Loans Receivable and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Loans Receivable and Allowance for Credit Losses

Schedule of components of loans receivable

	December 31,
(Dollars in thousands)	2023		2022
Real estate loans:
First mortgages:
One- to four-family residential	$	1,277,544	$	1,253,558
Multi-family residential		5,855		6,448
Construction, commercial, and other		11,631		23,903
Home equity loans and lines of credit		7,058		6,426
Total real estate loans		1,302,088		1,290,335
Other loans:
Loans on deposit accounts		196		216
Consumer and other loans		8,257		8,381
Total other loans		8,453		8,597
Total loans		1,310,541		1,298,932
Net unearned fees and discounts		(1,989)		(2,136)
Total loans, net of unearned fees and discounts		1,308,552		1,296,796
Allowance for credit/loan losses		(5,121)		(2,032)
Loans receivable, net of allowance for credit/loan losses	$	1,303,431	$	1,294,764

Schedule of activity in allowance for loan losses on loans receivable and by portfolio segment

The table below presents the activity in the allowance for credit/loan losses by portfolio segment:

			Construction,		Home
			Commercial,		Equity
			and Other		Loans and
	Residential		Mortgage		Lines of		Consumer
(Dollars in thousands)	Mortgage		Loans		Credit		and Other		Unallocated		Totals
Year ended December 31, 2023:
Balance, beginning of year	$	1,263	$	434	$	1	$	75	$	259	$	2,032
Adoption of ASU No. 2016-13		3,393		71		(1)		5		(259)		3,209
(Reversal of provision) provision for credit losses		(110)		9		—		98		—		(3)
		4,546		514		—		178		—		5,238
Charge-offs		(75)		—		—		(82)		—		(157)
Recoveries		31		—		—		9		—		40
Net charge-offs		(44)		—		—		(73)		—		(117)
Balance, end of year	$	4,502	$	514	$	—	$	105	$	—	$	5,121
Year ended December 31, 2022:
Balance, beginning of year	$	1,814	$	435	$	1	$	89	$	330	$	2,669
(Reversal of provision) provision for loan losses		(551)		(1)		—		47		(71)		(576)
		1,263		434		1		136		259		2,093
Charge-offs		—		—		—		(62)		—		(62)
Recoveries		—		—		—		1		—		1
Net charge-offs		—		—		—		(61)		—		(61)
Balance, end of year	$	1,263	$	434	$	1	$	75	$	259	$	2,032

Schedule of balance in allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method

			Construction,		Home
			Commercial,		Equity
			and Other		Loans and
	Residential		Mortgage		Lines of		Consumer
(Dollars in thousands)	Mortgage		Loans		Credit		and Other		Unallocated		Totals
December 31, 2022:
Allowance for loan losses:
Ending allowance balance:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for impairment		1,263		434		1		75		259		2,032
Total ending allowance balance	$	1,263	$	434	$	1	$	75	$	259	$	2,032
Loans:
Ending loan balance:
Individually evaluated for impairment	$	2,693	$	—	$	16	$	—	$	6	$	2,715
Collectively evaluated for impairment		1,255,300		23,775		6,411		8,595		—		1,294,081
Total ending loan balance	$	1,257,993	$	23,775	$	6,427	$	8,595	$	6	$	1,296,796

Schedule of balance of impaired loans individually evaluated for impairment by class of loans

			Unpaid
	Recorded		Principal
(Dollars in thousands)	Investment		Balance
December 31, 2022:
With no related allowance recorded:
One- to four-family residential mortgages	$	2,693	$	3,209
Home equity loans and lines of credit		16		30
Consumer loans		6		6
Total	$	2,715	$	3,245

Schedule of credit quality indicator by loan class and year.

														Revolving Loans
	Amortized Cost of Term Loans by Origination Year													Amortized
(Dollars in thousands)		2023		2022		2021		2020		2019		Prior		Cost Basis		Total
December 31, 2023:
Commercial
30 - 59 days past due		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
60 - 89 days past due			—		—		—		—		—		—		—		—
90 days or more past due			—		—		—		—		—		—		—		—
Loans not past due			387		353		4,836		—		203		856		1,230		7,865
Total Commercial			387		353		4,836		—		203		856		1,230		7,865
Consumer
30 - 59 days past due			4		—		—		—		—		—		—		4
60 - 89 days past due			—		—		—		—		—		—		—		—
90 days or more past due			—		—		—		—		—		—		—		—
Loans not past due			271		80		20		4		14		42		6,137		6,568
Total Consumer			275		80		20		4		14		42		6,137		6,572
Real Estate
30 - 59 days past due			—		—		—		—		—		428		—		428
60 - 89 days past due			—		—		—		—		—		—		—		—
90 days or more past due			—		—		—		—		140		87		—		227
Loans not past due			91,195		129,148		283,571		183,887		91,113		514,546		—		1,293,460
Total Real Estate			91,195		129,148		283,571		183,887		91,253		515,061		—		1,294,115
Total		$	91,857	$	129,581	$	288,427	$	183,891	$	91,470	$	515,959	$	7,367	$	1,308,552

Schedule of gross charge offs by loan class and year of origination

The following table presents by loan class and year of origination, the gross charge-offs recorded during the year ended December 31, 2023.

(Dollars in thousands)	2023		2022		2021		2020		2019		Prior		Total
Year ended December 31, 2023:
One- to four-family residential mortgages	$	—	$	—	$	—	$	—	$	13	$	62	$	75
Loans on deposit accounts		78		—		—		—		—		—		78
Consumer and other		1		—		—		—		3		—		4
Total	$	79	$	—	$	—	$	—	$	16	$	62	$	157

Schedule of aging of loans and accrual status by class of loans

															Loans
															90 Days
															or More
	30 - 59		60 - 89		90 Days or										Past Due
	Days Past		Days Past		More		Total Past		Loans Not		Total		Nonaccrual		and Still
(Dollars in thousands)	Due		Due		Past Due		Due		Past Due		Loans		Loans		Accruing
December 31, 2023:
One- to four-family residential mortgages	$	428	$	—	$	227	$	655	$	1,274,960	$	1,275,615	$	2,079	$	—
Multi-family residential mortgages		—		—		—		—		5,848		5,848		—		—
Construction, commercial, and other mortgages		—		—		—		—		11,570		11,570		—		—
Home equity loans and lines of credit		—		—		—		—		7,060		7,060		11		—
Loans on deposit accounts		—		—		—		—		196		196		—		—
Consumer and other		4		—		—		4		8,259		8,263		170		—
Total	$	432	$	—	$	227	$	659	$	1,307,893	$	1,308,552	$	2,260	$	—
December 31, 2022:
One- to four-family residential mortgages	$	—	$	409	$	559	$	968	$	1,250,586	$	1,251,554	$	2,279	$	—
Multi-family residential mortgages		—		—		—		—		6,439		6,439		—		—
Construction, commercial, and other mortgages		—		—		—		—		23,775		23,775		—		—
Home equity loans and lines of credit		—		—		—		—		6,427		6,427		16		—
Loans on deposit accounts		—		—		—		—		217		217		—		—
Consumer and other		6		—		6		12		8,372		8,384		6		—
Total	$	6	$	409	$	565	$	980	$	1,295,816	$	1,296,796	$	2,301	$	—

Schedule of amortized cost basis of loans on nonaccrual status

The table below presents the amortized cost basis of loans on nonaccrual status as of December 31, 2023 and 2022.

	December 31, 2023						December 31, 2022
(Dollars in thousands)	Nonaccrual Loans With a Related ACL		Nonaccrual Loans Without a Related ACL		Total Nonaccrual Loans		Total Nonaccrual Loans
One- to four-family residential mortgages	$	1,030	$	1,049	$	2,079	$	2,279
Home equity loans and lines of credit		11		—		11		16
Consumer and other		170		—		170		6
Total Nonaccrual Loans and Leases	$	1,211	$	1,049	$	2,260	$	2,301