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Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures | 6 Months Ended
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Jun. 30, 2025
Credit Loss [Abstract] |
Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Loans and Off-Balance Sheet Credit Exposures The level of the ACL on loans represents management's estimate of expected credit losses over the expected life of the loans at the balance sheet date. For all loan segments, loan losses are charged against the ACL on loans when management believes the loan balance is uncollectible or in accordance with federal guidelines. Subsequent recoveries, if any, are credited to the ACL on loans. The ACL on loans is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. The ACL on loans is comprised of reserves measured on a collective (pool) basis based on a lifetime loss-rate model when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis, generally larger non-accruing commercial loans. The Company uses the DCF method to estimate expected credit losses for all loan pools. For each of the loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, and loss rates. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical benchmark data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime loss rates. This analysis also determines how expected loss rates will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes and forecasts national unemployment as a loss driver. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level that represents the sum of expected losses to determine the estimated ACL on loans. The ACL on loans evaluation also considers various qualitative factors, including changes in policy and/or underwriting standards, actual or expected changes in economic trends and conditions, changes in the nature and volume of the portfolio, changes in credit and lending staff/administration, problem loan trends, credit risk concentrations, loan review results, changes in the value of underlying collateral for loans, and changes in the regulatory and business environment. Certain loans are individually evaluated for estimated credit losses, including those greater than $500 thousand that are classified as substandard or doubtful and are on nonaccrual or that have other unique characteristics differing from the segment. Specific reserves are established when appropriate for such loans based on the present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. Risk characteristics relevant to each portfolio segment are as follows: •Residential real estate - Loans in this segment are collateralized by owner-occupied 1-4 family residential real estate, second and vacation homes, 1-4 family investment properties, home equity and second mortgage loans. Repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, could have an effect on the credit quality of this segment. •Construction real estate - Loans in this segment include residential and commercial construction properties, commercial real estate development loans (while in the construction phase of the projects), land and land development loans. Repayment is dependent on the credit quality of the individual borrower and/or the underlying cash flows generated by the properties being constructed. The overall health of the economy, including unemployment rates, housing prices, vacancy rates and material costs, could have an effect on the credit quality of this segment. •Commercial real estate - Loans in this segment are primarily properties occupied by businesses or income-producing properties. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by a general slowdown in business or increased vacancy rates which, in turn, could have an effect on the credit quality of this segment. Management requests business financial statements at least annually and monitors the cash flows of these loans. •Commercial - Loans in this segment are made to businesses and are generally secured by non-real estate assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer or business spending, could have an effect on the credit quality of this segment. •Consumer - Loans in this segment are made to individuals for personal expenditures, such as automobile purchases, and include unsecured loans. Repayment is primarily dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment, could have an effect on the credit quality of this segment. •Municipal - Loans in this segment are made to municipalities located within the Company's service area. Repayment is primarily dependent on taxes or other funds collected by the municipalities. Management considers there to be minimal risk surrounding the credit quality of this segment. Changes in the ACL on loans, by loan segment, for the three and six months ended June 30, 2025 and 2024 were as follows:
For The Three Months Ended June 30, 2025 | Balance, March 31, 2025 |  | Charge-Offs | Recoveries | Credit Loss Expense (Benefit) | Balance, June 30, 2025
| (Dollars in thousands)
Non-revolving residential real estate | $ | 2,866 |  |  | $ | — |  | $ | 4 |  | $ | 35 |  | $ | 2,905 |
Revolving residential real estate | 200 |  |  | — |  | — |  | 30 |  | 230 |
Residential real estate | 3,066 |  |  | — |  | 4 |  | 65 |  | 3,135 |
Commercial construction real estate | 822 |  |  | — |  | — |  | 197 |  | 1,019 |
Residential construction real estate | 196 |  |  | — |  | — |  | 23 |  | 219 |
Construction real estate | 1,018 |  |  | — |  | — |  | 220 |  | 1,238 |
Non-residential commercial real estate | 3,255 |  |  | — |  | — |  | (55) |  | 3,200 |
Multi-family residential real estate | 258 |  |  | — |  | — |  | — |  | 258 |
Commercial real estate | 3,513 |  |  | — |  | — |  | (55) |  | 3,458 |
Commercial | 427 |  |  | — |  | — |  | 12 |  | 439 |
Consumer | 7 |  |  | — |  | 1 |  | (2) |  | 6 |
Municipal | 79 |  |  | — |  | — |  | (48) |  | 31 |
Total | $ | 8,110 |  |  | $ | — |  | $ | 5 |  | $ | 192 |  | $ | 8,307 |
For The Six Months Ended June 30, 2025 | Balance, December 31, 2024 |  | Charge-Offs | Recoveries | Credit Loss Expense (Benefit) | Balance, June 30, 2025
| (Dollars in thousands)
Non-revolving residential real estate | $ | 3,212 |  |  | $ | — |  | $ | 9 |  | $ | (316) |  | $ | 2,905 |
Revolving residential real estate | 280 |  |  | — |  | — |  | (50) |  | 230 |
Residential real estate | 3,492 |  |  | — |  | 9 |  | (366) |  | 3,135 |
Commercial construction real estate | 651 |  |  | — |  | — |  | 368 |  | 1,019 |
Residential construction real estate | 102 |  |  | — |  | — |  | 117 |  | 219 |
Construction real estate | 753 |  |  | — |  | — |  | 485 |  | 1,238 |
Non-residential commercial real estate | 2,766 |  |  | — |  | — |  | 434 |  | 3,200 |
Multi-family residential real estate | 212 |  |  | — |  | — |  | 46 |  | 258 |
Commercial real estate | 2,978 |  |  | — |  | — |  | 480 |  | 3,458 |
Commercial | 377 |  |  | — |  | — |  | 62 |  | 439 |
Consumer | 6 |  |  | (4) |  | 1 |  | 3 |  | 6 |
Municipal | 74 |  |  | — |  | — |  | (43) |  | 31 |
Total | $ | 7,680 |  |  | $ | (4) |  | $ | 10 |  | $ | 621 |  | $ | 8,307 |
For The Three Months Ended June 30, 2024 | Balance, March 31, 2024 |  | Charge-Offs | Recoveries | Credit Loss Expense (Benefit) | Balance, June 30, 2024
| (Dollars in thousands)
Non-revolving residential real estate | $ | 2,845 |  |  | $ | — |  | $ | 10 |  | $ | 112 |  | $ | 2,967 |
Revolving residential real estate | 247 |  |  | — |  | — |  | 26 |  | 273 |
Residential real estate | 3,092 |  |  | — |  | 10 |  | 138 |  | 3,240 |
Commercial construction real estate | 420 |  |  | — |  | — |  | 124 |  | 544 |
Residential construction real estate | 93 |  |  | — |  | — |  | (5) |  | 88 |
Construction real estate | 513 |  |  | — |  | — |  | 119 |  | 632 |
Non-residential commercial real estate | 2,454 |  |  | — |  | — |  | 15 |  | 2,469 |
Multi-family residential real estate | 208 |  |  | — |  | — |  | (1) |  | 207 |
Commercial real estate | 2,662 |  |  | — |  | — |  | 14 |  | 2,676 |
Commercial | 307 |  |  | — |  | 1 |  | 4 |  | 312 |
Consumer | 6 |  |  | (1) |  | — |  | 2 |  | 7 |
Municipal | 65 |  |  | — |  | — |  | (39) |  | 26 |
Total | $ | 6,645 |  |  | $ | (1) |  | $ | 11 |  | $ | 238 |  | $ | 6,893 |
For The Six Months Ended June 30, 2024 | Balance, December 31, 2023 |  | Charge-Offs | Recoveries | Credit Loss Expense (Benefit) | Balance, June 30, 2024
| (Dollars in thousands)
Non-revolving residential real estate | $ | 2,361 |  |  | $ | — |  | $ | 11 |  | $ | 595 |  | $ | 2,967 |
Revolving residential real estate | 159 |  |  | — |  | — |  | 114 |  | 273 |
Residential real estate | 2,520 |  |  | — |  | 11 |  | 709 |  | 3,240 |
Commercial construction real estate | 1,035 |  |  | — |  | — |  | (491) |  | 544 |
Residential construction real estate | 163 |  |  | — |  | — |  | (75) |  | 88 |
Construction real estate | 1,198 |  |  | — |  | — |  | (566) |  | 632 |
Non-residential commercial real estate | 2,182 |  |  | — |  | — |  | 287 |  | 2,469 |
Multi-family residential real estate | 244 |  |  | — |  | — |  | (37) |  | 207 |
Commercial real estate | 2,426 |  |  | — |  | — |  | 250 |  | 2,676 |
Commercial | 352 |  |  | — |  | 1 |  | (41) |  | 312 |
Consumer | 5 |  |  | (1) |  | — |  | 3 |  | 7 |
Municipal | 65 |  |  | — |  | — |  | (39) |  | 26 |
Total | $ | 6,566 |  |  | $ | (1) |  | $ | 12 |  | $ | 316 |  | $ | 6,893 |
The Company's ACL on off-balance sheet credit exposures is recognized as a liability within Accrued interest and other liabilities on the consolidated balance sheets, with adjustments to the ACL recognized in Credit loss expense (benefit) in the consolidated statements of income. The activity in the ACL on off-balance sheet credit exposures for the three and six months ended June 30, 2025 and 2024 was as follows:
| For The Three Months Ended June 30, | For the Six Months Ended June 30,
| 2025 | 2024 | 2025 | 2024
ACL on Off-Balance Sheet Credit Exposures | (Dollars in thousands)
Balance at beginning of period | $ | 877 |  | $ | 925 |  | $ | 1,071 |  | $ | 1,233 |
Credit loss expense (benefit) | 29 |  | 150 |  | (165) |  | (158) |
Balance at end of period | $ | 906 |  | $ | 1,075 |  | $ | 906 |  | $ | 1,075 |
Risk and collateral ratings are assigned to loans and are subject to ongoing monitoring by lending and credit personnel, with such ratings updated annually or more frequently if warranted. The following is an overview of the Company's loan rating system: 1-3 Rating - Pass Risk-rating grades "1" through "3" comprise those loans ranging from those with lower than average credit risk, defined as borrowers with high liquidity, excellent financial condition, strong management, favorable industry trends or loans secured by highly liquid assets, through those with marginal credit risk, defined as borrowers that, while creditworthy, exhibit some characteristics requiring special attention by the account officer. 4-4.5 Rating - Satisfactory/Monitor Borrowers exhibit potential credit weaknesses or downward trends warranting management's attention. While potentially weak, these borrowers are currently marginally acceptable; no loss of principal or interest is envisioned. When warranted, these credits may be monitored on the watch list. 5-7 Rating - Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. The loan may be inadequately protected by the net worth and paying capacity of the obligor and/or the underlying collateral is inadequate. The following tables summarize the Company's loans by year of origination and by loan ratings applied by management to the Company's loans by segment as of June 30, 2025 and December 31, 2024:
June 30, 2025 | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving | Total
Residential Real Estate | (Dollars in thousands)
Pass | $ | 17,947 |  | $ | 78,367 |  | $ | 63,915 |  | $ | 94,702 |  | $ | 76,343 |  | $ | 74,821 |  | $ | — |  | $ | 406,095 |
Satisfactory/Monitor | 2,906 |  | 5,711 |  | 6,122 |  | 11,087 |  | 4,112 |  | 7,497 |  | — |  | 37,435 |
Substandard | — |  | 25 |  | — |  | 644 |  | — |  | 32 |  | — |  | 701 |
Non-revolving residential real estate | 20,853 |  | 84,103 |  | 70,037 |  | 106,433 |  | 80,455 |  | 82,350 |  | — |  | 444,231 |
Pass | — |  | — |  | — |  | — |  | — |  | — |  | 23,805 |  | 23,805 |
Satisfactory/Monitor | — |  | — |  | — |  | — |  | — |  | — |  | 1,613 |  | 1,613 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | 37 |  | 37 |
Revolving residential real estate | — |  | — |  | — |  | — |  | — |  | — |  | 25,455 |  | 25,455 |
Construction Real Estate |  |  |  |  |  |  |  |
Pass | 5,162 |  | 8,882 |  | 1,315 |  | 1,816 |  | 1,192 |  | 1,028 |  | — |  | 19,395 |
Satisfactory/Monitor | 2,803 |  | 20,559 |  | 1,262 |  | — |  | 757 |  | 125 |  | — |  | 25,506 |
Substandard | — |  | — |  | 12,480 |  | — |  | — |  | — |  | — |  | 12,480 |
Commercial construction real estate | 7,965 |  | 29,441 |  | 15,057 |  | 1,816 |  | 1,949 |  | 1,153 |  | — |  | 57,381 |
Pass | 11,366 |  | 35,671 |  | 5,131 |  | 971 |  | — |  | — |  | — |  | 53,139 |
Satisfactory/Monitor | 1,998 |  | 2,341 |  | 872 |  | 200 |  | 2,053 |  | 1,590 |  | — |  | 9,054 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential construction real estate | 13,364 |  | 38,012 |  | 6,003 |  | 1,171 |  | 2,053 |  | 1,590 |  | — |  | 62,193 |
Commercial Real Estate |  |  |  |  |  |  |  |
Pass | 4,042 |  | 3,693 |  | 10,112 |  | 46,154 |  | 28,584 |  | 77,219 |  | 7,681 |  | 177,485 |
Satisfactory/Monitor | 2,245 |  | 54,119 |  | 16,045 |  | 19,264 |  | 16,210 |  | 24,864 |  | 14,870 |  | 147,617 |
Substandard | — |  | — |  | — |  | — |  | — |  | 4,312 |  | — |  | 4,312 |
Non-residential commercial real estate | 6,287 |  | 57,812 |  | 26,157 |  | 65,418 |  | 44,794 |  | 106,395 |  | 22,551 |  | 329,414 |
Pass | — |  | 1,042 |  | 275 |  | 4,274 |  | 9,472 |  | 41,026 |  | — |  | 56,089 |
Satisfactory/Monitor | 1,542 |  | 1,204 |  | 5,590 |  | 14,734 |  | 10,492 |  | 16,215 |  | — |  | 49,777 |
Substandard | — |  | — |  | — |  | — |  | — |  | 247 |  | — |  | 247 |
Multi-family residential real estate | 1,542 |  | 2,246 |  | 5,865 |  | 19,008 |  | 19,964 |  | 57,488 |  | — |  | 106,113 |
Pass | 972 |  | 2,562 |  | 2,427 |  | 2,526 |  | 1,322 |  | 7,308 |  | 4,817 |  | 21,934 |
Satisfactory/Monitor | 627 |  | 1,811 |  | 1,704 |  | 1,947 |  | 1,742 |  | 2,426 |  | 1,181 |  | 11,438 |
Substandard | — |  | 43 |  | — |  | — |  | — |  | 218 |  | 483 |  | 744 |
Commercial | 1,599 |  | 4,416 |  | 4,131 |  | 4,473 |  | 3,064 |  | 9,952 |  | 6,481 |  | 34,116 |
Pass | 879 |  | 678 |  | 594 |  | 58 |  | 20 |  | 212 |  | 23 |  | 2,464 |
Satisfactory/Monitor | 4 |  | — |  | — |  | — |  | — |  | — |  | — |  | 4 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Consumer | 883 |  | 678 |  | 594 |  | 58 |  | 20 |  | 212 |  | 23 |  | 2,468 |
Pass | 7,107 |  | 18,962 |  | 10,466 |  | 534 |  | 383 |  | 3,943 |  | — |  | 41,395 |
Satisfactory/Monitor | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Municipal | 7,107 |  | 18,962 |  | 10,466 |  | 534 |  | 383 |  | 3,943 |  | — |  | 41,395 |
Total Loans | $ | 59,600 |  | $ | 235,670 |  | $ | 138,310 |  | $ | 198,911 |  | $ | 152,682 |  | $ | 263,083 |  | $ | 54,510 |  | $ | 1,102,766 |
December 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving | Total
Residential Real Estate | (Dollars in thousands)
Pass | $ | 83,371 |  | $ | 70,515 |  | $ | 100,168 |  | $ | 79,234 |  | $ | 27,326 |  | $ | 51,661 |  | $ | — |  | $ | 412,275 |
Satisfactory/Monitor | 5,381 |  | 5,065 |  | 10,744 |  | 3,642 |  | 2,450 |  | 5,627 |  | — |  | 32,909 |
Substandard | — |  | — |  | — |  | — |  | 158 |  | 83 |  | — |  | 241 |
Non-revolving residential real estate | 88,752 |  | 75,580 |  | 110,912 |  | 82,876 |  | 29,934 |  | 57,371 |  | — |  | 445,425 |
Pass | — |  | — |  | — |  | — |  | — |  | — |  | 20,516 |  | 20,516 |
Satisfactory/Monitor | — |  | — |  | — |  | — |  | — |  | — |  | 1,344 |  | 1,344 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | 24 |  | 24 |
Revolving residential real estate | — |  | — |  | — |  | — |  | — |  | — |  | 21,884 |  | 21,884 |
Construction Real Estate |  |  |  |  |  |  |  |
Pass | 8,968 |  | 2,216 |  | 4,514 |  | 1,460 |  | 559 |  | 714 |  | — |  | 18,431 |
Satisfactory/Monitor | 13,524 |  | 15,276 |  | 1,760 |  | 5,800 |  | 53 |  | 141 |  | — |  | 36,554 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Commercial construction real estate | 22,492 |  | 17,492 |  | 6,274 |  | 7,260 |  | 612 |  | 855 |  | — |  | 54,985 |
Pass | 34,189 |  | 8,725 |  | 960 |  | — |  | — |  | — |  | — |  | 43,874 |
Satisfactory/Monitor | 2,199 |  | 1,547 |  | 136 |  | 2,307 |  | 1,139 |  | — |  | — |  | 7,328 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Residential construction real estate | 36,388 |  | 10,272 |  | 1,096 |  | 2,307 |  | 1,139 |  | — |  | — |  | 51,202 |
Commercial Real Estate |  |  |  |  |  |  |  |
Pass | 3,427 |  | 10,481 |  | 49,645 |  | 31,969 |  | 17,227 |  | 64,073 |  | 5,431 |  | 182,253 |
Satisfactory/Monitor | 48,068 |  | 17,365 |  | 15,874 |  | 13,967 |  | 5,297 |  | 27,610 |  | 14,954 |  | 143,135 |
Substandard | — |  | — |  | — |  | — |  | 1,606 |  | 2,969 |  | 47 |  | 4,622 |
Non-residential commercial real estate | 51,495 |  | 27,846 |  | 65,519 |  | 45,936 |  | 24,130 |  | 94,652 |  | 20,432 |  | 330,010 |
Pass | 1,720 |  | 283 |  | 4,329 |  | 10,115 |  | 1,853 |  | 31,787 |  | — |  | 50,087 |
Satisfactory/Monitor | 563 |  | 2,484 |  | 14,980 |  | 10,291 |  | 5,535 |  | 20,132 |  | — |  | 53,985 |
Substandard | — |  | — |  | — |  | — |  | — |  | 256 |  | — |  | 256 |
Multi-family residential real estate | 2,283 |  | 2,767 |  | 19,309 |  | 20,406 |  | 7,388 |  | 52,175 |  | — |  | 104,328 |
Pass | 3,224 |  | 2,583 |  | 4,417 |  | 1,517 |  | 370 |  | 7,492 |  | 3,483 |  | 23,086 |
Satisfactory/Monitor | 1,958 |  | 2,438 |  | 899 |  | 1,977 |  | 203 |  | 2,595 |  | 1,295 |  | 11,365 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | 724 |  | 724 |
Commercial | 5,182 |  | 5,021 |  | 5,316 |  | 3,494 |  | 573 |  | 10,087 |  | 5,502 |  | 35,175 |
Pass | 1,253 |  | 777 |  | 105 |  | 53 |  | 66 |  | 188 |  | 24 |  | 2,466 |
Satisfactory/Monitor | 57 |  | — |  | — |  | — |  | — |  | — |  | — |  | 57 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Consumer | 1,310 |  | 777 |  | 105 |  | 53 |  | 66 |  | 188 |  | 24 |  | 2,523 |
Pass | 93,280 |  | 10,482 |  | 1,363 |  | 606 |  | 1,272 |  | 3,201 |  | — |  | 110,204 |
Satisfactory/Monitor | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Municipal | 93,280 |  | 10,482 |  | 1,363 |  | 606 |  | 1,272 |  | 3,201 |  | — |  | 110,204 |
Total Loans | $ | 301,182 |  | $ | 150,237 |  | $ | 209,894 |  | $ | 162,938 |  | $ | 65,114 |  | $ | 218,529 |  | $ | 47,842 |  | $ | 1,155,736 |
There were no gross charge-offs for the three months ended June 30, 2025. Gross charge-offs for the six months ended June 30, 2025 consisted of two consumer loans totaling $4 thousand that were originated in 2023. Gross charge-offs for the three and six months ended June 30, 2024 consisted of one $1 thousand consumer loan that was originated in 2021. A summary of current and past due loans as of June 30, 2025 and December 31, 2024 follows:
June 30, 2025 | 30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total
| (Dollars in thousands)
Residential real estate |  |  |  |  |  |
Non-revolving residential real estate | $ | — |  | $ | 996 |  | $ | 57 |  | $ | 1,053 |  | $ | 443,178 |  | $ | 444,231 |
Revolving residential real estate | — |  | — |  | 15 |  | 15 |  | 25,440 |  | 25,455 |
Construction real estate |  |  |  |  |  |
Commercial construction real estate | — |  | — |  | — |  | — |  | 57,381 |  | 57,381 |
Residential construction real estate | — |  | — |  | — |  | — |  | 62,193 |  | 62,193 |
Commercial real estate |  |  |  |  |  |
Non-residential commercial real estate | 255 |  | 7 |  | — |  | 262 |  | 329,152 |  | 329,414 |
Multi-family residential real estate | — |  | — |  | — |  | — |  | 106,113 |  | 106,113 |
Commercial | 44 |  | 43 |  | — |  | 87 |  | 34,029 |  | 34,116 |
Consumer | — |  | — |  | — |  | — |  | 2,468 |  | 2,468 |
Municipal | — |  | — |  | — |  | — |  | 41,395 |  | 41,395 |
Total | $ | 299 |  | $ | 1,046 |  | $ | 72 |  | $ | 1,417 |  | $ | 1,101,349 |  | $ | 1,102,766 |
December 31, 2024 | 30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total
| (Dollars in thousands)
Residential real estate |  |  |  |  |  |
Non-revolving residential real estate | $ | 1,560 |  | $ | 1,158 |  | $ | 241 |  | $ | 2,959 |  | $ | 442,466 |  | $ | 445,425 |
Revolving residential real estate | — |  | — |  | — |  | — |  | 21,884 |  | 21,884 |
Construction real estate |  |  |  |  |  |
Commercial construction real estate | — |  | — |  | — |  | — |  | 54,985 |  | 54,985 |
Residential construction real estate | — |  | — |  | — |  | — |  | 51,202 |  | 51,202 |
Commercial real estate |  |  |  |  |  |
Non-residential commercial real estate | 355 |  | 46 |  | — |  | 401 |  | 329,609 |  | 330,010 |
Multi-family residential real estate | — |  | — |  | — |  | — |  | 104,328 |  | 104,328 |
Commercial | 45 |  | — |  | — |  | 45 |  | 35,130 |  | 35,175 |
Consumer | — |  | 4 |  | — |  | 4 |  | 2,519 |  | 2,523 |
Municipal | — |  | — |  | — |  | — |  | 110,204 |  | 110,204 |
Total | $ | 1,960 |  | $ | 1,208 |  | $ | 241 |  | $ | 3,409 |  | $ | 1,152,327 |  | $ | 1,155,736 |
A summary of nonaccrual loans as of June 30, 2025 and December 31, 2024 follows:
June 30, 2025 | Nonaccrual | Nonaccrual With No Allowance for Credit Losses | 90 Days and Over and Accruing
Residential real estate | (Dollars in thousands)
Non-revolving residential real estate | $ | 643 |  | $ | — |  | $ | 57 |
Revolving residential real estate | — |  | — |  | 15 |
Construction real estate |  |  |
Commercial construction real estate | 12,480 |  | — |  | — |
Commercial real estate |  |  |
Non-residential commercial real estate | 1,540 |  | 1,540 |  | — |
Commercial | 526 |  | — |  | — |
Total | $ | 15,189 |  | $ | 1,540 |  | $ | 72 |
December 31, 2024 | Nonaccrual | Nonaccrual With No Allowance for Credit Losses | 90 Days and Over and Accruing
Residential real estate | (Dollars in thousands)
Non-revolving residential real estate | $ | — |  | $ | — |  | $ | 241 |
Commercial real estate |  |  |
Non-residential commercial real estate | 1,652 |  | 1,652 |  | — |
Total | $ | 1,652 |  | $ | 1,652 |  | $ | 241 |
There were no loans in process of foreclosure at June 30, 2025 and one residential real estate loan totaling $8 thousand in process of foreclosure at December 31, 2024. Aggregate interest on nonaccrual loans not recognized was $645 thousand as of June 30, 2025 and $235 thousand as of December 31, 2024. Loans that do not share risk characteristics are evaluated on an individual basis. Loans that are individually evaluated and collateral dependent represent loans that the Company has determined foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the sale of the collateral. For these loans, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan at the measurement date. The following table presents collateral dependent loans to borrowers experiencing financial difficulty by loan class and collateral type as of the balance sheet dates:
| June 30, 2025 | December 31, 2024
| (Dollars in thousands) |  |
Commercial construction real estate | $ | 12,480 |  |  |  | $ | — |  |  |
Non-residential commercial real estate | 4,134 |  |  |  | 4,246 |  |  |
Commercial | 526 |  |  |  | 500 |  |  |
Total | $ | 17,140 |  |  |  | $ | 4,746 |  |  |
Collateral dependent loans are loans for which the repayment is expected to be provided substantially by the underlying collateral and there are no other available and reliable sources of repayment. Occasionally, the Company modifies loans to borrowers experiencing financial difficulty by providing interest rate reductions, term extensions, payment deferrals or principal forgiveness. When principal forgiveness is provided, the amount of forgiveness is charged off against the ACL on loans. The following tables summarize loan modifications to borrowers experiencing financial difficulty by loan class, type of modification and the financial effect of the modifications as of and for the three and six months ended June 30, 2025 and 2024.
| Payment Delay |
| Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 |  |  |
| Amortized Cost Basis | % of Loan Class | Amortized Cost Basis | % of Loan Class | Financial Effect |  |
| (Dollars in thousands) |  |  |
Commercial construction real estate | $ | 12,480 |  | 21.75 | % | $ | 12,480 |  | 21.75 | % | Modification extended loan draw period 6 months, extended interest only payments by 12 months and extended maturity date by 18 months. |  |
| Payment Delay |
| Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 |  |  |
| Amortized Cost Basis | % of Loan Class | Amortized Cost Basis | % of Loan Class | Financial Effect |  |
| (Dollars in thousands) |  |  |
Non-revolving residential real estate | $ | 18 |  | — | % | $ | 18 |  | — | % | Modification deferred 3 months of principal and interest payments. |  |
Non-residential commercial real estate | 266 |  | 0.09 | % | 266 |  | 0.09 | % | Modification deferred 3 months of principal and interest payments. |  |
Commercial | 48 |  | 0.12 | % | 48 |  | 0.12 | % | Modification deferred 3 months of principal and interest payments. |  |
The following tables present the performance of loans as of June 30, 2025 and December 31, 2024 that had been modified in the previous twelve months:
June 30, 2025 | Current | Past Due 30-89 Days | Past Due 90 Days and Over
| (Dollars in thousands)
Commercial construction real estate | $ | 12,480 |  | $ | — |  | $ | — |
Total | $ | 12,480 |  | $ | — |  | $ | — |
December 31, 2024 | Current | Past Due 30-89 Days | Past Due 90 Days and Over
| (Dollars in thousands)
Non-revolving residential real estate | $ | 14 |  | $ | — |  | $ | — |
Non-residential commercial real estate | 2,851 |  | — |  | — |
Commercial | — |  | 45 |  | — |
Total | $ | 2,865 |  | $ | 45 |  | $ | — |
There were no loans to borrowers experiencing financial difficulty that were modified within the previous twelve months that had subsequently defaulted during the three and six months ended June 30, 2025 and 2024. Loans are considered defaulted at 90 days past due. At June 30, 2025 and December 31, 2024, the Company was not committed to lend any additional funds to borrowers experiencing financial difficulty for which the Company modified the terms of the loans in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension.

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