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Loans and Asset Quality (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Loans Information

Loans HFI by category and loans HFS are summarized below:

(in thousands)			September 30, 2025						December 31, 2024
Real estate:
Commercial real estate			$	896,211					$	884,641
One-to-four family residential			618,320						614,551
Construction and development			202,589						155,229
Commercial and industrial			369,245						327,086
Tax-exempt			59,465						64,930
Consumer			27,243						28,576
Total loans HFI			$	2,173,073					$	2,075,013
Total loans HFS			$	3,260					$	2,547

Schedule of Allowance for Credit Losses

The following table summarizes the activity in the ACL by category for the nine months ended September 30, 2025:

(in thousands)			Beginning Balance December 31, 2024												Provision for Credit Losses						Charge-offs						Recoveries						Ending Balance September 30, 2025
Real estate:
Commercial real estate			$	9,047											$	167					$	(19)					$	—					$	9,195
One-to-four family residential			6,452												368						(26)						14						6,808
Construction and development			1,653												308						(250)						—						1,711
Commercial and industrial			4,123												621						(69)						16						4,691
Tax-exempt			103												(8)						—						—						95
Consumer			353												94						(228)						82						301
Total allowance for credit losses			$	21,731											$	1,550					$	(592)					$	112					$	22,801

The following table summarizes the activity in the ACL by category for the nine months ended September 30, 2024:

(in thousands)			Beginning Balance December 31, 2023												Provision for Credit Losses(1)						Charge-offs						Recoveries						Ending Balance September 30, 2024
Real estate:
Commercial real estate			$	9,118											$	213					$	—					$	—					$	9,331
One-to-four family residential			7,484												(978)						—						7						6,513
Construction and development			1,309												(83)						—						—						1,226
Commercial and industrial			2,553												1,813						(218)						59						4,207
Tax-exempt			575												(469)						—						—						106
Consumer			297												304						(327)						100						374
Total allowance for credit losses			$	21,336											$	800					$	(545)					$	166					$	21,757

(1)The $900,000 provision for credit losses on the consolidated statements of income for the nine months ended September 30, 2024, includes $800,000 for loans and $100,000 for unfunded loan commitments.

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

			As of and For the Nine Months Ended
(in thousands)			September 30, 2025									September 30, 2024
Reserve for unfunded commitments at beginning of period			$	642								$	442
Provision for credit losses(1,2)			—									100
Reserve for unfunded commitments at end of period			$	642								$	542

(1)The $1.6 million provision for credit losses on the consolidated income statements for the nine months ended September 30, 2025, is all for loans.

(2)The $900,000 provision for credit losses on the consolidated statements of income for the nine months ended September 30, 2024, includes $800,000 for loans and $100,000 for unfunded loan commitments.

Schedule of Financing Receivable, Nonaccrual

The following table presents nonaccrual loans as of September 30, 2025:

(in thousands)			Nonaccrual with No ACL						Nonaccrual with ACL						Total Nonaccrual
Real estate:
Commercial real estate			$	—					$	—					$	—
One-to-four family residential			311						896						1,207
Construction and development			—						1,033						1,033
Commercial and industrial			6						106						112
Tax-exempt			—						—						—
Consumer			62						21						83
Total loans HFI			$	379					$	2,056					$	2,435

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 September 30, 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			$	1,970					$	—					$	—											$	894,241					$	896,211					$	—
One-to-four family residential			669						208						765												616,678						618,320						—
Construction and development			71						—						1,033												201,485						202,589						—
Commercial and industrial			23						92						47												369,083						369,245						—
Tax-exempt			—						—						—												59,465						59,465						—
Consumer			49						9						26												27,159						27,243						5
Total loans HFI			$	2,782					$	309					$	1,871											$	2,168,111					$	2,173,073					$	5

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 September 30, 2025, and gross charge-offs for the nine months ended September 30, 2025:

			Year of Origination
(in thousands)			2025						2024						2023						2022						2021						Prior Years						Revolving Lines						Total
Real estate:
Commercial real estate
Pass			$	115,705					$	147,833					$	88,344					$	224,709					$	194,199					$	102,618					$	16,159					$	889,567
Special Mention			—						2,289						—						—						91						675						—						3,055
Substandard			—						693						213						1,995						688						—						—						3,589
Total			$	115,705					$	150,815					$	88,557					$	226,704					$	194,978					$	103,293					$	16,159					$	896,211
One-to-four family residential
Pass			$	74,862					$	79,172					$	91,964					$	102,419					$	97,928					$	142,825					$	23,265					$	612,435
Special Mention			301						109						—						1,336						—						—						—						1,746
Substandard			36						304						545						629						782						1,098						745						4,139
Total			$	75,199					$	79,585					$	92,509					$	104,384					$	98,710					$	143,923					$	24,010					$	618,320
Construction and development
Pass			$	54,543					$	78,194					$	54,095					$	7,333					$	2,796					$	1,487					$	2,897					$	201,345
Special Mention			—						—						—						—						—						—						—						—
Substandard			1,033						—						—						—						—						211						—						1,244
Total			$	55,576					$	78,194					$	54,095					$	7,333					$	2,796					$	1,698					$	2,897					$	202,589
Commercial and industrial
Pass			$	83,409					$	58,464					$	30,527					$	23,636					$	27,327					$	3,498					$	140,389					$	367,250
Special Mention			—						—						—						859						—						—						99						958
Substandard			837						65						—						24						7						—						104						1,037
Total			$	84,246					$	58,529					$	30,527					$	24,519					$	27,334					$	3,498					$	140,592					$	369,245
Tax-exempt
Pass			$	—					$	2,492					$	2,221					$	13,731					$	6,036					$	34,985					$	—					$	59,465
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Total			$	—					$	2,492					$	2,221					$	13,731					$	6,036					$	34,985					$	—					$	59,465
Consumer
Pass			$	11,514					$	6,427					$	4,343					$	1,865					$	516					$	109					$	2,379					$	27,153
Special Mention			—						—						—						—						—						—						—						—
Substandard			1						—						9						12						—						62						6						90
Total			$	11,515					$	6,427					$	4,352					$	1,877					$	516					$	171					$	2,385					$	27,243
Total loans HFI			$	342,241					$	376,042					$	272,261					$	378,548					$	330,370					$	287,568					$	186,043					$	2,173,073
Gross charge-offs			$	7					$	8					$	256					$	47					$	5					$	19					$	250					$	592

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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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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