The Company periodically reviews and updates the segmentation of its loan portfolio. Updates performed in conjunction with adoption of ASC 326 in 2023 consisted of reporting what had been a single class, commercial real estate loans, as three classes - commercial real estate owner occupied, commercial real estate non-owner occupied, and commercial multi-family. In addition, home equity installment loans which had previously been included in the residential term class were included in the home equity revolving and term class. In the first quarter of 2024, a new segment was established for Agriculture loans, and there have been no subsequent segmentation changes.


	December 31, 2025				December 31, 2024
Commercial
Real Estate Owner Occupied	$	378,263,000	15.8	%	$	358,588,000	15.3	%
Real Estate Non-Owner Occupied	409,177,000		17.1	%	403,899,000		17.3	%
Construction	35,025,000		1.5	%	99,717,000		4.3	%
C&I	376,907,000		15.7	%	365,817,000		15.6	%
Multifamily	158,910,000		6.6	%	108,732,000		4.6	%
Agriculture	48,145,000		2.0	%	52,219,000		2.2	%
Municipal	52,074,000		2.2	%	61,827,000		2.6	%
Residential
Term	739,188,000		30.9	%	710,807,000		30.4	%
Construction	35,332,000		1.5	%	35,481,000		1.5	%
Home Equity
Revolving and Term	142,219,000		5.9	%	123,063,000		5.3	%
Consumer	18,869,000		0.8	%	20,790,000		0.9	%
Total loans	$	2,394,109,000	100.0	%	$	2,340,940,000	100.0	%

Loan balances include net deferred loan costs of $12,737,000 in 2025 and $12,457,000 in 2024. Net deferred loan costs have increased from a year ago a due to loan origination unit volume over the period. Loan balances in the Residential Term segment also include a valuation adjustment for fair value swaps hedged by certain loans in the portfolio. This adjustment added $910,000 to the loan balances as of December 31, 2025 and $758,000 to the loan balances as of December 31, 2024. Also included in Residential term loan balances is a valuation adjustment for the market value of interest rate caps which added $371,000 to loan balances as of December 31, 2025. There was no valuation adjustment for the market value of interest rate caps as of December 31, 2024.

Pledged Loans: Pursuant to collateral agreements, qualifying first mortgage loans and commercial real estate, which totaled $669,541,000 and $626,851,000 at December 31, 2025 and 2024, respectively, were used to collateralize borrowings from the FHLBB. In addition, commercial, residential construction and home equity loans totaling $366,032,000 at December 31, 2025 and $392,562,000 at December 31, 2024 were used to collateralize a standby line of credit at the FRBB.

Loans to Directors, Officers and Employees: Loans to directors, officers and employees totaled $48,681,000 at December 31, 2025 and $54,997,000 at December 31, 2024. A summary of loans to directors and executive officers is as follows:


For the years ended December 31,	2025		2024
Balance at beginning of year	$	32,182,000	$	33,524,000
New loans	4,265,000		3,462,000
Repayments	(7,905,000)		(4,804,000)
Retired Executive Officer	(244,000)		—
Balance at end of year	$	28,298,000	$	32,182,000


	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		All Past Due		Current		Total		90+ Days & Accruing
Commercial
Real Estate Owner Occupied	$	683,000	$	734,000	$	3,698,000	$	5,115,000	$	373,148,000	$	378,263,000	$	—
Real Estate Non-Owner Occupied	734,000		—		1,285,000		2,019,000		407,158,000		409,177,000		—
Construction	103,000		—		7,000		110,000		34,915,000		35,025,000		7,000
C&I	404,000		102,000		1,240,000		1,746,000		375,161,000		376,907,000		21,000
Multifamily	1,600,000		160,000		—		1,760,000		157,150,000		158,910,000		—
Agriculture	316,000		—		377,000		693,000		47,452,000		48,145,000		—
Municipal	—		—		—		—		52,074,000		52,074,000		—
Residential
Term	1,268,000		2,901,000		3,222,000		7,391,000		731,797,000		739,188,000		613,000
Construction	90,000		—		—		90,000		35,242,000		35,332,000		—
Home Equity
Revolving and Term	1,449,000		391,000		534,000		2,374,000		139,845,000		142,219,000		—
Consumer	152,000		118,000		39,000		309,000		18,560,000		18,869,000		24,000
Total	$	6,799,000	$	4,406,000	$	10,402,000	$	21,607,000	$	2,372,502,000	$	2,394,109,000	$	665,000


	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		All Past Due		Current		Total		90+ Days & Accruing
Commercial
Real Estate Owner Occupied	$	—	$	257,000	$	292,000	$	549,000	$	358,039,000	$	358,588,000	$	—
Real Estate Non-Owner Occupied	—		—		—		—		403,899,000		403,899,000		—
Construction	—		—		—		—		99,717,000		99,717,000		—
C&I	346,000		1,112,000		540,000		1,998,000		363,819,000		365,817,000		10,000
Multifamily	—		—		—		—		108,732,000		108,732,000		—
Agriculture	115,000		—		—		115,000		52,104,000		52,219,000		—
Municipal	—		—		—		—		61,827,000		61,827,000		—
Residential
Term	137,000		2,614,000		935,000		3,686,000		707,121,000		710,807,000		778,000
Construction	390,000		—		—		390,000		35,091,000		35,481,000		—
Home Equity
Revolving and Term	1,074,000		368,000		94,000		1,536,000		121,527,000		123,063,000		—
Consumer	592,000		285,000		232,000		1,109,000		19,681,000		20,790,000		232,000
Total	$	2,654,000	$	4,636,000	$	2,093,000	$	9,383,000	$	2,331,557,000	$	2,340,940,000	$	1,020,000

Non-Accrual Loans: For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or, (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future.

Cash payments received on non-accrual loans are applied to reduce the loan's principal balance until the remaining principal balance is deemed collectible, after which interest is recognized when collected. As a general rule, a loan may be restored to accrual status when payments are current for a substantial period of time, generally six months, and repayment of the remaining contractual amounts is expected, or when it otherwise becomes well secured and in the process of collection.


As of December 31,	2025						2024
	Nonaccrual with Allowance for Credit Loss		Nonaccrual with no Allowance for Credit Loss		Total Nonaccrual		Nonaccrual with Allowance for Credit Loss		Nonaccrual with no Allowance for Credit Loss		Total Nonaccrual
Commercial
Real Estate Owner Occupied	$	1,131,000	$	2,896,000	$	4,027,000	$	—	$	553,000	$	553,000
Real Estate Non-Owner Occupied	1,285,000		61,000		1,346,000		—		61,000		61,000
Construction	—		8,000		8,000		—		18,000		18,000
C&I	1,297,000		617,000		1,914,000		1,359,000		336,000		1,695,000
Multifamily	—		—		—		—		—		—
Agriculture	—		441,000		441,000		—		31,000		31,000
Municipal	—		—		—		—		—		—
Residential
Term	115,000		4,078,000		4,193,000		—		1,599,000		1,599,000
Construction	—		—		—		—		—		—
Home Equity
Revolving and Term	242,000		703,000		945,000		—		291,000		291,000
Consumer	—		5,000		5,000		—		—		—
Total	$	4,070,000	$	8,809,000	$	12,879,000	$	1,359,000	$	2,889,000	$	4,248,000

For the years ended December 31, 2025 and 2024, interest income which would have been recognized on these loans, if interest had been accrued, was $466,000 and $172,000, respectively. Loans more than 90 days past due accruing interest totaled $665,000 at December 31, 2025 and $1,020,000 at December 31, 2024. The Company continues to accrue interest on these loans because it believes collection of principal and interest is reasonably assured.

Individually Analyzed Loans: Collectively IAL include loans with balances of $250,000 or more that have either been placed into nonaccrual or are loans identified by management as having characteristics that may impact ultimate collectibility and therefore merit individual analysis. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an IAL loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference, or, in certain situations, if the measure of an IAL loan is lower than the recorded investment in the loan and estimated selling costs, the difference is written off.


	December 31, 2025								December 31, 2024
	Collateral Type								Collateral Type
	Commercial Real Estate		Residential Real Estate		Other		Total		Commercial Real Estate		Residential Real Estate		Other		Total
Commercial
Real estate owner occupied	$	3,626,000	$	—	$	—	$	3,626,000	$	263,000	$	—	$	—	$	263,000
Real estate non-owner occupied	1,348,000		—		—		1,348,000		67,000		—		—		67,000
Construction	—		—		—		—		—		—		—		—
C&I	—		—		1,300,000		1,300,000		—		—		1,438,000		1,438,000
Multifamily	—		—		—		—		—		—		—		—
Agriculture	—		—		—		—		—		—		—		—
Municipal	—		—		—		—		—		—		—		—
Residential													—
Term	—		2,912,000		—		2,912,000		—		558,000		—		558,000
Construction	—		—		—		—		—		—		—		—
Home Equity													—
Revolving and term	—		361,000		—		361,000		—		—		—		—
Consumer	—		—		—		—		—		—		—		—
Total	$	4,974,000	$	3,273,000	$	1,300,000	$	9,547,000	$	330,000	$	558,000	$	1,438,000	$	2,326,000

Loan Modifications to Borrowers Experiencing Financial Difficulty: Loan modifications to borrowers experiencing financial difficulty may include interest rate reduction, term extension, payment deferral, principle forgiveness or a combination thereof. It is the intent to minimize future losses while providing borrowers with financial relief.


	Amortized Cost Basis
	Payment Deferral		Term Extension		Rate Mod		Combination Payment Deferral and Term Extension		Combination Payment Deferral and Rate Mod		Combination of Payment Deferral, Term & Rate Mod		% of Total Class of Financing Receivable
Commercial
Real estate owner occupied	$	916,000	$	163,000	$	—	$	337,000	$	—	$	—	0.37	%
Real estate non-owner occupied	115,000		251,000		—		—		61,000		1,285,000		0.42	%

C&I	718,000		153,000		362,000		190,000		463,000		—		0.50	%
Multifamily	896,000		—		4,034,000		—		—		—		3.10	%
Agriculture	1,951,000		—		—		—		—		—		4.05	%

Residential
Term	54,000		—		—		632,000		—		352,000		0.14	%

Home Equity
Revolving and term	—		—		—		360,000		—		—		0.25	%

Total	$	4,650,000	$	567,000	$	4,396,000	$	1,519,000	$	524,000	$	1,637,000


			Payment Deferral
			Financial Effect
Commercial
Real estate owner occupied			Temporary payment accommodation, payments deferred to end of loan; 5 yr balloon payment
Real estate non-owner occupied			Temporary payment accommodation, payments deferred to end of loan

C&I			Temporary payment accommodation, payments deferred to end of loan
Multifamily			Temporary payment accommodation, payments deferred to end of loan
Agriculture			Temporary payment accommodation, payments deferred to end of loan; payments deferred for 6 months
Residential
Term			Temporary payment accommodation, payments deferred to end of loan


			Term Extension
			Financial Effect
Commercial
Real estate owner occupied			Temporary payment accommodation, extended term up to 6 months
Real estate non-owner occupied			Extended term 60 months
C&I			Temporary payment accommodation, extended term 6 months


			Combination Payment Deferral & Term Extension
			Financial Effect
Commercial
Real estate owner occupied			Temporary payment accommodation, payments deferred to end of loan
C&I			Temporary payment accommodation, payments deferred to end of loan
Residential
Term			Temporary payment accommodation, payments deferred to end of loan
Home Equity
Revolving and term			Temporary payment accommodation, payments deferred to end of loan


			Combination Payment Deferral, Term & Rate Modification
			Financial Effect
Commercial

Real estate non-owner occupied			Seasonal payments, 5 yr balloon; 60 month term, 120 month amort; WSJP 0.50%

Residential
Term			Seasonal payments, 3 yr balloon; 36 month term, 300 month amort; fixed rate


	Amortized Cost Basis
	Payment Deferral		Term Extension		Interest Rate Reduction		Principal Forgiveness		Combination Payment Deferral and Term Extension		% of Total Class of Financing Receivable
Commercial
Real estate owner occupied	$	633,000	$	—	$	—	$	—	$	—	0.18	%

Construction	69,000		—		—		—		—		0.08	%
C&I	169,000		13,000		—		—		54,000		0.06	%
Multifamily	1,932,000		—		—		—		—		1.75	%


Residential
Term	1,019,000		127,000		—		—		—		0.16	%

Home Equity
Revolving and term	—		—		—		—		66,000		0.06	%

Total	$	3,822,000	$	140,000	$	—	$	—	$	120,000


			Payment Deferral
			Financial Effect
Commercial
Real estate owner occupied			Temporary payment accommodation, payments deferred to end of loan
Construction			Temporary payment accommodation, payments deferred to end of loan
C&I			Temporary payment accommodation, payments deferred to end of loan
Multifamily			Temporary payment accommodation, payments deferred to end of loan
Residential
Term			Temporary payment accommodation, payments deferred to end of loan


			Payment Deferral & Term Extension
			Financial Effect
Commercial

C&I			Temporary payment accommodation, payments deferred to end of loan; extended term 90 days
Home Equity
Revolving and term			Temporary payment accommodation, payments deferred to end of loan; extended term 60 days

The Company monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. In its monitoring, the Company considers an event of payment default to be a payment past due thirty days or more, and counts all such events even if subsequently cured. The following tables depict the amortized cost basis of loans that had an event of payment default during the years ended December 31, 2025 and 2024 and were modified in the 12 months prior to that default:


	Amortized Cost Basis
As of December 31, 2025	Payment Deferral		Combination Payment Deferral and Term Extension		Combination of Payment Deferral, Term & Rate Modification
Commercial
Real estate owner occupied	$	—	$	338,000	$	—
Real Estate non-owner occupied	—		—		1,285,000

C&I	30,000		181,000		—

Agriculture	448,000		—		—
Residential
Term	—		204,000		352,000
Home Equity
Revolving and term	—		359,000		—

Total	$	478,000	$	1,082,000	$	1,637,000


	Amortized Cost Basis
As of December 31, 2024	Payment Deferral		Term Extension		Combination Payment Deferral and Term Extension
Commercial



C&I	$	41,000	$	11,000	$	170,000


Residential
Term	449,000		125,000		—



Total	$	490,000	$	136,000	$	170,000


	Payment Status (Amortized Cost Basis)
As of December 31, 2025	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due
Commercial
Real estate owner occupied	$	1,079,000	$	—	$	—	$	337,000
Real estate non-owner occupied	427,000		—		—		1,285,000
Construction	—		—		—		—
C&I	1,675,000		30,000		—		181,000
Multifamily	4,930,000		—		—		—
Agriculture	1,503,000		237,000		—		211,000
Residential
Term	482,000		—		—		556,000
Home Equity
Revolving and term	—		—				360,000
Consumer	—		—		—		—
Total	$	10,096,000	$	267,000	$	—	$	2,930,000


	Payment Status (Amortized Cost Basis)
As of December 31, 2024	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due
Commercial
Real estate owner occupied	$	633,000	$	—	$	—	$	—
Real Estate non-owner occupied	—		—		—		—
Construction	69,000		—		—		—
C&I	236,000		—		—		—
Multifamily	1,932,000		—		—		—
Agriculture	—		—		—		—
Residential
Term	570,000		127,000		449,000		—
Home Equity
Revolving and term	66,000		—		—		—
Consumer	—		—		—		—
Total	$	3,506,000	$	127,000	$	449,000	$	—

As of December 31, 2025, there were seven mortgage loans collateralized by residential real estate with a total balance of $1,754,000 and one home equity line of credit collateralized by residential real estate with a balance of $63,000, in the process of foreclosure. There were also seven commercial loans collateralized by either residential real estate or owner-occupied commercial real estate with a total balance of $3,826,000, in the process of foreclosure. This compares to three mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $192,000 as of December 31, 2024.