Loans and Allowance for Credit Losses on Loans (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of composition of loans

The composition of loans at March 31, 2026 and December 31, 2025 was as follows:


		March 31,				December 31,
		2026				2025
		(in thousands)
Mortgage real estate loans:
Construction & Secured by Farmland		$	82,594			$	82,336
HELOCs			58,784				58,640
Residential First Lien - Investor			107,084				107,307
Residential First Lien - Owner Occupied			176,378				178,807
Residential Junior Liens			10,775				10,724
Commercial - Owner Occupied			313,161				298,853
Commercial - Non-Owner Occupied & Multifamily			389,878				398,926
Commercial and industrial loans:
SBA PPP loans			—				4
Other commercial and industrial loans			101,289				113,220
Marine loans			170,217				175,639
Consumer loans			30,495				28,742
Overdrafts			343				318
Other loans			12,572				13,946
Total loans		$	1,453,570			$	1,467,462
Net deferred loan costs and premiums			5,289				5,615
Allowance for credit losses			(17,326	)			(15,320	)
		$	1,441,533			$	1,457,757

Schedule of changes in allowance for loan losses

Changes in the allowance for credit losses on loans for the three months ended March 31, 2026 and 2025 and year-ended December 31, 2025 were as follows:


		Three Months Ended								Year Ended
		March 31,								December 31,
		2026				2025				2025
		(in thousands)
Balance, beginning		$	15,320			$	15,027			$	15,027
Provision for credit losses			1,972				1,146				3,880
Recoveries added to the allowance			189				185				559
Credit losses charged to the allowance			(155	)			(1,076	)			(4,146	)
Balance, ending		$	17,326			$	15,282			$	15,320

Schedule of nonaccrual And past due loans by class

Past due loans by class at March 31, 2026 and December 31, 2025 were as follows:


		March 31, 2026
		(in thousands)
		30 - 59 Days Past Due				60 - 89 Days Past Due				90 or More Days Past Due				Total Past Due				Current				Total Loans				90 or More Days Past Due Still Accruing
Mortgage real estate loans:
Construction & Secured by Farmland		$	—			$	—			$	428			$	428			$	82,166			$	82,594			$	—
HELOCs			141				—				156				297				58,487				58,784				—
Residential First Lien - Investor			—				388				98				486				106,598				107,084				—
Residential First Lien - Owner Occupied			—				—				177				177				176,201				176,378				—
Residential Junior Liens			57				—				—				57				10,718				10,775				—
Commercial - Owner Occupied			4,440				—				4,704				9,144				304,017				313,161				—
Commercial - Non-Owner Occupied & Multifamily			—				—				5,300				5,300				384,578				389,878				—
Commercial and industrial loans:
Other commercial and industrial loans			397				48				2,891				3,336				97,953				101,289				—
Marine loans			—				—				—				—				170,217				170,217				—
Consumer loans			33				107				13				153				30,342				30,495				13
Overdrafts			—				—				—				—				343				343				—
Other loans			—				—				—				—				12,572				12,572				—
Total		$	5,068			$	543			$	13,767			$	19,378			$	1,434,192			$	1,453,570			$	13


		December 31, 2025
		(in thousands)
		30 - 59 Days Past Due				60 - 89 Days Past Due				90 or More Days Past Due				Total Past Due				Current				Total Loans				90 or More Past Due Still Accruing
Mortgage real estate loans:
Construction & Secured by Farmland		$	—			$	—			$	428			$	428			$	81,908			$	82,336			$	—
HELOCs			112				—				160				272				58,368				58,640				—
Residential First Lien - Investor			—				391				98				489				106,818				107,307				—
Residential First Lien - Owner Occupied			467				85				24				576				178,231				178,807				—
Residential Junior Liens			57				—				—				57				10,667				10,724				—
Commercial - Owner Occupied			—				—				4,738				4,738				294,115				298,853				—
Commercial - Non-Owner Occupied & Multifamily			1,913				—				5,348				7,261				391,665				398,926				—
Commercial and industrial loans:
SBA PPP loans			—				—				—				—				4				4				—
Other commercial and industrial loans			240				363				2,311				2,914				110,306				113,220				—
Marine loans			—				—				—				—				175,639				175,639				—
Consumer loans			128				9				60				197				28,545				28,742				60
Overdrafts			—				—				—				—				318				318				—
Other loans			—				—				—				—				13,946				13,946				—
Total		$	2,917			$	848			$	13,167			$	16,932			$	1,450,530			$	1,467,462			$	60

Nonaccrual loans by class at March 31, 2026 and December 31, 2025 were as follows:


		March 31, 2026												December 31, 2025
		(in thousands)												(in thousands)
		Nonaccruals with No Allowance for Credit Losses				Nonaccrual with an Allowance for Credit Losses				Nonaccrual Loans				Nonaccruals with No Allowance for Credit Losses				Nonaccrual with an Allowance for Credit Losses				Nonaccrual Loans
Mortgage real estate loans:
Construction & Secured by Farmland		$	—			$	428			$	428			$	428			$	—			$	428
HELOCs			156				—				156				160				—				160
Residential First Lien - Investor			—				98				98				98				—				98
Residential First Lien - Owner Occupied			635				—				635				494				—				494
Residential Junior Liens			—				—				—				—				—				—
Commercial - Owner Occupied			2,171				2,533				4,704				2,894				1,844				4,738
Commercial - Non-Owner Occupied & Multifamily			5,300				—				5,300				5,348				—				5,348
Commercial and industrial loans:
Other commercial and industrial loans			19				3,323				3,342				2,253				879				3,132
Marine loans			—				—				—				—				—				—
Consumer loans			48				—				48				—				—				—
Overdrafts			—				—				—				—				—				—
Other loans			—				—				—				—				—				—
Total		$	8,329			$	6,382			$	14,711			$	11,675			$	2,723			$	14,398

Allowance For Loan Losses By Segment

The allowance for credit losses on loans by segment at March 31, 2026 and December 31, 2025 was as follows:


		As of and For the Three Months Ended
		March 31, 2026
		(in thousands)
		Construction and Farmland				Residential Real Estate				Commercial Real Estate & MultiFamily				Commercial				Marine				Consumer				All Other Loans				Total
Allowance for credit losses:
Beginning Balance		$	1,275			$	3,160			$	8,163			$	1,312			$	710			$	230			$	470			$	15,320
Charge-Offs			—				—				—				(82	)			—				(26	)			(47	)			(155	)
Recoveries			1				145				—				25				—				9				9				189
Provision			89				15				1,001				1,044				19				20				(216	)			1,972
Ending balance		$	1,365			$	3,320			$	9,164			$	2,299			$	729			$	233			$	216			$	17,326
Ending balance: Individually evaluated for impairment		$	201			$	12			$	215			$	1,686			$	—			$	—			$	—			$	2,114
Ending balance: Collectively evaluated for impairment		$	1,164			$	3,308			$	8,949			$	613			$	729			$	233			$	216			$	15,212
Loans:
Ending balance		$	82,594			$	353,021			$	703,039			$	101,289			$	170,217			$	30,495			$	12,915			$	1,453,570
Ending balance: Individually evaluated for impairment		$	428			$	867			$	10,004			$	3,323			$	—			$	—			$	—			$	14,622
Ending balance: Collectively evaluated for impairment		$	82,166			$	352,154			$	693,035			$	97,966			$	170,217			$	30,495			$	12,915			$	1,438,948


		As of and For the Year Ended
		December 31, 2025
		(in thousands)
		Construction and Farmland				Residential Real Estate				Commercial Real Estate & MultiFamily				Commercial				Marine				Consumer				All Other Loans				Total
Allowance for credit losses:
Beginning Balance		$	2,387			$	2,318			$	7,251			$	1,433			$	1,279			$	238			$	121			$	15,027
Charge-Offs			—				(31	)			(2,771	)			(485	)			(580	)			(140	)			(139	)			(4,146	)
Recoveries			5				308				—				153				—				46				47				559
Provision			(1,117	)			565				3,683				211				11				86				441				3,880
Ending balance		$	1,275			$	3,160			$	8,163			$	1,312			$	710			$	230			$	470			$	15,320
Ending balance: Individually evaluated for impairment		$	—			$	—			$	49			$	418			$	—			$	—			$	—			$	467
Ending balance: Collectively evaluated for impairment		$	1,275			$	3,160			$	8,114			$	894			$	710			$	230			$	470			$	14,853
Loans:
Ending balance		$	82,336			$	355,478			$	697,779			$	113,224			$	175,639			$	28,742			$	14,264			$	1,467,462
Ending balance: Individually evaluated for impairment		$	428			$	728			$	10,086			$	3,113			$	—			$	—			$	—			$	14,355
Ending balance: Collectively evaluated for impairment		$	81,908			$	354,750			$	687,693			$	110,111			$	175,639			$	28,742			$	14,264			$	1,453,107

Schedule of amortized cost basis of collateral-dependent loans

The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment:


		March 31, 2026												December 31, 2025
		(in thousands)												(in thousands)
(in thousands)		Real Estate Collateral				Other Collateral				Total				Real Estate Collateral				Other Collateral				Total
Mortgage real estate loans:
Construction & Secured by Farmland		$	428			$	—			$	428			$	428			$	—			$	428
HELOCs			156				—				156				160				—				160
Residential First Lien - Investor			98				—				98				98				—				98
Residential First Lien - Owner Occupied			613				—				613				470				—				470
Residential Junior Liens			—				—				—				—				—				—
Commercial - Owner Occupied			4,704				—				4,704				4,738				—				4,738
Commercial - Non-Owner Occupied & Multifamily			5,300				—				5,300				5,348				—				5,348
Commercial and industrial loans:
Other commercial and industrial loans			—				3,323				3,323				—				3,113				3,113
Marine loans			—				—				—				—				—				—
Consumer loans			—				—				—				—				—				—
Overdrafts			—				—				—				—				—				—
Other loans			—				—				—				—				—				—
		$	11,299			$	3,323			$	14,622			$	11,242			$	3,113			$	14,355

Schedule of credit quality information by class

Credit quality information by class at March 31, 2026 and gross charge-offs by year of origination for the three months ended March 31, 2026 was as follows:


March 31, 2026
		Term Loans Amortized Cost Basis by Origination Year
(in thousands)		2026				2025				2024				2023				2022				Prior				Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total

Mortgage real estate loans:
Construction & Secured by Farmland
Pass		$	4,355			$	21,154			$	34,825			$	3,633			$	6,063			$	8,091			$	1,689			$	308			$	80,118
Special Mention			—				—				653				—				—				1,389				—				—				2,042
Classified			—				—				—				428				—				6				—				—				434
Total		$	4,355			$	21,154			$	35,478			$	4,061			$	6,063			$	9,486			$	1,689			$	308			$	82,594
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
HELOCs
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	58,585			$	—			$	58,585
Special Mention			—				—				—				—				—				—				43				—				43
Classified			—				—				—				—				—				—				156				—				156
Total		$	—			$	—			$	—			$	—			$	—			$	—			$	58,784			$	—			$	58,784
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Residential First Lien - Investor
Pass		$	4,883			$	19,203			$	5,464			$	9,419			$	15,155			$	47,055			$	—			$	1,093			$	102,272
Special Mention			—				—				—				681				—				3,105				—				—				3,786
Classified			—				—				928				—				98				—				—				—				1,026
Total		$	4,883			$	19,203			$	6,392			$	10,100			$	15,253			$	50,160			$	—			$	1,093			$	107,084
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Residential First Lien - Owner Occupied
Pass		$	400			$	13,473			$	18,932			$	47,370			$	28,540			$	63,623			$	—			$	231			$	172,569
Special Mention			—				—				40				277				—				2,766				—				—				3,083
Classified			—				—				154				—				—				572				—				—				726
Total		$	400			$	13,473			$	19,126			$	47,647			$	28,540			$	66,961			$	—			$	231			$	176,378
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Residential Junior Liens
Pass		$	835			$	1,648			$	618			$	1,406			$	1,783			$	4,117			$	—			$	157			$	10,564
Special Mention			—				—				—				148				—				63				—				—				211
Classified			—				—				—				—				—				—				—				—				—
Total		$	835			$	1,648			$	618			$	1,554			$	1,783			$	4,180			$	—			$	157			$	10,775
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial - Owner Occupied
Pass		$	14,446			$	36,652			$	26,101			$	48,785			$	66,203			$	85,208			$	3,140			$	2,706			$	283,241
Special Mention			—				—				—				915				5,877				18,424				—				—				25,216
Classified			—				—				1,834				699				—				2,171				—				—				4,704


Total		$	14,446			$	36,652			$	27,935			$	50,399			$	72,080			$	105,803			$	3,140			$	2,706			$	313,161
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial - Non-Owner Occupied & Multifamily
Pass		$	13,779			$	67,781			$	26,383			$	52,617			$	71,781			$	124,371			$	7,903			$	4,691			$	369,306
Special Mention			—				—				270				2,463				—				8,418				—				—				11,151
Classified			—				—				—				—				5,253				4,168				—				—				9,421
Total		$	13,779			$	67,781			$	26,653			$	55,080			$	77,034			$	136,957			$	7,903			$	4,691			$	389,878
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial and industrial loans:
Other commercial and industrial loans
Pass		$	4,276			$	17,122			$	14,064			$	5,875			$	8,758			$	8,530			$	33,170			$	2,035			$	93,830
Special Mention			—				203				3,908				—				—				—				—				6				4,117
Classified			—				48				113				1,725				461				235				760				—				3,342
Total		$	4,276			$	17,373			$	18,085			$	7,600			$	9,219			$	8,765			$	33,930			$	2,041			$	101,289
Current period gross charge-offs		$	—			$	79			$	—			$	—			$	—			$	—			$	3			$	—			$	82
Marine loans
Pass		$	—			$	—			$	—			$	58,814			$	89,503			$	21,900			$	—			$	—			$	170,217
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				—				—				—
Total		$	—			$	—			$	—			$	58,814			$	89,503			$	21,900			$	—			$	—			$	170,217
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Consumer loans
Pass		$	2,804			$	1,828			$	1,440			$	865			$	9,263			$	11,948			$	2,283			$	—			$	30,431
Special Mention			—				—				—				4				—				—				—				—				4
Classified			—				48				—				12				—				—				—				—				60
Total		$	2,804			$	1,876			$	1,440			$	881			$	9,263			$	11,948			$	2,283			$	—			$	30,495
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	26			$	—			$	26
Overdrafts
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Special Mention			—				—				—				—				—				—				—				—				—
Classified			343				—				—				—				—				—				—				—				343
Total		$	343			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	343
Current period gross charge-offs		$	47			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	47
Other loans
Pass		$	—			$	4,677			$	—			$	36			$	5,322			$	2,072			$	465			$	—			$	12,572
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				—				—				—
Total		$	—			$	4,677			$	—			$	36			$	5,322			$	2,072			$	465			$	—			$	12,572
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Total by Risk Category
Pass		$	45,778			$	183,538			$	127,827			$	228,820			$	302,371			$	376,915			$	107,235			$	11,221			$	1,383,705
Special Mention			—				203				4,871				4,488				5,877				34,165				43				6				49,653


Classified			343				96				3,029				2,864				5,812				7,152				916				—				20,212
Total		$	46,121			$	183,837			$	135,727			$	236,172			$	314,060			$	418,232			$	108,194			$	11,227			$	1,453,570
Total current period gross charge-offs		$	47			$	79			$	—			$	—			$	—			$	—			$	29			$	—			$	155

Credit quality information by class at December 31, 2025 and gross charge-offs by year of origination for the year ended December 31, 2025 was as follows:


December 31, 2025
		Term Loans Amortized Cost Basis by Origination Year
(in thousands)		2025				2024				2023				2022				2021				Prior				Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total

Mortgage real estate loans:
Construction & Secured by Farmland
Pass		$	17,680			$	37,736			$	6,684			$	6,158			$	3,089			$	6,643			$	1,144			$	308			$	79,442
Special Mention			1,788				655				—				—				—				—				—				—				2,443
Classified			—				—				428				—				—				23				—				—				451
Total		$	19,468			$	38,391			$	7,112			$	6,158			$	3,089			$	6,666			$	1,144			$	308			$	82,336
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
HELOCs
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	58,439			$	—			$	58,439
Special Mention			—				—				—				—				—				—				41				—				41
Classified			—				—				—				—				—				—				160				—				160
Total		$	—			$	—			$	—			$	—			$	—			$	—			$	58,640			$	—			$	58,640
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	31			$	—			$	31
Residential First Lien - Investor
Pass		$	19,774			$	6,261			$	10,174			$	15,545			$	23,908			$	25,060			$	—			$	900			$	101,622
Special Mention			—				—				685				—				3,025				925				—				—				4,635
Classified			—				952				—				98				—				—				—				—				1,050
Total		$	19,774			$	7,213			$	10,859			$	15,643			$	26,933			$	25,985			$	—			$	900			$	107,307
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Residential First Lien - Owner Occupied
Pass		$	13,144			$	18,396			$	47,588			$	28,716			$	21,399			$	45,468			$	—			$	250			$	174,961
Special Mention			—				41				277				—				—				2,784				—				—				3,102
Classified			—				—				—				—				—				744				—				—				744
Total		$	13,144			$	18,437			$	47,865			$	28,716			$	21,399			$	48,996			$	—			$	250			$	178,807
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Residential Junior Liens
Pass		$	1,763			$	628			$	1,547			$	1,843			$	2,541			$	2,028			$	—			$	161			$	10,511
Special Mention			—				—				149				—				—				64				—				—				213
Classified			—				—				—				—				—				—				—				—				—


Total		$	1,763			$	628			$	1,696			$	1,843			$	2,541			$	2,092			$	—			$	161			$	10,724
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial - Owner Occupied
Pass		$	36,319			$	24,619			$	46,689			$	69,524			$	25,728			$	61,040			$	3,046			$	2,736			$	269,701
Special Mention			—				1,371				920				3,336				5,879				12,908				—				—				24,414
Classified			—				1,844				699				—				2,195				—				—				—				4,738
Total		$	36,319			$	27,834			$	48,308			$	72,860			$	33,802			$	73,948			$	3,046			$	2,736			$	298,853
Current period gross charge-offs		$	—			$	468			$	37			$	—			$	8			$	—			$	—			$	—			$	513
Commercial - Non-Owner Occupied & Multifamily
Pass		$	68,609			$	25,254			$	53,637			$	72,478			$	48,985			$	94,990			$	7,909			$	4,838			$	376,700
Special Mention			—				271				2,053				4,153				3,728				6,673				—				—				16,878
Classified			—				—				—				1,132				4,216				—				—				—				5,348
Total		$	68,609			$	25,525			$	55,690			$	77,763			$	56,929			$	101,663			$	7,909			$	4,838			$	398,926
Current period gross charge-offs		$	1,184			$	—			$	—			$	257			$	817			$	—			$	—			$	—			$	2,258
Commercial and industrial loans:
SBA PPP loans
Pass		$	—			$	—			$	—			$	—			$	4			$	—			$	—			$	—			$	4
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				—				—				—
Total		$	—			$	—			$	—			$	—			$	4			$	—			$	—			$	—			$	4
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Other commercial and industrial loans
Pass		$	23,186			$	15,740			$	6,112			$	9,317			$	4,531			$	4,746			$	41,305			$	2,125			$	107,062
Special Mention			—				2,802				—				—				—				216				—				8				3,026
Classified			48				113				1,725				461				19				—				766				—				3,132
Total		$	23,234			$	18,655			$	7,837			$	9,778			$	4,550			$	4,962			$	42,071			$	2,133			$	113,220
Current period gross charge-offs		$	—			$	96			$	184			$	85			$	—			$	—			$	120			$	—			$	485
Marine loans
Pass		$	—			$	—			$	60,223			$	92,924			$	22,191			$	301			$	—			$	—			$	175,639
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				—				—				—
Total		$	—			$	—			$	60,223			$	92,924			$	22,191			$	301			$	—			$	—			$	175,639
Current period gross charge-offs		$	—			$	—			$	314			$	266			$	—			$	—			$	—			$	—			$	580


Consumer loans
Pass		$	2,237			$	1,643			$	1,072			$	9,713			$	4,665			$	7,525			$	1,870			$	—			$	28,725
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				17				—				17
Total		$	2,237			$	1,643			$	1,072			$	9,713			$	4,665			$	7,525			$	1,887			$	—			$	28,742
Current period gross charge-offs		$	—			$	6			$	30			$	2			$	6			$	8			$	88			$	—			$	140
Overdrafts
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Special Mention			—				—				—				—				—				—				—				—				—
Classified			318				—				—				—				—				—				—				—				318
Total		$	318			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	318
Current period gross charge-offs		$	139			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	139
Other loans
Pass		$	4,250			$	—			$	40			$	7,515			$	—			$	2,102			$	39			$	—			$	13,946
Special Mention			—				—				—				—				—				—				—				—				—
Classified			—				—				—				—				—				—				—				—				—
Total		$	4,250			$	—			$	40			$	7,515			$	—			$	2,102			$	39			$	—			$	13,946
Current period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Total by Risk Category
Pass		$	186,962			$	130,277			$	233,766			$	313,733			$	157,041			$	249,903			$	113,752			$	11,318			$	1,396,752
Special Mention			1,788				5,140				4,084				7,489				12,632				23,570				41				8				54,752
Classified			366				2,909				2,852				1,691				6,430				767				943				—				15,958
Total		$	189,116			$	138,326			$	240,702			$	322,913			$	176,103			$	274,240			$	114,736			$	11,326			$	1,467,462
Total current period gross charge-offs		$	1,323			$	570			$	565			$	610			$	831			$	8			$	239			$	—			$	4,146