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Loans and Asset Quality (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Loans Information

Loans HFI by category and loans HFS are summarized below:

			December 31,
(in thousands)			2024						2023
Real estate:
Commercial real estate			$	884,641					$	851,582
One-to-four family residential			614,551						599,487
Construction and development			155,229						125,238
Commercial and industrial			327,086						315,327
Tax-exempt			64,930						72,913
Consumer			28,576						28,311
Total loans HFI			$	2,075,013					$	1,992,858
Total loans HFS			$	2,547					$	1,306

Schedule of Allowance for Credit Losses

The following table summarizes the activity in the ACL by category for the year ended December 31, 2024:

(in thousands)			Beginning Balance												Provision for Credit Losses(1)						Charge-offs						Recoveries						Ending Balance
Real estate:
Commercial real estate			$	9,118											$	(71)					$	—					$	—					$	9,047
One-to-four family residential			7,484												(1,041)						(1)						10						6,452
Construction and development			1,309												344						—						—						1,653
Commercial and industrial			2,553												1,887						(380)						63						4,123
Tax-exempt			575												(472)						—						—						103
Consumer			297												353						(422)						125						353
Total allowance for credit losses			$	21,336											$	1,000					$	(803)					$	198					$	21,731

(1)The $1.2 million provision for credit losses on the consolidated statements of income for the year ended December 31, 2024, includes $1.0 million for loans and $200,000 for unfunded loan commitments.

The following table summarizes the activity in the ACL by category for the year ended December 31, 2023:

(in thousands)			Beginning Balance						Impact of ASC 326 Adoption						Provision for Credit Losses						Charge-offs						Recoveries						Ending Balance
Real estate:
Commercial real estate			$	7,720					$	876					$	522					$	—					$	—					$	9,118
One-to-four family residential			5,682						1,231						584						(23)						10						7,484
Construction and development			1,654						(444)						108						(9)						—						1,309
Commercial and industrial			4,350						(822)						(947)						(58)						30						2,553
Tax-exempt			751						(427)						251						—						—						575
Consumer			471						(136)						217						(383)						128						297
Total allowance for credit losses			$	20,628					$	278					$	735					$	(473)					$	168					$	21,336

The following table summarizes the activity in the ALL by category for the year ended December 31, 2022:

(in thousands)			Beginning Balance						Provision for Loan Losses						Charge-offs						Recoveries						Ending Balance
Real estate:
Commercial real estate			$	6,749					$	970					$	—					$	1					$	7,720
One-to-four family residential			5,375						296						—						11						5,682
Construction and development			1,326						328						(18)						18						1,654
Commercial and industrial			4,465						(162)						(39)						86						4,350
Tax-exempt			749						2						—						—						751
Consumer			512						316						(490)						133						471
Total allowance for loan losses			$	19,176					$	1,750					$	(547)					$	249					$	20,628

The balance in the ACL and the related recorded investment in loans by category as of December 31, 2024, are as follows:

(in thousands)			Individually Evaluated						Collectively Evaluated												Total
Allowance for credit losses:
Real estate:
Commercial real estate			$	32					$	9,015											$	9,047
One-to-four family residential			144						6,308												6,452
Construction and development			549						1,104												1,653
Commercial and industrial			116						4,007												4,123
Tax-exempt			—						103												103
Consumer			78						275												353
Total allowance for credit losses			$	919					$	20,812											$	21,731
Loans:
Real estate:
Commercial real estate			$	4,173					$	880,468											$	884,641
One-to-four family residential			2,822						611,729												614,551
Construction and development			1,158						154,071												155,229
Commercial and industrial			661						326,425												327,086
Tax-exempt			—						64,930												64,930
Consumer			91						28,485												28,576
Total loans HFI			$	8,905					$	2,066,108											$	2,075,013

The balance in the ACL and the related recorded investment in loans by category as of December 31, 2023, are as follows:

(in thousands)			Individually Evaluated						Collectively Evaluated												Total
Allowance for credit losses:
Real estate:
Commercial real estate			$	342					$	8,776											$	9,118
One-to-four family residential			57						7,427												7,484
Construction and development			—						1,309												1,309
Commercial and industrial			226						2,327												2,553
Tax-exempt			—						575												575
Consumer			104						193												297
Total allowance for credit losses			$	729					$	20,607											$	21,336
Loans:
Real estate:
Commercial real estate			$	1,379					$	850,203											$	851,582
One-to-four family residential			751						598,736												599,487
Construction and development			—						125,238												125,238
Commercial and industrial			972						314,355												315,327
Tax-exempt			—						72,913												72,913
Consumer			140						28,171												28,311
Total loans HFI			$	3,242					$	1,989,616											$	1,992,858

The following table summarizes the reserve for unfunded commitments for the periods indicated:

			As of and for the Years Ended December 31,
(in thousands)			2024									2023
Reserve for unfunded commitments at beginning of period			$	442								$	—
Provision for credit losses(1,2)			200									—
Impact of ASC 326 adoption			—									442
Reserve for unfunded commitments at end of period			$	642								$	442

(1)The $1.2 million provision for credit losses on the consolidated statements of income for the year ended December 31, 2024, includes $1.0 million for loans and $200,000 for unfunded loan commitments.

(2)The $735,000 provision for credit losses on the consolidated statements of income for the year ended December 31, 2023, is all for loans.

Schedule of Financing Receivable, Nonaccrual

The following table presents nonaccrual loans as of December 31, 2024:

(in thousands)			Nonaccrual with No ACL						Nonaccrual with ACL						Total Nonaccrual
Real estate:
Commercial real estate			$	458					$	276					$	734
One-to-four family residential			397						289						686
Construction and development			—						920						920
Commercial and industrial			412						142						554
Tax-exempt			—						—						—
Consumer			—						74						74
Total loans HFI			$	1,267					$	1,701					$	2,968

The following table presents nonaccrual loans as of December 31, 2023:

(in thousands)			Nonaccrual with No ACL						Nonaccrual with ACL						Total Nonaccrual
Real estate:
Commercial real estate			$	—					$	714					$	714
One-to-four family residential			—						269						269
Construction and development			—						—						—
Commercial and industrial			709						135						844
Tax-exempt			—						—						—
Consumer			—						132						132
Total loans HFI			$	709					$	1,250					$	1,959

Schedule of Financing Receivable Past Due

The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of December 31, 2024:

			Past Due
(in thousands)			30-59 Days						60-89 Days Past Due						90 Days or More						Current						Total Loans HFI						90 Days or More Past Due and Accruing
Real estate:
Commercial real estate			$	—					$	—					$	704					$	883,937					$	884,641					$	—
One-to-four family residential			1,762						2,705						899						609,185						614,551						264
Construction and development			32						—						918						154,279						155,229						—
Commercial and industrial			4						2						453						326,627						327,086						—
Tax-exempt			—						—						—						64,930						64,930						—
Consumer			44						15						2						28,515						28,576						2
Total loans HFI			$	1,842					$	2,722					$	2,976					$	2,067,473					$	2,075,013					$	266

The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of December 31, 2023:

			Past Due
(in thousands)			30-59 Days						60-89 Days Past Due						90 Days or More						Current						Total Loans HFI						90 Days or More Past Due and Accruing
Real estate:
Commercial real estate			$	36					$	—					$	678					$	850,868					$	851,582					$	—
One-to-four family residential			392						251						409						598,435						599,487						260
Construction and development			—						—						265						124,973						125,238						265
Commercial and industrial			132						60						847						314,288						315,327						45
Tax-exempt			—						—						—						72,913						72,913						—
Consumer			27						16						46						28,222						28,311						4
Total loans HFI			$	587					$	327					$	2,245					$	1,989,699					$	1,992,858					$	574

Schedule of Impaired Financing Receivable

Information pertaining to impaired loans as of and for the year ended December 31, 2022, is as follows:

(in thousands)			Unpaid Principal Balance						Recorded Investment						Related Allowance						Average Recorded Investment						Interest Income Recognized
With no related allowance recorded:
Real estate:
Commercial real estate			$	3,804					$	3,796					$	—					$	3,194					$	135
One-to-four family residential			1,458						1,387						—						797						68
Construction and development			9						9						—						104						—
Commercial and industrial			51						51						—						58						4
Tax-exempt			—						—						—						—						—
Consumer			26						26						—						9						1
Total with no related allowance			5,348						5,269						—						4,162						208
With allowance recorded:
Real estate:
Commercial real estate			717						717						15						1,264						33
One-to-four family residential			120						120						16						48						6
Construction and development			—						—						—						—						—
Commercial and industrial			1,360						1,351						172						623						4
Tax-exempt			—						—						—						—						—
Consumer			113						111						111						122						1
Total with related allowance			2,310						2,299						314						2,057						44
Total impaired loans			$	7,658					$	7,568					$	314					$	6,219					$	252

Schedule of Modified Financing Receivable

A summary of loans modified as TDRs that occurred during the year ended December 31, 2022, is as follows:

									December 31, 2022
																					Recorded Investment
(dollars in thousands)																					Loan Count						Pre Modification						Post Modification
Real estate:
Commercial real estate																					1						$	50					$	50
One-to-four family residential																					5						696						699
Construction and development																					—						—						—
Commercial and industrial																					—						—						—
Tax-exempt																					—						—						—
Consumer																					1						104						104
Total																					7						$	850					$	853

Schedule of Financing Receivable by Credit Risk

The following table summarizes loans by risk rating and year of origination as of December 31, 2024, and gross charge-offs for the year ended December 31, 2024:

			Year of Origination
(in thousands)			2024						2023						2022						2021						2020						Prior Years						Revolving Lines						Total
Real estate:
Commercial real estate
Pass			$	141,677					$	107,788					$	242,693					$	208,595					$	68,371					$	85,212					$	22,731					$	877,067
Special Mention			2,883						221						1,475						—						—						658						—						5,237
Substandard			725						—						194						684						—						734						—						2,337
Total			$	145,285					$	108,009					$	244,362					$	209,279					$	68,371					$	86,604					$	22,731					$	884,641
One-to-four family residential
Pass			$	92,621					$	104,575					$	117,750					$	111,730					$	78,869					$	86,432					$	19,294					$	611,271
Special Mention			125						—						—						798						—						255						—						1,178
Substandard			—						63						369						42						33						785						810						2,102
Total			$	92,746					$	104,638					$	118,119					$	112,570					$	78,902					$	87,472					$	20,104					$	614,551
Construction and development
Pass			$	79,431					$	51,997					$	15,031					$	3,629					$	672					$	1,514					$	1,799					$	154,073
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						918						—						—						—						238						—						1,156
Total			$	79,431					$	52,915					$	15,031					$	3,629					$	672					$	1,752					$	1,799					$	155,229
Commercial and industrial
Pass			$	85,573					$	43,242					$	32,024					$	38,991					$	7,619					$	1,356					$	115,704					$	324,509
Special Mention			646						—						1,191						—						—						—						78						1,915
Substandard			26						2						58						11						2						78						485						662
Total			$	86,245					$	43,244					$	33,273					$	39,002					$	7,621					$	1,434					$	116,267					$	327,086
Tax-exempt
Pass			$	2,510					$	1,893					$	14,976					$	6,626					$	10,811					$	28,114					$	—					$	64,930
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Total			$	2,510					$	1,893					$	14,976					$	6,626					$	10,811					$	28,114					$	—					$	64,930
Consumer
Pass			$	15,638					$	7,316					$	3,009					$	869					$	335					$	183					$	1,135					$	28,485
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						10						—						—						—						74						7						91
Total			$	15,638					$	7,326					$	3,009					$	869					$	335					$	257					$	1,142					$	28,576
Total loans HFI			$	421,855					$	318,025					$	428,770					$	371,975					$	166,712					$	205,633					$	162,043					$	2,075,013
Gross charge-offs			$	13					$	27					$	37					$	1					$	—					$	312					$	413					$	803

The following table summarizes loans by risk rating and year of origination as of December 31, 2023, and gross charge-offs for the year ended December 31, 2023:

			Year of Origination
(in thousands)			2023						2022						2021						2020						2019						Prior Years						Revolving Lines						Total
Real estate:
Commercial real estate
Pass			$	124,134					$	256,707					$	239,364					$	76,754					$	63,475					$	61,957					$	18,467					$	840,858
Special Mention			73						—						3,186						—						1,031						4,082						—						8,372
Substandard			184						779						675						—						—						714						—						2,352
Total			$	124,391					$	257,486					$	243,225					$	76,754					$	64,506					$	66,753					$	18,467					$	851,582
One-to-four family residential
Pass			$	122,004					$	134,583					$	129,388					$	90,190					$	31,110					$	74,077					$	16,472					$	597,824
Special Mention			—						—						—						—						—						261						—						261
Substandard			—						79						—						37						385						827						74						1,402
Total			$	122,004					$	134,662					$	129,388					$	90,227					$	31,495					$	75,165					$	16,546					$	599,487
Construction and development
Pass			$	54,189					$	55,515					$	10,333					$	1,742					$	2,158					$	1,015					$	286					$	125,238
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Total			$	54,189					$	55,515					$	10,333					$	1,742					$	2,158					$	1,015					$	286					$	125,238
Commercial and industrial
Pass			$	73,653					$	49,637					$	51,012					$	13,863					$	7,409					$	813					$	107,171					$	303,558
Special Mention			1,208						937						4,659						—						310						509						3,173						10,796
Substandard			4						—						59						5						54						51						800						973
Total			$	74,865					$	50,574					$	55,730					$	13,868					$	7,773					$	1,373					$	111,144					$	315,327
Tax-exempt
Pass			$	959					$	15,679					$	8,174					$	13,919					$	4,250					$	29,932					$	—					$	72,913
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Total			$	959					$	15,679					$	8,174					$	13,919					$	4,250					$	29,932					$	—					$	72,913
Consumer
Pass			$	16,947					$	6,385					$	2,325					$	858					$	363					$	133					$	1,173					$	28,184
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						29						—						—						—						90						8						127
Total			$	16,947					$	6,414					$	2,325					$	858					$	363					$	223					$	1,181					$	28,311
Total loans HFI			$	393,355					$	520,330					$	449,175					$	197,368					$	110,545					$	174,461					$	147,624					$	1,992,858
Gross charge-offs			$	12					$	20					$	1					$	—					$	10					$	25					$	405					$	473

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