Loans (Tables)

9 Months Ended

Sep. 30, 2022

Loans

Schedule of composition of loans

	At September 30,		At December 31,
	2022		2021
	(In thousands)
Real estate:
Multifamily	$	263,689	$	254,852
Commercial real estate		83,515		48,589
1 – 4 family		31,496		40,753
Construction		—		—
Total real estate		378,700		344,194
Commercial		478,854		432,108
Consumer		18,424		8,681
Total loans held for investment	$	875,978	$	784,983
Deferred loan fees and unearned premiums, net		(864)		(466)
Allowance for loan losses		(10,885)		(9,076)
Loans held for investment, net	$	864,229	$	775,441

Schedule of activity in allowance for loan losses

			Commercial
	Multifamily		Real Estate		1‑4 Family		Construction		Commercial		Consumer		Total
	(In thousands)
September 30, 2022
Allowance for loan losses:
Beginning balance	$	1,916	$	902	$	253	$	—	$	7,045	$	155	$	10,271
Provision (credit) for loan losses		11		35		(15)		—		418		201		650
Recoveries		—		—		—		—		—		—		—
Loans charged-off		—		—		—		—		—		(36)		(36)
Total ending allowance balance	$	1,927	$	937	$	238	$	—	$	7,463	$	320	$	10,885
September 30, 2021
Allowance for loan losses:
Beginning balance	$	1,418	$	603	$	312	$	—	$	5,547	$	6,137	$	14,017
Provision (credit) for loan losses		274		(4)		(3)		—		385		3,098		3,750
Recoveries		—		—		—		—		—		—		—
Loans charged-off		—		—		—		—		—		(9,102)		(9,102)
Total ending allowance balance	$	1,692	$	599	$	309	$	—	$	5,932	$	133	$	8,665

			Commercial
	Multifamily		Real Estate		1‑4 Family		Construction		Commercial		Consumer		Total
	(In thousands)
September 30, 2022
Allowance for loan losses:
Beginning balance	$	1,789	$	552	$	285	$	—	$	6,319	$	131	$	9,076
Provision (credit) for loan losses		299		385		(47)		—		1,206		297		2,140
Recoveries		17		—		—		—		2		—		19
Loans charged-off		(178)		—		—		—		(64)		(108)		(350)
Total ending allowance balance	$	1,927	$	937	$	238	$	—	$	7,463	$	320	$	10,885
September 30, 2021
Allowance for loan losses:
Beginning balance	$	1,278	$	597	$	342	$	—	$	5,003	$	4,182	$	11,402
Provision (credit) for loan losses		414		2		(33)		—		929		5,088		6,400
Recoveries		—		—		—		—		—		—		—
Loans charged-off		—		—		—		—		—		(9,137)		(9,137)
Total ending allowance balance	$	1,692	$	599	$	309	$	—	$	5,932	$	133	$	8,665

			Commercial
	Multifamily		Real Estate		1‑4 Family		Construction		Commercial		Consumer		Total
	(In thousands)
September 30, 2022
Allowance for loan losses:
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for impairment		1,927		937		238		—		7,463		320		10,885
Total ending allowance balance	$	1,927	$	937	$	238	$	—	$	7,463	$	320	$	10,885
Loans:
Loans individually evaluated for impairment	$	—	$	—	$	—	$	—	$	5,819	$	—	$	5,819
Loans collectively evaluated for impairment		263,689		83,515		31,496		—		473,035		18,424		870,159
Total ending loans balance	$	263,689	$	83,515	$	31,496	$	—	$	478,854	$	18,424	$	875,978

			Commercial
	Multifamily		Real Estate		1‑4 Family		Construction		Commercial		Consumer		Total
	(In thousands)
December 31, 2021
Allowance for loan losses:
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for impairment		1,789		552		285		—		6,319		131		9,076
Total ending allowance balance	$	1,789	$	552	$	285	$	—	$	6,319	$	131	$	9,076
Loans:
Loans individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Loans collectively evaluated for impairment		254,852		48,589		40,753		—		432,108		8,681		784,983
Total ending loans balance	$	254,852	$	48,589	$	40,753	$	—	$	432,108	$	8,681	$	784,983

Schedule of impaired loans by segment

	September 30,				December 31,
	2022				2021
			Unpaid				Unpaid
	Recorded		Principal		Recorded		Principal
	Investment		Balance		Investment		Balance
	(In thousands)
Multifamily	$	—	$	—	$	—	$	—
Commercial real estate		—		—		—		—
1 – 4 family		—		—		—		—
Construction		—		—		—		—
Commercial		5,819		5,819		—		—
Consumer		1		1		—		—
Total	$	5,820	$	5,820	$	—	$	—

Schedule of average recorded investment and income recognized on impaired loans

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2022				2021				2022				2021
	Average		Interest		Average		Interest		Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
	Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
	(In thousands)
Multifamily	$	—	$	—	$	—	$	—	$	206	$	—	$	144	$	—
Commercial real estate		—		—		—		—		—		—		—		—
1 – 4 family		—		—		—		—		—		—		—		—
Construction		—		—		—		—		—		—		—		—
Commercial		1,455		—		—		—		608		—		—		—
Consumer		—		—		1,703		—		1		—		2,054		—
Total	$	1,455	$	—	$	1,703	$	—	$	815	$	—	$	2,198	$	—

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)
September 30, 2022
Multifamily	$	—	$	—	$	—	$	—	$	—	$	263,689		263,689
Commercial real estate		—		—		—		—		—		83,515		83,515
1 – 4 family		—		—		—		—		—		31,496	$	31,496
Construction		—		—		—		—		—		—		—
Commercial		—		—		—		5,819		5,819		473,035		478,854
Consumer		18		9		—		1		28		18,396		18,424
Total	$	18	$	9	$	—	$	5,820	$	5,847	$	870,131	$	875,978

									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, 2021
Multifamily	$	1,034	$	—	$	—	$	—	$	1,034	$	253,818	$	254,852
Commercial real estate		—		—		—		—		—		48,589		48,589
1 – 4 family		—		—		—		—		—		40,753		40,753
Construction		—		—		—		—		—		—		—
Commercial		—		—		—		—		—		432,108		432,108
Consumer		21		10		—		6		37		8,644		8,681
Total	$	1,055	$	10	$	—	$	6	$	1,071	$	783,912	$	784,983

Schedule of risk category of loans

	Pass		Special Mention		Substandard		Doubtful
	(In thousands)
September 30, 2022
Multifamily	$	259,595	$	3,373	$	721	$	—
Commercial real estate		79,697		3,818		—		—
1 – 4 family		31,496		—		—		—
Construction		—		—		—		—
Commercial		466,480		6,555		5,819		—
Consumer		16,536		1,888		—		—
Total	$	853,804	$	15,634	$	6,540	$	—

	Pass		Special Mention		Substandard		Doubtful
	(In thousands)
December 31, 2021
Multifamily	$	254,131	$	—	$	721	$	—
Commercial real estate		44,771		3,818		—		—
1 – 4 family		37,738		3,015		—		—
Construction		—		—		—		—
Commercial		410,548		17,977		3,583		—
Consumer		8,681		—		—		—
Total	$	755,869	$	24,810	$	4,304	$	—