Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2025

Loans and Allowance for Credit Losses [Abstract]

Schedule of Loan by Segment


		June 30,					December 31,
		2025					2024
		(Dollars in thousands)
Real Estate Loans:
Residential, one- to four-family (1)	$		154,938			$		161,331
Home Equity			46,840					47,456
Commercial (2)			324,321					320,984
Total real estate loans			526,099					529,771
Other Loans:
Commercial			16,412					15,728
Consumer			11,919					991
Total gross loans			554,430					546,490
Net deferred loan costs			3,123					3,263
Allowance for credit losses on loans			(5,164	)				(5,133	)
Loans receivable, net	$		552,389			$		544,620

(1)

Includes one- to four-family construction loans.

(2)

Includes commercial construction loans.

Summary of Activity in Allowance for Credit Losses

The following tables detail the changes in the allowance for credit losses by loan segment as well as the distribution of the allowance for credit losses and gross loans receivable by loan segment and impairment method at or for the three and six months ended June 30, 2025 and 2024.


		Real Estate Loans															Other Loans
		One- to Four-Family(1)					Home Equity					Commercial Real Estate (2)					Commercial					Consumer					Total
		(Dollars in thousands)
June 30, 2025
Allowance for Credit Loss on Loans
Balance – April 1, 2025		$		714			$		117			$		4,197			$		131			$		11			$		5,170
Charge-offs				—					—					—					—					(6	)				(6	)
Recoveries				—					—					—					—					—					—
(Credit) provision				20					(11	)				(30	)				16					5					—
Balance – June 30, 2025		$		734			$		106			$		4,167			$		147			$		10			$		5,164

Balance - January 1, 2025		$		390			$		137			$		4,171			$		421			$		14			$		5,133
Charge-offs				—					—					—					—					(13	)				(13	)
Recoveries				4					—					—					—					1					5
Provision (credit)				340					(31	)				(4	)				(274	)				8					39
Balance – June 30, 2025		$		734			$		106			$		4,167			$		147			$		10			$		5,164
Ending balance: individually evaluated		$		—			$		—			$		—			$		—			$		2			$		2
Ending balance: collectively evaluated		$		734			$		106			$		4,167			$		147			$		8			$		5,162

Gross Loans Receivable(3):
Ending balance		$		154,938			$		46,840			$		324,321			$		16,412			$		11,919			$		554,430
Ending balance: individually evaluated		$		1,531			$		109			$		94			$		—			$		2			$		1,736
Ending balance: collectively evaluated		$		153,407			$		46,731			$		324,227			$		16,412			$		11,917			$		552,694

(1)

There were no one-to four-family construction loans at June 30, 2025.

(2)

Includes commercial construction loans of $17.0 million.

(3)

Gross Loans Receivable does not include allowance for credit losses of $(5,164) or net deferred loan costs of $3,123.


		Real Estate Loans															Other Loans
		One- to Four-Family(1)					Home Equity					Commercial Real Estate (2)					Commercial					Consumer					Total
		(Dollars in thousands)
June 30, 2024
Allowance for Credit Loss on Loans
Balance- April 1, 2024		$		504			$		249			$		5,004			$		467			$		13			$		6,237
Charge-offs				—					—					—					—					(5	)				(5	)
Recoveries				2					—					—					—					3					5
(Credit) provision				(33	)				(33	)				(315	)				56					4					(321	)
Balance – June 30, 2024		$		473			$		216			$		4,689			$		523			$		15			$		5,916

Balance- January 1, 2024		$		532			$		213			$		5,231			$		471			$		16			$		6,463
Charge-offs				—					—					—					—					(13	)				(13	)
Recoveries				5					—					—					—					5					10
(Credit) provision				(64	)				3					(542	)				52					7					(544	)
Balance – June 30, 2024		$		473			$		216			$		4,689			$		523			$		15			$		5,916
Ending balance: individually evaluated		$		—			$		—			$		—			$		—			$		—			$		—
Ending balance: collectively evaluated		$		473			$		216			$		4,689			$		523			$		15			$		5,916
Gross Loans Receivable(3):
Ending balance		$		166,075			$		48,612			$		312,396			$		18,578			$		1,047			$		546,708
Ending balance: individually evaluated		$		136			$		—			$		1,242			$		—			$		—			$		1,378
Ending balance: collectively evaluated		$		165,939			$		48,612			$		311,154			$		18,578			$		1,047			$		545,330

(1)

There were no one-to four-family construction loans at June 30, 2024.

(2)

Includes commercial construction loans of $14.1 million.

(3)

Gross Loans Receivable does not include allowance for credit losses of $(5,916) or net deferred loan costs of $3,545.

The following table summarizes the distribution of the allowance for credit losses and loans receivable by loan segment and impairment method as of December 31, 2024:


		Real Estate Loans												Other Loans
		One- to Four-Family(1)				Home Equity				Commercial Real Estate (2)				Commercial				Consumer				Total
		(Dollars in thousands)

December 31, 2024
Allowance for Credit Losses on Loans
Balance – December 31, 2024		$	390			$	137			$	4,171			$	421			$	14			$	5,133
Ending balance: individually evaluated		$	—			$	—			$	—			$	—			$	—			$	—
Ending balance: collectively evaluated		$	390			$	137			$	4,171			$	421			$	14			$	5,133

Gross Loans Receivable(3):
Ending Balance		$	161,331			$	47,456			$	320,984			$	15,728			$	991			$	546,490
Ending balance: individually evaluated		$	131			$	—			$	1,242			$	—			$	—			$	1,373
Ending balance: collectively evaluated		$	161,200			$	47,456			$	319,742			$	15,728			$	991			$	545,117

(1)

There were no one- to four-family construction loans at December 31, 2024.

(2)

Includes commercial construction loans of $18.9 million.

(3)

Gross Loans Receivable does not include allowance for credit losses of $(5,133) or deferred loan costs of $3,263.

Schedule of Activity in Allowance for Credit Losses on Unfunded Loan Commitments


	For the six months ended June 30, 2025
	(Dollars in thousands)
Balance at December 31, 2024	$		314
Provision (Credit) for Credit Losses			9
Balance at March 31, 2025	$		323
Provision (Credit) for Credit Losses			—
Balance at June 30, 2025	$		323

	For the six months ended June 30, 2024
	(Dollars in thousands)
Balance at December 31, 2023	$		487
Provision (Credit) for Credit Losses			(129	)
Balance at March 31, 2024	$		358
Provision (Credit) for Credit Losses			36
Balance at June 30, 2024	$		394

Schedule of Non-accrual by Loan Segment


	Total Non-accrual										Non-accrual with no Allowance for Credit Losses
		June 30,					December 31,					June 30,					December 31,
		2025					2024					2025					2024
	(Dollars in thousands)
Real Estate Loans:
Residential, one- to four-family (1)	$		1,567			$		1,891			$		1,567			$		1,891
Home Equity			114					683					114					683
Commercial Real Estate (2)			94					1,226					94					1,226
Other Loans:
Commercial			—					—					—					—
Consumer			2					4					—					4
Total loans	$		1,777			$		3,804			$		1,775			$		3,804

(1)

Includes one- to four-family construction loans.

(2)

Includes commercial construction loans.

Analysis of Past Due Loans and Non-Accruing Loans

The following tables provide an analysis of past due loans as of the dates indicated:


		30-59 Days					60-89 Days					90 Days or More					Total Past						Current				Total Gross Loans
		Past Due					Past Due					Past Due					Due						Due				Receivable
		(Dollars in thousands)
June 30, 2025:
Real Estate Loans:
Residential, one- to four-family(1)		$		445			$		461			$		364			$		1,270			$		153,668			$		154,938
Home equity				118					119					36					273					46,567					46,840
Commercial(2)				—					—					94					94					324,227					324,321
Other Loans:
Commercial				—					—					—					—					16,412					16,412
Consumer				56					—					—					56					11,863					11,919
Total		$		619			$		580			$		494			$		1,693			$		552,737			$		554,430

		30-59 Days					60-89 Days					90 Days or More					Total Past						Current				Total Gross Loans
		Past Due					Past Due					Past Due					Due						Due				Receivable
		(Dollars in thousands)
December 31, 2024:
Real Estate Loans:
Residential, one- to four-family(1)		$		1,035			$		454			$		662			$		2,151			$		159,180			$		161,331
Home equity				318					26					596					940					46,516					47,456
Commercial(2)				—					—					1,242					1,242					319,742					320,984
Other Loans:
Commercial				—					—					—					—					15,728					15,728
Consumer				3					2					—					5					986					991
Total		$		1,356			$		482			$		2,500			$		4,338			$		542,152			$		546,490

(1)

Includes one- to four-family construction loans.

(2)

Includes commercial real estate construction loans.

Schedule of Amortized Cost of Collateral-Dependent Loans by Loan Segment


		Residential				Business								Commercial								Total
		Real Estate				Assets				Land				Real Estate				Other				Loans
June 30, 2025:	(Dollars in thousands)
Real Estate Loans:
Residential, one- to four-family	$		1,567		$		—		$		—		$		—		$		—		$		1,567
Home Equity			114				—				—				—				—				114
Commercial			—				—				—				94				—				94
Consumer			—				—				—				—				—				—
Total	$		1,681		$		—		$		—		$		94		$		—		$		1,775
December 31, 2024:
Real Estate Loans:
Residential, one- to four-family	$		143		$		—		$		—		$		—		$		—		$		143
Commercial			200				—				1,026				—				—				1,226
Total	$		343		$		—		$		1,026		$		—		$		—		$		1,369

Gross Loans by Credit Quality Indicator by Origination Year

The following table presents gross loans by credit quality indicator by origination year at June 30, 2025 as well as gross charge-offs by year of origination for the six months ended June 30, 2025:


		2025				2024				2023				2022				2021				Prior				Revolving Loans				Total
June 30, 2025:		(Dollars in thousands)
Residential, one-to four-family(1):
Pass	$		1,195		$		5,141		$		10,917		$		31,610		$		25,970		$		78,228		$		—		$		153,061
Substandard			—				—				—				490				152				1,235				—				1,877
Doubtful			—				—				—				—				—				—				—				—
Total	$		1,195				5,141		$		10,917		$		32,100		$		26,122		$		79,463		$		—		$		154,938
Current period gross charge-offs	$		—				—		$		—		$		—		$		—		$		—		$		—		$		—

Home Equity(2):
Pass	$		499		$		97		$		2,323		$		1,979		$		67		$		433		$		41,245				46,643
Substandard			—				—				—				—				—				—				197				197
Doubtful			—				—				—				—				—				—				—				—
Total	$		499		$		97		$		2,323		$		1,979		$		67		$		433		$		41,442		$		46,840
Current period gross charge-offs	$		—		$		—		$		—		$		—		$		—		$		—		$		—		$		—

Commercial Real Estate(3):
Pass	$		14,400		$		36,150		$		17,981		$		83,012		$		39,380		$		124,097		$		2		$		315,022
Special mention			—				—				292				—				—				880				—				1,172
Substandard			—				—				—				—				—				8,127				—				8,127
Doubtful			—				—				—				—				—				—				—				—
Total	$		14,400		$		36,150		$		18,273		$		83,012		$		39,380		$		133,104		$		2		$		324,321
Current period gross charge-offs	$		—		$		—		$		—		$		—		$		—		$		—		$		—		$		—

Commercial Loans:
Pass	$		1,902		$		1,783		$		833		$		1,761		$		321		$		1,835		$		4,878		$		13,313
Special mention			—				—				—				—				115				—				—				115
Substandard			—				—				—				—				—				2,028				956				2,984
Doubtful			—				—				—				—				—				—				—				—
Total	$		1,902		$		1,783		$		833		$		1,761		$		436		$		3,863		$		5,834		$		16,412
Current period gross charge-offs	$		—		$		—		$		—		$		—		$		—		$		—		$		—		$		—

Consumer Loans:
Pass	$		11,183		$		187		$		75		$		88		$		1		$		180		$		203		$		11,917
Substandard			—				—				—				—				—				—				2				2
Doubtful			—				—				—				—				—				—				—				—
Total	$		11,183		$		187		$		75		$		88		$		1		$		180		$		205		$		11,919
Current period gross charge-offs	$		—		$		—		$		—		$		—		$		—		$		—		$		13		$		13

(1)

There were no one- to four-family construction loans at June 30, 2025.

(2)

Home equity loans presented with an origination year represent home equity lines-of-credit which have been converted to term loans.

(3)

Includes commercial construction loans.

The following table presents gross loans by credit quality indicator by origination year at December 31, 2024 as well as gross charge-offs by year of origination for the year ended December 31, 2024:


		2024				2023				2022				2021				2020				Prior				Revolving Loans				Total
December 31, 2024:		(Dollars in thousands)
Residential, one-to four-family(1):
Pass	$		5,554		$		11,684		$		33,058		$		26,594		$		16,272		$		66,081		$		—		$		159,243
Substandard			—				—				447				265				—				1,377				—				2,088
Doubtful			—				—				—				—				—				—				—				—
Total	$		5,554				11,684		$		33,504		$		26,859		$		16,272		$		67,458		$		—		$		161,331
Current period gross charge-offs	$		—				—		$		—		$		—		$		—		$		—		$		—		$		—

Home Equity(2):
Pass	$		102		$		2,712		$		2,297		$		76		$		34		$		574		$		40,899				46,694
Substandard			—				—				—				—				—				—				762				762
Doubtful			—				—				—				—				—				—				—				—
Total	$		102		$		2,712		$		2,297		$		76		$		34		$		574		$		41,661		$		47,456
Current period gross charge-offs	$		—		$		—		$		—		$		—		$		—		$		—		$		—		$		—

Commercial Real Estate(3):
Pass	$		33,959		$		17,498		$		84,218		$		41,871		$		33,021		$		97,472		$		644		$		308,683
Special mention			—				—				—				—				895				1,646				—				2,541
Substandard			—				—				—				—				1,242				8,517				—				9,759
Doubtful			—				—				—				—				—				—				—				—
Total	$		33,959		$		17,498		$		84,218		$		41,871		$		35,158		$		107,636		$		644		$		320,984
Current period gross charge-offs	$		—		$		—		$		—		$		—		$		—		$		—		$		—		$		—

Commercial Loans:
Pass	$		3,232		$		981		$		1,980		$		483		$		349		$		1,745		$		2,725		$		11,496
Special mention			—				—				—				165				—				146				782				1,093
Substandard			—				—				—				—				—				2,183				956				3,139
Doubtful			—				—				—				—				—				—				—				—
Total	$		3,232		$		981		$		1,980		$		648		$		349		$		4,074		$		4,463		$		15,728
Current period gross charge-offs	$		—		$		—		$		—		$		—		$		—		$		—		$		—		$		—

Consumer Loans:
Pass	$		258		$		118		$		138		$		35		$		98		$		115		$		223		$		986
Substandard			—				—				—				—				—				—				4				4
Doubtful			—				—				—				—				—				—				—				—
Total	$		258		$		118		$		138		$		35		$		98		$		115		$		228		$		991
Current period gross charge-offs	$		5		$		—		$		2		$		—		$		—		$		—		$		34		$		41

(1)

There were no one- to four-family construction loans at December 31, 2024.

(2)

Home equity loans presented with an origination year represent home equity lines-of-credit which have been converted to term loans.

(3)

Includes commercial construction loans.