XML 32 R22.htm IDEA: XBRL DOCUMENT v3.21.1
LOANS (Tables)
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Summary of loans receivable

Loans are summarized as follows at March 31, 2021 and December 31, 2020:

 

 

 

March 31,

2021

 

 

December 31,

2020

 

Real estate:

 

 

 

 

 

 

 

 

Residential

 

$

368,854,000

 

 

$

340,000,989

 

Commercial and multi-family real estate

 

 

190,267,098

 

 

 

171,634,451

 

Construction

 

 

12,605,419

 

 

 

9,930,959

 

Commercial and industrial

 

 

11,709,817

 

 

 

13,652,248

 

Consumer:

 

 

 

 

 

 

 

 

Home equity and other

 

 

28,497,317

 

 

 

24,713,380

 

Total loans

 

 

611,933,651

 

 

 

559,932,027

 

Allowance for loan losses

 

 

(2,182,174

)

 

 

(2,241,174

)

Net loans

 

$

609,751,477

 

 

$

557,690,853

 
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 March 31, 2021 and 2020.

 

 

 

Residential

First

Mortgage

 

 

Commercial

and Multi-

Family Real

Estate

 

 

Construction

 

 

Consumer

 

 

Commercial

and

Industrial

 

 

Total

 

Three months

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,254,174

 

 

$

841,000

 

 

$

45,000

 

 

$

87,000

 

 

$

14,000

 

 

$

2,241,174

 

(Credit) provision for loan losses

 

 

(68,500

)

 

 

8,000

 

 

 

3,000

 

 

 

(1,000

)

 

 

(500

)

 

 

(59,000

)

Loans charged off

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total ending allowance balance

 

$

1,185,674

 

 

$

849,000

 

 

$

48,000

 

 

$

86,000

 

 

$

13,500

 

 

$

2,182,174

 

March 31,2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

1,383,174

 

 

$

512,000

 

 

$

26,000

 

 

$

86,000

 

 

$

9,000

 

 

$

2,016,174

 

(Credit) provision for loan losses

 

 

(72,000

)

 

 

77,000

 

 

 

5,000

 

 

 

6,000

 

 

 

9,000

 

 

 

25,000

 

Loans charged off

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recoveries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total ending allowance balance

 

$

1,311,174

 

 

$

589,000

 

 

$

31,000

 

 

$

92,000

 

 

$

18,000

 

 

$

2,041,174

 

 
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 March 31, 2021 and December 31, 2020:

 

 

 

Residential

First

Mortgage

 

 

Commercial

and Multi-

Family Real

Estate

 

 

Construction

 

 

Consumer

 

 

Commercial

and

Industrial

 

 

Total

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending allowance balance

   attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for

   impairment

 

$

35,859

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

35,859

 

Collectively evaluated for

   impairment

 

 

1,149,815

 

 

 

849,000

 

 

 

48,000

 

 

 

86,000

 

 

 

13,500

 

 

 

2,146,315

 

Acquired with deteriorated credit quality

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total ending allowance balance

 

$

1,185,674

 

 

$

849,000

 

 

$

48,000

 

 

$

86,000

 

 

$

13,500

 

 

$

2,182,174

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans individually evaluated

   for impairment

 

$

1,113,051

 

 

$

221,717

 

 

$

—

 

 

$

18,917

 

 

$

—

 

 

$

1,353,685

 

Loans collectively evaluated

   for impairment

 

 

362,998,443

 

 

 

188,587,101

 

 

 

12,605,419

 

 

 

28,432,900

 

 

 

11,709,817

 

 

 

604,333,680

 

Loans acquired with deteriorated credit quality

 

 

4,742,506

 

 

 

1,458,280

 

 

 

—

 

 

 

45,500

 

 

 

—

 

 

 

6,246,286

 

Total ending loan balance

 

$

368,854,000

 

 

$

190,267,098

 

 

$

12,605,419

 

 

$

28,497,317

 

 

$

11,709,817

 

 

$

611,933,651

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending allowance balance

   attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for

   impairment

 

$

35,859

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

35,859

 

Collectively evaluated for

   impairment

 

 

1,218,315

 

 

 

841,000

 

 

 

45,000

 

 

 

87,000

 

 

 

14,000

 

 

 

2,205,315

 

Total ending allowance balance

 

$

1,254,174

 

 

$

841,000

 

 

$

45,000

 

 

$

87,000

 

 

$

14,000

 

 

$

2,241,174

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans individually evaluated

   for impairment

 

$

1,082,371

 

 

$

223,352

 

 

$

—

 

 

$

19,044

 

 

$

—

 

 

$

1,324,767

 

Loans collectively evaluated

   for impairment

 

 

338,918,618

 

 

 

171,411,099

 

 

 

9,930,959

 

 

 

24,694,336

 

 

 

13,652,248

 

 

 

558,607,260

 

Total ending loan balance

 

$

340,000,989

 

 

$

171,634,451

 

 

$

9,930,959

 

 

$

24,713,380

 

 

$

13,652,248

 

 

$

559,932,027

 
Summary of impaired loans

Impaired loans as of and for the three months ended March 31, 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

 

$

935,685

 

 

$

177,366

 

 

$

35,859

 

Commercial and Multi-Family

 

 

221,717

 

 

 

—

 

 

 

—

 

Construction

 

 

—

 

 

 

—

 

 

 

—

 

Commercial & Industrial

 

 

—

 

 

 

—

 

 

 

—

 

Home equity & other consumer

 

 

18,917

 

 

 

—

 

 

 

—

 

 

 

$

1,176,319

 

 

$

177,366

 

 

$

35,859

 

 

 

 

Average

Of individually

Impaired loans for the

 

 

Three months ended       March 31, 2021

 

 

Residential first mortgages

 

$

1,217,094

 

 

Commercial and Multi-Family

 

 

222,534

 

 

Construction

 

 

—

 

 

Commercial & Industrial

 

 

—

 

 

Home equity & other consumer

 

 

18,980

 

 

 

 

$

1,458,608

 

 

 

Impaired loans as of and for the year ended December 31, 2020 were as follows:

 

 

 

Loans

With no related

allowance recorded

 

 

Loans

with an

allowance recorded

 

 

Amount of

allowance for

loan losses allocated

 

Residential first mortgages

 

$

904,730

 

 

$

177,641

 

 

$

35,859

 

Commercial and Multi-Family

 

 

223,352

 

 

 

—

 

 

 

—

 

Construction

 

 

—

 

 

 

—

 

 

 

—

 

Commercial & Industrial

 

 

—

 

 

 

—

 

 

 

—

 

Home equity & other consumer

 

 

19,044

 

 

 

—

 

 

 

—

 

 

 

$

1,147,126

 

 

$

177,641

 

 

$

35,859

 

 

 

 

Average

Of individually

Impaired loans for the

 

 

Three months ended       March 31, 2020

 

 

Residential first mortgages

 

$

1,231,715

 

 

Commercial and Multi-Family

 

 

—

 

 

Construction

 

 

—

 

 

Commercial & Industrial

 

 

—

 

 

Home equity & other consumer

 

 

9,866

 

 

 

 

$

1,241,581

 

 
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 by class of loans as of March 31, 2021 and December 31, 2020:

 

 

 

Nonaccrual

 

 

Loans Past

Due 90 Days

or More Still

Accruing

 

March 31, 2021

 

 

 

 

 

 

 

 

Residential

 

$

946,919

 

 

$

—

 

Commercial and multi-family

 

 

—

 

 

 

—

 

Consumer

 

 

18,917

 

 

 

—

 

Total

 

$

965,836

 

 

$

—

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

Residential

 

$

673,539

 

 

$

—

 

Commercial and multi-family

 

 

—

 

 

 

—

 

Consumer

 

 

19,044

 

 

 

—

 

Total

 

$

692,583

 

 

$

—

 
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 March 31, 2021 and December 31, 2020, 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

 

 

Total

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

578,952

 

 

$

864,848

 

 

$

301,468

 

 

$

1,745,268

 

 

$

367,108,732

 

 

$

368,854,000

 

Commercial and multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

190,267,098

 

 

 

190,267,098

 

Construction

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,605,419

 

 

 

12,605,419

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,709,817

 

 

 

11,709,817

 

Consumer

 

 

334,283

 

 

 

158,576

 

 

 

—

 

 

 

492,859

 

 

 

28,004,458

 

 

 

28,497,317

 

Total

 

$

913,235

 

 

$

1,023,424

 

 

$

301,468

 

 

$

2,238,127

 

 

$

609,695,524

 

 

$

611,933,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

—

 

 

$

702,497

 

 

$

24,628

 

 

$

727,125

 

 

$

339,273,864

 

 

$

340,000,989

 

Commercial and multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

171,634,451

 

 

 

171,634,451

 

Construction

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,930,959

 

 

 

9,930,959

 

Commercial and industrial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,652,248

 

 

 

13,652,248

 

Home Equity & Consumer

 

 

160,382

 

 

 

—

 

 

 

—

 

 

 

160,382

 

 

 

24,552,998

 

 

 

24,713,380

 

Total

 

$

160,382

 

 

$

702,497

 

 

$

24,628

 

 

$

887,507

 

 

$

559,044,520

 

 

$

559,932,027

 
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

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

367,117,810

 

 

$

472,320

 

 

$

1,263,870

 

 

$

—

 

 

$

368,854,000

 

Commercial and multi-family

 

 

188,226,646

 

 

 

—

 

 

 

2,040,452

 

 

 

—

 

 

 

190,267,098

 

Construction

 

 

12,605,419

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,605,419

 

Commercial and industrial

 

 

11,709,817

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,709,817

 

Consumer

 

 

28,478,400

 

 

 

—

 

 

 

18,917

 

 

 

—

 

 

 

28,497,317

 

Total

 

$

608,138,092

 

 

$

472,320

 

 

$

3,323,239

 

 

$

—

 

 

$

611,933,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

338,786,939

 

 

$

567,766

 

 

$

646,284

 

 

$

—

 

 

$

340,000,989

 

Commercial and multi-family

 

 

170,181,704

 

 

 

—

 

 

 

1,452,747

 

 

 

—

 

 

 

171,634,451

 

Construction

 

 

9,930,959

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,930,959

 

Commercial and industrial

 

 

13,652,248

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,652,248

 

Consumer

 

 

24,694,336

 

 

 

—

 

 

 

19,044

 

 

 

—

 

 

 

24,713,380

 

Total

 

$

557,246,186

 

 

$

567,766

 

 

$

2,118,075

 

 

$

—

 

 

$

559,932,027