Loans Receivable (Tables)

6 Months Ended

Jun. 30, 2026

Loans receivable, net at June 30, 2026 and December 31, 2025 were comprised of the following:


	June 30, 2026			December 31, 2025
	(In thousands)
Commercial real estate	$	1,273,815		$	1,343,531
Commercial and industrial		76,570			76,557
Construction		194,188			209,483
Residential first-lien mortgage		178,954			163,813
Home equity/consumer		50,754			25,359
Total loans		1,774,281			1,818,743
Deferred fees and costs, net		(2,781	)		(2,327	)
Loans, net	$	1,771,500		$	1,816,416

Summary of components of allowance for credit losses

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


	June 30, 2026			December 31, 2025
	(In thousands)
Allowance for credit losses - loans	$	(19,963	)	$	(20,325	)
Allowance for credit losses - off balance sheet		(494	)		(399	)
	$	(20,457	)	$	(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 June 30, 2026 and December 31, 2025:


	June 30, 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	$	—	$	15,562	$	—	$	15,229
Commercial and industrial		—		325		—		1,257
Construction		—		—		—		92
Residential first-lien mortgage		—		433		—		—
Home equity/consumer		—		—		—		—
Total nonaccrual loans	$	—	$	16,320	$	—	$	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 June 30, 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	$	7,445	$	—	$	15,562	$	23,007	$	1,250,808	$	1,273,815	$	—
Commercial and industrial		356		257		325		938		75,632		76,570		—
Construction		—		—		—		—		194,188		194,188		—
Residential first-lien mortgage		1,416		362		433		2,211		176,743		178,954		—
Home equity/consumer		480		—		—		480		50,274		50,754		—
Total	$	9,697	$	619	$	16,320	$	26,636	$	1,747,645	$	1,774,281	$	—

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 June 30, 2026. Gross charge-offs are included for the six months ended June 30, 2026.


	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
	(Dollars in thousands)
Commercial real estate
Pass	$	22,350	$	57,795	$	106,091	$	157,266	$	271,311	$	628,375	$	5,806	$	1,248,994
Special mention		—		—		—		—		1,056		8,203		—		9,259
Substandard		—		—		—		—		—		15,562		—		15,562
Total commercial real estate		22,350		57,795		106,091		157,266		272,367		652,140		5,806		1,273,815
Current period gross charge-offs		—		—		—		—		—		14		—		14
Commercial and industrial
Pass		4,910		8,101		807		6,321		14,531		21,852		19,228		75,750
Special mention		—		—		—		—		—		495		—		495
Substandard		—		—		—		—		—		325		—		325
Total commercial and industrial		4,910		8,101		807		6,321		14,531		22,672		19,228		76,570
Current period gross charge-offs		—		—		—		—		—		4		—		4
Construction
Pass		20,207		5,000		22,125		1,848		1,360		21,070		122,430		194,040
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		148		—		148
Total construction		20,207		5,000		22,125		1,848		1,360		21,218		122,430		194,188
Current period gross charge-offs		—		—		—		—		—		—		—		—
Residential first-lien mortgage
Performing		9,957		34,648		54,652		23,446		6,235		49,583		—		178,521
Nonperforming		—		—		—		—		—		433		—		433
Total residential first-lien mortgage		9,957		34,648		54,652		23,446		6,235		50,016		—		178,954
Current period gross charge-offs		—		—		—		—		—		—		—		—
Home equity/consumer
Performing		26,506		8,273		1,001		1,652		1,206		1,164		10,952		50,754
Nonperforming		—		—		—		—		—		—		—		—
Total home equity/consumer		26,506		8,273		1,001		1,652		1,206		1,164		10,952		50,754
Current period gross charge-offs		—		—		—		—		—		—		—		—
Total
Pass		83,930		113,817		184,676		190,533		294,643		722,044		158,416		1,748,059
Special mention		—		—		—		—		1,056		8,698		—		9,754
Substandard		—		—		—		—		—		16,468		—		16,468
Total loans	$	83,930	$	113,817	$	184,676	$	190,533	$	295,699	$	747,210	$	158,416	$	1,774,281

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
Current period gross charge-offs		—		—		—		—		—		—		—		—
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
Current period gross charge-offs		—		—		—		—		—		—		—		—
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
Current period gross charge-offs		—		—		—		—		—		—		—		—
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 June 30, 2026:


	Commercial real estate			Commercial and industrial			Construction		Residential first-lien mortgage		Home equity/ consumer		Total
	(In thousands)
Allowance for credit losses:
Beginning balance	$	16,437		$	911		$	364	$	2,000	$	321		20,033
Provision (reversal)1		(244	)		(303	)		33		42		158		(314	)
Charge-offs		—			(4	)		—		—		—		(4	)
Recoveries		2			246			—		—		—		248
Total	$	16,195		$	850		$	397	$	2,042	$	479	$	19,963

The reversal of credit losses on the Consolidated Statement of Income is $353 thousand comprising of a decrease of $314 thousand to the allowance for credit losses on loans and a $39 thousand decrease to the reserve for unfunded liabilities.

The following table presents the allowance for credit losses on loans receivable at and for the six months ended June 30, 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		(643	)		(302	)		21		38		282		(604	)
Charge-offs		(14	)		(4	)		—		—		—		(18	)
Recoveries		4			256			—		—		—		260
Total	$	16,195		$	850		$	397	$	2,042	$	479	$	19,963

The reversal of credit losses on the Consolidated Statement of Income is $509 thousand comprising of a decrease of $604 thousand to the allowance for credit losses on loans and a $95 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 June 30, 2025:


	Commercial real estate			Commercial and industrial			Construction		Residential first-lien mortgage		Home equity/ consumer			Total
	(In thousands)
Allowance for credit losses:
Beginning balance	$	20,981		$	1,104		$	400	$	1,288	$	169		$	23,942
Provision (reversal)1		7,013			(155	)		29		70		(8	)		6,949
Charge-offs		(9,950	)		1			—		—		—			(9,949	)
Recoveries		6			66			—		—		—			72
Total	$	18,050		$	1,016		$	429	$	1,358	$	161		$	21,014

The provision for credit losses on the Consolidated Statement of Income is $7.0 million comprising of an increase of $6.9 million to the allowance for credit losses on loans and a $7 thousand increase to the reserve for unfunded liabilities.

The following table presents the allowance for credit losses on loans receivable at and for the six months ended June 30, 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		7,162			(273	)		(180	)		465		—		7,174
Charge-offs		(9,950	)		(83	)		—			—		—		(10,033	)
Recoveries		17			199			—			—		—		216
Total	$	18,050		$	1,016		$	429		$	1,358	$	161	$	21,014

The provision for credit losses on the Consolidated Statement of Income is $7.2 million comprising of an increase of $7.1 million to the allowance for credit losses on loans and a $50 thousand increase to the reserve for unfunded liabilities.