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Loans and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Schedule of Loans

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

Schedule of Loans

		September 30,				December 31,
(Dollars in thousands)		2020				2019
One-to-four family residential real estate		$	162,344			$	146,505
Construction and land			28,094				22,459
Commercial real estate			154,804				133,501
Commercial			137,286				109,612
Paycheck protection program			130,977				-
Agriculture			99,430				98,558
Municipal			2,389				2,656
Consumer			23,988				25,101
Total gross loans			739,312				538,392
Net deferred loan (fees)/costs and loans in process			(2,796	)			255
Allowance for loan losses			(8,366	)			(6,467	)
Loans, net		$	728,150			$	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 nine months ended September 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 July 1, 2020		$	707			$	273			$	1,693			$	2,356			$	2,565			$	6			$	147			$	7,747
Charge-offs			(89	)			(91	)			-				(167	)			(3	)			-				(57	)			(407	)
Recoveries			-				-				-				1				-				-				25				26
Provision for loan losses			213				22				264				436				15				-				50				1,000
Balance at September 30, 2020			831				204				1,957				2,626				2,577				6				165				8,366
Balance at January 1, 2020		$	501			$	271			$	1,386			$	1,815			$	2,347			$	7			$	140			$	6,467
Charge-offs			(109	)			(191	)			(120	)			(200	)			(3	)			-				(180	)			(803	)
Recoveries			-				-				13				3				-				6				80				102
Provision for loan losses			439				124				678				1,008				233				(7	)			125				2,600
Balance at September 30, 2020			831				204				1,957				2,626				2,577				6				165				8,366

(Dollars in thousands)		Three and nine months ended September 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 July 1, 2019		$	441			$	255			$	1,758			$	1,404			$	2,260			$	7			$	141			$	6,266
Charge-offs			(15	)			(31	)			-				(284	)			-				-				(81	)			(411	)
Recoveries			-				-				-				1				-				-				23				24
Provision for loan losses			249				(156	)			(326	)			490				40				(1	)			104				400
Balance at September 30, 2019			675				68				1,432				1,611				2,300				6				187				6,279
Balance at January 1, 2019		$	449			$	168			$	1,686			$	1,051			$	2,238			$	7			$	166			$	5,765
Charge-offs			(56	)			(31	)			-				(324	)			-				-				(183	)			(594	)
Recoveries			1				-				-				52				-				6				49				108
Provision for loan losses			281				(69	)			(254	)			832				62				(7	)			155				1,000
Balance at September 30, 2019			675				68				1,432				1,611				2,300				6				187				6,279

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 September 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			213				-				-				25				-				-				-				-				238
Collectively evaluated for loss			618				204				1,957				2,601				-				2,577				6				165				8,128
Total			831				204				1,957				2,626				-				2,577				6				165				8,366
Loan balances:
Individually evaluated for loss			1,259				1,198				4,929				2,055				-				1,059				58				2				10,560
Collectively evaluated for loss			161,085				26,896				149,875				135,231				130,977				98,371				2,331				23,986				728,752
Total		$	162,344			$	28,094			$	154,804			$	137,286			$	130,977			$	99,430			$	2,389			$	23,988			$	739,312

(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 September 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		$	1,348			$	1,259			$	959			$	300			$	213			$	1,319			$	1
Construction and land			2,933				1,198				1,198				-				-				1,225				19
Commercial real estate			4,929				4,929				4,929				-				-				4,946				356
Commercial			2,354				2,055				1,952				103				25				2,281				32
Agriculture			1,274				1,059				1,059				-				-				1,155				61
Municipal			58				58				58				-				-				58				1
Consumer			2				2				2				-				-				3				-
Total impaired loans		$	12,898			$	10,560			$	10,157			$	403			$	238			$	10,987			$	470

(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 September 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		$	30			$	425			$	-			$	455			$	1,243			$	1,698			$	160,646
Construction and land			598				-				-				598				697				1,295				26,799
Commercial real estate			-				1,654				-				1,654				2,910				4,564				150,240
Commercial			443				37				-				480				1,202				1,682				135,604
Paycheck protection loans			-				-				-				-				-				-				130,977
Agriculture			476				-				-				476				292				768				98,662
Municipal			-				-				-				-				-				-				2,389
Consumer			24				1				-				25				2				27				23,961
Total		$	1,571			$	2,117			$	-			$	3,688			$	6,346			$	10,034			$	729,278
Percent of gross loans			0.21%				0.29%				0.00%				0.50%				0.86%				1.36%				98.64%

(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
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 September 30, 2020								As of December 31, 2019
		Non-classified				Classified				Non-classified				Classified
One-to-four family residential real estate		$	161,026			$	1,318			$	145,311			$	1,194
Construction and land			26,799				1,295				21,560				899
Commercial real estate			149,712				5,092				130,714				2,787
Commercial			129,882				7,404				101,678				7,934
Payroll protection loan			130,977				-				-				-
Agriculture			89,405				10,025				93,259				5,299
Municipal			2,389				-				2,656				-
Consumer			23,986				2				25,097				4
Total		$	714,176			$	25,136			$	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 September 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			$	-			$	15				2			$	-			$	168
Construction and land			5				697				501				4				510				581
Commercial real estate			3				1,227				2,019				1				-				2,021
Commercial			7				33				853				1				-				28
Agriculture			5				-				767				4				-				278
Municipal			1				-				58				1				-				58
Total troubled debt restructurings			22			$	1,957			$	4,213				13			$	510			$	3,134

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