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Loans And The Allowance For Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Loans And The Allowance For Credit Losses [Abstract]  
Schedule Of Loan Portfolio Composition

December 31, 2023

December 31, 2022

Mortgage loans on real estate:

(in thousands)

Residential mortgages

$

443,788

$

440,123

Commercial and multi-family

854,565

778,714

Construction-Residential

3,255

3,626

Construction-Commercial

114,623

117,403

Home equities

81,412

82,414

Total real estate loans

1,497,643

1,422,280

Commercial and industrial loans

223,100

250,069

Consumer and other loans

1,066

572

Unaccreted yield adjustments*

(863)

(552)

Total gross loans

1,720,946

1,672,369

Allowance for credit losses

(22,114)

(19,438)

Loans, net

$

1,698,832

$

1,652,931

*Includes net premiums and discounts on acquired loans and net deferred fees and costs on loans originated
Data, At Class Level, Of Credit Quality Indicators Of Certain Loans

The following tables summarize the amortized cost of loans by year of origination and internally assigned credit grades:

(in thousands)

Term Loans Amortized Cost Basis by Origination Year

As of December 31, 2023

2023

2022

2021

2020

2019

Prior

Revolving Loans Amortized Cost Basis

Total

Commercial and industrial loans

Risk rating

Pass

$

24,338 

$

42,967 

$

21,614 

$

12,174 

$

5,686 

$

6,539 

$

86,459 

$

199,777 

Special Mention

10 

1,955 

2,739 

510 

268 

1,867 

11,705 

19,054 

Substandard

-

2 

3 

460 

-

838 

2,955 

4,258 

Doubtful/Loss

-

-

-

-

-

-

-

-

Total

$

24,348 

$

44,924 

$

24,356 

$

13,144 

$

5,954 

$

9,244 

$

101,119 

$

223,089 

Current period gross writeoffs

$

-

$

-

$

-

$

-

$

4 

$

3 

$

-

$

7 

Commercial real estate mortgages

Risk rating

Pass

$

132,525 

$

194,197 

$

169,943 

$

95,264 

$

66,243 

$

263,628 

$

-

$

921,800 

Special Mention

-

6,634 

397 

861 

9,988 

8,094 

-

25,974 

Substandard

-

-

11,737 

-

6,733 

3,617 

-

22,087 

Doubtful/Loss

-

-

-

-

-

-

-

-

Total

$

132,525 

$

200,831 

$

182,077 

$

96,125 

$

82,964 

$

275,339 

$

-

$

969,861 

Current period gross writeoffs

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Consumer and other

Payment performance

Performing

$

597 

$

176 

$

27 

$

12 

$

13 

$

20 

$

144 

$

989 

Nonperforming

-

-

-

-

-

-

-

-

Total

$

597 

$

176 

$

27 

$

12 

$

13 

$

20 

$

144 

$

989 

Current period gross writeoffs

$

145 

$

18 

$

1 

$

-

$

-

$

1 

$

-

$

165 

Residential mortgages

Payment performance

Performing

$

37,536 

$

72,624 

$

100,308 

$

69,454 

$

17,829 

$

144,499 

$

-

$

442,250 

Nonperforming

156 

270 

576 

351 

204 

3,044 

-

4,601 

Total

$

37,692 

$

72,894 

$

100,884 

$

69,805 

$

18,033 

$

147,543 

$

-

$

446,851 

Current period gross writeoffs

$

-

$

-

$

-

$

1 

$

-

$

-

$

-

$

1 

Home equities

Payment performance

Performing

$

7,833 

$

2,768 

$

590 

$

588 

$

571 

$

2,126 

$

65,165 

$

79,641 

Nonperforming

-

-

-

-

-

1 

514 

515 

Total

$

7,833 

$

2,768 

$

590 

$

588 

$

571 

$

2,127 

$

65,679 

$

80,156 

Current period gross writeoffs

$

-

$

-

$

-

$

-

$

-

$

25 

$

-

$

25 

The amortized cost of criticized assets of $72 million included $19 million of loans in the Company’s hotel loan portfolio at December 31, 2023. At December 31, 2022 the amortized cost of criticized assets was $93 million including $29 million of loans in the Company’s hotel loan portfolio. The following table provides data as of December 31, 2022, at the class level, of credit quality of certain loans, to be comparative to prior year’s disclosures on the Company’s Annual Report on Form 10K.

2022

(in thousands)

Corporate Credit Exposure – By Credit Rating

Commercial Real Estate Construction

Commercial and Multi-Family Mortgages

Total Commercial Real Estate

Commercial and Industrial

Acceptable or better

$

77,378 

$

567,112 

$

644,490 

$

177,278 

Watch

22,639 

168,626 

191,265 

40,603 

Special Mention

4,979 

17,965 

22,944 

25,316 

Substandard

12,407 

25,011 

37,418 

6,872 

Doubtful/Loss

-

-

-

-

Total

$

117,403 

$

778,714 

$

896,117 

$

250,069 
Recorded Investment In Loans Past Due

The following tables provide an analysis of the age of the amortized cost of loans that are past due and nonaccrual as of the dates indicated:

2023

(in thousands)

Current

Non-accruing

Total

Balance

30-59 days

60-89 days

90+ days

Loans

Balance

Commercial and industrial

$

220,602

$

518

$

130

$

-

 

$

1,839

$

223,089

Residential real estate:

Residential

437,471

1,173

341

-

4,602

443,587

Construction

3,264

-

-

-

-

3,264

Commercial real estate:

Commercial

831,375

4,360

-

134

19,000

854,869

Construction

110,727

2,326

671

-

1,268

114,992

Home equities

77,080

1,906

655

-

515

80,156

Consumer and other

959

27

3

-

-

989

Total Loans

$

1,681,478

$

10,310

$

1,800

$

134

$

27,224

$

1,720,946

2022

(in thousands)

Current

Non-accruing

Total

Balance

30-59 days

60-89 days

90+ days

Loans

Balance

Commercial and industrial

$

246,412 

$

235 

$

684 

$

139 

$

2,625 

$

250,095 

Residential real estate:

Residential

434,393 

1,105 

-

472 

3,738 

439,708 

Construction

3,502 

-

-

-

-

502 

Commercial real estate:

-

Commercial

771,871 

1,083 

-

75 

6,648 

779,677 

Construction

107,369 

-

-

1,648 

8,765 

117,782 

Home equities

79,320 

759 

206 

100 

563 

80,948 

Consumer and other

652 

3 

1 

1 

-

657 

Total Loans

$

1,643,519 

$

3,185 

$

891 

$

2,435 

$

22,339 

$

1,672,369 
Schedule Of Allowance For Loan Losses According To Portfolio Segment

2023

(in thousands)

Commercial and Industrial

Commercial Real Estate Mortgages*

Consumer and Other

Residential Mortgages*

Home Equities

Total

Allowance for credit losses:

Beginning balance

$

4,980 

$

11,595 

$

153 

$

2,102 

$

608 

$

19,438 

Adoption of new accounting

standard

324 

1,145 

(147)

1,618 

(205)

2,735 

Beginning balance after

cumulative effect adjustment

$

5,304 

$

12,740 

$

6 

$

3,720 

$

403 

$

22,173 

Charge-offs

(7)

-

(165)

(1)

(25)

(198)

Recoveries

83 

-

26 

7 

5 

121 

Provision (Credit)

(139)

(192)

141 

157 

51 

18 

Ending balance

$

5,241 

$

12,548 

$

8 

$

3,883 

$

434 

$

22,114 

Allowance for credit

losses:

Ending balance:

Individually evaluated

for impairment

36 

719 

-

-

-

755 

Collectively evaluated

for impairment

5,205 

11,829 

8 

3,883 

434 

21,359 

Total

$

5,241 

$

12,548 

$

8 

$

3,883 

$

434 

$

22,114 

Loans:

Ending balance:

Individually evaluated

for impairment

1,869 

23,044 

-

5,146 

761 

30,820 

Collectively evaluated

for impairment

221,231 

946,144 

1,066 

441,897 

80,651 

1,690,989 

Total

$

223,100 

$

969,188 

$

1,066 

$

447,043 

$

81,412 

$

1,721,809 

2022

(in thousands)

Commercial and Industrial

Commercial Real Estate Mortgages*

Consumer and Other

Residential Mortgages*

Home Equities

Total

Allowance for credit

losses:

Beginning balance

$

3,309 

$

12,367 

$

54 

$

2,127 

$

581 

$

18,438 

Charge-offs

(1,546)

-

(170)

(125)

(30)

(1,871)

Recoveries

114 

-

18 

-

-

132 

Provision (Credit)

3,103 

(772)

251 

100 

57 

2,739 

Ending balance

$

4,980 

$

11,595 

$

153 

$

2,102 

$

608 

$

19,438 

Allowance for credit

losses:

Ending balance:

Loans acquired with

deteriorated credit quality

$

-

$

-

$

-

$

-

$

-

$

-

Individually evaluated

for impairment

$

-

251 

-

28 

77 

356 

Collectively evaluated

for impairment

4,980 

11,344 

153 

2,074 

531 

19,082 

Total

$

4,980 

$

11,595 

$

153 

$

2,102 

$

608 

$

19,438 

Loans:

Ending balance:

Loans acquired with

deteriorated credit quality

$

-

$

-

$

-

$

687 

$

-

$

687 

Individually evaluated

for impairment

$

2,697 

18,144 

-

4,020 

949 

25,810 

Collectively evaluated

for impairment

247,372 

877,973 

572 

439,042 

81,465 

1,646,424 

Total

$

250,069 

$

896,117 

$

572 

$

443,749 

$

82,414 

$

1,672,921 

* includes construction loans
Amortized Costs, At The Class Level, For Nonaccrual Loans

Year Ended

December 31, 2023

January 1, 2023

December 31, 2023

Amortized Cost with Allowance

Amortized Cost without Allowance

Total

Amortized Cost

Interest Income Recognized

(in thousands)

Commercial and industrial

$

73 

$

1,766 

$

1,839 

$

2,625 

$

17 

Residential real estate:

Residential

-

4,602 

4,602 

3,738 

49 

Construction

-

-

-

-

-

Commercial real estate:

Commercial

6,568 

12,432 

19,000 

6,648 

219 

Construction

1,268 

-

1,268 

8,765 

-

Home equities

-

515 

515 

563 

11 

Consumer and other

-

-

-

-

-

Total nonaccrual loans

$

7,909 

$

19,315 

$

27,224 

$

22,339 

$

296 

Year Ended

December 31, 2022

January 1, 2022

December 31, 2022

Amortized Cost with Allowance

Amortized Cost without Allowance

Total

Amortized Cost

Interest Income Recognized

(in thousands)

Commercial and industrial

$

-

$

2,625 

$

2,625 

$

4,919 

$

82 

Residential real estate:

Residential

57 

3,681 

3,738 

3,020 

57 

Construction

-

-

-

-

-

Commercial real estate:

Commercial

-

6,648 

6,648 

5,758 

288 

Construction

1,340 

7,425 

8,765 

2,942 

282 

Home equities

134 

429 

563 

755 

26 

Consumer and other

-

-

-

-

-

Total nonaccrual loans

$

1,531 

$

20,808 

$

22,339 

$

17,394 

$

735 
Modifications to Borrowers Experiencing Financial Difficulty

(in thousands)

Term Extension

Total Class of Receivable

Commercial and industrial

$

451 

0.20

%

Residential real estate:

Residential

686 

0.15

Construction

-

-

Commercial real estate:

Commercial

6,817 

0.70

Construction

-

-

Home equities

-

-

Consumer and other

-

-

-

Total nonaccrual loans

$

7,954 

0.46 

%