933
Loans receivable, gross						889,892						848,316
Allowance for credit losses						(25,668)						(10,310)
Loans receivable, net						$	864,224					$	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 nine months ended September 30, 2023 and allowance for loan and lease losses for three and nine months ended September 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 September 30, 2023
Allowance for credit losses:
June 30, 2023			$	10,039					$	1,027					$	1,673					$	11,275					$	33					$	51					$	—					$	24,098
Charge-offs			—						(113)						(423)						(3,012)						—						—						—						(3,548)
Recoveries			—						3						9						306						—						—						—						318
Provisions (credits)			3,321						171						149						1,127						(31)						63						—						4,800			(1)
September 30, 2023			$	13,360					$	1,088					$	1,408					$	9,696					$	2					$	114					$	—					$	25,668
Three Months Ended September 30, 2022
Allowance for loan and lease losses:
June 30, 2022			$	4,980					$	1,395					$	2,316					$	1,063					$	58					$	15					$	102					$	9,929
Charge-offs			—						—						—						(366)						—						—						—						(366)
Recoveries			154						3						12						20						—						—						—						189
Provisions (credits)			1,653						(930)						(490)						22						(20)						(10)						(25)						200
September 30, 2022			$	6,787					$	468					$	1,838					$	739					$	38					$	5					$	77					$	9,952

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

(1) The provision on credit losses included in the above table for the three months ended September 30, 2023 does not include the credit on unfunded loan commitments of $112,000 for the three months ended September 30, 2023.

(In thousands)			Commercial Real Estate						Residential Real Estate						Commercial and Industrial						Consumer and Other						Construction						Construction to Permanent - CRE						Unallocated						Total
Nine Months Ended September 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			—						(113)						(429)						(7,324)						(150)						—						—						(8,016)
Recoveries			—						14						25						739						—						—						—						778
Provisions			4,768						333						190						4,097						132						75						—						9,595			(2)
September 30, 2023			$	13,360					$	1,088					$	1,408					$	9,696					$	2					$	114					$	—					$	25,668
Nine Months Ended September 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			—						—						(70)						(513)						(68)						—						—						(651)
Recoveries			154						4						38						27						—						—						—						223
(Credits) provisions			1,570						(1,236)						(662)						972						28						(36)						(161)						475
September 30, 2022			$	6,787					$	468					$	1,838					$	739					$	38					$	5					$	77					$	9,952

(2) The provision on credit losses for the nine months ended September 30, 2023 does not include the credit on unfunded loan commitments of $1.4 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 September 30, 2023:

(In thousands)			Commercial Real Estate						Residential Real Estate						Commercial and Industrial						Consumer and Other						Construction						Construction to  Permanent  - CRE						Unallocated						Total
September 30, 2023
Allowance for credit losses:
Individually evaluated for impairment			$	10,409					$	293					$	534					$	—					$	—					$	—					$	—					$	11,236
Collectively evaluated for impairment			2,951						795						874						9,696						2						114						—						14,432
Total allowance for credit losses			$	13,360					$	1,088					$	1,408					$	9,696					$	2					$	114					$	—					$	25,668
Loans receivable, gross:
Individually evaluated for impairment			$	21,616					$	1,623					$	6,040					$	—					$	479					$	—					$	—					$	29,758
Collectively evaluated for impairment			477,516						110,977						154,456						111,411						3,311						2,463						—						860,134
Total loans receivable, gross			$	499,132					$	112,600					$	160,496					$	111,411					$	3,790					$	2,463					$	—					$	889,892

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 September 30, 2023:			2023						2022						2021						2020						2019						Prior						Revolving						Total Loans Receivable Gross
Loan portfolio segment:
Commercial Real Estate:
Pass			$	104,575					$	154,128					$	112,405					$	3,705					$	30,436					$	67,304					$	—					$	472,553
Substandard			—						—						—						—						21,235						5,344						—						26,579
			104,575						154,128						112,405						3,705						51,671						72,648						—						499,132
Residential Real Estate:
Pass			26						1,259						3,111						11,990						15,830						78,180						581						110,977
Substandard			—						—						—						—						—						1,623						—						1,623
			26						1,259						3,111						11,990						15,830						79,803						581						112,600
Commercial and Industrial:
Pass			2,601						14,653						22,623						8,137						7,812						7,818						89,244						152,888
Special mention			7						—						808						—						142						11						—						968
Substandard			17						535						801						—						3,906						1,381						—						6,640
			2,625						15,188						24,232						8,137						11,860						9,210						89,244						160,496
Consumer and Other:
Pass			7,998						44,086						5,747						—						5,759						15,224						31,520						110,334
Substandard			182						772						101						—						—						22						—						1,077
			8,180						44,858						5,848						—						5,759						15,246						31,520						111,411
Construction:
Pass			—						—						3,311						—						—						—						—						3,311
Substandard			—						—						—						—						479						—						—						479
			—						—						3,311						—						479						—						—						3,790
Construction to Permanent -CRE:
Special mention			—						—						2,463						—						—						—						—						2,463
			—						—						2,463						—						—						—						—						2,463
Total			$	115,406					$	215,433					$	151,370					$	23,832					$	85,599					$	176,907					$	121,345					$	889,892
Loans receivable, gross:
Pass			$	115,200					$	214,126					$	147,197					$	23,832					$	59,837					$	168,526					$	121,345					$	850,063
Special mention			7						—						3,271						—						142						11						—						3,431
Substandard			199						1,307						902						—						25,620						8,370						—						36,398
Loans receivable, gross			$	115,406					$	215,433					$	151,370					$	23,832					$	85,599					$	176,907					$	121,345					$	889,892

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 September 30, 2023.

(In thousands)						Performing (Accruing) Loans
As of September 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						$	2,275					$	—					$	—					$	2,275					$	470,278					$	472,553					$	—					$	472,553
Substandard						320						—						—						320						4,643						4,963						21,616						26,579
						2,595						—						—						2,595						474,921						477,516						21,616						499,132
Residential Real Estate:
Pass						1,329						—						—						1,329						109,648						110,977						—						110,977
Substandard						—						—						—						—						—						—						1,623						1,623
						1,329						—						—						1,329						109,648						110,977						1,623						112,600
Commercial and Industrial:
Pass						455						—						—						455						152,433						152,888						—						152,888
Special mention						—						—						—						—						968						968						—						968
Substandard						533						—						—						533						50						583						6,057						6,640
						988						—						—						988						153,451						154,439						6,057						160,496
Consumer and Other:
Pass						1,475						876						40						2,391						107,943						110,334						—						110,334
Substandard						—						—						—						—						22						22						1,055						1,077
						1,475						876						40						2,391						107,965						110,356						1,055						111,411
Construction:
Pass						—						—						—						—						3,311						3,311						—						3,311
Substandard						—						—						—						—						—						—						479						479
						—						—						—						—						3,311						3,311						479						3,790
Construction to Permanent - CRE:
Special mention						—						—						—						—						2,463						2,463						—						2,463
						—						—						—						—						2,463						2,463						—						2,463
Total						$	6,387					$	876					$	40					$	7,303					$	851,759					$	859,062					$	30,830					$	889,892
Loans receivable, gross:
Pass						$	5,534					$	876					$	40					$	6,450					$	843,613					$	850,063					$	—					$	850,063
Special mention						—						—						—						—						3,431						3,431						—						3,431
Substandard						853						—						—						853						4,715						5,568						30,830						36,398
Loans receivable, gross						$	6,387					$	876					$	40					$	7,303					$	851,759					$	859,062					$	30,830					$	889,892

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 September 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 September 30, 2023:
Loan portfolio segment:
Commercial Real Estate:
Substandard						$	—					$	—					$	11,362					$	11,362					$	10,254					$	21,616
Residential Real Estate:
Substandard						—						—						1,623						1,623						—						1,623
Commercial and Industrial:
Substandard						—						994						4,035						5,029						1,028						6,057
Consumer and Other:
Substandard						—						19						1,036						1,055						—						1,055
Construction:
Substandard						—						—						—						—						479						479
Total non-accruing loans						$	—					$	1,013					$	18,056					$	19,069					$	11,761					$	30,830
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 September 30, 2023 and December 31, 2022:

(In thousands)						September 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						$	382					$	425					$	—					$	2,435					$	2,428					$	—
Residential Real Estate						—						—						—						2,402						2,224						—
Commercial and Industrial						3,501						4,323						—						1,939						2,424						—
Consumer and Other						—						—						—						514						514						—
Construction						479						475						—						—						—						—
						4,362						5,223						—						7,290						7,590						—
With a related allowance recorded:
Commercial Real Estate						21,234						21,165						10,409						8,806						8,656						5,430
Residential Real Estate						1,623						1,448						293						106						105						5
Commercial and Industrial						2,539						3,979						534						2,714						2,863						608
						25,396						26,592						11,236						11,626						11,624						6,043
Individually evaluated loans, Total:
Commercial Real Estate						21,616						21,590						10,409						11,241						11,084						5,430
Residential Real Estate						1,623						1,448						293						2,508						2,329						5
Commercial and Industrial						6,040						8,302						534						4,653						5,287						608
Consumer and Other						—						—						—						514						514						—
Construction						479						475						—						—						—						—
Total						$	29,758					$	31,815					$	11,236					$	18,916					$	19,214					$	6,043

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

						Three Month Ended September 30,																								Nine Months Ended September 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						$	384					$	—					$	6,704					$	13					$	591					$	—					$	6,716					$	31
Residential Real Estate						183						—						1,580						8						694						—						2,332						72
Commercial and Industrial						3,246						97						2,354						—						2,639						212						1,311						5
Consumer and Other						—						—						342						6						205						—						449						15
Construction						362						—						—						—						840						—						—						—
						4,175						97						10,980						27						4,969						212						10,808						123
With a related allowance recorded:
Commercial Real Estate						10,405						—						7,096						7						13,833						15						8,156						72
Residential Real Estate						1,352						—						1,525						6						1,514						—						885						4
Commercial and Industrial						4,052						55						2,358						—						3,821						169						3,167						49
Consumer and Other						18						—						—						—						7						—						—						—
						15,827						55						10,979						13						19,175						184						12,208						125
Individually evaluated loans, Total:
Commercial Real Estate						10,789						—						13,800						20						14,424						15						14,872						103
Residential Real Estate						1,535						—						3,105						14						2,208						—						3,217						76
Commercial and Industrial						7,298						152						4,712						—						6,460						381						4,478						54
Consumer and Other						18						—						342						6						212						—						449						15
Construction						362						—						—						—						840						—						—						—
Total						$	20,002					$	152					$	21,959					$	40					$	24,144					$	396					$	23,016					$	248

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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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