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LOANS

12 Months Ended

Dec. 31, 2024

6. LOANS

The segments of the Company’s loan portfolio are disaggregated into classes that allow management to monitor risk and performance. The loan classes used are consistent with the internal reports evaluated by the Company’s management and Board of Directors to monitor risk and performance within various segments of its loan portfolio. The commercial loan segment includes both the owner occupied commercial real estate loan and the other commercial and industrial loan classes. The commercial real estate loan segment includes the non-owner occupied commercial real estate loan classes of retail, multi-family, and other. The residential mortgage loan segment is comprised of first lien amortizing residential

mortgage loans while the consumer loan segment consists primarily of home equity loans secured by residential real estate, installment loans, and overdraft lines of credit associated with customer deposit accounts.

The loan portfolio of the Company consists of the following:


		AT DECEMBER 31,
		2024			2023

		(IN THOUSANDS)
Commercial:
Commercial real estate (owner occupied) ⁽¹⁾		$	86,953		$	89,147
Other commercial and industrial			147,251			159,424
Commercial real estate (non-owner occupied):
Retail ⁽¹⁾			181,778			161,961
Multi-family ⁽¹⁾			132,364			110,008
Other ⁽¹⁾			233,882			240,286
Residential mortgages ⁽¹⁾			177,110			174,670
Consumer			108,611			102,775
Loans, net of unearned income		$	1,067,949		$	1,038,271

(1)	Real estate construction loans constituted 3.6% and 3.4% of the Company’s total loans, net of unearned income as of December 31, 2024 and 2023, respectively.

Loan balances at December 31, 2024 and 2023 are net of unearned income of $517,000 and $483,000, respectively.

The Company has no exposure to subprime mortgage loans in either the loan or investment portfolios. The Company has no direct loan exposures to sovereign or non-sovereign (i.e. financial institutions and corporations) borrowers within foreign countries experiencing significant economic, fiscal, and/or political strains.

The Company has no significant industry lending concentrations. Specifically, as of December 31, 2024 and 2023, loans to customers engaged in similar activities and having similar economic characteristics, as defined by standard industrial classifications, did not exceed 10% of total loans. Additionally, the majority of the Company’s lending occurs within a 250-mile radius of the Johnstown market.

In the ordinary course of business, the Company has transactions, including loans, with its officers, directors, and their affiliated companies. In management’s opinion, these transactions were on substantially the same terms as those prevailing at the time for comparable transactions with unaffiliated parties and do not involve more than the normal credit risk. These loans totaled $540,000 and $663,000 at December 31, 2024 and 2023, respectively.

The following tables summarize the loan activity with related parties for the years ended December 31, 2024 and 2023 (in thousands).

YEAR ENDED DECEMBER 31, 2024

BALANCE AT DECEMBER 31, 2023

ADDITIONS

REPAYMENTS

BALANCE AT DECEMBER 31, 2024

Loans to related parties

$

663

$

48

$

171

$

540


		YEAR ENDED DECEMBER 31, 2023
		BALANCE AT DECEMBER 31, 2022			ADDITIONS			REPAYMENTS			BALANCE AT DECEMBER 31, 2023
Loans to related parties		$	587		$	602		$	526		$	663