Loans and Allowance for Credit Losses

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025 is as follows:


		June 30, 2026			December 31, 2025
Real estate:
One to four family residential		$	125,354,683		$	129,672,893
Home equity			1,869,908			1,975,201
Equity line of credit			8,177,998			6,930,038
Construction			12,786,675			12,175,080
Multi-family			1,201,689			1,067,972
Commercial			1,886,056			1,936,965
Commercial installment			3,694,907			3,505,245
Consumer:
Marine and recreational			29,664,230			30,242,927
Other consumer			2,580,142			3,207,401

Subtotal			187,216,288			190,713,722
Allowance for credit losses			(1,182,780)			(1,142,629)
Unearned loan fees			(162,585)			(155,572)
Loans, net		$	185,870,923		$	189,415,521

Changes in the allowance for the three and six months ended June 30, 2026 and 2025, are as follows:


		For the three months ended June 30, 2026
		Beginning			Provision for									Ending
		Balance			Credit Loss			Charge-offs				Recoveries		Balance
Real estate:
One to four family residential		$	605,128		$	(71,543)		$	—		$	—		$	533,585
Home equity			9,081			(1,122)			—			—			7,959
Equity line of credit			35,920			(1,110)			—			—			34,810
Construction			136,336			6,934			—			—			143,270
Multi-family			5,875			(760)			—			—			5,115
Commercial			20,312			(423)			—			—			19,889
Commercial installment			49,882			(2,341)			—			—			47,541
Consumer:
Marine and recreational			280,267			108,862			(27,840)			—			361,289
Other consumer			23,630			4,902			—			790			29,322
Total		$	1,166,431		$	43,399		$	(27,840)		$	790		$	1,182,780


		For the six months ended June 30, 2026
		Beginning			Provision for									Ending
		Balance			Credit Loss			Charge-offs				Recoveries		Balance
Real estate:
One to four family residential		$	601,094		$	(67,509)		$	—		$	—		$	533,585
Home equity			9,156			(1,197)			—			—			7,959
Equity line of credit			32,124			2,686			—			—			34,810
Construction			136,781			6,489			—			—			143,270
Multi-family			4,951			164			—			—			5,115
Commercial			19,727			162			—			—			19,889
Commercial installment			35,804			11,737			—			—			47,541
Consumer:
Marine and recreational			277,395			137,611			(53,717)			—			361,289
Other consumer			25,597			1,945			—			1,780			29,322
Total		$	1,142,629		$	92,088		$	(53,717)		$	1,780		$	1,182,780


		For the three months ended June 30, 2025
		Beginning			Provision for									Ending
		Balance			Credit Loss			Charge-offs			Recoveries			Balance
Real estate:
One to four family residential		$	739,393		$	(46,277)		$	—		$	—		$	693,116
Home equity			12,660			(1,735)			—			—			10,925
Equity line of credit			33,051			2,853			—			—			35,904
Construction			99,470			21,162			—			—			120,632
Multi-family			7,827			(1,505)			—			—			6,322
Commercial			24,803			(1,510)			—			—			23,293
Commercial Installment			38,567			(1,210)			—			—			37,357
Consumer:
Marine and recreational			207,041			35,853			—			—			242,894
Other consumer			27,443			(1,534)			—			—			25,909
Total		$	1,190,255		$	6,097		$	—		$	—		$	1,196,352


		For the six months ended June 30, 2025
		Beginning			Provision for									Ending
		Balance			Credit Loss			Charge-offs			Recoveries			Balance
Real estate:
One to four family residential		$	639,578		$	53,538		$	—		$	—		$	693,116
Home equity			11,020			(95)			—			—			10,925
Equity line of credit			28,634			7,270			—			—			35,904
Construction			73,444			47,188			—			—			120,632
Multi-family			6,251			71			—			—			6,322
Commercial			30,624			(7,331)			—			—			23,293
Commercial Installment			42,629			(5,272)			—			—			37,357
Consumer:
Marine and recreational			259,197			(16,303)			—			—			242,894
Other consumer			35,045			(9,136)			—			—			25,909
Total		$	1,126,422		$	69,930		$	—		$	—		$	1,196,352

The ACL on loans excludes $140,892 of allowance for unfunded commitments as of June 30, 2026 and $130,786 as of December 31, 2025 which is recorded within accrued interest payable and other liabilities on the Consolidated Balance Sheets. A provision for credit loss on unfunded loan commitments of $5,902 and $9,276 was made for the three months ended June 30, 2026 and 2025, respectively. A provision for credit loss on unfunded loan commitments of $10,106 and $55,733 was made for the six months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, there was one collateral dependent loan totaling $72,901 in the one-to-four family real estate loan segment secured by a residential property and did not carry a specific allocation to the ACL. There was one collateral dependent loan totaling $44,064 in the marine and recreational loan segment secured by a boat and did not carry a specific allocation to the ACL as of June 30, 2026. Additionally, there was one collateral dependent loan totaling $40,665 in the marine and recreational loan segment carrying a specific allocation of $24,165 to the ACL as of June 30, 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 of 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 June 30, 2026 and December 31, 2025.


		Total Loans by Origination Year
		2026			2025			2024			2023			2022			Prior			Revolving			Total
At June 30, 2026
Real estate
One to four family residential
Performing		$	5,974,095		$	13,673,406		$	16,215,541		$	6,909,020		$	28,844,335		$	53,665,385		$	—		$	125,281,782
Non performing			—			72,901			—			—			—			—			—			72,901
Total one to four family residential		$	5,974,095		$	13,746,307		$	16,215,541		$	6,909,020		$	28,844,335		$	53,665,385		$	—		$	125,354,683
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Home equity
Performing		$	328,439		$	286,402		$	647,673		$	238,263		$	268,838		$	100,293		$	—		$	1,869,908
Non performing			—			—			—			—			—			—			—			—
Total home equity		$	328,439		$	286,402		$	647,673		$	238,263		$	268,838		$	100,293		$	—		$	1,869,908
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Equity line of credit
Performing		$	—		$	—		$	—		$	—		$	—		$	—		$	8,177,998		$	8,177,998
Non performing			—			—			—			—			—			—			—			—
Total equity line of credit		$	—		$	—		$	—		$	—		$	—		$	—		$	8,177,998		$	8,177,998
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Construction
Performing		$	2,661,426		$	8,467,051		$	1,354,944		$	115,672		$	60,610		$	126,972		$	—		$	12,786,675
Non performing			—			—			—			—			—			—			—			—
Total construction		$	2,661,426		$	8,467,051		$	1,354,944		$	115,672		$	60,610		$	126,972		$	—		$	12,786,675
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Multi-family
Pass		$	907,647		$	—		$	—		$	—		$	—		$	294,042		$	—		$	1,201,689
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total multi-family		$	907,647		$	—			—		$	—			—		$	294,042		$	—		$	1,201,689
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Commercial
Pass		$	—		$	58,388		$	470,056		$	139,018		$	959,688		$	258,906		$	—		$	1,886,056
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total commercial		$	—		$	58,388		$	470,056		$	139,018		$	959,688		$	258,906		$	—		$	1,886,056
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Commercial installment
Pass		$	1,122,851		$	811,099		$	110,938		$	155,968		$	194,544		$	1,299,507		$	—		$	3,694,907
Special mention			—			—			—			—			—			—			—			—
Substandard			—			—			—			—			—			—			—			—
Doubtful			—			—			—			—			—			—			—			—
Total commercial installment		$	1,122,851		$	811,099		$	110,938		$	155,968		$	194,544		$	1,299,507		$	—		$	3,694,907
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Consumer
Marine and recreational
Performing		$	3,482,962		$	5,293,500		$	4,817,316		$	5,256,810		$	1,846,844		$	8,898,569		$	—		$	29,596,001
Non performing			—			—			—			24,165			—			44,064			—			68,229
Total marine and recreational		$	3,482,962		$	5,293,500		$	4,817,316		$	5,280,975		$	1,846,844		$	8,942,633		$	—		$	29,664,230
Current year-to-date gross write-offs			—			—			—			—			27,840			25,877			—			53,717
Other consumer
Performing		$	232,082		$	558,587		$	504,037		$	327,600			299,317		$	658,519		$	—		$	2,580,142
Non performing			—			—			—			—			—			—			—			—
Total other consumer		$	232,082		$	558,587		$	504,037		$	327,600		$	299,317		$	658,519		$	—		$	2,580,142
Current year-to-date gross write-offs			—			—			—			—			—			—			—			—
Total loans		$	14,709,502		$	29,221,334		$	24,120,505		$	13,166,516		$	32,474,176		$	65,346,257		$	8,177,998		$	187,216,288
Total current year-to-date gross write-offs			—			—			—			—			27,840			25,877			—			53,717


		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 June 30, 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
June 30, 2026

Real estate:
One to four family residential		$	125,026,749		$	255,033		$	—		$	294,557		$	72,901		$	—		$	125,354,683
Home equity			1,869,908			—			—			—			—			—			1,869,908
Equity line of credit			8,177,998			—			—			—			—			—			8,177,998
Construction			12,786,675			—			—			—			—			—			12,786,675
Multi-family			1,201,689			—			—			—			—			—			1,201,689
Commercial			1,886,056			—			—			—			—			—			1,886,056
Commercial installment			3,694,907			—			—			—			—			—			3,694,907
Consumer
Marine and recreational			29,390,484			229,682			—			—			44,064			—			29,664,230
Other consumer			2,503,074			77,068			—			7,281			—			—			2,580,142

Totals		$	186,537,540		$	561,783		$	—		$	301,838		$	116,965		$	—		$	187,216,288


		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 June 30, 2026 or December 31, 2025.

A summary of loans to directors, executive officers, and their affiliates as of June 30, 2026 and December 31, 2025 is as follows:


		June 30, 2026			December 31, 2025
Balance at beginning of period		$	16,031		$	44,715
New loans			3,021			—
Repayments			(5,604)			(28,684)

Balance at end of period		$	13,448		$	16,031