Northeast Community Bancorp (NECB) 10-Q7 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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		14,020,602
Entity Central Index Key	0001847398
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and amounts due from depository institutions	$ 16,023	$ 13,394
Interest-bearing deposits	81,766	55,277
Total cash and cash equivalents	97,789	68,671
Certificates of deposit	100	100
Equity securities	20,547	18,102
Securities held-to-maturity ( net of allowance for credit losses of $126 and $136, fair value of $12,623 and $13,126, respectively )	15,061	15,860
Loans receivable	1,760,504	1,586,721
Deferred loan (fees) costs, net	(245)	176
Allowance for credit losses	(4,833)	(5,093)
Net loans	1,755,426	1,581,804
Premises and equipment, net	24,945	25,452
Investments in restricted stock, at cost	712	929
Bank owned life insurance	25,568	25,082
Accrued interest receivable	13,463	12,311
Real estate owned	978	1,456
Property held for investment	1,380	1,407
Right of Use Assets - Operating	4,144	4,566
Right of Use Assets - Financing	348	351
Other assets	7,496	8,044
Total assets	1,967,957	1,764,135
Deposits:
Non-interest bearing	267,592	300,184
Interest bearing	1,360,475	1,099,852
Total deposits	1,628,067	1,400,036
Advance payments by borrowers for taxes and insurance	2,462	2,020
Borrowings	7,000	64,000
Lease Liability - Operating	4,241	4,625
Lease Liability - Financing	599	571
Accounts payable and accrued expenses	15,965	13,558
Total liabilities	1,658,334	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; 14,020,602 shares and 14,144,856 shares issued and outstanding, respectively	140	142
Additional paid-in capital	109,368	109,924
Unearned Employee Stock Ownership Plan ("ESOP") shares	(5,911)	(6,563)
Retained earnings	205,699	175,505
Accumulated other comprehensive income	327	317
Total stockholders' equity	309,623	279,325
Total liabilities and stockholders' equity	$ 1,967,957	$ 1,764,135

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Securities held-to-maturity, allowance for credit losses	$ 126	$ 136
Securities held-to-maturity, fair value	$ 12,623	$ 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)	14,020,602	14,144,856
Common stock, shares outstanding (in shares)	14,020,602	14,144,856

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INTEREST INCOME:
Loans	$ 39,484	$ 33,757	$ 114,821	$ 91,826
Interest-earning deposits	1,472	1,181	4,058	2,886
Securities	227	199	662	650
Total Interest Income	41,183	35,137	119,541	95,362
INTEREST EXPENSE:
Deposits	14,630	9,889	40,459	23,050
Borrowings	257	109	1,559	299
Financing lease	10	10	29	28
Total Interest Expense	14,897	10,008	42,047	23,377
Net Interest Income	26,286	25,129	77,494	71,985
Provision for (reversal of) credit loss	105	156	(286)	767
Net Interest Income after Provision for (Reversal of) Credit Loss	26,181	24,973	77,780	71,218
NON-INTEREST INCOME:
Other loan fees and service charges	589	364	1,613	1,417
Earnings on bank owned life insurance	167	153	486	857
Investment advisory fees		114		343
Unrealized gain (loss) on equity securities	547	(430)	445	(327)
Other	46	20	90	67
Total Non-Interest Income	1,349	221	2,634	2,357
NON-INTEREST EXPENSES:
Salaries and employee benefits	5,135	4,700	15,738	14,079
Occupancy expense	735	616	2,116	1,890
Equipment	187	240	661	844
Outside data processing	681	569	1,924	1,638
Advertising	128	133	310	420
Real estate owned expense	488	11	527	52
Other	2,607	2,646	7,864	7,064
Total Non-Interest Expenses	9,961	8,915	29,140	25,987
INCOME BEFORE PROVISION FOR INCOME TAXES	17,569	16,279	51,274	47,588
PROVISION FOR INCOME TAXES	4,883	4,436	14,416	13,413
NET INCOME	$ 12,686	$ 11,843	$ 36,858	$ 34,175
EARNINGS PER COMMON SHARE - BASIC (in $ per share)	$ 0.97	$ 0.80	$ 2.81	$ 2.42
EARNINGS PER COMMON SHARE - DILUTED (in $ per share)	$ 0.95	$ 0.80	$ 2.78	$ 2.41
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC (in shares)	13,075	14,743	13,108	14,143
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED (in shares)	13,417	14,822	13,279	14,192

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)		$ 12,686	$ 11,843	$ 36,858	$ 34,175
Reclassification adjustments out of accumulated other comprehensive income:
Amortization of actuarial gain		(13)	(8)	(39)	(24)
Actuarial loss arising during period		18	18	54	54
Total		5	10	15	30
Income tax effect	[1]	(1)	(3)	(5)	(8)
Total other comprehensive income		4	7	10	22
Total Comprehensive Income		$ 12,690	$ 11,850	$ 36,868	$ 34,197

[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 Retained Earnings Cumulative effect of adoption of ASU 2016-13	Retained Earnings	Accumulated Other Comprehensive Income	Retained Earnings Cumulative effect of adoption of ASU 2016-13	Total
Balance at beginning of period at Dec. 31, 2022	$ 161	$ 136,434	$ (7,432)		$ 132,670	$ 156		$ 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)
Restricted stock award		241						241
Compensation expense related to restricted stock awards		192						192
ESOP shares earned		109	217					326
Balance at end of period at Mar. 31, 2023	$ 153	126,462	(7,215)	$ (99)	142,940	163	$ (99)	262,503
Balance at end of period (shares) at Mar. 31, 2023	15,325,828
Balance at beginning of period at Dec. 31, 2022	$ 161	136,434	(7,432)		132,670	156		261,989
Balance at beginning of period (shares) at Dec. 31, 2022	16,049,454
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)								34,175
Other comprehensive income								22
Balance at end of period at Sep. 30, 2023	$ 145	114,669	(6,780)		164,201	178		272,413
Balance at end of period (shares) at Sep. 30, 2023	14,481,614
Balance at beginning of period at Mar. 31, 2023	$ 153	126,462	(7,215)	$ (99)	142,940	163	$ (99)	262,503
Balance at beginning of period (shares) at Mar. 31, 2023	15,325,828
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)					11,087			11,087
Other comprehensive income						8		8
Cash dividend declared					(845)			(845)
Stock repurchases	$ (3)	(3,917)						(3,920)
Stock repurchases (shares)	(288,890)
Compensation expense related to restricted stock awards		241						241
Compensation expense related to stock options		192						192
ESOP shares earned		76	218					294
Balance at end of period at Jun. 30, 2023	$ 150	123,054	(6,997)		153,182	171		269,560
Balance at end of period (shares) at Jun. 30, 2023	15,036,938
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)					11,843			11,843
Other comprehensive income						7		7
Cash dividend declared					(824)			(824)
Stock repurchases	$ (5)	(8,941)						(8,946)
Stock repurchases (shares)	(555,324)
Compensation expense related to restricted stock awards		241						241
Compensation expense related to stock options		192						192
ESOP shares earned		123	217					340
Balance at end of period at Sep. 30, 2023	$ 145	114,669	(6,780)		164,201	178		272,413
Balance at end of period (shares) at Sep. 30, 2023	14,481,614
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
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)								36,858
Other comprehensive income								10
Balance at end of period at Sep. 30, 2024	$ 140	109,368	(5,911)		205,699	327		309,623
Balance at end of period (shares) at Sep. 30, 2024	14,020,602
Balance at beginning of period at Mar. 31, 2024	$ 141	109,267	(6,346)		185,542	320		288,924
Balance at beginning of period (shares) at Mar. 31, 2024	14,065,796
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)					12,798			12,798
Other comprehensive income						3		3
Cash dividend declared					(1,330)			(1,330)
Stock repurchases	$ (1)	(1,222)						(1,223)
Stock repurchases (shares)	(75,194)
Compensation expense related to restricted stock awards		252						252
Compensation expense related to stock options		192						192
ESOP shares earned		141	218					359
Balance at end of period at Jun. 30, 2024	$ 140	108,630	(6,128)		197,010	323		299,975
Balance at end of period (shares) at Jun. 30, 2024	13,990,602
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)					12,686			12,686
Other comprehensive income						4		4
Cash dividend declared					(3,997)			(3,997)
Restricted stock award (shares)	30,000
Compensation expense related to restricted stock awards		290						290
Compensation expense related to stock options		192						192
ESOP shares earned		256	217					473
Balance at end of period at Sep. 30, 2024	$ 140	$ 109,368	$ (5,911)		$ 205,699	$ 327		$ 309,623
Balance at end of period (shares) at Sep. 30, 2024	14,020,602

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended				9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividend declared per share (in $ per share)	$ 0.10	$ 0.10	$ 0.06	$ 0.06	$ 0.15	$ 0.06

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 36,858	$ 34,175
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of securities premiums and discounts, net	5	19
(Reversal of) provision for credit losses	(286)	767
Depreciation	884	920
Net (accretion) amortization of deferred loan fees and costs	(142)	230
Deferred income tax benefit	(553)	(830)
Unrealized (gain) loss recognized on equity securities	(445)	327
Impairment of real estate owned	478
Earnings on bank owned life insurance	(486)	(857)
ESOP compensation expense	1,184	960
Compensation expense related to stock options	576	576
Compensation expense related to restricted stock	794	723
Increase in accrued interest receivable	(1,152)	(2,727)
Decrease (increase) in other assets	1,553	(1,813)
Decrease in accounts payable - loan closing	(92)	(2,535)
(Decrease) increase in accounts payable and accrued expenses	(726)	931
Net Cash Provided by Operating Activities	38,450	30,866
Cash Flows from Investing Activities:
Net increase in loans	(186,680)	(318,991)
Proceeds from sale of loans	13,345	26,414
Proceeds from bank owned life insurance		1,827
Principal repayments on securities available-for-sale		1
Principal repayments on securities held-to-maturity	805	10,791
Purchase of marketable equity securities	(2,000)
Purchase of securities held-to-maturity		(70)
Purchase of restricted stock	(98)	(6)
Redemptions of restricted stock	315	315
Purchases of premises and equipment	(377)	(380)
Net Cash Used in Investing Activities	(174,690)	(280,099)
Cash Flows from Financing Activities:
Net increase in deposits	228,031	243,679
Proceeds from FRB borrowings		50,000
Repayment of FRB borrowings	(50,000)
Repayment of FHLB of NY advances	(7,000)	(7,000)
Stock repurchases	(2,474)	(23,388)
Stock option exercised	14
Increase in advance payments by borrowers for taxes and insurance	442	142
Cash dividends paid	(3,655)	(2,785)
Net Cash Provided by Financing Activities	165,358	260,648
Net Increase in Cash and Cash Equivalents	29,118	11,415
Cash and Cash Equivalents - Beginning	68,671	95,308
Cash and Cash Equivalents - Ending	97,789	106,723
Supplementary Cash Flows Information:
Income taxes paid	14,094	16,396
Interest paid	41,558	23,106
Dividends declared and not paid	$ 5,606	$ 872

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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, brokered deposits, military deposits, and listing deposit services as sources 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 and service charges. The Bank 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 of 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. As a result of the transaction, the Bank no longer offers these services and no longer generates investment advisory fees. 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 Concentration Risk: The Company’s lending activity is concentrated in construction loans secured by the construction primarily of multi-family, residential condominium properties, and occasionally non-residential properties located in New York State and occasionally by the renovation of multi-family properties in Massachusetts. As of September 30, 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 September 30, 2024, the Company had

Regulatory Capital

Regulatory Capital	9 Months Ended
Regulatory Capital	Sep. 30, 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. However, the Federal Reserve has provided a “small bank holding company” exception to its consolidated capital requirements for holding companies, and legislation and the related issuance of regulations by the Federal Reserve Board have established the current threshold for the exception at $3.0 billion. As a result, the Company will not be subject to the consolidated holding company capital requirement until such time as its consolidated assets exceed $3.0 billion. The Bank met all capital adequacy requirements to which it was subject as of September 30, 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 September 30, 2024: Total capital (to risk-weighted assets) $ 288,849 14.04 % $ ≥ 164,542 ≥ 8.00 % $ ≥ 205,678 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 283,012 13.76 ≥ 123,407 ≥ 6.00 ≥ 164,542 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 283,012 13.76 ≥ 92,555 ≥ 4.50 ≥ 133,691 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 283,012 14.76 ≥ 76,706 ≥ 4.00 ≥ 95,883 ≥ 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	9 Months Ended
Earnings Per Share	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands, except per share data) (In Thousands, except per share data) Net income (basic and diluted) $ 12,686 $ 11,843 $ 36,858 $ 34,175 Weighted average shares issued 14,013 15,855 14,053 15,233 Less: Weighted average unearned ESOP shares (638) (769) (660) (747) Less: Weighted average unvested restricted shares (300) (343) (285) (343) Basic weighted average shares outstanding 13,075 14,743 13,108 14,143 Add: Dilutive effect of restricted stock 130 76 101 49 Add: Dilutive effect of stock options 212 3 70 — Diluted weighted average shares outstanding 13,417 14,822 13,279 14,192 Net income per share Basic $ 0.97 $ 0.80 $ 2.81 $ 2.42 Diluted $ 0.95 $ 0.80 $ 2.78 $ 2.41

Equity Securities

Equity Securities	9 Months Ended
Equity Securities	Sep. 30, 2024
Equity Securities
Equity Securities	Note 4 — Equity Securities The following table is the schedule of equity securities at September 30, 2024 and December 31, 2023. Our equity securities portfolio 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. The high-quality fixed income bonds consist of state 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. September 30, December 31, 2024 2023 (In Thousands) Equity Securities, at Fair Value $ 20,547 $ 18,102 The following is a summary of unrealized gain or loss recognized in net income on equity securities during the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) (In Thousands) Net gain (loss) recognized on equity securities during the period $ 547 $ (430) $ 445 $ (327) Less: Net losses realized on the sale of equity securities during the period — — — — Unrealized net gain (loss) recognized on equity securities held at the reporting date $ 547 $ (430) $ 445 $ (327)

Securities Held-to-Maturity

Securities Held-to-Maturity	9 Months Ended
Securities Held-to-Maturity	Sep. 30, 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 September 30, 2024 and December 31, 2023. September 30, 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 $ 425 $ — $ 3 $ 422 $ — Federal Home Loan Mortgage Corporation 798 1 87 712 — Federal National Mortgage Association 1,752 — 145 1,607 — Collateralized mortgage obligations – GSE 2,806 — 541 2,265 — Total mortgage-backed securities 5,781 1 776 5,006 — Municipal Bonds 9,406 — 1,789 7,617 126 $ 15,187 $ 1 $ 2,565 $ 12,623 $ 126 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 September 30, 2024: September 30, 2024 Amortized Fair Cost Value (In Thousands) Due within one year $ 716 $ 648 Due after one but within five years 1,944 1,666 Due after five but within ten years 2,776 2,343 Due after ten years 9,751 7,966 $ 15,187 $ 12,623 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 and nine months ended September 30, 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 Provision for (reversal of) credit loss (7) Balance – June 30, 2024 $ 126 Provision for (reversal of) credit loss - Balance – September 30, 2024 $ 126 Municipal Bonds Balance – December 31, 2022 $ - Impact of adopting ASC 326 132 Provision for credit loss 4 Balance – March 31, 2023 $ 136 Provision for (reversal of) credit loss (1) Balance – June 30, 2023 $ 135 Provision for (reversal of) credit loss (4) Balance – September 30, 2023 $ 131 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) September 30, 2024: Mortgage-backed securities - residential: Government National Mortgage Association $ — $ — $ 422 $ 3 $ 422 $ 3 Federal Home Loan Mortgage Corporation — — 679 87 679 87 Federal National Mortgage Association — — 1,607 145 1,607 145 Collateralized mortgage obligations – GSE — — 2,265 541 2,265 541 Total mortgage-backed securities $ — $ — $ 4,973 $ 776 $ 4,973 $ 776 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 September 30, 2024, nineteen 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 September 30, 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	9 Months Ended
Loans Receivable and the Allowance for Credit Losses	Sep. 30, 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 September 30, 2024 and December 31, 2023: September 30, December 31, 2024 2023 (In Thousands) Residential real estate: One-to-four family $ 3,507 $ 5,252 Multi-family 202,516 198,927 Mixed-use 28,399 29,643 Total residential real estate 234,422 233,822 Non-residential real estate 30,312 21,130 Construction 1,368,222 1,219,413 Commercial and industrial 125,520 111,116 Consumer 2,028 1,240 Total Loans 1,760,504 1,586,721 Deferred loan (fees) costs, net (245) 176 Allowance for credit losses (4,833) (5,093) $ 1,755,426 $ 1,581,804 Loans serviced for the benefit of others totaled approximately $50.7 million and $40.7 million at September 30, 2024 and December 31, 2023, respectively. The value of mortgage servicing rights was not material at September 30, 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 September 30, 2024 and December 31, 2023: At September 30, 2024: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Total (In Thousands) Allowance for credit losses: Ending balance $ 1,936 $ 318 $ 1,959 $ 418 $ 202 $ 4,833 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 1,936 $ 318 $ 1,959 $ 418 $ 202 $ 4,833 Loans receivable: Ending balance $ 234,422 $ 30,312 $ 1,368,222 $ 125,520 $ 2,028 $ 1,760,504 Ending balance: individually evaluated for credit loss $ — $ — $ 4,413 $ — $ — $ 4,413 Ending balance: collectively evaluated for credit loss $ 234,422 $ 30,312 $ 1,363,809 $ 125,520 $ 2,028 $ 1,756,091 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 and nine months ended September 30, 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 - June 30, 2024 $ 2,024 $ 379 $ 1,868 $ 477 $ 167 $ — $ 4,915 Charge-offs — — — — (82) — (82) Recoveries — — — — — — — Provision (reversal of) (88) (61) 91 (59) 117 — — Balance - September 30, 2024 $ 1,936 $ 318 $ 1,959 $ 418 $ 202 $ — $ 4,833 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance - June 30, 2023 $ 1,559 $ 118 $ 2,123 $ 515 $ 85 $ — $ 4,400 Charge-offs — — — — (71) — (71) Recoveries — — — — — — — Provision (Benefit) 549 (8) (206) (30) 133 — 438 Balance - September 30, 2023 $ 2,108 $ 110 $ 1,917 $ 485 $ 147 $ — $ 4,767 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 — — — — (115) — (115) Recoveries — — — — — — — Provision (reversal of) (497) 192 45 (54) 169 — (145) Balance - September 30, 2024 $ 1,936 $ 318 $ 1,959 $ 418 $ 202 $ — $ 4,833 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for loan 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 — — (159) — (127) — (286) Recoveries — — — — — — — Provision (Benefit) 685 (28) 327 (33) 212 — 1,163 Balance - September 30, 2023 $ 2,108 $ 110 $ 1,917 $ 485 $ 147 $ — $ 4,767 During the three months ended September 30, 2024, the reversal of provision recorded for residential real estate loans and commercial and industrial loans was primarily attributed to reduced credit risk. The reversal of provision recorded for non-residential real estate loans was primarily attributed to decreased loan balances. The provision expense recorded for consumer loans was primarily attributed to the increased balance on deposit account overdrafts. The provision expense recorded for constructions loans was primarily attributed to increased loan balances, offset by improving sub-market housing conditions during the third quarter of 2024. During the three months ended September 30, 2023, the provision expense recorded for residential real estate loans was primarily attributed to the increased loan balances. The credit provision recorded for construction loans and commercial and industrial loans was primarily due to decreased loan balances. The provision expense recorded for consumer loans was due to increased deposit account overdrafts. During the nine months ended September 30, 2024, the reversal of provision recorded for residential real estate loans and commercial and industrial loans were primarily attributed to reduced credit risk. The provision expenses recorded for non-residential real estate loans was primarily attributed to increased loan balances. The provision expenses recorded for consumer loans was primarily attributed to increased deposit account overdraft balances. The reversal of provision recorded for constructions loans was primarily attributed to improving economic and sub-market housing conditions during the nine months ended September 30, 2024, offset by increased loan balances. During the nine months ended September 30, 2023, the provision expenses recorded for construction loans and residential real estate loans were primarily attributed to increased loan balances. The provision expenses recorded for consumer loans were primarily attributed to increased deposit account overdraft balances. The Company had two individually evaluated loans, totaling $4.4 million, which are collateral-dependent construction loans, secured by multi-family real estate, at September 30, 2024 and December 31, 2023, respectively. The two loans are secured by the same project located in the Bronx, New York, and were previously placed on non-accrual status. There was no interest income recognized from non-accrual loans as of September 30, 2024 and 2023. In October 2024, the Company successfully foreclosed on these charge-off on the transaction to non-interest expenses on the statement of income for escrows of taxes and legal fees paid by the Company. The following tables provide information about delinquencies in our loan portfolio at the dates indicated. Age Analysis of Past Due Loans as of September 30, 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 $ — $ — $ — $ — $ 3,507 $ 3,507 $ — Multi-family — — — — 202,516 202,516 — Mixed-use — — — — 28,399 28,399 — Non-residential real estate — — — — 30,312 30,312 — Construction loans 9,291 — 4,413 13,704 1,354,518 1,368,222 — Commercial and industrial loans 1,125 — — 1,125 124,395 125,520 — Consumer — — — — 2,028 2,028 — $ 10,416 $ — $ 4,413 $ 14,829 $ 1,745,675 $ 1,760,504 $ — 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 September 30, 2024 by loan segment and vintage year: Revolving Revolving Term Loans Amortized Costs Basis by Origination Year Loans Loans Amortized Converted September 30, 2024 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total Residential real estate Risk Rating Pass $ 9,913 $ 79,216 $ 71,111 $ 24,488 $ 11,421 $ 38,273 $ - $ - $ 234,422 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 9,913 $ 79,216 $ 71,111 $ 24,488 $ 11,421 $ 38,273 $ - $ - $ 234,422 Residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-residential real estate Risk Rating Pass $ 13,941 $ 1,577 $ 245 $ 1,793 $ 980 $ 11,776 $ - $ - $ 30,312 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 13,941 $ 1,577 $ 245 $ 1,793 $ 980 $ 11,776 $ - $ - $ 30,312 Non-residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction - Risk Rating Pass $ 269,931 $ 458,822 $ 363,671 $ 174,781 $ 44,749 $ 51,855 $ - $ - $ 1,363,809 Special Mention - - - - - - - - - Substandard - - - - 4,413 - - - 4,413 Doubtful - - - - - - - - - Total $ 269,931 $ 458,822 $ 363,671 $ 174,781 $ 49,162 $ 51,855 $ - $ - $ 1,368,222 Construction Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial and industrial - Risk Rating Pass $ 1,311 $ 4,543 $ 7,191 $ 284 $ 172 $ 1,525 $ 110,097 $ 397 $ 125,520 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,311 $ 4,543 $ 7,191 $ 284 $ 172 $ 1,525 $ 110,097 $ 397 $ 125,520 Commercial and industrial Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer - Risk Rating Pass $ 2,019 $ - $ - $ - $ - $ 9 $ - $ - $ 2,028 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 2,019 $ - $ - $ - $ - $ 9 $ - $ - $ 2,028 Consumer Current period gross charge-offs $ 115 $ - $ - $ - $ - $ - $ - $ - $ 115 Total - Risk Rating Pass $ 297,115 $ 544,158 $ 442,218 $ 201,346 $ 57,322 $ 103,438 $ 110,097 $ 397 $ 1,756,091 Special Mention - - - - - - - - - Substandard - - - - 4,413 - - - 4,413 Doubtful - - - - - - - - - Total $ 297,115 $ 544,158 $ 442,218 $ 201,346 $ 61,735 $ 103,438 $ 110,097 $ 397 $ 1,760,504 Total Current period gross charge-offs $ 115 $ - $ - $ - $ - $ - $ - $ - $ 115 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 term extension; an other-than-insignificant payment delay; or interest rate reduction. In some cases, the Company provides multiple types of concessions on a 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 interest rate reduction, may be granted. There were no loans modified to borrowers experiencing financial difficulty during the three and nine months ended September 30, 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 and nine months ended September 30, 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 Provision for (reversal of) credit loss (219) Balance – June 30, 2024 $ 802 Provision for (reversal of) credit loss 105 Balance – September 30, 2024 $ 907 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 Provision for (reversal of) credit loss 83 Balance – June 30, 2023 $ 1,469 Provision for (reversal of) credit loss (278) Balance – September 30, 2023 $ 1,191

Real Estate Owned ("REO")

Real Estate Owned ("REO")	9 Months Ended
Real Estate Owned ("REO")	Sep. 30, 2024
Real Estate Owned ("REO")
Real Estate Owned ("REO")	Note 7 — Real Estate Owned (“REO”) The Company owned one foreclosed property valued at approximately $978,000 at September 30, 2024 and $1,456,000 at December 31, 2023, 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. During the third quarter ended September 30, 2024, the Company recorded a Therefore, REO expense recorded in the consolidated statements of income amounted to $488,000 and $11,000 for the three months, and $527,000 and $52,000 for the nine months ended September 30, 2024 and 2023, respectively.

Borrowings

Borrowings	9 Months Ended
Borrowings	Sep. 30, 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 September 30, 2024 and December 31, 2023: September 30, 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 September 30, 2024, none of the above advances were subject to early call or redemption features. All advances had fixed interest rates, with a remaining term of . At September 30, 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 September 30, 2024, these unpledged qualifying mortgage loans were not pledged to any company other than the FHLB. At September 30, 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 September 30, 2024, there were . The Company had an available borrowing limit of

Benefits Plans

Benefits Plans	9 Months Ended
Benefits Plans	Sep. 30, 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 September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Dollars In Thousands) (Dollars In Thousands) Net periodic pension expense: Service cost $ 23 $ 31 $ 80 $ 93 Interest cost 21 10 64 30 Actuarial gain recognized (13) (8) (39) (24) Total net periodic pension expense included in other non-interest expenses $ 31 $ 33 $ 105 $ 99 Unrecognized net loss of $18,000 for the three months, and $54,000 for the nine months ended September 30, 2024 and 2023, 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 $51,000 for the three months, and $391,000 and $162,000 for the nine months ended September 30, 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 September 30, 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 September 30, 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 for the nine months ended September 30, 2024 and 2023, respectively. Dividends on unallocated shares, which totaled approximately for the nine months ended September 30, 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: September 30, December 31, 2024 2023 Allocated shares 781,762 694,842 Shares committed to be released 65,187 86,920 Unearned shares 630,460 695,647 Total ESOP Shares 1,477,409 1,477,409 Less allocated shares distributed to former or retired employees (165,644) (143,612) Total ESOP Shares Held by Trustee 1,311,765 1,333,797 Fair value of unearned shares $ 16,675,667 $ 12,340,778

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
Fair Value Disclosures	Sep. 30, 2024
Fair Value Disclosures
Fair Value Disclosures	Note 10 — 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 September 30, 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 September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, Description 2024 2023 2024 2023 2024 2023 2024 2023 Assets: Marketable equity securities: Mutual funds $ 20,547 $ 18,102 $ — $ — $ — $ — $ 20,547 $ 18,102 Total assets $ 20,547 $ 18,102 $ — $ — $ — $ — $ 20,547 $ 18,102 There were no transfers between Level 1 and 2 during the three and nine months ended September 30, 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 September 30, 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 September 30, 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 September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, Description 2024 2023 2024 2023 2024 2023 2024 2023 (In Thousands) Assets: Loans individually evaluated $ — $ — $ — $ — $ 4,413 $ 4,385 $ 4,413 $ 4,385 Real estate owned — — — — 978 1,456 978 1,456 Total assets $ — $ — $ — $ — $ 5,391 $ 5,841 $ 5,391 $ 5,841 The following tables present the qualitative information about non-recurring Level 3 fair value measurements of financial instruments at September 30, 2024 and December 31, 2023: At September 30, 2024 Fair Valuation Unobservable Weighted Value Technique Input Range Average (In Thousands) Assets: Loans individually evaluated $ 4,413 Income approach Capitalization rate 6.00 % 6.00 % Real estate owned 978 Income approach Capitalization rate 13.50 % 13.50 % 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 September 30, 2024 and December 31, 2023. The methods and assumptions used to estimate fair value at September 30, 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 September 30, 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 $ 97,789 $ 97,789 $ 97,789 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 20,547 20,547 20,547 — — Securities held to maturity 15,061 12,623 — 12,623 — Loans receivable, net 1,755,426 1,749,916 — — 1,749,916 Investments in restricted stock 712 712 — 712 — Accrued interest receivable 13,463 13,463 — 13,463 — Financial Liabilities Deposits 1,628,067 1,634,216 — 1,634,216 — Borrowings 7,000 6,232 — 6,232 — 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	9 Months Ended
Revenue Recognition	Sep. 30, 2024
Revenue Recognition
Revenue Recognition	Note 11 — 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 September 30, 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 and nine months ended September 30, 2024 and 2023. Sources of revenue outside the scope of ASC 606 are noted as such: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) (In Thousands) Non-interest income: Deposit-related fees and charges $ 17 $ 15 $ 46 $ 42 Loan-related fees and charges (1) 315 106 816 652 Electronic banking fees and charges 257 243 751 723 Income from bank owned life insurance (1) 167 153 486 857 Investment advisory fees — 114 — 343 Unrealized gain (loss) on equity securities (1) 547 (430) 445 (327) Miscellaneous (1) 46 20 90 67 Total non-interest income $ 1,349 $ 221 $ 2,634 $ 2,357 (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. 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 previously earned fees from investment advisory and financial planning services under the name of Harbor West Wealth Management Group, a former division of the Bank, through a networking arrangement with a registered broker-dealer and investment advisor. Under this prior arrangement, the registered broker-dealer deducted investment advisory fees and financial planning services fees from the client’s assets under management and remitted the fees, net of administrative fees, to the Bank on a monthly basis. The Company recognized the fees into non-interest income upon the Bank’s 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 a result, the Bank no longer generates investment advisory fees following the completion of the sale transaction.

Other Non-Interest Expenses

Other Non-Interest Expenses	9 Months Ended
Other Non-Interest Expenses	Sep. 30, 2024
Other Non-Interest Expenses
Other Non-Interest Expenses	Note 12 — Other Non-Interest Expenses The following is an analysis of other non-interest expenses: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) (In Thousands) Other $ 155 $ 185 $ 530 $ 558 Regulatory insurance premium and assessments 823 747 2,280 1,696 Dues and subscriptions 182 173 574 517 Service contracts 438 364 1,284 1,040 Consulting expense 190 191 590 612 Telephone 145 167 478 486 Directors' compensation 233 217 719 666 Audit and accounting 130 159 406 376 Insurance 106 97 318 290 Director, officer, and employee expense 78 62 238 190 Legal fees 84 238 269 474 Office supplies and stationary 40 44 148 132 Recruiting expense 3 2 30 27 $ 2,607 $ 2,646 $ 7,864 $ 7,064

Stock Compensation Plans

Stock Compensation Plans	9 Months Ended
Stock Compensation Plans	Sep. 30, 2024
Stock Compensation Plans
Stock Compensation Plans	Note 13 — 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 September 30, 2024 and December 31, 2023, there were 132,759 shares available for future awards under this plan, which includes 98,311 shares available for stock options and 34,448 shares available for restricted stock awards. A summary of the Company’s restricted stock activity and related information for the three and nine months ended September 30, 2024 and 2023 follows: 2024 Weighted Average Shares Market Price Outstanding at December 31, 2023 286,508 $ 13.72 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2024 286,508 $ 13.72 Granted — — Forfeited — — Vested — — Outstanding at June 30, 2024 286,508 $ 13.72 Granted 30,000 22.82 Forfeited — — Vested 17,376 — Outstanding at September 30, 2024 299,132 $ 14.63 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 Granted — — Forfeited — — Vested — — Outstanding at June 30, 2023 352,037 $ 13.72 Granted — — Forfeited — — Vested 17,376 — Outstanding at September 30, 2023 334,661 $ 13.67 Compensation expense related to restricted stock was for the nine months ended September 30, 2024 and 2023. At September 30, 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 and nine months ended September 30, 2024 and 2023 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 Granted — — Forfeited — — Exercised — — Outstanding at June 30, 2024 879,097 $ 13.67 Exercisable at June 30, 2024 175,019 13.67 Granted — — Forfeited — — Exercised — — Outstanding at September 30, 2024 879,097 $ 13.67 Exercisable at September 30, 2024 218,460 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 — — Granted — — Forfeited — — Exercised — — Outstanding at June 30, 2023 880,097 $ 13.67 Exercisable at June 30, 2023 — — Granted — — Forfeited — — Vested — — Outstanding at September 30, 2023 880,097 $ 13.67 Exercisable at September 30, 2023 43,441 13.67 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 nine months ended September 30, 2024 and 2023. At September 30, 2024 and December 31, 2023, unrecognized compensation cost related to stock option awards was

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 14 — 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, which requires disclosure of the amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction in which income taxes paid is equal to or greater than 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), which 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 since, 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 12,686	$ 12,798	$ 11,374	$ 11,843	$ 11,087	$ 11,244	$ 36,858	$ 34,175

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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, brokered deposits, military deposits, and listing deposit services as sources 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 and service charges. The Bank 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 of 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. As a result of the transaction, the Bank no longer offers these services and no longer generates investment advisory fees. 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 Concentration Risk:	Loan Concentration Risk: The Company’s lending activity is concentrated in construction loans secured by the construction primarily of multi-family, residential condominium properties, and occasionally non-residential properties located in New York State and occasionally by the renovation of multi-family properties in Massachusetts. As of September 30, 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 September 30, 2024, the Company had

Regulatory Capital (Tables)

Regulatory Capital (Tables)	9 Months Ended
Regulatory Capital (Tables)	Sep. 30, 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 September 30, 2024: Total capital (to risk-weighted assets) $ 288,849 14.04 % $ ≥ 164,542 ≥ 8.00 % $ ≥ 205,678 ≥ 10.00 % Tier 1 capital (to risk-weighted assets) 283,012 13.76 ≥ 123,407 ≥ 6.00 ≥ 164,542 ≥ 8.00 Common equity tier 1 capital (to risk-weighted assets) 283,012 13.76 ≥ 92,555 ≥ 4.50 ≥ 133,691 ≥ 6.50 Core (Tier 1) capital (to adjusted total assets) 283,012 14.76 ≥ 76,706 ≥ 4.00 ≥ 95,883 ≥ 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)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share
Schedule of computations of basic and diluted earnings per share	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands, except per share data) (In Thousands, except per share data) Net income (basic and diluted) $ 12,686 $ 11,843 $ 36,858 $ 34,175 Weighted average shares issued 14,013 15,855 14,053 15,233 Less: Weighted average unearned ESOP shares (638) (769) (660) (747) Less: Weighted average unvested restricted shares (300) (343) (285) (343) Basic weighted average shares outstanding 13,075 14,743 13,108 14,143 Add: Dilutive effect of restricted stock 130 76 101 49 Add: Dilutive effect of stock options 212 3 70 — Diluted weighted average shares outstanding 13,417 14,822 13,279 14,192 Net income per share Basic $ 0.97 $ 0.80 $ 2.81 $ 2.42 Diluted $ 0.95 $ 0.80 $ 2.78 $ 2.41

Equity Securities (Tables)

Equity Securities (Tables)	9 Months Ended
Equity Securities (Tables)	Sep. 30, 2024
Equity Securities
Schedule of equity securities	September 30, December 31, 2024 2023 (In Thousands) Equity Securities, at Fair Value $ 20,547 $ 18,102
Schedule of unrealized loss or gain recognized in net income on equity securities	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) (In Thousands) Net gain (loss) recognized on equity securities during the period $ 547 $ (430) $ 445 $ (327) Less: Net losses realized on the sale of equity securities during the period — — — — Unrealized net gain (loss) recognized on equity securities held at the reporting date $ 547 $ (430) $ 445 $ (327)

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	9 Months Ended
Securities Held-to-Maturity (Tables)	Sep. 30, 2024
Securities Held-to-Maturity
Summary of securities held-to-maturity portfolio	September 30, 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 $ 425 $ — $ 3 $ 422 $ — Federal Home Loan Mortgage Corporation 798 1 87 712 — Federal National Mortgage Association 1,752 — 145 1,607 — Collateralized mortgage obligations – GSE 2,806 — 541 2,265 — Total mortgage-backed securities 5,781 1 776 5,006 — Municipal Bonds 9,406 — 1,789 7,617 126 $ 15,187 $ 1 $ 2,565 $ 12,623 $ 126 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	September 30, 2024 Amortized Fair Cost Value (In Thousands) Due within one year $ 716 $ 648 Due after one but within five years 1,944 1,666 Due after five but within ten years 2,776 2,343 Due after ten years 9,751 7,966 $ 15,187 $ 12,623
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 Provision for (reversal of) credit loss (7) Balance – June 30, 2024 $ 126 Provision for (reversal of) credit loss - Balance – September 30, 2024 $ 126 Municipal Bonds Balance – December 31, 2022 $ - Impact of adopting ASC 326 132 Provision for credit loss 4 Balance – March 31, 2023 $ 136 Provision for (reversal of) credit loss (1) Balance – June 30, 2023 $ 135 Provision for (reversal of) credit loss (4) Balance – September 30, 2023 $ 131
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) September 30, 2024: Mortgage-backed securities - residential: Government National Mortgage Association $ — $ — $ 422 $ 3 $ 422 $ 3 Federal Home Loan Mortgage Corporation — — 679 87 679 87 Federal National Mortgage Association — — 1,607 145 1,607 145 Collateralized mortgage obligations – GSE — — 2,265 541 2,265 541 Total mortgage-backed securities $ — $ — $ 4,973 $ 776 $ 4,973 $ 776 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)	9 Months Ended
	Sep. 30, 2024
Loans Receivable and the Allowance for Credit Losses
Summary of composition of loans	September 30, December 31, 2024 2023 (In Thousands) Residential real estate: One-to-four family $ 3,507 $ 5,252 Multi-family 202,516 198,927 Mixed-use 28,399 29,643 Total residential real estate 234,422 233,822 Non-residential real estate 30,312 21,130 Construction 1,368,222 1,219,413 Commercial and industrial 125,520 111,116 Consumer 2,028 1,240 Total Loans 1,760,504 1,586,721 Deferred loan (fees) costs, net (245) 176 Allowance for credit losses (4,833) (5,093) $ 1,755,426 $ 1,581,804
Schedule of analysis of the activity in the allowance for loan losses	At September 30, 2024: Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Total (In Thousands) Allowance for credit losses: Ending balance $ 1,936 $ 318 $ 1,959 $ 418 $ 202 $ 4,833 Ending balance: individually evaluated for credit loss $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for credit loss $ 1,936 $ 318 $ 1,959 $ 418 $ 202 $ 4,833 Loans receivable: Ending balance $ 234,422 $ 30,312 $ 1,368,222 $ 125,520 $ 2,028 $ 1,760,504 Ending balance: individually evaluated for credit loss $ — $ — $ 4,413 $ — $ — $ 4,413 Ending balance: collectively evaluated for credit loss $ 234,422 $ 30,312 $ 1,363,809 $ 125,520 $ 2,028 $ 1,756,091 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 - June 30, 2024 $ 2,024 $ 379 $ 1,868 $ 477 $ 167 $ — $ 4,915 Charge-offs — — — — (82) — (82) Recoveries — — — — — — — Provision (reversal of) (88) (61) 91 (59) 117 — — Balance - September 30, 2024 $ 1,936 $ 318 $ 1,959 $ 418 $ 202 $ — $ 4,833 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance - June 30, 2023 $ 1,559 $ 118 $ 2,123 $ 515 $ 85 $ — $ 4,400 Charge-offs — — — — (71) — (71) Recoveries — — — — — — — Provision (Benefit) 549 (8) (206) (30) 133 — 438 Balance - September 30, 2023 $ 2,108 $ 110 $ 1,917 $ 485 $ 147 $ — $ 4,767 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 — — — — (115) — (115) Recoveries — — — — — — — Provision (reversal of) (497) 192 45 (54) 169 — (145) Balance - September 30, 2024 $ 1,936 $ 318 $ 1,959 $ 418 $ 202 $ — $ 4,833 Non- Commercial Residential residential and Real Estate Real Estate Construction Industrial Consumer Unallocated Total (In Thousands) Allowance for loan 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 — — (159) — (127) — (286) Recoveries — — — — — — — Provision (Benefit) 685 (28) 327 (33) 212 — 1,163 Balance - September 30, 2023 $ 2,108 $ 110 $ 1,917 $ 485 $ 147 $ — $ 4,767
Schedule of age analysis of past due loans	Age Analysis of Past Due Loans as of September 30, 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 $ — $ — $ — $ — $ 3,507 $ 3,507 $ — Multi-family — — — — 202,516 202,516 — Mixed-use — — — — 28,399 28,399 — Non-residential real estate — — — — 30,312 30,312 — Construction loans 9,291 — 4,413 13,704 1,354,518 1,368,222 — Commercial and industrial loans 1,125 — — 1,125 124,395 125,520 — Consumer — — — — 2,028 2,028 — $ 10,416 $ — $ 4,413 $ 14,829 $ 1,745,675 $ 1,760,504 $ — 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 September 30, 2024 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total Residential real estate Risk Rating Pass $ 9,913 $ 79,216 $ 71,111 $ 24,488 $ 11,421 $ 38,273 $ - $ - $ 234,422 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 9,913 $ 79,216 $ 71,111 $ 24,488 $ 11,421 $ 38,273 $ - $ - $ 234,422 Residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Non-residential real estate Risk Rating Pass $ 13,941 $ 1,577 $ 245 $ 1,793 $ 980 $ 11,776 $ - $ - $ 30,312 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 13,941 $ 1,577 $ 245 $ 1,793 $ 980 $ 11,776 $ - $ - $ 30,312 Non-residential real estate Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction - Risk Rating Pass $ 269,931 $ 458,822 $ 363,671 $ 174,781 $ 44,749 $ 51,855 $ - $ - $ 1,363,809 Special Mention - - - - - - - - - Substandard - - - - 4,413 - - - 4,413 Doubtful - - - - - - - - - Total $ 269,931 $ 458,822 $ 363,671 $ 174,781 $ 49,162 $ 51,855 $ - $ - $ 1,368,222 Construction Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial and industrial - Risk Rating Pass $ 1,311 $ 4,543 $ 7,191 $ 284 $ 172 $ 1,525 $ 110,097 $ 397 $ 125,520 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 1,311 $ 4,543 $ 7,191 $ 284 $ 172 $ 1,525 $ 110,097 $ 397 $ 125,520 Commercial and industrial Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer - Risk Rating Pass $ 2,019 $ - $ - $ - $ - $ 9 $ - $ - $ 2,028 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 2,019 $ - $ - $ - $ - $ 9 $ - $ - $ 2,028 Consumer Current period gross charge-offs $ 115 $ - $ - $ - $ - $ - $ - $ - $ 115 Total - Risk Rating Pass $ 297,115 $ 544,158 $ 442,218 $ 201,346 $ 57,322 $ 103,438 $ 110,097 $ 397 $ 1,756,091 Special Mention - - - - - - - - - Substandard - - - - 4,413 - - - 4,413 Doubtful - - - - - - - - - Total $ 297,115 $ 544,158 $ 442,218 $ 201,346 $ 61,735 $ 103,438 $ 110,097 $ 397 $ 1,760,504 Total Current period gross charge-offs $ 115 $ - $ - $ - $ - $ - $ - $ - $ 115 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 Provision for (reversal of) credit loss (219) Balance – June 30, 2024 $ 802 Provision for (reversal of) credit loss 105 Balance – September 30, 2024 $ 907 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 Provision for (reversal of) credit loss 83 Balance – June 30, 2023 $ 1,469 Provision for (reversal of) credit loss (278) Balance – September 30, 2023 $ 1,191

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
Borrowings (Tables)	Sep. 30, 2024
Borrowings
Schedule of FHLB advances	September 30, 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)	9 Months Ended
Benefits Plans (Tables)	Sep. 30, 2024
Benefits Plans
Schedule of components of net pension periodic expense	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Dollars In Thousands) (Dollars In Thousands) Net periodic pension expense: Service cost $ 23 $ 31 $ 80 $ 93 Interest cost 21 10 64 30 Actuarial gain recognized (13) (8) (39) (24) Total net periodic pension expense included in other non-interest expenses $ 31 $ 33 $ 105 $ 99
Summary of ESOP shares	September 30, December 31, 2024 2023 Allocated shares 781,762 694,842 Shares committed to be released 65,187 86,920 Unearned shares 630,460 695,647 Total ESOP Shares 1,477,409 1,477,409 Less allocated shares distributed to former or retired employees (165,644) (143,612) Total ESOP Shares Held by Trustee 1,311,765 1,333,797 Fair value of unearned shares $ 16,675,667 $ 12,340,778

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
Fair Value Disclosures (Tables)	Sep. 30, 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 September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, Description 2024 2023 2024 2023 2024 2023 2024 2023 Assets: Marketable equity securities: Mutual funds $ 20,547 $ 18,102 $ — $ — $ — $ — $ 20,547 $ 18,102 Total assets $ 20,547 $ 18,102 $ — $ — $ — $ — $ 20,547 $ 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 September 30, December 31, September 30, December 31, September 30, December 31, September 30, December 31, Description 2024 2023 2024 2023 2024 2023 2024 2023 (In Thousands) Assets: Loans individually evaluated $ — $ — $ — $ — $ 4,413 $ 4,385 $ 4,413 $ 4,385 Real estate owned — — — — 978 1,456 978 1,456 Total assets $ — $ — $ — $ — $ 5,391 $ 5,841 $ 5,391 $ 5,841
Schedule of qualitative information about non-recurring Level 3 fair value measurements of financial instruments	At September 30, 2024 Fair Valuation Unobservable Weighted Value Technique Input Range Average (In Thousands) Assets: Loans individually evaluated $ 4,413 Income approach Capitalization rate 6.00 % 6.00 % Real estate owned 978 Income approach Capitalization rate 13.50 % 13.50 % 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 September 30, 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 $ 97,789 $ 97,789 $ 97,789 $ — $ — Certificates of deposit 100 100 — 100 — Marketable equity securities 20,547 20,547 20,547 — — Securities held to maturity 15,061 12,623 — 12,623 — Loans receivable, net 1,755,426 1,749,916 — — 1,749,916 Investments in restricted stock 712 712 — 712 — Accrued interest receivable 13,463 13,463 — 13,463 — Financial Liabilities Deposits 1,628,067 1,634,216 — 1,634,216 — Borrowings 7,000 6,232 — 6,232 — 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)	9 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2024
Revenue Recognition
Schedule of revenue recognition	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) (In Thousands) Non-interest income: Deposit-related fees and charges $ 17 $ 15 $ 46 $ 42 Loan-related fees and charges (1) 315 106 816 652 Electronic banking fees and charges 257 243 751 723 Income from bank owned life insurance (1) 167 153 486 857 Investment advisory fees — 114 — 343 Unrealized gain (loss) on equity securities (1) 547 (430) 445 (327) Miscellaneous (1) 46 20 90 67 Total non-interest income $ 1,349 $ 221 $ 2,634 $ 2,357 (1) Not within the scope of ASC 606.

Other Non-Interest Expenses (Ta

Other Non-Interest Expenses (Tables)	9 Months Ended
Other Non-Interest Expenses (Tables)	Sep. 30, 2024
Other Non-Interest Expenses
Schedule of other non-interest expenses	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) (In Thousands) Other $ 155 $ 185 $ 530 $ 558 Regulatory insurance premium and assessments 823 747 2,280 1,696 Dues and subscriptions 182 173 574 517 Service contracts 438 364 1,284 1,040 Consulting expense 190 191 590 612 Telephone 145 167 478 486 Directors' compensation 233 217 719 666 Audit and accounting 130 159 406 376 Insurance 106 97 318 290 Director, officer, and employee expense 78 62 238 190 Legal fees 84 238 269 474 Office supplies and stationary 40 44 148 132 Recruiting expense 3 2 30 27 $ 2,607 $ 2,646 $ 7,864 $ 7,064

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	9 Months Ended
Stock Compensation Plans (Tables)	Sep. 30, 2024
Stock Compensation Plans
Schedule of restricted stock activity	2024 Weighted Average Shares Market Price Outstanding at December 31, 2023 286,508 $ 13.72 Granted — — Forfeited — — Vested — — Outstanding at March 31, 2024 286,508 $ 13.72 Granted — — Forfeited — — Vested — — Outstanding at June 30, 2024 286,508 $ 13.72 Granted 30,000 22.82 Forfeited — — Vested 17,376 — Outstanding at September 30, 2024 299,132 $ 14.63 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 Granted — — Forfeited — — Vested — — Outstanding at June 30, 2023 352,037 $ 13.72 Granted — — Forfeited — — Vested 17,376 — Outstanding at September 30, 2023 334,661 $ 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 Granted — — Forfeited — — Exercised — — Outstanding at June 30, 2024 879,097 $ 13.67 Exercisable at June 30, 2024 175,019 13.67 Granted — — Forfeited — — Exercised — — Outstanding at September 30, 2024 879,097 $ 13.67 Exercisable at September 30, 2024 218,460 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 — — Granted — — Forfeited — — Exercised — — Outstanding at June 30, 2023 880,097 $ 13.67 Exercisable at June 30, 2023 — — Granted — — Forfeited — — Vested — — Outstanding at September 30, 2023 880,097 $ 13.67 Exercisable at September 30, 2023 43,441 13.67

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Office property	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Number of branch offices \| Office	11
Number of loan production offices \| Office	3
Bronx
Summary of Significant Accounting Policies
Construction loans	$ 679.3	$ 626
Town of Monroe
Summary of Significant Accounting Policies
Construction loans	240.9	198.5
Hamlet of Monsey
Summary of Significant Accounting Policies
Construction loans	117.5	133.7
Village of Spring Valley
Summary of Significant Accounting Policies
Construction loans	135.1	$ 105.9
Rockland County
Summary of Significant Accounting Policies
Construction loans	$ 75.9
Percentage Of Construction Loan	5.70%
New England Commercial Properties LLC
Summary of Significant Accounting Policies
Number of foreclosed properties \| property	1

Regulatory Capital (Details)

Regulatory Capital (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Actual Capital Amount
Total capital (to risk-weighted assets), Actual amount	$ 288,849	$ 255,252
Total capital (to risk-weighted assets), Minimum Capital Adequacy amount	164,542	152,097
Total capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 205,678	$ 190,121
Actual Capital Ratio
Total capital (to risk-weighted assets), Actual ratio	0.1404	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	$ 283,012	$ 249,013
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy amount	123,407	114,072
Tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 164,542	$ 152,097
Tier 1 Capital Ratio
Tier 1 capital (to risk-weighted assets), Actual ratio	0.1376	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	$ 283,012	$ 249,013
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy amount	92,555	85,554
Common equity tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 133,691	$ 123,579
Common Equity Tier 1 Capital Ratio
Common equity tier 1 capital (to risk-weighted assets), Actual ratio	0.1376	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	$ 283,012	$ 249,013
Core (Tier 1) capital (to adjusted total assets), Minimum Capital Adequacy amount	76,706	69,007
Core (Tier 1) capital (to adjusted total assets), For Classification as Well-Capitalized amount	$ 95,883	$ 86,259
Core (Tier 1) Capital Ratio
Core (Tier 1) capital (to adjusted total assets), Actual ratio	0.1476	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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share
Net income (basic and diluted)	$ 12,686	$ 12,798	$ 11,374	$ 11,843	$ 11,087	$ 11,244	$ 36,858	$ 34,175
Weighted average shares issued	14,013			15,855			14,053	15,233
Less: Weighted average unearned ESOP shares	(638)			(769)			(660)	(747)
Less: Weighted average unvested restricted shares	(300)			(343)			(285)	(343)
Basic weighted average shares outstanding	13,075			14,743			13,108	14,143
Add: Dilutive effect of restricted stock	130			76			101	49
Add: Dilutive effect of stock options	212			3			70
Diluted weighted average shares outstanding	13,417			14,822			13,279	14,192
Net income per share
Basic (in $ per share)	$ 0.97			$ 0.80			$ 2.81	$ 2.42
Diluted (in $ per share)	$ 0.95			$ 0.80			$ 2.78	$ 2.41

Equity Securities - Schedule of

Equity Securities - Schedule of equity securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Equity Securities, at Fair Value	$ 20,547	$ 18,102
Mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities concentration percentage	90%
Municipal bonds
Debt and Equity Securities, FV-NI [Line Items]
Equity securities concentration percentage	10%

Equity Securities - Schedule _2

Equity Securities - Schedule of unrealized loss or gain recognized in net income on equity securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity Securities
Net gain (loss) recognized on equity securities during the period	$ 547	$ (430)	$ 445	$ (327)
Unrealized net gain (loss) recognized on equity securities held at the reporting date	$ 547	$ (430)	$ 445	$ (327)

Securities Held-to-Maturity - P

Securities Held-to-Maturity - Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Securities Held-to-Maturity
Amortized Cost	$ 15,187			$ 15,996
Gross Unrealized Gains	1
Gross Unrealized Losses	2,565			2,870
Fair Value	12,623			13,126
Allowance for Credit Loss	126			136
Government National Mortgage Association
Securities Held-to-Maturity
Amortized Cost	425			452
Gross Unrealized Losses	3			7
Fair Value	422			445
Federal Home Loan Mortgage Corporation
Securities Held-to-Maturity
Amortized Cost	798			868
Gross Unrealized Gains	1
Gross Unrealized Losses	87			114
Fair Value	712			754
Federal National Mortgage Association
Securities Held-to-Maturity
Amortized Cost	1,752			1,985
Gross Unrealized Losses	145			198
Fair Value	1,607			1,787
Collateralized mortgage obligations - GSE
Securities Held-to-Maturity
Amortized Cost	2,806			2,889
Gross Unrealized Losses	541			580
Fair Value	2,265			2,309
Mortgage-backed securities - residential
Securities Held-to-Maturity
Amortized Cost	5,781			6,194
Gross Unrealized Gains	1
Gross Unrealized Losses	776			899
Fair Value	5,006			5,295
Municipal Bonds
Securities Held-to-Maturity
Amortized Cost	9,406			9,802
Gross Unrealized Losses	1,789			1,971
Fair Value	7,617			7,831
Allowance for Credit Loss	$ 126	$ 126	$ 133	$ 136	$ 131	$ 135	$ 136

Securities Held-to-Maturity - C

Securities Held-to-Maturity - Contractual final maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Amortized Cost
Due within one year	$ 716
Due after one but within five years	1,944
Due after five but within ten years	2,776
Due after ten years	9,751
Amortized Cost	15,187
Fair Value
Due within one year	648
Due after one but within five years	1,666
Due after five but within ten years	2,343
Due after ten years	7,966
Fair Value	$ 12,623

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
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Beginning Balance			$ 136
Ending Balance	$ 126
Municipal Bonds
Schedule of Held-to-Maturity Securities [Line Items]
Beginning Balance	126	$ 133	136	$ 135	$ 136
Provision for (reversal of) credit loss		(7)	(3)	(4)	(1)	$ 4
Ending Balance	$ 126	$ 126	$ 133	$ 131	135	136
Municipal Bonds \| Impact of adopting ASC 326
Schedule of Held-to-Maturity Securities [Line Items]
Beginning Balance					$ 132
Ending Balance						$ 132

Securities Held-to-Maturity -_2

Securities Held-to-Maturity - Age of unrealized losses and the fair value (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Mortgage-backed securities
Gross Unrealized Losses
Number of securities with unrealized loss \| security	19	32
Government National Mortgage Association
Fair Value
12 Months or More	$ 422	$ 445
Total	422	445
Gross Unrealized Losses
12 Months or More	3	7
Total	3	7
Federal Home Loan Mortgage Corporation
Fair Value
12 Months or More	679	754
Total	679	754
Gross Unrealized Losses
12 Months or More	87	114
Total	87	114
Federal National Mortgage Association
Fair Value
12 Months or More	1,607	1,787
Total	1,607	1,787
Gross Unrealized Losses
12 Months or More	145	198
Total	145	198
Collateralized mortgage obligations - GSE
Fair Value
12 Months or More	2,265	2,309
Total	2,265	2,309
Gross Unrealized Losses
12 Months or More	541	580
Total	541	580
Total mortgage-backed securities
Fair Value
12 Months or More	4,973	5,295
Total	4,973	5,295
Gross Unrealized Losses
12 Months or More	776	899
Total	$ 776	$ 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	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Loans Receivable and the Allowance for Loan Losses
Loans receivable	$ 1,760,504		$ 1,586,721
Deferred loan (fees) costs, net	(245)		176
Allowance for credit losses	(4,833)	$ (4,915)	(5,093)	$ (4,767)	$ (4,400)	$ (5,474)
Net loans	1,755,426		1,581,804
Residential real estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	234,422		233,822
Allowance for credit losses	(1,936)	(2,024)	(2,433)	(2,108)	(1,559)	(528)
Residential real estate \| One-to-four family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	3,507		5,252
Residential real estate \| Multi-family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	202,516		198,927
Residential real estate \| Mixed-use
Loans Receivable and the Allowance for Loan Losses
Loans receivable	28,399		29,643
Non-residential Real estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	30,312		21,130
Allowance for credit losses	(318)	(379)	(126)	(110)	(118)	(131)
Construction
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,368,222		1,219,413
Allowance for credit losses	(1,959)	(1,868)	(1,914)	(1,917)	(2,123)	(3,835)
Commercial and industrial
Loans Receivable and the Allowance for Loan Losses
Loans receivable	125,520		111,116
Allowance for credit losses	(418)	(477)	(472)	(485)	(515)	(955)
Consumer
Loans Receivable and the Allowance for Loan Losses
Loans receivable	2,028		1,240
Allowance for credit losses	$ (202)	$ (167)	$ (148)	$ (147)	$ (85)	$ (18)

Loans Receivable and the Allo_4

Loans Receivable and the Allowance for Credit Losses - Narrative (Details)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2024 USD ($) loan	Sep. 30, 2024 USD ($) loan	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Loans Receivable and the Allowance for Loan Losses
Loans serviced for the benefit of others \| $		$ 50,700,000	$ 50,700,000	$ 40,700,000
Individually evaluated loans \| $		$ 4,400,000	$ 4,400,000	$ 4,400,000
Financing receivable individually evaluated for impairment, nonaccrual number \| loan		2	2
Interest income recognized from individually evaluated loans \| $			$ 0
Number of loans modified that were deemed troubled debt restructuring \| loan		0	0	0
Subsequent event
Loans Receivable and the Allowance for Loan Losses
Number of loans foreclosed \| loan	2
Foreclosure charges \| $	$ 60,000
Construction
Loans Receivable and the Allowance for Loan Losses
Number of loans individually evaluated for impairment \| loan		2	2

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	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Allowance for credit losses:
Ending balance	$ 4,833	$ 4,915	$ 5,093	$ 4,767	$ 4,400	$ 5,474
Ending balance	1,760,504		1,586,721
Ending balance: individually evaluated for credit loss	4,413		4,385
Ending balance: collectively evaluated for credit loss	1,756,091		1,582,336
Ending balance: collectively evaluated for credit loss	4,833		5,093
Residential real estate
Allowance for credit losses:
Ending balance	1,936	2,024	2,433	2,108	1,559	528
Ending balance	234,422		233,822
Ending balance: collectively evaluated for credit loss	234,422		233,822
Ending balance: collectively evaluated for credit loss	1,936		2,433
Non-residential Real estate
Allowance for credit losses:
Ending balance	318	379	126	110	118	131
Ending balance	30,312		21,130
Ending balance: collectively evaluated for credit loss	30,312		21,130
Ending balance: collectively evaluated for credit loss	318		126
Construction
Allowance for credit losses:
Ending balance	1,959	1,868	1,914	1,917	2,123	3,835
Ending balance	1,368,222		1,219,413
Ending balance: individually evaluated for credit loss	4,413		4,385
Ending balance: collectively evaluated for credit loss	1,363,809		1,215,028
Ending balance: collectively evaluated for credit loss	1,959		1,914
Commercial and industrial
Allowance for credit losses:
Ending balance	418	477	472	485	515	955
Ending balance	125,520		111,116
Ending balance: collectively evaluated for credit loss	125,520		111,116
Ending balance: collectively evaluated for credit loss	418		472
Consumer
Allowance for credit losses:
Ending balance	202	$ 167	148	$ 147	$ 85	$ 18
Ending balance	2,028		1,240
Ending balance: collectively evaluated for credit loss	2,028		1,240
Ending balance: collectively evaluated for credit loss	$ 202		$ 148

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		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ 4,915	$ 4,400	$ 5,093	$ 5,474	$ 5,474
Charge-offs	(82)	(71)	(115)	(286)	(313)
Provision (reversal of)		438	(145)	1,163
Ending balance	4,833	4,767	4,833	4,767	5,093
Residential real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	2,024	1,559	2,433	528	528
Provision (reversal of)	(88)	549	(497)	685
Ending balance	1,936	2,108	1,936	2,108	2,433
Non-residential Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	379	118	126	131	131
Provision (reversal of)	(61)	(8)	192	(28)
Ending balance	318	110	318	110	126
Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	1,868	2,123	1,914	3,835	3,835
Charge-offs				(159)	(159)
Provision (reversal of)	91	(206)	45	327
Ending balance	1,959	1,917	1,959	1,917	1,914
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	477	515	472	955	955
Provision (reversal of)	(59)	(30)	(54)	(33)
Ending balance	418	485	418	485	472
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	167	85	148	18	18
Charge-offs	(82)	(71)	(115)	(127)	(154)
Provision (reversal of)	117	133	169	212
Ending balance	$ 202	147	$ 202	147	148
Unallocated
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance				7	$ 7
Retained Earnings Cumulative effect of adoption of ASU 2016-13
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		(1,584)		(1,584)
Retained Earnings Cumulative effect of adoption of ASU 2016-13 \| Residential real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		895		895
Retained Earnings Cumulative effect of adoption of ASU 2016-13 \| Non-residential Real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		7		7
Retained Earnings Cumulative effect of adoption of ASU 2016-13 \| Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		(2,086)		(2,086)
Retained Earnings Cumulative effect of adoption of ASU 2016-13 \| Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		(437)		(437)
Retained Earnings Cumulative effect of adoption of ASU 2016-13 \| Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		44		44
Retained Earnings Cumulative effect of adoption of ASU 2016-13 \| Unallocated
Financing Receivable, Allowance for Credit Loss [Line Items]
Ending balance		$ (7)		$ (7)

Loans Receivable and the Allo_7

Loans Receivable and the Allowance for Credit Losses - Schedule of age analysis of past due loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loans Receivable and the Allowance for Loan Losses
Loans receivable	$ 1,760,504	$ 1,586,721
30-59 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable	10,416	2,320
90 Days Or Greater
Loans Receivable and the Allowance for Loan Losses
Loans receivable	4,413	4,385
Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable	14,829	6,705
Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,745,675	1,580,016
Residential real estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	234,422	233,822
Residential real estate \| One-to-four family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	3,507	5,252
Residential real estate \| One-to-four family \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable	3,507	5,252
Residential real estate \| Multi-family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	202,516	198,927
Residential real estate \| Multi-family \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable	202,516	198,927
Residential real estate \| Mixed-use
Loans Receivable and the Allowance for Loan Losses
Loans receivable	28,399	29,643
Residential real estate \| Mixed-use \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable	28,399	29,643
Non-residential Real estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	30,312	21,130
Non-residential Real estate \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable	30,312	21,130
Construction
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,368,222	1,219,413
Construction \| 30-59 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable	9,291	2,319
Construction \| 90 Days Or Greater
Loans Receivable and the Allowance for Loan Losses
Loans receivable	4,413	4,385
Construction \| Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable	13,704	6,704
Construction \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,354,518	1,212,709
Commercial and industrial
Loans Receivable and the Allowance for Loan Losses
Loans receivable	125,520	111,116
Commercial and industrial \| 30-59 Days Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,125
Commercial and industrial \| Past Due
Loans Receivable and the Allowance for Loan Losses
Loans receivable	1,125
Commercial and industrial \| Current
Loans Receivable and the Allowance for Loan Losses
Loans receivable	124,395	111,116
Consumer
Loans Receivable and the Allowance for Loan Losses
Loans receivable	2,028	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	$ 2,028	$ 1,239

Loans Receivable and the Allo_8

Loans Receivable and the Allowance for Credit Losses - Summary of risk category of loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loans Receivable and the Allowance for Loan Losses
2024/2023	$ 297,115		$ 297,115		$ 466,030
2023/2022	544,158		544,158		581,524
2022/2021	442,218		442,218		243,682
2021/2020	201,346		201,346		73,291
2020/2019	61,735		61,735		27,163
Prior	103,438		103,438		100,664
Revolving Loans Amortized Cost Basis	110,097		110,097		91,312
Revolving Loans Converted to Term	397		397		3,055
Total	1,760,504		1,760,504		1,586,721
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff
2024/2023			115		154
Prior					159
Total	82	$ 71	115	$ 286	313
Residential real estate
Loans Receivable and the Allowance for Loan Losses
2024/2023	9,913		9,913		81,379
2023/2022	79,216		79,216		71,932
2022/2021	71,111		71,111		24,504
2021/2020	24,488		24,488		11,611
2020/2019	11,421		11,421		1,326
Prior	38,273		38,273		43,070
Total	234,422		234,422		233,822
Non-residential Real estate
Loans Receivable and the Allowance for Loan Losses
2024/2023	13,941		13,941		1,602
2023/2022	1,577		1,577		251
2022/2021	245		245		1,841
2021/2020	1,793		1,793		995
2020/2019	980		980		379
Prior	11,776		11,776		16,062
Total	30,312		30,312		21,130
Construction
Loans Receivable and the Allowance for Loan Losses
2024/2023	269,931		269,931		376,763
2023/2022	458,822		458,822		501,012
2022/2021	363,671		363,671		216,901
2021/2020	174,781		174,781		60,250
2020/2019	49,162		49,162		25,150
Prior	51,855		51,855		39,337
Total	1,368,222		1,368,222		1,219,413
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff
Prior					159
Total				159	159
Commercial and industrial
Loans Receivable and the Allowance for Loan Losses
2024/2023	1,311		1,311		5,057
2023/2022	4,543		4,543		8,329
2022/2021	7,191		7,191		436
2021/2020	284		284		435
2020/2019	172		172		308
Prior	1,525		1,525		2,195
Revolving Loans Amortized Cost Basis	110,097		110,097		91,301
Revolving Loans Converted to Term	397		397		3,055
Total	125,520		125,520		111,116
Consumer
Loans Receivable and the Allowance for Loan Losses
2024/2023	2,019		2,019		1,229
Prior	9		9
Revolving Loans Amortized Cost Basis					11
Total	2,028		2,028		1,240
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff
2024/2023			115		154
Total	82	$ 71	115	$ 127	154
Pass
Loans Receivable and the Allowance for Loan Losses
2024/2023	297,115		297,115		466,030
2023/2022	544,158		544,158		581,524
2022/2021	442,218		442,218		243,682
2021/2020	201,346		201,346		67,991
2020/2019	57,322		57,322		27,163
Prior	103,438		103,438		100,664
Revolving Loans Amortized Cost Basis	110,097		110,097		91,312
Revolving Loans Converted to Term	397		397		3,055
Total	1,756,091		1,756,091		1,581,421
Pass \| Residential real estate
Loans Receivable and the Allowance for Loan Losses
2024/2023	9,913		9,913		81,379
2023/2022	79,216		79,216		71,932
2022/2021	71,111		71,111		24,504
2021/2020	24,488		24,488		10,696
2020/2019	11,421		11,421		1,326
Prior	38,273		38,273		43,070
Total	234,422		234,422		232,907
Pass \| Non-residential Real estate
Loans Receivable and the Allowance for Loan Losses
2024/2023	13,941		13,941		1,602
2023/2022	1,577		1,577		251
2022/2021	245		245		1,841
2021/2020	1,793		1,793		995
2020/2019	980		980		379
Prior	11,776		11,776		16,062
Total	30,312		30,312		21,130
Pass \| Construction
Loans Receivable and the Allowance for Loan Losses
2024/2023	269,931		269,931		376,763
2023/2022	458,822		458,822		501,012
2022/2021	363,671		363,671		216,901
2021/2020	174,781		174,781		55,865
2020/2019	44,749		44,749		25,150
Prior	51,855		51,855		39,337
Total	1,363,809		1,363,809		1,215,028
Pass \| Commercial and industrial
Loans Receivable and the Allowance for Loan Losses
2024/2023	1,311		1,311		5,057
2023/2022	4,543		4,543		8,329
2022/2021	7,191		7,191		436
2021/2020	284		284		435
2020/2019	172		172		308
Prior	1,525		1,525		2,195
Revolving Loans Amortized Cost Basis	110,097		110,097		91,301
Revolving Loans Converted to Term	397		397		3,055
Total	125,520		125,520		111,116
Pass \| Consumer
Loans Receivable and the Allowance for Loan Losses
2024/2023	2,019		2,019		1,229
Prior	9		9
Revolving Loans Amortized Cost Basis					11
Total	2,028		2,028		1,240
Special Mention
Loans Receivable and the Allowance for Loan Losses
2021/2020					915
Total					915
Special Mention \| Residential real estate
Loans Receivable and the Allowance for Loan Losses
2021/2020					915
Total					915
Substandard
Loans Receivable and the Allowance for Loan Losses
2021/2020					4,385
2020/2019	4,413		4,413
Total	4,413		4,413		4,385
Substandard \| Construction
Loans Receivable and the Allowance for Loan Losses
2021/2020					4,385
2020/2019	4,413		4,413
Total	$ 4,413		$ 4,413		$ 4,385

Loans Receivable and the Allo_9

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
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning balance of allowance for credit loss on off-balance sheet Commitments	$ 802	$ 1,021	$ 1,038	$ 1,469	$ 1,386
Provisions of credit loss expense - off-balance sheet commitments	105	(219)	(17)	(278)	83	$ (200)
Ending balance of allowance for Credit Loss on off-balance sheet Commitments	$ 907	$ 802	$ 1,021	$ 1,191	1,469	1,386
Impact of adopting ASC 326 \| Adoption of ASU 2016-13
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]
Beginning balance of allowance for credit loss on off-balance sheet Commitments					$ 1,586
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		9 Months Ended
Real Estate Owned ("REO") (Details)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property
Real Estate Owned ("REO")
Number of foreclosed property owned \| property	1		1		1
Value of foreclosed property owned	$ 978,000		$ 978,000		$ 1,456,000
Impairment of real estate owned	478,000		478,000
REO expense including loss on sales and write-downs	$ 488,000	$ 11,000	$ 527,000	$ 52,000

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 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	1 Months Ended	9 Months Ended
Borrowings - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Borrowings
Advances subject to early call or redemption features		$ 0
Outstanding borrowings		7,000		$ 14,000
Repayment of FHLB advacne		7,000	$ 7,000
Subsequent event
Borrowings
Repayment of FHLB advacne	$ 7,000
Federal Reserve Bank of New York ("FRBNY").
Borrowings
Outstanding borrowings		$ 0		$ 50,000
Interest rate (as a percent)		5.50%		5.50%
Available borrowing limit		$ 832,100
Federal Home Loan Bank Advance, Two
Borrowings
Term of the advance		6 years
FHLB
Borrowings
Maximum borrowing capacity		$ 14,800
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 ($)	3 Months Ended		9 Months Ended		21 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Net periodic pension expense:
Service cost	$ 23,000	$ 31,000	$ 80,000	$ 93,000
Interest cost	21,000	10,000	64,000	30,000
Actuarial gain recognized	(13,000)	(8,000)	(39,000)	(24,000)
Total net periodic pension expense included in other non-interest expenses	31,000	33,000	$ 105,000	$ 99,000
Unrecognized net gain (loss) included in accumulated other comprehensive income	$ (18,000)	$ (18,000)			$ (54,000)

Benefits Plans - Narrative (Det

Benefits Plans - Narrative (Details)		3 Months Ended		9 Months Ended
Benefits Plans - Narrative (Details)	Jul. 12, 2021 USD ($) installment $ / shares shares	Sep. 30, 2024 USD ($) installment $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) installment $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares
Benefits Plans
Balance remaining on the ESOP loan		$ 1,755,426,000		$ 1,755,426,000		$ 1,581,804,000
Shares committed to be released \| shares		65,187		65,187		86,920
401 (K) Plan
Benefits Plans
Participants maximum contribution (as a percent)				60%
Employers matching contribution (as a percent)		0%	0%	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		$ 5,184,200
Common stock shares acquired \| shares	782,726			518,420
Share price \| $ / shares	$ 10	$ 10		$ 10
Interest rate on loans (as a percent)	3.25%			8.25%
Number of installments of loans receivable \| installment	15	20		20
Balance remaining on the ESOP loan		$ 919,000		$ 919,000		$ 919,000
Shares committed to be released \| shares		2,894		2,894
Expense on defined benefit plan		$ 473,000	$ 340,000	$ 1,184,000	$ 960,000
Dividends on unallocated shares reduced from loan		209,000	47,000	348,000	141,000
Dividends on allocated shares charged to retained earnings		235,000	42,000	391,000	125,000
ESOP 2021 \| Employee Stock Ownership Plan Loan
Benefits Plans
Balance remaining on the ESOP loan		$ 6,417,000		$ 6,417,000		$ 6,417,000
Shares committed to be released \| shares		4,348		4,348
Pension Plan \| SERP
Benefits Plans
Monthly installments				50%
Term of average base salary preceding retirement				3 years
2024		$ 0		$ 0
2025		0		0
2026		0		0
2027		0		0
2028		0		0
Expense on defined benefit plan		$ 130,000	$ 51,000	$ 391,000	$ 162,000
Pension Plan \| SERP \| Minimum
Benefits Plans
Benefit payment term				15 years

Benefits Plans - ESOP shares (D

Benefits Plans - ESOP shares (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Benefits Plans
Allocated shares	781,762	694,842
Shares committed to be released	65,187	86,920
Unearned shares	630,460	695,647
Total ESOP Shares	1,477,409	1,477,409
Less allocated shares distributed to former or retired employees	(165,644)	(143,612)
Total ESOP Shares Held by Trustee	1,311,765	1,333,797
Fair value of unearned shares	$ 16,675,667	$ 12,340,778

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets carried at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 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	20,547	18,102
Total Liabilities	0	0
Recurring \| Mutual Fund
Fair Value Disclosures
Total assets	20,547	18,102
Level 1 \| Recurring
Fair Value Disclosures
Total assets	20,547	18,102
Level 1 \| Recurring \| Mutual Fund
Fair Value Disclosures
Total assets	$ 20,547	$ 18,102

Fair Value Disclosures - Asse_2

Fair Value Disclosures - Assets carried at fair value on a non-recurring basis (Details) - Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures
Total assets	$ 5,391	$ 5,841
Total Liabilities	0	0
Collateral dependent loans
Fair Value Disclosures
Total assets	4,413	4,385
Real estate owned
Fair Value Disclosures
Total assets	978	1,456
Level 3
Fair Value Disclosures
Total assets	5,391	5,841
Level 3 \| Collateral dependent loans
Fair Value Disclosures
Total assets	4,413	4,385
Level 3 \| Real estate owned
Fair Value Disclosures
Total assets	$ 978	$ 1,456

Fair Value Disclosures - Qualit

Fair Value Disclosures - Qualitative information about non-recurring Level III fair value measurements (Details) - Nonrecurring $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Disclosures
Fair value	$ 5,391	$ 5,841
Real estate owned
Fair Value Disclosures
Fair value	978	1,456
Collateral dependent loans
Fair Value Disclosures
Fair value	4,413	4,385
Level 3
Fair Value Disclosures
Fair value	5,391	5,841
Level 3 \| Real estate owned
Fair Value Disclosures
Fair value	978	1,456
Level 3 \| Real estate owned \| Income approach
Fair Value Disclosures
Fair value	$ 978	$ 1,456
Level 3 \| Real estate owned \| Income approach \| Capitalization rate
Fair Value Disclosures
Securities held for sale	0.1350	0.1200
Level 3 \| Real estate owned \| Income approach \| Weighted Average \| Capitalization rate
Fair Value Disclosures
Securities held for sale	0.1350	0.1200
Level 3 \| Collateral dependent loans
Fair Value Disclosures
Fair value	$ 4,413	$ 4,385
Level 3 \| Collateral dependent loans \| Income approach
Fair Value Disclosures
Fair value	$ 4,413	$ 4,385
Level 3 \| Collateral dependent loans \| Income approach \| Capitalization rate
Fair Value Disclosures
Securities held for sale	0.0600	0.0600
Level 3 \| Collateral dependent loans \| Income approach \| Weighted Average \| Capitalization rate
Fair Value Disclosures
Securities held for sale	0.0600	0.0600

Fair Value Disclosures - Carryi

Fair Value Disclosures - Carrying amounts and estimated fair value of our financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount \| Deposits
Fair Value Disclosures
Total Liabilities	$ 1,628,067	$ 1,400,036
Carrying Amount \| Borrowings
Fair Value Disclosures
Total Liabilities	7,000	64,000
Carrying Amount \| Cash and cash equivalents
Fair Value Disclosures
Total assets	97,789	68,671
Carrying Amount \| Certificates of deposit
Fair Value Disclosures
Total assets	100	100
Carrying Amount \| Marketable equity Securities
Fair Value Disclosures
Total assets	20,547	18,102
Carrying Amount \| Securities held to maturity
Fair Value Disclosures
Total assets	15,061	15,860
Carrying Amount \| Loans receivable, net
Fair Value Disclosures
Total assets	1,755,426	1,581,804
Carrying Amount \| Investments in restricted stock
Fair Value Disclosures
Total assets	712	929
Carrying Amount \| Accrued interest receivable
Fair Value Disclosures
Total assets	13,463	12,311
Fair Value \| Deposits
Fair Value Disclosures
Total Liabilities	1,634,216	1,401,083
Fair Value \| Borrowings
Fair Value Disclosures
Total Liabilities	6,232	63,053
Fair Value \| Cash and cash equivalents
Fair Value Disclosures
Total assets	97,789	68,671
Fair Value \| Certificates of deposit
Fair Value Disclosures
Total assets	100	100
Fair Value \| Marketable equity Securities
Fair Value Disclosures
Total assets	20,547	18,102
Fair Value \| Securities held to maturity
Fair Value Disclosures
Total assets	12,623	13,126
Fair Value \| Loans receivable, net
Fair Value Disclosures
Total assets	1,749,916	1,552,219
Fair Value \| Investments in restricted stock
Fair Value Disclosures
Total assets	712	929
Fair Value \| Accrued interest receivable
Fair Value Disclosures
Total assets	13,463	12,311
Level 1 \| Fair Value \| Cash and cash equivalents
Fair Value Disclosures
Total assets	97,789	68,671
Level 1 \| Fair Value \| Marketable equity Securities
Fair Value Disclosures
Total assets	20,547	18,102
Level 2 \| Fair Value \| Deposits
Fair Value Disclosures
Total Liabilities	1,634,216	1,401,083
Level 2 \| Fair Value \| Borrowings
Fair Value Disclosures
Total Liabilities	6,232	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	12,623	13,126
Level 2 \| Fair Value \| Investments in restricted stock
Fair Value Disclosures
Total assets	712	929
Level 2 \| Fair Value \| Accrued interest receivable
Fair Value Disclosures
Total assets	13,463	12,311
Level 3 \| Fair Value \| Loans receivable, net
Fair Value Disclosures
Total assets	$ 1,749,916	$ 1,552,219

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Recognition
Deposit-related fees and charges	$ 17	$ 15	$ 46	$ 42
Loan-related fees and charges	315	106	816	652
Electronic banking fees and charges	257	243	751	723
Income from bank owned life insurance	167	153	486	857
Investment advisory fees		114		343
Unrealized gain (loss) on equity securities	547	(430)	445	(327)
Miscellaneous	46	20	90	67
Total Non-Interest Income	$ 1,349	$ 221	$ 2,634	$ 2,357

Other Non-Interest Expenses (De

Other Non-Interest Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Non-Interest Expenses
Other	$ 155	$ 185	$ 530	$ 558
Regulatory insurance premium and assessments	823	747	2,280	1,696
Dues and subscriptions	182	173	574	517
Service contracts	438	364	1,284	1,040
Consulting expense	190	191	590	612
Telephone	145	167	478	486
Directors' compensation	233	217	719	666
Audit and accounting	130	159	406	376
Insurance	106	97	318	290
Director, officer, and employee expense	78	62	238	190
Legal fees	84	238	269	474
Office supplies and stationary	40	44	148	132
Recruiting expense	3	2	30	27
Other non-interest expenses	$ 2,607	$ 2,646	$ 7,864	$ 7,064

Stock Compensation Plans (Detai

Stock Compensation Plans (Details) - 2022 Equity Incentive Plan - shares	Sep. 30, 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
Employee Stock Option
Stock Compensation Plans
Number of common stock reserved	98,311	98,311
Restricted stock
Stock Compensation Plans
Number of common stock reserved	34,448	34,448

Stock Compensation Plans - Rest

Stock Compensation Plans - Restricted stock activity (Details) - Restricted stock - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Shares
Outstanding, Beginning of year	286,508	286,508	286,508	352,037	352,037	352,037	286,508	352,037
Granted	30,000
Vested	17,376			17,376
Outstanding, end of year	299,132	286,508	286,508	334,661	352,037	352,037	299,132	334,661
Weighted Average Market Price
Outstanding, Beginning of year	$ 13.72	$ 13.72	$ 13.72	$ 13.72	$ 13.67	$ 13.67	$ 13.72	$ 13.67
Granted	22.82
Outstanding, end of year	$ 14.63	$ 13.72	$ 13.72	$ 13.67	$ 13.72	$ 13.67	$ 14.63	$ 13.67
Compensation expense related to restricted stock	$ 290,000			$ 241,000			$ 794,000	$ 723,000
Compensation cost not yet recognized	$ 3,700,000						$ 3,700,000		$ 3,800,000
Period over which unrecognized compensation costs expected to recognized							3 years

Stock Compensation Plans - Stoc

Stock Compensation Plans - Stock option activity (Details) - Stock option - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Options
Outstanding, Beginning of year	879,097	880,097	880,097	880,097	880,097	880,097
Granted
Exercised		1,000
Outstanding, end of year	879,097	879,097	880,097	880,097	879,097	880,097
Exercisable at end of year	218,460	175,019	43,441		218,460	43,441	175,019
Weighted Average Exercise Price
Outstanding, Beginning of year	$ 13.67	$ 13.67	$ 13.67	$ 13.67	$ 13.67	$ 13.67
Granted
Exercised		14.08
Outstanding, end of year	13.67	13.67	13.67	$ 13.67	13.67	13.67
Exercisable at end of year	$ 13.67	$ 13.67	$ 13.67		$ 13.67	$ 13.67	$ 13.67
Compensation cost recognized	$ 192,000		$ 192,000		$ 576,000	$ 576,000
Unrecognized compensation cost	$ 2,400,000				$ 2,400,000			$ 3,000,000
Period over which unrecognized compensation costs expected to recognized					3 years