XML 38 R27.htm IDEA: XBRL DOCUMENT v3.24.3
Loans by Type (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Summary of Loan Categories
A summary of loans is as follows:
(In thousands)September 30,
2024		December 31,
2023
Commercial and industrial $548,519 $498,502 
Real estate:
Commercial:
Mortgage 119,119 118,371 
Construction 9,479 8,233 
Faith-based:
Mortgage 376,573 381,368 
Construction 24,696 7,790 
Other1 54 
Total loans $1,078,387 $1,014,318 
Schedule of Debt
The following table presents the aging of loans past due by category at September 30, 2024 and December 31, 2023:
PerformingNonperforming
(In thousands)Current30-59
Days		60-89
Days		90
Days
and
Over		Non-
accrual		Total
Loans
September 30, 2024
Commercial and industrial $548,075 $444 $— $— $— $548,519 
Real estate
Commercial:
Mortgage 119,119 — — — — 119,119 
Construction 9,479 — — — — 9,479 
Faith-based:
Mortgage 376,573 — — — — 376,573 
Construction 24,696 — — — — 24,696 
Other1 — — — — 1 
Total $1,077,943 $444 $— $— $— $1,078,387 
December 31, 2023
Commercial and industrial $498,502 $— $— $— $— $498,502 
Real estate
Commercial:
Mortgage 118,371 — — — — 118,371 
Construction 8,233 — — — — 8,233 
Faith-based:
Mortgage 381,368 — — — — 381,368 
Construction 7,790 — — — — 7,790 
Other54 — — — — 54 
Total $1,014,318 $— $— $— $— $1,014,318 
Schedule of Credit Exposure of the Loan Portfolio
The following table presents the credit exposure of the loan portfolio by internally assigned credit grade as of September 30, 2024 and December 31, 2023:
(In thousands)
Loans
Subject to
Normal
Monitoring1
Performing
Loans Subject
to Special
Monitoring2
Nonperforming
Loans Subject
to Special
Monitoring2
Total Loans
September 30, 2024
Commercial and industrial $546,975 $1,544 $— $548,519 
Real estate
Commercial:
Mortgage 115,966 3,153 — 119,119 
Construction 9,479 — — 9,479 
Faith-based:
Mortgage 359,805 16,768 — 376,573 
Construction 24,696 — — 24,696 
Other1 — — 1 
Total $1,056,922 $21,465 $— $1,078,387 
December 31, 2023
Commercial and industrial $498,502 $— $— $498,502 
Real estate
Commercial:
Mortgage 118,371 — — 118,371 
Construction 8,233 — — 8,233 
Faith-based:
Mortgage 375,865 5,503 — 381,368 
Construction 7,790 — — 7,790 
Other54 — — 54 
Total $1,008,815 $5,503 $— $1,014,318 
1 Loans subject to normal monitoring involve borrowers of acceptable-to-strong credit quality and risk, who have the apparent ability to satisfy their loan obligations.
2 Loans subject to special monitoring possess some credit deficiency or potential weakness which requires a high level of management attention.
Financing Receivable, Troubled Debt Restructuring The following table shows the amortized
cost of loans that were both experiencing financial difficulty and modified during the nine months ended September 30, 2023, segregated by category and type of modification.
(In thousands)Payment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Interest Rate ReductionPercentage of Total Loans Held for Investment
Commercial and industrial$— $10,709 $— $— 2.07 %
Total$— $10,709 $— $— 1.03 %
The following table shows the payment status of loans that have been modified to borrowers experiencing financial difficulty in the last twelve months:
(In thousands)Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past DueTotal Past Due
Commercial and industrial$10,975 $— $— $— $— 
Total$10,975 $— $— $— $— 
Summary of ACL by Category
A summary of the activity in the allowance for credit losses (“ACL”) by category for the nine months ended September 30, 2024 and year-ended December 31, 2023 is as follows:
(In thousands)C&ICREFaith-based
CRE		ConstructionTotal
Balance at December 31, 2022
$5,978 $940 $6,437 $184 $13,539 
(Release of) provision for credit losses (566)153 39 (76)(450)
Balance at December 31, 2023
$5,412 $1,093 $6,476 $108 $13,089 
Provision for (release of) credit losses (1)
263 (75)66 104 358 
Balance at September 30, 2024
$5,675 $1,018 $6,542 $212 $13,447 
(1)
For the nine months ended September 30, 2024 and year-ended December 31, 2023, there was a release of credit losses of $3,000 and $100,000, respectively, for unfunded commitments.