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Note 3 - Loans Receivable | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 – Loans Receivable Year end loans are summarized below:
(Dollars in thousands) |  |  |  |  |  |  |  |
|  | December 31, 2024 |  |  | December 31, 2023 |
Loans secured by real estate: |  |  |  |  |  |  |  |
Residential real estate |  | $ | 467,293 |  |  | $ | 484,948 |
Home equity |  |  | 49,758 |  |  |  | 46,599 |
Commercial real estate |  |  | 551,674 |  |  |  | 503,202 |
Construction and land development |  |  | 82,874 |  |  |  | 115,227 |
Multifamily |  |  | 212,455 |  |  |  | 219,917 |
Total loans secured by real estate |  |  | 1,364,054 |  |  |  | 1,369,893 |
Commercial business |  |  | 104,246 |  |  |  | 97,386 |
Consumer |  |  | 551 |  |  |  | 610 |
Manufactured homes |  |  | 26,708 |  |  |  | 30,845 |
Government |  |  | 11,024 |  |  |  | 10,021 |
Loans receivable |  |  | 1,506,583 |  |  |  | 1,508,755 |
Add: |  |  |  |  |  |  |  |
Net deferred loan origination costs |  |  | 2,439 |  |  |  | 3,705 |
Loan clearing funds |  |  | (46 | ) |  |  | 135 |
Loans receivable, net of deferred fees and costs |  | $ | 1,508,976 |  |  | $ | 1,512,595 |
The Company's age analysis of past due loans is summarized below:
(Dollars in thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 90 Days Past Due |  |  | Total Past Due and Accruing |  |  | Current |  |  | Accruing Loans |  |  | Non-accrual Loans |  |  | Total Loans Receivable |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 4,423 |  |  | $ | 1,184 |  |  | $ | - |  |  | $ | 5,607 |  |  | $ | 457,021 |  |  | $ | 462,628 |  |  | $ | 4,665 |  |  | $ | 467,293 |
Home equity |  |  | 1,002 |  |  |  | 123 |  |  |  | - |  |  |  | 1,125 |  |  |  | 48,150 |  |  |  | 49,275 |  |  |  | 483 |  |  |  | 49,758 |
Commercial real estate |  |  | 4,556 |  |  |  | 571 |  |  |  | - |  |  |  | 5,127 |  |  |  | 545,267 |  |  |  | 550,394 |  |  |  | 1,280 |  |  |  | 551,674 |
Construction and land development |  |  | 2,039 |  |  |  | - |  |  |  | - |  |  |  | 2,039 |  |  |  | 80,177 |  |  |  | 82,216 |  |  |  | 658 |  |  |  | 82,874 |
Multifamily |  |  | 1,961 |  |  |  | 359 |  |  |  | - |  |  |  | 2,320 |  |  |  | 206,773 |  |  |  | 209,093 |  |  |  | 3,362 |  |  |  | 212,455 |
Commercial business |  |  | 493 |  |  |  | 508 |  |  |  | - |  |  |  | 1,001 |  |  |  | 99,955 |  |  |  | 100,956 |  |  |  | 3,290 |  |  |  | 104,246 |
Consumer |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 546 |  |  |  | 551 |  |  |  | - |  |  |  | 551 |
Manufactured homes |  |  | 428 |  |  |  | 54 |  |  |  | - |  |  |  | 482 |  |  |  | 26,226 |  |  |  | 26,708 |  |  |  | - |  |  |  | 26,708 |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,024 |  |  |  | 11,024 |  |  |  | - |  |  |  | 11,024 |
Total |  | $ | 14,907 |  |  | $ | 2,799 |  |  | $ | - |  |  | $ | 17,706 |  |  | $ | 1,475,139 |  |  | $ | 1,492,845 |  |  | $ | 13,738 |  |  | $ | 1,506,583 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 5,857 |  |  | $ | 4,362 |  |  | $ | 1,131 |  |  | $ | 11,350 |  |  | $ | 471,905 |  |  | $ | 483,255 |  |  | $ | 1,693 |  |  | $ | 484,948 |
Home equity |  |  | 226 |  |  |  | 18 |  |  |  | - |  |  |  | 244 |  |  |  | 45,887 |  |  |  | 46,131 |  |  |  | 468 |  |  |  | 46,599 |
Commercial real estate |  |  | 3,168 |  |  |  | 262 |  |  |  | 712 |  |  |  | 4,142 |  |  |  | 498,227 |  |  |  | 502,369 |  |  |  | 833 |  |  |  | 503,202 |
Construction and land development |  |  | 2,523 |  |  |  | - |  |  |  | - |  |  |  | 2,523 |  |  |  | 112,704 |  |  |  | 115,227 |  |  |  | - |  |  |  | 115,227 |
Multifamily |  |  | 5,333 |  |  |  | - |  |  |  | - |  |  |  | 5,333 |  |  |  | 210,869 |  |  |  | 216,202 |  |  |  | 3,715 |  |  |  | 219,917 |
Commercial business |  |  | 105 |  |  |  | 29 |  |  |  | - |  |  |  | 134 |  |  |  | 94,355 |  |  |  | 94,489 |  |  |  | 2,897 |  |  |  | 97,386 |
Consumer |  |  | 12 |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 596 |  |  |  | 608 |  |  |  | 2 |  |  |  | 610 |
Manufactured homes |  |  | 634 |  |  |  | 379 |  |  |  | - |  |  |  | 1,013 |  |  |  | 29,832 |  |  |  | 30,845 |  |  |  | - |  |  |  | 30,845 |
Government |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,021 |  |  |  | 10,021 |  |  |  | - |  |  |  | 10,021 |
Total |  | $ | 17,858 |  |  | $ | 5,050 |  |  | $ | 1,843 |  |  | $ | 24,751 |  |  | $ | 1,474,396 |  |  | $ | 1,499,147 |  |  | $ | 9,608 |  |  | $ | 1,508,755 |
The following table shows the amortized cost of loans, segregated by portfolio segment, credit quality rating and year of origination as of December 31, 2024, and December 31, 2023 and gross charge-offs for the year ended December 31, 2024 and for the year ended December 31, 2023.
December 31, 2024 |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Revolving |  |  | Revolving Converted to Term |  |  | Total |
Total Loans Receivable |  | $ | 124,670 |  |  | $ | 143,098 |  |  | $ | 291,855 |  |  | $ | 308,352 |  |  | $ | 211,268 |  |  | $ | 324,738 |  |  | $ | 102,602 |  |  | $ | - |  |  | $ | 1,506,583 |
Total current period gross charge-off |  | $ | (64 | ) |  | $ | - |  |  | $ | (1,010 | ) |  | $ | (125 | ) |  | $ | (2 | ) |  | $ | (1,267 | ) |  | $ | - |  |  | $ | - |  |  | $ | (2,468 | )
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 13,118 |  |  | $ | 30,947 |  |  | $ | 90,324 |  |  | $ | 99,390 |  |  | $ | 102,552 |  |  | $ | 119,449 |  |  | $ | 2,468 |  |  | $ | - |  |  | $ | 458,248 |
Special Mention (7) |  |  | - |  |  |  | 371 |  |  |  | 365 |  |  |  | 1,064 |  |  |  | 554 |  |  |  | 1,937 |  |  |  | - |  |  |  | - |  |  |  | 4,291 |
Substandard (8) |  |  | - |  |  |  | 539 |  |  |  | 1,161 |  |  |  | 601 |  |  |  | 510 |  |  |  | 1,943 |  |  |  | - |  |  |  | - |  |  |  | 4,754 |
Total |  | $ | 13,118 |  |  | $ | 31,857 |  |  | $ | 91,850 |  |  | $ | 101,055 |  |  | $ | 103,616 |  |  | $ | 123,329 |  |  | $ | 2,468 |  |  | $ | - |  |  | $ | 467,293 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (28 | ) |  |  | - |  |  |  | - |  |  |  | (28 | )
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 193 |  |  | $ | 68 |  |  | $ | 153 |  |  | $ | 110 |  |  | $ | - |  |  | $ | 3,342 |  |  | $ | 44,943 |  |  | $ | - |  |  | $ | 48,809 |
Special Mention (7) |  |  | - |  |  |  | 132 |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 15 |  |  |  | 309 |  |  |  | - |  |  |  | 459 |
Substandard (8) |  |  | 26 |  |  |  | - |  |  |  | 138 |  |  |  | - |  |  |  | - |  |  |  | 218 |  |  |  | 108 |  |  |  | - |  |  |  | 490 |
Total |  | $ | 219 |  |  | $ | 200 |  |  | $ | 291 |  |  | $ | 110 |  |  | $ | 3 |  |  | $ | 3,575 |  |  | $ | 45,360 |  |  | $ | - |  |  | $ | 49,758 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 49,861 |  |  | $ | 67,290 |  |  | $ | 123,342 |  |  | $ | 96,206 |  |  | $ | 53,864 |  |  | $ | 148,529 |  |  | $ | 2,976 |  |  | $ | - |  |  | $ | 542,068 |
Special Mention (7) |  |  | 974 |  |  |  | - |  |  |  | 1,036 |  |  |  | 2,375 |  |  |  | 668 |  |  |  | 2,930 |  |  |  | 25 |  |  |  | - |  |  |  | 8,008 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 202 |  |  |  | 1,396 |  |  |  | - |  |  |  | - |  |  |  | 1,598 |
Total |  | $ | 50,835 |  |  | $ | 67,290 |  |  | $ | 124,378 |  |  | $ | 98,581 |  |  | $ | 54,734 |  |  | $ | 152,855 |  |  | $ | 3,001 |  |  | $ | - |  |  | $ | 551,674 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Construction and land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 34,599 |  |  | $ | 24,360 |  |  | $ | 3,732 |  |  | $ | 7,867 |  |  | $ | 224 |  |  | $ | 820 |  |  | $ | 5,312 |  |  | $ | - |  |  | $ | 76,914 |
Special Mention (7) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,207 |  |  |  | 2,468 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,675 |
Substandard (8) |  |  | - |  |  |  | 1,018 |  |  |  | - |  |  |  | 1,267 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,285 |
Total |  | $ | 34,599 |  |  | $ | 25,378 |  |  | $ | 3,732 |  |  | $ | 10,341 |  |  | $ | 2,692 |  |  | $ | 820 |  |  | $ | 5,312 |  |  | $ | - |  |  | $ | 82,874 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 6,398 |  |  | $ | 8,923 |  |  | $ | 56,771 |  |  | $ | 74,716 |  |  | $ | 36,075 |  |  | $ | 20,066 |  |  | $ | 627 |  |  | $ | - |  |  | $ | 203,576 |
Special Mention (7) |  |  | - |  |  |  | - |  |  |  | 780 |  |  |  | 3,332 |  |  |  | 1,217 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,329 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | 446 |  |  |  | 1,219 |  |  |  | 1,516 |  |  |  | 369 |  |  |  | - |  |  |  | - |  |  |  | 3,550 |
Total |  | $ | 6,398 |  |  | $ | 8,923 |  |  | $ | 57,997 |  |  | $ | 79,267 |  |  | $ | 38,808 |  |  | $ | 20,435 |  |  | $ | 627 |  |  | $ | - |  |  | $ | 212,455 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (125 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (125 | )
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 14,655 |  |  | $ | 8,123 |  |  | $ | 9,441 |  |  | $ | 6,094 |  |  | $ | 3,653 |  |  | $ | 11,416 |  |  | $ | 44,046 |  |  | $ | - |  |  | $ | 97,428 |
Special Mention (7) |  |  | - |  |  |  | 25 |  |  |  | 978 |  |  |  | 39 |  |  |  | - |  |  |  | 800 |  |  |  | 1,686 |  |  |  | - |  |  |  | 3,528 |
Substandard (8) |  |  | - |  |  |  | 1,139 |  |  |  | 80 |  |  |  | 171 |  |  |  | 177 |  |  |  | 1,621 |  |  |  | 102 |  |  |  | - |  |  |  | 3,290 |
Total |  | $ | 14,655 |  |  | $ | 9,287 |  |  | $ | 10,499 |  |  | $ | 6,304 |  |  | $ | 3,830 |  |  | $ | 13,837 |  |  | $ | 45,834 |  |  | $ | - |  |  | $ | 104,246 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | (1,010 | ) |  |  | - |  |  |  | - |  |  |  | (1,239 | ) |  |  | - |  |  |  | - |  |  |  | (2,249 | )
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 301 |  |  | $ | 163 |  |  | $ | 34 |  |  | $ | 51 |  |  | $ | - |  |  | $ | 2 |  |  | $ | - |  |  | $ | - |  |  | $ | 551 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 301 |  |  | $ | 163 |  |  | $ | 34 |  |  | $ | 51 |  |  | $ | - |  |  | $ | 2 |  |  | $ | - |  |  | $ | - |  |  | $ | 551 |
Current period gross charge-off |  |  | (64 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (66 | )
Manufactured homes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | - |  |  | $ | - |  |  | $ | 1,634 |  |  | $ | 11,360 |  |  | $ | 7,559 |  |  | $ | 6,101 |  |  | $ | - |  |  | $ | - |  |  | $ | 26,654 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | 26 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 54 |
Total |  | $ | - |  |  | $ | - |  |  | $ | 1,634 |  |  | $ | 11,388 |  |  | $ | 7,585 |  |  | $ | 6,101 |  |  | $ | - |  |  | $ | - |  |  | $ | 26,708 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 4,545 |  |  | $ | - |  |  | $ | 1,440 |  |  | $ | 1,255 |  |  | $ | - |  |  | $ | 3,784 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,024 |
Total |  | $ | 4,545 |  |  | $ | - |  |  | $ | 1,440 |  |  | $ | 1,255 |  |  | $ | - |  |  | $ | 3,784 |  |  | $ | - |  |  | $ | - |  |  | $ | 11,024 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
December 31, 2023 |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Revolving |  |  | Revolving Converted to Term |  |  | Total |
Total Loans Receivable |  | $ | 148,105 |  |  | $ | 323,820 |  |  | $ | 321,183 |  |  | $ | 234,861 |  |  | $ | 108,683 |  |  | $ | 274,027 |  |  | $ | 94,893 |  |  | $ | 3,183 |  |  | $ | 1,508,755 |
Total current period gross charge-off |  | $ | (95 | ) |  | $ | (150 | ) |  | $ | - |  |  | $ | (367 | ) |  | $ | (50 | ) |  | $ | (1,882 | ) |  | $ | (27 | ) |  | $ | - |  |  |  | (2,571 | )
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 20,740 |  |  | $ | 97,671 |  |  | $ | 106,778 |  |  | $ | 115,001 |  |  | $ | 23,873 |  |  | $ | 113,987 |  |  | $ | 1,716 |  |  | $ | - |  |  | $ | 479,766 |
Special Mention (7) |  |  | 405 |  |  |  | - |  |  |  | 473 |  |  |  | 173 |  |  |  | 431 |  |  |  | 1,602 |  |  |  | - |  |  |  | - |  |  |  | 3,084 |
Substandard (8) |  |  | - |  |  |  | 786 |  |  |  | 152 |  |  |  | 471 |  |  |  | 217 |  |  |  | 472 |  |  |  | - |  |  |  | - |  |  |  | 2,098 |
Total |  | $ | 21,145 |  |  | $ | 98,457 |  |  | $ | 107,403 |  |  | $ | 115,645 |  |  | $ | 24,521 |  |  | $ | 116,061 |  |  | $ | 1,716 |  |  | $ | - |  |  | $ | 484,948 |
Current period gross charge-off |  |  | - |  |  |  | (40 | ) |  |  | - |  |  |  | (25 | ) |  |  | (39 | ) |  |  | (893 | ) |  |  | - |  |  |  | - |  |  |  | (997 | )
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 110 |  |  | $ | 114 |  |  | $ | 101 |  |  | $ | 14 |  |  | $ | 61 |  |  | $ | 2,051 |  |  | $ | 42,801 |  |  | $ | 700 |  |  | $ | 45,952 |
Special Mention (7) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 31 |  |  |  | 70 |  |  |  | 63 |  |  |  | 168 |
Substandard (8) |  |  | - |  |  |  | 161 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 67 |  |  |  | 251 |  |  |  | - |  |  |  | 479 |
Total |  | $ | 110 |  |  | $ | 275 |  |  | $ | 101 |  |  | $ | 14 |  |  | $ | 65 |  |  | $ | 2,149 |  |  | $ | 43,122 |  |  | $ | 763 |  |  | $ | 46,599 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16 | ) |  |  | (27 | ) |  |  | - |  |  |  | (43 | )
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 52,880 |  |  | $ | 127,607 |  |  | $ | 90,108 |  |  | $ | 55,236 |  |  | $ | 56,255 |  |  | $ | 108,489 |  |  | $ | 2,649 |  |  | $ | - |  |  | $ | 493,224 |
Special Mention (7) |  |  | - |  |  |  | 69 |  |  |  | 2,429 |  |  |  | 1,274 |  |  |  | 1,123 |  |  |  | 2,397 |  |  |  | 142 |  |  |  | - |  |  |  | 7,434 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 230 |  |  |  | - |  |  |  | 2,314 |  |  |  | - |  |  |  | - |  |  |  | 2,544 |
Total |  | $ | 52,880 |  |  | $ | 127,676 |  |  | $ | 92,537 |  |  | $ | 56,740 |  |  | $ | 57,378 |  |  | $ | 113,200 |  |  | $ | 2,791 |  |  | $ | - |  |  | $ | 503,202 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (372 | ) |  |  | - |  |  |  | - |  |  |  | (372 | )
Construction and land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 48,518 |  |  | $ | 24,948 |  |  | $ | 13,411 |  |  | $ | 1,732 |  |  | $ | 4,284 |  |  | $ | 473 |  |  | $ | 12,539 |  |  | $ | 2,420 |  |  | $ | 108,325 |
Special Mention (7) |  |  | 365 |  |  |  | 76 |  |  |  | 4,205 |  |  |  | 2,256 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,902 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 48,883 |  |  | $ | 25,024 |  |  | $ | 17,616 |  |  | $ | 3,988 |  |  | $ | 4,284 |  |  | $ | 473 |  |  | $ | 12,539 |  |  | $ | 2,420 |  |  | $ | 115,227 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Multifamily |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 9,333 |  |  | $ | 53,493 |  |  | $ | 78,122 |  |  | $ | 41,773 |  |  | $ | 13,156 |  |  | $ | 19,609 |  |  | $ | 186 |  |  | $ | - |  |  | $ | 215,672 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | 1,666 |  |  |  | 1,562 |  |  |  | - |  |  |  | 1,017 |  |  |  | - |  |  |  | - |  |  |  | 4,245 |
Total |  | $ | 9,333 |  |  | $ | 53,493 |  |  | $ | 79,788 |  |  | $ | 43,335 |  |  | $ | 13,156 |  |  | $ | 20,626 |  |  | $ | 186 |  |  | $ | - |  |  | $ | 219,917 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 13,110 |  |  | $ | 13,774 |  |  | $ | 9,327 |  |  | $ | 5,705 |  |  | $ | 4,105 |  |  | $ | 12,905 |  |  | $ | 33,954 |  |  | $ | - |  |  | $ | 92,880 |
Special Mention (7) |  |  | 373 |  |  |  | 197 |  |  |  | 58 |  |  |  | - |  |  |  | 129 |  |  |  | 436 |  |  |  | 417 |  |  |  | - |  |  |  | 1,610 |
Substandard (8) |  |  | 43 |  |  |  | 1,094 |  |  |  | 256 |  |  |  | 214 |  |  |  | - |  |  |  | 1,121 |  |  |  | 168 |  |  |  | - |  |  |  | 2,896 |
Total |  | $ | 13,526 |  |  | $ | 15,065 |  |  | $ | 9,641 |  |  | $ | 5,919 |  |  | $ | 4,234 |  |  | $ | 14,462 |  |  | $ | 34,539 |  |  | $ | - |  |  | $ | 97,386 |
Current period gross charge-off |  |  | - |  |  |  | (110 | ) |  |  | - |  |  |  | (342 | ) |  |  | (11 | ) |  |  | (601 | ) |  |  | - |  |  |  | - |  |  |  | (1,064 | )
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 338 |  |  | $ | 73 |  |  | $ | 108 |  |  | $ | 4 |  |  | $ | 14 |  |  | $ | 71 |  |  | $ | - |  |  | $ | - |  |  | $ | 608 |
Substandard (8) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |
Total |  | $ | 338 |  |  | $ | 73 |  |  | $ | 108 |  |  | $ | 6 |  |  | $ | 14 |  |  | $ | 71 |  |  | $ | - |  |  | $ | - |  |  | $ | 610 |
Current period gross charge-off |  |  | (95 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (95 | )
Manufactured homes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | - |  |  | $ | 1,942 |  |  | $ | 12,556 |  |  | $ | 9,214 |  |  | $ | 5,031 |  |  | $ | 2,102 |  |  | $ | - |  |  | $ | - |  |  | $ | 30,845 |
Total |  | $ | - |  |  | $ | 1,942 |  |  | $ | 12,556 |  |  | $ | 9,214 |  |  | $ | 5,031 |  |  | $ | 2,102 |  |  | $ | - |  |  | $ | - |  |  | $ | 30,845 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (1-6) |  | $ | 1,890 |  |  | $ | 1,815 |  |  | $ | 1,433 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,883 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,021 |
Total |  | $ | 1,890 |  |  | $ | 1,815 |  |  | $ | 1,433 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,883 |  |  | $ | - |  |  | $ | - |  |  | $ | 10,021 |
Current period gross charge-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
The Company has established a standard loan grading system to assist management, lenders and review personnel in their analysis and supervision of the loan portfolio. The use and application of these grades by the Company is uniform and conforms to regulatory definitions. The loan grading system is as follows: 1 – Superior Quality Loans in this category are substantially risk free. Loans fully collateralized by a Bank certificate of deposit or Bank deposits with a hold are substantially risk free. 2 – Excellent Quality The borrower generates excellent and consistent cash flow for debt coverage, excellent average credit scores, excellent liquidity and net worth and are reputable operators with over 15 years’ experience. Current and debt to tangible net worth ratios are excellent. Loan to value is substantially below policy and collateral condition is excellent. 3 – Great Quality The borrower generates more than sufficient cash flow to fund debt service and cash flow is improving. Average credit scores are very strong. Operators are reputable with significant years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are very strong. Loan to value is significantly below policy and collateral condition is significantly above average. 4 – Above Average Quality The borrower generates more than sufficient cash flow to fund debt service but cash flow trends may be stable or slightly declining. Average credit scores are strong. The borrower is a reputable operator with many years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are strong. Loan to value is below policy and collateral condition is above average. 5 – Average Quality Borrowers are considered creditworthy and can repay the debt in the normal course of business, however, cash flow trends may be inconsistent or fluctuating. Average credit scores are satisfactory and years of experience is acceptable. Liquidity and net worth are satisfactory. Current and debt to tangible net worth ratios are average. Loan to value is slightly below policy and the collateral condition is slightly above average. 6 – Pass Borrowers are considered credit worthy but financial condition may show signs of weakness due to internal or external factors. Cash flow trends may be declining annually. Average credit scores may be low but remain acceptable. Borrower has limited years of experience. Liquidity, net worth, current and debt to tangible net worth ratios are below average. Loan to value is nearing policy limits and collateral condition is average. 7 – Special Mention A special mention asset has identified weaknesses that deserve Management’s close attention. If left uncorrected, these weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Bank institution to sufficient risk to warrant adverse classification. There is still adequate protection by the current sound worth and paying capacity of the obligor or of the collateral pledged. The Special Mention rating is viewed as transitional and will be monitored closely. Loans in this category may exhibit some of the following risk factors. Cash flow trends may be consistently declining or may be questionable. Debt coverage ratios may be at or near 1:1. Average credit scores may be very weak or the borrower may have minimal years of experience. Liquidity, net worth, current and debt to tangible net worth ratios may be very weak. Loan to value may be at policy limits or may exceed policy limits. Collateral condition may be below average. 8 – Substandard This classification consists of loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Loans are still considered collectible, but due to increased risks and defined weaknesses of the credit, some loss could be incurred in collection if the deficiencies are not corrected. 9 – Doubtful Such loans have been placed on nonaccrual status and may be heavily dependent upon collateral possessing a value that is difficult to determine or based upon some near-term event which lacks clear certainty. These loans have all of the weaknesses of those classified as Substandard; however, based on existing conditions, these weaknesses make full collection of the principal balance highly improbable. 10 – Loss Loans that are considered uncollectible and of such little value that continuing to carry them as assets is not warranted. Loans with risk classifications of pass and special mention were part of the pooled loan ACL analysis. Loans classified as substandard or worse were individually evaluated for impairment and specific reserves were established, if applicable. Risk gradings for loans with balances greater than $1 million are updated every 12 months through analysis during origination, renewals, modifications, or regular annual review. Risk gradings for loans with balances less than $1 million are updated primarily through analysis during origination, renewals, modifications, or periodic review. Risk gradings are also downgraded due to delinquency at month end. In particular, 60 days past due are downgraded to Special Mention, while 90 days past due are further downgraded to Substandard. Modifications to Borrowers Experiencing Financial Difficulty The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination. The starting point to estimate such credit losses is historical loss information. The Company uses a probability of default/loss given default model to determine the allowance for credit losses recorded at origination. Occasionally, the Company subsequently modifies loans for borrowers experiencing financial distress by providing the following forms of relief: principal forgiveness, term extension, payment delay, or interest rate reduction. In some cases, the Company provides multiple types of modifications on one loan. Because the effect of most modifications to borrowers experiencing financial difficulty is already included in the allowance for credit losses, no change to the allowance for credit losses is generally recorded for these modifications. The following table shows the amortized cost of loans at December 31, 2024, that were both experiencing financial difficulty and modified during the year ended December 31, 2024, segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to the amortized cost of each segment of financial receivable is also presented below.
|  | For the twelve months ended December 31, 2024 |
(Dollars in thousands) |  | Payment Delay |  |  | Term Extension |  |  | Interest Rate Reduction |  |  | Combination Term Extension and Interest Rate Reduction |  |  | % of Total Segment Financing Receivables |
Residential Real Estate |  | $ | 528 |  |  | $ | 1,115 |  |  | $ | - |  |  | $ | - |  |  |  | 0.35 | %
Home Equity |  |  | 41 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.01 | %
Total |  | $ | 569 |  |  | $ | 1,115 |  |  | $ | - |  |  | $ | - |  |  |  | 0.11 | %
|  | For the year ended December 31, 2023 |
(Dollars in thousands) |  | Payment Delay |  |  | Term Extension |  |  | Interest Rate Reduction |  |  | Combination Term Extension and Interest Rate Reduction |  |  | % of Total Segment Financing Receivables |
Residential Real Estate |  | $ | - |  |  | $ | 868 |  |  | $ | - |  |  | $ | - |  |  |  | 0.18 | %
Total |  | $ | - |  |  | $ | 868 |  |  | $ | - |  |  | $ | - |  |  |  | 0.06 | %
The financial effects of payment delay modifications and term extension modifications were forbearance average of five months and four months weighted average extension to life of loan, respectively. There were no commitments to lend additional amounts to the borrowers included in the previous tables. The Company closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The performance of such modified loans is presented below.
|  | For the year ended December 31, 2024 |
(Dollars in thousands) |  | Current |  |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 90 Days Past Due |
Residential Real Estate |  | $ | 545 |  |  | $ | 570 |  |  | $ | - |  |  | $ | 528 |
Home Equity |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 41 |
Total |  | $ | 545 |  |  | $ | 570 |  |  | $ | - |  |  | $ | 569 |
|  | For the year ended December 31, 2023 |
(Dollars in thousands) |  | Current |  |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | Greater Than 90 Days Past Due |
Residential Real Estate |  | $ | 868 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Total |  | $ | 868 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Upon the Company’s determination that a modified loan has subsequently been deemed uncollectible, the loan is written off. Therefore, the amortized cost of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. All modified loans are deemed collectible. Foreclosures There were $589 thousand in multifamily loans, $7 thousand in home equity loans and $736 thousand in residential loans in the process of foreclosure as of December 31, 2024. Acquired Loan Purchase Discounts As part of the fair value of loans receivable, there was a net fair value discount for loans acquired of $4.4 million at December 31, 2024, compared to $5.2 million at December 31, 2023. Accretable yield, or income recorded for the twelve months ended December 31, is as follows:
(Dollars in thousands) |  | Total |
2023 |  | $ | 1,078 |
2024 |  |  | 799 |
Accretable yield, or income expected to be recorded in the future is as follows:
(Dollars in thousands) |  | Total |
2025 |  | $ | 643 |
2026 |  |  | 474 |
2027 |  |  | 305 |
2028 |  |  | 290 |
2029 |  |  | 253 |
2030 and thereafter |  |  | 2,440 |
Total |  | $ | 4,405 |
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan portfolio utilizing guidance in Accounting Standards Codification (ASC) Topic 326. The determination of the allowance requires significant judgment to estimate credit losses measured on a collective pool basis when similar risk characteristics exist, and for loans evaluated individually. In determining the allowance, the Company estimates expected future losses for the loan’s entire contractual term adjusted for expected payments when appropriate. The allowance estimate considers relevant available information, from internal and external sources relating to the historical loss experience, current conditions, and reasonable and supportable forecasts for the Company’s outstanding loan balances. The allowance is an estimation that reflects management’s evaluation of expected losses related to the Company’s financial assets measured at amortized cost. To ensure that the allowance is maintained at an adequate level, a detailed analysis is performed on a quarterly basis and an appropriate provision is made to adjust the allowance. The Company categorizes the loan portfolio into nine segments based on similar risk characteristics. Loans within each segment are collectively evaluated using the probability of default (“PD”)/loss given default (“LGD”) methodology (PD/LGD). In creating the “current expected credit loss (CECL)” model as required under ASC 326, the Company has established a two-year reasonable and supportable forecast period with a two-year straight line reversion to the long-term historical average. Due to its minimal loss history, the Company elected to use peer data for a more reasonable calculation. The Bancorp's activity in the allowance for credit losses, by loan segment, is summarized below for the year ended December 31, 2024:
(Dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provisions |  |  | Ending Balance |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 3,984 |  |  | $ | (28 | ) |  | $ | 44 |  |  | $ | 481 |  |  | $ | 4,481 |
Home equity |  |  | 698 |  |  |  | - |  |  |  | - |  |  |  | 137 |  |  |  | 835 |
Commercial real estate |  |  | 7,045 |  |  |  | - |  |  |  | 5 |  |  |  | (606 | ) |  |  | 6,444 |
Construction and land development |  |  | 4,206 |  |  |  | - |  |  |  | - |  |  |  | (1,555 | ) |  |  | 2,651 |
Multifamily |  |  | 933 |  |  |  | (125 | ) |  |  | 31 |  |  |  | 164 |  |  |  | 1,003 |
Commercial business |  |  | 1,649 |  |  |  | (2,249 | ) |  |  | 310 |  |  |  | 1,475 |  |  |  | 1,185 |
Consumer |  |  | 7 |  |  |  | (66 | ) |  |  | 22 |  |  |  | 42 |  |  |  | 5 |
Manufactured homes |  |  | 181 |  |  |  | - |  |  |  | - |  |  |  | 71 |  |  |  | 252 |
Government |  |  | 65 |  |  |  | - |  |  |  | - |  |  |  | (10 | ) |  |  | 55 |
Total |  | $ | 18,768 |  |  | $ | (2,468 | ) |  | $ | 412 |  |  | $ | 199 |  |  | $ | 16,911 |
The Bancorp's activity in the allowance for credit losses, by loan segment, is summarized below for the year ended December 31, 2023:
(Dollars in thousands) |  | Beginning Balance |  |  | Charge-offs |  |  | Recoveries |  |  | Provisions |  |  | Ending Balance |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 5,244 |  |  | $ | (997 | ) |  | $ | 149 |  |  | $ | (412 | ) |  | $ | 3,984 |
Home equity |  |  | 538 |  |  |  | (43 | ) |  |  | - |  |  |  | 203 |  |  |  | 698 |
Commercial real estate |  |  | 7,230 |  |  |  | (372 | ) |  |  | 3 |  |  |  | 184 |  |  |  | 7,045 |
Construction and land development |  |  | 2,988 |  |  |  | - |  |  |  | - |  |  |  | 1,218 |  |  |  | 4,206 |
Multifamily |  |  | 1,148 |  |  |  | - |  |  |  | 131 |  |  |  | (346 | ) |  |  | 933 |
Commercial business |  |  | 1,690 |  |  |  | (1,064 | ) |  |  | 265 |  |  |  | 758 |  |  |  | 1,649 |
Consumer |  |  | 79 |  |  |  | (95 | ) |  |  | 15 |  |  |  | 8 |  |  |  | 7 |
Manufactured homes |  |  | 112 |  |  |  | - |  |  |  | - |  |  |  | 69 |  |  |  | 181 |
Government |  |  | 55 |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | 65 |
Total |  | $ | 19,084 |  |  | $ | (2,571 | ) |  | $ | 563 |  |  | $ | 1,692 |  |  | $ | 18,768 |
A collateral dependent loan relies solely on the operation or sale of the collateral for repayment. In evaluating the overall risk associated with the loan, the Company considers character, overall financial condition and resources, and payment record of the borrower; the prospects for support from any financially responsible guarantors; and the nature and degree of protection provided by the cash flow and value of any underlying collateral. However, as other sources of repayment become inadequate over time, the significance of the collateral's value increases and the loan may become collateral dependent. The table below presents the amortized cost basis and allowance for credit losses (“ACL”) allocated for collateral dependent loans in accordance with ASC 326, which are individually evaluated to determine expected credit losses.
(Dollars in thousands) |  | December 31, 2024 |  |  |  |  |
|  | Real Estate |  |  | Equipment/Inventory |  |  | Accounts Receivable |  |  | Vehicles |  |  | Total |  |  | ACL Allocation |
Residential real estate |  | $ | 3,012 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,012 |  |  | $ | 50 |
Home equity |  |  | 219 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 219 |  |  |  | - |
Commercial real estate |  |  | 1,598 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,598 |  |  |  | 43 |
Construction and land development |  |  | 2,285 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,285 |  |  |  | - |
Multifamily |  |  | 3,550 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,550 |  |  |  | - |
Commercial business |  |  | 712 |  |  |  | 1,399 |  |  |  | 1,428 |  |  |  | 144 |  |  |  | 3,683 |  |  |  | 191 |
|  | $ | 11,376 |  |  | $ | 1,399 |  |  | $ | 1,428 |  |  | $ | 144 |  |  | $ | 14,347 |  |  | $ | 284 |
(Dollars in thousands) |  | December 31, 2023 |  |  |  |  |
|  | Real Estate |  |  | Equipment/Inventory |  |  | Accounts Receivable |  |  | Vehicles |  |  | Total |  |  | ACL Allocation |
Residential real estate |  | $ | 30 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 30 |  |  | $ | 30 |
Commercial real estate |  |  | 2,541 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,541 |  |  |  | 53 |
Multifamily |  |  | 4,244 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,244 |  |  |  | 85 |
Commercial business |  |  | - |  |  |  | 1,583 |  |  |  | 1,557 |  |  |  | 192 |  |  |  | 3,332 |  |  |  | 738 |
|  | $ | 6,815 |  |  | $ | 1,583 |  |  | $ | 1,557 |  |  | $ | 192 |  |  | $ | 10,147 |  |  | $ | 906 |
A deferred cost reserve is maintained for the portfolio of manufactured home loans that have been purchased. This reserve is available for use for manufactured home loan nonperformance and costs associated with nonperformance. If the segment performs in line with expectations, the deferred cost reserve is paid as a premium to the third party originator of the loan. The unamortized balance of the deferred cost reserve totaled $3.2 million and $3.5 million as of December 31, 2024, and December 31, 2023, respectively, and is included in net deferred loan origination cost. The following table presents non–accrual loans, and loans past due over 90 days still on accrual by class of loans:
As of December 31, 2024 (Dollars in thousands) |  | Nonaccrual with No Allowance for Credit Loss |  |  | Nonaccrual with Allowance for Credit Loss |  |  | Nonaccrual Loans in Total |  |  | Loans Past Due over 90 Days Still Accruing |
Residential real estate |  | $ | 1,514 |  |  | $ | 3,150 |  |  |  | 4,664 |  |  | $ | - |
Home equity |  |  | 179 |  |  |  | 304 |  |  |  | 483 |  |  |  | - |
Commercial real estate |  |  | 1,078 |  |  |  | 202 |  |  |  | 1,280 |  |  |  | - |
Construction and land development |  |  | 659 |  |  |  | - |  |  |  | 659 |  |  |  | - |
Multifamily |  |  | 3,362 |  |  |  | - |  |  |  | 3,362 |  |  |  | - |
Commercial business |  |  | 3,099 |  |  |  | 191 |  |  |  | 3,290 |  |  |  | - |
Total |  | $ | 9,891 |  |  | $ | 3,847 |  |  | $ | 13,738 |  |  | $ | - |
As of December 31, 2023 (Dollars in thousands) |  | Nonaccrual with No Allowance for Credit Loss |  |  | Nonaccrual with Allowance for Credit Loss |  |  | Nonaccrual Loans in Total |  |  | Loans Past Due over 90 Days Still Accruing |
Residential real estate |  | $ | 442 |  |  | $ | 1,251 |  |  | $ | 1,693 |  |  | $ | 1,131 |
Home equity |  |  | 161 |  |  |  | 307 |  |  |  | 468 |  |  |  | - |
Commercial real estate |  |  | 603 |  |  |  | 230 |  |  |  | 833 |  |  |  | 712 |
Multifamily |  |  | 2,357 |  |  |  | 1,358 |  |  |  | 3,715 |  |  |  | - |
Commercial business |  |  | 1,724 |  |  |  | 1,173 |  |  |  | 2,897 |  |  |  | - |
Consumer |  |  | - |  |  |  | 2 |  |  |  | 2 |  |  |  | - |
Total |  | $ | 5,287 |  |  | $ | 4,321 |  |  | $ | 9,608 |  |  | $ | 1,843 |
Accrued interest receivable on loans totaled $5.5 million as of December 31, 2024 and $5.7 million as of December 31, 2023 and is excluded from the estimate of credit losses. The Company made the accounting policy election to not measure an ACL for accrued interest receivable. Accrued interest deemed uncollectible will be written off through interest income. Liability for Credit Losses on Unfunded Loan Commitments The liability for credit losses inherent in unfunded loan commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the ACL. The following table shows the changes in the liability for credit losses on unfunded loan commitments.
|  | For the year ended |  |  | For the year ended |
(Dollars in thousands) |  | December 31, 2024 |  |  | December 31, 2023 |
Balance, beginning of period |  | $ | 3,441 |  |  | $ | 3,108 |
Provision (Release) |  |  | (702 | ) |  |  | 333 |
Balance, end of period |  | $ | 2,739 |  |  | $ | 3,441 |

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- Definition The entire disclosure for claims held for amounts due to 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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