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NOTE 3 - LOANS (Tables)
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
composition of loans receivable

The composition of loans receivable is as follows:

(In thousands) March 31, 2021 December 31, 2020
Residential 1-4 family $344,527 $352,001
Residential 5+ multifamily 37,789 37,058
Construction of residential 1-4 family 10,435 8,814
Home equity lines of credit 26,240 27,804
Residential real estate 418,991 425,677
Commercial 306,830 310,841
Construction of commercial 34,312 31,722
Commercial real estate 341,142 342,563
Farm land 3,606 3,198
Vacant land 13,228 14,079
Real estate secured 776,967 785,517
Commercial and industrial 249,357 227,148
Municipal 21,495 21,512
Consumer 8,617 7,687
Loans receivable, gross 1,056,436 1,041,864
Deferred loan origination (fees) and costs, net (1,365) (372)
Allowance for loan losses (13,886) (13,754)
Loans receivable, net $1,041,185 $1,027,738
Loans held-for-sale
Residential 1-4 family $2,313 $2,735
composition of loans receivable by risk rating grade

The composition of loans receivable by risk rating grade presented below. The increase in the balance of loans classified as "substandard" at March 31, 2021 primarily reflected the downgrade of loans to certain borrowers in the hospitality and entertainment industries who are receiving loan payments deferrals due to COVID-19. Such loans were classified as either "pass" or "special mention" at December 31, 2020.

(in thousands) Pass Special mention Substandard Doubtful Loss Total
March 31, 2021
Residential 1-4 family $334,636 $5,807 $4,084 $- $- $344,527
Residential 5+ multifamily 35,919 180 1,690 - - 37,789
Construction of residential 1-4 family 10,435 - - - - 10,435
Home equity lines of credit 25,756 247 237 - - 26,240
Residential real estate 406,746 6,234 6,011 - - 418,991
Commercial 262,655 7,163 37,012 - - 306,830
Construction of commercial 34,086 - 226 - - 34,312
Commercial real estate 296,741 7,163 37,238 - - 341,142
Farm land 1,636 1,369 601 - - 3,606
Vacant land 12,344 847 37 - - 13,228
Real estate secured 717,467 15,613 43,887 - - 776,967
Commercial and industrial 246,241 920 1,906 290 - 249,357
Municipal 21,495 - - - - 21,495
Consumer 8,593 - 24 - - 8,617
Loans receivable, gross $993,796 $16,533 $45,817 $290 $- $1,056,436
(in thousands) Pass Special mention Substandard Doubtful Loss Total
December 31, 2020
Residential 1-4 family $342,243 $5,615 $4,143 $- $- $352,001
Residential 5+ multifamily 35,272 90 1,696 - - 37,058
Construction of residential 1-4 family 8,814 - - - - 8,814
Home equity lines of credit 27,393 257 154 - - 27,804
Residential real estate 413,722 5,962 5,993 - - 425,677
Commercial 276,866 15,565 18,410 - - 310,841
Construction of commercial 31,493 - 229 - - 31,722
Commercial real estate 308,359 15,565 18,639 - - 342,563
Farm land 1,612 - 1,586 - - 3,198
Vacant land 13,992 50 37 - - 14,079
Real estate secured 737,685 21,577 26,255 - - 785,517
Commercial and industrial 224,906 1,271 632 339 - 227,148
Municipal 21,512 - - - - 21,512
Consumer 7,660 - 27 - - 7,687
Loans receivable, gross $991,763 $22,848 $26,914 $339 $- $1,041,864
composition of loans receivable by delinquency status

The composition of loans receivable by delinquency status is as follows:

Past due
180 30 Accruing
(in thousands) days days 90 days
30-59 60-89 90-179 and and and Non-
Current days days days over over over accrual
March 31, 2021
Residential 1-4 family $341,636 $1,806 $- $372 $713 $2,891 $- $1,358
Residential 5+ multifamily 36,928 - - - 861 861 - 861
Construction of residential 1-4 family 10,435 - - - - - - -
Home equity lines of credit 26,119 8 - 9 104 121 - 237
Residential real estate 415,118 1,814 - 381 1,678 3,873 - 2,456
Commercial 306,233 293 - 209 95 597 40 2,233
Construction of commercial 34,312 - - - - - - -
Commercial real estate 340,545 293 - 209 95 597 40 2,233
Farm land 3,005 4 147 450 - 601 450 151
Vacant land 13,191 - - 37 - 37 - 37
Real estate secured 771,859 2,111 147 1,077 1,773 5,108 490 4,877
Commercial and industrial 249,042 266 - 2 47 315 14 325
Municipal 21,495 - - - - - - -
Consumer 8,615 2 - - - 2 - -
Loans receivable, gross $1,051,011 $2,379 $147 $1,079 $1,820 $5,425 $504 $5,202

 

Past due
180 30 Accruing
(in thousands) days days 90 days
30-59 60-89 90-179 and and and Non-
Current days days days over over over accrual
December 31, 2020
Residential 1-4 family $349,382 $1,419 $308 $673 $219 $2,619 $- $1,508
Residential 5+ multifamily 36,197 - - - 861 861 - 861
Construction of residential 1-4 family 8,814 - - - - - - -
Home equity lines of credit 27,522 157 9 - 116 282 - 154
Residential real estate 421,915 1,576 317 673 1,196 3,762 - 2,523
Commercial 307,927 1,855 530 95 434 2,914 - 2,544
Construction of commercial 31,722 - - - - - - -
Commercial real estate 339,649 1,855 530 95 434 2,914 - 2,544
Farm land 2,594 154 450 - - 604 - 158
Vacant land 14,079 - - - - - - 37
Real estate secured 778,237 3,585 1,297 768 1,630 7,280 - 5,262
Commercial and industrial 224,496 2,148 457 1 46 2,652 12 374
Municipal 21,512 - - - - - - -
Consumer 7,677 10 - - - 10 - -
Loans receivable, gross $1,031,922 $5,743 $1,754 $769 $1,676 $9,942 $12 $5,636

Changes in the allowance for loan losses

Changes in the allowance for loan losses are as follows:

                     
    Three months ended March 31, 2021   Three months ended March 31, 2020
(in thousands)   Beginning balance   Provision   Charge- offs   Reco- veries   Ending balance   Beginning balance     Provision   Charge- offs   Reco- veries   Ending balance
Residential 1-4 family   $ 2,646     $ (208 )    $ (9 )   $ 1     $ 2,430     $ 2,393       $ 306     $ -   $ 7     $ 2,706  
Residential 5+ multifamily     686       (64 )      -     -       622       446         62       -       -       508  
Construction of residential 1-4 family     65       12       -       -       77       75         12       -       -       87  
Home equity lines of credit     252       (57 )      -       -       195       197         81     -       -       278  
Residential real estate     3,649       (317 )      (9 )     1     3,324       3,111         461       -     7     3,579  
Commercial     6,546       530       (6 )     10       7,080       3,742         758       -     19       4,519  
Construction of commercial     596       (12 )      -       -       584       104         22       -       -       126  
Commercial real estate     7,142       518       (6 )     10       7,664       3,846         780       -     19       4,645  
Farm land     59       (9 )      -       -       50       47         5       -       -       52  
Vacant land     180       (71 )      -       -       109       71         73     -       -       144  
Real estate secured     11,030       121       (15 )     11       11,147       7,075         1,319       -     26       8,420  
Commercial and industrial     1,397       (28 )     -       -       1,369       1,145         (74 )     -     -       1,071  
Municipal     43       -     -       -       43       46         7       -       -       53  
Consumer     77       (3 )      (24 )     2       52       60         51       (12 )     3       102  
Unallocated     1,207       68       -       -       1,275       569         403       -       -       972  
Totals   $ 13,754     $ 158     $ (39 )   $ 13     $ 13,886     $ 8,895       $ 1,706     $ (12 )   $ 29     $ 10,618  
composition of loans receivable and the allowance for loan losses

The composition of loans receivable and the allowance for loan losses is as follows:

(in thousands) Collectively evaluated Individually evaluated Total portfolio
Loans Allowance Loans Allowance Loans Allowance
March 31, 2021
Residential 1-4 family $340,398 $2,337 $4,129 $93 $344,527 $2,430
Residential 5+ multifamily 36,826 622 963 - 37,789 622
Construction of residential 1-4 family 10,435 77 - - 10,435 77
Home equity lines of credit 26,003 195 237 - 26,240 195
Residential real estate 413,662 3,231 5,329 93 418,991 3,324
Commercial 301,526 6,946 5,304 134 306,830 7,080
Construction of commercial 34,312 584 - - 34,312 584
Commercial real estate 335,838 7,530 5,304 134 341,142 7,664
Farm land 3,455 50 151 - 3,606 50
Vacant land 13,064 107 164 2 13,228 109
Real estate secured 766,019 10,918 10,948 229 776,967 11,147
Commercial and industrial 248,925 1,247 432 122 249,357 1,369
Municipal 21,495 43 - - 21,495 43
Consumer 8,593 52 24 - 8,617 52
Unallocated allowance - 1,275 - - - 1,275
Totals $1,045,032 $13,535 $11,404 $351 $1,056,436 $13,886

 

 

(in thousands) Collectively evaluated Individually evaluated Total portfolio
Loans Allowance Loans Allowance Loans Allowance
December 31, 2020
Residential 1-4 family $347,695 $2,445 $4,306 $201 $352,001 $2,646
Residential 5+ multifamily 36,094 686 964 - 37,058 686
Construction of residential 1-4 family 8,814 65 - - 8,814 65
Home equity lines of credit 27,650 232 154 20 27,804 252
Residential real estate 420,253 3,428 5,424 221 425,677 3,649
Commercial 305,193 6,298 5,648 248 310,841 6,546
Construction of commercial 31,722 596 - - 31,722 596
Commercial real estate 336,915 6,894 5,648 248 342,563 7,142
Farm land 3,040 59 158 - 3,198 59
Vacant land 13,912 178 167 2 14,079 180
Real estate secured 774,120 10,559 11,397 471 785,517 11,030
Commercial and industrial 226,662 1,223 486 174 227,148 1,397
Municipal 21,512 43 - - 21,512 43
Consumer 7,661 59 26 18 7,687 77
Unallocated allowance - 1,207 - - - 1,207
Totals $1,029,955 $13,091 $11,909 $663 $1,041,864 $13,754
credit quality segments of loans receivable and the allowance for loan losses

The credit quality segments of loans receivable and the allowance for loan losses are as follows:

March 30, 2021 (in thousands) Collectively evaluated Individually evaluated Total portfolio
Loans Allowance Loans Allowance Loans Allowance
Performing loans $1,007,513 $9,131 $- $- $1,007,513 $9,131
Potential problem loans 1 37,519 3,129 - - 37,519 3,129
Impaired loans - - 11,404 351 11,404 351
Unallocated allowance - 1,275 - - - 1,275
Totals $1,045,032 $13,535 $11,404 $351 $1,056,436 $13,886

December 31, 2020 (in thousands) Collectively evaluated Individually evaluated Total portfolio
Loans Allowance Loans Allowance Loans Allowance
Performing loans $1,011,757 $10,424 $- $- $1,011,757 $10,424
Potential problem loans 1 18,198 1,460 - - 18,198 1,460
Impaired loans - - 11,909 663 11,909 663
Unallocated allowance - 1,207 - - - 1,207
Totals $1,029,955 $13,091 $11,909 $663 $1,041,864 $13,754

1 Potential problem loans consist of performing loans that have been assigned a substandard credit risk rating and are not classified as impaired.

Certain data with respect to loans individually evaluated for impairment

A specific valuation allowance is established for the impairment amount of each impaired loan, calculated using the present value of expected cash flows or the fair value of collateral, in accordance with the most likely means of recovery. Certain data with respect to loans individually evaluated for impairment is as follows as of and for the three months ended:

Impaired loans with specific allowance Impaired loans with no specific allowance
(in thousands) Loan balance Specific Income Loan balance Income
Book Note Average allowance recognized Book Note Average recognized
March 31, 2021
Residential $836 $860 $2,368 $93 $9 $4,257 $4,688 $2,779 $21
Home equity lines of credit - - 56 - - 237 277 140 -
Residential real estate 836 860 2,424 93 9 4,494 4,965 2,919 21
Commercial 1,941 1,958 2,769 134 20 3,363 4,006 2,873 35
Construction of commercial - - - - - - - - -
Farm land - - - - - 151 316 154 -
Vacant land 164 182 101 2 2 - - 65 -
Real estate secured 2,941 3,000 5,294 229 31 8,008 9,287 6,011 56
Commercial and industrial 338 349 382 122 1 93 308 82 1
Consumer - - 19 - - 24 24 6 -
Totals $3,279 $3,349 $5,695 $351 $32 $8,125 $9,619 $6,099 $57

Impaired loans with specific allowance Impaired loans with no specific allowance
(in thousands) Loan balance Specific Income Loan balance Income
Book Note Average allowance recognized Book Note Average recognized
March 31, 2020
Residential $4,015 $4,140 $4,067 $306 $42 $1,705 $2,019 $2,070 $6
Home equity lines of credit 89 89 22 26 - 118 464 108 -
Residential real estate 4,104 4,229 4,089 332 42 1,823 2,483 2,178 6
Commercial 3,672 3,741 3,405 533 44 638 1,254 924 10
Construction of commercial - - - - - - - - -
Farm land - - - - - 181 327 184 -
Vacant land 41 41 41 8 1 137 154 138 2
Real estate secured 7,817 8,011 7,535 873 87 2,779 4,218 3,424 18
Commercial and industrial 166 170 111 8 1 53 207 86 1
Consumer 34 34 35 27 - - - - -
Totals $8,017 $8,215 $7,681 $908 $88 $2,832 $4,425 $3,510 $19

Certain data with respect to loans individually evaluated for impairment is as follows as of and for the year ended December 31, 2020:

Impaired loans with specific allowance Impaired loans with no specific allowance
(in thousands) Loan balance Loan balance
Recorded Investment Note Average Specific allowance Income recognized Recorded Investment Note Average Income recognized
December 31, 2020
Residential $2,971 $3,040 $3,862 $201 $72 $2,299 $2,676 $1,993 $27
Home equity lines of credit 75 75 76 20 - 79 117 103 -
Residential real estate 3,046 3,115 3,938 221 72 2,378 2,793 2,096 27
Commercial 3,058 3,117 3,325 248 132 2,590 3,203 1,139 91
Construction of commercial - - - - - - - - -
Farm land - - - - - 158 319 173 -
Vacant land 37 40 39 2 - 130 145 134 9
Real estate secured 6,141 6,272 7,302 471 204 5,256 6,460 3,542 127
Commercial and industrial 416 424 482 174 4 70 283 58 2
Consumer 26 26 31 18 2 - - - -
Totals $6,583 $6,722 $7,815 $663 $210 $5,326 $6,743 $3,600 $129