ECB Bancorp (ECBK) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Registrant Name	ECB Bancorp, Inc.
Entity Central Index Key	0001914605
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		9,117,521
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ECBK
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-41456
Entity Tax Identification Number	88-1502079
Entity Address, Address Line One	419 Broadway
Entity Address, City or Town	Everett
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02149
City Area Code	617
Local Phone Number	387-1110
Entity Incorporation, State or Country Code	MD

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 4,783	$ 3,786
Short-term investments	114,847	115,250
Total cash and cash equivalents	119,630	119,036
Interest-bearing time deposits	200	0
Investments in available-for-sale securities, at fair value (amortized cost of $4,175 at September 30, 2024 and $5,000 at December 31, 2023)	4,163	5,003
Investments in held-to-maturity securities, at amortized cost (fair values of $72,841 at September 30, 2024 and $70,590 at December 31, 2023)	77,233	76,979
Loans held-for-sale	703	0
Loans, net of allowance for credit losses of $9,068 at September 30, 2024 and $8,591 at December 31, 2023	1,114,943	1,039,789
Federal Home Loan Bank stock, at cost	9,850	9,892
Premises and equipment, net	3,587	3,754
Accrued interest receivable	4,164	3,766
Deferred tax asset, net	5,592	4,767
Bank-owned life insurance	14,825	14,472
Other assets	3,064	2,877
Total assets	1,357,954	1,280,335
Deposits:
Noninterest-bearing	74,059	78,342
Interest-bearing	870,266	789,872
Total deposits	944,325	868,214
Federal Home Loan Bank advances	234,000	234,000
Other liabilities	13,580	13,220
Total liabilities	1,191,905	1,115,434
Shareholders' Equity:
Preferred Stock, par value $0.01; Authorized: 1,000,000 shares; Issued and outstanding: 0 shares
Common Stock, par value $0.01; Authorized: 30,000,000 shares; Issued and outstanding: 9,152,280 shares and 9,291,810 shares, respectively	92	93
Additional paid-in capital	86,670	87,431
Retained earnings	86,399	83,854
Accumulated other comprehensive (loss) income	(781)	129
Unallocated common shares held by the Employee Stock Ownership Plan	(6,331)	(6,606)
Total shareholders' equity	166,049	164,901
Total liabilities and shareholders' equity	$ 1,357,954	$ 1,280,335

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024		Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost of Investments in available-for-sale securities	$ 4,175		$ 5,000
Fair value of investments in held-to-maturity securities	72,841		70,590
Allowance for credit losses	$ 9,068	[1]	$ 8,591
Preferred Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	1,000,000		1,000,000
Preferred Stock, Shares Issued	0		0
Preferred Stock, Shares Outstanding	0		0
Common Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01
Common Stock, Shares Authorized	30,000,000		30,000,000
Common Stock, Shares, Issued	9,152,280		9,291,810
Common Stock, Shares, Outstanding	9,152,280		9,291,810
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.5 million and $ 2.9 million as of September 30, 2024 and September 30, 2023 .

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest and dividend income:
Interest and fees on loans	$ 14,849	$ 12,313	$ 42,468	$ 35,362
Interest and dividends on securities	803	723	2,346	1,950
Interest on short term investments	1,503	1,130	4,420	2,567
Total interest and dividend income	17,155	14,166	49,234	39,879
Interest expense:
Interest on deposits	8,795	5,843	24,479	14,815
Interest on Federal Home Loan Bank advances	2,069	2,237	6,550	6,213
Total interest expense	10,864	8,080	31,029	21,028
Net interest and dividend income	6,291	6,086	18,205	18,851
Provision (benefit) for credit losses	46	(184)	485	696
Net interest and dividend income after provision (benefit) for credit losses	6,245	6,270	17,720	18,155
Noninterest income:
Customer service fees	142	123	426	375
Income from bank-owned life insurance	119	175	353	372
Net gain on sales of loans	27	9	80	13
Other income	16	15	39	31
Total noninterest income	304	322	898	791
Noninterest expense:
Salaries and employee benefits	3,202	2,914	9,643	8,623
Director compensation	209	139	626	379
Occupancy and equipment	250	243	788	695
Data processing	288	275	883	810
Computer software and licensing	109	111	318	282
Advertising and promotions	159	201	396	576
Professional fees	240	304	831	962
Federal Deposit Insurance Corporation deposit insurance	189	206	561	613
Other expense	365	418	1,140	1,076
Total noninterest expense	5,011	4,811	15,186	14,016
Income before income tax expense	1,538	1,781	3,432	4,930
Income tax expense	405	440	887	1,263
Net income	$ 1,133	$ 1,341	$ 2,545	$ 3,667
Share data:
Weighted average shares outstanding, basic	8,240,602	8,486,577	8,268,550	8,485,936
Weighted average shares outstanding, diluted	8,343,736	8,486,577	8,354,170	8,485,936
Basic earnings per share	$ 0.14	$ 0.16	$ 0.31	$ 0.43
Diluted earnings per share	$ 0.14	$ 0.16	$ 0.3	$ 0.43

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,133	$ 1,341	$ 2,545	$ 3,667
Other comprehensive (loss) income, net of tax:
Net unrealized holding loss on securities available-for-sale	(9)	(2)	(12)	(3)
Net change in fair value of cash flow hedges	(1,328)	0	(898)	0
Other comprehensive loss, net of tax	(1,337)	(2)	(910)	(3)
Comprehensive (loss) income	$ (204)	$ 1,339	$ 1,635	$ 3,664

Statements of Changes in Shareh

Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect Accounting Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect Accounting Adjustment	Accumulated Other Comprehensive Income (loss)	Unallocated Common Stock Held by ESOP
Beginning balance at Dec. 31, 2022	$ 162,730	$ (677)	$ 92	$ 89,286	$ 80,076	$ (677)	$ 249	$ (6,973)
Beginning Balance, shares at Dec. 31, 2022			9,175,247
Net income	3,667				3,667
Other comprehensive loss, net of tax	(3)						(3)
ESOP shares committed to be released	365			91				274
Shares repurchased under share repurchase plan	(590)		$ (1)	(589)
Shares repurchased under share repurchase plan, shares			(49,242)
Restricted stock awards issued			$ 1	(1)
Restricted stock awards issued, shares			69,984
Stock-based compensation	20			20
Ending balance at Sep. 30, 2023	165,512		$ 92	88,807	83,066		246	(6,699)
Ending Balance, shares at Sep. 30, 2023			9,195,989
Beginning balance at Jun. 30, 2023	164,629		$ 92	89,355	81,725		248	(6,791)
Beginning Balance, shares at Jun. 30, 2023			9,175,247
Net income	1,341				1,341
Other comprehensive loss, net of tax	(2)						(2)
ESOP shares committed to be released	114			22				92
Shares repurchased under share repurchase plan	(590)		$ (1)	(589)
Shares repurchased under share repurchase plan, shares			(49,242)
Restricted stock awards issued			$ 1	(1)
Restricted stock awards issued, shares			69,984
Stock-based compensation	20			20
Ending balance at Sep. 30, 2023	165,512		$ 92	88,807	83,066		246	(6,699)
Ending Balance, shares at Sep. 30, 2023			9,195,989
Beginning balance at Dec. 31, 2023	$ 164,901		$ 93	87,431	83,854		129	(6,606)
Beginning Balance, shares at Dec. 31, 2023	9,291,810		9,291,810
Net income	$ 2,545				2,545
Other comprehensive loss, net of tax	(910)						(910)
ESOP shares committed to be released	356			81				275
Shares repurchased under share repurchase plan	(1,820)		$ (1)	(1,819)
Shares repurchased under share repurchase plan, shares			(140,530)
Restricted stock awards issued, shares			1,000
Stock-based compensation	977			977
Ending balance at Sep. 30, 2024	$ 166,049		$ 92	86,670	86,399		(781)	(6,331)
Ending Balance, shares at Sep. 30, 2024	9,152,280		9,152,280
Beginning balance at Jun. 30, 2024	$ 166,464		$ 92	86,974	85,266		556	(6,424)
Beginning Balance, shares at Jun. 30, 2024			9,200,219
Net income	1,133				1,133
Other comprehensive loss, net of tax	(1,337)						(1,337)
ESOP shares committed to be released	125			32				93
Shares repurchased under share repurchase plan	(664)			(664)
Shares repurchased under share repurchase plan, shares			(48,939)
Restricted stock awards issued, shares			1,000
Stock-based compensation	328			328
Ending balance at Sep. 30, 2024	$ 166,049		$ 92	$ 86,670	$ 86,399		$ (781)	$ (6,331)
Ending Balance, shares at Sep. 30, 2024	9,152,280		9,152,280

Statements of Changes in Shar_2

Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
ESOP shares committed to be released, shares	9,225	9,251	27,475	27,451

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 2,545	$ 3,667
Adjustments to reconcile net income to net cash provided by operating activities:
(Accretion) amortization of securities, net	(20)	9
Provision for credit losses	485	696
Change in deferred loan costs/fees	254	(29)
Gain on sales of loans, net	(80)	(13)
Proceeds from sales of loans	5,754	359
Loans originated for sale, net	(6,377)	(346)
Depreciation and amortization expense	227	205
Increase in accrued interest receivable	(398)	(758)
Increase in accrued interest payable	606	548
Increase in bank-owned life insurance	(353)	(300)
Gain from life insurance policy death benefit	0	(72)
Deferred income tax benefit	(470)	(76)
ESOP expense	356	365
Stock-based compensation expense	977	20
Increase in other assets	(187)	(1,513)
(Decrease) increase in other liabilities	(1,501)	1,041
Net cash provided by operating activities	1,818	3,803
Cash flows from investing activities:
Purchases of held-to-maturity securities	(8,874)	(2,437)
Proceeds from paydowns and maturities of held-to-maturity securities	8,640	5,141
Purchases of available -for-sale securities	(4,175)	0
Proceed from payments and maturities of available-for-sale securities	5,000	0
Purchase of interest-bearing time deposits	(200)	0
Proceeds from maturities of interest-bearing time deposits	0	300
Purchase of Federal Home Loan Bank Stock	(1,734)	(3,204)
Redemption of Federal Home Loan Bank stock	1,776	926
Loan originations and principal collections, net	(67,713)	(103,487)
Purchase of loans	(8,175)	(9,262)
Recoveries of loans previously charged off	0	1
Capital expenditures	(60)	(236)
Net cash used in investing activities	(75,515)	(112,258)
Cash flows from financing activities:
Net decrease in demand deposits, interest-bearing checking, savings and money market accounts	(6,928)	(27,794)
Net increase in time deposits	83,039	122,176
Proceeds from long-term Federal Home Loan Bank advances	45,000	185,000
Repayments of long-term Federal Home Loan Bank advances	(70,000)	(80,000)
Net change in short-term Federal Home Loan Bank advances	25,000	(55,000)
Payments for shares repurchased under share repurchase plan	(1,820)	(590)
Net cash provided by financing activities	74,291	143,792
Net increase in cash and cash equivalents	594	35,337
Cash and cash equivalents at beginning of year	119,036	62,050
Cash and cash equivalents at end of period	119,630	97,387
Supplemental disclosures:
Interest paid	31,635	20,480
Income taxes paid	1,401	1,931
Noncash activities:
Transfer of bank-owned life insurance to other assets	0	72
Effect of the adoption of ASU 2016-13 - Allowance for credit losses	0	182
Effect of the adoption of ASU 2016-13 - Deferred income taxes	0	266
Effect of the adoption of ASU 2016-13 - Other liabilities	$ 0	$ 761

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,133	$ 1,341	$ 2,545	$ 3,667

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	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

Conversion

Conversion	9 Months Ended
	Sep. 30, 2024
Conversion Disclosure [Abstract]
Conversion	NOTE 1 - CONVERSION Effective July 27, 2022, Everett Co-operative Bank (the "Bank") completed its conversion to a Massachusetts stock co-operative bank and became the wholly owned subsidiary of ECB Bancorp, Inc. (the “Company”). As part of the Bank’s conversion, the Company completed its initial public offering in which it sold 8,915,247 shares of common stock at a per share price of $ 10.00 for gross offering proceeds of $ 89.2 million. Additionally, the Company contributed 260,000 shares and $ 600,000 in cash to the Everett Co-operative Bank Charitable Foundation (the “Foundation”). Pursuant to regulation, as part of the conversion, the Bank has established a Liquidation Account in an amount equal to the net worth of the Bank as of the date of the latest consolidated statement of financial condition contained in the final prospectus distributed in connection with the Company’s stock offering. The Liquidation Account will be maintained by the Bank for the benefit of the eligible account holders who continue to maintain deposit accounts with the Bank. Each eligible account holder shall, with respect to each deposit account, hold a related inchoate interest in a portion of the Liquidation Account balance, in relation to each deposit account balance at the eligibility record date, or to such balance as it may be subsequently reduced, as hereinafter provided. The initial Liquidation Account balance shall not be increased, and shall be subject to downward adjustment to the extent of any downward adjustment of any subaccount balance of any eligible account holder in accordance with the regulations of the Division of Banks of the Commonwealth of Massachusetts. In the unlikely event of a complete liquidation of the Bank (and only in such event), following all liquidation payments to creditors (including those to depositors to the extent of their deposit accounts) each eligible account holder shall be entitled to receive a liquidating distribution from the Liquidation Account, in the amount of the then-adjusted subaccount balances for his or her deposit accounts then held, before any liquidating distribution may be made to any holder of the Bank’s capital stock. The Bank may not declare or pay a cash dividend on its outstanding capital stock if the effect thereof would cause its regulatory capital to be reduced below the amount required to maintain the Liquidation Account and under FDIC rules and regulations.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 2 – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of ECB Bancorp, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements of ECB Bancorp, Inc. (referred to herein as "the Company," “we,” “us,” or “our”) include the balances and results of operations of the Company and the Bank, its wholly-owned subsidiary, as well as First Everett Securities Corporation, a wholly-owned subsidiary of the Bank. Intercompany transactions and balances are eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the Company's financial position as of September 30, 2024 and the results of operations and cash flows for the interim periods ended September 30, 2024 and 2023. Such adjustments were of a normal recurring nature. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 and accompanying notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company qualifies as an emerging growth company (“EGC”) under the Jumpstart Our Business Startups Act of 2012 and has elected to defer the adoption of new or revised accounting standards until the nonpublic company effective dates. As such, the Company will adopt standards on the nonpublic company effective dates until such time that we no longer qualify as an EGC. Certain previously reported amounts have been reclassified to conform to the current period’s presentation. RECENT ACCOUNTING STANDARDS In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . These amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation. ASU 2023-09 also requires entities to provide additional information for reconciling items that meet a quantitative threshold. As an emerging growth company, the amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2025 with early adoption permitted. ASU 2023-09 is not expected to have a significant impact on the company's consolidated financial statements. In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures, but expects additional disclosures upon adoption.

Investments in Securities

Investments in Securities	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	NOTE 3 – INVESTMENTS IN SECURITIES Held to Maturity Securities Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of held to maturity securities at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Held-to-maturity: Cost Gains Losses Losses Value (in thousands) September 30, 2024 Debt securities issued by U.S. government-sponsored enterprises $ 8,337 $ — $ ( 175 ) $ — $ 8,162 Agency mortgage-backed securities 45,562 160 ( 4,112 ) — 41,610 Corporate bonds 17,900 135 ( 437 ) — 17,598 U.S. Treasury securities 5,434 37 — — 5,471 Total held-to-maturity securities $ 77,233 $ 332 $ ( 4,724 ) $ — $ 72,841 December 31, 2023 Debt securities issued by U.S. government-sponsored enterprises $ 10,225 $ — $ ( 381 ) $ — $ 9,844 Agency mortgage-backed securities 49,445 36 ( 5,235 ) — 44,246 Corporate bonds 14,408 — ( 779 ) — 13,629 U.S. Treasury securities 2,901 — ( 30 ) — 2,871 Total held-to-maturity securities $ 76,979 $ 36 $ ( 6,425 ) $ — $ 70,590 The Company measures expected credit losses on held to maturity securities on a collective basis by major security type. Management classifies the held-to maturity portfolio into the following major security types: U.S. Government Sponsored Enterprises, U.S. Treasury, Agency Mortgage-Backed Securities, and Corporate Bonds. Substantially all held to maturity securities held by the Company are guaranteed by the U.S. federal government or other government sponsored agencies and have a long history of no credit losses. As a result, management has determined these securities to have a zero loss expectation and therefore the Company did not record a provision for estimated credit losses on any held to maturity securities during the three and nine months ended September 30, 2024 and 2023. The Company's investments in corporate bonds are deemed “investment grade” and (a) the Company does not intend to sell these securities before recovery and (b) it is more likely than not that the Company will not be required to sell these securities before recovery. The Company does not expect to suffer a credit loss as of September 30, 2024 and December 31, 2023. Excluded from the table above is accrued interest on held to maturity securities of $ 358,000 a nd $ 310,000 at September 30, 2024 and December 31, 2023, respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Addi tionally, the Company did no t record any write-offs of accrued interest income on held to maturity securities for the three and nine months ended September 30, 2024 and 2023 . No securities held by the Company were delinquent on contractual payments at September 30, 2024 and December 31, 2023, nor were any securities placed on non-accrual status for the three and nine months ended September 30, 2024 and 2023. Available-for-Sale Securities The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of available-for-sale securities at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Available-for-sale Cost Gains Losses Losses Value (in thousands) September 30, 2024 Debt securities Agency mortgage-backed securities $ 4,175 $ — $ ( 12 ) $ — $ 4,163 Total available-for-sale securities $ 4,175 $ — $ ( 12 ) $ — $ 4,163 December 31, 2023 Debt securities Corporate bonds $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 Total available-for-sale securities $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 The Company's available-for-sale securities are carried at fair value. For available-for-sale securities in an unrealized loss position, management will first evaluate whether there is intent to sell, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security's amortized cost basis to fair value through income. For those available-for-sale securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, Management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. Federal Government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, the security will be written down to fair value, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the uncollectibility of a security is confirmed, or when either of the aforementioned criteria surrounding intent or requirement to sell have been met. The Company did no t record a provision for estimated credit losses on any available-for-sale securities for the three and nine months ended September 30, 2024 and 2023 . Excluded from the table above is accrued interest on available-for-sale securities of $ 9,000 and $ 58,000 at September 30, 2024 and December 31, 2023 , respectively, which is included within accrued interest receivable in the Consolidated Balance Sheets. Additionally, the Company did no t record any write-offs of accrued interest income on available-for-sale securities for the three and nine months ended September 30, 2024 and 2023 . No securities held by the Company were delinquent on contractual payments at September 30, 2024 and December 31, 2023 , no r were any securities placed on non-accrual status for the three and nine months ended September 30, 2024 and 2023. When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. There were no sales of securities during the three and nine months ended September 30, 2024 and 2023. The aggregate fair value and unrealized losses of available-for-sale securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of September 30, 2024 and December 31, 2023: Less than 12 Months 12 Months or Longer Total # of Fair Unrealized Fair Unrealized Fair Unrealized Holdings Value Losses Value Losses Value Losses (Dollars in thousands) September 30, 2024 Available for Sale: Agency mortgage-backed securities 2 $ 4,163 $ ( 12 ) $ - $ - $ 4,163 $ ( 12 ) Total 2 $ 4,163 $ ( 12 ) $ - $ - $ 4,163 $ ( 12 ) December 31, 2023 Available for Sale: Corporate bonds 1 $ 2,500 $ ( 1 ) $ - $ - $ 2,500 $ ( 1 ) Total 1 $ 2,500 $ ( 1 ) $ - $ - $ 2,500 $ ( 1 ) Management evaluates securities for expected credit losses at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Held to Maturity and Available-for-Sale Securities The actual maturities of certain available-for-sale or held-to-maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of available-for-sale and held-to-maturity securities as of September 30, 2024 is presented below: Available-for-sale Held-to-maturity Fair Amortized Fair Value Cost Value Within 1 year $ 2,007 $ 13,793 $ 13,626 After 1 year through 5 years 2,156 21,920 21,805 After 5 years through 10 years - 3,983 3,808 After 10 years - 37,537 33,602 Total $ 4,163 $ 77,233 $ 72,841 T he carrying value of securities pledged to secure advances from the Federal Home Loan Bank of Boston (“FHLBB”) was $ 58.1 million and $ 62.6 million as of September 30, 2024 and December 31, 2023, respectively. T he carrying value of securities pledged to secure advances from the Federal Reserve Bank (“FRB”) was $ 16.0 million as of September 30, 2024 . There were no securities pledged to FRB at December 31, 2023 .

Loans, Allowance for Credit Los

Loans, Allowance for Credit Losses and Credit Quality	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Loans, Allowance for Credit Losses and Credit Quality	NOTE 4 – LOANS, ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY Loans Loans that the Company has the intent and ability to hold until maturity or payoff are carried at amortized cost (net of the allowance for credit losses). Amortized cost is the principal amount outstanding, adjusted by partial charge-offs and net of deferred loan origination costs and fees. For originated loans, loan fees and certain direct origination costs are deferred and amortized into interest income over the contractual life of the loan using the level-yield method. When a loan is paid off, the unamortized portion is recognized in interest income. Interest income on loans is accrued based upon the daily principal amount outstanding except for loans on nonaccrual status. As a general rule, loans more than 90 days past due with respect to principal or interest, or sooner if management considers such action to be prudent, are classified as nonaccrual loans. However, loans that are more than 90 days past due may be kept on an accruing status if the loan is well secured and in the process of collection. Income accruals are suspended on all nonaccrual loans in a timely manner and all previously accrued and uncollected interest is reversed against current income. A loan can be returned to accrual status when collectibility of principal and interest is reasonably assured and the loan has performed for a period of time, generally six months. When doubt exists as to the collectability of a loan, any payments received are applied to reduce the amortized cost of the loan to the extent necessary to eliminate such doubt. For all loan portfolios, a charge-off occurs when the Company determines that a specific loan, or portion thereof, is uncollectible. This determination is made based on management's review of specific facts and circumstances of the individual loan, including the expected cash flows to repay the loan, the value of the collateral and the ability and willingness of any guarantors to perform. Allowance for Credit Losses - Loans Held for Investment The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. Under the current expected credit loss (CECL) methodology, the Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics. The Company has elected to segment its loans based on Federal Call codes used for reporting loans to the Federal Deposit Insurance Corporation as part of the Call Report process. These segments are collectively evaluated for expected credit losses using a quantitative Discounted Cash Flow ("DCF") model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The Company has elected to use this approach because DCF models allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner and peer data is available for certain inputs such as the probability of default and the loss given default. The quantitative model utilizes a loss factor based approach to estimate expected credit losses, which are derived from internal historical and industry peer loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the historical long-run average using the straight-line reversion method. Management periodically evaluates a reasonable and supportable period and a reversion period to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following: • Lending policies and procedures • Economic and business conditions • Nature and volume of loans • Changes in management • Changes in credit quality • Changes in loan review system • Changes to underlying collateral values • Concentrations of credit risk • Other external factors Loans that do not share similar risk characteristics with any pools of assets are subject to individual assessment and are removed from the collectively assessed pools to avoid double counting. For the loans that will be individually assessed, the Company will use either a DCF approach or a fair value of collateral approach. The latter approach will be used for loans deemed to be collateral dependent or when foreclosure is probable. Accrued interest receivable amounts are excluded from balances of loans held at amortized cost and are included within accrued interest receivable in the consolidated balance sheets. Management has elected not to measure an allowance for credit losses on these amounts as the Company employs a timely write-off policy. Consistent with the Company's policy for nonaccrual loans, accrued interest receivable is typically written off when loans reach 90 days past due and are placed on nonaccrual status. In the ordinary course of business, the Company enters into commitments to extend credit. Such financial instruments are recorded in the financial statements when they are funded. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for credit losses with an additional assumption of probability of funding. The reserve for unfunded lending commitments is included in other liabilities in the consolidated balance sheets. Loans consisted of the following as of the dates indicated: At September 30, At December 31, 2024 2023 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: One-to-four family residential $ 419,373 37.3 % $ 410,131 39.1 % Multi-family 326,975 29.1 % 287,361 27.4 % Commercial 222,680 19.8 % 196,365 18.7 % Home equity lines of credit and loans 39,413 3.5 % 33,357 3.2 % Construction 101,401 9.0 % 112,000 10.7 % Other loans: Commercial 14,508 1.3 % 9,219 0.9 % Consumer 141 0.0 % 173 0.0 % Total loans, gross 1,124,491 100.0 % 1,048,606 100.0 % Less: Net deferred loan fees ( 480 ) ( 226 ) Allowance for credit losses ( 9,068 ) ( 8,591 ) Total loans, net $ 1,114,943 $ 1,039,789 The carrying value of loans pledged to secure advances from the FHLBB were $ 676.5 million and $ 553.0 million as of September 30, 2024 and December 31, 2023, respectively. The following tables set forth information regarding the allowance for credit losses on loans as of and for the three and nine months ended September 30, 2024 and 2023: For the three months ended September 30, 2024 (in thousands) Beginning Charge-offs Recoveries Provision (benefit) Ending (1) Real estate loans: One-to-four family residential $ 3,604 $ - $ - $ 81 $ 3,685 Multi-family 1,304 - - 53 1,357 Commercial 1,740 - - 95 1,835 Home equity lines of credit and loans 363 - - 19 382 Construction 1,814 - - ( 211 ) 1,603 Other loans: Commercial 199 - - 6 205 Consumer 1 - - - 1 Total $ 9,025 $ - $ - $ 43 $ 9,068 For the nine months ended September 30, 2024 (in thousands) Beginning Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 3,555 $ - $ - $ 130 $ 3,685 Multi-family 1,190 - - 167 1,357 Commercial 1,636 - - 199 1,835 Home equity lines of credit and loans 321 - - 61 382 Construction 1,757 - - ( 154 ) 1,603 Other loans: - Commercial 131 - - 74 205 Consumer 1 ( 3 ) - 3 1 Total $ 8,591 $ ( 3 ) $ - $ 480 $ 9,068 For the three months ended September 30, 2023 (in thousands) Beginning Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 1,980 $ - $ - $ 40 $ 2,020 Multi-family 2,150 - - 79 2,229 Commercial 2,348 - - ( 154 ) 2,194 Home equity lines of credit and loans 203 - - 4 207 Construction 1,570 - - ( 126 ) 1,444 Other loans: Commercial 218 - - ( 21 ) 197 Consumer 1 ( 1 ) 1 - 1 Total $ 8,470 $ ( 1 ) $ 1 ( 178 ) $ 8,292 For the nine months ended September 30, 2023 (in thousands) Beginning Cumulative effect accounting adjustment (2) Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 1,703 $ 130 $ - $ - $ 187 $ 2,020 Multi-family 1,839 77 - - 313 2,229 Commercial 1,797 145 - - 252 2,194 Home equity lines of credit and loans 194 ( 20 ) - - 33 207 Construction 1,286 136 - - 22 1,444 Other loans: Commercial 60 34 - - 103 197 Consumer 1 - ( 1 ) 1 - 1 Unallocated 320 ( 320 ) - - - - Total $ 7,200 $ 182 $ ( 1 ) $ 1 $ 910 $ 8,292 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.5 million and $ 2.9 million as of September 30, 2024 and September 30, 2023 . (2) Represents an adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment for the nine months ended September 30, 2023 represents a $ 182,000 increase to the allowance for credit losses attributable to the change in accounting methodology for estimating the allowance for credit losses on loans resulting from the Company's adoption of the standard. The following tables show the age analysis of past due loans as of the dates indicated: 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on Non-accrual (in thousands) As of September 30, 2024 Real estate loans: One-to-four family residential $ 1,545 $ — $ — $ 1,545 $ 417,828 $ 419,373 $ — $ 1,012 Multi-family — — — — 326,975 326,975 — — Commercial — — — — 222,680 222,680 — — Home equity lines of credit and loans 220 258 — 478 38,935 39,413 — 85 Construction — — — — 101,401 101,401 — — Other loans: Commercial — — — — 14,508 14,508 — — Consumer 1 1 — 2 139 141 — 1 $ 1,766 $ 259 $ — $ 2,025 $ 1,122,466 $ 1,124,491 $ — $ 1,098 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on Non-accrual (in thousands) As of December 31, 2023 Real estate loans: One-to-four family residential $ 722 $ 225 $ 809 $ 1,756 $ 408,375 $ 410,131 $ — $ 1,191 Multi-family — — — — 287,361 287,361 — — Commercial — — — — 196,365 196,365 — — Home equity lines of credit and loans 360 — 8 368 32,989 33,357 — 22 Construction — — — — 112,000 112,000 — — Other loans: Commercial — — — — 9,219 9,219 — — Consumer 1 — — 1 172 173 — — $ 1,083 $ 225 $ 817 $ 2,125 $ 1,046,481 $ 1,048,606 $ — $ 1,213 During the three months ended September 30, 2024 and 2023 , interest income recognized on nonaccrual loans amounted to $ 13,000 and $ 12,000 , respectively. During the nine months ended September 30, 2024 and 2023 , interest income recognized on nonaccrual loans amounted to $ 49,000 and $ 26,000 , respectively. The following tables show information regarding nonaccrual loans as of the dates indicated: As of September 30, 2024 With an Allowance for Credit Losses Without an Allowance for Credit Losses Total (in thousands) Real estate loans: One-to-four family residential $ — $ 1,012 $ 1,012 Home equity lines of credit and loans — 85 85 Consumer — 1 1 Total nonaccrual loans $ — $ 1,098 $ 1,098 As of December 31, 2023 With an Allowance for Credit Losses Without an Allowance for Credit Losses Total (in thousands) Real estate loans: One-to-four family residential $ — $ 1,191 $ 1,191 Home equity lines of credit and loans — 22 22 Total nonaccrual loans $ — $ 1,213 $ 1,213 Credit Quality Information During the second quarter of 2024, the Company expanded its internal loan risk rating system from a seven grade system to a ten grade system. The new loan rating system for multi-family and commercial real estate, construction, commercial loans and certain residential and home equity lines of credit is as follows: Loans rated 1 – 6: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 7: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 8: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Bank will sustain some loss if the weakness is not corrected. Loans rated 9: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 10: Loans in this category are considered uncollectible (loss) and of such little value that their continuance as loans is not warranted. The rating system as of December 31, 2023 was as follows: Loans rated 1 – 3: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Bank will sustain some loss if the weakness is not corrected. Loans rated 6: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7: Loans in this category are considered uncollectible (loss) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial loans with aggregate potential outstanding balances of $ 500,000 or more, and all commercial real estate loans (including multi-family and construction loans as well as residential and home equity line of credit loans to commercial borrowers) with aggregate potential outstanding balances of $ 2.0 million or more. For loans that are not formally rated, the Company initially assesses credit quality based upon the borrower’s ability to pay and subsequently monitors these loans based on the borrower’s payment activity. The following tables detail the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of September 30, 2024 and December 31, 2023: Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 2024 2023 2022 2021 2020 Prior As of September 30, 2024 (in thousands) One-to-four family residential Pass $ 2,734 $ 14,157 $ 35,081 $ 15,229 $ 4,018 $ 11,892 $ — $ — $ 83,111 Special Mention — — — — 636 440 — — 1,076 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 24,692 46,686 85,337 69,451 48,868 60,152 — — 335,186 Total $ 27,426 $ 60,843 $ 120,418 $ 84,680 $ 53,522 $ 72,484 $ — $ — $ 419,373 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Pass $ 11,373 $ 54,026 $ 202,121 $ 35,545 $ 8,682 $ 8,874 $ 6,354 $ — $ 326,975 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 11,373 $ 54,026 $ 202,121 $ 35,545 $ 8,682 $ 8,874 $ 6,354 $ — $ 326,975 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 22,655 $ 41,411 $ 77,828 $ 25,839 $ 15,586 $ 32,556 $ 6,805 $ — 222,680 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 22,655 $ 41,411 $ 77,828 $ 25,839 $ 15,586 $ 32,556 $ 6,805 $ — $ 222,680 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit and loans Pass $ 199 $ 323 $ — $ — $ — $ — $ 6,033 $ — $ 6,555 Special Mention — — — — — 10 74 — 84 Substandard — — — — — — 99 — 99 Doubtful — — — — — — — — — Loans not formally rated (1) 127 390 27 8 — 75 31,452 596 32,675 Total $ 326 $ 713 $ 27 $ 8 $ — $ 85 $ 37,658 $ 596 $ 39,413 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 19,615 $ 32,207 $ 39,820 $ 4,516 $ — $ 2,988 $ — $ — $ 99,146 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 459 1,796 — — — — — — 2,255 Total $ 20,074 $ 34,003 $ 39,820 $ 4,516 $ — $ 2,988 $ — $ — $ 101,401 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Pass $ 5,100 $ 4,419 $ 2,768 $ 355 $ 20 $ 202 $ 1,644 $ — $ 14,508 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 5,100 $ 4,419 $ 2,768 $ 355 $ 20 $ 202 $ 1,644 $ — $ 14,508 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ — $ — $ — $ — $ — $ — $ — $ — $ — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 8 17 31 41 — 8 36 — 141 Total $ 8 $ 17 $ 31 $ 41 $ — $ 8 $ 36 $ — $ 141 Current-period gross charge-offs $ 3 $ — $ — $ — $ — $ — $ — $ — $ 3 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 2023 2022 2021 2020 2019 Prior As of December 31, 2023 (in thousands) One-to-four family residential Pass $ 9,689 $ 36,662 $ 15,529 $ 4,476 $ 4,230 $ 9,224 $ — $ — $ 79,810 Special Mention — — — 809 — 451 — — 1,260 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 48,688 90,827 72,463 51,035 7,129 58,919 — — 329,061 Total $ 58,377 $ 127,489 $ 87,992 $ 56,320 $ 11,359 $ 68,594 $ — $ — $ 410,131 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Pass $ 45,188 $ 194,999 $ 26,820 $ 8,873 $ — $ 9,798 $ 1,683 $ — $ 287,361 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 45,188 $ 194,999 $ 26,820 $ 8,873 $ — $ 9,798 $ 1,683 $ — $ 287,361 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 43,639 $ 72,671 $ 24,138 $ 16,407 $ 4,054 $ 31,132 $ 4,324 $ — $ 196,365 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 43,639 $ 72,671 $ 24,138 $ 16,407 $ 4,054 $ 31,132 $ 4,324 $ — $ 196,365 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit and loans Pass $ 326 $ — $ — $ — $ — $ — $ 4,986 $ — $ 5,312 Special Mention — — — — — 14 8 — 22 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 410 36 12 — 65 22 26,970 508 28,023 Total $ 736 $ 36 $ 12 $ — $ 65 $ 36 $ 31,964 $ 508 $ 33,357 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 33,707 $ 55,170 $ 17,228 $ — $ 786 $ 2,988 $ — $ — $ 109,879 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 2,121 — — — — — — — 2,121 Total $ 35,828 $ 55,170 $ 17,228 $ — $ 786 $ 2,988 $ — $ — $ 112,000 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Pass $ 4,444 $ 3,349 $ 428 $ 35 $ 89 $ 154 $ 655 $ — $ 9,154 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — 65 — — — — — 65 Total $ 4,444 $ 3,349 $ 493 $ 35 $ 89 $ 154 $ 655 $ — $ 9,219 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ — $ — $ — $ — $ — $ — $ — $ — $ — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 31 38 45 — — 13 46 — 173 Total $ 31 $ 38 $ 45 $ — $ — $ 13 $ 46 $ — $ 173 Current-period gross charge-offs $ 2 $ — $ — $ — $ — $ — $ — $ — $ 2 (1) All loans no t formally rated were accruing as of September 30, 2024 and December 31, 2023. At September 30, 2024 and December 31, 2023, the Company had no consumer mortgage loans secured by residential real estate property in the process of foreclosure. For the three and nine months ended September 30, 2024 and 2023 , the Company did no t provide loan restructurings involving borrowers that are experiencing financial difficulty.

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2024
Defined Benefit Plan [Abstract]
Employee Benefits	NOTE 5 – EMPLOYEE BENEFITS 401(k) Plan The Company has adopted a savings plan which qualifies under Section 401(k) of the Internal Revenue Code and provides for voluntary contributions by participating employees ranging from 1 % to 75 % of their compensation, subject to certain limitations based on federal tax laws. The Company makes matching contributions equal to 100 % of each employee’s voluntary contributions, up to 7 % of the employee’s compensation, as defined. Total expense related to the 401(k) plan for the three and nine months ended September 30, 2024 amounted to $ 121,000 and $ 365,000 , respectively. Total expense related to the 401(k) plan for the three and nine months ended September 30, 2023 amounted to $ 120,000 and $ 351,000 , respectively. Employee Incentive Plan The Company provides an employee incentive plan which is approved annually by the Board of Directors, based on various factors. The employee incentive plan expense for the three and nine months ended September 30, 2024 amounted to $ 354,000 and $ 1,041,000 , respectively. The employee incentive plan expense for the three and nine months ended September 30, 2023 amounted to $ 363,000 and $ 1,077,000 , respectively. Supplemental Executive Retirement Plan (SERP) The Company formed a SERP for certain executive officers. The SERP provides nonfunded retirement benefits designed to supplement benefits available through the Bank’s other retirement plans for employees. The liability for the SERP amounted to $ 1,064,000 and $ 1,106,000 as of September 30, 2024 and December 31, 2023, respectively. The expense for the three and nine months ended September 30, 2024 amounted to $ 13,000 and $ 38,000 , respectively. For the three and nine months ended September 30, 2023 , the credit to expense recorded was $ 19,000 and $ 58,000 , respectively. Director Fee Continuation Plan (DFCP) Effective January 1, 2017, the Company established a Director Fee Continuation Plan which provides supplemental retirement benefits for directors. Under the DFCP, individuals who are directors as of the effective date of the DFCP are 100 % vested in their benefits. Individuals who become directors after the effective date shall be fully vested in their accounts after having served on the Board of Directors for twelve years. The liability for the DFCP amounted to $ 823,000 and $ 769,000 as of September 30, 2024 and December 31, 2023, respectively. The expense for the three and nine months ended September 30, 2024 amounted to $ 28,000 and $ 84,000 , respectively. The expense for the three and nine months ended September 30, 2023 amounted to $ 23,000 and $ 67,000 , respectively. Supplemental Executive Retirement Agreement On January 1, 2018, the Company entered into a supplemental executive retirement agreement with a named executive officer whereby the Company is obligated to provide post-retirement salary continuation benefits equal to 60 % of the executive officer’s final average compensation, as defined. Benefits are 100 % vested, commence upon retirement, and are payable based on a ten-year certain and life annuity. The liability amounted to $ 3,339,000 and $ 3,200,000 as of September 30, 2024 and December 31, 2023, respectively. The expense recognized for the three and nine months ended September 30, 2024 amounted to $ 46,000 and $ 139,000 , respectively. The expense recognized for the three and nine months ended September 30, 2023 amounted to $ 30,000 and $ 89,000 , respectively. Executive Deferred Compensation Plans In 2021 and 2023, the Company entered into deferred compensation plans with two named executive officers that allow the Company to make contributions to an account for the executive officers each year, as of January 1, based on the prior year’s performance and the Company's intent is that the contribution equal 10 % of the executive officers' salaries and bonuses. The Company may make other contributions to the deferred compensation plans, at its discretion, at other times during the year. The expense recognized under the deferred compensation plans for the three and nine months ended September 30, 2024 amounted to $ 24,000 and $ 71,000 , resp ectively. The expense recognized under the deferred compensation plans for the three and nine months ended September 30, 2023 amounted to $ 41,000 and $ 63,000 , resp ectively. Deferred Compensation Plan for Directors The Company maintains the Everett Co-operative Bank Deferred Compensation Plan for Directors (the “Director Deferred Compensation Plan”) to allow for certain tax planning opportunities and additional retirement income for directors of the Company. All non-employee directors are eligible to participate in the Director Deferred Compensation Plan. Under the Director Deferred Compensation Plan, directors may elect to defer the receipt of up to 100 % of their director fees. Participants are always 100 % vested in their deferred fees and any interest credited to those deferrals. Earnings are credited to a participant’s deferrals each year and are indexed to the highest certificate of deposit rate offered by the Bank on January 1 st of each year. The liability for the Director Deferred Compensation Plan amounted to $ 724,000 and $ 698,000 as of September 30, 2024 and December 31, 2023, respectively. Employment and Change in Control Agreements The Company entered into Change in Control agreements with certain executive officers, which provide severance payments in the event of the executive’s involuntary or constructive termination of employment, including upon a termination following a change in control as defined in the agreements. Survivor Benefit Plan The Company entered into Survivor Benefit Plan Participation Agreements with a group of employees whereby the Company is obligated to provide up to two years of recognized compensation, as defined, to the beneficiary if the participant dies while employed by the Company. There was no expense recorded during the three and nine months ended September 30, 2024 and 2023. Employee Stock Ownership Plan As part of the Initial Public Offering ("IPO") completed on July 27, 2022, the Bank established a tax-qualified Employee Stock Ownership Plan ("ESOP") to provide eligible employees the opportunity to own Company shares. The ESOP borrowed $ 7.3 million from the Company to purchase 734,020 common shares during the IPO. The loan is payable in annual installments over 20 years at an interest rate of 4.75 %. As the loan is repaid to the Company, shares are released and allocated proportionally to eligible participants on the basis of each participant’s proportional share of compensation relative to the compensation of all participants. The unallocated ESOP shares are pledged as collateral on the loan. The Company accounts for its ESOP in accordance with FASB ASC 718-40, Compensation – Stock Compensation. Under this guidance, unreleased shares are deducted from shareholders’ equity as unallocated common shares held by the ESOP in the accompanying consolidated balance sheets. The Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company’s ESOP shares differs from the cost of such shares, the difference will be credited or debited to shareholders' equity. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a liability in the Company’s consolidated balance sheets. Total compensation expense recognized in connection with the ESOP was $ 124,000 and $ 356,000 for the three and nine months ended September 30, 2024 , respectively. Total compensation expense recognized in connection with the ESOP was $ 114,000 and $ 365,000 for the three and nine months ended September 30, 2023, respectively. The following table presents share information held by the ESOP: As of September 30, 2024 As of December 31, 2023 (Dollars in thousands) Allocated shares 70,438 72,017 Shares committed to be released 27,476 - Unallocated shares 633,142 660,618 Total shares 731,056 732,635 Fair value of unallocated shares $ 9,067 $ 8,297

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	NOTE 6 - STOCK-BASED COMPENSATION On September 7, 2023, the Company adopted the ECB Bancorp, Inc. 2023 Equity Incentive Plan ("2023 Equity Plan”). The 2023 Equity Plan provides 1,248,133 shares of common stock for equity based compensation awards including restricted stock awards, restricted stock units, stock options, and incentive stock options. The following table summarizes the Company's stock option activities for the periods indicated: Three months ended Nine months ended September 30, 2024 September 30, 2024 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Non-vested balance at beginning of period 763,969 $ 10.50 763,969 $ 10.50 Granted - - - - Exercised - - - - Vested 34,992 11.80 34,992 11.80 Forfeited or expired - - - - Non-vested balance at end of period 728,977 $ 10.44 728,977 $ 10.44 Three months ended Nine months ended September 30, 2023 September 30, 2023 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Non-vested balance at beginning of period - $ - - $ - Granted 174,960 11.80 174,960 11.80 Exercised - - - - Vested - - - - Forfeited or expired - - - - Non-vested balance at beginning of period 174,960 $ 11.80 174,960 $ 11.80 The restricted stock awards are measured based on grant-date fair value, which reflects the closing price of our stock on the date of grant. All of the restricted stock awards which have been granted to date vest over five years in equal portions beginning on the first anniversary date of the restricted stock award. The following table summarizes the Company's restricted stock award activities for the periods indicated: Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Balance at beginning of period 305,957 $ 10.50 305,957 $ 10.50 Granted 1,000 13.00 1,000 13.00 Vested 13,997 11.80 13,997 11.80 Forfeited - - - - Balance at end of period 292,960 $ 10.45 292,960 $ 10.45 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Balance at beginning of period - $ - - $ - Granted 69,984 11.80 69,984 11.80 Vested - - - - Forfeited - - - - Balance at end of period 69,984 $ 11.80 69,984 $ 11.80 The following table represents the compensation expense and income tax benefits recognized for stock options and restricted stock awards for the periods indicated: Three months ended Nine months ended Three months ended Nine months ended September 30, 2024 September 30, 2023 (in thousands) Stock-based compensation expense Stock options $ 166 $ 495 $ 10 $ 10 Restricted stock awards 162 482 10 10 Total stock-based compensation expense $ 328 $ 977 $ 20 $ 20 Related tax benefits recognized in earnings $ 71 $ 211 $ 6 $ 6 The following table sets forth the total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized as of the date indicated: September 30, 2024 December 31, 2023 Amount Weighted average period Amount Weighted average period (Dollars in thousands) Stock options $ 2,667 4.05 $ 3,162 4.80 Restricted stock awards 2,612 4.05 3,081 4.80 Total $ 5,279 $ 6,243

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 7 - FAIR VALUE MEASUREMENTS ASC 820-10, Fair Value Measurement – Overall, provides a framework for measuring fair value under U.S. GAAP. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. In accordance with ASC 820-10, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. Level 3 – Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, and are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for September 30, 2024 and December 31, 2023. The Company’s investment in debt instruments available for sale are generally classified within Level 2 of the fair value hierarchy. For those securities, the Bank obtains fair value measurements from independent pricing services. The fair value measurements consider observable data that considers standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. The fair value of interest rate swaps was determined using discounted cash flow analysis on the expected cash flows of the interest rate swaps. This analysis reflects the contractual terms of the interest rate swaps, including the period of maturity, and uses observable market-based inputs including interest rate curves. The inputs used to value the Company’s interest rate swaps fall within Level 2 of the fair value hierarchy and as a result, the interest rate swaps were categorized as Level 2 within the fair value hierarchy. As of September 30, 2024 and December 31, 2023, the following summarizes assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Quoted Prices Significant Significant in Active Other Unobservable Markets for Observable Inputs Identical Assets Inputs Level 3 Level 1 Level 2 (in thousands) September 30, 2024 Assets: Available-for-sale securities Agency mortgage-backed securities $ 4,163 — 4,163 — Total assets measured at fair value on a recurring basis $ 4,163 $ — $ 4,163 $ — Liabilities: Derivative instruments $ 1,250 $ — $ 1,250 $ — Total liabilities measured at fair value on a recurring basis $ 1,250 $ — $ 1,250 $ — December 31, 2023 Assets: Available-for-sale securities Corporate bonds $ 5,003 $ — $ 5,003 $ — Total assets measured at fair value on a recurring basis $ 5,003 $ — $ 5,003 $ — Under certain circumstances, the Company makes adjustments to its assets and liabilities although they are not measured at fair value on an ongoing basis. As of September 30, 2024 and December 31, 2023 , the Bank had no assets or liabilities for which a nonrecurring change in fair value had been recorded. ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. ASU 2016-01 requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. The exit price notion is a market-based measurement of fair value that is represented by the price to sell an asset or transfer a liability in the principal market (or most advantageous market in the absence of a principal market) on the measurement date. At September 30, 2024 and December 31, 2023, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. The following table represents the fair value of financial instruments that are not measured at fair value at September 30, 2024 and December 31, 2023. September 30, 2024 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 119,630 $ 119,630 $ 119,630 $ - $ - Held-to-maturity securities 77,233 72,841 - 72,841 - Federal Home Loan Bank stock 9,850 9,850 - 9,850 - Loans, net 1,114,943 1,039,071 - - 1,039,071 Loans held for sale 703 703 - 703 - Accrued interest receivable 4,164 4,164 4,164 - - Financial liabilities: Deposits, other than certificates of deposit $ 362,783 $ 362,783 $ - $ 362,783 $ - Certificates of deposit 581,542 583,113 - 583,113 - Federal Home Loan Bank advances 234,000 237,619 - 237,619 - Accrued interest payable 2,351 2,351 2,351 - - December 31, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 119,036 $ 119,036 $ 119,036 $ - $ - Held-to-maturity securities 76,979 70,590 - 70,590 - Federal Home Loan Bank stock 9,892 9,892 - 9,892 - Loans, net 1,039,789 952,867 - - 952,867 Accrued interest receivable 3,766 3,766 3,766 - - Financial liabilities: Deposits, other than certificates of deposit $ 369,711 $ 369,711 $ - $ 369,711 $ - Certificates of deposit 498,503 495,551 - 495,551 - Federal Home Loan Bank advances 234,000 233,878 - 233,878 - Accrued interest payable 2,191 2,191 2,191 - -

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8 – COMMITMENTS AND CONTINGENCIES The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies but usually includes income producing commercial properties or residential real estate. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company’s outstanding letters of credit generally have a term of less than one year . If a letter of credit is drawn upon, the Company may seek recourse through the customer’s underlying line of credit. If the customer’s line of credit is also in default, the Company may take possession of the collateral, if any, securing the line of credit. Amounts of financial instruments whose contract amounts represent off-balance sheet credit risk are as follows as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (in thousands) Commitments to originate loans $ 33,370 $ 22,701 Commitments to purchase loans 920 415 Unadvanced funds on lines of credit 78,041 78,378 Unadvanced funds on construction loans 46,974 53,013 Letters of credit 50 - $ 159,355 $ 154,507 The Bank accrues for credit losses related to off-balance sheet financial instruments. Potential losses on off-balance sheet loan commitments are estimated using the same risk factors used to determine the allowance for credit losses, adjusted for the likelihood that funding will occur. The allowance for off-balance sheet commitments is recorded within other liabilities on the consolidated balance sheets and amounted to $ 761,000 and $ 756,000 as of September 30, 2024 and December 31, 2023, respectively. For the three and nine months ended September 30, 2024 , provision recorded for off-balance sheet commitments was $ 4,000 and $ 5,000 , respectively. For the three and nine months ended September 30, 2023 , a benefit was recorded for off-balance sheet commitments for $ 6,000 and $ 214,000 , respectively. The provision and benefit for off-balance sheet commitments are recorded with provision for credit losses on the consolidated statements of income.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Other Comprehensive (Loss) Income	NOTE 9 – OTHER COMPREHENSIVE (LOSS) INCOME Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the shareholders' equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. The com ponents of other comprehensive (loss) income and related tax effects are as follows for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Available-for-sale securities: Net unrealized holding (losses) gains on available-for-sale securities $ ( 12 ) $ ( 2 ) $ ( 15 ) $ ( 4 ) Reclassification adjustment for realized gains in net income — — — — Total ( 12 ) ( 2 ) ( 15 ) ( 4 ) Income tax benefit 3 — 3 1 Net-of-tax amount ( 9 ) ( 2 ) ( 12 ) ( 3 ) Net change in fair value of cash flow hedges Change in fair value of cash flow hedges $ ( 1,615 ) $ — $ ( 639 ) $ — Reclassification adjustment for cash flow hedge gains into net income ( 232 ) — ( 611 ) — Total ( 1,847 ) — ( 1,250 ) — Income expense benefit 519 — 352 — Net-of-tax amount ( 1,328 ) — ( 898 ) — Other comprehensive (loss) income, net of tax $ ( 1,337 ) $ ( 2 ) $ ( 910 ) $ ( 3 ) Accumulated other comprehensive income as of September 30, 2024 and December 31, 2023 consists of unrecognized benefit costs, net of taxes, unrealized holding gains on securities available for sale, net of tax, and fair value of cash flow hedges, net of tax as follows: As of September 30, 2024 As of December 31, 2023 (in thousands) Net unrealized holding (losses) gains on securities available-for-sale, net of tax $ ( 9 ) $ 3 Unrecognized SERP gain, net of tax 56 56 Unrecognized DFCP gain, net of tax 70 70 Fair value of cash flow hedges, net of tax ( 898 ) — Accumulated other comprehensive (loss) income $ ( 781 ) $ 129

Regulatory Matters

Regulatory Matters	9 Months Ended
	Sep. 30, 2024
Regulated Operations [Abstract]
Regulatory Matters	NOTE 10 – REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Management believes, as of September 30, 2024, that the Bank meets all capital adequacy requirements to which it is subject. As of September 30, 2024, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios are presented in the table as of the dates indicated: Minimum For Capital Minimum To Be Well Adequacy Purposes Capitalized Under Plus Capital Prompt Corrective Actual Conservation Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of September 30, 2024 Total Capital (to Risk Weighted Assets) $ 153,215 16.80 % $ 95,755 10.50 % $ 91,196 10.00 % Tier 1 Capital (to Risk Weighted Assets) 143,386 15.72 % 77,516 8.50 % 72,956 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 143,386 15.72 % 63,837 7.00 % 59,277 6.50 % Tier 1 Capital (to Average Assets) 143,386 10.67 % 53,776 4.00 % 67,220 5.00 % As of December 31, 2023 Total Capital (to Risk Weighted Assets) $ 149,014 17.30 % $ 90,440 10.50 % $ 86,133 10.00 % Tier 1 Capital (to Risk Weighted Assets) 139,667 16.22 % 73,213 8.50 % 68,907 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 139,667 16.22 % 60,293 7.00 % 55,987 6.50 % Tier 1 Capital (to Average Assets) 139,667 11.31 % 49,406 4.00 % 61,758 5.00 %

Earnings per Share ("EPS")

Earnings per Share ("EPS")	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share ("EPS")	NOTE 11 - EARNINGS PER SHARE ("EPS") Basic earnings per share is calculated by dividing the income available to common shares by the weighted-average number of common shares outstanding during the period. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options) were issued during the period, computed using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 (Dollars in thousands, except per share data) Net income allocated to common stock $ 1,133 $ 1,341 $ 2,545 $ 3,667 Weighted-average common shares outstanding used to calculate basic earnings per common share 8,240,602 8,486,577 8,268,550 8,485,936 Add: Dilutive effect of restricted stock awards 103,134 — 85,620 — Weighted-average common shares outstanding used to calculate diluted earnings per common share 8,343,736 8,486,577 8,354,170 8,485,936 Earnings per common share Basic $ 0.14 $ 0.16 $ 0.31 $ 0.43 Diluted $ 0.14 $ 0.16 $ 0.30 $ 0.43 For the three and nine months ended September 30, 2024 , the shares that were anti-dilutive, and therefore excluded from the calculation of diluted earnings per share, included options to purchase 763,969 shares of common stock. For the three and nine months ended September 30, 2023 , the shares that were anti-dilutive, and therefore excluded from the calculation of diluted earnings per share, included options to purchase 174,960 shares of common stock and 69,984 shares of restricted stock awards.

Derivative and Hedging Activiti

Derivative and Hedging Activities	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	NOTE 12 - DERIVATIVE AND HEDGING ACTIVITIES The Company uses derivative financial instruments to manage its interest rate risk resulting from the differences in the amount, timing, and duration of known or expected cash payments. The Company has entered into interest rate swaps to add stability to interest expense and manage exposure to interest rate movements as part of an overall risk management strategy. An interest rate swap is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged. The Company has entered into interest rate swaps in which it pays fixed and receives floating interest in order to manage its interest rate risk exposure to the variability in interest cash flows on certain floating-rate FHLB Advances and brokered certificates of deposit. The interest rate swaps effectively convert the floating rate payments made on the FHLB Advances and brokered certificates of deposit to a fixed rate and consequently reduce the Company’s exposure to variability in short-term interest rates. Derivative instruments are carried at fair value in the Company’s Consolidated Financial Statements. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not the instrument qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship. The Company’s interest rate swaps have been designated as and are accounted for as cash flow hedges. The changes in fair value are included in other comprehensive income and reclassified into net income in the same period or periods during which the hedged forecasted transaction affects net income. Cash flow hedges are initially assessed for effectiveness using regression analysis. Changes in the fair value of derivatives that are designated as and that qualify as cash flow hedges are recorded in OCI and are subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Quarterly, a quantitative analysis is performed to monitor the ongoing effectiveness of the hedging instrument. All derivative positions were initially, and continue to be, highly effective at September 30, 2024. The following table reflects the Company's derivative position at the date indicated below for the interest rate swaps: As of September 30, 2024 (Dollars in thousands) Notional amount $ 60,000 Weighted-average pay rate 3.80 % Weighted-average receive rate 5.14 % Weighted-average maturity in years 4.00 The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of September 30, 2024: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (in thousands) Derivatives designated as hedging instruments Interest rate swaps Other assets $ - Other liabilities $ ( 1,250 ) Total $ - $ ( 1,250 ) For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company expects approximately $ 10,000 to be reclassified as a decrease to interest expense from OCI related to the Company’s cash flow hedges in the twelve months following September 30, 2024. This reclassification is due to anticipated payments that will be received on the swaps based upon the forward curve at September 30, 2024. The maximum length of time over which the Company is currently hedging its exposure to the variability in future cash flows for forecasted transactions related to the payment of variable interest on existing financial instruments is 4.6 years. The pre-tax effects of cash flow hedges on accumulated other comprehensive income and current earnings for the period indicated are as follows: Three Months Ended Nine Months Ended September 30, 2024 (in thousands) Interest rate swaps Amount of loss recognized in OCI on derivatives $ ( 1,847 ) $ ( 1,250 ) Gain reclassified from OCI into interest expense $ ( 232 ) $ ( 611 ) By using derivatives, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the Company’s credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of all swaps with each counterparty not secured by variation margin plus any initial margin collateral posted. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. As such, management believes the risk of incurring credit losses on derivative contracts with those counterparties is remote. As of September 30, 2024 , the Company has pledged cash collateral to a derivative counterparty totaling $ 2,240,000 . The Company may need to post additional collateral or may receive additional collateral in the future in proportion to potential changes in the overall unrealized gain or loss position. The Company had no derivatives as of December 31, 2023. There was no OCI or interest expense related to cash flow hedges recognized for the three and nine months ended September 30, 2023 .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 13 - SUBSEQUENT EVENTS Management has reviewed events occurring through November 8, 2024, the date the unaudited consolidated financial statements were issued and determined that no subsequent events occurred requiring adjustment to or disclosure in these unaudited consolidated financial statements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Standards	RECENT ACCOUNTING STANDARDS In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . These amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation. ASU 2023-09 also requires entities to provide additional information for reconciling items that meet a quantitative threshold. As an emerging growth company, the amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2025 with early adoption permitted. ASU 2023-09 is not expected to have a significant impact on the company's consolidated financial statements.

Investments in Securities (Tabl

Investments in Securities (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Held-to-Maturity Securities	Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of held to maturity securities at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Held-to-maturity: Cost Gains Losses Losses Value (in thousands) September 30, 2024 Debt securities issued by U.S. government-sponsored enterprises $ 8,337 $ — $ ( 175 ) $ — $ 8,162 Agency mortgage-backed securities 45,562 160 ( 4,112 ) — 41,610 Corporate bonds 17,900 135 ( 437 ) — 17,598 U.S. Treasury securities 5,434 37 — — 5,471 Total held-to-maturity securities $ 77,233 $ 332 $ ( 4,724 ) $ — $ 72,841 December 31, 2023 Debt securities issued by U.S. government-sponsored enterprises $ 10,225 $ — $ ( 381 ) $ — $ 9,844 Agency mortgage-backed securities 49,445 36 ( 5,235 ) — 44,246 Corporate bonds 14,408 — ( 779 ) — 13,629 U.S. Treasury securities 2,901 — ( 30 ) — 2,871 Total held-to-maturity securities $ 76,979 $ 36 $ ( 6,425 ) $ — $ 70,590
Schedule of Available-for-Sale Securities	The following tables summarize the amortized cost, allowance for credit losses, and fair value of securities and their corresponding amounts of unrealized gains and losses of available-for-sale securities at the dates indicated: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Available-for-sale Cost Gains Losses Losses Value (in thousands) September 30, 2024 Debt securities Agency mortgage-backed securities $ 4,175 $ — $ ( 12 ) $ — $ 4,163 Total available-for-sale securities $ 4,175 $ — $ ( 12 ) $ — $ 4,163 December 31, 2023 Debt securities Corporate bonds $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003 Total available-for-sale securities $ 5,000 $ 4 $ ( 1 ) $ — $ 5,003
Schedule of Aggregate Fair Value and Unrealized Losses of Available-for-Sale Securities in a Continuous Unrealized Loss Position	The aggregate fair value and unrealized losses of available-for-sale securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and have no allowance for credit losses, are as follows as of September 30, 2024 and December 31, 2023: Less than 12 Months 12 Months or Longer Total # of Fair Unrealized Fair Unrealized Fair Unrealized Holdings Value Losses Value Losses Value Losses (Dollars in thousands) September 30, 2024 Available for Sale: Agency mortgage-backed securities 2 $ 4,163 $ ( 12 ) $ - $ - $ 4,163 $ ( 12 ) Total 2 $ 4,163 $ ( 12 ) $ - $ - $ 4,163 $ ( 12 ) December 31, 2023 Available for Sale: Corporate bonds 1 $ 2,500 $ ( 1 ) $ - $ - $ 2,500 $ ( 1 ) Total 1 $ 2,500 $ ( 1 ) $ - $ - $ 2,500 $ ( 1 )
Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities	A schedule of the contractual maturities of available-for-sale and held-to-maturity securities as of September 30, 2024 is presented below: Available-for-sale Held-to-maturity Fair Amortized Fair Value Cost Value Within 1 year $ 2,007 $ 13,793 $ 13,626 After 1 year through 5 years 2,156 21,920 21,805 After 5 years through 10 years - 3,983 3,808 After 10 years - 37,537 33,602 Total $ 4,163 $ 77,233 $ 72,841

Loans, Allowance for Credit L_2

Loans, Allowance for Credit Losses and Credit Quality (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Loans	Loans consisted of the following as of the dates indicated: At September 30, At December 31, 2024 2023 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: One-to-four family residential $ 419,373 37.3 % $ 410,131 39.1 % Multi-family 326,975 29.1 % 287,361 27.4 % Commercial 222,680 19.8 % 196,365 18.7 % Home equity lines of credit and loans 39,413 3.5 % 33,357 3.2 % Construction 101,401 9.0 % 112,000 10.7 % Other loans: Commercial 14,508 1.3 % 9,219 0.9 % Consumer 141 0.0 % 173 0.0 % Total loans, gross 1,124,491 100.0 % 1,048,606 100.0 % Less: Net deferred loan fees ( 480 ) ( 226 ) Allowance for credit losses ( 9,068 ) ( 8,591 ) Total loans, net $ 1,114,943 $ 1,039,789
Schedule of Information Regarding Allowance for Loan Losses	The following tables set forth information regarding the allowance for credit losses on loans as of and for the three and nine months ended September 30, 2024 and 2023: For the three months ended September 30, 2024 (in thousands) Beginning Charge-offs Recoveries Provision (benefit) Ending (1) Real estate loans: One-to-four family residential $ 3,604 $ - $ - $ 81 $ 3,685 Multi-family 1,304 - - 53 1,357 Commercial 1,740 - - 95 1,835 Home equity lines of credit and loans 363 - - 19 382 Construction 1,814 - - ( 211 ) 1,603 Other loans: Commercial 199 - - 6 205 Consumer 1 - - - 1 Total $ 9,025 $ - $ - $ 43 $ 9,068 For the nine months ended September 30, 2024 (in thousands) Beginning Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 3,555 $ - $ - $ 130 $ 3,685 Multi-family 1,190 - - 167 1,357 Commercial 1,636 - - 199 1,835 Home equity lines of credit and loans 321 - - 61 382 Construction 1,757 - - ( 154 ) 1,603 Other loans: - Commercial 131 - - 74 205 Consumer 1 ( 3 ) - 3 1 Total $ 8,591 $ ( 3 ) $ - $ 480 $ 9,068 For the three months ended September 30, 2023 (in thousands) Beginning Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 1,980 $ - $ - $ 40 $ 2,020 Multi-family 2,150 - - 79 2,229 Commercial 2,348 - - ( 154 ) 2,194 Home equity lines of credit and loans 203 - - 4 207 Construction 1,570 - - ( 126 ) 1,444 Other loans: Commercial 218 - - ( 21 ) 197 Consumer 1 ( 1 ) 1 - 1 Total $ 8,470 $ ( 1 ) $ 1 ( 178 ) $ 8,292 For the nine months ended September 30, 2023 (in thousands) Beginning Cumulative effect accounting adjustment (2) Charge-offs Recoveries Provision Ending (1) Real estate loans: One-to-four family residential $ 1,703 $ 130 $ - $ - $ 187 $ 2,020 Multi-family 1,839 77 - - 313 2,229 Commercial 1,797 145 - - 252 2,194 Home equity lines of credit and loans 194 ( 20 ) - - 33 207 Construction 1,286 136 - - 22 1,444 Other loans: Commercial 60 34 - - 103 197 Consumer 1 - ( 1 ) 1 - 1 Unallocated 320 ( 320 ) - - - - Total $ 7,200 $ 182 $ ( 1 ) $ 1 $ 910 $ 8,292 (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.5 million and $ 2.9 million as of September 30, 2024 and September 30, 2023 . (2) Represents an adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment for the nine months ended September 30, 2023 represents a $ 182,000 increase to the allowance for credit losses attributable to the change in accounting methodology for estimating the allowance for credit losses on loans resulting from the Company's adoption of the standard.
Schedule of Information Regarding Past Due Loans	The following tables show the age analysis of past due loans as of the dates indicated: 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on Non-accrual (in thousands) As of September 30, 2024 Real estate loans: One-to-four family residential $ 1,545 $ — $ — $ 1,545 $ 417,828 $ 419,373 $ — $ 1,012 Multi-family — — — — 326,975 326,975 — — Commercial — — — — 222,680 222,680 — — Home equity lines of credit and loans 220 258 — 478 38,935 39,413 — 85 Construction — — — — 101,401 101,401 — — Other loans: Commercial — — — — 14,508 14,508 — — Consumer 1 1 — 2 139 141 — 1 $ 1,766 $ 259 $ — $ 2,025 $ 1,122,466 $ 1,124,491 $ — $ 1,098 30–59 Days 60–89 Days 90 Days Total Total Total 90 days Loans on Non-accrual (in thousands) As of December 31, 2023 Real estate loans: One-to-four family residential $ 722 $ 225 $ 809 $ 1,756 $ 408,375 $ 410,131 $ — $ 1,191 Multi-family — — — — 287,361 287,361 — — Commercial — — — — 196,365 196,365 — — Home equity lines of credit and loans 360 — 8 368 32,989 33,357 — 22 Construction — — — — 112,000 112,000 — — Other loans: Commercial — — — — 9,219 9,219 — — Consumer 1 — — 1 172 173 — — $ 1,083 $ 225 $ 817 $ 2,125 $ 1,046,481 $ 1,048,606 $ — $ 1,213 During the three months ended September 30, 2024 and 2023 , interest income recognized on nonaccrual loans amounted to $ 13,000 and $ 12,000 , respectively. During the nine months ended September 30, 2024 and 2023 , interest income recognized on nonaccrual loans amounted to $ 49,000 and $ 26,000 , respectively.
Schedule of Information Regarding Nonacccrual Loans	The following tables show information regarding nonaccrual loans as of the dates indicated: As of September 30, 2024 With an Allowance for Credit Losses Without an Allowance for Credit Losses Total (in thousands) Real estate loans: One-to-four family residential $ — $ 1,012 $ 1,012 Home equity lines of credit and loans — 85 85 Consumer — 1 1 Total nonaccrual loans $ — $ 1,098 $ 1,098 As of December 31, 2023 With an Allowance for Credit Losses Without an Allowance for Credit Losses Total (in thousands) Real estate loans: One-to-four family residential $ — $ 1,191 $ 1,191 Home equity lines of credit and loans — 22 22 Total nonaccrual loans $ — $ 1,213 $ 1,213
Summary of Loans by Risk Rating	The following tables detail the amortized cost balances of the Company's loan portfolios, presented by credit quality indicator and origination year as of September 30, 2024 and December 31, 2023: Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 2024 2023 2022 2021 2020 Prior As of September 30, 2024 (in thousands) One-to-four family residential Pass $ 2,734 $ 14,157 $ 35,081 $ 15,229 $ 4,018 $ 11,892 $ — $ — $ 83,111 Special Mention — — — — 636 440 — — 1,076 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 24,692 46,686 85,337 69,451 48,868 60,152 — — 335,186 Total $ 27,426 $ 60,843 $ 120,418 $ 84,680 $ 53,522 $ 72,484 $ — $ — $ 419,373 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Pass $ 11,373 $ 54,026 $ 202,121 $ 35,545 $ 8,682 $ 8,874 $ 6,354 $ — $ 326,975 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 11,373 $ 54,026 $ 202,121 $ 35,545 $ 8,682 $ 8,874 $ 6,354 $ — $ 326,975 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 22,655 $ 41,411 $ 77,828 $ 25,839 $ 15,586 $ 32,556 $ 6,805 $ — 222,680 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 22,655 $ 41,411 $ 77,828 $ 25,839 $ 15,586 $ 32,556 $ 6,805 $ — $ 222,680 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit and loans Pass $ 199 $ 323 $ — $ — $ — $ — $ 6,033 $ — $ 6,555 Special Mention — — — — — 10 74 — 84 Substandard — — — — — — 99 — 99 Doubtful — — — — — — — — — Loans not formally rated (1) 127 390 27 8 — 75 31,452 596 32,675 Total $ 326 $ 713 $ 27 $ 8 $ — $ 85 $ 37,658 $ 596 $ 39,413 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 19,615 $ 32,207 $ 39,820 $ 4,516 $ — $ 2,988 $ — $ — $ 99,146 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 459 1,796 — — — — — — 2,255 Total $ 20,074 $ 34,003 $ 39,820 $ 4,516 $ — $ 2,988 $ — $ — $ 101,401 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Pass $ 5,100 $ 4,419 $ 2,768 $ 355 $ 20 $ 202 $ 1,644 $ — $ 14,508 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 5,100 $ 4,419 $ 2,768 $ 355 $ 20 $ 202 $ 1,644 $ — $ 14,508 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ — $ — $ — $ — $ — $ — $ — $ — $ — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 8 17 31 41 — 8 36 — 141 Total $ 8 $ 17 $ 31 $ 41 $ — $ 8 $ 36 $ — $ 141 Current-period gross charge-offs $ 3 $ — $ — $ — $ — $ — $ — $ — $ 3 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total 2023 2022 2021 2020 2019 Prior As of December 31, 2023 (in thousands) One-to-four family residential Pass $ 9,689 $ 36,662 $ 15,529 $ 4,476 $ 4,230 $ 9,224 $ — $ — $ 79,810 Special Mention — — — 809 — 451 — — 1,260 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 48,688 90,827 72,463 51,035 7,129 58,919 — — 329,061 Total $ 58,377 $ 127,489 $ 87,992 $ 56,320 $ 11,359 $ 68,594 $ — $ — $ 410,131 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family Pass $ 45,188 $ 194,999 $ 26,820 $ 8,873 $ — $ 9,798 $ 1,683 $ — $ 287,361 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 45,188 $ 194,999 $ 26,820 $ 8,873 $ — $ 9,798 $ 1,683 $ — $ 287,361 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 43,639 $ 72,671 $ 24,138 $ 16,407 $ 4,054 $ 31,132 $ 4,324 $ — $ 196,365 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — — — — — — — — Total $ 43,639 $ 72,671 $ 24,138 $ 16,407 $ 4,054 $ 31,132 $ 4,324 $ — $ 196,365 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Home equity lines of credit and loans Pass $ 326 $ — $ — $ — $ — $ — $ 4,986 $ — $ 5,312 Special Mention — — — — — 14 8 — 22 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 410 36 12 — 65 22 26,970 508 28,023 Total $ 736 $ 36 $ 12 $ — $ 65 $ 36 $ 31,964 $ 508 $ 33,357 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Construction Pass $ 33,707 $ 55,170 $ 17,228 $ — $ 786 $ 2,988 $ — $ — $ 109,879 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 2,121 — — — — — — — 2,121 Total $ 35,828 $ 55,170 $ 17,228 $ — $ 786 $ 2,988 $ — $ — $ 112,000 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial Pass $ 4,444 $ 3,349 $ 428 $ 35 $ 89 $ 154 $ 655 $ — $ 9,154 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) — — 65 — — — — — 65 Total $ 4,444 $ 3,349 $ 493 $ 35 $ 89 $ 154 $ 655 $ — $ 9,219 Current-period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ — $ — $ — $ — $ — $ — $ — $ — $ — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loans not formally rated (1) 31 38 45 — — 13 46 — 173 Total $ 31 $ 38 $ 45 $ — $ — $ 13 $ 46 $ — $ 173 Current-period gross charge-offs $ 2 $ — $ — $ — $ — $ — $ — $ — $ 2 (1) All loans no t formally rated were accruing as of September 30, 2024 and December 31, 2023.

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2024
Defined Benefit Plan [Abstract]
Summary of share information held by the ESOP	The following table presents share information held by the ESOP: As of September 30, 2024 As of December 31, 2023 (Dollars in thousands) Allocated shares 70,438 72,017 Shares committed to be released 27,476 - Unallocated shares 633,142 660,618 Total shares 731,056 732,635 Fair value of unallocated shares $ 9,067 $ 8,297

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Option Activity	The following table summarizes the Company's stock option activities for the periods indicated: Three months ended Nine months ended September 30, 2024 September 30, 2024 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Non-vested balance at beginning of period 763,969 $ 10.50 763,969 $ 10.50 Granted - - - - Exercised - - - - Vested 34,992 11.80 34,992 11.80 Forfeited or expired - - - - Non-vested balance at end of period 728,977 $ 10.44 728,977 $ 10.44 Three months ended Nine months ended September 30, 2023 September 30, 2023 Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Non-vested balance at beginning of period - $ - - $ - Granted 174,960 11.80 174,960 11.80 Exercised - - - - Vested - - - - Forfeited or expired - - - - Non-vested balance at beginning of period 174,960 $ 11.80 174,960 $ 11.80
Summary of Restricted Stock Award Activity	The following table summarizes the Company's restricted stock award activities for the periods indicated: Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Balance at beginning of period 305,957 $ 10.50 305,957 $ 10.50 Granted 1,000 13.00 1,000 13.00 Vested 13,997 11.80 13,997 11.80 Forfeited - - - - Balance at end of period 292,960 $ 10.45 292,960 $ 10.45 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Number of Shares Weighted-Average Grant Date Fair Value Per Share Number of Shares Weighted-Average Grant Date Fair Value Per Share Balance at beginning of period - $ - - $ - Granted 69,984 11.80 69,984 11.80 Vested - - - - Forfeited - - - - Balance at end of period 69,984 $ 11.80 69,984 $ 11.80
Summary of Compensation Expense and Income Tax Benefit Recognized	The following table represents the compensation expense and income tax benefits recognized for stock options and restricted stock awards for the periods indicated: Three months ended Nine months ended Three months ended Nine months ended September 30, 2024 September 30, 2023 (in thousands) Stock-based compensation expense Stock options $ 166 $ 495 $ 10 $ 10 Restricted stock awards 162 482 10 10 Total stock-based compensation expense $ 328 $ 977 $ 20 $ 20 Related tax benefits recognized in earnings $ 71 $ 211 $ 6 $ 6
Schedule of Compensation Cost Related to Non-vested Awards	The following table sets forth the total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized as of the date indicated: September 30, 2024 December 31, 2023 Amount Weighted average period Amount Weighted average period (Dollars in thousands) Stock options $ 2,667 4.05 $ 3,162 4.80 Restricted stock awards 2,612 4.05 3,081 4.80 Total $ 5,279 $ 6,243

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	As of September 30, 2024 and December 31, 2023, the following summarizes assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Quoted Prices Significant Significant in Active Other Unobservable Markets for Observable Inputs Identical Assets Inputs Level 3 Level 1 Level 2 (in thousands) September 30, 2024 Assets: Available-for-sale securities Agency mortgage-backed securities $ 4,163 — 4,163 — Total assets measured at fair value on a recurring basis $ 4,163 $ — $ 4,163 $ — Liabilities: Derivative instruments $ 1,250 $ — $ 1,250 $ — Total liabilities measured at fair value on a recurring basis $ 1,250 $ — $ 1,250 $ — December 31, 2023 Assets: Available-for-sale securities Corporate bonds $ 5,003 $ — $ 5,003 $ — Total assets measured at fair value on a recurring basis $ 5,003 $ — $ 5,003 $ —
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis	The following table represents the fair value of financial instruments that are not measured at fair value at September 30, 2024 and December 31, 2023. September 30, 2024 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 119,630 $ 119,630 $ 119,630 $ - $ - Held-to-maturity securities 77,233 72,841 - 72,841 - Federal Home Loan Bank stock 9,850 9,850 - 9,850 - Loans, net 1,114,943 1,039,071 - - 1,039,071 Loans held for sale 703 703 - 703 - Accrued interest receivable 4,164 4,164 4,164 - - Financial liabilities: Deposits, other than certificates of deposit $ 362,783 $ 362,783 $ - $ 362,783 $ - Certificates of deposit 581,542 583,113 - 583,113 - Federal Home Loan Bank advances 234,000 237,619 - 237,619 - Accrued interest payable 2,351 2,351 2,351 - - December 31, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 119,036 $ 119,036 $ 119,036 $ - $ - Held-to-maturity securities 76,979 70,590 - 70,590 - Federal Home Loan Bank stock 9,892 9,892 - 9,892 - Loans, net 1,039,789 952,867 - - 952,867 Accrued interest receivable 3,766 3,766 3,766 - - Financial liabilities: Deposits, other than certificates of deposit $ 369,711 $ 369,711 $ - $ 369,711 $ - Certificates of deposit 498,503 495,551 - 495,551 - Federal Home Loan Bank advances 234,000 233,878 - 233,878 - Accrued interest payable 2,191 2,191 2,191 - -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Financial Instrument Liabilities Represent Off-Balance Sheet Credit Risk	Amounts of financial instruments whose contract amounts represent off-balance sheet credit risk are as follows as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (in thousands) Commitments to originate loans $ 33,370 $ 22,701 Commitments to purchase loans 920 415 Unadvanced funds on lines of credit 78,041 78,378 Unadvanced funds on construction loans 46,974 53,013 Letters of credit 50 - $ 159,355 $ 154,507

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Components of Other Comprehensive (Loss) Income and Related Tax Effects	The com ponents of other comprehensive (loss) income and related tax effects are as follows for the three and nine months ended September 30, 2024 and 2023: Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Available-for-sale securities: Net unrealized holding (losses) gains on available-for-sale securities $ ( 12 ) $ ( 2 ) $ ( 15 ) $ ( 4 ) Reclassification adjustment for realized gains in net income — — — — Total ( 12 ) ( 2 ) ( 15 ) ( 4 ) Income tax benefit 3 — 3 1 Net-of-tax amount ( 9 ) ( 2 ) ( 12 ) ( 3 ) Net change in fair value of cash flow hedges Change in fair value of cash flow hedges $ ( 1,615 ) $ — $ ( 639 ) $ — Reclassification adjustment for cash flow hedge gains into net income ( 232 ) — ( 611 ) — Total ( 1,847 ) — ( 1,250 ) — Income expense benefit 519 — 352 — Net-of-tax amount ( 1,328 ) — ( 898 ) — Other comprehensive (loss) income, net of tax $ ( 1,337 ) $ ( 2 ) $ ( 910 ) $ ( 3 )
Schedule of Accumulated Other Comprehensive Income	Accumulated other comprehensive income as of September 30, 2024 and December 31, 2023 consists of unrecognized benefit costs, net of taxes, unrealized holding gains on securities available for sale, net of tax, and fair value of cash flow hedges, net of tax as follows: As of September 30, 2024 As of December 31, 2023 (in thousands) Net unrealized holding (losses) gains on securities available-for-sale, net of tax $ ( 9 ) $ 3 Unrecognized SERP gain, net of tax 56 56 Unrecognized DFCP gain, net of tax 70 70 Fair value of cash flow hedges, net of tax ( 898 ) — Accumulated other comprehensive (loss) income $ ( 781 ) $ 129

Regulatory Matters (Tables)

Regulatory Matters (Tables)	9 Months Ended
	Sep. 30, 2024
Regulated Operations [Abstract]
Schedule of Company's and Bank's Actual Capital Amounts and Ratios	The Bank’s actual capital amounts and ratios are presented in the table as of the dates indicated: Minimum For Capital Minimum To Be Well Adequacy Purposes Capitalized Under Plus Capital Prompt Corrective Actual Conservation Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of September 30, 2024 Total Capital (to Risk Weighted Assets) $ 153,215 16.80 % $ 95,755 10.50 % $ 91,196 10.00 % Tier 1 Capital (to Risk Weighted Assets) 143,386 15.72 % 77,516 8.50 % 72,956 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 143,386 15.72 % 63,837 7.00 % 59,277 6.50 % Tier 1 Capital (to Average Assets) 143,386 10.67 % 53,776 4.00 % 67,220 5.00 % As of December 31, 2023 Total Capital (to Risk Weighted Assets) $ 149,014 17.30 % $ 90,440 10.50 % $ 86,133 10.00 % Tier 1 Capital (to Risk Weighted Assets) 139,667 16.22 % 73,213 8.50 % 68,907 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) 139,667 16.22 % 60,293 7.00 % 55,987 6.50 % Tier 1 Capital (to Average Assets) 139,667 11.31 % 49,406 4.00 % 61,758 5.00 %

Earnings per Share ("EPS") (Tab

Earnings per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings per share data	Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 (Dollars in thousands, except per share data) Net income allocated to common stock $ 1,133 $ 1,341 $ 2,545 $ 3,667 Weighted-average common shares outstanding used to calculate basic earnings per common share 8,240,602 8,486,577 8,268,550 8,485,936 Add: Dilutive effect of restricted stock awards 103,134 — 85,620 — Weighted-average common shares outstanding used to calculate diluted earnings per common share 8,343,736 8,486,577 8,354,170 8,485,936 Earnings per common share Basic $ 0.14 $ 0.16 $ 0.31 $ 0.43 Diluted $ 0.14 $ 0.16 $ 0.30 $ 0.43

Derivatives and Hedging Activit

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate swaps	The following table reflects the Company's derivative position at the date indicated below for the interest rate swaps: As of September 30, 2024 (Dollars in thousands) Notional amount $ 60,000 Weighted-average pay rate 3.80 % Weighted-average receive rate 5.14 % Weighted-average maturity in years 4.00
Schedule of Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheets	The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of September 30, 2024: Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (in thousands) Derivatives designated as hedging instruments Interest rate swaps Other assets $ - Other liabilities $ ( 1,250 ) Total $ - $ ( 1,250 )
Schedule of pre-tax effects of cash flow hedge accumulated other comprehensive income and current earnings	The pre-tax effects of cash flow hedges on accumulated other comprehensive income and current earnings for the period indicated are as follows: Three Months Ended Nine Months Ended September 30, 2024 (in thousands) Interest rate swaps Amount of loss recognized in OCI on derivatives $ ( 1,847 ) $ ( 1,250 ) Gain reclassified from OCI into interest expense $ ( 232 ) $ ( 611 )

Conversion - Additional Informa

Conversion - Additional Information (Details) - USD ($)	Jul. 27, 2022	Sep. 30, 2024	Dec. 31, 2023
Number of shares sold in offering	8,915,247	9,152,280	9,291,810
Common stock per share price	$ 10	$ 0.01	$ 0.01
Gross offering proceeds	$ 89,200,000
Amount contributed through cash	$ 600,000
Number of common stock shares funded	260,000

Investments in Securities - Sch

Investments in Securities - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost Basis	$ 77,233	$ 76,979
Held-to-maturity securities, Gross Unrealized Gains	332	36
Held-to-maturity securities, Gross Unrealized Losses	(4,724)	(6,425)
Held-to-maturity securities, Allowance for Credit Losses	0	0
Held-to-maturity securities, Fair Value	72,841	70,590
Debt Securities Issued by U.S. Government-Sponsored Enterprises
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost Basis	8,337	10,225
Held-to-maturity securities, Gross Unrealized Gains	0	0
Held-to-maturity securities, Gross Unrealized Losses	(175)	(381)
Held-to-maturity securities, Allowance for Credit Losses	0	0
Held-to-maturity securities, Fair Value	8,162	9,844
Agency Mortgage-backed Securities
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost Basis	45,562	49,445
Held-to-maturity securities, Gross Unrealized Gains	160	36
Held-to-maturity securities, Gross Unrealized Losses	(4,112)	(5,235)
Held-to-maturity securities, Allowance for Credit Losses	0	0
Held-to-maturity securities, Fair Value	41,610	44,246
Corporate Bonds
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost Basis	17,900	14,408
Held-to-maturity securities, Gross Unrealized Gains	135	0
Held-to-maturity securities, Gross Unrealized Losses	(437)	(779)
Held-to-maturity securities, Allowance for Credit Losses	0	0
Held-to-maturity securities, Fair Value	17,598	13,629
US Treasury Securities
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost Basis	5,434	2,901
Held-to-maturity securities, Gross Unrealized Gains	37	0
Held-to-maturity securities, Gross Unrealized Losses	0	(30)
Held-to-maturity securities, Allowance for Credit Losses	0	0
Held-to-maturity securities, Fair Value	$ 5,471	$ 2,871

Investments in Securities - Add

Investments in Securities - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Accrued interest on held to maturity securities	$ 358,000		$ 358,000		$ 310,000
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Interest Receivable		Interest Receivable		Interest Receivable
Accrued interest on available for sale securities	$ 9,000		$ 9,000		$ 58,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Interest Receivable		Interest Receivable		Interest Receivable
Held-to-maturity securities, write-offs of accrued interest income	$ 0	$ 0	$ 0	$ 0
Held-to-maturity securities, delinquent amount	0		0		$ 0
Available for-sale-securities	4,163,000		4,163,000		5,003,000
Available-for-sale securities, credit loss	0	0	0	0	0
Available-for-sale securities, write-offs of accrued interest income	0	0	0	0
Available-for-sale securities, nonaccrual status	0	0	0	0
Sale of securities	0	$ 0	0	$ 0
FHLB | Loans Pledged
Schedule Of Available For Sale Securities [Line Items]
Pledged securities	58,100,000		58,100,000		62,600,000
FRB | Loans Pledged
Schedule Of Available For Sale Securities [Line Items]
Pledged securities	$ 16,000,000		$ 16,000,000		$ 0

Investments in Securities - S_2

Investments in Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 4,175	$ 5,000
Available-for-sale Securities, Gross Unrealized Gains	0	4
Available-for-sale Securities, Gross Unrealized Losses	(12)	(1)
Available-for-sale Securities, Allowance for Credit Losses	0	0	$ 0
Available-for-sale Securities, Fair Value	4,163	5,003
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis		5,000
Available-for-sale Securities, Gross Unrealized Gains		4
Available-for-sale Securities, Gross Unrealized Losses		(1)
Available-for-sale Securities, Allowance for Credit Losses		0
Available-for-sale Securities, Fair Value		$ 5,003
Agency Mortgage-backed Securities
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	4,175
Available-for-sale Securities, Gross Unrealized Gains	0
Available-for-sale Securities, Gross Unrealized Losses	(12)
Available-for-sale Securities, Allowance for Credit Losses	0
Available-for-sale Securities, Fair Value	$ 4,163

Investments in Securities - S_3

Investments in Securities - Schedule of Aggregate Fair Value and Unrealized Losses of Available-for-Sale Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2024 USD ($) Holdings	Dec. 31, 2023 USD ($) Holdings
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
# of Holdings | Holdings	2	1
Available for Sale, Less than 12 Months, Fair Value	$ 4,163	$ 2,500
Available for Sale, Less than 12 Months, Unrealized Losses	(12)	(1)
Available for Sale, 12 Months or Longer, Fair Value	0	0
Available for Sale, 12 Months or Longer, Unrealized Losses	0	0
Available for Sale, Fair Value, Total	4,163	2,500
Available for Sale, Unrealized Losses, Total	$ (12)	$ (1)
Agency Mortgage-backed Securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
# of Holdings | Holdings	2
Available for Sale, Less than 12 Months, Fair Value	$ 4,163
Available for Sale, Less than 12 Months, Unrealized Losses	(12)
Available for Sale, 12 Months or Longer, Fair Value	0
Available for Sale, 12 Months or Longer, Unrealized Losses	0
Available for Sale, Fair Value, Total	4,163
Available for Sale, Unrealized Losses, Total	$ (12)
Corporate Bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
# of Holdings | Holdings		1
Available for Sale, Less than 12 Months, Fair Value		$ 2,500
Available for Sale, Less than 12 Months, Unrealized Losses		(1)
Available for Sale, 12 Months or Longer, Fair Value		0
Available for Sale, 12 Months or Longer, Unrealized Losses		0
Available for Sale, Fair Value, Total		2,500
Available for Sale, Unrealized Losses, Total		$ (1)

Investments in Securities - S_4

Investments in Securities - Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Available-for-sale, Fair Value, Within 1 year	$ 2,007
Available-for-sale, Fair Value, After 1 year through 5 years	2,156
Available-for-sale, Fair Value, After 5 years through 10 years	0
Available-for-sale, Fair Value, After 10 Years	0
Available-for-sale, Fair Value	4,163
Held-to-maturity, Amortized Cost Basis, Within 1 year	13,793
Held-to-maturity, Amortized Cost Basis, After 1 year through 5 years	21,920
Held-to-maturity, Amortized Cost Basis, After 5 years through 10 years	3,983
Held-to-maturity, Amortized Cost Basis, After 10 years	37,537
Held-to-maturity, Amortized Cost Basis, Total	77,233
Held-to-maturity, Fair Value, Within 1 year	13,626
Held-to-maturity, Fair Value, After 1 year through 5 years	21,805
Held-to-maturity, Fair Value, After 5 years through 10 years	3,808
Held-to-maturity, Fair Value, After 10 years	33,602
Held-to-maturity, Fair Value	$ 72,841

Loans, Allowance for Credit L_3

Loans, Allowance for Credit Losses and Credit Quality - Schedule of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024		Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	[1]	Jun. 30, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	$ 1,124,491			$ 1,048,606
Net deferred loan fees	(480)			(226)
Allowance for credit losses	(9,068)	[1]	$ (9,025)	(8,591)	$ (8,292)		$ (8,470)	$ (7,200)
Total loans, net	$ 1,114,943			$ 1,039,789
Total loans, gross percent	100%			100%
Real Estate Loans | Home Equity Lines of Credit and Loans
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	$ 39,413			$ 33,357
Allowance for credit losses	$ (382)	[1]	(363)	$ (321)	(207)		(203)	(194)
Total loans, gross percent	3.50%			3.20%
Real Estate Loans | One-to Four Family Residential
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	$ 419,373			$ 410,131
Total loans, gross percent	37.30%			39.10%
Real Estate Loans | Multi Family
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	$ 326,975			$ 287,361
Allowance for credit losses	$ (1,357)	[1]	(1,304)	$ (1,190)	(2,229)		(2,150)	(1,839)
Total loans, gross percent	29.10%			27.40%
Real Estate Loans | Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	$ 222,680			$ 196,365
Allowance for credit losses	$ (1,835)	[1]	(1,740)	$ (1,636)	(2,194)		(2,348)	(1,797)
Total loans, gross percent	19.80%			18.70%
Real Estate Loans | Construction
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	$ 101,401			$ 112,000
Allowance for credit losses	$ (1,603)	[1]	(1,814)	$ (1,757)	(1,444)		(1,570)	(1,286)
Total loans, gross percent	9%			10.70%
Other Loans | Commercial
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	$ 14,508			$ 9,219
Allowance for credit losses	$ (205)	[1]	(199)	$ (131)	(197)		(218)	(60)
Total loans, gross percent	1.30%			0.90%
Other Loans | Consumer
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	$ 141			$ 173
Allowance for credit losses	$ (1)	[1]	$ (1)	$ (1)	$ (1)		$ (1)	$ (1)
Total loans, gross percent	0%			0%
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.5 million and $ 2.9 million as of September 30, 2024 and September 30, 2023 .

Loans, Allowance for Credit L_4

Loans, Allowance for Credit Losses and Credit Quality - Additional Information (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 Grade	Mar. 31, 2024 Grade	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items]
Carrying value of loans pledged	$ 1,114,943,000				$ 1,114,943,000		$ 1,039,789,000
Interest income recognized on nonaccrual loans	13,000			$ 12,000	49,000	$ 26,000
Number of Internal Loan Rating Grades | Grade		10	7
Loan restructurings	0			$ 0	0	$ 0
FHLBB | Loans Pledged
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items]
Carrying value of loans pledged	676,500,000				676,500,000		553,000,000
Commercial And Industrial Loans
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items]
Threshold limit for loans receivable	500,000				500,000
Commercial Real Estate Loans
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items]
Threshold limit for loans receivable	2,000,000				2,000,000
Residential Real Estate
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items]
Mortgage loans in process of foreclosure	$ 0				$ 0		$ 0

Loans, Allowance for Credit L_5

Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Allowance for Loan Losses (Details) - USD ($)		3 Months Ended				9 Months Ended				12 Months Ended
		Sep. 30, 2024		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023		Dec. 31, 2023
Allowance for loan losses
Beginning balance		$ 9,025,000		$ 8,470,000		$ 8,591,000		$ 7,200,000		$ 7,200,000
Charge-offs		0		(1,000)		(3,000)		(1,000)
Recoveries		0		1,000		0		1,000
Provision (benefit)		43,000		(178,000)		480,000		910,000
Ending balance		9,068,000	[1]	8,292,000	[1]	9,068,000	[1]	8,292,000	[1]	8,591,000
Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							182,000		182,000
Ending balance				182,000				182,000
Unallocated
Allowance for loan losses
Beginning balance								320,000		320,000
Charge-offs								0
Recoveries								0
Provision (benefit)								0
Ending balance	[1]			0				0
Unallocated | Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							(320,000)		(320,000)
Real Estate | Home Equity Lines of Credit and Loans
Allowance for loan losses
Beginning balance		363,000		203,000		321,000		194,000		194,000
Charge-offs		0		0		0		0		0
Recoveries		0		0		0		0
Provision (benefit)		19,000		4,000		61,000		33,000
Ending balance		382,000	[1]	207,000	[1]	382,000	[1]	207,000	[1]	321,000
Real Estate | Home Equity Lines of Credit and Loans | Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							(20,000)		(20,000)
Real Estate | One- to Four-Family Residential
Allowance for loan losses
Beginning balance		3,604,000		1,980,000		3,555,000		1,703,000		1,703,000
Charge-offs		0		0		0		0		0
Recoveries		0		0		0		0
Provision (benefit)		81,000		40,000		130,000		187,000
Ending balance		3,685,000	[1]	2,020,000	[1]	3,685,000	[1]	2,020,000	[1]	3,555,000
Real Estate | One- to Four-Family Residential | Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							130,000		130,000
Real Estate | Multi Family
Allowance for loan losses
Beginning balance		1,304,000		2,150,000		1,190,000		1,839,000		1,839,000
Charge-offs		0		0		0		0		0
Recoveries		0		0		0		0
Provision (benefit)		53,000		79,000		167,000		313,000
Ending balance		1,357,000	[1]	2,229,000	[1]	1,357,000	[1]	2,229,000	[1]	1,190,000
Real Estate | Multi Family | Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							77,000		77,000
Real Estate | Commercial
Allowance for loan losses
Beginning balance		1,740,000		2,348,000		1,636,000		1,797,000		1,797,000
Charge-offs		0		0		0		0		0
Recoveries		0		0		0		0
Provision (benefit)		95,000		(154,000)		199,000		252,000
Ending balance		1,835,000	[1]	2,194,000	[1]	1,835,000	[1]	2,194,000	[1]	1,636,000
Real Estate | Commercial | Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							145,000		145,000
Real Estate | Construction
Allowance for loan losses
Beginning balance		1,814,000		1,570,000		1,757,000		1,286,000		1,286,000
Charge-offs		0		0		0		0		0
Recoveries		0		0		0		0
Provision (benefit)		(211,000)		(126,000)		(154,000)		22,000
Ending balance		1,603,000	[1]	1,444,000	[1]	1,603,000	[1]	1,444,000	[1]	1,757,000
Real Estate | Construction | Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							136,000		136,000
Other Loans | Commercial
Allowance for loan losses
Beginning balance		199,000		218,000		131,000		60,000		60,000
Charge-offs		0		0		0		0		0
Recoveries		0		0		0		0
Provision (benefit)		(6,000)		(21,000)		74,000		103,000
Ending balance		205,000	[1]	197,000	[1]	205,000	[1]	197,000	[1]	131,000
Other Loans | Commercial | Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							34,000		34,000
Other Loans | Consumer
Allowance for loan losses
Beginning balance		1,000		1,000		1,000		1,000		1,000
Charge-offs		0		(1,000)		(3,000)		(1,000)		(2,000)
Recoveries		0		1,000		0		1,000
Provision (benefit)		0		0		3,000		0
Ending balance		$ 1,000	[1]	$ 1,000	[1]	$ 1,000	[1]	1,000	[1]	1,000
Other Loans | Consumer | Cumulative effect accounting adjustment | ASU 2016-13
Allowance for loan losses
Beginning balance	[2]							$ 0		$ 0
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.5 million and $ 2.9 million as of September 30, 2024 and September 30, 2023 . (2) Represents an adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment for the nine months ended September 30, 2023 represents a $ 182,000 increase to the allowance for credit losses attributable to the change in accounting methodology for estimating the allowance for credit losses on loans resulting from the Company's adoption of the standard.

Loans, Allowance for Credit L_6

Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Allowance for Loan Losses (Parenthetical) (Details) - USD ($)	Sep. 30, 2024		Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023		Jun. 30, 2023	Dec. 31, 2022
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses	$ 9,068,000	[1]	$ 9,025,000	$ 8,591,000	$ 8,292,000	[1]	$ 8,470,000	$ 7,200,000
Interest receivable balance	4,164,000			$ 3,766,000
Cumulative effect accounting adjustment | ASU 2016-13
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses					182,000			$ 182,000	[2]
Interest receivable balance	$ 3,500,000				$ 2,900,000
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.5 million and $ 2.9 million as of September 30, 2024 and September 30, 2023 . (2) Represents an adjustment needed to reflect the cumulative day one impact pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment for the nine months ended September 30, 2023 represents a $ 182,000 increase to the allowance for credit losses attributable to the change in accounting methodology for estimating the allowance for credit losses on loans resulting from the Company's adoption of the standard.

Loans, Allowance for Credit L_7

Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Past Due Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	$ 1,124,491	$ 1,048,606
90 days or more past due and accruing	0	0
Loans on Non-accrual	1,098	1,213
30–59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	1,766	1,083
60–89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	259	225
90 Days or More
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	817
Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	2,025	2,125
Total Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	1,122,466	1,046,481
Real Estate Loans | Home Equity Lines of Credit and Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	39,413	33,357
90 days or more past due and accruing	0	0
Loans on Non-accrual	85	22
Real Estate Loans | 30–59 Days | Home Equity Lines of Credit and Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	220	360
Real Estate Loans | 60–89 Days | Home Equity Lines of Credit and Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	258	0
Real Estate Loans | 90 Days or More | Home Equity Lines of Credit and Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	8
Real Estate Loans | Total Past Due | Home Equity Lines of Credit and Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	478	368
Real Estate Loans | Total Current | Home Equity Lines of Credit and Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	38,935	32,989
Real Estate Loans | One- to Four-Family Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	419,373	410,131
90 days or more past due and accruing	0	0
Loans on Non-accrual	1,012	1,191
Real Estate Loans | One- to Four-Family Residential | 30–59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	1,545	722
Real Estate Loans | One- to Four-Family Residential | 60–89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	225
Real Estate Loans | One- to Four-Family Residential | 90 Days or More
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	809
Real Estate Loans | One- to Four-Family Residential | Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	1,545	1,756
Real Estate Loans | One- to Four-Family Residential | Total Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	417,828	408,375
Real Estate Loans | Multi Family
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	326,975	287,361
90 days or more past due and accruing	0	0
Loans on Non-accrual	0	0
Real Estate Loans | Multi Family | 30–59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Multi Family | 60–89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Multi Family | 90 Days or More
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Multi Family | Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Multi Family | Total Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	326,975	287,361
Real Estate Loans | Commercial Real Estate Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	222,680	196,365
90 days or more past due and accruing	0	0
Loans on Non-accrual	0	0
Real Estate Loans | Commercial Real Estate Loans | 30–59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Commercial Real Estate Loans | 60–89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Commercial Real Estate Loans | 90 Days or More
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Commercial Real Estate Loans | Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Commercial Real Estate Loans | Total Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	222,680	196,365
Real Estate Loans | Construction
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	101,401	112,000
90 days or more past due and accruing	0	0
Loans on Non-accrual	0	0
Real Estate Loans | Construction | 30–59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Construction | 60–89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Construction | 90 Days or More
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Construction | Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Real Estate Loans | Construction | Total Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	101,401	112,000
Other Loans | Commercial
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	14,508	9,219
90 days or more past due and accruing	0	0
Loans on Non-accrual	0	0
Other Loans | Commercial | 30–59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Other Loans | Commercial | 60–89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Other Loans | Commercial | 90 Days or More
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Other Loans | Commercial | Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Other Loans | Commercial | Total Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	14,508	9,219
Other Loans | Consumer
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	141	173
90 days or more past due and accruing	0	0
Loans on Non-accrual	1	0
Other Loans | Consumer | 30–59 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	1	1
Other Loans | Consumer | 60–89 Days
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	1	0
Other Loans | Consumer | 90 Days or More
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	0	0
Other Loans | Consumer | Total Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	2	1
Other Loans | Consumer | Total Current
Financing Receivable Recorded Investment Past Due [Line Items]
Total Loans	$ 139	$ 172

Loans, Allowance for Credit L_8

Loans, Allowance for Credit Losses and Credit Quality - Schedule of Information Regarding Nonaccrual Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024		Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	[1]	Jun. 30, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
With an Allowance for Credit Losses	$ 9,068	[1]	$ 9,025	$ 8,591	$ 8,292		$ 8,470	$ 7,200
Total	1,098			1,213
Nonperforming Financing Instruments
Accounts Notes And Loans Receivable [Line Items]
With an Allowance for Credit Losses	0			0
Without an Allowance for Credit Losses	1,098			1,213
Total	1,098			1,213
Real Estate Loans | Home Equity Lines of Credit and Loans
Accounts Notes And Loans Receivable [Line Items]
With an Allowance for Credit Losses	382	[1]	363	321	207		203	194
Total	85			22
Real Estate Loans | Home Equity Lines of Credit and Loans | Nonperforming Financing Instruments
Accounts Notes And Loans Receivable [Line Items]
With an Allowance for Credit Losses	0			0
Without an Allowance for Credit Losses	85			22
Total	85			22
Real Estate Loans | One- to Four-Family Residential
Accounts Notes And Loans Receivable [Line Items]
With an Allowance for Credit Losses	3,685	[1]	$ 3,604	3,555	$ 2,020		$ 1,980	$ 1,703
Total	1,012			1,191
Real Estate Loans | One- to Four-Family Residential | Nonperforming Financing Instruments
Accounts Notes And Loans Receivable [Line Items]
With an Allowance for Credit Losses	0			0
Without an Allowance for Credit Losses	1,012			1,191
Total	1,012			$ 1,191
Real Estate Loans | Consumer | Nonperforming Financing Instruments
Accounts Notes And Loans Receivable [Line Items]
With an Allowance for Credit Losses	0
Without an Allowance for Credit Losses	1
Total	$ 1
[1] (1) Balances of accrued interest receivable excluded from amortized cost and the calculation of allowance for credit losses amounted to $ 3.5 million and $ 2.9 million as of September 30, 2024 and September 30, 2023 .

Loans, Allowance for Credit L_9

Loans, Allowance for Credit Losses and Credit Quality - Summary of Loans by Risk Rating (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 Impaired [Line Items]
Total Loans	$ 1,124,491		$ 1,124,491		$ 1,048,606
Current-period gross writeoffs
Total current-period gross writeoffs	0	$ 1	3	$ 1
Real Estate Loans | Home Equity Lines of Credit and Loans
Financing Receivable Impaired [Line Items]
2024	326		326		736
2023	713		713		36
2022	27		27		12
2021	8		8		0
2020	0		0		65
Prior	85		85		36
Revolving loans amortized cost basis	37,658		37,658		31,964
Revolving loans converted to term loans	596		596		508
Total Loans	39,413		39,413		33,357
Current-period gross writeoffs
2024			0		0
2023			0		0
2022			0		0
2021			0		0
2020			0		0
Prior			0		0
Revolving loans amortized cost basis			0		0
Revolving loans converted to term			0		0
Total current-period gross writeoffs	0	0	0	0	0
Real Estate Loans | Home Equity Lines of Credit and Loans | Pass
Financing Receivable Impaired [Line Items]
2024	199		199		326
2023	323		323		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	6,033		6,033		4,986
Revolving loans converted to term loans	0		0		0
Total Loans	6,555		6,555		5,312
Real Estate Loans | Home Equity Lines of Credit and Loans | Special Mention
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	10		10		14
Revolving loans amortized cost basis	74		74		8
Revolving loans converted to term loans	0		0		0
Total Loans	84		84		22
Real Estate Loans | Home Equity Lines of Credit and Loans | Substandard
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	99		99		0
Revolving loans converted to term loans	0		0		0
Total Loans	99		99		0
Real Estate Loans | Home Equity Lines of Credit and Loans | Doubtful
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Home Equity Lines of Credit and Loans | Loans Not Formally Rated
Financing Receivable Impaired [Line Items]
2024	127		127		410
2023	390		390		36
2022	27		27		12
2021	8		8		0
2020	0		0		65
Prior	75		75		22
Revolving loans amortized cost basis	31,452		31,452		26,970
Revolving loans converted to term loans	596		596		508
Total Loans	32,675		32,675		28,023
Real Estate Loans | One- to Four-Family Residential
Financing Receivable Impaired [Line Items]
2024	27,426		27,426		58,377
2023	60,843		60,843		127,489
2022	120,418		120,418		87,992
2021	84,680		84,680		56,320
2020	53,522		53,522		11,359
Prior	72,484		72,484		68,594
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	419,373		419,373		410,131
Current-period gross writeoffs
2024			0		0
2023			0		0
2022			0		0
2021			0		0
2020			0		0
Prior			0		0
Revolving loans amortized cost basis			0		0
Revolving loans converted to term			0		0
Total current-period gross writeoffs	0	0	0	0	0
Real Estate Loans | One- to Four-Family Residential | Pass
Financing Receivable Impaired [Line Items]
2024	2,734		2,734		9,689
2023	14,157		14,157		36,662
2022	35,081		35,081		15,529
2021	15,229		15,229		4,476
2020	4,018		4,018		4,230
Prior	11,892		11,892		9,224
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	83,111		83,111		79,810
Real Estate Loans | One- to Four-Family Residential | Special Mention
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		809
2020	636		636		0
Prior	440		440		451
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	1,076		1,076		1,260
Real Estate Loans | One- to Four-Family Residential | Substandard
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | One- to Four-Family Residential | Doubtful
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | One- to Four-Family Residential | Loans Not Formally Rated
Financing Receivable Impaired [Line Items]
2024	24,692		24,692		48,688
2023	46,686		46,686		90,827
2022	85,337		85,337		72,463
2021	69,451		69,451		51,035
2020	48,868		48,868		7,129
Prior	60,152		60,152		58,919
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	335,186		335,186		329,061
Real Estate Loans | Multi Family
Financing Receivable Impaired [Line Items]
2024	11,373		11,373		45,188
2023	54,026		54,026		194,999
2022	202,121		202,121		26,820
2021	35,545		35,545		8,873
2020	8,682		8,682		0
Prior	8,874		8,874		9,798
Revolving loans amortized cost basis	6,354		6,354		1,683
Revolving loans converted to term loans	0		0		0
Total Loans	326,975		326,975		287,361
Current-period gross writeoffs
2024			0		0
2023			0		0
2022			0		0
2021			0		0
2020			0		0
Prior			0		0
Revolving loans amortized cost basis			0		0
Revolving loans converted to term			0		0
Total current-period gross writeoffs	0	0	0	0	0
Real Estate Loans | Multi Family | Pass
Financing Receivable Impaired [Line Items]
2024	11,373		11,373		45,188
2023	54,026		54,026		194,999
2022	202,121		202,121		26,820
2021	35,545		35,545		8,873
2020	8,682		8,682		0
Prior	8,874		8,874		9,798
Revolving loans amortized cost basis	6,354		6,354		1,683
Revolving loans converted to term loans	0		0		0
Total Loans	326,975		326,975		287,361
Real Estate Loans | Multi Family | Special Mention
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Multi Family | Substandard
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Multi Family | Doubtful
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Multi Family | Loans Not Formally Rated
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Commercial Real Estate Loans
Financing Receivable Impaired [Line Items]
2024	22,655		22,655		43,639
2023	41,411		41,411		72,671
2022	77,828		77,828		24,138
2021	25,839		25,839		16,407
2020	15,586		15,586		4,054
Prior	32,556		32,556		31,132
Revolving loans amortized cost basis	6,805		6,805		4,324
Revolving loans converted to term loans	0		0		0
Total Loans	222,680		222,680		196,365
Current-period gross writeoffs
2024			0		0
2023			0		0
2022			0		0
2021			0		0
2020			0		0
Prior			0		0
Revolving loans amortized cost basis			0		0
Revolving loans converted to term			0		0
Total current-period gross writeoffs	0	0	0	0	0
Real Estate Loans | Commercial Real Estate Loans | Pass
Financing Receivable Impaired [Line Items]
2024	22,655		22,655		43,639
2023	41,411		41,411		72,671
2022	77,828		77,828		24,138
2021	25,839		25,839		16,407
2020	15,586		15,586		4,054
Prior	32,556		32,556		31,132
Revolving loans amortized cost basis	6,805		6,805		4,324
Revolving loans converted to term loans	0		0		0
Total Loans	222,680		222,680		196,365
Real Estate Loans | Commercial Real Estate Loans | Special Mention
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Commercial Real Estate Loans | Substandard
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Commercial Real Estate Loans | Doubtful
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Commercial Real Estate Loans | Loans Not Formally Rated
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Construction
Financing Receivable Impaired [Line Items]
2024	20,074		20,074		35,828
2023	34,003		34,003		55,170
2022	39,820		39,820		17,228
2021	4,516		4,516		0
2020	0		0		786
Prior	2,988		2,988		2,988
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	101,401		101,401		112,000
Current-period gross writeoffs
2024			0		0
2023			0		0
2022			0		0
2021			0		0
2020			0		0
Prior			0		0
Revolving loans amortized cost basis			0		0
Revolving loans converted to term			0		0
Total current-period gross writeoffs	0	0	0	0	0
Real Estate Loans | Construction | Pass
Financing Receivable Impaired [Line Items]
2024	19,615		19,615		33,707
2023	32,207		32,207		55,170
2022	39,820		39,820		17,228
2021	4,516		4,516		0
2020	0		0		786
Prior	2,988		2,988		2,988
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	99,146		99,146		109,879
Real Estate Loans | Construction | Special Mention
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Construction | Substandard
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Construction | Doubtful
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Real Estate Loans | Construction | Loans Not Formally Rated
Financing Receivable Impaired [Line Items]
2024	459		459		2,121
2023	1,796		1,796		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	2,255		2,255		2,121
Real Estate Loans | Commercial | Substandard
Financing Receivable Impaired [Line Items]
2024	0		0
2023	0		0
2022	0		0
2021	0		0
2020	0		0
Prior	0		0
Revolving loans amortized cost basis	0		0
Revolving loans converted to term loans	0		0
Total Loans	0		0
Other Loans | Commercial
Financing Receivable Impaired [Line Items]
2024	5,100		5,100		4,444
2023	4,419		4,419		3,349
2022	2,768		2,768		493
2021	355		355		35
2020	20		20		89
Prior	202		202		154
Revolving loans amortized cost basis	1,644		1,644		655
Revolving loans converted to term loans	0		0		0
Total Loans	14,508		14,508		9,219
Current-period gross writeoffs
2024			0		0
2023			0		0
2022			0		0
2021			0		0
2020			0		0
Prior			0		0
Revolving loans amortized cost basis			0		0
Revolving loans converted to term			0		0
Total current-period gross writeoffs	0	0	0	0	0
Other Loans | Commercial | Pass
Financing Receivable Impaired [Line Items]
2024	5,100		5,100		4,444
2023	4,419		4,419		3,349
2022	2,768		2,768		428
2021	355		355		35
2020	20		20		89
Prior	202		202		154
Revolving loans amortized cost basis	1,644		1,644		655
Revolving loans converted to term loans	0		0		0
Total Loans	14,508		14,508		9,154
Other Loans | Commercial | Special Mention
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Other Loans | Commercial | Substandard
Financing Receivable Impaired [Line Items]
2024					0
2023					0
2022					0
2021					0
2020					0
Prior					0
Revolving loans amortized cost basis					0
Revolving loans converted to term loans					0
Total Loans					0
Other Loans | Commercial | Doubtful
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Other Loans | Commercial | Loans Not Formally Rated
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		65
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		65
Other Loans | Consumer
Financing Receivable Impaired [Line Items]
2024	8		8		31
2023	17		17		38
2022	31		31		45
2021	41		41		0
2020	0		0		0
Prior	8		8		13
Revolving loans amortized cost basis	36		36		46
Revolving loans converted to term loans	0		0		0
Total Loans	141		141		173
Current-period gross writeoffs
2024			3		2
2023			0		0
2022			0		0
2021			0		0
2020			0		0
Prior			0		0
Revolving loans amortized cost basis			0		0
Revolving loans converted to term			0		0
Total current-period gross writeoffs	0	$ 1	3	$ 1	2
Other Loans | Consumer | Pass
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Other Loans | Consumer | Special Mention
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Other Loans | Consumer | Substandard
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Other Loans | Consumer | Doubtful
Financing Receivable Impaired [Line Items]
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans amortized cost basis	0		0		0
Revolving loans converted to term loans	0		0		0
Total Loans	0		0		0
Other Loans | Consumer | Loans Not Formally Rated
Financing Receivable Impaired [Line Items]
2024	8		8		31
2023	17		17		38
2022	31		31		45
2021	41		41		0
2020	0		0		0
Prior	8		8		13
Revolving loans amortized cost basis	36		36		46
Revolving loans converted to term loans	0		0		0
Total Loans	$ 141		$ 141		$ 173

Loans, Allowance for Credit _10

Loans, Allowance for Credit Losses and Credit Quality - Summary of Loans by Risk Rating (Parenthetical) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Non-accural loans	$ 0	$ 0

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) - USD ($)				3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 27, 2022	Jan. 01, 2018	Jan. 01, 2017	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage of voluntary contributions by participating employees						1%
Maximum percentage of voluntary contributions by participating employees						75%
Defined Contribution Plan, Tax Status						us-gaap:QualifiedPlanMember	us-gaap:QualifiedPlanMember
Defined contribution plan, employer matching contribution, percent of match						100%
Defined contribution plan, employer matching contribution, percent of employees' compensation						7%
Defined contribution plan, pension expense				$ 121,000	$ 120,000	$ 365,000	$ 351,000
Defined contribution plan, employee incentive plan expense				$ 354,000	363,000	$ 1,041,000	1,077,000
Amount borrowed under ESOP	$ 7,300,000
Shares purchased under ESOP	734,020			731,056		731,056			732,635
ESOP loan term	20 years
ESOP interest rate	4.75%
Total compensation expense				$ 124,000	114,000	$ 356,000	365,000
Director
Defined Benefit Plan Disclosure [Line Items]
Percentage of director fees				100%		100%
Percentage of vested deferred fees and interest				100%		100%
Deferred compensation liability				$ 724,000		$ 724,000			$ 698,000
Supplemental Executive Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Liability related expense, to withdrawal				1,064,000		1,064,000			1,106,000
Defined benefit plan, pension expense				13,000	(19,000)	38,000	(58,000)
Director Fee Continuation Plan
Defined Benefit Plan Disclosure [Line Items]
Liability related expense, to withdrawal				823,000		823,000			769,000
Defined benefit plan, pension expense				28,000	23,000	84,000	67,000
Defined benefit plan, vesting percentage			100%
Supplemental Executive Retirement Agreement
Defined Benefit Plan Disclosure [Line Items]
Liability related expense, to withdrawal				3,339,000		3,339,000			$ 3,200,000
Defined benefit plan, pension expense				46,000	30,000	139,000	89,000
Defined benefit plan, employer matching contribution, percent of employees' compensation		60%
Defined benefit plan, vesting percentage		100%
Defined benefit plan vesting period		10 years
Executive Deferred Compensation Agreement
Defined Benefit Plan Disclosure [Line Items]
Percentage of contribution								10%
Deferred compensation plan				24,000	41,000	71,000	63,000
Survivor Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, pension expense				$ 0	$ 0	$ 0	$ 0
Number of years of compensation						2 years

Employee Benefits - Summary of

Employee Benefits - Summary of Share information held by the ESOP (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jul. 27, 2022
Defined Benefit Plan [Abstract]
Allocated shares	70,438	72,017
Shares committed to be released	27,476	0
Unallocated shares	633,142	660,618
Total shares	731,056	732,635	734,020
Fair value of unallocated shares	$ 9,067	$ 8,297

Stock-based compensation - Addi

Stock-based compensation - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 07, 2023
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized		1,248,133

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Option Activity (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Non-vested balance at beginning of period	763,969		763,969
Granted		174,960		174,960
Vested	34,992		34,992
Non-vested balance at end of period	728,977	174,960	728,977	174,960
Weighted-Average Exercise Price
Non-vested balance at beginning of period	$ 10.5		$ 10.5
Granted		$ 11.8		$ 11.8
Vested	11.8		11.8
Non-vested balance at end of period	$ 10.44	$ 11.8	$ 10.44	$ 11.8

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at beginning of period	305,957	0	305,957	0
Granted	1,000	69,984	1,000	69,984
Vested	13,997	0	13,997	0
Forfeited	0	0	0	0
Balance at end of period	292,960	69,984	292,960	69,984
Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period	$ 10.5	$ 0	$ 10.5	$ 0
Granted	13	11.8	13	11.8
Vested	11.8	0	11.8	0
Forfeited	0	0	0	0
Balance at end of period	$ 10.45	$ 11.8	$ 10.45	$ 11.8

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Compensation Expense and Income Tax Benefit Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 328	$ 20	$ 977	$ 20
Related tax benefits recognized in earnings	71	6	211	6
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	166	10	495	10
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 162	$ 10	$ 482	$ 10

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Compensation Cost Related to Non-vested Awards (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to non-vested awards not yet recognized	$ 5,279	$ 6,243
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to non-vested awards not yet recognized	$ 2,667	$ 3,162
Weighted average period	4 years 18 days	4 years 9 months 18 days
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to non-vested awards not yet recognized	$ 2,612	$ 3,081
Weighted average period	4 years 18 days	4 years 9 months 18 days

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities	$ 4,163	$ 5,003
Agency Mortgage-backed Securities
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities	4,163
Corporate Bonds
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities		5,003
Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Total assets measured at fair value on a recurring basis	4,163	5,003
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	1,250
Total liabilities measured at fair value on a recurring basis	1,250
Fair Value, Recurring | Agency Mortgage-backed Securities
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities	4,163
Fair Value, Recurring | Corporate Bonds
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities		5,003
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets Level 1
Assets, Fair Value Disclosure [Abstract]
Total assets measured at fair value on a recurring basis	0	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	0
Total liabilities measured at fair value on a recurring basis	0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Agency Mortgage-backed Securities
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities	0
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate Bonds
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities		0
Fair Value, Recurring | Significant Other Observable Inputs Level 2
Assets, Fair Value Disclosure [Abstract]
Total assets measured at fair value on a recurring basis	4,163	5,003
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	1,250
Total liabilities measured at fair value on a recurring basis	1,250
Fair Value, Recurring | Significant Other Observable Inputs Level 2 | Agency Mortgage-backed Securities
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities	4,163
Fair Value, Recurring | Significant Other Observable Inputs Level 2 | Corporate Bonds
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities		5,003
Fair Value, Recurring | Significant Unobservable Inputs Level 3
Assets, Fair Value Disclosure [Abstract]
Total assets measured at fair value on a recurring basis	0	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments	0
Total liabilities measured at fair value on a recurring basis	0
Fair Value, Recurring | Significant Unobservable Inputs Level 3 | Agency Mortgage-backed Securities
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities	$ 0
Fair Value, Recurring | Significant Unobservable Inputs Level 3 | Corporate Bonds
Assets, Fair Value Disclosure [Abstract]
Available for-sale-securities		$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets or Liabilities, Fair Value	$ 0	$ 0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Held-to-maturity securities	$ 72,841	$ 70,590
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	119,630	119,036
Held-to-maturity securities	77,233	76,979
Federal Home Loan Bank stock	9,850	9,892
Loans, net	1,114,943	1,039,789
Loans held for sale	703
Accrued interest receivable	4,164	3,766
Deposits, other than certificates of deposit	362,783	369,711
Certificates of deposit	581,542	498,503
Federal Home Loan Bank advances	234,000	234,000
Accrued interest payable	2,351	2,191
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	119,630	119,036
Held-to-maturity securities	72,841	70,590
Federal Home Loan Bank stock	9,850	9,892
Loans, net	1,039,071	952,867
Loans held for sale	703
Accrued interest receivable	4,164	3,766
Deposits, other than certificates of deposit	362,783	369,711
Certificates of deposit	583,113	495,551
Federal Home Loan Bank advances	237,619	233,878
Accrued interest payable	2,351	2,191
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	119,630	119,036
Held-to-maturity securities	0	0
Federal Home Loan Bank stock	0	0
Loans, net	0	0
Loans held for sale	0
Accrued interest receivable	4,164	3,766
Deposits, other than certificates of deposit	0	0
Certificates of deposit	0	0
Federal Home Loan Bank advances	0	0
Accrued interest payable	2,351	2,191
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Held-to-maturity securities	72,841	70,590
Federal Home Loan Bank stock	9,850	9,892
Loans, net	0	0
Loans held for sale	703
Accrued interest receivable	0	0
Deposits, other than certificates of deposit	362,783	369,711
Certificates of deposit	583,113	495,551
Federal Home Loan Bank advances	237,619	233,878
Accrued interest payable	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Held-to-maturity securities	0	0
Federal Home Loan Bank stock	0	0
Loans, net	1,039,071	952,867
Loans held for sale	0
Accrued interest receivable	0	0
Deposits, other than certificates of deposit	0	0
Certificates of deposit	0	0
Federal Home Loan Bank advances	0	0
Accrued interest payable	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Letter of credit outstanding term			1 year
Allowance for off balance sheet loan losses	$ 761,000		$ 761,000		$ 756,000
Provision (benefit) for off-balance sheet commitments	$ 4,000	$ (6,000)	$ 5,000	$ (214,000)

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Financial Instrument Liabilities Represent Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Off-balance-sheet, credit risk	$ 159,355	$ 154,507
Commitments To Originate Loans
Loss Contingencies [Line Items]
Off-balance-sheet, credit risk	33,370	22,701
Commitment To Purchase Loans
Loss Contingencies [Line Items]
Off-balance-sheet, credit risk	920	415
Unadvanced Funds On Lines Of Credit
Loss Contingencies [Line Items]
Off-balance-sheet, credit risk	78,041	78,378
Unadvanced Funds on Construction Loans
Loss Contingencies [Line Items]
Off-balance-sheet, credit risk	46,974	53,013
Letters of Credit
Loss Contingencies [Line Items]
Off-balance-sheet, credit risk	$ 50	$ 0

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income - Schedule of Components of Other Comprehensive (Loss) Income and Related Tax Effects (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, net of tax	$ (1,337)	$ (2)	$ (910)	$ (3)
Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income before reclassifications, before tax	(12)	(2)	(15)	(4)
Reclassification adjustment, before tax	0	0	0	0
Other comprehensive (loss) income, before tax	(12)	(2)	(15)	(4)
Income tax (benefit) expense	3	0	3	1
Other comprehensive (loss) income, net of tax	(9)	(2)	(12)	(3)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income before reclassifications, before tax	(1,615)	0	(639)	0
Reclassification adjustment, before tax	(232)	0	(611)	0
Other comprehensive (loss) income, before tax	(1,847)	0	(1,250)	0
Income tax (benefit) expense	519	0	352	0
Other comprehensive (loss) income, net of tax	$ (1,328)	$ 0	$ (898)	$ 0

Other Comprehensive (Loss) In_4

Other Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Net unrealized holding (losses) gains on securities available-for-sale, net of tax	$ (9,000)	$ 3,000
Accumulated other comprehensive (loss) income	(781,000)	129,000
Supplemental Executive Retirement Plan
Accumulated Other Comprehensive Income Loss [Line Items]
Unrecognized costs, net of tax	56,000	56,000
Fair value of cash flow hedges, net of tax	(898,000)	0
Director Fee Continuation Plan
Accumulated Other Comprehensive Income Loss [Line Items]
Unrecognized costs, net of tax	$ 70,000	$ 70,000

Regulatory Matters - Schedule o

Regulatory Matters - Schedule of Company's and Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Regulated Operations [Abstract]
Total Capital (to Risk Weighted Assets), Actual Amount	$ 153,215	$ 149,014
Total Capital (to Risk Weighted Assets), Actual Ratio	0.168	0.173
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount	$ 95,755	$ 90,440
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio	0.105	0.105
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 91,196	$ 86,133
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.10	0.10
Tier 1 Capital (to Risk Weighted Assets), Actual Amount	$ 143,386	$ 139,667
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio	0.1572	0.1622
Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount	$ 77,516	$ 73,213
Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio	0.085	0.085
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 72,956	$ 68,907
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.08	0.08
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Amount	$ 143,386	$ 139,667
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Ratio	0.1572	0.1622
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount	$ 63,837	$ 60,293
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio	0.07	0.07
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 59,277	$ 55,987
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.065	0.065
Tier 1 Capital (to Average Assets), Actual Amount	$ 143,386	$ 139,667
Tier 1 Capital (to Average Assets), Actual Ratio	0.1067	0.1131
Tier 1 Capital (to Average Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Amount	$ 53,776	$ 49,406
Tier 1 Capital (to Average Assets), Minimum For Capital Adequacy Purposes Plus Capital Conservation Buffer Ratio	0.04	0.04
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 67,220	$ 61,758
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.05	0.05

Earnings per Share ("EPS") - Sc

Earnings per Share ("EPS") - Schedule of Earnings per share data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income allocated to common stock	$ 1,133	$ 1,341	$ 2,545	$ 3,667
Weighted-average common shares outstanding used to calculate basic earnings per common share	8,240,602	8,486,577	8,268,550	8,485,936
Add: Dilutive effect of restricted stock awards	103,134	0	85,620	0
Weighted-average common shares outstanding used to calculate diluted earnings per common share	8,343,736	8,486,577	8,354,170	8,485,936
Earnings per common share
Basic	$ 0.14	$ 0.16	$ 0.31	$ 0.43
Diluted	$ 0.14	$ 0.16	$ 0.3	$ 0.43

Earnings per Share ("EPS") - Ad

Earnings per Share ("EPS") - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock Awards
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities		69,984		69,984
Options to Purchase
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities	763,969	174,960	763,969	174,960

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities - Schedule of Interest Rate swaps (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount	$ 60,000	$ 0
Weighted-average pay rate	3.80%
Weighted-average receive rate	5.14%
Weighted-average maturity in years	4 years

Derivative and hedging activi_2

Derivative and hedging activities - Schedule of Fair Value of Derivative Financial Instruments and Classification on Consolidated Balance Sheets (Details) - Designated as Hedging Instrument [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 0
Liability Derivatives	(1,250)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	0
Liability Derivatives	$ (1,250)

Derivative and hedging activi_3

Derivative and hedging activities - Schedule of pre-tax effects of cash flow hedge accumulated other comprehensive income and current earnings (Details) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Derivative [Line Items]
Amount of loss recognized in OCI on derivatives	$ (1,847)	$ (1,250)
Gain reclassified from OCI into interest expense	$ (232)	$ (611)

Derivative and hedging activi_4

Derivative and hedging activities - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Reclassified from OCI into interest expense	$ 0		$ 0
Expected reclassified from OCI into interest expense		$ 10,000
Maximum length of time hedged in cash flow hedge		4 years 7 months 6 days
Derivative, pledged cash collareral		$ 2,240,000
Derivatives		$ 60,000,000		$ 0