Loans Receivable and the Allowance for Credit Losses (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Loans Receivable and the Allowance for Credit Losses |
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| Summary of composition of loans |
| | | | | | | | | | June 30, | | December 31, | | | | 2025 | | 2024 | | | | | (In Thousands) | | Residential real estate: | | | | | | | | One-to-four family | | $ | 3,398 | | $ | 3,472 | | Multi-family | | | 292,552 | | | 206,606 | | Mixed-use | | | 26,089 | | | 26,571 | | Total residential real estate | | | 322,039 | | | 236,649 | | Non-residential real estate | | | 28,971 | | | 29,446 | | Construction | | | 1,323,477 | | | 1,426,167 | | Commercial and industrial | | | 123,084 | | | 118,736 | | Consumer | | | 47 | | | 1,649 | | Total Loans | | | 1,797,618 | | | 1,812,647 | | Deferred loan fees, net | | | (62) | | | (49) | | Allowance for credit losses | | | (4,724) | | | (4,830) | | | | $ | 1,792,832 | | $ | 1,807,768 | |
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| Schedule of analysis of the activity in the allowance for loan losses |
At June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | Commercial | | | | | | | | | Residential | | residential | | | | | and | | | | | | | | | Real Estate | | Real Estate | | Construction | | Industrial | | Consumer | | Total | | | | (In Thousands) | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | Ending balance | | $ | 1,979 | | $ | 229 | | $ | 1,792 | | $ | 677 | | $ | 47 | | $ | 4,724 | Ending balance: individually evaluated for credit loss | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | Ending balance: collectively evaluated for credit loss | | $ | 1,979 | | $ | 229 | | $ | 1,792 | | $ | 677 | | $ | 47 | | $ | 4,724 | Loans receivable: | | | | | | | | | | | | | | | | | | | Ending balance | | $ | 322,039 | | $ | 28,971 | | $ | 1,323,477 | | $ | 123,084 | | $ | 47 | | $ | 1,797,618 | Ending balance: individually evaluated for credit loss | | $ | — | | $ | — | | $ | — | | $ | 234 | | $ | — | | $ | 234 | Ending balance: collectively evaluated for credit loss | | $ | 322,039 | | $ | 28,971 | | $ | 1,323,477 | | $ | 122,850 | | $ | 47 | | $ | 1,797,384 |
At December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | Commercial | | | | | | | | | Residential | | residential | | | | | and | | | | | | | | | Real Estate | | Real Estate | | Construction | | Industrial | | Consumer | | Total | | | | (In Thousands) | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | Ending balance | | $ | 1,900 | | $ | 308 | | $ | 1,937 | | $ | 520 | | $ | 165 | | $ | 4,830 | Ending balance: individually evaluated for credit loss | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | Ending balance: collectively evaluated for credit loss | | $ | 1,900 | | $ | 308 | | $ | 1,937 | | $ | 520 | | $ | 165 | | $ | 4,830 | Loans receivable: | | | | | | | | | | | | | | | | | | | Ending balance | | $ | 236,649 | | $ | 29,446 | | $ | 1,426,167 | | $ | 118,736 | | $ | 1,649 | | $ | 1,812,647 | Ending balance: individually evaluated for credit loss | | $ | — | | $ | — | | $ | — | | $ | 241 | | $ | — | | $ | 241 | Ending balance: collectively evaluated for credit loss | | $ | 236,649 | | $ | 29,446 | | $ | 1,426,167 | | $ | 118,495 | | $ | 1,649 | | $ | 1,812,406 |
| | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | Commercial | | | | | | | | | Residential | | residential | | | | | and | | | | | | | | | Real Estate | | Real Estate | | Construction | | Industrial | | Consumer | | Total | | | | (In Thousands) | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | Balance -March 31, 2025 | | $ | 2,224 | | $ | 271 | | $ | 1,716 | | $ | 606 | | $ | 310 | | $ | 5,127 | Charge-offs | | | — | | | — | | | — | | | — | | | (485) | | | (485) | Recoveries | | | — | | | — | | | — | | | — | | | 82 | | | 82 | Provision (reversal of) | | | (245) | | | (42) | | | 76 | | | 71 | | | 140 | | | — | Balance -June 30, 2025 | | $ | 1,979 | | $ | 229 | | $ | 1,792 | | $ | 677 | | $ | 47 | | $ | 4,724 | | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | Commercial | | | | | | | | | Residential | | residential | | | | | and | | | | | | | | | Real Estate | | Real Estate | | Construction | | Industrial | | Consumer | | Total | | | | (In Thousands) | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | Balance -March 31, 2024 | | $ | 2,229 | | $ | 110 | | $ | 1,969 | | $ | 422 | | $ | 197 | | $ | 4,927 | Charge-offs | | | — | | | — | | | — | | | — | | | (12) | | | (12) | Recoveries | | | — | | | — | | | — | | | — | | | — | | | — | Provision (reversal of) | | | (205) | | | 269 | | | (101) | | | 55 | | | (18) | | | — | Balance - June 30, 2024 | | $ | 2,024 | | $ | 379 | | $ | 1,868 | | $ | 477 | | $ | 167 | | $ | 4,915 |
| | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | Commercial | | | | | | | | | Residential | | residential | | | | | and | | | | | | | | | Real Estate | | Real Estate | | Construction | | Industrial | | Consumer | | Total | | | | (In Thousands) | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | Balance - December 31, 2024 | | $ | 1,900 | | $ | 308 | | $ | 1,937 | | $ | 520 | | $ | 165 | | $ | 4,830 | Charge-offs | | | — | | | — | | | — | | | — | | | (602) | | | (602) | Recoveries | | | — | | | 350 | | | — | | | — | | | 84 | | | 434 | Provision (reversal of) | | | 79 | | | (429) | | | (145) | | | 157 | | | 400 | | | 62 | Balance -June 30, 2025 | | $ | 1,979 | | $ | 229 | | $ | 1,792 | | $ | 677 | | $ | 47 | | $ | 4,724 | | | | | | | | | | | | | | | | | | | | | | | | | Non- | | | | | Commercial | | | | | | | | | Residential | | residential | | | | | and | | | | | | | | | Real Estate | | Real Estate | | Construction | | Industrial | | Consumer | | Total | | | | (In Thousands) | Allowance for credit losses: | | | | | | | | | | | | | | | | | | | Balance - December 31, 2023 | | $ | 2,433 | | $ | 126 | | $ | 1,914 | | $ | 472 | | $ | 148 | | $ | 5,093 | Charge-offs | | | — | | | — | | | — | | | — | | | (33) | | | (33) | Recoveries | | | — | | | — | | | — | | | — | | | — | | | — | Provision (reversal of) | | | (409) | | | 253 | | | (46) | | | 5 | | | 52 | | | (145) | Balance - June 30, 2024 | | $ | 2,024 | | $ | 379 | | $ | 1,868 | | $ | 477 | | $ | 167 | | $ | 4,915 |
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| Schedule of age analysis of past due loans |
Age Analysis of Past Due Loans as of June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Recorded | | | | | | | | | | | | | | | | | | | | | Investment > | | | 30 – 59 Days | | 60 – 89 Days | | Greater Than | | Total Past | | | | | Total Loans | | 90 Days and | | | Past Due | | Past Due | | 90 Days | | Due | | Current | | Receivable | | Accruing | | | | (In Thousands) | Residential real estate: | | | | | | | | | | | | | | | | | | | | | | One- to four-family | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 3,398 | | $ | 3,398 | | $ | — | Multi-family | | | — | | | — | | | — | | | — | | | 292,552 | | | 292,552 | | | — | Mixed-use | | | — | | | — | | | — | | | — | | | 26,089 | | | 26,089 | | | — | Non-residential real estate | | | — | | | — | | | — | | | — | | | 28,971 | | | 28,971 | | | — | Construction loans | | | — | | | — | | | — | | | — | | | 1,323,477 | | | 1,323,477 | | | — | Commercial and industrial loans | | | — | | | — | | | — | | | — | | | 123,084 | | | 123,084 | | | — | Consumer | | | — | | | — | | | — | | | — | | | 47 | | | 47 | | | — | | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 1,797,618 | | $ | 1,797,618 | | $ | — |
Age Analysis of Past Due Loans as of December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Recorded | | | | | | | | | | | | | | | | | | | | | Investment | | | 30 – 59 Days | | 60 – 89 Days | | Greater Than | | Total Past | | | | | Total Loans | | > 90 Days and | | | Past Due | | Past Due | | 90 Days | | Due | | Current | | Receivable | | Accruing | | | | (In Thousands) | Residential real estate: | | | | | | | | | | | | | | | | | | | | | | One- to four-family | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 3,472 | | $ | 3,472 | | $ | — | Multi-family | | | 931 | | | — | | | — | | | 931 | | | 205,675 | | | 206,606 | | | — | Mixed-use | | | — | | | — | | | — | | | — | | | 26,571 | | | 26,571 | | | — | Non-residential real estate | | | — | | | — | | | — | | | — | | | 29,446 | | | 29,446 | | | — | Construction loans | | | — | | | — | | | — | | | — | | | 1,426,167 | | | 1,426,167 | | | — | Commercial and industrial loans | | | — | | | — | | | — | | | — | | | 118,736 | | | 118,736 | | | — | Consumer | | | — | | | — | | | — | | | — | | | 1,649 | | | 1,649 | | | — | | | $ | 931 | | $ | — | | $ | — | | $ | 931 | | $ | 1,811,716 | | $ | 1,812,647 | | $ | — |
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| Summary of risk category of loans |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Revolving | | Revolving | | | | | Term Loans Amortized Costs Basis by Origination Year | | Loans | | Loans | | | | | | | | | | | | | | | | | | Amortized | | Converted | | | June 30, 2025 | | | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior | | Cost Basis | | to Term | | Total | Residential real estate | | | | | | | | | | | | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 96,098 | $ | 12,941 | $ | 78,085 | $ | 69,758 | $ | 22,028 | $ | 43,129 | $ | - | $ | - | $ | 322,039 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 96,098 | $ | 12,941 | $ | 78,085 | $ | 69,758 | $ | 22,028 | $ | 43,129 | $ | - | $ | - | $ | 322,039 | | | | | | | | | | | | | | | | | | | | | Residential real estate | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | | | | | | | | | | | | | | | | | | | | | Non-residential real estate | | | | | | | | | | | | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | - | $ | 13,759 | $ | 1,550 | $ | 239 | $ | 1,637 | $ | 11,786 | $ | - | $ | - | $ | 28,971 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | - | $ | 13,759 | $ | 1,550 | $ | 239 | $ | 1,637 | $ | 11,786 | $ | - | $ | - | $ | 28,971 | | | | | | | | | | | | | | | | | | | | | Non-residential real estate | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | | | | | | | | | | | | | | | | | | | | | Construction | | | | | | | | | | | - | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 174,077 | $ | 477,202 | $ | 328,866 | $ | 193,573 | $ | 88,712 | $ | 61,047 | $ | - | $ | - | $ | 1,323,477 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 174,077 | $ | 477,202 | $ | 328,866 | $ | 193,573 | $ | 88,712 | $ | 61,047 | $ | - | $ | - | $ | 1,323,477 | | | | | | | | | | | | | | | | | | | | | Construction | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | | | | | | | | | | | | | | | | | | | | | Commercial and industrial | | | | | | | | | | | - | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 5,493 | $ | 6,574 | $ | 4,000 | $ | 5,468 | $ | 127 | $ | 1,635 | $ | 99,203 | $ | 350 | $ | 122,850 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | 234 | | - | | - | | - | | - | | - | | - | | 234 | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 5,493 | $ | 6,808 | $ | 4,000 | $ | 5,468 | $ | 127 | $ | 1,635 | $ | 99,203 | $ | 350 | $ | 123,084 | | | | | | | | | | | | | | | | | | | | | Commercial and industrial | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | | | | | | | | | | | | | | | | | | | | | Consumer | | | | | | | | | | | - | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 47 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 47 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 47 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 47 | | | | | | | | | | | | | | | | | | | | | Consumer | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | 602 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 602 | | | | | | | | | | | | | | | | | | | | | Total | | | | | | | | | | | - | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 275,715 | $ | 510,476 | $ | 412,501 | $ | 269,038 | $ | 112,504 | $ | 117,597 | $ | 99,203 | $ | 350 | $ | 1,797,384 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | 234 | | - | | - | | - | | - | | - | | - | | 234 | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 275,715 | $ | 510,710 | $ | 412,501 | $ | 269,038 | $ | 112,504 | $ | 117,597 | $ | 99,203 | $ | 350 | $ | 1,797,618 | Total | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | 602 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 602 |
The following table presents the risk category of loans at December 31, 2024 by loan segment and vintage year: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Revolving | | Revolving | | | | | Term Loans Amortized Costs Basis by Origination Year | | Loans | | Loans | | | | | | | | | | | | | | | | | | Amortized | | Converted | | | December 31, 2024 | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | Prior | | Cost Basis | | to Term | | Total | Residential real estate | | | | | | | | | | | | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 18,326 | $ | 78,603 | $ | 70,892 | $ | 22,292 | $ | 11,361 | $ | 35,175 | $ | - | $ | - | $ | 236,649 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 18,326 | $ | 78,603 | $ | 70,892 | $ | 22,292 | $ | 11,361 | $ | 35,175 | $ | - | $ | - | $ | 236,649 | Residential real estate | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | | | | | | | | | | | | | | | | | | | | | Non-residential real estate | | | | | | | | | | | | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 13,881 | $ | 1,569 | $ | 243 | $ | 1,669 | $ | 974 | $ | 11,110 | $ | - | $ | - | $ | 29,446 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 13,881 | $ | 1,569 | $ | 243 | $ | 1,669 | $ | 974 | $ | 11,110 | $ | - | $ | - | $ | 29,446 | Non-residential real estate | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | | | | | | | | | | | | | | | | | | | | | Construction | | | | | | | | | | | | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 408,072 | $ | 460,460 | $ | 303,417 | $ | 166,997 | $ | 43,405 | $ | 43,816 | $ | - | $ | - | $ | 1,426,167 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 408,072 | $ | 460,460 | $ | 303,417 | $ | 166,997 | $ | 43,405 | $ | 43,816 | $ | - | $ | - | $ | 1,426,167 | Construction | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | | | | | | | | | | | | | | | | | | | | | Commercial and industrial | | | | | | | | | | | | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 1,250 | $ | 4,365 | $ | 5,988 | $ | 232 | $ | 82 | $ | 795 | $ | 100,049 | $ | 5,734 | $ | 118,495 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | 241 | | 241 | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 1,250 | $ | 4,365 | $ | 5,988 | $ | 232 | $ | 82 | $ | 795 | $ | 100,049 | $ | 5,975 | $ | 118,736 | Commercial and industrial | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,000 | $ | - | $ | - | $ | 1,000 | | | | | | | | | | | | | | | | | | | | | Consumer | | | | | | | | | | | | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 1,648 | $ | - | $ | - | $ | - | $ | - | $ | | $ | 1 | $ | - | $ | 1,649 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 1,648 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | - | $ | 1,649 | Consumer | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | 347 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 347 | | | | | | | | | | | | | | | | | | | | | Total | | | | | | | | | | | | | | | | | | | | Risk Rating | | | | | | | | | | | | | | | | | | | | Pass | | $ | 443,177 | $ | 544,997 | $ | 380,540 | $ | 191,190 | $ | 55,822 | $ | 90,896 | $ | 100,050 | $ | 5,734 | $ | 1,812,406 | Special Mention | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Substandard | | | - | | - | | - | | - | | - | | - | | - | | 241 | | 241 | Doubtful | | | - | | - | | - | | - | | - | | - | | - | | - | | - | Total | | $ | 443,177 | $ | 544,997 | $ | 380,540 | $ | 191,190 | $ | 55,822 | $ | 90,896 | $ | 100,050 | $ | 5,975 | $ | 1,812,647 | Total | | | | | | | | | | | | | | | | | | | | Current period gross charge-offs | | $ | 347 | $ | - | $ | - | $ | - | $ | - | $ | 1,000 | $ | - | $ | - | $ | 1,347 | | | | | | | | | | | | | | | | | | | | |
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| Schedule of allowance for credit losses on off balance sheet commitments. |
| | | | | | Allowance for Credit Loss | Balance – December 31, 2024 | | $ | 704 | Provision for (reversal of) credit loss | | | 175 | Balance – March 31, 2025 | | $ | 879 | Provision for (reversal of) credit loss | | | - | Balance – June 30, 2025 | | $ | 879 | | | | | | | Allowance for Credit Loss | Balance – December 31, 2023 | | $ | 1,038 | Provision for (reversal of) credit loss | | | (17) | Balance – March 31, 2024 | | $ | 1,021 | Provision for (reversal of) credit loss | | | (219) | Balance – June 30, 2024 | | $ | 802 | | | | |
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