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Loans Receivable and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2025
Loans Receivable and Allowance for Credit Losses [Abstract]  
Recorded Investment in Loans Receivable The following table presents the recorded investment in loans receivable at December 31, 2025 and December 31, 2024 by segment and class:

 

December 31, 2025

December 31, 2024

(In Thousands)

Loans:

Residential one-to-four family

$

226,708 

$

239,870 

Commercial and multi-family (1)

2,040,768 

2,155,929 

Cannabis related (2)

69,293 

103,206 

Construction (1)

68,521 

130,589 

Commercial business (1) (3)

168,459 

242,239 

Business express

74,862 

92,947 

Home equity (4)

74,332 

66,769 

Consumer

3,580 

2,235 

Total Loans

2,726,523 

3,033,784 

Less:

Deferred loan fees, net

(1,741)

(2,736)

Allowance for credit losses

(33,691)

(34,789)

(35,432)

(37,525)

Total Loans, net

$

2,691,091 

$

2,996,259 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.
Related Party Loans

Years Ended December 31,

2025

2024

(In Thousands)

Balance - beginning

$

26,505 

$

28,208 

Loans originated

-

-

Changes in related party status

(57)

-

Collections of principal

(551)

(1,703)

Balance - ending

$

25,897 

$

26,505 
Allowance for Credit Losses on loans The following tables set forth the activity in the Bank’s allowance for credit losses and recorded investment in loans receivable at December 31, 2025, December 31, 2024 and December 31, 2023. The table also details the amount of total loans receivable, which are evaluated individually and collectively, for credit losses, 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, 2025

$

1,947 

$

10,451 

$

1,613 

$

1,902 

$

10,497 

$

7,769 

$

594 

$

16 

$

34,789 

Charge-offs

-

(419)

(13,520)

-

(19,457)

(11,328)

-

-

(44,724)

Recoveries

75

-

-

-

7

1,533

-

-

1,615

Provision (benefit)

(246)

2,025

13,384

(1,234)

15,629

12,416

38

(1)

42,011

Ending Balance, December 31, 2025

$

1,776

$

12,057

$

1,477

$

668

$

6,676

$

10,390

$

632

$

15

$

33,691

Ending Balance attributable to loans:

Individually evaluated

$

-

$

2,657

$

-

$

-

$

2,938

$

998

$

-

$

-

$

6,593

Collectively evaluated

1,776

9,400

1,477

668

3,738

9,392

632

15

27,098

Ending Balance, December 31, 2025

$

1,776

$

12,057

$

1,477

$

668

$

6,676

$

10,390

$

632

$

15

$

33,691

Loans Receivable:

Individually evaluated

$

1,392

$

130,581

$

-

$

18,888

$

10,073

$

998

$

294

$

-

$

162,226

Collectively evaluated

225,316

1,910,187

69,293

49,633

158,386

73,864

74,038

3,580

2,564,297

Total Gross Loans, December 31, 2025

$

226,708

$

2,040,768

$

69,293

$

68,521

$

168,459

$

74,862

$

74,332

$

3,580

$

2,726,523

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

The decrease in the allowance for credit losses on loans during the year ended December 31, 2025 was primarily due to a decrease in reserves on individually evaluated loans offset by an increase in reserves on collectively evaluated business express loans.


‎

Note 5- Loans Receivable and Allowance for Credit Losses (continued)

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 Receivable:

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, December 31, 2024

$

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 to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

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:

-

-

-

-

-

(805)

-

-

-

(805)

Recoveries:

45 

-

-

-

29 

11 

16 

-

-

101 

Provision (benefit):

(319)

915

2,087

316

(1,730)

4,780 

8 

47 

-

6,104 

Ending Balance, December 31, 2023

$

2,344 

$

15,343

$

2,344

$

3,758

$

4,508

$

4,542 

$

691 

$

78 

$

-

$

33,608 

Ending Balance attributable to loans:

Individually evaluated

$

-

$

990 

$

1,157

$

310 

$

975

$

797 

$

-

$

-

$

-

$

4,229 

Collectively evaluated

2,344 

14,353

1,187

3,448

3,533

3,745 

691 

78 

-

29,379 

Ending Balance, December 31, 2023

$

2,344 

$

15,343

$

2,344

$

3,758

$

4,508

$

4,542 

$

691 

$

78 

$

-

$

33,608 

Loans Receivable:

Individually evaluated

$

444 

$

40,417

$

5,342

$

2,898

$

3,909

$

797 

$

212 

$

-

$

-

$

54,019 

Collectively evaluated

247,851 

2,299,039

103,619

185,035

255,946

102,131 

66,119 

3,643 

-

3,263,383 

Total Gross Loans, December 31, 2023

$

248,295 

$

2,339,456

$

108,961

$

187,933

$

259,855

$

102,928 

$

66,331 

$

3,643 

$

-

$

3,317,402 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.
Allowance for Credit Losses on Off-Balance Sheet Exposures

Twelve Months Ended December 31,

2025

2024

2023

(in Thousands)

Allowance for Credit Losses:

Beginning Balance

$

813 

$

694 

$

-

Impact of adopting ASU No. 2016-13 ("CECL") effective January 1, 2023

-

-

1,266 

Provision (benefit) for credit losses

17 

119 

(572)

$

830 

$

813

$

694
Non-Accruing Loans

As of December 31, 2025

(in Thousands)

Nonaccrual loans with an Allowance for Credit Losses

Nonaccrual loans without an Allowance for Credit Losses

Total Nonaccrual loans

Amortized Cost of Loans Past Due 90 Days and Still Accruing

Residential one-to-four family

$

-

$

1,554

$

1,554

$

-

Commercial and multi-family (1)

2,500

49,659

52,159

-

Cannabis related (2)

-

-

-

-

Construction (1)

-

4,897

4,897

-

Commercial business (1) (3)

1,660

2,065

3,725

-

Business express

626

-

626

-

Home equity (4)

-

294

294

-

Total

$

4,786

$

58,469

$

63,255

$

-

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.

As of December 31, 2024

(in Thousands)

Nonaccrual loans with an Allowance for Credit Losses

Nonaccrual loans without an Allowance for Credit Losses

Total Nonaccrual loans

Amortized Cost of Loans Past Due 90 Days 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

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 to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.
Delinquency Status of Total Loans

Greater Than

30-59 Days

60-90 Days

90 Days

Total Past

Total Loans

Past Due

Past Due

Past Due

Due

Current

Receivable

(In Thousands)

Residential one-to-four family

$

4,342 

$

279 

$

594 

$

5,215 

$

221,493 

$

226,708 

Commercial and multi-family (1)

17,600 

3,296 

51,979 

72,875 

1,967,893 

2,040,768 

Cannabis related (2)

-

-

-

-

69,293 

69,293 

Construction (1)

-

-

4,897 

4,897 

63,624 

68,521 

Commercial business (1) (3)

8,583 

1,041 

2,975 

12,599 

155,860 

168,459 

Business express

1,961 

-

-

1,961 

72,901 

74,862 

Home equity (4)

1,289 

65 

231 

1,585 

72,747 

74,332 

Consumer

-

-

-

-

3,580 

3,580 

Total

$

33,775 

$

4,681 

$

60,676 

$

99,132 

$

2,627,391 

$

2,726,523 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(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:

Greater Than

30-59 Days

60-90 Days

90 Days

Total Past

Total Loans

Past Due

Past Due

Past Due

Due

Current

Receivable

(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 

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 

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 

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.
Amortized Cost Basis Of Loans Modified

For the Twelve Months Ended December 31, 2025

(In Thousands)

Number

Payment Delay

Term Extension

Rate & Term Reduction

Total Principal

% of Total Class of Financing Receivable

Residential

1 

$

162 

$

-

$

-

$

162 

0.07 

%

Commercial and multi-family

1 

-

25,523 

-

25,523 

1.25 

Commercial business

5 

-

717 

344 

1,061 

0.63 

Business express

97 

-

20,008 

-

20,008 

26.73 

104 

$

162 

$

46,248 

$

344 

$

46,754 

1.71 

For the Twelve Months Ended December 31, 2024

(In Thousands)

Number

Payment Delay

Term Extension

Rate & Term Reduction

Total Principal

% of Total Class of Financing Receivable

Residential

1 

$

173 

$

-

$

-

$

173 

0.07 

%

Commercial and multi-family

1 

-

-

15,036 

15,036 

0.67 

Commercial business

1 

1,294 

-

-

1,294 

0.52 

Business express

276 

-

63,299 

-

63,299 

68.10 

279 

$

1,467 

$

63,299 

$

15,036 

$

79,802 

2.63 
Loans Modifications

For the Twelve Months Ended December 31, 2025

(In Thousands)

Current

30-59 Days Past Due

60-90 Days Past Due

Greater than 90 Days Past Due & Accruing

Nonaccrual

Total

Residential

$

-

$

-

$

-

$

-

$

162

$

162

Commercial and multi-family

25,523

-

-

-

-

25,523

Commercial business

394

244

-

-

667

1,305

Business express

19,138

-

-

-

626

19,764

$

45,055

$

244

$

-

$

-

$

1,455

$

46,754

For the Twelve Months Ended December 31, 2024

(In Thousands)

Current

30-59 Days Past Due

60-90 Days Past Due

Greater than 90 Days Past Due & Accruing

Nonaccrual

Total

Residential

$

-

$

173 

$

-

$

-

$

-

$

173 

Commercial and multi-family

15,036 

-

-

-

-

15,036 

Commercial business

-

-

-

-

1,294 

1,294 

Business express

62,791 

74 

-

-

434 

63,299 

$

77,827 

$

247 

$

-

$

-

$

1,728 

$

79,802 
Loan Portfolio by Pass Rating

Loans by Year of Origination at December 31, 2025

2025

2024

2023

2022

2021

Prior

Revolving Loans

Revolving Loans to Term Loans

Total

Residential one-to-four family

Pass

$

10,255

$

11,887

$

15,164

$

43,691

$

33,586

$

107,069

$

-

$

-

$

221,652

Special Mention

-

-

-

1,802

910

790

-

-

3,502

Substandard

-

-

-

-

445

1,109

-

-

1,554

Total one-to-four family

$

10,255

$

11,887

$

15,164

$

45,493

$

34,941

$

108,968

$

-

$

-

$

226,708

Commercial and multi-family (1)

Pass

$

50,098

$

8,293

$

184,486

$

613,331

$

151,205

$

773,732

$

8,760

$

-

$

1,789,905

Special Mention

-

-

-

28,029

11,307

58,141

-

-

97,477

Substandard

-

-

1,633

68,011

18,795

64,807

140

-

153,386

Total Commercial and multi-family

$

50,098

$

8,293

$

186,119

$

709,371

$

181,307

$

896,680

$

8,900

$

-

$

2,040,768

Cannabis related (2)

Pass

$

-

$

-

$

-

$

8,385

$

2,067

$

7,958

$

8,050

$

-

$

26,460

Special Mention

-

-

18,981

17,552

5,442

-

858

-

42,833

Substandard

-

-

-

-

-

-

-

-

-

Total Cannabis Related

$

-

$

-

$

18,981

$

25,937

$

7,509

$

7,958

$

8,908

$

-

$

69,293

Construction (1)

Pass

$

917

$

2,004

$

15,752

$

19,460

$

4,403

$

-

$

4,803

$

-

$

47,339

Special Mention

-

-

2,294

-

-

-

-

-

2,294

Substandard

-

-

-

15,715

2,587

586

-

-

18,888

Total Construction

$

917

$

2,004

$

18,046

$

35,175

$

6,990

$

586

$

4,803

$

-

$

68,521

Commercial business (1) (3)

Pass

$

-

$

7,388

$

1,995

$

4,829

$

1,039

$

24,455

$

93,029

$

-

$

132,735

Special Mention

-

-

-

-

1,458

2,358

18,153

-

21,969

Substandard

-

-

-

-

-

2,047

11,708

-

13,755

Total Commercial business

$

-

$

7,388

$

1,995

$

4,829

$

2,497

$

28,860

$

122,890

$

-

$

168,459

Business express

Pass

$

-

$

-

$

-

$

-

$

-

$

-

$

$

71,843

$

71,843

Special Mention

-

-

-

-

-

-

2,021

2,021

Substandard

-

-

-

-

-

-

397

601

998

Total Business express

$

-

$

-

$

-

$

-

$

-

$

-

$

397

$

74,465

$

74,862

Home equity (4)

Pass

$

1,796

$

164

$

3,293

$

1,246

$

396

$

4,914

$

57,357

$

4,319

$

73,485

Special Mention

-

-

-

-

-

42

511

-

553

Substandard

-

-

-

-

-

114

30

150

294

Total Home equity

$

1,796

$

164

$

3,293

$

1,246

$

396

$

5,070

$

57,898

$

4,469

$

74,332

Consumer

Pass

$

1,824

$

272

$

1,106

$

290

$

2

$

80

$

6

$

-

$

3,580

Special Mention

-

-

-

-

-

-

-

-

-

Substandard

-

-

-

-

-

-

-

-

-

Total Consumer

$

1,824

$

272

$

1,106

$

290

$

2

$

80

$

6

$

-

$

3,580

Total Loans

$

64,890

$

30,008

$

244,704

$

822,341

$

233,642

$

1,048,202

$

203,802

$

78,934

$

2,726,523

Gross charge-offs

$

-

$

-

$

-

$

12,836

$

282

$

3,848

$

18,166

$

9,592

$

44,724

(1) Excludes Cannabis related loans.

(2) Includes Commercial and multi-family, Construction, and Commercial business loans to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.


‎

Note 5 - Loans Receivable and Allowance for Credit Losses (continued)

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 to borrowers involved in the cannabis industry.

(3) Excludes Business express loans.

(4) Includes Home equity lines of credit.
‎