v3.25.4

Loans Receivable Held for Investment (as Restated) (Tables)

3 Months Ended

Mar. 31, 2025

Loans Receivable Held for Investment (as Restated) [Abstract]

Loans Receivable Held for Investment

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		$	23,394			$	24,036
Multi-family			631,218				639,156
Commercial real estate			164,712				163,348
Church			9,286				9,470
Construction			92,632				91,600
Commercial – other			77,484				77,787
SBA loans			1,127				1,142
Consumer			125				13
Gross loans receivable before deferred loan costs and premiums			999,978				1,006,552
Unamortized net deferred loan costs and premiums			2,114				2,116
Gross loans receivable			1,002,092				1,008,668
Credit and interest marks on purchased loans, net			(245	)			(348	)
Allowance for credit losses			(10,260	)			(8,364	)
Loans receivable, net		$	991,587			$	999,956

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		$	200			$	–			$	–			$	(7	)		$	193
Multi-family			4,617				–				–				1,444				6,061
Commercial real estate			1,188				–				–				97				1,285
Church			54				–				–				(6	)			48
Construction			1,564				–				–				(169	)			1,395
Commercial - other			730				–				–				470				1,200
SBA loans			11				–				–				67				78
Total		$	8,364			$	–			$	–			$	1,896			$	10,260

		March 31, 2024
		Beginning Balance				Charge-offs				Recoveries				Provision (recapture)				Ending Balance
		(In thousands)
Loans receivable held for investment:
Single-family		$	264			$	–			$	–			$	39			$	303
Multi-family			4,464				–				–				(90	)			4,374
Commercial real estate			1,164				–				–				11				1,175
Church			72				–				–				18				90
Construction			1,009				–				–				19				1,028
Commercial - other			592				–				–				190				782
SBA loans			48				–				–				4				52
Total		$	7,613			$	–			$	–			$	191			$	7,804

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				Furniture, Fixtures and Equipment				Business Assets				Total
Real estate:		(In thousands)
Multi-family		$	–			$	4,223			$	–			$	–			$	4,223
SBA loans			–				–				–				338				338
Total		$	–			$	4,223			$	–			$	338			$	4,561

December 31, 2024

Single-Family

Multi-Family Residential

Church

Business Assets

Total

(In thousands)

SBA loans

–

–

–

264

264

Total

$

–

$

–

$

–

$

264

$

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		$	–			$	–			$	–			$	–			$	23,415			$	23,415
Multi-family			4,223				–				–				4,223				629,912				634,135
Commercial real estate			758				–				–				758				163,851				164,609
Church			–				–				–				–				9,292				9,292
Construction			–				–				–				–				92,201				92,201
Commercial - other			–				–				–				–				77,188				77,188
SBA loans			–				74				264				338				789				1,127
Consumer			–				–				–				–				125				125
Total		$	4,981			$	74			$	264			$	5,319			$	996,773			$	1,002,092

		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			$	24,042			$	24,048
Multi-family			–				–				–				–				642,109				642,109
Commercial real estate			–				–				–				–				163,269				163,269
Church			–				–				–				–				9,475				9,475
Construction			–				–				–				–				91,140				91,140
Commercial - other			–				–				–				–				77,472				77,472
SBA loans			–				264				–				264				878				1,142
Consumer			–				–				–				–				13				13
Total		$	–			$	270			$	–			$	270			$	1,008,398			$	1,008,668

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:
Multi-family		$	–			$	4,223			$	4,223
Commercial - other			–				522				522
SBA loans			–				338				338
Total non-accrual loans		$	–			$	5,083			$	5,083

						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		$	792				0.48	%	7 months
Construction			2,039				2.20	%	7 months
Total		$	2,831

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			$	4,074			$	1,953			$	14,799			$	–			$	21,366
Watch			–				–				–				–				724				1,325				–				2,049
Total		$	–			$	–			$	540			$	4,074			$	2,677			$	16,124			$	–			$	23,415
Multi-family:
Pass		$	–			$	81,228			$	77,481			$	154,237			$	117,677			$	106,153			$	–			$	536,776
Watch			–				–				5,622				29,144				19,691				20,404				–				74,861
Special Mention			–				–				–				608				4,926				282				–				5,816
Substandard			–				–				1,525				7,337				4,659				3,161				–				16,682
Total		$	–			$	81,228			$	84,628			$	191,326			$	146,953			$	130,000			$	–			$	634,135
Commercial real estate:
Pass		$	630			$	49,040			$	8,241			$	23,299			$	28,880			$	35,908			$	–			$	145,998
Watch			–				–				1,371				430				986				7,534				–				10,321
Special Mention			–				–				1,578				–				–				1,624				–				3,202
Substandard			–				–				3,259				–				1,829				–				–				5,088
Total		$	630			$	49,040			$	14,449			$	23,729			$	31,695			$	45,066			$	–			$	164,609
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			–				–				–				–				–				–				–				–
Watch			–				10,020				33,916				228				–				–				–				44,164
Special Mention			–				–				–				–				–				2,028				–				2,028
Substandard			–				–				4,206				37,884				3,919				–				–				46,009
Total		$	–			$	10,020			$	38,122			$	38,112			$	3,919			$	2,028			$	–			$	92,201
Commercial – other:
Pass		$	–			$	2			$	3			$	7,319			$	–			$	12,742			$	–			$	20,066
Watch			–				19,266				28,167				706				–				1,194				–				49,333
Special Mention			–				–				–				351				–				6,549				–				6,900
Substandard			–				–				–				–				106				783				–				889
Total		$	–			$	19,268			$	28,170			$	8,376			$	106			$	21,268			$	–			$	77,188
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			$	130,855			$	88,682			$	188,929			$	150,644			$	172,847			$	–			$	732,712
Watch			–				29,286				69,447				30,508				21,401				30,457				–				181,099
Special Mention			–				–				1,578				959				4,926				10,483				–				17,946
Substandard			–				–				8,990				45,371				10,513				5,123				–				69,997
Doubtful			–				–				–				–				–				338				–				338
Total loans		$	755			$	160,141			$	168,697			$	265,767			$	187,484			$	219,248			$	–			$	1,002,092

		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			$	4,098			$	1,968			$	1,796			$	13,687			$	–			$	22,092
Watch			–				–				–				729				1,227				–				–				1,956
Total		$	–			$	543			$	4,098			$	2,697			$	3,023			$	13,687			$	–			$	24,048
Multi-family:
Pass		$	81,474			$	77,739			$	171,836			$	126,492			$	26,771			$	90,584			$	–			$	574,896
Watch			–				5,633				16,244				14,761				–				13,244				–				49,882
Special Mention			–				–				4,210				3,150				–				–				–				7,360
Substandard			–				1,562				–				4,691				–				3,718				–				9,971
Total		$	81,474			$	84,934			$	192,290			$	149,094			$	26,771			$	107,546			$	–			$	642,109
Commercial real estate:
Pass		$	49,143			$	9,655			$	23,482			$	29,021			$	21,150			$	22,606			$	–			$	155,057
Watch			–				1,584				432				994				–				1,634				–				4,644
Substandard			–				3,271				–				297				–				–				–				3,568
Total		$	49,143			$	14,510			$	23,914			$	30,312			$	21,150			$	24,240			$	–			$	163,269
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		$	9,568			$	31,274			$	227			$	–			$	–			$	2,038			$	–			$	43,107
Substandard			–				4,076				38,494				5,463				–				–				–				48,033
Total		$	9,568			$	35,350			$	38,721			$	5,463			$	–			$	2,038			$	–			$	91,140
Commercial – other:
Pass		$	1			$	3			$	7,575			$	–			$	2,768			$	9,965			$	–			$	20,312
Watch			19,260				28,157				706				–				–				1,197				–				49,320
Special Mention			–				–				351				–				–				2,250				–				2,601
Substandard			–				–				–				106				571				4,562				–				5,239
Total		$	19,261			$	28,160			$	8,632			$	106			$	3,339			$	17,974			$	–			$	77,472
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			$	206,991			$	159,629			$	54,181			$	137,908			$	–			$	780,312
Watch			28,828				67,024				17,609				16,484				1,227				18,731				–				149,903
Special Mention			–				–				4,561				3,150				–				2,250				–				9,961
Substandard			–				8,909				38,644				10,557				909				9,473				–				68,492
Total loans		$	160,049			$	166,315			$	267,805			$	189,820			$	56,317			$	168,362			$	–			$	1,008,668

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