Loans Receivable and the Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2022

Loans Receivable and the Allowance for Loan Losses

Summary of composition of loans

	September 30,		December 31,
	2022		2021
	(In Thousands)
Residential real estate:
One-to-four family	$	5,706	$	7,189
Multi-family		88,418		84,425
Mixed-use		22,817		28,744
Total residential real estate		116,941		120,358
Non-residential real estate		25,587		50,016
Construction		862,450		683,830
Commercial and industrial		111,416		118,378
Consumer		1,023		269
Total Loans		1,117,417		972,851
Deferred loan costs, net		551		484
Allowance for loan losses		(5,461)		(5,242)
	$	1,112,507	$	968,093

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

At September 30, 2022:

			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Ending balance	$	395	$	143	$	3,893	$	931	$	35	$	64	$	5,461
Ending balance: individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Ending balance: collectively evaluated for impairment	$	395	$	143	$	3,893	$	931	$	35	$	64	$	5,461
Loans receivable:
Ending balance	$	116,941	$	25,587	$	862,450	$	111,416	$	1,023	$	—	$	1,117,417
Ending balance: individually evaluated for impairment	$	861	$	—	$	—	$	—	$	—	$	—	$	861
Ending balance: collectively evaluated for impairment	$	116,080	$	25,587	$	862,450	$	111,416	$	1,023	$	—	$	1,116,556

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 - June 30, 2022	$	546	$	198	$	3,581	$	865	$	16	$	261	$	5,467
Charge-offs		—		—		—		—		(6)		—		(6)
Recoveries		—		—		—		—		—		—		—
Provision (Benefit)		(151)		(55)		312		66		25		(197)		—
Balance -September 30, 2022	$	395	$	143	$	3,893	$	931	$	35	$	64	$	5,461
			Non-				Commercial
	Residential		residential				and
	Real Estate		Real Estate		Construction		Industrial		Consumer		Unallocated		Total
	(In Thousands)
Allowance for loan losses:
Balance - June 30, 2021	$	687	$	476	$	3,196	$	682	$	15	$	38	$	5,094
Charge-offs		—		(3,593)		—		—		(3)		—		(3,596)
Recoveries		151		—		—		—		—		—		151
Provision (Benefit)		(321)		3,512		51		195		(11)		167		3,593
Balance - September 30, 2021	$	517	$	395	$	3,247	$	877	$	1	$	205	$	5,242

			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		—		—		—		—		(23)		—		(23)
Recoveries		189		53		—		—		—		—		242
Provision (Benefit)		(365)		(291)		750		(42)		48		(100)		—
Balance - September 30, 2022	$	395	$	143	$	3,893	$	931	$	35	$	64	$	5,461
			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		—		(3,593)		—		—		(23)		—		(3,616)
Recoveries		152		—		—		—		8		—		160
Provision (Benefit)		(342)		3,469		179		103		(4)		205		3,610
Balance - September 30, 2021	$	517	$	395	$	3,247	$	877	$	1	$	205	$	5,242

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 Nine months Ended September 30, 2022 and 2021:

							Three Months Ended September 30, 2022				Nine Months Ended September 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	$	861	$	861	$	—	$	863	$	11	$	867	$	33
Non-residential real estate		—		—		—		385		—		570		14
Construction		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—
		861		861		—		1,248		11		1,437		47
With an allowance recorded		—		—		—		—		—		—		—
Total:
Residential real estate-Multi-family		861		861		—		863		11		867		33
Non-residential real estate		—		—		—		385		—		570		14
Construction		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—
	$	861	$	861	$	—	$	1,248	$	11	$	1,437	$	47
							Three Months Ended September 30, 2021				Nine Months Ended September 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	$	1,964	$	1,964	$	—	$	1,971	$	24	$	1,986	$	69
Non-residential real estate		740		807		—		2,571		9		3,486		26
Construction		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—
		2,704		2,771		—		4,542		33		5,472		95
With an allowance recorded		—		—		—		—		—		—		—
Total:
Residential real estate-Multi-family		1,964		1,964		—		1,971		24		1,986		69
Non-residential real estate		740		807		—		2,571		9		3,486		26
Construction		—		—		—		—		—		—		—
Commercial and industrial		—		—		—		—		—		—		—
	$	2,704	$	2,771	$	—	$	4,542	$	33	$	5,472	$	95

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 September 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	$	—	$	—	$	—	$	—	$	5,706	$	5,706	$	—
Multi-family		—		—		—		—		88,418		88,418		—
Mixed-use		—		—		—		—		22,817		22,817		—
Non-residential real estate		—		—		—		—		25,587		25,587		—
Construction loans		—		1,578		—		1,578		860,872		862,450		—
Commercial and industrial loans		—		—		—		—		111,416		111,416		—
Consumer		—		—		—		—		1,023		1,023		—
	$	—	$	1,578	$	—	$	1,578	$	1,115,839	$	1,117,417	$	—

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 September 30, 2022:

	Residential		Non-residential				Commercial
	Real Estate		Real Estate		Construction		and Industrial		Consumer		Total
	(In Thousands)
Grade:
Pass	$	116,941	$	25,587	$	862,450	$	111,416	$	1,023	$	1,117,417
Special Mention		—		—		—		—		—		—
Substandard		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—
	$	116,941	$	25,587	$	862,450	$	111,416	$	1,023	$	1,117,417

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)

	September 30,			December 31,
	2022			2021
	Number of	Recorded		Number of	Recorded
	contracts	Investment		contracts	Investment
	(Dollars in Thousands)
Residential Real Estate - Mixed-use	2	$	861	2	$	876
Non-residential real estate	—		—	2		746
Total performing	2	$	861	4	$	1,622

Summary of interest forgone on loans classified as troubled debt restructurings

	Three Months Ended September 30,				Nine Months Ended September 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	$	21	$	54	$	62	$	130
Less: Interest income included in the results of operations		11		33		47		95
Total foregone interest	$	10	$	21	$	15	$	35