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Loans Receivable and ACL (Tables)

12 Months Ended

Dec. 31, 2025

Loans Receivable and ACL

Schedule of Loans


	December 31, 2025						December 31, 2024
	Amount			Percent			Amount			Percent

	(Dollars in thousands)

One-to-four-family residential	$	1,177,156		19.64	%		$	1,130,791		26.06	%
Home equity		152,602		2.55	%			124,041		2.86	%
Total residential real estate		1,329,758		22.19	%			1,254,832		28.92	%

Commercial real estate		1,924,043		32.09	%			1,363,394		31.42	%
Multi-family residential		517,527		8.63	%			333,047		7.67	%
Total commercial real estate		2,441,570		40.72	%			1,696,441		39.09	%
Construction and land development		730,573		12.19	%			583,809		13.45	%
Commercial and industrial		1,007,669		16.81	%			559,828		12.90	%
Total commercial		4,179,812		69.72	%			2,840,078		65.45	%

Consumer, net of premium/discount		203,497		3.40	%			244,558		5.64	%

Mortgage warehouse		280,949		4.69	%			—		—	%

Total loans		5,994,016		100.00	%			4,339,468		100.00	%
Deferred fees, net		(7,876)						(6,539)
Allowance for credit losses		(87,411)						(38,744)
Net loans	$	5,898,729					$	4,294,185

Schedule of outstanding balances of consumer loan pools, shown net of premium (discount)


	December 31, 2025
	Gross Loans			Premium (Discount)			Net Loans

	(in thousands)
Student loans	$	5,421		$	34		$	5,455
Boat and RV loans		238			—			238
Automobile loans		75,560			—			75,560
Solar panel loans		49,077			(4,667)			44,410
Home improvement loans		35,845			(13)			35,832
Total	$	166,141		$	(4,646)		$	161,495


	December 31, 2024
	Gross Loans			Premium (Discount)			Net Loans

	(in thousands)
Student loans	$	6,954		$	42		$	6,996
Boat and RV loans		48,147			1,136			49,283
Automobile loans		52,092			—			52,092
Solar panel loans		55,400			(5,073)			50,327
Home improvement loans		44,458			(15)			44,443
Total	$	207,051		$	(3,910)		$	203,141

Schedule of aging of the amortized cost of loans receivable by loan category

The following table presents the aging of the amortized cost of loans receivable by loan category as of the date stated:


		December 31, 2025
					30-59			60-89			90 Days or
		Current			Days			Days			More Past Due						Total
		Loans			Past Due			Past Due			Still Accruing			Nonaccrual			Loans

		(in thousands)
Real estate loans:
One-to-four-family residential		$	1,166,731		$	7,232		$	481		$	—		$	2,712		$	1,177,156
Home equity			150,413			445			385			—			1,359			152,602
Commercial real estate			1,923,108			80			—			—			855			1,924,043
Multi-family residential			517,527			—			—			—			—			517,527
Construction and land development			730,563			—			—			—			10			730,573
Commercial and industrial			895,662			73,225			2,531			—			36,251			1,007,669
Consumer			194,595			4,665			2,022			—			2,215			203,497
Mortgage warehouse			280,949			—			—			—			—			280,949
Total		$	5,859,548		$	85,647		$	5,419		$	—		$	43,402		$	5,994,016


		December 31, 2024
					30-59			60-89			90 Days or
		Current			Days			Days			More Past Due						Total
		Loans			Past Due			Past Due			Still Accruing			Nonaccrual			Loans

		(in thousands)
Real estate loans:
One-to-four-family residential		$	1,124,762		$	2,363		$	736		$	—		$	2,930		$	1,130,791
Home equity			122,812			100			171			—			958			124,041
Commercial real estate			1,355,064			5,325			—			—			3,005			1,363,394
Multi-family residential			332,740			307			—			—			—			333,047
Construction and land development			583,435			364			—			—			10			583,809
Commercial and industrial			550,353			4,907			10			—			4,558			559,828
Consumer			236,801			3,725			1,637			—			2,395			244,558
Total		$	4,305,967		$	17,091		$	2,554		$	—		$	13,856		$	4,339,468

Schedule of amortized cost of nonaccrual loans receivable by loan category

The following table presents the amortized cost of nonaccrual loans receivable by loan category as of the date stated:


		December 31, 2025									December 31, 2024
		Nonaccrual			Nonaccrual			Total			Nonaccrual			Nonaccrual			Total
		Loans with			Loans with			Nonaccrual			Loans with			Loans with			Nonaccrual
		No ACL			an ACL			Loans			No ACL			an ACL			Loans

		(In thousands)
Real estate loans:
One-to-four-family residential		$	2,712		$	—		$	2,712		$	2,930		$	—		$	2,930
Home equity			1,359			—			1,359			958			—			958
Commercial real estate			855			—			855			3,005			—			3,005
Construction and land development			10			—			10			10			—			10
Commercial and industrial			19,799			16,452			36,251			454			4,104			4,558
Consumer			2,215			—			2,215			2,394			1			2,395
Total		$	26,950		$	16,452		$	43,402		$	9,751		$	4,105		$	13,856

Schedule of amortized cost of loans receivable by internal risk grade by year of origination


				Term Loans Amortized Cost Basis by Origination Year (in thousands)
		Risk Rating		2025			2024			2023			2022			2021			Prior			Revolving Loans			Total
One-to-Four-Family Residential
Grade:
Pass		1-5		$	109,894		$	99,901		$	133,211		$	252,202		$	230,200		$	310,541		$	38,849		$	1,174,798
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			—			239			1,983			136			2,358
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	109,894		$	99,901		$	133,211		$	252,202		$	230,439		$	312,524		$	38,985		$	1,177,156
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Home Equity
Grade:
Pass		1-5		$	—		$	481		$	245		$	—		$	—		$	919		$	149,598		$	151,243
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			62			125			—			—			—			1,172			1,359
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	—		$	543		$	370		$	—		$	—		$	919		$	150,770		$	152,602
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial Real Estate
Grade:
Pass		1-5		$	277,427		$	176,824		$	268,778		$	350,792		$	166,603		$	443,438		$	109,330		$	1,793,192
Special Mention		6			—			12,654			33,785			49,323			4,277			6,918			—			106,957
Substandard		7			—			—			—			457			—			23,437			—			23,894
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	277,427		$	189,478		$	302,563		$	400,572		$	170,880		$	473,793		$	109,330		$	1,924,043
Current period gross charge-offs				$	—		$	—		$	—		$	18		$	—		$	—		$	—		$	18

Multi-Family
Grade:
Pass		1-5		$	51,330		$	17,220		$	79,309		$	232,302		$	29,510		$	106,112		$	1,744		$	517,527
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			—			—			—			—			—
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	51,330		$	17,220		$	79,309		$	232,302		$	29,510		$	106,112		$	1,744		$	517,527
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Construction and Land Development
Grade:
Pass		1-5		$	95,751		$	212,670		$	256,764		$	13,536		$	16,138		$	3,466		$	99,857		$	698,182
Special Mention		6			—			—			—			32,381			—			—			—			32,381
Substandard		7			—			—			—			—			—			—			—			—
Doubtful		8			—			—			—			—			—			10			—			10
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	95,751		$	212,670		$	256,764		$	45,917		$	16,138		$	3,476		$	99,857		$	730,573
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial and Industrial
Grade:
Pass		1-5		$	72,148		$	65,844		$	99,436		$	91,265		$	106,858		$	61,608		$	387,604		$	884,763
Special Mention		6			—			1,696			2,262			12,851			10,417			4,306			45,454			76,986
Substandard		7			9,500			—			2,437			13,835			4,878			8,776			6,389			45,815
Doubtful		8			—			—			—			105			—			—			—			105
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	81,648		$	67,540		$	104,135		$	118,056		$	122,153		$	74,690		$	439,447		$	1,007,669
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	3,762		$	—		$	3,762

				Term Loans Amortized Cost Basis by Origination Year (in thousands)
		Risk Rating		2025			2024			2023			2022			2021			Prior			Revolving Loans			Total
Consumer
Grade:
Pass		1-5		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			—			—			—			—			—
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					56,733			40,589			3,775			41,676			36,574			20,694			3,456			203,497
Total				$	56,733		$	40,589		$	3,775		$	41,676		$	36,574		$	20,694		$	3,456		$	203,497
Current period gross charge-offs				$	291		$	22		$	413		$	2,088		$	1,637		$	277		$	37		$	4,765

Mortgage Warehouse
Grade:
Pass		1-5		$	—		$	—		$	—		$	—		$	—		$	—		$	280,949		$	280,949
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			—			—			—			—			—
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	—		$	—		$	—		$	—		$	—		$	—		$	280,949		$	280,949
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Total Loans
Grade:
Pass		1-5		$	606,550		$	572,940		$	837,743		$	940,097		$	549,309		$	926,084		$	1,067,931		$	5,500,654
Special Mention		6			—			14,350			36,047			94,555			14,694			11,224			45,454			216,324
Substandard		7			9,500			62			2,562			14,292			5,117			34,196			7,697			73,426
Doubtful		8			—			—			—			105			—			10			—			115
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					56,733			40,589			3,775			41,676			36,574			20,694			3,456			203,497
Total				$	672,783		$	627,941		$	880,127		$	1,090,725		$	605,694		$	992,208		$	1,124,538		$	5,994,016
Current period gross charge-offs				$	291		$	22		$	413		$	2,106		$	1,637		$	4,039		$	37		$	8,545

(1) Consumer loans are not formally risk rated and included $2.2 million of loans on non-accrual as of December 31, 2025


				Term Loans Amortized Cost Basis by Origination Year (in thousands)
		Risk Rating		2024			2023			2022			2021			2020			Prior			Revolving Loans			Total
One-to-Four-Family Residential
Grade:
Pass		1-5		$	97,895		$	145,711		$	266,364		$	247,799		$	115,133		$	224,354		$	30,227		$	1,127,483
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			246			—			2,990			72			3,308
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	97,895		$	145,711		$	266,364		$	248,045		$	115,133		$	227,344		$	30,299		$	1,130,791
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Home Equity
Grade:
Pass		1-5		$	—		$	—		$	—		$	—		$	—		$	—		$	123,083		$	123,083
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			—			—			—			958			958
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	—		$	—		$	—		$	—		$	—		$	—		$	124,041		$	124,041
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial Real Estate
Grade:
Pass		1-5		$	118,115		$	409,048		$	364,384		$	69,349		$	97,500		$	248,749		$	45,088		$	1,352,233
Special Mention		6			—			—			1,399			2,664			873			3,220			—			8,156
Substandard		7			—			—			469			—			—			2,536			—			3,005
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	118,115		$	409,048		$	366,252		$	72,013		$	98,373		$	254,505		$	45,088		$	1,363,394
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	4,000		$	—		$	4,000

Multi-Family
Grade:
Pass		1-5		$	5,138		$	7,563		$	212,492		$	21,791		$	36,016		$	50,047		$	—		$	333,047
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			—			—			—			—			—
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	5,138		$	7,563		$	212,492		$	21,791		$	36,016		$	50,047		$	—		$	333,047
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Construction and Land Development
Grade:
Pass		1-5		$	161,997		$	284,102		$	90,512		$	13,255		$	9,232		$	364		$	24,337		$	583,799
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			—			—			—			—			—
Doubtful		8			—			—			—			—			—			10			—			10
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	161,997		$	284,102		$	90,512		$	13,255		$	9,232		$	374		$	24,337		$	583,809
Current period gross charge-offs				$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Commercial and Industrial
Grade:
Pass		1-5		$	42,154		$	64,943		$	54,435		$	38,759		$	6,594		$	14,468		$	324,481		$	545,834
Special Mention		6			—			—			531			2,884			1,002			—			425			4,842
Substandard		7			—			—			—			—			343			4,214			4,595			9,152
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					—			—			—			—			—			—			—			—
Total				$	42,154		$	64,943		$	54,966		$	41,643		$	7,939		$	18,682		$	329,501		$	559,828
Current period gross charge-offs				$	—		$	—		$	—		$	272		$	—		$	119		$	—		$	391

				Term Loans Amortized Cost Basis by Origination Year (in thousands)
		Risk Rating		2024			2023			2022			2021			2020			Prior			Revolving Loans			Total
Consumer
Grade:
Pass		1-5		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Special Mention		6			—			—			—			—			—			—			—			—
Substandard		7			—			—			—			—			—			—			—			—
Doubtful		8			—			—			—			—			—			—			—			—
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					67,429			32,233			67,018			49,262			9,047			17,145			2,424			244,558
Total				$	67,429		$	32,233		$	67,018		$	49,262		$	9,047		$	17,145		$	2,424		$	244,558
Current period gross charge-offs				$	—		$	300		$	2,252		$	1,587		$	231		$	250		$	24		$	4,644

Total Loans
Grade:
Pass		1-5		$	425,299		$	911,367		$	988,187		$	390,953		$	264,475		$	537,982		$	547,216		$	4,065,479
Special Mention		6			—			—			1,930			5,548			1,875			3,220			425			12,998
Substandard		7			—			—			469			246			343			9,740			5,625			16,423
Doubtful		8			—			—			—			—			—			10			—			10
Loss		9			—			—			—			—			—			—			—			—
Loans not formally risk rated ⁽¹⁾					67,429			32,233			67,018			49,262			9,047			17,145			2,424			244,558
Total				$	492,728		$	943,600		$	1,057,604		$	446,009		$	275,740		$	568,097		$	555,690		$	4,339,468
Current period gross charge-offs				$	—		$	300		$	2,252		$	1,859		$	231		$	4,369		$	24		$	9,035

(1)	Consumer loans are not formally risk rated and included $2.4 million of loans on non-accrual as of December 31, 2024

Schedule of the change in the ACL by major loan segment


		For the Year Ended December 31, 2025
		One-to-Four
		Family						Commercial						Construction and			Commercial and
		Residential			Home Equity			Real Estate			Multi-Family			Land Development			Industrial			Consumer			Mortgage Warehouse			Unallocated			Total

		(in thousands)
Balance at December 31, 2024		$	1,195		$	74		$	9,481		$	599		$	4,137		$	11,174		$	12,084		$	—		$	—		$	38,744
Adjustment to allowance for Provident acquisition			48			5			13,543			139			199			36,186			—			151			—			50,271
Provision for (release of) credit losses			460			73			(2,329)			450			714			5,403			(168)			74			—			4,677
Charge-offs			—			—			(18)			—			—			(3,762)			(4,765)			—			—			(8,545)
Recoveries of loans previously charged-off			—			—			922			—			—			598			744			—			—			2,264

Balance at December 31, 2025		$	1,703		$	152		$	21,599		$	1,188		$	5,050		$	49,599		$	7,895		$	225		$	—		$	87,411


		For the Year Ended December 31, 2024
		One-to-Four
		Family						Commercial						Construction and			Commercial and
		Residential			Home Equity			Real Estate			Multi-Family			Land Development			Industrial			Consumer			Mortgage Warehouse			Unallocated			Total

		(in thousands)
Balance at December 31, 2023		$	1,835		$	117		$	5,698		$	378		$	7,630		$	10,878		$	5,686		$	—		$	—		$	32,222
Provision for (release of) credit losses			(640)			(43)			7,783			221			(3,493)			425			10,681			—			—			14,934
Charge offs			—			—			(4,000)			—			—			(391)			(4,644)			—			—			(9,035)
Recoveries of loans previously charged off			—			—			—			—			—			262			361			—			—			623

Balance at December 31, 2024		$	1,195		$	74		$	9,481		$	599		$	4,137		$	11,174		$	12,084		$	—		$	—		$	38,744


		For the Year Ended December 31, 2023
		One-to-Four
		Family						Commercial						Construction and			Commercial and
		Residential			Home Equity			Real Estate			Multi-Family			Land Development			Industrial			Consumer			Mortgage Warehouse			Unallocated			Total

		(in thousands)
Balance at December 31, 2022		$	3,485		$	258		$	5,785		$	753		$	3,846		$	8,255		$	1,403		$	—		$	1,243		$	25,028
Adjustment to adoption of ASU 2016-13			266			13			822			—			(246)			932			615			—			(1,243)			1,159
Provision for (release of) credit losses			(1,537)			(154)			(909)			(375)			4,030			2,322			6,280			—			—			9,657
Charge offs			(379)			—			—			—			—			(679)			(3,487)			—			—			(4,545)
Recoveries of loans previously charged off			—			—			—			—			—			48			875			—			—			923

Balance at December 31, 2023		$	1,835		$	117		$	5,698		$	378		$	7,630		$	10,878		$	5,686		$	—		$	—		$	32,222

Schedule of amortized cost of collateral-dependent loans

The following table presents the amortized cost of collateral-dependent loans as of December 31:


		2025			2024

Real estate loans:		(in thousands)
One to four-family residential		$	2,433		$	3,112
Home equity			1,338			908
Commercial real estate			19,057			3,005
Construction and land development			10			10
Commercial and industrial loans			62,986			9,152
Total		$	85,824		$	16,187

Schedule of analysis of the change in the allowance for loan losses by loan type


		For the Year Ended December 31, 2025
		Amortized			% of Total Class of
		Cost Basis			Financing Receivable			Financial Effect
		(In thousands)
Interest rate reduction
Commercial real estate		$	36,765			1.5	%		Terminated swap, changed interest rate index, reduced spread and added rate floors
Total		$	36,765


		For the Year Ended December 31, 2024
		Amortized			% of Total Class of
		Cost Basis			Financing Receivable			Financial Effect
		(In thousands)
Term extension and interest rate increase
Commercial real estate		$	6,200			0.4	%		Resulted in a net charge off of $3.1 million
Total		$	6,200

Schedule of balance and activity in the allowance for credit losses for unfunded loan commitments

The following table presents the balance and activity in the ACL for unfunded loan commitments for the periods stated:


		Year Ended December 31,
		2025			2024			2023

		(in thousands)
Beginning balance		$	3,203		$	6,014		$	—
Adjustment to allowance for unfunded commitments for Provident acquisition			146			—			—
Adjustment to allowance for unfunded commitments for adoption of ASC 326			—			—			1,786
Release of provision for credit losses			(24)			(2,811)			4,228
Ending balance		$	3,325		$	3,203		$	6,014