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Loans (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Major Classification of Loans

Major classifications of loans at the indicated dates are as follows:

		March 31,				December 31,
(In thousands)		2020				2019
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	212,149			$	209,559
Construction			2,338				3,963
Loans held-for-sale (1)			150				35,790
Total residential mortgage loans			214,637				249,312
Commercial loans:
Real estate			261,929				254,257
Lines of credit			59,354				58,617
Other commercial and industrial			84,774				82,092
Tax exempt loans			7,937				8,067
Total commercial loans			413,994				403,033
Consumer loans:
Home equity and junior liens			44,732				46,389
Other consumer			76,839				82,607
Total consumer loans			121,571				128,996
Total loans			750,202				781,341
Net deferred loan fees			320				110
Less allowance for loan losses			(9,606	)			(8,669	)
Loans receivable, net		$	740,916			$	772,782

(1) Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At March 31, 2020, the loans under contract to be sold had a principal balance of $151,000 and net deferred fees of $76.  These loans were transferred at their fair value of $150,000 as of March 31, 2020 as the fair value of these loans was less than the amortized cost.  During the three months ended March 31, 2020, the loss recorded on the write-down of the loan held-for-sale was immaterial. At December 31, 2019 the loans under contract to be sold had a principal balance of $35.8 million and net deferred fees of $146,000.  These loans were transferred at their amortized cost of $35.9 million as of December 31, 2019, as the fair value of these loans was greater than the amortized cost.

Summary of Classes of Loan Portfolio

The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated:

		As of March 31, 2020
						Special
(In thousands)		Pass				Mention				Substandard				Doubtful				Total
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	208,451			$	1,037			$	1,473			$	1,188			$	212,149
Construction			2,338				-				-				-				2,338
Loans held-for-sale			150				-				-				-				150
Total residential mortgage loans			210,939				1,037				1,473				1,188				214,637
Commercial loans:
Real estate			245,927				12,523				2,771				708				261,929
Lines of credit			51,845				7,207				302				-				59,354
Other commercial and industrial			75,475				8,367				891				41				84,774
Tax exempt loans			7,937				-				-				-				7,937
Total commercial loans			381,184				28,097				3,964				749				413,994
Consumer loans:
Home equity and junior liens			43,844				159				454				275				44,732
Other consumer			76,489				174				176				-				76,839
Total consumer loans			120,333				333				630				275				121,571
Total loans		$	712,456			$	29,467			$	6,067			$	2,212			$	750,202
		As of December 31, 2019
						Special
(In thousands)		Pass				Mention				Substandard				Doubtful				Total
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	205,554			$	1,093			$	1,731			$	1,181			$	209,559
Construction			3,963				-				-				-				3,963
Loans held-for-sale			35,790				-				-				-				35,790
Total residential mortgage loans			245,307				1,093				1,731				1,181				249,312
Commercial loans:
Real estate			238,288				12,473				3,194				302				254,257
Lines of credit			50,396				7,945				276				-				58,617
Other commercial and industrial			72,653				8,473				923				43				82,092
Tax exempt loans			8,067				-				-				-				8,067
Total commercial loans			369,404				28,891				4,393				345				403,033
Consumer loans:
Home equity and junior liens			45,414				191				477				307				46,389
Other consumer			82,252				167				188				-				82,607
Total consumer loans			127,666				358				665				307				128,996
Total loans		$	742,377			$	30,342			$	6,789			$	1,833			$	781,341

Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans

An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of March 31, 2020 and December 31, 2019, are detailed in the following tables:

		As of  March 31, 2020
		30-59 Days				60-89 Days				90 Days				Total								Total Loans
(In thousands)		Past Due				Past Due				and Over				Past Due				Current				Receivable
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	1,569			$	600			$	1,040			$	3,209			$	208,940			$	212,149
Construction			-				-				-				-				2,338				2,338
Loans held-for-sale			-				-				-				-				150				150
Total residential mortgage loans			1,569				600				1,040				3,209				211,428				214,637
Commercial loans:
Real estate			5,829				-				2,268				8,097				253,832				261,929
Lines of credit			2,838				1,967				111				4,916				54,438				59,354
Other commercial and industrial			1,388				3,738				232				5,358				79,416				84,774
Tax exempt loans			-				-				-				-				7,937				7,937
Total commercial loans			10,055				5,705				2,611				18,371				395,623				413,994
Consumer loans:
Home equity and junior liens			147				72				429				648				44,084				44,732
Other consumer			243				164				228				635				76,204				76,839
Total consumer loans			390				236				657				1,283				120,288				121,571
Total loans		$	12,014			$	6,541			$	4,308			$	22,863			$	727,339			$	750,202
		As of  December 31, 2019
		30-59 Days				60-89 Days				90 Days				Total								Total Loans
(In thousands)		Past Due				Past Due				and Over				Past Due				Current				Receivable
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	947			$	744			$	1,613			$	3,304			$	206,255			$	209,559
Construction			-				-				-				-				3,963				3,963
Loans held-for-sale			-				-				-				-				35,790				35,790
Total residential mortgage loans			947				744				1,613				3,304				246,008				249,312
Commercial loans:
Real estate			953				100				2,271				3,324				250,933				254,257
Lines of credit			4,464				25				68				4,557				54,060				58,617
Other commercial and industrial			2,747				315				591				3,653				78,439				82,092
Tax exempt loans			-				-				-				-				8,067				8,067
Total commercial loans			8,164				440				2,930				11,534				391,499				403,033
Consumer loans:
Home equity and junior liens			315				130				480				925				45,464				46,389
Other consumer			335				50				151				536				82,071				82,607
Total consumer loans			650				180				631				1,461				127,535				128,996
Total loans		$	9,761			$	1,364			$	5,174			$	16,299			$	765,042			$	781,341

Nonaccrual Loans Segregated by Class of Loan

Nonaccrual loans, segregated by class of loan, were as follows:

		March 31,				December 31,
(In thousands)		2020				2019
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	1,040			$	1,613
			1,040				1,613
Commercial loans:
Real estate			2,336				2,343
Lines of credit			111				68
Other commercial and industrial			522				591
			2,969				3,002
Consumer loans:
Home equity and junior liens			429				480
Other consumer			228				151
			657				631
Total nonaccrual loans		$	4,666			$	5,246

Summary of Impaired Loan Information by Portfolio Class

The following tables summarize impaired loan information by portfolio class at the indicated dates:

		March 31, 2020												December 31, 2019
						Unpaid												Unpaid
		Recorded				Principal				Related				Recorded				Principal				Related
(In thousands)		Investment				Balance				Allowance				Investment				Balance				Allowance
With no related allowance recorded:
1-4 family first-lien residential mortgages		$	1,023			$	1,023			$	-			$	1,027			$	1,027			$	-
Commercial real estate			3,979				4,052				-				3,996				4,067				-
Commercial lines of credit			83				83				-				86				86				-
Other commercial and industrial			336				355				-				69				77				-
Home equity and junior liens			77				77				-				40				40				-
Other consumer			55				55				-				55				55				-
With an allowance recorded:
1-4 family first-lien residential mortgages			581				581				95				584				584				97
Commercial real estate			448				448				76				450				450				78
Commercial lines of credit			98				98				98				98				98				98
Other commercial and industrial			545				545				379				866				866				406
Home equity and junior liens			142				142				128				180				180				150
Other consumer			35				35				1				36				36				1
Total:
1-4 family first-lien residential mortgages			1,604				1,604				95				1,611				1,611				97
Commercial real estate			4,427				4,500				76				4,446				4,517				78
Commercial lines of credit			181				181				98				184				184				98
Other commercial and industrial			881				900				379				935				943				406
Home equity and junior liens			219				219				128				220				220				150
Other consumer			90				90				1				91				91				1
Totals		$	7,402			$	7,494			$	777			$	7,487			$	7,566			$	830

Average Recorded Investment In Impaired Loans

The following table presents the average recorded investment in impaired loans for the periods indicated:

		For the three months ended
		March 31,
(In thousands)		2020				2019
1-4 family first-lien residential mortgages		$	1,608			$	1,625
Commercial real estate			4,437				2,868
Commercial lines of credit			183				287
Other commercial and industrial			908				938
Home equity and junior liens			220				207
Other consumer			91				51
Total		$	7,447			$	5,976

Cash Basis Interest Income Recognized On Impaired Loans

The following table presents the cash basis interest income recognized on impaired loans for the periods indicated:

		For the three months ended
		March 31,
(In thousands)		2020				2019
1-4 family first-lien residential mortgages		$	12			$	12
Commercial real estate			31				28
Commercial lines of credit			2				4
Other commercial and industrial			16				14
Home equity and junior liens			3				3
Other consumer			1				-
Total		$	65			$	61

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