Loans Receivable and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Loans Receivable and Allowance for Credit Losses

Loans receivable at March 31, 2024, and December 31, 2023 are summarized as follows (in thousands):


	2024		2023
One-to-Four Family Mortgages	$	336,406	$	337,056
Home Equity Loans / Lines of Credit		8,004		8,550
Construction Loans		8,847		8,128
Consumer Loans		970		913
Commercial Loans		13,078		12,403

Total Loans Receivable		367,305		367,050

Allowance for Credit Losses		(2,699)		(2,802)
Net Deferred Loan Costs		797		790

Total Loans Receivable, Net	$	365,403	$	365,038

Schedule of analysis of past-due loans

The following tables present an analysis of past-due loans as of March 31, 2024, and December 31, 2023 (in thousands):


					Loans 90 Days or
	30-59 Days		60-89 Days		More Past Due and		Nonaccrual		Current		Total Loans
March 31, 2024	Past Due		Past Due		Still Accruing		Loans		Loans		Receivable
One-to-Four Family Mortgages	$	5,476	$	—	$	422	$	212	$	330,296	$	336,406
Home Equity Loans / Lines of Credit		56		—		—		—		7,948		8,004
Construction Loans		207		—		119		—		8,521		8,847
Consumer Loans		—		—		—		—		970		970
Commercial Loans		—		—		—		—		13,078		13,078

Total	$	5,739	$	—	$	541	$	212	$	360,813	$	367,305


					Loans 90 Days or
	30-59 Days		60-89 Days		More Past Due and		Nonaccrual		Current		Total Loans
December 31, 2023	Past Due		Past Due		Still Accruing		Loans		Loans		Receivable
One-to-Four Family Mortgages	$	2,655	$	1,524	$	950	$	153	$	331,774	$	337,056
Home Equity Loans / Lines of Credit		—		4		—		—		8,546		8,550
Construction Loans		—		—		—		—		8,128		8,128
Consumer Loans		33		—		—		—		880		913
Commercial Loans		—		—		—		—		12,403		12,403

Total	$	2,688	$	1,528	$	950	$	153	$	361,731	$	367,050

Schedule of recorded investment in loans by credit quality indicator by year of origination

The following table presents the Bank’s recorded investment in loans by credit quality indicator by year of origination as of March 31, 2024 (in thousands):


	Term Loans by Year of Origination
	2024		2023		2022		2021		2020		Prior		Revolving		Total
One-to-Four Family Mortgages
Pass	$	1,004	$	13,272	$	43,857	$	60,026	$	50,300	$	165,465	$	—	$	333,924
Special Mention		—		—		949		774		—		547		—		2,270
Substandard		—		—		—		—		—		212		—		212
Total One-to-Four Family Mortgages	$	1,004	$	13,272	$	44,806	$	60,800	$	50,300	$	166,224	$	—	$	336,406

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home Equity Loans/Lines of Credit
Pass	$	—	$	67	$	177	$	—	$	—	$	581	$	7,080	$	7,905
Special Mention		—		—		—		—		—		—		99		99
Substandard		—		—		—		—		—		—		—		—
Total Home Equity Loans/Lines of Credit	$	—	$	67	$	177	$	—	$	—	$	581	$	7,179	$	8,004

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	3

Construction Loans
Pass	$	642	$	7,154	$	66	$	411	$	288	$	167	$	—	$	8,728
Special Mention		—		—		119		—		—		—		—		119
Substandard		—		—		—		—		—		—		—		—
Total Construction Loans	$	642	$	7,154	$	185	$	411	$	288	$	167	$	—	$	8,847

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer Loans
Pass	$	150	$	319	$	68	$	36	$	47	$	350	$	—	$	970
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Consumer Loans	$	150	$	319	$	68	$	36	$	47	$	350	$	—	$	970

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial Loans
Pass	$	1,319	$	7,215	$	4,436	$	108	$	—	$	—	$	—	$	13,078
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Commercial Loans	$	1,319	$	7,215	$	4,436	$	108	$	—	$	—	$	—	$	13,078

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The following table presents the Bank’s recorded investment in loans by credit quality indicator as of December 31, 2023 (in thousands):


	Term Loans by Year of Origination
	2023		2022		2021		2020		2019		Prior		Revolving		Total
One-to-Four Family Mortgages
Pass	$	12,000	$	42,225	$	60,557	$	50,786	$	28,836	$	140,000	$	—	$	334,404
Special Mention		—		1,073		779		—		—		647		—		2,499
Substandard		—		—		—		—		—		153		—		153
Total One-to-Four Family Mortgages	$	12,000	$	43,298	$	61,336	$	50,786	$	28,836	$	140,800	$	—	$	337,056

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—			$	—	$	—	$	—

Home Equity Loans/Lines of Credit
Pass	$	20	$	226	$	—	$	—	$	174	$	369	$	7,570	$	8,359
Special Mention		—		—		—		—		—		—		191		191
Substandard		—		—		—		—		—		—		—		—
Total Home Equity Loans/Lines of Credit	$	20	$	226	$	—	$	—	$	174	$	369	$	7,761	$	8,550

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction Loans
Pass	$	4,987	$	2,189	$	414	$	366	$	—	$	172	$	—	$	8,128
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Construction Loans	$	4,987	$	2,189	$	414	$	366	$	—	$	172	$	—	$	8,128

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—			$	—	$	—	$	—

Consumer Loans
Pass	$	386	$	74	$	39	$	52	$	36	$	326	$	—	$	913
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Consumer Loans	$	386	$	74	$	39	$	52	$	36	$	326	$	—	$	913

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—			$	—	$	—	$	—

Commercial Loans
Pass	$	7,568	$	4,724	$	—	$	—	$	—	$	111	$	—	$	12,403
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total Commercial Loans	$	7,568	$	4,724	$	—	$	—	$	—	$	111	$	—	$	12,403

Current Period Gross Write-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Schedule of nonaccrual loans by major categories

The following table is a summary of the Bank’s nonaccrual loans by major categories for the period indicated (in thousands):

March 31, 2024

December 31, 2023

Nonaccrual

Total

Nonaccrual

Total

Loans

with

Nonaccrual

Allowance

Loans

Allowance

Loans

One-to-Four Family Mortgages

212

—

212

153

—

153

Home Equity Loans/Lines of Credit

—

Construction Loans

—

Consumer Loans

—

Commercial Loans

—

Total

212

—

212

153

—

153

Schedule of accrued interest receivables written off by reversing interest income

The following table represents the accrued interest receivables written off by reversing interest income during the three months ended March 31, 2024 and March 31, 2023 (in thousands):


	For the Three Months Ended		For the Three Months Ended
	March 31, 2024		March 31, 2023
One-to-Four Family Mortgages	$	—	$	—
Home Equity Loans/Lines of Credit		—		—
Construction Loans		—		—
Consumer Loans		—		—
Commercial Loans		—		—

Total	$	—	$	—

Schedule of analysis of collateral-dependent loans

The following table presents an analysis of collateral-dependent loans of the Bank as of March 31, 2024 and December 31, 2023 (in thousands):


	Residential				Business
March 31, 2024	Properties		Land		Assets		Other		Total
One-to-Four Family Mortgages	$	212	$	—	$	—	$	—	$	212
Home Equity Loans/Lines of Credit		—		—		—		—		—
Construction Loans		—		—		—		—		—
Consumer Loans		—		—		—		—		—
Commercial Loans		—		—		—		—		—

Total	$	212	$	—	$	—	$	—	$	212


	Residential				Business
December 31, 2023	Properties		Land		Assets		Other		Total
One-to-Four Family Mortgages	$	153	$	—	$	—	$	—	$	153
Home Equity Loans/Lines of Credit		—		—		—		—		—
Construction Loans		—		—		—		—		—
Consumer Loans		—		—		—		—		—
Commercial Loans		—		—		—		—		—

Total	$	153	$	—	$	—	$	—	$	153

Schedule of activity related to the allowance for credit losses

The following table summarizes the activity related to the allowance for credit losses for the three months ended March 31, 2024 (in thousands):


	One-to-Four		Home Equity
	Family		Loans / Lines		Construction		Consumer		Commercial
March 31, 2024	Mortgages		of Credit		Loans		Loans		Loans		Unallocated		Total
Allowance for Credit Losses
Beginning Balance	$	2,554	$	57	$	32	$	9	$	126	$	24	$	2,802
Recovery of Credit Loss		(100)		—		—		—		—		—		(100)
Loans Charged-Off		—		(3)		—		—		—		—		(3)
Recoveries Collected		—		—		—		—		—		—		—

Ending Balance	$	2,454	$	54	$	32	$	9	$	126	$	24	$	2,699

The following table includes disclosures related to the allowance for loan losses for the three months ended March 31, 2023 (in thousands):


	One-to-Four		Home Equity
	Family		Loans / Lines		Construction		Consumer		Commercial
March 31, 2023	Mortgages		of Credit		Loans		Loans		Loans		Unallocated		Total
Allowance for Credit Losses
Beginning Balance, Prior to Adoption of ASC 326	$	2,738	$	60	$	73	$	—	$	2	$	380	$	3,253
Recovery of Credit Loss		—		—		—		—		—		—		—
Loans Charged-Off		—		—		—		—		—		—		—
Recoveries Collected		—		—		—		—		—		—		—

Ending Balance	$	2,738	$	60	$	73	$	—	$	2	$	380	$	3,253

Schedule of related party loans


	March 31,
	2024		2023
Balance, Beginning of the Year	$	546	$	579
New Loans		—		—
Change in Related Parties, Net		—		—
Repayments, Net		(9)		(8)

Balance, End of Year	$	537	$	571