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Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loans

Loans consisted of the following:

  

(Dollars in thousands)  2023   2022 
   As of December 31, 
(Dollars in thousands)  2023   2022 
         
One-to-four family residential real estate loans  $302,544   $236,982 
Construction and land loans   21,090    22,725 
Commercial real estate loans   320,962    304,074 
Commercial loans   180,942    173,415 
Paycheck protection program loans   -    21 
Agriculture loans   89,680    84,283 
Municipal loans   4,507    2,026 
Consumer loans   28,931    26,664 
Total gross loans   948,656    850,190 
Net deferred loan (fees) costs and loans in process   (429)   (250)
Allowance for credit losses   (10,608)   (8,791)
Loans, net  $937,619   $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:

  

   One-to-four family residential real estate loans   Construction and land loans   Commercial real estate loans   Commercial loans    Agriculture loans   Municipal loans   Consumer loans   Total 
(Dollars in thousands) 
   Year ended December 31, 2023 
   One-to-four family residential real estate loans   Construction and land loans   Commercial real estate loans   Commercial 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   -    -    -    (479)    -    -    (371)   (850)
Recoveries   -    675    -    35     74    -    110    894 
Provision for credit losses   358    (691)   297    32     (26)   (1)   281    250 
Balance at December 31, 2023  $2,035   $150   $4,518   $2,486    $1,190   $15   $214   $10,608 

 

   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 
(Dollars in thousands)
   Year ended December 31, 2022 
   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 credit losses:                                             
Balance at January 1, 2022  $623   $138   $3,051   $2,613   $-   $2,221   $6   $123   $8,775 
Charge-offs   -    -    -    -    -    -    -    (336)   (336)
Recoveries   -    165    -    38    -    59    6    84    352 
Provision for credit losses   32    (186)   107    102    -    (314)   (7)   266    - 
Balance at December 31, 2022  $655   $117   $3,158   $2,753   $-   $1,966   $5   $137   $8,791 
                                              
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 

 

(Dollars in thousands) 
   Year ended December 31, 2021 
   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 credit losses:                                             
Balance at January 1, 2021  $859   $181   $2,482   $2,388   $-   $2,690   $6   $169   $8,775 
Charge-offs   (81)   -    (540)   (72)   -    (50)   -    (235)   (978)
Recoveries   11    263    -    14    -    66    6    118    478 
Provision for credit losses   (166)   (306)   1,109    283    -    (485)   (6)   71    500 
Balance at December 31, 2021  $623   $138   $3,051   $2,613   $-   $2,221   $6   $123   $8,775 
                                              
Allowance for credit losses:                                             
Individually evaluated for loss  $-   $-   $-   $504   $-   $-   $-   $-   $504 
Collectively evaluated for loss   623    138    3,051    2,109    -    2,221    6    123    8,271 
Total  $623   $138   $3,051   $2,613   $-   $2,221   $6   $123   $8,775 
                                              
Loan balances:                                             
Individually evaluated for loss  $578   $794   $2,214   $1,029   $-   $2,067   $36   $-   $6,718 
Collectively evaluated for loss   165,503    26,850    196,258    131,125    17,179    92,200    2,014    24,541    655,670 
Total  $166,081   $27,644   $198,472   $132,154   $17,179   $94,267   $2,050   $24,541   $662,388 
Schedule of Non-accrual and Loans Past Due Over 89 Days Still Accruing

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

  

   Non-accrual with no allowance for credit loss   Non-accrual with allowance for credit losses   Loans past due over 89 days still accruing 
(Dollars in thousands)  As of December 31, 2023 
   Non-accrual with no allowance for credit loss   Non-accrual with allowance for credit losses   Loans past due over 89 days still accruing 
             
One-to-four family residential real estate loans  $161   $31   $- 
Commercial loans   363    1,517    - 
Agriculture loans   295    -    - 
Consumer loans   24    -    - 
Total loans  $843   $1,548   $- 
Schedule of Amortized Cost Basis and Collateral Type

Schedule of Amortized Cost Basis and Collateral Type 

(Dollars in thousands)  As of December 31, 2023
   Loan balance   Collateral Type
        
One-to-four family residential real estate loans  $192   First mortgage on residential real estate
Construction and land loans   192   First mortgage on residential or commercial real estate
Commercial real estate loans   1,205   First mortgage on commercial real estate
Commercial loans   2,054   Accounts receivable, equipment and real estate
Agriculture loans   682   Crops, livestock, machinery and real estate
Consumer loans   24   Personal property or second mortgages on real estate
Total loans  $4,349    
Schedule of Impaired Financing Receivables

The following tables present information on impaired loans:

 

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

 

   As of December 31, 2021 
   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  $578   $578   $578   $-   $-   $590   $8 
Construction and land loans   2,401    794    794    -    -    895    16 
Commercial real estate loans   2,214    2,214    2,214    -    -    2,388    37 
Commercial loans   1,380    1,029    520    509    504    1,096    38 
Agriculture loans   2,235    2,067    2,067    -    -    2,420    67 
Municipal loans   36    36    36    -    -    36    1 
Total impaired loans  $8,844   $6,718   $6,209   $509   $504   $7,425   $167 
Schedule of Past Due Financing Receivables

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

  

   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 
(Dollars in thousands)  As of December 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  $85   $247   $-   $332   $192   $524   $302,020 
Construction and land loans   -    -    -    -    -    -    21,090 
Commercial real estate loans   153    -    -    153    -    153    320,809 
Commercial loans   399    332    -    731    1,880    2,611    178,331 
Paycheck protection program loans   -    -    -    -    -    -    - 
Agriculture loans   256    -    -    256    295    551    89,129 
Municipal loans   -    -    -    -    -    -    4,507 
Consumer loans   110    -    -    110    24    134    28,797 
Total  $1,003   $579   $-   $1,582   $2,391   $3,973   $944,683 
                                    
Percent of gross loans   0.11%   0.06%   0.00%   0.17%   0.25%   0.42%   99.58%

 

   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 Financings Receivables and Year of Origination

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

  

   2023   2022   2021   2020   2019   Prior   Revolving loans amortized cost   Revolving loans converted to term   Total 
(Dollars in thousands)  As of December 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  $95,290   $84,718   $42,533   $32,081   $12,776   $29,694   $5,097   $163   $302,352 
Classified   -    -    -    -    -    192    -    -    192 
Total  $95,290   $84,718   $42,533   $32,081   $12,776   $29,886   $5,097   $163   $302,544 
Charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Construction and land loans                                             
Nonclassified  $6,283   $5,267   $5,367   $2,665   $916   $492   $100   $-   $21,090 
Classified   -    -    -    -    -    -    -    -    - 
Total  $6,283   $5,267   $5,367   $2,665   $916   $492   $100   $-   $21,090 
Charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Commercial real estate loans                                             
Nonclassified  $41,644   $77,427   $58,327   $50,744   $30,551   $57,502   $3,017   $92   $319,304 
Classified   -    -    481    22    180    975    -    -    1,658 
Total  $41,644   $77,427   $58,808   $50,766   $30,731   $58,477   $3,017   $92   $320,962 
Charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Commercial loans                                             
Nonclassified  $38,818   $32,764   $16,747   $15,511   $2,514   $4,386   $61,046   $4,121   $175,907 
Classified   226    2,000    158    460    57    -    1,952    182    5,035 
Total  $39,044   $34,764   $16,905   $15,971   $2,571   $4,386   $62,998   $4,303   $180,942 
Charge-offs  $-   $(28)  $(407)  $(44)  $-   $-   $-   $-   $(479)
Agriculture loans                                             
Nonclassified  $7,862   $11,718   $4,864   $4,092   $3,902   $12,114   $44,352   $214   $89,118 
Classified   -    16    171    -    131    113    131    -    562 
Total  $7,862   $11,734   $5,035   $4,092   $4,033   $12,227   $44,483   $214   $89,680 
Charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Municipal loans                                             
Nonclassified  $2,774   $128   $-   $-   $-   $1,605   $-   $-   $4,507 
Classified   -    -    -    -    -    -    -    -    - 
Total  $2,774   $128   $-   $-   $-   $1,605   $-   $-   $4,507 
Charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Consumer loans                                             
Nonclassified  $4,705   $1,332   $1,340   $1,380   $1   $4,906   $15,221   $21   $28,906 
Classified   -    -    -    -    -    -    25    -    25 
Total  $4,705   $1,332   $1,340   $1,380   $1   $4,906   $15,246   $21   $28,931 
Charge-offs  $-   $-   $(3)  $-   $-   $-   $(368)  $-   $(371)
Total loans                                             
Nonclassified  $197,376   $213,354   $129,178   $106,473   $50,660   $110,699   $128,833   $4,611   $941,184 
Classified   226    2,016    810    482    368    1,280    2,108    182    7,472 
Total  $197,602   $215,370   $129,988   $106,955   $51,028   $111,979   $130,941   $4,793   $948,656 
Charge-offs  $-   $(28)  $(410)  $(44)  $-   $-   $(368)  $-   $(850)
Schedule of Troubled Debt Restructurings on Financing Receivables

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

  

(Dollars in thousands)  Nonclassified   Classified 
   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 loans   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.

  

(dollars in thousands)    
Balance at January 1, 2023  $170 
Impact of adopting ASC 326   - 
Provision for credit losses   80 
Balance at December 31, 2023  $250 
Schedule of Amortization cost

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

  

(Dollars in thousands)  As of December 31, 2023
   Amortized cost basis   % of loan class total   Financial effect
            
Term extension:             
Commercial  $141    0.1%  90 day payment deferral
Schedule of Loan to Directors Officers and Affiliated Parties

The Company had loans and unfunded commitments to directors and officers, and to affiliated parties, at December 31, 2023 and 2022. A summary of such loans is as follows:

  

     
(Dollars in thousands)    
     
Balance at December 31, 2022  $14,573 
New loans   3,250 
Repayments   (4,767)
Balance at December 31, 2023  $13,056