Loans Receivable and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2025

Loans Receivable and Allowance for Credit Losses

Loans receivable at June 30, 2025, and December 31, 2024 are summarized as follows:


(in thousands)	2025		2024
One-to-Four Family Mortgages	$	334,322	$	332,659
Home Equity Lines of Credit		9,833		7,952
Construction Loans		14,711		9,588
Consumer Loans		3,968		3,699
Commercial Loans		17,738		14,355

Total Loans Receivable		380,572		368,253

Allowance for Credit Losses		(1,699)		(1,699)
Net Deferred Loan Costs		734		779

Total Loans Receivable, Net	$	379,607	$	367,333

Schedule of analysis of past-due loans

The following tables present an analysis of past-due loans as of June 30, 2025, and December 31, 2024:


	June 30, 2025
					Loans 90 Days or
	30-59 Days		60-89 Days		More Past Due and		Nonaccrual		Current		Total Loans
(in thousands)	Past Due		Past Due		Still Accruing		Loans		Loans		Receivable
One-to-Four Family Mortgages	$	5,505	$	168	$	—	$	1,268	$	327,381	$	334,322
Home Equity Lines of Credit		56		—		—		—		9,777		9,833
Construction Loans		133		—		—		—		14,578		14,711
Consumer Loans		59		—		—		—		3,909		3,968
Commercial Loans		798		—		33		—		16,907		17,738

Total	$	6,551	$	168	$	33	$	1,268	$	372,552	$	380,572


	December 31, 2024
					Loans 90 Days or
	30-59 Days		60-89 Days		More Past Due and		Nonaccrual		Current		Total Loans
(in thousands)	Past Due		Past Due		Still Accruing		Loans		Loans		Receivable
One-to-Four Family Mortgages	$	2,925	$	1,011	$	—	$	956	$	327,767	$	332,659
Home Equity Lines of Credit		—		—		—		—		7,952		7,952
Construction Loans		332		—		—		119		9,137		9,588
Consumer Loans		91		—		—		—		3,608		3,699
Commercial Loans		—		—		—		—		14,355		14,355

Total	$	3,348	$	1,011	$	—	$	1,075	$	362,819	$	368,253

Schedule of recorded investment in loans by credit quality indicator by year of origination

The following table presents the Company’s recorded investment in loans by credit quality indicator by year of origination as of June 30, 2025:


	Term Loans by Year of Origination
(in thousands	2025		2024		2023		2022		2021		Prior		Revolving		Total
One-to-Four Family Mortgages
Pass	$	7,345	$	13,833	$	23,073	$	39,493	$	53,588	$	193,428	$	—	$	330,760
Special Mention		—		—		—		465		827		1,355		—		2,647
Substandard		—		—		—		—		400		515		—		915
Total One-to-Four Family Mortgages	$	7,345	$	13,833	$	23,073	$	39,958	$	54,815	$	195,298	$	—	$	334,322

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home Equity Lines of Credit
Pass	$	856	$	548	$	66	$	78	$	—	$	560	$	7,649	$	9,757
Special Mention		—		—		—		—		—		—		76		76
Substandard		—		—		—		—		—		—		—		—
Total Home Equity Lines of Credit	$	856	$	548	$	66	$	78	$	—	$	560	$	7,725	$	9,833

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction Loans
Pass	$	5,981	$	7,914	$	170	$	59	$	365	$	222	$	—	$	14,711
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Construction Loans	$	5,981	$	7,914	$	170	$	59	$	365	$	222	$	—	$	14,711

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer Loans
Pass	$	777	$	2,594	$	215	$	34	$	33	$	315	$	—	$	3,968
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Consumer Loans	$	777	$	2,594	$	215	$	34	$	33	$	315	$	—	$	3,968

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial Loans
Pass	$	4,604	$	4,596	$	5,499	$	2,946	$	—	$	93	$	—	$	17,738
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Commercial Loans	$	4,604	$	4,596	$	5,499	$	2,946	$	—	$	93	$	—	$	17,738

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table presents the Company’s recorded investment in loans by credit quality indicator as of December 31, 2024:


	Term Loans by Year of Origination
(in thousands)	2024		2023		2022		2021		2020		Prior		Revolving		Total
One-to-Four Family Mortgages
Pass	$	10,209	$	22,131	$	39,963	$	55,912	$	46,651	$	152,989	$	—	$	327,855
Special Mention		—		—		778		836		357		1,877		—		3,848
Substandard		—		—		—		406		—		550		—		956
Total One-to-Four Family Mortgages	$	10,209	$	22,131	$	40,741	$	57,154	$	47,008	$	155,416	$	—	$	332,659

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home Equity Lines of Credit
Pass	$	378	$	66	$	82	$	—	$	—	$	531	$	6,819	$	7,876
Special Mention		—		—		—		—		—		—		76		76
Substandard		—		—		—		—		—		—		—		—
Total Home Equity Lines of Credit	$	378	$	66	$	82	$	—	$	—	$	531	$	6,895	$	7,952

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	3

Construction Loans
Pass	$	7,385	$	1,360	$	62	$	400	$	113	$	149	$	—	$	9,469
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		119		—		—		—		—		119
Total Construction Loans	$	7,385	$	1,360	$	181	$	400	$	113	$	149	$	—	$	9,588

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer Loans
Pass	$	3,002	$	236	$	55	$	35	$	71	$	300	$	—	$	3,699
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Consumer Loans	$	3,002	$	236	$	55	$	35	$	71	$	300	$	—	$	3,699

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial Loans
Pass	$	5,119	$	6,004	$	3,133	$	—	$	—	$	99	$	—	$	14,355
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Commercial Loans	$	5,119	$	6,004	$	3,133	$	—	$	—	$	99	$	—	$	14,355

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Schedule of nonaccrual loans by major categories

The following table is a summary of the Company’s nonaccrual loans by major categories for the period indicated:

June 30, 2025

December 31, 2024

Nonaccrual

Total

Loans

with

Total

with

Nonaccrual

(in thousands)

Allowance

Loans

Allowance

Loans

One-to-Four Family Mortgages

1,268

—

1,268

956

—

956

Home Equity Lines of Credit

—

Construction Loans

—

119

—

119

Consumer Loans

—

Commercial Loans

—

Total

1,268

—

1,268

1,075

—

1,075

Schedule of accrued interest receivables written off by reversing interest income

The following table represents the accrued interest receivables written off by reversing interest income during the three and six months ended June 30, 2025 and 2024:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
One-to-Four Family Mortgages	$	11	$	4	$	21	$	4
Home Equity Lines of Credit		—		—		—		—
Construction Loans		—		—		—		—
Consumer Loans		—		—		—		—
Commercial Loans		—		—		—		—

Total	$	11	$	4	$	21	$	4

Schedule of analysis of collateral-dependent loans

The following table presents an analysis of collateral-dependent loans of the Company as of June 30, 2025 and December 31, 2024:


	June 30, 2025
	Residential				Business
(in thousands)	Properties		Land		Assets		Other		Total
One-to-Four Family Mortgages	$	1,268	$	—	$	—	$	—	$	1,268
Home Equity Lines of Credit		—		—		—		—		—
Construction Loans		—		—		—		—		—
Consumer Loans		—		—		—		—		—
Commercial Loans		—		—		—		—		—

Total	$	1,268	$	—	$	—	$	—	$	1,268


	December 31, 2024
	Residential				Business
(in thousands)	Properties		Land		Assets		Other		Total
One-to-Four Family Mortgages	$	956	$	—	$	—	$	—	$	956
Home Equity Lines of Credit		—		—		—		—		—
Construction Loans		—		119		—		—		119
Consumer Loans		—		—		—		—		—
Commercial Loans		—		—		—		—		—

Total	$	956	$	119	$	—	$	—	$	1,075

Schedule of activity related to the allowance for credit losses

The following table summarizes the activity related to the allowance for credit losses for the three and six months ended June 30, 2025 and 2024 (in thousands):


	One-to-Four		Home Equity
Three Months Ended	Family		Loans / Lines		Construction		Consumer		Commercial
June 30, 2025	Mortgages		of Credit		Loans		Loans		Loans		Unallocated		Total
Allowance for Credit Losses
Beginning Balance	$	1,441	$	43	$	26	$	27	$	43	$	119	$	1,699
Recovery of Credit Loss		(173)		1		—		(27)		(10)		209		—
Loans Charged-Off		—		—		—		—		—		—		—
Recoveries Collected		—		—		—		—		—		—		—

Ending Balance	$	1,268	$	44	$	26	$	—	$	33	$	328	$	1,699

Three Months Ended June 30, 2024
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


	One-to-Four		Home Equity
Six Months Ended	Family		Loans / Lines		Construction		Consumer		Commercial
June 30, 2025	Mortgages		of Credit		Loans		Loans		Loans		Unallocated		Total
Allowance for Credit Losses
Beginning Balance	$	1,526	$	45	$	13	$	28	$	80	$	7	$	1,699
Recovery of Credit Loss		(258)		(1)		13		(28)		(47)		321		—
Loans Charged-Off		—		—		—		—		—		—		—
Recoveries Collected		—		—		—		—		—		—		—

Ending Balance	$	1,268	$	44	$	26	$	—	$	33	$	328	$	1,699

Six Months Ended June 30, 2024
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

Schedule of related party loans

An analysis of the related party activity during the six months ended June 30, 2025 and 2024 is as follows:


	June 30,
(in thousands)	2025		2024
Balance, Beginning of Period	$	511	$	546
New Loans		—		—
Change in Related Parties, Net		—		—
Repayments, Net		(16)		(17)

Balance, End of Period	$	495	$	529