10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: March 31, 2024

or

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                     

Commission File Number: 001-34190

HOME BANCORP, INC.

(Exact name of Registrant as specified in its charter)

Louisiana	71-1051785
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)
503 Kaliste Saloom Road, Lafayette, Louisiana	70508
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (337) 237-1960

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	HBCP	NASDAQ Stock Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

At May 2, 2024, the registrant had 8,128,334 shares of common stock, $0.01 par value, outstanding.

HOME BANCORP, INC. and SUBSIDIARY

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	Page
	Consolidated Statements of Financial Condition	1
	Consolidated Statements of Income	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Changes in Shareholders’ Equity	4
	Consolidated Statements of Cash Flows	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	46
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	47
SIGNATURES		48

i

HOME BANCORP, INC. and SUBSIDIARY

GLOSSARY OF DEFINED TERMS

Below is a listing of certain acronyms, abbreviations and defined terms, among others, used throughout this Quarterly Report on Form 10-Q, including in "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." The terms "we," "our" or "us" refer to Home Bancorp, Inc. and its consolidated subsidiaries, unless the context otherwise requires.

ACL	–	Allowance for credit losses
ALL	–	Allowance for loan losses
AOCI	–	Accumulated other comprehensive income
ASC	–	Accounting Standards Codification
ASU	–	Accounting Standards Update
Bank	–	Home Bank, N. A., a wholly-owned subsidiary of the Company
BOLI	–	Bank-owned life insurance
bps	–	basis points, 100 basis points being equal to 1.0%
BTFP	–	Bank Term Funding Program
C&D	–	Construction and land
C&I	–	Commercial and industrial
CARES Act	–	Coronavirus Aid, Relief, and Economic Security Act
CECL	–	Current expected credit losses
Company	–	Home Bancorp, Inc., a Louisiana corporation and the holding company for Home Bank, N. A.
COVID-19	–	The novel coronavirus
CRE	–	Commercial real estate
EPS	–	Earnings per common share
FASB	–	Financial Accounting Standards Board
FHLB	–	Federal Home Loan Bank
GAAP	–	Generally Accepted Accounting Principles
LTV	–	Loan-to-value
NPA(s)	–	Nonperforming asset(s)
OCI	–	Other comprehensive income
ORE	–	Other real estate
PCD	–	Purchased credit deteriorated
PPP	–	Paycheck Protection Program
SBA	–	U.S. Small Business Association
SEC	–	U.S. Securities and Exchange Commission
TE	–	Taxable equivalent
U.S.	–	United States

ii

HOME BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	(Unaudited)		(Audited)
(dollars in thousands)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	90,475	$	75,831
Interest-bearing deposits in banks	—		99
Investment securities available for sale, at fair value	421,813		433,926
Investment securities held to maturity (fair values of $1,062 and $1,066, respectively)	1,065		1,065
Mortgage loans held for sale	646		361
Loans, net of unearned income	2,621,690		2,581,638
Allowance for loan losses	(31,461)		(31,537)
Total loans, net of unearned income and allowance for loan losses	2,590,229		2,550,101
Office properties and equipment, net	42,341		41,980
Cash surrender value of bank-owned life insurance	47,587		47,321
Goodwill and core deposit intangibles	86,019		86,372
Accrued interest receivable and other assets	77,429		83,066
Total Assets	$	3,357,604	$	3,320,122
Liabilities
Deposits:
Noninterest-bearing	$	742,177	$	744,424
Interest-bearing	1,980,401		1,926,200
Total Deposits	2,722,578		2,670,624
Other borrowings	140,539		5,539
Subordinated debt, net of issuance cost	54,294		54,241
Short-term Federal Home Loan Bank advances	—		150,000
Long-term Federal Home Loan Bank advances	38,607		42,713
Accrued interest payable and other liabilities	29,301		29,561
Total Liabilities	2,985,319		2,952,678
Shareholders’ Equity
Preferred stock, $0.01 par value - 10,000,000 shares authorized; none issued	—		—
Common stock, $0.01 par value - 40,000,000 shares authorized; 8,140,380 and 8,158,281 shares issued and outstanding, respectively	81		81
Additional paid-in capital	166,160		165,823
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP)	(1,607)		(1,696)
Recognition and Retention Plan (RRP)	—		(1)
Retained earnings	241,152		234,619
Accumulated other comprehensive loss	(33,501)		(31,382)
Total Shareholders’ Equity	372,285		367,444
Total Liabilities and Shareholders’ Equity	$	3,357,604	$	3,320,122

 The accompanying Notes are an integral part of these Consolidated Financial Statements.

1

HOME BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
(dollars in thousands, except per share data)	2024		2023
Interest Income
Loans, including fees	$	40,567	$	34,498
Investment securities:
Taxable interest	2,715		2,998
Tax-exempt interest	73		144
Other investments and deposits	771		475
Total interest income	44,126		38,115
Interest Expense
Deposits	12,132		3,240
Other borrowings	1,486		53
Subordinated debt expense	845		851
Short-term Federal Home Loan Bank advances	436		2,259
Long-term Federal Home Loan Bank advances	326		117
Total interest expense	15,225		6,520
Net interest income	28,901		31,595
Provision for loan losses	141		814
Net interest income after provision for loan losses	28,760		30,781
Noninterest Income
Service fees and charges	1,254		1,250
Bank card fees	1,575		1,787
Gain on sale of loans, net	87		57
Income from bank-owned life insurance	266		253
Loss on sale of securities, net	—		(249)
Gain (loss) on sale of assets, net	6		(17)
Other income	361		230
Total noninterest income	3,549		3,311
Noninterest Expense
Compensation and benefits	12,170		12,439
Occupancy	2,454		2,350
Marketing and advertising	466		307
Data processing and communication	2,514		2,321
Professional services	475		364
Forms, printing and supplies	205		187
Franchise and shares tax	488		541
Regulatory fees	469		539
Foreclosed assets and ORE, net	65		(739)
Amortization of acquisition intangible	353		446
Provision for credit losses on unfunded commitments	—		210
Other expenses	1,209		975
Total noninterest expense	20,868		19,940
Income before income tax expense	11,441		14,152
Income tax expense	2,242		2,832
Net Income	$	9,199	$	11,320
Earnings per share:
Basic	$	1.15	$	1.40
Diluted	$	1.14	$	1.39
Cash dividends declared per common share	$	0.25	$	0.25

 The accompanying Notes are an integral part of these Consolidated Financial Statements.

2

HOME BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months Ended March 31,
(dollars in thousands)	2024		2023
Net Income	$	9,199	$	11,320
Other Comprehensive (Loss) Income
Unrealized (losses) gains on available for sale investment securities	(3,160)		7,470
Unrealized gains (losses) on cash flow hedges	478		(716)
Reclassification adjustment for losses included in net income	—		249
Tax effect	563		(1,470)
Other comprehensive (loss) income, net of taxes	(2,119)		5,533
Comprehensive Income (Loss)	$	7,080	$	16,853

 The accompanying Notes are an integral part of these Consolidated Financial Statements.

3

HOME BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(dollars in thousands, except per share data)	Common stock		Additional Paid-in capital		Unallocated Common Stock Held by ESOP		Unallocated Common Stock Held by RRP		Retained Earnings		Accumulated Other Comprehensive Loss		Total
Balance, December 31, 2022	$	83	$	164,942	$	(2,053)	$	(7)	$	206,296	$	(39,307)	$	329,954
Net income									11,320				11,320
Other comprehensive income											5,533		5,533
Purchase of Company’s common stock at cost, 10,199 shares	—		(102)						(233)				(335)
Cash dividends declared, $0.25 per share									(2,072)				(2,072)
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 4,029 shares	—		33						(21)				12
Exercise of stock options	—		85										85
RRP shares released for allocation			(2)				2						—
ESOP shares released for allocation			308		89								397
Share-based compensation cost			206										206
Balance, March 31, 2023	$	83	$	165,470	$	(1,964)	$	(5)	$	215,290	$	(33,774)	$	345,100
Balance, December 31, 2023	$	81	$	165,823	$	(1,696)	$	(1)	$	234,619	$	(31,382)	$	367,444
Net income									9,199				9,199
Other comprehensive loss											(2,119)		(2,119)
Purchase of Company’s common stock at cost, 21,303 shares	—		(213)						(613)				(826)
Cash dividends declared, $0.25 per share									(2,038)				(2,038)
Common Stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, 3,402 shares	—		14						(15)				(1)
Exercise of stock options	—		—										—
RRP shares released for allocation			(1)				1						—
ESOP shares released for allocation			301		89								390
Share-based compensation cost			236										236
Balance, March 31, 2024	$	81	$	166,160	$	(1,607)	$	—	$	241,152	$	(33,501)	$	372,285

The accompanying Notes are an integral part of these Consolidated Financial Statements.

4

HOME BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Three Months Ended March 31,
(dollars in thousands)	2024		2023
Cash flows from operating activities:
Net income	$	9,199	$	11,320
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	141		814
Depreciation	888		894
Amortization and accretion of purchase accounting valuations and intangibles	806		979
Federal Home Loan Bank stock dividends	(213)		(55)
Net amortization of discount on investments	74		135
Amortization of subordinated debt issuance cost	53		60
Gain on sale of securities, net	—		249
Gain on loans sold, net	(87)		(57)
Proceeds, including principal payments, from loans held for sale	9,479		4,339
Originations of loans held for sale	(9,677)		(4,657)
(Gain) loss on sale of assets, net	(6)		17
Non-cash compensation	626		603
Deferred income tax benefit	(24)		(104)
Increase in accrued interest receivable and other assets	(893)		(2,179)
Increase in cash surrender value of bank-owned life insurance	(266)		(253)
Increase (decrease) in accrued interest payable and other liabilities	223		(2,303)
Net cash provided by operating activities	10,323		9,802
Cash flows from investing activities:
Proceeds from maturities, prepayments and calls on securities available for sale	8,879		13,590
Proceeds from sales of securities available for sale	—		13,762
Increase in loans, net	(40,913)		(36,305)
Decrease in interest-bearing deposits in banks	99		—
Proceeds from sale of foreclosed assets	112		413
Purchases of office properties and equipment	(1,250)		(199)
Proceeds from sale of office properties and equipment	8		4
Purchase of Federal Home Loan Bank stock	—		(4,193)
Proceeds from redemption of Federal Home Loan Bank stock	7,335		—
Net cash used in investing activities	(25,730)		(12,928)
Cash flows from financing activities:
Increase (decrease) in deposits, net	52,022		(75,306)
Borrowings on Federal Home Loan Bank advances	490,400		6,261,375
Repayments of Federal Home Loan Bank advances	(644,506)		(6,160,863)
Proceeds from other borrowings	135,000		—
Proceeds from exercise of stock options	—		85
Issuance of stock under incentive plans, net	(1)		12
Dividends paid to shareholders	(2,038)		(2,072)
Purchase of Company’s common stock	(826)		(335)
Net cash provided by financing activities	30,051		22,896
Net change in cash and cash equivalents	14,644		19,770
Cash and cash equivalents, beginning	75,831		87,401
Cash and cash equivalents, ending	$	90,475	$	107,171
Supplementary cash flow information:
Interest paid on deposits and borrowed funds	$	14,200	$	5,493
Income taxes paid	—		—

The accompanying Notes are an integral part of these Consolidated Financial Statements.

5

HOME BANCORP, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. Certain reclassifications have been made to prior period balances to conform to the current period presentation. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023.

Critical Accounting Policies and Estimates

Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could reflect materially different results under different assumptions and conditions. Methodologies the Company uses when applying critical accounting policies and developing critical accounting estimates are included in its Annual Report on Form 10-K for the year ended December 31, 2023.

There have been no material changes from the critical accounting policies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. In preparing its financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 

Reclassifications

Certain reclassifications have been made to prior period balances to conform to the current period presentation.

2. Recent Accounting Pronouncements

Accounting Standards Adopted in 2024

Accounting Standard Update (“ASU”) ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires certain new disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for fiscal years and interim periods after December, 15, 2023, though early adoption is permitted. The adoption of ASU 2022-03 did not have a significant impact on our consolidated financial statements.

ASU 2023-01, Leases (Topic 842): Common Control Arrangements: (“ASU 2023-01”) clarifies the accounting for leasehold improvements associated with common control leases to public business entities. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-01 did not have a significant impact on our Consolidated Financial Statements.

ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”) permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02 did not have a significant impact on our Consolidated Financial Statements.

Issued but Not Yet Adopted Accounting Standards

ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative" ("ASU 2023-06") related to disclosure or presentation requirements for various subtopics in the

6

FASB’s Accounting Standards Codification (“Codification”). The amendments in the update are intended to align the requirements in the Codification with the U.S. Securities and Exchange Commission's (“SEC”) regulations and facilitate the application of GAAP for all entities. The effective date for each amendment is the date on which the SEC removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the requirements by June 30, 2027, this amendment will be removed from the Codification and will not become effective for any entity. Early adoption is prohibited. We do not expect this update to have a material impact on our consolidated financial statements.

ASU No. 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07") primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We do not expect this update to have a material impact on our consolidated financial statements.

ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on our consolidated financial statements.

3. Investment Securities

The following tables summarize the Company’s available for sale and held to maturity investment securities at March 31, 2024 and December 31, 2023.

(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2024
Available for sale:
U.S. agency mortgage-backed	$	307,558	$	9	$	32,881	$	274,686
Collateralized mortgage obligations	81,218		1		3,942		77,277
Municipal bonds	53,784		4		7,692		46,096
U.S. government agency	18,862		—		1,244		17,618
Corporate bonds	6,982		—		846		6,136
Total available for sale	$	468,404	$	14	$	46,605	$	421,813
Held to maturity:
Municipal bonds	$	1,065	$	1	$	4	$	1,062
Total held to maturity	$	1,065	$	1	$	4	$	1,062

(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2023
Available for sale:
U.S. agency mortgage-backed	$	314,569	$	91	$	30,807	$	283,853
Collateralized mortgage obligations	82,764		1		3,503		79,262
Municipal bonds	53,891		4		7,221		46,674
U.S. government agency	19,151		—		1,102		18,049
Corporate bonds	6,982		—		894		6,088
Total available for sale	$	477,357	$	96	$	43,527	$	433,926
Held to maturity:
Municipal bonds	$	1,065	$	1	$	—	$	1,066
Total held to maturity	$	1,065	$	1	$	—	$	1,066

7

The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of March 31, 2024 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities. The Company’s investment securities portfolio had an effective duration of 4.2 years at March 31, 2024 and December 31, 2023.

(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Fair Value
Available for sale:
U.S. agency mortgage-backed	$	45	$	80,734	$	70,788	$	123,119	$	274,686
Collateralized mortgage obligations	466		59,107		519		17,185		77,277
Municipal bonds	—		4,448		25,176		16,472		46,096
U.S. government agency	—		5,120		12,284		214		17,618
Corporate bonds	—		—		6,136		—		6,136
Total available for sale	$	511	$	149,409	$	114,903	$	156,990	$	421,813
Held to maturity:
Municipal bonds	$	—	$	1,062	$	—	$	—	$	1,062
Total held to maturity	$	—	$	1,062	$	—	$	—	$	1,062
(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Amortized Cost
Available for sale:
U.S. agency mortgage-backed	$	45	$	88,034	$	76,367	$	143,112	$	307,558
Collateralized mortgage obligations	470		61,875		549		18,324		81,218
Municipal bonds	—		4,732		29,425		19,627		53,784
U.S. government agency	—		5,180		13,466		216		18,862
Corporate bonds	—		—		6,982		—		6,982
Total available for sale	$	515	$	159,821	$	126,789	$	181,279	$	468,404
Held to maturity:
Municipal bonds	$	—	$	1,065	$	—	$	—	$	1,065
Total held to maturity	$	—	$	1,065	$	—	$	—	$	1,065

Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity.

The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost.

8

The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.

(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
March 31, 2024	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	6,164	$	28	$	267,799	$	32,853	$	273,963	$	32,881
Collateralized mortgage obligations	—		—		77,269		3,942		77,269		3,942
Municipal bonds	1,429		26		44,163		7,666		45,592		7,692
U.S. government agency	3,663		154		13,955		1,090		17,618		1,244
Corporate bonds	—		—		6,136		846		6,136		846
Total available for sale	$	11,256	$	208	$	409,322	$	46,397	$	420,578	$	46,605
Held to maturity:
Municipal bonds	$	531	$	4	$	—	$	—	$	531	$	4
Total held to maturity	$	531	$	4	$	—	$	—	$	531	$	4

(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
December 31, 2023	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	4,033	$	10	$	273,128	$	30,797	$	277,161	$	30,807
Collateralized mortgage obligations	—		—		79,253		3,503		79,253		3,503
Municipal bonds	519		3		44,195		7,218		44,714		7,221
U.S. government agency	3,760		117		14,289		985		18,049		1,102
Corporate bonds	—		—		6,088		894		6,088		894
Total available for sale	$	8,312	$	130	$	416,953	$	43,397	$	425,265	$	43,527
Held to maturity:
Municipal bonds	$	—	$	—	$	—	$	—	$	—	$	—
Total held to maturity	$	—	$	—	$	—	$	—	$	—	$	—

At March 31, 2024, 291 of the Company’s debt securities had unrealized losses totaling 10.0% of the individual securities’ amortized cost basis and 9.9% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 280 of the 291 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at March 31, 2024.

At March 31, 2024, it was determined that no ACL was required for the Company's held-to-maturity investment securities. The Company monitors credit quality of debt securities held-to-maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at March 31, 2024 and December 31, 2023.

	Credit Ratings
(dollars in thousands)	AAA/AA/A		BBB/BB/B		Total
March 31, 2024
Held to maturity:
Municipal bonds	$	1,065	$	—	$	1,065

9

	Credit Ratings
(dollars in thousands)	AAA/AA/A		BBB/BB/B		Total
December 31, 2023
Held to maturity:
Municipal bonds	$	1,065	$	—	$	1,065

For the three months ended March 31, 2024, there were no gross gains or losses related to the sale of investment securities. For the three months ended March 31, 2023, the Company recorded gross gains of $98,000 and gross losses of $347,000 related to the sale of investment securities.

Accrued interest receivable on the Company's investment securities was $1,311,000 and $1,563,000 at March 31, 2024 and December 31, 2023, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

At March 31, 2024 and December 31, 2023, the Company had $135,483,000 and $127,172,000, respectively, of securities pledged to secure public deposits. In addition at March 31, 2024, the Company had $135,000,000 of securities pledged to BTFP borrowings. There were no securities pledged to BTFP borrowings at December 31, 2023,

4. Earnings Per Share

Earnings per common share was computed based on the following:

	Three Months Ended March 31,
(in thousands, except per share data)	2024		2023
Numerator:
Net income available to common shareholders	$	9,199	$	11,320
Denominator:
Weighted average common shares outstanding	7,984		8,088
Effect of dilutive securities:
Restricted stock	31		21
Stock options	24		28
Weighted average common shares outstanding – assuming dilution	8,039		8,137
Basic earnings per common share	$	1.15	$	1.40
Diluted earnings per common share	$	1.14	$	1.39

Options for 58,392 and 63,558 shares of common stock were not included in the computation of diluted EPS for the three months ended March 31, 2024 and 2023, respectively, because the effect of those shares was anti-dilutive.

10

5. Credit Quality and Allowance for Credit Losses

The Company’s loans, net of unearned income, consisted of the following as of the dates indicated.

(dollars in thousands)	March 31, 2024		December 31, 2023
Real estate loans:
One- to four-family first mortgage	$	436,659	$	433,401
Home equity loans and lines	70,377		68,977
Commercial real estate	1,221,573		1,192,691
Construction and land	334,324		340,724
Multi-family residential	118,748		107,263
Total real estate loans	2,181,681		2,143,056
Other loans:
Commercial and industrial	407,730		405,659
Consumer	32,279		32,923
Total other loans	440,009		438,582
Total loans	$	2,621,690	$	2,581,638

The net discount on the Company’s acquired loans was $3,820,000 and $4,340,000 at March 31, 2024 and December 31, 2023, respectively. In addition, loan balances as of March 31, 2024 and December 31, 2023 are reported net of unearned income of $5,227,000 and $5,321,000, respectively.

Accrued interest receivable on the Company's loans was $12,748,000 and $11,986,000 at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of the ACL. Those amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

Allowance for Credit Losses

The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows.

	March 31, 2024
(dollars in thousands)	Collectively Evaluated		Individually Evaluated		Total
Allowance for credit losses:
One- to four-family first mortgage	$	3,275	$	—	$	3,275
Home equity loans and lines	701		—		701
Commercial real estate	14,863		200		15,063
Construction and land	5,287		—		5,287
Multi-family residential	584		—		584
Commercial and industrial	5,733		73		5,806
Consumer	745		—		745
Total allowance for loan losses	$	31,188	$	273	$	31,461
Unfunded lending commitments(1)	$	2,594	$	—	$	2,594
Total allowance for credit losses	$	33,782	$	273	$	34,055

11

	March 31, 2024
(dollars in thousands)	Collectively Evaluated		Individually Evaluated(2)		Total
Loans:
One- to four-family first mortgage	$	436,659	$	—	$	436,659
Home equity loans and lines	70,377		—		70,377
Commercial real estate	1,217,734		3,839		1,221,573
Construction and land	334,324		—		334,324
Multi-family residential	118,748		—		118,748
Commercial and industrial	407,638		92		407,730
Consumer	32,279		—		32,279
Total loans	$	2,617,759	$	3,931	$	2,621,690

12

	December 31, 2023
(dollars in thousands)	Collectively Evaluated		Individually Evaluated		Total
Allowance for credit losses:
One- to four-family first mortgage	$	3,255	$	—	$	3,255
Home equity loans and lines	688		—		688
Commercial real estate	14,604		201		14,805
Construction and land	5,292		123		5,415
Multi-family residential	474		—		474
Commercial and industrial	6,071		95		6,166
Consumer	734		—		734
Total allowance for loan losses	$	31,118	$	419	$	31,537
Unfunded lending commitments(1)	$	2,594	$	—	$	2,594
Total allowance for credit losses	$	33,712	$	419	$	34,131
	December 31, 2023
(dollars in thousands)	Collectively Evaluated		Individually Evaluated(2)		Total
Loans:
One- to four-family first mortgage	$	433,401	$	—	$	433,401
Home equity loans and lines	68,977		—		68,977
Commercial real estate	1,188,734		3,957		1,192,691
Construction and land	340,577		147		340,724
Multi-family residential	107,263		—		107,263
Commercial and industrial	405,547		112		405,659
Consumer	32,923		—		32,923
Total loans	$	2,577,422	$	4,216	$	2,581,638

(1)The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition.

(2)One PCD loan was individually evaluated at March 31, 2024 and December 31, 2023, respectively.

13

A summary of activity in the ACL for the three months ended March 31, 2024 and March 31, 2023 follows.

 

	Three Months Ended March 31, 2024
(dollars in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Reversal)		Ending Balance
Allowance for credit losses:
One- to four-family first mortgage	$	3,255	$	—	$	—	$	20	$	3,275
Home equity loans and lines	688		—		1		12		701
Commercial real estate	14,805		—		—		258		15,063
Construction and land	5,415		(124)		—		(4)		5,287
Multi-family residential	474		—		—		110		584
Commercial and industrial	6,166		(64)		15		(311)		5,806
Consumer	734		(53)		8		56		745
Total allowance for loan losses	$	31,537	$	(241)	$	24	$	141	$	31,461
Unfunded lending commitments	$	2,594	$	—	$	—	$	—	$	2,594
Total allowance for credit losses	$	34,131	$	(241)	$	24	$	141	$	34,055

	Three Months Ended March 31, 2023
(dollars in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Reversal)		Ending Balance
Allowance for credit losses:
One- to four-family first mortgage	$	2,883	$	—	$	6	$	467	$	3,356
Home equity loans and lines	624		—		1		128		753
Commercial real estate	13,814		—		—		(20)		13,794
Construction and land	4,680		—		—		241		4,921
Multi-family residential	572		—		—		36		608
Commercial and industrial	6,024		(56)		81		(75)		5,974
Consumer	702		(37)		10		37		712
Total allowance for loan losses	$	29,299	$	(93)	$	98	$	814	$	30,118
Unfunded lending commitments	$	2,093	$	—	$	—	$	210	$	2,303
Total allowance for credit losses	$	31,392	$	(93)	$	98	$	1,024	$	32,421

14

Credit Quality

The following tables present the Company’s loan portfolio by credit quality classification and origination year as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Term Loans by Origination Year
(dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
One- to four-family first mortgage:
Pass	$	17,139	$	93,033	$	102,250	$	70,796	$	32,577	$	111,126	$	2,347	$	220	$	429,488
Special Mention	—		149		496		187		—		33		—		—		865
Substandard	61		700		2,159		199		416		2,771		—		—		6,306
Doubtful	—		—		—		—		—		—		—		—		—
Total one- to four-family first mortgages	$	17,200	$	93,882	$	104,905	$	71,182	$	32,993	$	113,930	$	2,347	$	220	$	436,659
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity loans and lines:
Pass	$	539	$	1,794	$	1,579	$	1,190	$	687	$	4,082	$	58,606	$	1,659	$	70,136
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		27		—		—		142		29		43		241
Doubtful	—		—		—		—		—		—		—		—		—
Total home equity loans and lines	$	539	$	1,794	$	1,606	$	1,190	$	687	$	4,224	$	58,635	$	1,702	$	70,377
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	42,842	$	166,881	$	286,394	$	251,284	$	181,044	$	231,109	$	44,560	$	352	$	1,204,466
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		2,147		1,765		2,625		10,570		—		—		17,107
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial real estate loans	$	42,842	$	166,881	$	288,541	$	253,049	$	183,669	$	241,679	$	44,560	$	352	$	1,221,573
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land:
Pass	$	20,128	$	114,405	$	139,498	$	24,321	$	5,764	$	11,969	$	5,538	$	1,169	$	322,792
Special Mention	—		1,620		164		4,635		145		1		—		—		6,565
Substandard	—		—		462		421		—		37		4,047		—		4,967
Doubtful	—		—		—		—		—		—		—		—		—
Total construction and land loans	$	20,128	$	116,025	$	140,124	$	29,377	$	5,909	$	12,007	$	9,585	$	1,169	$	334,324
Current period gross charge-offs	$	—	$	—	$	124	$	—	$	—	$	—	$	—	$	—	$	124

15

	March 31, 2024
	Term Loans by Origination Year
(dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Multi-family residential:
Pass	$	8,144	$	18,096	$	37,937	$	13,631	$	19,042	$	15,576	$	523	$	1,366	$	114,315
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		3,503		930		—		4,433
Doubtful	—		—		—		—		—		—		—		—		—
Total multi-family residential loans	$	8,144	$	18,096	$	37,937	$	13,631	$	19,042	$	19,079	$	1,453	$	1,366	$	118,748
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial:
Pass	$	13,064	$	71,325	$	74,675	$	26,972	$	9,644	$	6,901	$	194,563	$	7,642	$	404,786
Special Mention	—		—		746		—		264		138		—		—		1,148
Substandard	1,389		—		124		22		7		82		92		80		1,796
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial and industrial loans	$	14,453	$	71,325	$	75,545	$	26,994	$	9,915	$	7,121	$	194,655	$	7,722	$	407,730
Current period gross charge-offs	$	—	$	—	$	—	$	32	$	—	$	—	$	32	$	—	$	64
Consumer:
Pass	$	1,598	$	4,958	$	5,250	$	710	$	780	$	10,470	$	8,175	$	60	$	32,001
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		8		—		7		—		263		—		—		278
Doubtful	—		—		—		—		—		—		—		—		—
Total consumer loans	$	1,598	$	4,966	$	5,250	$	717	$	780	$	10,733	$	8,175	$	60	$	32,279
Current period gross charge-offs	$	—	$	19	$	21	$	—	$	—	$	8	$	5	$	—	$	53
Total loans:
Pass	$	103,454	$	470,492	$	647,583	$	388,904	$	249,538	$	391,233	$	314,312	$	12,468	$	2,577,984
Special Mention	—		1,769		1,406		4,822		409		172		—		—		8,578
Substandard	1,450		708		4,919		2,414		3,048		17,368		5,098		123		35,128
Doubtful	—		—		—		—		—		—		—		—		—
Total loans	$	104,904	$	472,969	$	653,908	$	396,140	$	252,995	$	408,773	$	319,410	$	12,591	$	2,621,690
Current period gross charge-offs	$	—	$	19	$	145	$	32	$	—	$	8	$	37	$	—	$	241

16

	December 31, 2023
	Term Loans by Origination Year
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
One- to four-family first mortgage:
Pass	$	94,465	$	106,417	$	72,594	$	33,588	$	27,677	$	91,706	$	3,059	$	458	$	429,964
Special Mention	149		497		188		—		—		34		—		—		868
Substandard	—		165		117		306		60		1,921		—		—		2,569
Doubtful	—		—		—		—		—		—		—		—		—
Total one- to four-family first mortgages	$	94,614	$	107,079	$	72,899	$	33,894	$	27,737	$	93,661	$	3,059	$	458	$	433,401
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	12	$	—	$	—	$	12
Home equity loans and lines:
Pass	$	1,864	$	1,652	$	1,231	$	760	$	1,117	$	3,138	$	57,768	$	1,240	$	68,770
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		150		29		28		207
Doubtful	—		—		—		—		—		—		—		—		—
Total home equity loans and lines	$	1,864	$	1,652	$	1,231	$	760	$	1,117	$	3,288	$	57,797	$	1,268	$	68,977
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	161,755	$	292,494	$	252,109	$	184,935	$	137,154	$	104,533	$	44,225	$	855	$	1,178,060
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		16		1,441		2,652		5,490		5,032		—		—		14,631
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial real estate loans	$	161,755	$	292,510	$	253,550	$	187,587	$	142,644	$	109,565	$	44,225	$	855	$	1,192,691
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	29	$	—	$	—	$	29
Construction and land:
Pass	$	121,389	$	150,667	$	33,247	$	6,641	$	7,672	$	4,567	$	5,439	$	—	$	329,622
Special Mention	929		164		4,635		146		—		—		—		—		5,874
Substandard	—		609		528		—		—		44		4,047		—		5,228
Doubtful	—		—		—		—		—		—		—		—		—
Total construction and land loans	$	122,318	$	151,440	$	38,410	$	6,787	$	7,672	$	4,611	$	9,486	$	—	$	340,724
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family residential:
Pass	$	14,907	$	37,228	$	11,843	$	21,558	$	12,548	$	3,213	$	2,463	$	—	$	103,760
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		3,503		—		—		3,503

17

	December 31, 2023
	Term Loans by Origination Year
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Doubtful	—		—		—		—		—		—		—		—		—
Total multi-family residential loans	$	14,907	$	37,228	$	11,843	$	21,558	$	12,548	$	6,716	$	2,463	$	—	$	107,263
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial:
Pass	$	73,674	$	79,886	$	30,412	$	10,674	$	4,954	$	3,386	$	191,946	$	7,800	$	402,732
Special Mention	—		784		—		264		—		138		—		—		1,186
Substandard	1,389		38		54		7		2		100		129		22		1,741
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial and industrial loans	$	75,063	$	80,708	$	30,466	$	10,945	$	4,956	$	3,624	$	192,075	$	7,822	$	405,659
Current period gross charge-offs	$	—	$	—	$	—	$	124	$	7	$	—	$	124	$	—	$	255
Consumer:
Pass	$	5,941	$	5,734	$	872	$	887	$	359	$	10,698	$	8,068	$	75	$	32,634
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		13		7		—		7		262		—		—		289
Doubtful	—		—		—		—		—		—		—		—		—
Total consumer loans	$	5,941	$	5,747	$	879	$	887	$	366	$	10,960	$	8,068	$	75	$	32,923
Current period gross charge-offs	$	3	$	34	$	3	$	6	$	—	$	4	$	125	$	—	$	175
Total loans:
Pass	$	473,995	$	674,078	$	402,308	$	259,043	$	191,481	$	221,241	$	312,968	$	10,428	$	2,545,542
Special Mention	1,078		1,445		4,823		410		—		172		—		—		7,928
Substandard	1,389		841		2,147		2,965		5,559		11,012		4,205		50		28,168
Doubtful	—		—		—		—		—		—		—		—		—
Total loans	$	476,462	$	676,364	$	409,278	$	262,418	$	197,040	$	232,425	$	317,173	$	10,478	$	2,581,638
Current period gross charge-offs	$	3	$	34	$	3	$	130	$	7	$	45	$	249	$	—	$	471

18

The above classifications follow regulatory guidelines and can generally be described as follows:

•Pass loans are of satisfactory quality.

•Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values.

•Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial performance. Such loans may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary.

•Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable.

In addition, residential loans are classified using an inter-agency regulatory methodology that incorporates, among other factors, the extent of delinquencies and loan-to-value ratios. These classifications were the most current available as of the dates indicated and were generally updated within the quarter.

Age analysis of past due loans as of the dates indicated are as follows.

	March 31, 2024
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage	$	873	$	1,628	$	1,942	$	4,443	$	360,732	$	365,175
Home equity loans and lines	—		66		29		95		62,764		62,859
Commercial real estate	2,903		15		1,065		3,983		953,976		957,959
Construction and land	302		—		4,930		5,232		304,061		309,293
Multi-family residential	3,437		—		930		4,367		110,752		115,119
Total real estate loans	7,515		1,709		8,896		18,120		1,792,285		1,810,405
Other loans:
Commercial and industrial	414		51		155		620		378,456		379,076
Consumer	73		13		97		183		29,821		30,004
Total other loans	487		64		252		803		408,277		409,080
Total originated loans	$	8,002	$	1,773	$	9,148	$	18,923	$	2,200,562	$	2,219,485
Acquired loans:
Real estate loans:
One- to four-family first mortgage	$	1,207	$	237	$	889	$	2,333	$	69,151	$	71,484
Home equity loans and lines	18		—		—		18		7,500		7,518
Commercial real estate	58		—		—		58		263,556		263,614
Construction and land	—		—		8		8		25,023		25,031
Multi-family residential	—		—		—		—		3,629		3,629
Total real estate loans	1,283		237		897		2,417		368,859		371,276
Other loans:
Commercial and industrial	15		346		1		362		28,292		28,654
Consumer	—		7		42		49		2,226		2,275
Total other loans	15		353		43		411		30,518		30,929
Total acquired loans	$	1,298	$	590	$	940	$	2,828	$	399,377	$	402,205
Total loans:
Real estate loans:
One- to four-family first mortgage	$	2,080	$	1,865	$	2,831	$	6,776	$	429,883	$	436,659
Home equity loans and lines	18		66		29		113		70,264		70,377

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	March 31, 2024
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Commercial real estate	2,961		15		1,065		4,041		1,217,532		1,221,573
Construction and land	302		—		4,938		5,240		329,084		334,324
Multi-family residential	3,437		—		930		4,367		114,381		118,748
Total real estate loans	8,798		1,946		9,793		20,537		2,161,144		2,181,681
Other loans:
Commercial and industrial	429		397		156		982		406,748		407,730
Consumer	73		20		139		232		32,047		32,279
Total other loans	502		417		295		1,214		438,795		440,009
Total loans	$	9,300	$	2,363	$	10,088	$	21,751	$	2,599,939	$	2,621,690

	December 31, 2023
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage	$	2,867	$	978	$	331	$	4,176	$	354,694	$	358,870
Home equity loans and lines	143		—		35		178		61,105		61,283
Commercial real estate	112		769		—		881		922,843		923,724
Construction and land	432		1		1,136		1,569		312,710		314,279
Multi-family residential	—		—		—		—		103,598		103,598
Total real estate loans	3,554		1,748		1,502		6,804		1,754,950		1,761,754
Other loans:
Commercial and industrial	325		11		189		525		376,739		377,264
Consumer	404		131		—		535		29,947		30,482
Total other loans	729		142		189		1,060		406,686		407,746
Total originated loans	$	4,283	$	1,890	$	1,691	$	7,864	$	2,161,636	$	2,169,500
Acquired loans:
Real estate loans:
One- to four-family first mortgage	$	1,543	$	497	$	467	$	2,507	$	72,024	$	74,531
Home equity loans and lines	19		1		—		20		7,674		7,694
Commercial real estate	—		2,645		—		2,645		266,322		268,967
Construction and land	—		—		15		15		26,430		26,445
Multi-family residential	—		—		—		—		3,665		3,665
Total real estate loans	1,562		3,143		482		5,187		376,115		381,302
Other loans:
Commercial and industrial	271		—		32		303		28,092		28,395
Consumer	12		12		55		79		2,362		2,441
Total other loans	283		12		87		382		30,454		30,836
Total acquired loans	$	1,845	$	3,155	$	569	$	5,569	$	406,569	$	412,138
Total loans:
Real estate loans:
One- to four-family first mortgage	$	4,410	$	1,475	$	798	$	6,683	$	426,718	$	433,401

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	December 31, 2023
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Home equity loans and lines	162		1		35		198		68,779		68,977
Commercial real estate	112		3,414		—		3,526		1,189,165		1,192,691
Construction and land	432		1		1,151		1,584		339,140		340,724
Multi-family residential	—		—		—		—		107,263		107,263
Total real estate loans	5,116		4,891		1,984		11,991		2,131,065		2,143,056
Other loans:
Commercial and industrial	596		11		221		828		404,831		405,659
Consumer	416		143		55		614		32,309		32,923
Total other loans	1,012		154		276		1,442		437,140		438,582
Total loans	$	6,128	$	5,045	$	2,260	$	13,433	$	2,568,205	$	2,581,638

There were $4,978,000 and $0 of loans greater than 90 days past due and accruing at March 31, 2024 and December 31, 2023, respectively.

The following tables summarize information pertaining to nonaccrual loans as of dates indicated.

	March 31, 2024
(dollars in thousands)		With Related Allowance		Without Related Allowance		Total
Nonaccrual loans(1):
One- to four-family first mortgage		$	5,795	$	—	$	5,795
Home equity loans and lines		242		—		242
Commercial real estate		5,279		2,471		7,750
Construction and land		920		—		920
Multi-family residential		—		—		—
Commercial and industrial		386		—		386
Consumer		278		—		278
Total		$	12,900	$	2,471	$	15,371
	December 31, 2023
(dollars in thousands)		With Related Allowance		Without Related Allowance		Total
Nonaccrual loans(1):
One- to four-family first mortgage		$	1,600	$	—	$	1,600
Home equity loans and lines		208		—		208
Commercial real estate		2,655		2,548		5,203
Construction and land		1,181		—		1,181
Multi-family residential		—		—		—
Commercial and industrial		331		—		331
Consumer		291		—		291
Total		$	6,266	$	2,548	$	8,814

(1)Nonaccrual acquired loans include PCD loans of $1,368,000 and $1,410,000 at March 31, 2024 and December 31, 2023, respectively.

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All interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. All payments received while on nonaccrual status are applied against the principal balance of nonaccrual loans. The Company does not recognize interest income while loans are on nonaccrual status.

Collateral Dependent Loans

The Company held loans that were individually evaluated for credit losses at March 31, 2024 and December 31, 2023 for which the repayment, on the basis of our assessment at the reporting date, is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. The ACL for these collateral-dependent loans is primarily based on the fair value of the underlying collateral at the reporting date. The following describes the types of collateral that secure collateral dependent loans:

•One- to four-family first mortgages are primarily secured by first liens on residential real estate.

•Home equity loans and lines are primarily secured by first and junior liens on residential real estate.

•Commercial real estate loans are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants.

•Construction and land loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land.

•Commercial and industrial loans considered collateral dependent are primarily secured by accounts receivable, inventory and equipment.

The tables below summarize collateral dependent loans and the related ACL at March 31, 2024 and December 31, 2023.

	March 31, 2024
(dollars in thousands)	Loans		ACL
One- to four-family first mortgage	$	—	$	—
Home equity loans and lines	—		—
Commercial real estate	3,839		200
Construction and land	—		—
Multi-family residential	—		—
Commercial and industrial	92		73
Consumer	—		—
Total	$	3,931	$	273
	December 31, 2023
(dollars in thousands)	Loans		ACL
One- to four-family first mortgage	$	—	$	—
Home equity loans and lines	—		—
Commercial real estate	3,957		201
Construction and land	147		123
Multi-family residential	—		—
Commercial and industrial	112		95
Consumer	—		—
Total	$	4,216	$	419

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

Occasionally, the Company modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, interest only for a specified period of time, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off. The balance of loan

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modifications, segregated by type of modification, to borrowers experiencing financial difficulty are set forth in the table below for the periods indicated.

	Three Months Ended March 31, 2024
(dollars in thousands)	Payment Deferral		Principal Forgiveness		Term Extension		Interest Rate Reduction		Combination Term Extension and Principal Forgiveness		Combination Term Extension and Interest Rate Reduction		Percent of Total Class of Loans
One-to four-family first mortgage	$	—	$	—	$	668	$	—	$	—	$	—	0.2	%
Home equity loans and lines	—		—		—		—		—		—		—
Commercial real estate	—		—		1,081		—		—		—		0.1
Construction and land	—		—		29		—		—		—		—
Multi-family residential	—		—		—		—		—		—		—
Commercial and industrial	—		—		—		—		—		—		—
Consumer	—		—		—		—		—		—		—
Total	$	—	$	—	$	1,778	$	—	$	—	$	—	0.1	%

	Three Months Ended March 31, 2023
(dollars in thousands)	Payment Deferral		Principal Forgiveness		Term Extension		Interest Rate Reduction		Combination Term Extension and Principal Forgiveness		Combination Term Extension and Interest Rate Reduction		Percent of Total Class of Loans
One-to four-family first mortgage	$	—	$	—	$	232	$	—	$	—	$	—	0.1	%
Home equity loans and lines	—		—		—		—		—		—		—
Commercial real estate	—		—		1,319		—		—		—		0.1
Construction and land	—		—		33		—		—		—		—
Multi-family residential	—		—		—		—		—		—		—
Commercial and industrial	—		—		1,569		—		—		—		0.4
Consumer	—		—		—		—		—		—		—
Total	$	—	$	—	$	3,153	$	—	$	—	$	—	0.1	%

During the three months ended March 31, 2024 and 2023, no loan experienced a default subsequent to being granted a payment deferral or term extension. Default is defined as movement to past due 90 days, foreclosure or charge-off, whichever occurs first.

The following table details the financial impacts of loan modifications made to borrowers experiencing financial difficulty for the periods presented.

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	March 31, 2024		March 31, 2023
	Minimum Term Extensions (in months)	Maximum Term Extensions (in months)	Minimum Term Extensions (in months)	Maximum Term Extensions (in months)
One-to four-family first mortgage	12	96	12	12
Home equity loans and lines	0	0	0	0
Commercial real estate	12	12	12	12
Construction and land	12	12	12	12
Multi-family residential	0	0	0	0
Commercial and industrial	0	0	10	10
Consumer	0	0	0	0

The table below reflects the performance of loans that have been modified in the last 12 months.

(dollars in thousands)	30-89 Days Past Due		90+ Days Past Due		Nonaccrual		Current		Total
March 31, 2024
One-to four-family first mortgage	$	—	$	—	$	—	$	1,499	$	1,499
Home equity loans and lines	—		—		—		57		57
Commercial real estate	—		—		—		1,360		1,360
Construction and land	—		—		—		29		29
Multi-family residential	—		—		—		—		—
Commercial and industrial	—		—		—		1,389		1,389
Consumer	—		—		—		—		—
Total	$	—	$	—	$	—	$	4,334	$	4,334

The loan modifications reported in the table above did not significantly impact the Company's allowance for loan losses during 2024.

Foreclosed Assets and ORE

Foreclosed assets and ORE include real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE totaled $1,601,000 and $1,575,000 at March 31, 2024 and December 31, 2023, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

The carrying amount of foreclosed residential real estate properties held at March 31, 2024 and December 31, 2023 totaled $141,000 and $115,000, respectively. Loans secured by single family residential real estate that were in the process of foreclosure at March 31, 2024 and December 31, 2023 totaled $809,000 and $517,000, respectively.

6. Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives

The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.

The Company’s existing credit derivatives result from loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. The agreements, which

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are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of credit risk participations and customer derivative positions.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. As part of its efforts to accomplish this objective, the Company entered into certain interest rate swap agreements as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable rate liabilities.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate liabilities. During the next twelve months, the Company estimates that an additional $2,086,000 will be reclassified as additional interest expense.

Non-designated Hedges

The Company’s existing credit derivatives result from participations in interest rate swaps provided by external lenders as part of loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.

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Fair Values of Derivative Instruments

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Derivative Assets(1)				Derivative Liabilities(1)
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities	$	60,000	$	4,392	$	—	$	—
Derivatives not designated as hedging instruments:
Risk participation agreements	—		—		11,736		2
Netting adjustments			—				—
Net derivative amounts			$	4,392			$	2
	December 31, 2023
	Derivative Assets(1)				Derivative Liabilities(1)
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities	$	60,000	$	3,914	$	—	$	—
Derivatives not designated as hedging instruments:
Risk participation agreements	—		—		11,797		3
Netting adjustments			—				—
Net derivative amounts			$	3,914			$	3

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

At March 31, 2024 and December 31, 2023, accumulated unrealized gains, net of taxes, on derivative instruments totaled $3,306,000 and $2,928,000, respectively.

Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income

The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of March 31, 2024 and March 31, 2023.

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	Three Months Ended March 31, 2024
	Amount of Gain Recognized in OCI				Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
(dollars in thousands)	Total		Included Component			Total		Included Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities	$	1,084	$	1,084	Interest income	$	606	$	606

	Three Months Ended March 31, 2023
	Amount of Loss Recognized in OCI				Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
(dollars in thousands)	Total		Included Component			Total		Included Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities	$	(295)	$	(295)	Interest income	$	421	$	421

Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of March 31, 2024 and March 31, 2023.

(dollars in thousands)	Location of Income Recognized on Non-designated Hedges	Three Months Ended March 31, 2024
Effects of non-designated hedges
Risk participation agreements	Other noninterest income	$	2
(dollars in thousands)	Location of Income Recognized on Non-designated Hedges	Three Months Ended March 31, 2023
Effects of non-designated hedges
Risk participation agreements	Other noninterest income	$	(1)

Credit-risk-related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision to the effect that, if the Company (either) defaults (or is capable of being declared in default) on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

The Company has agreements with certain of its derivative counterparties that contain a provision to the effect that, if the Company fails to maintain its status as a well or adequately capitalized institution, then the Company could be required to post additional collateral.

As of March 31, 2024, there were no derivatives with credit-risk-related contingent features in a net liability position. Such derivatives are measured at fair value, which includes accrued interest but excludes any adjustment for nonperformance risk. If the Company had breached any provisions at March 31, 2024, it would not have been required to settle any obligations under the agreements since the termination value was $0.

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7. Long-term Debt and Borrowings

Subordinated Debt

On June 30, 2022, the Company issued $55,000,000 in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes (the "Notes") due 2032. The Notes were issued at a price equal to 100% of the aggregate principal amount. The Notes have a stated maturity date of June 30, 2032 and bear interest at a fixed rate of 5.75% per year from and including the issue date to but excluding June 30, 2027. From June 30, 2027, the Notes will bear interest at a floating rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 282 basis points. The Notes may be redeemed by the Company, in whole or in part, on or after June 30, 2027. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

The carrying value of subordinated debt was $54,294,000 and $54,241,000 at March 31, 2024 and December 31, 2023, respectively. The subordinated debt was recorded net of issuance costs which is being amortized using the straight-line method over five years.

Other Borrowings

On March 12, 2023, the Federal Reserve Board created the BTFP, which offers loans to banks with a term up to one year with no prepayment penalty. The loans are secured by pledging qualifying securities and are valued at par for collateral. In 2024, the Bank participated in the BTFP and had an outstanding debt of $135.0 million at March 31, 2024. The average balance of other borrowings, which included the BTFP loan was $126.0 million for the first quarter of 2024, up $120.4 million compared to the first quarter of 2023.

Federal Home Loan Bank Advances

The average balance of total FHLB advances was $71.7 million for the first quarter of 2024, down $143.8 million compared to the first quarter of 2023.

The Company had no short-term FHLB advances as of March 31, 2024 compared to $150.0 million as of December 31, 2023. At March 31, 2024 and December 31, 2023, the Company had $38.6 million and $42.7 million in long-term FHLB advances, respectively, and $1.1 billion and $1.0 billion in additional FHLB advances available, respectively.

8. Fair Value Measurements and Disclosures

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures. Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels used to measure fair value are as follows:

•Level 1 – Quoted prices in active markets for identical assets or liabilities.

•Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level that is significant to the fair value measurement. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities quarterly.

Recurring Basis

Investment Securities Available for Sale

Fair values of investment securities available for sale are primarily measured using information from a third-party pricing service. This pricing service provides pricing information by utilizing pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark

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securities bids, offers and other reference data from market research publications. If quoted prices are available in an active market, investment securities are classified as Level 1 measurements. If quoted prices are not available in an active market, fair values are estimated primarily by the use of pricing models. Level 2 investment securities are primarily comprised of mortgage-backed securities issued by government agencies and U.S. government-sponsored enterprises. In certain cases, where there is limited or less transparent information provided by the Company’s third-party pricing service, fair value is estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. Investment securities are classified within Level 3 when little or no market activity supports the fair value.

Management primarily identifies investment securities which may have traded in illiquid or inactive markets, by identifying instances of a significant decrease in the volume and frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Investment securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. For example, management may use quoted prices for similar investment securities in the absence of a liquid and active market for the investment securities being valued. As of March 31, 2024, management did not make adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets.

Derivative Assets and Liabilities

Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The fair value of these derivative financial instruments is obtained from a third-party pricing service that uses widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company has determined that its derivative valuations are classified in Level 2 of the fair vale hierarchy.

The following tables present the balances of assets measured for fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

(dollars in thousands)	March 31, 2024		Level 1		Level 2		Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed	$	274,686	$	—	$	274,686	$	—
Collateralized mortgage obligations	77,277		—		77,277		—
Municipal bonds	46,096		—		46,096		—
U.S. government agency	17,618		—		17,618		—
Corporate bonds	6,136		—		6,136		—
Total	$	421,813	$	—	$	421,813	$	—
Derivative assets	$	4,392	$	—	$	4,392	$	—
Total	$	426,205	$	—	$	426,205	$	—
Liabilities
Derivative liabilities	$	2	$	—	$	2	$	—

29

(dollars in thousands)	December 31, 2023		Level 1		Level 2		Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed	$	283,853	$	—	$	283,853	$	—
Collateralized mortgage obligations	79,262		—		79,262		—
Municipal bonds	46,674		—		46,674		—
U.S. government agency	18,049		—		18,049		—
Corporate bonds	6,088		—		6,088		—
Total	$	433,926	$	—	$	433,926	$	—
Derivative assets	$	3,914	$	—	$	3,914	$	—
Total	$	437,840	$	—	$	437,840	$	—
Liabilities
Derivative liabilities	$	3	$	—	$	3	$	—

Nonrecurring Basis

The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Loans individually evaluated are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price.

Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets.

The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date as reflected in the table below.

			Fair Value Measurements Using
(dollars in thousands)	March 31, 2024		Level 1		Level 2		Level 3
Assets
Loans individually evaluated	$	3,658	$	—	$	—	$	3,658
Foreclosed assets and ORE	1,601		—		—		1,601
Total	$	5,259	$	—	$	—	$	5,259
			Fair Value Measurements Using
(dollars in thousands)	December 31, 2023		Level 1		Level 2		Level 3
Assets
Loans individually evaluated	$	3,797	$	—	$	—	$	3,797
Foreclosed assets and ORE	1,575		—		—		1,575
Total	$	5,372	$	—	$	—	$	5,372

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The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range of Discounts	Weighted Average Discount
March 31, 2024
Loans individually evaluated	$	3,658	Third party appraisals and discounted cash flows	Collateral values, market discounts and estimated costs to sell	0% - 79%	7%
Foreclosed assets and ORE	$	1,601	Third party appraisals, sales contracts, broker price opinions	Collateral values, market discounts and estimated costs to sell	52% - 99%	63%
(dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range of Discounts	Weighted Average Discount
December 31, 2023
Loans individually evaluated	$	3,797	Third party appraisals and discounted cash flows	Collateral values, market discounts and estimated costs to sell	0% - 89%	10%
Foreclosed assets and ORE	$	1,575	Third party appraisals, sales contracts, broker price opinions	Collateral values, market discounts and estimated costs to sell	31% - 71%	62%

ASC 820, Fair Value Measurements and Disclosures, requires the disclosure of each class of financial instruments for which it is practicable to estimate. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC 820 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statements. These estimates are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates included herein are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the fair value of assets and liabilities that are not required to be recorded or disclosed at fair value like premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

Methods and assumptions used to estimate fair value of each class of financial instruments for which it is practicable to estimate fair value are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The fair value of subordinated debt is estimated based on current market rates on similar debt in the market. The Company classifies this debt in Level 2 of the fair value table. There have been no other material changes from the fair value estimate methods and assumptions previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

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The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated.

			Fair Value Measurements at March 31, 2024
(dollars in thousands)	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	90,475	$	90,475	$	90,475	$	—	$	—
Investment securities available for sale	421,813		421,813		—		421,813		—
Investment securities held to maturity	1,065		1,062		—		1,062		—
Mortgage loans held for sale	646		646		—		646		—
Loans, net	2,590,229		2,437,430		—		2,433,772		3,658
Cash surrender value of BOLI	47,587		47,587		47,587		—		—
Derivative assets(1)	4,392		4,392		—		4,392		—
Financial Liabilities
Deposits	$	2,722,578	$	2,716,263	$	2,024,707	$	691,556	$	—
Other borrowings	140,539		139,954		—		139,954		—
Subordinated debt, net of issuance cost	54,294		49,930		—		49,930		—
Long-term FHLB advances	38,607		37,594		—		37,594		—
Derivative liabilities(1)	2		2		—		2		—
			Fair Value Measurements at December 31, 2023
(dollars in thousands)	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	75,831	$	75,831	$	75,831	$	—	$	—
Interest-bearing deposits in banks	99		99		99		—		—
Investment securities available for sale	433,926		433,926		—		433,926		—
Investment securities held to maturity	1,065		1,066		—		1,066		—
Mortgage loans held for sale	361		361		—		361		—
Loans, net	2,550,101		2,381,863		—		2,378,066		3,797
Cash surrender value of BOLI	47,321		47,321		47,321		—		—
Derivative assets(1)	3,914		3,914		—		3,914		—
Financial Liabilities
Deposits	$	2,670,624	$	2,665,590	$	2,025,890	$	639,700	$	—
Other borrowings	5,539		5,498		—		5,498		—
Subordinated debt, net of issuance cost	54,241		50,865		—		50,865		—
Short-term FHLB advances	150,000		150,000		150,000		—		—
Long-term FHLB advances	42,713		41,792		—		41,792		—
Derivative liabilities(1)	3		3		—		3		—

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The purpose of this discussion and analysis is to focus on significant changes in the financial condition of the Company and the Bank from December 31, 2023 through March 31, 2024 and on its results of operations for the three months ended March 31, 2024 and 2023. This discussion and analysis is intended to highlight and supplement information presented elsewhere in this quarterly report on Form 10-Q, particularly the consolidated financial statements and related notes appearing in Item 1.

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Forward-Looking Statements

To the extent that statements in this Form 10-Q relate to future plans, objectives, financial results or performance of the Company or Bank, these statements are deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are based on management’s current information, estimates and assumptions and the current economic environment, are generally identified by the use of words such as “plan”, “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions, or by future or conditional terms such as “will”, “would”, “should”, “could”, “may”, “likely”, “probably”, or “possibly”. The Company’s or the Bank’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Certain risks, uncertainties and other factors, including those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023 and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, may cause actual results to differ materially from the results discussed in the forward-looking statements appearing in this discussion and analysis and may include factors such as, but not limited to, our lending activities, our use of municipal deposits as a source of funds, credit quality and risk, industry and technological changes, cyber incidents or other failures, disruptions or security breaches, interest rates, commercial and residential real estate values, economic and market conditions in the markets we operate in or generally in the United States, funds availability, accounting estimates and risk management processes, legislative and regulatory changes, the fair values of our acquired assets and our investment securities portfolio, business strategy execution, key personnel, competition, mortgage markets, fraud, environmental liability and severe weather, natural disasters, acts of war or terrorism or other external events. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

EXECUTIVE OVERVIEW

The Company reported net income for the first quarter of 2024 of $9.2 million, or $1.14 diluted EPS, down $2.1 million compared to the first quarter of 2023. Net income for the first quarter of 2023 totaled $11.3 million, or $1.39 diluted EPS.

Key components of the Company’s performance during the three months ended March 31, 2024 include:

•Assets increased $37.5 million, or 1.1%, from December 31, 2023 to $3.4 billion at March 31, 2024.

•Total loans were $2.6 billion at March 31, 2024, up $40.1 million, or 1.6%, from December 31, 2023.

•During the three months ended March 31, 2024, the Company provisioned $141,000 to the allowance for loan losses. During the three months ended March 31, 2023, the Company provisioned $814,000 to the allowance for loan losses.

•The ALL totaled $31.5 million, or 1.20% of total loans, at March 31, 2024 compared to $31.5 million, or 1.22% of total loans, at December 31, 2023. The ACL, which is comprised of the allowance for loan losses plus the allowance for unfunded lending commitments, totaled $34.1 million, or 1.30% of total loans, at March 31, 2024 compared to $34.1 million, or 1.32% of total loans, at December 31, 2023.

•Nonperforming assets increased $11.6 million, or 111.3%, from $10.4 million, or 0.31% of total assets, at December 31, 2023 to $22.0 million, or 0.65% of total assets, at March 31, 2024. The increase in nonperforming assets is primarily due to two loan relationships which were classified as nonperforming in the first quarter of 2024, for which management does not anticipate any loss.

•Total deposits amounted to $2.7 billion at March 31, 2024, an increase of $52.0 million, or 1.9%, from December 31, 2023.

•The net interest margin was 3.64% for the three months ended March 31, 2024, down 54 bps from the three months ended March 31, 2023.

•The average rate paid on total interest-bearing deposits was 2.52% for the first quarter of 2024, which was up 175 bps from the first quarter of 2023.

•Total interest expense for the first quarter of 2024 was up $8.7 million, or 133.5%, compared to the first quarter of 2023 primarily due to the rising interest rate environment and the higher costs on deposits.

•Noninterest income for the first quarter of 2024 was up $238,000, or 7.2%, compared to the first quarter of 2023, primarily due to an increase in other income of $131,000 and the absence of a loss on sale of securities totaling $249,000 that occurred during the first quarter of 2023, which were partially offset with a decrease in bank card fees of $212,000.

•Noninterest expense for the first quarter of 2024 was up $928,000, or 4.7%, compared to the first quarter of 2023, primarily due to increases in foreclosed assets (up $804,000 primarily due to the absence of a $739,000 recovery of a previous loss on a OREO sale that occurred during the first quarter of 2023), marketing and advertising (up $159,000), and professional

33

services (up $111,000), which were partially offset by the absence of any provision for credit losses on unfunded commitments in the 2024 period.

FINANCIAL CONDITION

Loans, Allowance for Credit Losses and Asset Quality

Loans

Total loans at March 31, 2024 were $2.6 billion, up $40.1 million, or 1.6%, from December 31, 2023. The loan growth resulted primarily from the additions of loans across all loan types, with the exception of construction and land loans and consumer loans.

The following table summarizes the composition of the Company’s loan portfolio as of the dates indicated.

(dollars in thousands)	March 31, 2024		December 31, 2023		Increase/(Decrease)
Real estate loans:
One-to four-family first mortgage	$	436,659	$	433,401	$	3,258	0.8	%
Home equity loans and lines	70,377		68,977		1,400		2.0
Commercial real estate	1,221,573		1,192,691		28,882		2.4
Construction and land	334,324		340,724		(6,400)		(1.9)
Multi-family residential	118,748		107,263		11,485		10.7
Total real estate loans	2,181,681		2,143,056		38,625		1.8	%
Other loans:
Commercial and industrial	407,730		405,659		2,071		0.5
Consumer	32,279		32,923		(644)		(2.0)
Total other loans	440,009		438,582		1,427		0.3
Total loans	$	2,621,690	$	2,581,638	$	40,052	1.6	%

Allowance for Credit Losses

The ACL which equals the sum of the ALL and the ACL on unfunded lending commitments, is established through provisions for credit losses. Management recalculates the ACL at least quarterly to reassess the estimate of credit losses for the total portfolio at the relevant reporting date. Under ASC Topic 326, the ACL is measured on a pool basis when similar risk characteristics exist. For each pool of loans, management also evaluates and applies qualitative adjustments to the calculated ACL based on several factors, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis.

The ACL policy described above is supplemented by periodic reviews and validations performed by independent loan reviewers. The results of the reviews are reported to the Audit Committee of the Board of Directors. The establishment of the ACL is significantly affected by management judgment. There is likelihood that different amounts would be reported under different conditions or assumptions. Federal regulatory agencies, as an integral part of their examination process, periodically review our ACL. Such agencies may require management to make additional provisions for estimated losses based upon judgments different from those of management.

We continue to monitor and modify our ACL as conditions warrant. No assurance can be given that our level of ACL will cover all of the losses on our loans or that future adjustments to the ACL will not be necessary if economic and other conditions differ substantially from the conditions used by management to determine the current level of the ACL.

At March 31, 2024, the ALL totaled $31.5 million, or 1.20% of total loans, down $76,000 from $31.5 million, or 1.22% of total loans, at December 31, 2023. During the three months ended March 31, 2024, the Company provisioned $141,000 of the allowance loan losses primarily due to loan growth. Net loan charge-offs totaled $217,000 for the three months ended March 31, 2024.

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Asset Quality

One of management’s key objectives has been, and continues to be, maintaining a high level of asset quality. In addition to maintaining credit standards for new loan originations, we proactively monitor loans and collection and workout processes of delinquent or problem loans. When a borrower fails to make a scheduled payment, we attempt to cure the deficiency by making personal contact with the borrower. Initial contacts are generally made within 10 days after the date payment is due. In most cases, deficiencies are promptly resolved. If the delinquency continues, late charges are assessed and additional efforts are made to collect the deficiency. All loans which are designated as “special mention,” classified or which are delinquent 90 days or more are reported to the Board of Directors of the Bank monthly. For loans where the collection of principal or interest payments is doubtful, the accrual of interest income ceases. It is our policy, with certain limited exceptions, to discontinue accruing interest and reverse any interest accrued on any loan which is 90 days or more past due. On occasion, this action may be taken earlier if the financial condition of the borrower raises significant concern with regard to their ability to service the debt in accordance with the terms of the loan agreement. Interest income is not accrued on these loans until the borrower’s financial condition and payment record demonstrate an ability to service the debt.

Under our allowance policy, credit losses are measured on a pool basis when similar risk characteristics exist. Loans that do not share similar risk characteristics are individually evaluated for credit losses and are excluded from the pooled loan analysis. At least quarterly, management evaluates the loan portfolio to determine which loans should be individually evaluated for credit losses. Management's evaluation involves an analysis of larger (i.e., loans with balances of $500,000 or greater) commercial real estate loans, multi-family residential loans, construction and land loans and commercial and industrial loans. Third party property valuations are obtained at the time of origination for real estate secured loans. When a determination is made that a loan has deteriorated to the point of becoming a problem loan, updated valuations may be ordered to determine if a short-fall exists, which may lead to a recommendation for partial charge off or appropriate allowance allocation. Property valuations are ordered through, and are reviewed by, an appraisal officer at the Bank. The Company typically orders an “as is” valuation for collateral property if a loan is in a criticized loan classification. Loans individually evaluated for credit losses are reported to the Board of Directors monthly.

At March 31, 2024 and December 31, 2023, loans identified as credit deteriorated loans and individually evaluated for expected losses were $3.9 million and $4.2 million, respectively. The following tables provide a summary of loans individually evaluated for credit losses as of the dates indicated.

	March 31, 2024
(dollars in thousands)	Recorded investment		Allowance for Loan Losses		Allowance to Total Loans
Loans Individually Evaluated
One- to four-family first mortgage	$	—	$	—	—	%
Home equity loans and lines	—		—		—
Commercial real estate	3,839		200		5.21
Construction and land	—		—		—
Multi-family residential	—		—		—
Commercial and industrial	92		73		79.35
Consumer	—		—		—
Total	$	3,931	$	273	6.94	%

35

	December 31, 2023
(dollars in thousands)	Recorded investment		Allowance for Loan Losses		Allowance to Total Loans
Loans Individually Evaluated
One- to four-family first mortgage	$	—	$	—	—	%
Home equity loans and lines	—		—		—
Commercial real estate	3,957		201		5.08
Construction and land	147		123		83.67
Multi-family residential	—		—		—
Commercial and industrial	112		95		84.82
Consumer	—		—		—
Total	$	4,216	$	419	9.94	%

Federal regulations and our policies require that we utilize an internal asset classification system as a means of reporting problem and potential problem assets. We have incorporated an internal asset classification system, substantially consistent with Federal banking regulations, as a part of our credit monitoring system. Federal banking regulations set forth a classification scheme for problem and potential problem assets as “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted.

At March 31, 2024 and December 31, 2023, loans classified as substandard totaled $35.1 million and $28.2 million, respectively. There were no assets classified as doubtful at either date. For additional information, refer to Note 5 to the Consolidated Financial Statements. The $7.0 million, or 24.7%, increase in substandard loans at March 31, 2024 compared to December 31, 2023 was primarily due to two credit relationships being downgraded, partially offset by loan payoffs and improvements in other classified loans.

The following tables provide a summary of loans classified as special mention and substandard as of the dates indicated.

(dollars in thousands)	March 31, 2024		December 31, 2023		Increase/(Decrease)
Special Mention Loans
One- to four-family first mortgage	$	865	$	868	$	(3)	(0.3)	%
Home equity loans and lines	—		—		—		—
Commercial real estate	—		—		—		—
Construction and land	6,565		5,874		691		11.8
Multi-family residential	—		—		—		—
Commercial and industrial	1,148		1,186		(38)		(3.2)
Consumer	—		—		—		—
Total special mention loans	$	8,578	$	7,928	$	650	8.2	%

36

(dollars in thousands)	March 31, 2024		December 31, 2023		Increase/(Decrease)
Substandard Loans
One- to four-family first mortgage	$	6,306	$	2,569	$	3,737	145.5	%
Home equity loans and lines	241		207		34		16.4
Commercial real estate	17,107		14,631		2,476		16.9
Construction and land	4,967		5,228		(261)		(5.0)
Multi-family residential	4,433		3,503		930		26.5
Commercial and industrial	1,796		1,741		55		3.2
Consumer	278		289		(11)		(3.8)
Total substandard loans	$	35,128	$	28,168	$	6,960	24.7	%

Total nonperforming loans increased by $11.5 million, or 130.9%, to $20.3 million at March 31, 2024, compared to $8.8 million at December 31, 2023. The primary reason for the increase was two loan relationships with an aggregate outstanding balance of $9.7 million at March 31, 2024 that became nonperforming during the first quarter of 2024. The first relationship is a $5.0 million construction and land loan for the construction of two multi-family, 15 condominium units to be sold and three commercial spaces for lease in Bay St. Louis, Mississippi that were more than 90-days past due and still accruing at March 31. 2024. There have been delays in the developer’s receipt of necessary certificates of occupancy which impeded its ability to sell the units and bring the loan current. Recently, the developer has begun receiving the certificates of occupancy and entered into purchase agreements on two of the units. Upon such sales, the loans were brought current, and the outstanding balance of this relationship has been reduced by $170,000 since March 31, 2024. We do not anticipate any loss on this relationship. The second relationship that was the primary reason for our increase in nonperforming loans is a $4.7 million relationship which was placed on non-accrual status during the first quarter and is secured by 17 residential units in eight investment properties in New Orleans and have a loan-to-value ratio of approximately 65%. We have commenced foreclosure proceedings on this relationship and do not expect any loss.

A bank’s determination as to the classification of its assets and the amount of its valuation allowances is subject to review by Federal bank regulators which can order the establishment of additional general or specific loss allowances. The Federal banking agencies have adopted an interagency policy statement on the allowance for loan and lease losses. The policy statement provides guidance for financial institutions on both the responsibilities of management for the assessment and establishment of allowances and guidance for banking agency examiners to use in determining the adequacy of general valuation guidelines. Generally, the policy statement recommends that institutions have effective systems and controls to identify, monitor and address asset quality problems; that management analyze all significant factors that affect the collectability of the portfolio in a reasonable manner; and that management establish acceptable allowance evaluation processes that meet the objectives set forth in the policy statement. Management maintains, based on current and forecasted information, an ACL that reflects a current estimate of expected credit losses for the estimated life of the loan portfolio at reporting periods subsequent to the adoption date. For all reporting periods, actual losses are uncertain and dependent upon future events and, as such, further additions to the level of ACL may become necessary.

The following table sets forth the composition of the Company’s nonperforming assets as of the dates indicated.

	March 31, 2024						December 31, 2023
(dollars in thousands)	Originated		Acquired(1)		Total		Originated		Acquired(1)		Total
Nonaccrual loans:
Real estate loans:
One- to four-family first mortgage	$	4,266	$	1,529	$	5,795	$	528	$	1,072	$	1,600
Home equity loans and lines	179		63		242		143		65		208
Commercial real estate	5,300		2,450		7,750		2,691		2,512		5,203
Construction and land	883		37		920		1,136		45		1,181
Multi-family residential	—		—		—		—		—		—
Other loans:
Commercial and industrial	385		1		386		298		33		331
Consumer	219		59		278		227		64		291

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Total nonaccrual loans	11,232	4,139	15,371		5,023	3,791	8,814
Accruing loans 90 days or more past due	4,978	—	4,978		—	—	—
Total nonperforming loans	16,210	4,139	20,349		5,023	3,791	8,814
Foreclosed assets and ORE	1,539	62	1,601		1,495	80	1,575
Total nonperforming assets	17,749	4,201	21,950		6,518	3,871	10,389
Nonperforming loans to total loans			0.78	%			0.34	%
Nonperforming loans to total assets			0.61	%			0.27	%
Nonperforming assets to total assets			0.65	%			0.31	%

(1)Nonaccrual acquired loans include PCD loans of $1.4 million and $1.4 million at March 31, 2024 and December 31, 2023, respectively.

Foreclosed assets and ORE includes real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE are classified as such until sold or disposed. Foreclosed assets are recorded at fair value less estimated selling costs based on third party property valuations which are obtained at the time the asset is repossessed and periodically until the property is liquidated. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. Foreclosed assets and ORE holding costs are charged to expense. Gains and losses on the sale of foreclosed assets and ORE are charged to operations, as incurred. Costs associated with acquiring and improving a foreclosed property or ORE are capitalized to the extent that the carrying value does not exceed fair value less estimated selling costs.

Investment Securities

The Company’s investment securities portfolio totaled $422.9 million as of March 31, 2024, a decrease of $12.1 million, or 2.8%, from December 31, 2023. During the first quarter of 2024, the Company had no gain or losses related to the sale of available-for-sale investment securities compared to a net loss of $249,000 during the first quarter of 2023. At March 31, 2024, the Company had a net unrealized loss on its available for sale investment securities portfolio of $46.6 million, compared to a net unrealized loss of $43.4 million at December 31, 2023. The Company’s investment securities portfolio had an effective duration of 4.2 years at March 31, 2024 and December 31, 2023.

The following table summarizes activity in the Company’s investment securities portfolio during the three months ended March 31, 2024.

(dollars in thousands)	Available for Sale		Held to Maturity
Balance, December 31, 2023	$	433,926	$	1,065
Purchases	—		—
Sales	—		—
Principal maturities, prepayments and calls	(8,879)		—
Amortization of premiums and accretion of discounts	(74)		—
Decrease in market value	(3,160)		—
Balance, March 31, 2024	$	421,813	$	1,065

Funding Sources

Deposits

Deposits totaled $2.7 billion at March 31, 2024, an increase of $52.0 million, or 1.9%, compared to December 31, 2023. The following table summarizes the changes in the Company’s deposits from December 31, 2023 to March 31, 2024.

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(dollars in thousands)	March 31, 2024		December 31, 2023		Increase/(Decrease)
Demand deposit	$	742,177	$	744,424	$	(2,247)	(0.3)	%
Savings	228,047		231,624		(3,577)		(1.5)
Money market	423,521		408,024		15,497		3.8
NOW	630,962		641,818		(10,856)		(1.7)
Certificates of deposit	697,871		644,734		53,137		8.2
Total deposits	$	2,722,578	$	2,670,624	$	51,954	1.9	%

The average rate paid on interest-bearing deposits was 2.52% for the first quarter of 2024, up 175 bps compared to the first quarter of 2023. At March 31, 2024, certificates of deposit maturing within the next 12 months totaled $640.2 million.

We obtain most of our deposits from individuals, small businesses and public funds in our market areas. The following table presents our deposits per customer type for the periods indicated.

	March 31, 2024	December 31, 2023
Individuals	54%	53%
Small businesses	36	38
Public funds	8	7
Broker	2	2
Total	100%	100%

The total amounts of our uninsured deposits (deposits in excess of $250,000, as calculated in accordance with FDIC regulations) were $781.9 million at March 31, 2024 and $748.6 million at December 31, 2023. Public funds in excess of the FDIC insurance limits are fully collateralized.

Subordinated Debt

On June 30, 2022, the Company issued $55.0 million in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes due 2032. The Notes were issued at a price equal to 100% of the aggregate principal amount. The Notes have a stated maturity date of June 30, 2032 and bear interest at a fixed rate of 5.75% per year from and including the issue date to but excluding June 30, 2027. From June 30, 2027, the Notes will bear interest at a floating rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 282 basis points. The Notes may be redeemed by the Company, in whole or in part, on or after June 30, 2027. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

The carrying value of subordinated debt was $54.3 million and $54.2 million at March 31, 2024 and December 31, 2023, respectively. The subordinated debt was recorded net of issuance costs and amortized using the straight-line method over five years.

Other Borrowings

On March 12, 2023, the Federal Reserve Board created the BTFP, which offers loans to banks with a term up to one year with no prepayment penalty. The loans are secured by pledging qualifying securities and are valued at par for collateral. In 2024, the Bank participated in the BTFP and had an outstanding debt of $135.0 million at March 31, 2024. The average balance of other borrowings, which included the BTFP loan was $126.0 million for the first quarter of 2024, up $120.4 million compared to the first quarter of 2023.

Federal Home Loan Bank Advances

The average balance of total FHLB advances was $71.7 million for the first quarter of 2024, down $143.8 million compared to the first quarter of 2023.

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The Company had no short-term FHLB advances as of March 31, 2024 compared to $150.0 million as of December 31, 2023. At March 31, 2024 and December 31, 2023, the Company had $38.6 million and $42.7 million in long-term FHLB advances, respectively, and $1.1 billion and $1.0 billion in additional FHLB advances available, respectively.

Shareholders’ Equity

Total shareholders’ equity increased $4.8 million, or 1.3%, from $367.4 million at December 31, 2023 to $372.3 million at March 31, 2024. Shareholders' equity increased primarily due to net income of $9.2 million, which was partially offset by an increase in accumulated other comprehensive loss on available for sale investment securities, cash dividends and share repurchases during the three months ended March 31, 2024.

At March 31, 2024, the Company and the Bank had regulatory capital amounts that were well in excess of regulatory requirements. The following table presents actual and required capital ratios for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of March 31, 2024 based on the required capital levels as of January 1, 2019 when the Basel III Capital Rules were fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.

	Actual				Minimum Capital Required – Basel III Fully Phased-In				To Be Well Capitalized Under Prompt Corrective Action Provisions
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
Company:
Tier 1 risk-based capital	319,767		11.57		234,825		8.50		N/A		N/A
Total risk-based capital	407,916		14.77		290,078		10.50		N/A		N/A
Tier 1 leverage capital	319,767		9.85		129,915		4.00		N/A		N/A
Bank:
Common equity Tier 1 capital (to risk-weighted assets)	$	362,461	13.16	%	$	192,817	7.00	%	$	179,045	6.50	%
Tier 1 risk-based capital	362,461		13.16		234,135		8.50		220,363		8.00
Total risk-based capital	396,316		14.39		289,226		10.50		275,453		10.00
Tier 1 leverage capital	362,461		11.19		129,584		4.00		161,980		5.00

LIQUIDITY AND ASSET/LIABILITY MANAGEMENT

Liquidity Management

Liquidity management encompasses our ability to ensure that funds are available to meet the cash flow requirements of depositors and borrowers, while also ensuring adequate cash flow exists to meet the Company’s needs, including operating, strategic and capital. The Company develops its liquidity management strategies as part of its overall asset/liability management process. Our primary sources of funds are from deposits, amortization of loans, loan prepayments and the maturity of loans, investment securities and other investments, and other funds provided from operations. While scheduled payments from the amortization of loans and investment securities and maturing investment securities are relatively predictable sources of funds, deposit flows and loan prepayments can be greatly influenced by general interest rates, economic conditions and competition. The Company also maintains excess funds in short-term, interest-bearing assets that provide additional liquidity.

The Company uses its liquidity to fund existing and future loan commitments, to fund maturing certificates of deposit and demand deposit withdrawals, to invest in other interest-earning assets and to meet operating expenses. At March 31, 2024, certificates of deposit maturing within the next 12 months totaled $640.2 million. Based upon historical experience, the Company anticipates that a significant portion of the maturing certificates of deposit will be redeposited with us.

In addition to cash flow from loan and securities payments and prepayments as well as from sales of securities available for sale, the Company has significant borrowing capacity available to fund liquidity needs. In recent years, the Company has utilized borrowings as a cost efficient addition to deposits as a source of funds. Borrowings consist of advances from the FHLB of Dallas, of which the Company is a member. Under terms of the collateral agreement with the FHLB, the Company pledges residential mortgage loans and investment securities as well as the Company’s stock in the FHLB as collateral for such

40

advances. For the three months ended March 31, 2024, the average balance of outstanding FHLB advances was $71.7 million. At March 31, 2024, the Company had $38.6 million in total outstanding FHLB advances.

The following table summarizes the Company's primary and secondary sources of liquidity which were available at March 31, 2024.

(dollars in thousands)	March 31, 2024
Cash and cash equivalents	$	90,475
Unencumbered investment securities, amortized cost	86,091
FHLB advance availability	1,107,888
Amounts available from unsecured lines of credit	55,000
Federal Reserve discount window availability	500
Total primary and secondary sources of available liquidity	$	1,339,954

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Asset/Liability Management

The objective of asset/liability management is to implement strategies for the funding and deployment of the Company’s financial resources that are expected to maximize soundness and profitability over time at acceptable levels of risk. Interest rate sensitivity is the potential impact of changing rate environments on both net interest income and cash flows. The Company measures its interest rate sensitivity over the near term primarily by running net interest income simulations. Our interest rate sensitivity also is monitored by management through the use of a model which generates estimates of the change in its net interest income over a range of interest rate scenarios. Based on the Company’s interest rate risk model, the table below sets forth the results of immediate and sustained changes in interest rates as of March 31, 2024.

Shift in Interest Rates (in bps)	% Change in Projected Net Interest Income
+200	3.4%
+100	1.8%
-100	(2.8)%
-200	(5.2)%

The actual impact of changes in interest rates will depend on many factors. These factors include the Company’s ability to achieve expected growth in earning assets and maintain a desired mix of earning assets and interest-bearing liabilities, the actual timing of asset and liability repricing, the magnitude of interest rate changes and corresponding movement in interest rate spreads and the level of success of asset/liability management strategies.

During the second quarter of 2020 and 2023, the Company entered into certain interest rate swap agreements as part of its interest rate risk management strategy. The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. During 2024 and 2023, such derivatives were used to hedge the variable cost associated with existing variable rate liabilities. Refer to Note 6 of the Consolidated Financial Statements for more information on the effects of the derivative financial instruments on the consolidated financial statements.

To meet the financing needs of its customers, the Company issues financial instruments which represent conditional obligations that are not recognized, wholly or in part, in the statements of financial condition. These financial instruments include commitments to extend credit and standby letters of credit. Such instruments expose the Company to varying degrees of credit and interest rate risk in much the same way as funded loans. The same credit policies are used in these commitments as for on-balance sheet instruments. At both March 31, 2024 and December 31, 2023, the Company's allowance for credit losses on unfunded commitments totaled $2.6 million.

The following table summarizes our outstanding commitments to originate loans and to advance additional amounts pursuant to outstanding letters of credit, lines of credit and undisbursed construction loans as of the periods indicated.

	Contract Amount
(dollars in thousands)	March 31, 2024		December 31, 2023
Standby letters of credit	$	6,693	$	7,289
Available portion of lines of credit	373,602		368,398
Undisbursed portion of loans in process	203,760		221,997
Commitments to originate loans	174,534		127,076

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements.

Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed.

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The Company is subject to certain claims and litigation arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is not expected to have a material effect on the financial condition or results of operations of the Company.

RESULTS OF OPERATIONS

Net income for the first quarter of 2024 was $9.2 million, down $2.1 million compared to the first quarter of 2023. Diluted EPS for the first quarter of 2024 was $1.14, down $0.25 compared to the first quarter of 2023.

During the three months ended March 31, 2024, the Company provisioned $141,000 to the allowance for loan losses primarily due to loan growth. During the three months ended March 31, 2023, the Company provisioned $814,000 to the allowance for loan losses primarily due to loan growth.

Net Interest Income

Net interest income is the difference between the interest income earned on interest-earning assets, such as loans and investment securities, and the interest expense paid on interest-bearing liabilities, such as deposits and borrowings. The Company’s net interest income is largely determined by our net interest spread, which is the difference between the average yield earned on interest-earning assets and the average rate paid on interest-bearing liabilities, and the relative amounts of interest-earning assets and interest-bearing liabilities. The Company’s tax-equivalent net interest spread was 2.81% and 3.72% for the quarters ended March 31, 2024 and 2023, respectively.

Net interest income totaled $28.9 million for the first quarter of 2024, down $2.7 million, or 8.5%, compared to the first quarter of 2023.

The Company’s tax-equivalent net interest margin, which is net interest income as a percentage of average interest-earning assets, was 3.64% and 4.18% for the quarters ended March 31, 2024 and 2023, respectively. For the same periods, the average loan yield was 6.18% and 5.67%, respectively.

Acquired loan discount accretion included in interest income totaled $525,000 and $668,000 for the quarters ended March 31, 2024 and 2023, respectively.

The following table sets forth, for the periods indicated, information regarding (i) the total dollar amount of interest income of the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average rate; (iii) net interest income; (iv) net interest spread; and (v) net interest margin. Information is based on average monthly balances during the indicated periods. Taxable equivalent yields are calculated using a marginal tax rate of 21%.

	Three Months Ended March 31,
	2024						2023
(dollars in thousands)	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
Interest-earning assets:
Loans receivable(1)	$	2,602,941	$	40,567	6.18	%	$	2,437,770	$	34,498	5.67	%
Investment securities
Taxable	456,246		2,715		2.38		507,952		2,998		2.36
Tax-exempt (TE)	16,332		73		2.26		27,243		144		2.67
Total investment securities	472,578		2,788		2.38		535,195		3,142		2.38
Other interest-earning assets	57,103		771		5.43		53,456		475		3.60
Total interest-earning assets (TE)	3,132,622		$	44,126	5.60		3,026,421		$	38,115	5.05
Noninterest-earning assets	201,261						193,435
Total assets	$	3,333,883					$	3,219,856
Interest-bearing liabilities:
Deposits:
Savings, checking and money market	$	1,269,293	$	4,800	1.52	%	$	1,349,185	$	2,048	0.62	%

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	Three Months Ended March 31,
	2024						2023
(dollars in thousands)	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
Certificates of deposit	668,353		7,332		4.41		349,683		1,192		1.38
Total interest-bearing deposits	1,937,646		12,132		2.52		1,698,868		3,240		0.77
Other borrowings	125,979		1,486		4.74		5,539		53		3.89
Subordinated debt	54,268		845		6.22		54,041		851		6.30
Short-term FHLB advances	31,831		436		5.42		191,734		2,259		4.71
Long term FHLB advances	39,873		326		3.27		23,744		117		1.97
Total interest-bearing liabilities	2,189,597		$	15,225	2.79		1,973,926		$	6,520	1.33
Noninterest-bearing liabilities	773,525						906,619
Total liabilities	2,963,122						2,880,545
Shareholders’ equity	370,761						339,311
Total liabilities and shareholders' equity	$	3,333,883					$	3,219,856
Net interest-earning assets	$	943,025					$	1,052,495
Net interest spread (TE)			$	28,901	2.81	%			$	31,595	3.72	%
Net interest margin (TE)					3.64	%					4.18	%

(1)Nonperforming loans are included in the respective average loan balances, net of deferred fees, discounts and loans in process.

The following table displays the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities. The table distinguishes between (i) changes attributable to volume (changes in average volume between periods times prior year rate), (ii) changes attributable to rate (changes in average rate between periods times prior year volume) and (iii) total increase (decrease).

	Three Months Ended March 31,
	2024 Compared to 2023
	Change Attributable To
(dollars in thousands)	Rate		Volume		Increase/ (Decrease)
Interest income:
Loans receivable	$	3,400	$	2,669	$	6,069
Investment securities	10		(364)		(354)
Other interest-earning assets	254		42		296
Total interest income	3,664		2,347		6,011
Interest expense:
Savings, checking and money market accounts	2,837		(85)		2,752
Certificates of deposit	3,842		2,298		6,140
Other borrowings	139		1,294		1,433
Subordinated debt	(10)		4		(6)
FHLB advances	303		(1,917)		(1,614)
Total interest expense	7,111		1,594		8,705
Increase in net interest income	$	(3,447)	$	753	$	(2,694)

Noninterest Income

Noninterest income for the first quarter of 2024 totaled $3.5 million, up $238,000, or 7.2%, from $3.3 million earned for the same period in 2023. Noninterest income increased over the prior comparable quarter primarily due to an increase in other income of $131,000 and the absence of a loss on sale of securities totaling $249,000 that occurred during the first quarter of 2023, which were partially offset with a decrease in bank card fees of $212,000.

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Noninterest Expense

Noninterest expense for the first quarter of 2024 totaled $20.9 million, up $928,000, or 4.7%, from the first quarter of 2023. Noninterest expense increased over the prior comparable quarter primarily due to increases in foreclosed assets expense (up $804,000 primarily due to the absence of a $739,000 recovery of a previous loss on a OREO sale that occurred during the first quarter of 2023), marketing and advertising (up $159,000), and professional services (up $111,000), which were partially offset by the absence of any provision for credit losses on unfunded commitments in the 2024 period.

Income Taxes

Income tax expense for the three months ended March 31, 2024 totaled $2.2 million compared to $2.8 million for the three months ended March 31, 2023. Income tax expense decreased over the prior comparable quarter primarily due to decreased taxable earnings in the first quarter of 2024. The Company's effective tax rates for the first quarters of 2024 and 2023 were 19.6% and 20.0%, respectively.

CRITICAL ACCOUNTING ESTIMATES

SEC guidance requires disclosure of “critical accounting estimates.” The SEC defines “critical accounting estimates” as those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant.

We follow financial accounting and reporting policies that are in accordance with accounting principles generally accepted in the United States. Our accounting policies are discussed in detail in Note 1 - Basis of Presentation in the accompanying notes to the consolidated financial statements included elsewhere in this report and in our 2023 Annual Report on Form 10-K. Not all significant accounting policies require management to make difficult, subjective or complex judgments. However, management believes the policy noted below meets the SEC’s definition of a critical accounting policy.

Allowance for Credit Losses

Management considers the policies related to the allowance for credit losses as the most critical to the financial statement presentation. The total allowance for credit losses includes activity related to allowances calculated in accordance with Accounting Standards Codification 326, Credit Losses. The allowance for credit losses is established through a provision for credit losses charged to current earnings. The amount maintained in the allowance reflects management’s continuing evaluation of the credit losses expected to be recognized over the life of the loans in our portfolio. The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. For purposes of determining the allowance for credit losses, the loan portfolio is segregated by product types in order to recognize differing risk profiles among categories. Loans that do not share risk characteristics are evaluated on an individual basis and are not included in the collective evaluation. Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made to incorporate our reasonable and supportable forecast of future losses at the portfolio segment level, as well as any necessary qualitative adjustments, including, but not limited to, changes in current and expected future economic conditions, changes in industry experience and industry loan concentrations, changes in the volume and severity of nonperforming assets, changes in lending policies and personnel and changes in the competitive and regulatory environment of the banking industry. Loans that do not share similar risk characteristics are individually evaluated and are excluded from the pooled loan analysis.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Quantitative and qualitative disclosures about market risk are presented in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Asset/Liability Management and Market Risk”. Additional information at March 31, 2024 is included herein under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Asset/Liability Management”.

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Item 4. Controls and Procedures.

Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and are operating in an effective manner.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934) occurred during the first quarter of 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Not applicable.

Item 1A. Risk Factors.

There have been no material changes from the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission.

Item 2. Unregistered Sales of Equity Securities and the Use of Proceeds.

(a)    Not applicable.

(b)    Not applicable.

(c)    The Company’s purchases of its common stock made during the quarter ended March 31, 2024 consisted of stock repurchases under the Company’s approved plans and are set forth in the following table.

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet be Purchased Under the Plan or Programs(1)
January 1 – January 31, 2024	10,000	$	42.28	10,000	426,446
February 1 – February 29, 2024	34	35.68		34	426,412
March 1 – March 31, 2024	11,269	35.68		11,269	415,143
Total	21,303	$	38.78	21,303	415,143

(1)On October 18, 2023, the Company announced the approval of a new repurchase program (the “2023 Repurchase Plan”). Under the 2023 Repurchase Plan, the Company may purchase up to an additional 405,000 shares, or approximately 5% of the Company’s outstanding common stock. Share repurchases under the 2023 Repurchase Plan may commence upon the completion of the Company’s 2021 Repurchase Plan.

Item 3. Defaults Upon Senior Securities.

(a)    Not applicable.

46

(b)    Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

(a)    Not applicable.

(b)    Not applicable.

(c)    During the fiscal quarter ended March 31, 2024, none of our directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement.

Item 6. Exhibits and Financial Statement Schedules.

No.	Description	Location
4.1	Indenture, dated June 30, 2022, by and between Home Bancorp, Inc. and UMB Bank, National Association, as trustee.	(incorporated by reference from the like-numbered exhibit included in Home Bancorp’s Current Report on Form 8-K, dated as of June 30, 2022 and filed July 1, 2022 (SEC File No. 001-34190))
31.1	Rule 13(a)-14(a) Certification of the Chief Executive Officer	Filed herewith
31.2	Rule 13(a)-14(a) Certification of the Chief Financial Officer	Filed herewith
32.0	Section 1350 Certification	Filed herewith
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		HOME BANCORP, INC.
May 3, 2024	By:	/s/ John W. Bordelon
		John W. Bordelon
		Chairman of the Board, President and Chief Executive Officer
May 3, 2024	By:	/s/ David T. Kirkley
		David T. Kirkley
		Senior Executive Vice President and Chief Financial Officer
May 3, 2024	By:	/s/ Mary H. Hopkins
		Mary H. Hopkins
		Home Bank, N. A. Senior Vice President and Director of Financial Management

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EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, John W. Bordelon, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Home Bancorp, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2024	/s/ John W. Bordelon
	John W. Bordelon
	Chairman of the Board, President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, David T. Kirkley, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Home Bancorp, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2024	/s/ David T. Kirkley
	David T. Kirkley
	Executive Vice President and Chief Financial Officer

EX-32.0

EXHIBIT 32.0

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Home Bancorp, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2024, each of the undersigned, John W. Bordelon, Chairman of the Board, President and Chief Executive Officer of the Company, and David T. Kirkley, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report.

Date: May 3, 2024	By:	/s/ John W. Bordelon
		John W. Bordelon
		Chairman of the Board, President and Chief Executive Officer
Date: May 3, 2024	By:	/s/ David T. Kirkley
		David T. Kirkley
		Senior Executive Vice President and Chief Financial Officer

Note: A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act has been provided to Home Bancorp, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34190
Entity Registrant Name	HOME BANCORP, INC.
Entity Incorporation, State or Country Code	LA
Entity Tax Identification Number	71-1051785
Entity Address, Address Line One	503 Kaliste Saloom Road
Entity Address, City or Town	Lafayette
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70508
City Area Code	337
Local Phone Number	237-1960
Title of 12(b) Security	Common Stock
Trading Symbol	HBCP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,128,334
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001436425

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 90,475,000	$ 75,831,000
Interest-bearing deposits in banks	0	99,000
Investment securities available for sale, at fair value	421,813,000	433,926,000
Investment securities held to maturity (fair values of $1,062 and $1,066, respectively)	1,065,000	1,065,000
Mortgage loans held for sale	646,000	361,000
Loans, net of unearned income	2,621,690,000	2,581,638,000
Allowance for loan losses	(31,461,000)	(31,537,000)
Total loans, net of unearned income and allowance for loan losses	2,590,229,000	2,550,101,000
Office properties and equipment, net	42,341,000	41,980,000
Cash surrender value of bank-owned life insurance	47,587,000	47,321,000
Goodwill and core deposit intangibles	86,019,000	86,372,000
Accrued interest receivable and other assets	77,429,000	83,066,000
Total Assets	3,357,604,000	3,320,122,000
Deposits:
Noninterest-bearing	742,177,000	744,424,000
Interest-bearing	1,980,401,000	1,926,200,000
Total Deposits	2,722,578,000	2,670,624,000
Other borrowings	140,539,000	5,539,000
Subordinated debt, net of issuance cost	54,294,000	54,241,000
Short-term Federal Home Loan Bank advances	0	150,000,000
Long-term Federal Home Loan Bank advances	38,607,000	42,713,000
Accrued interest payable and other liabilities	29,301,000	29,561,000
Total Liabilities	2,985,319,000	2,952,678,000
Shareholders’ Equity
Preferred stock, $0.01 par value - 10,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value - 40,000,000 shares authorized; 8,140,380 and 8,158,281 shares issued and outstanding, respectively	81,000	81,000
Additional paid-in capital	166,160,000	165,823,000
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP)	(1,607,000)	(1,696,000)
Recognition and Retention Plan (RRP)	0	(1,000)
Retained earnings	241,152,000	234,619,000
Accumulated other comprehensive loss	(33,501,000)	(31,382,000)
Total Shareholders’ Equity	372,285,000	367,444,000
Total Liabilities and Shareholders’ Equity	$ 3,357,604,000	$ 3,320,122,000

XML

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Investment securities held to maturity, fair value	$ 1,062	$ 1,066
Preferred stock par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Common stock par value (in usd per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	40,000,000	40,000,000
Common stock issued (in shares)	8,140,380	8,158,281
Common stock outstanding (in shares)	8,140,380	8,158,281

XML

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest Income
Loans, including fees	$ 40,567	$ 34,498
Investment securities:
Taxable interest	2,715	2,998
Tax-exempt interest	73	144
Other investments and deposits	771	475
Total interest income	44,126	38,115
Interest Expense
Deposits	12,132	3,240
Other borrowings	1,486	53
Subordinated debt expense	845	851
Short-term Federal Home Loan Bank advances	436	2,259
Long-term Federal Home Loan Bank advances	326	117
Total interest expense	15,225	6,520
Net interest income	28,901	31,595
Provision for loan losses	141	814
Net interest income after provision for loan losses	28,760	30,781
Noninterest Income
Gain on sale of loans, net	87	57
Income from bank-owned life insurance	266	253
Loss on sale of securities, net	0	(249)
Gain (loss) on sale of assets, net	6	(17)
Other income	361	230
Total noninterest income	3,549	3,311
Noninterest Expense
Compensation and benefits	12,170	12,439
Occupancy	2,454	2,350
Marketing and advertising	466	307
Data processing and communication	2,514	2,321
Professional services	475	364
Forms, printing and supplies	205	187
Franchise and shares tax	488	541
Regulatory fees	469	539
Foreclosed assets and ORE, net	65	(739)
Amortization of acquisition intangible	353	446
Provision for credit losses on unfunded commitments	0	210
Other expenses	1,209	975
Total noninterest expense	20,868	19,940
Income before income tax expense	11,441	14,152
Income tax expense	2,242	2,832
Net Income	$ 9,199	$ 11,320
Earnings per share:
Basic (in usd per share)	$ 1.15	$ 1.40
Diluted (in usd per share)	1.14	1.39
Cash dividends declared per common share (in usd per share)	$ 0.25	$ 0.25
Service fees and charges
Noninterest Income
Fees and charges	$ 1,254	$ 1,250
Bank card fees
Noninterest Income
Fees and charges	$ 1,575	$ 1,787

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 9,199	$ 11,320
Other Comprehensive (Loss) Income
Unrealized (losses) gains on available for sale investment securities	(3,160)	7,470
Unrealized gains (losses) on cash flow hedges	478	(716)
Reclassification adjustment for losses included in net income	0	249
Tax effect	563	(1,470)
Other comprehensive (loss) income, net of taxes	(2,119)	5,533
Comprehensive Income (Loss)	$ 7,080	$ 16,853

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional Paid-in capital	Unallocated Common Stock Held by ESOP	Unallocated Common Stock Held by RRP	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022	$ 329,954	$ 83	$ 164,942	$ (2,053)	$ (7)	$ 206,296	$ (39,307)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	11,320					11,320
Other comprehensive income (loss)	5,533						5,533
Purchase of company's common stock at cost	(335)		(102)			(233)
Cash dividends declared	(2,072)					(2,072)
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit	12		33			(21)
Exercise of stock options	85		85
RRP shares released for allocation	0		(2)		2
ESOP shares released for allocation	397		308	89
Share-based compensation cost	206		206
Ending balance at Mar. 31, 2023	345,100	83	165,470	(1,964)	(5)	215,290	(33,774)
Beginning balance at Dec. 31, 2023	367,444	81	165,823	(1,696)	(1)	234,619	(31,382)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	9,199					9,199
Other comprehensive income (loss)	(2,119)						(2,119)
Purchase of company's common stock at cost	(826)	0	(213)			(613)
Cash dividends declared	(2,038)					(2,038)
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit	(1)		14			(15)
Exercise of stock options	0		0
RRP shares released for allocation	0		(1)		1
ESOP shares released for allocation	390		301	89
Share-based compensation cost	236		236
Ending balance at Mar. 31, 2024	$ 372,285	$ 81	$ 166,160	$ (1,607)	$ 0	$ 241,152	$ (33,501)

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash dividends declared, per share (in usd per share)	$ 0.25	$ 0.25
Common stock
Purchase of Company's common shares at cost (in shares)	21,303	10,199
Common Stock issued under incentive plans (in shares)	3,402	4,029

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net Income	$ 9,199	$ 11,320
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	141	814
Depreciation	888	894
Amortization and accretion of purchase accounting valuations and intangibles	806	979
Federal Home Loan Bank stock dividends	(213)	(55)
Net amortization of discount on investments	74	135
Amortization of subordinated debt issuance cost	53	60
Gain on sale of securities, net	0	249
Gain on loans sold, net	(87)	(57)
Proceeds, including principal payments, from loans held for sale	9,479	4,339
Originations of loans held for sale	(9,677)	(4,657)
(Gain) loss on sale of assets, net	(6)	17
Non-cash compensation	626	603
Deferred income tax benefit	(24)	(104)
Increase in accrued interest receivable and other assets	(893)	(2,179)
Increase in cash surrender value of bank-owned life insurance	(266)	(253)
Increase (decrease) in accrued interest payable and other liabilities	223	(2,303)
Net cash provided by operating activities	10,323	9,802
Cash flows from investing activities:
Proceeds from maturities, prepayments and calls on securities available for sale	8,879	13,590
Proceeds from sales of securities available for sale	0	13,762
Increase in loans, net	(40,913)	(36,305)
Decrease in interest-bearing deposits in banks	99	0
Proceeds from sale of foreclosed assets	112	413
Purchases of office properties and equipment	(1,250)	(199)
Proceeds from sale of office properties and equipment	8	4
Purchase of Federal Home Loan Bank stock	0	(4,193)
Proceeds from redemption of Federal Home Loan Bank stock	7,335	0
Net cash used in investing activities	(25,730)	(12,928)
Cash flows from financing activities:
Increase (decrease) in deposits, net	52,022	(75,306)
Borrowings on Federal Home Loan Bank advances	490,400	6,261,375
Repayments of Federal Home Loan Bank advances	(644,506)	(6,160,863)
Proceeds from other borrowings	135,000	0
Proceeds from exercise of stock options	0	85
Issuance of stock under incentive plans, net	(1)	12
Dividends paid to shareholders	(2,038)	(2,072)
Purchase of Company’s common stock	(826)	(335)
Net cash provided by financing activities	30,051	22,896
Net change in cash and cash equivalents	14,644	19,770
Cash and cash equivalents, beginning	75,831	87,401
Cash and cash equivalents, ending	90,475	107,171
Supplemental Cash Flow Information [Abstract]
Interest paid on deposits and borrowed funds	14,200	5,493
Income taxes paid	$ 0	$ 0

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Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. Certain reclassifications have been made to prior period balances to conform to the current period presentation. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023.

Critical Accounting Policies and Estimates

Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could reflect materially different results under different assumptions and conditions. Methodologies the Company uses when applying critical accounting policies and developing critical accounting estimates are included in its Annual Report on Form 10-K for the year ended December 31, 2023.

There have been no material changes from the critical accounting policies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. In preparing its financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 

Reclassifications

Certain reclassifications have been made to prior period balances to conform to the current period presentation.

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Accounting Standards Adopted in 2024

Accounting Standard Update (“ASU”) ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires certain new disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for fiscal years and interim periods after December, 15, 2023, though early adoption is permitted. The adoption of ASU 2022-03 did not have a significant impact on our consolidated financial statements.

ASU 2023-01, Leases (Topic 842): Common Control Arrangements: (“ASU 2023-01”) clarifies the accounting for leasehold improvements associated with common control leases to public business entities. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-01 did not have a significant impact on our Consolidated Financial Statements.

ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”) permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02 did not have a significant impact on our Consolidated Financial Statements.

Issued but Not Yet Adopted Accounting Standards

ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative" ("ASU 2023-06") related to disclosure or presentation requirements for various subtopics in the

FASB’s Accounting Standards Codification (“Codification”). The amendments in the update are intended to align the requirements in the Codification with the U.S. Securities and Exchange Commission's (“SEC”) regulations and facilitate the application of GAAP for all entities. The effective date for each amendment is the date on which the SEC removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the requirements by June 30, 2027, this amendment will be removed from the Codification and will not become effective for any entity. Early adoption is prohibited. We do not expect this update to have a material impact on our consolidated financial statements.

ASU No. 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07") primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We do not expect this update to have a material impact on our consolidated financial statements.

ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on our consolidated financial statements.

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Investment Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The following tables summarize the Company’s available for sale and held to maturity investment securities at March 31, 2024 and December 31, 2023.

(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2024
Available for sale:
U.S. agency mortgage-backed	$	307,558	$	9	$	32,881	$	274,686
Collateralized mortgage obligations	81,218		1		3,942		77,277
Municipal bonds	53,784		4		7,692		46,096
U.S. government agency	18,862		—		1,244		17,618
Corporate bonds	6,982		—		846		6,136
Total available for sale	$	468,404	$	14	$	46,605	$	421,813
Held to maturity:
Municipal bonds	$	1,065	$	1	$	4	$	1,062
Total held to maturity	$	1,065	$	1	$	4	$	1,062

(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2023
Available for sale:
U.S. agency mortgage-backed	$	314,569	$	91	$	30,807	$	283,853
Collateralized mortgage obligations	82,764		1		3,503		79,262
Municipal bonds	53,891		4		7,221		46,674
U.S. government agency	19,151		—		1,102		18,049
Corporate bonds	6,982		—		894		6,088
Total available for sale	$	477,357	$	96	$	43,527	$	433,926
Held to maturity:
Municipal bonds	$	1,065	$	1	$	—	$	1,066
Total held to maturity	$	1,065	$	1	$	—	$	1,066

The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of March 31, 2024 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities. The Company’s investment securities portfolio had an effective duration of 4.2 years at March 31, 2024 and December 31, 2023.

(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Fair Value
Available for sale:
U.S. agency mortgage-backed	$	45	$	80,734	$	70,788	$	123,119	$	274,686
Collateralized mortgage obligations	466		59,107		519		17,185		77,277
Municipal bonds	—		4,448		25,176		16,472		46,096
U.S. government agency	—		5,120		12,284		214		17,618
Corporate bonds	—		—		6,136		—		6,136
Total available for sale	$	511	$	149,409	$	114,903	$	156,990	$	421,813
Held to maturity:
Municipal bonds	$	—	$	1,062	$	—	$	—	$	1,062
Total held to maturity	$	—	$	1,062	$	—	$	—	$	1,062
(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Amortized Cost
Available for sale:
U.S. agency mortgage-backed	$	45	$	88,034	$	76,367	$	143,112	$	307,558
Collateralized mortgage obligations	470		61,875		549		18,324		81,218
Municipal bonds	—		4,732		29,425		19,627		53,784
U.S. government agency	—		5,180		13,466		216		18,862
Corporate bonds	—		—		6,982		—		6,982
Total available for sale	$	515	$	159,821	$	126,789	$	181,279	$	468,404
Held to maturity:
Municipal bonds	$	—	$	1,065	$	—	$	—	$	1,065
Total held to maturity	$	—	$	1,065	$	—	$	—	$	1,065

Management evaluates securities for impairment from credit losses at least quarterly, and more frequently when economic and market conditions warrant such evaluations. Consideration is given to numerous factors including, but not limited to, the extent to which the fair value is less than the amortized cost basis; adverse conditions causing changes in the financial condition of the issuer of the security or underlying loan guarantors; changes to the rating of the security by a rating agency; and the Company’s intent to sell a security or whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost, which may extend to maturity.

The Company performs a process to determine whether the decline in the fair value of securities has resulted from credit losses or other factors. This process involves evaluating each security for impairment by monitoring credit performance, collateral type, collateral geography, bond credit support, loan-to-value ratios, credit scores, loss severity levels, pricing levels, downgrades by rating agencies, cash flow projections and other factors as indicators of potential credit issues. If this evaluation indicates the existence of credit losses, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost basis, an ACL is recorded, limited by the amount that the fair value of the security is less than its amortized cost.

The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.

(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
March 31, 2024	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	6,164	$	28	$	267,799	$	32,853	$	273,963	$	32,881
Collateralized mortgage obligations	—		—		77,269		3,942		77,269		3,942
Municipal bonds	1,429		26		44,163		7,666		45,592		7,692
U.S. government agency	3,663		154		13,955		1,090		17,618		1,244
Corporate bonds	—		—		6,136		846		6,136		846
Total available for sale	$	11,256	$	208	$	409,322	$	46,397	$	420,578	$	46,605
Held to maturity:
Municipal bonds	$	531	$	4	$	—	$	—	$	531	$	4
Total held to maturity	$	531	$	4	$	—	$	—	$	531	$	4

(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
December 31, 2023	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	4,033	$	10	$	273,128	$	30,797	$	277,161	$	30,807
Collateralized mortgage obligations	—		—		79,253		3,503		79,253		3,503
Municipal bonds	519		3		44,195		7,218		44,714		7,221
U.S. government agency	3,760		117		14,289		985		18,049		1,102
Corporate bonds	—		—		6,088		894		6,088		894
Total available for sale	$	8,312	$	130	$	416,953	$	43,397	$	425,265	$	43,527
Held to maturity:
Municipal bonds	$	—	$	—	$	—	$	—	$	—	$	—
Total held to maturity	$	—	$	—	$	—	$	—	$	—	$	—

At March 31, 2024, 291 of the Company’s debt securities had unrealized losses totaling 10.0% of the individual securities’ amortized cost basis and 9.9% of the Company’s total amortized cost basis of the investment securities portfolio. At such date, 280 of the 291 securities had been in a continuous loss position for over 12 months. Management has determined that the declines in the fair value of these securities were not attributable to credit losses. As a result, no ACL was recorded for available for sale investment securities at March 31, 2024.

At March 31, 2024, it was determined that no ACL was required for the Company's held-to-maturity investment securities. The Company monitors credit quality of debt securities held-to-maturity through the use of credit ratings. The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at March 31, 2024 and December 31, 2023.

	Credit Ratings
(dollars in thousands)	AAA/AA/A		BBB/BB/B		Total
March 31, 2024
Held to maturity:
Municipal bonds	$	1,065	$	—	$	1,065

	Credit Ratings
(dollars in thousands)	AAA/AA/A		BBB/BB/B		Total
December 31, 2023
Held to maturity:
Municipal bonds	$	1,065	$	—	$	1,065

For the three months ended March 31, 2024, there were no gross gains or losses related to the sale of investment securities. For the three months ended March 31, 2023, the Company recorded gross gains of $98,000 and gross losses of $347,000 related to the sale of investment securities.

Accrued interest receivable on the Company's investment securities was $1,311,000 and $1,563,000 at March 31, 2024 and December 31, 2023, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

At March 31, 2024 and December 31, 2023, the Company had $135,483,000 and $127,172,000, respectively, of securities pledged to secure public deposits. In addition at March 31, 2024, the Company had $135,000,000 of securities pledged to BTFP borrowings.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Earnings per common share was computed based on the following:

	Three Months Ended March 31,
(in thousands, except per share data)	2024		2023
Numerator:
Net income available to common shareholders	$	9,199	$	11,320
Denominator:
Weighted average common shares outstanding	7,984		8,088
Effect of dilutive securities:
Restricted stock	31		21
Stock options	24		28
Weighted average common shares outstanding – assuming dilution	8,039		8,137
Basic earnings per common share	$	1.15	$	1.40
Diluted earnings per common share	$	1.14	$	1.39

Options for 58,392 and 63,558 shares of common stock were not included in the computation of diluted EPS for the three months ended March 31, 2024 and 2023, respectively, because the effect of those shares was anti-dilutive.

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Credit Quality and Allowance for Credit Losses

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Credit Quality and Allowance for Credit Losses

Credit Quality and Allowance for Credit Losses

The Company’s loans, net of unearned income, consisted of the following as of the dates indicated.

(dollars in thousands)	March 31, 2024		December 31, 2023
Real estate loans:
One- to four-family first mortgage	$	436,659	$	433,401
Home equity loans and lines	70,377		68,977
Commercial real estate	1,221,573		1,192,691
Construction and land	334,324		340,724
Multi-family residential	118,748		107,263
Total real estate loans	2,181,681		2,143,056
Other loans:
Commercial and industrial	407,730		405,659
Consumer	32,279		32,923
Total other loans	440,009		438,582
Total loans	$	2,621,690	$	2,581,638

The net discount on the Company’s acquired loans was $3,820,000 and $4,340,000 at March 31, 2024 and December 31, 2023, respectively. In addition, loan balances as of March 31, 2024 and December 31, 2023 are reported net of unearned income of $5,227,000 and $5,321,000, respectively.

Accrued interest receivable on the Company's loans was $12,748,000 and $11,986,000 at March 31, 2024 and December 31, 2023, respectively, and is excluded from the estimate of the ACL. Those amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

Allowance for Credit Losses

The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows.

	March 31, 2024
(dollars in thousands)	Collectively Evaluated		Individually Evaluated		Total
Allowance for credit losses:
One- to four-family first mortgage	$	3,275	$	—	$	3,275
Home equity loans and lines	701		—		701
Commercial real estate	14,863		200		15,063
Construction and land	5,287		—		5,287
Multi-family residential	584		—		584
Commercial and industrial	5,733		73		5,806
Consumer	745		—		745
Total allowance for loan losses	$	31,188	$	273	$	31,461
Unfunded lending commitments(1)	$	2,594	$	—	$	2,594
Total allowance for credit losses	$	33,782	$	273	$	34,055

	March 31, 2024
(dollars in thousands)	Collectively Evaluated		Individually Evaluated(2)		Total
Loans:
One- to four-family first mortgage	$	436,659	$	—	$	436,659
Home equity loans and lines	70,377		—		70,377
Commercial real estate	1,217,734		3,839		1,221,573
Construction and land	334,324		—		334,324
Multi-family residential	118,748		—		118,748
Commercial and industrial	407,638		92		407,730
Consumer	32,279		—		32,279
Total loans	$	2,617,759	$	3,931	$	2,621,690

	December 31, 2023
(dollars in thousands)	Collectively Evaluated		Individually Evaluated		Total
Allowance for credit losses:
One- to four-family first mortgage	$	3,255	$	—	$	3,255
Home equity loans and lines	688		—		688
Commercial real estate	14,604		201		14,805
Construction and land	5,292		123		5,415
Multi-family residential	474		—		474
Commercial and industrial	6,071		95		6,166
Consumer	734		—		734
Total allowance for loan losses	$	31,118	$	419	$	31,537
Unfunded lending commitments(1)	$	2,594	$	—	$	2,594
Total allowance for credit losses	$	33,712	$	419	$	34,131
	December 31, 2023
(dollars in thousands)	Collectively Evaluated		Individually Evaluated(2)		Total
Loans:
One- to four-family first mortgage	$	433,401	$	—	$	433,401
Home equity loans and lines	68,977		—		68,977
Commercial real estate	1,188,734		3,957		1,192,691
Construction and land	340,577		147		340,724
Multi-family residential	107,263		—		107,263
Commercial and industrial	405,547		112		405,659
Consumer	32,923		—		32,923
Total loans	$	2,577,422	$	4,216	$	2,581,638

(1)The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition.

(2)One PCD loan was individually evaluated at March 31, 2024 and December 31, 2023, respectively.

A summary of activity in the ACL for the three months ended March 31, 2024 and March 31, 2023 follows.

 

	Three Months Ended March 31, 2024
(dollars in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Reversal)		Ending Balance
Allowance for credit losses:
One- to four-family first mortgage	$	3,255	$	—	$	—	$	20	$	3,275
Home equity loans and lines	688		—		1		12		701
Commercial real estate	14,805		—		—		258		15,063
Construction and land	5,415		(124)		—		(4)		5,287
Multi-family residential	474		—		—		110		584
Commercial and industrial	6,166		(64)		15		(311)		5,806
Consumer	734		(53)		8		56		745
Total allowance for loan losses	$	31,537	$	(241)	$	24	$	141	$	31,461
Unfunded lending commitments	$	2,594	$	—	$	—	$	—	$	2,594
Total allowance for credit losses	$	34,131	$	(241)	$	24	$	141	$	34,055

	Three Months Ended March 31, 2023
(dollars in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Reversal)		Ending Balance
Allowance for credit losses:
One- to four-family first mortgage	$	2,883	$	—	$	6	$	467	$	3,356
Home equity loans and lines	624		—		1		128		753
Commercial real estate	13,814		—		—		(20)		13,794
Construction and land	4,680		—		—		241		4,921
Multi-family residential	572		—		—		36		608
Commercial and industrial	6,024		(56)		81		(75)		5,974
Consumer	702		(37)		10		37		712
Total allowance for loan losses	$	29,299	$	(93)	$	98	$	814	$	30,118
Unfunded lending commitments	$	2,093	$	—	$	—	$	210	$	2,303
Total allowance for credit losses	$	31,392	$	(93)	$	98	$	1,024	$	32,421

The following tables present the Company’s loan portfolio by credit quality classification and origination year as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Term Loans by Origination Year
(dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
One- to four-family first mortgage:
Pass	$	17,139	$	93,033	$	102,250	$	70,796	$	32,577	$	111,126	$	2,347	$	220	$	429,488
Special Mention	—		149		496		187		—		33		—		—		865
Substandard	61		700		2,159		199		416		2,771		—		—		6,306
Doubtful	—		—		—		—		—		—		—		—		—
Total one- to four-family first mortgages	$	17,200	$	93,882	$	104,905	$	71,182	$	32,993	$	113,930	$	2,347	$	220	$	436,659
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity loans and lines:
Pass	$	539	$	1,794	$	1,579	$	1,190	$	687	$	4,082	$	58,606	$	1,659	$	70,136
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		27		—		—		142		29		43		241
Doubtful	—		—		—		—		—		—		—		—		—
Total home equity loans and lines	$	539	$	1,794	$	1,606	$	1,190	$	687	$	4,224	$	58,635	$	1,702	$	70,377
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	42,842	$	166,881	$	286,394	$	251,284	$	181,044	$	231,109	$	44,560	$	352	$	1,204,466
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		2,147		1,765		2,625		10,570		—		—		17,107
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial real estate loans	$	42,842	$	166,881	$	288,541	$	253,049	$	183,669	$	241,679	$	44,560	$	352	$	1,221,573
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land:
Pass	$	20,128	$	114,405	$	139,498	$	24,321	$	5,764	$	11,969	$	5,538	$	1,169	$	322,792
Special Mention	—		1,620		164		4,635		145		1		—		—		6,565
Substandard	—		—		462		421		—		37		4,047		—		4,967
Doubtful	—		—		—		—		—		—		—		—		—
Total construction and land loans	$	20,128	$	116,025	$	140,124	$	29,377	$	5,909	$	12,007	$	9,585	$	1,169	$	334,324
Current period gross charge-offs	$	—	$	—	$	124	$	—	$	—	$	—	$	—	$	—	$	124

	March 31, 2024
	Term Loans by Origination Year
(dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Multi-family residential:
Pass	$	8,144	$	18,096	$	37,937	$	13,631	$	19,042	$	15,576	$	523	$	1,366	$	114,315
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		3,503		930		—		4,433
Doubtful	—		—		—		—		—		—		—		—		—
Total multi-family residential loans	$	8,144	$	18,096	$	37,937	$	13,631	$	19,042	$	19,079	$	1,453	$	1,366	$	118,748
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial:
Pass	$	13,064	$	71,325	$	74,675	$	26,972	$	9,644	$	6,901	$	194,563	$	7,642	$	404,786
Special Mention	—		—		746		—		264		138		—		—		1,148
Substandard	1,389		—		124		22		7		82		92		80		1,796
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial and industrial loans	$	14,453	$	71,325	$	75,545	$	26,994	$	9,915	$	7,121	$	194,655	$	7,722	$	407,730
Current period gross charge-offs	$	—	$	—	$	—	$	32	$	—	$	—	$	32	$	—	$	64
Consumer:
Pass	$	1,598	$	4,958	$	5,250	$	710	$	780	$	10,470	$	8,175	$	60	$	32,001
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		8		—		7		—		263		—		—		278
Doubtful	—		—		—		—		—		—		—		—		—
Total consumer loans	$	1,598	$	4,966	$	5,250	$	717	$	780	$	10,733	$	8,175	$	60	$	32,279
Current period gross charge-offs	$	—	$	19	$	21	$	—	$	—	$	8	$	5	$	—	$	53
Total loans:
Pass	$	103,454	$	470,492	$	647,583	$	388,904	$	249,538	$	391,233	$	314,312	$	12,468	$	2,577,984
Special Mention	—		1,769		1,406		4,822		409		172		—		—		8,578
Substandard	1,450		708		4,919		2,414		3,048		17,368		5,098		123		35,128
Doubtful	—		—		—		—		—		—		—		—		—
Total loans	$	104,904	$	472,969	$	653,908	$	396,140	$	252,995	$	408,773	$	319,410	$	12,591	$	2,621,690
Current period gross charge-offs	$	—	$	19	$	145	$	32	$	—	$	8	$	37	$	—	$	241

	December 31, 2023
	Term Loans by Origination Year
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
One- to four-family first mortgage:
Pass	$	94,465	$	106,417	$	72,594	$	33,588	$	27,677	$	91,706	$	3,059	$	458	$	429,964
Special Mention	149		497		188		—		—		34		—		—		868
Substandard	—		165		117		306		60		1,921		—		—		2,569
Doubtful	—		—		—		—		—		—		—		—		—
Total one- to four-family first mortgages	$	94,614	$	107,079	$	72,899	$	33,894	$	27,737	$	93,661	$	3,059	$	458	$	433,401
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	12	$	—	$	—	$	12
Home equity loans and lines:
Pass	$	1,864	$	1,652	$	1,231	$	760	$	1,117	$	3,138	$	57,768	$	1,240	$	68,770
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		150		29		28		207
Doubtful	—		—		—		—		—		—		—		—		—
Total home equity loans and lines	$	1,864	$	1,652	$	1,231	$	760	$	1,117	$	3,288	$	57,797	$	1,268	$	68,977
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	161,755	$	292,494	$	252,109	$	184,935	$	137,154	$	104,533	$	44,225	$	855	$	1,178,060
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		16		1,441		2,652		5,490		5,032		—		—		14,631
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial real estate loans	$	161,755	$	292,510	$	253,550	$	187,587	$	142,644	$	109,565	$	44,225	$	855	$	1,192,691
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	29	$	—	$	—	$	29
Construction and land:
Pass	$	121,389	$	150,667	$	33,247	$	6,641	$	7,672	$	4,567	$	5,439	$	—	$	329,622
Special Mention	929		164		4,635		146		—		—		—		—		5,874
Substandard	—		609		528		—		—		44		4,047		—		5,228
Doubtful	—		—		—		—		—		—		—		—		—
Total construction and land loans	$	122,318	$	151,440	$	38,410	$	6,787	$	7,672	$	4,611	$	9,486	$	—	$	340,724
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family residential:
Pass	$	14,907	$	37,228	$	11,843	$	21,558	$	12,548	$	3,213	$	2,463	$	—	$	103,760
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		3,503		—		—		3,503

	December 31, 2023
	Term Loans by Origination Year
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Doubtful	—		—		—		—		—		—		—		—		—
Total multi-family residential loans	$	14,907	$	37,228	$	11,843	$	21,558	$	12,548	$	6,716	$	2,463	$	—	$	107,263
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial:
Pass	$	73,674	$	79,886	$	30,412	$	10,674	$	4,954	$	3,386	$	191,946	$	7,800	$	402,732
Special Mention	—		784		—		264		—		138		—		—		1,186
Substandard	1,389		38		54		7		2		100		129		22		1,741
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial and industrial loans	$	75,063	$	80,708	$	30,466	$	10,945	$	4,956	$	3,624	$	192,075	$	7,822	$	405,659
Current period gross charge-offs	$	—	$	—	$	—	$	124	$	7	$	—	$	124	$	—	$	255
Consumer:
Pass	$	5,941	$	5,734	$	872	$	887	$	359	$	10,698	$	8,068	$	75	$	32,634
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		13		7		—		7		262		—		—		289
Doubtful	—		—		—		—		—		—		—		—		—
Total consumer loans	$	5,941	$	5,747	$	879	$	887	$	366	$	10,960	$	8,068	$	75	$	32,923
Current period gross charge-offs	$	3	$	34	$	3	$	6	$	—	$	4	$	125	$	—	$	175
Total loans:
Pass	$	473,995	$	674,078	$	402,308	$	259,043	$	191,481	$	221,241	$	312,968	$	10,428	$	2,545,542
Special Mention	1,078		1,445		4,823		410		—		172		—		—		7,928
Substandard	1,389		841		2,147		2,965		5,559		11,012		4,205		50		28,168
Doubtful	—		—		—		—		—		—		—		—		—
Total loans	$	476,462	$	676,364	$	409,278	$	262,418	$	197,040	$	232,425	$	317,173	$	10,478	$	2,581,638
Current period gross charge-offs	$	3	$	34	$	3	$	130	$	7	$	45	$	249	$	—	$	471

The above classifications follow regulatory guidelines and can generally be described as follows:

•Pass loans are of satisfactory quality.

•Special mention loans have an existing weakness that could cause future impairment, including the deterioration of financial ratios, past due status, questionable management capabilities and possible reduction in the collateral values.

•Substandard loans have an existing specific and well-defined weakness that may include poor liquidity and deterioration of financial performance. Such loans may be past due and related deposit accounts experiencing overdrafts. Immediate corrective action is necessary.

•Doubtful loans have specific weaknesses that are severe enough to make collection or liquidation in full highly questionable and improbable.

In addition, residential loans are classified using an inter-agency regulatory methodology that incorporates, among other factors, the extent of delinquencies and loan-to-value ratios. These classifications were the most current available as of the dates indicated and were generally updated within the quarter.

Age analysis of past due loans as of the dates indicated are as follows.

	March 31, 2024
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage	$	873	$	1,628	$	1,942	$	4,443	$	360,732	$	365,175
Home equity loans and lines	—		66		29		95		62,764		62,859
Commercial real estate	2,903		15		1,065		3,983		953,976		957,959
Construction and land	302		—		4,930		5,232		304,061		309,293
Multi-family residential	3,437		—		930		4,367		110,752		115,119
Total real estate loans	7,515		1,709		8,896		18,120		1,792,285		1,810,405
Other loans:
Commercial and industrial	414		51		155		620		378,456		379,076
Consumer	73		13		97		183		29,821		30,004
Total other loans	487		64		252		803		408,277		409,080
Total originated loans	$	8,002	$	1,773	$	9,148	$	18,923	$	2,200,562	$	2,219,485
Acquired loans:
Real estate loans:
One- to four-family first mortgage	$	1,207	$	237	$	889	$	2,333	$	69,151	$	71,484
Home equity loans and lines	18		—		—		18		7,500		7,518
Commercial real estate	58		—		—		58		263,556		263,614
Construction and land	—		—		8		8		25,023		25,031
Multi-family residential	—		—		—		—		3,629		3,629
Total real estate loans	1,283		237		897		2,417		368,859		371,276
Other loans:
Commercial and industrial	15		346		1		362		28,292		28,654
Consumer	—		7		42		49		2,226		2,275
Total other loans	15		353		43		411		30,518		30,929
Total acquired loans	$	1,298	$	590	$	940	$	2,828	$	399,377	$	402,205
Total loans:
Real estate loans:
One- to four-family first mortgage	$	2,080	$	1,865	$	2,831	$	6,776	$	429,883	$	436,659
Home equity loans and lines	18		66		29		113		70,264		70,377

	March 31, 2024
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Commercial real estate	2,961		15		1,065		4,041		1,217,532		1,221,573
Construction and land	302		—		4,938		5,240		329,084		334,324
Multi-family residential	3,437		—		930		4,367		114,381		118,748
Total real estate loans	8,798		1,946		9,793		20,537		2,161,144		2,181,681
Other loans:
Commercial and industrial	429		397		156		982		406,748		407,730
Consumer	73		20		139		232		32,047		32,279
Total other loans	502		417		295		1,214		438,795		440,009
Total loans	$	9,300	$	2,363	$	10,088	$	21,751	$	2,599,939	$	2,621,690

	December 31, 2023
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage	$	2,867	$	978	$	331	$	4,176	$	354,694	$	358,870
Home equity loans and lines	143		—		35		178		61,105		61,283
Commercial real estate	112		769		—		881		922,843		923,724
Construction and land	432		1		1,136		1,569		312,710		314,279
Multi-family residential	—		—		—		—		103,598		103,598
Total real estate loans	3,554		1,748		1,502		6,804		1,754,950		1,761,754
Other loans:
Commercial and industrial	325		11		189		525		376,739		377,264
Consumer	404		131		—		535		29,947		30,482
Total other loans	729		142		189		1,060		406,686		407,746
Total originated loans	$	4,283	$	1,890	$	1,691	$	7,864	$	2,161,636	$	2,169,500
Acquired loans:
Real estate loans:
One- to four-family first mortgage	$	1,543	$	497	$	467	$	2,507	$	72,024	$	74,531
Home equity loans and lines	19		1		—		20		7,674		7,694
Commercial real estate	—		2,645		—		2,645		266,322		268,967
Construction and land	—		—		15		15		26,430		26,445
Multi-family residential	—		—		—		—		3,665		3,665
Total real estate loans	1,562		3,143		482		5,187		376,115		381,302
Other loans:
Commercial and industrial	271		—		32		303		28,092		28,395
Consumer	12		12		55		79		2,362		2,441
Total other loans	283		12		87		382		30,454		30,836
Total acquired loans	$	1,845	$	3,155	$	569	$	5,569	$	406,569	$	412,138
Total loans:
Real estate loans:
One- to four-family first mortgage	$	4,410	$	1,475	$	798	$	6,683	$	426,718	$	433,401

	December 31, 2023
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Home equity loans and lines	162		1		35		198		68,779		68,977
Commercial real estate	112		3,414		—		3,526		1,189,165		1,192,691
Construction and land	432		1		1,151		1,584		339,140		340,724
Multi-family residential	—		—		—		—		107,263		107,263
Total real estate loans	5,116		4,891		1,984		11,991		2,131,065		2,143,056
Other loans:
Commercial and industrial	596		11		221		828		404,831		405,659
Consumer	416		143		55		614		32,309		32,923
Total other loans	1,012		154		276		1,442		437,140		438,582
Total loans	$	6,128	$	5,045	$	2,260	$	13,433	$	2,568,205	$	2,581,638

There were $4,978,000 and $0 of loans greater than 90 days past due and accruing at March 31, 2024 and December 31, 2023, respectively.

The following tables summarize information pertaining to nonaccrual loans as of dates indicated.

	March 31, 2024
(dollars in thousands)		With Related Allowance		Without Related Allowance		Total
Nonaccrual loans(1):
One- to four-family first mortgage		$	5,795	$	—	$	5,795
Home equity loans and lines		242		—		242
Commercial real estate		5,279		2,471		7,750
Construction and land		920		—		920
Multi-family residential		—		—		—
Commercial and industrial		386		—		386
Consumer		278		—		278
Total		$	12,900	$	2,471	$	15,371
	December 31, 2023
(dollars in thousands)		With Related Allowance		Without Related Allowance		Total
Nonaccrual loans(1):
One- to four-family first mortgage		$	1,600	$	—	$	1,600
Home equity loans and lines		208		—		208
Commercial real estate		2,655		2,548		5,203
Construction and land		1,181		—		1,181
Multi-family residential		—		—		—
Commercial and industrial		331		—		331
Consumer		291		—		291
Total		$	6,266	$	2,548	$	8,814

(1)Nonaccrual acquired loans include PCD loans of $1,368,000 and $1,410,000 at March 31, 2024 and December 31, 2023, respectively.

All interest accrued but not received for loans placed on nonaccrual status is reversed against interest income. All payments received while on nonaccrual status are applied against the principal balance of nonaccrual loans. The Company does not recognize interest income while loans are on nonaccrual status.

Collateral Dependent Loans

The Company held loans that were individually evaluated for credit losses at March 31, 2024 and December 31, 2023 for which the repayment, on the basis of our assessment at the reporting date, is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. The ACL for these collateral-dependent loans is primarily based on the fair value of the underlying collateral at the reporting date. The following describes the types of collateral that secure collateral dependent loans:

•One- to four-family first mortgages are primarily secured by first liens on residential real estate.

•Home equity loans and lines are primarily secured by first and junior liens on residential real estate.

•Commercial real estate loans are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants.

•Construction and land loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land.

•Commercial and industrial loans considered collateral dependent are primarily secured by accounts receivable, inventory and equipment.

The tables below summarize collateral dependent loans and the related ACL at March 31, 2024 and December 31, 2023.

	March 31, 2024
(dollars in thousands)	Loans		ACL
One- to four-family first mortgage	$	—	$	—
Home equity loans and lines	—		—
Commercial real estate	3,839		200
Construction and land	—		—
Multi-family residential	—		—
Commercial and industrial	92		73
Consumer	—		—
Total	$	3,931	$	273
	December 31, 2023
(dollars in thousands)	Loans		ACL
One- to four-family first mortgage	$	—	$	—
Home equity loans and lines	—		—
Commercial real estate	3,957		201
Construction and land	147		123
Multi-family residential	—		—
Commercial and industrial	112		95
Consumer	—		—
Total	$	4,216	$	419

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

Occasionally, the Company modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, interest only for a specified period of time, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off. The balance of loan

modifications, segregated by type of modification, to borrowers experiencing financial difficulty are set forth in the table below for the periods indicated.

	Three Months Ended March 31, 2024
(dollars in thousands)	Payment Deferral		Principal Forgiveness		Term Extension		Interest Rate Reduction		Combination Term Extension and Principal Forgiveness		Combination Term Extension and Interest Rate Reduction		Percent of Total Class of Loans
One-to four-family first mortgage	$	—	$	—	$	668	$	—	$	—	$	—	0.2	%
Home equity loans and lines	—		—		—		—		—		—		—
Commercial real estate	—		—		1,081		—		—		—		0.1
Construction and land	—		—		29		—		—		—		—
Multi-family residential	—		—		—		—		—		—		—
Commercial and industrial	—		—		—		—		—		—		—
Consumer	—		—		—		—		—		—		—
Total	$	—	$	—	$	1,778	$	—	$	—	$	—	0.1	%

	Three Months Ended March 31, 2023
(dollars in thousands)	Payment Deferral		Principal Forgiveness		Term Extension		Interest Rate Reduction		Combination Term Extension and Principal Forgiveness		Combination Term Extension and Interest Rate Reduction		Percent of Total Class of Loans
One-to four-family first mortgage	$	—	$	—	$	232	$	—	$	—	$	—	0.1	%
Home equity loans and lines	—		—		—		—		—		—		—
Commercial real estate	—		—		1,319		—		—		—		0.1
Construction and land	—		—		33		—		—		—		—
Multi-family residential	—		—		—		—		—		—		—
Commercial and industrial	—		—		1,569		—		—		—		0.4
Consumer	—		—		—		—		—		—		—
Total	$	—	$	—	$	3,153	$	—	$	—	$	—	0.1	%

During the three months ended March 31, 2024 and 2023, no loan experienced a default subsequent to being granted a payment deferral or term extension. Default is defined as movement to past due 90 days, foreclosure or charge-off, whichever occurs first.

The following table details the financial impacts of loan modifications made to borrowers experiencing financial difficulty for the periods presented.

	March 31, 2024		March 31, 2023
	Minimum Term Extensions (in months)	Maximum Term Extensions (in months)	Minimum Term Extensions (in months)	Maximum Term Extensions (in months)
One-to four-family first mortgage	12	96	12	12
Home equity loans and lines	0	0	0	0
Commercial real estate	12	12	12	12
Construction and land	12	12	12	12
Multi-family residential	0	0	0	0
Commercial and industrial	0	0	10	10
Consumer	0	0	0	0

The table below reflects the performance of loans that have been modified in the last 12 months.

(dollars in thousands)	30-89 Days Past Due		90+ Days Past Due		Nonaccrual		Current		Total
March 31, 2024
One-to four-family first mortgage	$	—	$	—	$	—	$	1,499	$	1,499
Home equity loans and lines	—		—		—		57		57
Commercial real estate	—		—		—		1,360		1,360
Construction and land	—		—		—		29		29
Multi-family residential	—		—		—		—		—
Commercial and industrial	—		—		—		1,389		1,389
Consumer	—		—		—		—		—
Total	$	—	$	—	$	—	$	4,334	$	4,334

The loan modifications reported in the table above did not significantly impact the Company's allowance for loan losses during 2024.

Foreclosed Assets and ORE

Foreclosed assets and ORE include real property and other assets that have been acquired as a result of foreclosure, and real property no longer used in the Bank's business. Foreclosed assets and ORE totaled $1,601,000 and $1,575,000 at March 31, 2024 and December 31, 2023, respectively. These amounts are recorded in accrued interest receivable and other assets on the Consolidated Statements of Financial Condition.

The carrying amount of foreclosed residential real estate properties held at March 31, 2024 and December 31, 2023 totaled $141,000 and $115,000, respectively. Loans secured by single family residential real estate that were in the process of foreclosure at March 31, 2024 and December 31, 2023 totaled $809,000 and $517,000, respectively.

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Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives

The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates.

The Company’s existing credit derivatives result from loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. The agreements, which

are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of credit risk participations and customer derivative positions.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. As part of its efforts to accomplish this objective, the Company entered into certain interest rate swap agreements as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable rate liabilities.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate liabilities. During the next twelve months, the Company estimates that an additional $2,086,000 will be reclassified as additional interest expense.

Non-designated Hedges

The Company’s existing credit derivatives result from participations in interest rate swaps provided by external lenders as part of loan participation arrangements, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.

Fair Values of Derivative Instruments

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Derivative Assets(1)				Derivative Liabilities(1)
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities	$	60,000	$	4,392	$	—	$	—
Derivatives not designated as hedging instruments:
Risk participation agreements	—		—		11,736		2
Netting adjustments			—				—
Net derivative amounts			$	4,392			$	2
	December 31, 2023
	Derivative Assets(1)				Derivative Liabilities(1)
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities	$	60,000	$	3,914	$	—	$	—
Derivatives not designated as hedging instruments:
Risk participation agreements	—		—		11,797		3
Netting adjustments			—				—
Net derivative amounts			$	3,914			$	3

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

At March 31, 2024 and December 31, 2023, accumulated unrealized gains, net of taxes, on derivative instruments totaled $3,306,000 and $2,928,000, respectively.

Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income

The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of March 31, 2024 and March 31, 2023.

	Three Months Ended March 31, 2024
	Amount of Gain Recognized in OCI				Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
(dollars in thousands)	Total		Included Component			Total		Included Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities	$	1,084	$	1,084	Interest income	$	606	$	606

	Three Months Ended March 31, 2023
	Amount of Loss Recognized in OCI				Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
(dollars in thousands)	Total		Included Component			Total		Included Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities	$	(295)	$	(295)	Interest income	$	421	$	421

Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of March 31, 2024 and March 31, 2023.

(dollars in thousands)	Location of Income Recognized on Non-designated Hedges	Three Months Ended March 31, 2024
Effects of non-designated hedges
Risk participation agreements	Other noninterest income	$	2
(dollars in thousands)	Location of Income Recognized on Non-designated Hedges	Three Months Ended March 31, 2023
Effects of non-designated hedges
Risk participation agreements	Other noninterest income	$	(1)

Credit-risk-related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision to the effect that, if the Company (either) defaults (or is capable of being declared in default) on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

The Company has agreements with certain of its derivative counterparties that contain a provision to the effect that, if the Company fails to maintain its status as a well or adequately capitalized institution, then the Company could be required to post additional collateral.

As of March 31, 2024, there were no derivatives with credit-risk-related contingent features in a net liability position. Such derivatives are measured at fair value, which includes accrued interest but excludes any adjustment for nonperformance risk. If the Company had breached any provisions at March 31, 2024, it would not have been required to settle any obligations under the agreements since the termination value was $0.

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Long-term Debt and Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt and Borrowings

Long-term Debt and Borrowings

Subordinated Debt

On June 30, 2022, the Company issued $55,000,000 in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes (the "Notes") due 2032. The Notes were issued at a price equal to 100% of the aggregate principal amount. The Notes have a stated maturity date of June 30, 2032 and bear interest at a fixed rate of 5.75% per year from and including the issue date to but excluding June 30, 2027. From June 30, 2027, the Notes will bear interest at a floating rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 282 basis points. The Notes may be redeemed by the Company, in whole or in part, on or after June 30, 2027. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

The carrying value of subordinated debt was $54,294,000 and $54,241,000 at March 31, 2024 and December 31, 2023, respectively. The subordinated debt was recorded net of issuance costs which is being amortized using the straight-line method over five years.

Other Borrowings

On March 12, 2023, the Federal Reserve Board created the BTFP, which offers loans to banks with a term up to one year with no prepayment penalty. The loans are secured by pledging qualifying securities and are valued at par for collateral. In 2024, the Bank participated in the BTFP and had an outstanding debt of $135.0 million at March 31, 2024. The average balance of other borrowings, which included the BTFP loan was $126.0 million for the first quarter of 2024, up $120.4 million compared to the first quarter of 2023.

Federal Home Loan Bank Advances

The average balance of total FHLB advances was $71.7 million for the first quarter of 2024, down $143.8 million compared to the first quarter of 2023.

The Company had no short-term FHLB advances as of March 31, 2024 compared to $150.0 million as of December 31, 2023. At March 31, 2024 and December 31, 2023, the Company had $38.6 million and $42.7 million in long-term FHLB advances, respectively, and $1.1 billion and $1.0 billion in additional FHLB advances available, respectively.

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Fair Value Measurements and Disclosures

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Disclosures

Fair Value Measurements and Disclosures

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures. Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels used to measure fair value are as follows:

•Level 1 – Quoted prices in active markets for identical assets or liabilities.

•Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level that is significant to the fair value measurement. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities quarterly.

Recurring Basis

Investment Securities Available for Sale

Fair values of investment securities available for sale are primarily measured using information from a third-party pricing service. This pricing service provides pricing information by utilizing pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark

securities bids, offers and other reference data from market research publications. If quoted prices are available in an active market, investment securities are classified as Level 1 measurements. If quoted prices are not available in an active market, fair values are estimated primarily by the use of pricing models. Level 2 investment securities are primarily comprised of mortgage-backed securities issued by government agencies and U.S. government-sponsored enterprises. In certain cases, where there is limited or less transparent information provided by the Company’s third-party pricing service, fair value is estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. Investment securities are classified within Level 3 when little or no market activity supports the fair value.

Management primarily identifies investment securities which may have traded in illiquid or inactive markets, by identifying instances of a significant decrease in the volume and frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Investment securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. For example, management may use quoted prices for similar investment securities in the absence of a liquid and active market for the investment securities being valued. As of March 31, 2024, management did not make adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets.

Derivative Assets and Liabilities

Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition. The fair value of these derivative financial instruments is obtained from a third-party pricing service that uses widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company has determined that its derivative valuations are classified in Level 2 of the fair vale hierarchy.

The following tables present the balances of assets measured for fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

(dollars in thousands)	March 31, 2024		Level 1		Level 2		Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed	$	274,686	$	—	$	274,686	$	—
Collateralized mortgage obligations	77,277		—		77,277		—
Municipal bonds	46,096		—		46,096		—
U.S. government agency	17,618		—		17,618		—
Corporate bonds	6,136		—		6,136		—
Total	$	421,813	$	—	$	421,813	$	—
Derivative assets	$	4,392	$	—	$	4,392	$	—
Total	$	426,205	$	—	$	426,205	$	—
Liabilities
Derivative liabilities	$	2	$	—	$	2	$	—

(dollars in thousands)	December 31, 2023		Level 1		Level 2		Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed	$	283,853	$	—	$	283,853	$	—
Collateralized mortgage obligations	79,262		—		79,262		—
Municipal bonds	46,674		—		46,674		—
U.S. government agency	18,049		—		18,049		—
Corporate bonds	6,088		—		6,088		—
Total	$	433,926	$	—	$	433,926	$	—
Derivative assets	$	3,914	$	—	$	3,914	$	—
Total	$	437,840	$	—	$	437,840	$	—
Liabilities
Derivative liabilities	$	3	$	—	$	3	$	—

Nonrecurring Basis

The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Loans individually evaluated are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price.

Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets.

The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date as reflected in the table below.

			Fair Value Measurements Using
(dollars in thousands)	March 31, 2024		Level 1		Level 2		Level 3
Assets
Loans individually evaluated	$	3,658	$	—	$	—	$	3,658
Foreclosed assets and ORE	1,601		—		—		1,601
Total	$	5,259	$	—	$	—	$	5,259
			Fair Value Measurements Using
(dollars in thousands)	December 31, 2023		Level 1		Level 2		Level 3
Assets
Loans individually evaluated	$	3,797	$	—	$	—	$	3,797
Foreclosed assets and ORE	1,575		—		—		1,575
Total	$	5,372	$	—	$	—	$	5,372

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range of Discounts	Weighted Average Discount
March 31, 2024
Loans individually evaluated	$	3,658	Third party appraisals and discounted cash flows	Collateral values, market discounts and estimated costs to sell	0% - 79%	7%
Foreclosed assets and ORE	$	1,601	Third party appraisals, sales contracts, broker price opinions	Collateral values, market discounts and estimated costs to sell	52% - 99%	63%
(dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range of Discounts	Weighted Average Discount
December 31, 2023
Loans individually evaluated	$	3,797	Third party appraisals and discounted cash flows	Collateral values, market discounts and estimated costs to sell	0% - 89%	10%
Foreclosed assets and ORE	$	1,575	Third party appraisals, sales contracts, broker price opinions	Collateral values, market discounts and estimated costs to sell	31% - 71%	62%

ASC 820, Fair Value Measurements and Disclosures, requires the disclosure of each class of financial instruments for which it is practicable to estimate. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC 820 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statements. These estimates are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates included herein are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the fair value of assets and liabilities that are not required to be recorded or disclosed at fair value like premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

Methods and assumptions used to estimate fair value of each class of financial instruments for which it is practicable to estimate fair value are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The fair value of subordinated debt is estimated based on current market rates on similar debt in the market. The Company classifies this debt in Level 2 of the fair value table. There have been no other material changes from the fair value estimate methods and assumptions previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated.

			Fair Value Measurements at March 31, 2024
(dollars in thousands)	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	90,475	$	90,475	$	90,475	$	—	$	—
Investment securities available for sale	421,813		421,813		—		421,813		—
Investment securities held to maturity	1,065		1,062		—		1,062		—
Mortgage loans held for sale	646		646		—		646		—
Loans, net	2,590,229		2,437,430		—		2,433,772		3,658
Cash surrender value of BOLI	47,587		47,587		47,587		—		—
Derivative assets(1)	4,392		4,392		—		4,392		—
Financial Liabilities
Deposits	$	2,722,578	$	2,716,263	$	2,024,707	$	691,556	$	—
Other borrowings	140,539		139,954		—		139,954		—
Subordinated debt, net of issuance cost	54,294		49,930		—		49,930		—
Long-term FHLB advances	38,607		37,594		—		37,594		—
Derivative liabilities(1)	2		2		—		2		—
			Fair Value Measurements at December 31, 2023
(dollars in thousands)	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	75,831	$	75,831	$	75,831	$	—	$	—
Interest-bearing deposits in banks	99		99		99		—		—
Investment securities available for sale	433,926		433,926		—		433,926		—
Investment securities held to maturity	1,065		1,066		—		1,066		—
Mortgage loans held for sale	361		361		—		361		—
Loans, net	2,550,101		2,381,863		—		2,378,066		3,797
Cash surrender value of BOLI	47,321		47,321		47,321		—		—
Derivative assets(1)	3,914		3,914		—		3,914		—
Financial Liabilities
Deposits	$	2,670,624	$	2,665,590	$	2,025,890	$	639,700	$	—
Other borrowings	5,539		5,498		—		5,498		—
Subordinated debt, net of issuance cost	54,241		50,865		—		50,865		—
Short-term FHLB advances	150,000		150,000		150,000		—		—
Long-term FHLB advances	42,713		41,792		—		41,792		—
Derivative liabilities(1)	3		3		—		3		—

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income	$ 9,199	$ 11,320

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Recent Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Accounting Standards Adopted and Issued but Not Yet Adopted Accounting Standards

Accounting Standards Adopted in 2024

Accounting Standard Update (“ASU”) ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires certain new disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 is effective for fiscal years and interim periods after December, 15, 2023, though early adoption is permitted. The adoption of ASU 2022-03 did not have a significant impact on our consolidated financial statements.

ASU 2023-01, Leases (Topic 842): Common Control Arrangements: (“ASU 2023-01”) clarifies the accounting for leasehold improvements associated with common control leases to public business entities. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-01 did not have a significant impact on our Consolidated Financial Statements.

ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”) permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02 did not have a significant impact on our Consolidated Financial Statements.

Issued but Not Yet Adopted Accounting Standards

ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative" ("ASU 2023-06") related to disclosure or presentation requirements for various subtopics in the

FASB’s Accounting Standards Codification (“Codification”). The amendments in the update are intended to align the requirements in the Codification with the U.S. Securities and Exchange Commission's (“SEC”) regulations and facilitate the application of GAAP for all entities. The effective date for each amendment is the date on which the SEC removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or if the SEC has not removed the requirements by June 30, 2027, this amendment will be removed from the Codification and will not become effective for any entity. Early adoption is prohibited. We do not expect this update to have a material impact on our consolidated financial statements.

ASU No. 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07") primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We do not expect this update to have a material impact on our consolidated financial statements.

ASU No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on our consolidated financial statements.

Fair Value Measurements and Disclosures

The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company groups assets and liabilities measured or disclosed at fair value in three levels as required by ASC 820, Fair Value Measurements and Disclosures. Under this guidance, fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels used to measure fair value are as follows:

•Level 1 – Quoted prices in active markets for identical assets or liabilities.

•Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level that is significant to the fair value measurement. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities quarterly.

Nonrecurring Basis

Nonrecurring Basis

The Company records loans individually evaluated for credit losses at fair value on a nonrecurring basis. Fair value is measured at the fair value of the collateral for collateral-dependent loans. For non-collateral-dependent loans, fair value is measured by present valuing expected future cash flows. Loans individually evaluated are classified as Level 3 assets when measured using appraisals from third parties of the collateral less any prior liens and when there is no observable market price.

Foreclosed assets and ORE are also recorded at fair value on a nonrecurring basis. Foreclosed assets are initially recorded at fair value less estimated costs to sell. ORE is recorded at the lower of its net book value or fair value at the date of transfer to ORE. The fair value of foreclosed assets and ORE is based on property appraisals and an analysis of similar properties available. As such, the Company classifies foreclosed and ORE assets as Level 3 assets.

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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Information Regarding Company's Investment Securities Classified as Available for Sale and Held to Maturity

The following tables summarize the Company’s available for sale and held to maturity investment securities at March 31, 2024 and December 31, 2023.

(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2024
Available for sale:
U.S. agency mortgage-backed	$	307,558	$	9	$	32,881	$	274,686
Collateralized mortgage obligations	81,218		1		3,942		77,277
Municipal bonds	53,784		4		7,692		46,096
U.S. government agency	18,862		—		1,244		17,618
Corporate bonds	6,982		—		846		6,136
Total available for sale	$	468,404	$	14	$	46,605	$	421,813
Held to maturity:
Municipal bonds	$	1,065	$	1	$	4	$	1,062
Total held to maturity	$	1,065	$	1	$	4	$	1,062

(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2023
Available for sale:
U.S. agency mortgage-backed	$	314,569	$	91	$	30,807	$	283,853
Collateralized mortgage obligations	82,764		1		3,503		79,262
Municipal bonds	53,891		4		7,221		46,674
U.S. government agency	19,151		—		1,102		18,049
Corporate bonds	6,982		—		894		6,088
Total available for sale	$	477,357	$	96	$	43,527	$	433,926
Held to maturity:
Municipal bonds	$	1,065	$	1	$	—	$	1,066
Total held to maturity	$	1,065	$	1	$	—	$	1,066

Summary of Amortized Cost and Estimated Fair Value by Maturity of Company's Investment Securities

The estimated fair value and amortized cost by contractual maturity of the Company’s investment securities as of March 31, 2024 are shown in the following tables. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. The expected maturity of a security may differ from its contractual maturity because of prepayments or the exercise of call options. Accordingly, actual maturities may differ from contractual maturities. The Company’s investment securities portfolio had an effective duration of 4.2 years at March 31, 2024 and December 31, 2023.

(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Fair Value
Available for sale:
U.S. agency mortgage-backed	$	45	$	80,734	$	70,788	$	123,119	$	274,686
Collateralized mortgage obligations	466		59,107		519		17,185		77,277
Municipal bonds	—		4,448		25,176		16,472		46,096
U.S. government agency	—		5,120		12,284		214		17,618
Corporate bonds	—		—		6,136		—		6,136
Total available for sale	$	511	$	149,409	$	114,903	$	156,990	$	421,813
Held to maturity:
Municipal bonds	$	—	$	1,062	$	—	$	—	$	1,062
Total held to maturity	$	—	$	1,062	$	—	$	—	$	1,062
(dollars in thousands)	One Year or Less		After One Year through Five Years		After Five Years through Ten Years		After Ten Years		Total
Amortized Cost
Available for sale:
U.S. agency mortgage-backed	$	45	$	88,034	$	76,367	$	143,112	$	307,558
Collateralized mortgage obligations	470		61,875		549		18,324		81,218
Municipal bonds	—		4,732		29,425		19,627		53,784
U.S. government agency	—		5,180		13,466		216		18,862
Corporate bonds	—		—		6,982		—		6,982
Total available for sale	$	515	$	159,821	$	126,789	$	181,279	$	468,404
Held to maturity:
Municipal bonds	$	—	$	1,065	$	—	$	—	$	1,065
Total held to maturity	$	—	$	1,065	$	—	$	—	$	1,065

Summary of Company's Investment Securities With Unrealized Losses, Aggregated by Type and Length

The Company's investment securities with unrealized losses, aggregated by type and length of time that individual securities have been in a continuous loss position, are summarized in the following tables.

(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
March 31, 2024	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	6,164	$	28	$	267,799	$	32,853	$	273,963	$	32,881
Collateralized mortgage obligations	—		—		77,269		3,942		77,269		3,942
Municipal bonds	1,429		26		44,163		7,666		45,592		7,692
U.S. government agency	3,663		154		13,955		1,090		17,618		1,244
Corporate bonds	—		—		6,136		846		6,136		846
Total available for sale	$	11,256	$	208	$	409,322	$	46,397	$	420,578	$	46,605
Held to maturity:
Municipal bonds	$	531	$	4	$	—	$	—	$	531	$	4
Total held to maturity	$	531	$	4	$	—	$	—	$	531	$	4

(dollars in thousands)	Less Than 1 Year				Over 1 Year				Total
December 31, 2023	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale:
U.S. agency mortgage-backed	$	4,033	$	10	$	273,128	$	30,797	$	277,161	$	30,807
Collateralized mortgage obligations	—		—		79,253		3,503		79,253		3,503
Municipal bonds	519		3		44,195		7,218		44,714		7,221
U.S. government agency	3,760		117		14,289		985		18,049		1,102
Corporate bonds	—		—		6,088		894		6,088		894
Total available for sale	$	8,312	$	130	$	416,953	$	43,397	$	425,265	$	43,527
Held to maturity:
Municipal bonds	$	—	$	—	$	—	$	—	$	—	$	—
Total held to maturity	$	—	$	—	$	—	$	—	$	—	$	—

Summary of Amortized Cost of Held-to-maturity Securities by Credit Rating

The following tables present the amortized cost of the Company's held-to-maturity securities by credit quality rating at March 31, 2024 and December 31, 2023.

	Credit Ratings
(dollars in thousands)	AAA/AA/A		BBB/BB/B		Total
March 31, 2024
Held to maturity:
Municipal bonds	$	1,065	$	—	$	1,065

	Credit Ratings
(dollars in thousands)	AAA/AA/A		BBB/BB/B		Total
December 31, 2023
Held to maturity:
Municipal bonds	$	1,065	$	—	$	1,065

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Earnings Per Common Share

Earnings per common share was computed based on the following:

	Three Months Ended March 31,
(in thousands, except per share data)	2024		2023
Numerator:
Net income available to common shareholders	$	9,199	$	11,320
Denominator:
Weighted average common shares outstanding	7,984		8,088
Effect of dilutive securities:
Restricted stock	31		21
Stock options	24		28
Weighted average common shares outstanding – assuming dilution	8,039		8,137
Basic earnings per common share	$	1.15	$	1.40
Diluted earnings per common share	$	1.14	$	1.39

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Credit Quality and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Summary of Loans, Net of Unearned Income

The Company’s loans, net of unearned income, consisted of the following as of the dates indicated.

(dollars in thousands)	March 31, 2024		December 31, 2023
Real estate loans:
One- to four-family first mortgage	$	436,659	$	433,401
Home equity loans and lines	70,377		68,977
Commercial real estate	1,221,573		1,192,691
Construction and land	334,324		340,724
Multi-family residential	118,748		107,263
Total real estate loans	2,181,681		2,143,056
Other loans:
Commercial and industrial	407,730		405,659
Consumer	32,279		32,923
Total other loans	440,009		438,582
Total loans	$	2,621,690	$	2,581,638

The tables below summarize collateral dependent loans and the related ACL at March 31, 2024 and December 31, 2023.

	March 31, 2024
(dollars in thousands)	Loans		ACL
One- to four-family first mortgage	$	—	$	—
Home equity loans and lines	—		—
Commercial real estate	3,839		200
Construction and land	—		—
Multi-family residential	—		—
Commercial and industrial	92		73
Consumer	—		—
Total	$	3,931	$	273
	December 31, 2023
(dollars in thousands)	Loans		ACL
One- to four-family first mortgage	$	—	$	—
Home equity loans and lines	—		—
Commercial real estate	3,957		201
Construction and land	147		123
Multi-family residential	—		—
Commercial and industrial	112		95
Consumer	—		—
Total	$	4,216	$	419

Summary of Allowance for Credit Losses and Recorded Investment in Loans

The ACL, which includes the ALL and the ACL on unfunded lending commitments, and recorded investment in loans as of the dates indicated are as follows.

	March 31, 2024
(dollars in thousands)	Collectively Evaluated		Individually Evaluated		Total
Allowance for credit losses:
One- to four-family first mortgage	$	3,275	$	—	$	3,275
Home equity loans and lines	701		—		701
Commercial real estate	14,863		200		15,063
Construction and land	5,287		—		5,287
Multi-family residential	584		—		584
Commercial and industrial	5,733		73		5,806
Consumer	745		—		745
Total allowance for loan losses	$	31,188	$	273	$	31,461
Unfunded lending commitments(1)	$	2,594	$	—	$	2,594
Total allowance for credit losses	$	33,782	$	273	$	34,055

	March 31, 2024
(dollars in thousands)	Collectively Evaluated		Individually Evaluated(2)		Total
Loans:
One- to four-family first mortgage	$	436,659	$	—	$	436,659
Home equity loans and lines	70,377		—		70,377
Commercial real estate	1,217,734		3,839		1,221,573
Construction and land	334,324		—		334,324
Multi-family residential	118,748		—		118,748
Commercial and industrial	407,638		92		407,730
Consumer	32,279		—		32,279
Total loans	$	2,617,759	$	3,931	$	2,621,690

	December 31, 2023
(dollars in thousands)	Collectively Evaluated		Individually Evaluated		Total
Allowance for credit losses:
One- to four-family first mortgage	$	3,255	$	—	$	3,255
Home equity loans and lines	688		—		688
Commercial real estate	14,604		201		14,805
Construction and land	5,292		123		5,415
Multi-family residential	474		—		474
Commercial and industrial	6,071		95		6,166
Consumer	734		—		734
Total allowance for loan losses	$	31,118	$	419	$	31,537
Unfunded lending commitments(1)	$	2,594	$	—	$	2,594
Total allowance for credit losses	$	33,712	$	419	$	34,131
	December 31, 2023
(dollars in thousands)	Collectively Evaluated		Individually Evaluated(2)		Total
Loans:
One- to four-family first mortgage	$	433,401	$	—	$	433,401
Home equity loans and lines	68,977		—		68,977
Commercial real estate	1,188,734		3,957		1,192,691
Construction and land	340,577		147		340,724
Multi-family residential	107,263		—		107,263
Commercial and industrial	405,547		112		405,659
Consumer	32,923		—		32,923
Total loans	$	2,577,422	$	4,216	$	2,581,638

(1)The ACL on unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition.

(2)One PCD loan was individually evaluated at March 31, 2024 and December 31, 2023, respectively.

Summary of Activity in Allowance for Credit Losses

A summary of activity in the ACL for the three months ended March 31, 2024 and March 31, 2023 follows.

 

	Three Months Ended March 31, 2024
(dollars in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Reversal)		Ending Balance
Allowance for credit losses:
One- to four-family first mortgage	$	3,255	$	—	$	—	$	20	$	3,275
Home equity loans and lines	688		—		1		12		701
Commercial real estate	14,805		—		—		258		15,063
Construction and land	5,415		(124)		—		(4)		5,287
Multi-family residential	474		—		—		110		584
Commercial and industrial	6,166		(64)		15		(311)		5,806
Consumer	734		(53)		8		56		745
Total allowance for loan losses	$	31,537	$	(241)	$	24	$	141	$	31,461
Unfunded lending commitments	$	2,594	$	—	$	—	$	—	$	2,594
Total allowance for credit losses	$	34,131	$	(241)	$	24	$	141	$	34,055

	Three Months Ended March 31, 2023
(dollars in thousands)	Beginning Balance		Charge-offs		Recoveries		Provision (Reversal)		Ending Balance
Allowance for credit losses:
One- to four-family first mortgage	$	2,883	$	—	$	6	$	467	$	3,356
Home equity loans and lines	624		—		1		128		753
Commercial real estate	13,814		—		—		(20)		13,794
Construction and land	4,680		—		—		241		4,921
Multi-family residential	572		—		—		36		608
Commercial and industrial	6,024		(56)		81		(75)		5,974
Consumer	702		(37)		10		37		712
Total allowance for loan losses	$	29,299	$	(93)	$	98	$	814	$	30,118
Unfunded lending commitments	$	2,093	$	—	$	—	$	210	$	2,303
Total allowance for credit losses	$	31,392	$	(93)	$	98	$	1,024	$	32,421

The tables below summarize collateral dependent loans and the related ACL at March 31, 2024 and December 31, 2023.

	March 31, 2024
(dollars in thousands)	Loans		ACL
One- to four-family first mortgage	$	—	$	—
Home equity loans and lines	—		—
Commercial real estate	3,839		200
Construction and land	—		—
Multi-family residential	—		—
Commercial and industrial	92		73
Consumer	—		—
Total	$	3,931	$	273
	December 31, 2023
(dollars in thousands)	Loans		ACL
One- to four-family first mortgage	$	—	$	—
Home equity loans and lines	—		—
Commercial real estate	3,957		201
Construction and land	147		123
Multi-family residential	—		—
Commercial and industrial	112		95
Consumer	—		—
Total	$	4,216	$	419

Summary of Loan Portfolio by Credit Quality Classification

The following tables present the Company’s loan portfolio by credit quality classification and origination year as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Term Loans by Origination Year
(dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
One- to four-family first mortgage:
Pass	$	17,139	$	93,033	$	102,250	$	70,796	$	32,577	$	111,126	$	2,347	$	220	$	429,488
Special Mention	—		149		496		187		—		33		—		—		865
Substandard	61		700		2,159		199		416		2,771		—		—		6,306
Doubtful	—		—		—		—		—		—		—		—		—
Total one- to four-family first mortgages	$	17,200	$	93,882	$	104,905	$	71,182	$	32,993	$	113,930	$	2,347	$	220	$	436,659
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Home equity loans and lines:
Pass	$	539	$	1,794	$	1,579	$	1,190	$	687	$	4,082	$	58,606	$	1,659	$	70,136
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		27		—		—		142		29		43		241
Doubtful	—		—		—		—		—		—		—		—		—
Total home equity loans and lines	$	539	$	1,794	$	1,606	$	1,190	$	687	$	4,224	$	58,635	$	1,702	$	70,377
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	42,842	$	166,881	$	286,394	$	251,284	$	181,044	$	231,109	$	44,560	$	352	$	1,204,466
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		2,147		1,765		2,625		10,570		—		—		17,107
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial real estate loans	$	42,842	$	166,881	$	288,541	$	253,049	$	183,669	$	241,679	$	44,560	$	352	$	1,221,573
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Construction and land:
Pass	$	20,128	$	114,405	$	139,498	$	24,321	$	5,764	$	11,969	$	5,538	$	1,169	$	322,792
Special Mention	—		1,620		164		4,635		145		1		—		—		6,565
Substandard	—		—		462		421		—		37		4,047		—		4,967
Doubtful	—		—		—		—		—		—		—		—		—
Total construction and land loans	$	20,128	$	116,025	$	140,124	$	29,377	$	5,909	$	12,007	$	9,585	$	1,169	$	334,324
Current period gross charge-offs	$	—	$	—	$	124	$	—	$	—	$	—	$	—	$	—	$	124

	March 31, 2024
	Term Loans by Origination Year
(dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Multi-family residential:
Pass	$	8,144	$	18,096	$	37,937	$	13,631	$	19,042	$	15,576	$	523	$	1,366	$	114,315
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		3,503		930		—		4,433
Doubtful	—		—		—		—		—		—		—		—		—
Total multi-family residential loans	$	8,144	$	18,096	$	37,937	$	13,631	$	19,042	$	19,079	$	1,453	$	1,366	$	118,748
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial:
Pass	$	13,064	$	71,325	$	74,675	$	26,972	$	9,644	$	6,901	$	194,563	$	7,642	$	404,786
Special Mention	—		—		746		—		264		138		—		—		1,148
Substandard	1,389		—		124		22		7		82		92		80		1,796
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial and industrial loans	$	14,453	$	71,325	$	75,545	$	26,994	$	9,915	$	7,121	$	194,655	$	7,722	$	407,730
Current period gross charge-offs	$	—	$	—	$	—	$	32	$	—	$	—	$	32	$	—	$	64
Consumer:
Pass	$	1,598	$	4,958	$	5,250	$	710	$	780	$	10,470	$	8,175	$	60	$	32,001
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		8		—		7		—		263		—		—		278
Doubtful	—		—		—		—		—		—		—		—		—
Total consumer loans	$	1,598	$	4,966	$	5,250	$	717	$	780	$	10,733	$	8,175	$	60	$	32,279
Current period gross charge-offs	$	—	$	19	$	21	$	—	$	—	$	8	$	5	$	—	$	53
Total loans:
Pass	$	103,454	$	470,492	$	647,583	$	388,904	$	249,538	$	391,233	$	314,312	$	12,468	$	2,577,984
Special Mention	—		1,769		1,406		4,822		409		172		—		—		8,578
Substandard	1,450		708		4,919		2,414		3,048		17,368		5,098		123		35,128
Doubtful	—		—		—		—		—		—		—		—		—
Total loans	$	104,904	$	472,969	$	653,908	$	396,140	$	252,995	$	408,773	$	319,410	$	12,591	$	2,621,690
Current period gross charge-offs	$	—	$	19	$	145	$	32	$	—	$	8	$	37	$	—	$	241

	December 31, 2023
	Term Loans by Origination Year
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
One- to four-family first mortgage:
Pass	$	94,465	$	106,417	$	72,594	$	33,588	$	27,677	$	91,706	$	3,059	$	458	$	429,964
Special Mention	149		497		188		—		—		34		—		—		868
Substandard	—		165		117		306		60		1,921		—		—		2,569
Doubtful	—		—		—		—		—		—		—		—		—
Total one- to four-family first mortgages	$	94,614	$	107,079	$	72,899	$	33,894	$	27,737	$	93,661	$	3,059	$	458	$	433,401
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	12	$	—	$	—	$	12
Home equity loans and lines:
Pass	$	1,864	$	1,652	$	1,231	$	760	$	1,117	$	3,138	$	57,768	$	1,240	$	68,770
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		150		29		28		207
Doubtful	—		—		—		—		—		—		—		—		—
Total home equity loans and lines	$	1,864	$	1,652	$	1,231	$	760	$	1,117	$	3,288	$	57,797	$	1,268	$	68,977
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	161,755	$	292,494	$	252,109	$	184,935	$	137,154	$	104,533	$	44,225	$	855	$	1,178,060
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		16		1,441		2,652		5,490		5,032		—		—		14,631
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial real estate loans	$	161,755	$	292,510	$	253,550	$	187,587	$	142,644	$	109,565	$	44,225	$	855	$	1,192,691
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	29	$	—	$	—	$	29
Construction and land:
Pass	$	121,389	$	150,667	$	33,247	$	6,641	$	7,672	$	4,567	$	5,439	$	—	$	329,622
Special Mention	929		164		4,635		146		—		—		—		—		5,874
Substandard	—		609		528		—		—		44		4,047		—		5,228
Doubtful	—		—		—		—		—		—		—		—		—
Total construction and land loans	$	122,318	$	151,440	$	38,410	$	6,787	$	7,672	$	4,611	$	9,486	$	—	$	340,724
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Multi-family residential:
Pass	$	14,907	$	37,228	$	11,843	$	21,558	$	12,548	$	3,213	$	2,463	$	—	$	103,760
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		3,503		—		—		3,503

	December 31, 2023
	Term Loans by Origination Year
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Doubtful	—		—		—		—		—		—		—		—		—
Total multi-family residential loans	$	14,907	$	37,228	$	11,843	$	21,558	$	12,548	$	6,716	$	2,463	$	—	$	107,263
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial:
Pass	$	73,674	$	79,886	$	30,412	$	10,674	$	4,954	$	3,386	$	191,946	$	7,800	$	402,732
Special Mention	—		784		—		264		—		138		—		—		1,186
Substandard	1,389		38		54		7		2		100		129		22		1,741
Doubtful	—		—		—		—		—		—		—		—		—
Total commercial and industrial loans	$	75,063	$	80,708	$	30,466	$	10,945	$	4,956	$	3,624	$	192,075	$	7,822	$	405,659
Current period gross charge-offs	$	—	$	—	$	—	$	124	$	7	$	—	$	124	$	—	$	255
Consumer:
Pass	$	5,941	$	5,734	$	872	$	887	$	359	$	10,698	$	8,068	$	75	$	32,634
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		13		7		—		7		262		—		—		289
Doubtful	—		—		—		—		—		—		—		—		—
Total consumer loans	$	5,941	$	5,747	$	879	$	887	$	366	$	10,960	$	8,068	$	75	$	32,923
Current period gross charge-offs	$	3	$	34	$	3	$	6	$	—	$	4	$	125	$	—	$	175
Total loans:
Pass	$	473,995	$	674,078	$	402,308	$	259,043	$	191,481	$	221,241	$	312,968	$	10,428	$	2,545,542
Special Mention	1,078		1,445		4,823		410		—		172		—		—		7,928
Substandard	1,389		841		2,147		2,965		5,559		11,012		4,205		50		28,168
Doubtful	—		—		—		—		—		—		—		—		—
Total loans	$	476,462	$	676,364	$	409,278	$	262,418	$	197,040	$	232,425	$	317,173	$	10,478	$	2,581,638
Current period gross charge-offs	$	3	$	34	$	3	$	130	$	7	$	45	$	249	$	—	$	471

Summary of Past Due Loans

Age analysis of past due loans as of the dates indicated are as follows.

	March 31, 2024
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage	$	873	$	1,628	$	1,942	$	4,443	$	360,732	$	365,175
Home equity loans and lines	—		66		29		95		62,764		62,859
Commercial real estate	2,903		15		1,065		3,983		953,976		957,959
Construction and land	302		—		4,930		5,232		304,061		309,293
Multi-family residential	3,437		—		930		4,367		110,752		115,119
Total real estate loans	7,515		1,709		8,896		18,120		1,792,285		1,810,405
Other loans:
Commercial and industrial	414		51		155		620		378,456		379,076
Consumer	73		13		97		183		29,821		30,004
Total other loans	487		64		252		803		408,277		409,080
Total originated loans	$	8,002	$	1,773	$	9,148	$	18,923	$	2,200,562	$	2,219,485
Acquired loans:
Real estate loans:
One- to four-family first mortgage	$	1,207	$	237	$	889	$	2,333	$	69,151	$	71,484
Home equity loans and lines	18		—		—		18		7,500		7,518
Commercial real estate	58		—		—		58		263,556		263,614
Construction and land	—		—		8		8		25,023		25,031
Multi-family residential	—		—		—		—		3,629		3,629
Total real estate loans	1,283		237		897		2,417		368,859		371,276
Other loans:
Commercial and industrial	15		346		1		362		28,292		28,654
Consumer	—		7		42		49		2,226		2,275
Total other loans	15		353		43		411		30,518		30,929
Total acquired loans	$	1,298	$	590	$	940	$	2,828	$	399,377	$	402,205
Total loans:
Real estate loans:
One- to four-family first mortgage	$	2,080	$	1,865	$	2,831	$	6,776	$	429,883	$	436,659
Home equity loans and lines	18		66		29		113		70,264		70,377

	March 31, 2024
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Commercial real estate	2,961		15		1,065		4,041		1,217,532		1,221,573
Construction and land	302		—		4,938		5,240		329,084		334,324
Multi-family residential	3,437		—		930		4,367		114,381		118,748
Total real estate loans	8,798		1,946		9,793		20,537		2,161,144		2,181,681
Other loans:
Commercial and industrial	429		397		156		982		406,748		407,730
Consumer	73		20		139		232		32,047		32,279
Total other loans	502		417		295		1,214		438,795		440,009
Total loans	$	9,300	$	2,363	$	10,088	$	21,751	$	2,599,939	$	2,621,690

	December 31, 2023
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Originated loans:
Real estate loans:
One- to four-family first mortgage	$	2,867	$	978	$	331	$	4,176	$	354,694	$	358,870
Home equity loans and lines	143		—		35		178		61,105		61,283
Commercial real estate	112		769		—		881		922,843		923,724
Construction and land	432		1		1,136		1,569		312,710		314,279
Multi-family residential	—		—		—		—		103,598		103,598
Total real estate loans	3,554		1,748		1,502		6,804		1,754,950		1,761,754
Other loans:
Commercial and industrial	325		11		189		525		376,739		377,264
Consumer	404		131		—		535		29,947		30,482
Total other loans	729		142		189		1,060		406,686		407,746
Total originated loans	$	4,283	$	1,890	$	1,691	$	7,864	$	2,161,636	$	2,169,500
Acquired loans:
Real estate loans:
One- to four-family first mortgage	$	1,543	$	497	$	467	$	2,507	$	72,024	$	74,531
Home equity loans and lines	19		1		—		20		7,674		7,694
Commercial real estate	—		2,645		—		2,645		266,322		268,967
Construction and land	—		—		15		15		26,430		26,445
Multi-family residential	—		—		—		—		3,665		3,665
Total real estate loans	1,562		3,143		482		5,187		376,115		381,302
Other loans:
Commercial and industrial	271		—		32		303		28,092		28,395
Consumer	12		12		55		79		2,362		2,441
Total other loans	283		12		87		382		30,454		30,836
Total acquired loans	$	1,845	$	3,155	$	569	$	5,569	$	406,569	$	412,138
Total loans:
Real estate loans:
One- to four-family first mortgage	$	4,410	$	1,475	$	798	$	6,683	$	426,718	$	433,401

	December 31, 2023
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current Loans		Total Loans
Home equity loans and lines	162		1		35		198		68,779		68,977
Commercial real estate	112		3,414		—		3,526		1,189,165		1,192,691
Construction and land	432		1		1,151		1,584		339,140		340,724
Multi-family residential	—		—		—		—		107,263		107,263
Total real estate loans	5,116		4,891		1,984		11,991		2,131,065		2,143,056
Other loans:
Commercial and industrial	596		11		221		828		404,831		405,659
Consumer	416		143		55		614		32,309		32,923
Total other loans	1,012		154		276		1,442		437,140		438,582
Total loans	$	6,128	$	5,045	$	2,260	$	13,433	$	2,568,205	$	2,581,638

Summary of Information Pertaining to Non-accrual Non-covered Loans

The following tables summarize information pertaining to nonaccrual loans as of dates indicated.

	March 31, 2024
(dollars in thousands)		With Related Allowance		Without Related Allowance		Total
Nonaccrual loans(1):
One- to four-family first mortgage		$	5,795	$	—	$	5,795
Home equity loans and lines		242		—		242
Commercial real estate		5,279		2,471		7,750
Construction and land		920		—		920
Multi-family residential		—		—		—
Commercial and industrial		386		—		386
Consumer		278		—		278
Total		$	12,900	$	2,471	$	15,371
	December 31, 2023
(dollars in thousands)		With Related Allowance		Without Related Allowance		Total
Nonaccrual loans(1):
One- to four-family first mortgage		$	1,600	$	—	$	1,600
Home equity loans and lines		208		—		208
Commercial real estate		2,655		2,548		5,203
Construction and land		1,181		—		1,181
Multi-family residential		—		—		—
Commercial and industrial		331		—		331
Consumer		291		—		291
Total		$	6,266	$	2,548	$	8,814

(1)Nonaccrual acquired loans include PCD loans of $1,368,000 and $1,410,000 at March 31, 2024 and December 31, 2023, respectively.

Summary of Loans Modification

The balance of loan

modifications, segregated by type of modification, to borrowers experiencing financial difficulty are set forth in the table below for the periods indicated.

	Three Months Ended March 31, 2024
(dollars in thousands)	Payment Deferral		Principal Forgiveness		Term Extension		Interest Rate Reduction		Combination Term Extension and Principal Forgiveness		Combination Term Extension and Interest Rate Reduction		Percent of Total Class of Loans
One-to four-family first mortgage	$	—	$	—	$	668	$	—	$	—	$	—	0.2	%
Home equity loans and lines	—		—		—		—		—		—		—
Commercial real estate	—		—		1,081		—		—		—		0.1
Construction and land	—		—		29		—		—		—		—
Multi-family residential	—		—		—		—		—		—		—
Commercial and industrial	—		—		—		—		—		—		—
Consumer	—		—		—		—		—		—		—
Total	$	—	$	—	$	1,778	$	—	$	—	$	—	0.1	%

	Three Months Ended March 31, 2023
(dollars in thousands)	Payment Deferral		Principal Forgiveness		Term Extension		Interest Rate Reduction		Combination Term Extension and Principal Forgiveness		Combination Term Extension and Interest Rate Reduction		Percent of Total Class of Loans
One-to four-family first mortgage	$	—	$	—	$	232	$	—	$	—	$	—	0.1	%
Home equity loans and lines	—		—		—		—		—		—		—
Commercial real estate	—		—		1,319		—		—		—		0.1
Construction and land	—		—		33		—		—		—		—
Multi-family residential	—		—		—		—		—		—		—
Commercial and industrial	—		—		1,569		—		—		—		0.4
Consumer	—		—		—		—		—		—		—
Total	$	—	$	—	$	3,153	$	—	$	—	$	—	0.1	%

The following table details the financial impacts of loan modifications made to borrowers experiencing financial difficulty for the periods presented.

	March 31, 2024		March 31, 2023
	Minimum Term Extensions (in months)	Maximum Term Extensions (in months)	Minimum Term Extensions (in months)	Maximum Term Extensions (in months)
One-to four-family first mortgage	12	96	12	12
Home equity loans and lines	0	0	0	0
Commercial real estate	12	12	12	12
Construction and land	12	12	12	12
Multi-family residential	0	0	0	0
Commercial and industrial	0	0	10	10
Consumer	0	0	0	0

The table below reflects the performance of loans that have been modified in the last 12 months.

(dollars in thousands)	30-89 Days Past Due		90+ Days Past Due		Nonaccrual		Current		Total
March 31, 2024
One-to four-family first mortgage	$	—	$	—	$	—	$	1,499	$	1,499
Home equity loans and lines	—		—		—		57		57
Commercial real estate	—		—		—		1,360		1,360
Construction and land	—		—		—		29		29
Multi-family residential	—		—		—		—		—
Commercial and industrial	—		—		—		1,389		1,389
Consumer	—		—		—		—		—
Total	$	—	$	—	$	—	$	4,334	$	4,334

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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Amounts and Fair Value of Derivative Liabilities

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Derivative Assets(1)				Derivative Liabilities(1)
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities	$	60,000	$	4,392	$	—	$	—
Derivatives not designated as hedging instruments:
Risk participation agreements	—		—		11,736		2
Netting adjustments			—				—
Net derivative amounts			$	4,392			$	2
	December 31, 2023
	Derivative Assets(1)				Derivative Liabilities(1)
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps - variable rate liabilities	$	60,000	$	3,914	$	—	$	—
Derivatives not designated as hedging instruments:
Risk participation agreements	—		—		11,797		3
Netting adjustments			—				—
Net derivative amounts			$	3,914			$	3

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

Summary of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income

The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income as of March 31, 2024 and March 31, 2023.

	Three Months Ended March 31, 2024
	Amount of Gain Recognized in OCI				Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
(dollars in thousands)	Total		Included Component			Total		Included Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities	$	1,084	$	1,084	Interest income	$	606	$	606

	Three Months Ended March 31, 2023
	Amount of Loss Recognized in OCI				Location of Gain Reclassified from AOCI into Income	Amount of Gain Reclassified from AOCI into Income
(dollars in thousands)	Total		Included Component			Total		Included Component
Derivatives in cash flows hedging relationships:
Interest rate swaps - variable rate liabilities	$	(295)	$	(295)	Interest income	$	421	$	421

Summary of Effect of Company's Derivative Instruments on the Consolidated Statements of Income

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of March 31, 2024 and March 31, 2023.

(dollars in thousands)	Location of Income Recognized on Non-designated Hedges	Three Months Ended March 31, 2024
Effects of non-designated hedges
Risk participation agreements	Other noninterest income	$	2
(dollars in thousands)	Location of Income Recognized on Non-designated Hedges	Three Months Ended March 31, 2023
Effects of non-designated hedges
Risk participation agreements	Other noninterest income	$	(1)

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Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets Measured on Recurring Basis

The following tables present the balances of assets measured for fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

(dollars in thousands)	March 31, 2024		Level 1		Level 2		Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed	$	274,686	$	—	$	274,686	$	—
Collateralized mortgage obligations	77,277		—		77,277		—
Municipal bonds	46,096		—		46,096		—
U.S. government agency	17,618		—		17,618		—
Corporate bonds	6,136		—		6,136		—
Total	$	421,813	$	—	$	421,813	$	—
Derivative assets	$	4,392	$	—	$	4,392	$	—
Total	$	426,205	$	—	$	426,205	$	—
Liabilities
Derivative liabilities	$	2	$	—	$	2	$	—

(dollars in thousands)	December 31, 2023		Level 1		Level 2		Level 3
Assets
Available for sale securities:
U.S. agency mortgage-backed	$	283,853	$	—	$	283,853	$	—
Collateralized mortgage obligations	79,262		—		79,262		—
Municipal bonds	46,674		—		46,674		—
U.S. government agency	18,049		—		18,049		—
Corporate bonds	6,088		—		6,088		—
Total	$	433,926	$	—	$	433,926	$	—
Derivative assets	$	3,914	$	—	$	3,914	$	—
Total	$	437,840	$	—	$	437,840	$	—
Liabilities
Derivative liabilities	$	3	$	—	$	3	$	—

Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis

The Company has segregated all financial assets that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date as reflected in the table below.

			Fair Value Measurements Using
(dollars in thousands)	March 31, 2024		Level 1		Level 2		Level 3
Assets
Loans individually evaluated	$	3,658	$	—	$	—	$	3,658
Foreclosed assets and ORE	1,601		—		—		1,601
Total	$	5,259	$	—	$	—	$	5,259
			Fair Value Measurements Using
(dollars in thousands)	December 31, 2023		Level 1		Level 2		Level 3
Assets
Loans individually evaluated	$	3,797	$	—	$	—	$	3,797
Foreclosed assets and ORE	1,575		—		—		1,575
Total	$	5,372	$	—	$	—	$	5,372

Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets.

(dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range of Discounts	Weighted Average Discount
March 31, 2024
Loans individually evaluated	$	3,658	Third party appraisals and discounted cash flows	Collateral values, market discounts and estimated costs to sell	0% - 79%	7%
Foreclosed assets and ORE	$	1,601	Third party appraisals, sales contracts, broker price opinions	Collateral values, market discounts and estimated costs to sell	52% - 99%	63%
(dollars in thousands)	Fair Value		Valuation Technique	Unobservable Inputs	Range of Discounts	Weighted Average Discount
December 31, 2023
Loans individually evaluated	$	3,797	Third party appraisals and discounted cash flows	Collateral values, market discounts and estimated costs to sell	0% - 89%	10%
Foreclosed assets and ORE	$	1,575	Third party appraisals, sales contracts, broker price opinions	Collateral values, market discounts and estimated costs to sell	31% - 71%	62%

Summary of Fair Values of Company's Financial Instruments

The following table presents estimated fair values of the Company’s financial instruments as of the dates indicated.

			Fair Value Measurements at March 31, 2024
(dollars in thousands)	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	90,475	$	90,475	$	90,475	$	—	$	—
Investment securities available for sale	421,813		421,813		—		421,813		—
Investment securities held to maturity	1,065		1,062		—		1,062		—
Mortgage loans held for sale	646		646		—		646		—
Loans, net	2,590,229		2,437,430		—		2,433,772		3,658
Cash surrender value of BOLI	47,587		47,587		47,587		—		—
Derivative assets(1)	4,392		4,392		—		4,392		—
Financial Liabilities
Deposits	$	2,722,578	$	2,716,263	$	2,024,707	$	691,556	$	—
Other borrowings	140,539		139,954		—		139,954		—
Subordinated debt, net of issuance cost	54,294		49,930		—		49,930		—
Long-term FHLB advances	38,607		37,594		—		37,594		—
Derivative liabilities(1)	2		2		—		2		—
			Fair Value Measurements at December 31, 2023
(dollars in thousands)	Carrying Amount		Total		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	75,831	$	75,831	$	75,831	$	—	$	—
Interest-bearing deposits in banks	99		99		99		—		—
Investment securities available for sale	433,926		433,926		—		433,926		—
Investment securities held to maturity	1,065		1,066		—		1,066		—
Mortgage loans held for sale	361		361		—		361		—
Loans, net	2,550,101		2,381,863		—		2,378,066		3,797
Cash surrender value of BOLI	47,321		47,321		47,321		—		—
Derivative assets(1)	3,914		3,914		—		3,914		—
Financial Liabilities
Deposits	$	2,670,624	$	2,665,590	$	2,025,890	$	639,700	$	—
Other borrowings	5,539		5,498		—		5,498		—
Subordinated debt, net of issuance cost	54,241		50,865		—		50,865		—
Short-term FHLB advances	150,000		150,000		150,000		—		—
Long-term FHLB advances	42,713		41,792		—		41,792		—
Derivative liabilities(1)	3		3		—		3		—

(1)Derivative assets and liabilities are reported at fair value in accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively, in the Consolidated Statements of Financial Condition.

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Investment Securities - Summary of Information Regarding Investment Securities Classified as Available for Sale and Held to Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Available for sale, Amortized Cost	$ 468,404	$ 477,357
Available for sale, Gross Unrealized Gains	14	96
Available for sale, Gross Unrealized Losses	46,605	43,527
Available for sale securities:	421,813	433,926
Held to maturity, Amortized Cost	1,065	1,065
Held to maturity, Gross Unrealized Gains	1	1
Held to maturity, Gross Unrealized Losses	4	0
Investment securities held to maturity	1,062	1,066
U.S. agency mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Available for sale, Amortized Cost	307,558	314,569
Available for sale, Gross Unrealized Gains	9	91
Available for sale, Gross Unrealized Losses	32,881	30,807
Available for sale securities:	274,686	283,853
Collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Available for sale, Amortized Cost	81,218	82,764
Available for sale, Gross Unrealized Gains	1	1
Available for sale, Gross Unrealized Losses	3,942	3,503
Available for sale securities:	77,277	79,262
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Available for sale, Amortized Cost	53,784	53,891
Available for sale, Gross Unrealized Gains	4	4
Available for sale, Gross Unrealized Losses	7,692	7,221
Available for sale securities:	46,096	46,674
Held to maturity, Amortized Cost	1,065	1,065
Held to maturity, Gross Unrealized Gains	1	1
Held to maturity, Gross Unrealized Losses	4	0
Investment securities held to maturity	1,062	1,066
U.S. government agency
Debt Securities, Available-for-sale [Line Items]
Available for sale, Amortized Cost	18,862	19,151
Available for sale, Gross Unrealized Gains	0	0
Available for sale, Gross Unrealized Losses	1,244	1,102
Available for sale securities:	17,618	18,049
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Available for sale, Amortized Cost	6,982	6,982
Available for sale, Gross Unrealized Gains	0	0
Available for sale, Gross Unrealized Losses	846	894
Available for sale securities:	$ 6,136	$ 6,088

XML

Investment Securities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2024 USD ($) security	Mar. 31, 2023 USD ($)	Jun. 30, 2023	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Investment securities portfolio, effective period	4 years 2 months 12 days		4 years 2 months 12 days
Number of investment securities with unrealized losses | security	291
Percentage of gross unrealized losses (percent)	10.00%
Percentage of amortized investment securities portfolio (percent)	9.90%
Number of investment securities in a continuous loss position for over 12 months | security	280
Allowance for credit losses on available-for-sale securities	$ 0
Allowance for credit losses on held-to-maturity securities	0
Gross gains	0	$ 98,000
Gross loss	0	$ 347,000
Accrued interest receivable	1,311,000			$ 1,563,000
Public deposits
Debt Securities, Available-for-sale [Line Items]
Securities pledged to secure public deposits	135,483,000			127,172,000
BTFP Borrowings
Debt Securities, Available-for-sale [Line Items]
Securities pledged to secure public deposits	$ 135,000,000			$ 0

XML

Investment Securities - Summary of Amortized Cost and Estimated Fair Value by Maturity of Company's Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Available for sale, One Year or Less, Fair Value	$ 511
Available for sale, After One Year through Five Years, Fair Value	149,409
Available for sale, After Five Years through Ten Years, Fair Value	114,903
Available for sale, After Ten Years, Fair Value	156,990
Available for sale, Fair Value	421,813	$ 433,926
Held to maturity, One Year or Less, Fair Value	0
Held to maturity, After One Year through Five Years, Fair Value	1,062
Held to maturity, After Five Years through Ten Years, Fair Value	0
Held to maturity, After Ten Years, Fair Value	0
Held to maturity, Fair Value	1,062	1,066
Available for sale, One Year or Less, Amortized Cost	515
Available for sale, After One Year through Five Years, Amortized Cost	159,821
Available for sale, After Five Years through Ten Years, Amortized Cost	126,789
Available for sale, After Ten Years, Amortized Cost	181,279
Available for sale, Amortized Cost	468,404	477,357
Held to maturity, One Year or Less, Amortized Cost	0
Held to maturity, After One Year through Five Years, Amortized Cost	1,065
Held to maturity, After Five Years through Ten Years, Amortized Cost	0
Held to maturity, After Ten Years, Amortized Cost	0
Held to maturity, Amortized Cost	1,065	1,065
U.S. agency mortgage-backed
Debt and Equity Securities, FV-NI [Line Items]
Available for sale, One Year or Less, Fair Value	45
Available for sale, After One Year through Five Years, Fair Value	80,734
Available for sale, After Five Years through Ten Years, Fair Value	70,788
Available for sale, After Ten Years, Fair Value	123,119
Available for sale, Fair Value	274,686	283,853
Available for sale, One Year or Less, Amortized Cost	45
Available for sale, After One Year through Five Years, Amortized Cost	88,034
Available for sale, After Five Years through Ten Years, Amortized Cost	76,367
Available for sale, After Ten Years, Amortized Cost	143,112
Available for sale, Amortized Cost	307,558	314,569
Collateralized mortgage obligations
Debt and Equity Securities, FV-NI [Line Items]
Available for sale, One Year or Less, Fair Value	466
Available for sale, After One Year through Five Years, Fair Value	59,107
Available for sale, After Five Years through Ten Years, Fair Value	519
Available for sale, After Ten Years, Fair Value	17,185
Available for sale, Fair Value	77,277	79,262
Available for sale, One Year or Less, Amortized Cost	470
Available for sale, After One Year through Five Years, Amortized Cost	61,875
Available for sale, After Five Years through Ten Years, Amortized Cost	549
Available for sale, After Ten Years, Amortized Cost	18,324
Available for sale, Amortized Cost	81,218	82,764
Municipal bonds
Debt and Equity Securities, FV-NI [Line Items]
Available for sale, One Year or Less, Fair Value	0
Available for sale, After One Year through Five Years, Fair Value	4,448
Available for sale, After Five Years through Ten Years, Fair Value	25,176
Available for sale, After Ten Years, Fair Value	16,472
Available for sale, Fair Value	46,096	46,674
Held to maturity, One Year or Less, Fair Value	0
Held to maturity, After One Year through Five Years, Fair Value	1,062
Held to maturity, After Five Years through Ten Years, Fair Value	0
Held to maturity, After Ten Years, Fair Value	0
Held to maturity, Fair Value	1,062	1,066
Available for sale, One Year or Less, Amortized Cost	0
Available for sale, After One Year through Five Years, Amortized Cost	4,732
Available for sale, After Five Years through Ten Years, Amortized Cost	29,425
Available for sale, After Ten Years, Amortized Cost	19,627
Available for sale, Amortized Cost	53,784	53,891
Held to maturity, One Year or Less, Amortized Cost	0
Held to maturity, After One Year through Five Years, Amortized Cost	1,065
Held to maturity, After Five Years through Ten Years, Amortized Cost	0
Held to maturity, After Ten Years, Amortized Cost	0
Held to maturity, Amortized Cost	1,065	1,065
U.S. government agency
Debt and Equity Securities, FV-NI [Line Items]
Available for sale, One Year or Less, Fair Value	0
Available for sale, After One Year through Five Years, Fair Value	5,120
Available for sale, After Five Years through Ten Years, Fair Value	12,284
Available for sale, After Ten Years, Fair Value	214
Available for sale, Fair Value	17,618	18,049
Available for sale, One Year or Less, Amortized Cost	0
Available for sale, After One Year through Five Years, Amortized Cost	5,180
Available for sale, After Five Years through Ten Years, Amortized Cost	13,466
Available for sale, After Ten Years, Amortized Cost	216
Available for sale, Amortized Cost	18,862	19,151
Corporate bonds
Debt and Equity Securities, FV-NI [Line Items]
Available for sale, One Year or Less, Fair Value	0
Available for sale, After One Year through Five Years, Fair Value	0
Available for sale, After Five Years through Ten Years, Fair Value	6,136
Available for sale, After Ten Years, Fair Value	0
Available for sale, Fair Value	6,136	6,088
Available for sale, One Year or Less, Amortized Cost	0
Available for sale, After One Year through Five Years, Amortized Cost	0
Available for sale, After Five Years through Ten Years, Amortized Cost	6,982
Available for sale, After Ten Years, Amortized Cost	0
Available for sale, Amortized Cost	$ 6,982	$ 6,982

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Investment Securities - Summary of Company's Investment Securities With Unrealized Losses, Aggregated by Type and Length (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Securities available-for-sale, Fair Value
Fair Value, Less Than 1 Year	$ 11,256	$ 8,312
Fair Value, Over 1 Year	409,322	416,953
Fair Value	420,578	425,265
Securities available-for-sale, Unrealized Losses
Gross unrealized losses, Less Than 1 Year	208	130
Gross unrealized losses, Over 1 Year	46,397	43,397
Unrealized Losses	46,605	43,527
Securities held-to-maturity, Fair Value
Fair Value, Less Than 1 Year	531	0
Fair Value, Over 1 Year	0	0
Fair Value	531	0
Securities held-to-maturity, Unrealized Losses
Gross unrealized losses, Less Than 1 Year	4	0
Gross unrealized losses, Over 1 Year	0	0
Unrealized Losses	4	0
U.S. agency mortgage-backed
Securities available-for-sale, Fair Value
Fair Value, Less Than 1 Year	6,164	4,033
Fair Value, Over 1 Year	267,799	273,128
Fair Value	273,963	277,161
Securities available-for-sale, Unrealized Losses
Gross unrealized losses, Less Than 1 Year	28	10
Gross unrealized losses, Over 1 Year	32,853	30,797
Unrealized Losses	32,881	30,807
Collateralized mortgage obligations
Securities available-for-sale, Fair Value
Fair Value, Less Than 1 Year	0	0
Fair Value, Over 1 Year	77,269	79,253
Fair Value	77,269	79,253
Securities available-for-sale, Unrealized Losses
Gross unrealized losses, Less Than 1 Year	0	0
Gross unrealized losses, Over 1 Year	3,942	3,503
Unrealized Losses	3,942	3,503
Municipal bonds
Securities available-for-sale, Fair Value
Fair Value, Less Than 1 Year	1,429	519
Fair Value, Over 1 Year	44,163	44,195
Fair Value	45,592	44,714
Securities available-for-sale, Unrealized Losses
Gross unrealized losses, Less Than 1 Year	26	3
Gross unrealized losses, Over 1 Year	7,666	7,218
Unrealized Losses	7,692	7,221
Securities held-to-maturity, Fair Value
Fair Value, Less Than 1 Year	531	0
Fair Value, Over 1 Year	0	0
Fair Value	531	0
Securities held-to-maturity, Unrealized Losses
Gross unrealized losses, Less Than 1 Year	4	0
Gross unrealized losses, Over 1 Year	0	0
Unrealized Losses	4	0
U.S. government agency
Securities available-for-sale, Fair Value
Fair Value, Less Than 1 Year	3,663	3,760
Fair Value, Over 1 Year	13,955	14,289
Fair Value	17,618	18,049
Securities available-for-sale, Unrealized Losses
Gross unrealized losses, Less Than 1 Year	154	117
Gross unrealized losses, Over 1 Year	1,090	985
Unrealized Losses	1,244	1,102
Corporate bonds
Securities available-for-sale, Fair Value
Fair Value, Less Than 1 Year	0	0
Fair Value, Over 1 Year	6,136	6,088
Fair Value	6,136	6,088
Securities available-for-sale, Unrealized Losses
Gross unrealized losses, Less Than 1 Year	0	0
Gross unrealized losses, Over 1 Year	846	894
Unrealized Losses	$ 846	$ 894

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Investment Securities - Summary of Amortized Cost of Held-to-maturity Securities by Credit Rating (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Held-to-maturity, amortized cost	$ 1,065	$ 1,065
Municipal bonds
Debt Securities, Available-for-sale [Line Items]
Held-to-maturity, amortized cost	1,065	1,065
Municipal bonds | AAA/AA/A
Debt Securities, Available-for-sale [Line Items]
Held-to-maturity, amortized cost	1,065	1,065
Municipal bonds | BBB/BB/B
Debt Securities, Available-for-sale [Line Items]
Held-to-maturity, amortized cost	$ 0	$ 0

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Earnings Per Share - Summary of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income available to common shareholders	$ 9,199	$ 11,320
Denominator:
Weighted average common shares outstanding (in shares)	7,984	8,088
Effect of dilutive securities:
Weighted average common shares outstanding-assuming dilution (in shares)	8,039	8,137
Basic earnings per common share (in usd per share)	$ 1.15	$ 1.40
Diluted earnings per common share (in usd per share)	$ 1.14	$ 1.39
Restricted stock
Effect of dilutive securities:
Restricted stock / Stock options (in shares)	31	21
Stock options
Effect of dilutive securities:
Restricted stock / Stock options (in shares)	24	28

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Earnings Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Number of options and common stock not included in computing diluted earnings per share (in shares)	58,392	63,558

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Credit Quality and Allowance for Credit Losses - Summary of Loans, Net of Unearned Income (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	$ 2,621,690	$ 2,581,638
Real estate loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	2,181,681	2,143,056
Other loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	440,009	438,582
One- to four-family first mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	436,659	433,401
One- to four-family first mortgage | Real estate loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	436,659	433,401
Home equity loans and lines
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	70,377	68,977
Home equity loans and lines | Real estate loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	70,377	68,977
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,221,573	1,192,691
Commercial real estate | Real estate loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,221,573	1,192,691
Construction and land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	334,324	340,724
Construction and land | Real estate loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	334,324	340,724
Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	118,748	107,263
Multi-family residential | Real estate loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	118,748	107,263
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	407,730	405,659
Commercial and industrial | Other loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	407,730	405,659
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	32,279	32,923
Consumer | Other loans:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	$ 32,279	$ 32,923

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Credit Quality and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net discount on loans	$ 3,820		$ 4,340
Unearned income	5,227		5,321
Loans greater than 90 days past due and still accruing	4,978		0
Loans experiencing subsequent default after modification	0	$ 0
Foreclosed assets and ORE	1,601		1,575
Mortgage loans in process of foreclosure	809		517
Company's loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	12,748		11,986
Residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Foreclosed real estate assets	$ 141		$ 115

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Credit Quality and Allowance for Credit Losses - Summary of Allowance for Credit Losses and Recorded Investment in Loans (Details) $ in Thousands	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	$ 31,188	$ 31,118
Individually evaluated for impairment, Allowance for loan losses	273	419
Allowance for loan losses	31,461	31,537	$ 30,118	$ 29,299
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	33,782	33,712
Individually evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	273	419
Total allowance for credit losses	34,055	34,131	32,421	31,392
Collectively evaluated for impairment, Recorded investment in loans	2,617,759	2,577,422
Individually evaluated for impairment, Recorded investment in loans	3,931	4,216
Total loans	$ 2,621,690	$ 2,581,638
PCD Loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of loans | loan	1	1
Unfunded lending commitments
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	$ 2,594	$ 2,594
Individually evaluated for impairment, Allowance for loan losses	0	0
Allowance for loan losses	2,594	2,594	2,303	2,093
One- to four-family first mortgage
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	3,275	3,255
Individually evaluated for impairment, Allowance for loan losses	0	0
Allowance for loan losses	3,275	3,255	3,356	2,883
Collectively evaluated for impairment, Recorded investment in loans	436,659	433,401
Individually evaluated for impairment, Recorded investment in loans	0	0
Total loans	436,659	433,401
Home equity loans and lines
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	701	688
Individually evaluated for impairment, Allowance for loan losses	0	0
Allowance for loan losses	701	688	753	624
Collectively evaluated for impairment, Recorded investment in loans	70,377	68,977
Individually evaluated for impairment, Recorded investment in loans	0	0
Total loans	70,377	68,977
Commercial real estate
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	14,863	14,604
Individually evaluated for impairment, Allowance for loan losses	200	201
Allowance for loan losses	15,063	14,805	13,794	13,814
Collectively evaluated for impairment, Recorded investment in loans	1,217,734	1,188,734
Individually evaluated for impairment, Recorded investment in loans	3,839	3,957
Total loans	1,221,573	1,192,691
Construction and land
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	5,287	5,292
Individually evaluated for impairment, Allowance for loan losses	0	123
Allowance for loan losses	5,287	5,415	4,921	4,680
Collectively evaluated for impairment, Recorded investment in loans	334,324	340,577
Individually evaluated for impairment, Recorded investment in loans	0	147
Total loans	334,324	340,724
Multi-family residential
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	584	474
Individually evaluated for impairment, Allowance for loan losses	0	0
Allowance for loan losses	584	474	608	572
Collectively evaluated for impairment, Recorded investment in loans	118,748	107,263
Individually evaluated for impairment, Recorded investment in loans	0	0
Total loans	118,748	107,263
Commercial and industrial
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	5,733	6,071
Individually evaluated for impairment, Allowance for loan losses	73	95
Allowance for loan losses	5,806	6,166	5,974	6,024
Collectively evaluated for impairment, Recorded investment in loans	407,638	405,547
Individually evaluated for impairment, Recorded investment in loans	92	112
Total loans	407,730	405,659
Consumer
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, including unfunded lending commitments, total allowance for credit losses	745	734
Individually evaluated for impairment, Allowance for loan losses	0	0
Allowance for loan losses	745	734	$ 712	$ 702
Collectively evaluated for impairment, Recorded investment in loans	32,279	32,923
Individually evaluated for impairment, Recorded investment in loans	0	0
Total loans	$ 32,279	$ 32,923

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Credit Quality and Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Allowance for credit losses:
Beginning Balance	$ 31,537	$ 29,299	$ 29,299
Beginning Balance	34,131	31,392	31,392
Charge-offs	(241)	(93)	(471)
Recoveries	24	98
Provision (Reversal)	141	814
Provision (Reversal)	141	1,024
Ending Balance	31,461	30,118	31,537
Ending Balance	34,055	32,421	34,131
Unfunded lending commitments
Allowance for credit losses:
Beginning Balance	2,594	2,093	2,093
Charge-offs	0	0
Recoveries	0	0
Provision (Reversal)	0	210
Ending Balance	2,594	2,303	2,594
One- to four-family first mortgage
Allowance for credit losses:
Beginning Balance	3,255	2,883	2,883
Charge-offs	0	0	(12)
Recoveries	0	6
Provision (Reversal)	20	467
Ending Balance	3,275	3,356	3,255
Home equity loans and lines
Allowance for credit losses:
Beginning Balance	688	624	624
Charge-offs	0	0	0
Recoveries	1	1
Provision (Reversal)	12	128
Ending Balance	701	753	688
Commercial real estate
Allowance for credit losses:
Beginning Balance	14,805	13,814	13,814
Charge-offs	0	0	(29)
Recoveries	0	0
Provision (Reversal)	258	(20)
Ending Balance	15,063	13,794	14,805
Construction and land
Allowance for credit losses:
Beginning Balance	5,415	4,680	4,680
Charge-offs	(124)	0	0
Recoveries	0	0
Provision (Reversal)	(4)	241
Ending Balance	5,287	4,921	5,415
Multi-family residential
Allowance for credit losses:
Beginning Balance	474	572	572
Charge-offs	0	0	0
Recoveries	0	0
Provision (Reversal)	110	36
Ending Balance	584	608	474
Commercial and industrial
Allowance for credit losses:
Beginning Balance	6,166	6,024	6,024
Charge-offs	(64)	(56)	(255)
Recoveries	15	81
Provision (Reversal)	(311)	(75)
Ending Balance	5,806	5,974	6,166
Consumer
Allowance for credit losses:
Beginning Balance	734	702	702
Charge-offs	(53)	(37)	(175)
Recoveries	8	10
Provision (Reversal)	56	37
Ending Balance	$ 745	$ 712	$ 734

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Credit Quality and Allowance for Credit Losses - Summary of Loan Portfolio by Credit Quality Classification and Origination Year (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	$ 104,904		$ 476,462
Origination year - 1 year before current fiscal year	472,969		676,364
Origination year - 2 years prior to current fiscal year	653,908		409,278
Origination year - 3 years prior to current fiscal year	396,140		262,418
Origination year - 4 years prior to current fiscal year	252,995		197,040
Origination year - more than 4 years prior to current fiscal year	408,773		232,425
Revolving Loans	319,410		317,173
Revolving Loans Converted to Term Loans	12,591		10,478
Total loans	2,621,690		2,581,638
Current period gross charge-offs
Gross charge-offs, origination year - current fiscal year	0		3
Gross charge-offs, origination year - 1 year before current fiscal year	19		34
Gross charge-offs, origination year - 2 years prior to current fiscal year	145		3
Gross charge-offs, origination year - 3 years prior to current fiscal year	32		130
Gross charge-offs, origination year - 4 years prior to current fiscal year	0		7
Gross charge-offs, origination year - more than 4 years prior to current fiscal year	8		45
Revolving Loans	37		249
Revolving Loans Converted to Term Loans	0		0
Total	241	$ 93	471
One- to four-family first mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	17,200		94,614
Origination year - 1 year before current fiscal year	93,882		107,079
Origination year - 2 years prior to current fiscal year	104,905		72,899
Origination year - 3 years prior to current fiscal year	71,182		33,894
Origination year - 4 years prior to current fiscal year	32,993		27,737
Origination year - more than 4 years prior to current fiscal year	113,930		93,661
Revolving Loans	2,347		3,059
Revolving Loans Converted to Term Loans	220		458
Total loans	436,659		433,401
Current period gross charge-offs
Gross charge-offs, origination year - current fiscal year	0		0
Gross charge-offs, origination year - 1 year before current fiscal year	0		0
Gross charge-offs, origination year - 2 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 3 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 4 years prior to current fiscal year	0		0
Gross charge-offs, origination year - more than 4 years prior to current fiscal year	0		12
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total	0	0	12
Home equity loans and lines
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	539		1,864
Origination year - 1 year before current fiscal year	1,794		1,652
Origination year - 2 years prior to current fiscal year	1,606		1,231
Origination year - 3 years prior to current fiscal year	1,190		760
Origination year - 4 years prior to current fiscal year	687		1,117
Origination year - more than 4 years prior to current fiscal year	4,224		3,288
Revolving Loans	58,635		57,797
Revolving Loans Converted to Term Loans	1,702		1,268
Total loans	70,377		68,977
Current period gross charge-offs
Gross charge-offs, origination year - current fiscal year	0		0
Gross charge-offs, origination year - 1 year before current fiscal year	0		0
Gross charge-offs, origination year - 2 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 3 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 4 years prior to current fiscal year	0		0
Gross charge-offs, origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total	0	0	0
Commercial real estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	42,842		161,755
Origination year - 1 year before current fiscal year	166,881		292,510
Origination year - 2 years prior to current fiscal year	288,541		253,550
Origination year - 3 years prior to current fiscal year	253,049		187,587
Origination year - 4 years prior to current fiscal year	183,669		142,644
Origination year - more than 4 years prior to current fiscal year	241,679		109,565
Revolving Loans	44,560		44,225
Revolving Loans Converted to Term Loans	352		855
Total loans	1,221,573		1,192,691
Current period gross charge-offs
Gross charge-offs, origination year - current fiscal year	0		0
Gross charge-offs, origination year - 1 year before current fiscal year	0		0
Gross charge-offs, origination year - 2 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 3 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 4 years prior to current fiscal year	0		0
Gross charge-offs, origination year - more than 4 years prior to current fiscal year	0		29
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total	0	0	29
Construction and land
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	20,128		122,318
Origination year - 1 year before current fiscal year	116,025		151,440
Origination year - 2 years prior to current fiscal year	140,124		38,410
Origination year - 3 years prior to current fiscal year	29,377		6,787
Origination year - 4 years prior to current fiscal year	5,909		7,672
Origination year - more than 4 years prior to current fiscal year	12,007		4,611
Revolving Loans	9,585		9,486
Revolving Loans Converted to Term Loans	1,169		0
Total loans	334,324		340,724
Current period gross charge-offs
Gross charge-offs, origination year - current fiscal year	0		0
Gross charge-offs, origination year - 1 year before current fiscal year	0		0
Gross charge-offs, origination year - 2 years prior to current fiscal year	124		0
Gross charge-offs, origination year - 3 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 4 years prior to current fiscal year	0		0
Gross charge-offs, origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total	124	0	0
Multi-family residential
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	8,144		14,907
Origination year - 1 year before current fiscal year	18,096		37,228
Origination year - 2 years prior to current fiscal year	37,937		11,843
Origination year - 3 years prior to current fiscal year	13,631		21,558
Origination year - 4 years prior to current fiscal year	19,042		12,548
Origination year - more than 4 years prior to current fiscal year	19,079		6,716
Revolving Loans	1,453		2,463
Revolving Loans Converted to Term Loans	1,366		0
Total loans	118,748		107,263
Current period gross charge-offs
Gross charge-offs, origination year - current fiscal year	0		0
Gross charge-offs, origination year - 1 year before current fiscal year	0		0
Gross charge-offs, origination year - 2 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 3 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 4 years prior to current fiscal year	0		0
Gross charge-offs, origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total	0	0	0
Commercial and industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	14,453		75,063
Origination year - 1 year before current fiscal year	71,325		80,708
Origination year - 2 years prior to current fiscal year	75,545		30,466
Origination year - 3 years prior to current fiscal year	26,994		10,945
Origination year - 4 years prior to current fiscal year	9,915		4,956
Origination year - more than 4 years prior to current fiscal year	7,121		3,624
Revolving Loans	194,655		192,075
Revolving Loans Converted to Term Loans	7,722		7,822
Total loans	407,730		405,659
Current period gross charge-offs
Gross charge-offs, origination year - current fiscal year	0		0
Gross charge-offs, origination year - 1 year before current fiscal year	0		0
Gross charge-offs, origination year - 2 years prior to current fiscal year	0		0
Gross charge-offs, origination year - 3 years prior to current fiscal year	32		124
Gross charge-offs, origination year - 4 years prior to current fiscal year	0		7
Gross charge-offs, origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	32		124
Revolving Loans Converted to Term Loans	0		0
Total	64	56	255
Consumer
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	1,598		5,941
Origination year - 1 year before current fiscal year	4,966		5,747
Origination year - 2 years prior to current fiscal year	5,250		879
Origination year - 3 years prior to current fiscal year	717		887
Origination year - 4 years prior to current fiscal year	780		366
Origination year - more than 4 years prior to current fiscal year	10,733		10,960
Revolving Loans	8,175		8,068
Revolving Loans Converted to Term Loans	60		75
Total loans	32,279		32,923
Current period gross charge-offs
Gross charge-offs, origination year - current fiscal year	0		3
Gross charge-offs, origination year - 1 year before current fiscal year	19		34
Gross charge-offs, origination year - 2 years prior to current fiscal year	21		3
Gross charge-offs, origination year - 3 years prior to current fiscal year	0		6
Gross charge-offs, origination year - 4 years prior to current fiscal year	0		0
Gross charge-offs, origination year - more than 4 years prior to current fiscal year	8		4
Revolving Loans	5		125
Revolving Loans Converted to Term Loans	0		0
Total	53	$ 37	175
Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	103,454		473,995
Origination year - 1 year before current fiscal year	470,492		674,078
Origination year - 2 years prior to current fiscal year	647,583		402,308
Origination year - 3 years prior to current fiscal year	388,904		259,043
Origination year - 4 years prior to current fiscal year	249,538		191,481
Origination year - more than 4 years prior to current fiscal year	391,233		221,241
Revolving Loans	314,312		312,968
Revolving Loans Converted to Term Loans	12,468		10,428
Total loans	2,577,984		2,545,542
Pass | One- to four-family first mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	17,139		94,465
Origination year - 1 year before current fiscal year	93,033		106,417
Origination year - 2 years prior to current fiscal year	102,250		72,594
Origination year - 3 years prior to current fiscal year	70,796		33,588
Origination year - 4 years prior to current fiscal year	32,577		27,677
Origination year - more than 4 years prior to current fiscal year	111,126		91,706
Revolving Loans	2,347		3,059
Revolving Loans Converted to Term Loans	220		458
Total loans	429,488		429,964
Pass | Home equity loans and lines
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	539		1,864
Origination year - 1 year before current fiscal year	1,794		1,652
Origination year - 2 years prior to current fiscal year	1,579		1,231
Origination year - 3 years prior to current fiscal year	1,190		760
Origination year - 4 years prior to current fiscal year	687		1,117
Origination year - more than 4 years prior to current fiscal year	4,082		3,138
Revolving Loans	58,606		57,768
Revolving Loans Converted to Term Loans	1,659		1,240
Total loans	70,136		68,770
Pass | Commercial real estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	42,842		161,755
Origination year - 1 year before current fiscal year	166,881		292,494
Origination year - 2 years prior to current fiscal year	286,394		252,109
Origination year - 3 years prior to current fiscal year	251,284		184,935
Origination year - 4 years prior to current fiscal year	181,044		137,154
Origination year - more than 4 years prior to current fiscal year	231,109		104,533
Revolving Loans	44,560		44,225
Revolving Loans Converted to Term Loans	352		855
Total loans	1,204,466		1,178,060
Pass | Construction and land
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	20,128		121,389
Origination year - 1 year before current fiscal year	114,405		150,667
Origination year - 2 years prior to current fiscal year	139,498		33,247
Origination year - 3 years prior to current fiscal year	24,321		6,641
Origination year - 4 years prior to current fiscal year	5,764		7,672
Origination year - more than 4 years prior to current fiscal year	11,969		4,567
Revolving Loans	5,538		5,439
Revolving Loans Converted to Term Loans	1,169		0
Total loans	322,792		329,622
Pass | Multi-family residential
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	8,144		14,907
Origination year - 1 year before current fiscal year	18,096		37,228
Origination year - 2 years prior to current fiscal year	37,937		11,843
Origination year - 3 years prior to current fiscal year	13,631		21,558
Origination year - 4 years prior to current fiscal year	19,042		12,548
Origination year - more than 4 years prior to current fiscal year	15,576		3,213
Revolving Loans	523		2,463
Revolving Loans Converted to Term Loans	1,366		0
Total loans	114,315		103,760
Pass | Commercial and industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	13,064		73,674
Origination year - 1 year before current fiscal year	71,325		79,886
Origination year - 2 years prior to current fiscal year	74,675		30,412
Origination year - 3 years prior to current fiscal year	26,972		10,674
Origination year - 4 years prior to current fiscal year	9,644		4,954
Origination year - more than 4 years prior to current fiscal year	6,901		3,386
Revolving Loans	194,563		191,946
Revolving Loans Converted to Term Loans	7,642		7,800
Total loans	404,786		402,732
Pass | Consumer
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	1,598		5,941
Origination year - 1 year before current fiscal year	4,958		5,734
Origination year - 2 years prior to current fiscal year	5,250		872
Origination year - 3 years prior to current fiscal year	710		887
Origination year - 4 years prior to current fiscal year	780		359
Origination year - more than 4 years prior to current fiscal year	10,470		10,698
Revolving Loans	8,175		8,068
Revolving Loans Converted to Term Loans	60		75
Total loans	32,001		32,634
Special Mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		1,078
Origination year - 1 year before current fiscal year	1,769		1,445
Origination year - 2 years prior to current fiscal year	1,406		4,823
Origination year - 3 years prior to current fiscal year	4,822		410
Origination year - 4 years prior to current fiscal year	409		0
Origination year - more than 4 years prior to current fiscal year	172		172
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	8,578		7,928
Special Mention | One- to four-family first mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		149
Origination year - 1 year before current fiscal year	149		497
Origination year - 2 years prior to current fiscal year	496		188
Origination year - 3 years prior to current fiscal year	187		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	33		34
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	865		868
Special Mention | Home equity loans and lines
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Special Mention | Commercial real estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Special Mention | Construction and land
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		929
Origination year - 1 year before current fiscal year	1,620		164
Origination year - 2 years prior to current fiscal year	164		4,635
Origination year - 3 years prior to current fiscal year	4,635		146
Origination year - 4 years prior to current fiscal year	145		0
Origination year - more than 4 years prior to current fiscal year	1		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	6,565		5,874
Special Mention | Multi-family residential
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Special Mention | Commercial and industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		784
Origination year - 2 years prior to current fiscal year	746		0
Origination year - 3 years prior to current fiscal year	0		264
Origination year - 4 years prior to current fiscal year	264		0
Origination year - more than 4 years prior to current fiscal year	138		138
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	1,148		1,186
Special Mention | Consumer
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	1,450		1,389
Origination year - 1 year before current fiscal year	708		841
Origination year - 2 years prior to current fiscal year	4,919		2,147
Origination year - 3 years prior to current fiscal year	2,414		2,965
Origination year - 4 years prior to current fiscal year	3,048		5,559
Origination year - more than 4 years prior to current fiscal year	17,368		11,012
Revolving Loans	5,098		4,205
Revolving Loans Converted to Term Loans	123		50
Total loans	35,128		28,168
Substandard | One- to four-family first mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	61		0
Origination year - 1 year before current fiscal year	700		165
Origination year - 2 years prior to current fiscal year	2,159		117
Origination year - 3 years prior to current fiscal year	199		306
Origination year - 4 years prior to current fiscal year	416		60
Origination year - more than 4 years prior to current fiscal year	2,771		1,921
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	6,306		2,569
Substandard | Home equity loans and lines
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	27		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	142		150
Revolving Loans	29		29
Revolving Loans Converted to Term Loans	43		28
Total loans	241		207
Substandard | Commercial real estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		16
Origination year - 2 years prior to current fiscal year	2,147		1,441
Origination year - 3 years prior to current fiscal year	1,765		2,652
Origination year - 4 years prior to current fiscal year	2,625		5,490
Origination year - more than 4 years prior to current fiscal year	10,570		5,032
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	17,107		14,631
Substandard | Construction and land
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		609
Origination year - 2 years prior to current fiscal year	462		528
Origination year - 3 years prior to current fiscal year	421		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	37		44
Revolving Loans	4,047		4,047
Revolving Loans Converted to Term Loans	0		0
Total loans	4,967		5,228
Substandard | Multi-family residential
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	3,503		3,503
Revolving Loans	930		0
Revolving Loans Converted to Term Loans	0		0
Total loans	4,433		3,503
Substandard | Commercial and industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	1,389		1,389
Origination year - 1 year before current fiscal year	0		38
Origination year - 2 years prior to current fiscal year	124		54
Origination year - 3 years prior to current fiscal year	22		7
Origination year - 4 years prior to current fiscal year	7		2
Origination year - more than 4 years prior to current fiscal year	82		100
Revolving Loans	92		129
Revolving Loans Converted to Term Loans	80		22
Total loans	1,796		1,741
Substandard | Consumer
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	8		13
Origination year - 2 years prior to current fiscal year	0		7
Origination year - 3 years prior to current fiscal year	7		0
Origination year - 4 years prior to current fiscal year	0		7
Origination year - more than 4 years prior to current fiscal year	263		262
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	278		289
Doubtful
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Doubtful | One- to four-family first mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Doubtful | Home equity loans and lines
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Doubtful | Commercial real estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Doubtful | Construction and land
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Doubtful | Multi-family residential
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Doubtful | Commercial and industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	0		0
Doubtful | Consumer
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Origination year - current fiscal year	0		0
Origination year - 1 year before current fiscal year	0		0
Origination year - 2 years prior to current fiscal year	0		0
Origination year - 3 years prior to current fiscal year	0		0
Origination year - 4 years prior to current fiscal year	0		0
Origination year - more than 4 years prior to current fiscal year	0		0
Revolving Loans	0		0
Revolving Loans Converted to Term Loans	0		0
Total loans	$ 0		$ 0

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Credit Quality and Allowance for Credit Losses - Summary of Past Due Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	$ 2,621,690	$ 2,581,638
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	9,300	6,128
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,363	5,045
Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	10,088	2,260
Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	21,751	13,433
Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,599,939	2,568,205
Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,219,485	2,169,500
Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	8,002	4,283
Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,773	1,890
Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	9,148	1,691
Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	18,923	7,864
Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,200,562	2,161,636
Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	402,205	412,138
Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,298	1,845
Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	590	3,155
Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	940	569
Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,828	5,569
Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	399,377	406,569
Real estate loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,181,681	2,143,056
Real estate loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	8,798	5,116
Real estate loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,946	4,891
Real estate loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	9,793	1,984
Real estate loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	20,537	11,991
Real estate loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,161,144	2,131,065
Real estate loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,810,405	1,761,754
Real estate loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	7,515	3,554
Real estate loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,709	1,748
Real estate loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	8,896	1,502
Real estate loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	18,120	6,804
Real estate loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,792,285	1,754,950
Real estate loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	371,276	381,302
Real estate loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,283	1,562
Real estate loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	237	3,143
Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	897	482
Real estate loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,417	5,187
Real estate loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	368,859	376,115
Other loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	440,009	438,582
Other loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	502	1,012
Other loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	417	154
Other loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	295	276
Other loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,214	1,442
Other loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	438,795	437,140
Other loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	409,080	407,746
Other loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	487	729
Other loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	64	142
Other loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	252	189
Other loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	803	1,060
Other loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	408,277	406,686
Other loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	30,929	30,836
Other loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	15	283
Other loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	353	12
Other loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	43	87
Other loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	411	382
Other loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	30,518	30,454
One- to four-family first mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	436,659	433,401
One- to four-family first mortgage | Real estate loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	436,659	433,401
One- to four-family first mortgage | Real estate loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,080	4,410
One- to four-family first mortgage | Real estate loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,865	1,475
One- to four-family first mortgage | Real estate loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,831	798
One- to four-family first mortgage | Real estate loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	6,776	6,683
One- to four-family first mortgage | Real estate loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	429,883	426,718
One- to four-family first mortgage | Real estate loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	365,175	358,870
One- to four-family first mortgage | Real estate loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	873	2,867
One- to four-family first mortgage | Real estate loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,628	978
One- to four-family first mortgage | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,942	331
One- to four-family first mortgage | Real estate loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	4,443	4,176
One- to four-family first mortgage | Real estate loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	360,732	354,694
One- to four-family first mortgage | Real estate loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	71,484	74,531
One- to four-family first mortgage | Real estate loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,207	1,543
One- to four-family first mortgage | Real estate loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	237	497
One- to four-family first mortgage | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	889	467
One- to four-family first mortgage | Real estate loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,333	2,507
One- to four-family first mortgage | Real estate loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	69,151	72,024
Home equity loans and lines
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	70,377	68,977
Home equity loans and lines | Real estate loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	70,377	68,977
Home equity loans and lines | Real estate loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	18	162
Home equity loans and lines | Real estate loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	66	1
Home equity loans and lines | Real estate loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	29	35
Home equity loans and lines | Real estate loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	113	198
Home equity loans and lines | Real estate loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	70,264	68,779
Home equity loans and lines | Real estate loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	62,859	61,283
Home equity loans and lines | Real estate loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	143
Home equity loans and lines | Real estate loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	66	0
Home equity loans and lines | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	29	35
Home equity loans and lines | Real estate loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	95	178
Home equity loans and lines | Real estate loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	62,764	61,105
Home equity loans and lines | Real estate loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	7,518	7,694
Home equity loans and lines | Real estate loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	18	19
Home equity loans and lines | Real estate loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	1
Home equity loans and lines | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Home equity loans and lines | Real estate loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	18	20
Home equity loans and lines | Real estate loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	7,500	7,674
Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,221,573	1,192,691
Commercial real estate | Real estate loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,221,573	1,192,691
Commercial real estate | Real estate loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,961	112
Commercial real estate | Real estate loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	15	3,414
Commercial real estate | Real estate loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,065	0
Commercial real estate | Real estate loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	4,041	3,526
Commercial real estate | Real estate loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,217,532	1,189,165
Commercial real estate | Real estate loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	957,959	923,724
Commercial real estate | Real estate loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,903	112
Commercial real estate | Real estate loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	15	769
Commercial real estate | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1,065	0
Commercial real estate | Real estate loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	3,983	881
Commercial real estate | Real estate loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	953,976	922,843
Commercial real estate | Real estate loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	263,614	268,967
Commercial real estate | Real estate loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	58	0
Commercial real estate | Real estate loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	2,645
Commercial real estate | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Commercial real estate | Real estate loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	58	2,645
Commercial real estate | Real estate loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	263,556	266,322
Construction and land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	334,324	340,724
Construction and land | Real estate loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	334,324	340,724
Construction and land | Real estate loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	302	432
Construction and land | Real estate loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	1
Construction and land | Real estate loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	4,938	1,151
Construction and land | Real estate loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	5,240	1,584
Construction and land | Real estate loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	329,084	339,140
Construction and land | Real estate loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	309,293	314,279
Construction and land | Real estate loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	302	432
Construction and land | Real estate loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	1
Construction and land | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	4,930	1,136
Construction and land | Real estate loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	5,232	1,569
Construction and land | Real estate loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	304,061	312,710
Construction and land | Real estate loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	25,031	26,445
Construction and land | Real estate loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Construction and land | Real estate loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Construction and land | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	8	15
Construction and land | Real estate loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	8	15
Construction and land | Real estate loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	25,023	26,430
Multi-family residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	118,748	107,263
Multi-family residential | Real estate loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	118,748	107,263
Multi-family residential | Real estate loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	3,437	0
Multi-family residential | Real estate loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Multi-family residential | Real estate loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	930	0
Multi-family residential | Real estate loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	4,367	0
Multi-family residential | Real estate loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	114,381	107,263
Multi-family residential | Real estate loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	115,119	103,598
Multi-family residential | Real estate loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	3,437	0
Multi-family residential | Real estate loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Multi-family residential | Real estate loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	930	0
Multi-family residential | Real estate loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	4,367	0
Multi-family residential | Real estate loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	110,752	103,598
Multi-family residential | Real estate loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	3,629	3,665
Multi-family residential | Real estate loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Multi-family residential | Real estate loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Multi-family residential | Real estate loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Multi-family residential | Real estate loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	0
Multi-family residential | Real estate loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	3,629	3,665
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	407,730	405,659
Commercial and industrial | Other loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	407,730	405,659
Commercial and industrial | Other loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	429	596
Commercial and industrial | Other loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	397	11
Commercial and industrial | Other loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	156	221
Commercial and industrial | Other loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	982	828
Commercial and industrial | Other loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	406,748	404,831
Commercial and industrial | Other loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	379,076	377,264
Commercial and industrial | Other loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	414	325
Commercial and industrial | Other loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	51	11
Commercial and industrial | Other loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	155	189
Commercial and industrial | Other loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	620	525
Commercial and industrial | Other loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	378,456	376,739
Commercial and industrial | Other loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	28,654	28,395
Commercial and industrial | Other loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	15	271
Commercial and industrial | Other loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	346	0
Commercial and industrial | Other loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	1	32
Commercial and industrial | Other loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	362	303
Commercial and industrial | Other loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	28,292	28,092
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	32,279	32,923
Consumer | Other loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	32,279	32,923
Consumer | Other loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	73	416
Consumer | Other loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	20	143
Consumer | Other loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	139	55
Consumer | Other loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	232	614
Consumer | Other loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	32,047	32,309
Consumer | Other loans: | Originated loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	30,004	30,482
Consumer | Other loans: | Originated loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	73	404
Consumer | Other loans: | Originated loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	13	131
Consumer | Other loans: | Originated loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	97	0
Consumer | Other loans: | Originated loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	183	535
Consumer | Other loans: | Originated loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	29,821	29,947
Consumer | Other loans: | Acquired loans:
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	2,275	2,441
Consumer | Other loans: | Acquired loans: | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	0	12
Consumer | Other loans: | Acquired loans: | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	7	12
Consumer | Other loans: | Acquired loans: | Greater Than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	42	55
Consumer | Other loans: | Acquired loans: | Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	49	79
Consumer | Other loans: | Acquired loans: | Current Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans, net of unearned income	$ 2,226	$ 2,362

XML

Credit Quality and Allowance for Credit Losses - Summary of Information Pertaining to Non Accrual Non Covered Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Related Allowance	$ 12,900	$ 6,266
Without Related Allowance	2,471	2,548
Total	15,371	8,814
PCD Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,368	1,410
One- to four-family first mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Related Allowance	5,795	1,600
Without Related Allowance	0	0
Total	5,795	1,600
Home equity loans and lines
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Related Allowance	242	208
Without Related Allowance	0	0
Total	242	208
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Related Allowance	5,279	2,655
Without Related Allowance	2,471	2,548
Total	7,750	5,203
Construction and land
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Related Allowance	920	1,181
Without Related Allowance	0	0
Total	920	1,181
Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Related Allowance	0	0
Without Related Allowance	0	0
Total	0	0
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Related Allowance	386	331
Without Related Allowance	0	0
Total	386	331
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
With Related Allowance	278	291
Without Related Allowance	0	0
Total	$ 278	$ 291

XML

Credit Quality and Allowance for Credit Losses - Summary of Information Pertaining to Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 2,621,690	$ 2,581,638
ACL	31,461	31,537	$ 30,118	$ 29,299
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,931	4,216
ACL	273	419
One- to four-family first mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	436,659	433,401
ACL	3,275	3,255	3,356	2,883
One- to four-family first mortgage | Residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
ACL	0	0
Home equity loans and lines
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	70,377	68,977
ACL	701	688	753	624
Home equity loans and lines | Residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
ACL	0	0
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,221,573	1,192,691
ACL	15,063	14,805	13,794	13,814
Commercial real estate | Commercial properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,839	3,957
ACL	200	201
Construction and land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	334,324	340,724
ACL	5,287	5,415	4,921	4,680
Construction and land | Commercial and residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	147
ACL	0	123
Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	118,748	107,263
ACL	584	474	608	572
Multi-family residential | Residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
ACL	0	0
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	407,730	405,659
ACL	5,806	6,166	5,974	6,024
Commercial and industrial | Accounts receivable, Inventory and Equipment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	92	112
ACL	73	95
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	32,279	32,923
ACL	745	734	$ 712	$ 702
Consumer | Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
ACL	$ 0	$ 0

XML

Credit Quality and Allowance for Credit Losses - Summary of Loans Modification (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Percent of Total Class of Loans (as percent)	0.10%	0.10%
Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,778	3,153
Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Combination Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Combination Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
One- to four-family first mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Percent of Total Class of Loans (as percent)	0.20%	0.10%
One- to four-family first mortgage | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
One- to four-family first mortgage | Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
One- to four-family first mortgage | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	668	232
One- to four-family first mortgage | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
One- to four-family first mortgage | Combination Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
One- to four-family first mortgage | Combination Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Home equity loans and lines
Financing Receivable, Troubled Debt Restructuring [Line Items]
Percent of Total Class of Loans (as percent)	0.00%	0.00%
Home equity loans and lines | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Home equity loans and lines | Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Home equity loans and lines | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Home equity loans and lines | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Home equity loans and lines | Combination Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Home equity loans and lines | Combination Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Percent of Total Class of Loans (as percent)	0.10%	0.10%
Commercial real estate | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Commercial real estate | Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial real estate | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,081	1,319
Commercial real estate | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial real estate | Combination Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial real estate | Combination Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Construction and land
Financing Receivable, Troubled Debt Restructuring [Line Items]
Percent of Total Class of Loans (as percent)	0.00%	0.00%
Construction and land | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Construction and land | Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Construction and land | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	29	33
Construction and land | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Construction and land | Combination Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Construction and land | Combination Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Multi-family residential
Financing Receivable, Troubled Debt Restructuring [Line Items]
Percent of Total Class of Loans (as percent)	0.00%	0.00%
Multi-family residential | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Multi-family residential | Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Multi-family residential | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Multi-family residential | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Multi-family residential | Combination Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Multi-family residential | Combination Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Percent of Total Class of Loans (as percent)	0.00%	0.40%
Commercial and industrial | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Commercial and industrial | Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial and industrial | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	1,569
Commercial and industrial | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial and industrial | Combination Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Commercial and industrial | Combination Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Percent of Total Class of Loans (as percent)	0.00%	0.00%
Consumer | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0
Consumer | Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Consumer | Term Extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Consumer | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Consumer | Combination Term Extension and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Consumer | Combination Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 0

XML

Credit Quality and Allowance for Credit Losses - Summary of Financial Impacts of Loan Modifications (Details) - Term Extension	Mar. 31, 2024	Mar. 31, 2023
One- to four-family first mortgage | Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	12 months	12 months
One- to four-family first mortgage | Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	96 months	12 months
Home equity loans and lines | Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	0 months	0 months
Home equity loans and lines | Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	0 months	0 months
Commercial real estate | Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	12 months	12 months
Commercial real estate | Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	12 months	12 months
Construction and land | Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	12 months	12 months
Construction and land | Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	12 months	12 months
Multi-family residential | Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	0 months	0 months
Multi-family residential | Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	0 months	0 months
Commercial and industrial | Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	0 months	10 months
Commercial and industrial | Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	0 months	10 months
Consumer | Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	0 months	0 months
Consumer | Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Term Extensions (in months)	0 months	0 months

XML

Credit Quality and Allowance for Credit Losses -Summary of Aging Analysis of Loans (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	$ 4,334
One- to four-family first mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	1,499
Home equity loans and lines
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	57
Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	1,360
Construction and land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	29
Multi-family residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	1,389
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
30-89 Days Past Due | One- to four-family first mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
30-89 Days Past Due | Home equity loans and lines
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
30-89 Days Past Due | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
30-89 Days Past Due | Construction and land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
30-89 Days Past Due | Multi-family residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
30-89 Days Past Due | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
30-89 Days Past Due | Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
90+ Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
90+ Days Past Due | One- to four-family first mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
90+ Days Past Due | Home equity loans and lines
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
90+ Days Past Due | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
90+ Days Past Due | Construction and land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
90+ Days Past Due | Multi-family residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
90+ Days Past Due | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
90+ Days Past Due | Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Nonaccrual
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Nonaccrual | One- to four-family first mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Nonaccrual | Home equity loans and lines
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Nonaccrual | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Nonaccrual | Construction and land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Nonaccrual | Multi-family residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Nonaccrual | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Nonaccrual | Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	4,334
Current | One- to four-family first mortgage
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	1,499
Current | Home equity loans and lines
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	57
Current | Commercial real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	1,360
Current | Construction and land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	29
Current | Multi-family residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	0
Current | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	1,389
Current | Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	$ 0

XML

Derivatives and Hedging Activities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Accumulated unrealized gains, net of taxes, on derivative instruments	$ 3,306,000	$ 2,928,000
Net derivative liabilities	0
Agreement termination value	0
Cash Flow Hedging | Designated as Hedging
Derivative [Line Items]
Estimate of additional amounts to be reclassified as additional interest expense	$ 2,086,000

XML

Derivatives and Hedging Activities - Summary of Notional Amounts and Fair Value of Derivative Liabilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Interest rate swaps
Derivatives, Fair Value [Line Items]
Netting adjustments	$ 0	$ 0
Net derivative amounts	4,392,000	3,914,000
Netting adjustments	0	0
Net derivative amounts	2,000	3,000
Interest rate swaps | Designated as Hedging
Derivatives, Fair Value [Line Items]
Derivative assets - notional amount	60,000,000	60,000,000
Gross derivative assets	4,392,000	3,914,000
Notional Amount	0	0
Gross derivative liabilities	0	0
Risk participation agreements | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets - notional amount	0	0
Gross derivative assets	0	0
Notional Amount	11,736,000	11,797,000
Gross derivative liabilities	$ 2,000	$ 3,000

XML

Derivatives and Hedging Activities - Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income and the Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from accumulated other comprehensive income, current period, before tax	$ 0	$ (249)
Interest rate swaps - variable rate liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI	1,084	(295)
Interest income | Interest rate swaps - variable rate liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain Reclassified from AOCI into Income	606	421
Other noninterest income | Risk participation agreements | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from accumulated other comprehensive income, current period, before tax	$ 2	$ (1)

XML

Long-term Debt and Borrowings (Details) - USD ($)		3 Months Ended	15 Months Ended
	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Subordinated debt		$ 54,294,000	$ 54,294,000	$ 54,241,000
Advances From Federal HomeLoan Bank Average Balance		71,700,000
Short-term Federal Home Loan Bank advances		0	0	150,000,000
Long-term Federal Home Loan Bank advances		38,607,000	38,607,000	42,713,000
Additional FHLB advances		1,100,000,000	1,100,000,000	1,000,000,000
BTFP Borrowings
Debt Instrument [Line Items]
Securities pledged to secure public deposits		135,000,000	135,000,000	$ 0
Change
Debt Instrument [Line Items]
Advances From Federal HomeLoan Bank Average Balance			(143,800,000)
Subordinated Debt
Debt Instrument [Line Items]
Debt issuance as a percentage of aggregate principal (percent)	100.00%
Other borrowings
Debt Instrument [Line Items]
Average balance of other borrowings		$ 126,000,000
Other borrowings | Change
Debt Instrument [Line Items]
Average balance of other borrowings			$ 120,400,000
5.75% Fixed-to-Floating Rate Subordinated Notes | Subordinated Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 55,000,000
Fixed-to-floating rate (percent)	5.75%
Subordinated debt amortization period		5 years
5.75% Fixed-to-Floating Rate Subordinated Notes | Subordinated Debt | SOFR
Debt Instrument [Line Items]
Debt instrument basis points	2.82%

XML

Fair Value Measurements and Disclosures - Summary of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	$ 421,813	$ 433,926
U.S. agency mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	274,686	283,853
Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	77,277	79,262
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	46,096	46,674
U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	17,618	18,049
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	6,136	6,088
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	421,813	433,926
Derivative assets	4,392	3,914
Total	426,205	437,840
Derivative liabilities	2	3
Recurring Basis | U.S. agency mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	274,686	283,853
Recurring Basis | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	77,277	79,262
Recurring Basis | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	46,096	46,674
Recurring Basis | U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	17,618	18,049
Recurring Basis | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	6,136	6,088
Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Derivative assets	0	0
Total	0	0
Derivative liabilities	0	0
Recurring Basis | Level 1 | U.S. agency mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 1 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 1 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 1 | U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	421,813	433,926
Derivative assets	4,392	3,914
Total	426,205	437,840
Derivative liabilities	2	3
Recurring Basis | Level 2 | U.S. agency mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	274,686	283,853
Recurring Basis | Level 2 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	77,277	79,262
Recurring Basis | Level 2 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	46,096	46,674
Recurring Basis | Level 2 | U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	17,618	18,049
Recurring Basis | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	6,136	6,088
Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Derivative assets	0	0
Total	0	0
Derivative liabilities	0	0
Recurring Basis | Level 3 | U.S. agency mortgage-backed
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 3 | Collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 3 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 3 | U.S. government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	0	0
Recurring Basis | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities:	$ 0	$ 0

XML

Fair Value Measurements and Disclosures - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring Basis - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Loans individually evaluated	$ 3,658	$ 3,797
Foreclosed assets and ORE	1,601	1,575
Total	5,259	5,372
Level 1
Assets
Loans individually evaluated	0	0
Foreclosed assets and ORE	0	0
Total	0	0
Level 2
Assets
Loans individually evaluated	0	0
Foreclosed assets and ORE	0	0
Total	0	0
Level 3
Assets
Loans individually evaluated	3,658	3,797
Foreclosed assets and ORE	1,601	1,575
Total	$ 5,259	$ 5,372

XML

Fair Value Measurements and Disclosures - Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Nonrecurring Basis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Foreclosed assets and ORE	$ 1,601	$ 1,575
Level 3 | Minimum | Costs to sell
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans individually evaluated - Weighted average / Range of discounts (percent)	0.00%	0.00%
Foreclosed assets and ORE - Weighted average / Range of discounts (percent)	52.00%	31.00%
Level 3 | Maximum | Costs to sell
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans individually evaluated - Weighted average / Range of discounts (percent)	79.00%	89.00%
Foreclosed assets and ORE - Weighted average / Range of discounts (percent)	99.00%	71.00%
Level 3 | Weighted Average | Costs to sell
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans individually evaluated - Weighted average / Range of discounts (percent)	7.00%	10.00%
Foreclosed assets and ORE - Weighted average / Range of discounts (percent)	63.00%	62.00%
Level 3 | Nonrecurring Basis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans individually evaluated	$ 3,658	$ 3,797
Foreclosed assets and ORE	$ 1,601	$ 1,575

XML

Fair Value Measurements and Disclosures - Summary of Fair Values of Company's Financial Instruments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Financial Assets
Investment securities available for sale	$ 421,813,000	$ 433,926,000
Investment securities held to maturity	1,062,000	1,066,000
Financial Liabilities
Subordinated debt, net of issuance cost	54,294,000	54,241,000
Short-term FHLB advances	0	150,000,000
Carrying Amount
Financial Assets
Cash and cash equivalents	90,475,000	75,831,000
Interest-bearing deposits in banks		99,000
Investment securities available for sale	421,813,000	433,926,000
Investment securities held to maturity	1,065,000	1,065,000
Mortgage loans held for sale	646,000	361,000
Loans, net	2,590,229,000	2,550,101,000
Cash surrender value of BOLI	47,587,000	47,321,000
Derivative assets	4,392,000	3,914,000
Financial Liabilities
Deposits	2,722,578,000	2,670,624,000
Other borrowings	140,539,000	5,539,000
Subordinated debt, net of issuance cost	54,294,000	54,241,000
Short-term FHLB advances		150,000,000
Long-term FHLB advances	38,607,000	42,713,000
Derivative liabilities	2,000	3,000
Fair Value
Financial Assets
Cash and cash equivalents	90,475,000	75,831,000
Interest-bearing deposits in banks		99,000
Investment securities available for sale	421,813,000	433,926,000
Investment securities held to maturity	1,062,000	1,066,000
Mortgage loans held for sale	646,000	361,000
Loans, net	2,437,430,000	2,381,863,000
Cash surrender value of BOLI	47,587,000	47,321,000
Derivative assets	4,392,000	3,914,000
Financial Liabilities
Deposits	2,716,263,000	2,665,590,000
Other borrowings	139,954,000	5,498,000
Subordinated debt, net of issuance cost	49,930,000	50,865,000
Short-term FHLB advances		150,000,000
Long-term FHLB advances	37,594,000	41,792,000
Derivative liabilities	2,000	3,000
Level 1 | Fair Value
Financial Assets
Cash and cash equivalents	90,475,000	75,831,000
Interest-bearing deposits in banks		99,000
Investment securities available for sale	0	0
Investment securities held to maturity	0	0
Mortgage loans held for sale	0	0
Loans, net	0	0
Cash surrender value of BOLI	47,587,000	47,321,000
Derivative assets	0	0
Financial Liabilities
Deposits	2,024,707,000	2,025,890,000
Other borrowings	0	0
Subordinated debt, net of issuance cost	0	0
Short-term FHLB advances		150,000,000
Long-term FHLB advances	0	0
Derivative liabilities	0	0
Level 2 | Fair Value
Financial Assets
Cash and cash equivalents	0	0
Interest-bearing deposits in banks		0
Investment securities available for sale	421,813,000	433,926,000
Investment securities held to maturity	1,062,000	1,066,000
Mortgage loans held for sale	646,000	361,000
Loans, net	2,433,772,000	2,378,066,000
Cash surrender value of BOLI	0	0
Derivative assets	4,392,000	3,914,000
Financial Liabilities
Deposits	691,556,000	639,700,000
Other borrowings	139,954,000	5,498,000
Subordinated debt, net of issuance cost	49,930,000	50,865,000
Short-term FHLB advances		0
Long-term FHLB advances	37,594,000	41,792,000
Derivative liabilities	2,000	3,000
Level 3 | Fair Value
Financial Assets
Cash and cash equivalents	0	0
Interest-bearing deposits in banks		0
Investment securities available for sale	0	0
Investment securities held to maturity	0	0
Mortgage loans held for sale	0	0
Loans, net	3,658,000	3,797,000
Cash surrender value of BOLI	0	0
Derivative assets	0	0
Financial Liabilities
Deposits	0	0
Other borrowings	0	0
Subordinated debt, net of issuance cost	0	0
Short-term FHLB advances		0
Long-term FHLB advances	0	0
Derivative liabilities	$ 0	$ 0