Loans Receivable and the Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2022

Financing Receivable, Credit Quality Indicator [Line Items]

Summary of loans receivable

	March 31,		December 31,
(in thousands)	2022		2021
Mortgage Loans
1-4 Family	$	65,686	$	66,356
Multifamily		2,390		2,780
Construction and Land		6,499		4,576
Commercial Real Estate		1,468		1,480
Consumer Loans		230		239
		76,273		75,431
Plus (Less):
Unamortized Loan Fees/Costs		1,367		1,370
Allowance for Loan Losses		(858)		(858)
Net Loans Receivable	$	76,782	$	75,943

Summary of allowance for loan losses and recorded investment in loans receivable

Allowance for Loan Losses and Recorded Investment in Loans Receivable
March 31, 2022 (in thousands)

					Mortgage-		Mortgage-
	Mortgage-		Mortgage-		Construction		Commercial
	1-4 Family		Multifamily		and Land		Real Estate		Consumer		Total
Allowance for Loan Losses:
Beginning Balance	$	752	$	21	$	63	$	22	$	—	$	858
Charge-Offs		—		—		—		—		—		—
Recoveries		—		—		—		—		—		—
Provision (Credit)		4		(3)		(1)		—		—		—
Ending Balance	$	756	$	18	$	62	$	22	$	—	$	858
Ending Balance:
Individually Evaluated for Impairment	$	—	$	—	$	—	$	—	$	—	$	—
Collectively Evaluated for Impairment	$	756	$	18	$	62	$	22	$	—	$	858
Loans Receivable:
Ending Balance	$	65,686	$	2,390	$	6,499	$	1,468	$	230	$	76,273
Ending Balance:
Individually Evaluated for Impairment	$	—	$	—	$	—	$	—	$	—	$	—
Collectively Evaluated for Impairment	$	65,686	$	2,390	$	6,499	$	1,468	$	230	$	76,273

The allowance for loan losses for Mortgage 1-4 Family Loans of $756,000 includes an unallocated portion of $481,000 as of March 31 2022.

Allowance for Loan Losses and Recorded Investment in Loans Receivable
December 31, 2021 (in thousands)

					Mortgage-		Mortgage-
	Mortgage-		Mortgage-		Construction		Commercial
	1-4 Family		Multifamily		and Land		Real Estate		Consumer		Total
Allowance for Loan Losses:
Beginning Balance	$	818	$	22	$	6	$	4	$	—	$	850
Charge-Offs		—		—		—		—		—		—
Recoveries		8		—		—		—		—		8
Provision (Credit)		(74)		(1)		57		18		—		—
Ending Balance	$	752	$	21	$	63	$	22	$	—	$	858
Ending Balance:
Individually Evaluated for Impairment	$	—	$	—	$	—	$	—	$	—	$	—
Collectively Evaluated for Impairment	$	752	$	21	$	63	$	22	$	—	$	858
Loans Receivable:
Ending Balance	$	66,356	$	2,780	$	4,576	$	1,480	$	239	$	75,431
Ending Balance:
Individually Evaluated for Impairment	$	—	$	—	$	—	$	—	$	—	$	—
Collectively Evaluated for Impairment	$	66,356	$	2,780	$	4,576	$	1,480	$	239	$	75,431

Summary of credit quality indicators

Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at March 31 2022 (in thousands)

			Non-
	Performing		Performing		Total
Mortgage Loans:
1 to 4 Family	$	65,686	$	—	$	65,686
Multifamily		2,390		—		2,390
Construction and Land		6,499		—		6,499
Commercial Real Estate		1,468		—		1,468
Non-Mortgage Loans:
Consumer		230		—		230
Total	$	76,273	$	—	$	76,273

Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at December 31, 2021 (in thousands)

			Non-
	Performing		Performing		Total
Mortgage Loans:
1 to 4 Family	$	66,356	$	—	$	66,356
Multifamily		2,780		—		2,780
Construction and Land		4,576		—		4,576
Commercial Real Estate		1,480		—		1,480
Non-Mortgage Loans:
Consumer		239		—		239
Total	$	75,431	$	—	$	75,431

Summary of aged analysis of past due loans receivable

Aged Analysis of Past Due Loans Receivable at March 31, 2022 (in thousands)

	30-59		60-89		90 Days or						Total
	Days		Days		Greater		Total				Loans
	Past Due		Past Due		Past Due		Past Due		Current		Receivable
Mortgage Loans:
1 to 4 Family	$	—	$	—	$	—	$	—	$	65,686	$	65,686
Multifamily		—		—		—		—		2,390		2,390
Construction and Land		—		—		—		—		6,499		6,499
Commercial Real Estate		—		—		—		—		1,468		1,468
Non-Mortgage Loans:
Consumer		—		—		—		—		230		230
Total	$	—	$	—	$	—	$	—	$	76,273	$	76,273

Aged Analysis of Past Due Loans Receivable at December 31, 2021 (in thousands)

	30-59		60-89		90 Days or						Total
	Days		Days		Greater		Total				Loans
	Past Due		Past Due		Past Due		Past Due		Current		Receivable
Mortgage Loans:
1 to 4 Family	$	—	$	—	$	—	$	—	$	66,356	$	66,356
Multifamily		—		—		—		—		2,780		2,780
Construction and Land		—		—		—		—		4,576		4,576
Commercial Real Estate		—		—		—		—		1,480		1,480
Non-Mortgage Loans:
Consumer		—		—		—		—		239		239
Total	$	—	$	—	$	—	$	—	$	75,431	$	75,431

Summary of information pertaining to impaired loans

Impaired Loans

March 31, 2022

(in thousands)

			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
Mortgage Loans	$	—	$	—	$	—	$	—	$	—
Non-Mortgage Loans	$	—	$	—	$	—	$	—	$	—

Impaired Loans

December 31, 2021

(in thousands)

			Unpaid				Average		Interest
	Recorded		Principal		Related		Recorded		Income
	Investment		Balance		Allowance		Investment		Recognized
Mortgage Loans	$	—	$	—	$	—	$	—	$	—
Non-Mortgage Loans	$	—	$	—	$	—	$	—	$	—

Based on Loan Grades

Financing Receivable, Credit Quality Indicator [Line Items]

Summary of credit quality indicators

Credit Quality Indicators - Credit Risk Profile Based on Loan Grades at March 31, 2022 (in thousands)

					Special
	Pass		Watch		Mention		Substandard		Doubtful		Total
Mortgage Loans:
1 to 4 Family	$	65,686	$	—	$	—	$	—	$	—	$	65,686
Multifamily		2,390		—		—		—		—		2,390
Construction and Land		6,499		—		—		—		—		6,499
Commercial Real Estate		1,468		—		—		—		—		1,468
Non-Mortgage Loans:
Consumer		230		—		—		—		—		230
Total	$	76,273	$	—	$	—	$	—	$	—	$	76,273

Credit Quality Indicators - Credit Risk Profile Based on Loan Grades at December 31, 2021 (in thousands)

					Special
	Pass		Watch		Mention		Substandard		Doubtful		Total
Mortgage Loans:
1 to 4 Family	$	66,356	$	—	$	—	$	—	$	—	$	66,356
Multifamily		2,780		—		—		—		—		2,780
Construction and Land		4,576		—		—		—		—		4,576
Commercial Real Estate		1,480		—		—		—		—		1,480
Non-Mortgage Loans:
Consumer		239		—		—		—		—		239
Total	$	75,431	$	—	$	—	$	—	$	—	$	75,431