Loans Receivable (Tables)

v3.25.3

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2025
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Loans consist of the following as of September 30, 2025, and December 31, 2024: (Dollars in thousands) September 30, 2025 December 31, 2024 Loans secured by real estate: Residential real estate $ 450,007  $ 467,293  Home equity 51,813  49,758  Commercial real estate 564,558  551,674  Construction and land development 79,678  82,874  Multifamily 192,698  212,455  Total loans secured by real estate 1,338,754  1,364,054  Commercial business 96,192  104,246  Consumer 348  551  Manufactured homes 24,372  26,708  Government 12,298  11,024  Loans receivable 1,471,964  1,506,583  Add: Net deferred loan origination costs 1,719  2,439  Loan clearing funds 91  (46) Loans receivable, net of deferred fees and costs $ 1,473,774  $ 1,508,976
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 September 30, 2025 Residential real estate $ 4,848  $ 615  $ -  $ 5,463  $ 438,730  $ 444,193  $ 5,814  $ 450,007  Home equity 375  263  -  638  50,294  50,932  881  51,813  Commercial real estate 2,714  6,349  -  9,063  553,431  562,494  2,064  564,558  Construction and land development 811  -  -  811  78,150  78,961  717  79,678  Multifamily 174  491  -  665  190,301  190,966  1,732  192,698  Commercial business 2,041  47  -  2,088  91,420  93,508  2,684  96,192  Consumer -  -  -  -  348  348  -  348  Manufactured homes 81  90  -  171  24,201  24,372  -  24,372  Government -  -  -  -  12,298  12,298  -  12,298  Total $ 11,044  $ 7,855  $ -  $ 18,899  $ 1,439,173  $ 1,458,072  $ 13,892  $ 1,471,964  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
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 September 30, 2025, and December 31, 2024, and gross charge-offs for the nine months ended September 30, 2025, and for the year ended December 31, 2024. September 30, 2025 2025 2024 2023 2022 2021 Prior Revolving Revolving Converted to Term Total Total Loans Receivable $ 96,295  $ 125,770  $ 128,741  $ 272,358  $ 271,138  $ 474,161  $ 102,022  $ 1,479  $ 1,471,964  Total current period gross charge-off $ (33) $ -  $ (44) $ -  $ (2) $ (339) $ -  $ -  $ (418) Residential real estate Pass (1-6) $ 8,909  $ 17,218  $ 28,272  $ 82,991  $ 95,407  $ 202,715  $ 3,465  $ -  $ 438,977  Special Mention (7) -  -  459  1,324  739  2,610  -  -  5,132  Substandard (8) 127  -  869  1,484  528  2,890  -  -  5,898  Total $ 9,036  $ 17,218  $ 29,600  $ 85,799  $ 96,674  $ 208,215  $ 3,465  $ -  $ 450,007  Current period gross charge-off -  -  -  -  -  -  -  -  -  Home equity Pass (1-6) $ 626  $ 94  $ 43  $ 239  $ 51  $ 2,338  $ 46,043  $ 1,032  $ 50,466  Special Mention (7) -  28  7  -  20  74  145  186  460  Substandard (8) -  -  -  -  -  217  409  261  887  Total $ 626  $ 122  $ 50  $ 239  $ 71  $ 2,629  $ 46,597  $ 1,479  $ 51,813  Current period gross charge-off -  -  -  -  -  -  -  -  -  Commercial real estate Pass (1-6) $ 46,040  $ 60,004  $ 63,815  $ 110,836  $ 84,291  $ 176,061  $ 3,367  $ -  $ 544,414  Special Mention (7) 25  873  2,221  4,853  3,423  6,685  -  -  18,080  Substandard (8) -  -  -  826  -  1,238  -  -  2,064  Total $ 46,065  $ 60,877  $ 66,036  $ 116,515  $ 87,714  $ 183,984  $ 3,367  $ -  $ 564,558  Current period gross charge-off -  -  -  -  -  -  -  -  -  Construction and land development Pass (1-6) $ 26,125  $ 26,218  $ 16,188  $ 3,165  $ 1,562  $ 1,010  $ 3,103  $ -  $ 77,371  Substandard (8) -  -  1,002  64  1,241  -  -  -  2,307  Total $ 26,125  $ 26,218  $ 17,190  $ 3,229  $ 2,803  $ 1,010  $ 3,103  $ -  $ 79,678  Current period gross charge-off -  -  -  -  -  -  -  -  -  Multifamily Pass (1-6) $ 4,040  $ 6,317  $ 8,059  $ 54,547  $ 66,642  $ 48,206  $ 346  $ -  $ 188,157  Special Mention (7) 262  -  -  758  375  1,414  -  -  2,809  Substandard (8) -  -  208  417  -  1,107  -  -  1,732  Total $ 4,302  $ 6,317  $ 8,267  $ 55,722  $ 67,017  $ 50,727  $ 346  $ -  $ 192,698  Current period gross charge-off -  -  -  -  -  (46) -  -  (46) Commercial business Pass (1-6) $ 4,972  $ 12,472  $ 6,226  $ 7,795  $ 4,902  $ 11,562  $ 43,819  $ -  $ 91,748  Special Mention (7) 47  64  326  65  24  -  1,234  -  1,760  Substandard (8) 158  87  960  179  128  1,081  91  -  2,684  Total $ 5,177  $ 12,623  $ 7,512  $ 8,039  $ 5,054  $ 12,643  $ 45,144  $ -  $ 96,192  Current period gross charge-off -  -  (44) -  -  (293) -  -  (337) Consumer Pass (1-6) $ 154  $ 65  $ 86  $ 22  $ 21  $ -  $ -  $ -  $ 348  Total $ 154  $ 65  $ 86  $ 22  $ 21  $ -  $ -  $ -  $ 348  Current period gross charge-off (33) -  -  -  (2) -  -  -  (35) Manufactured homes Pass (1-6) $ -  $ -  $ -  $ 1,749  $ 10,707  $ 11,826  $ -  $ -  $ 24,282  Special Mention (7) -  -  -  -  -  90  -  -  $ 90  Substandard (8) -  -  -  -  -  -  -  -  -  Total $ -  $ -  $ -  $ 1,749  $ 10,707  $ 11,916  $ -  $ -  $ 24,372  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 -  -  -  -  -  -  -  -  -  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 -  -  -  -  -  -  -  -  -
Schedule of Financing Receivable, Modified	The following table shows the amortized cost basis of loans at September 30, 2025, that were both experiencing financial difficulty and modified during the three and nine months ended September 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 September 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 $ -  $ 307  $ -  $ -  0.07 % Commercial real estate -  390  -  -  0.07 % Total $ -  $ 697  $ -  $ -  0.05 % For the three months ended September 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 $ 121  $ 332  $ -  $ -  0.10 % Total $ 121  $ 332  $ -  $ -  0.03 % For the nine months ended September 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 $ -  $ 472  $ -  $ -  0.10 % Commercial real estate 135  390  -  -  0.09 % Construction and land development 654  -  -  -  0.82 % Commercial business 1,053  -  -  -  1.09 % Total $ 1,842  $ 862  $ -  $ -  0.18 % For the nine months ended September 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 $ 253  $ 1,807  $ -  $ -  0.44 % Total $ 253  $ 1,807  $ -  $ -  0.14 % The financial effects of payment delay modifications and term extension modifications had a forbearance average of five months and one hundred eighty-seven 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 September 30, 2025 (Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay (months) Residential real estate $ -  —  % 7 - Commercial real estate $ -  —  % 180 - For the three months ended September 30, 2024 (Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay (months) Residential real estate $ -  —  % 4 7 For the nine months ended September 30, 2025 (Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay (months) Residential real estate $ -  —  % 7 - Commercial real estate $ -  —  % 180 5 For the nine months ended September 30, 2024 (Dollars in thousands) Principal Forgiveness Weighted average interest rate reduction Weighted average term extension (months) Payment delay (months) Residential real estate $ -  —  % 4 5 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. September 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 $ 500  $ -  $ 378  $ 315  Home equity 30  -  -  -  Commercial real estate 390  -  -  135  Construction and land development -  -  -  654  Commercial business 2  -  -  1,051  Total $ 922  $ -  $ 378  $ 2,155  September 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 nine months ended September 30, is as follows: (Dollars in thousands) Total 2024 $ 649  2025 610  Accretable yield, or income expected to be recorded in the future is as follows: (Dollars in thousands) Total Remainder of 2025 $ 142  2026 440  2027 296  2028 280  2029 246  2030 and thereafter 2,302  Total $ 3,706
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 September 30, 2025: (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Allowance for credit losses: Residential real estate $ 2,755  $ -  $ 15  $ (22) $ 2,748  Home equity 738  -  -  (56) 682  Commercial real estate 9,150  -  -  86  9,236  Construction and land development 1,495  -  -  (345) 1,150  Multifamily 2,301  -  1  226  2,528  Commercial business 1,603  (276) -  141  1,468  Consumer 2  (14) 6  9  3  Manufactured homes 125  -  -  (9) 116  Government 15  -  -  31  46  Total $ 18,184  $ (290) $ 22  $ 61  $ 17,977  The Company's activity in the allowance for credit losses, by loan segment, is summarized below for the three months ended September 30, 2024: (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Allowance for credit losses: Residential real estate $ 4,297  $ (28) $ 9  $ 170  $ 4,448  Home equity 727  -  -  107  834  Commercial real estate 6,903  -  1  (622) 6,282  Construction and land development 3,067  -  -  (261) 2,806  Multifamily 879  -  -  650  1,529  Commercial business 2,205  (2) 222  (179) 2,246  Consumer 5  (17) 1  16  5  Manufactured homes 157  -  -  90  247  Government 90  -  -  28  118  Total $ 18,330  $ (47) $ 233  $ -  $ 18,516  The Company's activity in the allowance for credit losses, by loan segment, is summarized below for the nine months ended September 30, 2025: (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Allowance for credit losses: Residential real estate $ 4,481  $ -  $ 50  $ (1,783) $ 2,748  Home equity 835  -  -  (153) 682  Commercial real estate 6,444  -  4  2,788  9,236  Construction and land development 2,651  -  -  (1,501) 1,150  Multifamily 1,003  (46) 11  1,560  2,528  Commercial business 1,185  (337) 460  160  1,468  Consumer 5  (35) 7  26  3  Manufactured homes 252  -  -  (136) 116  Government 55  -  -  (9) 46  Total $ 16,911  $ (418) $ 532  $ 952  $ 17,977  The Company's activity in the allowance for credit losses, by loan segment, is summarized below for the nine months ended September 30, 2024: (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance Allowance for credit losses: Residential real estate $ 3,984  $ (28) $ 30  $ 462  $ 4,448  Home equity 698  -  -  136  834  Commercial real estate 7,045  -  3  (766) 6,282  Construction and land development 4,206  -  -  (1,400) 2,806  Multifamily 933  (66) 31  631  1,529  Commercial business 1,649  (2) 230  369  2,246  Consumer 7  (60) 7  51  5  Manufactured homes 181  -  -  66  247  Government 65  -  -  53  118  Total $ 18,768  $ (156) $ 301  $ (397) $ 18,516
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) September 30, 2025 Real Estate Equipment/Inventory Accounts Receivable Vehicles Total ACL Allocation Residential real estate $ 2,970  $ -  $ -  $ -  $ 2,970  $ 40  Home equity 206  -  -  -  206  -  Commercial real estate 2,455  -  -  -  2,455  98  Construction and land development 2,306  -  -  -  2,306  -  Multifamily 1,732  -  -  -  1,732  407  Commercial business -  1,520  942  222  2,684  367  Total $ 9,669  $ 1,520  $ 942  $ 222  $ 12,353  $ 912  (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 219  -  -  -  219  -  Commercial real estate 1,598  -  -  -  1,598  43  Construction and land development 2,285  -  -  -  2,285  -  Multifamily 3,550  -  -  -  3,550  -  Commercial business 712  1,399  1,428  144  3,683  191  Total $ 11,376  $ 1,399  $ 1,428  $ 144  $ 14,347  $ 284
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 September 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 $ 1,705  $ 4,109  $ 5,814  $ -  Home equity 30  851  881  -  Commercial real estate 1,505  559  2,064  -  Construction and land development 717  -  717  -  Multifamily 625  1,107  1,732  -  Commercial business 2,193  491  2,684  -  Total $ 6,775  $ 7,117  $ 13,892  $ -  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, September 30, 2025 Three months ended, September 30, 2024 Balance, beginning of period $ 2,027  $ 3,914  Provision for (benefit from) unfunded loan commitments (361) -  Balance, end of period $ 1,666  $ 3,914  (Dollars in thousands) Nine months ended, September 30, 2025 Nine months ended, September 30, 2024 Balance, beginning of period $ 2,739  $ 3,441  Provision for (benefit from) unfunded loan commitments (1,073) 473  Balance, end of period $ 1,666  $ 3,914