Loans Receivable, Net and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Summary of Loans

Loans receivable, net at June 30, 2026 and December 31, 2025 are summarized as follows:


		June 30,				December 31,
		2026				2025
		(in thousands)
Mortgage loans:
1-4 Family residential (1)		$	426,343			$	434,374
Multifamily residential			1,057,612				756,542
Nonresidential properties			535,521				526,210
Construction and land			817,151				854,096
Total mortgage loans			2,836,627				2,571,222
Nonmortgage loans:
Business loans			72,438				53,063
Consumer loans			577				625
Total non-mortgage loans			73,015				53,688
Total loans, gross			2,909,642				2,624,910
Net deferred loan origination fees			(2,348	)			(203	)
Allowance for Credit Losses			(27,554	)			(25,449	)
Loans receivable, net		$	2,879,740			$	2,599,258

(1)

Includes both investor owned and owner occupied 1-4 family residential properties combined, which were previously reported separately.

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:



		2026				2025				2024				2023				2022				2021 and Prior				Total
		(in thousands)
June 30, 2026
Mortgage Loans:
1-4 Family residential
Pass		$	4,881			$	6,359			$	6,863			$	41,027			$	96,344			$	260,612			$	416,086
Special mention			—				—				—				836				—				780				1,616
Substandard			—				—				—				—				—				8,641				8,641
Total 1-4 Family residential			4,881				6,359				6,863				41,863				96,344				270,033				426,343
Multifamily residential
Pass			334,357				136,378				104,316				70,038				154,795				235,893				1,035,777
Special mention			—				—				—				1,115				—				4,493				5,608
Substandard			—				—				—				7,650				—				8,577				16,227
Total Multifamily residential			334,357				136,378				104,316				78,803				154,795				248,963				1,057,612
Nonresidential properties
Pass			40,462				166,736				74,138				28,009				73,154				151,678				534,177
Special mention			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				1,344				1,344
Total Nonresidential properties			40,462				166,736				74,138				28,009				73,154				153,022				535,521
Construction and Land
Pass			183,218				320,664				142,175				160,973				—				—				807,030
Special mention			—				—				—				5,081				—				—				5,081
Substandard			—				—				—				—				—				5,040				5,040
Total Construction and land			183,218				320,664				142,175				166,054				—				5,040				817,151
Total mortgage loans			562,918				630,137				327,492				314,729				324,293				677,058				2,836,627
Nonmortgage Loans:
Business loans
Pass			5,925				41,464				15,974				5,969				100				1,835				71,267
Special mention			—				239				589				—				—				175				1,003
Substandard			—				58				33				—				9				68				168
Total Business loans			5,925				41,761				16,596				5,969				109				2,078				72,438
Consumer loans
Pass			153				176				86				121				40				1				577
Special mention			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Total Consumer loans			153				176				86				121				40				1				577
Total nonmortgage loans			6,078				41,937				16,682				6,090				149				2,079				73,015
Total loans, gross		$	568,996			$	672,074			$	344,174			$	320,819			$	324,442			$	679,137			$	2,909,642



		2025				2024				2023				2022				2021				2020 and Prior				Total
		(in thousands)
December 31, 2025
Mortgage Loans:
1-4 Family residential
Pass		$	3,843			$	4,108			$	43,110			$	98,048			$	53,740			$	221,194			$	424,043
Special mention			—				—				842				—				823				1,180				2,845
Substandard			—				—				—				—				2,302				5,184				7,486
Total 1-4 Family residential			3,843				4,108				43,952				98,048				56,865				227,558				434,374
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

Schedule of Aging Analysis of Loans

An aging analysis of loans, as of June 30, 2026 and December 31, 2025, is as follows:


		June 30, 2026
						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		$	419,150			$	—			$	875			$	6,318			$	426,343			$	6,318			$	—
Multifamily residential			1,045,479								—				12,133				1,057,612				12,133				—
Nonresidential properties			535,061				—				460				—				535,521				—				—
Construction and land			812,111				—				—				5,040				817,151				5,040				—
Nonmortgage loans:
Business			70,698				1,074				589				77				72,438				77				—
Consumer			577				—				—				—				577				—				—
Total		$	2,883,076			$	1,074			$	1,924			$	23,568			$	2,909,642			$	23,568			$	—


		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		$	420,591			$	6,836			$	2,110			$	4,837			$	434,374			$	4,837			$	—
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			$	—

Schedule of Composition of Allowance for Credit Losses on Loans and Related Recorded Investment in Loans

The following schedules detail the composition of the allowance for credit losses on loans and the related recorded investment in loans as of and for the six months ended June 30, 2026 and 2025, and as of and for the year ended December 31, 2025:



		For the Six Months Ended June 30, 2026
		Mortgage Loans																Nonmortgage Loans
		1-4 Family Residential				Multifamily				Nonresidential				Construction and Land				Business				Consumer				Total for the Period
		(in thousands)
Allowance for Credit Losses:
Balance, beginning of period		$	3,873			$	9,041			$	4,353			$	6,149			$	2,017			$	16			$	25,449
Provision (benefit) charged to expense			1,421				491				535				265				254				(4	)			2,962
Charge-offs			—				—				—				—				(858	)			—				(858	)
Recoveries			1				—				—				—				—				—				1
Balance, end of period		$	5,295			$	9,532			$	4,888			$	6,414			$	1,413			$	12			$	27,554
Ending balance: individually evaluated for impairment		$	—			$	—			$	—			$	—			$	77			$	—			$	77
Ending balance: collectively evaluated for impairment			5,295				9,532				4,888				6,414				1,336				12				27,477
Total		$	5,295			$	9,532			$	4,888			$	6,414			$	1,413			$	12			$	27,554
Loans:
Ending balance: individually evaluated for impairment		$	6,318			$	12,133			$	—			$	5,040			$	77			$	—			$	23,568
Ending balance: collectively evaluated for impairment			420,025				1,045,479				535,521				812,111				72,361				577				2,886,074
Total		$	426,343			$	1,057,612			$	535,521			$	817,151			$	72,438			$	577			$	2,909,642

		For the Three Months Ended June 30, 2026
		Mortgage Loans																Nonmortgage Loans
		1-4 Family Residential				Multifamily				Nonresidential				Construction and Land				Business				Consumer				Total for the Period
		(in thousands)
Allowance for loan losses:
Balance, beginning of period		$	4,674			$	7,946			$	4,742			$	5,608			$	3,258			$	10			$	26,238
Provision (benefit) charged to expense			620				1,586				146				806				(1,491	)			2				1,669
Charge-offs			—				—				—				—				(354	)			—				(354	)
Recoveries			1				—				—				—				—				—				1
Balance, end of period		$	5,295			$	9,532			$	4,888			$	6,414			$	1,413			$	12			$	27,554


		For the Six Months Ended June 30, 2025
		Mortgage Loans																Nonmortgage Loans
		1-4 Family Residential				Multifamily				Nonresidential				Construction and Land				Business				Consumer				Total for the Period
		(in thousands)
Allowance for loan losses:
Balance, beginning of period		$	5,932			$	5,004			$	2,697			$	7,710			$	1,113			$	46			$	22,502
(Benefit) provision charged to expense			(2,211	)			3,859				597				(815	)			672				(23	)			2,079
Charge-offs			(38	)			—				—				—				(444	)			(3	)			(485	)
Recoveries			—				—				—				—				4				—				4
Balance, end of period		$	3,683			$	8,863			$	3,294			$	6,895			$	1,345			$	20			$	24,100
Ending balance: individually evaluated for impairment		$	—			$	—			$	—			$	—			$	276			$	—			$	276
Ending balance: collectively evaluated for impairment			3,683				8,863				3,294				6,895				1,069				20				23,824
Total		$	3,683			$	8,863			$	3,294			$	6,895			$	1,345			$	20			$	24,100
Loans:
Ending balance: individually evaluated for impairment		$	2,283			$	11,703			$	405			$	4,807			$	276			$	—			$	19,474
Ending balance: collectively evaluated for impairment			450,067				681,967				404,107				878,655				47,096				840				2,462,732
Total		$	452,350			$	693,670			$	404,512			$	883,462			$	47,372			$	840			$	2,482,206

		For the Three Months Ended June 30, 2025
		Mortgage Loans																Nonmortgage Loans
		1-4 Family Residential				Multifamily				Nonresidential				Construction and Land				Business				Consumer				Total for the Period
		(in thousands)
Allowance for loan losses:
Balance, beginning of period		$	4,501			$	7,840			$	2,997			$	6,646			$	947			$	43			$	22,974
(Benefit) provision charged to expense			(818	)			1,023				297				249				620				(23	)			1,348
Charge-offs			—				—				—				—				(222	)			—				(222	)
Recoveries			—				—				—				—				—				—				—
Balance, end of period		$	3,683			$	8,863			$	3,294			$	6,895			$	1,345			$	20			$	24,100


		For the Year Ended December 31, 2025
		Mortgage Loans																Nonmortgage Loans
		1-4 Family Residential				Multifamily				Nonresidential				Construction and Land				Business				Consumer				Total for the Period
		(in thousands)
Allowance for loan losses:
Balance, beginning of year		$	5,932			$	5,004			$	2,697			$	7,710			$	1,113			$	46			$	22,502
(Benefit) provision charged to expense			(1,990	)			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 year		$	3,873			$	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			3,873				9,041				4,353				6,149				1,350				16				24,782
Total		$	3,873			$	9,041			$	4,353			$	6,149			$	2,017			$	16			$	25,449
Loans:
Ending balance: individually evaluated for impairment		$	4,837			$	13,112			$	—			$	8,247			$	667			$	—			$	26,863
Ending balance: collectively evaluated for impairment			429,537				743,430				526,210				845,849				52,396				625				2,598,047
Total		$	434,374			$	756,542			$	526,210			$	854,096			$	53,063			$	625			$	2,624,910

Summarize Gross Charge-offs by Vintage

The following tables summarize gross charge-offs by vintage:


		2026				2025				2024				2023				2022				2021 and Prior				Total
		(in thousands)
For the Six Months Ended June 30, 2026
Business loans		$	—			$	—			$	300			$	393			$	19			$	146			$	858
Total charge-offs		$	—			$	—			$	300			$	393			$	19			$	146			$	858


		2025				2024				2023				2022				2021				2020 and Prior				Total
		(in thousands)
For the Six Months Ended June 30, 2025
1-4 Family residential		$	—			$	—			$	—			$	—			$	—			$	38			$	38
Business loans			—				197				222				—				—				25				444
Consumer loans			—				—				3				—				—				—				3
Total charge-offs		$	—			$	197			$	225			$	—			$	—			$	63			$	485

Schedule of Information Relates to Non-Accrual Loans

The following information relates to non-accrual loans as of and for the six months ended June 30, 2026 and 2025 and as of and for the year ended December 31, 2025:


		Unpaid				Recorded Investment				Recorded Investment				Total								Average				Interest Income
As of and For the Six Months Ended		Principal				With No				With				Recorded				Related				Recorded				Recognized
June 30, 2026		Balance				Allowance				Allowance				Investment				Allowance				Investment				on a Cash Basis
		(in thousands)
Mortgage loans:
1-4 Family residential		$	6,354			$	6,318			$	—			$	6,318			$	—			$	4,930			$	87
Multifamily residential			12,133				12,133				—				12,133				—				11,491				185
Nonresidential properties			—				—				—				—				—				—				—
Construction and land			5,040				5,040				—				5,040				—				6,783				—
Nonmortgage loans:
Business			77				—				77				77				77				391				3
Consumer			—				—				—				—				—				—				—
Total		$	23,604			$	23,491			$	77			$	23,568			$	77			$	23,595			$	275

		Unpaid				Recorded Investment				Recorded Investment				Total								Average				Interest Income
As of and For the Six Months Ended		Principal				With No				With				Recorded				Related				Recorded				Recognized
June 30, 2025		Balance				Allowance				Allowance				Investment				Allowance				Investment				on a Cash Basis
		(in thousands)
Mortgage loans:
1-4 Family residential		$	2,270			$	2,283			$	—			$	2,283			$	—			$	2,494			$	26
Multifamily residential			11,393				11,703				—				11,703				—				10,587				147
Nonresidential properties			395				405				—				405				—				203				2
Construction and land			4,807				4,807				—				4,807				—				8,308				—
Nonmortgage loans:
Business			276				—				276				276				276				263				3
Consumer			—				—				—				—				—				—				—
Total		$	19,141			$	19,198			$	276			$	19,474			$	276			$	21,855			$	178


		Unpaid				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

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

Collateral Dependent Loans

A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral.

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


		June 30, 2026								December 31, 2025
						Associated								Associated
		Collateral				Allowance for				Collateral				Allowance for
		Dependent				Credit Losses				Dependent				Credit Losses
		(in thousands)
1-4 Family residential		$	6,318			$	—			$	4,837			$	—
Multifamily residential			12,133				—				13,112				—
Construction and land			5,040				—				8,247				—
Total		$	23,491			$	—			$	26,196			$	—