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Loans (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Summary of Major Classification of Loans

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


		March 31,				December 31,
(In thousands)		2025				2024
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	243,854			$	251,373
Construction			3,162				4,864
Total residential mortgage loans			247,016				256,237
Commercial loans:
Real estate			381,479				377,619
Lines of credit			65,074				67,602
Other commercial and industrial			91,644				89,800
Paycheck Protection Program loans			96				113
Tax exempt loans			4,446				4,544
Total commercial loans			542,739				539,678
Consumer loans:
Home equity and junior liens			52,315				51,948
Other consumer			71,681				72,710
Total consumer loans			123,996				124,658
Subtotal loans			913,751				920,573
Net deferred loan fees			(1,601	)			(1,587	)
Loans, net of deferred fees			912,150				918,986
Less allowance for credit losses			17,407				17,243
Loans receivable, net		$	894,743			$	901,743

Summary of Purchased Loans Pools

The following tables detail the purchased loan pool positions held by the Bank at March 31, 2025 and December 31, 2024 (the month/year of the earliest acquisition date is depicted in parentheses):


(In thousands, except number of loans)		March 31, 2025
		Original Balance				Current Balance				Unamortized Premium/ (Discount)				Number of Loans				Maturity Range (in years)		Cumulative net charge-offs
Commercial and industrial loans (6/2019)		$	6,800			$	1,100			$	-				18			1-5		$	-
Home equity lines of credit (8/2019)			21,900				3,300				4				88			4-25			97
Unsecured consumer loan pool 2 (11/2019)			26,600				4				-				3			0-1			-
Residential real estate loans (12/2019)			4,300				4,200				277				54			16-24			-
Unsecured consumer loan pool 1 (12/2019)			5,400				400				-				36			0-2			-
Unsecured consumer installment loans pool 3 (12/2019)(2)			10,300				160				-				65			0-8			109
Secured consumer installment loans pool 4 (12/2020)			14,500				9,000				(1,212	)			468			20-24			3
Unsecured consumer loans pool 5 (1/2021)(1)			24,400				12,300				(330	)			585			6-21			1,192
Revolving commercial line of credit 1 (3/2021)			11,600				-				-				1			0			-
Secured consumer installment loans (11/2021)			21,300				16,000				(2,541	)			794			16-24			506
Unsecured consumer loans pool 6 (11/2021)(1)			22,200				14,800				(2,016	)			500			6-23			1,145
Revolving commercial line of credit 1 (7/2024)			1,050				7,000				28				1			0-1			-
Total		$	170,350			$	68,264			$	(5,790	)			2,613					$	3,052

(In thousands, except number of loans)		December 31, 2024
		Original Balance				Current Balance				Unamortized Premium/ (Discount)				Number of Loans				Maturity Range (in years)		Cumulative net charge-offs
Commercial and industrial loans (6/2019)		$	6,800				1,200				-				19			1-5			-
Home equity lines of credit (8/2019)			21,900				3,500				5				92			4-25			97
Unsecured consumer loan pool 2 (11/2019)			26,600				10				-				12			0-1			-
Residential real estate loans (12/2019)			4,300				4,200				278				54			16-25			-
Unsecured consumer loan pool 1 (12/2019)			5,400				500				-				41			1-2			-
Unsecured consumer installment loans pool 3 (12/2019)(2)			10,300				150				3				79			0-8			112
Secured consumer installment loans pool 4 (12/2020)			14,500				9,300				(1,257	)			475			21-24			22
Unsecured consumer loans pool 5 (1/2021)(1)			24,400				12,600				(342	)			595			6-21			1,124
Revolving commercial line of credit 1 (3/2021)			11,600				7,900				-				1			0-1			-
Secured consumer installment loans (11/2021)			21,300				16,300				(2,613	)			802			17-24			467
Unsecured consumer loans pool 6 (11/2021)(1)			22,200				15,200				(2,069	)			506			7-23			1,196
Revolving commercial line of credit 1 (7/2024)			1,050				4,800				31				1			0-1			-
Total		$	170,350			$	75,660			$	(5,964	)			2,677					$	3,018

1 On December 7, 2023, the Bank settled two pay-fixed interest rate swap derivative contracts, previously established with an unaffiliated third party and designated as fair value interest rate hedges. The hedging swap contracts were related to two purchased consumer installment loan pools comprised of loans secured by residential home solar power infrastructure. These contracts were entered into on February 13, 2021 (notional amount of $12.2 million) and December 8, 2021 (notional amount of $8.5 million). The Bank realized gains related to the settlement of these two hedging contracts were $117,000 and $694,000, respectively. These gains on the extinguishment of the hedging swap contracts are reported as a reduction of the carrying value of the hedged loan pools and will be recognized as an enhancement to the reported yield on those loan pools over the original contractual life of the hedging swap contracts. The unamortized portion of these gains totaled $676,000 at March 31, 2025.

2 In December 2023, the primary servicer for a purchased pool of consumer installment loans declared bankruptcy and the Bank placed the loans within the serviced pool on nonaccrual status pending the release of collected funds by the U.S. Bankruptcy Court of jurisdiction. The current balance reflects anticipated principal payments that are expected to be received from the pool’s underlying borrowers. At March 31, 2025, approximately $155,000 remains due from borrowers under the scheduled repayment terms of their original loan agreements. Under a series of released orders from the Court, monthly payments to the Bank resumed in late 2024 and the Bank’s management expects to ultimately collect substantially all of the outstanding principal balance collected from the pool’s underlying borrowers. Therefore, management does not consider the loans in this pool to be impaired and the loans within the serviced pool are back on accrual status at March 31, 2025.

Summary of Aggregate Pass Rating and the Classified Ratings

The following tables present the classes of the loan portfolio as of March 31, 2025, 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																								Revolving				Revolving loans converted to
(In thousands)		2025				2024				2023				2022				2021				Prior				loans				term loans				Total
Commercial real estate:
Pass		$	10,901			$	46,380			$	46,770			$	61,063			$	49,483			$	131,609			$	-			$	-			$	346,206
Special Mention			2,483				-				-				7,509				-				4,037				-				-				14,029
Substandard			-				838				4,147				8,616				4,708				2,727				-				-				21,036
Doubtful			-				-				150				-				-				58				-				-				208
Total commercial real estate			13,384				47,218				51,067				77,188				54,191				138,431				-				-				381,479
Commercial lines of credit:
Pass			-				-				-				-				-				-				54,113				2,598				56,711
Special Mention			-				-				-				-				-				-				6,676				-				6,676
Substandard			-				-				-				-				-				-				1,133				554				1,687
Doubtful			-				-				-				-				-				-				-				-				-
Total commercial lines of credit			-				-				-				-				-				-				61,922				3,152				65,074
Other commercial and industrial:
Pass			3,776				14,430				19,958				13,477				3,429				17,362				7,073				-				79,505
Special Mention			518				2,280				2,169				14				281				27				-				-				5,289
Substandard			-				-				128				1,077				199				4,665				-				-				6,069
Doubtful			-				-				328				24				429				-				-				-				781
Total other commercial and industrial			4,294				16,710				22,583				14,592				4,338				22,054				7,073				-				91,644
Paycheck Protection Program loans
Pass			-				-				-				-				-				96				-				-				96
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total Paycheck Protection Program loans			-				-				-				-				-				96				-				-				96
Tax exempt loans
Pass			-				87				-				-				-				4,359				-				-				4,446
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total tax exempt loans			-				87				-				-				-				4,359				-				-				4,446



		Term Loans By Origination Year																								Revolving				Revolving loans converted to
(In thousands)		2025				2024				2023				2022				2021				Prior				loans				term loans				Total
1-4 family first-lien residential mortgages:
Pass		$	3,193			$	8,524			$	15,743			$	28,242			$	45,288			$	139,885			$	-			$	-			$	240,875
Special Mention			-				-				-				-				-				599				-				-				599
Substandard			-				-				-				102				91				1,217				-				-				1,410
Doubtful			-				-				-				-				-				970				-				-				970
Total 1-4 family first-lien residential mortgages			3,193				8,524				15,743				28,344				45,379				142,671				-				-				243,854
Construction:
Pass			-				3,162				-				-				-				-				-				-				3,162
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total construction			-				3,162				-				-				-				-				-				-				3,162
Home equity and junior liens:
Pass			3,684				2,753				3,888				3,053				2,816				12,531				21,502				903				51,130
Special Mention			-				-				-				-				-				53				20				-				73
Substandard			-				-				63				-				12				365				657				6				1,103
Doubtful			-				-				-				-				-				-				-				9				9
Total home equity and junior liens			3,684				2,753				3,951				3,053				2,828				12,949				22,179				918				52,315
Other Consumer:
Pass			1,668				3,442				58,071				3,542				1,886				2,951				-				-				71,560
Special Mention			-				-				6				1				-				15				-				-				22
Substandard			-				-				18				16				65				-				-				-				99
Doubtful			-				-				-				-				-				-				-				-				-
Total other consumer			1,668				3,442				58,095				3,559				1,951				2,966				-				-				71,681
Net deferred loan fees			(637	)			125				30				(180	)			(192	)			(747	)			-				-				(1,601	)
Total loans		$	25,586			$	82,021			$	151,469			$	126,556			$	108,495			$	322,779			$	91,174			$	4,070			$	912,150

The following tables present the classes of the loan portfolio as of December 31, 2024, 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																								Revolving				Revolving loans converted to
(In thousands)		2024				2023				2022				2021				2020				Prior				loans				term loans				Total
Commercial real estate:
Pass		$	45,123			$	51,531			$	61,943			$	50,014			$	27,688			$	107,106			$	-			$	-			$	343,405
Special Mention			-				-				16,160				-				-				4,370				-				-				20,530
Substandard			838				4,165				500				4,819				215				2,938				-				-				13,475
Doubtful			-				150				-				-				-				59				-				-				209
Total commercial real estate			45,961				55,846				78,603				54,833				27,903				114,473				-				-				377,619
Commercial lines of credit:
Pass			-				-				-				-				-				-				57,618				2,495				60,113
Special Mention			-				-				-				-				-				-				5,622				190				5,812
Substandard			-				-				-				-				-				-				1,309				368				1,677
Doubtful			-				-				-				-				-				-				-				-				-
Total commercial lines of credit			-				-				-				-				-				-				64,549				3,053				67,602
Other commercial and industrial:
Pass			14,141				20,814				14,160				4,186				3,987				14,609				6,022				-				77,919
Special Mention			2,640				2,220				65				258				34				-				-				-				5,217
Substandard			-				132				1,041				-				312				4,398				-				-				5,883
Doubtful			-				328				24				429				-				-				-				-				781
Total other commercial and industrial			16,781				23,494				15,290				4,873				4,333				19,007				6,022				-				89,800
Paycheck Protection Program loans
Pass			-				-				-				-				113				-				-				-				113
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total Paycheck Protection Program loans			-				-				-				-				113				-				-				-				113
Tax exempt loans
Pass			87				-				-				-				94				4,363				-				-				4,544
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total tax exempt loans			87				-				-				-				94				4,363				-				-				4,544



		Term Loans By Origination Year																								Revolving				Revolving loans converted to
(In thousands)		2024				2023				2022				2021				2020				Prior				loans				term loans				Total
1-4 family first-lien residential mortgages:
Pass		$	11,085			$	15,922			$	29,167			$	48,525			$	35,973			$	107,571			$	-			$	-			$	248,243
Special Mention			-				-				-				-				554				473				-				-				1,027
Substandard			-				-				-				91				207				713				-				-				1,011
Doubtful			-				-				-				-				152				940				-				-				1,092
Total 1-4 family first-lien residential mortgages			11,085				15,922				29,167				48,616				36,886				109,697				-				-				251,373
Construction:
Pass			4,864				-				-				-				-				-				-				-				4,864
Special Mention			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Total construction			4,864				-				-				-				-				-				-				-				4,864
Home equity and junior liens:
Pass			6,113				4,092				3,181				2,906				1,692				11,807				20,352				706				50,849
Special Mention			-				-				-				-				-				75				20				-				95
Substandard			-				-				-				12				-				320				657				6				995
Doubtful			-				-				-				-				-				-				-				9				9
Total home equity and junior liens			6,113				4,092				3,181				2,918				1,692				12,202				21,029				721				51,948
Other Consumer:
Pass			4,475				58,818				3,908				2,021				1,031				2,305				-				-				72,558
Special Mention			2				2				20				5				24				13				-				-				66
Substandard			-				-				10				76				-				-				-				-				86
Doubtful			-				-				-				-				-				-				-				-				-
Total other consumer			4,477				58,820				3,938				2,102				1,055				2,318				-				-				72,710
Net deferred loan fees			(462	)			18				(171	)			(197	)			(70	)			(705	)			-				-				(1,587	)
Total loans		$	88,906			$	158,192			$	130,008			$	113,145			$	72,006			$	261,355			$	91,600			$	3,774			$	918,986

Summary of 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, 2025 and December 31, 2024, are detailed in the following tables:


		As of March 31, 2025

		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		$	2,888			$	546			$	1,857			$	5,291			$	238,563			$	243,854
Construction			-				-				-				-				3,162				3,162
Loans held-for-sale			-				-				-				-				-				-
Total residential mortgage loans			2,888				546				1,857				5,291				241,725				247,016
Commercial loans:
Real estate			2,970				50				6,962				9,982				371,497				381,479
Lines of credit			2,502				-				452				2,954				62,120				65,074
Other commercial and industrial			1,302				2,453				3,196				6,951				84,693				91,644
Paycheck Protection Program loans			-				-				-				-				96				96
Tax exempt loans			-				-				-				-				4,446				4,446
Total commercial loans			6,774				2,503				10,610				19,887				522,852				542,739
Consumer loans:
Home equity and junior liens			634				442				370				1,446				50,869				52,315
Other consumer			637				386				395				1,418				70,263				71,681
Total consumer loans			1,271				828				765				2,864				121,132				123,996
Total loans		$	10,933			$	3,877			$	13,232			$	28,042			$	885,709			$	913,751

		As of December 31, 2024

		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		$	2,262			$	805			$	3,162			$	6,229			$	245,144			$	251,373
Construction			-				-				-				-				4,864				4,864
Loans held-for-sale			-				-				-				-				-				-
Total residential mortgage loans			2,262				805				3,162				6,229				250,008				256,237
Commercial loans:
Real estate			1,110				2,086				10,261				13,457				364,162				377,619
Lines of credit			953				28				1,448				2,429				65,173				67,602
Other commercial and industrial			3,022				366				6,503				9,891				79,909				89,800
Paycheck Protection Program loans			-				-				-				-				113				113
Tax exempt loans			-				-				-				-				4,544				4,544
Total commercial loans			5,085				2,480				18,212				25,777				513,901				539,678
Consumer loans:
Home equity and junior liens			584				329				414				1,327				50,621				51,948
Other consumer			912				560				296				1,768				70,942				72,710
Total consumer loans			1,496				889				710				3,095				121,563				124,658
Total loans		$	8,843			$	4,174			$	22,084			$	35,101			$	885,472			$	920,573

Summary of Nonaccrual Loans Segregated by Class of Loan

As of March 31, 2025 and December 31, 2024, the amount of interest income recognized on nonaccrual loans and the cost basis of nonaccrual loans, for which there is no ACL, are detailed in the following tables. All loans greater than 90 days past due are classified as nonaccrual.


		As of and for the three months ended
		March 31, 2025
(In thousands)		Nonaccrual Loans				Nonaccrual loans without related allowance for credit loss				Recognized interest income
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	1,857			$	639			$	23
Total residential mortgage loans			1,857				639				23
Commercial loans:
Real estate			6,962				5,078				19
Lines of credit			452				250				1
Other commercial and industrial			3,196				1,037				44
Total commercial loans			10,610				6,365				64
Consumer loans:
Home equity and junior liens			395				-				8
Other consumer			370				-				3
Total consumer loans			765				-				11
Total nonaccrual loans		$	13,232			$	7,004			$	98


		As of and for the year ended
		December 31, 2024
(In thousands)		Nonaccrual Loans				Nonaccrual loans without related allowance for credit loss				Recognized interest income
Residential mortgage loans:
1-4 family first-lien residential mortgages		$	3,162			$	641			$	102
Total residential mortgage loans			3,162				641				102
Commercial loans:
Real estate			10,261				4,537				302
Lines of credit			1,448				1,255				81
Other commercial and industrial			6,503				1,921				258
Total commercial loans			18,212				7,713				641
Consumer loans:
Home equity and junior liens			414				-				10
Other consumer			296				-				21
Total consumer loans			710				-				31
Total nonaccrual loans		$	22,084			$	8,354			$	774

Summary of Amortized Cost Basis of Loans

The following table presents the amortized cost basis of loans at March 31, 2025 and December 31, 2024 that were experiencing financial difficulty and modified, by class and by type of modification.


	As of March 31, 2025
(In thousands)	Term Extension			Total Class of Receivable
Residential mortgage loans	$	-			-
Commercial real estate		2,031			1	%
Commercial lines of credit		-			-
Commercial and industrial		-			-
Home equity and consumer		-			-
Total	$	2,031			1	%


	As of December 31, 2024
(In thousands)	Term Extension			Total Class of Receivable
Residential mortgage loans	$	-			-
Commercial real estate		2,096			1	%
Commercial lines of credit		-			-
Commercial and industrial		-			-
Home equity and consumer		-			-
Total	$	2,096			1	%