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Allowance For Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Financing Receivable, Allowance for Credit Loss

The following tables summarize the activity in the allowance for credit losses, by portfolio loan classification, for the three and nine months ended September 30, 2024 and 2023 (in thousands). The allocation of a portion of the allowance in one portfolio segment does not preclude its availability to absorb losses in other portfolio segments.


	Beginning Balance		Charge-offs		Recoveries		Provision for (recovery of) credit losses		Ending Balance
Nine months ended September 30, 2024
Commercial and industrial	$	4,474	$	(573)	$	87	$	532	$	4,520

1-4 Family	1,402		(177)		202		(193)		1,234
Hotels	2,211		—		—		29		2,240
Multi-family	1,002		—		—		(5)		997
Non Residential Non-Owner Occupied	4,077		(3)		6		(1,043)		3,037
Non Residential Owner Occupied	2,453		(1,800)		161		1,316		2,130
Commercial real estate	11,145		(1,980)		369		104		9,638

Residential real estate	5,398		(348)		255		586		5,891
Home equity	490		(205)		60		279		624
Consumer	269		(159)		147		69		326
DDA overdrafts	969		(1,165)		1,079		(50)		833
	$	22,745	$	(4,430)	$	1,997	$	1,520	$	21,832

	Beginning Balance		Impact of Adopting ASU 2022-02		PCD Loan Reserves		Charge-offs		Recoveries		Provision for (recovery of) credit losses		Ending Balance
Nine months ended September 30, 2023
Commercial and industrial	$	3,568	$	12	$	—	$	(69)	$	766	$	371	$	4,648

1-4 Family	566		(1)		—		(335)		42		390		662
Hotels	2,332		—		—		(40)		—		(72)		2,220
Multi-family	380		—		500		—		—		135		1,015
Non Residential Non-Owner Occupied	2,019		—		1,536		—		162		1,081		4,798
Non Residential Owner Occupied	1,315		—		775		—		56		318		2,464
Commercial real estate	6,612		(1)		2,811		(375)		260		1,852		11,159

Residential real estate	5,427		(138)		—		(141)		43		200		5,391
Home equity	290		(46)		—		(379)		34		533		432
Consumer	110		(2)		—		(181)		78		320		325
DDA Overdrafts	1,101		—		—		(1,229)		1,034		267		1,173
	$	17,108	$	(175)	$	2,811	$	(2,374)	$	2,215	$	3,543	$	23,128


	Beginning Balance		Charge-offs		Recoveries		Provision for (recovery of) credit losses		Ending Balance
Three months ended September 30, 2024
Commercial and industrial	$	4,232	$	(206)	$	24	$	470	$	4,520

1-4 Family	1,362		(109)		179		(198)		1,234
Hotels	2,428		—		—		(188)		2,240
Multi-family	991		—		—		6		997
Non Residential Non-Owner Occupied	3,794		—		3		(760)		3,037
Non Residential Owner Occupied	2,397		(1,800)		11		1,522		2,130
Commercial real estate	10,972		(1,909)		193		382		9,638

Residential real estate	5,721		(43)		27		186		5,891
Home equity	570		(57)		13		98		624
Consumer	377		(24)		25		(52)		326
DDA overdrafts	816		(436)		337		116		833
	$	22,688	$	(2,675)	$	619	$	1,200	$	21,832

Three months ended September 30, 2023
Commercial and industrial	$	4,330	$	—	$	597	$	(279)	$	4,648

1-4 Family	598		(255)		12		307		662
Hotels	2,133		—		—		87		2,220
Multi-family	1,009		—		—		6		1,015
Non Residential Non-Owner Occupied	4,786		—		6		6		4,798
Non Residential Owner Occupied	2,378		—		56		30		2,464
Commercial real estate	10,904		(255)		74		436		11,159

Residential real estate	5,573		(89)		28		(121)		5,391
Home equity	408		(112)		18		118		432
Consumer	334		(10)		27		(26)		325
DDA Overdrafts	1,202		(422)		321		72		1,173
	$	22,751	$	(888)	$	1,065	$	200	$	23,128

Financing Receivable, Nonaccrual

The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of September 30, 2024 (in thousands):


	Non-accrual With No		Non-accrual With		Loans Past Due
	Allowance for		Allowance for		Over 90 Days
	Credit Losses		Credit Losses		Still Accruing
Commercial & Industrial	$	614	$	3,017	$	—

1-4 Family	—		271		—
Hotels	—		—		—
Multi-family	—		—		—
Non Residential Non-Owner Occupied	—		380		—
Non Residential Owner Occupied	6,105		2,275		—
Commercial Real Estate	6,105		2,926		—

Residential Real Estate	—		2,596		19
Home Equity	—		109		37
Consumer	—		—		46
Total	$	6,719	$	8,648	$	102

The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of December 31, 2023 (in thousands):


	Non-accrual With No		Non-accrual With		Loans Past Due
	Allowance for		Allowance for		Over 90 Days
	Credit Losses		Credit Losses		Still Accruing
Commercial & Industrial	$	1,000	$	1,211	$	—

1-4 Family	—		521		—
Hotels	—		—		—
Multi-family	—		—		—
Non Residential Non-Owner Occupied	—		446		—
Non Residential Owner Occupied	—		1,420		—
Commercial Real Estate	—		2,387		—

Residential Real Estate	—		2,849		214
Home Equity	—		111		56
Consumer	—		—		—
Total	$	1,000	$	6,558	$	270

Financing Receivable, Past Due

The following tables present the aging of the amortized cost basis in past-due loans as of September 30, 2024 and December 31, 2023 by class of loan (in thousands):


	September 30, 2024
	30-59		60-89		90+		Total		Current		Non-		Total
	Past Due		Past Due		Past Due		Past Due		Loans		accrual		Loans
Commercial and industrial	$	57	$	—	$	—	$	57	$	420,726	$	3,631	$	424,414

1-4 Family	992		—		—		992		193,407		271		194,670
Hotels	—		—		—		—		383,232		—		383,232
Multi-family	—		—		—		—		193,875		—		193,875
Non Residential Non-Owner Occupied	—		—		—		—		664,830		380		665,210
Non Residential Owner Occupied	—		—		—		—		228,446		8,380		236,826
Commercial real estate	992		—		—		992		1,663,790		9,031		1,673,813

Residential real estate	7,540		646		19		8,205		1,795,777		2,596		1,806,578
Home Equity	1,436		98		37		1,571		188,469		109		190,149
Consumer	96		19		46		161		58,549		—		58,710
Overdrafts	327		6		—		333		3,833		—		4,166
Total	$	10,448	$	769	$	102	$	11,319	$	4,131,144	$	15,367	$	4,157,830


	December 31, 2023
	30-59		60-89		90+		Total		Current		Non-		Total
	Past Due		Past Due		Past Due		Past Due		Loans		accrual		Loans
Commercial and industrial	$	185	$	250	$	—	$	435	$	424,305	$	2,211	$	426,951

1-4 Family	67		25		—		92		205,624		521		206,237
Hotels	—		—		—		—		357,142		—		357,142
Multi-family	—		—		—		—		189,165		—		189,165
Non Residential Non-Owner Occupied	—		—		—		—		680,144		446		680,590
Non Residential Owner Occupied	623		—		—		623		238,285		1,420		240,328
Commercial real estate	690		25		—		715		1,670,360		2,387		1,673,462

Residential real estate	7,034		811		214		8,059		1,777,241		2,849		1,788,149
Home Equity	1,020		159		56		1,235		165,855		111		167,201
Consumer	129		—		—		129		65,117		—		65,246
Overdrafts	355		9		—		364		4,550		—		4,914
Total	$	9,413	$	1,254	$	270	$	10,937	$	4,107,428	$	7,558	$	4,125,923

Financing Receivable, Credit Quality Indicators

Based on the most recent analysis performed, the risk category of loans by class of loans at September 30, 2024 and December 31, 2023 is as follows (in thousands), with the loans acquired from Citizens categorized by their origination date:


													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Commercial and industrial
Pass	$	56,281	$	66,407	$	28,116	$	65,707	$	38,036	$	24,463	$	110,509	$	389,519
Special mention	60		—		—		—		—		—		—		60
Substandard	967		492		2,382		600		2,620		2,089		25,685		34,835
Total	$	57,308	$	66,899	$	30,498	$	66,307	$	40,656	$	26,552	$	136,194	$	424,414
YTD Gross Charge-offs	$	—	$	6	$	—	$	69	$	—	$	248	$	250	$	573



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Commercial and industrial
Pass	$	70,494	$	47,473	$	76,605	$	47,688	$	21,820	$	18,328	$	111,546	$	393,954
Special mention	—		33		—		2,600		22		—		70		2,725
Substandard	379		2,748		854		775		923		1,538		23,055		30,272
Total	$	70,873	$	50,254	$	77,459	$	51,063	$	22,765	$	19,866	$	134,671	$	426,951



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Commercial real estate -
1-4 Family
Pass	$	27,206	$	31,363	$	41,961	$	29,178	$	18,817	$	33,885	$	8,664	$	191,074
Special mention	—		442		183		—		900		629		250		2,404
Substandard	—		—		100		—		240		852		—		1,192
Total	$	27,206	$	31,805	$	42,244	$	29,178	$	19,957	$	35,366	$	8,914	$	194,670
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	177	$	—	$	177



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Commercial real estate -
1-4 Family
Pass	$	38,143	$	53,907	$	32,058	$	21,363	$	12,073	$	29,846	$	13,967	$	201,357
Special mention	565		451		—		1,167		—		730		250		3,163
Substandard	—		77		—		250		131		1,259		—		1,717
Total	$	38,708	$	54,435	$	32,058	$	22,780	$	12,204	$	31,835	$	14,217	$	206,237


													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Commercial real estate -
Hotels
Pass	$	37,281	$	47,588	$	79,172	$	31,767	$	6,896	$	154,958	$	293	$	357,955
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		25,277		—		25,277
Total	$	37,281	$	47,588	$	79,172	$	31,767	$	6,896	$	180,235	$	293	$	383,232
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Commercial real estate -
Hotels
Pass	$	47,739	$	82,200	$	33,560	$	3,327	$	58,384	$	101,740	$	305	$	327,255
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		4,020		23,604		2,263		—		29,887
Total	$	47,739	$	82,200	$	33,560	$	7,347	$	81,988	$	104,003	$	305	$	357,142



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Commercial real estate -
Multi-family
Pass	$	14,909	$	6,888	$	27,946	$	20,741	$	57,060	$	65,118	$	1,213	$	193,875
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Total	$	14,909	$	6,888	$	27,946	$	20,741	$	57,060	$	65,118	$	1,213	$	193,875
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Commercial real estate -
Multi-family
Pass	$	6,925	$	21,320	$	28,268	$	63,750	$	38,007	$	29,814	$	1,081	$	189,165
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Total	$	6,925	$	21,320	$	28,268	$	63,750	$	38,007	$	29,814	$	1,081	$	189,165






													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Commercial real estate -
Non Residential Non-Owner Occupied
Pass	$	23,257	$	111,608	$	117,333	$	94,144	$	55,148	$	219,487	$	15,993	$	636,970
Special mention	—		—		—		94		492		24,359		—		24,945
Substandard	75		23		—		141		—		3,056		—		3,295
Total	$	23,332	$	111,631	$	117,333	$	94,379	$	55,640	$	246,902	$	15,993	$	665,210
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	3



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Commercial real estate -
Non Residential Non-Owner Occupied
Pass	$	117,515	$	119,382	$	99,210	$	59,083	$	64,332	$	156,941	$	32,111	$	648,574
Special mention	—		—		102		731		165		24,747		—		25,745
Substandard	—		—		145		2,395		79		3,652		—		6,271
Total	$	117,515	$	119,382	$	99,457	$	62,209	$	64,576	$	185,340	$	32,111	$	680,590



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Commercial real estate -
Non Residential Owner Occupied
Pass	$	14,220	$	46,192	$	29,270	$	39,095	$	15,433	$	67,994	$	3,299	$	215,503
Special mention	—		—		—		—		—		2,798		—		2,798
Substandard	—		3,789		858		1,948		1,168		10,398		364		18,525
Total	$	14,220	$	49,981	$	30,128	$	41,043	$	16,601	$	81,190	$	3,663	$	236,826
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,800	$	—	$	1,800



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Commercial real estate -
Non Residential Owner Occupied
Pass	$	41,481	$	34,320	$	42,203	$	16,990	$	21,772	$	52,363	$	6,060	$	215,189
Special mention	—		—		164		—		2,880		431		188		3,663
Substandard	3,957		909		2,010		1,212		1,335		11,792		261		21,476
Total	$	45,438	$	35,229	$	44,377	$	18,202	$	25,987	$	64,586	$	6,509	$	240,328


													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Commercial real estate -
Total
Pass	$	116,872	$	243,639	$	295,683	$	214,926	$	153,355	$	541,441	$	29,461	$	1,595,377
Special mention	—		442		183		94		1,393		27,786		250		30,148
Substandard	75		3,811		958		2,089		1,408		39,583		364		48,288
Total	$	116,947	$	247,892	$	296,824	$	217,109	$	156,156	$	608,810	$	30,075	$	1,673,813
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,980	$	—	$	1,980


													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Commercial real estate -
Total
Pass	$	251,802	$	311,129	$	235,298	$	164,514	$	194,569	$	370,704	$	53,522	$	1,581,538
Special mention	565		451		266		1,898		3,045		25,909		438		32,572
Substandard	3,957		986		2,155		7,877		25,148		18,968		261		59,352
Total	$	256,324	$	312,566	$	237,719	$	174,289	$	222,762	$	415,581	$	54,221	$	1,673,462


													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Residential real estate
Performing	$	163,811	$	215,041	$	364,725	$	291,741	$	228,626	$	469,765	$	70,273	$	1,803,982
Non-performing	—		—		156		194		56		1,980		210		2,596
Total	$	163,811	$	215,041	$	364,881	$	291,935	$	228,682	$	471,745	$	70,483	$	1,806,578
YTD Gross Charge-offs	$	—	$	—	$	74	$	—	$	—	$	164	$	110	$	348

													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Residential real estate
Performing	$	234,802	$	392,865	$	314,617	$	250,030	$	109,736	$	410,925	$	72,324	$	1,785,299
Non-performing	$	161	$	119	$	183	$	26	$	713	$	1,349	$	299	$	2,850
Total	$	234,963	$	392,984	$	314,800	$	250,056	$	110,449	$	412,274	$	72,623	$	1,788,149



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Home equity
Performing	$	25,137	$	26,137	$	11,733	$	5,421	$	2,952	$	6,488	$	112,172	$	190,040
Non-performing	—		—		—		—		14		—		95		109
Total	$	25,137	$	26,137	$	11,733	$	5,421	$	2,966	$	6,488	$	112,267	$	190,149
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	13	$	162	$	30	$	205



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Home equity
Performing	$	29,611	$	13,921	$	6,218	$	3,826	$	2,510	$	5,108	$	105,896	$	167,090
Non-performing	—		—		—		14		—		—		97		111
Total	$	29,611	$	13,921	$	6,218	$	3,840	$	2,510	$	5,108	$	105,993	$	167,201



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
September 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		Total
Consumer
Performing	$	13,685	$	23,658	$	12,993	$	2,765	$	1,798	$	1,830	$	1,981	$	58,710
Non-performing	—		—		—		—		—		—		—		—
Total	$	13,685	$	23,658	$	12,993	$	2,765	$	1,798	$	1,830	$	1,981	$	58,710
YTD Gross Charge-offs	$	4	$	30	$	32	$	4	$	10	$	78	$	1	$	159



													Revolving
	Term Loans												Loans
	Amortized Cost Basis by Origination Year and Risk Level												Amortized
December 31, 2023	2023		2022		2021		2020		2019		Prior		Cost Basis		Total
Consumer
Performing	$	33,700	$	18,293	$	4,531	$	3,148	$	2,120	$	1,645	$	1,809	$	65,246
Non-performing	—		—		—		—		—		—		—		—
Total	$	33,700	$	18,293	$	4,531	$	3,148	$	2,120	$	1,645	$	1,809	$	65,246