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Loans Receivable and Allowance for Credit Losses (Tables)
6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
Schedule of Loans Receivable
As of June 30, 2025 and December 31, 2024, loans receivable, net, consisted of the following:
(In thousands)June 30, 2025December 31, 2024
Loan portfolio segment:
Commercial Real Estate$370,376 $419,489 
Residential Real Estate60,123 92,215 
Commercial and Industrial122,161 129,608 
Consumer and Other33,363 59,973 
Construction1,494 3,830 
Construction to Permanent - CRE31 2,357 
Loans receivable, gross587,548 707,472 
Allowance for credit losses(7,795)(7,305)
Loans receivable, net$579,753 $700,167 
Schedule of 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 six months ended June 30, 2025 and 2024:
(In thousands)Commercial
Real Estate
Residential
Real Estate
Commercial
and
Industrial
Consumer
and
Other
Construction Construction to
Permanent
- CRE
Total
Three Months Ended June 30, 2025
Allowance for credit losses:
March 31, 2025$2,275 $639 $1,168 $2,607 $$32 $6,729 
Charge-offs— — (11)(754)— — (765)
Recoveries— — 20 209 — — 229 
Provisions (credits)161 (120)608 988 (3)(32)1,602 (1)
June 30, 2025$2,436 $519 $1,785 $3,050 $$— $7,795 
Three Months Ended June 30, 2024
Allowance for credit losses:
March 31, 2024$5,620 $671 $1,199 $6,280 $$— $13,777 
Charge-offs— — (404)(1,849)— — (2,253)
Recoveries— — 72 260 — — 332 
Provisions (credits)2,338 348 442 (2)— 3,133 (2)
June 30, 2024$7,958 $678 $1,215 $5,133 $$— $14,989 
(1) The provision on credit losses included in the above table for the three months ended June 30, 2025 does not include the credit on unfunded loan commitments of $78,000.
(2) The provision on credit losses included in the above table for the three months ended June 30, 2024 does not include the credit on unfunded loan commitments of $41,000.
The following tables summarize the activity in the allowance for credit losses, allocated to segments of the loan portfolio, for the six months ended June 30, 2025 and 2024:
(In thousands)Commercial
Real Estate
Residential Real Estate Commercial
and
Industrial
Consumer
and
Other
Construction Construction
to
Permanent
- CRE
Total
Six Months Ended June 30, 2025      
Allowance for credit losses:      
December 31, 2024$2,241 $596 $1,077 $3,386 $$— $7,305 
Charge-offs(635)— (130)(1,670)— — (2,435)
Recoveries— — 106 461 — — 567 
Provisions (credits)830 (77)732 873 — — 2,358 (3)
June 30, 2025$2,436 $519 $1,785 $3,050 $$— $7,795 
Six Months Ended June 30, 2024
Allowance for credit losses:
December 31, 2023$6,089 $607 $1,269 $7,843 $$113 $15,925 
Charge-offs(158)(21)(814)(4,372)— — (5,365)
Recoveries— — 78 565 — — 643 
Provisions (credits)2,027 92 682 1,097 (113)3,786 (4)
June 30, 2024$7,958 $678 $1,215 $5,133 $$— $14,989 
(3) The provision on credit losses for the six months ended June 30, 2025 does not include the credit on unfunded loan commitments of $101,000.
(4) The provision on credit losses for the six months ended June 30, 2024 does not include the credit on unfunded loan commitments of $36,000.
The following table reflects information about the individually evaluated loans by segment as of June 30, 2025 and December 31, 2024:
(In thousands)June 30, 2025December 31, 2024
Recorded
Investment
Principal
Outstanding
Related
Allowance
Recorded Investment Principal Outstanding Related Allowance
With no related allowance recorded:
Commercial Real Estate$20,892 $37,581 $— $18,361 $34,224 $— 
Commercial and Industrial2,856 7,362 — 1,831 2,251 — 
Construction to permanent - CRE31 149 — 2,357 2,476 — 
23,779 45,092 — 22,549 38,951 — 
With a related allowance recorded:
Commercial Real Estate— — — 974 969 403 
Commercial and Industrial— — — 1,492 1,810 60 
— — — 2,466 2,779 463 
Individually evaluated loans, Total:
Commercial Real Estate20,892 37,581 — 19,335 35,193 403 
Commercial and Industrial2,856 7,362 — 3,323 4,061 60 
Construction to permanent - CRE31 149 — 2,357 2,476 — 
Total$23,779 $45,092 $— $25,015 $41,730 $463 
The following table summarizes additional information regarding individually evaluated loans by segment for the three and six months ended June 30, 2025 and 2024:
Three Month Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
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$22,847 $64 $5,107 $— $23,626 $82 $5,108 $— 
Residential Real Estate— — 172 — — 172 
Commercial and Industrial2,873 — 5,026 23 2,979 — 4,513 27 
Construction to permanent - CRE1,775 — 2,411 — 2,025 — 2,433 — 
27,495 64 12,716 31 28,630 82 12,226 35 
With a related allowance recorded:
Commercial Real Estate— — 22,763 159 — — 22,942 159 
Commercial and Industrial— — 217 — — — 577 — 
— — 22,980 159 — — 23,519 159 
Individually evaluated loans, Total:
Commercial Real Estate22,847 64 27,870 159 23,626 82 28,050 159 
Residential Real Estate— — 172 — — 172 
Commercial and Industrial2,873 — 5,243 23 2,979 — 5,090 27 
Construction to permanent - CRE1,775 — 2,411 — 2,025 — 2,433 — 
Total$27,495 $64 $35,696 $190 $28,630 $82 $35,745 $194 
Schedule of Individually Evaluated for Impairment
The following tables summarize, by loan portfolio segment, the amount of loans receivable evaluated individually and collectively for allowance for credit losses as of June 30, 2025 and December 31, 2024:
(In thousands)Commercial
Real Estate
Residential
Real Estate
Commercial
and
Industrial
Consumer
and
Other
Construction Construction to
 Permanent
 - CRE
Total
June 30, 2025
Allowance for credit losses:
Individually evaluated loans$— $— $— $— $— $— $— 
Collectively evaluated loans2,436 519 1,785 3,050 — 7,795 
Total allowance for credit losses$2,436 $519 $1,785 $3,050 $$— $7,795 
Loans receivable, gross:
Individually evaluated loans$20,892 $— $2,856 $— $— $31 $23,779 
Collectively evaluated loans349,484 60,123 119,305 33,363 1,494 — 563,769 
Total loans receivable, gross$370,376 $60,123 $122,161 $33,363 $1,494 $31 $587,548 
(In thousands)Commercial
Real Estate
Residential
Real Estate
Commercial
and
Industrial
Consumer
and
Other
Construction Construction to
Permanent
- CRE
Total
December 31, 2024
Allowance for credit losses:
Individually evaluated loans$403 $— $60 $— $— $— $463 
Collectively evaluated loans1,838 596 1,017 3,386 — 6,842 
Total allowance for credit losses$2,241 $596 $1,077 $3,386 $$— $7,305 
Loans receivable, gross:
Individually evaluated loans$19,335 $— $3,323 $— $— $2,357 $25,015 
Collectively evaluated loans400,154 92,215 126,285 59,973 3,830 — 682,457 
Total loans receivable, gross$419,489 $92,215 $129,608 $59,973 $3,830 $2,357 $707,472 
Schedule of Financing Receivable Credit Quality Indicators
The following tables summarize loan amortized cost by vintage, credit quality indicator, class of loans and charge-offs based on year of origination as of June 30, 2025:
Term of Loans by Origination
As of June 30, 2025:20252024202320222021PriorRevolvingTotal Loans
Receivable
Gross
Loan portfolio segment:
Commercial Real Estate:
Pass$— $— $99,571 $94,098 $80,549 $64,076 $— $338,294 
Special mention— — 3,661 3,653 — 1,225 — 8,539 
Substandard— — 183 7,481 10,923 4,956 — 23,543 
Total — — 103,415 105,232 91,472 70,257 — 370,376 
Current period gross charge-offs— — — — — 635 — 635 
Residential Real Estate:
Pass960 3,578 — 1,202 2,769 49,310 961 58,780 
Special mention— — — — — 1,343 — 1,343 
Total 960 3,578 — 1,202 2,769 50,653 961 60,123 
Current period gross charge-offs— — — — — — — — 
Commercial and Industrial:
Pass5,873 786 3,742 12,124 19,275 6,673 58,917 107,390 
Special mention— — 281 18 37 484 4,206 5,026 
Substandard— — 171 351 842 6,120 2,261 9,745 
Total 5,873 786 4,194 12,493 20,154 13,277 65,384 122,161 
Current period gross charge-offs— — — — — 130 — 130 
Consumer and Other:
Pass287 262 1,391 9,774 1,152 14,277 5,767 32,910 
Substandard— — 16 186 — — 251 453 
Total 287 262 1,407 9,960 1,152 14,277 6,018 33,363 
Current period gross charge-offs— 91 1,397 182 — — — 1,670 
Construction:
Pass— — — — 1,494 — — 1,494 
Total — — — — 1,494 — — 1,494 
Construction to Permanent - CRE:
Substandard— — — — 31 — — 31 
Total — — — — 31 — — 31 
Total loans$7,120 $4,626 $109,016 $128,887 $117,072 $148,464 $72,363 $587,548 
 Total Current period gross charge-offs$— $91 $1,397 $182 $— $765 $— $2,435 
Loans receivable, gross:
Pass$7,120 $4,626 $104,704 $117,198 $105,239 $134,336 $65,645 $538,868 
Special mention— — 3,942 3,671 37 3,052 4,206 14,908 
Substandard— — 370 8,018 11,796 11,076 2,512 33,772 
Total Loans receivable, gross$7,120 $4,626 $109,016 $128,887 $117,072 $148,464 $72,363 $587,548 
 Total Current period gross charge-offs$— $91 $1,397 $182 $— $765 $— $2,435 
The following tables summarize loan amortized cost by vintage, credit quality indicator, class of loans and charge-offs based on year of origination as of December 31, 2024:
Term of Loans by Origination
As of December 31, 2024:20232022202120202019PriorRevolvingTotal Loans
Receivable
Gross
Loan portfolio segment:
Commercial Real Estate:
Pass$— $102,906 $130,143 $88,275 $2,085 $69,858 $— $393,267 
Special mention— 3,697 — — — 430 — 4,127 
Substandard— 1,099 6,691 8,615 233 5,457 — 22,095 
Total— 107,702 136,834 96,890 2,318 75,745 — 419,489 
Current period gross charge-offs— — — — — 13,889 — 13,889 
Residential Real Estate:
Pass372 — 1,218 2,811 9,546 74,937 792 89,676 
Special mention— — — — 1,053 1,377 — 2,430 
Substandard— — — — — 109 — 109 
Total372 — 1,218 2,811 10,599 76,423 792 92,215 
Current period gross charge-offs— — — — — 21 — 21 
Commercial and Industrial:
Pass843 2,449 13,607 19,892 839 6,410 69,462 113,502 
Special mention— 289 18 39 — 573 7,389 8,308 
Substandard— 258 486 844 5,669 488 53 7,798 
Total843 2,996 14,111 20,775 6,508 7,471 76,904 129,608 
Current period gross charge-offs— — — — — 1,252 — 1,252 
Consumer and Other:
Pass290 2,514 15,907 1,846 — 15,305 23,381 59,243 
Substandard— 72 393 13 — — 252 730 
Total290 2,586 16,300 1,859 — 15,305 23,633 59,973 
Current period gross charge-offs— 313 5,997 635 — 486 — 7,431 
Construction:
Pass— — — 3,830 — — — 3,830 
Total— — — 3,830 — — — 3,830 
Construction to Permanent - CRE:
Substandard— — — 2,357 — — — 2,357 
Total— — — 2,357 — — — 2,357 
Total loans$1,505 $113,284 $168,463 $128,522 $19,425 $174,944 $101,329 $707,472 
 Total Current period gross charge-offs$— $313 $5,997 $635 $— $15,648 $— $22,593 
Loans receivable, gross:
Pass$1,505 $107,869 $160,875 $116,654 $12,470 $166,510 $93,635 $659,518 
Special mention— 3,986 18 39 1,053 2,380 7,389 14,865 
Substandard— 1,429 7,570 11,829 5,902 6,054 305 33,089 
Loans receivable, gross$1,505 $113,284 $168,463 $128,522 $19,425 $174,944 $101,329 $707,472 
 Total Current period gross charge-offs$— $313 $5,997 $635 $— $15,648 $— $22,593 
Schedule of 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, 2025:
(In thousands)Performing (Accruing) Loans
As of June 30, 2025:30 - 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$5,383 $— $— $5,383 $329,866 $335,249 $3,045 $338,294 
Special mention— — — — 8,539 8,539 — 8,539 
Substandard216 — — 216 5,479 5,695 17,848 23,543 
5,599 — — 5,599 343,884 349,483 20,893 370,376 
Residential Real Estate:
Pass59 — — 59 58,721 58,780 — 58,780 
Special mention— — — — 1,343 1,343 — 1,343 
59 — — 59 60,064 60,123 — 60,123 
Commercial and Industrial:
Pass1,593 1,816 — 3,409 101,982 105,391 1,999 107,390 
Special mention296 — — 296 4,730 5,026 — 5,026 
Substandard— 350 — 350 8,525 8,875 870 9,745 
1,889 2,166 — 4,055 115,237 119,292 2,869 122,161 
Consumer and Other:
Pass337 197 — 534 32,376 32,910 — 32,910 
Substandard— — — — — — 453 453 
337 197 — 534 32,376 32,910 453 33,363 
Construction:
Pass— — — — 1,494 1,494 — 1,494 
— — — — 1,494 1,494 — 1,494 
Construction to Permanent - CRE:
Substandard— — — — — — 31 31 
— — — — — — 31 31 
Total$7,884 $2,363 $— $10,247 $553,055 $563,302 $24,246 $587,548 
Loans receivable, gross:
Pass$7,372 $2,013 $— $9,385 $524,439 $533,824 $5,044 $538,868 
Special mention296 — — 296 14,612 14,908 — 14,908 
Substandard216 350 — 566 14,004 14,570 19,202 33,772 
Loans receivable, gross$7,884 $2,363 $— $10,247 $553,055 $563,302 $24,246 $587,548 
The following tables summarize performing and non-performing loans (i.e., non-accruing) receivable by portfolio segment, by aging category, by delinquency status as of December 31, 2024:
(In thousands)Performing (Accruing) Loans
As of December 31, 2024:30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Performing Loans Non- accruing Loans Loans Receivable Gross
Loan portfolio segment:
Commercial Real Estate:
Pass$— $— $— $— $387,296 $387,296 $5,971 $393,267 
Special mention— — — — 4,127 4,127 — 4,127 
Substandard— — — — 8,732 8,732 13,363 22,095 
— — — — 400,155 400,155 19,334 419,489 
Residential Real Estate:
Pass838 — — 838 88,838 89,676 — 89,676 
Special mention— — — — 2,430 2,430 — 2,430 
Substandard— — — — — — 109 109 
838 — — 838 91,268 92,106 109 92,215 
Commercial and Industrial:
Pass1,107 — — 1,107 110,046 111,153 2,349 113,502 
Special mention— — — — 8,308 8,308 — 8,308 
Substandard350 — — 350 6,456 6,806 992 7,798 
1,457 — — 1,457 124,810 126,267 3,341 129,608 
Consumer and Other:
Pass602 687 — 1,289 57,954 59,243 — 59,243 
Substandard— — — — — — 730 730 
602 687 — 1,289 57,954 59,243 730 59,973 
Construction:
Pass— — — — 3,830 3,830 — 3,830 
— — — — 3,830 3,830 — 3,830 
Construction to Permanent - CRE:
Substandard— — — — — — 2,357 2,357 
— — — — — — 2,357 2,357 
Total$2,897 $687 $— $3,584 $678,017 $681,601 $25,871 $707,472 
Loans receivable, gross:
Pass$2,547 $687 $— $3,234 $647,964 $651,198 $8,320 $659,518 
Special mention— — — — 14,865 14,865 — 14,865 
Substandard350 — — 350 15,188 15,538 17,551 33,089 
Loans receivable, gross$2,897 $687 $— $3,584 $678,017 $681,601 $25,871 $707,472 
Schedule of Financing Receivable, Nonaccrual
The following tables summarize non-performing (i.e., non-accruing) loans by aging category and status, within the applicable loan portfolio segment as of June 30, 2025 and December 31, 2024:
(In thousands) Non-accruing Loans
 30 - 59
Days
Past Due
60 - 89
Days
Past Due
90 Days or
Greater Past
Due
Total
Past Due
Current Total
Non-accruing
Loans
As of June 30, 2025: 
Loan portfolio segment: 
Commercial Real Estate: 
Pass$— $— $3,045 $3,045 $— $3,045 
Substandard — — 7,952 7,952 9,896 17,848 
Commercial and Industrial: 
Pass— — 1,999 1,999 — 1,999 
Substandard — — 859 859 11 870 
Consumer and Other: 
Substandard — — 453 453 — 453 
Construction to permanent - CRE:
Substandard— — 31 31 — 31 
Total non-accruing loans $— $— $14,339 $14,339 $9,907 $24,246 
 
As of December 31, 2024: 
Loan portfolio segment: 
Commercial Real Estate: 
Pass$— $— $4,461 $4,461 $1,510 $5,971 
Substandard 974 — 7,947 8,921 4,442 13,363 
Residential Real Estate: 
Substandard — — 109 109 — 109 
Commercial and Industrial: 
Pass— — 2,349 2,349 — 2,349 
Substandard — 978 980 12 992 
Consumer and Other: 
Substandard — 724 730 — 730 
Construction to permanent - CRE:
Substandard— — 2,357 2,357 — 2,357 
Total non-accruing loans $976 $$18,925 $19,907 $5,964 $25,871