Loans Receivable and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2025

Loans receivable at December 31, 2025 and 2024 are summarized as follows:


	December 31,
	2025			2024
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	307,267		$	330,053
Owner-Occupied		127,107			142,363
Multifamily residential		756,542			670,159
Nonresidential properties		526,210			389,898
Construction and land		854,096			733,660
Total mortgage loans		2,571,222			2,266,133
Nonmortgage loans:
Business loans		53,063			40,849
Consumer loans		625			1,038
Total non-mortgage loans		53,688			41,887
Total loans, gross		2,624,910			2,308,020
Deferred loan origination costs, net of fees		(203	)		1,081
Allowance for credit losses		(25,449	)		(22,502	)
Loans receivable, net	$	2,599,258		$	2,286,599

Schedule of Credit Risk Ratings by Loan Segment

The following tables summarize total loans by year of origination and internally assigned credit risk ratings as of December 31, 2025 and 2024:


	2025		2024		2023		2022		2021		2020 and Prior		Total
	(in thousands)
December 31, 2025
Mortgage Loans:
1-4 Family Investor Owned
Pass	$	3,843	$	2,793	$	26,126	$	50,353	$	43,153	$	173,463	$	299,731
Special mention		—		—		842		—		361		1,180		2,383
Substandard		—		—		—		—		1,873		3,280		5,153
Total 1-4 Family Investor Owned		3,843		2,793		26,968		50,353		45,387		177,923		307,267
1-4 Family Owner Occupied
Pass		—		1,315		16,984		47,695		10,587		47,731		124,312
Special mention		—		—		—		—		462		—		462
Substandard		—		—		—		—		429		1,904		2,333
Total 1-4 Family Owner Occupied		—		1,315		16,984		47,695		11,478		49,635		127,107
Multifamily residential
Pass		149,358		107,129		73,769		157,228		58,343		186,331		732,158
Special mention		—		4,462		1,121		—		4,332		1,357		11,272
Substandard		—		—		5,063		—		—		8,049		13,112
Total Multifamily residential		149,358		111,591		79,953		157,228		62,675		195,737		756,542
Nonresidential properties
Pass		170,449		77,935		28,328		74,281		59,835		112,768		523,596
Special mention		—		—		—		2,614		—		—		2,614
Substandard		—		—		—		—		—		—		—
Total Nonresidential properties		170,449		77,935		28,328		76,895		59,835		112,768		526,210
Construction and Land
Pass		279,271		143,515		358,926		56,297		—		—		838,009
Special mention		—		—		4,659		—		—		—		4,659
Substandard		—		—		—		—		3,180		8,248		11,428
Total Construction and land		279,271		143,515		363,585		56,297		3,180		8,248		854,096
Total mortgage loans		602,921		337,149		515,818		388,468		182,555		544,311		2,571,222
Nonmortgage Loans:
Business loans
Pass		26,618		17,183		6,421		105		457		1,609		52,393
Special mention		344		—		—		7		—		192		543
Substandard		—		37		—		12		78		—		127
Total Business loans		26,962		17,220		6,421		124		535		1,801		53,063
Consumer loans
Pass		275		127		160		57		6		—		625
Special mention		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—
Total Consumer loans		275		127		160		57		6		—		625
Total nonmortgage loans		27,237		17,347		6,581		181		541		1,801		53,688
Total loans, gross	$	630,158	$	354,496	$	522,399	$	388,649	$	183,096	$	546,112	$	2,624,910


	2024		2023		2022		2021		2020		2019 and Prior		Total
	(in thousands)
December 31, 2024
Mortgage Loans:
1-4 Family Investor Owned
Pass	$	2,980	$	27,030	$	52,826	$	45,835	$	29,216	$	164,667	$	322,554
Special mention		—		855		—		1,637		787		1,757		5,036
Substandard		—		—		—		—		—		2,463		2,463
Total 1-4 Family Investor Owned		2,980		27,885		52,826		47,472		30,003		168,887		330,053
1-4 Family Owner Occupied
Pass		1,541		19,294		51,470		11,318		11,707		43,157		138,487
Special mention		—		—		—		472		—		—		472
Substandard		—		—		—		—		—		3,404		3,404
Total 1-4 Family Owner Occupied		1,541		19,294		51,470		11,790		11,707		46,561		142,363
Multifamily residential
Pass		145,528		77,659		160,731		63,842		57,108		145,658		650,526
Special mention		—		—		—		4,389		1,380		2,501		8,270
Substandard		—		5,566		—		—		1,657		4,140		11,363
Total Multifamily residential		145,528		83,225		160,731		68,231		60,145		152,299		670,159
Nonresidential properties
Pass		84,891		28,787		83,842		59,835		25,997		104,144		387,496
Special mention		—		—		—		—		—		2,402		2,402
Substandard		—				—		—		—		—		—
Total Nonresidential properties		84,891		28,787		83,842		59,835		25,997		106,546		389,898
Construction and Land
Pass		125,883		448,811		131,703		13,110		915		—		720,422
Special mention		—		—		—		3,180		—		—		3,180
Substandard		—		5,251		—		—		—		4,807		10,058
Total Construction and land		125,883		454,062		131,703		16,290		915		4,807		733,660
Total mortgage loans		360,823		613,253		480,572		203,618		128,767		479,100		2,266,133
Nonmortgage Loans:
Business loans
Pass		24,356		5,032		2,379		2,760		2,022		3,079		39,628
Special mention		—		—		135		871		—		215		1,221
Substandard		—		—		—		—		—		—		—
Total Business loans		24,356		5,032		2,514		3,631		2,022		3,294		40,849
Consumer loans
Pass		602		322		93		16		2		—		1,035
Special mention		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		3		3
Total Consumer loans		602		322		93		16		2		3		1,038
Total nonmortgage loans		24,958		5,354		2,607		3,647		2,024		3,297		41,887
Total loans, gross	$	385,781	$	618,607	$	483,179	$	207,265	$	130,791	$	482,397	$	2,308,020

Schedule of Aging Analysis of Loans

An aging analysis of loans, as of December 31, 2025 and 2024, is as follows:


	December 31, 2025
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	298,082	$	5,356	$	959	$	2,870	$	307,267	$	2,870	$	—
Owner-Occupied		122,509		1,480		1,151		1,967		127,107		1,967		—
Multifamily residential		740,222		3,208		—		13,112		756,542		13,112		—
Nonresidential properties		524,446		1,764		—		—		526,210		—		—
Construction and land		845,849		—		—		8,247		854,096		8,247		—
Nonmortgage loans:
Business		52,278		118		—		667		53,063		667		—
Consumer		625		—		—		—		625		—		—
Total	$	2,584,011	$	11,926	$	2,110	$	26,863	$	2,624,910	$	26,863	$	—


	December 31, 2024
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	324,552	$	2,275	$	2,790	$	436	$	330,053	$	436	$	—
Owner-Occupied		137,926		1,670		909		1,858		142,363		1,858		—
Multifamily residential		652,267		5,119		2,502		10,271		670,159		10,271		—
Nonresidential properties		386,606		890		2,402		—		389,898		—		—
Construction and land		720,422		—		3,180		10,058		733,660		10,058		—
Nonmortgage loans:
Business		39,346		123		1,037		343		40,849		343		—
Consumer		1,035		—		3		—		1,038		—		—
Total	$	2,262,154	$	10,077	$	12,823	$	22,966	$	2,308,020	$	22,966	$	—

Summary of Total Loans by Year of Origination and Internally Assigned Credit Risk Ratings

The following tables summarize total loans by year of origination and internally assigned credit risk ratings as of December 31, 2025 and 2024:


	2025		2024		2023		2022		2021		2020 and Prior		Total
	(in thousands)
December 31, 2025
Mortgage Loans:
1-4 Family Investor Owned
Pass	$	3,843	$	2,793	$	26,126	$	50,353	$	43,153	$	173,463	$	299,731
Special mention		—		—		842		—		361		1,180		2,383
Substandard		—		—		—		—		1,873		3,280		5,153
Total 1-4 Family Investor Owned		3,843		2,793		26,968		50,353		45,387		177,923		307,267
1-4 Family Owner Occupied
Pass		—		1,315		16,984		47,695		10,587		47,731		124,312
Special mention		—		—		—		—		462		—		462
Substandard		—		—		—		—		429		1,904		2,333
Total 1-4 Family Owner Occupied		—		1,315		16,984		47,695		11,478		49,635		127,107
Multifamily residential
Pass		149,358		107,129		73,769		157,228		58,343		186,331		732,158
Special mention		—		4,462		1,121		—		4,332		1,357		11,272
Substandard		—		—		5,063		—		—		8,049		13,112
Total Multifamily residential		149,358		111,591		79,953		157,228		62,675		195,737		756,542
Nonresidential properties
Pass		170,449		77,935		28,328		74,281		59,835		112,768		523,596
Special mention		—		—		—		2,614		—		—		2,614
Substandard		—		—		—		—		—		—		—
Total Nonresidential properties		170,449		77,935		28,328		76,895		59,835		112,768		526,210
Construction and Land
Pass		279,271		143,515		358,926		56,297		—		—		838,009
Special mention		—		—		4,659		—		—		—		4,659
Substandard		—		—		—		—		3,180		8,248		11,428
Total Construction and land		279,271		143,515		363,585		56,297		3,180		8,248		854,096
Total mortgage loans		602,921		337,149		515,818		388,468		182,555		544,311		2,571,222
Nonmortgage Loans:
Business loans
Pass		26,618		17,183		6,421		105		457		1,609		52,393
Special mention		344		—		—		7		—		192		543
Substandard		—		37		—		12		78		—		127
Total Business loans		26,962		17,220		6,421		124		535		1,801		53,063
Consumer loans
Pass		275		127		160		57		6		—		625
Special mention		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—
Total Consumer loans		275		127		160		57		6		—		625
Total nonmortgage loans		27,237		17,347		6,581		181		541		1,801		53,688
Total loans, gross	$	630,158	$	354,496	$	522,399	$	388,649	$	183,096	$	546,112	$	2,624,910


	2024		2023		2022		2021		2020		2019 and Prior		Total
	(in thousands)
December 31, 2024
Mortgage Loans:
1-4 Family Investor Owned
Pass	$	2,980	$	27,030	$	52,826	$	45,835	$	29,216	$	164,667	$	322,554
Special mention		—		855		—		1,637		787		1,757		5,036
Substandard		—		—		—		—		—		2,463		2,463
Total 1-4 Family Investor Owned		2,980		27,885		52,826		47,472		30,003		168,887		330,053
1-4 Family Owner Occupied
Pass		1,541		19,294		51,470		11,318		11,707		43,157		138,487
Special mention		—		—		—		472		—		—		472
Substandard		—		—		—		—		—		3,404		3,404
Total 1-4 Family Owner Occupied		1,541		19,294		51,470		11,790		11,707		46,561		142,363
Multifamily residential
Pass		145,528		77,659		160,731		63,842		57,108		145,658		650,526
Special mention		—		—		—		4,389		1,380		2,501		8,270
Substandard		—		5,566		—		—		1,657		4,140		11,363
Total Multifamily residential		145,528		83,225		160,731		68,231		60,145		152,299		670,159
Nonresidential properties
Pass		84,891		28,787		83,842		59,835		25,997		104,144		387,496
Special mention		—		—		—		—		—		2,402		2,402
Substandard		—				—		—		—		—		—
Total Nonresidential properties		84,891		28,787		83,842		59,835		25,997		106,546		389,898
Construction and Land
Pass		125,883		448,811		131,703		13,110		915		—		720,422
Special mention		—		—		—		3,180		—		—		3,180
Substandard		—		5,251		—		—		—		4,807		10,058
Total Construction and land		125,883		454,062		131,703		16,290		915		4,807		733,660
Total mortgage loans		360,823		613,253		480,572		203,618		128,767		479,100		2,266,133
Nonmortgage Loans:
Business loans
Pass		24,356		5,032		2,379		2,760		2,022		3,079		39,628
Special mention		—		—		135		871		—		215		1,221
Substandard		—		—		—		—		—		—		—
Total Business loans		24,356		5,032		2,514		3,631		2,022		3,294		40,849
Consumer loans
Pass		602		322		93		16		2		—		1,035
Special mention		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		3		3
Total Consumer loans		602		322		93		16		2		3		1,038
Total nonmortgage loans		24,958		5,354		2,607		3,647		2,024		3,297		41,887
Total loans, gross	$	385,781	$	618,607	$	483,179	$	207,265	$	130,791	$	482,397	$	2,308,020

Schedule of Composition of ACL and Related Recorded Investment

The following schedules detail the composition of the ACL and the related recorded investment in loans as of December 31, 2025, 2024, and 2023, respectively.


	For the Year Ended December 31, 2025
	Mortgage Loans													Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land			Business			Consumer			For the Period
	(in thousands)
Allowance for credit losses:
Balance, beginning of period	$	4,148		$	1,784		$	5,004	$	2,697	$	7,710		$	1,113		$	46		$	22,502
(Benefit) provision charged to expense		(1,293	)		(697	)		4,037		1,656		(1,561	)		2,309			18			4,469
Charge-offs		(69	)		—			—		—		—			(1,444	)		(48	)		(1,561	)
Recoveries		—			—			—		—		—			39			—			39
Balance, end of period	$	2,786		$	1,087		$	9,041	$	4,353	$	6,149		$	2,017		$	16		$	25,449
Ending balance: individually evaluated for impairment	$	—		$	—		$	—	$	—	$	—		$	667		$	—		$	667
Ending balance: collectively evaluated for impairment		2,786			1,087			9,041		4,353		6,149			1,350			16			24,782
Total	$	2,786		$	1,087		$	9,041	$	4,353	$	6,149		$	2,017		$	16		$	25,449
Loans:
Ending balance: individually evaluated for impairment	$	2,870		$	1,967		$	13,112	$	—	$	8,247		$	667		$	—		$	26,863
Ending balance: collectively evaluated for impairment		304,397			125,140			743,430		526,210		845,849			52,396			625			2,598,047

Total	$	307,267		$	127,107		$	756,542	$	526,210	$	854,096		$	53,063		$	625		$	2,624,910


	For the Year Ended December 31, 2024
	Mortgage Loans													Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential			Construction and Land		Business			Consumer			For the Period
	(in thousands)
Allowance for credit losses:
Balance, beginning of period	$	4,415		$	2,012		$	4,365	$	3,176		$	4,807	$	531		$	6,848		$	26,154
(Benefit) provision charged to expense		(267	)		(228	)		639		(472	)		2,903		1,307			(2,366	)		1,516
Charge-offs		—			—			—		(7	)		—		(734	)		(5,148	)		(5,889	)
Recoveries		—			—			—		—			—		9			712			721
Balance, end of period	$	4,148		$	1,784		$	5,004	$	2,697		$	7,710	$	1,113		$	46		$	22,502
Ending balance: individually evaluated for impairment	$	—		$	—		$	—	$	—		$	—	$	343		$	—		$	343
Ending balance: collectively evaluated for impairment		4,148			1,784			5,004		2,697			7,710		770			46			22,159
Total	$	4,148		$	1,784		$	5,004	$	2,697		$	7,710	$	1,113		$	46		$	22,502
Loans:
Ending balance: individually evaluated for impairment	$	436		$	1,858		$	10,271	$	—		$	10,058	$	343		$	—		$	22,966
Ending balance: collectively evaluated for impairment		329,617			140,505			659,888		389,898			723,602		40,506			1,038			2,285,054
Total	$	330,053		$	142,363		$	670,159	$	389,898		$	733,660	$	40,849		$	1,038		$	2,308,020


	For the Year Ended December 31, 2023
	Mortgage Loans														Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied		Multifamily			Nonresidential			Construction and Land			Business			Consumer			For the Period
	(in thousands)
Allowance for credit losses:
Balance, beginning of year	$	3,863		$	1,723	$	8,021		$	2,724		$	2,683		$	120		$	15,458		$	34,592
Provision (benefit) charged to expense		(214	)		143		306			(126	)		3,035			235			(2,142	)		1,237
Impact of CECL Adoption		766			146		(3,962	)		578			(911	)		236			57			(3,090	)
Charge-offs		—			—		—			—			—			(63	)		(7,227	)		(7,290	)
Recoveries		—			—		—			—			—			3			702			705
Balance, end of year	$	4,415		$	2,012	$	4,365		$	3,176		$	4,807		$	531		$	6,848		$	26,154
Ending balance: individually evaluated for impairment	$	—		$	72	$	—		$	—		$	—		$	161		$	—		$	233
Ending balance: collectively evaluated for impairment		4,415			1,940		4,365			3,176			4,807			370			6,848			25,921
Total	$	4,415		$	2,012	$	4,365		$	3,176		$	4,807		$	531		$	6,848		$	26,154
Loans:
Ending balance: individually evaluated for impairment	$	793		$	2,130	$	2,979		$	—		$	6,659		$	165		$	—		$	12,726
Ending balance: collectively evaluated for impairment		342,896			150,181		547,580			342,343			497,266			19,614			8,966			1,908,846

Total	$	343,689		$	152,311	$	550,559		$	342,343		$	503,925		$	19,779		$	8,966		$	1,921,572

Summarize Gross Charge-offs by Vintage

The following tables summarize gross charge-offs by vintage:


	2025		2024		2023		2022		2021		2020 and Prior		Total
	(in thousands)
For the Year Ended December 31, 2025
1-4 Family Investor Owned	$	—	$	—	$	—	$	—	$	—	$	69	$	69
Business loans		64		730		23		102		500		25		1,444
Consumer loans		—		45		3		—		—		—		48
Total charge-offs	$	64	$	775	$	26	$	102	$	500	$	94	$	1,561


													Revolving
	2024		2023		2022		2021		2020		2019 and Prior		lines of credit		Total
	(in thousands)
For the Year Ended December 31, 2024
Nonresidential properties	$	—	$	—	$	—	$	—	$	—	$	7	$	—	$	7
Business loans		417		250		24		8		—		35		—		734
Consumer loans		—		—		—		6		28		—		5,114		5,148
Total charge-offs	$	417	$	250	$	24	$	14	$	28	$	42	$	5,114	$	5,889

Summary of Collateral Dependent Loans Individually Evaluated to Determine Expected Credit Losses

Collateral Dependent Loans

The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as of the dates indicated.


	December 31,
	2025				2024
			Associated				Associated
	Collateral		Allowance for		Collateral		Allowance for
	Dependent		Credit Losses		Dependent		Credit Losses
	(in thousands)
1-4 Family residential
Investor-Owned	$	2,870	$	—	$	436	$	—
Owner-Occupied		1,967		—		1,858		—
Multifamily residential		13,112		—		10,271		—
Construction and land		8,247		—		10,058		—
Total	$	26,196	$	—	$	22,623	$	—

Schedule of Information Relates to Impaired Loans

The following information relates to impaired loans as of and for the years ended December 31, 2025, 2024, and 2023:


	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
As of and For the Year Ended	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2025	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	4,819	$	4,837	$	—	$	4,837	$	—	$	3,182	$	209
Multifamily residential		12,731		13,112		—		13,112		—		11,815		390
Nonresidential properties		—		—		—		—		—		101		—
Construction and land		8,800		8,247		—		8,247		—		7,596		—
Nonmortgage loans:
Business		667		—		667		667		667		467		10
Consumer		—		—		—		—		—		—		—
Total	$	27,017	$	26,196	$	667	$	26,863	$	667	$	23,161	$	609


	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
As of and For the Year Ended	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2024	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	2,280	$	2,294	$	—	$	2,294	$	—	$	2,420	$	22
Multifamily residential		10,032		10,271		—		10,271		—		5,557		223
Nonresidential properties		—		—		—		—		—		317		—
Construction and land		10,058		10,058		—		10,058		—		6,501		1,335
Nonmortgage loans:
Business		343		—		343		343		343		246		3
Consumer		—		—		—		—		—		—		—
Total	$	22,713	$	22,623	$	343	$	22,966	$	343	$	15,041	$	1,583


	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
As of and For the Year Ended	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2023	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	2,906	$	2,475	$	448	$	2,923	$	72	$	4,812	$	82
Multifamily residential		2,966		2,979		—		2,979		—		1,463		151
Nonresidential properties		—		—		—		—		—		198		—
Construction and land		6,650		6,659		—		6,659		—		8,211		—
Nonmortgage loans:
Business		165		—		165		165		161		104		—
Consumer		—		—		—		—		—		—		—
Total	$	12,687	$	12,113	$	613	$	12,726	$	233	$	14,788	$	233