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Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Loans

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

 

   March 31,   December 31, 
(Dollars in thousands)  2024   2023 
         
One-to-four family residential real estate loans  $312,833   $302,544 
Construction and land loans   24,823    21,090 
Commercial real estate loans   323,397    320,962 
Commercial loans   181,945    180,942 
Agriculture loans   86,808    89,680 
Municipal loans   5,690    4,507 
Consumer loans   28,544    28,931 
Total gross loans   964,040    948,656 
Net deferred loan fees and loans in process   (578)   (429)
Allowance for credit losses   (10,851)   (10,608)
Loans, net  $952,611   $937,619 
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:

 

(Dollars in thousands)  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 
   Three months ended March 31, 2024 
(Dollars in thousands)  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, 2024  $2,035   $150   $4,518   $2,486   $1,190   $15   $214   $10,608 
Charge-offs   -    -    -    (70)   -    -    (71)   (141)
Recoveries   -    80    -    11    -    7    36    134 
Provision for credit losses   51    (56)   12    224    (46)   28    37    250 
Balance at March 31, 2024  $2,086   $174   $4,530   $2,651   $1,144   $50   $216   $10,851 

 

(Dollars in thousands)  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 
   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   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 
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:

 

   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 March 31, 2024 
    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  $137   $-   $- 
Commercial real estate loans   521    -    - 
Commercial loans   356    1,851    - 
Agriculture loans   731    -    - 
Consumer loans   24    1    - 
Total loans  $1,769   $1,852   $- 

 

   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

 

(Dollars in thousands)  As of March 31, 2024
    Loan balance   Collateral Type
         
One-to-four family residential real estate loans  $137   First mortgage on residential real estate
Construction and land loans   191   First mortgage on residential or commercial real estate
Commercial real estate loans   1,718   First mortgage on commercial real estate
Commercial loans   2,371   Accounts receivable, equipment and real estate
Agriculture loans   980   Crops, livestock, machinery and real estate
Consumer loans   25   Personal property or second mortgages on real estate
Total loans  $5,422    

 

(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 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 March 31, 2024 
   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  $119   $473   $-   $592   $137   $729   $312,104 
Construction and land loans   -    494    -    494    -    494    24,329 
Commercial real estate loans   591    64    -    655    521    1,176    322,221 
Commercial loans   424    87    -    511    2,207    2,718    179,227 
Agriculture loans   116    1,502    -    1,618    731    2,349    84,459 
Municipal loans   -    -    -    -    -    -    5,690 
Consumer loans   182    12    -    194    25    219    28,325 
Total  $1,432   $2,632   $-   $4,064   $3,621   $7,685   $956,355 
                                    
Percent of gross loans   0.15%   0.27%   0.00%   0.42%   0.38%   0.80%   99.20%

 

(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 
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%
Schedule of Troubled Debt Restructurings on Financings Receivables and Year of Origination

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

 

   2024   2023   2022   2021   2020   Prior   Revolving loans amortized cost   Revolving loans converted to term   Total 
(Dollars in thousands)  As of March 31, 2024 
   2024   2023   2022   2021   2020   Prior   Revolving loans amortized cost   Revolving loans converted to term   Total 
                                     
One-to-four family residential real estate loans                                             
Nonclassified  $17,207   $92,683   $83,224   $41,722   $30,926   $40,712   $6,069   $153   $312,696 
Classified   -    -    -    -    -    137    -    -    137 
Total  $17,207   $92,683   $83,224   $41,722   $30,926   $40,849   $6,069   $153   $312,833 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Construction and land loans                                             
Nonclassified  $7,239   $8,417   $3,218   $1,766   $2,642   $1,441   $100   $-   $24,823 
Classified   -    -    -    -    -    -    -    -    - 
Total  $7,239   $8,417   $3,218   $1,766   $2,642   $1,441   $100   $-   $24,823 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Commercial real estate loans                                             
Nonclassified  $13,198   $43,201   $73,446   $58,079   $49,861   $80,450   $2,944   $66    321,245 
Classified   -    -    -    476    19    1,657    -    -    2,152 
Total  $13,198   $43,201   $73,446   $58,555   $49,880   $82,107   $2,944   $66   $323,397 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Commercial loans                                             
Nonclassified  $6,440   $38,205   $29,380   $12,908   $14,426   $5,729   $63,586   $170   $170,844 
Classified   2,087    2,614    1,972    222    503    50    2,129    1,524    11,101 
Total  $8,527   $40,819   $31,352   $13,130   $14,929   $5,779   $65,715   $1,694   $181,945 
Gross charge-offs  $-   $-   $3   $67   $-   $-   $-   $-   $70 
Agriculture loans                                             
Nonclassified  $2,797   $6,454   $10,716   $4,605   $3,861   $15,525   $41,940   $179   $86,077 
Classified   -    -    120    13    17    390    161    30    731 
Total  $2,797   $6,454   $10,836   $4,618   $3,878   $15,915   $42,101   $209   $86,808 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Municipal loans                                             
Nonclassified  $-   $3,956   $116   $-   $-   $1,618   $-   $-   $5,690 
Classified   -    -    -    -    -    -    -    -    - 
Total  $-   $3,956   $116   $-   $-   $1,618   $-   $-   $5,690 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Consumer loans                                             
Nonclassified  $1,889   $3,991   $965   $1,268   $1,000   $3,651   $15,735   $20   $28,519 
Classified   -    -    -    -    -    -    25    -    25 
Total  $1,889   $3,991   $965   $1,268   $1,000   $3,651   $15,760   $20   $28,544 
Gross charge-offs  $71   $-   $-   $-   $-   $-   $-   $-   $71 
Total loans                                             
Nonclassified  $48,770   $196,907   $201,065   $120,348   $102,716   $149,126   $130,374   $588   $949,894 
Classified   2,087    2,614    2,092    711    539    2,234    2,315    1,554    14,146 
Total  $50,857   $199,521   $203,157   $121,059   $103,255   $151,360   $132,689   $2,142   $964,040 
Gross charge-offs for the three month ending 3-31-2024  $71   $-   $3   $67   $-   $-   $-   $-   $141 

 

 

   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 
Gross 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 
Gross 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 
Gross 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 
Gross 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 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Municipal loans                                             
Nonclassified  $2,774   $128   $-   $-   $-   $1,605   $-   $-   $4,507 
Classified   -    -    -    -    -    -    -    -    - 
Total  $2,774   $128   $-   $-   $-   $1,605   $-   $-   $4,507 
Gross 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 
Gross 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 
Gross charge-offs for the year ending December 31,2023  $-   $28  $410  $44  $-   $-   $368  $-   $850
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.

 

   Three months ended 
(dollars in thousands)  March 31 
   2024   2023 
Balance at January 1  $250    170 
Provision for credit losses   50    30 
Balance at March 31  $300   $200 
Schedule of Amortization cost

The following table presents the amortized cost basis of loans at March 31, 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 by class, type of modification and includes the financial effect of the modification.

 

(Dollars in thousands)  As of March 31, 2024
   Amortized cost basis   % of loan class total   Financial effect
            
Term extension:             
Commercial  $137    0.1%  90 day payment deferral
              

 

(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