Loans and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Loans and Allowance for Credit Losses

Note 3: Loans and Allowance for Credit Losses

A summary of loans by major category as of March 31, 2025 and December 31, 2024 is as follows:

	March 31, 2025		December 31, 2024
Real estate:
One to four family residential	$	131,573,882	$	130,077,444
Home equity		2,252,877		2,241,326
Equity line of credit		5,880,412		5,823,673
Construction		9,137,794		6,755,376
Multi-family		1,392,504		1,271,343
Commercial		2,344,887		2,587,784
Commercial installment		3,646,149		3,513,472
Consumer:
Marine and recreational		30,885,011		31,150,048
Other consumer		4,093,700		4,211,711
Subtotal		191,207,216		187,632,177
Allowance for credit losses		(1,190,255)		(1,126,422)
Unearned loan fees		(163,680)		(151,319)
Loans, net	$	189,853,281	$	186,354,436

Changes in the allowance for the three months ended March 31, 2025 and 2024, are as follows:

	For the three months ended March 31, 2025
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs			Recoveries	Balance
Real estate:
One to four family residential	$	639,578	$	99,815	$	—	$	—	$	739,393
Home equity		11,020		1,640		—		—		12,660
Equity line of credit		28,634		4,417		—		—		33,051
Construction		73,444		26,026		—		—		99,470
Multi-family		6,251		1,576		—		—		7,827
Commercial		30,624		(5,821)		—		—		24,803
Commercial Installment		42,629		(4,062)		—		—		38,567
Consumer:
Marine and recreational		259,197		(52,156)		—		—		207,041
Other consumer		35,045		(7,602)		—		—		27,443
Total	$	1,126,422	$	63,833	$	—	$	—	$	1,190,255

	For the three months ended March 31, 2024
	Beginning		Provision for						Ending
	Balance		Credit Loss		Charge-offs		Recoveries		Balance
Real estate:
One to four family residential	$	654,754	$	(56,134)	$	—	$	—	$	598,620
Home equity		11,045		(1,100)		—		—		9,945
Equity line of credit		22,193		(744)		—		—		21,449
Construction		21,293		27,342		—		—		48,635
Multi-family		7,948		(791)		—		—		7,157
Commercial		26,323		(4,169)		—		—		22,154
Commercial Installment		44,972		6,577		—		—		51,549
Consumer:
Marine and recreational		241,624		22,900		(9,289)		—		255,235
Other consumer		26,644		6,119		—		—		32,763
Total	$	1,056,796	$	—	$	(9,289)	$	—	$	1,047,507

The ACL on loans excludes $128,001 of allowance for unfunded commitments as of March 31, 2025 and $81,544 as of December 31, 2024 and is recorded within accrued interest payable and other liabilities on the Consolidated Balance Sheets. A provision for credit loss on unfunded loan commitments of $46,457 was made for the three months ended March 31, 2025. No provision for credit loss on unfunded loan commitments was made for the three months ended March 31, 2024.

As of March 31, 2025 there were two collateral dependent loans totaling $11,250 in the other consumer loans segment. These loans were secured by automobiles and did not have a specific allocation to the ACL as of March 31, 2025.

As of December 31, 2024 there were two collateral dependent loans totaling $12,704 in the other consumer loans segment. These loans were secured by automobiles and did not have a specific allocation to the ACL as of December 31, 2024.

The Company regularly evaluates various attributes of loans to determine the appropriateness of the allowance for credit losses. The credit quality indicators monitored differ depending on the class of loan.

Multi-family, commercial real estate, and commercial installment loans are generally evaluated using the following internally prepared ratings:

● Pass ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable.

● Special mention ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable.

● Substandard ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable.

● Doubtful ratings are assigned to loans that do not have adequate collateral and/or debt service ability, and collectability of the contractual loan payments is unlikely.

One to four family residential, home equity, equity line of credit, construction, marine and recreational, and other consumer loans are generally evaluated based on whether the loan is performing according to the contractual terms of the loan.

The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and year of origination at March 31, 2025 and December 31, 2024.

	Total Loans by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving		Total
At March 31, 2025
Real estate
One to four family residential
Performing	$	4,623,084	$	19,717,175	$	9,253,160	$	32,625,178	$	11,503,312	$	53,851,973	$	—	$	131,573,882
Non performing		—		—		—		—		—		—		—		—
Total one to four family residential	$	4,623,084	$	19,717,175	$	9,253,160	$	32,625,178	$	11,503,312	$	53,851,973	$	—	$	131,573,882
Home equity
Performing	$	74,473	$	888,030	$	686,969	$	427,888	$	16,239	$	159,278	$	—	$	2,252,877
Non performing		—		—		—		—		—		—		—		—
Total home equity	$	74,473	$	888,030	$	686,969	$	427,888	$	16,239	$	159,278	$	—	$	2,252,877
Equity line of credit
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	5,880,412	$	5,880,412
Non performing		—		—		—		—		—		—		—		—
Total equity line of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	5,880,412	$	5,880,412
Construction
Performing	$	698,519	$	5,587,640	$	2,585,149	$	67,586	$	—	$	198,900	$	—	$	9,137,794
Non performing		—		—		—		—		—		—		—		—
Total construction	$	698,519	$	5,587,640	$	2,585,149	$	67,586	$	—	$	198,900	$	—	$	9,137,794
Multi-family
Pass	$	—	$	—	$	—	$	207,717	$	1,184,787	$	—	$	—	$	1,392,504
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total multi-family	$	—	$	—		—	$	207,717		1,184,787	$	—	$	—	$	1,392,504
Commercial
Pass	$	—	$	486,944	$	150,052	$	1,287,961	$	242,538	$	177,392	$	—	$	2,344,887
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial	$	—	$	486,944	$	150,052	$	1,287,961	$	242,538	$	177,392	$	—	$	2,344,887
Commercial installment
Pass	$	422,767	$	112,613	$	202,399	$	339,593	$	1,008,574	$	1,560,203	$	—	$	3,646,149
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial installment	$	422,767	$	112,613	$	202,399	$	339,593	$	1,008,574	$	1,560,203	$	—	$	3,646,149
Consumer
Marine and recreational
Performing	$	1,554,700	$	6,774,074	$	7,569,272	$	2,886,893	$	602,917	$	11,497,155	$	—	$	30,885,011
Non performing		—		—		—		—		—		—		—		—
Total marine and recreational	$	1,554,700	$	6,774,074	$	7,569,272	$	2,886,893	$	602,917	$	11,497,155	$	—	$	30,885,011
Other consumer
Performing	$	289,798	$	686,377	$	439,933	$	495,713	$	173,851	$	1,996,778	$	—	$	4,082,450
Non performing		—		—		—		11,250		—		—		—		11,250
Total other consumer	$	289,798	$	686,377	$	439,933	$	506,963	$	173,851	$	1,996,778	$	—	$	4,093,700
Total loans	$	7,663,341	$	34,252,853	$	20,886,934	$	38,349,779	$	14,732,218	$	69,441,679	$	5,880,412	$	191,207,216

	Total Loans by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving		Total
At December 31, 2024
Real estate
One to four family residential
Performing	$	19,412,939	$	9,559,853	$	33,402,127	$	11,738,171	$	30,020,711	$	25,943,643	$	—	$	130,077,444
Non performing		—		—		—		—		—		—		—		—
Total one to four family residential	$	19,412,939	$	9,559,853	$	33,402,127	$	11,738,171	$	30,020,711	$	25,943,643	$	—	$	130,077,444
Home equity
Performing	$	863,805	$	750,208	$	438,473	$	16,623	$	91,757	$	80,460	$	—	$	2,241,326
Non performing		—		—		—		—		—		—		—		—
Total home equity	$	863,805	$	750,208	$	438,473	$	16,623	$	91,757	$	80,460	$	—	$	2,241,326
Equity line of credit
Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	5,823,673	$	5,823,673
Non performing		—		—		—		—		—		—		—		—
Total equity line of credit	$	—	$	—	$	—	$	—	$	—	$	—	$	5,823,673	$	5,823,673
Construction
Performing	$	3,754,653	$	2,721,970	$	73,963	$	—	$	111,209	$	93,581	$	—	$	6,755,376
Non performing		—		—		—		—		—		—		—		—
Total construction	$	3,754,653	$	2,721,970	$	73,963	$	—	$	111,209	$	93,581	$	—	$	6,755,376
Multi-family
Pass	$	—	$	—	$	—	$	209,884	$	126,373	$	935,086	$	—	$	1,271,343
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total multi-family	$	—	$	—	$	—	$	209,884	$	126,373	$	935,086	$	—	$	1,271,343
Commercial
Pass	$	704,843	$	152,169	$	1,300,428	$	248,414	$	66,094	$	115,836	$	—	$	2,587,784
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial	$	704,843	$	152,169	$	1,300,428	$	248,414	$	66,094	$	115,836	$	—	$	2,587,784
Commercial installment
Pass	$	167,507	$	258,478	$	354,102	$	1,069,667	$	1,479,869	$	183,849	$	—	$	3,513,472
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total commercial installment	$	167,507	$	258,478	$	354,102	$	1,069,667	$	1,479,869	$	183,849	$	—	$	3,513,472
Consumer
Marine and recreational
Performing	$	6,977,323	$	8,035,562	$	3,062,227	$	650,645	$	1,510,484	$	10,913,807	$	—	$	31,150,048
Non performing		—		—		—		—		—		—		—		—
Total marine and recreational	$	6,977,323	$	8,035,562	$	3,062,227	$	650,645	$	1,510,484	$	10,913,807	$	—	$	31,150,048
Other consumer
Performing	$	785,431	$	534,610	$	613,732	$	208,806	$	40,975	$	2,015,453	$	—	$	4,199,007
Non performing		—		—		12,704		—		—		—		—		12,704
Total other consumer	$	785,431	$	534,610	$	626,436	$	208,806	$	40,975	$	2,015,453	$	—	$	4,211,711
Total loans	$	32,666,501	$	22,012,850	$	39,257,756	$	14,142,210	$	33,447,472	$	40,281,715	$	5,823,673	$	187,632,177

Year-to-date gross charge-offs for the periods presented are not included in the above tables as the amounts are considered insignificant.

Loan aging information as of March 31, 2025 and December 31, 2024, follows:

	Accruing
			Loans Past		Loans		Nonaccrual		Nonaccrual		Nonaccrual
	Current		Due 31-89		Past Due		loans beginning		loans end		end of period
	Loans		Days		90+ Days		of period		of period		with an ACL		Total Loans
March 31, 2025
Real estate:
One to four family residential	$	129,925,516	$	1,648,366	$	—	$	—	$	—	$	—	$	131,573,882
Home equity		2,237,812		15,065		—		—		—		—		2,252,877
Equity line of credit		5,834,024		46,388		—		—		—		—		5,880,412
Construction		8,282,708		855,086		—		—		—		—		9,137,794
Multi-family		1,392,504		—		—		—		—		—		1,392,504
Commercial		2,344,887		—		—		—		—		—		2,344,887
Commercial installment		3,646,149		—		—		—		—		—		3,646,149
Consumer
Marine and recreational		30,757,867		127,144		—		—		—		—		30,885,011
Other consumer		4,082,450		—		—		12,704		11,250		—		4,093,700
Totals	$	188,503,917	$	2,692,049	$	—	$	12,704	$	11,250	$	—	$	191,207,216

	Accruing
			Loans Past		Loans		Nonaccrual		Nonaccrual		Nonaccrual
	Current		Due 31-89		Past Due		loans beginning		loans end		end of period
	Loans		Days		90+ Days		of period		of period		with an ACL		Total Loans
December 31, 2024
Real estate:
One to four family residential	$	128,031,279	$	1,741,706	$	304,459	$	—	$	—	$	—	$	130,077,444
Home equity		2,241,326		—		—		—		—		—		2,241,326
Equity line of credit		5,823,673		—		—		—		—		—		5,823,673
Construction		6,754,686		690		—		—		—		—		6,755,376
Multi-family		1,271,343		—		—		—		—		—		1,271,343
Commercial		2,587,784		—		—		—		—		—		2,587,784
Commercial installment		3,513,472		—		—		—		—		—		3,513,472
Consumer
Marine and recreational		31,016,018		134,030		—		25,920		—		—		31,150,048
Other consumer		4,199,007		—		—		—		12,704		—		4,211,711
Totals	$	185,438,588	$	1,876,426	$	304,459	$	25,920	$	12,704	$	—	$	187,632,177

Interest income received on nonaccrual loans is considered to be immaterial to the consolidated financial statements.

The Bank may modify loans to borrowers experiencing financial difficulty by providing modifications to repayment terms. There were no loans subject to such modifications as of March 31, 2025 or December 31, 2024.

A summary of loans to directors, executive officers, and their affiliates as of March 31, 2025 and December 31, 2024 is as follows:

	March 31, 2025		December 31, 2024
Balance at beginning of period	$	44,715	$	27,004
New loans		—		28,230
Repayments		(10,618)		(10,519)
Balance at end of period	$	34,097	$	44,715