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Loans Receivable | 6 Months Ended
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Jun. 30, 2025
Receivables [Abstract] |
Loans Receivable | # Note 3 – Loans Receivable Portfolio loans, net of deferred costs and fees, are summarized by type as follows at June 30, 2025 and December 31, 2024:
|  | Period Ended |
|  | June 30, 2025 |  |  | December 31, 2024 |
(dollars in thousands) |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Real estate |  |  |  |  |  |  |  |  |  |  |  |
One to four family - owner occupied |  | $ | 152,524 |  |  |  | 20.29 | % |  | $ | 141,867 |  |  |  | 19.23 | %
One to four family - non owner occupied |  |  | 94,469 |  |  |  | 12.57 | % |  |  | 99,824 |  |  |  | 13.53 | %
Commercial owner occupied |  |  | 81,905 |  |  |  | 10.90 | % |  |  | 82,614 |  |  |  | 11.20 | %
Commercial investor |  |  | 328,212 |  |  |  | 43.67 | % |  |  | 328,680 |  |  |  | 44.56 | %
Construction and land |  |  | 34,893 |  |  |  | 4.64 | % |  |  | 30,578 |  |  |  | 4.14 | %
Farm loans |  |  | 11,419 |  |  |  | 1.52 | % |  |  | 11,329 |  |  |  | 1.54 | %
Total real estate loans |  |  | 703,422 |  |  |  | 93.59 | % |  |  | 694,892 |  |  |  | 94.20 | %
Marine and other consumer loans |  |  | 16,135 |  |  |  | 2.15 | % |  |  | 16,772 |  |  |  | 2.27 | %
Guaranteed by U.S. Government |  |  | 2,265 |  |  |  | 0.30 | % |  |  | 2,902 |  |  |  | 0.39 | %
Commercial |  |  | 29,751 |  |  |  | 3.96 | % |  |  | 23,194 |  |  |  | 3.14 | %
Total consumer and commercial |  |  | 48,151 |  |  |  | 6.41 | % |  |  | 42,868 |  |  |  | 5.80 | %
Total loans |  |  | 751,573 |  |  |  | 100.0 | % |  |  | 737,760 |  |  |  | 100.0 | %
Allowance for credit losses |  |  | (9,159 | ) |  |  |  |  |  | (8,522 | ) |  |  |
Total loans, net of deferred costs and fees |  | $ | 742,414 |  |  |  |  |  | $ | 729,238 |  |  |  |
Net deferred loan origination fees at June 30, 2025 and December 31, 2024 totaled $2.3 million and $2.2 million, respectively. In the normal course of banking business, risks related to specific loan categories are as follows: Real Estate Loans – Real estate loans are typically made to consumers and businesses and are secured by real estate. Credit risk arises from the borrower’s continuing financial stability, which can be adversely impacted by the economy as well as borrower-specific occurrences. Also impacting credit risk would be a shortfall in the value of the real estate in relation to the outstanding loan balance in the event of a default or subsequent liquidation of the collateral. Residential lending repayment is generally dependent on economic and market conditions in the Company's lending area. Commercial real estate, commercial and construction loan repayments are generally dependent on the operations of the related properties or the financial condition of its borrower or guarantor. Accordingly, repayment of such loans can be more susceptible to adverse conditions in the real estate market and the regional economy. Marine Loans – Marine loans are typically made to consumers and are secured by boats. Credit risk is similar to real estate loans above as it is subject to the borrower’s continuing financial stability and the value of the collateral securing the loan. Marine loans may entail greater risk than residential mortgage loans, as they are collateralized by assets that depreciate rapidly. Repossessed collateral for a defaulted loan may not provide an adequate source of repayment for the outstanding and small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Other Consumer – Other consumer loans include installment loans and personal lines of credit which may be secured or unsecured. Credit risk is similar to real estate loans above as it is subject to the borrower’s continuing financial stability and the value of the collateral securing the loan, if any. Consumer loans may entail greater risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. Guaranteed by the U.S. Government – Loans guaranteed by the U.S. Government do not present similar risks as reflected in the other categories mentioned herein because of an explicit guarantee is provided by the government, therefore substantially mitigating any risk of loss in the event of credit deterioration. Commercial – Commercial loans are secured or unsecured loans used for business purposes. Loans are typically secured by accounts receivable, inventory, equipment and/or other assets of the business. Credit risk arises from the successful operation of the business, which may be affected by competition, rising interest rates, tariffs, regulatory changes and adverse conditions in the local and regional economy. Non-accrual loans as of June 30, 2025 and December 31, 2024 were as follows:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | No |  |  | With an |  |  |  |  |  | No |  |  | With an |  |  |  |
(dollars in thousands) |  | Allowance |  |  | Allowance |  |  | Total |  |  | Allowance |  |  | Allowance |  |  | Total |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family - owner occupied |  | $ | 929 |  |  | $ | — |  |  | $ | 929 |  |  | $ | 1,218 |  |  | $ | — |  |  | $ | 1,218 |
One to four family - non owner occupied |  |  | 396 |  |  |  | — |  |  |  | 396 |  |  |  | 280 |  |  |  | — |  |  |  | 280 |
Commercial owner occupied |  |  | 1,283 |  |  |  | — |  |  |  | 1,283 |  |  |  | 1,323 |  |  |  | — |  |  |  | 1,323 |
Commercial investor |  |  | 716 |  |  |  | — |  |  |  | 716 |  |  |  | 772 |  |  |  | — |  |  |  | 772 |
Construction and land |  |  | 26 |  |  |  | — |  |  |  | 26 |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Total real estate loans |  |  | 3,350 |  |  |  | — |  |  |  | 3,350 |  |  |  | 3,619 |  |  |  | — |  |  |  | 3,619 |
Marine and other consumer loans |  |  | 11 |  |  |  | — |  |  |  | 11 |  |  |  | 11 |  |  |  | — |  |  |  | 11 |
Commercial |  |  | 650 |  |  |  | 380 |  |  |  | 1,030 |  |  |  | — |  |  |  | 380 |  |  |  | 380 |
Total consumer and commercial loans |  |  | 661 |  |  |  | 380 |  |  |  | 1,041 |  |  |  | 11 |  |  |  | 380 |  |  |  | 391 |
Total nonaccrual loans |  | $ | 4,011 |  |  | $ | 380 |  |  | $ | 4,391 |  |  | $ | 3,630 |  |  | $ | 380 |  |  | $ | 4,010 |
Loans can be current but classified as non-accrual due to customer operating results or payment history. All interest accrued but not collected from loans that are placed on non-accrual status or charged-off is reversed against interest income. In accordance with the Company’s policy, such interest income is recognized on a cash basis or cost-recovery method, until qualifying for return to accrual status. Interest that would have been accrued under the terms of the non-accrual loans had such loans been performing according to their terms was approximately $453,000 for the six-months ended June 30, 2025 and $1.2 million for the six-months ended June 30, 2024. The Company considers a loan to be past due or delinquent when the terms of the contractual obligation are not met by the borrower. An analysis of days past due loans as of June 30, 2025 was as follows:
|  | June 30, 2025 |
|  | 30 - 59 |  |  | 60 - 89 |  |  | 90+ |  |  |  |  |  |  |  |  |  |
|  | Days |  |  | Days |  |  | Days |  |  | Total |  |  | Current |  |  | Total |
(dollars in thousands) |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Loans |  |  | Loans |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family - owner occupied |  | $ | 562 |  |  | $ | 219 |  |  | $ | 702 |  |  | $ | 1,483 |  |  | $ | 151,041 |  |  | $ | 152,524 |
One to four family - non owner occupied |  |  | 102 |  |  |  | 225 |  |  |  | 80 |  |  |  | 407 |  |  |  | 94,062 |  |  |  | 94,469 |
Commercial owner occupied |  |  | 408 |  |  |  | — |  |  |  | 306 |  |  |  | 714 |  |  |  | 81,191 |  |  |  | 81,905 |
Commercial investor |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 328,212 |  |  |  | 328,212 |
Construction and land |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | 26 |  |  |  | 34,867 |  |  |  | 34,893 |
Farm loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,419 |  |  |  | 11,419 |
Total real estate loans |  |  | 1,072 |  |  |  | 444 |  |  |  | 1,114 |  |  |  | 2,630 |  |  |  | 700,792 |  |  |  | 703,422 |
Marine and other consumer loans |  |  | 4 |  |  |  | 4 |  |  |  | 11 |  |  |  | 19 |  |  |  | 16,116 |  |  |  | 16,135 |
Guaranteed by U.S. Government |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,265 |  |  |  | 2,265 |
Commercial |  |  | — |  |  |  | — |  |  |  | 380 |  |  |  | 380 |  |  |  | 29,371 |  |  |  | 29,751 |
Total consumer and commercial loans |  |  | 4 |  |  |  | 4 |  |  |  | 391 |  |  |  | 399 |  |  |  | 47,752 |  |  |  | 48,151 |
Total loans |  | $ | 1,076 |  |  | $ | 448 |  |  | $ | 1,505 |  |  | $ | 3,029 |  |  | $ | 748,544 |  |  | $ | 751,573 |
An analysis of days past due loans as of December 31, 2024 was as follows:
|  | December 31, 2024 |
|  | 30 - 59 |  |  | 60 - 89 |  |  | 90+ |  |  |  |  |  |  |  |  |  |
|  | Days |  |  | Days |  |  | Days |  |  | Total |  |  | Current |  |  | Total |
(dollars in thousands) |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Loans |  |  | Loans |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family - owner occupied |  | $ | 2,923 |  |  | $ | 558 |  |  | $ | 608 |  |  | $ | 4,089 |  |  | $ | 137,778 |  |  | $ | 141,867 |
One to four family - non owner occupied |  |  | 576 |  |  |  | — |  |  |  | 0 |  |  |  | 576 |  |  |  | 99,248 |  |  |  | 99,824 |
Commercial owner occupied |  |  | 408 |  |  |  | — |  |  |  | 656 |  |  |  | 1,064 |  |  |  | 81,550 |  |  |  | 82,614 |
Commercial investor |  |  | 0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 328,680 |  |  |  | 328,680 |
Construction and land |  |  | 299 |  |  |  | — |  |  |  | 0 |  |  |  | 299 |  |  |  | 30,279 |  |  |  | 30,578 |
Farm loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,329 |  |  |  | 11,329 |
Total real estate loans |  |  | 4,206 |  |  |  | 558 |  |  |  | 1,264 |  |  |  | 6,028 |  |  |  | 688,864 |  |  |  | 694,892 |
Marine and other consumer loans |  |  | 9 |  |  |  | — |  |  |  | 11 |  |  |  | 20 |  |  |  | 16,752 |  |  |  | 16,772 |
Guaranteed by U.S. Government |  |  | 9 |  |  |  | 52 |  |  |  | — |  |  |  | 61 |  |  |  | 2,841 |  |  |  | 2,902 |
Commercial |  |  | — |  |  |  | — |  |  |  | 380 |  |  |  | 380 |  |  |  | 22,814 |  |  |  | 23,194 |
Total consumer and commercial loans |  |  | 18 |  |  |  | 52 |  |  |  | 391 |  |  |  | 461 |  |  |  | 42,407 |  |  |  | 42,868 |
Total loans |  | $ | 4,224 |  |  | $ | 610 |  |  | $ | 1,655 |  |  | $ | 6,489 |  |  | $ | 731,271 |  |  | $ | 737,760 |
Allowance for Credit Losses The following tables detail activity in the ACL at and for the three and six months ended June 30, 2025 and 2024. An allocation of the allowance to one category of loans does not prevent the Company from using that allowance to absorb losses in a different category.
Three Months Ended |  | June 30, 2025 |
(dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provisions (Recovery) |  |  | Ending Balance |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family - owner occupied |  | $ | 1,647 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 551 |  |  | $ | 2,211 |
One to four family - non owner occupied |  |  | 617 |  |  |  | — |  |  |  | 14 |  |  |  | 36 |  |  |  | 667 |
Commercial owner occupied |  |  | 495 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 495 |
Commercial investor |  |  | 4,032 |  |  |  | — |  |  |  | — |  |  |  | (299 | ) |  |  | 3,733 |
Construction and land |  |  | 955 |  |  |  | — |  |  |  | 1 |  |  |  | (88 | ) |  |  | 868 |
Farm loans |  |  | 73 |  |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 97 |
Total real estate loans |  |  | 7,819 |  |  |  | — |  |  |  | 28 |  |  |  | 224 |  |  |  | 8,071 |
Marine and other consumer loans |  |  | 396 |  |  |  | — |  |  |  | 1 |  |  |  | (27 | ) |  |  | 370 |
Commercial |  |  | 673 |  |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | 718 |
Total consumer and commercial |  |  | 1,069 |  |  |  | — |  |  |  | 1 |  |  |  | 18 |  |  |  | 1,088 |
Total loans |  | $ | 8,888 |  |  | $ | — |  |  | $ | 29 |  |  | $ | 242 |  |  | $ | 9,159 |
The following table summarized the ACL provision activity for the three months ended June 30, 2025.
(dollars in thousands) |  |  |
Provision for (recovery of) credit losses - loans |  | $ | 242 |
Provision for (recovery of) allowance for securities - HTM |  |  | (1 | )
Provision for (recovery of ) allowance for credit losses - unfunded commitments |  |  | (63 | )
Provision for (recovery of) credit losses per the consolidated statements of income |  | $ | 178 |
Three Months Ended |  | June 30, 2024 |
(dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provisions (recovery) |  |  | Ending Balance |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family - owner occupied |  | $ | 1,697 |  |  | $ | — |  |  | $ | 57 |  |  | $ | (127 | ) |  | $ | 1,627 |
One to four family - non owner occupied |  |  | 1,015 |  |  |  | — |  |  |  | 11 |  |  |  | (24 | ) |  |  | 1,002 |
Commercial owner occupied |  |  | 578 |  |  |  | — |  |  |  | — |  |  |  | (64 | ) |  |  | 514 |
Commercial investor |  |  | 3,570 |  |  |  | — |  |  |  | — |  |  |  | 139 |  |  |  | 3,709 |
Construction and land |  |  | 763 |  |  |  | — |  |  |  | 1 |  |  |  | (19 | ) |  |  | 745 |
Farm loans |  |  | 174 |  |  |  | — |  |  |  | — |  |  |  | 83 |  |  |  | 257 |
Total real estate loans |  |  | 7,797 |  |  |  | — |  |  |  | 69 |  |  |  | (12 | ) |  |  | 7,854 |
Marine and other consumer loans |  |  | 428 |  |  |  | (2 | ) |  |  | — |  |  |  | 8 |  |  |  | 434 |
Commercial |  |  | 281 |  |  |  | — |  |  |  | — |  |  |  | (22 | ) |  |  | 259 |
Total consumer and commercial |  |  | 709 |  |  |  | (2 | ) |  |  | — |  |  |  | (14 | ) |  |  | 693 |
Total loans |  | $ | 8,506 |  |  | $ | (2 | ) |  | $ | 69 |  |  | $ | (26 | ) |  | $ | 8,547 |
The following table summarized the ACL provision activity for the three months ended June 30, 2024.
(dollars in thousands) |  |  |
Provision for (recovery of) credit losses - loans |  | $ | (26 | )
Reduction in allowance for securities - HTM |  |  | (1 | )
Provision for allowance for credit losses - unfunded commitments |  |  | (84 | )
Provision for credit losses per the consolidated statement of income |  | $ | (111 | )
Six Months Ended |  | June 30, 2025 |
(dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provisions (recovery) |  |  | Ending Balance |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family - owner occupied |  | $ | 1,858 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 337 |  |  | $ | 2,211 |
One to four family - non owner occupied |  |  | 742 |  |  |  | — |  |  |  | 30 |  |  |  | (105 | ) |  |  | 667 |
Commercial owner occupied |  |  | 511 |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | 495 |
Commercial investor |  |  | 3,592 |  |  |  | — |  |  |  | — |  |  |  | 141 |  |  |  | 3,733 |
Construction and land |  |  | 940 |  |  |  | — |  |  |  | 2 |  |  |  | (74 | ) |  |  | 868 |
Farm loans |  |  | 69 |  |  |  | — |  |  |  | — |  |  |  | 28 |  |  |  | 97 |
Total real estate loans |  |  | 7,712 |  |  |  | — |  |  |  | 48 |  |  |  | 311 |  |  |  | 8,071 |
Marine and other consumer loans |  |  | 399 |  |  |  | (5 | ) |  |  | 1 |  |  |  | (25 | ) |  |  | 370 |
Commercial |  |  | 411 |  |  |  | — |  |  |  | — |  |  |  | 307 |  |  |  | 718 |
Total consumer and commercial |  |  | 810 |  |  |  | (5 | ) |  |  | 1 |  |  |  | 282 |  |  |  | 1,088 |
Total loans |  | $ | 8,522 |  |  | $ | (5 | ) |  | $ | 49 |  |  | $ | 593 |  |  | $ | 9,159 |
The following table summarized the ACL provision activity for the six months ended June 30, 2025.
(dollars in thousands) |  |  |
Provision for (recovery of) credit losses - loans |  | $ | 593 |
Provision for (recovery of) allowance for securities - HTM |  |  | (1 | )
Provision for (recovery of ) allowance for credit losses - unfunded commitments |  |  | (117 | )
Provision for (recovery of) credit losses per the consolidated statements of income |  | $ | 475 |
Six Months Ended |  | June 30, 2024 |
(dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provisions (recovery) |  |  | Ending Balance |
Real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One to four family - owner occupied |  | $ | 1,728 |  |  | $ | — |  |  | $ | 109 |  |  | $ | (210 | ) |  | $ | 1,627 |
One to four family - non owner occupied |  |  | 1,030 |  |  |  | (1 | ) |  |  | 40 |  |  |  | (67 | ) |  |  | 1,002 |
Commercial owner occupied |  |  | 563 |  |  |  | — |  |  |  | 3 |  |  |  | (52 | ) |  |  | 514 |
Commercial investor |  |  | 3,725 |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | 3,709 |
Construction and land |  |  | 772 |  |  |  | — |  |  |  | 2 |  |  |  | (29 | ) |  |  | 745 |
Farm loans |  |  | 179 |  |  |  | — |  |  |  | — |  |  |  | 78 |  |  |  | 257 |
Total real estate loans |  |  | 7,997 |  |  |  | (1 | ) |  |  | 154 |  |  |  | (296 | ) |  |  | 7,854 |
Marine and other consumer loans |  |  | 403 |  |  |  | (2 | ) |  |  | 1 |  |  |  | 32 |  |  |  | 434 |
Commercial |  |  | 154 |  |  |  | — |  |  |  | — |  |  |  | 105 |  |  |  | 259 |
Total consumer and commercial |  |  | 557 |  |  |  | (2 | ) |  |  | 1 |  |  |  | 137 |  |  |  | 693 |
Total loans |  | $ | 8,554 |  |  | $ | (3 | ) |  | $ | 155 |  |  | $ | (159 | ) |  | $ | 8,547 |
The following table summarized the ACL provision activity for the six months ended June 30, 2024.
(dollars in thousands) |  |  |
Provision for (recovery of) credit losses - loans |  | $ | (159 | )
Reduction in allowance for securities - HTM |  |  | (1 | )
Reduction in allowance for credit losses - unfunded commitments |  |  | 68 |
Provision for credit losses per the consolidated statement of income |  | $ | (92 | )
## ## ## ## ## Term Loans by Origination Year
(dollars in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |
Balance at June 30, 2025 |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Revolving |  |  | Total |
One to four family - owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 20,002 |  |  | $ | 23,254 |  |  | $ | 5,356 |  |  | $ | 7,613 |  |  | $ | 12,656 |  |  | $ | 73,158 |  |  | $ | 9,891 |  |  | $ | 151,930 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 333 |  |  |  | 261 |  |  |  | — |  |  |  | 594 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total One to four family - owner occupied |  | $ | 20,002 |  |  | $ | 23,254 |  |  | $ | 5,356 |  |  | $ | 7,613 |  |  | $ | 12,989 |  |  | $ | 73,419 |  |  | $ | 9,891 |  |  | $ | 152,524 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
One to four family - non owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,118 |  |  | $ | 4,733 |  |  | $ | 12,338 |  |  | $ | 27,110 |  |  | $ | 15,698 |  |  | $ | 29,702 |  |  | $ | — |  |  | $ | 93,699 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 770 |  |  |  | — |  |  |  | 770 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total One to four family - non owner occupied |  | $ | 4,118 |  |  | $ | 4,733 |  |  | $ | 12,338 |  |  | $ | 27,110 |  |  | $ | 15,698 |  |  | $ | 30,472 |  |  | $ | — |  |  | $ | 94,469 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,358 |  |  | $ | 4,522 |  |  | $ | 20,036 |  |  | $ | 10,642 |  |  | $ | 5,739 |  |  | $ | 36,251 |  |  | $ | — |  |  | $ | 79,548 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 306 |  |  |  | 2,051 |  |  |  | — |  |  |  | 2,357 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Commercial owner occupied |  | $ | 2,358 |  |  | $ | 4,522 |  |  | $ | 20,036 |  |  | $ | 10,642 |  |  | $ | 6,045 |  |  | $ | 38,302 |  |  | $ | — |  |  | $ | 81,905 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial investor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 14,460 |  |  | $ | 37,966 |  |  | $ | 63,863 |  |  | $ | 93,818 |  |  | $ | 69,340 |  |  | $ | 48,049 |  |  | $ | — |  |  | $ | 327,496 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 716 |  |  |  | — |  |  |  | 716 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Commercial investor |  | $ | 14,460 |  |  | $ | 37,966 |  |  | $ | 63,863 |  |  | $ | 93,818 |  |  | $ | 69,340 |  |  | $ | 48,765 |  |  | $ | — |  |  | $ | 328,212 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 3,598 |  |  | $ | 27,101 |  |  | $ | 154 |  |  | $ | 2,136 |  |  | $ | 989 |  |  | $ | 766 |  |  | $ | — |  |  | $ | 34,744 |
Special Mention |  |  | — |  |  |  | — |  |  |  | 123 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 123 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Construction and land |  | $ | 3,598 |  |  | $ | 27,101 |  |  | $ | 277 |  |  | $ | 2,136 |  |  | $ | 989 |  |  | $ | 792 |  |  | $ | — |  |  | $ | 34,893 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Farm loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 300 |  |  | $ | 314 |  |  | $ | — |  |  | $ | 4,041 |  |  | $ | 1,765 |  |  | $ | 4,999 |  |  | $ | — |  |  | $ | 11,419 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Farm loans |  | $ | 300 |  |  | $ | 314 |  |  | $ | — |  |  | $ | 4,041 |  |  | $ | 1,765 |  |  | $ | 4,999 |  |  | $ | — |  |  | $ | 11,419 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Marine and other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 692 |  |  | $ | 2,135 |  |  | $ | 2,931 |  |  | $ | 1,644 |  |  | $ | 4,997 |  |  | $ | 3,736 |  |  | $ | — |  |  | $ | 16,135 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Marine and other consumer loans |  | $ | 692 |  |  | $ | 2,135 |  |  | $ | 2,931 |  |  | $ | 1,644 |  |  | $ | 4,997 |  |  | $ | 3,736 |  |  | $ | — |  |  | $ | 16,135 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Guaranteed by U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,265 |  |  | $ | — |  |  | $ | 2,265 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Guaranteed by U.S. Government |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,265 |  |  | $ | — |  |  | $ | 2,265 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,468 |  |  | $ | 7,047 |  |  | $ | 345 |  |  | $ | 2,452 |  |  | $ | 9,592 |  |  | $ | 4,817 |  |  | $ | — |  |  | $ | 28,721 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 380 |  |  |  | — |  |  |  | 650 |  |  |  | — |  |  |  | 1,030 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Commercial |  | $ | 4,468 |  |  | $ | 7,047 |  |  | $ | 345 |  |  | $ | 2,832 |  |  | $ | 9,592 |  |  | $ | 5,467 |  |  | $ | — |  |  | $ | 29,751 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
##
(dollars in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |
Balance at June 30, 2025 |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Revolving |  |  | Total |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 49,996 |  |  | $ | 107,072 |  |  | $ | 105,023 |  |  | $ | 149,456 |  |  | $ | 120,776 |  |  | $ | 203,743 |  |  | $ | 9,891 |  |  | $ | 745,957 |
Special Mention |  |  | — |  |  |  | — |  |  |  | 123 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 123 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 380 |  |  |  | 639 |  |  |  | 4,474 |  |  |  | — |  |  |  | 5,493 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total loans |  | $ | 49,996 |  |  | $ | 107,072 |  |  | $ | 105,146 |  |  | $ | 149,836 |  |  | $ | 121,415 |  |  | $ | 208,217 |  |  | $ | 9,891 |  |  | $ | 751,573 |
## Term Loans by Origination Year
(dollars in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |
Balance at December 31, 2024 |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Revolving |  |  | Total |
One to four family - owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 24,477 |  |  | $ | 5,517 |  |  | $ | 7,718 |  |  | $ | 12,903 |  |  | $ | 9,523 |  |  | $ | 69,150 |  |  | $ | 11,871 |  |  | $ | 141,159 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 338 |  |  |  | — |  |  |  | 370 |  |  |  | — |  |  |  | 708 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total One to four family - owner occupied |  | $ | 24,477 |  |  | $ | 5,517 |  |  | $ | 7,718 |  |  | $ | 13,241 |  |  | $ | 9,523 |  |  | $ | 69,520 |  |  | $ | 11,871 |  |  | $ | 141,867 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
One to four family - non owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 5,483 |  |  | $ | 13,078 |  |  | $ | 28,690 |  |  | $ | 16,470 |  |  | $ | 9,607 |  |  | $ | 25,782 |  |  | $ | 1 |  |  | $ | 99,111 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 232 |  |  |  | 481 |  |  |  | — |  |  |  | 713 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total One to four family - non owner occupied |  | $ | 5,483 |  |  | $ | 13,078 |  |  | $ | 28,690 |  |  | $ | 16,470 |  |  | $ | 9,839 |  |  | $ | 26,263 |  |  | $ | 1 |  |  | $ | 99,824 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Commercial owner occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,433 |  |  | $ | 20,314 |  |  | $ | 10,753 |  |  | $ | 6,144 |  |  | $ | 5,192 |  |  | $ | 31,608 |  |  | $ | — |  |  | $ | 78,444 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,261 |  |  |  | 1,909 |  |  |  | — |  |  |  | 4,170 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Commercial owner occupied |  | $ | 4,433 |  |  | $ | 20,314 |  |  | $ | 10,753 |  |  | $ | 6,144 |  |  | $ | 7,453 |  |  | $ | 33,517 |  |  | $ | — |  |  | $ | 82,614 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial investor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 41,332 |  |  | $ | 65,585 |  |  | $ | 99,623 |  |  | $ | 71,681 |  |  | $ | 15,340 |  |  | $ | 34,347 |  |  | $ | — |  |  | $ | 327,908 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 772 |  |  |  | — |  |  |  | 772 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Commercial investor |  | $ | 41,332 |  |  | $ | 65,585 |  |  | $ | 99,623 |  |  | $ | 71,681 |  |  | $ | 15,340 |  |  | $ | 35,119 |  |  | $ | — |  |  | $ | 328,680 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 26,399 |  |  | $ | 1,113 |  |  | $ | 863 |  |  | $ | 1,279 |  |  | $ | — |  |  | $ | 898 |  |  | $ | — |  |  | $ | 30,552 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Construction and land |  | $ | 26,399 |  |  | $ | 1,113 |  |  | $ | 863 |  |  | $ | 1,279 |  |  | $ | — |  |  | $ | 924 |  |  | $ | — |  |  | $ | 30,578 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Farm loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 315 |  |  | $ | — |  |  | $ | 4,131 |  |  | $ | 1,787 |  |  | $ | — |  |  | $ | 5,096 |  |  | $ | — |  |  | $ | 11,329 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Farm loans |  | $ | 315 |  |  | $ | — |  |  | $ | 4,131 |  |  | $ | 1,787 |  |  | $ | — |  |  | $ | 5,096 |  |  | $ | — |  |  | $ | 11,329 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Marine and other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,236 |  |  | $ | 3,195 |  |  | $ | 1,749 |  |  | $ | 5,251 |  |  | $ | 1,599 |  |  | $ | 2,742 |  |  | $ | — |  |  | $ | 16,772 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Marine and other consumer loans |  | $ | 2,236 |  |  | $ | 3,195 |  |  | $ | 1,749 |  |  | $ | 5,251 |  |  | $ | 1,599 |  |  | $ | 2,742 |  |  | $ | — |  |  | $ | 16,772 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Guaranteed by U.S. Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | 2,882 |  |  | $ | — |  |  | $ | 2,902 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Guaranteed by U.S. Government |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | 2,882 |  |  | $ | — |  |  | $ | 2,902 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 5,847 |  |  | $ | 360 |  |  | $ | 2,738 |  |  | $ | 4,214 |  |  | $ | 6,151 |  |  | $ | 2,836 |  |  | $ | — |  |  | $ | 22,146 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | 380 |  |  |  | — |  |  |  | — |  |  |  | 668 |  |  |  | — |  |  |  | 1,048 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Commercial |  | $ | 5,847 |  |  | $ | 360 |  |  | $ | 3,118 |  |  | $ | 4,214 |  |  | $ | 6,151 |  |  | $ | 3,504 |  |  | $ | — |  |  | $ | 23,194 |
Current Period Gross Write-off |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(dollars in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |
Balance at December 31, 2024 |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Revolving |  |  | Total |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 110,522 |  |  | $ | 109,162 |  |  | $ | 156,265 |  |  | $ | 119,729 |  |  | $ | 47,432 |  |  | $ | 175,341 |  |  | $ | 11,872 |  |  | $ | 730,323 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | 380 |  |  |  | 338 |  |  |  | 2,493 |  |  |  | 4,226 |  |  |  | — |  |  |  | 7,437 |
Doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total loans |  | $ | 110,522 |  |  | $ | 109,162 |  |  | $ | 156,645 |  |  | $ | 120,067 |  |  | $ | 49,925 |  |  | $ | 179,567 |  |  | $ | 11,872 |  |  | $ | 737,760 |
Classified Assets. Federal regulations provide for the classification of loans and other assets, such as debt and equity securities considered to be of lesser quality, as “substandard,” “doubtful” or “loss.” An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss allowance is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as “special mention” by our management. When an insured institution classifies problem assets as either substandard or doubtful, it may establish general allowances in an amount deemed prudent by management to cover probable accrued losses. General allowances represent loss allowances which have been established to cover probable accrued losses associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. When an insured institution classifies problem assets as “loss,” it is required either to establish a specific allowance for losses equal to 100% of that portion of the asset so classified or to charge-off such amount. An institution’s determination as to the classification of its assets and the amount of its valuation allowances is subject to review by the regulatory authorities, such that additional general or specific loss allowances may be required. In connection with the filing of our periodic reports with the FDIC and in accordance with our classification of assets policy, we regularly review the problem loans in our portfolio to determine whether any loans require classification in accordance with applicable regulations. Through our loan evaluation process, we have identified certain loans for which the primary source of loan repayment may no longer be a viable option. The Company is dependent on the liquidation of the collateral to provide funds for repayment of the loan. The following table shows the loans determined by management to be collateral dependent at June 30, 2025.
|  | Loan Balance |  |  | Estimated Collateral Values |  |  | Loan Balance |  |  | Estimated Collateral Values |
(dollars in thousands) |  | Real Estate |  |  | Real Estate |  |  | Business\Other Assets |  |  | Business\Other Assets |
One to four family - owner occupied |  | $ | 929 |  |  | $ | 4,545 |  |  | $ | — |  |  | $ | — |
One to four family - non-owner occupied |  |  | 396 |  |  |  | 1,208 |  |  |  | — |  |  |  | — |
Commercial owner occupied real estate |  |  | 1,283 |  |  |  | 3,125 |  |  |  | — |  |  |  | — |
Commercial investor real estate |  |  | 716 |  |  |  | 1,500 |  |  |  | — |  |  |  | — |
Construction and land |  |  | 26 |  |  |  | 666 |  |  |  | — |  |  |  | — |
Commercial |  |  | 1,030 |  |  |  | 3,526 |  |  |  | — |  |  |  | 124 |
Marine and other consumer |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | 50 |
Total |  | $ | 4,391 |  |  | $ | 14,570 |  |  | $ | — |  |  | $ | 174 |
Borrowers experiencing financial difficulty ("BEFD") modifications included in the collateral dependent schedule above, as of June 30, 2025 were as follows:
(dollars in thousands) |  | Number of Loans |  | Amortized Cost |
One to four family - owner occupied |  | 8 |  | $ | 1,009 |
One to four family - non owner occupied |  | 1 |  |  | 126 |
Commercial owner occupied |  | 1 |  |  | 384 |
Commercial investor real estate |  | 1 |  |  | 716 |
Commercial |  | 2 |  |  | 650 |
Total BEFD modification loans |  | 13 |  | $ | 2,885 |
Modifications on non-accrual |  | 2 |  | $ | 650 |
There was one BEFD modification past due as of June 30, 2025. This was a 1-4 family owner occupied loan with an amortized cost of $118,000. The following tables detail the amortized cost basis for loans made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025.
|  | Three Months Ended June 30, 2025 |
(dollars in thousands) |  | Term Extensions |  |  | Payment Deferral and Term Extensions |  |  | Total |  |  | Percentage of Total Loans |
One to four family - owner occupied |  | $ | 101 |  |  | $ | — |  |  | $ | 101 |  |  |  | 0.01 | %
Total |  | $ | 101 |  |  | $ | — |  |  | $ | 101 |  |  |  | 0.01 | %
|  | Six Months Ended June 30, 2025 |
(dollars in thousands) |  | Term Extensions |  |  | Payment Deferral and Term Extensions |  |  | Total |  |  | Percentage of Total Loans |
One to four family - owner occupied |  | $ | 101 |  |  | $ | — |  |  | $ | 101 |  |  |  | 0.01 | %
Commercial |  |  | 650 |  |  |  | — |  |  |  | 650 |  |  |  | 0.09 | %
Total |  | $ | 751 |  |  | $ | — |  |  | $ | 751 |  |  |  | 0.10 | %

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