LOANS RECEIVABLE (Tables)

6 Months Ended

Jun. 30, 2022

LOANS RECEIVABLE

Schedule of loans receivable

	June 30,		December 31,
(Dollars in thousands)	2022		2021
Real estate loans
One- to four-family residential	$	89,531	$	87,303
Commercial real estate		21,521		23,112
Construction and land		3,843		4,079
Multi-family residential		3,315		4,589
Total real estate loans		118,210		119,083
Other loans
Commercial and industrial		11,410		8,374
Consumer		4,004		4,385
Total other loans		15,414		12,759
Total loans		133,624		131,842
Less: Allowance for loan losses		(1,980)		(2,276)
Net loans	$	131,644	$	129,566

Schedule of changes in the allowance for loan losses

The following tables outline the changes in the allowance for loan losses by collateral type for the six months ended June 30, 2022 and 2021.

	For the Six Months Ended June 30, 2022
(Dollars in thousands)	Beginning Balance		Provision (Reversal)		Charge-offs		Recoveries		Ending Balance
Allowance for loan losses
One- to four-family residential	$	1,573	$	(173)	$	(69)	$	55	$	1,386
Commercial real estate		370		(78)		-		-		292
Construction and land		55		(14)		-		-		41
Multi-family residential		73		(29)		-		-		44
Commercial and industrial		137		37		(21)		7		160
Consumer		68		(3)		(11)		3		57
Total	$	2,276	$	(260)	$	(101)	$	65	$	1,980

	For the Six Months Ended June 30, 2021
(Dollars in thousands)	Beginning Balance		Provision (Reversal)		Charge-offs		Recoveries		Ending Balance
Allowance for loan losses
One- to four-family residential	$	1,910	$	(199)	$	(117)	$	35	$	1,629
Commercial real estate		744		(31)		-		-		713
Construction and land		82		(27)		-		-		55
Multi-family residential		68		(7)		-		-		61
Commercial and industrial		101		2		-		-		103
Consumer		78		(12)		(15)		10		61
Unallocated		39		(12)		-		-		27
Total	$	3,022	$	(286)	$	(132)	$	45	$	2,649

The following tables outline the changes in the allowance for loan losses individually and collectively evaluated for impairment, and the amount of loans individually and collectively evaluated for impairment at June 30, 2022 and December 31, 2021.

	June 30, 2022						December 31, 2021
(Dollars in thousands)	Individually Evaluated		Collectively Evaluated		Total		Individually Evaluated		Collectively Evaluated		Total
Allowance for loan losses
One- to four-family residential	$	280	$	1,106	$	1,386	$	319	$	1,254	$	1,573
Commercial real estate		-		292		292		-		370		370
Construction and land		-		41		41		-		55		55
Multi-family residential		-		44		44		-		73		73
Commercial and industrial		-		160		160		17		120		137
Consumer		-		57		57		-		68		68
Total	$	280	$	1,700	$	1,980	$	336	$	1,940	$	2,276
Loans
One- to four-family residential	$	2,569	$	86,962	$	89,531	$	2,266	$	85,037	$	87,303
Commercial real estate		50		21,471		21,521		-		23,112		23,112
Construction and land		61		3,782		3,843		37		4,042		4,079
Multi-family residential		-		3,315		3,315		-		4,589		4,589
Commercial and industrial		-		11,410		11,410		18		8,356		8,374
Consumer		-		4,004		4,004		-		4,385		4,385
Total	$	2,680	$	130,944	$	133,624	$	2,321	$	129,521	$	131,842

Summary of current, past due and nonaccrual loans

	As of June 30, 2022
(Dollars in thousands)	Past Due 30-89 Days and Accruing		Past Due Over 90 Days and Accruing		Past Due Over 30 Days and Non-accruing		Total Past Due		Current and Accruing		Current and Non-accruing		Total Loans
One- to four-family residential	$	1,571	$	41	$	691	$	2,303	$	86,787	$	441	$	89,531
Commercial real estate		176		-		51		227		21,294		-		21,521
Construction and land		-		-		26		26		3,780		37		3,843
Multi-family residential		-		-		-		-		3,315		-		3,315
Commercial and industrial		61		-		-		61		11,349		-		11,410
Consumer		36		-		-		36		3,968		-		4,004
Total	$	1,844	$	41	$	768	$	2,653	$	130,493	$	478	$	133,624

	As of December 31, 2021
(Dollars in thousands)	Past Due 30-89 Days and Accruing		Past Due Over 90 Days and Accruing		Past Due Over 30 Days and Non-accruing		Total Past Due		Current and Accruing		Current and Non-accruing		Total Loans
One- to four-family residential	$	2,116	$	-	$	411	$	2,527	$	84,396	$	380	$	87,303
Commercial real estate		133		-		-		133		22,979		-		23,112
Construction and land		62		-		31		93		3,949		37		4,079
Multi-family residential		-		-		-		-		4,589		-		4,589
Commercial and industrial		-		-		17		17		8,356		1		8,374
Consumer		32		1		13		46		4,339		-		4,385
Total	$	2,343	$	1	$	472	$	2,816	$	128,608	$	418	$	131,842

Schedule of troubled debt restructuring

		Recorded Investment
(Dollars in thousands)	Number of Contracts	Pre-modification		Post-modification
December 31, 2021
One- to four-family residential	3	$	186	$	189
Total	3	$	186	$	189

Schedule of impaired loans

Information on impaired loans as of June 30, 2022 and December 31, 2021 follows:

	June 30, 2022
(Dollars in thousands)	Recorded Investment Without an Allowance		Recorded Investment With an Allowance		Unpaid Principal		Related Allowance
One- to four-family residential	$	1,762	$	807	$	3,040	$	280
Commercial real estate		50		-		52		-
Construction and land		61		-		69		-
Multi-family residential		-		-		-		-
Commercial and industrial		-		-		-		-
Consumer		-		-		-		-
Total	$	1,873	$	807	$	3,161	$	280

	December 31, 2021
(Dollars in thousands)	Recorded Investment Without an Allowance		Recorded Investment With an Allowance		Unpaid Principal		Related Allowance
One- to four-family residential	$	1,153	$	1,113	$	3,128	$	319
Commercial real estate		-		-		-		-
Construction and land		37		-		44		-
Multi-family residential		-		-		-		-
Commercial and industrial		1		17		21		17
Consumer		-		-		-		-
Total	$	1,191	$	1,130	$	3,193	$	336

The tables below present the average balances and interest income for impaired loans for the three and six months ended June 30, 2022 and 2021.

	Three Months Ended
	June 30, 2022				June 30, 2021
(Dollars in thousands)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
One- to four-family residential	$	2,597	$	16	$	2,455	$	19
Commercial real estate		51		-		-		-
Construction and land		61		-		40		-
Multi-family residential		-		-		1,190		14
Commercial and industrial		-		-		2		-
Consumer		-		-		-		-
Total	$	2,709	$	16	$	3,687	$	33

	Six Months Ended
	June 30, 2022				June 30, 2021
(Dollars in thousands)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
One- to four-family residential	$	2,625	$	33	$	2,485	$	38
Commercial real estate		51		-		-		-
Construction and land		61		-		40		-
Multi-family residential		-		-		1,195		28
Commercial and industrial		-		-		3		-
Consumer		-		-		-		-
Total	$	2,737	$	33	$	3,723	$	66

Schedule of credit quality indicators

The information for each of the credit quality indicators is updated at least quarterly in conjunction with the determination of the adequacy of the allowance for loan losses.

	June 30, 2022
(Dollars in thousands)	Pass		Special Mention		Substandard		Doubtful		Total
One- to four-family residential	$	86,221	$	220	$	3,090	$	-	$	89,531
Commercial real estate		20,465		950		106		-		21,521
Construction and land		3,760		-		83		-		3,843
Multi-family residential		3,315		-		-		-		3,315
Commercial and industrial		11,278		132		-		-		11,410
Consumer		4,003		1		-		-		4,004
Total	$	129,042	$	1,303	$	3,279	$	-	$	133,624

	December 31, 2021
(Dollars in thousands)	Pass		Special Mention		Substandard		Doubtful		Total
One- to four-family residential	$	83,405	$	504	$	3,394	$	-	$	87,303
Commercial real estate		20,995		2,058		59		-		23,112
Construction and land		3,990		-		89		-		4,079
Multi-family residential		3,419		1,170		-		-		4,589
Commercial and industrial		8,356		-		18		-		8,374
Consumer		4,372		-		13		-		4,385
Total	$	124,537	$	3,732	$	3,573	$	-	$	131,842