Loans (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Summary of Major Classifications of Loans

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

	2022			2021
Real Estate Loans:
One-to-four family	$	152,780		$	127,755
Multi-family		3,059			3,729
Commercial		91,432			76,967
Construction		20,172			15,518
Total real estate loans		267,443			223,969
Commercial loans		33,644			24,212
Consumer loans:
Home equity loans and lines of credit		5,528			3,717
Other consumer		3,723			2,714
Total consumer loans		9,251			6,431
Total loans		310,338			254,612
Net deferred loans fees		(11	)		(46	)
Allowance for loan losses		(2,562	)		(2,406	)
Loans, net	$	307,765		$	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, June 30, 2022, December 31, 2021 and June 30, 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
Three Months Ended June 30, 2022	One-to-Four Family		Multi-Family			Commercial			Construction			Commercial			Consumer			Total
Beginning balance April 1, 2022	$	1,332	$	16		$	732		$	116		$	166		$	84		$	2,446
Charge offs		—		—			—			(5	)		—			—			(5	)
Recoveries		6		—			—			—			—			—			6
Provisions		166		(2	)		(140	)		31			45			15			115
Total ending balance June 30, 2022	$	1,504	$	14		$	592		$	142		$	211		$	99		$	2,562
Six Months Ended June 30, 2022
Beginning balance January 1, 2022	$	1,355	$	19		$	712		$	109		$	145		$	66		$	2,406
Charge offs		—		—			—			(5	)		—			—			(5	)
Recoveries		6		—			—			—			—			—			6
Provisions		143		(5	)		(120	)		38			66			33			155
Total ending balance June 30, 2022	$	1,504	$	14		$	592		$	142		$	211		$	99		$	2,562
	Real Estate
Three Months Ended June 30, 2021	One-to-Four Family		Multi-Family			Commercial			Construction			Commercial			Consumer			Total
Beginning balance April 1, 2021	$	1,279	$	26		$	739		$	68		$	181		$	66		$	2,359
Charge offs		—		—			—			—			—			—			—
Recoveries		—		—			—			—			—			3			3
Provisions		35		(6	)		(12	)		16			(13	)		5			25
Total ending balance June 30, 2021	$	1,314	$	20		$	727		$	84		$	168		$	74		$	2,387
Six Months Ended June 30, 2021
Beginning balance January 1, 2021	$	1,300	$	27		$	746		$	37		$	187		$	64		$	2,361
Charge offs		—		—			—			—			—			(2	)		(2	)
Recoveries		—		—			—			—			—			3			3
Provisions		14		(7	)		(19	)		47			(19	)		9			25
Total ending balance June 30, 2021	$	1,314	$	20		$	727		$	84		$	168		$	74		$	2,387

Allowance for credit losses by financing recievables for loans individually evaluated

The following tables provides the amount of the allowance for credit losses by class of financing receivable for loans individually evaluated for impairment, loans collectively evaluated for impairment and loans acquired with deteriorated credit quality for the periods ending June 30, 2022 and December 31, 2021.

	Real Estate
	One-to-Four Family		Multi-Family		Commercial		Construction		Commercial		Consumer		Total
Ending balance attributed to loans:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively evaluated for impairment		1,504		14		592		142		211		99		2,562
Total ending allowance balance June 30, 2022:	$	1,504	$	14	$	592	$	142	$	211	$	99	$	2,562
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 December 31, 2021:	$	1,355	$	19	$	712	$	109	$	145	$	66	$	2,406

Loans individually evaluated for impairment by portfolio class

The following table provides the amount of loans by class of financing receivable for loans individually evaluated for impairment, loans collectively evaluated for impairment and loans acquired with deteriorated credit quality for the periods ending June 30, 2022 and December 31, 2021.

	Real Estate
	One-to-Four Family		Multi-Family		Commercial		Construction		Commercial		Consumer		Total
Loans:
Loans individually evaluated for impairment	$	120	$	—	$	3,157	$	—	$	—	$	—	$	3,277
Loans collectively evaluated for impairment		152,660		3,059		88,275		20,172		33,644		9,251		307,061
Total ending loans balance June 30, 2022	$	152,780	$	3,059	$	91,432	$	20,172	$	33,644	$	9,251	$	310,338
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 loans balance December 31, 2021	$	127,754	$	3,730	$	76,967	$	15,518	$	24,212	$	6,431	$	254,612

The following tables presents loans individually evaluated for impairment by portfolio class at June 30, 2022 and December 31, 2021 and the respective average balances of impaired loans and interest income recognized for the three and six months ended June 30, 2022 and 2021:

	June 30, 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	$	46	$	120	$	—	$	46	$	14	$	—
Multi-family		—		—		—		—		—		—
Commercial		3,190		3,157		—		3,189		3,189		—
Construction		—		—		—		—		—		—
Commercial		—		—		—		243		237		—
Consumer:		—		—		—		—		—		—
Total	$	3,236	$	3,277	$	—	$	3,478	$	3,440	$	—

NOTE 3 – LOANS (Continued)

	Three Months ended June 30, 2022				Six Months ended June 30, 2022
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no recorded allowance:
Real estate loans:
One-to-four family	$	120	$	1	$	85	$	2
Multi-family		—		—		—		—
Commercial		3,166		38		3,173		67
Commercial loans:		115		2		126		4
Consumer loans:		—		—		—		—
Total	$	3,401	$	41	$	3,384	$	73
	Three Months ended June 30, 2021				Six Months ended June 30, 2021
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no recorded allowance:
Real estate loans:
One-to-four family	$	492	$	6	$	492	$	11
Multi-family		—		—		—		—
Commercial		5,257		69		5,803		163
Commercial loans:		1,253		17		1,223		35
Consumer loans:		—		—		—		—
Total	$	7,002	$	92	$	7,518	$	209

Schedule of Analysis of Past due Loans

The following tables present the aging of the recorded investment in past due loans at June 30, 2022 and December 31, 2021 by portfolio class of loans:

June 30, 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	$	—	$	900	$	153	$	1,053	$	151,727	$	152,780
Multi-family		—		—		—		—		3,059		3,059
Commercial		33		—		—		33		91,399		91,432
Construction		—		—		—		—		20,172		20,172
Total real estate loans		33		900		153		1,086		266,357		267,443
Commercial		71		—		—		71		33,573		33,644
Consumer loans:
Home equity loans and lines of credit		—		—		—		—		5,528		5,528
Other consumer loans		4		—		—		4		3,719		3,723
Total	$	108	$	900	$	153	$	1,161	$	309,177	$	310,338

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 June 30, 2022 and December 31, 2021:

	2022		2021
Real estate loans:
One-to-four family	$	12	$	14
Commercial real estate		—		—
Construction		—		—
Total real estate loans		12		14
Commercial loans:		—		90
Consumer loans:
Other consumer loans		—		—
Total consumer loans		—		—
Total loans	$	12	$	104

Summary of Internal Risk Ratings of Loans

NOTE 3 – LOANS (Continued)

At June 30, 2022 and December 31, 2021, based on the most recent analysis performed, the loan grade for each loan by portfolio class is as follows:

June 30, 2022	Pass		Special Mention		Substandard		Doubtful		Total
Real estate loans:
One-to-four family	$	152,470	$	—	$	310	$	—	$	152,780
Multi-family		3,059		—		—		—		3,059
Commercial		86,502		1,740		3,190		—		91,432
Construction		20,172		—		—		—		20,172
Total real estate loans		262,203		1,740		3,500		—		267,443
Commercial		33,367		99		178		—		33,644
Consumer loans:
Home equity loans and lines of credit		5,528		—		—		—		5,528
Other consumer loans		3,723		—		—		—		3,723
Total	$	304,821	$	1,839	$	3,678	$	—	$	310,338

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