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Loans Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Loans receivable are summarized as follows at the dates indicated: 
 June 30, 2023December 31, 2022
 (In thousands)
One-to-four family residential:   
Permanent owner occupied$246,585 $232,869 
Permanent non-owner occupied235,008 241,311 
481,593 474,180 
 
Multifamily141,413 126,866 
 
Commercial real estate406,356 407,904 
 
Construction/land: 
One-to-four family residential47,168 52,492 
Multifamily 547 15,393 
Land10,113 9,759 
 57,828 77,644 
Business27,427 31,363 
Consumer72,905 64,353 
Total loans receivable, gross1,187,522 1,182,310 
Less: 
ACL(1)
15,606 15,227 
Total loans receivable, net$1,171,916 $1,167,083 
(1) Allowance for credit losses on loans at December 31, 2022 was reported under the incurred loss method.
Financing Receivables, Summary of Loans by Type and Risk Category As of June 30, 2023, and December 31, 2022, the Company had no loans rated as doubtful or loss. The following tables represent a summary of loans at June 30, 2023, and December 31, 2022 by type and risk category:
 June 30, 2023
Term Loans by Year of Origination
 20232022202120202019PriorTotal Loans
 (In thousands)
One-to-four family residential     
Pass$34,670 $150,427 $98,029 $65,524 $32,813 $98,507 $479,970 
Watch— — — — — 616 616 
Special mention— — — — — 1,007 1,007 
Substandard— — — — — — — 
Total one-to-four family residential$34,670 $150,427 $98,029 $65,524 $32,813 $100,130 $481,593 
Current period gross write-offs$— $— $— $— $— $— $— 
Multifamily
Pass$1,154 $7,864 $22,998 $43,715 $29,531 $32,275 $137,537 
Watch— — — — — 2,266 2,266 
Special mention— — — — — — — 
Substandard— — — — — 1,610 1,610 
Total multifamily$1,154 $7,864 $22,998 $43,715 $29,531 $36,151 $141,413 
Current period gross write-offs$— $— $— $— $— $— $— 
Commercial
Pass$19,114 $35,414 $83,336 $70,438 $22,235 $109,970 $340,507 
Watch— — 4,160 8,730 — 3,839 16,729 
Special mention— — — — — 4,645 4,645 
Substandard— — — 527 1,295 42,653 44,475 
Total commercial real estate$19,114 $35,414 $87,496 $79,695 $23,530 $161,107 $406,356 
Current period gross write-offs$— $— $— $— $— $— $— 
(Continued)
June 30, 2023
Term Loans by Year of Origination
20232022202120202019PriorTotal Loans
(In thousands)
Construction/land
Pass$2,636 $29,812 $24,970 $— $410 $— $57,828 
Watch— — — — — — — 
Special mention— — — — — — — 
Substandard— — — — — — — 
Total construction/land$2,636 $29,812 $24,970 $— $410 $— $57,828 
Current period gross write-offs$— $— $— $— $— $— $— 
Business
Pass$1,456 $4,972 $471 $1,562 $1,706 $17,260 $27,427 
Watch— — — — — — — 
Special mention— — — — — — — 
Substandard— — — — — — — 
Total business$1,456 $4,972 $471 $1,562 $1,706 $17,260 $27,427 
Current period gross write-offs$— $— $— $— $— $— $— 
Consumer
Pass$16,917 $28,608 $11,829 $6,389 $5,423 $3,487 $72,653 
Watch— 28 — — 23 — 51 
Special mention— — — — — — — 
Substandard— — 201 — — — 201 
Total consumer$16,917 $28,636 $12,030 $6,389 $5,446 $3,487 $72,905 
Current period gross write-offs$— $— $— $— $22 $— $22 
Total loans receivable, gross
Pass$75,947 $257,097 $241,633 $187,628 $92,118 $261,499 $1,115,922 
Watch— 28 4,160 8,730 23 6,721 19,662 
Special mention— — — — — 5,652 5,652 
Substandard— — 201 527 1,295 44,263 46,286 
Total loans$75,947 $257,125 $245,994 $196,885 $93,436 $318,135 $1,187,522 
 December 31, 2022
 One-to-Four
Family
Residential		MultifamilyCommercial
Real Estate		Construction/
Land		BusinessConsumerTotal
 (In thousands)
Risk Rating:       
   Pass, grade 1-4$473,700 $122,972 $342,827 $78,120 $31,371 $61,632 $1,110,622 
Pass, grade 5 (watch)1,113 2,291 14,845 — — 27 18,276 
   Special mention1,023 — 4,668 — — 203 5,894 
   Substandard— 1,632 45,542 — — 193 47,367 
Total loans$475,836 $126,895 $407,882 $78,120 $31,371 $62,055 $1,182,159 
Schedule of Allowance for Loan and Lease Losses and Unfunded Commitments
Activity in the ACL for loans and the allowance for unfunded commitments was as follows:

Three Months Ended June 30,Six Months Ended June 30,
20232023
ACL - loans:
Beginning balance$16,028 $15,227 
Adjustment for adoption of Topic 326— 500 
Charge-offs(22)(22)
Recoveries— 1 
Recapture of provision for credit losses(400)(100)
Ending balance$15,606 $15,606 
Allowance for unfunded commitments:
Beginning balance$286 $248 
Provision for credit losses153 191 
Ending balance$439 $439 
Provision for credit losses:
ACL - loans$(400)$(100)
Allowance for unfunded commitments153 191 
Total$(247)$91 
Schedule of Allowance for Loan and Lease Losses, Roll Forward
The following tables detail activity in the ACL on loans at or for the three and six months ended June 30, 2023, and in the allowance for loan and lease losses (“ALLL”) under the incurred loss methodology for the three and six months ended June 30, 2022, by loan category:
At or For the Three Months Ended June 30, 2023
One-to-Four
Family
Residential		MultifamilyCommercial Real EstateConstruction/
Land		BusinessConsumerTotal
(In thousands)
ACL:
Beginning balance$5,611 $1,607 $4,496 $1,793 $413 $2,108 $16,028 
Charge-offs— — — — — (22)(22)
Recoveries— — — — — — — 
Recapture(37)(25)(129)(129)(66)(14)(400)
Ending balance$5,574 $1,582 $4,367 $1,664 $347 $2,072 $15,606 
 At or For the Six Months Ended June 30, 2023
 One-to-Four
Family
Residential		MultifamilyCommercial Real EstateConstruction/
Land		BusinessConsumerTotal
(In thousands)
ACL:
Beginning balance$4,043 $1,210 $5,397 $1,717 $948 $1,912 $15,227 
Adjustment for adoption of Topic 3261,520 83 (970)408 (510)(31)500 
   Charge-offs— — — — — (22)(22)
   Recoveries1 — — — — — 1 
   Provision (recapture) 10 289 (60)(461)(91)213 (100)
Ending balance$5,574 $1,582 $4,367 $1,664 $347 $2,072 $15,606 
At or For the Three Months Ended June 30, 2022
One-to-Four
Family
Residential		MultifamilyCommercial Real EstateConstruction/
Land		BusinessConsumerTotal
(In thousands)
ALLL:
Beginning balance$3,475 $1,455 $6,315 $1,642 $781 $1,491 $15,159 
Charge-offs— — — — — (37)(37)
Recoveries3 — — — — — 3 
Provision (recapture) 214 (159)(128)(285)217 141 — 
Ending balance$3,692 $1,296 $6,187 $1,357 $998 $1,595 $15,125 
 At or For the Six Months Ended June 30, 2022
 One-to-Four
Family
Residential		MultifamilyCommercial Real EstateConstruction/
Land		BusinessConsumerTotal
(In thousands)
ALLL:
Beginning balance$3,214 $1,279 $6,615 $2,064 $1,112 $1,373 $15,657 
  Charge-offs— — — — — (37)(37)
   Recoveries5 — — — — — 5 
   Provision (recapture) 473 17 (428)(707)(114)259 (500)
Ending balance$3,692 $1,296 $6,187 $1,357 $998 $1,595 $15,125 
ALLL by category:
General allowance$3,676 $1,296 $6,187 $1,357 $998 $1,595 $15,109 
Specific allowance16 — — — — — 16 
Loans: 
Total loans$436,754 $135,961 $412,693 $64,347 $33,692 $51,603 $1,135,050 
Loans collectively evaluated for impairment434,672 134,310 372,743 64,347 33,692 51,603 1,091,367 
Loans individually evaluated for impairment2,082 1,651 39,950 — — — 43,683 
Financing Receivables, Aging of Loans The following tables present a summary of the aging of loans by type at the dates indicated:
 Loans Past Due as of June 30, 2023  
 30-59 Days60-89 Days90 Days and
Greater		Total Past
Due		Current
Total (1)
 (In thousands)
Real estate:      
One-to-four family residential:    
Owner occupied$— $69 $— $69 $246,516 $246,585 
Non-owner occupied25 — — 25 234,983 235,008 
Multifamily— — — — 141,413 141,413 
Commercial real estate— — — — 406,356 406,356 
Construction/land— — — 57,828 57,828 
Total real estate25 69 — 94 1,087,096 1,087,190 
Business— — — — 27,427 27,427 
Consumer81 — 201 282 72,623 72,905 
Total loans$106 $69 $201 $376 $1,187,146 $1,187,522 
 ________________ 

(1) There were no loans 90 days and greater past due and still accruing interest at June 30, 2023.
 Loans Past Due as of December 31, 2022  
 30-59 Days60-89 Days90 Days and
Greater		Total Past
Due		Current
Total (1)
 (In thousands)
Real estate:      
One-to-four family residential:      
Owner occupied$— $— $— $— $233,785 $233,785 
Non-owner occupied27 — — 27 242,024 242,051 
Multifamily— — — — 126,895 126,895 
Commercial real estate— — — — 407,882 407,882 
Construction/land— — — — 78,120 78,120 
Total real estate27 — — 27 1,088,706 1,088,733 
Business— — — — 31,371 31,371 
Consumer— — 193 193 61,862 62,055 
Total loans$27 $— $193 $220 $1,181,939 $1,182,159 
_________________ 

(1) There were no loans 90 days and greater past due and still accruing interest at December 31, 2022.
Financing Receivables, Summary of Loans by Type and Payment Activity
The following tables summarize the loan portfolio by type and payment status at the dates indicated:

 June 30, 2023
 One-to-Four
Family
Residential		MultifamilyCommercial
Real Estate		Construction/
Land		BusinessConsumerTotal
 (In thousands)
Performing (1)
$481,593 $141,413 $406,356 $57,828 $27,427 $72,704 $1,187,321 
Nonperforming— — — — — 201 201 
Total loans$481,593 $141,413 $406,356 $57,828 $27,427 $72,905 $1,187,522 
_____________

(1) There were $246.6 million of owner-occupied one-to-four family residential loans and $235.0 million of non-owner occupied one-to-four family residential loans classified as performing.


 December 31, 2022
 One-to-Four
Family
Residential		MultifamilyCommercial
Real Estate		Construction/
Land		BusinessConsumerTotal
 (In thousands)
Performing (1)
$475,836 $126,895 $407,882 $78,120 $31,371 $61,862 $1,181,966 
Nonperforming— — — — — 193 193 
Total loans$475,836 $126,895 $407,882 $78,120 $31,371 $62,055 $1,182,159 
_____________

(1) There were $233.8 million of owner-occupied one-to-four family residential loans and $242.1 million of non-owner occupied one-to-four family residential loans classified as performing.
Schedule of Impaired Financing Receivables
The following table presents the amortized cost basis of collateral dependent loans by class as of June 30, 2023:


June 30, 2023
(In thousands)
Loans with related allowance:
Multifamily$1,610 
Commercial real estate44,474 
Total $46,084 
The following table is a summary of information pertaining to impaired loans as of December 31, 2022:

 December 31, 2022
Recorded Investment (1)
Unpaid Principal Balance (2)
Related Allowance
 (In thousands)
Loans with no related allowance:   
  One-to-four family residential:   
      Owner occupied$174 $175 $— 
      Non-owner occupied188 188 — 
  Multifamily1,632 1,632 — 
   Commercial real estate45,542 45,542 — 
Total47,536 47,537 — 
Loans with an allowance:
  One-to-four family residential:
      Owner occupied486 533 12 
      Non-owner occupied512 512 1 
Total998 1,045 13 
Total impaired loans:
  One-to-four family residential:
      Owner occupied660 708 12 
      Non-owner occupied700 700 1 
   Multifamily1,632 1,632 — 
   Commercial real estate45,542 45,542 — 
Total$48,534 $48,582 $13 
_________________ 

(1) Represents the loan balance less charge-offs.
(2) Contractual loan principal balance.
Schedule of Impaired Financing Receivables, Average Recorded Investment and Interest Income The following table presents the average recorded investment in loans individually evaluated for impairment and the interest income recognized for the three and six months ended June 30, 2022:
Three Months Ended June 30, 2022Six Months Ended June 30, 2022
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Loans with no related allowance:
   One-to-four family residential:
      Owner occupied$177 $3 $177 $6 
      Non-owner occupied904 15 908 30 
Multifamily1,656 17 1,104 34 
Commercial real estate40,062 426 38,051 835 
Total42,799 461 40,240 905 
Loans with an allowance:
   One-to-four family residential:
      Owner occupied491 7 492 14 
      Non-owner occupied517 9 518 18 
Total1,008 16 1,010 32 
Total impaired loans:
   One-to-four family residential:
      Owner occupied668 10 669 20 
      Non-owner occupied1,421 24 1,426 48 
Multifamily1,656 17 1,104 34 
Commercial real estate40,062 426 38,051 835 
Total$43,807 $477 $41,250 $937 
Financing Receivable, Modified
The following table presents the amortized cost basis of loans on nonaccrual status and loans 90 days or more past due and still accruing as of June 30, 2023:

June 30, 2023
Nonaccrual with No ACLNonaccrual with ACLTotal Nonaccrual90 Days or More Past Due and Still Accruing
(In thousands)
Consumer Loans$201 $— $201 $— 
Total $201 $— $201 $— 
The following table presents loans on nonaccrual status and loans 90 days or more past due and still accruing as of December 31, 2022:

December 31, 2022
Nonaccrual with No ALLLNonaccrual with ALLLTotal Nonaccrual90 Days or More Past Due and Still Accruing
(In thousands)
Consumer Loans$193 $— $193 $— 
Total $193 $— $193 $—