Northeast Community Bancorp (NECB) 10-Q9 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 07, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40589
Entity Registrant Name	NorthEast Community Bancorp, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-3173858
Entity Address, Address Line One	325 Hamilton Avenue
Entity Address, City or Town	White Plains
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10601
City Area Code	914
Local Phone Number	684-2500
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NECB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,032,696
Entity Central Index Key	0001847398
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and amounts due from depository institutions	$ 9,940	$ 13,394
Interest-bearing deposits	97,508	55,277
Total cash and cash equivalents	107,448	68,671
Certificates of deposit	100	100
Equity securities	18,020	18,102
Securities held-to-maturity ( net of allowance for credit losses of $133 and $136, fair value of $12,937 and $13,126, respectively )	15,735	15,860
Loans receivable	1,654,626	1,586,721
Deferred loan (fees) costs, net	(52)	176
Allowance for credit losses	(4,927)	(5,093)
Net loans	1,649,647	1,581,804
Premises and equipment, net	25,223	25,452
Investments in restricted stock, at cost	614	929
Bank owned life insurance	25,239	25,082
Accrued interest receivable	12,952	12,311
Real estate owned	1,456	1,456
Property held for investment	1,398	1,407
Right of Use Assets - Operating	4,427	4,566
Right of Use Assets - Financing	350	351
Other assets	4,299	8,044
Total assets	1,866,908	1,764,135
Deposits:
Non-interest bearing	288,589	300,184
Interest bearing	1,223,413	1,099,852
Total deposits	1,512,002	1,400,036
Advance payments by borrowers for taxes and insurance	2,346	2,020
Borrowings	47,000	64,000
Lease Liability - Operating	4,497	4,625
Lease Liability - Financing	580	571
Accounts payable and accrued expenses	11,559	13,558
Total liabilities	1,577,984	1,484,810
Stockholders' equity:
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value; 75,000,000 shares authorized; 14,065,796 shares and 14,144,856 shares issued and outstanding, respectively	141	142
Additional paid-in capital	109,267	109,924
Unearned Employee Stock Ownership Plan ("ESOP") shares	(6,346)	(6,563)
Retained earnings	185,542	175,505
Accumulated other comprehensive income	320	317
Total stockholders' equity	288,924	279,325
Total liabilities and stockholders' equity	$ 1,866,908	$ 1,764,135

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Securities held-to-maturity, allowance for credit losses	$ 133	$ 136
Securities held-to-maturity, fair value	$ 12,937	$ 13,126
Preferred stock, par value (in $ per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in $ per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	14,065,796	14,144,856
Common stock, shares outstanding (in shares)	14,065,796	14,144,856

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INTEREST INCOME:
Loans	$ 36,703	$ 27,575
Interest-earning deposits	1,200	703
Securities	218	233
Total Interest Income	38,121	28,511
INTEREST EXPENSE:
Deposits	12,394	5,552
Borrowings	731	112
Financing lease	10	9
Total Interest Expense	13,135	5,673
Net Interest Income	24,986	22,838
Provision for (reversal of) credit loss	(165)	1
Net Interest Income after Provision for (Reversal of) Credit Loss	25,151	22,837
NON-INTEREST INCOME:
Other loan fees and service charges	462	607
Earnings on bank owned life insurance	157	150
Investment advisory fees		117
Unrealized (loss) gain on equity securities	(82)	225
Other	17	16
Total Non-Interest Income	554	1,115
NON-INTEREST EXPENSES:
Salaries and employee benefits	5,351	4,542
Occupancy expense	707	669
Equipment	253	304
Outside data processing	637	515
Advertising	88	49
Real estate owned expense	11	21
Other	2,634	2,091
Total Non-Interest Expenses	9,681	8,191
INCOME BEFORE PROVISION FOR INCOME TAXES	16,024	15,761
PROVISION FOR INCOME TAXES	4,650	4,517
NET INCOME	$ 11,374	$ 11,244
EARNINGS PER COMMON SHARE - BASIC (in $ per share)	$ 0.87	$ 0.77
EARNINGS PER COMMON SHARE - DILUTED (in $ per share)	$ 0.86	$ 0.77
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	13,118	14,649
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	13,191	14,696

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)		$ 11,374	$ 11,244
Reclassification adjustments out of accumulated other comprehensive income:
Amortization of actuarial gain		(13)	(8)
Actuarial loss arising during period		18	18
Total		5	10
Income tax effect	[1]	(2)	(3)
Total other comprehensive income		3	7
Total Comprehensive Income		$ 11,377	$ 11,251

[1] Amounts are included in provision for income taxes in the consolidated statements of income.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid- in Capital	Unearned ESOP Shares	Retained Earnings Cumulative effect of adoption of ASU 2016-13	Retained Earnings	Accumulated Other Comprehensive Income	Cumulative effect of adoption of ASU 2016-13	Total
Balance at beginning of period at Dec. 31, 2022	$ 161	$ 136,434	$ (7,432)	$ (99)	$ 132,670	$ 156	$ (99)	$ 261,989
Balance at beginning of period (shares) at Dec. 31, 2022	16,049,454
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)					11,244			11,244
Other comprehensive income						7		7
Cash dividend declared					(875)			(875)
Stock repurchases	$ (8)	(10,514)						(10,522)
Stock repurchases (shares)	(723,626)
Compensation expense related to restricted stock awards		241						241
Compensation expense related to stock options		192						192
ESOP shares earned		109	217					326
Balance at end of period at Mar. 31, 2023	$ 153	126,462	(7,215)		142,940	163		262,503
Balance at end of period (shares) at Mar. 31, 2023	15,325,828
Balance at beginning of period at Dec. 31, 2023	$ 142	109,924	(6,563)		175,505	317		279,325
Balance at beginning of period (shares) at Dec. 31, 2023	14,144,856
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)					11,374			11,374
Other comprehensive income						3		3
Cash dividend declared					(1,337)			(1,337)
Stock repurchases	$ (1)	(1,250)						(1,251)
Stock repurchases (shares)	(80,060)
Compensation expense related to restricted stock awards		252						252
Compensation expense related to stock options		192						192
Stock option exercise		14						14
Stock option exercise (shares)	1,000
ESOP shares earned		135	217					352
Balance at end of period at Mar. 31, 2024	$ 141	$ 109,267	$ (6,346)		$ 185,542	$ 320		$ 288,924
Balance at end of period (shares) at Mar. 31, 2024	14,065,796

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividend declared per share (in $ per share)	$ 0.10	$ 0.06

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 11,374	$ 11,244
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of securities premiums and discounts, net	1	10
(Decrease) increase in provision for (reversal of) credit losses	(165)	1
Depreciation	297	316
Net amortization of deferred loan fees and costs	14	119
Deferred income tax benefit	(97)	(89)
Unrealized loss (gain) recognized on equity securities	82	(225)
Earnings on bank owned life insurance	(157)	(150)
ESOP compensation expense	352	326
Compensation expense related to stock options	192	192
Compensation expense related to restricted stock	252	241
Increase in accrued interest receivable	(641)	(1,322)
Decrease in other assets	3,991	3,543
Decrease in accounts payable - loan closing	(59)	(2,705)
Decrease in accounts payable and accrued expenses	(2,528)	(552)
Net Cash Provided by Operating Activities	12,908	10,949
Cash Flows from Investing Activities:
Net increase in loans	(71,136)	(102,613)
Proceeds from sale of loans	3,424	3,708
Principal repayments on securities available-for-sale		1
Principal repayments on securities held-to-maturity	128	142
Redemptions of restricted stock	315	315
Purchases of premises and equipment	(68)	(96)
Net Cash Used in Investing Activities	(67,337)	(98,543)
Cash Flows from Financing Activities:
Net increase in deposits	111,966	86,438
Repayment of FRB borrowings	(10,000)
Repayment of FHLB of NY advances	(7,000)	(7,000)
Stock repurchases	(1,251)	(10,522)
Stock option exercised	14
Increase in advance payments by borrowers for taxes and insurance	326	1,384
Cash dividends paid	(849)	(969)
Net Cash Provided by Financing Activities	93,206	69,331
Net Increase (Decrease) in Cash and Cash Equivalents	38,777	(18,263)
Cash and Cash Equivalents - Beginning	68,671	95,308
Cash and Cash Equivalents - Ending	107,448	77,045
Supplementary Cash Flows Information:
Income taxes paid	4,019	371
Interest paid	12,866	5,621
Supplementary Disclosure of Non-Cash Investing and Financing Activities:
Dividends declared and not paid	$ 1,407	$ 924

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1 — Summary of Significant Accounting Policies The following is a description of the Company’s business and significant accounting and reporting policies: Nature of Business: Northeast Community Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2021 to be the successor to NorthEast Community Bancorp, Inc., a federally chartered corporation (the “Mid-Tier Holding Company”), upon completion of the second-step conversion of NorthEast Community Bank (the “Bank”) from the two-tier mutual holding company structure to the stock holding company structure. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of NorthEast Community Bancorp, MHC and the Mid-Tier Holding Company merged out of existence and now cease to exist. The Bank is a New York State-chartered savings bank and the Company’s primary activity is the ownership and operation of the Bank. The Bank is headquartered in White Plains, New York. The Bank was founded in 1934 and is a community oriented financial institution dedicated to serving the financial services needs of individuals and businesses within its market area. The Bank currently conducts business through its eleven branch offices located in the Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex and Norfolk Counties in Massachusetts and three loan production offices located in White Plains, New York, New City, New York, and Danvers, Massachusetts. The Bank’s principal business consists of originating primarily construction loans and, to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans and non-residential real estate loans. The Bank offers a variety of retail deposit products to the general public in the areas surrounding its main office and its branch offices, with interest rates that are competitive with those of similar products offered by other financial institutions operating in its market area. The Bank also utilizes borrowings as a source of funds. The Bank’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on investment securities and mortgage-backed securities. The Bank also generates revenues from other income including deposit fees, service charges and investment advisory fees. The Bank also previously offered investment advisory and financial planning services under the name Harbor West Wealth Management Group, a division of the Bank, through a networking arrangement with a registered broker-dealer and investment advisor. The Bank entered into an agreement to sell all the Bank’s assets relating to Harbor West Wealth Management Group to a third party in December 2023, and the sale closed in January 2024. The Bank no longer offers these services. New England Commercial Properties LLC (“NECP”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2007 to facilitate the purchase or lease of real property by the Bank. New England Commercial Properties, LLC currently owns one foreclosed property located in Pennsylvania. NECB Financial Services Group, LLC (“NECB Financial”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in the third quarter of 2012 as a complement to Harbor West Wealth Management Group to sell life insurance and fixed rate annuities. NECB Financial is licensed in New York State. NECB Financial terminated its license in Connecticut on February 22, 2024 due to the sale of all the Bank’s assets relating to Harbor West Wealth Management Group to a third party in January 2024. This subsidiary is currently inactive. 72 West Eckerson LLC (“72 West Eckerson”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2015 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch locations in Spring Valley, New York and Monroe, New York. 166 Route 59 Realty LLC (“166 Route 59 Realty”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Airmont, New York. 3 Winterton Realty LLC, a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Bloomingburg, New York. Principal of Consolidations: The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, and 3 Winterton Realty LLC (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. The unaudited consolidated interim financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) that are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year or any other period. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses. Loan Receivable: Loans are stated at unpaid principal balances plus net deferred loan origination fees and costs less an allowance for credit losses. Interest on loans receivable is recorded on the accrual basis. An allowance for uncollected interest is established on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations or where interest or principal is 90 days or more past due, unless the loans are well secured with a reasonable expectation of collection. When a loan is placed on nonaccrual, an allowance for uncollected interest is established and charged against current income. Thereafter, interest income is not recognized unless the financial condition and payment record of the borrower warrant the recognition of interest income. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest on loans that have been restructured is accrued according to the renegotiated terms. Net loan origination fees and costs are deferred and amortized into interest income over the contractual lives of the related loans by use of the level yield method. Past due status of loans is based upon the contractual due date. Loan Concentration Risk: The Company’s lending activity is concentrated in construction loans secured by the construction of multi-family properties in Massachusetts and by the construction primarily of multi-family, residential condominium properties, and occasionally non-residential properties located in New York State. As of March 31, 2024 and December 31, 2023, the Company had a majority of construction loans located in New York State, including million in the Village of Spring Valley. At March 31, 2024, the Company had

Regulatory Capital

Regulatory Capital	3 Months Ended
Regulatory Capital	Mar. 31, 2024
Regulatory Capital
Regulatory Capital	Note 2 — Regulatory Capital The Company and the Bank are subject to regulatory capital requirements promulgated by the federal banking agencies. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated bank holding company, and the FDIC has similar requirements for the Company’s subsidiary bank. The Bank met all capital adequacy requirements to which it was subject as of March 31, 2024 and December 31, 2023. The following table presents information about the Bank’s capital levels at the dates presented: Regulatory Capital Requirements Minimum Capital For Classification as Actual Adequacy(1) Well-Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of March 31, 2024: Total capital (to risk-weighted assets) $ 270,492 13.78 % $ ≥ 157,081 ≥ 8.00 % $ ≥ 196,352 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 264,439 13.47 ≥ 117,811 ≥ 6.00 ≥ 157,081 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 264,439 13.47 ≥ 88,358 ≥ 4.50 ≥ 127,628 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 264,439 14.65 ≥ 72,195 ≥ 4.00 ≥ 90,243 ≥ 5.00 As of December 31, 2023: Total capital (to risk-weighted assets) $ 255,252 13.43 % $ ≥ 152,097 ≥ 8.00 % $ ≥ 190,121 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 249,013 13.10 ≥ 114,072 ≥ 6.00 ≥ 152,097 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 249,013 13.10 ≥ 85,554 ≥ 4.50 ≥ 123,579 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 249,013 14.43 ≥ 69,007 ≥ 4.00 ≥ 86,259 ≥ 5.00 (1) Ratios do not include the capital conservation buffer. Based on the most recent notification by the FDIC, the Bank was categorized as “well capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events that have occurred since notification that management believes have changed the Bank’s category.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share
Earnings Per Share	Note 3 — Earnings Per Share Basic earnings per share is calculated by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period less any unvested restricted shares. Unallocated common shares held by the Employee Stock Ownership Plan (“ESOP”) are not included in the weighted-average number of common shares outstanding for purposes of calculating basic net income per common share until they are committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and are determined using the treasury stock method. The following table sets forth the weighted average shares outstanding used in the computations of basic and diluted earnings per share. The following table sets forth the computations of basic and diluted earnings per share: Three Months Ended March 31, 2024 2023 (In Thousands, except per share data) Net income (basic and diluted) $ 11,374 $ 11,244 Weighted average shares issued 14,118 15,769 Less: Weighted average unearned ESOP shares (681) (768) Less: Weighted average unvested restricted shares (319) (352) Basic weighted average shares outstanding 13,118 14,649 Add: Dilutive effect of restricted stock 59 47 Add: Dilutive effect of stock options 14 — Diluted weighted average shares outstanding 13,191 14,696 Net income per share Basic $ 0.87 $ 0.77 Diluted $ 0.86 $ 0.77

Equity Securities

Equity Securities	3 Months Ended
Equity Securities	Mar. 31, 2024
Equity Securities
Equity Securities	Note 4 — Equity Securities The following table is the schedule of equity securities at March 31, 2024 and December 31, 2023. The equity securities consists of our investment in a market-rate bond mutual fund that invests in high quality fixed income bonds, mainly government agency securities whose proceeds are designed to positively impact community development throughout the United States. The mutual fund focuses exclusively on providing affordable housing for low- and moderate-income borrowers and renters within our delineated lending areas, including those in majority minority census tracts. March 31, December 31, 2024 2023 (In Thousands) Equity Securities, at Fair Value $ 18,020 $ 18,102 The following is a summary of unrealized loss or gain recognized in net income on equity securities during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In Thousands) Net (loss) gain recognized on equity securities during the period $ (82) $ 225 Less: Net losses realized on the sale of equity securities during the period — — Unrealized net (loss) gain recognized on equity securities held at the reporting date $ (82) $ 225

Securities Held-to-Maturity

Securities Held-to-Maturity	3 Months Ended
Securities Held-to-Maturity	Mar. 31, 2024
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 5 — Securities Held-to-Maturity The following table summarizes the Company’s portfolio of securities held-to-maturity at March 31, 2024 and December 31, 2023. March 31, 2024 Gross Gross Allowance Amortized Unrealized Unrealized Fair for Cost Gains Losses Value Credit Loss (In Thousands) Mortgage-backed securities – residential: Government National Mortgage Association $ 444 $ $ 7 $ 437 $ — Federal Home Loan Mortgage Corporation 846 — 113 733 — Federal National Mortgage Association 1,912 — 210 1,702 — Collateralized mortgage obligations – GSE 2,868 — 606 2,262 — Total mortgage-backed securities 6,070 — 936 5,134 — Municipal Bonds 9,798 — 1,995 7,803 133 $ 15,868 $ — $ 2,931 $ 12,937 $ 133 December 31, 2023 Gross Gross Allowance Amortized Unrealized Unrealized Fair for Cost Gains Losses Value Credit Loss (In Thousands) Mortgage-backed securities – residential: Government National Mortgage Association $ 452 $ — $ 7 $ 445 $ — Federal Home Loan Mortgage Corporation 868 — 114 754 — Federal National Mortgage Association 1,985 — 198 1,787 — Collateralized mortgage obligations – GSE 2,889 — 580 2,309 — Total mortgage-backed securities 6,194 — 899 5,295 — Municipal Bonds 9,802 — 1,971 7,831 136 $ 15,996 $ — $ 2,870 $ 13,126 $ 136 Contractual final maturities of mortgage-backed securities and municipal bonds were as follows at March 31, 2024: March 31, 2024 Amortized Fair Cost Value (In Thousands) Due within one year $ 711 $ 638 Due after one but within five years 2,019 1,732 Due after five but within ten years 3,176 2,609 Due after ten years 9,962 7,958 $ 15,868 $ 12,937 The maturities shown above are based upon contractual final maturity. Actual maturities will differ from contractual maturities due to scheduled monthly repayments and due to the underlying borrowers having the right to prepay their obligations. The activity in the allowance for credit losses for debt securities held-to-maturity for the three months ended March 31, 2024 and 2023 was as follows: Municipal Bonds Balance – December 31, 2023 $ 136 Provision for (reversal of) credit loss (3) Balance – March 31, 2024 $ 133 Municipal Bonds Balance – December 31, 2022 $ - Impact of adopting ASC 326 132 Provision for credit loss 4 Balance – March 31, 2023 $ 136 The age of unrealized losses and the fair value of related securities held-to-maturity, for which an allowance for credit losses was not deemed necessary, were as follows: Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) March 31, 2024: Mortgage-backed securities - residential: Government National Mortgage Association $ — $ — $ 437 $ 7 $ 437 $ 7 Federal Home Loan Mortgage Corporation — — 733 113 733 113 Federal National Mortgage Association — — 1,702 210 1,702 210 Collateralized mortgage obligations – GSE — — 2,262 606 2,262 606 Total mortgage-backed securities $ — $ — $ 5,134 $ 936 $ 5,134 $ 936 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2023: Mortgage-backed securities - residential: Government National Mortgage Association $ — $ — $ 445 $ 7 $ 445 $ 7 Federal Home Loan Mortgage Corporation — — 754 114 754 114 Federal National Mortgage Association — — 1,787 198 1,787 198 Collateralized mortgage obligations – GSE — — 2,309 580 2,309 580 Total mortgage-backed securities $ — $ — $ 5,295 $ 899 $ 5,295 $ 899 At March 31, 2024, twenty-six mortgage-backed securities had unrealized losses due to interest rate volatility. Management concluded that the unrealized loss reflected above was temporary in nature since the unrealized loss was related primarily to market interest rate volatility, and was not related to the underlying credit quality of the issuers of the securities. Additionally, the Company has the ability and intent to hold the securities for the time necessary to recover the amortized cost. At December 31, 2023, there were Credit Quality Indicators The held to maturity securities portfolio consists of agency mortgage-backed securities and municipal bonds. All agency mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The municipal bonds in the portfolio carry no lower than A ratings from the rating agencies at March 31, 2024 and have no realized losses since they were issued. The Company regularly monitors the municipal bonds sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period.

Loans Receivable and the Allowa

Loans Receivable and the Allowance for Credit Losses	3 Months Ended
Loans Receivable and the Allowance for Credit Losses	Mar. 31, 2024
Loans Receivable and the Allowance for Credit Losses
Loans Receivable and the Allowance for Credit Losses	Note 6 — Loans Receivable and the Allowance for Credit Losses The composition of loans was as follows at March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In Thousands) Residential real estate: One-to-four family $ 4,647 $ 5,252 Multi-family 197,946 198,927 Mixed-use 28,500 29,643 Total residential real estate 231,093 233,822 Non-residential real estate 19,130 21,130 Construction 1,293,871 1,219,413 Commercial and industrial 108,882 111,116 Consumer 1,650 1,240 Total Loans 1,654,626 1,586,721 Deferred loan costs, net (52) 176 Allowance for credit losses (4,927) (5,093) $ 1,649,647 $ 1,581,804 Loans serviced for the benefit of others totaled approximately $44.2 million and $40.7 million at March 31, 2024 and December 31, 2023, respectively. The value of mortgage servicing rights was not material at March 31, 2024 and December 31, 2023. The allowance for credit losses on loans represents management’s estimate of losses inherent in the loan portfolio as of the statement of financial condition date and is recorded as a reduction to loans. The allowance for credit losses is increased by the provision for credit losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for credit losses on loans is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The following tables summarize the allocation of the allowance for credit losses and loans receivable by loan class and credit loss method at March 31, 2024 and December 31, 2023: At March 31, 2024: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Total (In Thousands) Allowance for credit losses: Ending balance $ 2,229 $ 110 $ 1,969 $ 422 $ 197 $ 4,927 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 2,229 $ 110 $ 1,969 $ 422 $ 197 $ 4,927 Loans receivable: Ending balance $ 231,093 $ 19,130 $ 1,293,871 $ 108,882 $ 1,650 $ 1,654,626 Ending balance: individually evaluated for credit loss $ — $ — $ 4,385 $ — $ — $ 4,385 Ending balance: collectively evaluated for credit loss $ 231,093 $ 19,130 $ 1,289,486 $ 108,882 $ 1,650 $ 1,650,241 At December 31, 2023: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Total (In Thousands) Allowance for credit losses: Ending balance $ 2,433 $ 126 $ 1,914 $ 472 $ 148 $ 5,093 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 2,433 $ 126 $ 1,914 $ 472 $ 148 $ 5,093 Loans receivable: Ending balance $ 233,822 $ 21,130 $ 1,219,413 $ 111,116 $ 1,240 $ 1,586,721 Ending balance: individually evaluated for credit loss $ — $ — $ 4,385 $ — $ — $ 4,385 Ending balance: collectively evaluated for credit loss $ 233,822 $ 21,130 $ 1,215,028 $ 111,116 $ 1,240 $ 1,582,336 The activity in the allowance for credit loss by loan class for the three months ended March 31, 2024 and 2023 was as follows: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for credit losses: Balance - December 31, 2023 $ 2,433 $ 126 $ 1,914 $ 472 $ 148 $ — $ 5,093 Charge-offs — — — — (21) — (21) Recoveries — — — — — — — Provision (reversal of) (204) (16) 55 (50) 70 — (145) Balance -March 31, 2024 $ 2,229 $ 110 $ 1,969 $ 422 $ 197 $ — $ 4,927 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for credit losses: Balance - December 31, 2022 $ 528 $ 131 $ 3,835 $ 955 $ 18 $ 7 $ 5,474 Impact of adopting ASC 326 895 7 (2,086) (437) 44 (7) (1,584) Charge-offs — — — — (21) — (21) Recoveries — — — — — — — Provision (reversal of) 51 (16) 93 (12) 81 — 197 Balance - March 31, 2023 $ 1,474 $ 122 $ 1,842 $ 506 $ 122 $ — $ 4,066 During the three months ended March 31, 2024, the reversal of provision recorded for residential real estate loans was primarily attributed to the decreased loan balances and reduced credit risk. The reversal of provision recorded for non-residential real estate loans and commercial and industrial loans was primarily attributed to the decreased loan balances. The provision expenses recorded for consumer loans were primarily attributed to the increased deposit account overdraft balances. The provision expenses recorded for constructions loans were primarily attributed to the increased construction loan balances, offset by improving economic conditions during the first quarter of 2024. During the three months ended March 31, 2023, the provision expenses recorded for construction loans and residential real estate loans were primarily attributed to the increased loan balances. The provision expenses recorded for consumer loans were primarily attributed to the increased deposit account overdraft balances. The Company has two individually evaluated loans, totaling $4.4 million, which were collateral-dependent construction loans, secured by multi-family real estate, at March 31, 2024 and December 31, 2023, respectively. The two loans are secured by the same project located in the Bronx, New York, and are currently placed on non-accrual status. There was no interest income recognized from non-accrual loans as of March 31, 2024. The Company had from individually evaluated loans as of March 31, 2023. The following table shows our recorded investment, unpaid principal balance and allocated allowance for credit losses for loans that were considered nonperforming as of and for the periods presented: As of and for the Three Months Ended March 31, 2024: Three Months Ended March 31, 2024 Recorded Unpaid Principal Related Average Recorded Interest Income 2024 - Individually evaluated Investment Balance Allowance Investment Recognized (In Thousands) With no related allowance recorded: Residential real estate $ — $ — $ — $ — $ — Non-residential real estate — — — — — Construction 4,385 4,353 — 4,385 — Commercial and industrial — — — — — 4,385 4,353 — 4,385 — With an allowance recorded — — — — — Total: Residential real estate — — — — — Non-residential real estate — — — — — Construction 4,385 4,353 — 4,385 — Commercial and industrial — — — — — $ 4,385 $ 4,353 $ — $ 4,385 $ — As of and for the Year Ended December 31, 2023: Recorded Unpaid Principal Related Average Recorded Interest Income 2023 - Individually evaluated Investment Balance Allowance Investment Recognized (In Thousands) With no related allowance recorded: Residential real estate $ — $ — $ — $ — $ — Non-residential real estate — — — — — Construction 4,385 4,353 — 5,930 — Commercial and industrial — — — — — 4,385 4,353 — 5,930 — With an allowance recorded — — — — — Total: Residential real estate — — — — — Non-residential real estate — — — — — Construction 4,385 4,353 — 5,930 — Commercial and industrial — — — — — $ 4,385 $ 4,353 $ — $ 5,930 $ — The following tables provide information about delinquencies in our loan portfolio at the dates indicated. Age Analysis of Past Due Loans as of March 31, 2024: Recorded Investment > 30 – 59 Days 60 – 89 Days Greater Than Total Past Total Loans 90 Days and Past Due Past Due 90 Days Due Current Receivable Accruing (In Thousands) Residential real estate: One- to four-family $ — $ — $ — $ — $ 4,647 $ 4,647 $ — Multi-family — — — — 197,946 197,946 — Mixed-use 28 — — 28 28,472 28,500 — Non-residential real estate — — — — 19,130 19,130 — Construction loans — 4,058 4,385 8,443 1,285,428 1,293,871 — Commercial and industrial loans — — — — 108,882 108,882 — Consumer — — — — 1,650 1,650 — $ 28 $ 4,058 $ 4,385 $ 8,471 $ 1,646,155 $ 1,654,626 $ — At March 31, 2024, the $4.1 million construction loans past due over 60 days consisted of two loans that were secured by the same project located in the Bronx, New York. The two loans were brought current subsequently in April 2024. Age Analysis of Past Due Loans as of December 31, 2023: Recorded Investment 30 – 59 Days 60 – 89 Days Greater Than Total Past Total Loans > 90 Days and Past Due Past Due 90 Days Due Current Receivable Accruing (In Thousands) Residential real estate: One- to four-family $ — $ — $ — $ — $ 5,252 $ 5,252 $ — Multi-family — — — — 198,927 198,927 — Mixed-use — — — — 29,643 29,643 — Non-residential real estate — — — — 21,130 21,130 — Construction loans 2,319 — 4,385 6,704 1,212,709 1,219,413 — Commercial and industrial loans — — — — 111,116 111,116 — Consumer 1 — — 1 1,239 1,240 — $ 2,320 $ — $ 4,385 $ 6,705 $ 1,580,016 $ 1,586,721 $ — Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings: Pass Special Mention Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful The following table presents the risk category of loans at March 31, 2024 by loan segment and vintage year: Revolving Revolving Term Loans Amortized Costs Basis by Origination Year Loans Loans Amortized Converted March 31, 2024 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total Residential real estate Risk Rating Pass $ - $ 81,063 $ 72,100 $ 24,419 $ 10,645 $ 41,962 $ - $ - $ 230,189 Special Mention - - - - 904 - - - 904 Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ - $ 81,063 $ 72,100 $ 24,419 $ 11,549 $ 41,962 $ - $ - $ 231,093 Residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-residential real estate Risk Rating Pass $ - $ 1,595 $ 249 $ 1,825 $ 989 $ 14,472 $ - $ - $ 19,130 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ - $ 1,595 $ 249 $ 1,825 $ 989 $ 14,472 $ - $ - $ 19,130 Non-residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction - Risk Rating Pass $ 60,165 $ 432,874 $ 483,715 $ 206,820 $ 45,429 $ 60,483 $ - $ - $ 1,289,486 Special Mention - - - - - - - - - Substandard - - - - 4,385 - - - 4,385 Doubtful - - - - - - - - - Total $ 60,165 $ 432,874 $ 483,715 $ 206,820 $ 49,814 $ 60,483 $ - $ - $ 1,293,871 Construction Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial and industrial - Risk Rating Pass $ 518 $ 4,888 $ 7,952 $ 386 $ 348 $ 2,351 $ 92,439 $ - $ 108,882 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 518 $ 4,888 $ 7,952 $ 386 $ 348 $ 2,351 $ 92,439 $ - $ 108,882 Commercial and industrial Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer - Risk Rating Pass $ 1,639 $ - $ - $ - $ - $ 11 $ - $ - $ 1,650 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,639 $ - $ - $ - $ - $ 11 $ - $ - $ 1,650 Consumer Current period gross charge-offs $ 21 $ - $ - $ - $ - $ - $ - $ - $ 21 Total - Risk Rating Pass $ 62,322 $ 520,420 $ 564,016 $ 233,450 $ 57,411 $ 119,279 $ 92,439 $ - $ 1,649,337 Special Mention - - - - 904 - - - 904 Substandard - - - - 4,385 - - - 4,385 Doubtful - - - - - - - - - Total $ 62,322 $ 520,420 $ 564,016 $ 233,450 $ 62,700 $ 119,279 $ 92,439 $ - $ 1,654,626 Total Current period gross charge-offs $ 21 $ - $ - $ - $ - $ - $ - $ - $ 21 The following table presents the risk category of loans at December 31, 2023 by loan segment and vintage year: Revolving Revolving Term Loans Amortized Costs Basis by Origination Year Loans Loans Amortized Converted December 31, 2023 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Residential real estate Risk Rating Pass $ 81,379 $ 71,932 $ 24,504 $ 10,696 $ 1,326 $ 43,070 $ - $ - $ 232,907 Special Mention - - - 915 - - - - 915 Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 81,379 $ 71,932 $ 24,504 $ 11,611 $ 1,326 $ 43,070 $ - $ - $ 233,822 Residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-residential real estate Risk Rating Pass $ 1,602 $ 251 $ 1,841 $ 995 $ 379 $ 16,062 $ - $ - $ 21,130 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,602 $ 251 $ 1,841 $ 995 $ 379 $ 16,062 $ - $ - $ 21,130 Non-residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction Risk Rating Pass $ 376,763 $ 501,012 $ 216,901 $ 55,865 $ 25,150 $ 39,337 $ - $ - $ 1,215,028 Special Mention - - - - - - - - - Substandard - - - 4,385 - - - - 4,385 Doubtful - - - - - - - - - Total $ 376,763 $ 501,012 $ 216,901 $ 60,250 $ 25,150 $ 39,337 $ - $ - $ 1,219,413 Construction Current period gross charge-offs $ - $ - $ - $ - $ - $ 159 $ - $ - $ 159 Commercial and industrial Risk Rating Pass $ 5,057 $ 8,329 $ 436 $ 435 $ 308 $ 2,195 $ 91,301 $ 3,055 $ 111,116 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 5,057 $ 8,329 $ 436 $ 435 $ 308 $ 2,195 $ 91,301 $ 3,055 $ 111,116 Commercial and industrial Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer Risk Rating Pass $ 1,229 $ - $ - $ - $ - $ $ 11 $ - $ 1,240 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,229 $ - $ - $ - $ - $ - $ 11 $ - $ 1,240 Consumer Current period gross charge-offs $ 154 $ - $ - $ - $ - $ - $ - $ - $ 154 Total Risk Rating Pass $ 466,030 $ 581,524 $ 243,682 $ 67,991 $ 27,163 $ 100,664 $ 91,312 $ 3,055 $ 1,581,421 Special Mention - - - 915 - - - - 915 Substandard - - - 4,385 - - - - 4,385 Doubtful - - - - - - - - - Total $ 466,030 $ 581,524 $ 243,682 $ 73,291 $ 27,163 $ 100,664 $ 91,312 $ 3,055 $ 1,586,721 Total Current period gross charge-offs $ 154 $ - $ - $ - $ - $ 159 $ - $ - $ 313 Modifications to Borrowers Experiencing Financial Difficulty: Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay, or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Company provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. There were no loans modified to borrowers experiencing financial difficulty during the three months ended March 31, 2024 or the year ended December 31, 2023. Allowance for Credit Losses on Off-Balance Sheet Commitments: The following table presents the activity in the allowance for credit losses related to off-balance sheet commitments, that is included in Accounts Payable and Accrued Expenses on the consolidated statement of financial condition, for the three months ended March 31, 2024 and 2023: Allowance for Credit Loss Balance – December 31, 2023 $ 1,038 Provision for (reversal of) credit loss (17) Balance – March 31, 2024 $ 1,021 Allowance for Credit Loss Balance – December 31, 2022 $ - Impact of adopting ASC 326 1,586 Provision for (reversal of) credit loss (200) Balance – March 31, 2023 $ 1,386

Real Estate Owned ("REO")

Real Estate Owned ("REO")	3 Months Ended
Real Estate Owned ("REO")	Mar. 31, 2024
Real Estate Owned ("REO")
Real Estate Owned ("REO")	Note 7 — Real Estate Owned (“REO”) The Company owned one foreclosed property valued at approximately $1,456,000 at March 31, 2024 and December 31, 2023, respectively, consisting of an office building located in Pennsylvania. The property was acquired through foreclosure in December 2014. Further declines in real estate values may result in impairment charges in the future. Routine holding costs are charged to expense as incurred and improvements to real estate owned that enhance the value of the real estate are capitalized. REO expense recorded in the consolidated statements of income amounted to for the three months ended March 31, 2024 and 2023, respectively.

Borrowings

Borrowings	3 Months Ended
Borrowings	Mar. 31, 2024
Borrowings
Borrowings	Note 8 — Borrowings Our borrowings include Federal Home Loan Bank of New York (“FHLB”) advances and short-term borrowings from the Discount Window at the Federal Reserve Bank of New York (“FRBNY”). FHLB advances are summarized as follows at March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Weighted Average Weighted Average Amount Interest Rate Amount Interest Rate (Dollars in Thousands) Advances maturing in: One year or less $ — — % $ 7,000 2.86 % After one to three years — — — — After three to four years — — — — After five years (due 2030) 7,000 1.61 % 7,000 1.61 % $ 7,000 1.61 % $ 14,000 2.24 % At March 31, 2024, none of the above advances were subject to early call or redemption features. All advances had fixed interest rates, with the remaining term of for the advance. At March 31, 2024, the advances were secured by a pledge of the Company’s investment in the capital stock of the FHLB and a blanket assignment of the Company’s otherwise unpledged qualifying mortgage loans. At March 31, 2024, these unpledged qualifying mortgage loans were not pledged to any company other than the FHLB. At March 31, 2024, the Company had the ability to borrow On August 30, 2023, the FRBNY approved the Company’s eligibility to pledge loans under the Borrower-in-Custody program of the FRBNY thereby allowing the Company to borrow from the Discount Window at the FRBNY. As of March 31, 2024, the borrowing from FRBNY was . This borrowing matures in June 2024. The Company had an available borrowing limit of

Benefits Plans

Benefits Plans	3 Months Ended
Benefits Plans	Mar. 31, 2024
Benefits Plans
Benefits Plans	Note 9 — Benefits Plans Outside Director Retirement Plan (“DRP”) The DRP is an unfunded non-contributory defined benefit pension plan covering all non-employee directors meeting eligibility requirements as specified in the plan document. The following table sets forth information regarding the components of net pension periodic expense measured as of March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (Dollars In Thousands) Net periodic pension expense: Service cost $ 23 $ 31 Interest cost 21 10 Actuarial gain recognized (13) (8) Total net periodic pension expense included in other non-interest expenses $ 31 $ 33 Unrecognized net loss of $18,000 for the three months ended March 31, 2024 and 2023, respectively, were included in accumulated other comprehensive income. Supplemental Executive Retirement Plan (“SERP”) The SERP is a non-contributory defined benefit plan that covers certain officers of the Company. Under the SERP, each of these individuals will be entitled to receive upon retirement an annual benefit paid in monthly installments equal to period preceding retirement. Each individual may also retire early and receive a reduced benefit upon the attainment of certain age and years of service combination. Additional terms related to death while employed, death after retirement, disability before retirement and termination of employment are fully described within the plan document. The benefit payment term is the greater of benefits next five years Expenses of $130,000 and $60,000 for the three months ended March 31, 2024 and 2023, respectively, were recorded for this plan and are reflected in the Consolidated Statements of Income under Salaries and Employee Benefits. Stock-Based Deferral Plan In June 2021, the Company established a stock-based deferral plan for eligible key executives and members of the Board of Directors of the Company to elect to defer compensation received from the Company for their services and make deemed investments of that deferred compensation in shares of the Company’s common stock. At March 31, 2024, the Company did not have any obligations under the plan. 401(k) Plan The Company maintains a 401(k) plan for all eligible employees. Participants are permitted to contribute from of their annual compensation up to the maximum permitted under the Internal Revenue Code. The Company provided Employee Stock Ownership Plan (“ESOP”) In conjunction with the Mid-Tier Holding Company’s public stock offering in 2006, the Bank established an ESOP for all eligible employees (substantially all full-time employees). The ESOP borrowed per share. The loan from the Mid-Tier Holding Company, which has been assumed by the Company, carries an interest rate of In conjunction with the Company’s second-step conversion offering, on July 12, 2021, the ESOP borrowed $7,827,260 from the Company and used those funds to acquire 782,726 shares of Company common stock at $10.00 per share. The loan from the Company carries an interest rate equal to Each year, the Bank makes discretionary contributions to the ESOP equal to the principal and interest payment required on the loan from the Company. The ESOP may further pay down the principal balance of the loans by using dividends paid, if any, on the shares of Company common stock it owns. The balance remaining on the first ESOP loan was at March 31, 2024 and December 31, 2023. The balance remaining on the second ESOP loan was Shares purchased for the ESOP with the loan proceeds serve as collateral for the loan and are held in a suspense account for future allocation among ESOP participants. As the loan principal is repaid, shares will be released from the suspense account and become eligible for allocation. The allocation among plan participants will be as described in the ESOP governing document. ESOP shares initially pledged as collateral were recorded as unearned ESOP shares in the stockholders’ equity section of the Consolidated Statement of Financial Condition. Thereafter, on a monthly basis over the terms of the ESOP loans, approximately shares for the ESOP loan made in 2021 are committed to be released, respectively. Compensation expense is recorded equal to the shares committed to be released multiplied by the average closing price of the Company’s stock during that month. ESOP expense totaled approximately respectively. Dividends on unallocated shares, which totaled approximately for the three months ended March 31, 2024 and 2023, are recorded as a reduction of the ESOP loan. Dividends on allocated shares, which totaled approximately ESOP shares are summarized as follows: March 31, December 31, 2024 2023 Allocated shares 781,762 694,842 Shares committed to be released 21,729 86,920 Unearned shares 673,918 695,647 Total ESOP Shares 1,477,409 1,477,409 Less allocated shares distributed to former or retired employees (143,612) (143,612) Total ESOP Shares Held by Trustee 1,333,797 1,333,797 Fair value of unearned shares $ 10,600,730 $ 12,340,778

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases
Leases	Note 10 — Leases The Company has operating leases and finance leases all of which are comprised of real estate property. The operating leases comprise substantially all of the Company’s obligations in which the Company is the lessee, with remaining lease terms ranging between 1 . Most operating lease agreements consist of initial lease terms ranging between 5 the term. The finance lease has a remaining lease term of . The payment structure of all leases is fixed rental payments with lease payments increasing on pre-determined dates at either a predetermined amount or change in the consumer price index. In accordance with ASC 842, the Company recognized operating and financing lease assets and corresponding lease liabilities related to office facilities and retail branches. The operating and financing lease assets represent the Company’s right to use an underlying asset for the lease term, and the lease liability represents the Company’s obligation to make lease payments over the lease term. The Company has elected that any short term leases would be expensed as incurred. The operating and financing lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. Our leases do not provide an implicit interest rate. The Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date. All of the leases are net leases and, therefore, do not contain non-lease components. The Company either pays directly or reimburses the lessor for property and casualty insurance cost and the property taxes assessed on the property, as well as a portion of the common area maintenance associated with the property, which are categorized as non-components as outlined in the applicable guidance. At March 31, 2024 and December 31, 2023, the quantitative data relating to the Company’s leases are as follows (in thousands): March 31, December 31, 2024 2023 Finance Lease Amounts: ROU asset $ 350 $ 351 Lease liability $ 580 $ 571 Operating Lease Amounts: ROU assets $ 4,427 $ 4,566 Lease liabilities $ 4,497 $ 4,625 Weighted-average remaining lease term Finance lease 92.75 years 93 years Operating leases 8.40 years 8.58 years Weighted-average discount rate Finance lease 9.50 % 9.50 % Operating leases 5.20 % 5.18 % The components of lease expense and cash flow information related to leases as follows: Three Months Ended March 31, 2024 2023 (Dollars In Thousands) Finance Lease Cost Amortization of ROU asset $ 1 $ 1 Interest on lease liability $ 10 $ 9 Operating Lease Costs $ 197 $ 144 Cash paid for amounts included in the measurement of lease liabilities Finance lease $ — $ — Operating leases $ 183 $ 142 Maturities of lease liabilities at March 31, 2024 are as follows (in thousands): Operating Finance Leases Lease Years ended December 31: 2024 $ 556 $ 23 2025 738 30 2026 622 31 2027 637 36 2028 595 36 Thereafter 2,475 4,016 Total lease payments $ 5,623 $ 4,172 Interest (1,126) (3,592) Lease liability $ 4,497 $ 580

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
Fair Value Disclosures	Mar. 31, 2024
Fair Value Disclosures
Fair Value Disclosures	Note 11 — Fair Value Disclosures The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company’s marketable equity securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company has to record at fair value other assets and liabilities on a non-recurring basis, such as securities held to maturity, individually evaluated loans and other real estate owned. U.S. GAAP has established a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). The level of the asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s assets that are carried at fair value on a recurring basis and the level that was used to determine their fair value at March 31, 2024 and December 31, 2023: Quoted Prices in Significant Other Significant Total Carried Active Markets for Observable Unobservable at Fair Identical Assets Inputs Inputs Value on a (Level 1) (Level 2) (Level 3) Recurring Basis March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, Description 2024 2023 2024 2023 2024 2023 2024 2023 Assets: Marketable equity securities: Mutual funds $ 18,020 $ 18,102 $ — $ — $ — $ — $ 18,020 $ 18,102 Total assets $ 18,020 $ 18,102 $ — $ — $ — $ — $ 18,020 $ 18,102 There were no transfers between Level 1 and 2 during the three months ended March 31, 2024 or the year ended December 31, 2023. The Company did t have any liabilities that were carried at fair value on a recurring basis at March 31, 2024 and December 31, 2023. The following table sets forth the Company’s assets that are carried at fair value on a non-recurring basis and the level that was used to determine their fair value, at March 31, 2024 and December 31, 2023: Quoted Prices in Significant Other Significant Total Carried Active Markets for Observable Unobservable at Fair Identical Assets Inputs Inputs Value on a (Level 1) (Level 2) (Level 3) Non-Recurring Basis March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, Description 2024 2023 2024 2023 2024 2023 2024 2023 (In Thousands) Assets: Loans individually evaluated $ — $ — $ — $ — $ 4,385 $ 4,385 $ 4,385 $ 4,385 Real estate owned — — — — 1,456 1,456 1,456 1,456 Total assets $ — $ — $ — $ — $ 5,841 $ 5,841 $ 5,841 $ 5,841 The following tables present the qualitative information about non-recurring Level 3 fair value measurements of financial instruments at March 31, 2024 and December 31, 2023: At March 31, 2024 Fair Valuation Unobservable Weighted Value Technique Input Range Average (In Thousands) Assets: Loans individually evaluated $ 4,385 Income approach Capitalization rate 6.00 % 6.00 % Real estate owned 1,456 Income approach Capitalization rate 12.00 % 12.00 % At December 31, 2023 Fair Valuation Unobservable Weighted Value Technique Input Range Average (In Thousands) Assets: Loans individually evaluated $ 4,385 Income approach Capitalization rate 6.00 % 6.00 % Real estate owned 1,456 Income approach Capitalization rate 12.00 % 12.00 % The Company did not have any liabilities that were carried at fair value on a non-recurring basis at March 31, 2024 and December 31, 2023. The methods and assumptions used to estimate fair value at March 31, 2024 and December 31, 2023 are as follows: For real estate owned, fair value is generally determined through independent appraisals or fair value estimations of the underlying properties which generally include various Level 3 inputs which are not identifiable. The appraisals or fair value estimation may be adjusted by management for qualitative reasons and estimated liquidation expenses. Management’s assumptions may include consideration of location and occupancy of the property and current economic conditions. Subsequently, as these properties are actively marketed, the estimated fair values may be periodically adjusted through incremental subsequent write-downs to reflect decreases in estimated values resulting from sales price observations and the impact of changing economic and market conditions. A loan is considered individually evaluated for credit loss when, based upon current information and events, it is probable that the Company will be unable to collect all scheduled payments in accordance with the contractual terms of the loan. Individually evaluated loans that are collateral dependent are written down to fair value through the establishment of specific reserves, a component of the allowance for credit losses or through partial charge-offs, and as such are carried at the lower of cost or the fair value. Estimates of fair value of the collateral are determined based on a variety of information, including available valuations from certified appraisers for similar assets, present value of discounted cash flows and inputs that are estimated based on commonly used and generally accepted industry liquidation advance rates and estimates and assumptions developed by management. The appraisals may be adjusted by management for estimated liquidation expenses and qualitative factors such as economic conditions. If real estate is not the primary source of repayment, present value of discounted cash flows and estimates using generally accepted industry liquidation advance rates are utilized. Due to the multitude of assumptions, many of which are subjective in nature, and the varying inputs and techniques used by appraisers, the Company recognizes that valuations could differ across a wide spectrum of valuation techniques employed and accordingly, fair value estimates for impaired loans are classified as Level 3. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. Fair values for marketable equity securities are determined by quoted market prices on nationally recognized and foreign securities exchanges (Level 1). Fair values for equity securities and securities held to maturity are determined utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The carrying amounts and estimated fair value of our financial instruments are as follows: Fair Value at March 31, 2024 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 107,448 $ 107,448 $ 107,448 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 18,020 18,020 18,020 — — Securities held to maturity 15,735 12,937 — 12,937 — Loans receivable, net 1,649,647 1,622,608 — — 1,622,608 Investments in restricted stock 614 614 — 614 — Accrued interest receivable 12,952 12,952 — 12,952 — Financial Liabilities Deposits 1,512,002 1,509,855 — 1,509,855 — Borrowings 47,000 46,006 — 46,006 — Fair Value at December 31, 2023 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 68,671 $ 68,671 $ 68,671 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 18,102 18,102 18,102 — — Securities held to maturity 15,860 13,126 — 13,126 — Loans receivable 1,581,804 1,552,219 — — 1,552,219 Investments in restricted stock 929 929 — 929 — Accrued interest receivable 12,311 12,311 — 12,311 — Financial Liabilities Deposits 1,400,036 1,401,083 — 1,401,083 — Borrowings 64,000 63,053 — 63,053 —

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2024
Revenue Recognition
Revenue Recognition	Note 12 — Revenue Recognition The majority of the Company’s revenues come from interest income and other sources, including loans and securities that are outside the scope of ASC 606, Revenue from Contracts with Customers. The Company’s services that fall within the scope of ASC 606 are presented within noninterest income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 include deposit service charges on deposits, electronic banking fees and charges income, and investment advisory fees. A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as referral fees based month end reports. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2024, the Company did not have any significant contract balances. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three months ended March 31, 2024 and 2023. Sources of revenue outside the scope of ASC 606 are noted as such: Three Months Ended March 31, 2024 2023 (In Thousands) Non-interest income: Deposit-related fees and charges $ 15 $ 14 Loan-related fees and charges (1) 211 350 Electronic banking fees and charges 236 243 Income from bank owned life insurance (1) 157 150 Investment advisory fees — 117 Unrealized (loss) gain on equity securities (1) (82) 225 Miscellaneous (1) 17 16 Total non-interest income $ 554 $ 1,115 (1) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. The Company discontinued the imposition of overdraft fees on all consumer and business accounts in August 2022. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Electronic Banking Fee Income The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution. Investment Advisory Fees The Company earns fees from investment advisory and financial planning services under the name of Harbor West Wealth Management Group, a division of the Company through a networking arrangement with a registered broker-dealer and investment advisor. The registered broker-dealer deducts investment advisory fees and financial planning services fees from the client’s assets under management and remits the fees, net of administrative fees, to the Company on a monthly basis. The Company recognizes the fees into non-interest income upon receipt of the monthly remittances. As previously noted, in January 2024, the Bank sold all of the Bank’s assets relating to Harbor West Wealth Management Group to a third party. As such, the Bank no longer generates investment advisory fees following the completion of the sale transaction.

Other Non-Interest Expenses

Other Non-Interest Expenses	3 Months Ended
Other Non-Interest Expenses	Mar. 31, 2024
Other Non-Interest Expenses
Other Non-Interest Expenses	Note 13 — Other Non-Interest Expenses The following is an analysis of other non-interest expenses: Three Months Ended March 31, 2024 2023 (In Thousands) Other $ 1,103 $ 766 Service contracts 424 319 Consulting expense 231 189 Telephone 170 157 Directors' compensation 246 224 Audit and accounting 135 111 Insurance 102 95 Director, officer, and employee expense 79 58 Legal fees 66 120 Office supplies and stationary 51 50 Recruiting expense 27 2 $ 2,634 $ 2,091

Stock Compensation Plans

Stock Compensation Plans	3 Months Ended
Stock Compensation Plans	Mar. 31, 2024
Stock Compensation Plans
Stock Compensation Plans	Note 14 — Stock Compensation Plans At a special shareholders meeting held on September 29, 2022, the Company’s shareholders approved the Company’s 2022 Equity Incentive Plan whereby shares of the Company’s common stock were reserved from authorized but unissued shares for purposes of grants of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, performance shares and performance units to selected employees and non-employee directors of the Company. The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2022 Equity Incentive plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of March 31, 2024 and December 31, 2023, there were A summary of the Company’s restricted stock activity and related information for the three months ended March 31 follows: 2024 Weighted Average Shares Market Price Outstanding at December 31, 2023 352,037 $ 13.67 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2024 352,037 $ 13.67 2023 Weighted Average Shares Market Price Outstanding at December 31, 2022 352,037 $ 13.67 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2023 352,037 $ 13.67 Compensation expense related to restricted stock was for the three months ended March 31, 2024 and 2023. At March 31, 2024 and December 31, 2023, the total compensation cost related to non-vested awards that has not yet been recognized was A summary of the Company’s stock option activity and related information for the three months ended March 31 follows: 2024 Weighted Average Options Exercise Price Outstanding at December 31, 2023 880,097 $ 13.67 Granted — — Forfeited — — Exercised 1,000 14.08 Outstanding at March 31, 2024 879,097 $ 13.67 Exercisable at March 31, 2024 175,019 13.67 2023 Weighted Average Options Exercise Price Outstanding at December 31, 2022 880,097 $ 13.67 Granted — — Forfeited — — Exercised — — Outstanding at March 31, 2023 880,097 $ 13.67 Exercisable at March 31, 2023 — — Compensation cost related to stock options is recognized based on the fair value of the stock options at the grant date on a straight line basis over the vesting period. Compensation expense related to stock options was for the three months ended March 31, 2024 and 2023. At March 31, 2024 and December 31, 2023, unrecognized compensation cost related to stock option awards was

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2024
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 15 — Recent Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, Disclosure Improvement: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which incorporates several SEC disclosure requirements into US GAAP and adds interim and annual disclosure requirements to a variety of topics in the Accounting Standards Codification, including those focusing on accounting changes, earnings per share, debt and repurchase agreements. For entities subject to the SEC disclosure requirements and those “required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer,” the US GAAP requirements will be effective when the removal of the related SEC rule is effective. Early adoption is not permitted for these entities. For all other entities, the effective date will be two years later, and early adoption is permitted. That is, financial statements issued after the effective date of each amendment are required to include on a prospective basis the related disclosure incorporated into US GAAP by this ASU. However, if the SEC does not act to remove its related requirements by June 30, 2027, any related FASB amendments will be removed from the Codification and will not be effective for any entities. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requires the amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction that net taxes exceed a 5% quantitative threshold. The amendments will require the disclosure of pre-tax income disaggregated between domestic and foreign, as well as income tax expense disaggregated by federal, state, and foreign. The amendment also eliminates certain disclosures related to unrecognized tax benefits and certain temporary differences. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted in any annual period where financial statements have not yet been issued. The amendments should be applied on a prospective basis but retrospective application is permitted. The Company does not expect adoption of the standard to have a material impact on its Consolidated Financial Statements. In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718), amended the guidance in ASC 718 to add an example showing how to apply the scope guidance to determine whether profits interest and similar awards should be accounted for as share-based payment arrangements. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2024, the FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements. This ASU removes various references to the FASB’s Concepts Statements from the FASB’s Accounting Standards Codification. The FASB does not expect these updates to have a significant effect on current accounting practice. That is because in most cases the amendments to the Codification remove references to Concept Statements that are extraneous and not required to understand or apply the guidance. However, the FASB has provided transition guidance if applying the updated guidance results in accounting changes for some entities. The amendments in ASU 2024-02 are effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. This Update is not expected to have a significant impact on the Company’s financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Summary of Significant Accounting Policies
Nature of Business:	Nature of Business: Northeast Community Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2021 to be the successor to NorthEast Community Bancorp, Inc., a federally chartered corporation (the “Mid-Tier Holding Company”), upon completion of the second-step conversion of NorthEast Community Bank (the “Bank”) from the two-tier mutual holding company structure to the stock holding company structure. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of NorthEast Community Bancorp, MHC and the Mid-Tier Holding Company merged out of existence and now cease to exist. The Bank is a New York State-chartered savings bank and the Company’s primary activity is the ownership and operation of the Bank. The Bank is headquartered in White Plains, New York. The Bank was founded in 1934 and is a community oriented financial institution dedicated to serving the financial services needs of individuals and businesses within its market area. The Bank currently conducts business through its eleven branch offices located in the Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex and Norfolk Counties in Massachusetts and three loan production offices located in White Plains, New York, New City, New York, and Danvers, Massachusetts. The Bank’s principal business consists of originating primarily construction loans and, to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans and non-residential real estate loans. The Bank offers a variety of retail deposit products to the general public in the areas surrounding its main office and its branch offices, with interest rates that are competitive with those of similar products offered by other financial institutions operating in its market area. The Bank also utilizes borrowings as a source of funds. The Bank’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on investment securities and mortgage-backed securities. The Bank also generates revenues from other income including deposit fees, service charges and investment advisory fees. The Bank also previously offered investment advisory and financial planning services under the name Harbor West Wealth Management Group, a division of the Bank, through a networking arrangement with a registered broker-dealer and investment advisor. The Bank entered into an agreement to sell all the Bank’s assets relating to Harbor West Wealth Management Group to a third party in December 2023, and the sale closed in January 2024. The Bank no longer offers these services. New England Commercial Properties LLC (“NECP”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2007 to facilitate the purchase or lease of real property by the Bank. New England Commercial Properties, LLC currently owns one foreclosed property located in Pennsylvania. NECB Financial Services Group, LLC (“NECB Financial”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in the third quarter of 2012 as a complement to Harbor West Wealth Management Group to sell life insurance and fixed rate annuities. NECB Financial is licensed in New York State. NECB Financial terminated its license in Connecticut on February 22, 2024 due to the sale of all the Bank’s assets relating to Harbor West Wealth Management Group to a third party in January 2024. This subsidiary is currently inactive. 72 West Eckerson LLC (“72 West Eckerson”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2015 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch locations in Spring Valley, New York and Monroe, New York. 166 Route 59 Realty LLC (“166 Route 59 Realty”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Airmont, New York. 3 Winterton Realty LLC, a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for the Bank branch located in Bloomingburg, New York.
Principal of Consolidations:	Principal of Consolidations: The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, and 3 Winterton Realty LLC (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. The unaudited consolidated interim financial information should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) that are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year or any other period.
Use of Estimates:	Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term are used in connection with the determination of the allowance for credit losses.
Loan Receivable:	Loan Receivable: Loans are stated at unpaid principal balances plus net deferred loan origination fees and costs less an allowance for credit losses. Interest on loans receivable is recorded on the accrual basis. An allowance for uncollected interest is established on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations or where interest or principal is 90 days or more past due, unless the loans are well secured with a reasonable expectation of collection. When a loan is placed on nonaccrual, an allowance for uncollected interest is established and charged against current income. Thereafter, interest income is not recognized unless the financial condition and payment record of the borrower warrant the recognition of interest income. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest on loans that have been restructured is accrued according to the renegotiated terms. Net loan origination fees and costs are deferred and amortized into interest income over the contractual lives of the related loans by use of the level yield method. Past due status of loans is based upon the contractual due date.

Regulatory Capital (Tables)

Regulatory Capital (Tables)	3 Months Ended
Regulatory Capital (Tables)	Mar. 31, 2024
Regulatory Capital
Schedule of bank's capital levels	Regulatory Capital Requirements Minimum Capital For Classification as Actual Adequacy(1) Well-Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) As of March 31, 2024: Total capital (to risk-weighted assets) $ 270,492 13.78 % $ ≥ 157,081 ≥ 8.00 % $ ≥ 196,352 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 264,439 13.47 ≥ 117,811 ≥ 6.00 ≥ 157,081 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 264,439 13.47 ≥ 88,358 ≥ 4.50 ≥ 127,628 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 264,439 14.65 ≥ 72,195 ≥ 4.00 ≥ 90,243 ≥ 5.00 As of December 31, 2023: Total capital (to risk-weighted assets) $ 255,252 13.43 % $ ≥ 152,097 ≥ 8.00 % $ ≥ 190,121 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 249,013 13.10 ≥ 114,072 ≥ 6.00 ≥ 152,097 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 249,013 13.10 ≥ 85,554 ≥ 4.50 ≥ 123,579 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 249,013 14.43 ≥ 69,007 ≥ 4.00 ≥ 86,259 ≥ 5.00 (1) Ratios do not include the capital conservation buffer.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share
Schedule of computations of basic and diluted earnings per share	Three Months Ended March 31, 2024 2023 (In Thousands, except per share data) Net income (basic and diluted) $ 11,374 $ 11,244 Weighted average shares issued 14,118 15,769 Less: Weighted average unearned ESOP shares (681) (768) Less: Weighted average unvested restricted shares (319) (352) Basic weighted average shares outstanding 13,118 14,649 Add: Dilutive effect of restricted stock 59 47 Add: Dilutive effect of stock options 14 — Diluted weighted average shares outstanding 13,191 14,696 Net income per share Basic $ 0.87 $ 0.77 Diluted $ 0.86 $ 0.77

Equity Securities (Tables)

Equity Securities (Tables)	3 Months Ended
Equity Securities (Tables)	Mar. 31, 2024
Equity Securities
Schedule of equity securities	March 31, December 31, 2024 2023 (In Thousands) Equity Securities, at Fair Value $ 18,020 $ 18,102
Schedule of unrealized loss or gain recognized in net income on equity securities	Three Months Ended March 31, 2024 2023 (In Thousands) Net (loss) gain recognized on equity securities during the period $ (82) $ 225 Less: Net losses realized on the sale of equity securities during the period — — Unrealized net (loss) gain recognized on equity securities held at the reporting date $ (82) $ 225

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	3 Months Ended
Securities Held-to-Maturity (Tables)	Mar. 31, 2024
Securities Held-to-Maturity
Summary of securities held-to-maturity portfolio	March 31, 2024 Gross Gross Allowance Amortized Unrealized Unrealized Fair for Cost Gains Losses Value Credit Loss (In Thousands) Mortgage-backed securities – residential: Government National Mortgage Association $ 444 $ $ 7 $ 437 $ — Federal Home Loan Mortgage Corporation 846 — 113 733 — Federal National Mortgage Association 1,912 — 210 1,702 — Collateralized mortgage obligations – GSE 2,868 — 606 2,262 — Total mortgage-backed securities 6,070 — 936 5,134 — Municipal Bonds 9,798 — 1,995 7,803 133 $ 15,868 $ — $ 2,931 $ 12,937 $ 133 December 31, 2023 Gross Gross Allowance Amortized Unrealized Unrealized Fair for Cost Gains Losses Value Credit Loss (In Thousands) Mortgage-backed securities – residential: Government National Mortgage Association $ 452 $ — $ 7 $ 445 $ — Federal Home Loan Mortgage Corporation 868 — 114 754 — Federal National Mortgage Association 1,985 — 198 1,787 — Collateralized mortgage obligations – GSE 2,889 — 580 2,309 — Total mortgage-backed securities 6,194 — 899 5,295 — Municipal Bonds 9,802 — 1,971 7,831 136 $ 15,996 $ — $ 2,870 $ 13,126 $ 136
Schedule of contractual final maturities	March 31, 2024 Amortized Fair Cost Value (In Thousands) Due within one year $ 711 $ 638 Due after one but within five years 2,019 1,732 Due after five but within ten years 3,176 2,609 Due after ten years 9,962 7,958 $ 15,868 $ 12,937
Schedule of allowance for credit losses for debt securities held-to-maturity	Municipal Bonds Balance – December 31, 2023 $ 136 Provision for (reversal of) credit loss (3) Balance – March 31, 2024 $ 133 Municipal Bonds Balance – December 31, 2022 $ - Impact of adopting ASC 326 132 Provision for credit loss 4 Balance – March 31, 2023 $ 136
Schedule of unrealized losses and the fair value	Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) March 31, 2024: Mortgage-backed securities - residential: Government National Mortgage Association $ — $ — $ 437 $ 7 $ 437 $ 7 Federal Home Loan Mortgage Corporation — — 733 113 733 113 Federal National Mortgage Association — — 1,702 210 1,702 210 Collateralized mortgage obligations – GSE — — 2,262 606 2,262 606 Total mortgage-backed securities $ — $ — $ 5,134 $ 936 $ 5,134 $ 936 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) December 31, 2023: Mortgage-backed securities - residential: Government National Mortgage Association $ — $ — $ 445 $ 7 $ 445 $ 7 Federal Home Loan Mortgage Corporation — — 754 114 754 114 Federal National Mortgage Association — — 1,787 198 1,787 198 Collateralized mortgage obligations – GSE — — 2,309 580 2,309 580 Total mortgage-backed securities $ — $ — $ 5,295 $ 899 $ 5,295 $ 899

Loans Receivable and the Allo_2

Loans Receivable and the Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2024
Loans Receivable and the Allowance for Credit Losses
Summary of composition of loans	March 31, December 31, 2024 2023 (In Thousands) Residential real estate: One-to-four family $ 4,647 $ 5,252 Multi-family 197,946 198,927 Mixed-use 28,500 29,643 Total residential real estate 231,093 233,822 Non-residential real estate 19,130 21,130 Construction 1,293,871 1,219,413 Commercial and industrial 108,882 111,116 Consumer 1,650 1,240 Total Loans 1,654,626 1,586,721 Deferred loan costs, net (52) 176 Allowance for credit losses (4,927) (5,093) $ 1,649,647 $ 1,581,804
Schedule of analysis of the activity in the allowance for loan losses	At March 31, 2024: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Total (In Thousands) Allowance for credit losses: Ending balance $ 2,229 $ 110 $ 1,969 $ 422 $ 197 $ 4,927 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 2,229 $ 110 $ 1,969 $ 422 $ 197 $ 4,927 Loans receivable: Ending balance $ 231,093 $ 19,130 $ 1,293,871 $ 108,882 $ 1,650 $ 1,654,626 Ending balance: individually evaluated for credit loss $ — $ — $ 4,385 $ — $ — $ 4,385 Ending balance: collectively evaluated for credit loss $ 231,093 $ 19,130 $ 1,289,486 $ 108,882 $ 1,650 $ 1,650,241 At December 31, 2023: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Total (In Thousands) Allowance for credit losses: Ending balance $ 2,433 $ 126 $ 1,914 $ 472 $ 148 $ 5,093 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 2,433 $ 126 $ 1,914 $ 472 $ 148 $ 5,093 Loans receivable: Ending balance $ 233,822 $ 21,130 $ 1,219,413 $ 111,116 $ 1,240 $ 1,586,721 Ending balance: individually evaluated for credit loss $ — $ — $ 4,385 $ — $ — $ 4,385 Ending balance: collectively evaluated for credit loss $ 233,822 $ 21,130 $ 1,215,028 $ 111,116 $ 1,240 $ 1,582,336 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for credit losses: Balance - December 31, 2023 $ 2,433 $ 126 $ 1,914 $ 472 $ 148 $ — $ 5,093 Charge-offs — — — — (21) — (21) Recoveries — — — — — — — Provision (reversal of) (204) (16) 55 (50) 70 — (145) Balance -March 31, 2024 $ 2,229 $ 110 $ 1,969 $ 422 $ 197 $ — $ 4,927 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for credit losses: Balance - December 31, 2022 $ 528 $ 131 $ 3,835 $ 955 $ 18 $ 7 $ 5,474 Impact of adopting ASC 326 895 7 (2,086) (437) 44 (7) (1,584) Charge-offs — — — — (21) — (21) Recoveries — — — — — — — Provision (reversal of) 51 (16) 93 (12) 81 — 197 Balance - March 31, 2023 $ 1,474 $ 122 $ 1,842 $ 506 $ 122 $ — $ 4,066
Summary of recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired	As of and for the Three Months Ended March 31, 2024: Three Months Ended March 31, 2024 Recorded Unpaid Principal Related Average Recorded Interest Income 2024 - Individually evaluated Investment Balance Allowance Investment Recognized (In Thousands) With no related allowance recorded: Residential real estate $ — $ — $ — $ — $ — Non-residential real estate — — — — — Construction 4,385 4,353 — 4,385 — Commercial and industrial — — — — — 4,385 4,353 — 4,385 — With an allowance recorded — — — — — Total: Residential real estate — — — — — Non-residential real estate — — — — — Construction 4,385 4,353 — 4,385 — Commercial and industrial — — — — — $ 4,385 $ 4,353 $ — $ 4,385 $ — As of and for the Year Ended December 31, 2023: Recorded Unpaid Principal Related Average Recorded Interest Income 2023 - Individually evaluated Investment Balance Allowance Investment Recognized (In Thousands) With no related allowance recorded: Residential real estate $ — $ — $ — $ — $ — Non-residential real estate — — — — — Construction 4,385 4,353 — 5,930 — Commercial and industrial — — — — — 4,385 4,353 — 5,930 — With an allowance recorded — — — — — Total: Residential real estate — — — — — Non-residential real estate — — — — — Construction 4,385 4,353 — 5,930 — Commercial and industrial — — — — — $ 4,385 $ 4,353 $ — $ 5,930 $ —
Schedule of age analysis of past due loans	Age Analysis of Past Due Loans as of March 31, 2024: Recorded Investment > 30 – 59 Days 60 – 89 Days Greater Than Total Past Total Loans 90 Days and Past Due Past Due 90 Days Due Current Receivable Accruing (In Thousands) Residential real estate: One- to four-family $ — $ — $ — $ — $ 4,647 $ 4,647 $ — Multi-family — — — — 197,946 197,946 — Mixed-use 28 — — 28 28,472 28,500 — Non-residential real estate — — — — 19,130 19,130 — Construction loans — 4,058 4,385 8,443 1,285,428 1,293,871 — Commercial and industrial loans — — — — 108,882 108,882 — Consumer — — — — 1,650 1,650 — $ 28 $ 4,058 $ 4,385 $ 8,471 $ 1,646,155 $ 1,654,626 $ — At March 31, 2024, the $4.1 million construction loans past due over 60 days consisted of two loans that were secured by the same project located in the Bronx, New York. The two loans were brought current subsequently in April 2024. Age Analysis of Past Due Loans as of December 31, 2023: Recorded Investment 30 – 59 Days 60 – 89 Days Greater Than Total Past Total Loans > 90 Days and Past Due Past Due 90 Days Due Current Receivable Accruing (In Thousands) Residential real estate: One- to four-family $ — $ — $ — $ — $ 5,252 $ 5,252 $ — Multi-family — — — — 198,927 198,927 — Mixed-use — — — — 29,643 29,643 — Non-residential real estate — — — — 21,130 21,130 — Construction loans 2,319 — 4,385 6,704 1,212,709 1,219,413 — Commercial and industrial loans — — — — 111,116 111,116 — Consumer 1 — — 1 1,239 1,240 — $ 2,320 $ — $ 4,385 $ 6,705 $ 1,580,016 $ 1,586,721 $ —
Summary of risk category of loans	Revolving Revolving Term Loans Amortized Costs Basis by Origination Year Loans Loans Amortized Converted March 31, 2024 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total Residential real estate Risk Rating Pass $ - $ 81,063 $ 72,100 $ 24,419 $ 10,645 $ 41,962 $ - $ - $ 230,189 Special Mention - - - - 904 - - - 904 Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ - $ 81,063 $ 72,100 $ 24,419 $ 11,549 $ 41,962 $ - $ - $ 231,093 Residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-residential real estate Risk Rating Pass $ - $ 1,595 $ 249 $ 1,825 $ 989 $ 14,472 $ - $ - $ 19,130 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ - $ 1,595 $ 249 $ 1,825 $ 989 $ 14,472 $ - $ - $ 19,130 Non-residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction - Risk Rating Pass $ 60,165 $ 432,874 $ 483,715 $ 206,820 $ 45,429 $ 60,483 $ - $ - $ 1,289,486 Special Mention - - - - - - - - - Substandard - - - - 4,385 - - - 4,385 Doubtful - - - - - - - - - Total $ 60,165 $ 432,874 $ 483,715 $ 206,820 $ 49,814 $ 60,483 $ - $ - $ 1,293,871 Construction Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial and industrial - Risk Rating Pass $ 518 $ 4,888 $ 7,952 $ 386 $ 348 $ 2,351 $ 92,439 $ - $ 108,882 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 518 $ 4,888 $ 7,952 $ 386 $ 348 $ 2,351 $ 92,439 $ - $ 108,882 Commercial and industrial Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer - Risk Rating Pass $ 1,639 $ - $ - $ - $ - $ 11 $ - $ - $ 1,650 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,639 $ - $ - $ - $ - $ 11 $ - $ - $ 1,650 Consumer Current period gross charge-offs $ 21 $ - $ - $ - $ - $ - $ - $ - $ 21 Total - Risk Rating Pass $ 62,322 $ 520,420 $ 564,016 $ 233,450 $ 57,411 $ 119,279 $ 92,439 $ - $ 1,649,337 Special Mention - - - - 904 - - - 904 Substandard - - - - 4,385 - - - 4,385 Doubtful - - - - - - - - - Total $ 62,322 $ 520,420 $ 564,016 $ 233,450 $ 62,700 $ 119,279 $ 92,439 $ - $ 1,654,626 Total Current period gross charge-offs $ 21 $ - $ - $ - $ - $ - $ - $ - $ 21 The following table presents the risk category of loans at December 31, 2023 by loan segment and vintage year: Revolving Revolving Term Loans Amortized Costs Basis by Origination Year Loans Loans Amortized Converted December 31, 2023 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Residential real estate Risk Rating Pass $ 81,379 $ 71,932 $ 24,504 $ 10,696 $ 1,326 $ 43,070 $ - $ - $ 232,907 Special Mention - - - 915 - - - - 915 Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 81,379 $ 71,932 $ 24,504 $ 11,611 $ 1,326 $ 43,070 $ - $ - $ 233,822 Residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-residential real estate Risk Rating Pass $ 1,602 $ 251 $ 1,841 $ 995 $ 379 $ 16,062 $ - $ - $ 21,130 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,602 $ 251 $ 1,841 $ 995 $ 379 $ 16,062 $ - $ - $ 21,130 Non-residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction Risk Rating Pass $ 376,763 $ 501,012 $ 216,901 $ 55,865 $ 25,150 $ 39,337 $ - $ - $ 1,215,028 Special Mention - - - - - - - - - Substandard - - - 4,385 - - - - 4,385 Doubtful - - - - - - - - - Total $ 376,763 $ 501,012 $ 216,901 $ 60,250 $ 25,150 $ 39,337 $ - $ - $ 1,219,413 Construction Current period gross charge-offs $ - $ - $ - $ - $ - $ 159 $ - $ - $ 159 Commercial and industrial Risk Rating Pass $ 5,057 $ 8,329 $ 436 $ 435 $ 308 $ 2,195 $ 91,301 $ 3,055 $ 111,116 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 5,057 $ 8,329 $ 436 $ 435 $ 308 $ 2,195 $ 91,301 $ 3,055 $ 111,116 Commercial and industrial Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer Risk Rating Pass $ 1,229 $ - $ - $ - $ - $ $ 11 $ - $ 1,240 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,229 $ - $ - $ - $ - $ - $ 11 $ - $ 1,240 Consumer Current period gross charge-offs $ 154 $ - $ - $ - $ - $ - $ - $ - $ 154 Total Risk Rating Pass $ 466,030 $ 581,524 $ 243,682 $ 67,991 $ 27,163 $ 100,664 $ 91,312 $ 3,055 $ 1,581,421 Special Mention - - - 915 - - - - 915 Substandard - - - 4,385 - - - - 4,385 Doubtful - - - - - - - - - Total $ 466,030 $ 581,524 $ 243,682 $ 73,291 $ 27,163 $ 100,664 $ 91,312 $ 3,055 $ 1,586,721 Total Current period gross charge-offs $ 154 $ - $ - $ - $ - $ 159 $ - $ - $ 313
Schedule of allowance for credit losses on off balance sheet commitments.	Allowance for Credit Loss Balance – December 31, 2023 $ 1,038 Provision for (reversal of) credit loss (17) Balance – March 31, 2024 $ 1,021 Allowance for Credit Loss Balance – December 31, 2022 $ - Impact of adopting ASC 326 1,586 Provision for (reversal of) credit loss (200) Balance – March 31, 2023 $ 1,386

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
Borrowings (Tables)	Mar. 31, 2024
Borrowings
Schedule of FHLB advances	March 31, December 31, 2024 2023 Weighted Average Weighted Average Amount Interest Rate Amount Interest Rate (Dollars in Thousands) Advances maturing in: One year or less $ — — % $ 7,000 2.86 % After one to three years — — — — After three to four years — — — — After five years (due 2030) 7,000 1.61 % 7,000 1.61 % $ 7,000 1.61 % $ 14,000 2.24 %

Benefits Plans (Tables)

Benefits Plans (Tables)	3 Months Ended
Benefits Plans (Tables)	Mar. 31, 2024
Benefits Plans
Schedule of components of net pension periodic expense	Three Months Ended March 31, 2024 2023 (Dollars In Thousands) Net periodic pension expense: Service cost $ 23 $ 31 Interest cost 21 10 Actuarial gain recognized (13) (8) Total net periodic pension expense included in other non-interest expenses $ 31 $ 33
Summary of ESOP shares	March 31, December 31, 2024 2023 Allocated shares 781,762 694,842 Shares committed to be released 21,729 86,920 Unearned shares 673,918 695,647 Total ESOP Shares 1,477,409 1,477,409 Less allocated shares distributed to former or retired employees (143,612) (143,612) Total ESOP Shares Held by Trustee 1,333,797 1,333,797 Fair value of unearned shares $ 10,600,730 $ 12,340,778

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases
Schedule of Company's leases	At March 31, 2024 and December 31, 2023, the quantitative data relating to the Company’s leases are as follows (in thousands): March 31, December 31, 2024 2023 Finance Lease Amounts: ROU asset $ 350 $ 351 Lease liability $ 580 $ 571 Operating Lease Amounts: ROU assets $ 4,427 $ 4,566 Lease liabilities $ 4,497 $ 4,625 Weighted-average remaining lease term Finance lease 92.75 years 93 years Operating leases 8.40 years 8.58 years Weighted-average discount rate Finance lease 9.50 % 9.50 % Operating leases 5.20 % 5.18 % The components of lease expense and cash flow information related to leases as follows: Three Months Ended March 31, 2024 2023 (Dollars In Thousands) Finance Lease Cost Amortization of ROU asset $ 1 $ 1 Interest on lease liability $ 10 $ 9 Operating Lease Costs $ 197 $ 144 Cash paid for amounts included in the measurement of lease liabilities Finance lease $ — $ — Operating leases $ 183 $ 142
Maturities of operating lease liabilities	Maturities of lease liabilities at March 31, 2024 are as follows (in thousands): Operating Finance Leases Lease Years ended December 31: 2024 $ 556 $ 23 2025 738 30 2026 622 31 2027 637 36 2028 595 36 Thereafter 2,475 4,016 Total lease payments $ 5,623 $ 4,172 Interest (1,126) (3,592) Lease liability $ 4,497 $ 580
Maturities of financing lease liabilities	Maturities of lease liabilities at March 31, 2024 are as follows (in thousands): Operating Finance Leases Lease Years ended December 31: 2024 $ 556 $ 23 2025 738 30 2026 622 31 2027 637 36 2028 595 36 Thereafter 2,475 4,016 Total lease payments $ 5,623 $ 4,172 Interest (1,126) (3,592) Lease liability $ 4,497 $ 580

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
Fair Value Disclosures (Tables)	Mar. 31, 2024
Fair Value Disclosures
Assets carried at fair value on a recurring basis	Quoted Prices in Significant Other Significant Total Carried Active Markets for Observable Unobservable at Fair Identical Assets Inputs Inputs Value on a (Level 1) (Level 2) (Level 3) Recurring Basis March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, Description 2024 2023 2024 2023 2024 2023 2024 2023 Assets: Marketable equity securities: Mutual funds $ 18,020 $ 18,102 $ — $ — $ — $ — $ 18,020 $ 18,102 Total assets $ 18,020 $ 18,102 $ — $ — $ — $ — $ 18,020 $ 18,102
Assets carried at fair value on a non-recurring basis	Quoted Prices in Significant Other Significant Total Carried Active Markets for Observable Unobservable at Fair Identical Assets Inputs Inputs Value on a (Level 1) (Level 2) (Level 3) Non-Recurring Basis March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, Description 2024 2023 2024 2023 2024 2023 2024 2023 (In Thousands) Assets: Loans individually evaluated $ — $ — $ — $ — $ 4,385 $ 4,385 $ 4,385 $ 4,385 Real estate owned — — — — 1,456 1,456 1,456 1,456 Total assets $ — $ — $ — $ — $ 5,841 $ 5,841 $ 5,841 $ 5,841
Schedule of qualitative information about non-recurring Level 3 fair value measurements of financial instruments	At March 31, 2024 Fair Valuation Unobservable Weighted Value Technique Input Range Average (In Thousands) Assets: Loans individually evaluated $ 4,385 Income approach Capitalization rate 6.00 % 6.00 % Real estate owned 1,456 Income approach Capitalization rate 12.00 % 12.00 % At December 31, 2023 Fair Valuation Unobservable Weighted Value Technique Input Range Average (In Thousands) Assets: Loans individually evaluated $ 4,385 Income approach Capitalization rate 6.00 % 6.00 % Real estate owned 1,456 Income approach Capitalization rate 12.00 % 12.00 %
Schedule of carrying amounts and estimated fair value of our financial instruments	Fair Value at March 31, 2024 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 107,448 $ 107,448 $ 107,448 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 18,020 18,020 18,020 — — Securities held to maturity 15,735 12,937 — 12,937 — Loans receivable, net 1,649,647 1,622,608 — — 1,622,608 Investments in restricted stock 614 614 — 614 — Accrued interest receivable 12,952 12,952 — 12,952 — Financial Liabilities Deposits 1,512,002 1,509,855 — 1,509,855 — Borrowings 47,000 46,006 — 46,006 — Fair Value at December 31, 2023 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ 68,671 $ 68,671 $ 68,671 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 18,102 18,102 18,102 — — Securities held to maturity 15,860 13,126 — 13,126 — Loans receivable 1,581,804 1,552,219 — — 1,552,219 Investments in restricted stock 929 929 — 929 — Accrued interest receivable 12,311 12,311 — 12,311 — Financial Liabilities Deposits 1,400,036 1,401,083 — 1,401,083 — Borrowings 64,000 63,053 — 63,053 —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2024
Revenue Recognition
Revenue Recognition	Three Months Ended March 31, 2024 2023 (In Thousands) Non-interest income: Deposit-related fees and charges $ 15 $ 14 Loan-related fees and charges (1) 211 350 Electronic banking fees and charges 236 243 Income from bank owned life insurance (1) 157 150 Investment advisory fees — 117 Unrealized (loss) gain on equity securities (1) (82) 225 Miscellaneous (1) 17 16 Total non-interest income $ 554 $ 1,115 (1) Not within the scope of ASC 606.

Other Non-Interest Expenses (Ta

Other Non-Interest Expenses (Tables)	3 Months Ended
Other Non-Interest Expenses (Tables)	Mar. 31, 2024
Other Non-Interest Expenses
Schedule of Other Non-Interest Expenses	Three Months Ended March 31, 2024 2023 (In Thousands) Other $ 1,103 $ 766 Service contracts 424 319 Consulting expense 231 189 Telephone 170 157 Directors' compensation 246 224 Audit and accounting 135 111 Insurance 102 95 Director, officer, and employee expense 79 58 Legal fees 66 120 Office supplies and stationary 51 50 Recruiting expense 27 2 $ 2,634 $ 2,091

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	3 Months Ended
Stock Compensation Plans (Tables)	Mar. 31, 2024
Stock Compensation Plans
Schedule of restricted stock activity	2024 Weighted Average Shares Market Price Outstanding at December 31, 2023 352,037 $ 13.67 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2024 352,037 $ 13.67 2023 Weighted Average Shares Market Price Outstanding at December 31, 2022 352,037 $ 13.67 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2023 352,037 $ 13.67
Schedule of stock option activity	2024 Weighted Average Options Exercise Price Outstanding at December 31, 2023 880,097 $ 13.67 Granted — — Forfeited — — Exercised 1,000 14.08 Outstanding at March 31, 2024 879,097 $ 13.67 Exercisable at March 31, 2024 175,019 13.67 2023 Weighted Average Options Exercise Price Outstanding at December 31, 2022 880,097 $ 13.67 Granted — — Forfeited — — Exercised — — Outstanding at March 31, 2023 880,097 $ 13.67 Exercisable at March 31, 2023 — —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Office property $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Summary of Significant Accounting Policies
Number of branch offices \| Office	11
Number of loan production offices \| Office	3
Accumulated other comprehensive income	$ 320	$ 317
Common stock, shares authorized (in shares) \| shares	75,000,000	75,000,000
Common stock, par value (in $ per share) \| $ / shares	$ 0.01	$ 0.01
Common stock, shares issued (in shares) \| shares	14,065,796	14,144,856
Common stock, shares outstanding (in shares) \| shares	14,065,796	14,144,856
Rockland County
Summary of Significant Accounting Policies
Construction loans	$ 78,100
Percentage Of Construction Loan	6%
Bronx
Summary of Significant Accounting Policies
Construction loans	$ 680,800	$ 626,000
Town of Monroe
Summary of Significant Accounting Policies
Construction loans	202,300	198,500
Hamlet of Monsey
Summary of Significant Accounting Policies
Construction loans	134,600	133,700
Village of Spring Valley
Summary of Significant Accounting Policies
Construction loans	$ 103,800	$ 105,900
New England Commercial Properties LLC
Summary of Significant Accounting Policies
Number of foreclosed properties \| property	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Adopting ASC 326 (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Retained earnings	$ 185,542	$ 175,505
Securities held-to-maturity, allowance for credit losses	133	136
ACL on loan receivables	4,927	5,093	$ 4,066	$ 5,474
ACL for off-balance sheet exposure	1,021	1,038	1,386
Residential real estate
Summary of Significant Accounting Policies
ACL on loan receivables	2,229	2,433	1,474	528
Non-residential real estate
Summary of Significant Accounting Policies
ACL on loan receivables	110	126	122	131
Construction
Summary of Significant Accounting Policies
ACL on loan receivables	1,969	1,914	1,842	3,835
Commercial and industrial
Summary of Significant Accounting Policies
ACL on loan receivables	422	472	506	955
Consumer
Summary of Significant Accounting Policies
ACL on loan receivables	$ 197	$ 148	122	18
Unallocated
Summary of Significant Accounting Policies
ACL on loan receivables				$ 7
Adoption Impact
Summary of Significant Accounting Policies
ACL on loan receivables			(1,584)
Adoption Impact \| Residential real estate
Summary of Significant Accounting Policies
ACL on loan receivables			895
Adoption Impact \| Non-residential real estate
Summary of Significant Accounting Policies
ACL on loan receivables			7
Adoption Impact \| Construction
Summary of Significant Accounting Policies
ACL on loan receivables			(2,086)
Adoption Impact \| Commercial and industrial
Summary of Significant Accounting Policies
ACL on loan receivables			(437)
Adoption Impact \| Consumer
Summary of Significant Accounting Policies
ACL on loan receivables			44
Adoption Impact \| Unallocated
Summary of Significant Accounting Policies
ACL on loan receivables			(7)
Topic 326 \| Adoption Impact
Summary of Significant Accounting Policies
ACL for off-balance sheet exposure			$ 1,586

Regulatory Capital (Details)

Regulatory Capital (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Actual Capital Amount
Total capital (to risk-weighted assets), Actual amount	$ 270,492	$ 255,252
Total capital (to risk-weighted assets), Minimum Capital Adequacy amount	157,081	152,097
Total capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 196,352	$ 190,121
Actual Capital Ratio
Total capital (to risk-weighted assets), Actual ratio	0.1378	0.1343
Total capital (to risk-weighted assets), Minimum Capital Adequacy ratio	0.0800	0.0800
Total capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	0.1000	0.1000
Tier 1 Capital Amount
Tier 1 capital (to risk-weighted assets), Actual amount	$ 264,439	$ 249,013
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy amount	117,811	114,072
Tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 157,081	$ 152,097
Tier 1 Capital Ratio
Tier 1 capital (to risk-weighted assets), Actual ratio	0.1347	0.1310
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy ratio	0.0600	0.0600
Tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	0.0800	0.0800
Common Equity Tier 1 Capital Amount
Common equity tier 1 capital (to risk-weighted assets), Actual amount	$ 264,439	$ 249,013
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy amount	88,358	85,554
Common equity tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 127,628	$ 123,579
Common Equity Tier 1 Capital Ratio
Common equity tier 1 capital (to risk-weighted assets), Actual ratio	0.1347	0.1310
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy ratio	0.0450	0.0450
Common equity tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	0.0650	0.0650
Core (Tier 1) Capital Amount
Core (Tier 1) capital (to adjusted total assets), Actual amount	$ 264,439	$ 249,013
Core (Tier 1) capital (to adjusted total assets), Minimum Capital Adequacy amount	72,195	69,007
Core (Tier 1) capital (to adjusted total assets), For Classification as Well-Capitalized amount	$ 90,243	$ 86,259
Core (Tier 1) Capital Ratio
Core (Tier 1) capital (to adjusted total assets), Actual ratio	0.1465	0.1443
Core (Tier 1) capital (to adjusted total assets), Minimum Capital Adequacy ratio	0.0400	0.0400
Core (Tier 1) capital (to adjusted total assets), For Classification as Well-Capitalized ratio	0.0500	0.0500

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share
Net income (basic and diluted)	$ 11,374	$ 11,244
Weighted average shares issued	14,118	15,769
Less: Weighted average unearned ESOP shares	(681)	(768)
Less: Weighted average unvested restricted shares	(319)	(352)
Basic weighted average shares outstanding	13,118	14,649
Add: Dilutive effect of restricted stock	59	47
Add: Dilutive effect of stock options	14
Diluted weighted average shares outstanding	13,191	14,696
Net income per share
Basic (in $ per share)	$ 0.87	$ 0.77
Diluted (in $ per share)	$ 0.86	$ 0.77

Equity Securities - Schedule of

Equity Securities - Schedule of equity securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity Securities
Equity Securities, at Fair Value	$ 18,020	$ 18,102

Equity Securities - Schedule _2

Equity Securities - Schedule of unrealized losses recognized in net income on equity securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Securities
Net (loss) gain recognized on equity securities during the period	$ (82)	$ 225
Unrealized net (loss) gain recognized on equity securities held at the reporting date	$ (82)	$ 225

Securities Held-to-Maturity - P

Securities Held-to-Maturity - Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Securities Held-to-Maturity
Amortized Cost	$ 15,868	$ 15,996
Gross Unrealized Losses	2,931	2,870
Fair Value	12,937	13,126
Securities held-to-maturity, allowance for credit losses	133	136
Government National Mortgage Association
Securities Held-to-Maturity
Amortized Cost	444	452
Gross Unrealized Losses	7	7
Fair Value	437	445
Federal Home Loan Mortgage Corporation
Securities Held-to-Maturity
Amortized Cost	846	868
Gross Unrealized Losses	113	114
Fair Value	733	754
Federal National Mortgage Association
Securities Held-to-Maturity
Amortized Cost	1,912	1,985
Gross Unrealized Losses	210	198
Fair Value	1,702	1,787
Collateralized mortgage obligations - GSE
Securities Held-to-Maturity
Amortized Cost	2,868	2,889
Gross Unrealized Losses	606	580
Fair Value	2,262	2,309
Mortgage-backed securities - residential
Securities Held-to-Maturity
Amortized Cost	6,070	6,194
Gross Unrealized Losses	936	899
Fair Value	5,134	5,295
Municipal Bonds
Securities Held-to-Maturity
Amortized Cost	9,798	9,802
Gross Unrealized Losses	1,995	1,971
Fair Value	7,803	7,831
Securities held-to-maturity, allowance for credit losses	$ 133	$ 136	$ 136

Securities Held-to-Maturity - C

Securities Held-to-Maturity - Contractual final maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Amortized Cost
Due within one year	$ 711
Due after one but within five years	2,019
Due after five but within ten years	3,176
Due after ten years	9,962
Amortized Cost	15,868
Fair Value
Due within one year	638
Due after one but within five years	1,732
Due after five but within ten years	2,609
Due after ten years	7,958
Fair Value	$ 12,937

Securities Held-to-Maturity - A

Securities Held-to-Maturity - Activity in allowance for credit losses for debt securities held-to-maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Beginning Balance	$ 136
Ending Balance	133
Municipal Bonds
Schedule of Held-to-maturity Securities [Line Items]
Beginning Balance	136
Provision for (reversal of) credit loss	(3)	$ 4
Ending Balance	$ 133	136
Municipal Bonds \| Impact of adopting ASC 326
Schedule of Held-to-maturity Securities [Line Items]
Beginning Balance		$ 132

Securities Held-to-Maturity -_2

Securities Held-to-Maturity - Age of unrealized losses and the fair value (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Mortgage-backed securities
Gross Unrealized Losses
Number of securities with unrealized loss \| security	26	32
Government National Mortgage Association
Fair Value
12 Months or More	$ 437	$ 445
Total	437	445
Gross Unrealized Losses
12 Months or More	7	7
Total	7	7
Federal Home Loan Mortgage Corporation
Fair Value
12 Months or More	733	754
Total	733	754
Gross Unrealized Losses
12 Months or More	113	114
Total	113	114
Federal National Mortgage Association
Fair Value
12 Months or More	1,702	1,787
Total	1,702	1,787
Gross Unrealized Losses
12 Months or More	210	198
Total	210	198
Collateralized mortgage obligations - GSE
Fair Value
12 Months or More	2,262	2,309
Total	2,262	2,309
Gross Unrealized Losses
12 Months or More	606	580
Total	606	580
Total mortgage-backed securities
Fair Value
12 Months or More	5,134	5,295
Total	5,134	5,295
Gross Unrealized Losses
12 Months or More	936	899
Total	$ 936	$ 899
Municipal Bonds
Gross Unrealized Losses
Number of securities with no history of credit loss \| security	7

Loans Receivable and the Allo_3

Loans Receivable and the Allowance for Credit Losses - Summary of composition of loans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Loans Receivable and the Allowance for Loan Losses
Loans receivable	$ 1,654,626	$ 1,586,721
Deferred loan (fees) costs, net	(52)	176
Allowance for credit losses	(4,927)	(5,093)	$ (4,066)	$ (5,474)
Net loans	1,649,647	1,581,804
Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	231,093	233,822
Allowance for credit losses	(2,229)	(2,433)	(1,474)	(528)
Residential Real Estate \| One-to-four family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	4,647	5,252
Residential Real Estate \| Multi-family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	197,946	198,927
Residential Real Estate \| Mixed-use
Loans Receivable and the Allowance for Loan Losses
Loans receivable	28,500	29,643
Non-residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	19,130	21,130
Allowance for credit losses	(110)	(126)	(122)	(131)
Construction
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,293,871	1,219,413
Allowance for credit losses	(1,969)	(1,914)	(1,842)	(3,835)
Commercial and Industrial
Loans Receivable and the Allowance for Loan Losses
Loans receivable	108,882	111,116
Allowance for credit losses	(422)	(472)	(506)	(955)
Consumer
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,650	1,240
Allowance for credit losses	$ (197)	$ (148)	$ (122)	$ (18)

Loans Receivable and the Allo_4

Loans Receivable and the Allowance for Credit Losses - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) loan
Loans Receivable and the Allowance for Loan Losses
Loans serviced for the benefit of others \| $	$ 44,200		$ 40,700
Individually evaluated loans \| $	$ 4,400		$ 4,400
Financing receivable individually evaluated for impairment, nonaccrual number \| loan	2
Interest income recognized from individually evaluated loans \| $	$ 0	$ 0
Number of loans modified that were deemed troubled debt restructuring \| loan	0		0
Construction
Loans Receivable and the Allowance for Loan Losses
Number of loans individually evaluated for impairment \| loan	2	0

Loans Receivable and the Allo_5

Loans Receivable and the Allowance for Credit Losses - Schedule of analysis of the activity in the allowance for loan losses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Allowance for credit losses:
Ending balance	$ 4,927	$ 5,093	$ 4,066	$ 5,474
Ending balance: collectively evaluated for credit loss	4,927	5,093
Ending balance	1,654,626	1,586,721
Ending balance: individually evaluated for credit loss	4,385	4,385
Ending balance: collectively evaluated for credit loss	1,650,241	1,582,336
Residential Real Estate
Allowance for credit losses:
Ending balance	2,229	2,433	1,474	528
Ending balance: collectively evaluated for credit loss	2,229	2,433
Ending balance	231,093	233,822
Ending balance: collectively evaluated for credit loss	231,093	233,822
Non-residential Real Estate
Allowance for credit losses:
Ending balance	110	126	122	131
Ending balance: collectively evaluated for credit loss	110	126
Ending balance	19,130	21,130
Ending balance: collectively evaluated for credit loss	19,130	21,130
Construction
Allowance for credit losses:
Ending balance	1,969	1,914	1,842	3,835
Ending balance: collectively evaluated for credit loss	1,969	1,914
Ending balance	1,293,871	1,219,413
Ending balance: individually evaluated for credit loss	4,385	4,385
Ending balance: collectively evaluated for credit loss	1,289,486	1,215,028
Commercial and Industrial
Allowance for credit losses:
Ending balance	422	472	506	955
Ending balance: collectively evaluated for credit loss	422	472
Ending balance	108,882	111,116
Ending balance: collectively evaluated for credit loss	108,882	111,116
Consumer
Allowance for credit losses:
Ending balance	197	148	$ 122	$ 18
Ending balance: collectively evaluated for credit loss	197	148
Ending balance	1,650	1,240
Ending balance: collectively evaluated for credit loss	$ 1,650	$ 1,240

Loans Receivable and the Allo_6

Loans Receivable and the Allowance for Credit Losses - Unfunded loan commitment allowances activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ 5,093	$ 5,474	$ 5,474
Charge-offs	(21)	(21)	(313)
Provision (reversal of)	(145)	197
Ending balance	4,927	4,066	5,093
Residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	2,433	528	528
Provision (reversal of)	(204)	51
Ending balance	2,229	1,474	2,433
Non-residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	126	131	131
Provision (reversal of)	(16)	(16)
Ending balance	110	122	126
Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	1,914	3,835	3,835
Charge-offs			(159)
Provision (reversal of)	55	93
Ending balance	1,969	1,842	1,914
Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	472	955	955
Provision (reversal of)	(50)	(12)
Ending balance	422	506	472
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	148	18	18
Charge-offs	(21)	(21)	(154)
Provision (reversal of)	70	81
Ending balance	$ 197	122	148
Unallocated
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		7	$ 7
Impact of adopting ASC 326
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		(1,584)
Impact of adopting ASC 326 \| Residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		895
Impact of adopting ASC 326 \| Non-residential Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		7
Impact of adopting ASC 326 \| Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		(2,086)
Impact of adopting ASC 326 \| Commercial and Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		(437)
Impact of adopting ASC 326 \| Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		44
Impact of adopting ASC 326 \| Unallocated
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		$ (7)

Loans Receivable and the Allo_7

Loans Receivable and the Allowance for Credit Losses - Summary of recorded investment, unpaid principal balance and allocated allowance (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Recorded Investment
Recorded Investment, With no related allowance	$ 4,385	$ 4,385
Recorded Investment	4,385	4,385
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance	4,353	4,353
Unpaid Principal Balance	4,353	4,353
Average Recorded Investment
Average Recorded Investment, With no related allowance	4,385	5,930
Average Recorded Investment	4,385	5,930
Construction
Recorded Investment
Recorded Investment, With no related allowance	4,385	4,385
Recorded Investment	4,385	4,385
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance	4,353	4,353
Unpaid Principal Balance	4,353	4,353
Average Recorded Investment
Average Recorded Investment, With no related allowance	4,385	5,930
Average Recorded Investment	$ 4,385	$ 5,930

Loans Receivable and the Allo_8

Loans Receivable and the Allowance for Credit Losses - Schedule of age analysis of past due loans (Details) $ in Thousands	Apr. 30, 2024 loan	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Loans Receivable and the Allowance for Loan Losses
Loans receivable		$ 1,654,626	$ 1,586,721
30-59 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		28	2,320
60-89 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		4,058
90 Days Or Greater
Loans Receivable and the Allowance for Loan Losses
Loans receivable		4,385	4,385
Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		8,471	6,705
Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		1,646,155	1,580,016
Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable		231,093	233,822
Residential Real Estate \| One-to-four family
Loans Receivable and the Allowance for Loan Losses
Loans receivable		4,647	5,252
Residential Real Estate \| One-to-four family \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		4,647	5,252
Residential Real Estate \| Multi-family
Loans Receivable and the Allowance for Loan Losses
Loans receivable		197,946	198,927
Residential Real Estate \| Multi-family \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		197,946	198,927
Residential Real Estate \| Mixed-use
Loans Receivable and the Allowance for Loan Losses
Loans receivable		28,500	29,643
Residential Real Estate \| Mixed-use \| 30-59 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		28
Residential Real Estate \| Mixed-use \| Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		28
Residential Real Estate \| Mixed-use \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		28,472	29,643
Non-residential Real Estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable		19,130	21,130
Non-residential Real Estate \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		19,130	21,130
Construction
Loans Receivable and the Allowance for Loan Losses
Loans receivable		1,293,871	1,219,413
Construction \| 30-59 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable			2,319
Construction \| 60-89 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		$ 4,058
Number of loans past due \| loan		2
Construction \| 90 Days Or Greater
Loans Receivable and the Allowance for Loan Losses
Loans receivable		$ 4,385	4,385
Construction \| Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable		8,443	6,704
Construction \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		1,285,428	1,212,709
Number of loans that were past due and subsequently being brought current \| loan	2
Commercial and Industrial
Loans Receivable and the Allowance for Loan Losses
Loans receivable		108,882	111,116
Commercial and Industrial \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		108,882	111,116
Consumer
Loans Receivable and the Allowance for Loan Losses
Loans receivable		1,650	1,240
Consumer \| 30-59 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable			1
Consumer \| Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable			1
Consumer \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable		$ 1,650	$ 1,239

Loans Receivable and the Allo_9

Loans Receivable and the Allowance for Credit Losses - Summary of risk category of loans (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Loans Receivable and the Allowance for Loan Losses
2024/2023	$ 62,322		$ 466,030
2023/2022	520,420		581,524
2022/2021	564,016		243,682
2021/2020	233,450		73,291
2020/2019	62,700		27,163
Prior	119,279		100,664
Revolving Loans Amortized Cost Basis	92,439		91,312
Revolving Loans Converted to Term			3,055
Total	1,654,626		1,586,721
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff
2024/2023	21		154
Prior			159
Total	21	$ 21	313
Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2024/2023			81,379
2023/2022	81,063		71,932
2022/2021	72,100		24,504
2021/2020	24,419		11,611
2020/2019	11,549		1,326
Prior	41,962		43,070
Total	231,093		233,822
Non-residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2024/2023			1,602
2023/2022	1,595		251
2022/2021	249		1,841
2021/2020	1,825		995
2020/2019	989		379
Prior	14,472		16,062
Total	19,130		21,130
Construction
Loans Receivable and the Allowance for Loan Losses
2024/2023	60,165		376,763
2023/2022	432,874		501,012
2022/2021	483,715		216,901
2021/2020	206,820		60,250
2020/2019	49,814		25,150
Prior	60,483		39,337
Total	1,293,871		1,219,413
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff
Prior			159
Total			159
Commercial and Industrial
Loans Receivable and the Allowance for Loan Losses
2024/2023	518		5,057
2023/2022	4,888		8,329
2022/2021	7,952		436
2021/2020	386		435
2020/2019	348		308
Prior	2,351		2,195
Revolving Loans Amortized Cost Basis	92,439		91,301
Revolving Loans Converted to Term			3,055
Total	108,882		111,116
Consumer
Loans Receivable and the Allowance for Loan Losses
2024/2023	1,639		1,229
Prior	11
Revolving Loans Amortized Cost Basis			11
Total	1,650		1,240
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff
2024/2023	21		154
Total	21	$ 21	154
Pass
Loans Receivable and the Allowance for Loan Losses
2024/2023	62,322		466,030
2023/2022	520,420		581,524
2022/2021	564,016		243,682
2021/2020	233,450		67,991
2020/2019	57,411		27,163
Prior	119,279		100,664
Revolving Loans Amortized Cost Basis	92,439		91,312
Revolving Loans Converted to Term			3,055
Total	1,649,337		1,581,421
Pass \| Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2024/2023			81,379
2023/2022	81,063		71,932
2022/2021	72,100		24,504
2021/2020	24,419		10,696
2020/2019	10,645		1,326
Prior	41,962		43,070
Total	230,189		232,907
Pass \| Non-residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2024/2023			1,602
2023/2022	1,595		251
2022/2021	249		1,841
2021/2020	1,825		995
2020/2019	989		379
Prior	14,472		16,062
Total	19,130		21,130
Pass \| Construction
Loans Receivable and the Allowance for Loan Losses
2024/2023	60,165		376,763
2023/2022	432,874		501,012
2022/2021	483,715		216,901
2021/2020	206,820		55,865
2020/2019	45,429		25,150
Prior	60,483		39,337
Total	1,289,486		1,215,028
Pass \| Commercial and Industrial
Loans Receivable and the Allowance for Loan Losses
2024/2023	518		5,057
2023/2022	4,888		8,329
2022/2021	7,952		436
2021/2020	386		435
2020/2019	348		308
Prior	2,351		2,195
Revolving Loans Amortized Cost Basis	92,439		91,301
Revolving Loans Converted to Term			3,055
Total	108,882		111,116
Pass \| Consumer
Loans Receivable and the Allowance for Loan Losses
2024/2023	1,639		1,229
Prior	11
Revolving Loans Amortized Cost Basis			11
Total	1,650		1,240
Special Mention
Loans Receivable and the Allowance for Loan Losses
2021/2020			915
2020/2019	904
Total	904		915
Special Mention \| Residential Real Estate
Loans Receivable and the Allowance for Loan Losses
2021/2020			915
2020/2019	904
Total	904		915
Substandard
Loans Receivable and the Allowance for Loan Losses
2021/2020			4,385
2020/2019	4,385
Total	4,385		4,385
Substandard \| Construction
Loans Receivable and the Allowance for Loan Losses
2021/2020			4,385
2020/2019	4,385
Total	$ 4,385		$ 4,385

Loans Receivable and the All_10

Loans Receivable and the Allowance for Credit Losses - Summary of allowance for credit losses on off balance sheet commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning balance of allowance for credit loss on off-balance sheet Commitments	$ 1,038
Provisions of credit loss expense - off-balance sheet commitments	(17)	$ (200)
Ending balance of allowance for Credit Loss on off-balance sheet Commitments	$ 1,021	1,386
Impact of adopting ASC 326 \| Adoption of ASU 2016-13
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Ending balance of allowance for Credit Loss on off-balance sheet Commitments		$ 1,586

Real Estate Owned ("REO") (Deta

Real Estate Owned ("REO") (Details)	3 Months Ended
Real Estate Owned ("REO") (Details)	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) property
Real Estate Owned ("REO")
Number of foreclosed property owned \| property	1		1
Value of foreclosed property owned	$ 1,456,000		$ 1,456,000
REO expense including loss on sales and write-downs	$ 11,000	$ 21,000

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Advances maturing in:
One year or less		$ 7,000
After five years (due 2030)	$ 7,000	7,000
FHLB advances	$ 7,000	$ 14,000
Weighted Average Interest Rate
One year or less		2.86%
After five years (due 2030)	1.61%	1.61%
FHLB advances weighted average interest rate (as a percent)	1.61%	2.24%

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Borrowings
Advances subject to early call or redemption features	$ 0
Outstanding borrowings	7,000	$ 14,000
Federal Reserve Bank of New York ("FRBNY").
Borrowings
Outstanding borrowings	$ 40,000
Interest rate (as a percent)	5.50%
Available borrowing limit	$ 928,800
Federal Home Loan Bank Advance, Two
Borrowings
Term of the advance	6 years
FHLB
Borrowings
Maximum borrowing capacity	$ 32,100
Outstanding borrowings	7,000
Atlantic Community Bankers Bank
Borrowings
Outstanding borrowings	$ 8,000

Benefits Plans - Net periodic p

Benefits Plans - Net periodic pension expense (Details) - Pension Plan - DRP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net periodic pension expense:
Service cost	$ 23	$ 31
Interest cost	21	10
Actuarial gain recognized	(13)	(8)
Total net periodic pension expense included in other non-interest expenses	$ 31	$ 33

Benefits Plans - Benefit paymen

Benefits Plans - Benefit payments (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Pension Plan \| DRP
Estimated Future Benefit Payments
Unrecognized net loss	$ (18,000)	$ (18,000)

Benefits Plans - Narrative (Det

Benefits Plans - Narrative (Details)		3 Months Ended		12 Months Ended
Benefits Plans - Narrative (Details)	Jul. 12, 2021 USD ($) installment $ / shares shares	Mar. 31, 2024 USD ($) installment $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) shares
Benefits Plans
Balance remaining on the ESOP loan		$ 1,649,647,000		$ 1,581,804,000
Shares committed to be released \| shares		21,729		86,920
401 (K) Plan
Benefits Plans
Participants maximum contribution (as a percent)		60%
Employers matching contribution (as a percent)		0%		0%
401 (K) Plan \| Minimum
Benefits Plans
Participants maximum contribution (as a percent)		1%
401 (K) Plan \| Maximum
Benefits Plans
Participants maximum contribution (as a percent)		15%
ESOP 2006 \| Employee Stock Ownership Plan Loan
Benefits Plans
Amount borrowed from company	$ 7,827,260	$ 5,184,200
Common stock shares acquired \| shares	782,726	518,420
Share price \| $ / shares	$ 10	$ 10
Interest rate on loans (as a percent)	3.25%	8.25%
Number of installments of loans receivable \| installment	15	20
Balance remaining on the ESOP loan		$ 919,000		$ 919,000
Shares committed to be released \| shares		2,894
Expense on defined benefit plan		$ 352,000	$ 326,000
Dividends on unallocated shares reduced from loan		70,000	47,000
Dividends on allocated shares charged to retained earnings		78,000	42,000
ESOP 2021 \| Employee Stock Ownership Plan Loan
Benefits Plans
Balance remaining on the ESOP loan		$ 6,417,000		$ 6,417,000
Shares committed to be released \| shares		4,348
Pension Plan \| SERP
Benefits Plans
Monthly installments		50%
Term of average base salary preceding retirement		3 years
2024		$ 0
2025		0
2026		0
2027		0
2028		0
Expense on defined benefit plan		$ 130,000	$ 60,000
Pension Plan \| SERP \| Minimum
Benefits Plans
Benefit payment term		15 years

Benefits Plans - ESOP shares (D

Benefits Plans - ESOP shares (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Benefits Plans
Allocated shares	781,762	694,842
Shares committed to be released	21,729	86,920
Unearned shares	673,918	695,647
Total ESOP Shares	1,477,409	1,477,409
Less allocated shares distributed to former or retired employees	(143,612)	(143,612)
Total ESOP Shares Held by Trustee	1,333,797	1,333,797
Fair value of unearned shares	$ 10,600,730	$ 12,340,778

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2024
Leases
Operating lease option to extend	true
Finance lease remaining lease terms	93 years
Finance lease option to extend	true
Minimum
Leases
Operating lease remaining lease terms	1 year
Operating lease initial lease terms	5 years
Maximum
Leases
Operating lease remaining lease terms	10 years
Operating lease initial lease terms	10 years

Leases - Schedule of leases of

Leases - Schedule of leases of the Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finance Lease Amounts:
ROU asset	$ 350		$ 351
Lease liability	580		571
Operating Lease Amounts:
ROU assets	4,427		4,566
Lease liability	4,497		$ 4,625
Amortization of ROU asset	1	$ 1
Interest on lease liability	10	9
Operating Lease Costs	197	144
Cash paid for amounts included in the measurement of lease liabilities
Operating leases	$ 183	$ 142
Finance lease	92 years 9 months		93 years
Operating leases	8 years 4 months 24 days		8 years 6 months 29 days
Finance lease	9.50%		9.50%
Operating leases	5.20%		5.18%

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Maturities of Operating lease liabilities
2024	$ 556
2025	738
2026	622
2027	637
2028	595
Thereafter	2,475
Total lease payments	5,623
Interest	(1,126)
Lease liability	4,497	$ 4,625
Maturities of Finance lease liabilities
2024	23
2025	30
2026	31
2027	36
2028	36
Thereafter	4,016
Total lease payments	4,172
Interest	(3,592)
Lease liability	$ 580	$ 571

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets carried at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures
Transfer of Assets from Level 1 to 2	$ 0	$ 0
Transfer of Assets from Level 2 to 1	0	0
Transfer of Liabilities from Level 1 to 2	0	0
Transfer of Liabilities from Level 2 to 1	0	0
Recurring
Fair Value Disclosures
Total assets	18,020	18,102
Total Liabilities	0	0
Recurring \| Mutual funds
Fair Value Disclosures
Total assets	18,020	18,102
Level 1 \| Recurring
Fair Value Disclosures
Total assets	18,020	18,102
Level 1 \| Recurring \| Mutual funds
Fair Value Disclosures
Total assets	$ 18,020	$ 18,102

Fair Value Disclosures - Asse_2

Fair Value Disclosures - Assets carried at fair value on a non-recurring basis (Details) - Non recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures
Total assets	$ 5,841	$ 5,841
Total Liabilities	0	0
Collateral dependent loans
Fair Value Disclosures
Total assets	4,385	4,385
Real estate owned
Fair Value Disclosures
Total assets	1,456	1,456
Level 3
Fair Value Disclosures
Total assets	5,841	5,841
Level 3 \| Collateral dependent loans
Fair Value Disclosures
Total assets	4,385	4,385
Level 3 \| Real estate owned
Fair Value Disclosures
Total assets	$ 1,456	$ 1,456

Fair Value Disclosures - Qualit

Fair Value Disclosures - Qualitative information about non-recurring Level III fair value measurements (Details) - Non recurring $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Disclosures
Fair value	$ 5,841	$ 5,841
Real estate owned
Fair Value Disclosures
Fair value	1,456	1,456
Collateral dependent loans
Fair Value Disclosures
Fair value	4,385	4,385
Level 3
Fair Value Disclosures
Fair value	5,841	5,841
Level 3 \| Real estate owned
Fair Value Disclosures
Fair value	1,456	1,456
Level 3 \| Real estate owned \| Income approach
Fair Value Disclosures
Fair value	$ 1,456	$ 1,456
Level 3 \| Real estate owned \| Income approach \| Capitalization rate
Fair Value Disclosures
Securities held for sale	12	12
Level 3 \| Real estate owned \| Income approach \| Weighted Average \| Capitalization rate
Fair Value Disclosures
Securities held for sale	12	12
Level 3 \| Collateral dependent loans
Fair Value Disclosures
Fair value	$ 4,385	$ 4,385
Level 3 \| Collateral dependent loans \| Income approach
Fair Value Disclosures
Fair value	$ 4,385	$ 4,385
Level 3 \| Collateral dependent loans \| Income approach \| Capitalization rate
Fair Value Disclosures
Securities held for sale	6	6
Level 3 \| Collateral dependent loans \| Income approach \| Weighted Average \| Capitalization rate
Fair Value Disclosures
Securities held for sale	6	6

Fair Value Disclosures - Carryi

Fair Value Disclosures - Carrying amounts and estimated fair value of our financial instruments (Details) - Non recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures
Total assets	$ 5,841	$ 5,841
Carrying Amount \| Deposits
Fair Value Disclosures
Financial Liabilities	1,512,002	1,400,036
Carrying Amount \| Borrowings
Fair Value Disclosures
Financial Liabilities	47,000	64,000
Carrying Amount \| Cash and cash equivalents
Fair Value Disclosures
Total assets	107,448	68,671
Carrying Amount \| Certificates of deposit
Fair Value Disclosures
Total assets	100	100
Carrying Amount \| Marketable equity securities
Fair Value Disclosures
Total assets	18,020	18,102
Carrying Amount \| Securities held to maturity
Fair Value Disclosures
Total assets	15,735	15,860
Carrying Amount \| Loans receivable, net
Fair Value Disclosures
Total assets	1,649,647	1,581,804
Carrying Amount \| Investments in restricted stock
Fair Value Disclosures
Total assets	614	929
Carrying Amount \| Accrued interest receivable
Fair Value Disclosures
Total assets	12,952	12,311
Fair Value \| Deposits
Fair Value Disclosures
Financial Liabilities	1,509,855	1,401,083
Fair Value \| Borrowings
Fair Value Disclosures
Financial Liabilities	46,006	63,053
Fair Value \| Cash and cash equivalents
Fair Value Disclosures
Total assets	107,448	68,671
Fair Value \| Certificates of deposit
Fair Value Disclosures
Total assets	100	100
Fair Value \| Marketable equity securities
Fair Value Disclosures
Total assets	18,020	18,102
Fair Value \| Securities held to maturity
Fair Value Disclosures
Total assets	12,937	13,126
Fair Value \| Loans receivable, net
Fair Value Disclosures
Total assets	1,622,608	1,552,219
Fair Value \| Investments in restricted stock
Fair Value Disclosures
Total assets	614	929
Fair Value \| Accrued interest receivable
Fair Value Disclosures
Total assets	12,952	12,311
Level 1 \| Fair Value \| Cash and cash equivalents
Fair Value Disclosures
Total assets	107,448	68,671
Level 1 \| Fair Value \| Marketable equity securities
Fair Value Disclosures
Total assets	18,020	18,102
Level 2 \| Fair Value \| Deposits
Fair Value Disclosures
Financial Liabilities	1,509,855	1,401,083
Level 2 \| Fair Value \| Borrowings
Fair Value Disclosures
Financial Liabilities	46,006	63,053
Level 2 \| Fair Value \| Certificates of deposit
Fair Value Disclosures
Total assets	100	100
Level 2 \| Fair Value \| Securities held to maturity
Fair Value Disclosures
Total assets	12,937	13,126
Level 2 \| Fair Value \| Investments in restricted stock
Fair Value Disclosures
Total assets	614	929
Level 2 \| Fair Value \| Accrued interest receivable
Fair Value Disclosures
Total assets	12,952	12,311
Level 3
Fair Value Disclosures
Total assets	5,841	5,841
Level 3 \| Fair Value \| Loans receivable, net
Fair Value Disclosures
Total assets	$ 1,622,608	$ 1,552,219

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Revenue Recognition
Deposit-related fees and charges	$ 15	$ 14
Loan-related fees and charges	211	350
Electronic banking fees and charges	236	243
Income from bank owned life insurance	157	150
Investment advisory fees		117
Unrealized (loss) gain on equity securities	(82)	225
Miscellaneous	17	16
Total Non-Interest Income	$ 554	$ 1,115

Other Non-Interest Expenses (De

Other Non-Interest Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Non-Interest Expenses
Other	$ 1,103	$ 766
Service contracts	424	319
Consulting expense	231	189
Telephone	170	157
Directors' compensation	246	224
Audit and accounting	135	111
Insurance	102	95
Director, officer, and employee expense	79	58
Legal fees	66	120
Office supplies and stationary	51	50
Recruiting expense	27	2
Other non-interest expenses	$ 2,634	$ 2,091

Stock Compensation Plans (Detai

Stock Compensation Plans (Details) - 2022 Equity Incentive Plan - shares	Mar. 31, 2024	Dec. 31, 2023	Sep. 29, 2022
Stock Compensation Plans
Number of shares authorized under incentive plan			1,369,771
Number of common stock reserved	132,759	132,759
Restricted stock
Stock Compensation Plans
Number of common stock reserved	34,448	34,448
Employee Stock Option
Stock Compensation Plans
Number of common stock reserved	98,311	98,311

Stock Compensation Plans - Rest

Stock Compensation Plans - Restricted stock activity (Details) - Restricted stock - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Shares
Outstanding, Beginning of year	352,037	352,037
Granted
Vested
Outstanding, end of year	352,037	352,037
Weighted Average Grant -Date Market Price
Outstanding, Beginning of year	$ 13.67	$ 13.67
Granted
Forfeited
Vested
Outstanding, end of year	$ 13.67	$ 13.67
Compensation expense related to restricted stock	$ 252,000	$ 241,000
Compensation cost not yet recognized	$ 3,600,000		$ 3,800,000
Period over which unrecognized compensation costs expected to recognized	4 years

Stock Compensation Plans - Stoc

Stock Compensation Plans - Stock option activity (Details) - Stock option - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Options
Outstanding, Beginning of year	880,097	880,097
Exercised	1,000
Outstanding, end of year	879,097	880,097
Exercisable at end of year	175,019
Weighted Average Grant -Date Market Price
Outstanding, Beginning of year	$ 13.67	$ 13.67
Exercised	14.08
Outstanding, end of year	13.67	$ 13.67
Exercisable at end of year	$ 13.67
Compensation cost recognized	$ 192,000	$ 192,000
Unrecognized compensation cost	$ 2,800,000		$ 3,000,000
Period over which unrecognized compensation costs expected to recognized	4 years

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 11,374	$ 11,244

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	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