XML 33 R24.htm IDEA: XBRL DOCUMENT v3.22.2
LOANS (Tables)
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Summary of loans receivable

Loans are summarized as follows at June 30, 2022 and December 31, 2021:

 

 

 

June 30,
2022

 

 

December 31,
2021

 

Real estate:

 

(unaudited)

 

Residential

 

$

379,776,653

 

 

$

319,968,234

 

Commercial and multi-family real estate

 

 

173,619,693

 

 

 

175,375,419

 

Construction

 

 

51,799,501

 

 

 

41,384,687

 

Commercial and industrial

 

 

2,068,871

 

 

 

7,905,524

 

Consumer:

 

 

 

 

 

 

Home equity and other

 

 

25,798,836

 

 

 

27,728,979

 

Total loans

 

 

633,063,554

 

 

 

572,362,843

 

Allowance for loan losses

 

 

(2,253,174

)

 

 

(2,153,174

)

Net loans

 

$

630,810,380

 

 

$

570,209,669

 
Schedule of Changes in Accretable Yield for PCI Loans

The following table presents changes in accretable yield for PCI loans for the six months ended June 30, 2022 and 2021.

 

 

 

Three months ended
June 30, 2022

 

 

Six months ended
June 30, 2022

 

 

Three Months Ended
June 30, 2021

 

 

Six Months Ended
June 30, 2021

 

Balance at the beginning of period

 

$

160,457

 

 

$

170,075

 

 

$

217,789

 

 

$

—

 

Acquisition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

217,789

 

Accretion

 

 

8,603

 

 

 

18,221

 

 

 

—

 

 

 

—

 

Reclassification of non-accretable discount

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at the end of period

 

$

151,854

 

 

$

151,854

 

 

$

217,789

 

 

$

217,789

 
Summary of activity in the allowance for loan losses by portfolio segment

The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended June 30, 2022 and 2021.

 

 

 

Residential
First
Mortgage

 

 

Commercial
and Multi-
Family Real
Estate

 

 

Construction

 

 

Commercial
and
Industrial

 

 

Home equity & other

 

 

Total

 

Three months
 June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,092,474

 

 

$

768,600

 

 

$

195,000

 

 

$

9,400

 

 

$

87,700

 

 

$

2,153,174

 

(Credit) provision for loan losses

 

 

159,450

 

 

 

(88,600

)

 

 

37,000

 

 

 

(2,400

)

 

 

(5,450

)

 

 

100,000

 

Loans charged off

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total ending allowance balance

 

$

1,251,924

 

 

$

680,000

 

 

$

232,000

 

 

$

7,000

 

 

$

82,250

 

 

$

2,253,174

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,185,674

 

 

$

849,000

 

 

$

48,000

 

 

$

13,500

 

 

$

86,000

 

 

$

2,182,174

 

(Credit) provision for loan losses

 

 

(58,980

)

 

 

4,000

 

 

 

6,000

 

 

 

(5,020

)

 

 

—

 

 

 

(54,000

)

Loans charged off

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total ending allowance balance

 

$

1,126,694

 

 

$

853,000

 

 

$

54,000

 

 

$

8,480

 

 

$

86,000

 

 

$

2,128,174

 

 

The following table presents the activity in the allowance for loan losses by portfolio segments for the six months ended June 30, 2022 and 2021.

 

 

Residential
First
Mortgage

 

 

Commercial
and Multi-
Family Real
Estate

 

 

Construction

 

 

Commercial
and
Industrial

 

 

Home equity & other

 

 

Total

 

Six months
June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,092,474

 

 

$

768,600

 

 

$

195,000

 

 

$

9,400

 

 

$

87,700

 

 

$

2,153,174

 

Provision for loan losses (credit)

 

 

159,450

 

 

 

(88,600

)

 

 

37,000

 

 

 

(2,400

)

 

 

(5,450

)

 

 

100,000

 

Loans charged off

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total ending allowance balance

 

$

1,251,924

 

 

$

680,000

 

 

$

232,000

 

 

$

7,000

 

 

$

82,250

 

 

$

2,253,174

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,254,174

 

 

$

841,000

 

 

$

45,000

 

 

$

14,000

 

 

$

87,000

 

 

$

2,241,174

 

Provision for loan losses (credit)

 

 

(127,480

)

 

 

12,000

 

 

 

9,000

 

 

 

(5,520

)

 

 

(1,000

)

 

 

(113,000

)

Loans charged off

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total ending allowance balance

 

$

1,126,694

 

 

$

853,000

 

 

$

54,000

 

 

$

8,480

 

 

$

86,000

 

 

$

2,128,174

 

 
Summary of allowance for loan losses and the recorded investment in loans by portfolio segments

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of June 30, 2022 and December 31, 2021:

 

 

 

Residential
First
Mortgage

 

 

Commercial
and Multi-
Family Real
Estate

 

 

Construction

 

 

Commercial
and
Industrial

 

 

Home equity & other consumer

 

 

Total

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending allowance balance
   attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for
   impairment

 

$

35,859

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

35,859

 

Collectively evaluated for
   impairment

 

 

1,216,065

 

 

 

680,000

 

 

 

232,000

 

 

 

7,000

 

 

 

82,250

 

 

 

2,217,315

 

Acquired with deteriorated
   credit quality

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total ending allowance balance

 

$

1,251,924

 

 

$

680,000

 

 

$

232,000

 

 

$

7,000

 

 

$

82,250

 

 

$

2,253,174

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans individually evaluated
   for impairment

 

$

832,754

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

18,239

 

 

$

850,993

 

Loans collectively evaluated
   for impairment

 

 

375,642,159

 

 

 

172,240,349

 

 

 

51,799,501

 

 

 

2,068,871

 

 

 

25,745,345

 

 

 

627,496,225

 

Loans acquired with deteriorated
   credit quality

 

 

3,301,740

 

 

 

1,379,344

 

 

 

—

 

 

 

—

 

 

 

35,252

 

 

 

4,716,336

 

Total ending loan balance

 

$

379,776,653

 

 

$

173,619,693

 

 

$

51,799,501

 

 

$

2,068,871

 

 

$

25,798,836

 

 

$

633,063,554

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending allowance balance
   attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for
   impairment

 

$

35,859

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

35,859

 

Collectively evaluated for
   impairment

 

 

1,056,615

 

 

 

768,600

 

 

 

195,000

 

 

 

9,400

 

 

 

87,700

 

 

 

2,117,315

 

Total ending allowance balance

 

$

1,092,474

 

 

$

768,600

 

 

$

195,000

 

 

$

9,400

 

 

$

87,700

 

 

$

2,153,174

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans individually evaluated
   for impairment

 

$

1,099,793

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

18,507

 

 

$

1,118,300

 

Loans collectively evaluated
   for impairment

 

 

314,754,870

 

 

 

173,962,424

 

 

 

41,384,687

 

 

 

7,866,263

 

 

 

27,710,472

 

 

 

565,678,716

 

Loans acquired with deteriorated
   credit quality

 

 

4,113,571

 

 

 

1,412,995

 

 

 

—

 

 

 

39,261

 

 

 

—

 

 

 

5,565,827

 

Total ending loan balance

 

$

319,968,234

 

 

$

175,375,419

 

 

$

41,384,687

 

 

$

7,905,524

 

 

$

27,728,979

 

 

$

572,362,843

 
Summary of impaired loans

Impaired loans as of and for the three and six months ended June 30, 2022 were as follows:

 

 

 

Loans
With no related
allowance recorded

 

 

Loans
with an
allowance recorded

 

 

Amount of
allowance for
loan losses allocated

 

Residential first mortgages

 

$

1,215,530

 

 

$

173,353

 

 

$

35,859

 

Commercial and Multi-Family

 

 

488,849

 

 

 

—

 

 

 

—

 

Construction

 

 

—

 

 

 

—

 

 

 

—

 

Commercial & Industrial

 

 

—

 

 

 

—

 

 

 

—

 

Home equity & other consumer

 

 

18,239

 

 

 

—

 

 

 

—

 

 

 

$

1,722,618

 

 

$

173,353

 

 

$

35,859

 

 

 

 

Average
Of individually
Impaired loans for the

 

 

 

Three months ended
June 30, 2022

 

 

Six months ended
June 30, 2022

 

Residential first mortgages

 

$

1,393,122

 

 

$

1,482,496

 

Commercial and Multi-Family

 

 

488,752

 

 

 

488,504

 

Construction

 

 

—

 

 

 

—

 

Commercial & Industrial

 

 

—

 

 

 

—

 

Home equity & other consumer

 

 

28,907

 

 

 

25,440

 

 

 

$

1,910,781

 

 

$

1,996,440

 

 

Impaired loans as of December 31, 2021 and for the three and six months ended June 30, 2021 were as follows:

 

 

 

Loans
With no related
allowance recorded

 

 

Loans
with an
allowance recorded

 

 

Amount of
allowance for
loan losses allocated

 

Residential first mortgages

 

$

1,486,469

 

 

$

174,776

 

 

$

35,859

 

Commercial and Multi-Family

 

 

488,003

 

 

 

—

 

 

 

—

 

Construction

 

 

—

 

 

 

—

 

 

 

—

 

Commercial & Industrial

 

 

—

 

 

 

—

 

 

 

—

 

Home equity & other consumer

 

 

18,507

 

 

 

—

 

 

 

—

 

 

 

$

1,992,979

 

 

$

174,776

 

 

$

35,859

 

 

 

 

Average
Of individually
Impaired loans for the

 

 

 

Three months ended June 30, 2021

 

 

Six months ended June 30, 2021

 

Residential first mortgages

 

$

1,217,094

 

 

$

1,231,099

 

Commercial and Multi-Family

 

 

222,534

 

 

 

227,226

 

Construction

 

 

—

 

 

 

—

 

Commercial & Industrial

 

 

—

 

 

 

—

 

Home equity & other consumer

 

 

18,980

 

 

 

19,353

 

 

 

$

1,458,608

 

 

$

1,477,678

 
Summary of recorded investment in nonaccrual and past due

The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual, excluding PCI loans, by class of loans as of June 30, 2022 and December 31, 2021:

 

 

 

Nonaccrual

 

 

Loans Past
Due 90 Days
or More Still
Accruing

 

June 30, 2022

 

 

 

 

 

 

Residential

 

$

832,754

 

 

$

—

 

Home equity and other consumer

 

 

18,239

 

 

 

—

 

Total

 

$

850,993

 

 

$

—

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

Residential

 

$

846,037

 

 

$

—

 

Home equity and other consumer

 

 

18,507

 

 

 

—

 

Total

 

$

864,544

 

 

$

—

 
Summary of aging of loans receivable by portfolio segment

The following table presents the aging of the recorded investment in past due loans as of June 30, 2022 and December 31, 2021, by class of loans:

 

 

 

30-59 Days
Past Due

 

 

60-89 Days
Past Due

 

 

Greater than
89 Days
Past Due

 

 

Total
Past Due

 

 

Loans Not
Past Due

 

 

PCI loans

 

 

Total

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

—

 

 

$

559,838

 

 

$

286,744

 

 

$

846,582

 

 

$

375,628,331

 

 

$

3,301,740

 

 

$

379,776,653

 

Commercial and multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

172,240,349

 

 

 

1,379,344

 

 

 

173,619,693

 

Construction

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51,799,501

 

 

 

—

 

 

 

51,799,501

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,068,871

 

 

 

—

 

 

 

2,068,871

 

Home equity and other consumer

 

 

137,112

 

 

 

—

 

 

 

—

 

 

 

137,112

 

 

 

25,626,472

 

 

 

35,252

 

 

 

25,798,836

 

Total

 

$

137,112

 

 

$

559,838

 

 

$

286,744

 

 

$

983,694

 

 

$

627,363,524

 

 

$

4,716,336

 

 

$

633,063,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

—

 

 

$

312,616

 

 

$

857,676

 

 

$

1,170,292

 

 

$

314,684,371

 

 

$

4,113,571

 

 

$

319,968,234

 

Commercial and multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

173,962,424

 

 

 

1,412,995

 

 

 

175,375,419

 

Construction

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

41,384,687

 

 

 

—

 

 

 

41,384,687

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,905,524

 

 

 

—

 

 

 

7,905,524

 

Home Equity & Consumer

 

 

27,529

 

 

 

—

 

 

 

—

 

 

 

27,529

 

 

 

27,662,189

 

 

 

39,261

 

 

 

27,728,979

 

Total

 

$

27,529

 

 

$

312,616

 

 

$

857,676

 

 

$

1,197,821

 

 

$

565,599,195

 

 

$

5,565,827

 

 

$

572,362,843

 
Summary of loans receivable by credit quality risk

Based on the most recent analysis performed, the risk category of loans by class is as follows:

 

 

 

Pass

 

 

Special
Mention

 

 

Substandard

 

 

Doubtful

 

 

Totals

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

378,943,899

 

 

$

372,332

 

 

$

460,422

 

 

$

—

 

 

$

379,776,653

 

Commercial and multi-family

 

 

173,619,693

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

173,619,693

 

Construction

 

 

51,799,501

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51,799,501

 

Commercial and industrial

 

 

2,068,871

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,068,871

 

Home equity and other consumer

 

 

25,780,597

 

 

 

—

 

 

 

18,239

 

 

 

—

 

 

 

25,798,836

 

Total

 

$

632,212,561

 

 

$

372,332

 

 

$

478,661

 

 

$

—

 

 

$

633,063,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

318,868,440

 

 

$

383,034

 

 

$

716,760

 

 

$

—

 

 

$

319,968,234

 

Commercial and multi-family

 

 

174,173,925

 

 

 

—

 

 

 

1,201,494

 

 

 

—

 

 

 

175,375,419

 

Construction

 

 

41,384,687

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

41,384,687

 

Commercial and industrial

 

 

7,905,524

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,905,524

 

Home equity and other consumer

 

 

27,710,472

 

 

 

—

 

 

 

18,507

 

 

 

—

 

 

 

27,728,979

 

Total

 

$

570,043,048

 

 

$

383,034

 

 

$

1,936,761

 

 

$

—

 

 

$

572,362,843