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

The following tables present an analysis of past-due loans as of June 30, 2026, and December 31, 2025:


	June 30, 2026
					Loans 90 Days or
	30-59 Days		60-89 Days		More Past Due and		Nonaccrual		Current		Total Loans
(in thousands)	Past Due		Past Due		Still Accruing		Loans		Loans		Receivable
Real Estate Loans
One-to-Four Family Mortgages	$	3,959	$	1,205	$	—	$	313	$	315,850	$	321,327
Home Equity Lines of Credit		77		16		—		30		10,371		10,494
Construction and Land		128		—		—		—		22,496		22,624
Commercial Real Estate		—		—		—		—		16,079		16,079
Total		4,164		1,221		—		343		364,796		370,524

Commercial and Industrial		84		—		—		—		16,847		16,931
Consumer		—		—		—		—		6,872		6,872

Total Loans Receivable	$	4,248	$	1,221	$	—	$	343	$	388,515	$	394,327


	December 31, 2025
					Loans 90 Days or
	30-59 Days		60-89 Days		More Past Due and		Nonaccrual		Current		Total Loans
(in thousands)	Past Due		Past Due		Still Accruing		Loans		Loans		Receivable
Real Estate Loans
One-to-Four Family Mortgages	$	2,933	$	1,194	$	—	$	544	$	321,103	$	325,774
Home Equity Lines of Credit		72		—		—		—		10,019		10,091
Construction and Land		130		—		—		—		12,408		12,538
Commercial Real Estate		—		—		—		—		10,547		10,547
Total		3,135		1,194		—		544		354,077		358,950

Commercial and Industrial		—		—		—		—		14,227		14,227
Consumer		—		—		—		—		4,189		4,189

Total Loans Receivable	$	3,135	$	1,194	$	—	$	544	$	372,493	$	377,366

The Company uses the following criteria to assess risk ratings with respect to its loan portfolio, which are consistent with regulatory guidelines:

Pass - Loans that comply in all material respects with the loan policies that are adequately secured with conforming collateral and that are extended to borrowers with documented ability to safely cover their total debt service requirements.

Special Mention - Includes loans that do not warrant adverse classification but do possess credit deficiencies or potential weaknesses that deserve close attention.

Substandard - Includes loans that are inadequately protected by the collateral pledged or the current net worth and paying capacity of the borrower. Such loans have one or more weaknesses that jeopardize the liquidation of the debt and expose the Company to loss if the weaknesses are not corrected.

The following table presents the Company’s recorded investment in loans by credit quality indicator by year of origination as of June 30, 2026:


		Term Loans by Year of Origination
(in thousands		2026		2025		2024		2023		2022		Prior		Revolving		Total
One-to-Four Family Mortgages
Pass		$	3,873	$	7,431	$	19,583	$	21,888	$	36,701	$	228,979	$	—	$	318,455
Special Mention			—		—		—		—		389		1,465		—		1,854
Substandard			—		—		—		—		—		1,018		—		1,018
Total One-to-Four Family Mortgages		$	3,873	$	7,431	$	19,583	$	21,888	$	37,090	$	231,462	$	—	$	321,327

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home Equity Lines of Credit
Pass		$	—	$	78	$	603	$	—	$	9	$	378	$	9,340	$	10,408
Special Mention			—		—		—		—		—		—		56		56
Substandard			—		—		—		—		—		—		30		30
Total Home Equity Lines of Credit		$	—	$	78	$	603	$	—	$	9	$	378	$	9,426	$	10,494

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction and Land
Pass		$	6,558	$	15,374	$	9	$	128	$	35	$	520	$	—	$	22,624
Special Mention			—		—		—		—		—		—		—		—
Substandard			—		—		—		—		—		—		—		—
Total Construction and Land		$	6,558	$	15,374	$	9	$	128	$	35	$	520	$	—	$	22,624

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial Real Estate
Pass		$	6,251	$	7,341	$	1,954	$	—	$	453	$	80	$	—	$	16,079
Special Mention			—		—		—		—		—		—		—		—
Substandard			—		—		—		—		—		—		—		—
Total Commercial Real Estate		$	6,251	$	7,341	$	1,954	$	—	$	453	$	80	$	—	$	16,079

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial and Industrial
Pass		$	4,116	$	3,950	$	3,765	$	3,264	$	1,836	$	—	$	—	$	16,931
Special Mention			—		—		—		—		—		—		—		—
Substandard			—		—		—		—		—		—		—		—
Total Commercial and Industrial		$	4,116	$	3,950	$	3,765	$	3,264	$	1,836	$	—	$	—	$	16,931

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer
Pass		$	3,168	$	1,212	$	2,006	$	218	$	22	$	246	$	—	$	6,872
Special Mention			—		—		—		—		—		—		—		—
Substandard			—		—		—		—		—		—		—		—
Total Consumer		$	3,168	$	1,212	$	2,006	$	218	$	22	$	246	$	—	$	6,872

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table presents the Company’s recorded investment in loans by credit quality indicator as of December 31, 2025:


		Term Loans by Year of Origination
(in thousands)		2025		2024		2023		2022		2021		Prior		Revolving		Total
One-to-Four Family Mortgages
Pass		$	4,364	$	19,886	$	22,644	$	38,297	$	51,438	$	185,963	$	—	$	322,592
Special Mention			—		—		—		393		467		1,071		—		1,931
Substandard			—		—		—		—		742		509		—		1,251
Total One-to-Four Family Mortgages		$	4,364	$	19,886	$	22,644	$	38,690	$	52,647	$	187,543	$	—	$	325,774

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home Equity Lines of Credit
Pass		$	437	$	603	$	65	$	11	$	—	$	494	$	8,406	$	10,016
Special Mention			—		—		—		—		—		—		75		75
Substandard			—		—		—		—		—		—		—		—
Total Home Equity Lines of Credit		$	437	$	603	$	65	$	11	$	—	$	494	$	8,481	$	10,091

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction and Land
Pass		$	11,372	$	412	$	131	$	56	$	357	$	210	$	—	$	12,538
Special Mention			—		—		—		—		—		—		—		—
Substandard			—		—		—		—		—		—		—		—
Total Construction and Land		$	11,372	$	412	$	131	$	56	$	357	$	210	$	—	$	12,538

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial Real Estate
Pass		$	8,110	$	1,884	$	—	$	467	$	—	$	86	$	—	$	10,547
Special Mention			—		—		—		—		—		—		—		—
Substandard			—		—		—		—		—		—		—		—
Total Commercial Real Estate		$	8,110	$	1,884	$	—	$	467	$	—	$	86	$	—	$	10,547

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial and Industrial
Pass		$	4,025	$	4,370	$	3,615	$	2,217	$	—	$	—	$	—	$	14,227
Special Mention			—		—		—		—		—		—		—		—
Substandard			—		—		—		—		—		—		—		—
Total Commercial and Industrial		$	4,025	$	4,370	$	3,615	$	2,217	$	—	$	—	$	—	$	14,227

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer
Pass		$	1,330	$	2,388	$	166	$	25	$	31	$	249	$	—	$	4,189
Special Mention			—		—		—		—		—		—		—		—
Substandard			—		—		—		—		—		—		—		—
Total Consumer		$	1,330	$	2,388	$	166	$	25	$	31	$	249	$	—	$	4,189

Current Period Gross Write-Offs		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table is a summary of the Company’s nonaccrual loans by major categories as of June 30, 2026 and December 31, 2025:


		June 30, 2026									December 31, 2025
		Nonaccrual			Nonaccrual						Nonaccrual			Nonaccrual			Total
		Loans			Loans						Loans			Loans
		with			with			Total			with			with
		No			an			Nonaccrual			No			an			Nonaccrual
(in thousands)		Allowance			Allowance			Loans			Allowance			Allowance			Loans
One-to-Four Family Mortgages		$	313		$	—		$	313		$	544		$	—		$	544
Home Equity Lines of Credit			30			—			30			—			—			—
Construction and Land			—			—			—			—			—			—
Commercial Real Estate			—			—			—			—			—			—
Commercial and Industrial			—			—			—			—			—			—
Consumer			—			—			—			—			—			—

Total		$	343		$	—		$	343		$	544		$	—		$	544

Interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. Payments received while on nonaccrual status are applied to the principal balance of nonaccrual loans. The Company does not recognize interest income while loans are on nonaccrual status.

The following table represents the accrued interest receivables written off by reversing interest income during the three and six months ended June 30, 2026 and 2025:

The Company designates individually evaluated loans on nonaccrual status as collateral-dependent loans, as well as other loans that management of the Company designates as having higher risk. Collateral-dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. For collateral-dependent loans, the Company has adopted the practical expedient to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral, which is adjusted for liquidation costs/discounts, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required.

The following table presents an analysis of collateral-dependent loans of the Company as of June 30, 2026 and December 31, 2025:

The following table summarizes the activity related to the allowance for credit losses for the three and six months ended June 30, 2026 and 2025 (in thousands):


		One-to-Four			Home Equity
		Family			Lines of			Construction			Commercial			Commercial
Three Months Ended June 30, 2026		Mortgages			Credit			and Land			Real Estate			and Industrial			Consumer			Unallocated			Total
Allowance for Credit Losses
Beginning Balance		$	1,256			36			18			17			136			—			236		$	1,699
Net Provision for Credit Loss			218			4			26			31			(40)			—			(239)			—
Loans Charged-Off			—			—			—			—			—			—			—			—
Recoveries Collected			—			—			—			—			—			—			—			—

Ending Balance		$	1,474		$	40		$	44		$	48		$	96		$	—		$	(3)		$	1,699

Three Months Ended June 30, 2025
Allowance for Credit Losses
Beginning Balance		$	1,441			43			26			—			43			27			119		$	1,699
Net Provision for Credit Loss			(173)			1			—			—			(10)			(27)			209			—
Loans Charged-Off			—			—			—			—			—			—			—			—
Recoveries Collected			—			—			—			—			—			—			—			—

Ending Balance		$	1,268		$	44		$	26		$	—		$	33		$	—		$	328		$	1,699


		One-to-Four			Home Equity
		Family			Lines of			Construction			Commercial			Commercial
Six Months Ended June 30, 2026		Mortgages			Credit			and Land			Real Estate			and Industrial			Consumer			Unallocated			Total
Allowance for Credit Losses
Beginning Balance		$	1,202			42			22			32			34			—			367		$	1,699
Net Provision for Credit Loss			272			(2)			22			16			62			—			(370)			—
Loans Charged-Off			—			—			—			—			—			—			—			—
Recoveries Collected			—			—			—			—			—			—			—			—

Ending Balance		$	1,474		$	40		$	44		$	48		$	96		$	—		$	(3)		$	1,699

Six Months Ended June 30, 2025
Allowance for Credit Losses
Beginning Balance		$	1,526		$	45		$	13		$	—		$	80		$	28		$	7		$	1,699
Net Provision for Credit Loss			(258)			(1)			13			—			(47)			(28)			321			—
Loans Charged-Off			—			—			—			—			—			—			—			—
Recoveries Collected			—			—			—			—			—			—			—			—

Ending Balance		$	1,268		$	44		$	26		$	—		$	33		$	—		$	328		$	1,699

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies loans by providing principal forgiveness on certain of its loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.

Upon determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectable, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

The Company had no loans with modifications to borrowers experiencing financial difficulty as of June 30, 2026, and December 31, 2025.

There were no modifications to borrower’s experiencing financial difficulty entered into during the three and six months ended June 30, 2026 and 2025 and no loans which had defaults during the three and six months ended June 30, 2026 and 2025 which have been modified due to the borrower experiencing financial difficulty.

For the three and six month periods ended June 30, 2026 and 2025, provision for credit losses on unfunded commitments totaled $-0-. At June 30, 2026 and December 31, 2025, the liability for credit losses on off-balance-sheet credit exposures included in other liabilities was $25,000.

In the normal course of business, loans are made to officers and directors of the Company, as well as to their affiliates. Such loans are made in the ordinary course of business with substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. They do not involve more than normal risk of collectability or present other unfavorable features.

An analysis of the related party activity during the six months ended June 30, 2026 and 2025 is as follows:

The Company generally requires an inspection of the property before disbursement of funds during the term of the construction loan and inspections are typically performed by one of the Company’s directors. There is no revenue or expenses recorded by the Company related to those services as the customer pays these fees through their closing costs.