v3.26.1
Loans Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2026
Credit Loss [Abstract]  
Schedule of Loans Receivable
As of June 30, 2026 and December 31, 2025, loans receivable, net, consisted of the following:
(In thousands)June 30, 2026December 31, 2025
Loan portfolio segment:
Commercial Real Estate$487,265 $346,191 
Residential Real Estate201,153 79,667 
Commercial and Industrial189,094 146,828 
Consumer and Other8,396 19,877 
Loans receivable, gross885,909 592,562 
Allowance for credit losses(8,469)(6,839)
Loans receivable, net$877,440 $585,723 
Schedule of Allowance for Credit Loss
The following table summarizes activity in the ACL on loans for the three-month period ended June 30, 2026 and 2025:
(In thousands)Commercial
Real Estate 		Residential
Real Estate 		Commercial
and
Industrial 		Consumer
and
Other 		Construction Total
Three Months Ended June 30, 2026
Allowance for credit losses:
March 31, 2026$2,602 $1,356 $3,532 $289 $— $7,779 
Charge-offs— — — (16)— (16)
Recoveries— 1 7 129 — 136 
PSL allowance credit losses— — — — — — 
Provisions (credits)279 (115)577 (169)— 572 (1)
June 30, 2026$2,881 $1,241 $4,115 $233 $— $8,469 
Three Months Ended June 30, 2025
Allowance for credit losses:
March 31, 2025$2,275 $639 $1,168 $2,607 $8 $6,729 
Charge-offs— — (11)(754)— (765)
Recoveries— — 20 209 — 229 
Provisions (credits)161 (120)608 988 (3)1,602 (2)
June 30, 2025$2,436 $519 $1,785 $3,050 $5 $7,795 
(1) The provision on credit losses included in the above table for the three months ended June 30, 2026 does not include the provision on unfunded loan commitments of $18 thousand.
(2) The provision on credit losses included in the above table for the three months ended June 30, 2025 does not include the credit on unfunded loan commitments of $78 thousand.
The following table summarizes activity in the ACL on loans for the six months ended June 30, 2026 and 2025:
(In thousands)Commercial
Real Estate 		Residential Real Estate Commercial
and
Industrial 		Consumer
and
Other 		Construction Total
Six Months Ended June 30, 2026
Allowance for credit losses:
December 31, 2025$2,340 $753 $3,305 $441 $— $6,839 
Charge-offs— — — (60)— (60)
Recoveries— 6 82 303 — 390 
PSL allowance credit losses215 710 — — — 925 
Provisions (credits)327 (228)729 (452)— 375 (3)
June 30, 2026$2,881 $1,241 $4,115 $233 $— $8,469 
Six Months Ended June 30, 2025
Allowance for credit losses:
December 31, 2024$2,241 $596 $1,077 $3,386 $5 $7,305 
Charge-offs(635)— (130)(1,670)— (2,435)
Recoveries— — 106 461 — 567 
Provisions (credits)830 (77)732 873 — 2,358 (4)
June 30, 2025$2,436 $519 $1,785 $3,050 $5 $7,795 
(3) The provision on credit losses for the six months ended June 30, 2026 does not include the provision on unfunded loan commitments of $33 thousand.
(4) The provision on credit losses for the six months ended June 30, 2025 does not include the credit on unfunded loan commitments of $101 thousand.
The following table reflects information about the individually evaluated loans by class as of June 30, 2026 and December 31, 2025:
(In thousands)June 30, 2026December 31, 2025
Recorded
Investment 		Principal
Outstanding 		Related
Allowance 		Recorded Investment Principal Outstanding Related Allowance
With no related allowance recorded:
Commercial Real Estate$8,216 $9,078 $— $7,240 $22,657 $— 
Residential Real Estate575 588 — 57 58 — 
Commercial and Industrial7,068 11,884 — 291 288 — 
Consumer and Other144 144 — — — — 
16,004 21,695 — 7,588 23,003 — 
With a related allowance recorded:
Commercial Real Estate4,868 11,149 594 — — — 
Commercial and Industrial4,939 4,942 2,120 4,906 4,905 2,100 
Consumer and Other1 1 1 1 1 1 
9,808 16,092 2,715 4,907 4,906 2,101 
Individually evaluated loans, Total:
Commercial Real Estate13,084 20,227 594 7,240 22,657 — 
Residential Real Estate575 588 — 57 58 — 
Commercial and Industrial12,007 16,826 2,120 5,197 5,193 2,100 
Consumer and Other145 145 1 1 1 1 
Total$25,811 $37,787 $2,715 $12,495 $27,909 $2,101 
The following table summarizes additional information regarding individually evaluated loans for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2026202520262025
Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized
With no related allowance recorded:
Commercial Real Estate$8,240 $123 $22,847 $64 $8,264 $242 $23,626 $82 
Residential Real Estate587 — — — 592 1 — — 
Commercial and Industrial7,095 42 2,873 — 7,108 70 2,979 — 
Consumer and Other144 — — — 144 — — — 
Construction to permanent - CRE— — 1,775 — — — 2,025 — 
16,067 165 27,495 64 16,109 313 28,630 82 
With a related allowance recorded:
Commercial Real Estate4,868 — — — 4,868 — — — 
Commercial and Industrial4,939 — — — 4,939 — — — 
Consumer and Other1 — — — 1 — — — 
9,808 — — — 9,808 — — — 
Individually evaluated loans, Total:
Commercial Real Estate13,108 123 22,847 64 13,132 242 23,626 82 
Residential Real Estate587 — — — 592 1 — — 
Commercial and Industrial12,034 42 2,873 — 12,047 70 2,979 — 
Consumer and Other145 — — — 145 — — — 
Construction to permanent - CRE— — 1,775 — — — 2,025 — 
Total$25,875 $165 $27,495 $64 $25,917 $313 $28,630 $82 
Schedule of Individually Evaluated for Impairment
The following table summarizes the ACL on loans as of June 30, 2026 and December 31, 2025:
(In thousands)Commercial
Real Estate 		Residential
Real Estate 		Commercial
and
Industrial 		Consumer
and
Other 		Total
June 30, 2026
Allowance for credit losses:
Individually evaluated loans$594 $— $2,120 $1 $2,715 
Collectively evaluated loans2,287 1,241 1,995 231 5,754 
Total allowance for credit losses$2,881 $1,241 $4,115 $232 $8,469 
Loans receivable, gross:
Individually evaluated loans$13,084 $575 $12,007 $145 $25,811 
Collectively evaluated loans474,181 200,579 177,087 8,251 860,098 
Total loans receivable, gross$487,265 $201,153 $189,094 $8,396 $885,909 
(In thousands)Commercial
Real Estate 		Residential
Real Estate 		Commercial
and
Industrial 		Consumer
and
Other 		Total
December 31, 2025
Allowance for credit losses:
Individually evaluated loans$— $— $2,100 $1 $2,101 
Collectively evaluated loans2,340 753 1,204 440 4,738 
Total allowance for credit losses$2,340 $753 $3,305 $441 $6,839 
Loans receivable, gross:
Individually evaluated loans$7,240 $57 $5,197 $1 $12,495 
Collectively evaluated loans338,951 79,612 141,628 19,876 580,067 
Total loans receivable, gross$346,191 $79,669 $146,825 $19,877 $592,562 
Schedule of Financing Receivable Credit Quality Indicators
The following tables summarize loans by vintage, credit quality indicator, class of loans and charge-offs based on year of origination as of June 30, 2026:
Rating of Loans by Origination Year
June 30, 202620262025202420232022PriorRevolvingTotal Loans
Receivable
Gross
Loan portfolio segment:
Commercial Real Estate:
Pass$143,755 $46,720 $— $78,813 $85,862 $117,657 $1,375 $474,181 
Substandard— — — 116 5,307 7,562 100 13,085 
Total 143,755 46,720 — 78,928 91,168 125,219 1,475 487,265 
Current period gross charge-offs— — — — — — — — 
Residential Real Estate:
Pass20,841 30,681 33,088 31,072 5,251 74,110 5,788 200,830 
Substandard— — — — — 323 — 323 
Total 20,841 30,681 33,088 31,072 5,251 74,434 5,788 201,153 
Current period gross charge-offs— — — — — — — — 
Commercial and Industrial:
Pass29,500 5,361 666 1,031 7,598 12,325 118,704 175,185 
Special mention— — — 1 — 330 650 982 
Substandard— — — 751 1,137 2,742 8,299 12,928 
Total 29,500 5,361 666 1,783 8,735 15,396 127,653 189,094 
Current period gross charge-offs— — — — — — — — 
Consumer and Other:
Pass67 179 262 92 266 7,247 108 8,222 
Substandard— — — 4 10 160 1 175 
Total 67 179 262 96 276 7,407 109 8,396 
Current period gross charge-offs— — — — 60 — — 60 
Total loans$194,162 $82,940 $34,016 $111,880 $105,432 $222,456 $135,023 $885,909 
 Total Current period gross charge-offs$— $— $— $— $60 $— $— $60 
Loans receivable, gross:
Pass$194,162 $82,940 $34,016 $111,008 $98,977 $211,339 $125,975 $858,417 
Special mention— — — 1 — 330 650 982 
Substandard— — — 871 6,454 10,787 8,400 26,511 
Total Loans receivable, gross$194,162 $82,940 $34,016 $111,880 $105,432 $222,456 $135,023 $885,909 
 Total Current period gross charge-offs$— $— $— $— $60 $— $— $60 
The following tables summarize loan amortized cost by vintage, credit quality indicator, class of loans and charge-offs based on year of origination as of December 31, 2025:
Rating of Loans by Origination Year
As of December 31, 2025:20252024202320222021PriorRevolvingTotal Loans
Receivable
Gross
Loan portfolio:
Commercial Real Estate:
Pass$41,492 $— $78,914 $89,538 $72,868 $48,983 $— $331,795 
Special mention— — — — — 799 — 799 
Substandard— — 117 4,258 4,479 4,742 — 13,596 
Total41,492 — 79,031 93,796 77,347 54,524 — 346,191 
Current period gross charge-offs— — — 547 232 — — 778 
Residential Real Estate:
Pass1,234 3,119 — 5,283 20,726 47,213 1,128 78,703 
Special mention— — — — — 907 — 907 
Substandard— — — — — 57 — 57 
Total1,234 3,119 — 5,283 20,726 48,178 1,128 79,667 
Current period gross charge-offs— — — — — — — — 
Commercial and Industrial:
Pass14,710 726 3,272 11,013 17,580 5,224 82,101 134,626 
Special mention— — 2 17 34 392 4,206 4,651 
Substandard— — 559 381 842 807 4,959 7,547 
Total14,710 726 3,833 11,410 18,457 6,422 91,266 146,828 
Current period gross charge-offs— — — 47 72 11 — 129 
Consumer and Other:
Pass192 262 280 407 7 12,997 5,318 19,464 
Substandard— — 9 7 — 144 252 413 
Total192 262 289 415 7 13,141 5,570 19,877 
Current period gross charge-offs— — 93 1,744 232 — — 2,069 
Loans receivable, gross:
Pass$57,628 $4,107 $82,467 $106,242 $111,182 $114,417 $88,547 $564,590 
Special mention— — 2 17 34 2,099 4,206 6,358 
Substandard— — 685 4,646 5,322 5,750 5,211 21,613 
Loans receivable, gross$57,628 $4,107 $83,154 $110,905 $116,538 $122,265 $97,964 $592,562 
 Total Current period gross charge-offs(1)$— $— $93 $2,337 $578 $11 $— $3,020 
(1) Total current period gross-charge offs includes $43 thousand related to Construction to Permanent - CRE loan with an origination year of 2021.
Schedule of Financing Receivable, Past Due
The following tables summarize performing and non-performing (i.e., non-accruing) loans receivable by portfolio, by aging category, by delinquency status as of June 30, 2026:
(In thousands)Performing (Accruing) Loans
June 30, 202630 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Performing Loans Non- accruing Loans Loans Receivable Gross
Loan portfolio:
Commercial Real Estate:
Pass$326 $— $— $326 $473,855 $474,181 $— $474,181 
Substandard— — — — 1,662 1,662 11,422 13,084 
326 — — 326 475,517 475,843 11,422 487,265 
Residential Real Estate:
Pass1,173 1,087 — 2,260 198,105 200,365 465 200,830 
Substandard— — — — — — 323 323 
1,173 1,087 — 2,260 198,105 200,365 788 201,153 
Commercial and Industrial:
Pass245 — — 245 174,940 175,185 — 175,185 
Special mention650 — — 650 331 982 — 982 
Substandard— — — — 274 274 12,654 12,928 
895 — — 895 175,545 176,440 12,654 189,094 
Consumer and Other:
Pass54 108 — 162 8,060 8,222 — 8,222 
Substandard— — — — — — 175 175 
54 108 — 162 8,059 8,222 175 8,396 
Total$2,448 $1,195 $— $3,644 $857,226 $860,870 $25,039 $885,909 
Loans receivable, gross:
Pass$1,798 $1,195 $— $2,993 $854,959 $857,952 $465 $858,417 
Special mention650 — — 650 331 982 — 982 
Substandard— — — — 1,936 1,936 24,575 26,511 
Loans receivable, gross$2,448 $1,195 $— $3,644 $857,226 $860,870 $25,039 $885,909 
The following tables summarize performing and non-performing loans (i.e., non-accruing) receivable by portfolio, by aging category, by delinquency status as of December 31, 2025:
(In thousands)Performing (Accruing) Loans
As of December 31, 2025:30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Performing Loans Non- accruing Loans Loans Receivable Gross
Loan portfolio:
Commercial Real Estate:
Pass$— $— $— $— $328,803 $328,803 $2,993 $331,795 
Special mention— — — — 799 799 — 799 
Substandard— 293 — 293 2,595 2,888 10,708 13,596 
— 293 — 293 332,197 332,489 13,701 346,191 
Residential Real Estate:
Pass— — — — 78,705 78,705 — 78,705 
Special mention— — — — 907 907 — 907 
Substandard— — — — — — 57 57 
— — — — 79,612 79,612 57 79,669 
Commercial and Industrial:
Pass1,600 — — 1,600 129,767 131,367 3,255 134,622 
Special mention— — — — 4,651 4,651 — 4,651 
Substandard— 468 — 468 157 624 6,927 7,551 
1,600 468 — 2,068 134,575 136,643 10,182 146,825 
Consumer and Other:
Pass235 — — 235 19,229 19,464 — 19,464 
Substandard— — — — — — 413 413 
235 — — 235 19,229 19,464 413 19,877 
Total$1,835 $760 $— $2,595 $565,613 $568,208 $24,353 $592,562 
Loans receivable, gross:
Pass$1,835 $— $— $1,835 $556,503 $558,338 $6,248 $564,586 
Special mention— — — — 6,358 6,358 — 6,358 
Substandard— 760 — 760 2,752 3,512 18,105 21,617 
Loans receivable, gross$1,835 $760 $— $2,595 $565,613 $568,208 $24,353 $592,562 
Schedule of Financing Receivable, Nonaccrual
The following tables summarize non-performing (i.e., non-accruing) loans by aging category and status, within the applicable loan portfolio as of June 30, 2026 and December 31, 2025:
(In thousands)Non-accruing Loans
30 - 59
Days
Past Due 		60 - 89
Days
Past Due 		90 Days or
Greater Past
Due 		Total
Past Due 		Current Total
Non-accruing
Loans
June 30, 2026
Loan portfolio:
Commercial Real Estate:
Substandard— 222 11,200 11,422 — 11,422 
Residential Real Estate:
Pass364 100 — 465 — 465 
Substandard— — 55 55 268 323 
Commercial and Industrial:
Substandard— — 12,229 12,229 425 12,654 
Consumer and Other:
Substandard— — 165 165 10 175 
Total non-accruing loans$364 $322 $23,650 $24,336 $703 $25,039 
As of December 31, 2025:
Loan portfolio:
Commercial Real Estate:
Pass$— $— $2,993 $2,993 $— $2,993 
Substandard— — 10,708 10,708 — 10,708 
Residential Real Estate:
Substandard— — 57 57 — 57 
Commercial and Industrial:
Pass— 159 3,096 3,255 — 3,255 
Substandard— 1,846 5,081 6,927 — 6,927 
Consumer and Other:
Substandard— — 397 397 16 413 
Construction to permanent - CRE:
Substandard— — 
Total non-accruing loans$— $2,005 $22,332 $24,337 $16 $24,353