| Schedule of allowance for credit losses on loans |
Transactions in the allowance for credit losses for the three months ended March 31, 2025 and 2024, and the balances of loans, individually and collectively evaluated for impairment, as of March 31, 2025 and 2024, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | Real Estate, | | Real Estate, | | Real Estate, | | Commercial | | | | | | | | | Residential | | Construction | | Nonresidential | | and Industrial | | Other | | Total | Quarter ended March 31, 2025 | | | | | | | | | | | | | | | | | | | Allowance for credit losses | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 676 | | $ | 135 | | $ | 1,835 | | $ | 92 | | $ | 244 | | $ | 2,982 | Charge-offs | | | — | | | — | | | — | | | — | | | (53) | | | (53) | Recoveries | | | 2 | | | 9 | | | 1 | | | — | | | 28 | | | 40 | Net provision for credit losses | | | 50 | | | (4) | | | (70) | | | (12) | | | 36 | | | — | Ending Balance | | $ | 728 | | $ | 140 | | $ | 1,766 | | $ | 80 | | $ | 255 | | $ | 2,969 | Reserve for unfunded lending commitments | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 2 | | $ | 23 | | $ | 10 | | $ | 12 | | $ | 36 | | $ | 83 | Provision for losses on unfunded commitments | | | 1 | | | (3) | | | 1 | | | 3 | | | (7) | | | (5) | Ending balance-reserve for unfunded commitments | | $ | 3 | | $ | 20 | | $ | 11 | | $ | 15 | | $ | 29 | | $ | 78 | Total allowance for credit losses | | $ | 731 | | $ | 160 | | $ | 1,777 | | $ | 95 | | $ | 284 | | $ | 3,047 | Allowance for credit losses | | | | | | | | | | | | | | | | | | | Individually evaluated | | $ | 42 | | $ | — | | $ | — | | $ | — | | $ | 9 | | $ | 51 | Collectively evaluated | | | 686 | | | 140 | | | 1,766 | | | 80 | | | 246 | | | 2,918 | Total allowance for credit losses: | | $ | 728 | | $ | 140 | | $ | 1,766 | | $ | 80 | | $ | 255 | | $ | 2,969 | Reserve for unfunded lending commitments | | | | | | | | | | | | | | | | | | | Individually evaluated | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | Collectively evaluated | | | 3 | | | 20 | | | 11 | | | 15 | | | 29 | | | 78 | Reserve for unfunded lending commitments: | | | 3 | | | 20 | | | 11 | | | 15 | | | 29 | | | 78 | Total allowance for credit losses, March 31, 2025 | | $ | 731 | | $ | 160 | | $ | 1,777 | | $ | 95 | | $ | 284 | | $ | 3,047 | Loans, Quarter ended March 31, 2025 | | | | | | | | | | | | | | | | | | | Individually evaluated | | $ | 936 | | $ | 261 | | $ | 470 | | $ | 21 | | $ | 9 | | $ | 1,697 | Collectively evaluated | | | 79,427 | | | 17,277 | | | 110,044 | | | 12,338 | | | 10,862 | | | 229,948 | Total loans, March 31, 2025 | | $ | 80,363 | | $ | 17,538 | | $ | 110,514 | | $ | 12,359 | | $ | 10,871 | | $ | 231,645 |
| | | | | | | | | | | | | | | | | | | | | Real Estate, | | Real Estate, | | Real Estate, | | Commercial | | | | | | | | | Residential | | Construction | | Nonresidential | | and Industrial | | Other | | Total | Three months ended March 31, 2024 | | | | | | | | | | | | | | | | | | | Allowance for credit losses | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 971 | | $ | 173 | | $ | 1,807 | | $ | 54 | | $ | 219 | | $ | 3,224 | Charge-offs | | | (45) | | | — | | | — | | | — | | | (90) | | | (135) | Recoveries | | | — | | | 8 | | | 1 | | | — | | | 49 | | | 58 | Net provision for credit losses | | | (206) | | | 31 | | | 74 | | | 3 | | | 38 | | | (60) | Ending Balance | | $ | 720 | | $ | 212 | | $ | 1,882 | | $ | 57 | | $ | 216 | | $ | 3,087 | Reserve for unfunded lending commitments | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 2 | | $ | 34 | | $ | 5 | | $ | 10 | | $ | 4 | | $ | 55 | Provision for losses on unfunded commitments | | | — | | | 10 | | | 7 | | | 1 | | | 42 | | | 60 | Ending balance-reserve for unfunded commitments | | $ | 2 | | $ | 44 | | $ | 12 | | $ | 11 | | $ | 46 | | $ | 115 | Total allowance for credit losses | | $ | 722 | | $ | 256 | | $ | 1,894 | | $ | 68 | | $ | 262 | | $ | 3,202 | Allowance for credit losses | | | | | | | | | | | | | | | | | | | Individually evaluated | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 8 | | $ | 8 | Collectively evaluated | | | 720 | | | 212 | | | 1,882 | | | 57 | | | 208 | | | 3,079 | Total allowance for credit losses: | | $ | 720 | | $ | 212 | | $ | 1,882 | | $ | 57 | | $ | 216 | | $ | 3,087 | Reserve for unfunded lending commitments | | | | | | | | | | | | | | | | | | | Individually evaluated | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | Collectively evaluated | | | 2 | | | 44 | | | 12 | | | 11 | | | 46 | | | 115 | Reserve for unfunded lending commitments: | | | 2 | | | 44 | | | 12 | | | 11 | | | 46 | | | 115 | Total allowance for credit losses, March 31, 2024 | | $ | 722 | | $ | 256 | | $ | 1,894 | | $ | 68 | | $ | 262 | | $ | 3,202 | Loans, Quarter ended March 31, 2024 | | | | | | | | | | | | | | | | | | | Individually evaluated | | $ | 986 | | $ | 209 | | $ | 95 | | $ | — | | $ | 35 | | $ | 1,325 | Collectively evaluated | | | 74,747 | | | 27,551 | | | 112,664 | | | 10,880 | | | 9,107 | | | 234,949 | Total loans, March 31, 2024 | | $ | 75,733 | | $ | 27,760 | | $ | 112,759 | | $ | 10,880 | | $ | 9,142 | | $ | 236,274 |
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| Schedule of gross charge-off disclosures by amortized cost by credit quality indicator |
The following table further disaggregates gross charge-off disclosures by amortized cost by credit quality indicator, class, and year of origination for the three month periods ended March 31, 2025 and March 31, 2024 (in thousands). The Company defines vintage as the later of origination or restructure date. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans | | | | | | | | Revolving | | | | | | Amortized Cost Basis by Origination Year | | | | | | | | Loans | | | | | | | | | | | | | | | | | | | | | | | | Revolving | | Converted to | | | | | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Loans | | Term Loans | | Total | March 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consumer/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | A,B, or C | | $ | 48 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 48 | S | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | D | | | — | | | 2 | | | — | | | — | | | — | | | — | | | — | | | — | | | 2 | E | | | — | | | 3 | | | — | | | — | | | — | | | — | | | — | | | — | | | 3 | F | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Total Consumer/Other Loans | | $ | 48 | | $ | 5 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 53 | Total Gross Loan Chargeoffs: | | $ | 48 | | $ | 5 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 53 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loans | | | | | | | | Revolving | | | | | | Amortized Cost Basis by Origination Year | | | | | | | | Loans | | | | | | | | | | | | | | | | | | | | | | | | Revolving | | Converted to | | | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | Prior | | Loans | | Term Loans | | Total | March 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate, nonresidential | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | A,B, or C | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | S | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | D | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | E | | | — | | | — | | | — | | | — | | | — | | | 45 | | | — | | | — | | | 45 | F | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Total Real estate, nonresidential loans | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 45 | | $ | — | | $ | — | | $ | 45 | Consumer/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | A,B, or C | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | S | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | D | | | 52 | | | 7 | | | — | | | — | | | — | | | 11 | | | — | | | — | | | 70 | E | | | — | | | — | | | 20 | | | — | | | — | | | — | | | — | | | — | | | 20 | F | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Total Consumer/Other Loans | | $ | 52 | | $ | 7 | | $ | 20 | | $ | — | | $ | — | | $ | 11 | | $ | — | | $ | — | | $ | 90 | Total Gross Loan Chargeoffs: | | $ | 52 | | $ | 7 | | $ | 20 | | $ | — | | $ | — | | $ | 56 | | $ | — | | $ | — | | $ | 135 |
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