Loans and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Loans and Allowance for Credit Losses

Note 3: Loans and Allowance for Credit Losses

A summary of loans by major category as of March 31, 2026 and December 31, 2025 is as follows:


		March 31, 2026			December 31, 2025
Real estate:
One to four family residential		$	125,089,382		$	129,672,893
Home equity			1,877,204			1,975,201
Equity line of credit			7,425,238			6,930,038
Construction			12,080,543			12,175,080
Multi-family			1,214,501			1,067,972
Commercial			1,911,470			1,936,965
Commercial installment			3,852,579			3,505,245
Consumer:
Marine and recreational			30,018,988			30,242,927
Other consumer			2,808,206			3,207,401

Subtotal			186,278,111			190,713,722
Allowance for credit losses			(1,166,431)			(1,142,629)
Unearned loan fees			(147,498)			(155,572)
Loans, net		$	184,964,182		$	189,415,521

Changes in the allowance for the three months ended March 31, 2026 and 2025, are as follows:


		For the three months ended March 31, 2026
		Beginning			Provision for									Ending
		Balance			Credit Loss			Charge-offs				Recoveries		Balance
Real estate:
One to four family residential		$	601,094		$	4,034		$	—		$	—		$	605,128
Home equity			9,156			(75)			—			—			9,081
Equity line of credit			32,124			3,796			—			—			35,920
Construction			136,781			(445)			—			—			136,336
Multi-family			4,951			924			—			—			5,875
Commercial			19,727			585			—			—			20,312
Commercial Installment			35,804			14,078			—			—			49,882
Consumer:
Marine and recreational			277,395			28,749			(25,877)			—			280,267
Other consumer			25,597			(2,957)			—			990			23,630
Total		$	1,142,629		$	48,689		$	(25,877)		$	990		$	1,166,431


		For the three months ended March 31, 2025
		Beginning			Provision for									Ending
		Balance			Credit Loss			Charge-offs			Recoveries			Balance
Real estate:
One to four family residential		$	639,578		$	99,815		$	—		$	—		$	739,393
Home equity			11,020			1,640			—			—			12,660
Equity line of credit			28,634			4,417			—			—			33,051
Construction			73,444			26,026			—			—			99,470
Multi-family			6,251			1,576			—			—			7,827
Commercial			30,624			(5,821)			—			—			24,803
Commercial Installment			42,629			(4,062)			—			—			38,567
Consumer:
Marine and recreational			259,197			(52,156)			—			—			207,041
Other consumer			35,045			(7,602)			—			—			27,443
Total		$	1,126,422		$	63,833		$	—		$	—		$	1,190,255

The ACL on loans excludes $134,989 of allowance for unfunded commitments as of March 31, 2026 and $130,786 as of December 31, 2025 and is recorded within accrued interest payable and other liabilities on the Consolidated Balance Sheets. A provision for credit loss on unfunded loan commitments of $4,203 was made for the three months ended March 31, 2026. A provision for credit loss on unfunded loan commitments of $46,457 was made for three months ended March 31, 2025.

As of March 31, 2026, there were two collateral dependent loans totaling $6,219 in the other consumer loan segment. These loans were secured by automobiles and did not carry a specific allocation to the ACL as of March 31, 2026. Additionally, there was one collateral dependent loan totaling $20,153 in the marine and recreational loan category carrying a specific allocation of $10,153 to the ACL as of March 31, 2026.

As of December 31, 2025, there were three collateral dependent loans totaling $301,838. One of the loans with outstanding principal of $294,557 is in the one-to-four family residential loan category and two loans totaling $7,281 are in the other consumer loan segment and were secured by automobiles. The aforementioned loans do not have a specific allocation to the ACL as of December 31, 2025.

The Company regularly evaluates various attributes of loans to determine the appropriateness of the allowance for credit losses. The credit quality indicators monitored differ depending on the class of loan.

Multi-family, commercial real estate, and commercial installment loans are generally evaluated using the following internally prepared ratings:

●	Pass ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable.

●	Special mention ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable.

●	Substandard ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable.

●	Doubtful ratings are assigned to loans that do not have adequate collateral and/or debt service ability, and collectability of the contractual loan payments is unlikely.

One to four family residential, home equity, equity line of credit, construction, marine and recreational, and other consumer loans are generally evaluated based on whether the loan is performing according to the contractual terms of the loan.

The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and year of origination at March 31, 2026 and December 31, 2025.


		Total Loans by Origination Year
		2026			2025			2024			2023			2022			Prior			Revolving			Total
At March 31, 2026
Real estate
One to four family residential
Performing		$	2,454,676		$	12,732,865		$	17,242,789		$	6,944,619		$	29,730,034		$	55,984,399		$	—		$	125,089,382
Non performing			—			—			—			—			—			—			—			—
Total one to four family residential		$	2,454,676		$	12,732,865		$	17,242,789		$	6,944,619		$	29,730,034		$	55,984,399		$	—		$	125,089,382
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Home equity
Performing		$	71,478		$	294,438		$	710,454		$	415,789		$	278,170		$	106,875		$	—		$	1,877,204
Non performing			—			—			—			—			—			—			—			—
Total home equity		$	71,478		$	294,438		$	710,454		$	415,789		$	278,170		$	106,875		$	—		$	1,877,204
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Equity line of credit
Performing		$	—		$	—		$	—		$	—		$	—		$	—		$	7,425,238		$	7,425,238
Non performing			—			—			—			—			—			—			—			—
Total equity line of credit		$	—		$	—		$	—		$	—		$	—		$	—		$	7,425,238		$	7,425,238
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Construction
Performing		$	881,022		$	9,476,425		$	1,413,870		$	117,463		$	61,654		$	130,109		$	—		$	12,080,543
Non performing			—			—			—			—			—			—			—			—
Total construction		$	881,022		$	9,476,425		$	1,413,870		$	117,463		$	61,654		$	130,109		$	—		$	12,080,543
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Multi-family
Pass		$	913,222		$	—		$	—		$	—		$	—		$	301,279		$	—		$	1,214,501
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total multi-family		$	913,222		$	—			—		$	—			—		$	301,279		$	—		$	1,214,501
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Commercial
Pass		$	—		$	58,697		$	473,532		$	141,286		$	969,137		$	268,818		$	—		$	1,911,470
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total commercial		$	—		$	58,697		$	473,532		$	141,286		$	969,137		$	268,818		$	—		$	1,911,470
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Commercial installment
Pass		$	759,960		$	1,186,277		$	115,753		$	159,661		$	207,763		$	1,423,165		$	—		$	3,852,579
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total commercial installment		$	759,960		$	1,186,277		$	115,753		$	159,661		$	207,763		$	1,423,165		$	—		$	3,852,579
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Consumer
Marine and recreational
Performing		$	1,672,392		$	5,849,327		$	5,110,751		$	5,645,335		$	1,965,761		$	9,755,269		$	—		$	29,998,835
Non performing			—			—			—			—			20,153			—			—			20,153
Total marine and recreational		$	1,672,392		$	5,849,327		$	5,110,751		$	5,645,335		$	1,985,914		$	9,755,269		$	—		$	30,018,988
Current year-to-date gross write-offs			—			—			—			—			—			25,877			—			25,877
Other consumer
Performing		$	87,128		$	600,599		$	616,390		$	394,613			352,880		$	750,377		$	—		$	2,801,987
Non performing			—			—			—			—			6,219			—			—			6,219
Total other consumer		$	87,128		$	600,599		$	616,390		$	394,613		$	359,099		$	750,377		$	—		$	2,808,206
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Total loans		$	6,839,878		$	30,198,628		$	25,683,539		$	13,818,766		$	33,591,771		$	68,720,291		$	7,425,238		$	186,278,111
Total current year-to-date gross write-offs			—			—			—			—			—			25,877			—			25,877


		Total Loans by Origination Year
		2025			2024			2023			2022			2021			Prior			Revolving			Total
At December 31, 2025
Real estate
One to four family residential
Performing		$	13,673,316		$	19,779,834		$	7,998,043		$	30,001,104		$	10,818,144		$	47,107,895		$	—		$	129,378,336
Non performing			—			—			—			—			—			294,557			—			294,557
Total one to four family residential		$	13,673,316		$	19,779,834		$	7,998,043		$	30,001,104		$	10,818,144		$	47,402,452		$	—		$	129,672,893
Current year-to-date gross write-offs			—			—			—			—			—			686			—			686
Home equity
Performing		$	301,733		$	807,240		$	465,994		$	286,981		$	15,261		$	97,992		$	—		$	1,975,201
Non performing			—			—			—			—			—			—			—			—
Total home equity		$	301,733		$	807,240		$	465,994		$	286,981		$	15,261		$	97,992		$	—		$	1,975,201
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Equity line of credit
Performing		$	—		$	—		$	—		$	—		$	—		$	—		$	6,930,038		$	6,930,038
Non performing			—			—			—			—			—			—			—			—
Total equity line of credit		$	—		$	—		$	—		$	—		$	—		$	—		$	6,930,038		$	6,930,038
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Construction
Performing		$	9,384,639		$	2,475,561		$	119,018		$	62,686		$	—		$	133,176		$	—		$	12,175,080
Non performing			—			—			—			—			—			—			—			—
Total construction		$	9,384,639		$	2,475,561		$	119,018		$	62,686		$	—		$	133,176		$	—		$	12,175,080
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Multi-family
Pass		$	—		$	—		$	—		$	—		$	201,072		$	866,900		$	—		$	1,067,972
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total multi-family		$	—		$	—		$	—		$	—		$	201,072		$	866,900		$	—		$	1,067,972
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Commercial
Pass		$	59,001		$	476,965		$	143,525		$	978,898		$	224,550		$	54,026		$	—		$	1,936,965
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total commercial		$	59,001		$	476,965		$	143,525		$	978,898		$	224,550		$	54,026		$	—		$	1,936,965
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Commercial installment
Pass		$	1,284,063		$	120,517		$	164,205		$	220,173		$	757,869		$	958,418		$	—		$	3,505,245
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total commercial installment		$	1,284,063		$	120,517		$	164,205		$	220,173		$	757,869		$	958,418		$	—		$	3,505,245
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Consumer
Marine and recreational
Performing		$	6,169,142		$	5,362,958		$	6,046,790		$	2,122,067		$	393,319		$	10,148,651		$	—		$	30,242,927
Non performing			—			—			—			—			—			—			—			—
Total marine and recreational		$	6,169,142		$	5,362,958		$	6,046,790		$	2,122,067		$	393,319		$	10,148,651		$	—		$	30,242,927
Current year-to-date gross write-offs			—			—			—			—			72,030			7,841			—			79,871
Other consumer
Performing		$	782,570		$	708,503		$	484,533		$	422,512			103,832		$	698,170		$	—		$	3,200,120
Non performing			—			—			—			—			—			7,281			—			7,281
Total other consumer		$	782,570		$	708,503		$	484,533		$	422,512		$	103,832		$	705,451		$	—		$	3,207,401
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Total loans		$	31,654,464		$	29,731,578		$	15,422,108		$	34,094,421		$	12,514,047		$	60,367,066		$	6,930,038		$	190,713,722
Total current year-to-date gross write-offs			—			—			—			—			72,030			8,527			—			80,557

Loan aging information as of March 31, 2026 and December 31, 2025, follows:


		Accruing
					Loans Past			Loans			Nonaccrual			Nonaccrual			Nonaccrual
		Current			Due 31-89			Past Due			loans beginning			loans end			end of period
		Loans			Days			90+ Days			of period			of period			with an ACL			Total Loans
March 31, 2026

Real estate:
One to four family residential		$	123,254,273		$	1,835,109		$	—		$	294,557		$	—		$	—		$	125,089,382
Home equity			1,877,204			—			—			—			—			—			1,877,204
Equity line of credit			7,425,238			—			—			—			—			—			7,425,238
Construction			12,080,543			—			—			—			—			—			12,080,543
Multi-family			1,214,501			—			—			—			—			—			1,214,501
Commercial			1,911,470			—			—			—			—			—			1,911,470
Commercial installment			3,852,579			—			—			—			—			—			3,852,579
Consumer
Marine and recreational			29,692,539			306,296			—			—			20,153			—			30,018,988
Other consumer			2,801,987			—			—			7,281			6,219			—			2,808,206

Totals		$	184,110,334		$	2,141,405		$	—		$	301,838		$	26,372		$	—		$	186,278,111


		Accruing
					Loans Past			Loans			Nonaccrual			Nonaccrual			Nonaccrual
		Current			Due 31-89			Past Due			loans beginning			loans end			end of period
		Loans			Days			90+ Days			of period			of period			with an ACL			Total Loans
December 31, 2025

Real estate:
One to four family residential		$	128,279,630		$	1,098,706		$	—		$	—		$	294,557		$	—		$	129,672,893
Home equity			1,975,201			—			—			—			—			—			1,975,201
Equity line of credit			6,930,038			—			—			—			—			—			6,930,038
Construction			12,175,080			—			—			—			—			—			12,175,080
Multi-family			1,067,972			—			—			—			—			—			1,067,972
Commercial			1,936,965			—			—			—			—			—			1,936,965
Commercial installment			3,505,245			—			—			—			—			—			3,505,245
Consumer																					—
Marine and recreational			30,014,090			228,837			—			—			—			—			30,242,927
Other consumer			3,200,120			—			—			12,704			7,281			—			3,207,401

Totals		$	189,084,341		$	1,327,543		$	—		$	12,704		$	301,838		$	—		$	190,713,722

Interest income received on nonaccrual loans is considered to be immaterial to the consolidated financial statements.

The Bank may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms. There were no loans subject to such modifications as of March 31, 2026 or December 31, 2025.

A summary of loans to directors, executive officers, and their affiliates as of March 31, 2026 and December 31, 2025 is as follows:


		March 31, 2026			December 31, 2025
Balance at beginning of period		$	16,031		$	44,715
New loans			—			—
Repayments			(3,551)			(28,684)

Balance at end of period		$	12,480		$	16,031