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Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Loans

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

Schedule of Loans 

		March 31,				December 31,
(Dollars in thousands)		2023				2022
One-to-four family residential real estate loans		$	246,079			$	236,982
Construction and land loans			23,137				22,725
Commercial real estate loans			316,900				304,074
Commercial loans			172,331				173,415
Paycheck protection program loans			21				21
Agriculture loans			80,499				84,283
Municipal loans			2,004				2,026
Consumer loans			28,835				26,664
Total gross loans			869,806				850,190
Net deferred loan costs (fees) and loans in process			2				(250	)
Allowance for credit losses			(10,267	)			(8,791	)
Loans, net		$	859,541			$	841,149

Schedule of Allowance for Credit Losses on Financing Receivables

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

Schedule of Allowance for Credit Losses on Financing Receivables  

		Three months ended March 31, 2023
(Dollars in thousands)		One-to-four family residential real estate loans				Construction and land loans				Commercial real estate loans				Commercial loans				Paycheck protection program loans				Agriculture loans				Municipal loans				Consumer loans				Total
Allowance for credit losses:
Balance at January 1, 2023		$	655			$	117			$	3,158			$	2,753			$	-			$	1,966			$	5			$	137			$	8,791
Impact of adopting ASC 326			1,022				49				1,063				145				-				(824	)			11				57				1,523
Charge-offs			-				-				-				(17	)			-				-				-				(91	)			(108	)
Recoveries			-				-				-				9				-				16				-				36				61
Provision for credit losses			80				4				217				(276	)			-				(99	)			1				73				-
Balance at March 31, 2023		$	1,757			$	170			$	4,438			$	2,614			$	-			$	1,059			$	17			$	212			$	10,267

		Three months ended March 31, 2022
(Dollars in thousands)		One-to-four family residential real estate loans				Construction and land loans				Commercial real estate loans				Commercial loans				Paycheck protection program loans				Agriculture loans				Municipal loans				Consumer loans				Total
Allowance for credit losses:
Balance at January 1, 2022		$	623			$	138			$	3,051			$	2,613			$	-			$	2,221			$	6			$	123			$	8,775
Charge-offs			-				-				-				-				-				-				-				(53	)			(53	)
Recoveries			-				100				-				14				-				1				6				14				135
Provision for credit losses			1				(92	)			10				(162	)			-				(293	)			(6	)			42				(500	)
Balance at March 31, 2022		$	624			$	146			$	3,061			$	2,465			$	-			$	1,929			$	6			$	126			$	8,357

		As of December 31, 2022
(Dollars in thousands)		One-to-four family residential real estate loan				Construction and land loans				Commercial real estate loans				Commercial loans				Paycheck protection program loans				Agriculture loans				Municipal loans				Consumer loans				Total
Allowance for credit losses:
Individually evaluated for loss		$	-			$	-			$	-			$	636			$	-			$	18			$	-			$	-			$	654
Collectively evaluated for loss			655				117				3,158				2,117				-				1,948				5				137				8,137
Total		$	655			$	117			$	3,158			$	2,753			$	-			$	1,966			$	5			$	137			$	8,791
Loan balances:
Individually evaluated for loss		$	326			$	412			$	1,224			$	812			$	-			$	1,319			$	36			$	-			$	4,129
Collectively evaluated for loss			236,656				22,313				302,850				172,603				21				82,964				1,990				26,664				846,061
Total		$	236,982			$	22,725			$	304,074			$	173,415			$	21			$	84,283			$	2,026			$	26,664			$	850,190

Schedule of Non-accrual and Loans Past Due Over 89 Days Still Accruing

The following table presents information on non-accrual and loans past due over 89 days and still accruing:

Schedule of Non-accrual and Loans Past Due Over 89 Days Still Accruing 

(Dollars in thousands)		As of March 31, 2023
		Non-accrual with no allowance for credit loss				Non-accrual				Loans past due over 89 days still accruing
One-to-four family residential real estate loans		$	39			$	-			$	-
Construction and land loans			195				-				-
Commercial real estate loans			1,224				-				-
Commercial loans			49				991				-
Paycheck protection program loans			-				-				-
Agriculture loans			806				14				-
Municipal loans			-				-				-
Consumer loans			-				-				-
Total loans		$	2,313			$	1,005			$	-

Schedule of Impaired Financing Receivables

The following table presents information on impaired loans:

Schedule of Impaired Financing Receivables 

(Dollars in thousands)		As of December 31, 2022
		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		$	326			$	326			$	326			$	-			$	-			$	357			$	9
Construction and land			843				412				412				-				-				243				10
Commercial real estate			1,224				1,224				1,224				-				-				1,224				47
Commercial			1,063				812				75				737				636				865				5
Agriculture			1,402				1,319				1,301				18				18				1,433				64
Municipal			36				36				36				-				-				36				1
Total impaired loans		$	4,894			$	4,129			$	3,374			$	755			$	654			$	4,158			$	136

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 March 31, 2023
		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		$	178			$	-			$	-			$	178			$	39			$	217			$	245,862
Construction and land loans			-				-				-				-				195				195				22,942
Commercial real estate loans			-				-				-				-				1,224				1,224				315,676
Commercial loans			1,242				10				-				1,252				1,040				2,292				170,039
Paycheck protection program loans			-				21				-				21				-				21				-
Agriculture loans			-				20				-				20				820				840				79,659
Municipal loans			-				-				-				-				-				-				2,004
Consumer loans			30				-				-				30				-				30				28,805
Total		$	1,450			$	51			$	-			$	1,501			$	3,318			$	4,819			$	864,987
Percent of gross loans			0.17	%			0.01	%			0.00	%			0.18	%			0.38	%			0.56	%			99.44	%

(Dollars in thousands)		As of December 31, 2022
		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		$	8			$	72			$	-			$	80			$	170			$	250			$	236,732
Construction and land loans			-				-				-				-				195				195				22,530
Commercial real estate loans			-				-				-				-				1,224				1,224				302,850
Commercial loans			-				411				-				411				812				1,223				172,192
Paycheck protection program loans			-				-				-				-				-				-				21
Agriculture loans			-				180				-				180				925				1,105				83,178
Municipal loans			-				-				-				-				-				-				2,026
Consumer loans			67				-				-				67				-				67				26,597
Total		$	75			$	663			$	-			$	738			$	3,326			$	4,064			$	846,126
Percent of gross loans			0.01	%			0.08	%			0.00	%			0.09	%			0.39	%			0.48	%			99.52	%

Schedule of Troubled Debt Restructurings on Financing Receivables and Year of Origination

The following table presents information on the Company’s risk category of loans by type and year of origination:

Schedule of Troubled Debt Restructurings on Financing Receivables and Year of Origination

(Dollars in thousands)		As of March 31, 2023
		2023				2022				2021				2020				2019				Prior				Revolving loans amortized cost				Revolving loans converted to term				Total
One-to-four family residential real estate loans
Nonclassified		$	17,516			$	90,427			$	46,623			$	36,558			$	15,492			$	34,808			$	4,185			$	432			$	246,041
Classified			-				-				-				-				-				38				-				-				38
Total		$	17,516			$	90,427			$	46,623			$	36,558			$	15,492			$	34,846			$	4,185			$	432			$	246,079
Charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Construction and land loans
Nonclassified		$	755			$	9,275			$	6,165			$	2,733			$	2,096			$	480			$	1,060			$	378			$	22,942
Classified			-				-				-				-				-				195				-				-				195
Total		$	755			$	9,275			$	6,165			$	2,733			$	2,096			$	675			$	1,060			$	378			$	23,137
Charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial real estate loans
Nonclassified		$	15,764			$	78,829			$	60,602			$	54,433			$	32,097			$	66,317			$	4,488			$	450			$	312,980
Classified			-				-				1,244				319				-				2,357				-				-				3,920
Total		$	15,764			$	78,829			$	61,846			$	54,752			$	32,097			$	68,674			$	4,488			$	450			$	316,900
Charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial loans
Nonclassified		$	6,793			$	41,303			$	24,022			$	20,900			$	4,322			$	6,308			$	57,328			$	5,433			$	166,409
Classified			174				862				178				431				662				52				3,344				219				5,922
Total		$	6,967			$	42,165			$	24,200			$	21,331			$	4,984			$	6,360			$	60,672			$	5,652			$	172,331
Charge-offs		$	-			$	(17	)		$	-			$	-			$	-			$	-			$	-			$	-			$	(17	)
Paycheck protection program loans
Nonclassified		$	-			$	-			$	21			$	-			$	-			$	-			$	-			$	-			$	21
Classified			-				-				-				-				-				-				-				-				-
Total		$	-			$	-			$	21			$	-			$	-			$	-			$	-			$	-			$	21
Charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Agriculture loans
Nonclassified		$	1,847			$	13,938			$	5,647			$	4,679			$	4,408			$	13,606			$	34,608			$	946			$	79,679
Classified			-				-				-				-				50				114				64				592				820
Total		$	1,847			$	13,938			$	5,647			$	4,679			$	4,458			$	13,720			$	34,672			$	1,538			$	80,499
Charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Municipal loans
Nonclassified		$	-			$	156			$	-			$	-			$	-			$	1,848			$	-			$	-			$	2,004
Classified			-				-				-				-				-				-				-				-				-
Total		$	-			$	156			$	-			$	-			$	-			$	1,848			$	-			$	-			$	2,004
Charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Consumer loans
Nonclassified		$	2,972			$	1,974			$	2,483			$	1,482			$	9			$	5,590			$	14,288			$	37			$	28,835
Classified			-				-				-				-				-				-				-				-				-
Total		$	2,972			$	1,974			$	2,483			$	1,482			$	9			$	5,590			$	14,288			$	37			$	28,835
Charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	(91	)		$	-			$	(91	)
Total loans
Nonclassified		$	45,647			$	235,902			$	145,563			$	120,785			$	58,424			$	128,957			$	115,957			$	7,676			$	858,911
Classified			174				862				1,422				750				712				2,756				3,408				811				10,895
Total		$	45,821			$	236,764			$	146,985			$	121,535			$	59,136			$	131,713			$	119,365			$	8,487			$	869,806
Charge-offs		$	-			$	(17	)		$	-			$	-			$	-			$	-			$	(91	)		$	-			$	(108	)

Schedule of Troubled Debt Restructurings on Financing Receivables

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

Schedule of Troubled Debt Restructurings on Financing Receivables 

		As of December 31, 2022
(Dollars in thousands)		Nonclassified				Classified
One-to-four family residential real estate loans		$	236,663			$	319
Construction and land loans			22,530				195
Commercial real estate loans			300,216				3,858
Commercial loans			165,709				7,706
Paycheck protection program loans			21				-
Agriculture loans			83,358				925
Municipal loan			2,026				-
Consumer loans			26,664				-
Total		$	837,187			$	13,003

Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments

The following table provides information on the Company’s allowance for credit losses related to unfunded loan commitments.

Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments

(dollars in thousands)
Balance at January 1, 2023		$	170
Impact of adopting ASC 326			-
Provision for credit losses			30
Balance at March 31, 2023		$	200

Schedule of Amortization cost

The following table presents the amortized cost basis of loans at March 31, 2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2023 by class, type of modification and includes the financial effect of the modification.

 Schedule of Amortization cost

(Dollars in thousands)		As of March 31, 2023
		Amortized cost basis				% of loan class total				Financial effect
Term extension:
Commercial		$	152				0.1	%		90 day payment deferral

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