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Loans and Asset Quality (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Loans Information

Loans HFI by category and loans HFS are summarized below:

(in thousands)			March 31, 2025						December 31, 2024
Real estate:
Commercial real estate			$	892,205					$	884,641
One-to-four family residential			617,679						614,551
Construction and development			175,575						155,229
Commercial and industrial			339,115						327,086
Tax-exempt			61,722						64,930
Consumer			28,446						28,576
Total loans HFI			$	2,114,742					$	2,075,013
Total loans HFS			$	2,178					$	2,547

Schedule of Allowance for Credit Losses

The following table summarizes the activity in the ACL by category for the three months ended March 31, 2025:

(in thousands)			Beginning Balance December 31, 2024												Provision for Credit Losses						Charge-offs						Recoveries						Ending Balance March 31, 2025
Real estate:
Commercial real estate			$	9,047											$	112					$	—					$	—					$	9,159
One-to-four family residential			6,452												22						(22)						3						6,455
Construction and development			1,653												202						(250)						—						1,605
Commercial and industrial			4,123												117						(39)						7						4,208
Tax-exempt			103												(4)						—						—						99
Consumer			353												1						(76)						31						309
Total allowance for credit losses			$	21,731											$	450					$	(387)					$	41					$	21,835

The following table summarizes the activity in the ACL by category for the three months ended March 31, 2024:

(in thousands)			Beginning Balance December 31, 2023												Provision for Credit Losses						Charge-offs						Recoveries						Ending Balance March 31, 2024
Real estate:
Commercial real estate			$	9,118											$	115					$	—					$	—					$	9,233
One-to-four family residential			7,484												49						—						3						7,536
Construction and development			1,309												(117)						—						—						1,192
Commercial and industrial			2,553												258						(51)						15						2,775
Tax-exempt			575												(50)						—						—						525
Consumer			297												45						(80)						41						303
Total allowance for credit losses			$	21,336											$	300					$	(131)					$	59					$	21,564

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

			As of and For the Three Months Ended
(in thousands)			March 31, 2025									March 31, 2024
Reserve for unfunded commitments at beginning of period			$	642								$	442
Provision for credit losses			—									—
Reserve for unfunded commitments at end of period			$	642								$	442

Schedule of Financing Receivable, Nonaccrual

The following table presents nonaccrual loans as of March 31, 2025:

(in thousands)			Nonaccrual with No ACL						Nonaccrual with ACL						Total Nonaccrual
Real estate:
Commercial real estate			$	486					$	276					$	762
One-to-four family residential			391						183						574
Construction and development			—						702						702
Commercial and industrial			410						98						508
Tax-exempt			—						—						—
Consumer			—						79						79
Total loans HFI			$	1,287					$	1,338					$	2,625

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

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 March 31, 2025:

			Past Due
(in thousands)			30-59 Days						60-89 Days						90 Days or More												Current						Total Loans HFI						90 Days or More Past Due and Accruing
Real estate:
Commercial real estate			$	20					$	—					$	735											$	891,450					$	892,205					$	—
One-to-four family residential			2,240						252						2,961												612,226						617,679						2,434
Construction and development			31						—						699												174,845						175,575						—
Commercial and industrial			82						—						403												338,630						339,115						—
Tax-exempt			—						—						—												61,722						61,722						—
Consumer			30						3						4												28,409						28,446						4
Total loans HFI			$	2,403					$	255					$	4,802											$	2,107,282					$	2,114,742					$	2,438

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						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

Schedule of Financing Receivable by Credit Risk

The following table summarizes loans by risk rating and year of origination as of March 31, 2025, and gross charge-offs for the three months ended March 31, 2025:

			Year of Origination
(in thousands)			2025						2024						2023						2022						2021						Prior Years						Revolving Lines						Total
Real estate:
Commercial real estate
Pass			$	31,867					$	145,755					$	107,665					$	237,741					$	201,864					$	135,289					$	24,822					$	885,003
Special Mention			—						2,688						216						1,455						—						684						—						5,043
Substandard			—						713						—						—						684						762						—						2,159
Total			$	31,867					$	149,156					$	107,881					$	239,196					$	202,548					$	136,735					$	24,822					$	892,205
One-to-four family residential
Pass			$	22,569					$	94,305					$	100,019					$	110,405					$	106,117					$	158,334					$	20,095					$	611,844
Special Mention			—						121						—						2,435						793						254						—						3,603
Substandard			37						183						184						298						—						779						751						2,232
Total			$	22,606					$	94,609					$	100,203					$	113,138					$	106,910					$	159,367					$	20,846					$	617,679
Construction and development
Pass			$	11,388					$	89,114					$	53,649					$	13,441					$	3,278					$	1,928					$	1,851					$	174,649
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						699						—						—						227						—						926
Total			$	11,388					$	89,114					$	54,348					$	13,441					$	3,278					$	2,155					$	1,851					$	175,575
Commercial and industrial
Pass			$	24,721					$	75,386					$	38,333					$	28,968					$	33,148					$	7,631					$	128,475					$	336,662
Special Mention			—						605						—						1,144						—						—						95						1,844
Substandard			75						25						2						21						9						—						477						609
Total			$	24,796					$	76,016					$	38,335					$	30,133					$	33,157					$	7,631					$	129,047					$	339,115
Tax-exempt
Pass			$	—					$	2,504					$	2,295					$	14,305					$	6,170					$	36,448					$	—					$	61,722
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Total			$	—					$	2,504					$	2,295					$	14,305					$	6,170					$	36,448					$	—					$	61,722
Consumer
Pass			$	5,411					$	10,757					$	5,950					$	2,562					$	739					$	304					$	2,638					$	28,361
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						9						—						—						70						6						85
Total			$	5,411					$	10,757					$	5,959					$	2,562					$	739					$	374					$	2,644					$	28,446
Total loans HFI			$	96,068					$	422,156					$	309,021					$	412,775					$	352,802					$	342,710					$	179,210					$	2,114,742
Gross charge-offs			$	—					$	5					$	251					$	48					$	5					$	—					$	78					$	387

As of December 31, 2024, the Company had no loans classified as doubtful or loss. 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

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