Loans Receivable and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

Loans Receivable and Allowance for Credit Losses

Schedule of loans receivable

Loans receivable at December 31, 2024 and 2023 are summarized as follows (in thousands):

(in thousands)	2024		2023
One-to-Four Family Mortgages	$	332,659	$	337,056
Home Equity Lines of Credit		7,952		8,550
Construction Loans		9,588		8,128
Consumer Loans		3,699		913
Commercial Loans		14,355		12,403
Total Loans Receivable		368,253		367,050
Allowance for Credit Losses		(1,699)		(2,802)
Net Deferred Loan Costs		779		790
Total Loans Receivable, Net	$	367,333	$	365,038

Schedule of analysis of past-due loans

The following tables present an analysis of past-due loans as of December 31, 2024 and 2023 (in thousands):

					Loans 90 Days  or
	30-59 Days		60-89 Days		More Past Due and		Nonaccrual		Current		Total Loans
(in thousands)	Past Due		Past Due		Still Accruing		Loans		Loans		Receivable
One-to-Four Family Mortgages	$	2,925	$	1,011	$	—	$	956	$	327,767	$	332,659
Home Equity Lines of Credit		—		—		—		—		7,952		7,952
Construction Loans		332		—		—		119		9,137		9,588
Consumer Loans		91		—		—		—		3,608		3,699
Commercial Loans		—		—		—		—		14,355		14,355
Total	$	3,348	$	1,011	$	—	$	1,075	$	362,819	$	368,253

					Loans 90 Days  or
	30-59 Days		60-89 Days		More Past Due and		Nonaccrual		Current		Total Loans
December 31, 2023	Past Due		Past Due		Still Accruing		Loans		Loans		Receivable
One-to-Four Family Mortgages	$	2,655	$	1,524	$	950	$	153	$	331,774	$	337,056
Home Equity Loans / Lines of Credit		—		4		—		—		8,546		8,550
Construction Loans		—		—		—		—		8,128		8,128
Consumer Loans		33		—		—		—		880		913
Commercial Loans		—		—		—		—		12,403		12,403
Total	$	2,688	$	1,528	$	950	$	153	$	361,731	$	367,050

Schedule of recorded investment in loans by credit quality indicator by year of origination

The following table presents the Company’s recorded investment in loans by credit quality indicator by year of origination as of December 31, 2024 (in thousands):

	Term Loans by Year of Origination
(in thousands	2024		2023		2022		2021		2020		Prior		Revolving		Total
One-to-Four Family Mortgages
Pass	$	10,209	$	22,131	$	39,963	$	55,912	$	46,651	$	152,989	$	—	$	327,855
Special Mention		—		—		778		836		357		1,877		—		3,848
Substandard		—		—		—		406		—		550		—		956
Total One-to-Four Family Mortgages	$	10,209	$	22,131	$	40,741	$	57,154	$	47,008	$	155,416	$	—	$	332,659
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home Equity Lines of Credit
Pass	$	378	$	66	$	82	$	—	$	—	$	531	$	6,819	$	7,876
Special Mention		—		—		—		—		—		—		76		76
Substandard		—		—		—		—		—		—		—		—
Total Home Equity Lines of Credit	$	378	$	66	$	82	$	—	$	—	$	531	$	6,895	$	7,952
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	3
Construction Loans
Pass	$	7,385	$	1,360	$	62	$	400	$	113	$	149	$	—	$	9,469
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		119		—		—		—		—		119
Total Construction Loans	$	7,385	$	1,360	$	181	$	400	$	113	$	149	$	—	$	9,588
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer Loans
Pass	$	3,002	$	236	$	55	$	35	$	71	$	300	$	—	$	3,699
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Consumer Loans	$	3,002	$	236	$	55	$	35	$	71	$	300	$	—	$	3,699
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Loans
Pass	$	5,119	$	6,004	$	3,133	$	—	$	—	$	99	$	—	$	14,355
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Commercial Loans	$	5,119	$	6,004	$	3,133	$	—	$	—	$	99	$	—	$	14,355
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table presents the Company’s recorded investment in loans by credit quality indicator as of December 31, 2023 (in thousands):

	Term Loans by Year of Origination
(in thousands)	2023		2022		2021		2020		2019		Prior		Revolving		Total
One-to-Four Family Mortgages
Pass	$	12,000	$	42,225	$	60,557	$	50,786	$	28,836	$	140,000	$	—	$	334,404
Special Mention		—		1,073		779		—		—		647		—		2,499
Substandard		—		—		—		—		—		153		—		153
Total One-to-Four Family Mortgages	$	12,000	$	43,298	$	61,336	$	50,786	$	28,836	$	140,800	$	—	$	337,056
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home Equity Lines of Credit
Pass	$	20	$	226	$	—	$	—	$	174	$	369	$	7,570	$	8,359
Special Mention		—		—		—		—		—		—		191		191
Substandard		—		—		—		—		—		—		—		—
Total Home Equity Lines of Credit	$	20	$	226	$	—	$	—	$	174	$	369	$	7,761	$	8,550
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction Loans
Pass	$	4,987	$	2,189	$	414	$	366	$	—	$	172	$	—	$	8,128
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Construction Loans	$	4,987	$	2,189	$	414	$	366	$	—	$	172	$	—	$	8,128
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer Loans
Pass	$	386	$	74	$	39	$	52	$	36	$	326	$	—	$	913
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Consumer Loans	$	386	$	74	$	39	$	52	$	36	$	326	$	—	$	913
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial Loans
Pass	$	7,568	$	4,724	$	—	$	—	$	—	$	111	$	—	$	12,403
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Commercial Loans	$	7,568	$	4,724	$	—	$	—	$	—	$	111	$	—	$	12,403
Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Schedule of nonaccrual loans by major categories

The following table is a summary of the Company’s nonaccrual loans by major categories at December 31, 2024 and 2023 (in thousands):

	December 31, 2024						December 31, 2023
	Nonaccrual		Nonaccrual				Nonaccrual		Nonaccrual		Total
	Loans		Loans				Loans		Loans
	with		with		Total		with		with
	No		an		Nonaccrual		No		an		Nonaccrual
(in thousands)	Allowance		Allowance		Loans		Allowance		Allowance		Loans
One-to-Four Family Mortgages	$	956	$	—	$	956	$	153	$	—	$	153
Home Equity Lines of Credit		—		—		—		—		—		—
Construction Loans		119		—		119		—		—		—
Consumer Loans		—		—		—		—		—		—
Commercial Loans		—		—		—		—		—		—
Total	$	1,075	$	—	$	1,075	$	153	$	—	$	153

Schedule of accrued interest receivables written off by reversing interest income

The following table represents the accrued interest receivables written off by reversing interest income during the year ended December 31, 2024 and 2023 (in thousands):

	For the Year Ended
(in thousands)	December 31, 2024		December 31, 2023
One-to-Four Family Mortgages	$	15	$	3
Home Equity Lines of Credit		—		—
Construction Loans		7		—
Consumer Loans		—		—
Commercial Loans		—		—
Total	$	22	$	3

Schedule of analysis of collateral-dependent loans

The following table presents an analysis of collateral-dependent loans of the Company as of December 31, 2024 and 2023 (in thousands):

	Residential				Business
(in thousands)	Properties		Land		Assets		Other		Total
One-to-Four Family Mortgages	$	956	$	—	$	—	$	—	$	956
Home Equity Lines of Credit		—		—		—		—		—
Construction Loans		—		119		—		—		119
Consumer Loans		—		—		—		—		—
Commercial Loans		—		—		—		—		—
Total	$	956	$	119	$	—	$	—	$	1,075

	Residential				Business
December 31, 2023	Properties		Land		Assets		Other		Total
One-to-Four Family Mortgages	$	153	$	—	$	—	$	—	$	153
Home Equity Loans/Lines of Credit		—		—		—		—		—
Construction Loans		—		—		—		—		—
Consumer Loans		—		—		—		—		—
Commercial Loans		—		—		—		—		—
Total	$	153	$	—	$	—	$	—	$	153

Schedule of activity related to the allowance for credit losses

The following table summarizes the activity related to the allowance for credit losses for the year ended December 31, 2024 and 2023 (in thousands):

	One-to-Four
	Family		Home Equity		Construction		Consumer		Commercial
(in thousands)	Mortgages		Lines of Credit		Loans		Loans		Loans		Unallocated		Total
Allowance for Credit Losses
Beginning Balance	$	2,554	$	57	$	32	$	9	$	126	$	24	$	2,802
Recovery of Credit Loss		(1,028)		(9)		(19)		19		(46)		(17)		(1,100)
Loans Charged-Off		—		(3)		—		—		—		—		(3)
Recoveries Collected		—		—		—		—		—		—		—
Ending Balance	$	1,526	$	45	$	13	$	28	$	80	$	7	$	1,699

The following table includes disclosures related to the allowance for loan losses for the year ended December 31, 2024 and 2023 (in thousands):

	One-to-Four		Home Equity
	Family		Loans / Lines		Construction		Consumer		Commercial
December 31, 2023	Mortgages		of Credit		Loans		Loans		Loans		Unallocated		Total
Allowance for Credit Losses
Beginning Balance	$	2,738	$	60	$	73	$	—	$	2	$	380	$	3,253
Recovery of Credit Loss		(184)		(3)		(41)		9		124		(356)		(451)
Loans Charged-Off		—		—		—		—		—		—		—
Recoveries Collected		—		—		—		—		—		—		—
Ending Balance	$	2,554	$	57	$	32	$	9	$	126	$	24	$	2,802

Schedule of related party loans

An analysis of the related party activity during the year ended December 31, 2024 and 2023 is as follows (in thousands):

(in thousands)	2024		2023
Balance, Beginning of the Year	$	546	$	579
New Loans		—		—
Change in Related Parties, Net		—		—
Repayments, Net		(35)		(33)
Balance, End of Year	$	511	$	546