Loans Receivable

12 Months Ended

Dec. 31, 2023

Loans and Leases Receivable Disclosure [Abstract]

Loans Receivable

4. LOANS RECEIVABLE

The portfolio segments and classes of loans are as follows:

(In Thousands)	December 31, 2023			December 31, 2022
Agriculture and farmland loans	$	65,861		$	55,746
Construction loans		178,483			57,713
Commercial & industrial loans		238,343			104,755
Commercial real estate loans
Multifamily		180,788			105,390
Owner occupied		501,732			139,554
Non-owner occupied		580,972			245,274
Residential real estate loans
First liens		402,433			168,084
Second liens and lines of credit		70,747			35,576
Consumer and other loans		16,756			10,057
Municipal loans		5,244			5,466
		2,241,359			927,615
Deferred costs		174			256
Allowance for credit losses		(23,767	)		(4,666	)
Total	$	2,217,766		$	923,205

The balances at December 31, 2022 were reclassified from those previously reported as shown in Note 1.

The Company originates commercial, residential, and consumer loans within its primary market areas of southcentral and southeastern Pennsylvania, northern Virginia, eastern Maryland, Delaware, and southern New Jersey. A significant portion of the loan portfolio is secured by real estate.

At December 31, 2023 and 2022, the Company serviced residential mortgage loans for the Federal Home Loan Bank of Pittsburgh in the amount of $44,167 and $47,356, respectively.