Loans Receivable (Tables)

v3.25.2

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2025
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Loans consist of the following as of June 30, 2025, and December 31, 2024: (Dollars in thousands) June 30, 2025 December 31, 2024 Loans secured by real estate: Residential real estate $ 457,248  $ 467,293  Home equity 51,112  49,758  Commercial real estate 551,091  551,674  Construction and land development 74,795  82,874  Multifamily 200,440  212,455  Total loans secured by real estate 1,334,686  1,364,054  Commercial business 105,636  104,246  Consumer 2,347  551  Manufactured homes 25,146  26,708  Government 14,628  11,024  Loans receivable 1,482,443  1,506,583  Add: Net deferred loan origination costs 2,012  2,439  Loan clearing funds (177) (46) Loans receivable, net of deferred fees and costs $ 1,484,278  $ 1,508,976
Financing Receivable, Past Due	The Company's age analysis of past due loans is summarized below: (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due and Accruing Current Accruing Loans Non-accrual Loans Total Loans Receivable June 30, 2025 Residential real estate $ 5,841  $ 499  $ -  $ 6,340  $ 445,275  $ 451,615  $ 5,633  $ 457,248  Home equity 536  78  145  759  49,370  50,129  983  51,112  Commercial real estate 6,473  2,328  -  8,801  541,111  549,912  1,179  551,091  Construction and land development 471  458  -  929  73,140  74,069  726  74,795  Multifamily 178  753  -  931  197,348  198,279  2,161  200,440  Commercial business 991  118  -  1,109  101,683  102,792  2,844  105,636  Consumer -  2  -  2  2,345  2,347  -  2,347  Manufactured homes 234  95  -  329  24,817  25,146  -  25,146  Government -  -  -  -  14,628  14,628  -  14,628  Total $ 14,724  $ 4,331  $ 145  $ 19,200  $ 1,449,717  $ 1,468,917  $ 13,526  $ 1,482,443  December 31, 2024 Residential real estate $ 4,423  $ 1,184  $ -  $ 5,607  $ 457,021  $ 462,628  $ 4,665  $ 467,293  Home equity 1,002  123  -  1,125  48,150  49,275  483  49,758  Commercial real estate 4,556  571  -  5,127  545,267  550,394  1,280  551,674  Construction and land development 2,039  -  -  2,039  80,177  82,216  658  82,874  Multifamily 1,961  359  -  2,320  206,773  209,093  3,362  212,455  Commercial business 493  508  -  1,001  99,955  100,956  3,290  104,246  Consumer 5  -  -  5  546  551  -  551  Manufactured homes 428  54  -  482  26,226  26,708  -  26,708  Government -  -  -  -  11,024  11,024  -  11,024  Total $ 14,907  $ 2,799  $ -  $ 17,706  $ 1,475,139  $ 1,492,845  $ 13,738  $ 1,506,583
Financing Receivable Credit Quality Indicators	The following table shows the amortized cost of loans, segregated by portfolio segment, credit quality rating and year of origination as of June 30, 2025, and December 31, 2024, and gross charge-offs for the six months ended June 30, 2025, and for the year ended December 31, 2024. June 30, 2025 2025 2024 2023 2022 2021 Prior Revolving Revolving Converted to Term Total Total Loans Receivable $ 64,475  $ 124,957  $ 132,229  $ 278,903  $ 278,031  $ 493,164  $ 109,206  $ 1,478  $ 1,482,443  Total current period gross charge-off $ (21) $ -  $ -  $ -  $ -  $ (107) $ -  $ -  $ (128) Residential real estate Pass (1-6) $ 6,569  $ 15,780  $ 29,417  $ 85,492  $ 96,842  $ 208,120  $ 4,020  $ -  $ 446,240  Special Mention (7) -  -  200  1,173  1,195  2,721  -  -  5,289  Substandard (8) -  -  875  1,498  586  2,760  -  -  5,719  Total $ 6,569  $ 15,780  $ 30,492  $ 88,163  $ 98,623  $ 213,601  $ 4,020  $ -  $ 457,248  Current period gross charge-off -  -  -  -  -  -  -  -  -  Home equity Pass (1-6) $ 455  $ 125  $ 45  $ 98  $ 52  $ 2,680  $ 45,199  $ 891  $ 49,545  Special Mention (7) -  -  8  -  20  76  275  199  578  Substandard (8) -  26  -  124  -  228  223  388  989  Total $ 455  $ 151  $ 53  $ 222  $ 72  $ 2,984  $ 45,697  $ 1,478  $ 51,112  Current period gross charge-off -  -  -  -  -  -  -  -  -  Commercial real estate Pass (1-6) $ 31,473  $ 53,648  $ 62,290  $ 115,973  $ 87,245  $ 184,384  $ 3,444  $ -  $ 538,457  Special Mention (7) -  923  827  1,958  2,345  5,375  25  -  11,453  Substandard (8) -  -  -  830  -  351  -  -  1,181  Total $ 31,473  $ 54,571  $ 63,117  $ 118,761  $ 89,590  $ 190,110  $ 3,469  $ -  $ 551,091  Current period gross charge-off -  -  -  -  -  -  -  -  -  Construction and land development Pass (1-6) $ 9,721  $ 31,082  $ 20,411  $ 3,218  $ 1,444  $ 1,021  $ 4,989  $ -  $ 71,886  Special Mention (7) -  -  458  -  122  -  -  -  580  Substandard (8) -  -  1,011  67  1,251  -  -  -  2,329  Total $ 9,721  $ 31,082  $ 21,880  $ 3,285  $ 2,817  $ 1,021  $ 4,989  $ -  $ 74,795  Current period gross charge-off -  -  -  -  -  -  -  -  -  Multifamily Pass (1-6) $ 4,191  $ 6,343  $ 8,332  $ 55,381  $ 68,889  $ 52,332  $ 466  $ -  $ 195,934  Special Mention (7) -  -  -  763  378  1,204  -  -  2,345  Substandard (8) -  -  214  430  -  1,517  -  -  2,161  Total $ 4,191  $ 6,343  $ 8,546  $ 56,574  $ 69,267  $ 55,053  $ 466  $ -  $ 200,440  Current period gross charge-off -  -  -  -  -  (46) -  -  (46) Commercial business Pass (1-6) $ 4,606  $ 13,421  $ 6,953  $ 8,655  $ 5,346  $ 13,145  $ 49,545  $ -  $ 101,671  Special Mention (7) -  87  75  -  31  -  928  -  1,121  Substandard (8) -  -  1,004  191  147  1,410  92  -  2,844  Total $ 4,606  $ 13,508  $ 8,032  $ 8,846  $ 5,524  $ 14,555  $ 50,565  $ -  $ 105,636  Current period gross charge-off -  -  -  -  -  (61) -  -  (61) Consumer Pass (1-6) $ 2,110  $ 72  $ 109  $ 25  $ 29  $ -  $ -  $ -  $ 2,345  Substandard (8) -  -  -  -  2  -  -  -  2  Total $ 2,110  $ 72  $ 109  $ 25  $ 31  $ -  $ -  $ -  $ 2,347  Current period gross charge-off (21) -  -  -  -  -  -  -  (21) Manufactured homes Pass (1-6) $ -  $ -  $ -  $ 1,782  $ 10,879  $ 12,390  $ -  $ -  $ 25,051  Substandard (8) -  -  -  -  61  34  -  -  95  Total $ -  $ -  $ -  $ 1,782  $ 10,940  $ 12,424  $ -  $ -  $ 25,146  Current period gross charge-off -  -  -  -  -  -  -  -  -  Government Pass (1-6) $ 5,350  $ 3,450  $ -  $ 1,245  $ 1,166  $ 3,417  $ -  $ -  $ 14,628  Total $ 5,350  $ 3,450  $ -  $ 1,245  $ 1,166  $ 3,417  $ -  $ -  $ 14,628  Current period gross charge-off -  -  -  -  -  -  -  -  -  December 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Revolving Converted to Term Total Total Loans Receivable $ 124,670  $ 143,098  $ 291,855  $ 308,352  $ 211,268  $ 324,738  $ 102,602  $ -  $ 1,506,583  Total current period gross charge-off $ (64) $ -  $ (1,010) $ (125) $ (2) $ (1,267) $ -  $ -  (2,468) Residential real estate Pass (1-6) $ 13,118  $ 30,947  $ 90,324  $ 99,390  $ 102,552  $ 119,449  $ 2,468  $ -  $ 458,248  Special Mention (7) -  371  365  1,064  554  1,937  -  -  4,291  Substandard (8) -  539  1,161  601  510  1,943  -  -  4,754  Total $ 13,118  $ 31,857  $ 91,850  $ 101,055  $ 103,616  $ 123,329  $ 2,468  $ -  $ 467,293  Current period gross charge-off -  -  -  -  -  (28) -  -  (28) Home equity Pass (1-6) $ 193  $ 68  $ 153  $ 110  $ -  $ 3,342  $ 44,943  $ -  $ 48,809  Special Mention (7) -  132  -  -  3  15  309  -  459  Substandard (8) 26  -  138  -  -  218  108  -  490  Total $ 219  $ 200  $ 291  $ 110  $ 3  $ 3,575  $ 45,360  $ -  $ 49,758  Current period gross charge-off -  -  -  -  -  -  -  -  -  Commercial real estate Pass (1-6) $ 49,861  $ 67,290  $ 123,342  $ 96,206  $ 53,864  $ 148,529  $ 2,976  $ -  $ 542,068  Special Mention (7) 974  -  1,036  2,375  668  2,930  25  -  8,008  Substandard (8) -  -  -  -  202  1,396  -  -  1,598  Total $ 50,835  $ 67,290  $ 124,378  $ 98,581  $ 54,734  $ 152,855  $ 3,001  $ -  $ 551,674  Current period gross charge-off -  -  -  -  -  -  -  -  -  Construction and land development Pass (1-6) $ 34,599  $ 24,360  $ 3,732  $ 7,867  $ 224  $ 820  $ 5,312  $ 76,914  Special Mention (7) -  -  -  1,207  2,468  -  -  -  3,675  Substandard (8) -  1,018  -  1,267  -  -  -  -  2,285  Total $ 34,599  $ 25,378  $ 3,732  $ 10,341  $ 2,692  $ 820  $ 5,312  $ 82,874  Current period gross charge-off -  -  -  -  -  -  -  -  -  Multifamily Pass (1-6) $ 6,398  $ 8,923  $ 56,771  $ 74,716  $ 36,075  $ 20,066  $ 627  $ -  $ 203,576  Special Mention (7) -  -  780  3,332  1,217  -  -  -  5,329  Substandard (8) -  -  446  1,219  1,516  369  -  -  3,550  Total $ 6,398  $ 8,923  $ 57,997  $ 79,267  $ 38,808  $ 20,435  $ 627  $ -  $ 212,455  Current period gross charge-off -  -  -  (125) -  -  -  -  (125) Commercial business Pass (1-6) $ 14,655  $ 8,123  $ 9,441  $ 6,094  $ 3,653  $ 11,416  $ 44,046  $ -  $ 97,428  Special Mention (7) -  25  978  39  -  800  1,686  -  3,528  Substandard (8) -  1,139  80  171  177  1,621  102  -  3,290  Total $ 14,655  $ 9,287  $ 10,499  $ 6,304  $ 3,830  $ 13,837  $ 45,834  $ -  $ 104,246  Current period gross charge-off -  -  (1,010) -  -  (1,239) -  -  (2,249) Consumer Pass (1-6) $ 301  $ 163  $ 34  $ 51  $ -  $ 2  $ -  $ -  $ 551  Substandard (8) -  -  -  -  -  -  -  -  -  Total $ 301  $ 163  $ 34  $ 51  $ -  $ 2  $ -  $ -  $ 551  Current period gross charge-off (64) -  -  -  (2) -  -  -  (66) Manufactured homes Pass (1-6) $ -  $ -  $ 1,634  $ 11,360  $ 7,559  $ 6,101  $ -  $ -  $ 26,654  Substandard (8) -  -  -  28  26  -  -  -  54  Total $ -  $ -  $ 1,634  $ 11,388  $ 7,585  $ 6,101  $ -  $ -  $ 26,708  Current period gross charge-off -  -  -  -  -  -  -  -  -  Government Pass (1-6) $ 4,545  $ -  $ 1,440  $ 1,255  $ -  $ 3,784  $ -  $ -  $ 11,024  Total $ 4,545  $ -  $ 1,440  $ 1,255  $ -  $ 3,784  $ -  $ -  $ 11,024  Current period gross charge-off -  -  -  -  -  -  -  -  -
Financing Receivable, Modified	The following table shows the amortized cost basis of loans at June 30, 2025, that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2025, segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to the amortized cost of each segment of financing receivable is also presented below. For the three months ended June 30, 2025 (Dollars in thousands) Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Interest Rate Reduction % of Total Segment Financing Receivables Commercial business $ 1,851  $ -  $ -  $ -  1.75 % Total $ 1,851  $ -  $ -  $ -  0.12 % For the three months ended June 30, 2024 (Dollars in thousands) Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Interest Rate Reduction % of Total Segment Financing Receivables Residential real estate $ 132  $ 241  $ -  $ -  0.08 % Total $ 132  $ 241  $ -  $ -  0.02 % For the six months ended June 30, 2025 (Dollars in thousands) Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Interest Rate Reduction % of Total Segment Financing Receivables Residential real estate $ -  $ 168  $ -  $ -  0.04 % Commercial business $ 1,851  $ -  $ -  $ -  1.75 % Total $ 1,851  $ 168  $ -  $ -  0.14 % For the six months ended June 30, 2024 (Dollars in thousands) Payment Delay Term Extension Interest Rate Reduction Combination Term Extension and Interest Rate Reduction % of Total Segment Financing Receivables Residential real estate $ 132  $ 1,491  $ -  $ -  0.34 % Total $ 132  $ 1,491  $ -  $ -  0.11 % The financial effects of payment delay modifications and term extension modifications had a forbearance average of five months and six months weighted average extension to life of loan, respectively. There were no commitments to lend additional amounts to the borrowers included in the previous tables. The borrowers with term extension have had their maturity dates extended and as a result their monthly payments were reduced or had payments added to the end of the loan which resulted in payment relief. For the three months ended June 30, 2025 (Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay (months) Commercial business $ -  —  % -  5 For the three months ended June 30, 2024 (Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay (months) Residential real estate $ -  —  % 4 3 For the six months ended June 30, 2025 (Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay (months) Residential real estate $ -  —  % 6 -  Commercial business $ -  —  % -  5 For the six months ended June 30, 2024 (Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay (months) Residential real estate $ -  —  % 4 3 The Company closely monitors the performance of loans that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of such loans in the twelve months following modification. June 30, 2025 (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Residential real estate $ 197  $ 53  $ 461  $ 316  Home equity 33  -  -  -  Commercial business 4  -  -  1,847  Total $ 234  $ 53  $ 461  $ 2,163  June 30, 2024 (Dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Residential real estate $ 774  $ 194  $ 121  $ 132  Total $ 774  $ 194  $ 121  $ 132
Schedule of Accretable Yield from Financing Receivables	Accretable yield, or income recorded for the six months ended June 30, is as follows: (Dollars in thousands) Total 2024 $ 431  2025 439  Accretable yield, or income expected to be recorded in the future is as follows: (Dollars in thousands) Total Remainder of 2025 $ 296  2026 451  2027 300  2028 281  2029 247  2030 and thereafter 2,315  Total $ 3,890
Financing Receivable, Allowance for Credit Loss	The Company's activity in the allowance for credit losses, by loan segment, is summarized below for the three months ended June 30, 2025: (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Allowance for credit losses: Residential real estate $ 2,442  $ -  $ 19  $ 294  $ 2,755  Home equity 622  -  -  116  738  Commercial real estate 9,657  -  -  (507) 9,150  Construction and land development 1,644  -  -  (149) 1,495  Multifamily 2,192  -  -  109  2,301  Commercial business 1,234  -  404  (35) 1,603  Consumer 3  (10) 1  8  2  Manufactured homes 129  -  -  (4) 125  Government 32  -  -  (17) 15  Total $ 17,955  $ (10) $ 424  $ (185) $ 18,184  The Company's activity in the allowance for credit losses, by loan segment, is summarized below for the three months ended June 30, 2024: (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Allowance for credit losses: Residential real estate $ 4,017  $ -  $ 10  $ 270  $ 4,297  Home equity 737  -  -  (10) 727  Commercial real estate 7,256  -  2  (355) 6,903  Construction and land development 3,456  -  -  (389) 3,067  Multifamily 957  (65) 31  (44) 879  Commercial business 2,135  -  7  63  2,205  Consumer 6  (26) 5  20  5  Manufactured homes 173  -  -  (16) 157  Government 68  -  -  22  90  Total $ 18,805  $ (91) $ 55  $ (439) $ 18,330  The Company's activity in the allowance for credit losses, by loan segment, is summarized below for the six months ended June 30, 2025: (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Allowance for credit losses: Residential real estate $ 4,481  $ -  $ 35  $ (1,761) $ 2,755  Home equity 835  -  -  (97) 738  Commercial real estate 6,444  -  4  2,702  9,150  Construction and land development 2,651  -  -  (1,156) 1,495  Multifamily 1,003  (46) 10  1,334  2,301  Commercial business 1,185  (61) 460  19  1,603  Consumer 5  (21) 1  17  2  Manufactured homes 252  -  -  (127) 125  Government 55  -  -  (40) 15  Total $ 16,911  $ (128) $ 510  $ 891  $ 18,184  The Company's activity in the allowance for credit losses, by loan segment, is summarized below for the six months ended June 30, 2024: (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Allowance for credit losses: Residential real estate $ 3,984  $ -  $ 20  $ 293  $ 4,297  Home equity 698  -  -  29  727  Commercial real estate 7,045  -  2  (144) 6,903  Construction and land development 4,206  -  -  (1,139) 3,067  Multifamily 933  (65) 31  (20) 879  Commercial business 1,649  -  9  548  2,206  Consumer 7  (44) 6  36  5  Manufactured homes 181  -  -  (24) 157  Government 65  -  -  25  90  Total $ 18,768  $ (109) $ 68  $ (396) $ 18,331
Schedule of Collateral Dependent Loans	The table below presents the amortized cost basis and allowance for credit losses (“ACL”) allocated for collateral dependent loans in accordance with ASC 326, which are individually evaluated to determine expected credit losses. (Dollars in thousands) June 30, 2025 Real Estate Equipment/Inventory Accounts Receivable Vehicles Total ACL Allocation Residential real estate $ 2,709  $ -  $ -  $ -  $ 2,709  $ 28  Home equity 192  -  -  -  192  -  Commercial real estate 1,181  -  -  -  1,181  62  Construction and land development 2,329  -  -  -  2,329  -  Multifamily 2,161  -  -  -  2,161  -  Commercial business -  1,489  1,238  117  2,844  480  Total $ 8,572  $ 1,489  $ 1,238  $ 117  $ 11,416  $ 570  (Dollars in thousands) December 31, 2024 Real Estate Equipment/Inventory Accounts Receivable Vehicles Total ACL Allocation Residential real estate $ 3,012  $ -  $ -  $ -  $ 3,012  $ 50  Home equity -  Commercial real estate 1,598  -  -  -  1,598  43  Construction and land development 2,285  -  -  -  2,285  -  Multifamily 3,550  -  -  -  3,550  -  Commercial business 1  1  1  -  4  -  Total $ 11,376  $ 1,399  $ 1,428  $ 144  $ 14,347  $ 284
Financing Receivable, Nonaccrual	The following table presents non–accrual loans and loans past due over 90 days still on accrual by class of loans: As of June 30, 2025 Nonaccrual with No Allowance for Credit Loss Nonaccrual with Allowance for Credit Loss Nonaccrual Loans in Total Loans Past Due over 90 Days Still Accruing Residential real estate $ 1,431  $ 4,202  $ 5,633  $ -  Home equity 157  826  983  145  Commercial real estate 987  192  1,179  -  Construction and land development 726  -  726  -  Multifamily 2,161  -  2,161  -  Commercial business 2,125  719  2,844  -  Total $ 7,587  $ 5,939  $ 13,526  $ 145  As of December 31, 2024 Nonaccrual with No Allowance for Credit Loss Nonaccrual with Allowance for Credit Loss Nonaccrual Loans in Total Loans Past Due over 90 Days Still Accruing Residential real estate $ 1,514  $ 3,150  $ 4,664  $ -  Home equity 179  304  483  -  Commercial real estate 1,078  202  1,280  -  Construction and land development 659  -  659  -  Multifamily 3,362  -  3,362  -  Commercial business 3,099  191  3,290  -  Total $ 9,891  $ 3,847  $ 13,738  $ -
Schedule of Changes in Liability for Credit Loss on Unfunded Commitments	The following table shows the changes in the liability for credit losses on unfunded loan commitments. (Dollars in thousands) Three months ended, June 30, 2025 Three months ended, June 30, 2024 Balance, beginning of period $ 2,116  $ 3,399  Provision for (benefit from) unfunded loan commitments (89) 515  Balance, end of period $ 2,027  $ 3,914  (Dollars in thousands) Six months ended, June 30, 2025 Six months ended, June 30, 2024 Balance, beginning of period $ 2,739  $ 3,441  Provision for (benefit from) unfunded loan commitments (712) 473  Balance, end of period $ 2,027  $ 3,914