Summary of the activity in the CECL Allowance from adoption on January 1, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CECL Allowance |
|
|
|
|
|
|
|
Provision for |
|
CECL |
|
|
as of December |
|
Adoption of ASU |
|
|
|
|
CECL |
|
Allowance as of |
(dollars in thousands) |
|
31, 2022(1) |
|
2016-13 (2) |
|
Charge-offs |
|
Allowance |
|
March 31, 2023 |
Geographical Location |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England |
|
$ |
105 |
|
$ |
1,302 |
|
$ |
— |
|
$ |
3 |
|
$ |
1,410 |
West |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
7 |
South |
|
|
— |
|
|
402 |
|
|
— |
|
|
56 |
|
|
458 |
Mid-Atlantic |
|
|
— |
|
|
210 |
|
|
— |
|
|
(3) |
|
|
207 |
Total |
|
$ |
105 |
|
$ |
1,921 |
|
$ |
— |
|
$ |
56 |
|
$ |
2,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
(dollars in thousands) |
|
Carrying Value |
|
% of Portfolio |
|
Carrying Value |
|
% of Portfolio |
|
Geographical Location |
|
|
|
|
|
|
|
|
|
|
|
New England |
|
$ |
226,026 |
|
47.23 |
% |
$ |
225,603 |
|
48.97 |
% |
West |
|
|
3,150 |
|
0.66 |
% |
|
3,150 |
|
0.68 |
% |
South |
|
|
154,662 |
|
32.32 |
% |
|
135,857 |
|
29.49 |
% |
Mid-Atlantic |
|
|
94,713 |
|
19.79 |
% |
|
96,128 |
|
20.86 |
% |
Total |
|
|
478,551 |
|
100.00 |
% |
|
460,738 |
|
100.00 |
% |
Less, CECL Allowance |
|
|
2,082 |
|
|
|
|
105 |
|
|
|
Carrying value, net |
|
$ |
476,469 |
|
|
|
$ |
460,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
Outstanding |
|
|
|
Outstanding |
|
|
|
(dollars in thousands) |
|
Principal |
|
% of Portfolio |
|
Principal |
|
% of Portfolio |
|
Property Type |
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
217,734 |
|
45.50 |
% |
$ |
229,944 |
|
49.91 |
% |
Commercial |
|
|
167,814 |
|
35.07 |
% |
|
154,929 |
|
33.63 |
% |
Land |
|
|
63,515 |
|
13.27 |
% |
|
46,499 |
|
10.09 |
% |
Mixed use |
|
|
29,488 |
|
6.16 |
% |
|
29,366 |
|
6.37 |
% |
Total |
|
|
478,551 |
|
100.00 |
% |
|
460,738 |
|
100.00 |
% |
Less, CECL Allowance |
|
|
2,082 |
|
|
|
|
105 |
|
|
|
Carrying value, net |
|
$ |
476,469 |
|
|
|
$ |
460,633 |
|
|
|
|
Schedule of allocation of the carrying value of Company's loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
Year Originated(1) |
|
|
Carrying |
|
% of |
|
|
|
|
|
|
|
|
|
|
|
FICO Score (2) (dollars in thousands) |
|
Value |
|
Portfolio |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
Prior |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under 500 |
|
$ |
443 |
|
0.09 |
% |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
443 |
501-550 |
|
|
4,637 |
|
0.97 |
% |
|
— |
|
|
— |
|
|
1,779 |
|
|
49 |
|
|
2,809 |
551-600 |
|
|
10,806 |
|
2.26 |
% |
|
— |
|
|
2,678 |
|
|
5,073 |
|
|
700 |
|
|
2,355 |
601-650 |
|
|
40,514 |
|
8.47 |
% |
|
2,693 |
|
|
19,205 |
|
|
7,238 |
|
|
6,333 |
|
|
5,045 |
651-700 |
|
|
90,868 |
|
18.99 |
% |
|
6,784 |
|
|
32,306 |
|
|
34,570 |
|
|
7,113 |
|
|
10,095 |
701-750 |
|
|
177,295 |
|
37.04 |
% |
|
15,961 |
|
|
54,823 |
|
|
91,255 |
|
|
8,477 |
|
|
6,779 |
751-800 |
|
|
138,329 |
|
28.91 |
% |
|
3,231 |
|
|
75,055 |
|
|
48,163 |
|
|
9,997 |
|
|
1,883 |
801-850 |
|
|
15,659 |
|
3.27 |
% |
|
— |
|
|
15,035 |
|
|
— |
|
|
359 |
|
|
265 |
Total |
|
|
478,551 |
|
100.00 |
% |
$ |
28,669 |
|
$ |
199,102 |
|
$ |
188.078 |
|
$ |
33,028 |
|
$ |
29,674 |
Less, CECL Allowance |
|
|
2,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying value, net |
|
$ |
476,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Represents the year of origination or amendment where the loan was subject to a full re-underwriting. |
(2) |
The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Year Originated(1) |
|
|
Carrying |
|
% of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FICO Score (2) (dollars in thousands) |
|
Value |
|
Portfolio |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Prior |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under 500 |
|
$ |
629 |
|
0.14 |
% |
$ |
— |
|
$ |
— |
|
$ |
185 |
|
$ |
235 |
|
$ |
209 |
501-550 |
|
|
4,786 |
|
1.04 |
% |
|
— |
|
|
1,779 |
|
|
87 |
|
|
803 |
|
|
2,117 |
551-600 |
|
|
15,977 |
|
3.47 |
% |
|
3,061 |
|
|
8,256 |
|
|
1,836 |
|
|
1,357 |
|
|
1,467 |
601-650 |
|
|
40,349 |
|
8.76 |
% |
|
21,382 |
|
|
7,474 |
|
|
6,273 |
|
|
1,547 |
|
|
3,673 |
651-700 |
|
|
84,085 |
|
18.25 |
% |
|
33,832 |
|
|
31,342 |
|
|
7,398 |
|
|
5,269 |
|
|
6,244 |
701-750 |
|
|
174,347 |
|
37.83 |
% |
|
65,190 |
|
|
90,524 |
|
|
11,892 |
|
|
5,527 |
|
|
1,214 |
751-800 |
|
|
125,347 |
|
27.21 |
% |
|
68,826 |
|
|
45,038 |
|
|
9,470 |
|
|
1,640 |
|
|
373 |
801-850 |
|
|
15,218 |
|
3.30 |
% |
|
14,554 |
|
|
— |
|
|
399 |
|
|
— |
|
|
265 |
Total |
|
|
460,738 |
|
100.00 |
% |
$ |
206,845 |
|
$ |
184,413 |
|
$ |
37,540 |
|
$ |
16,378 |
|
$ |
16,562 |
Less, CECL Allowance |
|
|
105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying value, net |
|
$ |
460,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Represents the year of origination or amendment where the loan was subject to a full re-underwriting. |
(2) |
The FICO Scores are calculated at the inception of a loan and are updated if the loan is modified or on an as needed basis. |
|
Schedule of maturities of Mortgages receivable |
|
|
|
|
|
|
|
|
|
As of March 31, 2023 |
|
As of December 31, 2022 |
2023 and prior |
|
$ |
300,437,227 |
|
$ |
372,964,665 |
2024 |
|
|
163,582,069 |
|
|
85,968,294 |
2025 |
|
|
14,428,471 |
|
|
1,699,500 |
2026 |
|
|
— |
|
|
— |
2027 |
|
|
— |
|
|
— |
Thereafter |
|
|
103,356 |
|
|
105,809 |
Total |
|
|
478,551,123 |
|
|
460,738,268 |
Less, CECL Allowance |
|
|
2,081,659 |
|
|
105,000 |
Total |
|
$ |
476,469,464 |
|
$ |
460,633,268 |
|