Loans Receivable and the Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2022

Loans Receivable and the Allowance for Loan Losses

Summary of composition of loans

	June 30,		December 31,
	2022		2021
	(In Thousands)
Residential real estate:
One-to-four family	$	5,758	$	7,189
Multi-family		83,866		84,425
Mixed-use		23,495		28,744
Total residential real estate		113,119		120,358
Non-residential real estate		26,633		50,016
Construction		780,858		683,830
Commercial and industrial		102,594		118,378
Consumer		418		269
Total Loans		1,023,622		972,851
Allowance for loan losses		(5,467)		(5,242)
Deferred loan costs, net		527		484
	$	1,018,682	$	968,093

Schedule of analysis of the activity in the allowance for loan losses

At June 30, 2022:

			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Ending balance	$	546	$	198	$	3,581	$	865	$	16	$	261	$	5,467
Ending balance: individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Ending balance: collectively evaluated for impairment	$	546	$	198	$	3,581	$	865	$	16	$	261	$	5,467
Loans receivable:
Ending balance	$	113,119	$	26,633	$	780,858	$	102,594	$	418	$	—	$	1,023,622
Ending balance: individually evaluated for impairment	$	865	$	769	$	—	$	—	$	—	$	—	$	1,634
Ending balance: collectively evaluated for impairment	$	112,254	$	25,864	$	780,858	$	102,594	$	418	$	—	$	1,021,988

At December 31, 2021:

			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Ending balance	$	571	$	381	$	3,143	$	973	$	10	$	164	$	5,242
Ending balance: individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Ending balance: collectively evaluated for impairment	$	571	$	381	$	3,143	$	973	$	10	$	164	$	5,242
Loans receivable:
Ending balance	$	120,358	$	50,016	$	683,830	$	118,378	$	269	$	—	$	972,851
Ending balance: individually evaluated for impairment	$	876	$	746	$	—	$	—	$	—	$	—	$	1,622
Ending balance: collectively evaluated for impairment	$	119,482	$	49,270	$	683,830	$	118,378	$	269	$	—	$	971,229

			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Balance - March 31, 2022	$	510	$	340	$	3,392	$	958	$	17	$	111	$	5,328
Charge-offs		—		—		—		—		(7)		—		(7)
Recoveries		146		—		—		—		—		—		146
Provision (Benefit)		(110)		(142)		189		(93)		6		150		—
Balance - June 30, 2022	$	546	$	198	$	3,581	$	865	$	16	$	261	$	5,467
			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Balance - March 31, 2021	$	699	$	501	$	3,144	$	756	$	2	$	—	$	5,102
Charge-offs		—		—		—		—		(9)		—		(9)
Recoveries		1		—		—		—		—		—		1
Provision (Benefit)		(13)		(25)		52		(74)		22		38		—
Balance - June 30, 2021	$	687	$	476	$	3,196	$	682	$	15	$	38	$	5,094

			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Balance - December 31, 2021	$	571	$	381	$	3,143	$	973	$	10	$	164	$	5,242
Charge-offs		—		—		—		—		(17)		—		(17)
Recoveries		189		53		—		—		—		—		242
Provision (Benefit)		(214)		(236)		438		(108)		23		97		—
Balance - June 30, 2022	$	546	$	198	$	3,581	$	865	$	16	$	261	$	5,467
			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Balance - December 31, 2020	$	707	$	519	$	3,068	$	774	$	20	$	—	$	5,088
Charge-offs		—		—		—		—		(20)		—		(20)
Recoveries		1		—		—		—		8		—		9
Provision (Benefit)		(21)		(43)		128		(92)		7		38		17
Balance - June 30, 2021	$	687	$	476	$	3,196	$	682	$	15	$	38	$	5,094

Summary of recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired

As of and for the Three and Six months Ended June 30, 2022 and 2021:

							Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	Recorded		Unpaid Principal		Related		Average Recorded		Interest Income		Average Recorded		Interest Income
2022	Investment		Balance		Allowance		Investment		Recognized		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Residential real estate-Multi-family	$	865	$	865	$	—	$	865	$	16	$	869	$	22
Non-residential real estate		769		836		—		768		4		760		14
Construction		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—
		1,634		1,701		—		1,633		20		1,629		36
With an allowance recorded		—		—		—		—		—		—		—
Total:
Residential real estate-Multi-family		865		865		—		865		16		869		22
Non-residential real estate		769		836		—		768		4		760		14
Construction		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—
	$	1,634	$	1,701	$	—	$	1,633	$	20	$	1,629	$	36
							Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	Recorded		Unpaid Principal		Related		Average Recorded		Interest Income		Average Recorded		Interest Income
2021	Investment		Balance		Allowance		Investment		Recognized		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Residential real estate-Multi-family	$	1,977	$	1,977	$	—	$	1,986	$	24	$	1,994	$	45
Non-residential real estate		4,334		4,401		—		4,337		8		4,378		17
Construction		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—
		6,311		6,378		—		6,323		32		6,372		62
With an allowance recorded		—		—		—		—		—		—		—
Total:
Residential real estate-Multi-family		1,977		1,977		—		1,986		24		1,994		45
Non-residential real estate		4,334		4,401		—		4,337		8		4,378		17
Construction		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—
	$	6,311	$	6,378	$	—	$	6,323	$	32	$	6,372	$	62

As of and for the Year Ended December 31, 2021:

	Recorded		Unpaid Principal		Related		Average Recorded		Interest Income
2021	Investment		Balance		Allowance		Investment		Recognized
	(In Thousands)
With no related allowance recorded:
Residential real estate-Multi-family	$	876	$	876	$	—	$	1,986	$	86
Non-residential real estate		746		813		—		3,891		36
Construction		—		—		—		—		—
Commercial and industrial		—		—		—		—		—
		1,622		1,689		—		5,877		122
With an allowance recorded		—		—		—		—		—
Total:
Residential real estate-Multi-family		876		876		—		1,986		86
Non-residential real estate		746		813		—		3,891		36
Construction		—		—		—		—		—
Commercial and industrial		—		—		—		—		—
	$	1,622	$	1,689	$	—	$	5,877	$	122

Schedule of age analysis of past due loans

Age Analysis of Past Due Loans as of June 30, 2022:

													Recorded
													Investment >
	30 – 59 Days		60 – 89 Days		Greater Than		Total Past				Total Loans		90 Days and
	Past Due		Past Due		90 Days		Due		Current		Receivable		Accruing
	(In Thousands)
Residential real estate:
One- to four-family	$	—	$	—	$	—	$	—	$	5,758	$	5,758	$	—
Multi-family		—		949		—		949		82,917		83,866		—
Mixed-use		—		—		—		—		23,495		23,495		—
Non-residential real estate		—		769		—		769		25,864		26,633		—
Construction loans		—		—		—		—		780,858		780,858		—
Commercial and industrial loans		—		—		—		—		102,594		102,594		—
Consumer		—		—		—		—		418		418		—
	$	—	$	1,718	$	—	$	1,718	$	1,021,904	$	1,023,622	$	—

Age Analysis of Past Due Loans as of December 31, 2021:

													Recorded
													Investment
	30 – 59 Days		60 – 89 Days		Greater Than		Total Past				Total Loans		> 90 Days and
	Past Due		Past Due		90 Days		Due		Current		Receivable		Accruing
	(In Thousands)
Residential real estate:
One- to four-family	$	—	$	—	$	—	$	—	$	7,189	$	7,189	$	—
Multi-family		—		—		—		—		84,425		84,425		—
Mixed-use		—		—		—		—		28,744		28,744		—
Non-residential real estate		—		—		—		—		50,016		50,016		—
Construction loans		—		—		—		—		683,830		683,830		—
Commercial and industrial loans		—		—		—		—		118,378		118,378		—
Consumer		—		—		—		—		269		269		—
	$	—	$	—	$	—	$	—	$	972,851	$	972,851	$	—

Summary of credit risk profile by internally assigned grade

Credit Risk Profile by Internally Assigned Grade as of June 30, 2022:

	Residential		Non-residential				Commercial
	Real Estate		Real Estate		Construction		and Industrial		Consumer		Total
	(In Thousands)
Grade:
Pass	$	113,119	$	25,864	$	780,858	$	102,594	$	418	$	1,022,853
Special Mention		—		—		—		—		—		—
Substandard		—		769		—		—		—		769
Doubtful		—		—		—		—		—		—
	$	113,119	$	26,633	$	780,858	$	102,594	$	418	$	1,023,622

Credit Risk Profile by Internally Assigned Grade as of December 31, 2021:

	Residential		Non-residential				Commercial
	Real Estate		Real Estate		Construction		and Industrial		Consumer		Total
	(In Thousands)
Grade:
Pass	$	120,358	$	49,270	$	683,830	$	118,378	$	269	$	972,105
Special Mention		—		—		—		—		—		—
Substandard		—		746		—		—		—		746
Doubtful		—		—		—		—		—		—
	$	120,358	$	50,016	$	683,830	$	118,378	$	269	$	972,851

Schedule of recorded investment for loans classified as Trouble Debt Restructuring (TDR)

	June 30,			December 31,
	2022			2021
	Number of	Recorded		Number of	Recorded
	contracts	Investment		contracts	Investment
	(Dollars in Thousands)
Residential Real Estate - Mixed-use	2	$	865	2	$	876
Non-residential real estate	—		—	2		746
Total performing	2	$	865	4	$	1,622

Summary of interest forgone on loans classified as troubled debt restructurings

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In Thousands)				(In Thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	18	$	33	$	42	$	76
Less: Interest income included in the results of operations		14		32		36		62
Total foregone interest	$	4	$	1	$	6	$	14