Loans Receivable Held for Investment (Tables)

3 Months Ended

Mar. 31, 2025

Loans Receivable Held for Investment [Abstract]

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

	March 31, 2025			December 31, 2024
	(In thousands)
Real estate:
Single-family	$	23,056		$	23,566
Multi-family		627,303			633,306
Commercial real estate		161,056			156,155
Church		9,286			9,470
Construction		84,076			80,948
Commercial – other		72,107			70,596
SBA loans		1,127			1,142
Consumer		125			13
Gross loans receivable before deferred loan costs and premiums		978,136			975,196
Unamortized net deferred loan costs and premiums		2,114			2,116
Gross loans receivable		980,250			977,312
Credit and interest marks on purchased loans, net		(245	)		(348	)
Allowance for credit losses		(8,774	)		(8,103	)
Loans receivable, net	$	971,231		$	968,861

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:

	March 31, 2025
	Beginning Balance		Charge-offs		Recoveries		Provision (recapture)			Ending Balance
	(In thousands)
Loans receivable held for investment:
Single-family	$	196	$	–	$	–	$	(8	)	$	188
Multi-family		4,568		–		–		15			4,583
Commercial real estate		1,129		–		–		55			1,184
Church		54		–		–		(3	)		51
Construction		1,475		–		–		(64	)		1,411
Commercial - other		670		–		–		609			1,279
SBA loans		11		–		–		67			78
Total	$	8,103	$	–	$	–	$	671		$	8,774

	March 31, 2024
	Beginning Balance		Charge-offs		Recoveries		Provision (recapture)			Ending Balance
	(In thousands)
Loans receivable held for investment:
Single-family	$	260	$	–	$	–	$	38		$	298
Multi-family		4,413		–		–		(88	)		4,325
Commercial real estate		1,094		–		–		15			1,109
Church		72		–		–		18			90
Construction		932		–		–		24			956
Commercial - other		529		–		–		193			722
SBA loans		48		–		–		4			52
Total	$	7,348	$	–	$	–	$	204		$	7,552

Collateral Dependent Loans By Collateral Type

The following table presents collateral dependent loans by collateral type as of the date indicated:

	March 31, 2025
	Single-Family		Multi-Family Residential		Church		Business Assets		Total
	(In thousands)
Commercial - other	$	–	$	–	$	–	$	262	$	262
SBA Loans		–		–		–		338		338
Total	$	–	$	–	$	–	$	600	$	600

December 31, 2024

Single-Family

Multi-Family

Residential

Church

Business

Assets

Total

(In thousands)

SBA Loans

–

264

Total

–

264

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 dates indicated:

	March 31, 2025
	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:
Single-family	$	–	$	–	$	–	$	–	$	23,077	$	23,077
Multi-family		3,241		–		–		3,241		626,978		630,219
Commercial real estate		758		–		–		758		160,196		160,954
Church		–		–		–		–		9,292		9,292
Construction		–		–		–		–		83,645		83,645
Commercial - other		–		–		–		–		71,811		71,811
SBA loans		–		74		264		338		789		1,127
Consumer		–		–		–		–		125		125
Total	$	3,999	$	74	$	264	$	4,337	$	975,913	$	980,250

	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:
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

Recorded Investment in Non-accrual Loans by Loan Type

The following tables present the recorded investment in non-accrual loans by loan type as of the dates indicated:

			March 31, 2025
	Nonaccrual with no Allowance for Credit Losses		Nonaccrual with an Allowance for Credit Losses		Total Nonaccrual Loans
	(In thousands)
Loans receivable held for investment:
Commercial - other	$	–	$	522	$	522
SBA loans		–		338		338
Total non-accrual loans	$	–	$	860	$	860

			December 31, 2024
	Nonaccrual with no Allowance for Credit Losses		Nonaccrual with an Allowance for Credit Losses		Total Nonaccrual Loans
	(In thousands)
Loans receivable held for investment:
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 March 31, 2025 and the financial effect of loans modified to borrowers experiencing financial difficulty during the quarter ended March 31, 2025. There were no loan modifications to borrowers that were experiencing financial difficulty during the quarter ended March 31, 2024.

	March 31, 2025
	Term Extension		Percentage of Total Loan Type			Weighted Average Term Extension
			(In Thousands)
Real estate:
Commercial real estate	$	3,620		2.30	%	8 months
Construction		4,549		5.55	%	17 months
Commercial - other		522		0.74	%	14 months
Total	$	8,691

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 March 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(In thousands)
Single-family:
Pass	$	–	$	–	$	540	$	4,031	$	1,814	$	14,685	$	–	$	21,070
Watch		–		–		–		–		724		1,283		–		2,007
Total	$	–	$	–	$	540	$	4,031	$	2,538	$	15,968	$	–	$	23,077

Multi-family:
Pass	$	–	$	81,228	$	77,490	$	154,549	$	117,983	$	106,323	$	–	$	537,573
Watch		–		–		5,622		29,144		19,691		17,659		–		72,116
Special Mention		–		–		–		608		4,926		282		–		5,816
Substandard		–		–		1,412		5,844		4,427		3,031		–		14,714
Total	$	–	$	81,228	$	84,524	$	190,145	$	147,027	$	127,295	$	–	$	630,219

Commercial real estate:
Pass	$	630	$	49,703	$	8,241	$	21,193	$	28,636	$	37,428	$	–	$	145,831
Watch		–		–		1,371		430		986		5,177		–		7,964
Special Mention		–		–		1,578		–		–		788		–		2,366
Substandard		–		–		3,259		–		1,534		–		–		4,793
Total	$	630	$	49,703	$	14,449	$	21,623	$	31,156	$	43,393	$	–	$	160,954

Church:
Pass	$	–	$	–	$	2,417	$	–	$	2,134	$	3,191	$	–	$	7,742
Watch		–		–		371		–		–		–		–		371
Substandard		–		–		–		–		–		1,179		–		1,179
Total	$	–	$	–	$	2,788	$	–	$	2,134	$	4,370	$	–	$	9,292

Construction:
Pass		–		61		174		1,431		503		–		–		2,169
Watch		–		9,303		31,984		228		–		–		–		41,515
Special Mention		–		–		–		–		–		2,028		–		2,028
Substandard		–		–		4,206		31,213		2,514		–		–		37,933
Total	$	–	$	9,364	$	36,364	$	32,872	$	3,017	$	2,028	$	–	$	83,645

Commercial – other:
Pass	$	–	$	317	$	3	$	7,319	$	–	$	8,866	$	–	$	16,505
Watch		–		17,450		28,167		706		–		1,194		–		47,517
Special Mention		–		–		–		351		–		6,549		–		6,900
Substandard		–		–		–		–		106		783		–		889
Total	$	–	$	17,767	$	28,170	$	8,376	$	106	$	17,392	$	–	$	71,811

SBA:
Pass	$	–	$	585	$	–	$	–	$	–	$	54	$	–	$	639
Substandard		–		–		–		150		–		–		–		150
Doubtful		–		–		–		–		–		338		–		338
Total	$	–	$	585	$	–	$	150	$	–	$	392	$	–	$	1,127

Consumer:
Pass	$	125	$	–	$	–	$	–	$	–	$	–	$	–	$	125
Total	$	125	$	–	$	–	$	–	$	–	$	–	$	–	$	125

Total loans:
Pass	$	755	$	131,894	$	88,865	$	188,523	$	151,070	$	170,547	$	–	$	731,654
Watch		–		26,753		67,515		30,508		21,401		25,313		–		171,490
Special Mention		–		–		1,578		959		4,926		9,647		–		17,110
Substandard		–		–		8,877		37,207		8,581		4,993		–		59,658
Doubtful		–		–		–		–		–		338		–		338
Total loans	$	755	$	158,647	$	166,835	$	257,197	$	185,978	$	210,838	$	–	$	980,250

	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
Special Mention		–		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
Special Mention		–		–		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		–		4,076		35,551		7,208		338		2,250		–		49,423
Substandard		–		4,717		–		4,563		571		9,342		–		19,193
Total loans	$	157,541	$	164,315	$	256,950	$	187,251	$	56,143	$	155,112	$	–	$	977,312