XML 30 R24.htm IDEA: XBRL DOCUMENT v3.25.1

Loans, Allowance for Credit Losses and Credit Quality (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Schedule of Loans

Loans consisted of the following as of the dates indicated:

		At March 31,								At December 31,
		2025								2024
		Amount				Percent				Amount				Percent
		(Dollars in thousands)
Real estate loans:
One-to-four family residential		$	434,371				36.6	%		$	422,841				36.9	%
Multi-family			371,014				31.3	%			343,970				30.0	%
Commercial			255,066				21.5	%			228,991				20.0	%
Home equity lines of credit and loans			44,032				3.7	%			45,154				4.0	%
Construction			69,684				5.9	%			90,894				7.9	%
Other loans:
Commercial			12,553				1.0	%			13,844				1.2	%
Consumer			209				0.0	%			141				0.0	%
Total loans, gross			1,186,929				100.0	%			1,145,835				100.0	%
Less:
Net deferred loan fees			(578	)							(502	)
Allowance for credit losses			(8,808	)							(8,884	)
Total loans, net		$	1,177,543							$	1,136,449

Schedule of Information Regarding Allowance for Credit Losses on Loans

The following tables set forth information regarding the allowance for credit losses on loans as of and for the three months ended March 31, 2025 and 2024:

		For the three months ended March 31, 2025
		(in thousands)
		Beginning Balance				Charge-offs				Recoveries				(Benefit) provision				Ending Balance(1)
Real estate loans:
One-to-four family residential		$	2,928			$	-			$	-			$	(230	)		$	2,698
Multi-family			2,422				-				-				210				2,632
Commercial			2,260				-				-				272				2,532
Home equity lines of credit and loans			118				-				-				1				119
Construction			1,036				-				-				(328	)			708
Other loans:
Commercial			119				(81	)			-				80				118
Consumer			1				(1	)			-				1				1
Total		$	8,884			$	(82	)		$	-			$	6			$	8,808

		For the three months ended March 31, 2024
		(in thousands)
		Beginning Balance				Charge-offs				Recoveries				(Benefit) provision				Ending Balance(1)
Real estate loans:
One-to-four family residential		$	3,555			$	-			$	-			$	(44	)		$	3,511
Multi-family			1,190				-				-				93				1,283
Commercial			1,636				-				-				36				1,672
Home equity lines of credit and loans			321				-				-				(2	)			319
Construction			1,757				-				-				(76	)			1,681
Other loans:
Commercial			131				-				-				72				203
Consumer			1				-				-				-				1
Total		$	8,591			$	-			$	-				79			$	8,670

(1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $3.8 million and $3.5 million as of March 31, 2025 and December 31, 2024.

Schedule of Information Regarding Past Due Loans

The following tables show the age analysis of past due loans as of the dates indicated:

		30–59 Days				60–89 Days				90 Days or More				Total Past Due				Total Current				Total Loans				90 days or more past due and accruing				Loans on Non-accrual
		(in thousands)
As of March 31, 2025
Real estate loans:
One-to-four family residential		$	623			$	—			$	106			$	729			$	433,642			$	434,371			$	—			$	959
Multi-family			—				—				—				—				371,014				371,014				—				—
Commercial			—				—				—				—				255,066				255,066				—				—
Home equity lines of credit and loans			193				—				12				205				43,827				44,032				—				305
Construction			—				—				—				—				69,684				69,684				—				—
Other loans:
Commercial			—				—				—				—				12,553				12,553				—				—
Consumer			—				—				—				—				209				209				—				—
		$	816			$	—			$	118			$	934			$	1,185,995			$	1,186,929			$	—			$	1,264

		30–59 Days				60–89 Days				90 Days or More				Total Past Due				Total Current				Total Loans				90 days or more past due and accruing				Loans on Non-accrual
		(in thousands)
As of December 31, 2024
Real estate loans:
One-to-four family residential		$	1,260			$	—			$	1,077			$	2,337			$	420,504			$	422,841			$	—			$	1,872
Multi-family			—				—				—				—				343,970				343,970				—				—
Commercial			—				—				—				—				228,991				228,991				—				—
Home equity lines of credit and loans			405				—				85				490				44,664				45,154				—				85
Construction			—				—				—				—				90,894				90,894				—				—
Other loans:
Commercial			—				—				—				—				13,844				13,844				—				—
Consumer			—				—				—				—				141				141				—				—
		$	1,665			$	—			$	1,162			$	2,827			$	1,143,008			$	1,145,835			$	—			$	1,957

Schedule of Information Regarding Nonaccrual Loans

The following tables show information regarding nonaccrual loans as of the dates indicated:

		As of March 31, 2025												Three Months Ended March 31, 2025
		With an Allowance for Credit Losses				Without an Allowance for Credit Losses				Total				Interest Income Recognized
		(in thousands)
Real estate loans:
One-to-four family residential		$	—			$	959			$	959			$	28
Home equity lines of credit and loans			—				305				305				11
Total nonaccrual loans		$	—			$	1,264			$	1,264			$	39

		As of December 31, 2024												Year Ended December 31, 2024
		With an Allowance for Credit Losses				Without an Allowance for Credit Losses				Total				Interest Income Recognized
		(in thousands)
Real estate loans:
One-to-four family residential		$	—			$	1,872			$	1,872			$	53
Home equity lines of credit and loans			—				85				85				1
Total nonaccrual loans		$	—			$	1,957			$	1,957			$	54

Summary of Loans by Risk Rating

The following tables detail the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of March 31, 2025 and December 31, 2024:

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total
		2025				2024				2023				2022				2021				Prior
As of March 31, 2025		(in thousands)
One-to-four family residential
Pass		$	5,059			$	8,874			$	14,022			$	34,310			$	15,014			$	15,380			$	—			$	—			$	92,659
Special Mention			—				—				523				—				371				495				—				—				1,389
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			10,101				29,826				47,074				82,289				67,885				103,148				—				—				340,323
Total		$	15,160			$	38,700			$	61,619			$	116,599			$	83,270			$	119,023			$	—			$	—			$	434,371
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Multi-family
Pass		$	21,403			$	24,918			$	57,090			$	205,573			$	35,081			$	17,246			$	9,703			$	—			$	371,014
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			—				—				—				—				—				—				—				—				—
Total		$	21,403			$	24,918			$	57,090			$	205,573			$	35,081			$	17,246			$	9,703			$	—			$	371,014
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial real estate
Pass		$	12,918			$	28,514			$	38,761			$	98,669			$	25,030			$	46,010			$	5,164			$	—				255,066
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			—				—				—				—				—				—				—				—				—
Total		$	12,918			$	28,514			$	38,761			$	98,669			$	25,030			$	46,010			$	5,164			$	—			$	255,066
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Home equity lines of credit and loans
Pass		$	—			$	198			$	321			$	—			$	—			$	—			$	6,370			$	—			$	6,889
Special Mention			—				—				—				—				—				6				297				—				303
Substandard			—				—				—				—				—				—				99				—				99
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			90				175				375				26				6				67				35,161				841				36,741
Total		$	90			$	373			$	696			$	26			$	6			$	73			$	41,927			$	841			$	44,032
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Construction
Pass		$	3,644			$	34,215			$	13,419			$	11,623			$	1,355			$	2,988			$	—			$	—			$	67,244
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			701				1,291				448				—				—				—				—				—				2,440
Total		$	4,345			$	35,506			$	13,867			$	11,623			$	1,355			$	2,988			$	—			$	—			$	69,684
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

Commercial
Pass		$	—			$	4,501			$	4,401			$	2,453			$	301			$	172			$	725			$	—			$	12,553
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			—				—				—				—				—				—				—				—				—
Total		$	-			$	4,501			$	4,401			$	2,453			$	301			$	172			$	725			$	—			$	12,553
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	16			$	65			$	—			$	81
Consumer
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			78				7				14				27				37				5				41				—				209
Total		$	78			$	7			$	14			$	27			$	37			$	5			$	41			$	—			$	209
Current-period gross charge-offs		$	1			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	1

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans Amortized Cost Basis				Revolving Loans Converted to Term				Total
		2024				2023				2022				2021				2020				Prior
As of December 31, 2024		(in thousands)
One-to-four family residential
Pass		$	8,351			$	12,065			$	34,466			$	15,123			$	3,979			$	11,766			$	—			$	—			$	85,750
Special Mention			—				—				—				—				636				771				—				—				1,407
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			30,905				46,491				84,245				68,818				48,728				56,497				—				—				335,684
Total		$	39,256			$	58,556			$	118,711			$	83,941			$	53,343			$	69,034			$	—			$	—			$	422,841
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Multi-family
Pass		$	24,006			$	55,612			$	201,562			$	35,315			$	8,611			$	8,792			$	10,072			$	—			$	343,970
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			—				—				—				—				—				—				—				—				—
Total		$	24,006			$	55,612			$	201,562			$	35,315			$	8,611			$	8,792			$	10,072			$	—			$	343,970
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial real estate
Pass		$	28,614			$	40,935			$	82,054			$	25,215			$	15,447			$	32,071			$	4,655			$	—			$	228,991
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			—				—				—				—				—				—				—				—				—
Total		$	28,614			$	40,935			$	82,054			$	25,215			$	15,447			$	32,071			$	4,655			$	—			$	228,991
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Home equity lines of credit and loans
Pass		$	199			$	323			$	—			$	—			$	—			$	—			$	8,083			$	—			$	8,605
Special Mention			—				—				—				—				—				10				322				—				332
Substandard			—				—				—				—				—				—				99				—				99
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			176				382				27				7				—				71				34,618				837				36,118
Total		$	375			$	705			$	27			$	7			$	—			$	81			$	43,122			$	837			$	45,154
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Construction
Pass		$	30,986			$	19,398			$	32,483			$	2,493			$	—			$	2,988			$	—			$	—			$	88,348
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			1,116				1,430				—				—				—				—				—				—				2,546
Total		$	32,102			$	20,828			$	32,483			$	2,493			$	—			$	2,988			$	—			$	—			$	90,894
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

Commercial
Pass		$	4,501			$	4,410			$	2,597			$	340			$	—			$	195			$	1,801			$	—			$	13,844
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			—				—				—				—				—				—				—				—				—
Total		$	4,501			$	4,410			$	2,597			$	340			$	—			$	195			$	1,801			$	—			$	13,844
Current-period gross charge-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Consumer
Pass		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Special Mention			—				—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—				—
Loans not formally rated (1)			7				16				29				39				—				6				44				—				141
Total		$	7			$	16			$	29			$	39			$	—			$	6			$	44			$	—			$	141
Current-period gross charge-offs		$	4			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	4

(1) Non-accrual loans that were not formally rated amounted to $51,000 and $526,000 as of March 31, 2025 and December 31, 2024, respectively.

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

+ Details

Name:	us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

Name:	us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

+ Details

Name:	us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ReceivablesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivable on nonaccrual status.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-16

+ Details

Name:	us-gaap_ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration