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Loans Receivable and Allowance for Credit Losses | 6 Months Ended
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Jun. 30, 2024
Loans Receivable and Allowance for Credit Losses |
Loans Receivable and Allowance for Credit Losses |
Note 4. | Loans Receivable and Allowance for Credit Losses
Loans receivable at June 30, 2024, and December 31, 2023 are summarized as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
One-to-Four Family Mortgages | ​ | $ | 334,244 | ​ | $ | 337,056
Home Equity Loans / Lines of Credit | ​ |  | 8,203 | ​ |  | 8,550
Construction Loans | ​ |  | 10,268 | ​ |  | 8,128
Consumer Loans | ​ |  | 1,053 | ​ |  | 913
Commercial Loans | ​ |  | 15,045 | ​ |  | 12,403
​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans Receivable | ​ |  | 368,813 | ​ |  | 367,050
​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for Credit Losses | ​ |  | (1,699) | ​ |  | (2,802)
Net Deferred Loan Costs | ​ |  | 793 | ​ |  | 790
​ | ​ | ​ | ​ | ​ | ​ | ​
Total Loans Receivable, Net | ​ | $ | 367,907 | ​ | $ | 365,038
​ ​ The following tables present an analysis of past-due loans as of June 30, 2024, and December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Loans 90 Days or | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | More Past Due and | ​ | Nonaccrual | ​ | Current | ​ | Total Loans
June 30, 2024 |  | Past Due |  | Past Due |  | Still Accruing |  | Loans |  | Loans |  | Receivable
One-to-Four Family Mortgages | ​ | $ | — | ​ | $ | 1,630 | ​ | $ | 939 | ​ | $ | 118 | ​ | $ | 331,557 | ​ | $ | 334,244
Home Equity Loans / Lines of Credit | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 8,203 | ​ |  | 8,203
Construction Loans | ​ |  | — | ​ |  | 138 | ​ |  | — | ​ |  | — | ​ |  | 10,130 | ​ |  | 10,268
Consumer Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 1,053 | ​ |  | 1,053
Commercial Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 15,045 | ​ |  | 15,045
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | — | ​ | $ | 1,768 | ​ | $ | 939 | ​ | $ | 118 | ​ | $ | 365,988 | ​ | $ | 368,813
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Loans 90 Days or | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30-59 Days | ​ | 60-89 Days | ​ | More Past Due and | ​ | Nonaccrual | ​ | Current | ​ | Total Loans
December 31, 2023 |  | Past Due |  | Past Due |  | Still Accruing |  | Loans |  | Loans |  | Receivable
One-to-Four Family Mortgages | ​ | $ | 2,655 | ​ | $ | 1,524 | ​ | $ | 950 | ​ | $ | 153 | ​ | $ | 331,774 | ​ | $ | 337,056
Home Equity Loans / Lines of Credit | ​ |  | — | ​ |  | 4 | ​ |  | — | ​ |  | — | ​ |  | 8,546 | ​ |  | 8,550
Construction Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 8,128 | ​ |  | 8,128
Consumer Loans | ​ |  | 33 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 880 | ​ |  | 913
Commercial Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 12,403 | ​ |  | 12,403
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 2,688 | ​ | $ | 1,528 | ​ | $ | 950 | ​ | $ | 153 | ​ | $ | 361,731 | ​ | $ | 367,050
​ Credit Quality Indicators The Bank uses the following criteria to assess risk ratings with respect to its loan portfolio, which are consistent with regulatory guidelines: Pass - Loans that comply in all material respects with the Bank’s loan policies that are adequately secured with conforming collateral and that are extended to borrowers with documented ability to safely cover their total debt service requirements. Special Mention - Includes loans that do not warrant adverse classification but do possess credit deficiencies or potential weaknesses that deserve close attention. Substandard - Includes loans that are inadequately protected by the collateral pledged or the current net worth and paying capacity of the borrower. Such loans have one or more weaknesses that jeopardize the liquidation of the debt and expose the Bank to loss if the weaknesses are not corrected. The Bank’s credit quality indicators are reviewed and updated annually. The following table presents the Bank’s recorded investment in loans by credit quality indicator by year of origination as of June 30, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Term Loans by Year of Origination | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | Prior | ​ | Revolving | ​ | Total
One-to-Four Family Mortgages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass |  | $ | 4,997 |  | $ | 15,350 |  | $ | 42,188 |  | $ | 58,209 |  | $ | 48,898 |  | $ | 162,748 |  | $ | — |  | $ | 332,390
Special Mention | ​ |  | — | ​ |  | — | ​ | ​ | 580 | ​ |  | 774 | ​ |  | — | ​ |  | 382 | ​ |  | — | ​ |  | 1,736
Substandard | ​ |  | — | ​ |  | — | ​ |  | 118 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 118
Total One-to-Four Family Mortgages | ​ | $ | 4,997 | ​ | $ | 15,350 | ​ | $ | 42,886 | ​ | $ | 58,983 | ​ | $ | 48,898 | ​ | $ | 163,130 | ​ | $ | — | ​ | $ | 334,244
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Home Equity Loans/Lines of Credit | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Pass | ​ | $ | 38 | ​ | $ | 66 | ​ | $ | 95 | ​ | $ | — | ​ | $ | — | ​ | $ | 490 | ​ | $ | 7,514 | ​ | $ | 8,203
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Home Equity Loans/Lines of Credit | ​ | $ | 38 | ​ | $ | 66 | ​ | $ | 95 | ​ | $ | — | ​ | $ | — | ​ | $ | 490 | ​ | $ | 7,514 | ​ | $ | 8,203
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 3 | ​ | $ | 3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction Loans | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Pass | ​ | $ | 2,150 | ​ | $ | 7,081 | ​ | $ | 184 | ​ | $ | 408 | ​ | $ | 284 | ​ | $ | 161 | ​ | $ | — | ​ | $ | 10,268
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Construction Loans | ​ | $ | 2,150 | ​ | $ | 7,081 | ​ | $ | 184 | ​ | $ | 408 | ​ | $ | 284 | ​ | $ | 161 | ​ | $ | — | ​ | $ | 10,268
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer Loans | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Pass | ​ | $ | 262 | ​ | $ | 305 | ​ | $ | 63 | ​ | $ | 36 | ​ | $ | 42 | ​ | $ | 345 | ​ | $ | — | ​ | $ | 1,053
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Consumer Loans | ​ | $ | 262 | ​ | $ | 305 | ​ | $ | 63 | ​ | $ | 36 | ​ | $ | 42 | ​ | $ | 345 | ​ | $ | — | ​ | $ | 1,053
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial Loans | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Pass | ​ | $ | 4,253 | ​ | $ | 6,656 | ​ | $ | 4,031 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 105 | ​ | $ | 15,045
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Commercial Loans | ​ | $ | 4,253 | ​ | $ | 6,656 | ​ | $ | 4,031 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 105 | ​ | $ | 15,045
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ ​ The following table presents the Bank’s recorded investment in loans by credit quality indicator as of December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Term Loans by Year of Origination | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | Prior | ​ | Revolving | ​ | Total
One-to-Four Family Mortgages | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass |  | $ | 12,000 |  | $ | 42,225 |  | $ | 60,557 |  | $ | 50,786 |  | $ | 28,836 |  | $ | 140,000 |  | $ | — |  | $ | 334,404
Special Mention | ​ |  | — | ​ |  | 1,073 | ​ |  | 779 | ​ |  | — | ​ |  | — | ​ |  | 647 | ​ |  | — | ​ |  | 2,499
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 153 | ​ |  | — | ​ |  | 153
Total One-to-Four Family Mortgages | ​ | $ | 12,000 | ​ | $ | 43,298 | ​ | $ | 61,336 | ​ | $ | 50,786 | ​ | $ | 28,836 | ​ | $ | 140,800 | ​ | $ | — | ​ | $ | 337,056
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Home Equity Loans/Lines of Credit | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Pass | ​ | $ | 20 | ​ | $ | 226 | ​ | $ | — | ​ | $ | — | ​ | $ | 174 | ​ | $ | 369 | ​ | $ | 7,570 | ​ | $ | 8,359
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 191 | ​ |  | 191
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Home Equity Loans/Lines of Credit | ​ | $ | 20 | ​ | $ | 226 | ​ | $ | — | ​ | $ | — | ​ | $ | 174 | ​ | $ | 369 | ​ | $ | 7,761 | ​ | $ | 8,550
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction Loans | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Pass | ​ | $ | 4,987 | ​ | $ | 2,189 | ​ | $ | 414 | ​ | $ | 366 | ​ | $ | — | ​ | $ | 172 | ​ | $ | — | ​ | $ | 8,128
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Construction Loans | ​ | $ | 4,987 | ​ | $ | 2,189 | ​ | $ | 414 | ​ | $ | 366 | ​ | $ | — | ​ | $ | 172 | ​ | $ | — | ​ | $ | 8,128
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer Loans | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Pass | ​ | $ | 386 | ​ | $ | 74 | ​ | $ | 39 | ​ | $ | 52 | ​ | $ | 36 | ​ | $ | 326 | ​ | $ | — | ​ | $ | 913
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Consumer Loans | ​ | $ | 386 | ​ | $ | 74 | ​ | $ | 39 | ​ | $ | 52 | ​ | $ | 36 | ​ | $ | 326 | ​ | $ | — | ​ | $ | 913
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial Loans | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Pass | ​ | $ | 7,568 | ​ | $ | 4,724 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 111 | ​ | $ | — | ​ | $ | 12,403
Special Mention | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Substandard | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total Commercial Loans | ​ | $ | 7,568 | ​ | $ | 4,724 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 111 | ​ | $ | — | ​ | $ | 12,403
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Period Gross Write-Offs | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ ​ Nonaccrual Loans The following table is a summary of the Bank’s nonaccrual loans by major categories at June 30, 2024 and December 31, 2023(in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 |  | December 31, 2023 | ​
​ | ​ | Nonaccrual | ​ | Nonaccrual | ​ | ​ | ​ | Nonaccrual | ​ | Nonaccrual | ​ | Total | ​
​ | ​ | Loans | ​ | Loans | ​ | ​ | ​ | ​ | Loans | ​ | Loans | ​ | ​ | ​ | ​
​ | ​ | with | ​ | with | ​ | Total | ​ | with | ​ | with | ​ | ​ | ​ | ​
​ |  | No |  | an |  | Nonaccrual | ​ | No |  | an |  | Nonaccrual |
​ | ​ | Allowance | ​ | Allowance | ​ | Loans | ​ | Allowance | ​ | Allowance | ​ | Loans | ​
One-to-Four Family Mortgages | ​ | $ | 118 | ​ | $ | — | ​ | $ | 118 | ​ | $ | 153 | ​ | $ | — | ​ | $ | 153 | ​
Home Equity Loans/Lines of Credit | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Construction Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Consumer Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Commercial Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 118 | ​ | $ | — | ​ | $ | 118 | ​ | $ | 153 | ​ | $ | — | ​ | $ | 153 | ​
​ Interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. Payments received while on nonaccrual status are applied to the principal balance of nonaccrual loans. The Bank does not recognize interest income while loans are on nonaccrual status. The following table represents the accrued interest receivables written off by reversing interest income during the three and six months ended June 30, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
​ | ​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
One-to-Four Family Mortgages | ​ | ​ | $ | 4 | ​ | $ | 4 | ​ | $ | 4 | ​ | $ | 4
Home Equity Loans/Lines of Credit | ​ | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Construction Loans | ​ | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Consumer Loans | ​ | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Commercial Loans | ​ | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | $ | 4 | ​ | $ | 4 | ​ | $ | 4 | ​ | $ | 4
​ Collateral-Dependent Loans The Bank designates individually evaluated loans on nonaccrual status as collateral-dependent loans, as well as other loans that management of the Bank designates as having higher risk. Collateral-dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. For collateral-dependent loans, the Bank has adopted the practical expedient to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. The following table presents an analysis of collateral-dependent loans of the Bank as of June 30, 2024 and December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Residential | ​ | ​ | ​ | ​ | Business | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2024 |  | Properties |  | Land |  | Assets |  | Other |  | Total
One-to-Four Family Mortgages | ​ | $ | 118 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 118
Home Equity Loans/Lines of Credit | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Construction Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Consumer Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Commercial Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 118 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 118
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Residential | ​ | ​ | ​ | ​ | Business | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 |  | Properties |  | Land |  | Assets |  | Other |  | Total
One-to-Four Family Mortgages | ​ | $ | 153 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 153
Home Equity Loans/Lines of Credit | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Construction Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Consumer Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Commercial Loans | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 153 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 153
​ Allowance for Credit Losses The decrease in the allowance for credit losses as of June 30, 2024 as compared to December 31, 2023 was driven by various factors, including the evolving economic outlook, values in the local real estate market, low net charge-offs, and refining our peer group selection to better align with peers whose loan portfolios reflect the composition of our own loan portfolio and the current local economic conditions. Adjusting this component of our estimate has resulted in a reduced peer group loss rate and corresponding adjustments to our peer comparisons. This change in accounting estimate will be recognized prospectively. In turn our CECL reserve percentage was decreased resulting in a $1.1 million reversal in our allowance for credit loss. The following table summarizes the activity related to the allowance for credit losses for the three months ended June 30, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | One-to-Four | ​ | Home Equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Family | ​ | Loans / Lines | ​ | Construction | ​ | Consumer | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2024 |  | Mortgages |  | of Credit |  | Loans |  | Loans |  | Loans |  | Unallocated |  | Total
Allowance for Credit Losses |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning Balance | ​ | $ | 2,454 | ​ | $ | 54 | ​ | $ | 32 | ​ | $ | 9 | ​ | $ | 126 | ​ | $ | 24 | ​ | $ | 2,699
Recovery of Credit Loss | ​ |  | (1,181) | ​ |  | 3 | ​ |  | (25) | ​ |  | (9) | ​ |  | 19 | ​ |  | 193 | ​ |  | (1,000)
Loans Charged-Off | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Recoveries Collected | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending Balance | ​ | $ | 1,273 | ​ | $ | 57 | ​ | $ | 7 | ​ | $ | — | ​ | $ | 145 | ​ | $ | 217 | ​ | $ | 1,699
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for Credit Losses |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning Balance, Prior to Adoption of ASC 326 | ​ | $ | 2,738 | ​ | $ | 60 | ​ | $ | 73 | ​ | $ | — | ​ | $ | 2 | ​ | $ | 380 | ​ | $ | 3,253
Recovery of Credit Loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Loans Charged-Off | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Recoveries Collected | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending Balance | ​ | $ | 2,738 | ​ | $ | 60 | ​ | $ | 73 | ​ | $ | — | ​ | $ | 2 | ​ | $ | 380 | ​ | $ | 3,253
​ The following table includes disclosures related to the allowance for loan losses for the six months ended June 30, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | One-to-Four | ​ | Home Equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Family | ​ | Loans / Lines | ​ | Construction | ​ | Consumer | ​ | Commercial | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2024 |  | Mortgages |  | of Credit |  | Loans |  | Loans |  | Loans |  | Unallocated |  | Total
Allowance for Credit Losses |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning Balance | ​ | $ | 2,554 | ​ | $ | 57 | ​ | $ | 32 | ​ | $ | 9 | ​ | $ | 126 | ​ | $ | 24 | ​ | $ | 2,802
Recovery of Credit Loss | ​ |  | (1,281) | ​ |  | 3 | ​ |  | (25) | ​ |  | (9) | ​ |  | 19 | ​ |  | 193 | ​ |  | (1,100)
Loans Charged-Off | ​ |  | — | ​ |  | (3) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (3)
Recoveries Collected | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending Balance | ​ | $ | 1,273 | ​ | $ | 57 | ​ | $ | 7 | ​ | $ | — | ​ | $ | 145 | ​ | $ | 217 | ​ | $ | 1,699
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for Credit Losses |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Beginning Balance, Prior to Adoption of ASC 326 | ​ | $ | 2,738 | ​ | $ | 60 | ​ | $ | 73 | ​ | $ | — | ​ | $ | 2 | ​ | $ | 380 | ​ | $ | 3,253
Recovery of Credit Loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Loans Charged-Off | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Recoveries Collected | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ending Balance | ​ | $ | 2,738 | ​ | $ | 60 | ​ | $ | 73 | ​ | $ | — | ​ | $ | 2 | ​ | $ | 380 | ​ | $ | 3,253
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Modifications Made 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 asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Bank uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Bank modifies loans by providing principal forgiveness on certain of its loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. In some cases, the Bank will modify a certain loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. Upon the Bank’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectable, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The Bank had no loans with modifications to borrowers experiencing financial difficulty as of June 30, 2024, and December 31, 2023. There were no modifications to borrower’s experiencing financial difficulty entered into during the three and six months ended June 30, 2024 and 2023 and no loans which had defaults during the three and six months ended June 30, 2024 and 2023 which have been modified due to the borrower experiencing financial difficulty. Unfunded Commitments The Bank did not record an adjustment for unfunded commitments for the adoption of ASC 326. For the three and six months ended June 30, 2024 and 2023, provision for credit losses for unfunded commitments totaled approximately $-0-. At June 30, 2024 and December 31, 2023, the liability for credit losses on off-balance-sheet credit exposures included in other liabilities was approximately $125,000. Related Party Loans In the normal course of business, loans are made to officers and directors of the Bank, as well as to their affiliates. Such loans are made in the ordinary course of business with substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. They do not involve more than normal risk of collectability or present other unfavorable features. An analysis of the related party activity during the six months ended June 30, 2024 and 2023 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30,
​ |  | 2024 |  | 2023
Balance, Beginning of the Year | ​ | $ | 546 | ​ | $ | 579
New Loans | ​ |  | — | ​ |  | —
Change in Related Parties, Net | ​ |  | — | ​ |  | —
Repayments, Net | ​ |  | (17) | ​ |  | (16)
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, End of Year | ​ | $ | 529 | ​ | $ | 563
​ Related Party Other The Bank generally requires an inspection of the property before disbursement of funds during the term of the construction loan and inspections are typically performed by one of the Bank’s directors. There is no revenue or expense recorded by the Bank related to those services as the customer pays these fees through their closing costs.

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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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