Loans (Tables)

3 Months Ended

Mar. 31, 2020

Loans

Schedule of composition of loans

	March 31, 2020		December 31, 2019
	(In thousands)
1 – 4 family residential	$	51,738	$	48,140
Commercial		292,343		257,957
Multifamily		147,333		152,633
Commercial real estate		51,126		52,477
Construction		-		6,450
Consumer		47,479		47,322
Total Loans		590,019		564,979
Deferred costs and unearned premiums, net		378		390
Allowance for loan losses		(8,878)		(6,989)
Loans, net	$	581,519	$	558,380

Schedule of activity in allowance for loan losses

The following tables present the activity in the allowance for loan losses by class for the three months ending March 31, 2020 and 2019:

	1-4 Family						Commercial
	Residential		Commercial		Multifamily		Real Estate		Construction		Consumer		Total
	(In thousands)
March 31, 2020
Allowance for loan losses:
Beginning balance	$	344	$	4,048	$	1,048	$	560	$	161	$	828	$	6,989
Provision (credit) for loan losses		153		1,038		393		257		(161)		220		1,900
Recoveries		—		—		—		—		—		—		—
Loans charged-off		—		—		—		—		—		(11)		(11)
Total ending allowance balance	$	497	$	5,086	$	1,441	$	817	$	—	$	1,037	$	8,878
March 31, 2019
Allowance for loan losses:
Beginning balance	$	407	$	3,110	$	952	$	357	$	149	$	654	$	5,629
Provision (credit) for loan losses		(27)		381		(3)		51		10		13		425
Recoveries		—		—		—		—		—		—		—
Loans charged-off		—		(5)		—		—		—		—		(5)
Total ending allowance balance	$	380	$	3,486	$	949	$	408	$	159	$	667	$	6,049

The following tables present the balance in the allowance for loan losses and the recorded investment in loans by class and based on impairment method as of March 31, 2020 and December 31, 2019:

	1‑4 Family						Commercial
	Residential		Commercial		Multifamily		Real Estate		Construction		Consumer		Total
	(In thousands)
March 31, 2020
Allowance for loan losses:
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for impairment		497		5,086		1,441		817		—		1,037		8,878
Total ending allowance balance	$	497	$	5,086	$	1,441	$	817	$	—	$	1,037	$	8,878
Loans:
Loans individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	750	$	750
Loans collectively evaluated for impairment		51,738		292,343		147,333		51,126		—		46,729		589,269
Total ending loans balance	$	51,738	$	292,343	$	147,333	$	51,126	$	—	$	47,479	$	590,019

	1‑4 Family						Commercial
	Residential		Commercial		Multifamily		Real Estate		Construction		Consumer		Total
	(In thousands)
December 31, 2019
Allowance for loan losses:
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for impairment		344		4,048		1,048		560		161		828		6,989
Total ending allowance balance	$	344	$	4,048	$	1,048	$	560	$	161	$	828	$	6,989
Loans:
Loans individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	1,476	$	1,476
Loans collectively evaluated for impairment		48,140		257,957		152,633		52,477		6,450		45,846		563,503
Total ending loans balance	$	48,140	$	257,957	$	152,633	$	52,477	$	6,450	$	47,322	$	564,979

Schedule of impaired loans

	March 31,				December 31,
	2020				2019
			Unpaid				Unpaid
	Recorded		Principal		Recorded		Principal
	Investment		Balance		Investment		Balance
	(In thousands)
1-4 family residential	$	—	$	—	$	—	$	—
Commercial		—		—		—		—
Multifamily		—		—		—		—
Commercial real estate		—		—		—		—
Construction		—		—		—		—
Consumer		750		750		1,476		1,476
Total	$	750	$	750	$	1,476	$	1,476

The following table provides an analysis of average recorded investment and interest income recognized by segment on impaired loans during the three months ended March 31, 2020. There were no impaired loans as of March 31, 2019 or during the three months ended March 31, 2019:

	For the three months ended March 31,
	2020
	Average		Interest
	Recorded		Income
	Investment		Recognized
	(In thousands)
1-4 family residential	$	—	$	—
Commercial		—		—
Multifamily		—		—
Commercial real estate		—		—
Construction		—		—
Consumer		1,213		—
Total	$	1,213	$	—

Schedule of aging of recorded investment in past due loans

									Total Past
	30-59		60-89		Greater than				Due &
	Days		Days		90 Days		Nonaccrual		Nonaccrual		Loans Not
	Past Due		Past Due		Past Due		Loans		Loans		Past Due		Total
	(In thousands)
March 31, 2020
1 – 4 family residential	$	—	$	—	$	—	$	—	$	—	$	51,738	$	51,738
Commercial		—		—		—		—		—		292,343		292,343
Multifamily		—		—		—		—		—		147,333		147,333
Commercial real estate		—		—		—		—		—		51,126		51,126
Construction		—		—		—		—		—		—		—
Consumer		4		—		—		750		754		46,725		47,479
Total	$	4	$	—	$	—	$	750	$	754	$	589,265	$	590,019

									Total Past
	30-59		60-89		Greater than				Due &
	Days		Days		90 Days		Nonaccrual		Nonaccrual		Loans Not
	Past Due		Past Due		Past Due		Loans		Loans		Past Due		Total
	(In thousands)
December 31, 2019
1 – 4 family residential	$	—	$	—	$	—	$	—	$	—	$	48,140	$	48,140
Commercial		—		—		—		—		—		257,957		257,957
Multifamily		—		2,602		—		—		2,602		150,031		152,633
Commercial real estate		—		—		—		—		—		52,477		52,477
Construction		—		—		—		—		—		6,450		6,450
Consumer		—		6		—		1,476		1,482		45,840		47,322
Total	$	—	$	2,608	$	—	$	1,476	$	4,084	$	560,895	$	564,979

Schedule of risk category of loans

	Pass		Special Mention		Substandard		Doubtful
	(In thousands)
March 31, 2020
1 – 4 family residential	$	51,738	$	—	$	—	$	—
Commercial		292,218		—		125		—
Multifamily		147,333		—		—		—
Commercial real estate		51,126		—		—		—
Construction		—		—		—		—
Consumer		43,314		3,415		750		—
Total	$	585,729	$	3,415	$	875	$	—

	Pass		Special Mention		Substandard		Doubtful
	(In thousands)
December 31, 2019
1 – 4 family residential	$	48,140	$	—	$	—	$	—
Commercial		257,832		—		125		—
Multifamily		152,633		—		—		—
Commercial real estate		52,477		—		—		—
Construction		6,450		—		—		—
Consumer		42,431		3,415		1,476		—
Total	$	559,963	$	3,415	$	1,601	$	—