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Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Schedule of Loans

Loans consisted of the following:

 

   As of December 31, 
(Dollars in thousands)  2020   2019 
         
One-to-four family residential real estate loans  $157,984   $146,505 
Construction and land loans   26,106    22,459 
Commercial real estate loans   172,307    133,501 
Commercial loans   134,047    109,612 
Paycheck protection program loans   100,084    - 
Agriculture loans   96,532    98,558 
Municipal loans   2,332    2,656 
Consumer loans   24,122    25,101 
Total gross loans   713,514    538,392 
Net deferred loan (fees) costs and loans in process   (1,957)   255 
Allowance for loan losses   (8,775)   (6,467)
Loans, net  $702,782   $532,180 
Schedule of Allowance for Credit Losses on Financing Receivables

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

 

(Dollars in thousands)    
   Year ended December 31, 2020 
   One-to-four family residential real estate loans   Construction and land loans   Commercial real estate loans   Commercial loans   Paycheck protection loans   Agriculture loans   Municipal loans   Consumer loans   Total 
                                     
Allowance for loan losses:                                             
Balance at January 1, 2020  $501   $271   $1,386   $1,815   $-   $2,347   $7   $140   $6,467 
Charge-offs   (251)   (191)   (131)   (292)   -    (3)   -    (248)   (1,116)
Recoveries   -    -    13    3    -    -    6    102    124 
Provision for loan losses   609    101    1,214    862    -    346    (7)   175    3,300 
Balance at December 31, 2020  $859   $181   $2,482   $2,388   $-   $2,690   $6   $169   $8,775 
                                              
Allowance for loan losses:                                             
Individually evaluated for loss  $-   $-   $177   $22   $-   $67   $-   $-   $266 
Collectively evaluated for loss   859    181    2,305    2,366    -    2,623    6    169    8,509 
Total  $859   $181   $2,482   $2,388   $-   $2,690   $6   $169   $8,775 
                                              
Loan balances:                                             
Individually evaluated for loss  $914   $1,137   $8,119   $1,639   $-   $614   $36   $3   $12,462 
Collectively evaluated for loss   157,070    24,969    164,188    132,408    100,084    95,918    2,296    24,119    701,052 
Total  $157,984   $26,106   $172,307   $134,047   $100,084   $96,532   $2,332   $24,122   $713,514 

 

 

(Dollars in thousands)    
   Year ended December 31, 2019 
   One-to-four family residential real estate   Construction and land   Commercial real estate   Commercial loans   Agriculture loans   Municipal loans   Consumer loans   Total 
                                 
Allowance for loan losses:                                        
Balance at January 1, 2019  $449   $168   $1,686   $1,051   $2,238   $7   $166   $5,765 
Charge-offs   (56)   (31)   -    (453)   -    -    (285)   (825)
Recoveries   1    -    -    53    -    6    67    127 
Provision for loan losses   107    134    (300)   1,164    109    (6)   192    1,400 
Balance at December 31, 2019  $501   $271   $1,386   $1,815   $2,347   $7   $140   $6,467 
                                         
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 

 

(Dollars in thousands)    
   Year ended December 31, 2018 
   One-to-four family residential real estate   Construction and land   Commercial real estate   Commercial loans   Agriculture loans   Municipal loans   Consumer loans   Total 
                                 
Allowance for loan losses:                                        
Balance at January 1, 2018  $542   $181   $1,540   $1,226   $1,812   $8   $150   $5,459 
Charge-offs   (32)   -    -    (950)   -    -    (178)   (1,160)
Recoveries   4    -    1    22    1    2    36    66 
Provision for loan losses   (65)   (13)   145    753    425    (3)   158    1,400 
Balance at December 31, 2018  $449   $168   $1,686   $1,051   $2,238   $7   $166   $5,765 
                                         
Allowance for loan losses:                                        
Individually evaluated for loss  $100   $103   $67   $27   $13   $-   $-   $310 
Collectively evaluated for loss   349    65    1,619    1,024    2,225    7    166    5,455 
Total  $449   $168   $1,686   $1,051   $2,238   $7   $166    5,765 
                                         
Loan balances:                                        
Individually evaluated for loss  $623   $1,808   $3,912   $1,528   $717   $58   $45   $8,691 
Collectively evaluated for loss   136,272    18,275    135,055    72,761    95,915    2,895    25,383    486,556 
Total  $136,895   $20,083   $138,967   $74,289   $96,632   $2,953   $25,428   $495,247 
Schedule of Impaired Financing Receivables

 

(Dollars in thousands)                            
   As of December 31, 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 loans  $914   $914   $914   $-   $-   $925   $3 
Construction and land loans   2,872    1,137    1,137    -    -    1,211    26 
Commercial real estate loans   8,119    8,119    4,302    3,817    177    8,152    8 
Commercial loans   1,990    1,639    1,543    96    22    1,984    43 
Agriculture loans   829    614    538    76    67    618    67 
Municipal loans   36    36    36    -    -    54    1 
Consumer loans   3    3    3    -    -    4    - 
Total impaired loans  $14,763   $12,462   $8,473   $3,989   $266   $12,948   $148 

 

   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 loans  $1,297   $1,256   $887   $369   $129   $1,291   $10 
Construction and land loans   3,214    1,479    1,288    191    191    1,631    36 
Commercial real estate loans   3,461    3,461    3,258    203    103    3,489    478 
Commercial loans   1,427    1,298    416    882    204    1,464    11 
Agriculture loans   1,339    1,124    613    511    106    1,166    48 
Municipal loans   58    58    58    -    -    58    1 
Consumer loans   4    4    4    -    -    5    - 
Total impaired loans  $10,800   $8,680   $6,524   $2,156   $733   $9,104   $584 

 

   As of December 31, 2018 
   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 loans  $623   $623   $413   $210   $100   $640   $10 
Construction and land loans   3,543    1,808    1,383    

 

425

    103    2,689    53 
Commercial real estate loans   3,912    3,912    2,120    1,792    67    3,928    487 
Commercial loans   1,528    1,528    1,446    82    27    1,537    - 
Agriculture loans   932    717    529    188    13    844    52 
Municipal loans   58    58    58    -    -    58    1 
Consumer loans   45    45    45    -    -    49    - 
Total impaired loans  $10,641   $8,691   $5,994   $2,697   $310   $9,745   $603 
Schedule of Past Due Financing Receivables

 

(Dollars in thousands)    
   As of December 31, 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 loans  $262   $185   $-   $447   $749   $1,196   $156,788 
Construction and land loans   -    -    -    -    694    694    25,412 
Commercial real estate loans   -    -    -    -    8,119    8,119    164,188 
Commercial loans   832    -    -    832    874    1,706    132,341 
Paycheck protection program loans   -    -    -    -    -    -    100,084 
Agriculture loans   206    29    -    235    76    311    96,221 
Municipal loans   -    -    -    -    -    -    2,332 
Consumer loans   15    1    -    16    3    19    24,103 
 Total  $1,315   $215   $-   $1,530   $10,515   $12,045   $701,469 
                                    
Percent of gross loans   0.19%   0.03%   0.00%   0.22%   1.47%   1.69%   98.31%

 

   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 loans  $79   $593   $-   $672   $1,088   $1,760   $144,745 
Construction and land loans   -    -    -    -    898    898    21,561 
Commercial real estate loans   1,137    707    -    1,844    1,440    3,284    130,217 
Commercial loans   510    68    -    578    1,270    1,848    107,764 
Agriculture loans   316    -    -    316    846    1,162    97,396 
Municipal loans   -    -    -    -    -    -    2,656 
Consumer loans   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:

 

   As of December 31, 2020   As of December 31, 2019 
(Dollars in thousands)  Nonclassified   Classified   Nonclassified   Classified 
                 
One-to-four family residential real estate loans  $154,985   $2,999   $145,311   $1,194 
Construction and land loans   25,412    694    21,560    899 
Commercial real estate loans   161,661    10,646    130,714    2,787 
Commercial loans   132,023    2,024    101,678    7,934 
Paycheck protection program loans   100,084    -    -    - 
Agriculture loans   87,662    8,870    93,259    5,299 
Municipal loans   2,332    -    2,656    - 
Consumer loans   24,119    3    25,097    4 
Total  $688,278   $25,236   $520,275   $18,117 
Schedule of Troubled Debt Restructurings On Financing Receivables

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

 

(Dollars in thousands)                        
   As of December 31, 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 loans   2   $-   $165    2   $-   $168 
Construction and land loans   5    693    443    4    510    581 
Commercial real estate loans   2    1,227    -    1    -    2,021 
Commercial loans   7    33    765    1    -    28 
Agriculture   4    -    538    4    -    278 
Municipal loans   1    -    36    1    -    58 
Total troubled debt restructurings   21   $1,953   $1,947    13   $510   $3,134 
Schedule of Loan to Directors Officers and Affiliated Parties

 

(Dollars in thousands)   
     
Balance at December 31, 2019  $14,203 
New loans   12,872 
Repayments   (10,981)
Balance at December 31, 2020  $16,094