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Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2025

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)		2025				2024
One-to-four family residential real estate loans		$	355,632			$	352,209
Construction and land loans			28,645				25,328
Commercial real estate loans			359,579				345,159
Commercial loans			190,881				192,325
Agriculture loans			101,808				100,562
Municipal loans			7,082				7,091
Consumer loans			31,297				29,679
Total gross loans			1,074,924				1,052,353
Net deferred loan fees and loans in process			(426	)			(307	)
Allowance for credit losses			(12,802	)			(12,825	)
Loans, net		$	1,061,696			$	1,039,221

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, 2025
(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, 2025		$	1,765			$	143			$	4,506			$	4,964			$	1,227			$	51			$	169			$	12,825
Charge-offs			-				-				-				(19	)			-				-				(89	)			(108	)
Recoveries			-				5				-				9				-				6				65				85
Provision for credit losses			15				1				188				(265	)			21				(10	)			50				-
Balance at March 31, 2025		$	1,780			$	149			$	4,694			$	4,689			$	1,248			$	47			$	195			$	12,802

		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

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

The following table presents information regarding non-accrual and loans past due over 89 days and still accruing as of the dates indicated:

Schedule of Non-accrual and Loans Past Due Over 89 Days 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, 2025
		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		$	105			$	-			$	-
Commercial real estate loans			1,100				-				-
Commercial loans			126				10,988				-
Agriculture loans			961				-				-
Total loans		$	2,292			$	10,988			$	-

		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, 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		$	34			$	-			$	-
Commercial loans			782				-				-
Agriculture loans			314				10,939				-
Consumer loans			1,046				-				-
Total loans		$	2,176			$	10,939			$	-

Schedule of Amortized Cost Basis and Collateral Type

Schedule of Amortized Cost Basis and Collateral Type  

(Dollars in thousands)		As of March 31, 2025
		Loan balance				Collateral Type
Commercial real estate loans		$	1,100			First mortgage on commercial real estate
Commercial loans			3,156			Accounts receivable, equipment and real estate
Agriculture loans			946			Crops, livestock, machinery and real estate
Total loans		$	5,202

(Dollars in thousands)		As of December 31, 2024
		Loan balance				Collateral Type
One-to-four family residential real estate loans		$	34			First mortgage on residential real estate
Commercial real estate loans			782			First mortgage on commercial real estate
Commercial loans			3,150			Accounts receivable, equipment and real estate
Agriculture loans			1,456			Crops, livestock, machinery and real estate
Total loans		$	5,422

Schedule of Past Due Financing Receivables

The following tables present information regarding the Company’s past due and non-accrual loans by loan class, as of the dates indicated:

Schedule of Past Due Financing Receivables  

		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, 2025
		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		$	1,331			$	241			$	-			$	1,572			$	105			$	1,677			$	353,955
Construction and land loans			54				-				-				54				-				54				28,591
Commercial real estate loans			3,615				1,458				-				5,073				1,100				6,173				353,406
Commercial loans			2,788				131				-				2,919				11,114				14,033				176,848
Agriculture loans			266				-				-				266				961				1,227				100,581
Municipal loans			-				-				-				-				-				-				7,082
Consumer loans			76				17				-				93				-				93				31,204
Total		$	8,130			$	1,847			$	-			$	9,977			$	13,280			$	23,257			$	1,051,667
Percent of gross loans			0.75	%			0.17	%			0.00	%			0.93	%			1.24	%			2.16	%			97.84	%

(Dollars in thousands)		As of December 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		$	115			$	323			$	-			$	438			$	34			$	472			$	351,737
Construction and land loans			-				118				-				118				-			$	118				25,210
Commercial real estate loans			1,083				3,081				-				4,164				782			$	4,946				340,213
Commercial loans			500				59				-				559				11,253			$	11,812				180,513
Agriculture loans			864				-				-				864				1,046			$	1,910				98,652
Municipal loans			-				-				-				-				-			$	-				7,091
Consumer loans			33				25				-				58				-			$	58				29,621
Total		$	2,595			$	3,606			$	-			$	6,201			$	13,115			$	19,316			$	1,033,037
Percent of gross loans			0.25	%			0.34	%			0.00	%			0.59	%			1.25	%			1.84	%			98.16	%

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

The following table presents information regarding the Company’s risk category of loans by type and year of origination, as of the dates indicated:

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

(Dollars in thousands)		As of March 31, 2025
		2025				2024				2023				2022				2021				Prior				Revolving loans amortized cost				Revolving loans converted to term				Total
One-to-four family residential real estate loans
Nonclassified		$	14,788			$	84,391			$	82,891			$	73,560			$	36,091			$	58,909			$	4,831			$	115			$	355,576
Classified			-				-				-				-				-				56				-				-				56
Total		$	14,788			$	84,391			$	82,891			$	73,560			$	36,091			$	58,965			$	4,831			$	115			$	355,632
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Construction and land loans
Nonclassified		$	3,660			$	5,638			$	11,907			$	1,804			$	1,672			$	3,864			$	100			$	-			$	28,645
Classified			-				-				-				-				-				-				-				-				-
Total		$	3,660			$	5,638			$	11,907			$	1,804			$	1,672			$	3,864			$	100			$	-			$	28,645
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial real estate loans
Nonclassified		$	21,185			$	58,840			$	48,944			$	64,410			$	53,222			$	106,907			$	3,141			$	83				356,732
Classified			-				817				-				-				475				1,555				-				-				2,847
Total		$	21,185			$	59,657			$	48,944			$	64,410			$	53,697			$	108,462			$	3,141			$	83			$	359,579
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial loans
Nonclassified		$	10,469			$	34,142			$	20,044			$	19,767			$	9,235			$	9,157			$	66,832			$	116			$	169,762
Classified			461				11,030				1,666				1,875				34				3,484				1,604				965				21,119
Total		$	10,930			$	45,172			$	21,710			$	21,642			$	9,269			$	12,641			$	68,436			$	1,081			$	190,881
Gross charge-offs		$	-			$	8			$	-			$	-			$	11			$	-			$	-			$	-			$	19
Agriculture loans
Nonclassified		$	4,505			$	18,762			$	3,452			$	8,027			$	3,552			$	16,343			$	43,098			$	209			$	97,948
Classified			-				1,736				61				256				417				80				1,310				-				3,860
Total		$	4,505			$	20,498			$	3,513			$	8,283			$	3,969			$	16,423			$	44,408			$	209			$	101,808
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Municipal loans
Nonclassified		$	-			$	-			$	5,552			$	81			$	-			$	1,449			$	-			$	-			$	7,082
Classified			-				-				-				-				-				-				-				-				-
Total		$	-			$	-			$	5,552			$	81			$	-			$	1,449			$	-			$	-			$	7,082
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Consumer loans
Nonclassified		$	3,337			$	1,966			$	3,052			$	574			$	988			$	3,171			$	18,116			$	93			$	31,297
Classified			-				-				-				-				-				-				-				-				-
Total		$	3,337			$	1,966			$	3,052			$	574			$	988			$	3,171			$	18,116			$	93			$	31,297
Gross charge-offs		$	89			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	89
Total loans
Nonclassified		$	57,944			$	203,739			$	175,842			$	168,223			$	104,760			$	199,800			$	136,118			$	616			$	1,047,042
Classified			461				13,583				1,727				2,131				926				5,175				2,914				965				27,882
Total		$	58,405			$	217,322			$	177,569			$	170,354			$	105,686			$	204,975			$	139,032			$	1,581			$	1,074,924
Gross charge-offs for the three months ended March 31, 2025		$	89			$	8			$	-			$	-			$	11			$	-			$	-			$	-			$	108

		2024				2023				2022				2021				2020				Prior				Revolving loans amortized cost				Revolving loans converted to term				Total
(Dollars in thousands)		As of December 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		$	86,701			$	84,467			$	75,517			$	37,411			$	27,293			$	35,112			$	5,552			$	122			$	352,175
Classified		$	-			$	-			$	-			$	-			$	-			$	34			$	-			$	-			$	34
Total		$	86,701			$	84,467			$	75,517			$	37,411			$	27,293			$	35,146			$	5,552			$	122			$	352,209
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Construction and land loans
Nonclassified		$	6,481			$	11,202			$	1,937			$	1,697			$	2,569			$	1,340			$	102			$	-			$	25,328
Classified		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Total		$	6,481			$	11,202			$	1,937			$	1,697			$	2,569			$	1,340			$	102			$	-			$	25,328
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial real estate loans
Nonclassified		$	59,717			$	47,624			$	68,854			$	53,868			$	41,862			$	67,351			$	3,217			$	85			$	342,578
Classified		$	360			$	-			$	-			$	476			$	151			$	1,594			$	-			$	-			$	2,581
Total		$	60,077			$	47,624			$	68,854			$	54,344			$	42,013			$	68,945			$	3,217			$	85			$	345,159
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial loans
Nonclassified		$	31,083			$	27,158			$	23,574			$	9,813			$	7,930			$	2,203			$	68,282			$	135			$	170,178
Classified		$	11,364			$	1,851			$	1,897			$	39			$	3,637			$	13			$	1,969			$	1,377			$	22,147
Total		$	42,447			$	29,009			$	25,471			$	9,852			$	11,567			$	2,216			$	70,251			$	1,512			$	192,325
Gross charge-offs		$	-			$	-			$	16			$	114			$	56			$	-			$	-			$	-			$	186
Agriculture loans
Nonclassified		$	21,379			$	3,659			$	8,404			$	3,616			$	3,297			$	14,215			$	44,458			$	217			$	99,245
Classified		$	29			$	178			$	257			$	419			$	9			$	73			$	352			$	-			$	1,317
Total		$	21,408			$	3,837			$	8,661			$	4,035			$	3,306			$	14,288			$	44,810			$	217			$	100,562
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	64			$	-			$	-			$	64
Municipal loans
Nonclassified		$	5,565			$	-			$	90			$	-			$	-			$	1,436			$	-			$	-			$	7,091
Classified		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Total		$	5,565			$	-			$	90			$	-			$	-			$	1,436			$	-			$	-			$	7,091
Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Consumer loans
Nonclassified		$	2,850			$	3,229			$	645			$	1,072			$	682			$	3,167			$	17,896			$	138			$	29,679
Classified		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Total		$	2,850			$	3,229			$	645			$	1,072			$	682			$	3,167			$	17,896			$	138			$	29,679
Gross charge-offs		$	376			$	7			$	1			$	-			$	-			$	24			$	-			$	1			$	409
Total loans
Nonclassified		$	213,776			$	177,339			$	179,021			$	107,477			$	83,633			$	124,824			$	139,507			$	697			$	1,026,274
Classified		$	11,753			$	2,029			$	2,154			$	934			$	3,797			$	1,714			$	2,321			$	1,377			$	26,079
Total		$	225,529			$	179,368			$	181,175			$	108,411			$	87,430			$	126,538			$	141,828			$	2,074			$	1,052,353
Gross charge-offs for the year ended December 31, 2024		$	376			$	7			$	17			$	114			$	56			$	88			$	-			$	1			$	659
Gross charge-offs		$	376			$	7			$	17			$	114			$	56			$	88			$	-			$	1			$	659

Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments

The following table provides information regarding the Company’s allowance for credit losses related to unfunded loan commitments for the periods indicated:

Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments  

		2025				2024
		Three months ended
(dollars in thousands)		March 31,
		2025				2024
Balance at beginning of period		$	150				250
Provision for credit losses			-				50
Balance at end of period		$	150			$	300

Schedule of Troubled Debt Restructurings

Schedule of Troubled Debt Restructurings  

(Dollars in thousands)		As of March 31, 2025
		Amortized cost basis				% of loan class total				Financial effect
Term extension:
Commercial		$	282				0.1	%		Renewal of existing loan

(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

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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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Tabular disclosure of financing receivable on nonaccrual status.

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Tabular disclosure of financing receivable modified for debtor experiencing financial difficulty.

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