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Loans and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Schedule of Loans

Loans consisted of the following as of the dates indicated below:

Schedule of Loans

		June 30,				December 31,
(Dollars in thousands)		2020				2019
One-to-four family residential real estate		$	154,430			$	146,505
Construction and land			29,438				22,459
Commercial real estate			144,249				133,501
Commercial			117,389				109,612
Paycheck protection program			130,137				-
Agriculture			98,259				98,558
Municipal			2,488				2,656
Consumer			24,464				25,101
Total gross loans			700,854				538,392
Net deferred loan (fees)/costs and loans in process			(3,481)				255
Allowance for loan losses			(7,747)				(6,467)
Loans, net		$	689,626			$	532,180

Schedule of Allowance for Credit Losses on Financing Receivables

The following tables provide information on the Company’s activity in the allowance for loan losses by loan class:

Schedule of Allowance for Credit Losses on Financing Receivables

(Dollars in thousands)		Three and six months ended June 30, 2020
		One-to-four family residential real estate				Construction and land				Commercial real estate				Commercial				Agriculture				Municipal				Consumer				Total
Allowance for loan losses:
Balance at April 1, 2020		$	653			$	225			$	1,628			$	2,425			$	2,381			$	7			$	160			$	7,479
Charge-offs			(20)				-				(120)				-				-				-				(36)				(176)
Recoveries			-				-				13				1				-				-				30				44
Provision for loan losses			74				48				172				(70)				184				(1)				(7)				400
Balance at June 30, 2020			707				273				1,693				2,356				2,565				6				147				7,747
Balance at January 1, 2020		$	501			$	271			$	1,386			$	1,815			$	2,347			$	7			$	140			$	6,467
Charge-offs			(20)				(100)				(120)				(33)				-				-				(123)				(396)
Recoveries			-				-				13				2				-				6				55				76
Provision for loan losses			226				102				414				572				218				(7)				75				1,600
Balance at June 30, 2020			707				273				1,693				2,356				2,565				6				147				7,747
(Dollars in thousands)			Three and six months ended June 30, 2019
			One-to-four family residential real estate				Construction and land				Commercial real estate				Commercial				Agriculture				Municipal				Consumer				Total
Allowance for loan losses:
Balance at April 1, 2019		$	474			$	156			$	1,871			$	1,165			$	2,128			$	7			$	137			$	5,938
Charge-offs			(41)				-				-				(40)				-				-				(53)				(134	)
Recoveries			-				-				-				50				-				-				12				62
Provision for loan losses			8				99				(113)				229				132				-				45				400
Balance at June 30, 2019			441				255				1,758				1,404				2,260				7				141				6,266
Balance at January 1, 2019		$	449			$	168			$	1,686			$	1,051			$	2,238			$	7			$	166			$	5,765
Charge-offs			(41)				-				-				(40)				-				-				(102)				(183)
Recoveries			1				-				-				51				-				6				26				84
Provision for loan losses			32				87				72				342				22				(6)				51				600
Balance at June 30, 2019			441				255				1,758				1,404				2,260				7				141				6,266

The following tables provide information on the Company’s activity in the allowance for loan losses by loan class and allowance methodology:

(Dollars in thousands)		As of June 30, 2020
		One-to-four family residential real estate				Construction and land				Commercial real estate				Commercial				Paycheck protection loans				Agriculture				Municipal				Consumer				Total
Allowance for loan losses:
Individually evaluated for loss			160				91				-				241				-				4				-				-				496
Collectively evaluated for loss			547				182				1,693				2,115				-				2,561				6				147				7,251
Total			707				273				1,693				2,356				-				2,565				6				147				7,747
Loan balances:
Individually evaluated for loss			1,528				1,266				5,693				2,706				-				654				58				3				11,908
Collectively evaluated for loss			152,902				28,172				138,556				114,683				130,137				97,605				2,430				24,461				688,946
Total		$	154,430			$	29,438			$	144,249			$	117,389			$	130,137			$	98,259			$	2,488			$	24,464			$	700,854
(Dollars in thousands)			As of December 31, 2019
			One-to-four family residential real estate				Construction and land				Commercial real estate				Commercial				Paycheck protection loans				Agriculture				Municipal				Consumer				Total
Allowance for loan losses:
Individually evaluated for loss			129				191				103				204				-				106				-				-				733
Collectively evaluated for loss			372				80				1,283				1,611				-				2,241				7				140				5,734
Total			501				271				1,386				1,815				-				2,347				7				140				6,467
Loan balances:
Individually evaluated for loss			1,256				1,479				3,461				1,298				-				1,124				58				4				8,680
Collectively evaluated for loss			145,249				20,980				130,040				108,314				-				97,434				2,598				25,097				529,712
Total		$	146,505			$	22,459			$	133,501			$	109,612			$	-			$	98,558			$	2,656			$	25,101			$	538,392

Schedule of Impaired Financing Receivables

The following tables present information on impaired loans:

Schedule of Impaired Financing Receivables 

(Dollars in thousands)		As of June 30, 2020
			Unpaid contractual principal				Impaired loan balance				Impaired loans without an allowance				Impaired loans with an allowance				Related allowance recorded				Year-to-date average loan balance				Year-to-date interest income recognized
One-to-four family residential real estate		$	1,569			$	1,528			$	879			$	649			$	160			$	1,535			$	1
Construction and land			3,101				1,266				1,175				91				91				1,327				12
Commercial real estate			5,813				5,693				5,693				-				-				5,831				237
Commercial			2,839				2,706				1,779				927				241				2,728				21
Agriculture			869				654				511				143				4				688				25
Municipal			58				58				58				-				-				58				1
Consumer			3				3				3				-				-				3				-
Total impaired loans		$	14,252			$	11,908			$	10,098			$	1,810			$	496			$	12,170			$	297
(Dollars in thousands)			As of December 31, 2019
			Unpaid contractual principal				Impaired loan balance				Impaired loans without an allowance				Impaired loans with an allowance				Related allowance recorded				Year-to-date average loan balance				Year-to-date interest income recognized
One-to-four family residential real estate		$	1,297			$	1,256			$	887			$	369			$	129			$	1,291			$	10
Construction and land			3,214				1,479				1,288				191				191				1,631				36
Commercial real estate			3,461				3,461				3,258				203				103				3,489				478
Commercial			1,427				1,298				416				882				204				1,464				11
Agriculture			1,339				1,124				613				511				106				1,166				48
Municipal			58				58				58				-				-				58				1
Consumer			4				4				4				-				-				5				-
Total impaired loans		$	10,800			$	8,680			$	6,524			$	2,156			$	733			$	9,104			$	584

Schedule of Past Due Financing Receivables

The following tables present information on the Company’s past due and non-accrual loans by loan class:

 Schedule of Past Due Financing Receivables

(Dollars in thousands)		As of June 30, 2020
			30-59 days delinquent and accruing				60-89 days delinquent and accruing				90 days or more delinquent and accruing				Total past due loans accruing				Non-accrual loans				Total past due and non-accrual loans				Total loans not past due
One-to-four family residential real estate		$	63			$	560			$	-			$	623			$	1,512			$	2,135			$	152,295
Construction and land			-				-				-				-				794				794				28,644
Commercial real estate			1,658				-				-				1,658				3,673				5,331				138,918
Commercial			526				16				-				542				1,850				2,392				114,997
Paycheck protection loans			-				-				-				-				-				-				130,137
Agriculture			159				1,195				-				1,354				413				1,767				96,492
Municipal			-				-				-				-				-				-				2,488
Consumer			36				-				-				36				3				39				24,425
Total		$	2,442			$	1,771			$	-			$	4,213			$	8,245			$	12,458			$	688,396
Percent of gross loans			0.35%				0.25%				0.00%				0.60%				1.18%				1.78%				98.22%
(Dollars in thousands)			As of December 31, 2019
			30-59 days delinquent and accruing				60-89 days delinquent and accruing				90 days or more delinquent and accruing				Total past due loans accruing				Non-accrual loans				Total past due and non-accrual loans				Total loans not past due
One-to-four family residential real estate		$	79			$	593			$	-			$	672			$	1,088			$	1,760			$	144,745
Construction and land			-				-				-				-				898				898				21,561
Commercial real estate			1,137				707				-				1,844				1,440				3,284				130,217
Commercial			510				68				-				578				1,270				1,848				107,764
Paycheck protection loans			-				-				-				-				-				-				-
Agriculture			316				-				-				316				846				1,162				97,396
Municipal			-				-				-				-				-				-				2,656
Consumer			27				-				-				27				4				31				25,070
Total		$	2,069			$	1,368			$	-			$	3,437			$	5,546			$	8,983			$	529,409
Percent of gross loans			0.39%				0.25%				0.00%				0.64%				1.03%				1.67%				98.33%

Schedule of Risk Categories by Loan Class

The following table provides information on the Company’s risk categories by loan class:

 Schedule of Risk Categories by Loan Class

(Dollars in thousands)		As of June 30, 2020								As of December 31, 2019
		Non-classified				Classified				Non-classified				Classified
One-to-four family residential real estate		$	152,788			$	1,642			$	145,311			$	1,194
Construction and land			28,046				1,392				21,560				899
Commercial real estate			139,461				4,788				130,714				2,787
Commercial			109,725				7,664				101,678				7,934
Payroll protection loan			130,137				-				-				-
Agriculture			87,771				10,488				93,259				5,299
Municipal			2,488				-				2,656				-
Consumer			24,425				39				25,097				4
Total		$	674,841			$	26,013			$	520,275			$	18,117

Schedule of Troubled Debt Restructurings On Financing Receivables

The following table presents information on loans that are classified as TDRs:

 Schedule of Troubled Debt Restructurings On Financing Receivables

(Dollars in thousands)		As of June 30, 2020												As of December 31, 2019
		Number of loans				Non-accrual balance				Accruing balance				Number of loans				Non-accrual balance				Accruing balance
One-to-four family residential real estate			1			$	-			$	16				2			$	-			$	168
Construction and land			4				506				472				4				510				581
Commercial real estate			1				-				2,020				1				-				2,021
Commercial			6				-				856				1				-				28
Agriculture			3				-				241				4				-				278
Municipal			1				-				58				1				-				58
Total troubled debt restructurings			16			$	506			$	3,663				13			$	510			$	3,134

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