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Note 4 - Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Allowance for Credit Losses [Text Block] | Note 4: Allowance for Credit Losses The following tables present the activity in the allowance for credit losses for the years ended December 31, 2025 and 2024:
|  | December 31, 2025 |
|  | 1-4 family residential |  |  | Multi-family |  |  | Commercial |  |  | Construction |  |  | Consumer |  |  | Total |
|  | (Dollars in thousands) |
Year ended: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,056 |  |  | $ | 37 |  |  | $ | 41 |  |  | $ | 65 |  |  | $ | 2 |  |  | $ | 1,201 |
Charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 99 |  |  |  | 99 |
Net recoveries (charge-offs) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 99 |  |  |  | 99 |
(Release of) Provision for credit losses |  |  | (67 | ) |  |  | 2 |  |  |  | (4 | ) |  |  | (4 | ) |  |  | (99 | ) |  |  | (172 | )
Ending balance |  | $ | 989 |  |  | $ | 39 |  |  | $ | 37 |  |  | $ | 61 |  |  | $ | 2 |  |  | $ | 1,128 |
|  | December 31, 2024 |
|  | 1-4 family residential |  |  | Multi-family |  |  | Commercial |  |  | Construction |  |  | Consumer |  |  | Total |
|  | (Dollars in thousands) |
Year ended: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,094 |  |  | $ | 40 |  |  | $ | 37 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1,176 |
Charge-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net recoveries (charge-offs) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Provision for (release of) credit losses |  |  | (38 | ) |  |  | (3 | ) |  |  | 4 |  |  |  | 61 |  |  |  | 1 |  |  |  | 25 |
Ending balance |  | $ | 1,056 |  |  | $ | 37 |  |  | $ | 41 |  |  | $ | 65 |  |  | $ | 2 |  |  | $ | 1,201 |
The ACL on loans excludes $40,000 and $60,000 of allowance for off-balance sheet exposures as of December 31, 2025 and 2024, respectively, recorded within Other Liabilities on the Consolidated Balance Sheets. Off-balance sheet exposures consist of unused lines of credit, the unused portion of construction loans and commitments to originate loans. The net release of provision for credit losses for the year ended December 31, 2025 in the table above excludes a release of provision for credit losses of $20,000 related to off balance sheet exposures. The net provision for credit losses for the year ended December 31, 2024 in the table above excludes a provision for credit losses of $46,000 related to off balance sheet exposures. There were two collateral dependent loans, totaling $284,000, as of December 31, 2025 in the one to four-family residential loan segment. These loans are collateralized by residential real estate and have no ACL as of December 31, 2025. There were no other collateral dependent loans as of December 31, 2025. There were no collateral dependent loans as of December 31, 2024. The Bank evaluates collectability based on payment activity and other factors. The Bank uses a graded loan rating system as a means of identifying potential problem loans, as follows: Pass Loans in these categories are performing as expected with low to average risk. Special Mention Loans in this category are internally designated by management as “watch loans.” These loans are starting to show signs of potential weakness and are closely monitored by management. Substandard Loans in this category are internally designated by management as “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the paying capacity of the obligors or the current net worth of the collateral pledged. Substandard loans present a distinct possibility that the Bank will sustain losses if such weaknesses are not corrected. Doubtful Loans classified as doubtful have all the weaknesses inherent in those designated as “substandard” with the added characteristic that the weaknesses may make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. On an annual basis, or more often if needed, the Bank formally reviews the ratings on commercial loans. In addition, the Bank performs an independent review of a significant portion of the commercial loan portfolio. Management uses the results of the independent review as part of its annual review process. The following tables present the credit risk profile of the Company's loan portfolio based on risk rating category and year of origination as of December 31, 2025 and 2024.
|  | As of December 31, 2025 |
|  | Term loans amortized cost basis by origination year |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Revolving loans amortized cost basis |  |  | Revolving loans converted to term loans amortized cost basis |  |  | Total |
|  | (Dollars in thousands) |
1-4 family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 16,653 |  |  | $ | 13,335 |  |  | $ | 16,423 |  |  | $ | 10,870 |  |  | $ | 16,434 |  |  | $ | 37,769 |  |  | $ | 6,454 |  |  | $ | — |  |  |  | 117,938 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | 262 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 284 |
Total 1-4 family residential |  |  | 16,653 |  |  |  | 13,597 |  |  |  | 16,423 |  |  |  | 10,870 |  |  |  | 16,434 |  |  |  | 37,791 |  |  |  | 6,454 |  |  |  | — |  |  |  | 118,222 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | — |  |  |  | 507 |  |  |  | — |  |  |  | — |  |  |  | 221 |  |  |  | 2,512 |  |  |  | — |  |  |  | — |  |  |  | 3,240 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total multi-family |  |  | — |  |  |  | 507 |  |  |  | — |  |  |  | — |  |  |  | 221 |  |  |  | 2,512 |  |  |  | — |  |  |  | — |  |  |  | 3,240 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | — |  |  |  | — |  |  |  | 165 |  |  |  | — |  |  |  | 92 |  |  |  | 2,834 |  |  |  | 722 |  |  |  | — |  |  |  | 3,813 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total commercial |  |  | — |  |  |  | — |  |  |  | 165 |  |  |  | — |  |  |  | 92 |  |  |  | 2,834 |  |  |  | 722 |  |  |  | — |  |  |  | 3,813 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 2,156 |  |  |  | 1,676 |  |  |  | 89 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,921 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total construction |  |  | 2,156 |  |  |  | 1,676 |  |  |  | 89 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,921 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 130 |  |  |  | 46 |  |  |  | 47 |  |  |  | 40 |  |  |  | 3 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 268 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total consumer |  |  | 130 |  |  |  | 46 |  |  |  | 47 |  |  |  | 40 |  |  |  | 3 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 268 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 18,939 |  |  |  | 15,564 |  |  |  | 16,724 |  |  |  | 10,910 |  |  |  | 16,750 |  |  |  | 43,117 |  |  |  | 7,176 |  |  |  | — |  |  |  | 129,180 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | 262 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 284 |
Total |  |  | 18,939 |  |  |  | 15,826 |  |  |  | 16,724 |  |  |  | 10,910 |  |  |  | 16,750 |  |  |  | 43,139 |  |  |  | 7,176 |  |  |  | — |  |  |  | 129,464 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | As of December 31, 2024 |
|  | Term loans amortized cost basis by origination year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Revolving loans amortized cost basis |  |  | Revolving loans converted to term loans amortized cost basis |  |  | Total |
|  | (Dollars in thousands) |
1-4 family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 20,577 |  |  | $ | 20,986 |  |  | $ | 12,421 |  |  | $ | 18,074 |  |  | $ | 43,245 |  |  | $ | 4,106 |  |  | $ | — |  |  | $ | 119,409 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total 1-4 family residential |  |  | 20,577 |  |  |  | 20,986 |  |  |  | 12,421 |  |  |  | 18,074 |  |  |  | 43,245 |  |  |  | 4,106 |  |  |  | — |  |  |  | 119,409 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 515 |  |  |  | — |  |  |  | — |  |  |  | 230 |  |  |  | 2,623 |  |  |  | — |  |  |  | — |  |  |  | 3,368 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total multi-family |  |  | 515 |  |  |  | — |  |  |  | — |  |  |  | 230 |  |  |  | 2,623 |  |  |  | — |  |  |  | — |  |  |  | 3,368 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 148 |  |  |  | 301 |  |  |  | — |  |  |  | 96 |  |  |  | 3,158 |  |  |  | 494 |  |  |  | — |  |  |  | 4,197 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total commercial |  |  | 148 |  |  |  | 301 |  |  |  | — |  |  |  | 96 |  |  |  | 3,158 |  |  |  | 494 |  |  |  | — |  |  |  | 4,197 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 3,134 |  |  |  | 517 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,651 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total construction |  |  | 3,134 |  |  |  | 517 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,651 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 127 |  |  |  | 77 |  |  |  | 58 |  |  |  | 18 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 282 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total consumer |  |  | 127 |  |  |  | 77 |  |  |  | 58 |  |  |  | 18 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 282 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  |  | 24,501 |  |  |  | 21,881 |  |  |  | 12,479 |  |  |  | 18,418 |  |  |  | 49,028 |  |  |  | 4,600 |  |  |  | — |  |  |  | 130,907 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 24,501 |  |  |  | 21,881 |  |  |  | 12,479 |  |  |  | 18,418 |  |  |  | 49,028 |  |  |  | 4,600 |  |  |  | — |  |  |  | 130,907 |
Current year-to-date gross write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
The aging of the Bank’s loan portfolio as of December 31, 2025 and 2024, is as follows:
|  | 31-89 Days Past Due and Accruing |  |  | Greater than 90 Days Past Due and Accruing |  |  | Non-Accrual |  |  | Total Past Due and Non-Accrual |  |  | Current |  |  | Total Loan Balance |
|  | (Dollars in thousands) |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  | $ | 641 |  |  | $ | — |  |  | $ | 284 |  |  | $ | 925 |  |  | $ | 117,297 |  |  | $ | 118,222 |
Multi-family |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,240 |  |  |  | 3,240 |
Commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,813 |  |  |  | 3,813 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,921 |  |  |  | 3,921 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 268 |  |  |  | 268 |
Total |  | $ | 641 |  |  | $ | — |  |  | $ | 284 |  |  | $ | 925 |  |  | $ | 128,539 |  |  | $ | 129,464 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  | $ | 371 |  |  | $ | — |  |  | $ | — |  |  | $ | 371 |  |  | $ | 119,038 |  |  | $ | 119,409 |
Multi-family |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,368 |  |  |  | 3,368 |
Commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,197 |  |  |  | 4,197 |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,651 |  |  |  | 3,651 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 282 |  |  |  | 282 |
Total |  | $ | 371 |  |  | $ | — |  |  | $ | — |  |  | $ | 371 |  |  | $ | 130,536 |  |  | $ | 130,907 |
The following table presents the amortized cost basis of loans on nonaccrual status recorded at December 31, 2025 and 2024. As of January 1, 2024, the amortized cost basis of loans on nonaccrual status was $200,000.
|  | December 31, 2025 |  |  | December 31, 2024 |
|  | Nonaccrual with no Allowance for Credit Losses |  |  | Nonaccrual |  |  | Nonaccrual with no Allowance for Credit Losses |  |  | Nonaccrual |
|  | (Dollars in thousands) |
First mortgage loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 family residential |  | $ | 284 |  |  | $ | 284 |  |  | $ | — |  |  | $ | — |
Multi-family |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total loans |  | $ | 284 |  |  | $ | 284 |  |  | $ | — |  |  | $ | — |
The Bank may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms; more specifically, modifications to loan interest rates. Management performs an analysis at the time of loan modification. Any reserve required is recorded through a provision to the allowance for credit losses on loans. There were no modifications on loans to borrowers experiencing financial difficulty during the year ended December 31, 2025 and 2024. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process is $262,000 as of December 31, 2025. There were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process as of December 31, 2024.

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