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Note 4 - Loans Receivable | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 - LOANS RECEIVABLE The summary of loans receivable by class of loans is as follows:
|  | September 30, 2023 |  |  | December 31, 2022 |
One-to-four family residential real estate |  | $ | 19,233 |  |  | $ | 23,133 |
Multi-family mortgage |  |  | 528,251 |  |  |  | 537,394 |
Nonresidential real estate |  |  | 117,641 |  |  |  | 119,705 |
Commercial loans and leases |  |  | 447,687 |  |  |  | 553,056 |
Consumer |  |  | 1,351 |  |  |  | 1,584 |
|  |  | 1,114,163 |  |  |  | 1,234,872 |
Allowance for credit losses |  |  | (8,559 | ) |  |  | (8,129 | )
Loans, net |  | $ | 1,105,604 |  |  | $ | 1,226,743 |
Net deferred loan origination costs included in the table above were $1.7 million as of September 30, 2023 and $1.6 million as of December 31, 2022. Allowance for Credit Losses - Loans The following table represents the activity in the ACL by class of loans:
|  | One-to-four family residential real estate |  |  | Multi-family mortgage |  |  | Nonresidential real estate |  |  | Commercial loans and leases |  |  | Consumer |  |  | Total |
For the three months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 326 |  |  | $ | 4,679 |  |  | $ | 1,245 |  |  | $ | 2,943 |  |  | $ | 33 |  |  | $ | 9,226 |
Provision for (recovery of) credit losses |  |  | (62 | ) |  |  | (136 | ) |  |  | (95 | ) |  |  | 461 |  |  |  | 12 |  |  |  | 180 |
Loans charged off |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (889 | ) |  |  | (14 | ) |  |  | (903 | )
Recoveries |  |  | 32 |  |  |  | 4 |  |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | 56 |
|  | $ | 296 |  |  | $ | 4,547 |  |  | $ | 1,150 |  |  | $ | 2,535 |  |  | $ | 31 |  |  | $ | 8,559 |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 286 |  |  | $ | 3,632 |  |  | $ | 1,093 |  |  | $ | 2,149 |  |  | $ | 42 |  |  | $ | 7,202 |
Provision for (recovery of) credit losses |  |  | 98 |  |  |  | (72 | ) |  |  | 67 |  |  |  | 171 |  |  |  | 86 |  |  |  | 350 |
Loans charged off |  |  | (71 | ) |  |  | — |  |  |  | — |  |  |  | (104 | ) |  |  | (16 | ) |  |  | (191 | )
Recoveries |  |  | 2 |  |  |  | 6 |  |  |  | 2 |  |  |  | 15 |  |  |  | — |  |  |  | 25 |
|  | $ | 315 |  |  | $ | 3,566 |  |  | $ | 1,162 |  |  | $ | 2,231 |  |  | $ | 112 |  |  | $ | 7,386 |
|  | One-to-four family residential real estate |  |  | Multi-family mortgage |  |  | Nonresidential real estate |  |  | Commercial loans and leases |  |  | Consumer |  |  | Total |
For the nine months ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASC 326 |  | $ | 281 |  |  | $ | 4,017 |  |  | $ | 1,234 |  |  | $ | 2,548 |  |  | $ | 49 |  |  | $ | 8,129 |
Impact of adopting ASC 326 |  |  | 99 |  |  |  | 630 |  |  |  | 66 |  |  |  | 1,122 |  |  |  | (10 | ) |  |  | 1,907 |
Beginning balance, after adoption of ASC 326 |  |  | 380 |  |  |  | 4,647 |  |  |  | 1,300 |  |  |  | 3,670 |  |  |  | 39 |  |  |  | 10,036 |
Provision for (recovery of) credit losses |  |  | (128 | ) |  |  | (115 | ) |  |  | (150 | ) |  |  | 444 |  |  |  | 34 |  |  |  | 85 |
Loans charged off |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,606 | ) |  |  | (43 | ) |  |  | (1,649 | )
Recoveries |  |  | 44 |  |  |  | 15 |  |  |  | — |  |  |  | 27 |  |  |  | 1 |  |  |  | 87 |
|  | $ | 296 |  |  | $ | 4,547 |  |  | $ | 1,150 |  |  | $ | 2,535 |  |  | $ | 31 |  |  | $ | 8,559 |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 331 |  |  | $ | 3,377 |  |  | $ | 1,311 |  |  | $ | 1,652 |  |  | $ | 44 |  |  | $ | 6,715 |
Provision for credit losses |  |  | 53 |  |  |  | 174 |  |  |  | 39 |  |  |  | 718 |  |  |  | 101 |  |  |  | 1,085 |
Loans charged off |  |  | (76 | ) |  |  | — |  |  |  | (192 | ) |  |  | (155 | ) |  |  | (49 | ) |  |  | (472 | )
Recoveries |  |  | 7 |  |  |  | 15 |  |  |  | 4 |  |  |  | 16 |  |  |  | 16 |  |  |  | 58 |
|  | $ | 315 |  |  | $ | 3,566 |  |  | $ | 1,162 |  |  | $ | 2,231 |  |  | $ | 112 |  |  | $ | 7,386 |
As of September 30, 2023 we had $327,000 recorded as an unfunded commitment reserve, included in other liabilities on the Consolidated Statements of Financial Condition. The following tables present the balance in the ACL and loans receivable by class of loans based on evaluation method. Allocation of a portion of the ACL to one category does not preclude its availability to absorb losses in other categories:
|  | One-to-four family residential real estate |  |  | Multi-family mortgage |  |  | Nonresidential real estate |  |  | Commercial loans and leases |  |  | Consumer |  |  | Total |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 72 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,638 |  |  | $ | — |  |  | $ | 25,710 |
Loans collectively evaluated |  |  | 19,161 |  |  |  | 528,251 |  |  |  | 117,641 |  |  |  | 422,049 |  |  |  | 1,351 |  |  |  | 1,088,453 |
|  | $ | 19,233 |  |  | $ | 528,251 |  |  | $ | 117,641 |  |  | $ | 447,687 |  |  | $ | 1,351 |  |  | $ | 1,114,163 |
ACL: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Loans collectively evaluated |  |  | 296 |  |  |  | 4,547 |  |  |  | 1,150 |  |  |  | 2,535 |  |  |  | 31 |  |  |  | 8,559 |
|  | $ | 296 |  |  | $ | 4,547 |  |  | $ | 1,150 |  |  | $ | 2,535 |  |  | $ | 31 |  |  | $ | 8,559 |
|  | One-to-four family residential real estate |  |  | Multi-family mortgage |  |  | Nonresidential real estate |  |  | Commercial loans and leases |  |  | Consumer |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 752 |  |  | $ | 473 |  |  | $ | — |  |  | $ | 1,487 |  |  | $ | — |  |  | $ | 2,712 |
Loans collectively evaluated |  |  | 22,381 |  |  |  | 536,921 |  |  |  | 119,705 |  |  |  | 551,569 |  |  |  | 1,584 |  |  |  | 1,232,160 |
|  | $ | 23,133 |  |  | $ | 537,394 |  |  | $ | 119,705 |  |  | $ | 553,056 |  |  | $ | 1,584 |  |  | $ | 1,234,872 |
ACL: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Loans collectively evaluated |  |  | 281 |  |  |  | 4,017 |  |  |  | 1,234 |  |  |  | 2,548 |  |  |  | 49 |  |  |  | 8,129 |
|  | $ | 281 |  |  | $ | 4,017 |  |  | $ | 1,234 |  |  | $ | 2,548 |  |  | $ | 49 |  |  | $ | 8,129 |
Individually Evaluated Loans The following tables present loans individually evaluated by class of loans:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | September 30, 2023 |  |  | September 30, 2023 |
|  | Loan Balance |  |  | Recorded Investment |  |  | Partial Charge-off |  |  | Allowance for Credit Losses Allocated |  |  | Average Investment |  |  | Interest Income Recognized |  |  | Average Investment |  |  | Interest Income Recognized |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 70 |  |  | $ | 72 |  |  | $ | — |  |  | $ | — |  |  | $ | 73 |  |  | $ | 1 |  |  | $ | 78 |  |  | $ | 3 |
Commercial loans and leases |  |  | 27,222 |  |  |  | 25,638 |  |  |  | 1,538 |  |  |  | — |  |  |  | 24,544 |  |  |  | 5 |  |  |  | 14,053 |  |  |  | 30 |
|  | $ | 27,292 |  |  | $ | 25,710 |  |  | $ | 1,538 |  |  | $ | — |  |  | $ | 24,617 |  |  | $ | 6 |  |  | $ | 14,131 |  |  | $ | 33 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Year ended |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | December 31, 2022 |
|  | Loan Balance |  |  | Recorded Investment |  |  | Partial Charge-off |  |  | Allowance for Credit Losses Allocated |  |  | Average Investment |  |  | Interest Income Recognized |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 752 |  |  | $ | 752 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,143 |  |  | $ | 29 |
Multi-family mortgage |  |  | 473 |  |  |  | 473 |  |  |  | — |  |  |  | — |  |  |  | 590 |  |  |  | 27 |
Commercial loans and leases |  |  | 1,606 |  |  |  | 1,487 |  |  |  | 49 |  |  |  | — |  |  |  | 445 |  |  |  | 47 |
|  | $ | 2,831 |  |  | $ | 2,712 |  |  | $ | 49 |  |  | $ | — |  |  | $ | 2,178 |  |  | $ | 103 |
Nonaccrual Loans The following tables present the recorded investment in nonaccrual loans and loans 90 days or more past due still on accrual by class of loans:
|  | Nonaccrual |  |  | Loans Past Due Over 90 Days Still Accruing |
September 30, 2023 |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 40 |  |  | $ | — |
Commercial loans and leases |  |  | 23,468 |  |  |  | 6,245 |
|  | $ | 23,508 |  |  | $ | 6,245 |
December 31, 2022 |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 92 |  |  | $ | — |
Commercial loans and leases |  |  | 1,310 |  |  |  | 238 |
Consumer |  |  | 5 |  |  |  | — |
|  | $ | 1,407 |  |  | $ | 238 |
Nonaccrual loans and individually evaluated loans are defined differently. Some loans may be included in both categories, and some loans may only be included in one category. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated and loans individually evaluated. The Company’s reserve for uncollected loan interest was $1.2 million and $38,000 at September 30, 2023 and December 31, 2022, respectively. When a loan is on nonaccrual status and the ultimate collectability of the total principal of a loan is in doubt, all payments are applied to principal under the cost recovery method. Alternatively, when a loan is on nonaccrual status but there is doubt concerning only the ultimate collectability of interest, contractual interest is credited to interest income only when received, under the cash basis method. In all cases, the average balances are calculated based on the month–end balances of the financing receivables within the period reported. Past Due Loans The following tables present the aging of the recorded investment of loans by portfolio segment:
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 89 Days Past Due |  |  | Total Past Due |  |  | Nonaccrual |  |  | Current |  |  | Total |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate loans |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 40 |  |  | $ | 19,191 |  |  | $ | 19,233 |
Multi-family mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  |  | — |  |  |  | 2,091 |  |  |  | — |  |  |  | 2,091 |  |  |  | — |  |  |  | 483,858 |  |  |  | 485,949 |
Junior notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 42,302 |  |  |  | 42,302 |
Nonresidential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,423 |  |  |  | 21,423 |
Non-owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 96,218 |  |  |  | 96,218 |
Commercial loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 187 |  |  |  | 31 |  |  |  | 2,144 |  |  |  | 2,362 |  |  |  | 4,512 |  |  |  | 224,815 |  |  |  | 231,689 |
Equipment finance - Government |  |  | 2,001 |  |  |  | 13,529 |  |  |  | 4,101 |  |  |  | 19,631 |  |  |  | 18,889 |  |  |  | 123,568 |  |  |  | 162,088 |
Equipment finance - Corporate Investment-grade |  |  | — |  |  |  | 213 |  |  |  | — |  |  |  | 213 |  |  |  | 67 |  |  |  | 53,630 |  |  |  | 53,910 |
Consumer |  |  | 4 |  |  |  | 3 |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 1,344 |  |  |  | 1,351 |
|  | $ | 2,192 |  |  | $ | 15,869 |  |  | $ | 6,245 |  |  | $ | 24,306 |  |  | $ | 23,508 |  |  | $ | 1,066,349 |  |  | $ | 1,114,163 |
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 89 Days Past Due |  |  | Total Past Due |  |  | Nonaccrual |  |  | Current |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate loans |  | $ | 411 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 430 |  |  | $ | 92 |  |  | $ | 22,611 |  |  | $ | 23,133 |
Multi-family mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  |  | 31 |  |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | — |  |  |  | 494,957 |  |  |  | 494,988 |
Junior notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 42,406 |  |  |  | 42,406 |
Nonresidential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,617 |  |  |  | 22,617 |
Non-owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 97,088 |  |  |  | 97,088 |
Commercial loans and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,424 |  |  |  | 336 |  |  |  | 111 |  |  |  | 2,871 |  |  |  | 1,310 |  |  |  | 279,272 |  |  |  | 283,453 |
Equipment finance - Government |  |  | 2,034 |  |  |  | 5,106 |  |  |  | — |  |  |  | 7,140 |  |  |  | — |  |  |  | 204,443 |  |  |  | 211,583 |
Equipment finance - Corporate Investment-grade |  |  | — |  |  |  | 81 |  |  |  | 127 |  |  |  | 208 |  |  |  | — |  |  |  | 57,812 |  |  |  | 58,020 |
Consumer |  |  | 12 |  |  |  | 4 |  |  |  | — |  |  |  | 16 |  |  |  | 5 |  |  |  | 1,563 |  |  |  | 1,584 |
|  | $ | 4,912 |  |  | $ | 5,546 |  |  | $ | 238 |  |  | $ | 10,696 |  |  | $ | 1,407 |  |  | $ | 1,222,769 |  |  | $ | 1,234,872 |
At September 30, 2023, the Company had no loan modifications that meet the definition described in ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” for additional reporting. At December 31, 2022, the Company evaluated loan extensions or modifications not qualified under Section 4013 of the CARES Act or under OCC Bulletin 2020-35 in accordance with FASB ASC 340-10 with respect to the classification of the loan as a Troubled Debt Restructuring (“TDR”). Under ASC 340-10, if the Company grants a loan extension or modification to a borrower experiencing financial difficulties for other than an insignificant period of time that includes a below–market interest rate, principal forgiveness, payment forbearance or other concession intended to minimize the economic loss to the Company, the loan extension or loan modification is classified as a TDR. In cases where borrowers are granted new terms that provide for a reduction of either interest or principal then due and payable, management measures any impairment on the restructured loan in the same manner as for impaired loans as noted above. The Company had no TDRs at December 31, 2022. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Risk ratings are updated any time the situation warrants. The Company uses the following definitions for risk ratings: Pass. This category includes loans that are all considered acceptable credits, ranging from investment or near investment grade, to loans made to borrowers who exhibit credit fundamentals that meet or exceed industry standards. Watch. A “Watch List” loan is a loan that requires elevated monitoring because it does not conform to the applicable published loan policy or loan product underwriting standards, evidences intermittent past due payments or because of other matters of possible concern. Special Mention. A “Special Mention” asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Substandard. Loans categorized as “Substandard” continue to accrue interest, but exhibit a well-defined weakness or weaknesses that may jeopardize the liquidation of the debt. The loans continue to accrue interest because they are well secured and collection of principal and interest is expected within a reasonable time. The risk rating guidance published by the Office of the Comptroller of the Currency clarifies that a loan with a well-defined weakness does not have to present a probability of default for the loan to be rated Substandard, and that an individual loan’s loss potential does not have to be distinct for the loan to be rated Substandard. Nonaccrual. An asset classified “Nonaccrual” has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Based on the most recent analysis performed, the risk categories of loans by class of loans are as follows:
|  | Pass |  |  | Watch |  |  | Special Mention |  |  | Substandard |  |  | Substandard Nonaccrual |  |  | Total |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 18,870 |  |  | $ | 41 |  |  | $ | — |  |  | $ | 282 |  |  | $ | 40 |  |  | $ | 19,233 |
Multi-family mortgage |  |  | 523,406 |  |  |  | 3,510 |  |  |  | 1,335 |  |  |  | — |  |  |  | — |  |  |  | 528,251 |
Nonresidential real estate |  |  | 113,354 |  |  |  | 4,287 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 117,641 |
Commercial loans and leases |  |  | 391,602 |  |  |  | 26,932 |  |  |  | — |  |  |  | 5,685 |  |  |  | 23,468 |  |  |  | 447,687 |
Consumer |  |  | 1,340 |  |  |  | 5 |  |  |  | 3 |  |  |  | 3 |  |  |  | — |  |  |  | 1,351 |
|  | $ | 1,048,572 |  |  | $ | 34,775 |  |  | $ | 1,338 |  |  | $ | 5,970 |  |  | $ | 23,508 |  |  | $ | 1,114,163 |
|  | Pass |  |  | Watch |  |  | Special Mention |  |  | Substandard |  |  | Substandard Nonaccrual |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate |  | $ | 22,648 |  |  | $ | 62 |  |  | $ | 4 |  |  | $ | 327 |  |  | $ | 92 |  |  | $ | 23,133 |
Multi-family mortgage |  |  | 534,253 |  |  |  | 3,141 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 537,394 |
Nonresidential real estate |  |  | 116,635 |  |  |  | 3,070 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 119,705 |
Commercial loans and leases |  |  | 523,889 |  |  |  | 22,299 |  |  |  | 1,517 |  |  |  | 4,041 |  |  |  | 1,310 |  |  |  | 553,056 |
Consumer |  |  | 1,559 |  |  |  | 12 |  |  |  | 4 |  |  |  | 4 |  |  |  | 5 |  |  |  | 1,584 |
|  | $ | 1,198,984 |  |  | $ | 28,584 |  |  | $ | 1,525 |  |  | $ | 4,372 |  |  | $ | 1,407 |  |  | $ | 1,234,872 |
|  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving loans |  |  | Total |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk-rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 154 |  |  | $ | — |  |  | $ | 14,799 |  |  | $ | 3,917 |  |  | $ | 18,870 |
Watch |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41 |  |  |  | — |  |  |  | 41 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 134 |  |  |  | 148 |  |  |  | 282 |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 23 |  |  |  | 40 |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 154 |  |  | $ | — |  |  | $ | 14,991 |  |  | $ | 4,088 |  |  | $ | 19,233 |
One-to-four family residential real estate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period recoveries |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44 |  |  | $ | — |  |  | $ | 44 |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44 |  |  | $ | — |  |  | $ | 44 |
Multi-family mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 38,554 |  |  | $ | 211,954 |  |  | $ | 113,728 |  |  | $ | 59,159 |  |  | $ | 22,304 |  |  | $ | 69,481 |  |  | $ | 8,226 |  |  | $ | 523,406 |
Watch |  |  | — |  |  |  | 650 |  |  |  | — |  |  |  | 264 |  |  |  | — |  |  |  | 2,596 |  |  |  | — |  |  |  | 3,510 |
Special mention |  |  | — |  |  |  | 1,335 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,335 |
|  | $ | 38,554 |  |  | $ | 213,939 |  |  | $ | 113,728 |  |  | $ | 59,423 |  |  | $ | 22,304 |  |  | $ | 72,077 |  |  | $ | 8,226 |  |  | $ | 528,251 |
Multi-family mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period recoveries |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |
Nonresidential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 11,692 |  |  | $ | 51,053 |  |  | $ | 20,622 |  |  | $ | 7,900 |  |  | $ | 9,773 |  |  | $ | 12,210 |  |  | $ | 104 |  |  | $ | 113,354 |
Watch |  |  | — |  |  |  | 2,567 |  |  |  | 1,547 |  |  |  | — |  |  |  | — |  |  |  | 173 |  |  |  | — |  |  |  | 4,287 |
|  | $ | 11,692 |  |  | $ | 53,620 |  |  | $ | 22,169 |  |  | $ | 7,900 |  |  | $ | 9,773 |  |  | $ | 12,383 |  |  | $ | 104 |  |  | $ | 117,641 |
Commercial loans and leases : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 41,000 |  |  | $ | 150,387 |  |  | $ | 77,204 |  |  | $ | 46,837 |  |  | $ | 4,618 |  |  | $ | 2,319 |  |  | $ | 69,237 |  |  | $ | 391,602 |
Watch |  |  | 4,101 |  |  |  | 8,114 |  |  |  | 1,006 |  |  |  | 353 |  |  |  | — |  |  |  | — |  |  |  | 13,358 |  |  |  | 26,932 |
Substandard |  |  | — |  |  |  | 2,143 |  |  |  | — |  |  |  | 27 |  |  |  | — |  |  |  | — |  |  |  | 3,515 |  |  |  | 5,685 |
Nonaccrual |  |  | 11 |  |  |  | 22,028 |  |  |  | 540 |  |  |  | 889 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,468 |
|  | $ | 45,112 |  |  | $ | 182,672 |  |  | $ | 78,750 |  |  | $ | 48,106 |  |  | $ | 4,618 |  |  | $ | 2,319 |  |  | $ | 86,110 |  |  | $ | 447,687 |
Commercial loans and leases : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | (20 | ) |  | $ | (1,586 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,606 | )
Current period recoveries |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27 |
|  | $ | (20 | ) |  | $ | (1,586 | ) |  | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,579 | )
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 167 |  |  | $ | 11 |  |  | $ | 146 |  |  | $ | 159 |  |  | $ | 278 |  |  | $ | — |  |  | $ | 579 |  |  | $ | 1,340 |
Watch |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 3 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 3 |
|  | $ | 167 |  |  | $ | 11 |  |  | $ | 146 |  |  | $ | 159 |  |  | $ | 278 |  |  | $ | — |  |  | $ | 590 |  |  | $ | 1,351 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (43 | ) |  | $ | (43 | )
Current period recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (42 | ) |  | $ | (42 | )

X
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X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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