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Loans Receivable Held for Investment (Tables)

12 Months Ended

Dec. 31, 2024

Loans Receivable Held for Investment [Abstract]

Loans receivable held for investment were as follows as of the periods indicated:

	December 31, 2024			December 31, 2023
	(In thousands)
Real estate:
Single-family	$	23,566		$	24,702
Multi-family		633,306			561,447
Commercial real estate		156,155			119,436
Church		9,470			12,717
Construction		80,948			89,887
Commercial – other		70,596			63,450
SBA loans ⁽¹⁾		1,142			14,954
Consumer		13			13
Gross loans receivable before deferred loan costs and premiums		975,196			886,606
Unamortized net deferred loan costs and premiums		2,116			1,971
		977,312			888,577
Credit and interest marks on purchased loans, net		(348	)		(772	)
Allowance for credit losses		(8,103	)		(7,348	)
Loans receivable, net	$	968,861		$	880,457

⁽¹⁾	Including Paycheck Protection Program (PPP) loans.

Activity in Allowance for Credit Losses on Loans and Activity in Allowance for Loan Losses by Loan Type

The following tables summarize the activity in the allowance for credit losses on loans for the periods indicated:

	For the Year Ended December 31, 2024
	Beginning Balance			Charge-offs			Recoveries			Provision (Recapture)				Ending Balance
	(In thousands)
Loans receivable held for investment:
Real estate:
Single-family		$	260		$	–		$	–		$	(64	)		$	196
Multi-family			4,413			–			–			155				4,568
Commercial real estate			1,094			–			–			35				1,129
Church			72			–			–			(18	)			54
Construction			932			–			–			543				1,475
Commercial - other			529			–			–			141				670
SBA loans			48			–			–			(37	)			11
Consumer			–			–			–			–				–
Total		$	7,348		$	–		$	–		$	755			$	8,103

	For the Year Ended December 31, 2023
	Beginning Balance			Impact of CECL Adoption			Charge-offs			Recoveries			Provision (Recapture)				Ending Balance
	(In thousands)
Loans receivable held for investment:
Real estate:
Single-family		$	109	$	214			$	–		$	–		$	(63	)		$	260
Multi-family			3,273		603				–			109			428				4,413
Commercial real estate			449		466				–			107			72				1,094
Church			65		37				–			–			(30	)			72
Construction			313		219				–			–			400				932
Commercial - other			175		254				–			–			100				529
SBA loans			–		20				–			–			28				48
Consumer			4		(4	)			–			–			–				–
Total		$	4,388	$	1,809			$	–		$	216		$	935			$	7,348

Collateral Dependent Loans by Collateral Type

The following tables present collateral dependent loans by collateral type as of the date indicated:

December 31, 2024

Single-Family

Multi-Family

Residential

Church

Business

Assets

Total

Real estate:

(In thousands)

Single-family

–

Multi-family

–

Commercial real estate

–

Church

–

SBA loans

264

–

264

Total

264

–

264

	December 31, 2023
	Single-Family		Multi-Family Residential		Church		Business Assets		Total
Real estate:	(In thousands)
Single-family	$	45	$	–	$	–	$	–	$	45
Multi-family		–		5,672		–		–		5,672
Commercial real estate		–		–		65		–		65
Church		–		–		391		–		391
Commercial – other		–		–		–		268		268
Total	$	45	$	5,672	$	456	$	268	$	6,441

Aging of Recorded Investment in Past Due Loans by Loan Type

The following tables present the aging of the recorded investment in past due loans by loan type as of the periods indicated:

	December 31, 2024
	30‑59 Days Past Due		60‑89 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Current		Total
	(In thousands)
Loans receivable held for investment:
Real estate:
Single-family	$	–	$	6	$	–	$	6	$	23,572	$	23,578
Multi-family		–		–		–		–		636,259		636,259
Commercial real estate		–		–		–		–		156,076		156,076
Church		–		–		–		–		9,475		9,475
Construction		–		–		–		–		80,488		80,488
Commercial - other		–		–		–		–		70,281		70,281
SBA loans		–		264		–		264		878		1,142
Consumer		–		–		–		–		13		13
Total	$	–	$	270	$	–	$	270	$	977,042	$	977,312

	December 31, 2023
	30‑59 Days Past Due		60‑89 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Current		Total
	(In thousands)
Loans receivable held for investment:
Real estate:
Single-family	$	–	$	–	$	–	$	–	$	24,702	$	24,702
Multi-family		–		401		–		401		563,017		563,418
Commercial real estate		–		–		–		–		119,436		119,436
Church		–		–		–		–		12,717		12,717
Construction		–		–		–		–		89,887		89,887
Commercial - other		–		–		–		–		63,450		63,450
SBA loans		379		–		–		379		14,575		14,954
Consumer		–		–		–		–		13		13
Total	$	379	$	401	$	–	$	780	$	887,797	$	888,577

Recorded Investment in Non-accrual Loans by Loan Type

The following table presents the recorded investment in non‑accrual loans by loan type as of the period indicated:

December 31, 2024	Nonaccrual with no Allowance for Credit Losses		Nonaccrual with an Allowance for Credit Losses			Total Nonaccrual Loans
Loans receivable held for investment:			(In thousands)

SBA loans	$	264		$	–	$	264
Total non-accrual loans	$	264		$	–	$	264

Amortized Costs and Financial Effect of Loans Modified to Borrowers

The following table presents the amortized costs basis as of December 31, 2024 and the financial effect of loans modified to borrowers experiencing financial difficulty during the year ended December 31, 2024. There were no loan modifications to borrowers that were experiencing financial difficulty during the year ended December 31, 2023.

	December 31, 2024
	Term Extension			Percentage of Total Loan Type			Weighted Average Term Extension
	(In Thousands)
Real estate:
Commercial real estate		$	792		0.51	%	12 months
Construction			4,559		5.66	%	17 months
Commercial - other			572		1.28	%	14 months
Total		$	5,923

Loans Held for Investment Portfolio By Internal Risk Grading and By Year of Origination

The following table stratifies the loans held for investment portfolio by the Company’s internal risk grading, and by year of origination as of the date indicated:

	Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2024
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(In thousands)
Single-family:
Pass	$	–	$	543	$	4,051	$	1,809	$	1,664	$	13,597	$	–	$	21,664
Watch		–		–		–		729		1,185		–		–		1,914
Total	$	–	$	543	$	4,051	$	2,538	$	2,849	$	13,597	$	–	$	23,578

Multi-family:
Pass	$	81,474	$	77,739	$	171,836	$	126,386	$	26,771	$	89,581	$	–	$	573,787
Watch		–		5,633		15,731		14,761		–		10,480		–		46,605
Special Mention		–		–		3,227		3,150		–		–		–		6,377
Substandard		–		1,446		–		4,457		–		3,587		–		9,490
Total	$	81,474	$	84,818	$	190,794	$	148,754	$	26,771	$	103,648	$	–	$	636,259

Commercial real estate:
Pass	$	49,143	$	9,655	$	20,841	$	28,653	$	21,150	$	19,561	$	–	$	149,003
Watch		–		1,584		432		994		–		792		–		3,802
Substandard		–		3,271		–		–		–		–		–	$	3,271
Total	$	49,143	$	14,510	$	21,273	$	29,647	$	21,150	$	20,353	$	–	$	156,076

Church:
Pass	$	–	$	2,442	$	–	$	2,148	$	1,696	$	1,002	$	–	$	7,288
Watch		–		376		–		–		–		618		–		994
Substandard		–		–		–		–		–		1,193		–		1,193
Total	$	–	$	2,818	$	–	$	2,148	$	1,696	$	2,813	$	–	$	9,475

Construction:
Watch	$	8,876	$	29,390	$	227	$	–	$	–	$	2,038	$	–	$	40,531
Substandard		–		4,076		31,823		4,058		–		–		–		39,957
Total	$	8,876	$	33,466	$	32,050	$	4,058	$	–	$	2,038	$	–	$	80,488

Commercial – other:
Pass	$	1	$	3	$	7,575	$	–	$	2,768	$	4,590	$	–	$	14,937
Watch		17,444		28,157		706		–		–		1,197		–		47,504
Special Mention		–		–		351		–		–		2,250		–		2,601
Substandard		–		–		–		106		571		4,562		–		5,239
Total	$	17,445	$	28,160	$	8,632	$	106	$	3,339	$	12,599	$	–	$	70,281

SBA:
Pass	$	590	$	–	$	–	$	–	$	–	$	64	$	–	$	654
Substandard		–		–		150		–		338		–		–		488
Total	$	590	$	–	$	150	$	–	$	338	$	64	$	–	$	1,142

Consumer:
Pass	$	13	$	–	$	–	$	–	$	–	$	–	$	–	$	13
Total	$	13	$	–	$	–	$	–	$	–	$	–	$	–	$	13

Total loans:
Pass	$	131,221	$	90,382	$	204,303	$	158,996	$	54,049	$	128,395	$	–	$	767,346
Watch		26,320		65,140		17,096		16,484		1,185		15,125		–		141,350
Special Mention		–		–		3,578		3,150		–		2,250		–		8,978
Substandard		–		8,793		31,973		8,621		909		9,342		–		59,638
Total loans	$	157,541	$	164,315	$	256,950	$	187,251	$	56,143	$	155,112	$	–	$	977,312

	Term Loans Amortized Cost Basis by Origination Year - As of December 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
	(In thousands)
Single-family:
Pass	$	–	$	2,474	$	1,862	$	2,940	$	1,485	$	12,374	$	–	$	21,135
Watch		–		–		750		–		–		999		–		1,749
Special Mention		–		–		–		–		–		116		–		116
Substandard		–		–		–		1,365		–		337		–		1,702
Total	$	–	$	2,474	$	2,612	$	4,305	$	1,485	$	13,826	$	–	$	24,702

Multi-family:
Pass	$	81,927	$	183,295	$	145,652	$	27,356	$	44,511	$	47,119	$	–	$	529,860
Watch		–		4,686		6,203		–		1,186		6,474		–		18,549
Special Mention		–		–		899		–		–		1,344		–		2,243
Substandard		–		–		–		–		363		12,403		–		12,766
Total	$	81,927	$	187,981	$	152,754	$	27,356	$	46,060	$	67,340	$	–	$	563,418

Commercial real estate:
Pass	$	9,881	$	22,131	$	26,019	$	24,684	$	6,718	$	15,106	$	–	$	104,539
Watch		–		442		–		5,286		–		2,599		–		8,327
Special Mention		–		–		–		–		325		–		–		325
Substandard		–		–		–		–		–		6,245		–		6,245
Total	$	9,881	$	22,573	$	26,019	$	29,970	$	7,043	$	23,950	$	–	$	119,436

Church:
Pass	$	2,923	$	–	$	2,210	$	1,748	$	–	$	2,704	$	–	$	9,585
Watch		–		–		–		–		636		1,525		–		2,161
Substandard		–		–		–		–		–		971		–		971
Total	$	2,923	$	–	$	2,210	$	1,748	$	636	$	5,200	$	–	$	12,717

Construction:
Pass	$	–	$	1,109	$	1,198	$	–	$	–	$	–	$	–	$	2,307
Watch		42,300		35,179		5,484		–		–		2,097		–		85,060
Special Mention		–		–		2,520		–		–		–		–		2,520
Total	$	42,300	$	36,288	$	9,202	$	–	$	–	$	2,097	$	–	$	89,887

Commercial – other:
Pass	$	15,000	$	9,077	$	87	$	5,600	$	–	$	25,154	$	–	$	54,918
Watch		–		312		–		1,500		6,550		–		–		8,362
Special Mention		–		–		170		–		–		–		–		170
Total	$	15,000	$	9,389	$	257	$	7,100	$	6,550	$	25,154	$	–	$	63,450

SBA:
Pass	$	11,809	$	109	$	2,453	$	–	$	16	$	100	$	–	$	14,487
Special Mention		–		–		–		467		–		–		–		467
Total	$	11,809	$	109	$	2,453	$	467	$	16	$	100	$	–	$	14,954

Consumer:
Pass	$	13	$	–	$	–	$	–	$	–	$	–	$	–	$	13
Total	$	13	$	–	$	–	$	–	$	–	$	–	$	–	$	13

Total loans:
Pass	$	121,553	$	218,195	$	179,481	$	62,328	$	52,730	$	102,557	$	–	$	736,844
Watch		42,300		40,619		12,437		6,786		8,372		13,694		–		124,208
Special Mention		–		–		3,589		467		325		1,460		–		5,841
Substandard		–		–		–		1,365		363		19,956		–		21,684
Total loans	$	163,853	$	258,814	$	195,507	$	70,946	$	61,790	$	137,667	$	–	$	888,577