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Borrowings, FHLB Stock and Subordinated Notes
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Borrowings, FHLB Stock and Subordinated Notes Borrowings, FHLB Stock and Subordinated Notes
FHLB Advances
The following tables present advances from the FHLB as of the dates indicated (dollars in thousands):
 September 30, 2025December 31, 2024
FHLB advances:
Short-term advances (one year or less)$15,000 $— 
Long-term advances (over one year)10,000 25,000 
Total
$25,000 $25,000 
September 30, 2025December 31, 2024
Fixed Rate:
Outstanding balance$25,000 $25,000 
Interest rates ranging from4.06 %4.06 %
Interest rates ranging to4.27 %4.27 %
Weighted average interest rate4.16 %4.16 %
The following table presents the maturity of our FHLB advances (dollars in thousands):
September 30, 2025
Remainder of 2025$— 
202615,000 
2027— 
202810,000 
2029— 
Thereafter— 
$25,000 
FHLB Des Moines Borrowing Capacity
The Company has a loan agreement with the FHLB of Des Moines. The terms of the agreement call for a blanket pledge of a portion of the Company’s mortgage and commercial and multifamily loan portfolio based on the Company’s outstanding borrowing balance. Additionally, the Company had outstanding letters of credit from the FHLB of Des Moines to secure public deposits. The following table presents the Company’s borrowing capacity from the FHLB as of the dates indicated:
September 30, 2025December 31, 2024
Amount available to borrow under credit facility(1)
$370,427 $385,366 
Advance equivalent of collateral:
One-to-four family loans174,048 175,907 
Commercial and multifamily loans23,583 29,180 
Home equity loans226 241 
Notional amount of letters of credit outstanding14,000 8,000 
Remaining FHLB borrowing capacity(2)
$158,856 $172,327 
(1)Subject to eligible pledged collateral.
(2)Amount remaining from the advance equivalent of collateral less letters of credit outstanding and FHLB advances.
As a member of the FHLB, the Company is required to maintain a minimum level of investment in FHLB of Des Moines stock based on specific percentages of its outstanding FHLB advances. At both September 30, 2025 and December 31, 2024, the Company had an investment of $1.7 million in FHLB of Des Moines stock.
Federal Reserve Bank of San Francisco (“FRB SF”) Borrowings
The Company has a borrowing agreement with the FRB SF. The terms of the agreement call for a blanket pledge of a portion of the Company’s consumer and commercial business loans based on the Company’s outstanding borrowing balance. At September 30, 2025 and December 31, 2024, the amount available to borrow under this credit facility was $19.5 million and $20.8 million, respectively, subject to eligible pledged collateral. The Company had no outstanding borrowings under this arrangement at September 30, 2025 and December 31, 2024. 
Other Borrowings
The Company has access to an unsecured Fed Funds line of credit from Pacific Coast Banker’s Bank (“PCBB”). The line has a one year term maturing on June 30, 2026 and is renewable annually. As of September 30, 2025, the amount available under this line of credit was $20.0 million. There was no balance on this line of credit as of September 30, 2025 and December 31, 2024.
Subordinated Debt
In September 2020, the Company issued $12.0 million of fixed to floating rate subordinated notes that mature in 2030. The subordinated notes have an initial fixed interest rate of 5.25% to, but excluding, October 1, 2025, payable semi-annually in arrears. From, and including, October 1, 2025, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term Secured Overnight Financing Rate, or SOFR, plus 513 basis points, payable quarterly in arrears. The subordinated notes mature on May 15, 2030, and may be redeemed by the Company, in whole or in part, on October 1, 2025, or on any subsequent interest payment date. Prior to October 1, 2025, the Company could redeem these notes, in whole but not in part, only under limited circumstances set forth in the terms of the subordinated notes. The balance of the subordinated notes was $11.8 million as of both September 30, 2025 and December 31, 2024. Subsequent to quarter end on October 1, 2025, the Company redeemed $4.0 million of the $12.0 million of its subordinated notes outstanding. Refer to “Note 11—Subsequent Events” for further detail.