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Loans (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Major Classification of Loans

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


		March 31,				December 31,
(In thousands)		2023				2022
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	260,199			$	257,656
Construction			2,933				5,085
Loans held-for-sale			-				19
Total residential mortgage loans			263,132				262,760

Commercial loans:
Real estate			350,175				345,330
Lines of credit			81,704				82,050
Other commercial and industrial			84,553				77,273
Paycheck Protection Program loans			192				203
Tax exempt loans			4,200				4,280
Total commercial loans			520,824				509,136

Consumer loans:
Home equity and junior liens			34,096				34,007
Other consumer			93,197				92,851
Total consumer loans			127,293				126,858

Total loans			911,249				898,754
Net deferred loan fees			(1,095	)			(1,000	)
Less allowance for credit losses			17,869				15,319
Loans receivable, net		$	892,285			$	882,435

Summary of Purchased Loans Pools

The following tables detail the purchased loan pool positions held by the Bank at March 31, 2023 and December 31, 2022 (the month/year of the earliest acquisition date is depicted in parentheses):


(In thousands, except number of loans)		March 31, 2023
		Original Balance				Current Balance				Unamortized Premium/ (Discount)				Number of Loans				Maturity Range		Cumulative net charge-offs
Automobile loans (1/2017)		$	50,400			$	3,400			$	11				467			0-4 years		$	266
Commercial and industrial loans (6/2019)			6,800				2,000				-				21			3-7 years			-
Home equity lines of credit (8/2019)			21,900				5,700				178				144			1-27 years			-
Unsecured consumer loan pool 2 (11/2019)			26,600				1,200				8				229			0-2 years			-
Residential real estate loans (12/2019)			4,300				3,700				236				49			16-22 years			-
Unsecured consumer loan pool 1 (12/2019)			5,400				1,400				-				48			1-4 years			-
Unsecured consumer installment loans pool 3 (12/2019)			10,300				770				32				329			0-9 years			63
Secured consumer installment loans pool 4 (12/2020)			14,500				11,200				(1,418	)			516			23-24 years			-
Unsecured consumer loans pool 5 (1/2021)			24,400				17,100				(463	)			675			8-23 years			-
Commercial Line of Credit 1 (3/2021)			11,600				11,300				11				1			0-1 year			-
Secured consumer installment loans (11/2021)			21,300				19,200				(3,159	)			839			18-25 years			50
Commercial Line of Credit 2 (11/2021)			10,500				15,000				20				1			0-1 year			-
Unsecured consumer loans pool 6 (11/2021)			22,200				19,700				(2,364	)			537			8-24 years			-
Total		$	230,200			$	111,670			$	(6,908	)			3,856					$	379

(In thousands, except number of loans)		December 31, 2022
		Original Balance				Current Balance				Unamortized Premium/ (Discount)				Number of Loans				Maturity Range		Cumulative net charge-offs
Automobile loans (1/2017)		$	50,400			$	4,200			$	128				537			0-4 years		$	247
Commercial and industrial loans (6/2019)			6,800				2,100				-				22			3-7 years			-
Home equity lines of credit (8/2019)			21,900				6,000				189				143			1-27 years			-
Unsecured consumer loan pool 2 (11/2019)			26,600				1,500				11				320			0-2 years			-
Residential real estate loans (12/2019)			4,300				3,900				240				49			16-22 years			-
Unsecured consumer loan pool 1 (12/2019)			5,400				1,600				-				50			1-4 years			-
Unsecured consumer installment loans pool 3 (12/2019)			10,300				1,000				38				354			0-9 years			63
Secured consumer installment loans pool 4 (12/2020)			14,500				11,300				(1,484	)			518			23-24 years			-
Unsecured consumer loans pool 5 (1/2021)			24,400				17,300				(485	)			678			8-24 years			-
Revolving commercial line of credit 1 (3/2021)			11,600				11,400				14				1			0-1 year			-
Secured consumer installment loans (11/2021)			21,300				19,700				(3,237	)			850			18-25 years			-
Revolving commercial line of credit 2 (11/2021)			10,500				15,000				23				1			0-1 year			-
Unsecured consumer loans pool 6 (11/2021)			22,200				20,200				(2,441	)			540			8-24 years			-
Total		$	230,200			$	115,200			$	(7,004	)			4,063					$	310

Amortized cost of debt securities categorized as held-to-maturity aggregated by credit quality

The following table summarizes the amortized cost of debt securities categorized as HTM at March 31, 2023, aggregated by credit quality indicators:


(dollars in thousands)
AAA or equivalent	$	38,247
AA or equivalent, including securities issued by the United States Government or Government Sponsored Enterprises		44,013
A or equivalent		23,823
BBB or equivalent		19,268
Unrated		76,315
Total	$	201,666

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

An aging analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of March 31, 2023 and December 31, 2022, are detailed in the following tables:


		As of March 31, 2023

		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		$	1,522			$	790			$	1,196			$	3,508			$	256,691			$	260,199
Construction			-				-				-				-			$	2,933				2,933
Loans held-for-sale			-				-				-				-			$	-				-
Total residential mortgage loans			1,522				790				1,196				3,508				259,624				263,132
Commercial loans:
Real estate			916				839				6,946				8,701				341,474				350,175
Lines of credit			462				354				2,663				3,479				78,225				81,704
Other commercial and industrial			982				159				6,062				7,203				77,350				84,553
Paycheck Protection Program loans			-				-				-				-				192				192
Tax exempt loans			-				-				-				-				4,200				4,200
Total commercial loans			2,360				1,352				15,671				19,383				501,441				520,824
Consumer loans:
Home equity and junior liens			105				23				161				289				33,807				34,096
Other consumer			508				373				1,861				2,742				90,455				93,197
Total consumer loans			613				396				2,022				3,031				124,262				127,293
Total loans		$	4,495			$	2,538			$	18,889			$	25,922			$	885,327			$	911,249

		As of December 31, 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		$	1,627			$	620			$	932			$	3,179			$	254,477			$	257,656
Construction			-				-				-				-				5,085				5,085
Loans held-for-sale			-				-				-				-				19				19
Total residential mortgage loans			1,627				620				932				3,179				259,581				262,760
Commercial loans:
Real estate			4,974				854				3,499				9,327				336,003				345,330
Lines of credit			1,280				1,584				298				3,162				78,888				82,050
Other commercial and industrial			4,721				999				1,738				7,458				69,815				77,273
Paycheck Protection Program loans			-				-				-				-				203				203
Tax exempt loans			-				-				-				-				4,280				4,280
Total commercial loans			10,975				3,437				5,535				19,947				489,189				509,136
Consumer loans:
Home equity and junior liens			23				17				279				319				33,688				34,007
Other consumer			391				239				1,904				2,534				90,317				92,851
Total consumer loans			414				256				2,183				2,853				124,005				126,858
Total loans		$	13,016			$	4,313			$	8,650			$	25,979			$	872,775			$	898,754

Nonaccrual Loans Segregated by Class of Loan

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


		March 31,				December 31,
(In thousands)		2023				2022
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	1,372			$	1,112
			1,372				1,112
Commercial loans:
Real estate			6,946				3,504
Lines of credit			6,062				332
Other commercial and industrial			2,693				1,884
			15,701				5,720
Consumer loans:
Home equity and junior liens			161				279
Other consumer			1,868				1,904
Total consumer loans			2,029				2,183
Total nonaccrual loans		$	19,102			$	9,015

Schedule of aggregate pass rating and the classified ratings

The following tables present the classes of the loan portfolio, 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:



		Term Loans By Origination Year																												Loans converted
(In thousands)		2023				2022				2021				2020				2019				Prior				Loans				to term loans				Total
Commercial Real Estate:
Pass		$	11,883			$	85,601			$	59,801			$	30,138			$	52,830			$	92,276			$	-			$	-			$	332,529
Special Mention			-				6,852				454				-				-				1,019				-				-				8,325
Substandard			-				500				1,682				739				396				5,646				-				-				8,963
Doubtful			-				-				-				-				-				358				-				-				358
Total Commercial Real Estate			11,883				92,953				61,937				30,877				53,226				99,299				-				-				350,175
Commercial Lines of Credit:
Pass			-				-				-				-				-				-				42,726				34,475				77,201
Special Mention			-				-				-				-				-				-				1,328				555				1,883
Substandard			-				-				-				-				-				-				1,235				1,355				2,590
Doubtful			-				-				-				-				-				-				-				30				30
Total Commercial Lines of Credit			-				-				-				-				-				-				45,289				36,415				81,704
Other Commercial and Industrial:
Pass			10,190				21,029				9,163				6,714				9,845				14,291				2,513				-				73,745
Special Mention			973				135				1,651				212				1,243				76				-				-				4,290
Substandard			746				1,701				513				644				304				2,347				-				-				6,255
Doubtful															263												-				-				263
Total Other Commercial and Industrial			11,909				22,865				11,327				7,833				11,392				16,714				2,513				-				84,553
Paycheck Protection Program Loans
Pass			-				-				-				192				-				-				-				-				192
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total Paycheck Protection Program Loans			-				-				-				192				-				-				-				-				192
Tax Exempt Loans
Pass			-				-				-				196				6				3,998				-				-				4,200
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total Tax Exempt Loans			-				-				-				196				6				3,998				-				-				4,200


		Term Loans By Origination Year																												Loans converted
(In thousands)		2023				2022				2021				2020				2019				Prior				Loans				to term loans				Total
1-4 family first-lien residential mortgages:
Pass		$	2,838			$	33,954			$	54,992			$	43,171			$	19,320			$	102,825			$	-			$	-			$	257,100
Special Mention											74				281				61				621				-				-				1,037
Substandard															172				223				993				-				-				1,388
Doubtful			-				-				-				154				-				520				-				-				674
Total 1-4 family first-lien residential mortgages			2,838				33,954				55,066				43,778				19,604				104,959				-				-				260,199
Construction:
Pass			938				1,995				-				-				-				-				-				-				2,933
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total Construction			938				1,995				-				-				-				-				-				-				2,933
Home Equity and Junior Liens:
Pass		$	6,607			$	2,247			$	1,643			$	1,034			$	714			$	2,585			$	17,598			$	827			$	33,255
Special Mention			-				-				-				-				-				102				5				-				107
Substandard			-				-				71				-				-				32				624				7				734
Doubtful			-				-				-				-				-				-				-				-				-
Total Home Equity and Junior Liens			6,607				2,247				1,714				1,034				714				2,719				18,227				834				34,096
Other Consumer:
Pass			78,540				4,975				3,645				1,767				2,294				1,509				335				-				93,065
Special Mention			-				6				-				-				-				4				-				-				10
Substandard			-				48				34				-				5				35				-				-				122
Doubtful			-				-				-				-				-				-				-				-				-
Total Other Consumer			78,540				5,029				3,679				1,767				2,299				1,548				335				-				93,197
Net Deferred Loan Fees			(2,758	)			256				317				182				160				748												(1,095	)
Total loans		$	109,957			$	159,299			$	134,040			$	85,859			$	87,401			$	229,985			$	66,364			$	37,249			$	910,154

Summary of Impaired Loan Information by Portfolio Class

The following table summarizes impaired loan information by portfolio class at December 31, 2022:


		December 31, 2022
						Unpaid
		Recorded				Principal				Related
(In thousands)		Investment				Balance				Allowance
With no related allowance recorded:
1-4 family first-lien residential mortgages		$	1,048			$	1,048			$	-
Commercial real estate			5,283				5,386				-
Commercial lines of credit			2,218				2,218				-
Other commercial and industrial			2,780				2,829				-
Home equity and junior liens			182				182				-

With an allowance recorded:
1-4 family first-lien residential mortgages			450				450				91
Commercial real estate			2,625				2,625				346
Commercial lines of credit			3,059				3,066				2,957
Other commercial and industrial			1,998				1,998				1,285
Home equity and junior liens			536				536				114

Total:
1-4 family first-lien residential mortgages			1,498				1,498				91
Commercial real estate			7,908				8,011				346
Commercial lines of credit			5,277				5,284				2,957
Other commercial and industrial			4,778				4,827				1,285
Home equity and junior liens			718				718				114
Totals		$	20,179			$	20,338			$	4,793

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)		2023				2022
1-4 family first-lien residential mortgages		$	1,494			$	1,197
Commercial real estate			9,192				7,135
Commercial lines of credit			3,886				151
Other commercial and industrial			6,516				2,198
Home equity and junior liens			717				631
Total		$	21,805			$	11,312

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)		2023				2022
1-4 family first-lien residential mortgages		$	15			$	16
Commercial real estate			59				63
Commercial lines of credit			3				2
Other commercial and industrial			31				20
Home equity and junior liens			13				6
Total		$	121			$	107