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Loans Receivable and Allowance for Credit Losses (Tables)
3 Months Ended
Mar. 31, 2024
Credit Loss [Abstract]  
Schedule of Loans Receivable
As of March 31, 2024 and December 31, 2023, loans receivable, net, consisted of the following:
(In thousands)March 31, 2024December 31, 2023
Loan portfolio segment:
Commercial Real Estate$462,547 $472,093 
Residential Real Estate102,881 106,783 
Commercial and Industrial148,420 163,565 
Consumer and Other89,772 99,688 
Construction4,239 4,266 
Construction to Permanent - CRE2,464 2,464 
Loans receivable, gross810,323 848,859 
Allowance for loan and lease losses(13,777)(15,925)
Loans receivable, net$796,546 $832,934 
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 months ended March 31, 2024 and 2023:
(In thousands)Commercial
Real Estate
Residential
Real Estate
Commercial
and
Industrial
Consumer
and
Other
Construction Construction to
Permanent
- CRE
Unallocated Total
Three Months Ended March 31, 2024
Allowance for credit losses:
December 31, 2023$6,089 $607 $1,269 $7,843 $$113 $— $15,925 
Charge-offs(158)(21)(410)(2,523)— — — (3,112)
Recoveries— — 305 — — — 311 
Provisions (credits) (311)85 334 655 (113)— 653 (1)
March 31, 2024$5,620 $671 $1,199 $6,280 $$— $— $13,777 
Three Months Ended March 31, 2023
Allowance for credit losses:
December 31, 2022$6,966 $665 $1,403 $1,207 $24 $10 $35 $10,310 
Impact of ASC 326 Adoption1,626 189 219 10,977 (4)29 (35)13,001 
Charge-offs— — (2)(1,796)— — — (1,798)
Recoveries— — 173 — — — 180 
Provisions (credits)1,217 (1)172 1,690 — 3,087 (2)
March 31, 2023$9,809 $853 $1,799 $12,251 $21 $47 $— $24,780 
(1) The provision on credit losses included in the above table for the three months ended March 31, 2024 does not include the provision on unfunded loan commitments of $5,000 for the three months ended March 31, 2024.
(2) The provision on credit losses included in the above table for the three months ended March 31, 2023 does not include the credit on unfunded loan commitments of $867,000 for the three months ended March 31, 2023.
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 March 31, 2024:
(In thousands)Commercial
Real Estate
Residential
Real Estate
Commercial
and
Industrial
Consumer
and
Other
Construction Construction to
 Permanent
 - CRE
Total
March 31, 2024
Allowance for credit losses:
Individually evaluated loans$3,321 $— $23 $— $— $— $3,344 
Collectively evaluated loans2,299 671 1,176 6,280 — 10,433 
Total allowance for credit losses$5,620 $671 $1,199 $6,280 $$— $13,777 
Loans receivable, gross:
Individually evaluated loans$15,914 $— $3,706 $— $429 $2,464 $22,513 
Collectively evaluated loans446,633 102,881 144,714 89,772 3,810 — 787,810 
Total loans receivable, gross$462,547 $102,881 $148,420 $89,772 $4,239 $2,464 $810,323 
The following tables presents the balance in the allowance for loan and lease losses and the recorded investment in loans by portfolio segment based on impairment method as of December 31, 2023:
(In thousands)Commercial
Real Estate
Residential
Real Estate
Commercial
and
Industrial
Consumer
and
Other
Construction Construction to
Permanent
- CRE
Total
December 31, 2023
Allowance for credit losses:
Individually evaluated for impairment$3,813 $— $392 $— $— $— $4,205 
Collectively evaluated for impairment2,276 607 877 7,843 113 11,720 
Total allowance for loan losses$6,089 $607 $1,269 $7,843 $$113 $15,925 
Loans receivable, gross:
Individually evaluated for impairment$12,775 $— $3,904 $— $454 $— $17,133 
Collectively evaluated for impairment459,318 106,783 159,661 99,688 3,812 2,464 831,726 
Total loans receivable, gross$472,093 $106,783 $163,565 $99,688 $4,266 $2,464 $848,859 
Financing Receivable Credit Quality Indicators
The following tables summarize loan amortized cost by vintage, credit quality indicator, class of loans and charge-offs based on year of origination as of March 31, 2024:
Term of Loans by Origination
As of March 31, 2024:20242023202220212020PriorRevolvingTotal Loans
Receivable
Gross
Loan portfolio segment:
Commercial Real Estate:
Pass$— $106,927 $139,679 $110,591 $3,377 $80,477 $— $441,051 
Special mention— — 6,483 130 — — — 6,613 
Substandard— — 2,993 34 279 11,577 — 14,883 
Total — 106,927 149,155 110,755 3,656 92,054 — 462,547 
Current period gross charge-offs— — — — — 158 — 158 
Residential Real Estate:
Pass— — 1,243 2,891 10,435 85,816 661 101,046 
Special mention— — — — 1,053 782 — 1,835 
Total — — 1,243 2,891 11,488 86,598 661 102,881 
Current period gross charge-offs— — — — — 21 — 21 
Commercial and Industrial:
Pass624 1,643 14,831 22,169 2,132 11,519 85,351 138,269 
Special mention— 19 42 — 1,080 — 1,147 
Substandard— 271 349 891 5,773 1,620 100 9,004 
Total 624 1,920 15,199 23,102 7,905 14,219 85,451 148,420 
Current period gross charge-offs— — — — — 410 — 410 
Consumer and Other:
Pass73 5,222 30,506 3,790 — 19,285 30,175 89,051 
Substandard— 128 462 59 — — 72 721 
Total 73 5,350 30,968 3,849 — 19,285 30,247 89,772 
Current period gross charge-offs— 135 2,207 181 — — — 2,523 
Construction:
Pass— — — 3,810 — — — 3,810 
Substandard— — — — — 429 — 429 
Total — — — 3,810 — 429 — 4,239 
Construction to Permanent - CRE:
Substandard— — — 2,464 — — — 2,464 
Total — — — 2,464 — — — 2,464 
Total loans$697 $114,197 $196,565 $146,871 $23,049 $212,585 $116,359 $810,323 
 Total Current period gross charge-offs$— $135 $2,207 $181 $— $589 $— $3,112 
Loans receivable, gross:
Pass$697 $113,792 $186,259 $143,251 $15,944 $197,097 $116,187 $773,227 
Special mention— 6,502 172 1,053 1,862 — 9,595 
Substandard— 399 3,804 3,448 6,052 13,626 172 27,501 
Total Loans receivable, gross$697 $114,197 $196,565 $146,871 $23,049 $212,585 $116,359 $810,323 
Current period gross charge-offs$— $135 $2,207 $181 $— $589 $— $3,112 
The following tables summarize loan amortized cost by vintage, credit quality indicator, class of loans and charge-offs based on year of origination as of December 31, 2023:
Term of Loans by Origination
As of December 31, 2023:20232022202120202019PriorRevolvingTotal Loans
Receivable
Gross
Loan portfolio segment:
Commercial Real Estate:
Pass$104,683 $138,091 $111,308 $3,401 $31,832 $63,526 $— $452,841 
Special mention— 6,482 — — — — — 6,482 
Substandard— 1,799 — 280 10,000 691 — 12,770 
Total104,683 146,372 111,308 3,681 41,832 64,217 — 472,093 
Current period gross charge-offs— — — — 6,341 — 6,346 
Residential Real Estate:
Pass— 1,251 2,975 11,577 15,770 74,596 614 106,783 
Total— 1,251 2,975 11,577 15,770 74,596 614 106,783 
Current period gross charge-offs— — — — — 515 — 515 
Commercial and Industrial:
Pass2,696 13,916 23,099 8,004 9,578 7,024 96,431 160,748 
Special mention348 — — 37 11 104 506 
Substandard16 — 801 — 401 1,093 — 2,311 
Total2,718 14,264 23,900 8,004 10,016 8,128 96,535 163,565 
Current period gross charge-offs— 182 85 — 516 144 — 927 
Consumer and Other:
Pass6,470 36,668 4,724 — 5,590 14,314 30,945 98,711 
Substandard197 645 61 — — — 74 977 
Total6,667 37,313 4,785 — 5,590 14,314 31,019 99,688 
Current period gross charge-offs114 9,013 1,280 — 66 — 10,479 
Construction:
Pass— — 3,812 — — — — 3,812 
Substandard— — — — 454 — — 454 
Total— — 3,812 — 454 — — 4,266 
Current period gross charge-offs— — 150 — — — — 150 
Construction to Permanent - CRE:
Special mention— — 2,464 — — — — 2,464 
Total— — 2,464 — — — — 2,464 
Total loans$114,068 $199,200 $149,244 $23,262 $73,662 $161,255 $128,168 $848,859 
 Total Current period gross charge-offs$114 $9,195 $1,515 $— $6,863 $730 $— $18,417 
Loans receivable, gross:
Pass$113,849 $189,926 $145,918 $22,982 $62,770 $159,460 $127,990 $822,895 
Special mention6,830 2,464 — 37 11 104 9,452 
Substandard213 2,444 862 280 10,855 1,784 74 16,512 
Loans receivable, gross$114,068 $199,200 $149,244 $23,262 $73,662 $161,255 $128,168 $848,859 
 Total Current period gross charge-offs$114 $9,195 $1,515 $— $6,863 $730 $— $18,417 
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 March 31, 2024.
(In thousands)Performing (Accruing) Loans
As of March 31, 2024:30 - 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$197 $1,682 $— $1,879 $437,866 $439,745 $1,306 $441,051 
Special mention— 130 — 130 6,483 6,613 — 6,613 
Substandard347 591 — 938 2,789 3,727 11,156 14,883 
544 2,403 — 2,947 447,138 450,085 12,462 462,547 
Residential Real Estate:
Pass256 — 130 386 100,660 101,046 — 101,046 
Special mention— — — — 1,835 1,835 — 1,835 
256 — 130 386 102,495 102,881 — 102,881 
Commercial and Industrial:
Pass73 111 — 184 136,251 136,435 1,834 138,269 
Special mention61 — — 61 1,086 1,147 — 1,147 
Substandard519 1,203 — 1,722 6,113 7,835 1,169 9,004 
653 1,314 — 1,967 143,450 145,417 3,003 148,420 
Consumer and Other:
Pass1,311 775 349 2,435 86,616 89,051 — 89,051 
Substandard— — — — — — 721 721 
1,311 775 349 2,435 86,616 89,051 721 89,772 
Construction:
Pass— — — — 3,810 3,810 — 3,810 
Substandard— — — — — — 429 429 
— — — — 3,810 3,810 429 4,239 
Construction to Permanent - CRE:
Substandard— — — — — — 2,464 2,464 
— — — — — — 2,464 2,464 
Total$2,764 $4,492 $479 $7,735 $783,509 $791,244 $19,079 $810,323 
Loans receivable, gross:
Pass$1,837 $2,568 $479 $4,884 $765,203 $770,087 $3,140 $773,227 
Special mention61 130 — 191 9,404 9,595 — 9,595 
Substandard866 1,794 — 2,660 8,902 11,562 15,939 27,501 
Loans receivable, gross$2,764 $4,492 $479 $7,735 $783,509 $791,244 $19,079 $810,323 
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, 2023.
(In thousands)Performing (Accruing) Loans
As of December 31, 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$2,274 $231 $— $2,505 $448,707 $451,212 $1,629 $452,841 
Special mention— — — — 6,482 6,482 — 6,482 
Substandard— — — — 1,624 1,624 11,146 12,770 
2,274 231 — 2,505 456,813 459,318 12,775 472,093 
Residential Real Estate:
Pass1,439 — — 1,439 105,344 106,783 — 106,783 
1,439 — — 1,439 105,344 106,783 — 106,783 
Commercial and Industrial:
Pass420 10 — 430 157,335 157,765 2,983 160,748 
Special mention— 348 — 348 158 506 — 506 
Substandard526 — — 526 847 1,373 938 2,311 
946 358 — 1,304 158,340 159,644 3,921 163,565 
Consumer and Other:
Pass1,327 1,015 341 2,683 96,028 98,711 — 98,711 
Substandard— — — — — — 977 977 
1,327 1,015 341 2,683 96,028 98,711 977 99,688 
Construction:
Pass— — — — 3,812 3,812 — 3,812 
Substandard— — — — — — 454 454 
— — — — 3,812 3,812 454 4,266 
Construction to Permanent - CRE:
Special mention— — — — 2,464 2,464 — 2,464 
— — — — 2,464 2,464 — 2,464 
Total$5,986 $1,604 $341 $7,931 $822,801 $830,732 $18,127 $848,859 
Loans receivable, gross:
Pass$5,460 $1,256 $341 $7,057 $811,226 $818,283 $4,612 $822,895 
Special mention— 348 — 348 9,104 9,452 — 9,452 
Substandard526 — — 526 2,471 2,997 13,515 16,512 
Loans receivable, gross$5,986 $1,604 $341 $7,931 $822,801 $830,732 $18,127 $848,859 
Financing Receivable, Nonaccrual
The following tables summarize non-performing (i.e., non-accruing) loans by aging category and status, within the applicable loan portfolio segment as of March 31, 2024 and December 31, 2023:
(In thousands) Non-accruing Loans
 30 - 59
Days
Past Due
60 - 89
Days
Past Due
90 Days or
Greater Past
Due
Total
Past Due
Current Total
Non-accruing
Loans
As of March 31, 2024: 
Loan portfolio segment: 
Commercial Real Estate: 
Pass$— $— $1,306 $1,306 $— $1,306 
Substandard — — 1,527 1,527 9,629 11,156 
Commercial and Industrial: 
Pass— — 1,296 1,296 538 1,834 
Substandard — — 953 953 216 1,169 
Consumer and Other: 
Substandard — — 649 649 72 721 
Construction:
Substandard— — — — 429 429 
Construction to permanent - CRE:
Substandard— — 2,464 2,464 — 2,464 
Total non-accruing loans $— $— $8,195 $8,195 $10,884 $19,079 
 
As of December 31, 2023: 
Loan portfolio segment: 
Commercial Real Estate: 
Pass$— $— $1,629 $1,629 $— $1,629 
Substandard — 770 439 1,209 9,937 11,146 
Commercial and Industrial: 
Pass— — 2,054 2,054 929 2,983 
Substandard — 371 535 906 32 938 
Consumer and Other: 
Substandard — 16 887 903 74 977 
Construction:
Substandard— — — — 454 454 
Total non-accruing loans $— $1,157 $5,544 $6,701 $11,426 $18,127 
Impaired Financing Receivables
The following table reflects information about the individually evaluated loans by class as of March 31, 2024 and December 31, 2023:
(In thousands)March 31, 2024December 31, 2023
Recorded
Investment
Principal
Outstanding
Related
Allowance
Recorded Investment Principal Outstanding Related Allowance
With no related allowance recorded:
Commercial Real Estate$6,285 $13,102 $— $2,838 $5,879 $— 
Commercial and Industrial2,774 7,272 — 2,266 2,899 — 
Construction429 447 — 454 461 — 
Construction to permanent - CRE2,464 2,476 — — — — 
11,952 23,297 — 5,558 9,239 — 
With a related allowance recorded:
Commercial Real Estate9,629 10,071 3,321 9,937 10,137 3,813 
Commercial and Industrial932 1,668 23 1,638 3,159 392 
10,561 11,739 3,344 11,575 13,296 4,205 
Individually evaluated loans, Total:
Commercial Real Estate15,914 23,173 3,321 12,775 16,016 3,813 
Commercial and Industrial3,706 8,940 23 3,904 6,058 392 
Construction429 447 — 454 461 — 
Construction to permanent - CRE2,464 2,476 — — — — 
Total$22,513 $35,036 $3,344 $17,133 $22,535 $4,205 
The following table summarizes additional information regarding individually evaluated loans by class for the three months ended March 31, 2024 and 2023.
Three Month Ended March 31,
(In thousands)20242023
Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized
With no related allowance recorded:
Commercial Real Estate$6,286 $37 $899 $— 
Residential Real Estate— — 1,179 
Commercial and Industrial2,855 44 2,402 82 
Consumer and Other— — 513 
Construction442 — 1,738 — 
Construction to permanent - CRE2,464 — — — 
12,047 81 6,731 94 
With a related allowance recorded:
Commercial Real Estate9,781 — 10,405 154 
Residential Real Estate— — 1,352 
Commercial and Industrial1,005 — 4,052 43 
Consumer and Other— — 18 — 
10,786 — 15,827 198 
Individually evaluated loans, Total:
Commercial Real Estate16,067 37 11,304 154 
Residential Real Estate— — 2,531 
Commercial and Industrial3,860 44 6,454 125 
Consumer and Other— — 531 
Construction442 — 1,738 — 
Construction to permanent - CRE2,464 — — — 
Total$22,833 $81 $22,558 $292