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Loans (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Major Classification of Loans

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

		June 30,				December 31,
(In thousands)		2022				2021
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	240,997			$	240,434
Construction			16,241				6,329
Loans held-for-sale			-				513
Total residential mortgage loans			257,238				247,276
Commercial loans:
Real estate			320,439				288,450
Lines of credit			76,610				61,884
Other commercial and industrial			70,205				69,135
Paycheck Protection Program loans			4,877				19,338
Tax exempt loans			5,390				5,811
Total commercial loans			477,521				444,618
Consumer loans:
Home equity and junior liens			33,267				31,737
Other consumer			99,326				110,108
Total consumer loans			132,593				141,845
Total loans			867,352				833,739
Net deferred loan fees			(1,063	)			(1,280	)
Less allowance for loan losses			13,078				12,935
Loans receivable, net		$	853,211			$	819,524

Summary of Purchased Loans Pools

The following tables detail the purchased loan pool positions held by the Bank at June 30, 2022 and December 31, 2021 (the month/year of the earliest acquisition date is depicted in parentheses):

(In thousands, except number of loans)		June 30, 2022
		Original Balance				Current Balance				Unamortized Premium/ (Discount)				Number of Loans				Maturity Range		Cumulative net charge-offs
Automobile loans (1/2017)		$	50,400			$	6,100			$	198				684			0-5 years		$	239
Commercial and industrial loans (6/2019)			6,800				3,700				-				26			3-7 years			-
Home equity lines of credit (8/2019)			21,900				7,100				215				163			1-27 years			-
Unsecured consumer loan pool 2 (11/2019)			26,600				3,200				19				1,073			0-3 years			-
Residential real estate loans (12/2019)			4,300				4,000				248				50			16-23 years			-
Unsecured consumer loan pool 1 (12/2019)			5,400				2,400				-				59			2-4 years			-
Unsecured consumer installment loans pool 3 (12/2019)			10,300				1,400				53				787			0-6 years			46
Secured consumer installment loans pool 4 (12/2020)			14,500				11,900				(1,624	)			539			23-24 years			-
Unsecured consumer loans pool 5 (1/2021)			24,400				18,100				(530	)			707			8-23 years			-
Commercial Line of Credit 1 (3/2021)			11,600				10,700				20				1			0-1 year			-
Secured consumer installment loans (11/2021)			21,300				20,500				(3,403	)			872			18-25 years			-
Commercial Line of Credit 2 (11/2021)			10,500				9,300				29				1			0-1 year			-
Unsecured consumer loans pool 6 (11/2021)			22,200				21,200				(2,606	)			559			9-24 years			-
Total		$	230,200			$	119,600			$	(7,381	)			5,521					$	285
(In thousands, except number of loans)		December 31, 2021
		Original Balance				Current Balance				Unamortized Premium/ (Discount)				Number of Loans				Maturity Range		Cumulative net charge-offs
Automobile loans (1/2017)		$	50,400			$	8,800			$	301				855			0-5 years		$	239
Commercial and industrial loans (6/2019)			6,800				3,900				-				33			4-8 years			-
Home equity lines of credit (8/2019)			21,900				8,400				243				187			2-28 years			-
Unsecured consumer loan pool 2 (11/2019)			26,600				6,300				30				1,438			1-3 years			-
Residential real estate loans (12/2019)			4,300				4,100				257				51			17-23 years			-
Unsecured consumer loan pool 1 (12/2019)			5,400				2,600				-				66			3-5 years			-
Unsecured consumer installment loans pool 3 (12/2019)			10,300				2,200				74				1,356			0-6 years			30
Secured consumer installment loans pool 4 (12/2020)			14,500				12,600				(1,776	)			563			23-24 years			-
Unsecured consumer loans pool 5 (1/2021)			24,400				19,700				(583	)			756			8-23 years			-
Commercial Line of Credit 1 (3/2021)			11,600				7,100				26				1			0-1 year			-
Secured consumer installment loans (11/2021)			21,300				21,400				(3,642	)			900			19-25 years			-
Commercial Line of Credit 2 (11/2021)			10,500				9,300				35				1			0-1 year			-
Unsecured consumer loans pool 6 (11/2021)			22,200				22,100				(2,785	)			564			9-24 years			-
Total		$	230,200			$	128,500			$	(7,820	)			6,771					$	269

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 June 30, 2022
						Special
(In thousands)		Pass				Mention				Substandard				Doubtful				Total
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	238,956			$	406			$	971			$	664			$	240,997
Construction			16,241				-				-				-				16,241
Total residential mortgage loans			255,197				406				971				664				257,238
Commercial loans:
Real estate			299,460				9,646				10,828				505				320,439
Lines of credit			69,076				4,244				3,246				44				76,610
Other commercial and industrial			58,315				4,364				7,379				147				70,205
Paycheck Protection Program loans			4,877				-				-				-				4,877
Tax exempt loans			5,390				-				-				-				5,390
Total commercial loans			437,118				18,254				21,453				696				477,521
Consumer loans:
Home equity and junior liens			32,241				172				630				224				33,267
Other consumer			99,297				14				15				-				99,326
Total consumer loans			131,538				186				645				224				132,593
Total loans		$	823,853			$	18,846			$	23,069			$	1,584			$	867,352
		As of December 31, 2021
						Special
(In thousands)		Pass				Mention				Substandard				Doubtful				Total
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	238,823			$	269			$	811			$	531			$	240,434
Construction			6,329				-				-				-				6,329
Loans held-for-sale			513				-				-				-				513
Total residential mortgage loans			245,665				269				811				531				247,276
Commercial loans:
Real estate			267,388				9,879				10,604				579				288,450
Lines of credit			54,408				4,036				3,387				53				61,884
Other commercial and industrial			56,719				3,907				8,321				188				69,135
Paycheck Protection Program loans			19,338				-				-				-				19,338
Tax exempt loans			5,811				-				-				-				5,811
Total commercial loans			403,664				17,822				22,312				820				444,618
Consumer loans:
Home equity and junior liens			30,740				133				606				258				31,737
Other consumer			109,979				44				77				8				110,108
Total consumer loans			140,719				177				683				266				141,845
Total loans		$	790,048			$	18,268			$	23,806			$	1,617			$	833,739

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 June 30, 2022 and December 31, 2021, are detailed in the following tables:

		As of June 30, 2022
		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		$	168			$	352			$	1,462			$	1,982			$	239,015			$	240,997
Construction			-				-				-				-				16,241				16,241
Loans held-for-sale			-				-				-				-				-				-
Total residential mortgage loans			168				352				1,462				1,982				255,256				257,238
Commercial loans:
Real estate			1,090				258				4,444				5,792				314,647				320,439
Lines of credit			1,127				8				1,750				2,885				73,725				76,610
Other commercial and industrial			615				649				2,073				3,337				66,868				70,205
Paycheck Protection Program loans			-				-				-				-				4,877				4,877
Tax exempt loans			-				-				-				-				5,390				5,390
Total commercial loans			2,832				915				8,267				12,014				465,507				477,521
Consumer loans:
Home equity and junior liens			69				94				379				542				32,725				33,267
Other consumer			383				233				1,228				1,844				97,482				99,326
Total consumer loans			452				327				1,607				2,386				130,207				132,593
Total loans		$	3,452			$	1,594			$	11,336			$	16,382			$	850,970			$	867,352
		As of December 31, 2021
		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		$	960			$	416			$	891			$	2,268			$	238,166			$	240,434
Construction			-				-				-				-				6,329				6,329
Loans held-for-sale			-				-				-				-				513				513
Total residential mortgage loans			960				416				891				2,268				245,008				247,276
Commercial loans:
Real estate			1,735				1,029				4,379				7,143				281,307				288,450
Lines of credit			156				1,180				576				1,913				59,971				61,884
Other commercial and industrial			1,799				1,686				1,056				4,541				64,594				69,135
Paycheck Protection Program loans			-				-				-				-				19,338				19,338
Tax exempt loans			-				-				-				-				5,811				5,811
Total commercial loans			3,691				3,895				6,011				13,597				471,091				444,618
Consumer loans:
Home equity and junior liens			17				49				251				317				31,420				31,737
Other consumer			571				257				852				1,680				108,428				110,108
Total consumer loans			588				306				1,103				1,998				139,847				141,845
Total loans		$	5,239			$	4,617			$	8,006			$	17,862			$	815,877			$	833,739

Nonaccrual Loans Segregated by Class of Loan

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

		June 30,				December 31,
(In thousands)		2022				2021
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	1,584			$	891
			1,584				891
Commercial loans:
Real estate			4,461				4,407
Lines of credit			1,794				629
Other commercial and industrial			2,241				1,261
			8,496				6,297
Consumer loans:
Home equity and junior liens			379				252
Other consumer			1,228				852
Total consumer loans			1,607				1,104
Total nonaccrual loans		$	11,687			$	8,292

Troubled Debt Restructurings on Financing Receivables

	For the three months ended June 30, 2022
(In thousands, except number of loans)	Number of loans		Pre-modification outstanding recorded investment				Post-modification outstanding recorded investment				Additional provision for loan losses
Commercial real estate loans	1		$	18			$	18			$	-

	For the six months ended June 30, 2022
(In thousands, except number of loans)	Number of loans		Pre-modification outstanding recorded investment				Post-modification outstanding recorded investment				Additional provision for loan losses
Residential real estate loans	2		$	373			$	373			$	-

Summary of Impaired Loan Information by Portfolio Class

The following table summarizes impaired loan information by portfolio class at the indicated dates:

		June 30, 2022												December 31, 2021
						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		$	677			$	677			$	-			$	666			$	666			$	-
Commercial real estate			4,112				4,209				-				4,708				4,801				-
Commercial lines of credit			100				100				-				100				104				-
Other commercial and industrial			276				317				-				357				396				-
Home equity and junior liens			90				90				-				93				93				-
With an allowance recorded:
1-4 family first-lien residential mortgages			465				465				95				539				539				90
Commercial real estate			2,845				2,845				359				2,450				2,450				300
Commercial lines of credit			44				50				44				53				53				53
Other commercial and industrial			1,680				1,686				1,208				1,852				1,852				1,318
Home equity and junior liens			538				538				114				539				539				114
Total:
1-4 family first-lien residential mortgages			1,141				1,141				95				1,205				1,205				90
Commercial real estate			6,956				7,054				359				7,158				7,251				300
Commercial lines of credit			144				150				44				153				157				53
Other commercial and industrial			1,957				2,003				1,208				2,209				2,248				1,318
Home equity and junior liens			628				628				114				632				632				114
Totals		$	10,826			$	10,975			$	1,820			$	11,357			$	11,493			$	1,875

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							For the six months ended
		June 30,							June 30,
(In thousands)		2022				2021			2022				2021
1-4 family first-lien residential mortgages		$	1,166			$	1,503		$	1,178			$	1,618
Commercial real estate			7,035				10,234			7,076				11,083
Commercial lines of credit			146				982			148				963
Other commercial and industrial			2,071				6,990			2,117				6,986
Home equity and junior liens			629				578			630				458
Other consumer			-				86			-				84
Total		$	11,047			$	20,373		$	11,149			$	21,192

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							For the six months ended
		June 30,							June 30,
(In thousands)		2022				2021			2022				2021
1-4 family first-lien residential mortgages		$	14			$	16		$	30			$	32
Commercial real estate			70				44			133				109
Commercial lines of credit			1				15			3				25
Other commercial and industrial			22				49			42				74
Home equity and junior liens			6				5			12				6
Other consumer			-				1			-				3
Total		$	113			$	130		$	220			$	249

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