v3.26.1
Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Impact of Segment Update to Loan Portfolio and ACL

The following tables show the impact of the segment updates to the loan portfolio and the ACL:

(In thousands)

 

December 31, 2024 Portfolio Balance
(As Reported)

 

Updated Segment

January 1, 2025 Portfolio Balance
(Updated Segments)

 

Business manager

 

$

1,939

 

 

 

 

Dental commercial & industrial

 

 

190,519

 

 

 

 

Other business

 

 

203,570

 

 

 

 

Solar

 

 

76,888

 

 

 

 

Vehicle financing

 

 

27,004

 

 

 

 

 

 

499,920

 

 Other commercial and industrial

$

499,920

 

 

 

 

 

 

 

Condominium associations

 

 

494,875

 

 Condominium associations

 

494,875

 

Construction and land

 

 

49,028

 

 Construction and land

 

49,028

 

Commercial real estate

 

 

484,106

 

 Commercial real estate

 

484,106

 

Commercial real estate multifamily

 

 

83,905

 

 Commercial real estate multifamily

 

83,905

 

PPP loans

 

 

264

 

 PPP loans

 

264

 

Home equity

 

 

66,326

 

 Home equity and second mortgages

 

66,326

 

Residential

 

 

511,495

 

 One to four family residential

 

511,495

 

 

 

 

 

 

 

Overdraft and unsecured

 

 

887

 

 

 

 

Consumer installment

 

 

3,715

 

 

 

 

Passbook CD loans

 

 

458

 

 

 

 

 

 

5,060

 

 Consumer

 

5,060

 

 

 

 

 

 

 

Total loans

 

$

2,194,979

 

Total loans

$

2,194,979

 

 

(In thousands)

 

December 31, 2024 ACL
(As Reported)

 

Updated Segment

January 1, 2025 ACL
(Updated Segments)

 

Business manager

 

$

40

 

 

 

 

Dental commercial & industrial

 

 

2,652

 

 

 

 

Other business

 

 

4,671

 

 

 

 

Solar

 

 

179

 

 

 

 

Vehicle financing

 

 

347

 

 

 

 

 

 

7,889

 

 Other commercial and industrial

$

7,889

 

 

 

 

 

 

 

Condominium associations

 

 

2,839

 

 Condominium associations

 

2,839

 

Construction and land

 

 

586

 

 Construction and land

 

586

 

Commercial real estate

 

 

7,522

 

 Commercial real estate

 

7,522

 

Commercial real estate multifamily

 

 

326

 

 Commercial real estate multifamily

 

326

 

Home equity

 

 

189

 

 Home equity and second mortgages

 

189

 

Residential

 

 

2,364

 

 One to four family residential

 

2,364

 

 

 

 

 

 

 

Overdraft and unsecured

 

 

14

 

 

 

 

Consumer installment

 

 

12

 

 

 

 

 

 

26

 

 Consumer

 

26

 

 

 

 

 

 

 

Total

 

$

21,741

 

Total

$

21,741

 
Schedule of Composition of Net Loans

The composition of net loans as of December 31, 2025 was as follows:

 

(In thousands)

 

December 31, 2025

 

Real estate loans

 

 

 

One to four family residential

 

$

518,225

 

Home equity and second mortgages

 

 

78,350

 

Commercial real estate

 

 

534,855

 

Commercial real estate multifamily

 

 

104,695

 

Construction and land

 

 

57,005

 

Total real estate loans

 

 

1,293,130

 

Commercial and industrial loans

 

 

 

Condominium associations

 

 

506,683

 

Other commercial and industrial

 

 

491,765

 

PPP loans

 

 

11

 

Total commercial and industrial loans

 

 

998,459

 

Consumer loans

 

 

 

Consumer

 

 

3,877

 

Total consumer loans

 

 

3,877

 

Total loans

 

 

2,295,466

 

Allowance for credit losses

 

 

(22,018

)

Net deferred loan costs

 

 

3,000

 

Loans, net

 

$

2,276,448

 

 

 

 

The composition of net loans as of December 31, 2024 was as follows:

 

 

 

December 31, 2024

 

(In thousands)

 

 

 

Commercial loans:

 

 

 

Business manager

 

$

1,939

 

Condominium associations

 

 

494,875

 

Construction and land

 

 

49,028

 

Commercial real estate

 

 

484,106

 

Commercial real estate multifamily

 

 

83,905

 

Dental commercial & industrial

 

 

190,519

 

Other business

 

 

203,570

 

PPP loans

 

 

264

 

Solar

 

 

76,888

 

Vehicle financing

 

 

27,004

 

Total commercial loans

 

 

1,612,098

 

Residential real estate:

 

 

 

Home equity

 

 

66,326

 

Residential

 

 

511,495

 

Total residential real estate

 

 

577,821

 

Consumer:

 

 

 

Overdraft and unsecured

 

 

887

 

Consumer installment

 

 

3,715

 

Passbook CD loans

 

 

458

 

Total consumer loans

 

 

5,060

 

Total loans

 

2,194,979

 

Allowance for credit losses

 

 

(21,741

)

Net deferred loan costs

 

 

3,221

 

Loans, net

 

$

2,176,459

 
Schedule of Allowance for Credit Losses by Portfolio Segment

The following tables present the activity in the ACL by portfolio segment for the years ended December 31, 2025 and 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance

 

 

Credit loss

 

 

 

 

 

 

 

 

Balance

 

 

December 31,

 

 

expense /

 

 

Loans

 

 

 

 

 

December 31,

 

(In thousands)

2024

 

 

(reversal)

 

 

charged-off

 

 

Recoveries

 

 

2025

 

As of or for the year ended December 31, 2025

 

 

Real estate loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One to four family residential

$

2,364

 

 

$

1,073

 

 

$

—

 

 

$

—

 

 

$

3,437

 

Home equity and second mortgages

 

189

 

 

 

143

 

 

 

—

 

 

 

4

 

 

 

336

 

Commercial real estate

 

7,522

 

 

 

(1,820

)

 

 

—

 

 

 

170

 

 

 

5,872

 

Commercial real estate multifamily

 

326

 

 

 

658

 

 

 

—

 

 

 

—

 

 

 

984

 

Construction and land

 

586

 

 

 

19,006

 

 

 

(19,202

)

 

 

—

 

 

 

390

 

Total real estate loans

 

10,987

 

 

 

19,060

 

 

 

(19,202

)

 

 

174

 

 

 

11,019

 

Commercial and industrial loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condominium associations

 

2,839

 

 

 

128

 

 

 

—

 

 

 

—

 

 

 

2,967

 

Other commercial and industrial

 

7,889

 

 

 

2,484

 

 

 

(2,642

)

 

 

208

 

 

 

7,939

 

Total commercial loans

 

10,728

 

 

 

2,612

 

 

 

(2,642

)

 

 

208

 

 

 

10,906

 

Consumer loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

26

 

 

 

91

 

 

 

(38

)

 

 

14

 

 

 

93

 

Credit cards

 

—

 

 

 

(15

)

 

 

—

 

 

 

15

 

 

 

—

 

Total consumer loans

 

26

 

 

 

76

 

 

 

(38

)

 

 

29

 

 

 

93

 

Total ACL on loans:

$

21,741

 

 

$

21,748

 

 

$

(21,882

)

 

$

411

 

 

$

22,018

 

 

 

Balance

 

 

Credit loss

 

 

 

 

 

 

 

 

Balance

 

December 31,

 

 

expense /

 

 

Loans

 

 

 

 

 

December 31,

 

(In thousands)

2023

 

 

(reversal)

 

 

charged-off

 

 

Recoveries

 

 

2024

 

As of or for the year ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business manager

$

48

 

 

$

(8

)

 

$

—

 

 

$

—

 

 

$

40

 

Condominium associations

 

2,467

 

 

 

372

 

 

 

—

 

 

 

—

 

 

 

2,839

 

Construction and land

 

707

 

 

 

(164

)

 

 

—

 

 

 

43

 

 

 

586

 

Corporate credit card

 

88

 

 

 

(28

)

 

 

(84

)

 

 

24

 

 

 

—

 

Commercial real estate

 

7,504

 

 

 

(42

)

 

 

—

 

 

 

60

 

 

 

7,522

 

Commercial real estate multifamily

 

132

 

 

 

194

 

 

 

—

 

 

 

—

 

 

 

326

 

Dental commercial and industrial

 

2,633

 

 

 

19

 

 

 

—

 

 

 

—

 

 

 

2,652

 

Other business

 

4,208

 

 

 

1,637

 

 

 

(1,251

)

 

 

77

 

 

 

4,671

 

Solar

 

137

 

 

 

42

 

 

 

—

 

 

 

—

 

 

 

179

 

Vehicle financing

 

603

 

 

 

(31

)

 

 

(225

)

 

 

—

 

 

 

347

 

Home equity

 

193

 

 

 

(171

)

 

 

—

 

 

 

167

 

 

 

189

 

Residential real estate

 

2,019

 

 

 

345

 

 

 

—

 

 

 

—

 

 

 

2,364

 

Overdraft and unsecured

 

15

 

 

 

1

 

 

 

(2

)

 

 

—

 

 

 

14

 

Consumer credit card

 

22

 

 

 

(35

)

 

 

(10

)

 

 

23

 

 

 

—

 

Consumer installment

 

5

 

 

 

(28

)

 

 

—

 

 

 

35

 

 

 

12

 

Total ACL on loans:

$

20,781

 

 

$

2,103

 

 

$

(1,572

)

 

$

429

 

 

$

21,741

 

 

 
Summary Risk Ratings Within Loan Portfolio and Current Period Charge-offs, By Loan Segment and Origination Year

The risk ratings within the loan portfolio and current period charge-offs for the year ended December 31, 2025, by loan segment and origination year were as follows:

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Revolving
Loans

 

 

Total

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One to four family residential:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

55,170

 

 

$

38,384

 

 

$

71,586

 

 

$

131,680

 

 

$

85,884

 

 

$

135,521

 

 

$

—

 

 

$

518,225

 

Total

 

$

55,170

 

 

$

38,384

 

 

$

71,586

 

 

$

131,680

 

 

$

85,884

 

 

$

135,521

 

 

$

—

 

 

$

518,225

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Home equity and second mortgages:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

196

 

 

$

754

 

 

$

1,407

 

 

$

725

 

 

$

141

 

 

$

1,278

 

 

$

73,849

 

 

$

78,350

 

Total

 

$

196

 

 

$

754

 

 

$

1,407

 

 

$

725

 

 

$

141

 

 

$

1,278

 

 

$

73,849

 

 

$

78,350

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

86,362

 

 

 

51,376

 

 

 

23,474

 

 

$

82,940

 

 

$

85,395

 

 

$

161,894

 

 

$

—

 

 

$

491,441

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,115

 

 

 

855

 

 

 

17,551

 

 

 

—

 

 

 

35,521

 

Substandard (8)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

248

 

 

 

1,519

 

 

 

6,126

 

 

 

—

 

 

 

7,893

 

Total

 

$

86,362

 

 

$

51,376

 

 

$

23,474

 

 

$

100,303

 

 

$

87,769

 

 

$

185,571

 

 

$

—

 

 

$

534,855

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Commercial real estate multifamily:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

25,422

 

 

$

7,818

 

 

$

9,922

 

 

$

17,520

 

 

$

15,533

 

 

$

27,030

 

 

$

—

 

 

$

103,245

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,450

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,450

 

Total

 

$

25,422

 

 

$

7,818

 

 

$

9,922

 

 

$

18,970

 

 

$

15,533

 

 

$

27,030

 

 

$

—

 

 

$

104,695

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Construction and land:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

10,201

 

 

$

9,290

 

 

$

1,648

 

 

$

13,848

 

 

$

—

 

 

$

280

 

 

$

7,805

 

 

$

43,072

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,455

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,455

 

Substandard (8)

 

 

—

 

 

 

—

 

 

 

1,052

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,052

 

Doubtful (9)

 

 

—

 

 

 

—

 

 

 

5,426

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,426

 

Total

 

$

10,201

 

 

$

9,290

 

 

$

8,126

 

 

$

21,303

 

 

$

—

 

 

$

280

 

 

$

7,805

 

 

$

57,005

 

Current period gross charge-off

 

$

—

 

 

$

—

 

 

$

19,202

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

19,202

 

Condominium associations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

16,793

 

 

$

9,222

 

 

$

46,244

 

 

$

238,879

 

 

$

85,208

 

 

$

110,337

 

 

$

—

 

 

$

506,683

 

Total

 

$

16,793

 

 

$

9,222

 

 

$

46,244

 

 

$

238,879

 

 

$

85,208

 

 

$

110,337

 

 

$

—

 

 

$

506,683

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other commercial and industrial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

40,885

 

 

$

50,576

 

 

$

39,909

 

 

$

48,940

 

 

$

47,271

 

 

$

115,826

 

 

$

103,447

 

 

$

446,854

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,117

 

 

 

5,759

 

 

 

3,744

 

 

 

28,190

 

 

 

38,810

 

Substandard (8)

 

 

12

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

787

 

 

 

452

 

 

 

1,251

 

Doubtful (9)

 

 

—

 

 

 

299

 

 

 

1,338

 

 

 

—

 

 

 

—

 

 

 

3,213

 

 

 

—

 

 

 

4,850

 

Total

 

$

40,897

 

 

$

50,875

 

 

$

41,247

 

 

$

50,057

 

 

$

53,030

 

 

$

123,570

 

 

$

132,089

 

 

$

491,765

 

Current period gross charge-off

 

$

—

 

 

$

280

 

 

$

14

 

 

$

468

 

 

$

11

 

 

$

1,535

 

 

$

334

 

 

$

2,642

 

PPP loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

—

 

 

$

—

 

 

$

11

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

—

 

 

$

—

 

 

$

11

 

Current period gross charge-off

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

733

 

 

$

521

 

 

$

912

 

 

$

362

 

 

$

77

 

 

$

1,179

 

 

$

93

 

 

$

3,877

 

Total

 

$

733

 

 

$

521

 

 

$

912

 

 

$

362

 

 

$

77

 

 

$

1,179

 

 

$

93

 

 

$

3,877

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

37

 

 

$

1

 

 

$

38

 

 

 

The risk ratings within the loan portfolio and current period charge-offs for the year ended December 31, 2024, by loan segment and origination year were as follows:

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving
Loans

 

 

Total

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business manager:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,939

 

 

$

1,939

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,939

 

 

$

1,939

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Condominium associations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

9,700

 

 

$

38,452

 

 

$

228,814

 

 

$

90,387

 

 

$

68,371

 

 

$

55,148

 

 

$

—

 

 

$

490,872

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

4,003

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,003

 

Total

 

$

9,700

 

 

$

38,452

 

 

$

232,817

 

 

$

90,387

 

 

$

68,371

 

 

$

55,148

 

 

$

—

 

 

$

494,875

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Construction and land:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

8,076

 

 

$

28,220

 

 

$

10,688

 

 

$

1,200

 

 

$

—

 

 

$

293

 

 

$

551

 

 

$

49,028

 

Total

 

$

8,076

 

 

$

28,220

 

 

$

10,688

 

 

$

1,200

 

 

$

—

 

 

$

293

 

 

$

551

 

 

$

49,028

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Corporate credit card:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

84

 

 

$

84

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

46,807

 

 

$

24,770

 

 

$

103,710

 

 

$

89,739

 

 

$

71,710

 

 

$

112,596

 

 

$

—

 

 

$

449,332

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

3,706

 

 

 

1,318

 

 

 

—

 

 

 

27,230

 

 

 

—

 

 

 

32,254

 

Substandard (8)

 

 

—

 

 

 

—

 

 

 

262

 

 

 

425

 

 

 

—

 

 

 

1,833

 

 

 

—

 

 

 

2,520

 

Total

 

$

46,807

 

 

$

24,770

 

 

$

107,678

 

 

$

91,482

 

 

$

71,710

 

 

$

141,659

 

 

$

—

 

 

$

484,106

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Commercial real estate multifamily:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

7,452

 

 

$

8,633

 

 

$

20,192

 

 

$

16,966

 

 

$

11,664

 

 

$

17,056

 

 

$

—

 

 

$

81,963

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

794

 

 

 

1,039

 

 

 

109

 

 

 

—

 

 

 

1,942

 

Total

 

$

7,452

 

 

$

8,633

 

 

$

20,192

 

 

$

17,760

 

 

$

12,703

 

 

$

17,165

 

 

$

—

 

 

$

83,905

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Dental commercial & industrial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

19,783

 

 

$

22,320

 

 

$

28,021

 

 

$

29,864

 

 

$

23,008

 

 

$

52,484

 

 

$

5,138

 

 

$

180,618

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

1,139

 

 

 

6,301

 

 

 

598

 

 

 

495

 

 

 

599

 

 

 

9,132

 

Substandard (8)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

320

 

 

 

100

 

 

 

420

 

Doubtful (9)

 

 

—

 

 

 

—

 

 

 

57

 

 

 

12

 

 

 

—

 

 

 

280

 

 

 

—

 

 

 

349

 

Total

 

$

19,783

 

 

$

22,320

 

 

$

29,217

 

 

$

36,177

 

 

$

23,606

 

 

$

53,579

 

 

$

5,837

 

 

$

190,519

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other business:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

40,560

 

 

$

11,008

 

 

$

24,977

 

 

$

12,309

 

 

$

8,997

 

 

$

26,564

 

 

$

63,185

 

 

$

187,600

 

Special Mention (6-7)

 

 

—

 

 

 

39

 

 

 

—

 

 

 

74

 

 

 

1,548

 

 

 

2,945

 

 

 

4,996

 

 

 

9,602

 

Substandard (8)

 

 

579

 

 

 

1,338

 

 

 

106

 

 

 

33

 

 

 

—

 

 

 

3,428

 

 

 

679

 

 

 

6,163

 

Doubtful (9)

 

 

—

 

 

 

—

 

 

 

41

 

 

 

—

 

 

 

—

 

 

 

164

 

 

 

—

 

 

 

205

 

Total

 

$

41,139

 

 

$

12,385

 

 

$

25,124

 

 

$

12,416

 

 

$

10,545

 

 

$

33,101

 

 

$

68,860

 

 

$

203,570

 

Current period gross charge-offs

 

$

—

 

 

$

101

 

 

$

29

 

 

$

89

 

 

$

—

 

 

$

971

 

 

$

61

 

 

$

1,251

 

Solar:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

—

 

 

$

11,590

 

 

$

9,078

 

 

$

10,637

 

 

$

18,837

 

 

$

14,233

 

 

$

12,513

 

 

$

76,888

 

Total

 

$

—

 

 

$

11,590

 

 

$

9,078

 

 

$

10,637

 

 

$

18,837

 

 

$

14,233

 

 

$

12,513

 

 

$

76,888

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

Term Loans Amortized Cost Basis by Origination Year

 

 

 

 

 

 

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Revolving
Loans

 

 

Total

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vehicle financing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

19,097

 

 

$

19,097

 

Special Mention (6-7)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,280

 

 

 

7,280

 

Doubtful (9)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

628

 

 

 

—

 

 

 

628

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

628

 

 

$

26,376

 

 

$

27,004

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

225

 

 

$

225

 

Home equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

1,006

 

 

$

1,517

 

 

$

903

 

 

$

194

 

 

$

130

 

 

$

638

 

 

$

61,238

 

 

$

65,626

 

Substandard (8)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

700

 

 

 

700

 

Total

 

$

1,006

 

 

$

1,517

 

 

$

903

 

 

$

194

 

 

$

130

 

 

$

638

 

 

$

61,938

 

 

$

66,326

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Residential:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

45,751

 

 

$

79,415

 

 

$

142,220

 

 

$

91,405

 

 

$

60,457

 

 

$

91,856

 

 

$

—

 

 

$

511,104

 

Substandard (8)

 

 

6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

385

 

 

 

—

 

 

 

391

 

Total

 

$

45,757

 

 

$

79,415

 

 

$

142,220

 

 

$

91,405

 

 

$

60,457

 

 

$

92,241

 

 

$

—

 

 

$

511,495

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Overdraft and unsecured:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

173

 

 

$

248

 

 

$

100

 

 

$

41

 

 

$

5

 

 

$

224

 

 

$

96

 

 

$

887

 

Total

 

$

173

 

 

$

248

 

 

$

100

 

 

$

41

 

 

$

5

 

 

$

224

 

 

$

96

 

 

$

887

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2

 

 

$

2

 

Consumer credit card:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

10

 

 

$

10

 

Consumer installment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

629

 

 

$

1,106

 

 

$

666

 

 

$

129

 

 

$

4

 

 

$

1,181

 

 

$

—

 

 

$

3,715

 

Total

 

$

629

 

 

$

1,106

 

 

$

666

 

 

$

129

 

 

$

4

 

 

$

1,181

 

 

$

—

 

 

$

3,715

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Passbook CD loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

211

 

 

$

154

 

 

$

32

 

 

$

—

 

 

$

—

 

 

$

61

 

 

$

—

 

 

$

458

 

Total

 

$

211

 

 

$

154

 

 

$

32

 

 

$

—

 

 

$

—

 

 

$

61

 

 

$

—

 

 

$

458

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

PPP loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass (Rated 1-5, M, P)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

110

 

 

$

154

 

 

$

—

 

 

$

—

 

 

$

264

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

110

 

 

$

154

 

 

$

—

 

 

$

—

 

 

$

264

 

Current period gross charge-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 
Summary of Amortized Cost Basis of Loans on Nonaccrual Status

The following table presents the amortized cost basis of loans on nonaccrual status as of the dates presented.

 

As of December 31, 2025, there was one loan with a balance of $2 thousand past due 90 days or more and still accruing. There were no loans past due 90 days or more and still accruing as of December 31, 2024. The Company did not recognize any interest income on nonaccrual loans during the years ended December 31, 2025 and 2024.

 

 

 

December 31, 2025

 

(In thousands)

 

Nonaccrual
with
No ACL

 

 

Total
Nonaccrual

 

One to four family residential

 

$

720

 

 

$

720

 

Commercial real estate

 

 

—

 

 

 

6,126

 

Construction and land

 

 

6,478

 

 

 

6,478

 

Other commercial and industrial

 

 

1,776

 

 

 

6,884

 

Total

 

$

8,974

 

 

$

20,208

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

(In thousands)

 

Nonaccrual
with
No ACL

 

 

Total
Nonaccrual

 

Dental commercial & industrial

 

$

—

 

 

$

670

 

Home equity

 

 

700

 

 

 

700

 

Other business

 

 

313

 

 

 

1,349

 

Residential

 

 

650

 

 

 

650

 

Vehicle financing

 

 

628

 

 

 

628

 

Total

 

$

2,291

 

 

$

3,997

 

 
Summary of Aging Analysis of Past Due Loans By Portfolio Segment

The following is an aging analysis of past due loans (including non-accrual) as of the balance sheet dates, by portfolio segment:

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Loans Receivable (Amortized Cost)

 

 

Current

 

 

30-89 Days
Past Due

 

 

90 Days or
More Past Due

 

 

Total
Past Due

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One to four family residential

 

$

518,225

 

 

$

514,916

 

 

$

2,589

 

 

$

720

 

 

$

3,309

 

Home equity and second mortgages

 

 

78,350

 

 

 

77,953

 

 

 

397

 

 

 

—

 

 

 

397

 

Commercial real estate

 

 

534,855

 

 

 

534,855

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial real estate multifamily

 

 

104,695

 

 

 

104,695

 

 

 

—

 

 

 

—

 

 

 

—

 

Construction and land

 

 

57,005

 

 

 

50,527

 

 

 

—

 

 

 

6,478

 

 

 

6,478

 

Condominium associations

 

 

506,683

 

 

 

506,683

 

 

 

—

 

 

 

—

 

 

 

—

 

Other commercial and industrial

 

 

491,765

 

 

 

491,154

 

 

 

59

 

 

 

552

 

 

 

611

 

PPP loans

 

 

11

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

Consumer

 

 

3,877

 

 

 

3,818

 

 

 

57

 

 

 

2

 

 

 

59

 

Total loans

 

$

2,295,466

 

 

$

2,284,612

 

 

$

3,102

 

 

$

7,752

 

 

$

10,854

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Loans Receivable (Amortized Cost)

 

 

Current

 

 

30-89 Days
Past Due

 

 

90 Days or
More Past
Due

 

 

Total Past
Due

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business manager

 

$

1,939

 

 

$

1,939

 

 

$

—

 

 

$

—

 

 

$

—

 

Condominium associations

 

 

494,875

 

 

 

494,875

 

 

 

—

 

 

 

—

 

 

 

—

 

Construction and land

 

 

49,028

 

 

 

47,522

 

 

 

1,506

 

 

 

—

 

 

 

1,506

 

Commercial real estate

 

 

484,106

 

 

 

483,477

 

 

 

629

 

 

 

—

 

 

 

629

 

Commercial real estate multifamily

 

 

83,905

 

 

 

83,905

 

 

 

—

 

 

 

—

 

 

 

—

 

Dental commercial & industrial

 

 

190,519

 

 

 

189,986

 

 

 

533

 

 

 

—

 

 

 

533

 

Other business

 

 

203,570

 

 

 

202,011

 

 

 

251

 

 

 

1,308

 

 

 

1,559

 

PPP loans

 

 

264

 

 

 

264

 

 

 

—

 

 

 

—

 

 

 

—

 

Solar

 

 

76,888

 

 

 

76,812

 

 

 

76

 

 

 

—

 

 

 

76

 

Vehicle financing

 

 

27,004

 

 

 

27,004

 

 

 

—

 

 

 

—

 

 

 

—

 

Home equity

 

 

66,326

 

 

 

65,231

 

 

 

395

 

 

 

700

 

 

 

1,095

 

Residential

 

 

511,495

 

 

 

509,695

 

 

 

1,381

 

 

 

419

 

 

 

1,800

 

Overdraft and unsecured

 

 

887

 

 

 

887

 

 

 

—

 

 

 

—

 

 

 

—

 

Consumer installment

 

 

3,715

 

 

 

3,715

 

 

 

—

 

 

 

—

 

 

 

—

 

Passbook CD loans

 

 

458

 

 

 

420

 

 

 

38

 

 

 

—

 

 

 

38

 

Total

 

$

2,194,979

 

 

$

2,187,743

 

 

$

4,809

 

 

$

2,427

 

 

$

7,236

 
Summary of Amortized Cost Basis of Collateral-dependent Loans By Collateral Type

The following table presents the amortized cost basis of collateral-dependent loans by collateral type as of the balance sheet dates:

 

 

 

 

 

(In thousands)

 

Real Estate

 

 

All Business
Assets

 

 

All Business Assets and
Real Estate

 

 

Accounts Receivable

 

 

Total

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One to four family residential

 

$

761

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

761

 

Commercial real estate

 

 

6,126

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,126

 

Construction and land

 

 

6,478

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,478

 

Other commercial and industrial

 

 

—

 

 

 

162

 

 

 

1,390

 

 

 

261

 

 

 

1,813

 

Total

 

$

13,365

 

 

$

162

 

 

$

1,390

 

 

$

261

 

 

$

15,178

 

 

 

 

 

(In thousands)

 

Real Estate

 

 

All Business
Assets

 

 

Total

 

December 31, 2024

 

 

 

 

 

 

 

 

 

Construction and land

 

$

1,506

 

 

$

—

 

 

$

1,506

 

Commercial real estate

 

 

165

 

 

 

355

 

 

 

520

 

Commercial real estate multifamily

 

 

109

 

 

 

—

 

 

 

109

 

Dental commercial & industrial

 

 

—

 

 

 

769

 

 

 

769

 

Other business

 

 

497

 

 

 

921

 

 

 

1,418

 

Vehicle financing

 

 

—

 

 

 

628

 

 

 

628

 

Home equity

 

 

783

 

 

 

—

 

 

 

783

 

Residential

 

 

804

 

 

 

—

 

 

 

804

 

Total

 

$

3,864

 

 

$

2,673

 

 

$

6,537

 
Summary of Amortized Cost Basis of Loans Experiencing Financial Difficulty and Modified By Class and By Type of Modification

The following tables present the amortized cost basis of loans as of December 31, 2025 and December 31, 2024, that were both experiencing financial difficulty and modified during the years ended December 31, 2025 and 2024, respectively, by class and by type of modification. Only segments displayed in the table below have modified loans; there were no other loans experiencing financial difficulty and modified. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.

 

 

(Dollars in thousands)

 

Payment Delay

 

 

Principal Re-Advance

 

 

Combination Payment Delay and Term Extension

 

 

Percent
of Loan Segment

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

1,534

 

 

$

6,126

 

 

$

—

 

 

 

1.43

%

Other commercial and industrial

 

 

6,016

 

 

 

3,081

 

 

 

19

 

 

 

1.85

%

Total

 

$

7,550

 

 

$

9,207

 

 

$

19

 

 

 

0.73

%

 

(Dollars in thousands)

 

Payment
Delay

 

 

Principal Re-
Advance

 

 

Combination
Payment
Delay
and Term
Extension

 

 

Combination
Payment
Delay and
Principal
Re- Advance

 

Percent
of Loan Segment

 

December 31, 2024

 

 

 

Commercial real estate

 

$

1,833

 

 

$

355

 

 

$

1,500

 

 

$

—

 

 

0.76

%

Dental commercial & industrial

 

 

349

 

 

 

—

 

 

 

—

 

 

 

—

 

 

0.18

%

Other business

 

 

929

 

 

 

—

 

 

 

—

 

 

 

192

 

 

0.56

%

Residential

 

 

512

 

 

 

—

 

 

 

—

 

 

 

—

 

 

0.10

%

Total

 

$

3,623

 

 

$

355

 

 

$

1,500

 

 

$

192

 

 

0.26

%

For the years ended December 31, 2025 and December 31, 2024, modifications related to payment delays had minimal financial effect. The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the years ended December 31, 2025 and December 31, 2024.

 

 

 

 

Weighted-
Average
Term
Extension (months)

 

Year Ended December 31, 2025

 

 

 

Other commercial and industrial

 

 

39

 

 

 

 

Weighted-
Average
Term
Extension (months)

 

Year Ended December 31, 2024

 

 

 

Commercial real estate

 

 

240

 
Schedule of Performance of Loans Modified in Last 12 Months The following table presents the performance of such loans that have been modified in the last 12 months as of December 31, 2024.

 

 

 

 

 

 

(In thousands)

 

30 - 59
Days Past
Due

 

 

60 - 89
Days Past
Due

 

 

90 Days or More Past Due

 

 

Total Past
Due

 

December 31, 2024

 

 

 

Commercial real estate

 

$

355

 

 

$

—

 

 

$

—

 

 

$

355

 

Dental C&I

 

 

213

 

 

 

—

 

 

 

—

 

 

 

213

 

Other business

 

 

—

 

 

 

—

 

 

 

831

 

 

 

831

 

Residential

 

 

126

 

 

 

379

 

 

 

6

 

 

 

511

 

Total

 

$

694

 

 

$

379

 

 

$

837

 

 

$

1,910

 
Schedule of Amortized Cost Basis of Loans Payment Default and Modified in Prior 12 Months The following table presents the amortized cost basis of loans that had a payment default during the year ended December 31, 2024, and were modified in the 12 months prior to that default to borrowers experiencing financial difficulty.

 

(In thousands)

 

Payment
Delay

 

 

Total

 

Year Ended December 31, 2024

 

 

 

 

 

 

Other business

 

$

831

 

 

$

831

 

Residential

 

 

6

 

 

 

6

 

Total:

 

$

837

 

 

$

831

 
Summary of Changes to Mortgage Servicing Rights

The following summarizes changes to MSRs:

 

 

 

Year Ended December 31,

 

(In thousands)

 

2025

 

 

2024

 

Beginning balance

 

$

3,488

 

 

$

3,327

 

Payoffs

 

 

(342

)

 

 

(118

)

Changes in fair value

 

 

(113

)

 

 

279

 

Ending balance

 

$

3,033

 

 

$

3,488