| Allowance for Credit Losses | Allowance for Credit Losses The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: Year Ended December 31, 2023 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2022 $ 68,154 $ 26,604 $ 3,724 $ 98,482 Charge-offs (1,204) (19,990) (41) (21,235) Recoveries 132 1,406 34 1,572 Provision (credit) for loan and lease losses excluding unfunded commitments 14,328 21,537 2,838 38,703 Balance at December 31, 2023 $ 81,410 $ 29,557 $ 6,555 $ 117,522 The table above excludes the establishment of the initial reserve for PCD loans and leases of $2.3 million, net of $2.3 million of day one charge-offs recognized at the date of the acquisition in accordance with GAAP. Year Ended December 31, 2022 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2021 $ 69,213 $ 27,055 $ 2,816 $ 99,084 Charge-offs (37) (5,068) (28) (5,133) Recoveries 24 1,725 64 1,813 Provision (credit) for loan and lease losses excluding unfunded commitments (1,046) 2,892 872 2,718 Balance at December 31, 2022 $ 68,154 $ 26,604 $ 3,724 $ 98,482 The allowance for credit losses for unfunded credit commitments, which is included in other liabilities, was $19.8 million, and $20.6 million at December 31, 2023 and December 31, 2022, respectively. $17.1 million of the allowance for credit losses for unfunded commitments at December 31, 2023 was collectively evaluated. Provision for Credit Losses The (credit) provisions for credit losses are set forth below for the periods indicated: Year Ended December 31, 2023 2022 2021 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 14,328 $ (1,046) $ (10,903) Commercial 21,537 2,892 3,480 Consumer 2,838 872 (2,138) Total provision (credit) for loan and lease losses 38,703 2,718 (9,561) Unfunded credit commitments (835) 5,807 1,724 Investment securities available-for-sale 339 102 — Total provision (credit) for credit losses $ 38,207 $ 8,627 $ (7,837) Allowance for Credit Losses Methodology Management has established a methodology to determine the adequacy of the allowance for credit losses that assesses the risks and losses expected on the loan and lease portfolio and unfunded commitments. Additions to the allowance for credit losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized. To calculate the allowance for loans collectively evaluated, management uses models developed by a third party. Commercial real estate ("CRE"), commercial and industrial ("C&I"), and retail lifetime loss rate models calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions and expected utilization assumptions. The expected loss estimates for two small commercial portfolios are based on historical loss rates. Key assumptions used in the models include portfolio segmentation, prepayments, and the expected utilization of unfunded commitments, among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have like characteristics. Prepayment assumptions are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. Model development data and developmental time periods vary by model, but all use at least ten years of historical data and capture at least one recessionary period. Expected utilization is based on current utilization and a loan equivalency ("LEQ") factor. LEQ varies by current utilization and provides a reasonable estimate of expected draws and borrower behavior. Assumptions and model inputs are reviewed in accordance with model monitoring practices and as information becomes available . The ACL estimate incorporates reasonable and supportable forecasts of various macro-economic variables over the remaining life of loans and leases. The development of the reasonable and supportable forecast assume each macro-economic variable will revert to long-term expectations, with reversion characteristics unique to specific economic indicators and forecasts. Reversion towards long-term expectations generally begins two Management elected to use multiple economic forecasts in determining the reserve to account for economic uncertainty. The forecasts include various projections of Gross Domestic Product ("GDP"), interest rates, property price indices, and employment measures. Scenario weighting and model parameters are reviewed for each calculation and updated to reflect facts and circumstances as of the financial statement date. The forecasts utilized at December 31, 2023 reflect the immediate and longer-term effects of a rising interest rate environment and inflationary conditions. As of December 31, 2023, management applied qualitative adjustments to the CRE lifetime loss rate, C&I lifetime loss rate, and retail lifetime loss rate models. These adjustments addressed model limitations, were based on historical loss patterns, and targeted specific risks within certain portfolios. A general qualitative adjustment was applied to all models to account for general economic uncertainty by placing a greater probability on negative economic forecasts. Additional qualitative adjustments were applied to the commercial, multifamily, and commercial real estate (includes owner occupied, non-owner occupied, and construction) portfolios based on the Company’s historical loss experience and the loss experience of the Company’s peer group. High risk segments of the Eastern Funding portfolios also received additional qualitative adjustments based on recent loss history and expected liquidation values. These qualitative adjustments resulted in additions to reserves for all portfolios, as compared to the model output. Specific reserves are established for loans individually evaluated for impairment when amortized cost basis is greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent loans, when there is an excess of a loan's amortized cost basis over the fair value of its underlying collateral. When loans and leases do not share risk characteristics with other financial assets they are evaluated individually. Individually evaluated loans are reviewed quarterly with adjustments made to the calculated reserve as necessary. The general allowance for loan and lease losses was $108.4 million as of December 31, 2023, compared to $95.4 million as of December 31, 2022. The increase in the general allowance was primarily driven by the acquisition of PCSB Bank in 2023, which contributed $14.7 million of the $13.0 million increase, and was offset by an overall decrease in the general allowance of all entities, excluding PCSB Bank. The specific allowance for loan and lease losses was $9.1 million as of December 31, 2023, compared to $3.1 million as of December 31, 2022. The increase of $6.0 million was primarily driven by a $5.0 million increase in the specific reserve for commercial real estate relationships and a $1.5 million increase in specific reserve for select equipment financing relationships, offset by a $0.6 million decrease in the specific reserve for C&I relationships. As of December 31, 2023, management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on expected losses over the lifetime of the Company’s loan portfolio. Credit Quality Assessment At the time of loan origination, a rating is assigned based on the capacity to pay and general financial strength of the borrower, the value of assets pledged as collateral, and the evaluation of third party support such as a guarantor. The Company continually monitors the credit quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, adversely risk-rated, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower's ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a modified loan. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For all loans, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company's independent loan review group evaluates the credit quality and related risk ratings in all loan portfolios. The results of these reviews are reported to the Risk Committee of the Board of Directors on a periodic basis and annually to the Board of Directors. For the consumer loans, the Company heavily relies on payment status for calibrating credit risk. The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1 -4 Rating—Pass Loan rating grades "1" through "4" are classified as "Pass," which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. 5 Rating—Other Assets Especially Mentioned ("OAEM") Borrowers exhibit potential credit weaknesses or downward trends deserving management's attention. If not checked or corrected, these trends will weaken the Company's asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. 6 Rating—Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. 7 Rating—Doubtful Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. 8 Rating—Definite Loss Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted. Assets rated as "OAEM," "substandard" or "doubtful" based on criteria established under banking regulations are collectively referred to as "criticized" assets. Credit Quality Information The following tables present the recorded investment in loans in each class as of December 31, 2023 and December 31, 2022 by credit quality indicator and year originated. December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 386,962 $ 690,374 $ 776,834 $ 378,322 $ 422,028 $ 1,245,148 $ 75,746 $ 14,882 $ 3,990,296 OAEM — — 2,529 3,300 1,784 1,674 — — 9,287 Substandard — — — — 22,685 23,089 — — 45,774 Doubtful — — — — — 1,931 — — 1,931 Total 386,962 690,374 779,363 381,622 446,497 1,271,842 75,746 14,882 4,047,288 Current -period gross writeoffs — 4 942 — — 258 — — 1,204 December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Multi-Family Mortgage Pass 68,963 217,727 256,198 165,770 193,162 468,623 5,947 36,585 1,412,975 Substandard — — — — — 2,216 — — 2,216 Total 68,963 217,727 256,198 165,770 193,162 470,839 5,947 36,585 1,415,191 Construction Pass 25,691 212,904 36,192 6,292 1,176 239 5,984 — 288,478 Substandard — 2,417 11,155 — — — — — 13,572 Total 25,691 215,321 47,347 6,292 1,176 239 5,984 — 302,050 Commercial Pass 220,563 137,332 125,385 37,601 23,046 69,104 337,316 3,570 953,917 OAEM — — 79 2,081 1,291 — 1,827 8,225 13,503 Substandard 4 — 9 — 12,362 273 981 3,388 17,017 Doubtful — — — — 1 1 — 2 4 December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Total 220,567 137,332 125,473 39,682 36,700 69,378 340,124 15,185 984,441 Current-period gross writeoffs 1,000 3,500 4,842 1,164 673 2,379 — — 13,558 Equipment Financing Pass 443,878 389,083 205,208 125,888 88,465 74,727 12,919 5,740 1,345,908 OAEM — 2,144 1,232 1,033 159 — — — 4,568 Substandard 1,250 8,107 4,105 2,181 2,255 2,259 — — 20,157 Doubtful — — — — — 15 — — 15 Total 445,128 399,334 210,545 129,102 90,879 77,001 12,919 5,740 1,370,648 Current-period gross writeoffs 498 1,075 1,915 122 553 2,275 — — 6,438 Condominium Association Pass 4,460 7,569 9,186 6,686 4,414 9,086 3,010 168 44,579 Total 4,460 7,569 9,186 6,686 4,414 9,086 3,010 168 44,579 Other Consumer Pass 408 200 516 5 21 2,062 47,191 3 50,406 Total 408 200 516 5 21 2,062 47,191 3 50,406 Current-period gross writeoffs 6 — 2 — 11 9 — — 28 Total Pass 1,150,925 1,655,189 1,409,519 720,564 732,312 1,868,989 488,113 60,948 8,086,559 OAEM — 2,144 3,840 6,414 3,234 1,674 1,827 8,225 27,358 Substandard 1,254 10,524 15,269 2,181 37,302 27,837 981 3,388 98,736 Doubtful — — — — 1 1,947 — 2 1,950 Total $ 1,152,179 $ 1,667,857 $ 1,428,628 $ 729,159 $ 772,849 $ 1,900,447 $ 490,921 $ 72,563 $ 8,214,603 As of December 31, 2023, there were no loans categorized as definite loss. December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 475,105 $ 622,952 $ 290,913 $ 362,339 $ 210,954 $ 971,274 $ 55,464 $ 9,167 $ 2,998,168 OAEM — 2,600 112 14,805 2,841 25,875 — — 46,233 December 31, 2022 Substandard — — — — — 2,345 — — 2,345 Total 475,105 625,552 291,025 377,144 213,795 999,494 55,464 9,167 3,046,746 Multi-Family Mortgage Pass 162,139 226,502 132,893 114,109 142,271 324,415 4,823 36,662 1,143,814 Substandard — — — — — 6,783 — — 6,783 Total 162,139 226,502 132,893 114,109 142,271 331,198 4,823 36,662 1,150,597 Construction Pass 82,650 73,995 13,787 16,421 3,306 — 6,456 — 196,615 OAEM 842 8,641 — — — — — — 9,483 Substandard — — — — — 707 — — 707 Total 83,492 82,636 13,787 16,421 3,306 707 6,456 — 206,805 Commercial Pass 178,212 116,674 48,713 22,809 29,350 52,866 273,467 1,071 723,162 OAEM — 109 — 14,821 — — 2,187 — 17,117 Substandard — 3,835 1,215 494 — 30 6,461 632 12,667 Doubtful — — — — — 1 — 1 2 Total 178,212 120,618 49,928 38,124 29,350 52,897 282,115 1,704 752,948 Equipment Financing Pass 443,323 282,398 185,007 140,931 76,595 60,980 13,236 1,301 1,203,771 OAEM 1,019 1,453 184 455 13 — — — 3,124 Substandard 608 784 1,514 2,597 2,503 1,669 — — 9,675 Doubtful — — — — 2 13 — — 15 Total 444,950 284,635 186,705 143,983 79,113 62,662 13,236 1,301 1,216,585 Condominium Association Pass 5,821 7,743 8,810 5,858 1,603 12,227 4,823 23 46,908 Substandard — — — — — 58 — — 58 Total 5,821 7,743 8,810 5,858 1,603 12,285 4,823 23 46,966 Other Consumer Pass 411 393 15 13 1,503 750 53,418 1 56,504 Substandard — — — — — — 1 — 1 Total 411 393 15 13 1,503 750 53,419 1 56,505 Total Pass 1,347,661 1,330,657 680,138 662,480 465,582 1,422,512 411,687 48,225 6,368,942 OAEM 1,861 12,803 296 30,081 2,854 25,875 2,187 — 75,957 Substandard 608 4,619 2,729 3,091 2,503 11,592 6,462 632 32,236 Doubtful — — — — 2 14 — 1 17 Total $ 1,350,130 $ 1,348,079 $ 683,163 $ 695,652 $ 470,941 $ 1,459,993 $ 420,336 $ 48,858 $ 6,477,152 As of December 31, 2022, there were no loans categorized as definite loss. For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 72,022 $ 161,491 $ 210,338 $ 118,752 $ 84,792 $ 261,474 $ 4,998 $ 439 $ 914,306 661 - 700 12,200 20,824 11,059 7,970 4,402 24,152 — — 80,607 600 and below 1,943 12,108 7,197 7,093 5,449 23,838 — — 57,628 Data not available* 1,353 2,246 3,025 — 448 23,163 28 — 30,263 Total 87,518 196,669 231,619 133,815 95,091 332,627 5,026 439 1,082,804 Current-period gross writeoffs — — — — — 25 — — 25 Home Equity Credit Scores Over 700 5,505 3,807 1,667 769 1,218 7,366 272,169 4,617 297,118 661 - 700 1,005 310 — 36 — 671 21,936 830 24,788 600 and below 148 143 41 — 39 402 17,349 2,008 20,130 Data not available* 23 — 1 — — 45 2,062 15 2,146 Total $ 6,681 $ 4,260 $ 1,709 $ 805 $ 1,257 $ 8,484 $ 313,516 $ 7,470 $ 344,182 * Represents loans made to trusts and purchased mortgages. December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 108,125 $ 176,341 $ 95,484 $ 61,763 $ 38,949 $ 132,359 $ 4,942 $ 348 $ 618,311 661 - 700 15,018 21,450 17,611 11,388 8,308 29,999 — — 103,774 600 and below 6,133 3,754 5,275 2,833 2,264 14,688 — — 34,947 Data not available* 28,097 6,661 712 3,316 — 48,796 — — 87,582 Total 157,373 208,206 119,082 79,300 49,521 225,842 4,942 348 844,614 Home Equity Credit Scores Over 700 3,833 1,399 1,128 1,209 984 6,862 247,188 2,304 264,907 661 - 700 787 92 35 249 272 1,329 41,050 296 44,110 600 and below 89 87 48 93 — 360 8,744 595 10,016 Data not available* 6 6 — — — 1,029 2,279 269 3,589 Total $ 4,715 $ 1,584 $ 1,211 $ 1,551 $ 1,256 $ 9,580 $ 299,261 $ 3,464 $ 322,622 * Represents loans made to trusts and purchased mortgages. Age Analysis of Past Due Loans and Leases The following tables present an age analysis of the recorded investment in total loans and leases as of December 31, 2023 and 2022. At December 31, 2023 Past Due Past Non-accrual Non-accrual with no related Allowance 31-60 61-90 Greater Total Current Total Loans (In Thousands) Commercial real estate loans: Commercial real estate $ 2,578 $ 214 $ 16,915 $ 19,707 $ 4,027,581 $ 4,047,288 $ 227 $ 19,608 $ 740 Multi-family mortgage 346 — — 346 1,414,845 1,415,191 — — — Construction — — — — 302,050 302,050 — — — Total commercial real estate loans 2,924 214 16,915 20,053 5,744,476 5,764,529 227 19,608 740 Commercial loans and leases: Commercial 829 75 3,808 4,712 979,729 984,441 — 3,886 — Equipment financing 3,202 4,367 8,984 16,553 1,354,095 1,370,648 — 14,984 2,474 Condominium association — — — — 44,579 44,579 — — — Total commercial loans and leases 4,031 4,442 12,792 21,265 2,378,403 2,399,668 — 18,870 2,474 Consumer loans: Residential mortgage 934 600 3,063 4,597 1,078,207 1,082,804 — 4,292 2,563 Home equity 1,290 44 387 1,721 342,461 344,182 1 860 — Other consumer — — — — 50,406 50,406 — — — Total consumer loans 2,224 644 3,450 6,318 1,471,074 1,477,392 1 5,152 2,563 Total loans and leases $ 9,179 $ 5,300 $ 33,157 $ 47,636 $ 9,593,953 $ 9,641,589 $ 228 $ 43,630 $ 5,777 There is no interest income recognized on non-accrual loans for the year ending December 31, 2023. At December 31, 2022 Past Due Past 31-60 61-90 Greater Total Current Total Loans Non-accrual Non-accrual with no related Allowance (In Thousands) Commercial real estate loans: Commercial real estate $ 2,495 $ 199 $ 408 $ 3,102 $ 3,043,644 $ 3,046,746 $ — $ 607 $ 262 Multi-family mortgage — 180 — 180 1,150,417 1,150,597 — — — Construction 707 — — 707 206,098 206,805 — 707 707 Total commercial real estate loans 3,202 379 408 3,989 4,400,159 4,404,148 — 1,314 969 Commercial loans and leases: Commercial 740 — 343 1,083 751,865 752,948 — 464 — Equipment financing 5,103 1,764 6,205 13,072 1,203,513 1,216,585 28 9,653 399 Condominium association 2,072 — — 2,072 44,894 46,966 — 58 — Total commercial loans and leases 7,915 1,764 6,548 16,227 2,000,272 2,016,499 28 10,175 399 Consumer loans: Residential mortgage 677 70 1,466 2,213 842,401 844,614 1 2,680 1,091 Home equity 443 — 155 598 322,024 322,622 4 723 — Other consumer 1 5 2 8 56,497 56,505 — 2 — Total consumer loans 1,121 75 1,623 2,819 1,220,922 1,223,741 5 3,405 1,091 Total loans and leases $ 12,238 $ 2,218 $ 8,579 $ 23,035 $ 7,621,353 $ 7,644,388 $ 33 $ 14,894 $ 2,459 There is no interest income recognized on non-accrual loans for the year ending December 31, 2022. Impaired Loans and Leases A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The loans and leases risk-rated "substandard" or worse are considered impaired. The Company has also defined the population of impaired loans to include nonaccrual loans and modified loans. Impaired loans and leases which do not share similar risk characteristics with other loans are individually evaluated for credit losses. Specific reserves are established for loans and leases with deterioration in the present value of expected future cash flows or, in the case of collateral-dependent loans and leases, any increase in the loan or lease amortized cost basis over the fair value of the underlying collateral discounted for estimated selling costs. In contrast, the loans and leases which share similar risk characteristics and are not included in the individually evaluated population are collectively evaluated for credit losses. The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated. At December 31, 2023 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 5,104 $ 3,947 $ 35 $ 9,086 Collectively evaluated 76,306 25,610 6,520 108,436 Total $ 81,410 $ 29,557 $ 6,555 $ 117,522 Loans and Leases: Individually evaluated $ 64,953 $ 27,083 $ 4,750 $ 96,786 Collectively evaluated 5,699,576 2,372,585 1,472,642 9,544,803 Total $ 5,764,529 $ 2,399,668 $ 1,477,392 $ 9,641,589 At December 31, 2022 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 62 $ 2,982 $ 68 $ 3,112 Collectively evaluated 68,092 23,622 3,656 95,370 Total $ 68,154 $ 26,604 $ 3,724 $ 98,482 Loan and Lease Losses: Individually evaluated $ 11,039 $ 14,346 $ 3,863 $ 29,248 Collectively evaluated 4,393,109 2,002,153 1,219,878 7,615,140 Total $ 4,404,148 $ 2,016,499 $ 1,223,741 $ 7,644,388 Loan Modifications In January 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis. Upon adoption of this guidance, the Company estimates the reserve for modifications to borrowers experiencing financial difficulty in a manner similar to the process for non-modified loans. The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the periods indicated. At December 31, 2023 Number of Loans Amortized Cost % of Total Class of Loans and Leases Financial Effect (In thousands) Maturity Extension CRE 1 $ 3,195 0.06 % The loan was given a one C&I 12 14,463 0.98 % All 12 loans were given six Significant Payment Delays C&I 2 16 — % Both loans were given restructured payment plans to assist borrowers. The financial effect was deemed "de minimis." Combination - Maturity Extension and Significant Payment Delays CRE 2 18,792 0.33 % Loans were given two C&I 10 4,650 0.30 % Loans were given one three Combination - Maturity Extension and Interest Rate Reduction C&I 10 985 0.07 % A portion of loans were given four two Total 37 $ 42,101 1.74 % The following tables present the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the periods indicated. At December 31, 2023 Current 30-60 Days Past Due 61-90 Days Past Due 90+ Days Past Due Modified (In thousands) Total Modifications $ 41,993 16 — 92 — The following table sets forth information regarding troubled debt restructured loans and leases at the dates indicated: At December 31, 2022 (In Thousands) Troubled debt restructurings: On accrual $ 16,385 On nonaccrual 3,527 Total troubled debt restructurings $ 19,912 Total TDR loans and leases were $19.9 million at December 31, 2022. At and for the Year Ended December 31, 2022 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Commercial 15 6,227 6,227 2,230 — — — Equipment financing 23 1,203 1,445 — 606 5 301 Home equity 1 106 106 — — — — Total loans and leases 39 $ 7,536 $ 7,778 $ 2,230 $ 606 5 $ 301 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Year Ended December 31, 2021 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Commercial real estate 1 $ 497 $ 493 $ — $ — — $ — Commercial 1 19 17 — — — — Equipment financing 46 3,979 3,500 818 2,364 13 1,491 Residential mortgage 2 1,072 1,061 — 207 — — Home equity 1 312 312 — — — — Total loans and leases 51 5,879 5,383 818 2,571 13 1,491 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. The following table sets forth the Company's end-of-period balances for TDRs that were modified during the periods indicated, by type of modification. Year Ended 2022 2021 (In Thousands) Extended maturity $ 6,931 $ 2,704 Combination maturity, principal, interest rate 847 2,679 Total loans modified $ 7,778 $ 5,383 The TDR loans and leases that were modified for the year ending December 31, 2022 were $7.8 million. Net charge-offs of the performing and nonperforming troubled debt restructuring loans and leases for the year ending December 31, 2022 were $0.1 million. The commitments to lend funds to debtors owning receivables whose terms had been modified in TDRs as of December 31, 2022 were $1.9 million. |
