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Allowance for Credit Losses | 3 Months Ended
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Mar. 31, 2025
Allowance For Loan Losses [Abstract] |
Allowance for Credit Losses | Note 7: Allowance for Credit Losses Management extensively reviews recent trends in historical losses, qualitative factors, including concentrations of loans to related borrowers and concentrations of loans by collateral type, and specific reserve requirements on loans individually evaluated in its determination of the adequacy of the credit losses. The Company recorded $457,000 in provision for credit losses ("PCL") for the three month period ended March 31, 2025, as compared to $726,000 for the three month period ended March 31, 2024. There was a $269,000 decrease in provision for credit losses in the three months ended March 31, 2025, when compared to the same three month period in 2024. During the first quarter of 2025, the Company recorded a $504,000 increase to provision for credit losses related to its loan portfolio and a reduction to its reserves related to unfunded commitments in the amount of $47,000. The provision in the quarter ended March 31, 2025 was reflective of the qualitative factors used in determining the adequacy of the ACL and changes in the levels of delinquent and nonaccrual loans. The first quarter PCL reflects an addition to reserves considering asset quality metrics. The following table summarizes all activity related to the ACL from December 31, 2024 to March 31, 2025 and to the recorded PCL for the three months ended March 31, 2025 (in thousands):
ACL - Loans | Reserves as of December 31, 2024 |  | Q1 2025 Charge-Offs |  | Q1 2025 Recoveries |  | Q1 2025 PCL |  | Reserves as of March 31, 2025 |
Individually evaluated | $ | 2,485 |  | $ | - |  | $ | - |  | $ | 5 |  | $ | 2,490 |
Overdraft |  | - |  |  | (38 | ) |  | 9 |  |  | 29 |  |  | - |
Pooled - quantitative |  | 6,570 |  |  | (263 | ) |  | 20 |  |  | 311 |  |  | 6,638 |
Pooled - qualitative |  | 4,269 |  |  | - |  |  | - |  |  | 159 |  |  | 4,428 |
Purchased |  | 3,919 |  |  | (207 | ) |  | 139 |  |  | - |  |  | 3,851 |
Total ACL - Loans | $ | 17,243 |  | $ | (508 | ) | $ | 168 |  | $ | 504 |  | $ | 17,407 |
ACL - Held-To-Maturity |  | 257 |  |  | - |  |  | - |  |  | - |  |  | 257 |
Other Liabilities - Unfunded Commitments |  | 550 |  |  | - |  |  | - |  |  | (47 | ) |  | 503 |
Total ACL | $ | 18,050 |  | $ | (508 | ) | $ | 168 |  | $ | 457 |  | $ | 18,167 |
The following table summarizes all activity related to the ACL from December 31, 2023 to March 31, 2024 and to the recorded PCL for the three months ended March 31, 2024 (in thousands):
ACL - Loans | Reserves as of December 31, 2023 |  | Q1 2024 Charge-Offs |  | Q1 2024 Recoveries |  | Q1 2024 PCL |  | Reserves as of March 31, 2024 |
Individually evaluated | $ | 3,716 |  | $ | - |  | $ | - |  | $ | 100 |  | $ | 3,816 |
Overdraft |  | 364 |  |  | (5 | ) |  | 4 |  |  | - |  |  | 363 |
Pooled - quantitative |  | 6,203 |  |  | (63 | ) |  | 34 |  |  | 101 |  |  | 6,275 |
Pooled - qualitative |  | 3,566 |  |  | - |  |  | - |  |  | 509 |  |  | 4,075 |
Purchased |  | 2,126 |  |  | - |  |  | - |  |  | - |  |  | 2,126 |
Total ACL - Loans | $ | 15,975 |  | $ | (68 | ) | $ | 38 |  | $ | 710 |  | $ | 16,655 |
ACL - Held-To-Maturity |  | 352 |  |  | - |  |  | - |  |  | 15 |  |  | 367 |
Other Liabilities - Unfunded Commitments |  | 589 |  |  | - |  |  | - |  |  | 1 |  |  | 590 |
Total ACL | $ | 16,916 |  | $ | (68 | ) | $ | 38 |  | $ | 726 |  | $ | 17,612 |
Summarized in the tables below are changes in the allowance for credit losses for loans for the indicated periods and information pertaining to the allocation of the balances of the credit losses, loans receivable based on individual, and collective evaluation by loan portfolio class. An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class.
|  | As of and for the three months ended March 31, 2025 |
|  | 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | first-lien |  |  | Residential |  |  |  |  |  |  |  |  | Other |  |  | Paycheck |
|  | residential |  |  | construction |  |  | Commercial |  |  | Commercial |  |  | commercial |  |  | Protection |
(In thousands) |  | mortgage |  |  | mortgage |  |  | real estate |  |  | lines of credit |  |  | and industrial |  |  | Program |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 1,467 |  |  | $ | 592 |  |  | $ | 6,746 |  |  | $ | 749 |  |  | $ | 2,879 |  |  | $ | - |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (92 | ) |  |  | (80 | ) |  |  | - |
Recoveries |  |  | 3 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 4 |  |  |  | - |
Provisions (credits) |  |  | (37 | ) |  |  | (88 | ) |  |  | 332 |  |  |  | 254 |  |  |  | 45 |  |  |  | - |
Ending balance |  | $ | 1,433 |  |  | $ | 504 |  |  | $ | 7,079 |  |  | $ | 911 |  |  | $ | 2,848 |  |  | $ | - |
Ending balance: related to loans individually evaluated |  | $ | 41 |  |  | $ | - |  |  | $ | 1,004 |  |  | $ | 253 |  |  | $ | 1,012 |  |  | $ | - |
Ending balance: related to loans collectively evaluated |  | $ | 1,392 |  |  | $ | 504 |  |  | $ | 6,075 |  |  | $ | 658 |  |  | $ | 1,836 |  |  | $ | - |
Loans receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 243,854 |  |  | $ | 3,162 |  |  | $ | 381,479 |  |  | $ | 65,074 |  |  | $ | 91,644 |  |  | $ | 96 |
Ending balance: individually evaluated |  | $ | 1,170 |  |  | $ | - |  |  | $ | 10,650 |  |  | $ | 503 |  |  | $ | 2,945 |  |  | $ | - |
Ending balance: collectively evaluated |  | $ | 242,684 |  |  | $ | 3,162 |  |  | $ | 370,829 |  |  | $ | 64,571 |  |  | $ | 88,699 |  |  | $ | 96 |
|  |  |  |  | Home equity |  |  | Other |  |  |  |  |  |  |  |  |  |
|  | Tax exempt |  |  | and junior liens |  |  | Consumer |  |  | Total |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 4 |  |  | $ | 715 |  |  | $ | 4,091 |  |  |  | 17,243 |  |  |  |  |  |  |
Charge-offs |  |  | - |  |  |  | - |  |  |  | (336 | ) |  |  | (508 | ) |  |  |  |  |  |
Recoveries |  |  | - |  |  |  | 1 |  |  |  | 159 |  |  |  | 168 |  |  |  |  |  |  |
Provisions (credits) |  |  | (2 | ) |  |  | (22 | ) |  |  | 22 |  |  |  | 504 |  |  |  |  |  |  |
Ending balance |  | $ | 2 |  |  | $ | 694 |  |  | $ | 3,936 |  |  | $ | 17,407 |  |  |  |  |  |  |
Ending balance: related to loans individually evaluated |  | $ | - |  |  | $ | 180 |  |  | $ | - |  |  | $ | 2,490 |  |  |  |  |  |  |
Ending balance: related to loans collectively evaluated |  | $ | 2 |  |  | $ | 514 |  |  | $ | 3,936 |  |  | $ | 14,917 |  |  |  |  |  |  |
Loans receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 4,446 |  |  | $ | 52,315 |  |  | $ | 71,681 |  |  | $ | 913,751 |  |  |  |  |  |  |
Ending balance: individually evaluated |  | $ | - |  |  | $ | 530 |  |  | $ | - |  |  | $ | 15,798 |  |  |  |  |  |  |
Ending balance: collectively evaluated |  | $ | 4,446 |  |  | $ | 51,785 |  |  | $ | 71,681 |  |  | $ | 897,953 |  |  |  |  |  |  |
|  | As of and for the three months ended March 31, 2024 |
|  | 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | first-lien |  |  | Residential |  |  |  |  |  |  |  |  | Other |  |  | Paycheck |
|  | residential |  |  | construction |  |  | Commercial |  |  | Commercial |  |  | commercial |  |  | Protection |
(In thousands) |  | mortgage |  |  | mortgage |  |  | real estate |  |  | lines of credit |  |  | and industrial |  |  | Program |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 1,608 |  |  | $ | 858 |  |  | $ | 5,751 |  |  | $ | 1,674 |  |  | $ | 3,281 |  |  | $ | - |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries |  |  | 2 |  |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | 5 |  |  |  | - |
Provisions (credits) |  |  | 9 |  |  |  | (56 | ) |  |  | 810 |  |  |  | (283 | ) |  |  | 117 |  |  |  | - |
Ending balance |  | $ | 1,619 |  |  | $ | 802 |  |  | $ | 6,567 |  |  | $ | 1,391 |  |  | $ | 3,403 |  |  | $ | - |
Ending balance: related to loans individually evaluated |  | $ | 138 |  |  | $ | - |  |  | $ | 1,057 |  |  | $ | 725 |  |  | $ | 1,710 |  |  | $ | - |
Ending balance: related to loans collectively evaluated |  | $ | 1,481 |  |  | $ | 802 |  |  | $ | 5,510 |  |  | $ | 666 |  |  | $ | 1,693 |  |  | $ | - |
Loans receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 252,026 |  |  | $ | 1,689 |  |  | $ | 363,467 |  |  | $ | 67,416 |  |  | $ | 91,178 |  |  | $ | 147 |
Ending balance: individually evaluated |  | $ | 2,129 |  |  | $ | - |  |  | $ | 12,138 |  |  | $ | 1,270 |  |  | $ | 6,849 |  |  | $ | - |
Ending balance: collectively evaluated |  | $ | 249,897 |  |  | $ | 1,689 |  |  | $ | 351,329 |  |  | $ | 66,146 |  |  | $ | 84,329 |  |  | $ | 147 |
|  |  |  |  | Home equity |  |  | Other |  |  |  |  |  |  |  |  |  |
|  | Tax exempt |  |  | and junior liens |  |  | Consumer |  |  | Total |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 1 |  |  | $ | 657 |  |  | $ | 2,145 |  |  | $ | 15,975 |  |  |  |  |  |  |
Charge-offs |  |  | - |  |  |  | - |  |  |  | (68 | ) |  |  | (68 | ) |  |  |  |  |  |
Recoveries |  |  | - |  |  |  | - |  |  |  | 25 |  |  |  | 38 |  |  |  |  |  |  |
Provisions |  |  | 1 |  |  |  | 5 |  |  |  | 107 |  |  |  | 710 |  |  |  |  |  |  |
Ending balance |  | $ | 2 |  |  | $ | 662 |  |  | $ | 2,209 |  |  | $ | 16,655 |  |  |  |  |  |  |
Ending balance: related to loans individually evaluated |  | $ | - |  |  | $ | 146 |  |  | $ | 70 |  |  | $ | 3,846 |  |  |  |  |  |  |
Ending balance: related to loans collectively evaluated |  | $ | 2 |  |  | $ | 516 |  |  | $ | 2,139 |  |  | $ | 12,809 |  |  |  |  |  |  |
Loans receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 3,374 |  |  | $ | 35,723 |  |  | $ | 77,106 |  |  | $ | 892,126 |  |  |  |  |  |  |
Ending balance: individually evaluated |  | $ | - |  |  | $ | 715 |  |  | $ | 70 |  |  | $ | 23,171 |  |  |  |  |  |  |
Ending balance: collectively evaluated |  | $ | 3,374 |  |  | $ | 35,008 |  |  | $ | 77,036 |  |  | $ | 868,955 |  |  |  |  |  |  |
The Company’s methodology for determining its allowance for credit losses includes an analysis of qualitative factors that are added to the historical loss rates in arriving at the total allowance for credit losses needed for this general pool of loans. The qualitative factors include, but are not limited to, the following: • Changes in national and local economic trends; • The rate of growth in the portfolio; • Trends of delinquencies and nonaccrual balances; • Changes in loan policy; and • Changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for credit losses analysis and calculation. The allocation of the allowance for credit losses summarized on the basis of the Company’s calculation methodology was as follows:
|  | As of March 31, 2025 |
|  | 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |
|  | first-lien |  |  | Residential |  |  |  |  |  |  |  |  | Other |
|  | residential |  |  | construction |  |  | Commercial |  |  | Commercial |  |  | commercial |
(In thousands) |  | mortgage |  |  | mortgage |  |  | real estate |  |  | lines of credit |  |  | and industrial |
Specifically reserved |  | $ | 41 |  |  | $ | - |  |  | $ | 1,004 |  |  | $ | 253 |  |  | $ | 1,012 |
Historical loss rate |  |  | 1,440 |  |  |  | 504 |  |  |  | 2,880 |  |  |  | 154 |  |  |  | 1,111 |
Qualitative factors |  |  | (48 | ) |  |  | - |  |  |  | 3,195 |  |  |  | 504 |  |  |  | 725 |
Total |  | $ | 1,433 |  |  | $ | 504 |  |  | $ | 7,079 |  |  | $ | 911 |  |  | $ | 2,848 |
|  |  |  |  | Home equity |  |  | Other |  |  |  |  |  |  |
|  | Tax exempt |  |  | and junior liens |  |  | consumer |  |  | Total |  |  |  |
Specifically reserved |  | $ | - |  |  | $ | 392 |  |  | $ | 3,639 |  |  | $ | 6,341 |  |  |  |
Historical loss rate |  |  | 2 |  |  |  | 281 |  |  |  | 266 |  |  |  | 6,638 |  |  |  |
Qualitative factors |  |  | - |  |  |  | 21 |  |  |  | 31 |  |  |  | 4,428 |  |  |  |
Total |  | $ | 2 |  |  | $ | 694 |  |  | $ | 3,936 |  |  | $ | 17,407 |  |  |  |
|  | As of December 31, 2024 |
|  | 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |
|  | first-lien |  |  | Residential |  |  |  |  |  |  |  |  | Other |
|  | residential |  |  | construction |  |  | Commercial |  |  | Commercial |  |  | commercial |
(In thousands) |  | mortgage |  |  | mortgage |  |  | real estate |  |  | lines of credit |  |  | and industrial |
Specifically reserved |  | $ | 42 |  |  | $ | - |  |  | $ | 853 |  |  | $ | 154 |  |  | $ | 1,165 |
Historical loss rate |  |  | 1,474 |  |  |  | 592 |  |  |  | 2,779 |  |  |  | 126 |  |  |  | 1,032 |
Qualitative factors |  |  | (49 | ) |  |  | - |  |  |  | 3,114 |  |  |  | 469 |  |  |  | 682 |
Total |  | $ | 1,467 |  |  | $ | 592 |  |  | $ | 6,746 |  |  | $ | 749 |  |  | $ | 2,879 |
|  |  |  |  | Home equity |  |  | Other |  |  |  |  |  |  |
|  | Tax exempt |  |  | and junior liens |  |  | consumer |  |  | Total |  |  |  |
Specifically reserved |  | $ | - |  |  | $ | 416 |  |  | $ | 3,774 |  |  | $ | 6,404 |  |  |  |
Historical loss rate |  |  | 4 |  |  |  | 278 |  |  |  | 285 |  |  |  | 6,570 |  |  |  |
Qualitative factors |  |  | - |  |  |  | 21 |  |  |  | 32 |  |  |  | 4,269 |  |  |  |
Total |  | $ | 4 |  |  | $ | 715 |  |  | $ | 4,091 |  |  | $ | 17,243 |  |  |  |
Collateral Dependent Disclosures The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage. • Home equity lines of credit are generally secured by second mortgages on residential real estate property. • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral. The following table details the amortized cost of collateral dependent loans at March 31, 2025 and December 31, 2024:
(In thousands) | March 31, 2025 |  | December 31, 2024 |
Commercial and industrial | $ | 3,349 |  | $ | 7,478 |
Commercial real estate |  | 10,650 |  |  | 8,591 |
Residential (1-4 family) first mortgages |  | 373 |  |  | 374 |
Home equity loans and lines of credit |  | 504 |  |  | 528 |
Consumer loans |  | - |  |  | 67 |
Total loans | $ | 14,876 |  | $ | 17,038 |

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