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Loans Receivable and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2025
Loans Receivable and Allowance for Credit Losses [Abstract]  
Loans Receivable and Allowance for Credit Losses Note 7 - Loans Receivable and Allowance for Credit Losses

The following tables present the recorded investment in loans receivable as of March 31, 2025 and December 31, 2024 by segment and class:

March 31, 2025

December 31, 2024

(In Thousands)

Residential one-to-four family

$

232,456 

$

239,870 

Commercial and multi-family (1)

2,131,047 

2,155,929 

Cannabis related (2)

103,579 

103,206 

Construction (1)

113,934 

130,589 

Commercial business (1) (3)

234,048 

242,239 

Business express

87,747 

92,947 

Home equity (4)

66,479 

66,769 

Consumer

2,271 

2,235 

2,971,561 

3,033,784 

Less:

Deferred loan fees, net

(2,467)

(2,736)

Allowance for credit losses

(51,484)

(34,789)

Total Loans, net

$

2,917,610 

$

2,996,259 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


‎

Note 7 – Loans Receivable and Allowance for Credit Losses (Continued)

Allowance for Credit Losses

The Company engages a third-party vendor to assist in the CECL calculation and has established a robust internal governance framework to oversee the quarterly estimation process for the allowance for credit losses (“ACL”). The ACL calculation methodology relies on regression-based discounted cash flow (“DCF”) models that correlate relationships between certain financial metrics and external market and macroeconomic variables. Following are some of the key factors and assumptions that are used in the Company’s CECL calculations:

methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios;

a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment;

a reversion period after the reasonable and supportable forecast period;

estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment;

estimated credit utilization rates based on the Company’s historical experience and future macroeconomic environment; and

incorporation of qualitative factors not captured within the modeled results. The qualitative factors include but are not limited to changes in lending policies, business conditions, changes in the nature and size of the portfolio, portfolio concentrations, and external factors such as competition.

Allowance for credit losses are aggregated for the major loan segments, with similar risk characteristics, summarized below. However, for the purposes of calculating the reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to regulatory call codes, industry type, geographic location, and collateral type.

Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.

Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions.

Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence.

Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loan will not provide an adequate source of repayment of the outstanding loan balance. The Bank has further segregated its commercial business portfolio into commercial business express loans that carry higher risk relative to other commercial business loans. The Bank had originated commercial business express loans to support small business owners coming out of the COVID crisis. The portfolio consists of a large number of loans with majority of the loans carrying a balance of $250,000 or lower.

Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default.

Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.


‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2025, and the related portion of the allowance for credit losses that is allocated to each loan class, as of March 31, 2025 (in thousands):

Residential

Commercial & Multi-family (1)

Cannabis
‎ Related (2)

Construction (1)

Commercial
‎ Business (1) (3)

Business Express

Home
‎ Equity (4)

Consumer

Total

Allowance for credit losses:

Beginning Balance, January 1, 2025

$

1,947 

$

10,451 

$

1,613 

$

1,902 

$

10,497 

$

7,769 

$

594 

$

16 

$

34,789 

Charge-offs:

-

(255)

-

-

(18)

(3,925)

-

-

(4,198)

Recoveries:

25 

-

-

-

2 

21 

-

-

48 

Provision (benefit):

(182)

(120)

13,223 

(358)

1,282 

7,017 

(15)

(2)

20,845 

Ending Balance, March 31, 2025

$

1,790 

$

10,076 

$

14,836 

$

1,544 

$

11,763 

$

10,882 

$

579 

$

14 

$

51,484 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

1,161 

$

13,714 

$

-

$

6,758 

$

5,718 

$

-

$

-

$

27,351 

Collectively evaluated

1,790 

8,915 

1,122 

1,544 

5,005 

5,164 

579 

14 

24,133 

Ending Balance, March 31, 2025

$

1,790 

$

10,076 

$

14,836 

$

1,544 

$

11,763 

$

10,882 

$

579 

$

14 

$

51,484 

Loans Receivables:

Individually evaluated

$

472 

$

69,107 

$

34,194 

$

586 

$

11,789 

$

5,718 

$

651 

$

-

$

122,517 

Collectively evaluated

231,984 

2,061,940 

69,385 

113,348 

222,259 

82,029 

65,828 

2,271 

2,849,044 

Total Gross Loans:

$

232,456 

$

2,131,047 

$

103,579 

$

113,934 

$

234,048 

$

87,747 

$

66,479 

$

2,271 

$

2,971,561 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2024, and the related portion of the allowance for credit losses that is allocated to each loan class, as of March 31, 2024 (in thousands): 

Residential

Commercial & Multi-family (1)

Cannabis
‎ Related (2)

Construction (1)

Commercial
‎ Business (1) (3)

Business Express

Home
‎ Equity (4)

Consumer

Total

Allowance for credit losses:

Beginning Balance, January 1, 2024

$

2,344 

$

15,343 

$

2,344 

$

3,758 

$

4,508 

$

4,542 

$

691 

$

78 

$

33,608 

Charge-offs:

-

-

-

-

(29)

(1,122)

-

-

(1,151)

Recoveries:

11 

-

-

-

3 

4 

-

-

18 

Provision (benefit):

(192)

(1,331)

(439)

(616)

2,699 

1,606 

(41)

402 

2,088 

Ending Balance, March 31, 2024

$

2,163 

$

14,012 

$

1,905 

$

3,142 

$

7,181 

$

5,030 

$

650 

$

480 

$

34,563 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

956 

$

250 

$

203 

$

3,041 

$

657 

$

-

$

409 

$

5,516 

Collectively evaluated

2,163 

13,056 

1,655 

2,939 

4,140 

4,373 

650 

71 

29,047 

Ending Balance, March 31, 2024

$

2,163 

$

14,012 

$

1,905 

$

3,142 

$

7,181 

$

5,030 

$

650 

$

480 

$

34,563 

Loans Receivables:

Individually evaluated

$

173 

$

50,752 

$

4,111 

$

3,802 

$

6,024 

$

657 

$

212 

$

-

$

65,731 

Collectively evaluated

244,589 

2,248,090 

103,645 

173,596 

260,789 

100,552 

65,306 

2,847 

3,199,414 

Total Gross Loans:

$

244,762 

$

2,298,842 

$

107,756 

$

177,398 

$

266,813 

$

101,209 

$

65,518 

$

2,847 

$

3,265,145 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2023, and the related portion of the allowance for credit losses that is allocated to each loan class, as of March 31, 2023 (in thousands): 

Residential

Commercial & Multi-family (1)

Cannabis Related (2)

Construction (1)

Commercial
‎ Business (1) (3)

Business Express

Home
‎ Equity (4)

Consumer

Unallocated

Total

Allowance for credit losses:

Ending Balance December 31, 2022

$

2,474 

$

21,381 

$

402 

$

2,073 

$

4,482 

$

872 

$

485 

$

24 

$

180 

$

32,373 

Effect of adopting ASU No. 2016-13 ("CECL")

144 

(6,953)

(145)

1,369 

1,727 

(316)

182 

7 

(180)

(4,165)

Beginning Balance, January 1, 2023

$

2,618 

$

14,428 

$

257 

$

3,442 

$

6,209 

$

556 

$

667 

$

31 

$

-

$

28,208 

Charge-offs:

-

-

-

-

(1)

-

-

-

-

(1)

Recovery:

12 

-

-

-

25 

-

16 

-

-

53 

Provisions (benefit):

(269)

207 

303 

289 

(870)

962 

(3)

3 

-

622 

Ending Balance March 31, 2023

$

2,361 

$

14,635 

$

560 

$

3,731 

$

5,363 

$

1,518 

$

680 

$

34 

$

-

$

28,882 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

-

$

-

$

605 

$

1,942 

$

39 

$

-

$

-

$

-

$

2,586 

Collectively evaluated

2,361 

14,635 

560 

3,126 

3,421 

1,479 

680 

34 

-

26,296 

Ending Balance March 31, 2023

$

2,361 

$

14,635 

$

560 

$

3,731 

$

5,363 

$

1,518 

$

680 

$

34 

$

-

$

28,882 

Loans Receivables:

Individually evaluated

$

358 

$

10,114 

$

75,402 

$

3,217 

$

3,644 

$

39 

$

212 

$

-

$

-

$

92,986 

Collectively evaluated

246,325 

2,388,346 

-

154,626 

236,129 

85,566 

58,610 

3,383 

-

3,172,985 

Total Gross Loans:

$

246,683 

$

2,398,460 

$

75,402 

$

157,843 

$

239,773 

$

85,605 

$

58,822 

$

3,383 

$

-

$

3,265,971 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table sets forth the activity in the allowance for credit losses and amount recorded in loans receivable at and for the year ended December 31, 2024. The table also details the amount of total loans receivable that are evaluated individually and collectively, and the related portion of the allowance for credit losses that is allocated to each loan class (in thousands):

Residential

Commercial & Multi-family (1)

Cannabis
‎ Related (2)

Construction (1)

Commercial
‎Business (1) (3)

Business Express

Home
‎ Equity (4)

Consumer

Total

Allowance for credit losses:

Beginning Balance, January 1, 2024

$

2,344 

$

15,343 

$

2,344 

$

3,758 

$

4,508 

$

4,542 

$

691 

$

78 

$

33,608 

Charge-offs:

-

(531)

-

-

(1,799)

(8,038)

-

(467)

(10,835)

Recoveries:

48 

-

-

-

371 

27 

-

-

446 

Provision (benefit):

(445)

(4,361)

(731)

(1,856)

7,417 

11,238 

(97)

405 

11,570 

Ending Balance, December 31, 2024

$

1,947 

$

10,451 

$

1,613 

$

1,902 

$

10,497 

$

7,769 

$

594 

$

16 

$

34,789 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

1,473 

$

-

$

-

$

4,725 

$

5,619 

$

-

$

-

$

11,817 

Collectively evaluated

1,947 

8,978 

1,613 

1,902 

5,772 

2,150 

594 

16 

22,972 

Ending Balance, December 31, 2024

$

1,947 

$

10,451 

$

1,613 

$

1,902 

$

10,497 

$

7,769 

$

594 

$

16 

$

34,789 

Loans Receivables:

Individually evaluated

$

853 

$

64,735 

$

-

$

586 

$

11,163 

$

5,619 

$

443 

$

-

$

83,399 

Collectively evaluated

239,017 

2,091,194 

103,206 

130,003 

231,076 

87,328 

66,326 

2,235 

2,950,385 

Total Gross Loans:

$

239,870 

$

2,155,929 

$

103,206 

$

130,589 

$

242,239 

$

92,947 

$

66,769 

$

2,235 

$

3,033,784 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following tables presents the activity in the allowance for credit losses on off-balance sheet exposures for the three months ended March 31, 2025, 2024, and 2023.

Three Months Ended March 31,

2025

2024

2023

(In thousands)

(In thousands)

(In thousands)

Allowance for Credit Losses:

Beginning balance at January 1

$

813

$

694

$

-

Impact of adopting ASU 2013-13 ("CECL") effective January 1, 2023

-

-

1,266

Provision (benefit) for credit losses

(110)

65

(577)

Ending balance at March 31

$

703

$

759

$

689

The following table sets forth the delinquency status of total loans receivable as of March 31, 2025:

Loans Receivable

Greater Than

>90 Days

30-59 Days

60-90 Days

90 Days

Total Past

Total Loans

Past Due

Past Due

Past Due

Past Due

Due

Current

Receivable

and Accruing

(In Thousands)

Residential one-to-four family

$

3,168 

$

-

$

302 

$

3,470 

$

228,986 

$

232,456 

$

-

Commercial and multi-family (1)

20,644 

588 

31,526 

52,758 

2,078,289 

2,131,047 

-

Cannabis related (2)

4,845 

-

-

4,845 

98,734 

103,579 

Construction (1)

1,828 

-

586 

2,414 

111,520 

113,934 

-

Commercial business (1) (3)

8,904 

288 

3,747 

12,939 

221,109 

234,048 

-

Business express

8,560 

1,492 

-

10,052 

77,695 

87,747 

-

Home equity (4)

877 

-

248 

1,125 

65,354 

66,479 

-

Consumer

-

-

-

-

2,271 

2,271 

-

Total

$

48,826 

$

2,368 

$

36,409 

$

87,603 

$

2,883,958 

$

2,971,561 

$

-

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2024:

Loans Receivable

Greater Than

>90 Days

30-59 Days

60-90 Days

90 Days

Total Past

Total Loans

Past Due

Past Due

Past Due

Past Due

Due

Current

Receivable

and Accruing

(In Thousands)

Residential one-to-four family

$

3,229 

$

-

$

302 

$

3,531 

$

236,339 

$

239,870 

$

-

Commercial and multi-family (1)

8,279 

2,673 

30,903 

41,855 

2,114,074 

2,155,929 

6,049 

Cannabis related (2)

-

-

-

-

103,206 

103,206 

Construction (1)

-

1,829 

586 

2,415 

128,174 

130,589 

-

Commercial business (1) (3)

9,125 

580 

3,795 

13,500 

228,739 

242,239 

-

Business express

6,714 

3,452 

3,141 

13,307 

79,640 

92,947 

1,677 

Home equity (4)

1,846 

18 

231 

2,095 

64,674 

66,769 

-

Consumer

-

-

-

-

2,235 

2,235 

-

Total

$

29,193 

$

8,552 

$

38,958 

$

76,703 

$

2,957,081 

$

3,033,784 

$

7,726 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

Modifications

The following tables present the amortized cost basis at March 31, 2025 and 2024 of loans modified to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2025 and 2024 by loan category and type of concession granted.

For the three Months Ended March 31, 2025

(In Thousands)

Number

Payment Delay

Term Extension

Total Principal

% of Total Class of Financing Receivable

Commercial business

3 

$

-

$

1,006

$

1,006 

0.41 

%

Business express

65 

-

15,563

15,563 

17.74 

Total loans

68 

$

-

$

16,569

$

16,569 

For the three Months Ended March 31, 2024

(In Thousands)

Number

Payment Delay

Term Extension

Total Principal

% of Total Class of Financing Receivable

Residential one-to-four family

1 

$

-

$

180 

$

180 

0.07 

%

Total loans

1 

-

180 

180 

The following tables present loan modifications made during the three months ended March 31, 2025 and 2024 by payment status.

For the three Months Ended March 31, 2025

(In Thousands)

Current

30-59 Days Past Due

60-90 Days Past Due

Greater than 90 Days Past Due & Still Accruing

Non-accrual

Total

Commercial business

$

1,006 

$

-

$

-

$

-

$

-

$

1,006 

Business express

14,905 

-

-

-

658 

15,563 

$

15,911 

$

-

$

-

-

$

658 

$

16,569 

For the three Months Ended March 31, 2024

(In Thousands)

Current

30-59 Days Past Due

60-90 Days Past Due

Greater than 90 Days Past Due & Still Accruing

Non-accrual

Total

Residential one-to-four family

$

180 

$

-

$

-

$

-

$

-

$

180 

$

180 

$

-

$

-

-

$

-

$

180 

The Company monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts.

For modified loans, a subsequent payment default occurs after management evaluates a borrower’s financial condition subsequent to modification and upon evaluating facts and circumstances determines the borrower is not adhering to the terms of the modification but no later than when a principal or interest payment is 90 days past due or the loan has been classified into non-accrual status during the reporting period.

Of the loans modified during the preceding twelve months, there were five Business express loans with a combined balance of $1.2 million that subsequently defaulted and were charged-off in full.

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The tables below set forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at March 31, 2025 and December 31, 2024, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful.

As of March 31, 2025 and December 31, 2024, non-accrual loans differed from the amount of total loans past due 90 days due to loans that were previously 90 days past due both of which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan.

As of March 31, 2025

(in Thousands)

Non-accrual loans with an Allowance for Credit Losses

Non-accrual loans without an Allowance for Credit Losses

Total Non-accrual loans

Amortized Cost of Loans Past due 90 and Still Accruing

Residential one-to-four family

$

-

$

1,138 

$

1,138 

$

-

Commercial and multi-family (1)

4,047 

51,055 

55,102 

-

Cannabis related (2)

34,194 

-

34,194 

-

Construction (1)

-

586 

586 

-

Commercial business (1) (3)

4,991 

2,725 

7,716 

-

Business express loans

658 

-

658 

-

Home equity (4)

-

439 

439 

-

Consumer

-

-

-

-

Total

$

43,890 

$

55,943 

$

99,833 

$

-

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

As of December 31, 2024

(in Thousands)

Non-accrual loans with an Allowance for Credit Losses

Non-accrual loans without an Allowance for Credit Losses

Total Non-accrual loans

Amortized Cost of Loans Past due 90 and Still Accruing

Residential one-to-four family

$

534 

$

853 

$

1,387 

$

-

Commercial and multi-family (1)

4,823 

28,151 

32,974 

6,049 

Cannabis related (2)

-

-

-

-

Construction (1)

-

586 

586 

-

Commercial business (1) (3)

5,208 

2,425 

7,633 

-

Business express loans

1,706 

191 

1,897 

1,677 

Home equity (4)

-

231 

231 

-

Total

$

12,271 

$

32,437 

$

44,708 

$

7,726 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the three months ended March 31, 2025, 2024, and 2023 would have been $1.9 million, $710,000 and $431,000, respectively. Interest income recognized on loans returned to accrual was $323,000, 123,000 and $681,000, for the three months ended March 31, 2025, 2024, and 2023, respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on non-accrual status. There were no loans that were more than ninety days past due and still accruing at March 31, 2025. There were $7.7 million in loans more than ninety days past due and still accruing interest at December 31, 2024.

Criticized and Classified Assets

Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.”

The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below:

6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency.

7 – Substandard- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “non-accrual” status. The loan needs special and corrective attention.

8 – Doubtful- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status.

9 – Loss- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery.


‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at March 31, 2025 and gross charge-offs for the three months ended March 31, 2025.

Loans by Year of Origination at March 31, 2025

2025

2024

2023

2022

2021

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

360 

$

12,026 

$

16,249 

$

46,973 

$

36,408 

$

119,133 

$

-

$

-

$

231,149 

Special Mention

-

-

-

-

-

169 

-

-

169 

Substandard

-

-

-

296 

170 

672 

-

-

1,138 

Total one-to-four family

$

360 

$

12,026 

$

16,249 

$

47,269 

$

36,578 

$

119,974 

$

-

$

-

$

232,456 

Commercial and multi-family (1)

Pass

$

1,999 

$

8,228 

$

165,488 

$

554,334 

$

146,654 

$

816,379 

$

3,010 

$

-

$

1,696,092 

Special Mention

-

-

16,930 

142,742 

29,480 

66,360 

-

-

255,512 

Substandard

-

-

10,071 

49,319 

23,227 

96,686 

140 

-

179,443 

Total Commercial and multi-family

$

1,999 

$

8,228 

$

192,489 

$

746,395 

$

199,361 

$

979,425 

$

3,150 

$

-

$

2,131,047 

Cannabis related (2)

Pass

$

-

$

-

$

19,281 

$

26,429 

$

2,117 

$

8,150 

$

7,563 

$

-

$

63,540 

Special Mention

-

-

-

-

4,845 

-

1,000 

-

5,845 

Substandard

-

-

9,719 

24,475 

-

-

-

-

34,194 

Total Cannabis related

$

-

$

-

$

29,000 

$

50,904 

$

6,962 

$

8,150 

$

8,563 

$

-

$

103,579 

Construction (1)

Pass

$

-

$

1,486 

$

34,811 

$

35,570 

$

5,500 

$

-

$

5,024 

$

-

$

82,391 

Special Mention

-

-

1,653 

3,792 

10,257 

-

-

-

15,702 

Substandard

-

-

-

259 

14,996 

586 

-

-

15,841 

Total Construction

$

-

$

1,486 

$

36,464 

$

39,621 

$

30,753 

$

586 

$

5,024 

$

-

$

113,934 

Commercial business (1) (3)

Pass

$

-

$

7,724 

$

2,021 

$

5,126 

$

2,178 

$

30,783 

$

143,274 

$

-

$

191,106 

Special Mention

-

-

-

-

150 

4,254 

23,588 

-

27,992 

Substandard

-

-

-

-

417 

5,569 

8,964 

-

14,950 

Total Commercial business

$

-

$

7,724 

$

2,021 

$

5,126 

$

2,745 

$

40,606 

$

175,826 

$

-

$

234,048 

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

7,504 

$

70,984 

$

78,488 

Special Mention

-

-

-

-

-

-

1,054 

2,488 

3,542 

Substandard

-

-

-

-

-

-

1,669 

4,048 

5,717 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

10,227 

$

77,520 

$

87,747 

Home equity (4)

Pass

$

-

$

256 

$

3,709 

$

1,343 

$

487 

$

5,872 

$

51,961 

$

2,146 

$

65,774 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

53 

-

99 

403 

150 

705 

Total Home equity

$

-

$

256 

$

3,709 

$

1,396 

$

487 

$

5,971 

$

52,364 

$

2,296 

$

66,479 

Consumer

Pass

$

311 

$

377 

$

1,112 

$

369 

$

5 

$

91 

$

6 

$

-

$

2,271 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

311 

$

377 

$

1,112 

$

369 

$

5 

$

91 

$

6 

$

-

$

2,271 

Total Loans

$

2,670 

$

30,097 

$

281,044 

$

891,080 

$

276,891 

$

1,154,803 

$

255,160 

$

79,816 

$

2,971,561 

Gross charge-offs

$

-

$

-

$

-

$

-

$

255 

$

1,042 

$

2,165 

$

736 

$

4,198 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


‎

Note 7 - Loans Receivable and Allowance for Credit Losses (Continued)

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating and gross charge-offs for the year ended December 31, 2024.

Loans by Year of Origination at December 31, 2024

2024

2023

2022

2021

2020

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

12,059 

$

16,586 

$

47,544 

$

37,639 

$

28,550 

$

92,376 

$

-

$

-

$

234,754 

Special Mention

-

-

3,555 

-

-

174 

-

-

3,729 

Substandard

-

-

301 

173 

-

913 

-

-

1,387 

Total one-to-four family

$

12,059 

$

16,586 

$

51,400 

$

37,812 

$

28,550 

$

93,463 

$

-

$

-

$

239,870 

Commercial and multi-family (1)

Pass

$

9,105 

$

183,547 

$

604,868 

$

154,968 

$

158,029 

$

709,239 

$

2,610 

$

-

$

1,822,366 

Special Mention

-

-

108,076 

37,600 

9,232 

47,756 

140 

-

202,804 

Substandard

-

10,115 

33,958 

13,027 

11,782 

61,877 

-

-

130,759 

Total Commercial and multi-family

$

9,105 

$

193,662 

$

746,902 

$

205,595 

$

179,043 

$

818,872 

$

2,750 

$

-

$

2,155,929 

Cannabis related (2)

Pass

$

-

$

19,384 

$

26,626 

$

2,129 

$

8,213 

$

-

$

6,863 

$

-

$

63,215 

Special Mention

-

9,761 

24,636 

4,844 

-

-

750 

-

39,991 

Substandard

-

-

-

-

-

-

-

-

-

Total Cannabis related

$

-

$

29,145 

$

51,262 

$

6,973 

$

8,213 

$

-

$

7,613 

$

-

$

103,206 

Construction (1)

Pass

$

4 

$

34,906 

$

37,624 

$

-

$

-

$

-

$

5,824 

$

-

$

78,358 

Special Mention

-

1,521 

3,792 

42,330 

3,745 

-

-

-

51,388 

Substandard

-

257 

-

-

586 

-

-

-

843 

Total Construction

$

4 

$

36,684 

$

41,416 

$

42,330 

$

4,331 

$

-

$

5,824 

$

-

$

130,589 

Commercial business (1) (3)

Pass

$

-

$

2,477 

$

266 

$

475 

$

3,711 

$

28,902 

$

156,581 

$

663 

$

193,075 

Special Mention

-

8,874 

-

1,878 

194 

4,835 

19,548 

409 

35,738 

Substandard

-

-

-

-

-

5,884 

7,542 

-

13,426 

Total Commercial business

$

-

$

11,351 

$

266 

$

2,353 

$

3,905 

$

39,621 

$

183,671 

$

1,072 

$

242,239 

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

23,739 

$

59,189 

$

82,928 

Special Mention

-

-

-

-

-

-

1,506 

2,894 

4,400 

Substandard

-

-

-

-

-

-

3,082 

2,537 

5,619 

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

28,327 

$

64,620 

$

92,947 

Home equity (4)

Pass

$

300 

$

3,767 

$

1,369 

$

501 

$

549 

$

5,754 

$

51,829 

$

2,186 

$

66,255 

Special Mention

-

-

-

-

-

18 

-

-

18 

Substandard

-

-

53 

-

81 

-

-

362 

496 

Total Home equity

$

300 

$

3,767 

$

1,422 

$

501 

$

630 

$

5,772 

$

51,829 

$

2,548 

$

66,769 

Consumer

Pass

$

623 

$

1,117 

$

389 

$

5 

$

95 

$

-

$

6 

$

-

$

2,235 

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

623 

$

1,117 

$

389 

$

5 

$

95 

$

-

$

6 

$

-

$

2,235 

Total Loans

$

22,091 

$

292,312 

$

893,057 

$

295,569 

$

224,767 

$

957,728 

$

280,020 

$

68,240 

$

3,033,784 

Gross charge-offs

$

446 

$

20 

$

-

$

174 

$

-

$

1,133 

$

8,381 

$

681 

$

10,835 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.