LOANS

12 Months Ended

Dec. 31, 2025

Our loan portfolios by class at December 31 follow:


	2025		2024
	(In thousands)
Commercial
Commercial and industrial	$	1,158,841	$	1,001,329
Commercial real estate	1,054,716		936,035
Total commercial	2,213,557		1,937,364

Mortgage
1-4 family owner occupied - jumbo	878,761		875,551
1-4 family owner occupied - non-jumbo	289,562		299,142
1-4 family non-owner occupied	172,293		176,950
1-4 family - 2nd lien	157,597		133,947
Resort lending	26,608		31,136
Total mortgage	1,524,821		1,516,726

Installment
Boat lending	272,512		264,341
Recreational vehicle lending	191,857		224,537
Other	73,538		95,857
Total installment	537,907		584,735

Total loans	4,276,285		4,038,825
Allowance for credit losses	(63,445)		(59,379)
Net Loans	$	4,212,840	$	3,979,446

Loans include net deferred loan costs of $22.7 million and $24.4 million at December 31, 2025 and 2024, respectively.

During 2025, we sold $22.2 million of portfolio residential fixed rate and adjustable rate mortgage loans servicing retained and recognized a gain on sale of $0.41 million. During 2024, we sold $20.8 million of portfolio residential fixed and adjustable rate mortgage loans servicing retained and recognized a gain on sale of $0.42 million. During 2023, we sold $56.7 million of portfolio residential fixed and adjustable rate mortgage loans servicing retained and recognized a loss on sale of $0.14 million. These loan sale transactions were done primarily for asset/liability management purposes.

An analysis of the ACL by portfolio segment for the years ended December 31 follows:


	Commercial		Mortgage		Installment		Subjective Allocation		Total
	(In thousands)
2025
Balance at beginning of period	$	22,872	$	22,317	$	3,040	$	11,150	$	59,379
Additions (deductions)
Provision for credit losses	6,138		(1,559)		1,367		(270)		5,676
Recoveries credited to allowance	80		289		1,893		—		2,262
Loans charged against the allowance	(78)		(133)		(3,661)		—		(3,872)
Balance at end of period	$	29,012	$	20,914	$	2,639	$	10,880	$	63,445

2024
Balance at beginning of period	$	16,724	$	21,386	$	4,126	$	12,422	$	54,658
Additions (deductions)
Provision for credit losses	5,903		922		65		(1,272)		5,618
Recoveries credited to allowance	249		309		2,153		—		2,711
Loans charged against the allowance	(4)		(300)		(3,304)		—		(3,608)
Balance at end of period	$	22,872	$	22,317	$	3,040	$	11,150	$	59,379

2023
Balance at beginning of period	$	13,817	$	21,633	$	4,290	$	12,695	$	52,435
Additions (deductions)
Provision for credit losses	3,430		(445)		509		(273)		3,221
Recoveries credited to allowance	531		352		1,915		—		2,798
Loans charged against the allowance	(1,054)		(154)		(2,588)		—		(3,796)
Balance at end of period	$	16,724	$	21,386	$	4,126	$	12,422	$	54,658

The allocation of the ACL by portfolio segment at December 31 follows:


	2025				2024
	Allowance for Credit Losses Amount		Percent of Loans to Total Portfolio Loans		Allowance for Credit Losses Amount		Percent of Loans to Total Portfolio Loans
	(Dollars in thousands)
Commercial	$	29,012	51.8	%	$	22,872	48.0	%
Mortgage	20,914		35.7		22,317		37.5
Installment	2,639		12.6		3,040		14.5
Subjective allocation	10,880		—		11,150		—
Total	$	63,445	100.0	%	$	59,379	100.0	%

Loans on non-accrual status and past due more than 90 days (‘‘Non-performing Loans’’) at December 31 follow:



	Non-Accrual with no Allowance for Credit Loss		Non-Accrual with an Allowance for Credit Loss		Total Non- Accrual		90+ and Still Accruing		Total Non- Performing Loans
	(In thousands)
2025
Commercial
Commercial and industrial	$	—	$	—	$	—	$	—	$	—
Commercial real estate (1)	9,261		7,252		16,513		—		16,513
Mortgage
1-4 family owner occupied - jumbo	2,145		—		2,145		—		2,145
1-4 family owner occupied - non-jumbo (2)	1,700		670		2,370		—		2,370
1-4 family non-owner occupied	—		94		94		—		94
1-4 family - 2nd lien	200		888		1,088		—		1,088
Resort lending	—		57		57		—		57
Installment
Boat lending	—		308		308		—		308
Recreational vehicle lending	—		354		354		—		354
Other	—		198		198		—		198
Total	$	13,306	$	9,821	$	23,127	$	—	$	23,127

Accrued interest excluded from total	$	—	$	—	$	—	$	—	$	—

2024
Commercial
Commercial and industrial (1)	$	—	$	49	$	49	$	—	$	49
Commercial real estate	—		—		—		—		—
Mortgage
1-4 family owner occupied - jumbo	1,480		—		1,480		—		1,480
1-4 family owner occupied - non-jumbo (2)	1,929		496		2,425		—		2,425
1-4 family non-owner occupied	—		157		157		—		157
1-4 family - 2nd lien	246		769		1,015		—		1,015
Resort lending	—		143		143		—		143
Installment
Boat lending	—		209		209		—		209
Recreational vehicle lending	—		377		377		—		377
Other	—		147		147		—		147
Total	$	3,655	$	2,347	$	6,002	$	—	$	6,002

Accrued interest excluded from total	$	—	$	—	$	—	$	—	$	—


(1)			Non-performing commercial real estate loans exclude $7.018 million of government guaranteed loans at December 31, 2025 and non-performing commercial and industrial loans exclude $0.005 million of government guaranteed loans at December 31, 2024.


(2)			Non-performing 1-4 family owner occupied – non jumbo loans exclude $2.929 million and $1.785 million of government guaranteed loans at December 31, 2025 and 2024, respectively.

If non-performing loans had continued to accrue interest in accordance with their original terms, approximately $0.8 million, $0.3 million and $0.3 million of interest income would have been recognized in each of the years ended 2025,

2024 and 2023, respectively. Interest income recorded on these loans was approximately zero during each of the years ended 2025, 2024 and 2023.

The following table provides collateral information by class of loan for collateral-dependent loans. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and the repayment is expected to be provided substantially through the operation or sale of collateral.

The amortized cost of collateral-dependent loans by class at December 31, follows:


	Collateral Type				Allowance for Credit Losses
	Real Estate		Other (1)
	(In thousands)
2025
Commercial
Commercial and industrial	$	680	$	8,841	$	1,631
Commercial real estate	28,047		—		4,541
Mortgage
1-4 family owner occupied - jumbo	2,147		—		—
1-4 family owner occupied - non-jumbo	2,371		—		239
1-4 family non-owner occupied	22		—		8
1-4 family - 2nd lien	569		—		131
Resort lending	57		—		20
Installment
Boat lending	—		233		83
Recreational vehicle lending	—		237		84
Other	—		109		39
Total	$	33,893	$	9,420	$	6,776

Accrued interest excluded from total	$	73	$	54

2024
Commercial
Commercial and industrial	$	686	$	5,166	$	1,647
Commercial real estate	817		—		3
Mortgage
1-4 family owner occupied - jumbo	1,480		—		—
1-4 family owner occupied - non-jumbo	2,903		—		347
1-4 family non-owner occupied	—		—		—
1-4 family - 2nd lien	510		—		94
Resort lending	143		—		51
Installment
Boat lending	—		87		31
Recreational vehicle lending	—		266		94
Other	—		92		33
Total	$	6,539	$	5,611	$	2,300

Accrued interest excluded from total	$	5	$	34

(1) Commercial and industrial loan collateral generally includes machinery and equipment, accounts receivable, and inventory.

An aging analysis of loans by class at December 31 follows:


	Loans Past Due								Loans not Past Due		Total Loans
	30-59 days		60-89 days		90+ days		Total
	(In thousands)
2025
Commercial
Commercial and industrial	$	—	$	—	$	—	$	—	$	1,158,841	$	1,158,841
Commercial real estate	—		22,988		3,900		26,888		1,027,828		1,054,716
Mortgage
1-4 family owner occupied - jumbo	716		660		2,164		3,540		875,221		878,761
1-4 family owner occupied - non-jumbo	1,381		757		1,301		3,439		286,123		289,562
1-4 family non-owner occupied	119		29		22		170		172,123		172,293
1-4 family - 2nd lien	270		235		460		965		156,632		157,597
Resort lending	—		—		57		57		26,551		26,608
Installment
Boat lending	287		200		242		729		271,783		272,512
Recreational vehicle lending	550		205		230		985		190,872		191,857
Other	475		74		58		607		72,931		73,538
Total	$	3,798	$	25,148	$	8,434	$	37,380	$	4,238,905	$	4,276,285
Accrued interest excluded from total	$	37	$	78	$	—	$	115	$	13,837	$	13,952

2024
Commercial
Commercial and industrial	$	78	$	—	$	54	$	132	$	1,001,197	$	1,001,329
Commercial real estate	—		—		—		—		936,035		936,035
Mortgage
1-4 family owner occupied - jumbo	755		664		1,480		2,899		872,652		875,551
1-4 family owner occupied - non-jumbo	3,395		1,653		1,201		6,249		292,893		299,142
1-4 family non-owner occupied	329		—		—		329		176,621		176,950
1-4 family - 2nd lien	648		66		345		1,059		132,888		133,947
Resort lending	—		—		143		143		30,993		31,136
Installment
Boat lending	281		99		87		467		263,874		264,341
Recreational vehicle lending	622		395		190		1,207		223,330		224,537
Other	231		158		25		414		95,443		95,857
Total	$	6,339	$	3,035	$	3,525	$	12,899	$	4,025,926	$	4,038,825
Accrued interest excluded from total	$	65	$	44	$	—	$	109	$	13,352	$	13,461

For the year ended December 31, 2025 there were two mortgage - 1-4 family owner occupied - non-jumbo loans modified to borrowers experiencing financial difficulty totaling $0.10 million (0.1% of the total loan class). Both of the

modifications during the year ended December 31, 2025 involved term extensions and added a weighted average 12.0 years to the life of the loans.

One of the mortgage - 1-4 family owner occupied - non-jumbo loans modified during the year ended December 31, 2025 also received a 4.750% interest rate reduction.

Of the loans modified during the year ended December 31, 2025, one is on non-accrual status totaling $0.07 million.

For the year ended December 31, 2024 there were five mortgage - 1-4 family owner occupied - non-jumbo loans and one mortgage 1-4 family - 2nd lien loan modified to borrowers experiencing financial difficulty totaling $0.51 million (0.1% of the total loan class) and $0.07 million (0.1% of the total loan class), respectively. All of the loan modifications during the year ended December 31, 2024 involved term extensions and added a weighted average 7.1 years to the life of the loans.

One of the mortgage - 1-4 family owner occupied - non-jumbo loans modified during the year ended December 31, 2024 also received a 3.625% interest rate reduction.

Of the loans modified during the year ended December 31, 2024, none are on non-accrual or subsequently defaulted.

A loan is generally considered to be in payment default once it is 90 days contractually past due under the modified terms for commercial loans and installment loans and when four consecutive payments are missed for mortgage loans.

In order to determine whether a borrower is experiencing financial difficulty, we perform an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under our internal underwriting policy.

Credit Quality Indicators – As part of our on-going monitoring of the credit quality of our loan portfolios, we track certain credit quality indicators including (a) risk grade of commercial loans, (b) the level of classified commercial loans, (c) credit scores of mortgage and installment loan borrowers, and (d) delinquency history and non-performing loans.

For commercial loans, we use a loan rating system that is similar to those employed by state and federal banking regulators. Loans are graded on a scale of 1 to 12. A description of the general characteristics of the ratings follows:

Rating 1 through 6: These loans are generally referred to as our ‘‘non-watch’’ commercial credits that include very high or exceptional credit fundamentals through acceptable credit fundamentals.

Rating 7 and 8: These loans are generally referred to as our ‘‘watch’’ commercial credits. These ratings include loans to borrowers that exhibit potential credit weakness or downward trends. If not checked or cured these trends could weaken our asset or credit position. While potentially weak, no loss of principal or interest is envisioned with these ratings.

Rating 9: These loans are generally referred to as our ‘‘substandard accruing’’ commercial credits. This rating includes loans to borrowers that exhibit a well-defined weakness where payment default is probable and loss is possible if deficiencies are not corrected. Generally, loans with this rating are considered collectible as to both principal and interest primarily due to collateral coverage.

Rating 10 and 11: These loans are generally referred to as our ‘‘substandard - non-accrual’’ and ‘‘doubtful’’ commercial credits. These ratings include loans to borrowers with weaknesses that make collection of the loan in full, on the basis of current facts, conditions and values at best questionable and at worst improbable. All of these loans are placed in non-accrual.

Rating 12: These loans are generally referred to as our ‘‘loss’’ commercial credits. This rating includes loans to borrowers that are deemed incapable of repayment and are charged-off.

The following tables summarize loan ratings by loan class for our commercial loan portfolio segment at December 31:


	Commercial
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
	2025		2024		2023		2022		2021		Prior
	(In thousands)
December 31, 2025
Commercial and industrial
Non-watch (1-6)	$	199,338	$	188,309	$	131,090	$	115,518	$	45,116	$	140,699	$	300,540	$	1,120,610
Watch (7-8)	501		1,911		4,330		2,705		2,052		8,360		8,848		28,707
Substandard Accrual (9)	940		1,710		—		—		820		275		5,779		9,524
Non-Accrual (10-11)	—		—		—		—		—		—		—		—
Total	$	200,779	$	191,930	$	135,420	$	118,223	$	47,988	$	149,334	$	315,167	$	1,158,841
Accrued interest excluded from total	$	564	$	570	$	477	$	288	$	95	$	418	$	1,139	$	3,551
Current period gross charge-offs	$	—	$	—	$	78	$	—	$	—	$	—	$	—	$	78

Commercial real estate
Non-watch (1-6)	$	204,584	$	162,957	$	167,203	$	159,948	$	66,116	$	184,907	$	56,611	$	1,002,326
Watch (7-8)	—		823		4,162		13,887		—		4,840		625		24,337
Substandard Accrual (9)	3,348		—		396		—		126		652		—		4,522
Non-Accrual (10-11)	4,878		490		18,163		—		—		—		—		23,531
Total	$	212,810	$	164,270	$	189,924	$	173,835	$	66,242	$	190,399	$	57,236	$	1,054,716
Accrued interest excluded from total	$	695	$	555	$	494	$	624	$	141	$	703	$	138	$	3,350
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Commercial
Non-watch (1-6)	$	403,922	$	351,266	$	298,293	$	275,466	$	111,232	$	325,606	$	357,151	$	2,122,936
Watch (7-8)	501		2,734		8,492		16,592		2,052		13,200		9,473		53,044
Substandard Accrual (9)	4,288		1,710		396		—		946		927		5,779		14,046
Non-Accrual (10-11)	4,878		490		18,163		—		—		—		—		23,531
Total	$	413,589	$	356,200	$	325,344	$	292,058	$	114,230	$	339,733	$	372,403	$	2,213,557
Accrued interest excluded from total	$	1,259	$	1,125	$	971	$	912	$	236	$	1,121	$	1,277	$	6,901
Current period gross charge-offs	$	—	$	—	$	78	$	—	$	—	$	—	$	—	$	78


	Commercial
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
	2024		2023		2022		2021		2020		Prior
	(In thousands)
December 31, 2024
Commercial and industrial
Non-watch (1-6)	$	183,261	$	137,270	$	142,630	$	71,225	$	72,928	$	106,086	$	242,573	$	955,973
Watch (7-8)	10,348		3,055		1,251		9,002		5,636		336		2,104		31,732
Substandard Accrual (9)	2,693		2,052		1,642		2,208		267		195		4,513		13,570
Non-Accrual (10-11)	—		—		—		47		—		7		—		54
Total	$	196,302	$	142,377	$	145,523	$	82,482	$	78,831	$	106,624	$	249,190	$	1,001,329
Accrued interest excluded from total	$	612	$	478	$	361	$	217	$	342	$	341	$	959	$	3,310
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	4

Commercial real estate
Non-watch (1-6)	$	142,154	$	236,390	$	153,321	$	75,053	$	49,969	$	166,966	$	72,879	$	896,732
Watch (7-8)	—		—		16,007		—		—		4,400		18,079		38,486
Substandard Accrual (9)	—		—		—		135		—		682		—		817
Non-Accrual (10-11)	—		—		—		—		—		—		—		—
Total	$	142,154	$	236,390	$	169,328	$	75,188	$	49,969	$	172,048	$	90,958	$	936,035
Accrued interest excluded from total	$	608	$	632	$	628	$	166	$	131	$	658	$	363	$	3,186
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Commercial
Non-watch (1-6)	$	325,415	$	373,660	$	295,951	$	146,278	$	122,897	$	273,052	$	315,452	$	1,852,705
Watch (7-8)	10,348		3,055		17,258		9,002		5,636		4,736		20,183		70,218
Substandard Accrual (9)	2,693		2,052		1,642		2,343		267		877		4,513		14,387
Non-Accrual (10-11)	—		—		—		47		—		7		—		54
Total	$	338,456	$	378,767	$	314,851	$	157,670	$	128,800	$	278,672	$	340,148	$	1,937,364
Accrued interest excluded from total	$	1,220	$	1,110	$	989	$	383	$	473	$	999	$	1,322	$	6,496
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	4

For each of our mortgage and installment portfolio segment classes we generally monitor credit quality based on the credit scores of the borrowers. These credit scores are generally updated semi-annually. The following tables summarize credit scores by loan class for our mortgage and installment loan portfolio segments at December 31:


	Mortgage (1)
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
	2025		2024		2023		2022		2021		Prior
	(In thousands)
December 31, 2025
1-4 family owner occupied - jumbo
800 and above	$	10,135	$	3,881	$	13,290	$	40,752	$	55,563	$	35,693	$	1,668	$	160,982
750-799	51,765		33,022		25,431		89,810		168,312		75,497		1,906		445,743
700-749	16,958		11,934		11,935		32,634		68,111		30,819		518		172,909
650-699	7,923		5,188		7,533		17,251		13,827		15,953		1,500		69,175
600-649	1,267		867		1,568		1,170		4,031		3,370		—		12,273
550-599	—		—		—		5,161		1,644		3,040		—		9,845
500-549	—		—		1,273		3,936		720		1,905		—		7,834
Under 500	—		—		—		—		—		—		—		—
Unknown	—		—		—		—		—		—		—		—
Total	$	88,048	$	54,892	$	61,030	$	190,714	$	312,208	$	166,277	$	5,592	$	878,761
Accrued interest excluded from total	$	388	$	263	$	302	$	552	$	695	$	432	$	43	$	2,675
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

1-4 family owner occupied - non-jumbo
800 and above	$	5,270	$	2,088	$	4,148	$	13,160	$	9,606	$	14,616	$	4,613	$	53,501
750-799	8,911		6,532		9,828		26,722		21,376		30,100		13,508		116,977
700-749	2,593		4,978		3,803		8,981		8,552		23,235		5,702		57,844
650-699	2,343		788		1,960		5,046		4,154		12,947		1,586		28,824
600-649	366		301		214		2,610		1,153		9,218		168		14,030
550-599	—		—		382		1,570		721		6,547		41		9,261
500-549	—		—		—		291		779		5,303		60		6,433
Under 500	—		85		—		602		242		1,763		—		2,692
Unknown	—		—		—		—		—		—		—		—
Total	$	19,483	$	14,772	$	20,335	$	58,982	$	46,583	$	103,729	$	25,678	$	289,562
Accrued interest excluded from total	$	123	$	94	$	89	$	180	$	109	$	377	$	181	$	1,153
Current period gross charge-offs	$	—	$	—	$	—	$	19	$	6	$	5	$	—	$	30

1-4 family non-owner occupied
800 and above	$	3,958	$	2,399	$	3,229	$	3,693	$	10,379	$	10,302	$	943	$	34,903
750-799	13,466		10,671		9,247		13,152		26,912		19,293		1,452		94,193
700-749	4,343		2,349		1,174		2,551		3,439		8,540		1,618		24,014
650-699	1,046		1,263		487		2,747		3,427		6,127		402		15,499
600-649	—		708		—		77		—		1,470		—		2,255
550-599	—		—		—		367		—		717		—		1,084
500-549	—		—		—		—		50		253		—		303
Under 500	—		—		—		—		—		42		—		42
Unknown	—		—		—		—		—		—		—		—
Total	$	22,813	$	17,390	$	14,137	$	22,587	$	44,207	$	46,744	$	4,415	$	172,293
Accrued interest excluded from total	$	96	$	89	$	70	$	86	$	115	$	168	$	30	$	654
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	11	$	—	$	11

1-4 family - 2nd lien
800 and above	$	1,256	$	367	$	351	$	461	$	789	$	1,454	$	16,797	$	21,475
750-799	3,122		2,528		2,142		1,830		2,006		3,651		56,532		71,811
700-749	2,759		1,225		1,310		1,505		1,502		2,454		29,585		40,340
650-699	805		367		339		454		285		1,517		11,914		15,681
600-649	—		141		124		107		250		525		2,157		3,304
550-599	—		41		225		72		53		650		1,770		2,811
500-549	—		16		423		108		200		537		417		1,701
Under 500	—		—		154		111		—		209		—		474
Unknown	—		—		—		—		—		—		—		—
Total	$	7,942	$	4,685	$	5,068	$	4,648	$	5,085	$	10,997	$	119,172	$	157,597
Accrued interest excluded from total	$	23	$	18	$	22	$	19	$	13	$	37	$	767	$	899
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	6	$	—	$	6


	Mortgage - continued (1)
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
	2025		2024		2023		2022		2021		Prior
	(In thousands)
December 31, 2025
Resort lending
800 and above	$	—	$	—	$	—	$	—	$	524	$	4,127	$	—	$	4,651
750-799	121		—		22		366		156		10,704		—		11,369
700-749	—		—		—		—		484		3,644		—		4,128
650-699	—		—		—		—		—		5,148		—		5,148
600-649	—		—		—		—		—		955		—		955
550-599	—		—		—		—		—		—		—		—
500-549	—		—		—		—		—		357		—		357
Under 500	—		—		—		—		—		—		—		—
Unknown	—		—		—		—		—		—		—		—
Total	$	121	$	—	$	22	$	366	$	1,164	$	24,935	$	—	$	26,608
Accrued interest excluded from total	$	1	$	—	$	—	$	1	$	3	$	117	$	—	$	122
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	86	$	—	$	86

Total Mortgage
800 and above	$	20,619	$	8,735	$	21,018	$	58,066	$	76,861	$	66,192	$	24,021	$	275,512
750-799	77,385		52,753		46,670		131,880		218,762		139,245		73,398		740,093
700-749	26,653		20,486		18,222		45,671		82,088		68,692		37,423		299,235
650-699	12,117		7,606		10,319		25,498		21,693		41,692		15,402		134,327
600-649	1,633		2,017		1,906		3,964		5,434		15,538		2,325		32,817
550-599	—		41		607		7,170		2,418		10,954		1,811		23,001
500-549	—		16		1,696		4,335		1,749		8,355		477		16,628
Under 500	—		85		154		713		242		2,014		—		3,208
Unknown	—		—		—		—		—		—		—		—
Total	$	138,407	$	91,739	$	100,592	$	277,297	$	409,247	$	352,682	$	154,857	$	1,524,821
Accrued interest excluded from total	$	631	$	464	$	483	$	838	$	935	$	1,131	$	1,021	$	5,503
Current period gross charge-offs	$	—	$	—	$	—	$	19	$	6	$	108	$	—	$	133


	Mortgage (1)
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
	2024		2023		2022		2021		2020		Prior
	(In thousands)
December 31, 2024
1-4 family owner occupied - jumbo
800 and above	$	5,009	$	12,192	$	37,147	$	51,242	$	22,126	$	14,291	$	—	$	142,007
750-799	33,118		43,013		106,378		194,725		58,703		35,103		1,275		472,315
700-749	13,981		13,602		40,219		68,687		17,552		11,669		450		166,160
650-699	4,537		10,286		19,366		15,736		6,937		6,555		1,500		64,917
600-649	—		2,265		9,528		1,636		2,288		4,619		—		20,336
550-599	746		—		2,414		1,086		2,803		—		—		7,049
500-549	—		—		—		—		900		664		—		1,564
Under 500	—		485		—		—		—		718		—		1,203
Unknown	—		—		—		—		—		—		—		—
Total	$	57,391	$	81,843	$	215,052	$	333,112	$	111,309	$	73,619	$	3,225	$	875,551
Accrued interest excluded from total	$	264	$	377	$	634	$	712	$	264	$	238	$	31	$	2,520
Current period gross charge-offs	$	—	$	—	$	22	$	—	$	—	$	—	$	—	$	22

1-4 family owner occupied - non-jumbo
800 and above	$	1,919	$	2,113	$	14,018	$	8,928	$	3,089	$	9,138	$	4,066	$	43,271
750-799	12,472		10,604		26,405		21,548		14,028		23,586		10,429		119,072
700-749	7,927		7,110		12,810		9,598		5,492		21,692		4,231		68,860
650-699	8,258		2,758		5,586		4,885		2,262		12,820		1,848		38,417
600-649	682		126		1,001		762		2,459		6,757		180		11,967
550-599	—		213		365		794		996		3,438		40		5,846
500-549	87		—		1,523		948		278		5,780		—		8,616
Under 500	—		—		—		98		652		2,343		—		3,093
Unknown	—		—		—		—		—		—		—		—
Total	$	31,345	$	22,924	$	61,708	$	47,561	$	29,256	$	85,554	$	20,794	$	299,142
Accrued interest excluded from total	$	105	$	139	$	195	$	113	$	77	$	368	$	163	$	1,160
Current period gross charge-offs	$	—	$	—	$	—	$	23	$	—	$	22	$	—	$	45

1-4 family non-owner occupied
800 and above	$	4,122	$	1,557	$	7,468	$	12,757	$	4,204	$	6,975	$	897	$	37,980
750-799	11,433		12,831		15,929		25,543		9,920		16,439		2,539		94,634
700-749	3,372		3,218		6,289		6,401		1,308		6,131		2,072		28,791
650-699	1,016		431		297		4,115		2,552		3,560		332		12,303
600-649	—		—		—		—		410		930		108		1,448
550-599	—		38		—		—		—		919		—		957
500-549	—		—		369		51		—		221		—		641
Under 500	—		—		—		—		—		196		—		196
Unknown	—		—		—		—		—		—		—		—
Total	$	19,943	$	18,075	$	30,352	$	48,867	$	18,394	$	35,371	$	5,948	$	176,950
Accrued interest excluded from total	$	84	$	85	$	119	$	134	$	48	$	166	$	44	$	680
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	158	$	—	$	158

1-4 family - 2nd lien
800 and above	$	751	$	249	$	219	$	185	$	1,161	$	859	$	12,245	$	15,669
750-799	3,209		2,717		2,290		3,065		1,604		3,825		44,896		61,606
700-749	1,358		942		1,898		1,239		932		2,123		26,687		35,179
650-699	268		450		655		313		251		1,385		10,979		14,301
600-649	—		39		204		197		328		769		2,084		3,621
550-599	—		297		37		51		—		357		512		1,254
500-549	—		59		101		95		—		768		919		1,942
Under 500	—		—		20		—		—		350		5		375
Unknown	—		—		—		—		—		—		—		—
Total	$	5,586	$	4,753	$	5,424	$	5,145	$	4,276	$	10,436	$	98,327	$	133,947
Accrued interest excluded from total	$	19	$	23	$	18	$	11	$	13	$	42	$	720	$	846
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	3	$	22	$	25


	Mortgage - continued (1)
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
	2024		2023		2022		2021		2020		Prior
	(In thousands)
December 31, 2024
Resort lending
800 and above	$	—	$	—	$	—	$	534	$	—	$	4,079	$	—	$	4,613
750-799	—		39		639		740		724		12,845		—		14,987
700-749	—		—		268		—		212		4,851		—		5,331
650-699	—		—		—		—		354		4,622		—		4,976
600-649	—		—		—		—		—		1,051		—		1,051
550-599	—		—		—		—		—		92		—		92
500-549	—		—		—		—		—		86		—		86
Under 500	—		—		—		—		—		—		—		—
Unknown	—		—		—		—		—		—		—		—
Total	$	—	$	39	$	907	$	1,274	$	1,290	$	27,626	$	—	$	31,136
Accrued interest excluded from total	$	—	$	—	$	4	$	3	$	4	$	140	$	—	$	151
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	50	$	—	$	50

Total Mortgage
800 and above	$	11,801	$	16,111	$	58,852	$	73,646	$	30,580	$	35,342	$	17,208	$	243,540
750-799	60,232		69,204		151,641		245,621		84,979		91,798		59,139		762,614
700-749	26,638		24,872		61,484		85,925		25,496		46,466		33,440		304,321
650-699	14,079		13,925		25,904		25,049		12,356		28,942		14,659		134,914
600-649	682		2,430		10,733		2,595		5,485		14,126		2,372		38,423
550-599	746		548		2,816		1,931		3,799		4,806		552		15,198
500-549	87		59		1,993		1,094		1,178		7,519		919		12,849
Under 500	—		485		20		98		652		3,607		5		4,867
Unknown	—		—		—		—		—		—		—		—
Total	$	114,265	$	127,634	$	313,443	$	435,959	$	164,525	$	232,606	$	128,294	$	1,516,726
Accrued interest excluded from total	$	472	$	624	$	970	$	973	$	406	$	954	$	958	$	5,357
Current period gross charge-offs	$	—	$	—	$	22	$	23	$	—	$	233	$	22	$	300


(1)			Credit scores have been updated within the last twelve months.


	Installment (1)
	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
	(In thousands)
December 31, 2025
Boat lending
800 and above	$	7,160	$	4,306	$	5,878	$	7,190	$	8,111	$	11,036	$	43,681
750-799	32,694		21,095		23,561		23,385		19,814		27,759		148,308
700-749	11,208		10,315		8,793		9,887		7,279		10,511		57,993
650-699	2,418		2,569		2,482		2,312		2,609		3,743		16,133
600-649	907		366		598		808		622		798		4,099
550-599	33		188		118		275		383		552		1,549
500-549	—		137		87		97		183		169		673
Under 500	—		35		35		—		—		6		76
Unknown	—		—		—		—		—		—		—
Total	$	54,420	$	39,011	$	41,552	$	43,954	$	39,001	$	54,574	$	272,512
Accrued interest excluded from total	$	185	$	151	$	149	$	96	$	85	$	112	$	778
Current period gross charge-offs	$	14	$	42	$	6	$	336	$	28	$	188	$	614

Recreational vehicle lending
800 and above	$	771	$	1,690	$	2,923	$	8,205	$	8,940	$	7,788	$	30,317
750-799	3,706		7,485		10,133		30,410		27,020		17,972		96,726
700-749	1,498		3,830		3,849		11,937		12,930		7,192		41,236
650-699	287		987		1,862		3,865		4,747		2,234		13,982
600-649	26		276		576		1,143		1,858		833		4,712
550-599	—		129		222		622		968		614		2,555
500-549	—		55		54		469		663		292		1,533
Under 500	—		75		121		292		251		57		796
Unknown	—		—		—		—		—		—		—
Total	$	6,288	$	14,527	$	19,740	$	56,943	$	57,377	$	36,982	$	191,857
Accrued interest excluded from total	$	26	$	54	$	71	$	138	$	125	$	82	$	496
Current period gross charge-offs	$	—	$	47	$	140	$	273	$	474	$	176	$	1,110

Other
800 and above	$	1,460	$	900	$	1,168	$	1,408	$	641	$	933	$	6,510
750-799	9,471		6,202		5,214		4,275		2,546		4,423		32,131
700-749	6,281		4,067		2,872		2,569		1,990		3,251		21,030
650-699	3,470		1,473		989		851		545		1,305		8,633
600-649	184		483		405		470		276		460		2,278
550-599	23		200		267		250		93		192		1,025
500-549	7		195		128		179		124		224		857
Under 500	—		48		14		91		35		32		220
Unknown	854		—		—		—		—		—		854
Total	$	21,750	$	13,568	$	11,057	$	10,093	$	6,250	$	10,820	$	73,538
Accrued interest excluded from total	$	72	$	57	$	43	$	26	$	16	$	60	$	274
Current period gross charge-offs	$	1,620	$	71	$	38	$	73	$	59	$	76	$	1,937

Total installment
800 and above	$	9,391	$	6,896	$	9,969	$	16,803	$	17,692	$	19,757	$	80,508
750-799	45,871		34,782		38,908		58,070		49,380		50,154		277,165
700-749	18,987		18,212		15,514		24,393		22,199		20,954		120,259
650-699	6,175		5,029		5,333		7,028		7,901		7,282		38,748
600-649	1,117		1,125		1,579		2,421		2,756		2,091		11,089
550-599	56		517		607		1,147		1,444		1,358		5,129
500-549	7		387		269		745		970		685		3,063
Under 500	—		158		170		383		286		95		1,092
Unknown	854		—		—		—		—		—		854
Total	$	82,458	$	67,106	$	72,349	$	110,990	$	102,628	$	102,376	$	537,907
Accrued interest excluded from total	$	283	$	262	$	263	$	260	$	226	$	254	$	1,548
Current period gross charge-offs	$	1,634	$	160	$	184	$	682	$	561	$	440	$	3,661


	Installment (1)
	Term Loans Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
	(In thousands)
December 31, 2024
Boat lending
800 and above	$	6,125	$	6,702	$	8,231	$	7,492	$	3,512	$	9,079	$	41,141
750-799	26,320		29,173		28,608		24,858		11,604		26,792		147,355
700-749	11,397		9,487		11,342		9,807		4,177		9,137		55,347
650-699	2,722		2,888		2,516		2,419		1,191		3,111		14,847
600-649	504		438		1,104		364		148		775		3,333
550-599	—		215		464		394		76		301		1,450
500-549	27		—		135		199		140		238		739
Under 500	—		35		14		—		—		80		129
Unknown	—		—		—		—		—		—		—
Total	$	47,095	$	48,938	$	52,414	$	45,533	$	20,848	$	49,513	$	264,341
Accrued interest excluded from total	$	179	$	178	$	124	$	104	$	50	$	101	$	736
Current period gross charge-offs	$	8	$	8	$	71	$	8	$	49	$	55	$	199

Recreational vehicle lending
800 and above	$	1,365	$	4,270	$	11,721	$	9,776	$	3,382	$	7,262	$	37,776
750-799	10,528		11,173		33,140		32,266		9,398		14,656		111,161
700-749	5,402		5,230		14,093		15,336		4,177		5,500		49,738
650-699	965		1,949		4,278		5,357		1,249		1,836		15,634
600-649	268		697		1,213		2,364		407		502		5,451
550-599	41		183		443		1,075		135		415		2,292
500-549	50		172		638		745		161		207		1,973
Under 500	—		67		156		207		19		63		512
Unknown	—		—		—		—		—		—		—
Total	$	18,619	$	23,741	$	65,682	$	67,126	$	18,928	$	30,441	$	224,537
Accrued interest excluded from total	$	69	$	89	$	156	$	154	$	41	$	67	$	576
Current period gross charge-offs	$	—	$	42	$	321	$	419	$	42	$	110	$	934

Other
800 and above	$	1,342	$	1,323	$	1,788	$	938	$	639	$	831	$	6,861
750-799	9,938		8,029		7,208		4,732		2,013		4,375		36,295
700-749	14,512		4,941		4,232		2,829		1,292		3,278		31,084
650-699	10,551		1,633		1,689		979		430		1,293		16,575
600-649	537		476		522		294		59		418		2,306
550-599	80		211		271		210		21		210		1,003
500-549	—		149		301		229		92		93		864
Under 500	11		17		58		49		3		50		188
Unknown	681		—		—		—		—		—		681
Total	$	37,652	$	16,779	$	16,069	$	10,260	$	4,549	$	10,548	$	95,857
Accrued interest excluded from total	$	96	$	65	$	40	$	22	$	10	$	63	$	296
Current period gross charge-offs	$	1,829	$	98	$	106	$	27	$	8	$	103	$	2,171

Total installment
800 and above	$	8,832	$	12,295	$	21,740	$	18,206	$	7,533	$	17,172	$	85,778
750-799	46,786		48,375		68,956		61,856		23,015		45,823		294,811
700-749	31,311		19,658		29,667		27,972		9,646		17,915		136,169
650-699	14,238		6,470		8,483		8,755		2,870		6,240		47,056
600-649	1,309		1,611		2,839		3,022		614		1,695		11,090
550-599	121		609		1,178		1,679		232		926		4,745
500-549	77		321		1,074		1,173		393		538		3,576
Under 500	11		119		228		256		22		193		829
Unknown	681		—		—		—		—		—		681
Total	$	103,366	$	89,458	$	134,165	$	122,919	$	44,325	$	90,502	$	584,735
Accrued interest excluded from total	$	344	$	332	$	320	$	280	$	101	$	231	$	1,608
Current period gross charge-offs	$	1,837	$	148	$	498	$	454	$	99	$	268	$	3,304


(1)			Credit scores have been updated within the last twelve months.

Mortgage loans serviced for others are not reported as assets on the Consolidated Statements of Financial Condition. The principal balances of these loans at December 31 follow:


	2025		2024
	(In thousands)
Mortgage loans serviced for:
Fannie Mae	$	1,134,213	$	1,674,111
Freddie Mac	927,467		1,373,145
Ginnie Mae	130,302		146,363
FHLB	375,822		302,779
Other	43,485		47,347
Total	$	2,611,289	$	3,543,745

Custodial deposit accounts maintained in connection with mortgage loans serviced for others totaled $26.2 million and $29.4 million, at December 31, 2025 and 2024, respectively.

If we do not remain well capitalized for regulatory purposes (see note #20), meet certain minimum capital levels or certain profitability requirements or if we incur a rapid decline in net worth, we could lose our ability to sell and/or service loans to these investors. This could impact our ability to generate net gains on mortgage loans and generate servicing income. A forced liquidation of our servicing portfolio could also impact the value that could be recovered on this asset. Fannie Mae has the most stringent eligibility requirements covering capital levels, profitability and decline in net worth. Fannie Mae requires seller/servicers to be well capitalized for regulatory purposes. For the profitability requirement, we cannot record four or more consecutive quarterly losses and experience a 30% decline in net worth over the same period. Our net worth cannot decline by more than 25% in one quarter or more than 40% over two consecutive quarters.

An analysis of capitalized mortgage loan servicing rights for the years ended December 31 follows:


	2025		2024		2023
	(In thousands)
Balance at beginning of period	$	46,796	$	42,243	$	42,489
Originated servicing rights capitalized	3,494		4,020		3,956
Change in fair value due to price	(2,168)		4,540		(280)
Change in fair value due to pay downs	(3,573)		(4,007)		(3,922)
Sales of originated servicing rights (1)	(12,823)		—		—
Loss on sale of originated servicing rights (1)	(233)		—		—
Balance at end of year	$	31,493	$	46,796	$	42,243
Loans sold and serviced that have had servicing rights capitalized	$	2,611,289	$	3,543,745	$	3,541,869

(1) On January 31, 2025 we sold $931.6 million of mortgage loan servicing rights (26.3% of total servicing portfolio) and transferred the servicing on March 3, 2025. This sale represented approximately $13.1 million (27.9%) of the total capitalized mortgage loan servicing right asset. While there remains a customary hold back of final settlement funds of approximately $0.1 million relating to this transaction, we are not aware of any issues that will have a material impact on this final payment. We have until the first quarter, 2026 to receive this final payment. Transaction expenses relating to this sale were approximately $0.2 million.

Fair value of capitalized mortgage loan servicing rights was determined using an average coupon rate of 4.52%, average servicing fee of 0.26%, average discount rate of 9.94% and an average Public Securities Association (‘‘PSA’’) prepayment rate of 160 for December 31, 2025; and average coupon rate of 4.13%, average servicing fee of 0.26%, average discount rate of 10.37% and an average PSA prepayment rate of 125 for December 31, 2024.