v3.25.2
Loans Receivable and ACL-Loans (Tables)
 6 Months Ended
Jun. 30, 2025
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule of Loan Portfolio
The following table sets forth a summary of the loan portfolio at June 30, 2025 and December 31, 2024:
(In thousands)June 30, 2025December 31, 2024
Real estate loans:
Residential$34,978 $42,766 
Commercial1,802,224 1,899,134 
Construction203,758 173,555 
2,040,960 2,115,455 
Commercial business559,221 515,125 
Consumer68,801 75,308 
Total loans2,668,982 2,705,888 
ACL-Loans(29,256)(29,007)
Deferred loan origination fees, net(3,984)(3,922)
Loans receivable, net$2,635,742 $2,672,959 
Schedule of Portfolio Segment and Impairment Methodology, of ACL-Loan and Related Portfolio
The following tables set forth the activity in the Company’s ACL-Loans for the three and six months ended June 30, 2025 and 2024, by portfolio segment:

Residential Real EstateCommercial Real EstateConstructionCommercial BusinessConsumerTotal
(In thousands)
Three Months Ended June 30, 2025
Beginning balance$87 $20,562 $2,216 $5,244 $1,376 $29,485 
Charge-offs— — — (15)(5)(20)
Recoveries— — — 112 10 122 
(Credit) provision for credit losses(22)(1,270)688 185 88 (331)
Ending balance$65 $19,292 $2,904 $5,526 $1,469 $29,256 

Residential Real EstateCommercial Real EstateConstructionCommercial BusinessConsumerTotal
(In thousands)
Three Months Ended June 30, 2024
Beginning balance$133 $21,666 $1,543 $4,078 $571 $27,991 
Charge-offs(9)(522)— — (12)(543)
Recoveries141 113 — — 13 267 
(Credit) provision for credit losses(142)1,216 729 6,569 (4)8,368 
Ending balance$123 $22,473 $2,272 $10,647 $568 $36,083 
Residential Real EstateCommercial Real EstateConstructionCommercial BusinessConsumerTotal
(In thousands)
Six Months Ended June 30, 2025
Beginning balance$94 $21,838 $2,059 $4,070 $946 $29,007 
Charge-offs— (67)— (15)(37)(119)
Recoveries— — — 116 46 162 
(Credit) provision for credit losses(29)(2,479)845 1,355 514 206 
Ending balance$65 $19,292 $2,904 $5,526 $1,469 $29,256 

Residential Real EstateCommercial Real EstateConstructionCommercial BusinessConsumerTotal
(In thousands)
Six Months Ended June 30, 2024
Beginning balance$149 $20,950 $1,699 $4,562 $586 $27,946 
Charge-offs(141)(3,828)— (197)(61)(4,227)
Recoveries141 113 — 27 17 298 
(Credit) provision for credit losses(26)5,238 573 6,255 26 12,066 
Ending balance$123 $22,473 $2,272 $10,647 $568 $36,083 
Loans evaluated for impairment and the related ACL-Loans as of June 30, 2025 and December 31, 2024 were as follows:
PortfolioACL-Loans
(In thousands)
June 30, 2025
Loans individually evaluated for impairment:
Residential real estate$2,846 $— 
Commercial real estate16,387 — 
Construction— — 
Commercial business6,871 — 
Consumer37,753 — 
Subtotal63,857 — 
Loans collectively evaluated for impairment:
Residential real estate32,133 65 
Commercial real estate1,785,837 19,292 
Construction203,758 2,904 
Commercial business552,350 5,526 
Consumer31,047 1,469 
Subtotal2,605,125 29,256 
Total$2,668,982 $29,256 

PortfolioACL-Loans
(In thousands)
December 31, 2024
Loans individually evaluated for impairment:
Residential real estate$3,052 $— 
Commercial real estate44,814 — 
Construction— — 
Commercial business7,672 — 
Consumer58,363 — 
Subtotal113,901 — 
Loans collectively evaluated for impairment:
Residential real estate39,714 94 
Commercial real estate1,854,320 21,838 
Construction173,555 2,059 
Commercial business507,453 4,070 
Consumer16,945 946 
Subtotal2,591,987 29,007 
Total$2,705,888 $29,007 
The following table presents a roll forward of the ACL-Unfunded Commitments for the three and six months ended June 30, 2025 and June 30, 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Balance at beginning of period$681 $911 $756 $926 
(Credit) for credit losses (unfunded commitments)(79)(185)(154)(200)
Balance at end of period$602 $726 $602 $726 
The following table summarizes the Provision for credit losses for the three and six months ended June 30, 2025 and June 30, 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
(Credit) provision for credit losses (loans)$(331)$8,368 $206 $12,066 
(Credit) for credit losses (unfunded commitments)(80)(185)(154)(200)
(Credit) provision for credit losses$(411)$8,183 $52 $11,866 
Schedule of Loan Portfolio Quality Indicators by Portfolio Segment The following tables present loans by origination and risk designation as of June 30, 2025 and December 31, 2024 (dollars in thousands):
Term Loans
Amortized Cost Balances by Origination Year as of June 30, 2025
20252024202320222021PriorTotal
Residential Real Estate Loans
Pass$— $— $— $— $— $31,995 $31,995 
Special Mention— — — — — 295 295 
Substandard— — — — — 2,862 2,862 
Doubtful— — — — — — — 
Total Residential Real Estate Loans$— $— $— $— $— $35,152 $35,152 
Residential Real Estate charge-off
Current period charge-offs$— $— $— $— $— $— $— 
Commercial Real Estate Loans
Pass$150,968 $105,752 $109,288 $571,848 $213,840 $545,609 $1,697,305 
Special Mention— 19,936 — 70,437 — 3,851 94,224 
Substandard— — — 580 8,688 7,099 16,367 
Doubtful— — — — — — — 
Total Commercial Real Estate Loans$150,968 $125,688 $109,288 $642,865 $222,528 $556,559 $1,807,896 
Commercial Real Estate charge-off
Current period charge-offs$— $— $— $— $67 $— $67 
Construction Loans
Pass$25,386 $26,250 $49,648 $36,939 $47,087 $— $185,310 
Special Mention— — — 19,415 — — 19,415 
Substandard— — — — — — — 
Doubtful— — — — — — — 
Total Construction Loans$25,386 $26,250 $49,648 $56,354 $47,087 $— $204,725 
Construction charge-off
Current period charge-offs$— $— $— $— $— $— $— 
Commercial Business Loans
Pass$133,234 $103,187 $87,732 $154,312 $43,132 $25,923 $547,520 
Special Mention— — — 6,618 2 216 6,836 
Substandard— 52 114 — 6,733 — 6,899 
Doubtful— — — — — 26 26 
Total Commercial Business Loans$133,234 $103,239 $87,846 $160,930 $49,867 $26,165 $561,281 
Commercial Business charge-off
Current period charge-offs$15 $— $— $— $— $— $15 
Consumer Loans
Pass$8,020 $22,407 $10,070 $27,746 $— $47 $68,290 
Special Mention— — — — — — — 
Substandard— — — — — — — 
Doubtful— — — — — — — 
Total Consumer Loans$8,020 $22,407 $10,070 $27,746 $— $47 $68,290 
Consumer charge-off
Current period charge-offs$37 $— $— $— $— $— $37 
Total Loans
Pass$317,608 $257,596 $256,738 $790,845 $304,059 $603,574 $2,530,420 
Special Mention— 19,936 — 96,470 2 4,362 120,770 
Substandard— 52 114 580 15,421 9,961 26,128 
Doubtful— — — — — 26 26 
Total Loans$317,608 $277,584 $256,852 $887,895 $319,482 $617,923 $2,677,344 
Total charge-off
Current period charge-offs$52 $— $— $— $67 $— $119 
Term Loans
Amortized Cost Balances by Origination Year as of December 31, 2024
20242023202220212020PriorTotal
Residential Real Estate Loans
Pass$— $— $— $— $— $39,560 $39,560 
Special Mention— — — — — 366 366 
Substandard— — — — — 3,069 3,069 
Doubtful— — — — — — — 
Total Residential Real Estate Loans$— $— $— $— $— $42,995 $42,995 
Residential Real Estate charge-off
Current period charge-offs$— $— $— $— $— $141 $141 
Commercial Real Estate Loans
Pass$162,303 $101,201 $680,359 $241,000 $95,277 $486,897 $1,767,037 
Special Mention— 18,357 43,286 29,792 — 1,982 93,417 
Substandard— — 27,081 9,194 5,488 1,610 43,373 
Doubtful— — — — — 1,400 1,400 
Total Commercial Real Estate Loans$162,303 $119,558 $750,726 $279,986 $100,765 $491,889 $1,905,227 
Commercial Real Estate charge-off
Current period charge-offs$— $— $— $522 $8,184 $4,405 $13,111 
Construction Loans
Pass$10,086 $47,301 $63,476 $53,529 $— $— $174,392 
Special Mention— — — — — — — 
Substandard— — — — — — — 
Doubtful— — — — — — — 
Total Construction Loans$10,086 $47,301 $63,476 $53,529 $— $— $174,392 
Construction charge-off
Current period charge-offs$— $— $— $— $— $1,771 $1,771 
Commercial Business Loans
Pass$143,267 $98,718 $179,999 $49,351 $5,708 $26,413 $503,456 
Special Mention— 665 3,454 1,949 — 20 6,088 
Substandard133 344 224 6,983 — — 7,684 
Doubtful— — — — — 53 53 
Total Commercial Business Loans$143,400 $99,727 $183,677 $58,283 $5,708 $26,486 $517,281 
Commercial Business charge-off
Current period charge-offs$— $— $7,664 $245 $— $— $7,909 
Consumer Loans
Pass$32,295 $9,051 $33,369 $— $— $49 $74,764 
Special Mention— — — — — — — 
Substandard— — — — — — — 
Doubtful— — — — — — — 
Total Consumer Loans$32,295 $9,051 $33,369 $— $— $49 $74,764 
Consumer charge-off
Current period charge-offs$28 $— $— $56 $— $— $84 
Total Loans
Pass$347,951 $256,271 $957,203 $343,880 $100,985 $552,919 $2,559,209 
Special Mention— 19,022 46,740 31,741 — 2,368 99,871 
Substandard133 344 27,305 16,177 5,488 4,679 54,126 
Doubtful— — — — — 1,453 1,453 
Total Loans$348,084 $275,637 $1,031,248 $391,798 $106,473 $561,419 $2,714,659 
Total charge-off
Current period charge-offs$28 $— $7,664 $823 $8,184 $6,317 $23,016 
The following tables present credit risk ratings by loan segment as of June 30, 2025 and December 31, 2024:
Commercial Credit Quality Indicators
June 30, 2025December 31, 2024
Commercial Real EstateConstructionCommercial BusinessTotalCommercial Real EstateConstructionCommercial BusinessTotal
(In thousands)
Pass$1,692,203 $184,475 $545,569 $2,422,247 $1,767,482 $173,555 $501,432 $2,442,469 
Special Mention93,634 19,283 6,781 119,698 86,838 — 6,020 92,858 
Substandard16,387 — 6,845 23,232 43,413 — 7,619 51,032 
Doubtful— — 26 26 1,401 — 54 1,455 
Loss— — — — — — — — 
Total loans$1,802,224 $203,758 $559,221 $2,565,203 $1,899,134 $173,555 $515,125 $2,587,814 

Residential and Consumer Credit Quality Indicators
June 30, 2025December 31, 2024
Residential Real EstateConsumerTotalResidential Real EstateConsumerTotal
(In thousands)
Pass$31,842 $68,800 $100,642 $39,359 $75,308 $114,667 
Special Mention291 — 291 356 — 356 
Substandard2,846 — 2,846 3,051 — 3,051 
Doubtful— — — — — — 
Loss— — — — — — 
Total loans$34,979 $68,800 $103,779 $42,766 $75,308 $118,074 
Schedule of Information with Respect to our Loan Portfolio Delinquencies by Portfolio Segment and Amount
The following tables set forth certain information with respect to the Company's loan portfolio delinquencies by portfolio segment as of June 30, 2025 and December 31, 2024:
June 30, 2025
30-59 Days Past Due60-89 Days Past Due90 Days or Greater Past DueTotal Past DueCurrentTotal Loans
(In thousands)
Real estate loans:
Residential real estate$291 $— $617 $908 $34,070 $34,978 
Commercial real estate145 — 16,387 16,532 1,785,692 1,802,224 
Construction— — — — 203,758 203,758 
Commercial business18 33 6,680 6,731 552,490 559,221 
Consumer— — — — 68,801 68,801 
Total loans$454 $33 $23,684 $24,171 $2,644,811 $2,668,982 

December 31, 2024
30-59 Days Past Due60-89 Days Past Due90 Days or Greater Past DueTotal Past DueCurrentTotal Loans
(In thousands)
Real estate loans:
Residential real estate$130 $226 $652 $1,008 $41,758 $42,766 
Commercial real estate359 — 35,585 35,944 1,863,190 1,899,134 
Construction— — — — 173,555 173,555 
Commercial business4 11 7,143 7,158 507,967 515,125 
Consumer— — — — 75,308 75,308 
Total loans$493 $237 $43,380 $44,110 $2,661,778 $2,705,888 
Schedule of Nonaccrual Loans by Portfolio Segment
The following is a summary of nonaccrual loans by portfolio segment as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
(In thousands)
Residential real estate$617 $791 
Commercial real estate16,387 44,814 
Commercial business6,871 7,672 
Construction— — 
Consumer— — 
Total$23,875 $53,277 
Schedule of Individually Evaluated Loans by Portfolio Segment as of Loans Without a Valuation Allowance
The following table summarizes individually evaluated loans by portfolio segment as of June 30, 2025 and December 31, 2024.
Carrying AmountUnpaid Principal BalanceAssociated ACL-Loans
June 30, 2025December 31, 2024June 30, 2025December 31, 2024June 30, 2025December 31, 2024
(In thousands)
Individually evaluated loans without a valuation allowance:
Residential real estate$2,846 $3,052 $3,145 $3,332 $— $— 
Commercial real estate16,387 44,814 27,047 55,936 — — 
Construction— — — — — — 
Commercial business6,871 7,672 7,947 8,782 — — 
Consumer37,753 58,363 37,753 58,363 — — 
Total individually evaluated loans without a valuation allowance63,857 113,901 75,892 126,413 — — 
Individually evaluated loans with a valuation allowance:
Residential real estate$— $— $— $— $— $— 
Commercial real estate— — — — — — 
Construction— — — — — — 
Commercial business— — — — — — 
Consumer— — — — — — 
Total individually evaluated loans with a valuation allowance— — — — — — 
Total individually evaluated loans$63,857 $113,901 $75,892 $126,413 $— $— 
The following tables summarize the average carrying amount of individually evaluated loans and interest income recognized on individually evaluated loans by portfolio segment for the three and six months ended June 30, 2025 and 2024:
Average Carrying AmountInterest Income Recognized
Three Months Ended June 30,Three Months Ended June 30,
2025202420252024
(In thousands)
Individually evaluated loans without a valuation allowance:
Residential real estate$2,979 $3,640 $43 $42 
Commercial real estate17,371 55,291 84 552 
Commercial business7,000 12,423 55 211 
Construction— — — — 
Consumer40,489 26,156 382 400 
Total individually evaluated loans without a valuation allowance67,839 97,510 564 1,205 
Individually evaluated loans with a valuation allowance:
Residential real estate$— $— $— $— 
Commercial real estate— — — — 
Commercial business— 8,516 — 878 
Construction— 9,382 — — 
Consumer— — — — 
Total individually evaluated loans with a valuation allowance— 17,898 — 878 
Total individually evaluated loans$67,839 $115,408 $564 $2,083 
Average Carrying AmountInterest Income Recognized
Six Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Individually evaluated loans without a valuation allowance:
Residential real estate$3,025 $3,656 $103 $85 
Commercial real estate17,766 57,247 129 1,094 
Commercial business7,322 12,745 70 618 
Construction— — — — 
Consumer47,369 25,840 775 736 
Total individually evaluated loans without a valuation allowance75,482 99,488 1,077 2,533 
Individually evaluated loans with a valuation allowance:
Residential real estate$— $— $— $— 
Commercial real estate— — — — 
Commercial business— 8,607 — 1,039 
Construction— 9,382 — — 
Consumer— — — — 
Total individually evaluated loans with a valuation allowance— 17,989 — 1,039 
Total individually evaluated loans$75,482 $117,477 $1,077 $3,572