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Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2024

Loans and Allowance for Credit Losses

Schedule of categories of loans


		June 30,			December 31,
		2024			2023

		(In thousands)
Commercial and Industrial		$	94,662		$	91,294
Commercial real estate			287,635			291,859
Residential real estate			92,154			93,364
Consumer loans			10,063			6,719

Total gross loans			484,514			483,236

Less allowance for credit losses			(3,989)			(3,918)

Total loans		$	480,525		$	479,318

Schedule of allowance for credit losses and recorded investment in loans


					Commercial
		Commercial			Real Estate			Residential			Consumer			Total
Allowance for credit losses:

Balance, April 1, 2024		$	589		$	1,377		$	1,783		$	121		$	3,870
Provision for (reversal of) credit loss exposure			114			36			37			47			234
Losses charged off			(75)			—			(7)			(44)			(126)
Recoveries			—			—			—			11			11
Balance, June 30, 2024		$	628		$	1,413		$	1,813		$	135		$	3,989
Balance, January 1, 2024		$	573		$	1,408		$	1,843		$	94		$	3,918
Provision for (reversal of ) credit loss exposure			129			5			(23)			123			234
Losses charged off			(75)			—			(7)			(101)			(183)
Recoveries			1			—			—			19			20
Balance, June 30, 2024		$	628		$	1,413		$	1,813		$	135		$	3,989

Allocation:

Ending balance: individually evaluated for credit losses		$	—		$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for credit losses		$	628		$	1,413		$	1,813		$	135		$	3,989
Loans:
Ending balance: individually evaluated for credit losses		$	66		$	7		$	237		$	—		$	310
Ending balance: collectively evaluated for credit losses		$	94,596		$	287,628		$	91,917		$	10,063		$	484,204


					Commercial
		Commercial			Real Estate			Residential			Consumer			Total
Allowance for loan losses:

Balance, April 1, 2023		$	990		$	1,202		$	2,156		$	104		$	4,452
Provision for (reversal of) for credit loss exposure			(93)			(123)			(64)			134			(146)
Losses charged off			—			—			—			(33)			(33)
Recoveries			5			—			—			3			8
Balance, June 30, 2023		$	902		$	1,079		$	2,092		$	208		$	4,281
Balance, January 1, 2023		$	215		$	815		$	816		$	206		$	2,052
Impact of adopting ASC 326			755			388			1,379			(103)			2,419
Provision for (reversal of ) for credit loss exposure			(78)			(124)			(103)			159			(146)
Losses charged off			—			—			—			(62)			(62)
Recoveries			10			—			—			8			18
Balance, June 30, 2023		$	902		$	1,079		$	2,092		$	208		$	4,281

Allocation:

Ending balance: individually evaluated for impairment		$	99		$	—		$	—		$	—		$	99
Ending balance: collectively evaluated for impairment		$	803		$	1,079		$	2,092		$	208		$	4,182
Loans:
Ending balance: individually evaluated for impairment		$	99		$	—		$	—		$	—		$	99
Ending balance: collectively evaluated for impairment		$	89,861		$	274,291		$	92,072		$	6,547		$	462,771


					Commercial
		Commercial			Real Estate			Residential			Consumer			Total

		(In thousands)
Allowance for loan losses:
Ending balance: individually evaluated for impairment		$	—		$	—		$	—		$	—		$	—
Ending balance: collectively evaluated for impairment		$	573		$	1,408		$	1,843		$	94		$	3,918

Loans:
Ending balance: individually evaluated for impairment		$	—		$	8		$	318		$	—		$	326
Ending balance: collectively evaluated for impairment		$	91,294		$	291,851		$	93,046		$	6,719		$	482,910

Schedule of portfolio quality indicators

Based on the most recent analysis performed, the following table presents the recorded investment in non-homogeneous loans by internal risk rating system as of June 30, 2024 (in thousands):


																				Revolving			Revolving
																				Loans			Loans
																				Amortized			Converted
June 30, 2024		2024			2023			2022			2021			2020			Prior			Cost Basis			to Term			Total
Commercial and industrial
Risk Rating
Pass		$	9,680		$	20,129		$	13,196		$	10,508		$	11,956		$	9,587		$	18,263		$	—		$	93,319
Special Mention			—			—			26			—			—			141			1,110			—			1,277
Substandard			—			66			—			—			—			—			—			—			66
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	9,680		$	20,195		$	13,222		$	10,508		$	11,956		$	9,728		$	19,373		$	—		$	94,662

Commercial and industrial
Current period gross charge-offs		$	—		$	75		$	—		$	—		$	—		$	—		$	—		$	—		$	75

Commercial real estate
Risk Rating
Pass		$	5,196		$	37,584		$	34,284		$	47,485		$	33,664		$	71,021		$	46,458		$	—		$	275,692
Special Mention			—			—			335			242			—			11,340			—			—			11,917
Substandard			—			—			—			—			—			26			—			—			26
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	5,196		$	37,584		$	34,619		$	47,727		$	33,664		$	82,387		$	46,458		$	—		$	287,635

Commercial real estate
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Total
Pass		$	14,876		$	57,713		$	47,480		$	57,993		$	45,620		$	80,608		$	64,721		$	—		$	369,011
Special Mention			—			—			361			242			—			11,481			1,110			—			13,194
Substandard			—			66			—			—			—			26			—			—			92
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	14,876		$	57,779		$	47,841		$	58,235		$	45,620		$	92,115		$	65,831		$	—		$	382,297
Current period gross charge-offs		$	—		$	75		$	—		$	—		$	—		$	—		$	—		$	—		$	75


																				Revolving			Revolving
																				Loans			Loans
																				Amortized			Converted
June 30, 2024		2024			2023			2022			2021			2020			Prior			Cost Basis			to Term			Total
Residential Real Estate
Payment Performance
Performing		$	3,713		$	11,553		$	17,719		$	15,760		$	18,536		$	24,617		$	—		$	—		$	91,898
Nonperforming			—			—			—			—			—			256			—			—			256
Total		$	3,713		$	11,553		$	17,719		$	15,760		$	18,536		$	24,873		$	—		$	—		$	92,154

Residential real estate
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	7		$	—		$	—		$	7


Consumer
Payment Performance
Performing		$	4,852		$	1,826		$	1,065		$	480		$	377		$	1,081		$	368		$	—		$	10,049
Nonperforming			—			14			—			—			—			—			—			—			14
Total		$	4,852		$	1,840		$	1,065		$	480		$	377		$	1,081		$	368		$	—		$	10,063

Consumer
Current period gross charge-offs		$	64		$	37		$	—		$	—		$	—		$	—		$	—		$	—		$	101

Total
Payment Performance
Performing		$	8,565		$	13,379		$	18,784		$	16,240		$	18,913		$	25,698		$	368		$	—		$	101,947
Nonperforming			—			14			—			—			—			256			—			—			270
Total		$	8,565		$	13,393		$	18,784		$	16,240		$	18,913		$	25,954		$	368		$	—		$	102,217
Current period gross charge-offs		$	64		$	37		$	—		$	—		$	—		$	7		$	—		$	—		$	108

Based on the most recent analysis performed, the following table presents the recorded investment in non-homogeneous loans by internal risk rating system as of December 31, 2023 (in thousands):


																				Revolving			Revolving
																				Loans			Loans
																				Amortized			Converted
December 31, 2023		2023			2022			2021			2020			2019			Prior			Cost Basis			to Term			Total
Commercial and industrial
Risk Rating
Pass		$	21,847		$	14,723		$	13,067		$	14,042		$	6,017		$	5,292		$	15,019		$	—		$	90,007
Special Mention			—			26			—			—			—			128			1,133			—			1,287
Substandard			—			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	21,847		$	14,749		$	13,067		$	14,042		$	6,017		$	5,420		$	16,152		$	—		$	91,294

Commercial and industrial
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial real estate
Risk Rating
Pass		$	29,246		$	35,721		$	48,569		$	34,671		$	26,562		$	57,441		$	55,141		$	—		$	287,351
Special Mention			—			—			242			2,050			—			2,121			—			—			4,413
Substandard			—			—			—			—			—			95			—			—			95
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	29,246		$	35,721		$	48,811		$	36,721		$	26,562		$	59,657		$	55,141		$	—		$	291,859

Commercial real estate
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Total
Pass		$	51,093		$	50,444		$	61,636		$	48,713		$	32,579		$	62,733		$	70,160		$	—		$	377,358
Special Mention			—			26			242			2,050			—			2,249			1,133			—			5,700
Substandard			—			—			—			—			—			95			—			—			95
Doubtful			—			—			—			—			—			—			—			—			—
Total		$	51,093		$	50,470		$	61,878		$	50,763		$	32,579		$	65,077		$	71,293		$	—		$	383,153
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—


																							Revolving			Revolving
																							Loans			Loans
																							Amortized			Converted
December 31, 2023		2023			2022			2021			2020			2019			Prior			Cost Basis			to Term			Total
Residential Real Estate
Payment Performance
Performing		$	12,036		$	18,297		$	16,343		$	19,476		$	5,687		$	21,046		$	—		$	—		$	92,885
Nonperforming			—			—			—			38			—			441			—			—			479
Total		$	12,036		$	18,297		$	16,343		$	19,514		$	5,687		$	21,487		$	—		$	—		$	93,364

Residential real estate
Current period gross charge-offs		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Consumer
Payment Performance
Performing		$	2,484		$	1,396		$	674		$	456		$	385		$	953		$	371		$	—		$	6,719
Nonperforming			—			—			—			—			—			—			—			—			—
Total		$	2,484		$	1,396		$	674		$	456		$	385		$	953		$	371		$	—		$	6,719

Consumer
Current period gross charge-offs		$	138		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	138

Total
Payment Performance
Performing		$	14,520		$	19,693		$	17,017		$	19,932		$	6,072		$	21,999		$	371		$	—		$	99,604
Nonperforming			—			—			—			38			—-			441			—			—			479
Total		$	14,520		$	19,693		$	17,017		$	19,970		$	6,072		$	22,440		$	371		$	—		$	100,083
Current period gross charge-offs		$	138		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	138

Schedule of loan portfolio aging analysis

Loan Portfolio Aging Analysis

As of June 30, 2024


		30-59 Days			60‑89 Days			Greater
		Past Due			Past Due			Than 90 Days						Total Past
		and			and			and						Due and						Total Loans
		Accruing			Accruing			Accruing			Non Accrual			Non Accrual			Current			Receivable

		(In thousands)
Commercial		$	45		$	—		$	167		$	66		$	278		$	94,384		$	94,662
Commercial real estate			—			—			242			7			249			287,386			287,635
Residential			306			25			—			275			606			91,548			92,154
Consumer			—			—			—			14			14			10,049			10,063
Total		$	351		$	25		$	409		$	362		$	1,147		$	483,367		$	484,514

Loan Portfolio Aging Analysis

As of December 31, 2023


		30‑59 Days			60‑89 Days			Greater
		Past Due			Past Due			Than 90 Days						Total Past
		and			and			and						Due and						Total Loans
		Accruing			Accruing			Accruing			Non Accrual			Non Accrual			Current			Receivable

		(In thousands)
Commercial		$	10		$	48		$	154		$	—		$	212		$	91,082		$	91,294
Commercial real estate			—			242			—			8			250			291,609			291,859
Residential			201			—			—			479			680			92,684			93,364
Installment			5			—			—			—			5			6,714			6,719
Total		$	216		$	290		$	154		$	487		$	1,147		$	482,089		$	483,236

Schedule of amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest

The following table present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of June 30, 2024:


											Loans Past
											Due Over 90 Days			Total
		Nonaccrual with no ACL			Nonaccrual with ACL			Total Nonaccrual			Still Accruing			Nonperforming

		(In thousands)
Commercial		$	66		$	—		$	66		$	167		$	233
Commercial real estate			7			—			7			242			249
Residential			275			—			275			—			275
Consumer			14			—			14			—			14
Total		$	362		$	—		$	362		$	409		$	771

The following table present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing interest as of December 31, 2023:


											Loans Past
											Due Over 90 Days			Total
		Nonaccrual with no ACL			Nonaccrual with ACL			Total Nonaccrual			Still Accruing			Nonperforming

		(In thousands)
Commercial and Industrial		$	—		$	—		$	—		$	154		$	154
Commercial real estate			8			—			8			—			8
Residential			479			—			479			—			479
Consumer			—			—			—			—			—
Total		$	487		$	—		$	487		$	154		$	641