Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2026

Loans receivable, net at March 31, 2026 and December 31, 2025 were comprised of the following:


	March 31, 2026			December 31, 2025
	(In thousands)
Commercial real estate	$	1,323,347		$	1,343,531
Commercial and industrial		80,673			76,557
Construction		210,862			209,483
Residential first-lien mortgage		170,553			163,813
Home equity/consumer		36,192			25,359
Total loans		1,821,627			1,818,743
Deferred fees and costs, net		(2,494	)		(2,327	)
Loans, net	$	1,819,133		$	1,816,416

Summary of components of allowance for credit losses

The following table presents the components of the allowance for credit losses:


	March 31, 2026			December 31, 2025
	(In thousands)
Allowance for credit losses - loans	$	(20,033	)	$	(20,325	)
Allowance for credit losses - off balance sheet		(534	)		(399	)
	$	(20,567	)	$	(20,724	)

Summary of nonaccrual loans by segment of loan portfolio

The following table presents nonaccrual loans by segment of the loan portfolio as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	With a Related Allowance		Without a Related Allowance		With a Related Allowance		Without a Related Allowance
	(In thousands)
Commercial real estate	$	—	$	15,674	$	—	$	15,229
Commercial and industrial		—		361		—		1,257
Construction		—		—		—		92
Residential first-lien mortgage		—		443		—		—
Home equity/consumer		—		—		—		—
Total nonaccrual loans	$	—	$	16,478	$	—	$	16,578

Summary of performance and credit quality of loan portfolio

The following table presents the segments of the loan portfolio, summarized by the past due status as of March 31, 2026:


	30-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current		Total Loans Receivable		Loans Receivable >90 Days and Accruing
	(In thousands)
Commercial real estate	$	1,838	$	—	$	15,674	$	17,512	$	1,305,835	$	1,323,347	$	—
Commercial and industrial		82		—		361		443		80,230		80,673		—
Construction		—		—		—		—		210,862		210,862		—
Residential first-lien mortgage		1,305		—		443		1,748		168,805		170,553		—
Home equity/consumer		—		—		—		—		36,192		36,192		—
Total	$	3,225	$	—	$	16,478	$	19,703	$	1,801,924	$	1,821,627	$	—

The following table presents the segments of the loan portfolio summarized by the past due status as of December 31, 2025:


	30-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current		Total Loans Receivable		Loans Receivable >90 Days and Accruing
	(In thousands)
Commercial real estate	$	7,523	$	—	$	15,229	$	22,752	$	1,320,779	$	1,343,531	$	—
Commercial and industrial		15		273		302		590		75,967		76,557		—
Construction		—		—		—		—		209,483		209,483		—
Residential first-lien mortgage		370		—		18		388		163,425		163,813		—
Home equity/consumer		180		—		—		180		25,179		25,359		—
Total	$	8,088	$	273	$	15,549	$	23,910	$	1,794,833	$	1,818,743	$	—

Summary of loans by year of origination, internally assigned credit grades and risk characteristics

The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of March 31, 2026. Gross charge-offs are included for the three months ended March 31, 2026.


	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
	(Dollars in thousands)
Commercial real estate
Pass	$	14,191	$	58,134	$	122,506	$	159,861	$	290,331	$	647,860	$	5,758	$	1,298,641
Special mention		—		—		—		—		1,065		8,278		—		9,343
Substandard		—		—		—		—		—		15,363		—		15,363
Total commercial real estate		14,191		58,134		122,506		159,861		291,396		671,501		5,758		1,323,347
Current period gross charge-offs												14				14
Commercial and industrial
Pass		1,323		7,886		3,251		6,133		15,005		20,230		25,673		79,501
Special mention		—		—		—		—		—		500		—		500
Substandard		—		—		—		—		—		672		—		672
Total commercial and industrial		1,323		7,886		3,251		6,133		15,005		21,402		25,673		80,673
Current period gross charge-offs																—
Construction
Pass		6,427		5,000		1,108		—		1,360		52,370		144,597		210,862
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total construction		6,427		5,000		1,108		—		1,360		52,370		144,597		210,862
Current period gross charge-offs																—
Residential first-lien mortgage
Performing		3,821		34,871		54,628		19,617		7,032		50,141		—		170,110
Nonperforming		—		—		—		—		—		443		—		443
Total residential first-lien mortgage		3,821		34,871		54,628		19,617		7,032		50,584		—		170,553
Home equity/consumer
Performing		11,990		8,910		1,030		1,674		1,239		288		11,061		36,192
Nonperforming		—		—		—		—		—		—		—		—
Total home equity/consumer		11,990		8,910		1,030		1,674		1,239		288		11,061		36,192
Total
Pass		37,752		114,801		182,523		187,285		314,967		770,889		187,089		1,795,306
Special mention		—		—		—		—		1,065		8,778		—		9,843
Substandard		—		—		—		—		—		16,478		—		16,478
Total loans	$	37,752	$	114,801	$	182,523	$	187,285	$	316,032	$	796,145	$	187,089	$	1,821,627

The following table summarizes total loans by year of origination, internally assigned credit grades and risk characteristics as of December 31, 2025. Gross charge-offs are included for the year ended December 31, 2025.


	2025		2024		2023		2021		2020		Prior		Revolving Loans		Total
	(Dollars in thousands)
Commercial real estate
Pass	$	63,586	$	128,257	$	161,317	$	299,041	$	129,951	$	529,896	$	5,962	$	1,318,010
Special mention		—		—		—		—		—		9,429		—		9,429
Substandard		—		—		—		—		—		16,092		—		16,092
Total commercial real estate		63,586		128,257		161,317		299,041		129,951		555,417		5,962		1,343,531
Current period gross charge-offs		—		—		—		—		—		10,181		—		10,181
Commercial and industrial
Pass		8,251		1,077		6,197		8,958		11,074		15,706		23,532		74,795
Special mention		—		—		—		—		—		505		—		505
Substandard		—		—		—		—		—		1,257		—		1,257
Total commercial and industrial		8,251		1,077		6,197		8,958		11,074		17,468		23,532		76,557
Current period gross charge-offs		—		—		—		—		—		99		—		99
Construction
Pass		5,000		17,070		—		9,290		55,582		—		122,541		209,483
Total construction		5,000		17,070		—		9,290		55,582		—		122,541		209,483

Residential first-lien mortgage
Performing		28,071		58,909		17,605		6,408		5,903		46,825		—		163,721
Nonperforming		—		—		—		—		—		92		—		92
Total residential first-lien mortgage		28,071		58,909		17,605		6,408		5,903		46,917		—		163,813
Home equity/consumer
Performing		9,726		1,045		899		1,203		1,050		442		10,989		25,354
Nonperforming		—		—		—		—		—		5		—		5
Total home equity/consumer		9,726		1,045		899		1,203		1,050		447		10,989		25,359
Total
Pass		114,634		206,358		186,018		324,900		203,560		592,869		163,024		1,791,363
Special mention		—		—		—		—		—		9,934		—		9,934
Substandard		—		—		—		—		—		17,446		—		17,446
Total loans	$	114,634	$	206,358	$	186,018	$	324,900	$	203,560	$	620,249	$	163,024	$	1,818,743

Summary of allowance for credit losses on loans receivables

The following table presents the allowance for credit losses on loans receivable at and for the three months ended March 31, 2026:


	Commercial real estate			Commercial and industrial		Construction			Residential first-lien mortgage			Home equity/ consumer		Total
	(In thousands)
Allowance for credit losses:
Beginning balance	$	16,848		$	900	$	376		$	2,004		$	197		20,325
Provision (reversal)1		(399	)		1		(12	)		(4	)		124		(290	)
Charge-offs		(14	)		—		—			—			—		(14	)
Recoveries		2			10		—			—			—		12
Total	$	16,437		$	911	$	364		$	2,000		$	321	$	20,033

The reversal of credit losses on the Consolidated Statement of Income is $156 thousand comprising of a decrease of $290 thousand to the allowance for credit losses on loans and a $134 thousand increase to the reserve for unfunded liabilities.

The following table presents the allowance for credit losses on loans receivable at and for the three months ended March 31, 2025:


	Commercial real estate		Commercial and industrial			Construction			Residential first-lien mortgage		Home equity/ consumer		Total
	(In thousands)
Allowance for credit losses:
Beginning balance	$	20,821	$	1,173		$	609		$	893	$	161	$	23,657
Provision (reversal)1		149		(118	)		(209	)		395		8		225
Charge-offs		—		(84	)		—			—		—		(84	)
Recoveries		11		133			—			—		—		144
Total	$	20,981	$	1,104		$	400		$	1,288	$	169	$	23,942

The provision for credit losses on the Consolidated Statement of Income is $268 thousand comprising of an increase of $225 thousand to the allowance for credit losses on loans and a $43 thousand increase to the reserve for unfunded liabilities.