LOANS (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| LOANS |
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| Schedule of major classification loans |
| | | | | | (in thousands) | June 30, 2025 | | December 31, 2024 | Residential real estate | $ | 738,779 | | $ | 729,254 | Multi-family | | 539,573 | | | 550,570 | Commercial real estate | | 530,567 | | | 546,257 | Commercial and industrial | | 148,907 | | | 145,457 | Construction and land development | | 8,208 | | | 13,483 | Consumer | | 418 | | | 503 | Total loans | | 1,966,452 | | | 1,985,524 | Allowance for credit losses | | (21,571) | | | (22,779) | Total loans, net | $ | 1,944,881 | | $ | 1,962,745 |
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| Schedule of activity in the allowance by portfolio segment |
| | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | | | | | | | | | | Commercial | | Construction | | | | | | | | | Residential | | Multi- | | Commercial | | and | | and Land | | | | | | | | | Real Estate | | Family | | Real Estate | | Industrial | | Development | | Consumer | | | | | | Loans | | Loans | | Loans | | Loans | | Loans | | Loans | | Total | (in thousands) | | | | | | | | | | | | | | | | | | | | | | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 6,551 | | $ | 4,999 | | $ | 5,379 | | $ | 5,860 | | $ | 113 | | $ | 23 | | $ | 22,925 | Charge-offs | | | — | | | — | | | — | | | (3,534) | | | — | | | — | | | (3,534) | Recoveries | | | — | | | — | | | — | | | 10 | | | — | | | — | | | 10 | Provision for credit losses (1) | | | 141 | | | (1,081) | | | 23 | | | 3,050 | | | 38 | | | (1) | | | 2,170 | Ending balance | | $ | 6,692 | | $ | 3,918 | | $ | 5,402 | | $ | 5,386 | | $ | 151 | | $ | 22 | | $ | 21,571 |
| (1) | Additional provision related to off-balance sheet exposure was a debit of $187 thousand for the three months ended June 30, 2025. |
| | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | | | | | | | | | | | Commercial | | Construction | | | | | | | | | Residential | | Multi- | | Commercial | | and | | and Land | | | | | | | | | Real Estate | | Family | | Real Estate | | Industrial | | Development | | Consumer | | | | | | Loans | | Loans | | Loans | | Loans | | Loans | | Loans | | Total | (in thousands) | | | | | | | | | | | | | | | | | | | | | | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 5,277 | | $ | 4,217 | | $ | 8,579 | | $ | 1,643 | | $ | 97 | | $ | 60 | | $ | 19,873 | Charge-offs | | | — | | | — | | | — | | | (86) | | | — | | | — | | | (86) | Recoveries | | | — | | | — | | | — | | | 7 | | | — | | | — | | | 7 | Provision for credit losses (1) | | | 719 | | | 49 | | | 463 | | | 2,613 | | | 1 | | | 5 | | | 3,850 | Ending balance | | $ | 5,996 | | $ | 4,266 | | $ | 9,042 | | $ | 4,177 | | $ | 98 | | $ | 65 | | $ | 23,644 |
| (1) | Additional provision related to off-balance sheet exposure was a debit of $190 thousand, including a reclassification of $140 thousand from other expenses, for the three months ended June 30, 2024. |
| | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | | | | | | | Commercial | | Construction | | | | | | | | | Residential | | Multi- | | Commercial | | and | | and Land | | | | | | | | | Real Estate | | Family | | Real Estate | | Industrial | | Development | | Consumer | | | | | | Loans | | Loans | | Loans | | Loans | | Loans | | Loans | | Total | (in thousands) | | | | | | | | | | | | | | | | | | | | | | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 6,236 | | $ | 5,284 | | $ | 5,605 | | $ | 5,447 | | $ | 180 | | $ | 27 | | $ | 22,779 | Charge-offs | | | — | | | (33) | | | (305) | | | (3,667) | | | — | | | — | | | (4,005) | Recoveries | | | — | | | — | | | — | | | 27 | | | — | | | — | | | 27 | Provision for credit losses (1) | | | 456 | | | (1,333) | | | 102 | | | 3,579 | | | (29) | | | (5) | | | 2,770 | Ending balance | | $ | 6,692 | | $ | 3,918 | | $ | 5,402 | | $ | 5,386 | | $ | 151 | | $ | 22 | | $ | 21,571 |
| (1) | Additional provision related to off-balance sheet exposure was a debit of $187 thousand for the six months ended June 30, 2025. |
| | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | | | | | | | | | | Commercial | | Construction | | | | | | | | | Residential | | Multi- | | Commercial | | and | | and Land | | | | | | | | | Real Estate | | Family | | Real Estate | | Industrial | | Development | | Consumer | | | | | | Loans | | Loans | | Loans | | Loans | | Loans | | Loans | | Total | (in thousands) | | | | | | | | | | | | | | | | | | | | | | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 5,001 | | $ | 4,671 | | $ | 8,390 | | $ | 1,419 | | $ | 122 | | $ | 55 | | $ | 19,658 | Charge-offs | | | — | | | — | | | (30) | | | (146) | | | — | | | — | | | (176) | Recoveries | | | — | | | — | | | — | | | 12 | | | — | | | — | | | 12 | Provision for credit losses (1) | | | 995 | | | (405) | | | 682 | | | 2,892 | | | (24) | | | 10 | | | 4,150 | Ending balance | | $ | 5,996 | | $ | 4,266 | | $ | 9,042 | | $ | 4,177 | | $ | 98 | | $ | 65 | | $ | 23,644 |
| (1) | Additional provision related to off-balance sheet exposure was a debit of $190 thousand for the six months ended June 30, 2024. |
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| Schedule of allowance for credit losses for unfunded commitments |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Balance at beginning of period | | $ | 314 | | $ | 264 | | $ | 314 | | $ | 124 | Provision for credit losses | | | 187 | | | 50 | | | 187 | | | 190 | Balance at end of period | | $ | 501 | | $ | 314 | | $ | 501 | | $ | 314 |
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| Schedule of amortized cost basis of loans on nonaccrual status and loans |
| | | | | | | | | | | | June 30, 2025 | | | Nonaccrual | | | | | Loans Past | | | With No | | | | | Due Over | | | Allowance | | | | | 89 Days | (in thousands) | | for Credit Loss | | Nonaccrual | | Still Accruing | Residential real estate | | $ | 4,407 | | $ | 4,407 | | $ | — | Multi-family | | | — | | | — | | | — | Commercial real estate | | | 2,576 | | | 3,457 | | | 4,677 | Commercial and industrial | | | 2,368 | | | 4,787 | | | — | Construction and land development | | | — | | | — | | | — | Consumer | | | — | | | — | | | — | Total | | $ | 9,351 | | $ | 12,651 | | $ | 4,677 |
| | | | | | | | | | | | December 31, 2024 | | | Nonaccrual | | | | | Loans Past | | | With No | | | | | Due Over | | | Allowance | | | | | 89 Days | (in thousands) | | for Credit Loss | | Nonaccrual | | Still Accruing | Residential real estate | | $ | 5,497 | | $ | 5,497 | | $ | — | Multi-family | | | 864 | | | 864 | | | — | Commercial real estate | | | 5,300 | | | 5,325 | | | — | Commercial and industrial | | | 1,567 | | | 4,682 | | | — | Construction and land development | | | — | | | — | | | — | Consumer | | | — | | | — | | | — | Total | | $ | 13,228 | | $ | 16,368 | | $ | — |
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| Schedule of amortized cost basis and related allowance for credit loss of individually analyzed loans considered to be collateral dependent |
| | | | | | | | | June 30, 2025 | (in thousands) | | Amortized Cost Basis | | Related Allowance | | | | | | | | Residential real estate (1) | | $ | 4,215 | | $ | — | Commercial real estate (2) | | | 3,262 | | | 281 | Commercial and industrial (1) (2) (3) | | | 3,488 | | | 1,522 | Total | | $ | 10,965 | | $ | 1,803 |
| (1) | Secured by residential real estate |
| (2) | Secured by commercial real estate |
| (3) | Secured by business assets |
| | | | | | | | | December 31, 2024 | (in thousands) | | Amortized Cost Basis | | Related Allowance | | | | | | | | Residential real estate (1) | | $ | 5,783 | | $ | — | Multi-family (2) | | | 864 | | | — | Commercial real estate (2) | | | 5,235 | | | — | Commercial and industrial (1) (2) (3) | | | 3,753 | | | 2,500 | Total | | $ | 15,635 | | $ | 2,500 |
| (1) | Secured by residential real estate |
| (2) | Secured by commercial real estate |
| (3) | Secured by business assets |
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| Schedule of aging of the amortized cost basis in past due loans |
| | | | | | | | | | | | | | | | | | | (in thousands) | | 30 - 59 | | 60 - 89 | | Greater than | | | | | | | | | | | Days | | Days | | 89 Days | | Total | | Loans Not | | | June 30, 2025 | | Past Due | | Past Due | | Past Due | | Past Due | | Past Due | | Total | Residential real estate | | $ | 9,150 | | $ | 3,065 | | $ | 4,407 | | $ | 16,622 | | $ | 722,157 | | $ | 738,779 | Multi-family | | | — | | | — | | | — | | | — | | | 539,573 | | | 539,573 | Commercial real estate | | | 4,775 | | | 1,762 | | | 8,134 | | | 14,671 | | | 515,896 | | | 530,567 | Commercial and industrial | | | 761 | | | 1,147 | | | 4,412 | | | 6,320 | | | 142,587 | | | 148,907 | Construction and land development | | | — | | | — | | | — | | | — | | | 8,208 | | | 8,208 | Consumer | | | — | | | — | | | — | | | — | | | 418 | | | 418 | Total | | $ | 14,686 | | $ | 5,974 | | $ | 16,953 | | $ | 37,613 | | $ | 1,928,839 | | $ | 1,966,452 |
| | | | | | | | | | | | | | | | | | | (in thousands) | | 30 - 59 | | 60 - 89 | | Greater than | | | | | | | | | | | Days | | Days | | 89 Days | | Total | | Loans Not | | | December 31, 2024 | | Past Due | | Past Due | | Past Due | | Past Due | | Past Due | | Total | Residential real estate | | $ | 5,215 | | $ | 3,362 | | $ | 4,229 | | $ | 12,806 | | $ | 716,448 | | $ | 729,254 | Multi-family | | | 1,442 | | | — | | | — | | | 1,442 | | | 549,128 | | | 550,570 | Commercial real estate | | | 1,347 | | | — | | | 5,325 | | | 6,672 | | | 539,585 | | | 546,257 | Commercial and industrial | | | 2,533 | | | 661 | | | 4,305 | | | 7,499 | | | 137,958 | | | 145,457 | Construction and land development | | | — | | | — | | | — | | | — | | | 13,483 | | | 13,483 | Consumer | | | — | | | — | | | — | | | — | | | 503 | | | 503 | Total | | $ | 10,537 | | $ | 4,023 | | $ | 13,859 | | $ | 28,419 | | $ | 1,957,105 | | $ | 1,985,524 |
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| Schedule of financial receivable modified |
The following table presents the amortized cost basis of loans at June 30, 2025 that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2025, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % of | | | | | | | | | | | | | | | | | | | Total | | (in thousands) | | | | | | | | | | | Interest | | | | | Class of | | | | Principal | | Payment | | Term | | Rate | | | | | Financing | | June 30, 2025 | | Reduction | | Delay | | Extension | | Reduction | | Combination | | Receivable | | Commercial and industrial | | $ | — | | $ | — | | $ | 255 | | $ | — | | $ | — | | 0.17 | % |
The Company monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last 12 months: | | | | | | | | | | | | | (in thousands) | | 30 - 59 | | 60 - 89 | | Greater than | | | | | | Days | | Days | | 89 Days | | Total | June 30, 2025 | | Past Due | | Past Due | | Past Due | | Past Due | Commercial and industrial | | $ | 255 | | $ | — | | $ | — | | $ | 255 |
The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three and six months ended June 30, 2025: | | | | | | | | | | | | | | | | | Weighted | | | | | | Weighted | | | Average | (in thousands) | | | | | Average | | | Term | | | Principal | | Interest Rate | | | Extension | June 30, 2025 | | Reduction | | Reduction | | | (in months) | Commercial and industrial | | $ | — | | — | % | | 36 |
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| Schedule of loans by year of origination and internally assigned credit risk |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Revolving | | | | | | Term Loans Amortized Cost by Origination Year | | Revolving | | Loans to | | | | (in thousands) | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Loans | | Term Loans | | Total | Residential real estate (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | $ | 79,969 | | $ | 174,202 | | $ | 194,813 | | $ | 92,843 | | $ | 32,798 | | $ | 129,737 | | $ | 23,361 | | $ | — | | $ | 727,723 | Special Mention | | | — | | | — | | | 524 | | | 1,414 | | | 2,402 | | | 1,656 | | | — | | | — | | | 5,996 | Substandard | | | — | | | 401 | | | 1,298 | | | — | | | — | | | 2,708 | | | — | | | — | | | 4,407 | Total Residential real estate | | | 79,969 | | | 174,603 | | | 196,635 | | | 94,257 | | | 35,200 | | | 134,101 | | | 23,361 | | | — | | | 738,126 | Current period gross charge-offs | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Multi-family | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 13,947 | | | 1,493 | | | 159,803 | | | 238,814 | | | 68,136 | | | 56,936 | | | — | | | — | | | 539,129 | Special Mention | | | — | | | — | | | — | | | — | | | — | | | 444 | | | — | | | — | | | 444 | Substandard | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Total Multi-family | | | 13,947 | | | 1,493 | | | 159,803 | | | 238,814 | | | 68,136 | | | 57,380 | | | — | | | — | | | 539,573 | Current period gross charge-offs | | | — | | | — | | | — | | | — | | | — | | | 33 | | | — | | | — | | | 33 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 58,284 | | | 72,242 | | | 114,315 | | | 127,355 | | | 32,286 | | | 105,632 | | | — | | | — | | | 510,114 | Special Mention | | | — | | | — | | | 1,641 | | | 7,902 | | | — | | | 1,291 | | | — | | | — | | | 10,834 | Substandard | | | — | | | 5,533 | | | — | | | — | | | 24 | | | 4,062 | | | — | | | — | | | 9,619 | Total Commercial real estate | | | 58,284 | | | 77,775 | | | 115,956 | | | 135,257 | | | 32,310 | | | 110,985 | | | — | | | — | | | 530,567 | Current period gross charge-offs | | | — | | | — | | | — | | | — | | | 305 | | | — | | | — | | | — | | | 305 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial and industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 46,252 | | | 50,688 | | | 29,956 | | | 5,971 | | | 4,435 | | | 3,313 | | | — | | | — | | | 140,615 | Special Mention | | | 88 | | | 479 | | | — | | | 994 | | | 991 | | | 370 | | | — | | | — | | | 2,922 | Substandard | | | 623 | | | 2,339 | | | 86 | | | 237 | | | 961 | | | 1,124 | | | — | | | — | | | 5,370 | Total Commercial and industrial | | | 46,963 | | | 53,506 | | | 30,042 | | | 7,202 | | | 6,387 | | | 4,807 | | | — | | | — | | | 148,907 | Current period gross charge-offs | | | — | | | 1,098 | | | 69 | | | 2,500 | | | — | | | — | | | — | | | — | | | 3,667 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Construction and land development | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | — | | | 1,439 | | | — | | | 2,975 | | | — | | | — | | | — | | | — | | | 4,414 | Special Mention | | | — | | | — | | | — | | | 3,794 | | | — | | | — | | | — | | | — | | | 3,794 | Substandard | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Total Construction and land development | | | — | | | 1,439 | | | — | | | 6,769 | | | — | | | — | | | — | | | — | | | 8,208 | Current period gross charge-offs | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consumer | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 45 | | | 168 | | | 198 | | | 7 | | | — | | | — | | | — | | | — | | | 418 | Special Mention | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Substandard | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Total Consumer | | | 45 | | | 168 | | | 198 | | | 7 | | | — | | | — | | | — | | | — | | | 418 | Current period gross charge-offs | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Loans | | $ | 199,208 | | $ | 308,984 | | $ | 502,634 | | $ | 482,306 | | $ | 142,033 | | $ | 307,273 | | $ | 23,361 | | $ | — | | $ | 1,965,799 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gross charge-offs | | $ | — | | $ | 1,098 | | $ | 69 | | $ | 2,500 | | $ | 305 | | $ | 33 | | $ | — | | $ | — | | $ | 4,005 |
| (1) | Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $653,000 related to basis adjustments for loans in the closed portfolio under the portfolio layer method at June 30, 2025. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See “Note 10 – Derivates” for more information on the fair value hedge. |
The following table summarizes the Company’s loans by year of origination and internally assigned credit risk at December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Revolving | | | | | | Term Loans Amortized Cost by Origination Year | | Revolving | | Loans to | | | | (in thousands) | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | Prior | | Loans | | Term Loans | | Total | Residential real estate (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | $ | 81,599 | | $ | 180,498 | | $ | 193,204 | | $ | 58,694 | | $ | 33,539 | | $ | 143,580 | | $ | — | | $ | 25,004 | | $ | 716,118 | Special Mention | | | 407 | | | 877 | | | 585 | | | 1,199 | | | 2,110 | | | 768 | | | — | | | — | | | 5,946 | Substandard | | | — | | | 514 | | | 679 | | | 589 | | | — | | | 3,467 | | | — | | | 1,418 | | | 6,667 | Total Residential real estate | | | 82,006 | | | 181,889 | | | 194,468 | | | 60,482 | | | 35,649 | | | 147,815 | | | — | | | 26,422 | | | 728,731 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Multi-family | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 2,814 | | | 3,393 | | | 292,430 | | | 159,094 | | | 35,368 | | | 56,158 | | | — | | | — | | | 549,257 | Special Mention | | | — | | | — | | | — | | | — | | | — | | | 450 | | | — | | | — | | | 450 | Substandard | | | — | | | — | | | — | | | 863 | | | — | | | — | | | — | | | — | | | 863 | Total Multi-family | | | 2,814 | | | 3,393 | | | 292,430 | | | 159,957 | | | 35,368 | | | 56,608 | | | — | | | — | | | 550,570 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 69,436 | | | 83,159 | | | 173,301 | | | 78,044 | | | 21,870 | | | 104,957 | | | — | | | — | | | 530,767 | Special Mention | | | — | | | 911 | | | 1,709 | | | 3,866 | | | 399 | | | 1,298 | | | — | | | — | | | 8,183 | Substandard | | | — | | | — | | | — | | | 2,790 | | | 483 | | | 4,034 | | | — | | | — | | | 7,307 | Total Commercial real estate | | | 69,436 | | | 84,070 | | | 175,010 | | | 84,700 | | | 22,752 | | | 110,289 | | | — | | | — | | | 546,257 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial and industrial | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 49,979 | | | 69,149 | | | 8,834 | | | 6,022 | | | 1,375 | | | 2,496 | | | — | | | — | | | 137,855 | Special Mention | | | 236 | | | 251 | | | — | | | 544 | | | 805 | | | 416 | | | — | | | — | | | 2,252 | Substandard | | | 42 | | | 815 | | | 2,500 | | | 1,261 | | | 249 | | | 483 | | | — | | | — | | | 5,350 | Total Commercial and industrial | | | 50,257 | | | 70,215 | | | 11,334 | | | 7,827 | | | 2,429 | | | 3,395 | | | — | | | — | | | 145,457 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Construction and land development | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 921 | | | 3,288 | | | — | | | 5,473 | | | — | | | — | | | — | | | — | | | 9,682 | Special Mention | | | — | | | — | | | — | | | 3,801 | | | — | | | — | | | — | | | — | | | 3,801 | Substandard | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Total Construction and land development | | | 921 | | | 3,288 | | | — | | | 9,274 | | | — | | | — | | | — | | | — | | | 13,483 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consumer | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pass | | | 138 | | | 292 | | | 73 | | | — | | | — | | | — | | | — | | | — | | | 503 | Special Mention | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Substandard | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | Total Consumer | | | 138 | | | 292 | | | 73 | | | — | | | — | | | — | | | — | | | — | | | 503 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Loans | | $ | 205,572 | | $ | 343,147 | | $ | 673,315 | | $ | 322,240 | | $ | 96,198 | | $ | 318,107 | | $ | — | | $ | 26,422 | | $ | 1,985,001 |
| (1) | Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $523,000 related to basis adjustments for loans in the closed portfolio under the portfolio layer method at December 31, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See “Note 10 – Derivates” for more information on the fair value hedge. |
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