| Summary of the activity in the CECL Allowance from adoption on January 1, 2023 |
The following table summarizes the activity in the CECL Allowance from adoption on January 1, 2023:
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CECL Allowance |
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|
Provision for |
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CECL |
|
|
as of December |
|
Adoption of ASU |
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|
|
|
CECL |
|
Allowance as of |
(dollars in thousands) |
|
31, 2022(1) |
|
2016-13 (2) |
|
Charge-offs |
|
Allowance |
|
June 30, 2023 |
Geographical Location |
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|
|
|
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New England |
|
$ |
105 |
|
$ |
1,302 |
|
$ |
— |
|
$ |
104 |
|
$ |
1,511 |
West |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
7 |
South |
|
|
— |
|
|
402 |
|
|
— |
|
|
79 |
|
|
481 |
Mid-Atlantic |
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|
— |
|
|
210 |
|
|
— |
|
|
(11) |
|
|
199 |
Total |
|
$ |
105 |
|
$ |
1,921 |
|
$ |
— |
|
$ |
172 |
|
$ |
2,198 |
(1) As of December 31, 2022, amounts represent probable loan loss provisions recorded before the adoption of the ASU 2016-13.
(2) As a component of the adoption of ASU 2016-13, $531,500 of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in the Company’s consolidated balance sheet.
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June 30, 2023 |
|
December 31, 2022 |
|
(dollars in thousands) |
|
Carrying Value |
|
% of Portfolio |
|
Carrying Value |
|
% of Portfolio |
|
Geographical Location |
|
|
|
|
|
|
|
|
|
|
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New England |
|
$ |
245,236 |
|
48.19 |
% |
$ |
225,603 |
|
48.97 |
% |
West |
|
|
3,150 |
|
0.62 |
% |
|
3,150 |
|
0.68 |
% |
South |
|
|
162,621 |
|
31.96 |
% |
|
135,857 |
|
29.49 |
% |
Mid-Atlantic |
|
|
97,844 |
|
19.23 |
% |
|
96,128 |
|
20.86 |
% |
Total |
|
|
508,851 |
|
100.00 |
% |
|
460,738 |
|
100.00 |
% |
Less, CECL and Direct Allowances |
|
|
2,198 |
|
|
|
|
105 |
|
|
|
Carrying value, net |
|
$ |
506,653 |
|
|
|
$ |
460,633 |
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June 30, 2023 |
|
December 31, 2022 |
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Outstanding |
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|
Outstanding |
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|
|
(dollars in thousands) |
|
Principal |
|
% of Portfolio |
|
Principal |
|
% of Portfolio |
|
Property Type |
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|
|
|
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Residential |
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$ |
228,228 |
|
44.85 |
% |
$ |
229,944 |
|
49.91 |
% |
Commercial |
|
|
168,949 |
|
33.20 |
% |
|
154,929 |
|
33.63 |
% |
Land |
|
|
82,281 |
|
16.17 |
% |
|
46,499 |
|
10.09 |
% |
Mixed use |
|
|
29,393 |
|
5.78 |
% |
|
29,366 |
|
6.37 |
% |
Total |
|
|
508,851 |
|
100.00 |
% |
|
460,738 |
|
100.00 |
% |
Less, CECL and Direct Allowances |
|
|
2,198 |
|
|
|
|
105 |
|
|
|
Carrying value, net |
|
$ |
506,653 |
|
|
|
$ |
460,633 |
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| 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 |
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June 30, 2023 |
|
Year Originated(1) |
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Carrying |
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% of |
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FICO Score (2) (dollars in thousands) |
|
Value |
|
Portfolio |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
Prior |
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Under 500 |
|
$ |
400 |
|
0.08 |
% |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
443 |
501-550 |
|
|
4,492 |
|
0.88 |
% |
|
— |
|
|
— |
|
|
1,779 |
|
|
49 |
|
|
2,809 |
551-600 |
|
|
9,386 |
|
1.84 |
% |
|
— |
|
|
2,678 |
|
|
5,073 |
|
|
700 |
|
|
2,355 |
601-650 |
|
|
38,278 |
|
7.52 |
% |
|
2,693 |
|
|
19,205 |
|
|
7,238 |
|
|
6,333 |
|
|
5,045 |
651-700 |
|
|
96,298 |
|
18.92 |
% |
|
6,784 |
|
|
32,306 |
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|
34,570 |
|
|
7,113 |
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10,095 |
701-750 |
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|
190,724 |
|
37.48 |
% |
|
15,961 |
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|
54,823 |
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|
91,255 |
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|
8,477 |
|
|
6,779 |
751-800 |
|
|
151,344 |
|
29.74 |
% |
|
3,231 |
|
|
75,055 |
|
|
48,163 |
|
|
9,997 |
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|
1,883 |
801-850 |
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|
17,929 |
|
3.52 |
% |
|
— |
|
|
15,035 |
|
|
— |
|
|
359 |
|
|
265 |
Total |
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|
508,851 |
|
100.00 |
% |
$ |
28,669 |
|
$ |
199,102 |
|
$ |
188.078 |
|
$ |
33,028 |
|
$ |
29,674 |
Less, CECL and Direct Allowances |
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|
2,198 |
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Carrying value, net |
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$ |
506,653 |
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(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. |
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December 31, 2022 |
|
Year Originated(1) |
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Carrying |
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% of |
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|
FICO Score (2) (dollars in thousands) |
|
Value |
|
Portfolio |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Prior |
|
|
|
|
|
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|
|
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|
|
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|
|
|
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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 |
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1,467 |
601-650 |
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|
40,349 |
|
8.76 |
% |
|
21,382 |
|
|
7,474 |
|
|
6,273 |
|
|
1,547 |
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|
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 and Direct Allowances |
|
|
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. |
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| Schedule of maturities of Mortgages receivable |
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As of June 30, 2023 |
|
As of December 31, 2022 |
2023 and prior |
|
$ |
229,763,962 |
|
$ |
372,964,665 |
2024 |
|
|
250,299,189 |
|
|
85,968,294 |
2025 |
|
|
20,907,195 |
|
|
1,699,500 |
2026 |
|
|
7,780,000 |
|
|
— |
2027 |
|
|
— |
|
|
— |
Thereafter |
|
|
100,871 |
|
|
105,809 |
Total |
|
|
508,851,217 |
|
|
460,738,268 |
Less, CECL and Direct Allowances |
|
|
2,198,061 |
|
|
105,000 |
Total |
|
$ |
506,653,156 |
|
$ |
460,633,268 |
|