Loans (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Summary of Major Classifications of Loans

Loans at March 31, 2022 and December 31, 2021 were as follows:

	2022			2021
Real Estate Loans:
One-to-four family	$	133,719		$	127,755
Multi-family		3,261			3,729
Commercial		83,672			76,967
Construction		16,301			15,518
Total real estate loans		236,953			223,969
Commercial loans		25,418			24,212
Consumer loans:
Home equity loans and lines of credit		4,020			3,717
Other consumer		3,594			2,714
Total consumer loans		7,614			6,431
Total loans		269,985			254,612
Net deferred loans fees		(12	)		(46	)
Allowance for loan losses		(2,446	)		(2,406	)
Loans, net	$	267,527		$	252,160

Recorded investment in loans based on impairment method

The following tables present the activity in the allowance for loan losses for the periods ending March 31, 2022, December 31, 2021 and March 31, 2021. The recorded investment in loans in any of the following tables does not include accrued and unpaid interest or any deferred loan fees or costs, as amounts are not significant.

	Real Estate
March 31, 2022	One-to-Four Family			Multi-Family			Commercial			Construction		Commercial			Consumer			Total
Beginning balance January 1, 2022	$	1,355		$	19		$	712		$	109	$	145		$	66		$	2,406
Charge offs		—			—			—			—		—			—			—
Recoveries		—			—			—			—		—			—			—
Provisions		(23	)		(3	)		20			7		21			18			40
Total ending balance March 31, 2022	$	1,332		$	16		$	732		$	116	$	166		$	84		$	2,446
Ending balance attributed to loans:
Individually evaluated for impairment	$	-		$	-		$	-		$	-	$	-		$	-		$	-
Collectively evaluated for impairment		1,332			16			732			116		166			84			2,446
Total ending allowance balance:	$	1,332		$	16		$	732		$	116	$	166		$	84		$	2,446
Loans:
Loans individually evaluated for impairment	$	121		$	-		$	3,175		$	-	$	126		$	-		$	3,422
Loans collectively evaluated for impairment		133,598			3,261			80,497			16,301		25,292			7,614			266,563
Total ending loan balance March 31, 2022	$	133,719		$	3,261		$	83,672		$	16,301	$	25,418		$	7,614		$	269,985
	Real Estate
December 31, 2021	One-to-Four Family			Multi-Family			Commercial			Construction		Commercial			Consumer			Total
Beginning balance January 1, 2021	$	1,300		$	27		$	746		$	37	$	187		$	64		$	2,361
Charge offs		(6	)		—			—			—		—			(14	)		(20	)
Recoveries		—			—			—			—		—			5			5
Provisions		61			(8	)		(34	)		72		(42	)		11			60
Total ending balance December 31, 2021	$	1,355		$	19		$	712		$	109	$	145		$	66		$	2,406
Ending balance attributed to loans:
Individually evaluated for impairment	$	—		$	—		$	—		$	—	$	—		$	—		$	—
Collectively evaluated for impairment		1,355			19			712			109		145			66			2,406
Total ending allowance balance:	$	1,355		$	19		$	712		$	109	$	145		$	66		$	2,406
Loans:
Loans individually evaluated for impairment	$	14		$	—		$	3,189		$	—	$	237		$	—		$	3,440
Loans collectively evaluated for impairment	$	127,740		$	3,730		$	73,778		$	15,518	$	23,975		$	6,431		$	251,172
Total ending balance December 31, 2021	$	127,754		$	3,730		$	76,967		$	15,518	$	24,212		$	6,431		$	254,612
	Real Estate
March 31, 2021	One-to-Four Family			Multi-Family			Commercial			Construction		Commercial			Consumer			Total
Beginning balance January 1, 2021	$	1,300		$	27		$	746		$	37	$	187		$	64		$	2,361
Charge offs		—			—			—			—		—			(2	)		(2	)
Recoveries		—			—			—			—		—			—			—
Provisions		(21	)		(1	)		(7	)		31		(6	)		4			—
Total ending balance March 31, 2021		1,279			26			739			68		181			66			2,359
Ending balance attributed to loans:
Individually evaluated for impairment	$	—		$	—		$	—		$	—	$	—		$	—		$	—
Collectively evaluated for impairment		1,279			26			739			68		181			66			2,359
Total ending allowance balance:	$	1,279		$	26		$	739		$	68	$	181		$	66		$	2,359
Loans:
Loans individually evaluated for impairment	$	439		$	—		$	6,117		$	—	$	1,071		$	—		$	7,627
Loans collectively evaluated for impairment		115,794			4,764			71,797			9,356		23,465			6,010			231,186
Total ending loans balance March 31, 2021	$	116,233		$	4,764		$	77,914		$	9,356	$	24,536		$	6,010		$	238,813

NOTE 3 – LOANS (Continued)

Loans individually evaluated for impairment by portfolio class

The following tables presents loans individually evaluated for impairment by portfolio class at March 31, 2022 and December 31, 2021 and the respective average balances of impaired loans and interest income recognized for the three months ended March 31, 2022 and 2021:

	March 31, 2022						December 31, 2021
	Unpaid principal balance		Recorded Investment		Related Allowance		Unpaid principal balance		Recorded Investment		Related Allowance
With no recorded allowance:
Real estate loans:
One-to-four family	$	154	$	121	$	—	$	46	$	14	$	—
Multi-family		—		—		—		—		—		—
Commercial		3,175		3,175		—		3,189		3,189		—
Construction		—		—		—		—		—		—
Commercial		126		126		—		243		237		—
Consumer:		—		—		—		—		—		—
Total	$	3,455	$	3,422	$	—	$	3,478	$	3,440	$	—

NOTE 3 – LOANS (Continued)

	Three Months ended March 31, 2022				Three Months ended March 31, 2021
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no recorded allowance:
Real estate loans:
One-to-four family	$	67	$	1	$	439	$	5
Multi-family		—		—		—		—
Commercial		3,182		38		6,339		94
Commercial loans:		137		2		1,096		18
Consumer loans:		—		—		—		—
Total	$	3,386	$	41	$	7,874	$	117

Schedule of Analysis of Past due Loans

The following tables present the aging of the recorded investment in past due loans at March 31, 2022 and December 31, 2021 by portfolio class of loans:

March 31, 2022	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total Loans
Real estate loans:
One-to-four family	$	1,712	$	147	$	—	$	1,859	$	131,860	$	133,719
Multi-family		—		—		—		—		3,261		3,261
Commercial		—		35		—		35		83,637		83,672
Construction		—		—		—		—		16,301		16,301
Total real estate loans		1,712		182		—		1,894		235,059		236,953
Commercial		13		—		—		13		25,405		25,418
Consumer loans:
Home equity loans and lines of credit		25		—		—		25		3,995		4,020
Other consumer loans		22		—		—		22		3,572		3,594
Total	$	1,772	$	182	$	—	$	1,954	$	268,031	$	269,985

December 31, 2021	30-59 Days Past due		60-89 Days Past due		90 Days or More Past Due		Total Past Due		Current		Total Loans
Real estate loans:
One-to-four family	$	1,553	$	698	$	193	$	2,444	$	125,310	$	127,754
Multi-family		—		—		—		—		3,730		3,730
Commercial		292		36		—		328		76,639		76,967
Construction		—		—		—		—		15,518		15,518
Total real estate loans		1,845		734		193		2,772		221,197		223,969
Commercial		90		—		—		90		24,122		24,212
Consumer loans:
Home equity loans and lines of credit		32		—		—		32		3,685		3,717
Other consumer loans		27		—		—		27		2,687		2,714
Total	$	1,994	$	734	$	193	$	2,921	$	251,691	$	254,612

Summary of Information Regarding Non-accrual Loans

The following tables present the recorded investment in nonaccrual loans by class of loans as of March 31, 2022 and December 31, 2021:

	2022		2021
Real estate loans:
One-to-four family	$	13	$	14
Commercial real estate		—		—
Construction		—		—
Total real estate loans		13		14
Commercial loans:		—		90
Consumer loans:
Other consumer loans		—		—
Total consumer loans		—		—
Total	$	13	$	104

Summary of Internal Risk Ratings of Loans

At March 31, 2022 and December 31, 2021, based on the most recent analysis performed, the loan grade for each loan by portfolio class is as follows:

March 31, 2022	Pass		Special Mention		Substandard		Doubtful		Total
Real estate loans:
One-to-four family	$	133,476	$	—	$	243	$	—	$	133,719
Multi-family		3,261		—		—		—		3,261
Commercial		78,549		1,914		3,209		—		83,672
Construction		16,207		—		94		—		16,301
Total real estate loans		231,493		1,914		3,546		—		236,953
Commercial		25,107		102		209		—		25,418
Consumer loans:
Home equity loans and lines of credit		4,020		—		—		—		4,020
Other consumer loans		3,594		—		—		—		3,594
Total	$	264,214	$	2,016	$	3,755	$	—	$	269,985

December 31, 2021	Pass		Special Mention		Substandard		Doubtful		Total
Real estate loans:
One-to-four family	$	127,513	$	—	$	242	$	—	$	127,755
Multi-family		3,729		—		—		—		3,729
Commercial		71,774		1,969		3,224		—		76,967
Construction		15,518		—		—		—		15,518
Total real estate loans		218,534		1,969		3,466		—		223,969
Commercial		23,824		104		284		—		24,212
Consumer loans:
Home equity loans and lines of credit		3,717		—		—		—		3,717
Other consumer loans		2,714		—		—		—		2,714
Total	$	248,789	$	2,073	$	3,750	$	—	$	254,612