XML 31 R14.htm IDEA: XBRL DOCUMENT v3.24.1
LOANS
12 Months Ended
Dec. 31, 2023
LOANS  
LOANS

6. LOANS

The segments of the Company’s loan portfolio are disaggregated into classes that allows management to monitor risk and performance. The loan classes used are consistent with the internal reports evaluated by the Company’s management and Board of Directors to monitor risk and performance within various segments of its loan portfolio. The commercial loan segment includes both the owner occupied commercial real estate loan and the other commercial and industrial loan classes. The commercial real estate loan segment includes the non-owner occupied commercial real estate loan classes of retail, multi-family, and other. The residential mortgage loan segment is comprised of first lien

amortizing residential mortgage loans while the consumer loan segment consists primarily of home equity loans secured by residential real estate, installment loans, and overdraft lines of credit associated with customer deposit accounts.

The loan portfolio of the Company consists of the following:

DECEMBER 31, 2023

(IN THOUSANDS)

Commercial:

Commercial real estate (owner occupied) (1)

$

89,147

Other commercial and industrial

159,424

Commercial real estate (non-owner occupied):

 

Retail (1)

161,961

Multi-family (1)

110,008

Other (1)

240,286

Residential mortgages (1)

 

174,670

Consumer

 

102,775

Loans, net of unearned income

$

1,038,271

DECEMBER 31, 2022

(IN THOUSANDS)

Commercial:

Commercial and industrial

$

153,398

Paycheck Protection Program (PPP)

22

Commercial real estate (owner occupied) (1)

 

75,158

Commercial real estate (non-owner occupied) (1)

 

450,744

Residential mortgages (1)

 

297,971

Consumer

 

13,473

Loans, net of unearned income

$

990,766

(1)Real estate construction loans constituted 3.4% and 4.7% of the Company’s total loans, net of unearned income as of December 31, 2023 and 2022, respectively.

Loan balances at December 31, 2023 and 2022 are net of unearned income of $483,000 and $343,000, respectively.

The Company has no exposure to subprime mortgage loans in either the loan or investment portfolios. The Company has no direct loan exposures to sovereign or non-sovereign (i.e. financial institutions and corporations) borrowers within foreign countries experiencing significant economic, fiscal, and/or political strains.

The Company has no significant industry lending concentrations. Specifically, as of December 31, 2023 and 2022, loans to customers engaged in similar activities and having similar economic characteristics, as defined by standard industrial classifications, did not exceed 10% of total loans. Additionally, the majority of the Company’s lending occurs within a 250-mile radius of the Johnstown market.

In the ordinary course of business, the subsidiaries have transactions, including loans, with their officers, directors, and their affiliated companies. In management’s opinion, these transactions were on substantially the same terms as those prevailing at the time for comparable transactions with unaffiliated parties and do not involve more than the normal credit risk. These loans totaled $615,000 and $587,000 at December 31, 2023 and 2022, respectively.

The following tables summarize the loan activity with related parties for the years ended December 31, 2023 and 2022 (in thousands).

YEAR ENDED DECEMBER 31, 2023

BALANCE AT DECEMBER 31, 2022

ADDITIONS

REPAYMENTS

BALANCE AT DECEMBER 31, 2023

Loans to related parties

$

587

$

602

$

574

$

615

YEAR ENDED DECEMBER 31, 2022

BALANCE AT DECEMBER 31, 2021

ADDITIONS

REPAYMENTS

BALANCE AT DECEMBER 31, 2022

Loans to related parties

$

601

$

206

$

220

$

587