Loans Receivable

6 Months Ended

Jun. 30, 2024

Loans and Leases Receivable Disclosure [Abstract]

LOANS RECEIVABLE

The portfolio segments and classes of loans are as follows:


(In Thousands)	June 30, 2024			December 31, 2023
Agriculture and farmland loans	$	66,937		$	65,861
Construction loans		178,697			161,825
Commercial & industrial loans		240,376			232,412
Commercial real estate loans
Multifamily		195,814			176,843
Owner occupied		470,545			474,964
Non-owner occupied		577,448			551,481
Residential real estate loans
First liens		374,043			376,092
Second liens and lines of credit		68,990			66,648
Consumer and other loans		15,507			16,740
Municipal loans		4,362			5,244
		2,192,719			2,128,110
Deferred costs		478			174
Allowance for credit losses		(26,288	)		(23,767	)
Total	$	2,166,909		$	2,104,517

The above table does not include loans that are held for sale related to the New Jersey branch sale.

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 June 30, 2024 and December 31, 2023 the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $647 and $264, respectively.