Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2022

Loans Receivable

Schedule of major classifications of loans

	At March 31,		At December 31,
(In thousands)	2022		2021
Originated Loans:
Residential mortgages:
One- to four-family	$	101,613	$	102,766
		101,613		102,766
Commercial loans:
Real estate - nonresidential		19,164		19,734
Multi-family		452		456
Commercial business		12,172		12,366
		31,788		32,556
Consumer:
Home equity and junior liens		9,663		8,840
Manufactured homes		48,116		47,717
Automobile		22,025		22,666
Student		2,102		2,096
Recreational vehicle		28,692		29,463
Other consumer		5,242		5,408
		115,840		116,190
Total originated loans		249,241		251,512
Net deferred loan costs		15,212		15,650
Less allowance for loan losses		(1,974)		(1,841)
Net originated loans	$	262,479	$	265,321

	At March 31,		At December 31,
(In thousands)	2022		2021
Acquired Loans:
Residential mortgages:
One- to four-family	$	9,678	$	10,295
		9,678		10,295
Commercial loans:
Real estate - nonresidential		1,693		1,744
Commercial business		126		162
		1,819		1,906
Consumer:
Home equity and junior liens		770		861
Other consumer		67		84
		837		945
Total acquired loans		12,334		13,146
Net deferred loan costs		(58)		(60)
Fair value credit and yield adjustment		(270)		(287)
Net acquired loans	$	12,006	$	12,799

	At March 31,		At December 31,
(In thousands)	2022		2021
Total Loans:
Residential mortgages:
One- to four-family	$	111,291	$	113,061
		111,291		113,061
Commercial loans:
Real estate - nonresidential		20,857		21,478
Multi-family		452		456
Commercial business		12,298		12,528
		33,607		34,462
Consumer:
Home equity and junior liens		10,433		9,701
Manufactured homes		48,116		47,717
Automobile		22,025		22,666
Student		2,102		2,096
Recreational vehicle		28,692		29,463
Other consumer		5,309		5,492
		116,677		117,135
Total Loans		261,575		264,658
Net deferred loan costs		15,154		15,590
Fair value credit and yield adjustment		(270)		(287)
Less allowance for loan losses		(1,974)		(1,841)
Loans receivable, net	$	274,485	$	278,120

Summary of loan portfolio by Company's internal risk rating system

	At March 31, 2022
			Special
(In thousands)	Pass		Mention		Substandard		Doubtful		Total
Originated Loans:
Residential mortgages:
One- to four-family	$	97,862	$	1,640	$	2,111	$	—	$	101,613
		97,862		1,640		2,111		—		101,613
Commercial loans:
Real estate - nonresidential		13,918		3,096		2,150		—		19,164
Multi-family		452		—		—		—		452
Commercial business		8,445		2,806		921		—		12,172
		22,815		5,902		3,071		—		31,788
Consumer:
Home equity and junior liens		9,511		40		112		—		9,663
Manufactured homes		48,072		—		44		—		48,116
Automobile		22,010		—		15		—		22,025
Student		2,007		20		75		—		2,102
Recreational vehicle		28,438		205		49		—		28,692
Other consumer		5,242		—		—		—		5,242
		115,280		265		295		—		115,840
Total originated loans	$	235,957	$	7,807	$	5,477	$	—	$	249,241

	At March 31, 2022
			Special
(In thousands)	Pass		Mention		Substandard		Doubtful		Total
Acquired Loans:
Residential mortgages:
One- to four-family	$	9,422	$	100	$	156	$	—	$	9,678
		9,422		100		156		—		9,678
Commercial loans:
Real estate - nonresidential		1,693		—		—		—		1,693
Commercial business		126		—		—		—		126
		1,819		—		—		—		1,819
Consumer:
Home equity and junior liens		770		—		—		—		770
Other consumer		67		—		—		—		67
		837		—		—		—		837
Total acquired loans	$	12,078	$	100	$	156	$	—	$	12,334

	At March 31, 2022
			Special
(In thousands)	Pass		Mention		Substandard		Doubtful		Total
Total Loans:
Residential mortgages:
One- to four-family	$	107,284	$	1,740	$	2,267	$	—	$	111,291
		107,284		1,740		2,267		—		111,291
Commercial loans:
Real estate - nonresidential		15,611		3,096		2,150		—		20,857
Multi-family		452		—		—		—		452
Commercial business		8,571		2,806		921		—		12,298
		24,634		5,902		3,071		—		33,607
Consumer:
Home equity and junior liens		10,281		40		112		—		10,433
Manufactured homes		48,072		—		44		—		48,116
Automobile		22,010		—		15		—		22,025
Student		2,007		20		75		—		2,102
Recreational vehicle		28,438		205		49		—		28,692
Other consumer		5,309		—		—		—		5,309
		116,117		265		295		—		116,677
Total loans	$	248,035	$	7,907	$	5,633	$	—	$	261,575

	At December 31, 2021
			Special
(In thousands)	Pass		Mention		Substandard		Doubtful		Total
Originated Loans:
Residential mortgages:
One- to four-family	$	99,294	$	1,110	$	2,362	$	—	$	102,766
		99,294		1,110		2,362		—		102,766
Commercial loans:
Real estate - nonresidential		14,464		3,045		2,225		—		19,734
Multi-family		456		—		—		—		456
Commercial business		10,256		1,112		998		—		12,366
		25,176		4,157		3,223		—		32,556
Consumer:
Home equity and junior liens		8,753		41		46		—		8,840
Manufactured homes		47,717		—		—		—		47,717
Automobile		22,558		64		44		—		22,666
Student		2,096		—		—		—		2,096
Recreational vehicle		29,424		39		—		—		29,463
Other consumer		5,376		32		—		—		5,408
		115,924		176		90		—		116,190
Total originated loans	$	240,394	$	5,443	$	5,675	$	—	$	251,512

	At December 31, 2021
			Special
(In thousands)	Pass		Mention		Substandard		Doubtful		Total
Acquired Loans:
Residential mortgages:
One- to four-family	$	10,038	$	42	$	215	$	—	$	10,295
		10,038		42		215		—		10,295
Commercial loans:
Real estate - nonresidential		1,744		—		—		—		1,744
Commercial business		162		—		—		—		162
		1,906		—		—		—		1,906
Consumer:
Home equity and junior liens		841		—		20		—		861
Other consumer		84		—		—		—		84
		925		—		20		—		945
Total acquired loans	$	12,869	$	42	$	235	$	—	$	13,146

	At December 31, 2021
			Special
(In thousands)	Pass		Mention		Substandard		Doubtful		Total
Total Loans:
Residential mortgages:
One- to four-family	$	109,332	$	1,152	$	2,577	$	—	$	113,061
		109,332		1,152		2,577		—		113,061
Commercial loans:
Real estate - nonresidential		16,208		3,045		2,225		—		21,478
Multi-family		456		—		—		—		456
Commercial business		10,418		1,112		998		—		12,528
		27,082		4,157		3,223		—		34,462
Consumer:
Home equity and junior liens		9,594		41		66		—		9,701
Manufactured homes		47,717		—		—		—		47,717
Automobile		22,558		64		44		—		22,666
Student		2,096		—		—		—		2,096
Recreational vehicle		29,424		39		—		—		29,463
Other consumer		5,460		32		—		—		5,492
		116,849		176		110		—		117,135
Total loans	$	253,263	$	5,485	$	5,910	$	—	$	264,658

Schedule of age analysis of past due loans, segregated by class of loans

	At March 31, 2022
					90 Days
	30-59 Days		60-89 Days		or More		Total		Total Loans		Total Loans
(In thousands)	Past Due		Past Due		Past Due		Past Due		Current		Receivable
Originated Loans:
Residential mortgage loans:
One- to four-family	$	3,096	$	—	$	2,111	$	5,207	$	96,406	$	101,613
		3,096		—		2,111		5,207		96,406		101,613
Commercial loans:
Real estate - nonresidential		2,855		—		416		3,271		15,893		19,164
Multi-family		—		—		—		—		452		452
Commercial business		327		—		134		461		11,711		12,172
		3,182		—		550		3,732		28,056		31,788
Consumer loans:
Home equity and junior liens		128		—		112		240		9,423		9,663
Manufactured homes		742		266		44		1,052		47,064		48,116
Automobile		219		—		15		234		21,791		22,025
Student		—		20		75		95		2,007		2,102
Recreational vehicle		780		205		49		1,034		27,658		28,692
Other consumer		78		—		—		78		5,164		5,242
		1,947		491		295		2,733		113,107		115,840
Total originated loans	$	8,225	$	491	$	2,956	$	11,672	$	237,569	$	249,241

	At March 31, 2022
					90 Days
	30-59 Days		60-89 Days		or More		Total		Total Loans		Total Loans
(In thousands)	Past Due		Past Due		Past Due		Past Due		Current		Receivable
Acquired Loans:
Residential mortgage loans:
One- to four-family	$	334	$	—	$	156	$	490	$	9,188	$	9,678
		334		—		156		490		9,188		9,678
Commercial loans:
Real estate - nonresidential		—		—		—		—		1,693		1,693
Commercial business		—		—		—		—		126		126
		—		—		—		—		1,819		1,819
Consumer loans:
Home equity and junior liens		35		—		—		35		735		770
Other consumer		—		—		—		—		67		67
		35		—		—		35		802		837
Total acquired loans	$	369	$	—	$	156	$	525	$	11,809	$	12,334

	At March 31, 2022
					90 Days
	30-59 Days		60-89 Days		or More		Total		Total Loans		Total Loans
(In thousands)	Past Due		Past Due		Past Due		Past Due		Current		Receivable
Total Loans:
Residential mortgage loans:
One- to four-family	$	3,430	$	—	$	2,267	$	5,697	$	105,594	$	111,291
		3,430		—		2,267		5,697		105,594		111,291
Commercial loans:
Real estate - nonresidential		2,855		—		416		3,271		17,586		20,857
Multi-family		—		—		—		—		452		452
Commercial business		327		—		134		461		11,837		12,298
		3,182		—		550		3,732		29,875		33,607
Consumer loans:
Home equity and junior liens		163		—		112		275		10,158		10,433
Manufactured homes		742		266		44		1,052		47,064		48,116
Automobile		219		—		15		234		21,791		22,025
Student		—		20		75		95		2,007		2,102
Recreational vehicle		780		205		49		1,034		27,658		28,692
Other consumer		78		—		—		78		5,231		5,309
		1,982		491		295		2,768		113,909		116,677
Total loans	$	8,594	$	491	$	3,112	$	12,197	$	249,378	$	261,575

	At December 31, 2021
					90 Days
	30-59 Days		60-89 Days		or More		Total		Total Loans		Total Loans
(In thousands)	Past Due		Past Due		Past Due		Past Due		Current		Receivable
Originated Loans:
Residential mortgage loans:
One- to four-family	$	3,137	$	757	$	2,362	$	6,256	$	96,510	$	102,766
		3,137		757		2,362		6,256		96,510		102,766
Commercial loans:
Real estate - nonresidential		389		—		416		805		18,929		19,734
Multi-family		—		—		—		—		456		456
Commercial business		—		8		161		169		12,197		12,366
		389		8		577		974		31,582		32,556
Consumer loans:
Home equity and junior liens		149		31		46		226		8,614		8,840
Manufactured homes		922		615		—		1,537		46,180		47,717
Automobile		168		64		44		276		22,390		22,666
Student		95		—		—		95		2,001		2,096
Recreational vehicle		605		39		—		644		28,819		29,463
Other consumer		75		32		—		107		5,301		5,408
		2,014		781		90		2,885		113,305		116,190
Total originated loans	$	5,540	$	1,546	$	3,029	$	10,115	$	241,397	$	251,512

	At December 31, 2021
					90 Days
	30-59 Days		60-89 Days		or More		Total		Total Loans		Total Loans
(In thousands)	Past Due		Past Due		Past Due		Past Due		Current		Receivable
Acquired Loans:
Residential mortgage loans:
One- to four-family	$	318	$	68	$	215	$	601	$	9,694	$	10,295
		318		68		215		601		9,694		10,295
Commercial loans:
Real estate - nonresidential		—		—		—		—		1,744		1,744
Commercial business		27		—		—		27		135		162
Other commercial and industrial		27		—		—		27		1,879		1,906
Consumer loans:		—		—		20		20		841		861
Home equity and junior liens		—		—		—		—		84		84
Other consumer		—		—		20		20		925		945
	$	345	$	68	$	235	$	648	$	12,498	$	13,146

	At December 31, 2021
					90 Days
	30-59 Days		60-89 Days		or More		Total		Total Loans		Total Loans
(In thousands)	Past Due		Past Due		Past Due		Past Due		Current		Receivable
Total Loans:
Residential mortgage loans:
One- to four-family	$	3,455	$	825	$	2,577	$	6,857	$	106,204	$	113,061
		3,455		825		2,577		6,857		106,204		113,061
Commercial loans:
Real estate - nonresidential		389		—		416		805		20,673		21,478
Multi-family		—		—		—		—		456		456
Commercial business		27		8		161		196		12,332		12,528
		416		8		577		1,001		33,461		34,462
Consumer loans:
Home equity and junior liens		149		31		66		246		9,455		9,701
Manufactured homes		922		615		—		1,537		46,180		47,717
Automobile		168		64		44		276		22,390		22,666
Student		95		—		—		95		2,001		2,096
Recreational vehicle		605		39		—		644		28,819		29,463
Other consumer		75		32		—		107		5,385		5,492
		2,014		781		110		2,905		114,230		117,135
Total loans	$	5,885	$	1,614	$	3,264	$	10,763	$	253,895	$	264,658

Non-accrual loans, segregated by class of loan

	At March 31,		At December 31,
(In thousands)	2022		2021
Residential mortgage loans:
One- to four-family	$	2,267	$	2,577
		2,267		2,577
Commercial loans:
Real estate - nonresidential		416		416
Commercial business		134		161
		550		577
Consumer loans:
Home equity and junior liens		112		66
Manufactured homes		44		—
Automobile		15		44
Student		75		—
Recreational vehicle		49		—
		295		110
Total non-accrual loans	$	3,112	$	3,264

Schedule of loans modified as troubled debt restructuring

					Post-
			Pre-Modification		Modification		Current
			Outstanding		Outstanding		Outstanding
	Number of		Recorded		Recorded		Recorded
For the three months ended March 31, 2021	Contracts		Investment		Investment		Investment
One- to four-family residential mortgages	4	$	336	$	336	$	250
Commercial business	3		46		46		34

Summary of impaired loans information by portfolio class

	At March 31, 2022
			Unpaid
	Recorded		Principal		Related
(In thousands)	Investment		Balance		Allowance
With no related allowance recorded:
One- to four-family residential mortgages	$	2,158	$	2,239	$	—
Commercial real estate - nonresidential		416		516		—
Commercial business		73		73		—
Home equity and junior liens		112		112		—
With an allowance recorded:
Commercial business		55		55		12
Total:
One- to four-family residential mortgages		2,158		2,239		—
Commercial real estate - nonresidential		416		516		—
Commercial business		128		128		12
Home equity and junior liens		112		112		—
	$	2,814	$	2,995	$	12

	At December 31, 2021
			Unpaid
	Recorded		Principal		Related
(In thousands)	Investment		Balance		Allowance
With no related allowance recorded:
One- to four-family residential mortgages	$	2,352	$	2,423	$	—
Commercial real estate - nonresidential		416		516		—
Commercial business		73		73		—
Home equity and junior liens		67		67		—
With an allowance recorded:
One- to four-family residential mortgages		224		224		7
Commercial business		55		55		12
Total:
One- to four-family residential mortgages		2,576		2,647		7
Commercial real estate - nonresidential		416		516		—
Commercial business		128		128		12
Home equity and junior liens		67		67		—
	$	3,187	$	3,358	$	19

The following table presents the average recorded investment in impaired loans:

	Three Months Ended March 31,
(In thousands)	2022		2021
One- to four-family residential mortgages	$	2,166	$	2,175
Commercial real estate - nonresidential		416		1,285
Commercial business		128		2,228
Home equity and junior liens		112		104
Other consumer		—		5
		2,822	$	5,797

The following table presents interest income recognized on impaired loans:

	Three Months Ended March 31,
(In thousands)	2022		2021
One- to four-family residential mortgages	$	6	$	17
Commercial real estate - nonresidential		—		16
Multi-family		—		15
Home equity and junior liens		—		1
	$	6	$	49