Loans Receivable, Net and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Summary of Loans

Loans receivable, net at June 30, 2025 and December 31, 2024 are summarized as follows:

	June 30,			December 31,
	2025			2024
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	317,488		$	330,053
Owner-Occupied		134,862			142,363
Multifamily residential		693,670			670,159
Nonresidential properties		404,512			389,898
Construction and land		883,462			733,660
Total mortgage loans		2,433,994			2,266,133
Nonmortgage loans:
Business loans		47,372			40,849
Consumer loans		840			1,038
Total non-mortgage loans		48,212			41,887
Total loans, gross		2,482,206			2,308,020
Net deferred loan origination costs		606			1,081
Allowance for Credit Losses		(24,100	)		(22,502	)
Loans receivable, net	$	2,458,712		$	2,286,599

Schedule of Credit Risk Ratings by Loan Segment

The following tables present credit risk ratings by loan segment as of June 30, 2025 and December 31, 2024:

	June 30, 2025
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	440,256	$	674,549	$	403,167	$	874,551	$	45,791	$	838	$	2,439,152
Special mention		6,333		6,327		940		924		1,451		—		15,975
Substandard		5,761		12,794		405		7,987		130		2		27,079
Total	$	452,350	$	693,670	$	404,512	$	883,462	$	47,372	$	840	$	2,482,206

	December 31, 2024
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
	(in thousands)
Risk Rating:
Pass	$	461,043	$	650,526	$	387,496	$	720,422	$	39,628	$	1,035	$	2,260,150
Special mention		5,507		8,270		2,402		3,180		1,221		—		20,580
Substandard		5,866		11,363		—		10,058		—		3		27,290
Total	$	472,416	$	670,159	$	389,898	$	733,660	$	40,849	$	1,038	$	2,308,020

Schedule of Aging Analysis of Loans

An aging analysis of loans, as of June 30, 2025 and December 31, 2024, is as follows:

	June 30, 2025
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	315,023	$	—	$	606	$	1,859	$	317,488	$	1,859	$	—
Owner-Occupied		133,499		—		506		857		134,862		424		433
Multifamily residential		679,739		—		2,228		11,703		693,670		11,703		—
Nonresidential properties		400,756		3,348		3		405		404,512		405		—
Construction and land		878,655		—		—		4,807		883,462		4,807		—
Nonmortgage loans:
Business		45,017		1,456		123		776		47,372		276		500
Consumer		834		—		6		—		840		—		—
Total	$	2,453,523	$	4,804	$	3,472	$	20,407	$	2,482,206	$	19,474	$	933

	December 31, 2024
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
	(in thousands)
Mortgage loans:
1-4 Family residential
Investor-Owned	$	324,552	$	2,275	$	2,790	$	436	$	330,053	$	436	$	—
Owner-Occupied		137,926		1,670		909		1,858		142,363		1,858		—
Multifamily residential		652,267		5,119		2,502		10,271		670,159		10,271		—
Nonresidential properties		386,606		890		2,402		—		389,898		—		—
Construction and land		720,422		—		3,180		10,058		733,660		10,058		—
Nonmortgage loans:
Business		39,346		123		1,037		343		40,849		343		—
Consumer		1,035		—		3		—		1,038		—		—
Total	$	2,262,154	$	10,077	$	12,823	$	22,966	$	2,308,020	$	22,966	$	—

Schedule of Composition of Allowance for Credit Losses on Loans and Related Recorded Investment in Loans

The following schedules detail the composition of the allowance for credit losses on loans and the related recorded investment in loans as of and for the three and six months ended June 30, 2025 and 2024, and as of and for the year ended December 31, 2024:

	For the Six Months Ended June 30, 2025
	Mortgage Loans													Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land			Business			Consumer			For the Period
	(in thousands)
Allowance for Credit Losses:
Balance, beginning of period	$	4,148		$	1,784		$	5,004	$	2,697	$	7,710		$	1,113		$	46		$	22,502
(Benefit) provision charged to expense		(1,547	)		(664	)		3,859		597		(815	)		672			(23	)		2,079
Charge-offs		—			(38	)		—		—		—			(444	)		(3	)		(485	)
Recoveries		—			—			—		—		—			4			—			4
Balance, end of period	$	2,601		$	1,082		$	8,863	$	3,294	$	6,895		$	1,345		$	20		$	24,100
Ending balance: individually    evaluated for impairment	$	—		$	—		$	—	$	—	$	—		$	276		$	—		$	276
Ending balance: collectively    evaluated for impairment		2,601			1,082			8,863		3,294		6,895			1,069			20			23,824
Total	$	2,601		$	1,082		$	8,863	$	3,294	$	6,895		$	1,345		$	20		$	24,100
Loans:
Ending balance: individually    evaluated for impairment	$	1,859		$	424		$	11,703	$	405	$	4,807		$	276		$	—		$	19,474
Ending balance: collectively    evaluated for impairment		315,629			134,438			681,967		404,107		878,655			47,096			840			2,462,732
Total	$	317,488		$	134,862		$	693,670	$	404,512	$	883,462		$	47,372		$	840		$	2,482,206
	For the Three Months Ended June 30, 2025
	Mortgage Loans													Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land			Business			Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of period	$	3,307		$	1,194		$	7,840	$	2,997	$	6,646		$	947		$	43		$	22,974
Provision (benefit) charged to expense		(706	)		(112	)		1,023		297		249			620			(23	)		1,348
Charge-offs		—			—			—		—		—			(222	)		—			(222	)
Recoveries		—			—			—		—		—			—			—			—
Balance, end of period	$	2,601		$	1,082		$	8,863	$	3,294	$	6,895		$	1,345		$	20		$	24,100

	For the Six Months Ended June 30, 2024
	Mortgage Loans														Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land		Business			Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of period	$	4,415		$	2,012		$	4,365		$	3,176		$	4,807	$	531		$	6,848		$	26,154
(Benefit) provision charged to expense		(227	)		(66	)		(180	)		(879	)		1,989		500			(1,512	)		(375	)
Charge-offs		—			—			—			—			—		(52	)		(2,049	)		(2,101	)
Recoveries		—			—			—			—			—		8			375			383
Balance, end of period	$	4,188		$	1,946		$	4,185		$	2,297		$	6,796	$	987		$	3,662		$	24,061
Ending balance: individually    evaluated for impairment	$	—		$	81		$	—		$	—		$	—	$	396		$	—		$	477
Ending balance: collectively    evaluated for impairment		4,188			1,865			4,185			2,297			6,796		591			3,662			23,584
Total	$	4,188		$	1,946		$	4,185		$	2,297		$	6,796	$	987		$	3,662		$	24,061
Loans:
Ending balance: individually    evaluated for impairment	$	436		$	1,870		$	5,754		$	828		$	4,807	$	396		$	—		$	14,091
Ending balance: collectively    evaluated for impairment		336,856			145,615			539,569			336,755			637,072		29,826			5,305			2,030,998
Total	$	337,292		$	147,485		$	545,323		$	337,583		$	641,879	$	30,222		$	5,305		$	2,045,089
	For the Three Months Ended June 30, 2024
	Mortgage Loans														Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land		Business			Consumer			Total
	(in thousands)
Allowance for loan losses:
Balance, beginning of period	$	4,257		$	1,963		$	4,214		$	2,236		$	6,403	$	561		$	5,030		$	24,664
(Benefit) provision charged to expense		(69	)		(17	)		(29	)		61			393		418			(877	)		(120	)
Charge-offs		—			—			—			—			—		—			(747	)		(747	)
Recoveries		—			—			—			—			—		8			256			264
Balance, end of period	$	4,188		$	1,946		$	4,185		$	2,297		$	6,796	$	987		$	3,662		$	24,061

	For the Year Ended December 31, 2024
	Mortgage Loans													Nonmortgage Loans						Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential			Construction and Land		Business			Consumer			For the Period
	(in thousands)
Allowance for loan losses:
Balance, beginning of year	$	4,415		$	2,012		$	4,365	$	3,176		$	4,807	$	531		$	6,848		$	26,154
(Benefit) provision charged to expense		(267	)		(228	)		639		(472	)		2,903		1,307			(2,366	)		1,516
Charge-offs		—			—			—		(7	)		—		(734	)		(5,148	)		(5,889	)
Recoveries		—			—			—		—			—		9			712			721
Balance, end of year	$	4,148		$	1,784		$	5,004	$	2,697		$	7,710	$	1,113		$	46		$	22,502
Ending balance: individually    evaluated for impairment	$	—		$	—		$	—	$	—		$	—	$	343		$	—		$	343
Ending balance: collectively    evaluated for impairment		4,148			1,784			5,004		2,697			7,710		770			46			22,159
Total	$	4,148		$	1,784		$	5,004	$	2,697		$	7,710	$	1,113		$	46		$	22,502
Loans:
Ending balance: individually    evaluated for impairment	$	436		$	1,858		$	10,271	$	—		$	10,058	$	343		$	—		$	22,966
Ending balance: collectively    evaluated for impairment		329,617			140,505			659,888		389,898			723,602		40,506			1,038			2,285,054
Total	$	330,053		$	142,363		$	670,159	$	389,898		$	733,660	$	40,849		$	1,038		$	2,308,020

Schedule of Information Relates to Impaired Loans

The following information relates to impaired loans as of and for the six months ended June 30, 2025 and 2024 and as of and for the year ended December 31, 2024:

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and For the Six Months Ended  June 30, 2025	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	2,270	$	2,283	$	—	$	2,283	$	—	$	2,494	$	26
Multifamily residential		11,393		11,703		—		11,703		—		10,587		147
Nonresidential properties		395		405		—		405		—		203		2
Construction and land		4,807		4,807		—		4,807		—		8,308		—
Nonmortgage loans:
Business		276		—		276		276		276		263		3
Consumer		—		—		—		—		—		—		—
Total	$	19,141	$	19,198	$	276	$	19,474	$	276	$	21,855	$	178
	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and For the Six Months Ended June 30, 2024	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	2,286	$	1,858	$	448	$	2,306	$	81	$	2,501	$	15
Multifamily residential		5,703		5,754		—		5,754		—		4,277		60
Nonresidential properties		824		828		—		828		—		423		7
Construction and land		4,807		4,807		—		4,807		—		5,881		1,059
Nonmortgage loans:
Business		396		—		396		396		396		277		5
Consumer		—		—		—		—		—		—		—
Total	$	14,016	$	13,247	$	844	$	14,091	$	477	$	13,359	$	1,146

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
As of and for the Year Ended    December 31, 2024	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
	(in thousands)
Mortgage loans:
1-4 Family residential	$	2,280	$	2,294	$	—	$	2,294	$	—	$	2,420	$	22
Multifamily residential		10,032		10,271		—		10,271		—		5,557		223
Nonresidential properties		—		—		—		—		—		317		—
Construction and land		10,058		10,058		—		10,058		—		6,501		1,335
Nonmortgage loans:
Business		343		—		343		343		343		246		3
Consumer		—		—		—		—		—		—		—
Total	$	22,713	$	22,623	$	343	$	22,966	$	343	$	15,041	$	1,583

Summary of Allowance for Off-Balance-Sheet Credit Losses

The following table presents the activity in the allowance for off-balance-sheet credit losses:

	For the Six
	Months Ended			For the Year Ended
	June 30, 2025			December 31, 2024
	(in thousands)
Allowance for credit losses on unfunded commitment at beginning of period	$	2,830		$	3,613
Benefit for credit losses		(720	)		(783	)
Allowance for credit losses on unfunded commitment at end of period	$	2,110		$	2,830