| Loans |
A summary of the balances of loans follows:
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(In thousands) |
|
Mortgage loans on real estate: |
|
|
|
|
|
|
Residential |
|
$ |
463,232 |
|
|
$ |
484,198 |
|
Commercial and multi-family |
|
|
1,064,771 |
|
|
|
1,080,739 |
|
Construction |
|
|
163,535 |
|
|
|
179,266 |
|
HELOC and second mortgages |
|
|
217,150 |
|
|
|
209,874 |
|
|
|
|
1,908,688 |
|
|
|
1,954,077 |
|
Commercial loans: |
|
|
|
|
|
|
Commercial |
|
|
230,870 |
|
|
|
194,649 |
|
SBA PPP |
|
|
— |
|
|
|
5 |
|
|
|
|
230,870 |
|
|
|
194,654 |
|
Consumer loans |
|
|
114,369 |
|
|
|
120,586 |
|
Total loans |
|
|
2,253,927 |
|
|
|
2,269,317 |
|
Allowance for credit losses |
|
|
(30,254 |
) |
|
|
(29,078 |
) |
Net deferred loan fees |
|
|
(3,907 |
) |
|
|
(3,965 |
) |
Loans, net |
|
$ |
2,219,766 |
|
|
$ |
2,236,274 |
|
The Bank has sold mortgage loans in the secondary mortgage market and has retained the servicing responsibility and receives fees for the services provided. Total loans serviced for others at June 30, 2026, and December 31, 2025, amounted to $1.7 billion and $1.6 billion, respectively, and are not included on the accompanying consolidated balance sheets. The following represents the composition of the Company’s provision for credit loss expense for the three and six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(In thousands) |
|
Loans |
|
$ |
800 |
|
|
$ |
1,950 |
|
Off-balance sheet credit exposures |
|
|
— |
|
|
|
60 |
|
|
|
$ |
800 |
|
|
$ |
2,010 |
|
|
|
Six Months Ended
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(In thousands) |
|
Loans |
|
$ |
2,500 |
|
|
$ |
3,900 |
|
Off-balance sheet credit exposures |
|
|
— |
|
|
|
— |
|
|
|
$ |
2,500 |
|
|
$ |
3,900 |
|
Activity in the allowance for credit losses for the three and six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the Three Months Ended June 30, 2026 |
|
|
|
Residential
Real
Estate |
|
|
Commercial &
Multi-family
Real Estate |
|
|
Construction |
|
|
HELOC
& Second
Mortgages |
|
|
Commercial |
|
|
Consumer |
|
|
Unallocated |
|
|
Total |
|
|
|
(In thousands) |
|
Allowance for credit losses—loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2026 |
|
$ |
784 |
|
|
$ |
15,939 |
|
|
$ |
719 |
|
|
$ |
426 |
|
|
$ |
3,188 |
|
|
$ |
4,107 |
|
|
$ |
4,517 |
|
|
$ |
29,680 |
|
Provision (credit) for credit losses |
|
|
292 |
|
|
|
454 |
|
|
|
42 |
|
|
|
16 |
|
|
|
838 |
|
|
|
(537 |
) |
|
|
(305 |
) |
|
|
800 |
|
Loans charged-off |
|
|
— |
|
|
|
(41 |
) |
|
|
— |
|
|
|
— |
|
|
|
(60 |
) |
|
|
(163 |
) |
|
|
— |
|
|
|
(264 |
) |
Recoveries |
|
|
4 |
|
|
|
24 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
38 |
|
Balance at June 30, 2026 |
|
$ |
1,080 |
|
|
$ |
16,376 |
|
|
$ |
761 |
|
|
$ |
443 |
|
|
$ |
3,966 |
|
|
$ |
3,416 |
|
|
$ |
4,212 |
|
|
$ |
30,254 |
|
Allowance for off-balance
sheet credit exposures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2026 |
|
$ |
21 |
|
|
$ |
97 |
|
|
$ |
311 |
|
|
$ |
204 |
|
|
$ |
92 |
|
|
$ |
— |
|
|
$ |
57 |
|
|
$ |
782 |
|
Provision for credit losses |
|
|
7 |
|
|
|
76 |
|
|
|
74 |
|
|
|
7 |
|
|
|
(33 |
) |
|
|
— |
|
|
|
(131 |
) |
|
|
— |
|
Balance at June 30, 2026 |
|
$ |
28 |
|
|
$ |
173 |
|
|
$ |
385 |
|
|
$ |
211 |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
(74 |
) |
|
$ |
782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the Six Months Ended June 30, 2026 |
|
|
|
Residential
Real
Estate |
|
|
Commercial &
Multi-family
Real Estate |
|
|
Construction |
|
|
HELOC
& Second
Mortgages |
|
|
Commercial |
|
|
Consumer |
|
|
Unallocated |
|
|
Total |
|
|
|
(In thousands) |
|
Allowance for credit losses—loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2025 |
|
$ |
768 |
|
|
$ |
16,690 |
|
|
$ |
699 |
|
|
$ |
417 |
|
|
$ |
3,013 |
|
|
$ |
5,598 |
|
|
$ |
1,893 |
|
|
$ |
29,078 |
|
Provision (credit) for credit losses |
|
|
304 |
|
|
|
(312 |
) |
|
|
62 |
|
|
|
25 |
|
|
|
1,013 |
|
|
|
(911 |
) |
|
|
2,319 |
|
|
|
2,500 |
|
Loans charged-off |
|
|
— |
|
|
|
(41 |
) |
|
|
— |
|
|
|
— |
|
|
|
(60 |
) |
|
|
(1,341 |
) |
|
|
— |
|
|
|
(1,442 |
) |
Recoveries |
|
|
8 |
|
|
|
39 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
118 |
|
Balance at June 30, 2026 |
|
$ |
1,080 |
|
|
$ |
16,376 |
|
|
$ |
761 |
|
|
$ |
443 |
|
|
$ |
3,966 |
|
|
$ |
3,416 |
|
|
$ |
4,212 |
|
|
$ |
30,254 |
|
Allowance for off-balance
sheet credit exposures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2025 |
|
$ |
6 |
|
|
$ |
210 |
|
|
$ |
292 |
|
|
$ |
202 |
|
|
$ |
62 |
|
|
$ |
— |
|
|
$ |
10 |
|
|
$ |
782 |
|
Provision for credit losses |
|
|
22 |
|
|
|
(37 |
) |
|
|
93 |
|
|
|
9 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(84 |
) |
|
|
— |
|
Balance at June 30, 2026 |
|
$ |
28 |
|
|
$ |
173 |
|
|
$ |
385 |
|
|
$ |
211 |
|
|
$ |
59 |
|
|
$ |
— |
|
|
$ |
(74 |
) |
|
$ |
782 |
|
Activity in the allowance for credit losses for the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the Three Months Ended June 30, 2025 |
|
|
|
Residential
Real
Estate |
|
|
Commercial &
Multi-family
Real Estate |
|
|
Construction |
|
|
HELOC
& Second
Mortgages |
|
|
Commercial |
|
|
Consumer |
|
|
Unallocated |
|
|
Total |
|
|
|
(In thousands) |
|
Allowance for credit losses—
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2025 |
|
$ |
1,201 |
|
|
$ |
15,478 |
|
|
$ |
615 |
|
|
$ |
496 |
|
|
$ |
2,777 |
|
|
$ |
5,493 |
|
|
$ |
1,947 |
|
|
$ |
28,007 |
|
Provision (credit) for credit
losses |
|
|
(240 |
) |
|
|
33 |
|
|
|
140 |
|
|
|
(106 |
) |
|
|
(172 |
) |
|
|
(25 |
) |
|
|
2,320 |
|
|
|
1,950 |
|
Loans charged-off |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(75 |
) |
|
|
— |
|
|
|
(75 |
) |
Recoveries |
|
|
4 |
|
|
|
15 |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
22 |
|
|
|
— |
|
|
|
48 |
|
Balance at June 30, 2025 |
|
$ |
965 |
|
|
$ |
15,526 |
|
|
$ |
755 |
|
|
$ |
390 |
|
|
$ |
2,612 |
|
|
$ |
5,415 |
|
|
$ |
4,267 |
|
|
$ |
29,930 |
|
Allowance for off-balance
sheet credit exposures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2025 |
|
$ |
9 |
|
|
$ |
48 |
|
|
$ |
266 |
|
|
$ |
2 |
|
|
$ |
22 |
|
|
$ |
— |
|
|
$ |
40 |
|
|
$ |
387 |
|
Provision for credit losses |
|
|
(6 |
) |
|
|
1 |
|
|
|
89 |
|
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
(32 |
) |
|
|
60 |
|
Balance at June 30, 2025 |
|
$ |
3 |
|
|
$ |
49 |
|
|
$ |
355 |
|
|
$ |
2 |
|
|
$ |
30 |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the Six Months Ended June 30, 2025 |
|
|
|
Residential
Real
Estate |
|
|
Commercial
& Multi-family
Real
Estate |
|
|
Construction |
|
|
HELOC
& Second
Mortgages |
|
|
Commercial |
|
|
Consumer |
|
|
Unallocated |
|
|
Total |
|
|
|
(In thousands) |
|
Allowance for credit losses—
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2024 |
|
$ |
1,304 |
|
|
$ |
13,326 |
|
|
$ |
583 |
|
|
$ |
568 |
|
|
$ |
2,741 |
|
|
$ |
5,594 |
|
|
$ |
2,107 |
|
|
$ |
26,223 |
|
Provision (credit) for credit
losses |
|
|
(347 |
) |
|
|
2,170 |
|
|
|
172 |
|
|
|
(178 |
) |
|
|
(53 |
) |
|
|
(24 |
) |
|
|
2,160 |
|
|
|
3,900 |
|
Loans charged-off |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(83 |
) |
|
|
(179 |
) |
|
|
— |
|
|
|
(262 |
) |
Recoveries |
|
|
8 |
|
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
24 |
|
|
|
— |
|
|
|
69 |
|
Balance at June 30, 2025 |
|
$ |
965 |
|
|
$ |
15,526 |
|
|
$ |
755 |
|
|
$ |
390 |
|
|
$ |
2,612 |
|
|
$ |
5,415 |
|
|
$ |
4,267 |
|
|
$ |
29,930 |
|
Allowance for off-balance
sheet credit exposures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2024 |
|
$ |
3 |
|
|
$ |
55 |
|
|
$ |
344 |
|
|
$ |
1 |
|
|
$ |
9 |
|
|
$ |
— |
|
|
$ |
35 |
|
|
$ |
447 |
|
Provision for credit losses |
|
|
— |
|
|
|
(6 |
) |
|
|
11 |
|
|
|
1 |
|
|
|
21 |
|
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
Balance at June 30, 2025 |
|
$ |
3 |
|
|
$ |
49 |
|
|
$ |
355 |
|
|
$ |
2 |
|
|
$ |
30 |
|
|
$ |
— |
|
|
$ |
8 |
|
|
$ |
447 |
|
The following is a summary of past due and non-accrual loans at June 30, 2026, and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
30-59 Days
Past Due |
|
|
60-89 Days
Past Due |
|
|
Past Due
90 Days or
More |
|
|
Total
Past Due |
|
|
Past Due
90 Days or
More
and Still
Accruing |
|
|
Loans on
Non-accrual |
|
|
|
(In thousands) |
|
Mortgage loans on real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
6 |
|
|
$ |
439 |
|
|
$ |
411 |
|
|
$ |
856 |
|
|
$ |
— |
|
|
$ |
3,684 |
|
Commercial and multi-family |
|
|
— |
|
|
|
— |
|
|
|
6,025 |
|
|
|
6,025 |
|
|
|
— |
|
|
|
35,766 |
|
HELOC and second mortgages |
|
|
390 |
|
|
|
190 |
|
|
|
349 |
|
|
|
929 |
|
|
|
— |
|
|
|
1,027 |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
1,068 |
|
|
|
1,068 |
|
|
|
— |
|
|
|
1,068 |
|
Consumer |
|
|
582 |
|
|
|
281 |
|
|
|
528 |
|
|
|
1,391 |
|
|
|
— |
|
|
|
1,199 |
|
Total |
|
$ |
978 |
|
|
$ |
910 |
|
|
$ |
8,381 |
|
|
$ |
10,269 |
|
|
$ |
— |
|
|
$ |
42,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
30-59 Days
Past Due |
|
|
60-89 Days
Past Due |
|
|
Past Due
90 Days or
More |
|
|
Total
Past Due |
|
|
Past Due
90 Days or
More
and Still
Accruing |
|
|
Loans on
Non-accrual |
|
|
|
(In thousands) |
|
Mortgage loans on real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
1,011 |
|
|
$ |
— |
|
|
$ |
1,084 |
|
|
$ |
2,095 |
|
|
$ |
— |
|
|
$ |
3,750 |
|
Commercial and multi-family |
|
|
63 |
|
|
|
6,464 |
|
|
|
1,073 |
|
|
|
7,600 |
|
|
|
— |
|
|
|
30,780 |
|
HELOC and second mortgages |
|
|
389 |
|
|
|
71 |
|
|
|
401 |
|
|
|
861 |
|
|
|
— |
|
|
|
1,150 |
|
Commercial |
|
|
— |
|
|
|
1,933 |
|
|
|
292 |
|
|
|
2,225 |
|
|
|
— |
|
|
|
292 |
|
Consumer |
|
|
1,309 |
|
|
|
246 |
|
|
|
475 |
|
|
|
2,030 |
|
|
|
— |
|
|
|
1,456 |
|
Total |
|
$ |
2,772 |
|
|
$ |
8,714 |
|
|
$ |
3,325 |
|
|
$ |
14,811 |
|
|
$ |
— |
|
|
$ |
37,428 |
|
The following table presents the amortized cost basis of loans on non-accrual status by portfolio segment as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Non-Accrual Loans With an Allowance |
|
|
Non-Accrual Loans Without an Allowance |
|
|
Total Non- Accrual Loans |
|
|
Non-Accrual Loans With an Allowance |
|
|
Non-Accrual Loans Without an Allowance |
|
|
Total Non- Accrual Loans |
|
|
|
(In thousands) |
|
Mortgage loans on real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
— |
|
|
$ |
3,684 |
|
|
$ |
3,684 |
|
|
$ |
— |
|
|
$ |
3,750 |
|
|
$ |
3,750 |
|
Commercial and multi-family |
|
|
29,051 |
|
|
|
6,715 |
|
|
|
35,766 |
|
|
|
18,039 |
|
|
|
12,741 |
|
|
|
30,780 |
|
HELOC and second mortgages |
|
|
— |
|
|
|
1,027 |
|
|
|
1,027 |
|
|
|
— |
|
|
|
1,150 |
|
|
|
1,150 |
|
Commercial |
|
|
— |
|
|
|
1,068 |
|
|
|
1,068 |
|
|
|
292 |
|
|
|
— |
|
|
|
292 |
|
Consumer |
|
|
190 |
|
|
|
1,009 |
|
|
|
1,199 |
|
|
|
197 |
|
|
|
1,259 |
|
|
|
1,456 |
|
Total |
|
$ |
29,241 |
|
|
$ |
13,503 |
|
|
$ |
42,744 |
|
|
$ |
18,528 |
|
|
$ |
18,900 |
|
|
$ |
37,428 |
|
There are no loans 90 days or greater past due and still accruing at June 30, 2026, and December 31, 2025. There was no accrued interest reversed on non-accrual loans during the three and six months ended June 30, 2026 and 2025. The following table presents the amortized cost of collateral-dependent loans as of June 30, 2026, and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Real Estate |
|
|
Other |
|
|
Real Estate |
|
|
Other |
|
|
|
(In thousands) |
|
Mortgage loans on real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
3,684 |
|
|
$ |
— |
|
|
$ |
4,047 |
|
|
$ |
— |
|
Commercial and multi-family |
|
|
39,613 |
|
|
|
— |
|
|
|
41,164 |
|
|
|
— |
|
HELOC and second mortgages |
|
|
1,027 |
|
|
|
— |
|
|
|
1,150 |
|
|
|
— |
|
Commercial |
|
|
1,254 |
|
|
|
1,034 |
|
|
|
2,129 |
|
|
|
1,824 |
|
Consumer |
|
|
— |
|
|
|
1,151 |
|
|
|
— |
|
|
|
1,207 |
|
Total |
|
$ |
45,578 |
|
|
$ |
2,185 |
|
|
$ |
48,490 |
|
|
$ |
3,031 |
|
No additional funds are committed to be advanced in connection with individually evaluated loans. There were no loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2026. The following table presents the amortized cost basis of loans that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2025, by class and by type of modification.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combination
Payment
Delay and
Term
Extension |
|
|
Payment
Delay |
|
|
Combination
Term
Extension,
Payment
Delay and
Interest
Rate
Reduction |
|
|
Term
Extension |
|
|
% of Total
Class of
Financing
Receivables |
|
Three Months Ended June 30, 2025 |
|
(In thousands) |
|
Mortgage loans on real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
— |
|
|
$ |
484 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
0.08 |
% |
Commercial and multi-family |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,564 |
|
|
|
0.33 |
% |
Total |
|
$ |
— |
|
|
$ |
484 |
|
|
$ |
— |
|
|
$ |
3,564 |
|
|
|
0.24 |
% |
Six Months Ended June 30, 2025 |
|
|
|
Mortgage loans on real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
— |
|
|
$ |
484 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
0.08 |
% |
Commercial and multi-family |
|
|
13,396 |
|
|
|
— |
|
|
|
13,137 |
|
|
|
3,564 |
|
|
|
2.78 |
% |
Total |
|
$ |
13,396 |
|
|
$ |
484 |
|
|
$ |
13,137 |
|
|
$ |
3,564 |
|
|
|
1.85 |
% |
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combination Payment Delay
and Term Extension |
|
Combination Term
Extension, Payment Delay and Interest Rate Reduction |
|
Payment Delay |
|
Term Extension |
|
|
Three Months Ended
June 30, 2025 |
|
Six Months Ended
June 30, 2025 |
|
Three Months Ended
June 30, 2025 |
|
Six Months Ended
June 30, 2025 |
|
Three Months Ended
June 30, 2025 |
|
Six Months Ended
June 30, 2025 |
|
Three Months Ended
June 30, 2025 |
|
Six Months Ended
June 30, 2025 |
|
|
Financial Effect |
|
Financial Effect |
|
Financial Effect |
|
Financial Effect |
Mortgage loans on real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
— |
|
— |
|
— |
|
— |
|
Provided three-month payment deferral. The three monthly payments were added to the end of the original loan term. |
|
Provided six-month payment deferral. The three monthly payments were added to the end of the original loan term. |
|
— |
|
— |
Commercial and multi-family |
|
— |
|
Added 5 years weighted average maturity to the life of the loan |
|
— |
|
Reduced weighted average contractual interest rate from 10.0% to 7.5% and added a weighted average 6.4 years to the life of the loan |
|
— |
|
— |
|
Added 1 year weighted average maturity to the life of the loan |
|
Added 1 year weighted average maturity to the life of the loan |
The following table provides the amortized cost basis of financing receivables that had a payment default during the three and six months ended June 30, 2025, and were modified in the 12 months prior to that default to borrowers experiencing financial difficulty:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
Combination
Payment
Delay and
Term
Extension |
|
|
Payment Delay |
|
|
Combination
Term |
|
|
|
(In thousands) |
|
Mortgage loans on real estate: |
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
— |
|
|
$ |
484 |
|
|
$ |
— |
|
Commercial and multi-family |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
— |
|
|
$ |
484 |
|
|
$ |
— |
|
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. Credit Quality Information The Company utilizes a ten-grade internal loan rating system for commercial and multi-family real estate, construction and commercial loans as follows: Loans rated 1 – 6 are considered “pass” rated loans with low to average risk. Loans rated 7 are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 8 are considered “substandard” and are inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 9 are considered “doubtful” and have all the weaknesses inherent in those classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 10 are considered uncollectable and of such little value that their continuance as a loan is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on substantially all commercial and multi-family real estate, construction and commercial loans. Annually, the Company engages an independent third party to review a significant portion of loans within these segments. The Company uses the results of these reviews as part of its annual review process. On a monthly basis, the Company reviews the residential real estate, HELOC and second mortgage, and consumer portfolios for credit quality primarily through the use of delinquency reports. The following tables presents our loans by year of origination, loan segmentation and risk indicator as of June 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
|
Loans amortized cost basis by origination year |
|
|
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Prior |
|
|
Total |
|
|
|
(In thousands) |
|
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
66,708 |
|
|
$ |
24,762 |
|
|
$ |
13,205 |
|
|
$ |
12,923 |
|
|
$ |
177,320 |
|
|
$ |
162,584 |
|
|
$ |
457,502 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,046 |
|
|
|
2,046 |
|
Loans rated 8 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,684 |
|
|
|
3,684 |
|
|
|
$ |
66,708 |
|
|
$ |
24,762 |
|
|
$ |
13,205 |
|
|
$ |
12,923 |
|
|
$ |
177,320 |
|
|
$ |
168,314 |
|
|
$ |
463,232 |
|
Current Period Gross Charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
66,708 |
|
|
$ |
24,484 |
|
|
$ |
12,909 |
|
|
$ |
12,652 |
|
|
$ |
176,224 |
|
|
$ |
166,571 |
|
|
$ |
459,548 |
|
Nonaccrual |
|
|
— |
|
|
|
278 |
|
|
|
296 |
|
|
|
271 |
|
|
|
1,096 |
|
|
|
1,743 |
|
|
|
3,684 |
|
Commercial Real Estate and Multi-Family: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
44,546 |
|
|
$ |
75,560 |
|
|
$ |
27,505 |
|
|
$ |
51,050 |
|
|
$ |
245,587 |
|
|
$ |
544,762 |
|
|
$ |
989,010 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
2,218 |
|
|
|
1,618 |
|
|
|
— |
|
|
|
32,624 |
|
|
|
36,460 |
|
Loans rated 8 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,025 |
|
|
|
18,456 |
|
|
|
14,820 |
|
|
|
39,301 |
|
|
|
$ |
44,546 |
|
|
$ |
75,560 |
|
|
$ |
29,723 |
|
|
$ |
58,693 |
|
|
$ |
264,043 |
|
|
$ |
592,206 |
|
|
$ |
1,064,771 |
|
Current Period Gross Charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40 |
|
|
$ |
40 |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
44,546 |
|
|
$ |
75,560 |
|
|
$ |
29,723 |
|
|
$ |
52,668 |
|
|
$ |
258,109 |
|
|
$ |
578,272 |
|
|
$ |
1,038,878 |
|
Nonaccrual |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,025 |
|
|
|
5,934 |
|
|
|
13,934 |
|
|
|
25,893 |
|
Construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
22,406 |
|
|
$ |
71,598 |
|
|
$ |
21,986 |
|
|
$ |
6,781 |
|
|
$ |
33,992 |
|
|
$ |
6,773 |
|
|
$ |
163,536 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans rated 8 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
22,406 |
|
|
$ |
71,598 |
|
|
$ |
21,986 |
|
|
$ |
6,781 |
|
|
$ |
33,992 |
|
|
$ |
6,773 |
|
|
$ |
163,536 |
|
Current Period Gross Charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
22,406 |
|
|
$ |
71,598 |
|
|
$ |
21,986 |
|
|
$ |
6,781 |
|
|
$ |
33,992 |
|
|
$ |
6,773 |
|
|
$ |
163,536 |
|
Nonaccrual |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
HELOC and Second Mortgages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
20,031 |
|
|
$ |
59,104 |
|
|
$ |
29,118 |
|
|
$ |
25,919 |
|
|
$ |
48,371 |
|
|
$ |
33,580 |
|
|
$ |
216,123 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans rated 8 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
171 |
|
|
|
522 |
|
|
|
334 |
|
|
|
1,027 |
|
|
|
$ |
20,031 |
|
|
$ |
59,104 |
|
|
$ |
29,118 |
|
|
$ |
26,090 |
|
|
$ |
48,893 |
|
|
$ |
33,914 |
|
|
$ |
217,150 |
|
Current Period Gross Charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
20,031 |
|
|
$ |
59,104 |
|
|
$ |
29,118 |
|
|
$ |
25,919 |
|
|
$ |
48,371 |
|
|
$ |
33,580 |
|
|
$ |
216,123 |
|
Nonaccrual |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
171 |
|
|
|
522 |
|
|
|
334 |
|
|
|
1,027 |
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
10,016 |
|
|
$ |
27,299 |
|
|
$ |
4,735 |
|
|
$ |
12,778 |
|
|
$ |
58,655 |
|
|
$ |
107,447 |
|
|
$ |
220,930 |
|
Loans rated 7 |
|
|
— |
|
|
|
1,977 |
|
|
|
2,960 |
|
|
|
— |
|
|
|
299 |
|
|
|
1,918 |
|
|
|
7,154 |
|
Loans rated 8 |
|
|
— |
|
|
|
498 |
|
|
|
— |
|
|
|
1,068 |
|
|
|
— |
|
|
|
1,220 |
|
|
|
2,786 |
|
|
|
$ |
3,107 |
|
|
$ |
26,160 |
|
|
$ |
7,511 |
|
|
$ |
15,607 |
|
|
$ |
39,212 |
|
|
$ |
109,210 |
|
|
$ |
230,870 |
|
Current Period Gross Charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60 |
|
|
$ |
60 |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
3,107 |
|
|
$ |
26,160 |
|
|
$ |
7,511 |
|
|
$ |
14,539 |
|
|
$ |
39,212 |
|
|
$ |
109,210 |
|
|
$ |
229,802 |
|
Nonaccrual |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,068 |
|
|
|
— |
|
|
|
— |
|
|
|
1,068 |
|
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
4,229 |
|
|
$ |
10,370 |
|
|
$ |
12,238 |
|
|
$ |
14,453 |
|
|
$ |
28,327 |
|
|
$ |
43,626 |
|
|
$ |
113,243 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans rated 8 |
|
|
— |
|
|
|
190 |
|
|
|
— |
|
|
|
48 |
|
|
|
590 |
|
|
|
298 |
|
|
|
1,126 |
|
|
|
$ |
2,237 |
|
|
$ |
13,165 |
|
|
$ |
13,110 |
|
|
$ |
15,416 |
|
|
$ |
29,891 |
|
|
$ |
45,911 |
|
|
$ |
114,369 |
|
Current Period Gross Charge offs |
|
$ |
— |
|
|
$ |
51 |
|
|
$ |
7 |
|
|
$ |
83 |
|
|
$ |
17 |
|
|
$ |
1,183 |
|
|
$ |
1,341 |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
2,237 |
|
|
$ |
12,972 |
|
|
$ |
13,081 |
|
|
$ |
15,357 |
|
|
$ |
29,298 |
|
|
$ |
45,587 |
|
|
$ |
113,171 |
|
Nonaccrual |
|
|
— |
|
|
|
193 |
|
|
|
29 |
|
|
|
59 |
|
|
|
593 |
|
|
|
324 |
|
|
|
1,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Loans amortized cost basis by origination year |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Prior |
|
|
Total |
|
|
|
(In thousands) |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
57,771 |
|
|
$ |
18,642 |
|
|
$ |
21,474 |
|
|
$ |
209,192 |
|
|
$ |
111,225 |
|
|
$ |
61,847 |
|
|
$ |
480,151 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans rated 8 |
|
|
290 |
|
|
|
296 |
|
|
|
— |
|
|
|
1,621 |
|
|
|
480 |
|
|
|
1,360 |
|
|
|
4,047 |
|
|
|
$ |
58,061 |
|
|
$ |
18,938 |
|
|
$ |
21,474 |
|
|
$ |
210,813 |
|
|
$ |
111,705 |
|
|
$ |
63,207 |
|
|
$ |
484,198 |
|
Current period gross charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
1 |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
57,772 |
|
|
$ |
18,938 |
|
|
$ |
21,474 |
|
|
$ |
209,192 |
|
|
$ |
111,225 |
|
|
$ |
61,847 |
|
|
$ |
480,448 |
|
Nonaccrual |
|
|
289 |
|
|
|
— |
|
|
|
— |
|
|
|
1,621 |
|
|
|
480 |
|
|
|
1,360 |
|
|
|
3,750 |
|
Commercial Real Estate and Multi-Family: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
73,653 |
|
|
$ |
28,022 |
|
|
$ |
57,591 |
|
|
$ |
254,441 |
|
|
$ |
174,379 |
|
|
$ |
441,475 |
|
|
$ |
1,029,561 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,870 |
|
|
|
1,220 |
|
|
|
10,090 |
|
Loans rated 8 |
|
|
— |
|
|
|
— |
|
|
|
6,025 |
|
|
|
18,657 |
|
|
|
14,778 |
|
|
|
1,628 |
|
|
|
41,088 |
|
|
|
$ |
73,653 |
|
|
$ |
28,022 |
|
|
$ |
63,616 |
|
|
$ |
273,098 |
|
|
$ |
198,027 |
|
|
$ |
444,323 |
|
|
$ |
1,080,739 |
|
Current period gross charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,141 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,141 |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
73,653 |
|
|
$ |
28,022 |
|
|
$ |
63,616 |
|
|
$ |
257,408 |
|
|
$ |
183,439 |
|
|
$ |
443,821 |
|
|
$ |
1,049,959 |
|
Nonaccrual |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,690 |
|
|
|
14,588 |
|
|
|
502 |
|
|
|
30,780 |
|
Construction: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
69,575 |
|
|
$ |
31,254 |
|
|
$ |
14,414 |
|
|
$ |
54,926 |
|
|
$ |
6,041 |
|
|
$ |
3,056 |
|
|
$ |
179,266 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans rated 8 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
69,575 |
|
|
$ |
31,254 |
|
|
$ |
14,414 |
|
|
$ |
54,926 |
|
|
$ |
6,041 |
|
|
$ |
3,056 |
|
|
$ |
179,266 |
|
Current period gross charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
69,575 |
|
|
$ |
31,254 |
|
|
$ |
14,414 |
|
|
$ |
54,926 |
|
|
$ |
6,041 |
|
|
$ |
3,056 |
|
|
$ |
179,266 |
|
Nonaccrual |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
HELOC and Second Mortgages: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
59,844 |
|
|
$ |
33,205 |
|
|
$ |
27,671 |
|
|
$ |
51,013 |
|
|
$ |
16,297 |
|
|
$ |
20,694 |
|
|
$ |
208,724 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans rated 8 |
|
|
— |
|
|
|
— |
|
|
|
174 |
|
|
|
800 |
|
|
|
— |
|
|
|
176 |
|
|
|
1,150 |
|
|
|
$ |
59,844 |
|
|
$ |
33,205 |
|
|
$ |
27,845 |
|
|
$ |
51,813 |
|
|
$ |
16,297 |
|
|
$ |
20,870 |
|
|
$ |
209,874 |
|
Current period gross charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
59,844 |
|
|
$ |
33,205 |
|
|
$ |
27,671 |
|
|
$ |
51,013 |
|
|
$ |
16,297 |
|
|
$ |
20,694 |
|
|
$ |
208,724 |
|
Nonaccrual |
|
|
— |
|
|
|
— |
|
|
|
174 |
|
|
|
800 |
|
|
|
— |
|
|
|
176 |
|
|
|
1,150 |
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
9,116 |
|
|
$ |
8,063 |
|
|
$ |
16,224 |
|
|
$ |
37,629 |
|
|
$ |
38,414 |
|
|
$ |
81,255 |
|
|
$ |
190,701 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans rated 8 |
|
|
498 |
|
|
|
— |
|
|
|
— |
|
|
|
1,933 |
|
|
|
292 |
|
|
|
1,230 |
|
|
|
3,953 |
|
|
|
$ |
9,614 |
|
|
$ |
8,063 |
|
|
$ |
16,224 |
|
|
$ |
39,562 |
|
|
$ |
38,706 |
|
|
$ |
82,485 |
|
|
$ |
194,654 |
|
Current period gross charge offs |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
478 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
478 |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
9,614 |
|
|
$ |
8,063 |
|
|
$ |
16,224 |
|
|
$ |
39,562 |
|
|
$ |
38,414 |
|
|
$ |
82,485 |
|
|
$ |
194,362 |
|
Nonaccrual |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
292 |
|
|
|
— |
|
|
|
292 |
|
Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans rated 1–6 |
|
$ |
23,605 |
|
|
$ |
13,844 |
|
|
$ |
16,190 |
|
|
$ |
30,618 |
|
|
$ |
17,025 |
|
|
$ |
18,097 |
|
|
$ |
119,379 |
|
Loans rated 7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans rated 8 |
|
|
274 |
|
|
|
— |
|
|
|
53 |
|
|
|
540 |
|
|
|
42 |
|
|
|
298 |
|
|
|
1,207 |
|
|
|
$ |
23,879 |
|
|
$ |
13,844 |
|
|
$ |
16,243 |
|
|
$ |
31,158 |
|
|
$ |
17,067 |
|
|
$ |
18,395 |
|
|
$ |
120,586 |
|
Current period gross charge offs |
|
$ |
13 |
|
|
$ |
59 |
|
|
$ |
106 |
|
|
$ |
210 |
|
|
$ |
30 |
|
|
$ |
517 |
|
|
$ |
935 |
|
Payment Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
23,604 |
|
|
$ |
13,836 |
|
|
$ |
16,160 |
|
|
$ |
30,616 |
|
|
$ |
17,025 |
|
|
$ |
17,889 |
|
|
$ |
119,130 |
|
Nonaccrual |
|
|
275 |
|
|
|
8 |
|
|
|
83 |
|
|
|
542 |
|
|
|
42 |
|
|
|
506 |
|
|
|
1,456 |
|
|