XML 22 R11.htm IDEA: XBRL DOCUMENT

Note 3 - Loans Receivable and Allowance for Credit Losses - Loans

3 Months Ended

Mar. 31, 2025

NOTE 3 – LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES – LOANS

The composition of the loan portfolio was as follows at the dates indicated:

	March 31,			December 31,
	2025			2024
COMMERCIAL REAL ESTATE ("CRE") LOANS
CRE owner occupied	$	164,911		$	170,396
CRE non-owner occupied		174,188			174,921
Commercial and speculative construction and development		288,978			280,798
Multi-family		244,940			245,222
Total CRE loans		873,017			871,337
RESIDENTIAL REAL ESTATE LOANS
One-to-four-family		637,299			617,322
Home equity		73,846			75,147
Residential custom construction		48,810			49,902
Total residential real estate		759,955			742,371
CONSUMER LOANS
Indirect home improvement		532,038			541,946
Marine		73,737			74,931
Other consumer		3,118			3,304
Total consumer loans		608,893			620,181
COMMERCIAL BUSINESS LOANS
Commercial and industrial (“C&I”)		274,956			287,014
Warehouse lending		15,949			12,918
Total commercial business loans		290,905			299,932
Total loans receivable, gross		2,532,770			2,533,821
ACL on loans		(31,653	)		(31,870	)
Total loans receivable, net	$	2,501,117		$	2,501,951

Loan amounts are net of unearned loan fees in excess of unamortized costs and premiums of $5.8 million as of March 31, 2025 and $6.0 million as of December 31, 2024. Net loans include unamortized net discounts on acquired loans of $1.9 million and $2.0 million as of March 31, 2025 and December 31, 2024, respectively. Net loans does not include accrued interest receivable.

Most of the Company’s CRE and multi-family real estate, construction, residential, and/or commercial business lending activities are with customers located in Western Washington, the Oregon Coast, or near our loan production offices in Vancouver and the Tri-Cities, Washington. While the Company primarily originates real estate, consumer, and commercial business loans in these market areas, it also originates indirect home improvement loans, including solar-related home improvement loans, through a network of home improvement contractors and dealers located throughout Washington, Oregon, California, Idaho, Colorado, Arizona, Minnesota, Nevada, Texas, Utah, Massachusetts, Montana, and New Hampshire. These indirect home improvement loans are generally secured by collateral, with legal documentation that establishes the Company's rights to the collateral, where practicable. Local economic conditions may affect borrowers’ ability to meet the stated repayment terms.

At March 31, 2025, the Company held approximately $1.08 billion in loans that are pledged as collateral for FHLB borrowings, compared to approximately $1.11 billion at December 31, 2024. The Company held approximately $597.4 million in loans that are pledged as collateral for the Federal Reserve Bank of San Francisco (the “FRB”) line of credit at March 31, 2025, compared to approximately $606.5 million at December 31, 2024.

The Company has defined its loan portfolio into three segments that reflect the structure of the lending function, the Company’s strategic plan and the way management monitors performance and credit quality. The three loan portfolio segments are: (a) real estate, (b) consumer, and (c) commercial business. Each of these segments is disaggregated into classes based on the risk characteristics of the borrower and/or the collateral type securing the loan. The following is a summary of each of the Company’s loan portfolio segments and classes:

CRE Loans

Multi-Family Lending. Apartment term lending (five or more units) to current banking customers and community reinvestment loans for low to moderate income individuals in the Company’s footprint.

CRE Lending. Loans originated by the Company primarily secured by income-producing properties, including retail centers, warehouses, and office buildings located in our market areas.

Commercial and Speculative Construction and Development Lending. Loans originated by the Company for the construction of, and secured by, commercial real estate, one-to-four-family, and multi-family residences and tracts of land for development that are not pre-sold. Custom one-to-four-family construction loans to the intended occupant of the residence are included under residential custom construction lending below.

Residential Real Estate Loans

One-to-Four-Family Real Estate Lending. One-to-four-family residential loans include both owner occupied properties (including second homes), and non-owner-occupied properties with up to four units. These loans, which are originated by the Company or periodically purchased from other banks, are secured by first mortgages on one-to-four-family residences in our market areas and are intended to be held in the Company's portfolio (excludes loans held for sale).

Home Equity Lending. Loans originated by the Company secured by second mortgages on one-to-four-family residences, including home equity lines of credit in our market areas.

Residential Custom Construction Lending. One-to-four-family custom construction loans to the intended occupant of the residence.

Consumer Loans

Indirect Home Improvement. Fixture secured loans for home improvement are originated by the Company through its network of home improvement contractors and dealers and are secured by the personal property installed in, on, or at the borrower’s real property, and may be perfected with a UCC‑2 financing statement filed in the county of the borrower’s residence. These indirect home improvement loans include replacement windows, siding, roofing, spas, and other home fixture installations, including solar related home improvement projects.

Marine. Loans originated by the Company, secured by boats, to borrowers primarily located in states where the Company originates consumer loans.

Other Consumer. Loans originated by the Company to consumers in our retail branch footprint, including automobiles, recreational vehicles, direct home improvement loans, loans on deposits, and other consumer loans, primarily consisting of personal lines of credit and credit cards.

Commercial Business Loans

C&I Lending. C&I loans originated by the Company to local small- and mid-sized businesses in our market area are secured primarily by accounts receivable, inventory, or personal property, plant and equipment. Some C&I loans purchased by the Company are outside of our market area. C&I loans are made based on the borrower’s ability to make repayment from the cash flow of the borrower’s business. At March 31, 2025 and December 31, 2024, C&I loans included Small Business Administration and United States Department of Agriculture guaranteed certificates of $51.6 million and $52.6 million, respectively.

Warehouse Lending. Loans originated to non-depository financial institutions and secured by notes originated by the non-depository financial institution. The Company has two distinct warehouse lending divisions: commercial warehouse re-lending secured by notes on construction loans and mortgage warehouse re-lending secured by notes on one-to-four-family loans. The Company’s commercial construction warehouse lines are secured by notes on construction loans and typically guaranteed by principals with experience in construction lending. Mortgage warehouse lending loans are funded through third-party residential mortgage bankers. Under this program, the Company provides short-term funding to the mortgage banking companies for the purpose of originating residential mortgage loans for sale into the secondary market.

Allowance for Credit Losses

The following tables detail activity in the ACL on loans by loan categories at or for the three months ended March 31, 2025 and 2024:

	At or For the Three Months Ended March 31, 2025
				Residential					Commercial
ACL ON LOANS	CRE			Real Estate		Consumer			Business			Total
Beginning balance	$	7,001		$	7,440	$	14,185		$	3,244		$	31,870
(Reversal of) provision for credit losses on loans		(97	)		35		1,960			(393	)		1,505
Charge-offs		—			—		(1,636	)		(433	)		(2,069	)
Recoveries		—			—		347			—			347
Net (charge-offs) recoveries		—			—		(1,289	)		(433	)		(1,722	)
Ending balance	$	6,904		$	7,475	$	14,856		$	2,418		$	31,653

	At or For the Three Months Ended March 31, 2024
				Residential					Commercial
ACL ON LOANS	CRE			Real Estate		Consumer			Business			Total
Beginning balance	$	7,293		$	6,814	$	13,357		$	4,070		$	31,534
(Reversal of) provision for credit losses on loans		(812	)		958		644			631			1,421
Charge-offs		—			—		(1,486	)		(408	)		(1,894	)
Recoveries		—			—		418			—			418
Net charge-offs		—			—		(1,068	)		(408	)		(1,476	)
Ending balance	$	6,481		$	7,772	$	12,933		$	4,293		$	31,479

The main reason for the provision for credit losses on loans for the three months ended March 31, 2025, was elevated net charge-offs. Additionally, the increase in the ACL on loans reflected shifts in credit quality (including changes in classified, past due and nonperforming loans) and adjustments to qualitative factors. The most significant qualitative factor change was an increase in qualitative reserves, attributable to higher levels of past due and nonperforming loans, as well as higher net charge-offs on consumer loans relative to prior periods.

Nonaccrual and Past Due Loans. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are automatically placed on nonaccrual once the loan is 90 days past due or sooner if, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, or as required by regulatory authorities.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Company may modify the contractual terms of a loan to a borrower experiencing financial difficulty as a part of ongoing loss mitigation strategies. These modifications may result in an interest rate reduction, term extension, an other-than-insignificant payment delay, or a combination thereof. The Company typically does not offer principal forgiveness. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. The effect of most modifications made to borrowers experiencing financial difficulty is already included in the ACL on loans because of the measurement methodologies used to estimate the allowance.

The following tables present the amortized cost basis of loans at March 31, 2025 and 2024, that were both experiencing financial difficulty and modified during the three months ended March 31, 2025 and 2024, by class and by type of modification. The tables also present the percentage of the amortized cost basis of loans modified for borrowers experiencing financial difficulty relative to the total amortized cost basis of each class of financing receivable.

	March 31, 2025
	Combination
	Term		Total
	Extension		Class of
	Payment		Financing
CRE LOANS	Delay		Receivable
CRE owner occupied	$	1,196		0.7	%

	March 31, 2024
	Combination
	Term		Total
	Extension		Class of
	Interest Rate		Financing
CRE LOANS	Reduction		Receivable
CRE owner occupied	$	1,102		0.6	%

As of March 31, 2025, the Company had committed to lend additional amounts totaling $3.8 million to borrowers experiencing financial difficulty whose loans were modified within the previous 12 months.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last 12 months as of March 31, 2025:

	March 31, 2025
	30-59		60-89
	Days		Days		90 Days		Total
	Past		Past		or More		Past
CRE LOANS	Due		Due		Past Due		Due
Commercial and speculative construction and development	$	—	$	—	$	6,487	$	6,487

There were no loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2024 and were modified in the twelve months prior to that default.

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2025 and for the year ended March 31, 2024:

	For the Three Months Ended March 31, 2025
CRE LOANS	Weighted-Average Term Extension Payment Delay (in years)
CRE owner occupied		2.7

	For the Three Months Ended March 31, 2024
CRE LOANS	Weighted-Average Term Extension Payment Delay (in years)
CRE owner occupied		1.7

Nonaccrual and Past Due Loans

The following tables provide information pertaining to the aging analysis of contractually past due loans and nonaccrual loans at March 31, 2025 and December 31, 2024:

	March 31, 2025
	30-59		60-89
	Days		Days		90 Days		Total				Total
	Past		Past		or More		Past				Loans		Non-
CRE LOANS	Due		Due		Past Due		Due		Current		Receivable		Accrual ⁽¹⁾
CRE owner occupied	$	844	$	—	$	—	$	844	$	164,067	$	164,911	$	1,196
CRE non-owner occupied		—		—		—		—		174,188		174,188		—
Commercial and speculative construction and development		—		—		6,487		6,487		282,491		288,978		6,487
Multi-family		—		—		—		—		244,940		244,940		—
Total CRE loans		844		—		6,487		7,331		865,686		873,017		7,683
RESIDENTIAL REAL ESTATE LOANS
One-to-four-family (excludes loans held for sale)		757		—		973		1,730		635,569		637,299		1,134
Home equity		53		—		125		178		73,668		73,846		252
Residential custom construction		432		—		—		432		48,378		48,810		—
Total residential real estate loans		1,242		—		1,098		2,340		757,615		759,955		1,386
CONSUMER LOANS
Indirect home improvement		3,804		1,496		1,238		6,538		525,500		532,038		2,821
Marine		449		175		91		715		73,022		73,737		648
Other consumer		7		22		1		30		3,088		3,118		1
Total consumer loans		4,260		1,693		1,330		7,283		601,610		608,893		3,470
COMMERCIAL BUSINESS LOANS
C&I		3		—		1,932		1,935		273,021		274,956		1,932
Warehouse lending		—		—		—		—		15,949		15,949		—
Total commercial business loans		3		—		1,932		1,935		288,970		290,905		1,932
Total loans	$	6,349	$	1,693	$	10,847	$	18,889	$	2,513,881	$	2,532,770	$	14,471

	December 31, 2024
	30-59		60-89
	Days		Days		90 Days		Total				Total
	Past		Past		or More		Past				Loans		Non-
CRE LOANS	Due		Due		Past Due		Due		Current		Receivable		Accrual ⁽¹⁾
CRE owner occupied	$	845	$	—	$	1,625	$	2,470	$	167,926	$	170,396	$	2,771
CRE non-owner occupied		—		—		—		—		174,921		174,921		—
Commercial and speculative construction and development		—		—		4,979		4,979		275,819		280,798		4,979
Multi-family		—		—		—		—		245,222		245,222		—
Total CRE loans		845		—		6,604		7,449		863,888		871,337		7,750
RESIDENTIAL REAL ESTATE LOANS
One-to-four-family		2,507		253		76		2,836		614,486		617,322		164
Home equity		20		—		251		271		74,876		75,147		261
Residential custom construction		822		—		—		822		49,080		49,902		—
Total residential real estate loans		3,349		253		327		3,929		738,442		742,371		425
CONSUMER LOANS
Indirect home improvement		3,920		1,787		758		6,465		535,481		541,946		1,677
Marine		718		150		40		908		74,023		74,931		289
Other consumer		17		1		13		31		3,273		3,304		14
Total consumer loans		4,655		1,938		811		7,404		612,777		620,181		1,980
COMMERCIAL BUSINESS LOANS
C&I		118		—		3,331		3,449		283,565		287,014		3,446
Warehouse lending		—		—		—		—		12,918		12,918		—
Total commercial business loans		118		—		3,331		3,449		296,483		299,932		3,446
Total loans	$	8,967	$	2,191	$	11,073	$	22,231	$	2,511,590	$	2,533,821	$	13,601

(1)

Includes loans less than 90 days past due as applicable.

There were no loans 90 days or more past due and still accruing interest at both March 31, 2025 and December 31, 2024.

There were $977,000 and $84,000 in residential real estate loans in the process of foreclosure at March 31, 2025 and December 31, 2024, respectively.

Credit Quality Indicators

As part of the Company’s on-going monitoring of credit quality of the loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk grading of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans, and (v) the general economic conditions in the Company’s markets.

The Company utilizes a risk grading matrix to assign a risk grade to its real estate and commercial business loans. Loans are graded on a scale of 1 to 10, with loans in risk grades 1 to 6 reported as “Pass” and loans in risk grades 7 to 10 reported as classified loans in the Company’s ACL analysis.

A description of the 10 risk grades is as follows:

●

Grades 1 and 2 - These grades include loans to very high-quality borrowers with excellent or desirable business credit.

●

Grade 3 - This grade includes loans to borrowers of good business credit with moderate risk.

●

Grades 4 and 5 - These grades include “Pass” grade loans to borrowers of average credit quality and risk.

●

Grade 6 - This grade includes loans on management’s “Watch” list and is intended to be utilized on a temporary basis for “Pass” grade borrowers where frequent and thorough monitoring is required due to credit weaknesses and where significant risk-modifying action is anticipated in the near term.

●

Grade 7 - This grade is for “Other Assets Especially Mentioned (“OAEM”)” or “Special Mention” in accordance with regulatory guidelines and includes borrowers where performance is poor or significantly less than expected.

●

Grade 8 - This grade includes “Substandard” loans in accordance with regulatory guidelines which represent an unacceptable business credit where a loss is possible if loan weakness is not corrected.

●

Grade 9 - This grade includes “Doubtful” loans in accordance with regulatory guidelines where a loss is highly probable.

●

Grade 10 - This grade includes “Loss” loans in accordance with regulatory guidelines for which total loss is expected and when identified are charged off.

Homogeneous loans are risk rated based upon the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification and Account Management Policy. Loans classified under this policy at the Company are consumer loans which include indirect home improvement, solar, marine, other consumer, and one-to-four-family first and second liens. Under the Uniform Retail Credit Classification and Account Management Policy, loans that are current or less than 90 days past due are graded “Pass” and risk rated “4” or “5” internally. Loans that are past due more than 90 days are classified “Substandard” and risk graded “8” internally until the loan has demonstrated consistent performance, typically six months of contractual payments. Closed-end loans that are 120 days past due and open-end loans that are 180 days past due are charged off based on the value of the collateral less cost to sell. Management may choose to conservatively risk rate credits even if paying in accordance with the loan’s repayment terms.

CRE, commercial construction and development, multi-family and commercial business loans are evaluated individually for their risk classification and may be classified as “Substandard” even if current on their loan payment obligations. We regularly review our credits for accuracy of risk grades whenever we receive new information. Borrowers are generally required to submit financial information at regular intervals. Typically, commercial borrowers with lines of credit are required to submit financial information with reporting intervals ranging from monthly to annually depending on credit size, risk, and complexity. In addition, nonowner-occupied CRE borrowers with loans exceeding a certain dollar threshold are usually required to submit rent rolls or property income statements annually. We monitor construction loans monthly. We also review loans graded “Watch” or worse, regardless of loan type, no less than quarterly.

The following tables summarize risk rated loan balances and total current period gross charge-offs by category, as of the dates indicated. Term loans that were renewed or extended for periods longer than 90 days are presented as new originations in the year of the most recent renewal or extension.

	March 31, 2025
															Revolving
															Loans
CRE LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
CRE owner occupied	2025		2024		2023		2022		2021		Prior		Loans		to Term		Loans
Pass	$	163	$	4,635	$	32,690	$	34,976	$	12,545	$	50,771	$	—	$	—	$	135,780
Watch		149		—		—		9,253		12,589		4,710		—		—		26,701
Special mention		—		—		—		—		—		390		—		—		390
Substandard		—		—		—		—		—		2,040		—		—		2,040
Total CRE owner occupied		312		4,635		32,690		44,229		25,134		57,911		—		—		164,911
CRE non-owner occupied
Pass		1,311		8,365		16,370		48,655		35,908		56,507		—		—		167,116
Watch		—		—		3,116		1,380		—		2,576		—		—		7,072
Total CRE non-owner occupied		1,311		8,365		19,486		50,035		35,908		59,083		—		—		174,188
Commercial and speculative construction and development
Pass		20,651		138,895		59,090		23,987		29,156		365		10,347		—		282,491
Substandard		—		—		—		6,487		—		—		—		—		6,487
Total commercial and speculative construction and development		20,651		138,895		59,090		30,474		29,156		365		10,347		—		288,978
Multi-family
Pass		4,986		20,658		7,010		20,016		88,182		104,088		—		—		244,940
Total multi-family		4,986		20,658		7,010		20,016		88,182		104,088		—		—		244,940
Total CRE loans	$	27,260	$	172,553	$	118,276	$	144,754	$	178,380	$	221,447	$	10,347	$	—	$	873,017

	March 31, 2025
RESIDENTIAL															Revolving
REAL ESTATE LOANS															Loans
One-to-four-family	Term Loans by Year of Origination												Revolving		Converted		Total
(excludes loans held for sale)	2025		2024		2023		2022		2021		Prior		Loans		to Term		Loans
Pass	$	36,973	$	67,486	$	113,671	$	169,969	$	105,257	$	140,215	$	—	$	—	$	633,571
Substandard		—		—		—		725		—		3,003		—		—		3,728
Total one-to-four-family		36,973		67,486		113,671		170,694		105,257		143,218		—		—		637,299
Home equity
Pass		2,062		2,998		2,103		319		1,527		7,586		56,999		—		73,594
Substandard		—		—		—		—		—		10		242		—		252
Total home equity		2,062		2,998		2,103		319		1,527		7,596		57,241		—		73,846
Residential custom construction
Pass		6,743		36,898		3,789		1,380		—		—		—		—		48,810
Total residential custom construction		6,743		36,898		3,789		1,380		—		—		—		—		48,810
Total residential real estate loans	$	45,778	$	107,382	$	119,563	$	172,393	$	106,784	$	150,814	$	57,241	$	—	$	759,955

	March 31, 2025
															Revolving
															Loans
CONSUMER LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
Indirect home improvement	2025		2024		2023		2022		2021		Prior		Loans		to Term		Loans
Pass	$	23,691	$	90,628	$	121,846	$	158,422	$	70,273	$	64,357	$	—	$	—	$	529,217
Substandard		—		427		622		940		306		526		—		—		2,821
Total indirect home improvement		23,691		91,055		122,468		159,362		70,579		64,883		—		—		532,038
Indirect home improvement gross charge-offs		—		281		395		538		181		184		—		—		1,579
Marine
Pass		1,489		12,449		10,994		19,869		8,139		20,149		—		—		73,089
Substandard		—		—		—		214		97		337		—		—		648
Total marine		1,489		12,449		10,994		20,083		8,236		20,486		—		—		73,737
Marine gross charge-offs		—		20		—		—		—		—		—		—		20
Other consumer
Pass		84		254		77		279		31		154		2,238		—		3,117
Substandard		—		—		—		—		—		—		1		—		1
Total other consumer		84		254		77		279		31		154		2,239		—		3,118
Other consumer gross charge-offs		—		—		—		—		2		8		27		—		37
Total consumer loans	$	25,264	$	103,758	$	133,539	$	179,724	$	78,846	$	85,523	$	2,239	$	—	$	608,893
Total consumer loans gross charge-offs	$	—	$	301	$	395	$	538	$	183	$	192	$	27	$	—	$	1,636

	March 31, 2025
															Revolving
COMMERCIAL															Loans
BUSINESS LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
C&I	2025		2024		2023		2022		2021		Prior		Loans		to Term		Loans
Pass	$	5,525	$	57,442	$	19,510	$	19,628	$	15,538	$	12,972	$	123,906	$	—	$	254,521
Watch		—		—		4,991		—		666		1,658		3,191		—		10,506
Special mention		—		—		—		—		532		501		1,372		—		2,405
Substandard		205		—		2,131		—		1,795		2,504		889		—		7,524
Total C&I		5,730		57,442		26,632		19,628		18,531		17,635		129,358		—		274,956
C&I gross charge-offs		—		—		—		—		433		—		—		—		433
Warehouse lending
Pass		—		—		—		—		—		—		14,062		—		14,062
Special mention		—		—		—		—		—		—		1,887		—		1,887
Total warehouse lending		—		—		—		—		—		—		15,949		—		15,949
Total commercial business loans	$	5,730	$	57,442	$	26,632	$	19,628	$	18,531	$	17,635	$	145,307	$	—	$	290,905
Total commercial business loans gross charge-offs	$	—	$	—	$	—	$	—	$	433	$	—	$	—	$	—	$	433

TOTAL LOANS RECEIVABLE, GROSS
Pass	$	103,678	$	440,708	$	387,150	$	497,500	$	366,556	$	457,164	$	207,552	$	—	$	2,460,308
Watch		149		—		8,107		10,633		13,255		8,944		3,191		—		44,279
Special mention		—		—		—		—		532		891		3,259		—		4,682
Substandard		205		427		2,753		8,366		2,198		8,420		1,132		—		23,501
Total loans receivable, gross	$	104,032	$	441,135	$	398,010	$	516,499	$	382,541	$	475,419	$	215,134	$	—	$	2,532,770
Total gross charge-offs	$	—	$	301	$	395	$	538	$	616	$	192	$	27	$	—	$	2,069

	December 31, 2024
															Revolving
															Loans
CRE LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
CRE owner occupied	2024		2023		2022		2021		2020		Prior		Loans		to Term		Loans
Pass	$	4,659	$	31,943	$	35,248	$	15,653	$	28,970	$	22,926	$	—	$	679	$	140,078
Watch		—		—		9,300		12,654		—		4,354		—		—		26,308
Special mention		—		—		—		—		—		394		—		—		394
Substandard		—		—		—		—		1,625		1,991		—		—		3,616
Total CRE owner occupied		4,659		31,943		44,548		28,307		30,595		29,665		—		679		170,396
CRE non-owner occupied
Pass		8,364		16,491		48,829		36,221		14,682		43,216		—		—		167,803
Watch		—		3,135		1,389		—		—		2,594		—		—		7,118
Total CRE non-owner occupied		8,364		19,626		50,218		36,221		14,682		45,810		—		—		174,921
Commercial and speculative construction and development
Pass		129,201		77,241		28,810		29,851		—		380		10,336		—		275,819
Substandard		—		—		4,979		—		—		—		—		—		4,979
Total commercial and speculative construction and development		129,201		77,241		33,789		29,851		—		380		10,336		—		280,798
Multi-family
Pass		20,662		7,030		20,098		89,733		59,886		47,813		—		—		245,222
Total multi-family		20,662		7,030		20,098		89,733		59,886		47,813		—		—		245,222
Total CRE loans	$	162,886	$	135,840	$	148,653	$	184,112	$	105,163	$	123,668	$	10,336	$	679	$	871,337

	December 31, 2024
RESIDENTIAL															Revolving
REAL ESTATE LOANS															Loans
One-to-four-family	Term Loans by Year of Origination												Revolving		Converted		Total
(excludes loans held for sale)	2024		2023		2022		2021		2020		Prior		Loans		to Term		Loans
Pass	$	77,602	$	110,505	$	174,355	$	109,006	$	76,653	$	66,426	$	—	$	—	$	614,547
Substandard		—		—		735		—		—		2,040		—		—		2,775
Total one-to-four-family		77,602		110,505		175,090		109,006		76,653		68,466		—		—		617,322
Home equity
Pass		6,501		2,379		326		1,538		5,930		1,631		56,430		151		74,886
Substandard		—		—		—		—		—		14		247		—		261
Total home equity		6,501		2,379		326		1,538		5,930		1,645		56,677		151		75,147
Residential custom construction
Pass		38,741		9,771		1,390		—		—		—		—		—		49,902
Total residential custom construction		38,741		9,771		1,390		—		—		—		—		—		49,902
Total residential real estate loans	$	122,844	$	122,655	$	176,806	$	110,544	$	82,583	$	70,111	$	56,677	$	151	$	742,371

	December 31, 2024
															Revolving
															Loans
CONSUMER LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
Indirect home improvement	2024		2023		2022		2021		2020		Prior		Loans		to Term		Loans
Pass	$	98,516	$	130,254	$	167,896	$	74,577	$	28,045	$	40,981	$	—	$	—	$	540,269
Substandard		99		403		712		100		106		257		—		—		1,677
Total indirect home improvement		98,615		130,657		168,608		74,677		28,151		41,238		—		—		541,946
Indirect home improvement gross charge-offs		381		1,477		1,627		677		568		523		—		—		5,253
Marine
Pass		13,322		11,386		20,449		8,521		10,958		10,006		—		—		74,642
Substandard		—		—		—		—		106		183		—		—		289
Total marine		13,322		11,386		20,449		8,521		11,064		10,189		—		—		74,931
Marine gross charge-offs		—		21		128		51		128		237		—		—		565
Other consumer
Pass		310		93		334		56		35		126		2,336		—		3,290
Substandard		—		—		—		3		—		—		11		—		14
Total other consumer		310		93		334		59		35		126		2,347		—		3,304
Other consumer gross charge-offs		1		33		6		—		—		45		91		—		176
Total consumer loans	$	112,247	$	142,136	$	189,391	$	83,257	$	39,250	$	51,553	$	2,347	$	—	$	620,181
Total consumer loans gross charge-offs	$	382	$	1,531	$	1,761	$	728	$	696	$	805	$	91	$	—	$	5,994

	December 31, 2024
															Revolving
COMMERCIAL															Loans
BUSINESS LOANS	Term Loans by Year of Origination												Revolving		Converted		Total
C&I	2024		2023		2022		2021		2020		Prior		Loans		to Term		Loans
Pass	$	65,491	$	20,084	$	20,091	$	16,468	$	6,135	$	8,791	$	120,899	$	602	$	258,561
Watch		—		4,987		—		722		1,799		—		4,183		—		11,691
Special mention		—		—		—		543		—		556		6,375		—		7,474
Substandard		—		2,373		—		2,243		1,255		1,296		2,121		—		9,288
Total C&I		65,491		27,444		20,091		19,976		9,189		10,643		133,578		602		287,014
C&I gross charge-offs		—		—		—		—		—		380		761		—		1,141
Warehouse lending
Pass		—		—		—		—		—		—		11,060		—		11,060
Special mention		—		—		—		—		—		—		1,858		—		1,858
Total warehouse lending		—		—		—		—		—		—		12,918		—		12,918
Total commercial business loans	$	65,491	$	27,444	$	20,091	$	19,976	$	9,189	$	10,643	$	146,496	$	602	$	299,932
Total commercial business loans gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	380	$	761	$	—	$	1,141

TOTAL LOANS RECEIVABLE, GROSS
Pass	$	463,369	$	417,177	$	517,826	$	381,624	$	231,294	$	242,296	$	201,061	$	1,432	$	2,456,079
Watch		—		8,122		10,689		13,376		1,799		6,948		4,183		—		45,117
Special mention		—		—		—		543		—		950		8,233		—		9,726
Substandard		99		2,776		6,426		2,346		3,092		5,781		2,379		—		22,899
Total loans receivable, gross	$	463,468	$	428,075	$	534,941	$	397,889	$	236,185	$	255,975	$	215,856	$	1,432	$	2,533,821
Total gross charge-offs	$	382	$	1,531	$	1,761	$	728	$	696	$	1,185	$	852	$	—	$	7,135

The following table presents the amortized cost basis of loans on nonaccrual status as of the dates indicated:

	March 31, 2025						December 31, 2024
	Nonaccrual with		Nonaccrual with		Total		Nonaccrual with		Nonaccrual with		Total
CRE LOANS	No ACL		ACL		Nonaccrual		No ACL		ACL		Nonaccrual
CRE owner occupied	$	1,196	$	—	$	1,196	$	2,771	$	—	$	2,771
Commercial and speculative construction and development		—		6,487		6,487		—		4,979		4,979
		1,196		6,487		7,683		2,771		4,979		7,750

RESIDENTIAL REAL ESTATE LOANS
One-to-four-family		1,134		—		1,134		164		—		164
Home equity		252		—		252		261		—		261
		1,386		—		1,386		425		—		425

CONSUMER LOANS
Indirect home improvement		—		2,821		2,821		—		1,677		1,677
Marine		—		648		648		—		289		289
Other consumer		—		1		1		—		14		14
		—		3,470		3,470		—		1,980		1,980
COMMERCIAL BUSINESS LOANS
C&I		1,932		—		1,932		2,486		960		3,446
Total	$	4,514	$	9,957	$	14,471	$	5,682	$	7,919	$	13,601

The Company recognized interest income on a cash basis for nonaccrual loans of $105,000 and $111,000 during the three months ended March 31, 2025 and 2024, respectively.

The following table presents the amortized cost basis of collateral dependent loans by class of loans as of the dates indicated:

	March 31, 2025								December 31, 2024
			Residential		Other						Residential		Other
			Real		Non-Real						Real		Non-Real
CRE LOANS	CRE		Estate		Estate		Total		CRE		Estate		Estate		Total
CRE owner occupied	$	1,196	$	—	$	—	$	1,196	$	2,771	$	—	$	—	$	2,771
Commercial and speculative construction and development		6,487		—		—		6,487		4,979		—				4,979
		7,683		—		—		7,683		7,750		—		—		7,750

RESIDENTIAL REAL ESTATE LOANS
One-to-four-family		—		1,134		—		1,134		—		164		—		164
Home equity		—		252		—		252		—		261		—		261
		—		1,386		—		1,386		—		425		—		425

CONSUMER LOANS
Indirect home improvement		—		—		2,821		2,821		—		—		1,677		1,677
Marine		—		—		648		648		—		—		289		289
		—		—		3,469		3,469		—		—		1,966		1,966
COMMERCIAL BUSINESS LOANS
C&I		—		—		1,932		1,932		—		—		3,446		3,446
Total	$	7,683	$	1,386	$	5,401	$	14,470	$	7,750	$	425	$	5,412	$	13,587