Quarterly report [Sections 13 or 15(d)]

Loans Receivable (Tables)

v3.26.1
Loans Receivable (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Loans consist of the following as of March 31, 2026, and December 31, 2025:
(Dollars in thousands) March 31, 2026 December 31, 2025
Loans secured by real estate:
Residential real estate $ 445,097  $ 442,443 
Home equity 53,855  53,497 
Commercial real estate 564,613  555,594 
Construction and land development 76,582  77,208 
Multifamily 185,824  183,902 
Total loans secured by real estate 1,325,971  1,312,644 
Commercial business 94,160  99,304 
Consumer 310  870 
Manufactured homes 22,981  23,708 
Government 9,998  12,298 
Loans receivable 1,453,420  1,448,824 
Add:
Net deferred loan origination costs 1,723  1,606 
Loan clearing funds (25) (43)
Loans receivable, net of deferred fees and costs $ 1,455,118  $ 1,450,387 
Schedule of 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 Nonaccrual
Loans		 Total Loans
Receivable
March 31, 2026
Residential real estate $ 7,792  $ 1,677  $ -  $ 9,469  $ 428,831  $ 438,300  $ 6,797  $ 445,097 
Home equity 326  -  -  326  52,768  53,094  761  53,855 
Commercial real estate 10,520  3,032  -  13,552  548,827  562,379  2,234  564,613 
Construction and land development -  -  -  -  75,989  75,989  593  76,582 
Multifamily 1,143  1,152  -  2,295  182,932  185,227  597  185,824 
Commercial business 677  774  -  1,451  91,410  92,861  1,299  94,160 
Consumer -  -  -  -  310  310  -  310 
Manufactured homes 299  -  -  299  22,592  22,891  90  22,981 
Government -  -  -  -  9,998  9,998  -  9,998 
Total $ 20,757  $ 6,635  $ -  $ 27,392  $ 1,413,657  $ 1,441,049  $ 12,371  $ 1,453,420 
December 31, 2025
Residential real estate $ 4,991  $ 1,552  $ -  $ 6,543  $ 429,968  $ 436,511  $ 5,932  $ 442,443 
Home equity 324  -  -  324  52,363  52,687  810  53,497 
Commercial real estate 4,106  3,905  -  8,011  546,022  554,033  1,561  555,594 
Construction and land development 2,343  129  -  2,472  74,083  76,555  653  77,208 
Multifamily 450  1,303  -  1,753  181,453  183,206  696  183,902 
Commercial business 1,214  47  -  1,261  96,604  97,865  1,439  99,304 
Consumer -  -  -  -  870  870  -  870 
Manufactured homes 241  28  -  269  23,368  23,637  71  23,708 
Government -  -  -  -  12,298  12,298  -  12,298 
Total $ 13,669  $ 6,964  $ -  $ 20,633  $ 1,417,029  $ 1,437,662  $ 11,162  $ 1,448,824 
Schedule of 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 March 31, 2026, and December 31, 2025, and gross charge-offs for the three months ended March 31, 2026, and for the year ended December 31, 2025.
March 31, 2026 2026 2025 2024 2023 2022 Prior Revolving Revolving
Converted to
Term		 Total
Total Loans Receivable $ 81,826  $ 198,143  $ 135,564  $ 134,662  $ 263,157  $ 640,068  $ -  $ -  $ 1,453,420 
Total current period gross charge-off $ (14) $ (5) $ -  $ -  $ -  $ -  $ -  $ -  $ (19)
Residential real estate
Pass (1-6) $ 14,265  $ 14,750  $ 16,412  $ 24,044  $ 77,120  $ 285,217  $ -  $ -  $ 431,808 
Special Mention (7) -  -  -  618  2,859  3,015  -  -  6,492 
Substandard (8) -  296  107  712  1,970  3,712  -  -  6,797 
Total $ 14,265  $ 15,046  $ 16,519  $ 25,374  $ 81,949  $ 291,944  $ -  $ -  $ 445,097 
Current period gross charge-off -  (5) -  -  -  -  -  -  (5)
Home equity
Pass (1-6) $ 3,590  $ 11,003  $ 7,118  $ 7,148  $ 9,453  $ 14,481  $ -  $ -  $ 52,793 
Special Mention (7) -  -  -  6  50  245  -  -  301 
Substandard (8) -  -  43  277  41  400  -  -  761 
Total $ 3,590  $ 11,003  $ 7,161  $ 7,431  $ 9,544  $ 15,126  $ -  $ -  $ 53,855 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Commercial real estate
Pass (1-6) $ 27,660  $ 68,471  $ 77,907  $ 66,307  $ 108,871  $ 198,262  $ -  $ -  $ 547,478 
Special Mention (7) 347  2,061  2,726  2,207  3,624  3,936  -  -  14,901 
Substandard (8) -  317  -  197  221  1,499  -  -  2,234 
Total $ 28,007  $ 70,849  $ 80,633  $ 68,711  $ 112,716  $ 203,697  $ -  $ -  $ 564,613 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Construction and land development
Pass (1-6) $ 12,107  $ 43,234  $ 9,525  $ 8,653  $ 280  $ 131  $ -  $ -  $ 73,930 
Special Mention (7) 486  -  -  -  -  -  -  -  486 
Substandard (8) -  -  -  936  -  1,230  -  -  2,166 
Total $ 12,593  $ 43,234  $ 9,525  $ 9,589  $ 280  $ 1,361  $ -  $ -  $ 76,582 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Multifamily
Pass (1-6) $ 8,974  $ 14,934  $ 6,901  $ 12,303  $ 44,169  $ 95,252  $ -  $ -  $ 182,533 
Special Mention (7) 443  402  -  -  750  1,099  -  -  2,694 
Substandard (8) -  -  -  196  401  -  -  -  597 
Total $ 9,417  $ 15,336  $ 6,901  $ 12,499  $ 45,320  $ 96,351  $ -  $ -  $ 185,824 
Current period gross charge-off -  -  -  -  -  -  -  - 
Commercial business
Pass (1-6) $ 13,736  $ 36,974  $ 13,361  $ 9,147  $ 9,917  $ 6,255  $ -  $ -  $ 89,390 
Special Mention (7) 99  1,314  60  958  825  215  -  -  3,471 
Substandard (8) -  -  174  894  30  201  -  -  1,299 
Total $ 13,835  $ 38,288  $ 13,595  $ 10,999  $ 10,772  $ 6,671  $ -  $ -  $ 94,160 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Consumer
Pass (1-6) $ 119  $ 57  $ 50  $ 59  $ 15  $ 10  $ -  $ -  $ 310 
Total $ 119  $ 57  $ 50  $ 59  $ 15  $ 10  $ -  $ -  $ 310 
Current period gross charge-off (14) -  -  -  -  -  -  -  (14)
Manufactured homes
Pass (1-6) $ -  $ -  $ -  $ -  $ 1,717  $ 21,174  $ -  $ -  $ 22,891 
Special Mention (7) -  -  -  -  -  -  -  -  $ - 
Substandard (8) -  -  -  -  -  90  -  -  90 
Total $ -  $ -  $ -  $ -  $ 1,717  $ 21,264  $ -  $ -  $ 22,981 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Government
Pass (1-6) $ -  $ 4,330  $ 1,180  $ -  $ 844  $ 3,644  $ -  $ -  $ 9,998 
Total $ -  $ 4,330  $ 1,180  $ -  $ 844  $ 3,644  $ -  $ -  $ 9,998 
Current period gross charge-off -  -  -  -  -  -  -  -  - 

December 31, 2025 2025 2024 2023 2022 2021 Prior Revolving Revolving
Converted to
Term		 Total
Total Loans Receivable $ 132,738  $ 125,371  $ 125,504  $ 257,065  $ 260,859  $ 438,852  $ 106,883  $ 1,552  $ 1,448,824 
Total current period gross charge-off $ (202) $ -  $ (44) $ -  $ (13) $ (496) $ -  $ -  (755)
Residential real estate
Pass (1-6) $ 12,570  $ 19,139  $ 26,559  $ 80,834  $ 93,636  $ 196,415  $ 2,477  $ -  $ 431,630 
Special Mention (7) -  -  619  1,464  1,063  1,651  -  -  4,797 
Substandard (8) 296  74  887  1,475  430  2,854  -  -  6,016 
Total $ 12,866  $ 19,213  $ 28,065  $ 83,773  $ 95,129  $ 200,920  $ 2,477  $ -  $ 442,443 
Current period gross charge-off -  -  -  -  (13) -  -  -  (13)
Home equity
Pass (1-6) $ 766  $ 92  $ 41  $ 232  $ 49  $ 2,086  $ 47,926  $ 1,187  $ 52,379 
Special Mention (7) -  -  7  -  -  59  45  194  305 
Substandard (8) -  24  -  -  20  181  417  171  813 
Total $ 766  $ 116  $ 48  $ 232  $ 69  $ 2,326  $ 48,388  $ 1,552  $ 53,497 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Commercial real estate
Pass (1-6) $ 58,029  $ 65,768  $ 62,929  $ 111,515  $ 78,531  $ 160,344  $ 3,717  $ -  $ 540,833 
Special Mention (7) 25  410  2,214  2,865  3,403  4,283  -  -  13,200 
Substandard (8) -  -  208  221  -  1,132  -  -  1,561 
Total $ 58,054  $ 66,178  $ 65,351  $ 114,601  $ 81,934  $ 165,759  $ 3,717  $ -  $ 555,594 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Construction and land development
Pass (1-6) $ 36,388  $ 19,226  $ 12,795  $ 2,288  $ 1,074  $ 753  $ 1,893  $ -  $ 74,417 
Special Mention (7) -  -  -  129  428  -  -  -  557 
Substandard (8) -  -  939  60  1,235  -  -  -  2,234 
Total $ 36,388  $ 19,226  $ 13,734  $ 2,477  $ 2,737  $ 753  $ 1,893  $ -  $ 77,208 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Multifamily
Pass (1-6) $ 12,249  $ 6,289  $ 11,215  $ 44,804  $ 64,357  $ 40,791  $ 644  $ -  $ 180,349 
Special Mention (7) -  -  -  756  374  1,727  -  -  2,857 
Substandard (8) -  -  200  409  -  87  -  -  696 
Total $ 12,249  $ 6,289  $ 11,415  $ 45,969  $ 64,731  $ 42,605  $ 644  $ -  $ 183,902 
Current period gross charge-off -  -  -  -  -  (201) -  -  (201)
Commercial business
Pass (1-6) $ 6,601  $ 11,813  $ 5,661  $ 7,121  $ 4,595  $ 10,980  $ 48,326  $ -  $ 95,097 
Special Mention (7) 299  61  260  62  18  737  1,331  -  2,768 
Substandard (8) -  87  898  34  124  189  107  -  1,439 
Total $ 6,900  $ 11,961  $ 6,819  $ 7,217  $ 4,737  $ 11,906  $ 49,764  $ -  $ 99,304 
Current period gross charge-off (158) -  (44) -  -  (293) -  -  (495)
Consumer
Pass (1-6) $ 705  $ 58  $ 72  $ 19  $ 16  $ -  $ -  $ -  $ 870 
Substandard (8) -  -  -  -  -  -  -  -  - 
Total $ 705  $ 58  $ 72  $ 19  $ 16  $ -  $ -  $ -  $ 870 
Current period gross charge-off (44) -  -  -  -  (2) -  -  (46)
Manufactured homes
Pass (1-6) $ -  $ -  $ -  $ 1,733  $ 10,383  $ 11,493  $ -  $ -  $ 23,609 
Special Mention (7) -  -  -  -  -  28  -  -  28 
Substandard (8) -  -  -  -  46  25  -  -  71 
Total $ -  $ -  $ -  $ 1,733  $ 10,429  $ 11,546  $ -  $ -  $ 23,708 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Government
Pass (1-6) $ 4,810  $ 2,330  $ -  $ 1,044  $ 1,077  $ 3,037  $ -  $ -  $ 12,298 
Total $ 4,810  $ 2,330  $ -  $ 1,044  $ 1,077  $ 3,037  $ -  $ -  $ 12,298 
Current period gross charge-off -  -  -  -  -  -  -  -  - 
Schedule of Financing Receivable, Modified
The following table shows the amortized cost basis of loans at March 31, 2026 and March 31, 2025, that were both experiencing financial difficulty and modified during the three months ended March 31, 2026 and March 31, 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.
Three Months Ended March 31, 2026
(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 $ 676  $ 1,402  $ -  $ -  0.47 %

Three Months Ended March 31, 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 $ -  $ 172  $ -  $ -  0.04 %

There were no commitments to lend additional amounts to the borrowers included in the previous tables.
The borrowers with term extension have had their payments deferred which resulted in payment relief or 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.
Three Months Ended March 31, 2026
(Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay
(months)
Residential real estate $ -  —  % 3 8
Three Months Ended March 31, 2025
(Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay
(months)
Residential real estate $ -  —  % 7 0
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.
March 31, 2026
(Dollars in thousands) Current 30-59 Days
Past Due		 60-89 Days
 Past Due		 Greater Than 90
Days Past Due
Residential real estate $ 1,834  $ -  $ -  $ - 
Commercial real estate -  389  -  - 
Total $ 1,834  $ 389  $ -  $ - 
March 31, 2025
(Dollars in thousands) Current 30-59 Days
Past Due		 60-89
Days Past
Due		 Greater Than 90
Days Past Due
Residential real estate $ 644  $ 344  $ 125  $ 192 
Total $ 644  $ 344  $ 125  $ 192 
Schedule of Accretable Yield from Financing Receivables
Accretable yield, or income recorded for the three months ended March 31, is as follows:
(Dollars in thousands) Total
2025 $ 230 
2026 183 
Accretable yield, or income expected to be recorded in the future is as follows:
(Dollars in thousands) Total
Remainder of 2026 $ 306 
2027 291 
2028 276 
2029 242 
2030 235 
2031 and thereafter 1,977 
Total $ 3,327 
Schedule of 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 March 31, 2026:
(Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance
Allowance for credit losses:
Residential real estate $ 2,757  $ (5) $ 21  $ 263  $ 3,036 
Home equity 688  -  -  (6) 682 
Commercial real estate 9,152  -  -  (522) 8,630 
Construction and land development 1,114  -  -  547  1,661 
Multifamily 2,078  -  -  3  2,081 
Commercial business 1,583  -  -  (518) 1,065 
Consumer 2  (14) 1  12  1 
Manufactured homes 116  -  -  9  125 
Government 16  -  -  (12) 4 
Total $ 17,506  $ (19) $ 22  $ (224) $ 17,285 
The Company's activity in the allowance for credit losses, by loan segment, is summarized below for the three months ended March 31, 2025:
(Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance
Allowance for credit losses:
Residential real estate $ 4,481  $ -  $ 16  $ (2,055) $ 2,442 
Home equity 835  -  -  (213) 622 
Commercial real estate 6,444  -  4  3,209  9,657 
Construction and land development 2,651  -  -  (1,007) 1,644 
Multifamily 1,003  (46) 10  1,225  2,192 
Commercial business 1,185  (61) 55  55  1,234 
Consumer 5  (12) 1  9  3 
Manufactured homes 252  -  -  (123) 129 
Government 55  -  -  (23) 32 
Total $ 16,911  $ (119) $ 86  $ 1,077  $ 17,955 
Schedule of Collateral Dependent Loans
The table below presents the amortized cost basis of collateral dependent loans, including loans evaluated individually and collectively, and the related ACL allocation, where applicable, in accordance with ASC 326.
(Dollars in thousands) March 31, 2026
Real Estate Equipment/Inventory Accounts Receivable Vehicles Total ACL Allocation
Residential real estate $ 6,797  $ -  $ -  $ -  $ 6,797  $ - 
Home equity 761  -  -  -  761  - 
Commercial real estate 2,234  -  -  -  2,234  - 
Construction and land development 593  -  -  -  593  - 
Multifamily 597  -  -  -  597  - 
Commercial business -  1,126  137  36  1,299  - 
Manufactured homes 90  -  -  -  90  - 
Total $ 11,072  $ 1,126  $ 137  $ 36  $ 12,371  $ - 

(Dollars in thousands) December 31, 2025
Real Estate Equipment/Inventory Accounts Receivable Vehicles Total ACL Allocation
Residential real estate $ 2,185  $ -  $ -  $ -  $ 2,185  $ 39 
Home equity 4  -  -  -  4  - 
Commercial real estate 1,561  -  -  -  1,561  86 
Construction and land development 2,234  -  -  -  2,234  - 
Multifamily 696  -  -  -  696  - 
Commercial business -  1,267  130  42  1,439  138 
Total $ 6,680  $ 1,267  $ 130  $ 42  $ 8,119  $ 263 
Schedule of 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 March 31, 2026 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 $ -  $ 6,797  $ 6,797  $ - 
Home equity -  761  761  - 
Commercial real estate 1,432  802  2,234  - 
Construction and land development 593  -  593  - 
Multifamily 402  195  597  - 
Commercial business 945  354  1,299  - 
Manufactured homes -  90  90  - 
Total $ 3,372  $ 8,999  $ 12,371  $ - 
As of December 31, 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 $ 1,873  $ 4,059  $ 5,932  $ - 
Home equity -  810  810  - 
Commercial real estate 1,158  403  1,561  - 
Construction and land development 653  -  653  - 
Multifamily 696  -  696  - 
Commercial business 391  1,048  1,439  - 
Manufactured homes -  71  71  - 
Total $ 4,771  $ 6,391  $ 11,162  $ - 
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,
March 31, 2026		 Three months ended,
March 31, 2025
Balance, beginning of period $ 1,752  $ 2,739 
Provision for (benefit from) unfunded loan commitments 279  (623)
Balance, end of period $ 2,031  $ 2,116