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LOANS RECEIVABLE | 12 Months Ended
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Dec. 31, 2021
LOANS RECEIVABLE |
LOANS RECEIVABLE | NOTE 5. LOANS RECEIVABLE Loans receivable at December 31, 2021 and December 31, 2020 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(Dollars in thousands) | ​ | 2021 | ​ | 2020
Real estate loans |  | ​ |  |  | ​ |
One- to four-family residential | ​ | $ | 87,303 | ​ | $ | 99,869
Commercial real estate | ​ |  | 23,112 | ​ |  | 30,304
Construction and land | ​ |  | 4,079 | ​ |  | 5,591
Multi-family residential | ​ |  | 4,589 | ​ |  | 4,801
Total real estate loans | ​ | ​ | 119,083 | ​ | ​ | 140,565
Other loans | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | ​ | 8,374 | ​ | ​ | 6,736
Consumer | ​ |  | 4,385 | ​ |  | 4,499
Total other loans | ​ | ​ | 12,759 | ​ | ​ | 11,235
Total loans | ​ | ​ | 131,842 | ​ | ​ | 151,800
Less: Allowance for loan losses | ​ | ​ | (2,276) | ​ | ​ | (3,022)
Net loans | ​ | $ | 129,566 | ​ | $ | 148,778
​ ​ The following tables outline the changes in the allowance for loan losses by collateral type for the years ended December 31, 2021 and 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2021
(Dollars in thousands) |  | Beginning Balance |  | Provision (Reversal) |  | Charge-offs |  | Recoveries |  | Ending Balance
Allowance for loan losses |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
One- to four-family residential | ​ | $ | 1,910 | ​ | $ | (268) | ​ | $ | (123) | ​ | $ | 54 | ​ | $ | 1,573
Commercial real estate | ​ |  | 744 | ​ |  | (374) | ​ |  | - | ​ |  | - | ​ |  | 370
Construction & land | ​ |  | 82 | ​ |  | (27) | ​ |  | - | ​ |  | - | ​ |  | 55
Multi-family residential | ​ |  | 68 | ​ |  | 5 | ​ |  | - | ​ |  | - | ​ |  | 73
Commercial and industrial | ​ |  | 101 | ​ |  | 36 | ​ |  | - | ​ |  | - | ​ |  | 137
Consumer | ​ |  | 78 | ​ |  | 7 | ​ |  | (27) | ​ |  | 10 | ​ |  | 68
Unallocated | ​ |  | 39 | ​ |  | (39) | ​ |  | - | ​ |  | - | ​ |  | -
Total | ​ | $ | 3,022 | ​ | $ | (660) | ​ | $ | (150) | ​ | $ | 64 | ​ | $ | 2,276
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Year Ended December 31, 2020
(Dollars in thousands) |  | Beginning Balance |  | Provision (Reversal) |  | Charge-offs |  | Recoveries |  | Ending Balance
Allowance for loan losses |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
One- to four-family residential | ​ | $ | 1,162 | ​ | $ | 765 | ​ | $ | (84) | ​ | $ | 67 | ​ | $ | 1,910
Commercial real estate | ​ |  | 637 | ​ |  | 107 | ​ |  | - | ​ |  | - | ​ |  | 744
Construction & land | ​ |  | 57 | ​ |  | 25 | ​ |  | - | ​ |  | - | ​ |  | 82
Multi-family residential | ​ |  | 76 | ​ |  | (8) | ​ |  | (1) | ​ |  | 1 | ​ |  | 68
Commercial and industrial | ​ |  | 12 | ​ |  | 89 | ​ |  | (15) | ​ |  | 15 | ​ |  | 101
Consumer | ​ |  | 80 | ​ |  | 15 | ​ |  | (40) | ​ |  | 23 | ​ |  | 78
Unallocated | ​ |  | 47 | ​ |  | (8) | ​ |  | - | ​ |  | - | ​ |  | 39
Total | ​ | $ | 2,071 | ​ | $ | 985 | ​ | $ | (140) | ​ | $ | 106 | ​ | $ | 3,022
​ ​ The following tables outline the allowance for loan losses for loans individually and collectively evaluated for impairment, and the carrying amount loans individually and collectively evaluated for impairment at December 31, 2021 and December 31, 2020.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021 |  | December 31, 2020
(Dollars in thousands) | ​ | Individually Evaluated | ​ | Collectively Evaluated | ​ | Total | ​ | Individually Evaluated | ​ | Collectively Evaluated | ​ | Total
Allowance for loan losses |  | ​ |  |  | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
One- to four-family residential | ​ | $ | 319 | ​ | $ | 1,254 | ​ | $ | 1,573 | ​ | $ | 599 | ​ | $ | 1,311 | ​ | $ | 1,910
Commercial real estate | ​ | ​ | - | ​ |  | 370 | ​ |  | 370 | ​ |  | - | ​ |  | 744 | ​ |  | 744
Construction & land | ​ | ​ | - | ​ |  | 55 | ​ |  | 55 | ​ |  | - | ​ |  | 82 | ​ |  | 82
Multi-family residential | ​ | ​ | - | ​ |  | 73 | ​ |  | 73 | ​ |  | - | ​ |  | 68 | ​ |  | 68
Commercial and industrial | ​ | ​ | 17 | ​ |  | 120 | ​ |  | 137 | ​ |  | - | ​ |  | 101 | ​ |  | 101
Consumer | ​ | ​ | - | ​ |  | 68 | ​ |  | 68 | ​ |  | - | ​ |  | 78 | ​ |  | 78
Unallocated | ​ | ​ | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | 39 | ​ |  | 39
Total | ​ | $ | 336 | ​ | $ | 1,940 | ​ | $ | 2,276 | ​ | $ | 599 | ​ | $ | 2,423 | ​ | $ | 3,022
Loans | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | ​
One- to four-family residential | ​ | $ | 2,266 | ​ | $ | 85,037 | ​ | $ | 87,303 | ​ | $ | 2,754 | ​ | $ | 97,115 | ​ | $ | 99,869
Commercial real estate | ​ |  | - | ​ |  | 23,112 | ​ |  | 23,112 | ​ |  | - | ​ | ​ | 30,304 | ​ |  | 30,304
Construction & land | ​ |  | 37 | ​ |  | 4,042 | ​ |  | 4,079 | ​ |  | 41 | ​ |  | 5,550 | ​ |  | 5,591
Multi-family residential | ​ |  | - | ​ |  | 4,589 | ​ |  | 4,589 | ​ |  | 1,205 | ​ |  | 3,596 | ​ |  | 4,801
Commercial and industrial | ​ |  | 18 | ​ |  | 8,356 | ​ |  | 8,374 | ​ |  | 3 | ​ |  | 6,733 | ​ |  | 6,736
Consumer | ​ |  | - | ​ | ​ | 4,385 | ​ |  | 4,385 | ​ |  | - | ​ |  | 4,499 | ​ |  | 4,499
Total | ​ | $ | 2,321 | ​ | $ | 129,521 | ​ | $ | 131,842 | ​ | $ | 4,003 | ​ | $ | 147,797 | ​ | $ | 151,800
​ ​ A summary of current, past due and nonaccrual loans as of December 31, 2021 and December 31, 2020 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2021
(Dollars in thousands) | ​ | Past Due 30-89 Days and Accruing |  | Past Due Over 90 Days and Accruing |  | Past Due Over 30 Days and Non-accruing |  | Total Past Due |  | Current and Accruing |  | Current and Non-accruing |  | Total Loans
One- to four-family residential | ​ | $ | 2,116 | ​ | $ | - | ​ | $ | 411 | ​ | $ | 2,527 | ​ | $ | 84,396 | ​ | $ | 380 | ​ | $ | 87,303
Commercial real estate | ​ |  | 133 | ​ |  | - | ​ |  | - | ​ |  | 133 | ​ |  | 22,979 | ​ |  | - | ​ |  | 23,112
Construction and land | ​ |  | 62 | ​ |  | - | ​ |  | 31 | ​ |  | 93 | ​ |  | 3,949 | ​ |  | 37 | ​ |  | 4,079
Multi-family residential | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | 4,589 | ​ |  | - | ​ |  | 4,589
Commercial & industrial | ​ |  | - | ​ |  | - | ​ |  | 17 | ​ |  | 17 | ​ |  | 8,356 | ​ |  | 1 | ​ |  | 8,374
Consumer | ​ |  | 32 | ​ |  | 1 | ​ |  | 13 | ​ |  | 46 | ​ |  | 4,339 | ​ |  | - | ​ |  | 4,385
Total | ​ | $ | 2,343 | ​ | $ | 1 | ​ | $ | 472 | ​ | $ | 2,816 | ​ | $ | 128,608 | ​ | $ | 418 | ​ | $ | 131,842
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2020
(Dollars in thousands) |  | Past Due 30-89 Days and Accruing |  | Past Due Over 90 Days and Accruing |  | Past Due Over 30 Days and Non-accruing |  | Total Past Due |  | Current and Accruing |  | Current and Non-accruing |  | Total Loans
One- to four-family residential | ​ | $ | 1,842 | ​ | $ | 367 | ​ | $ | 164 | ​ | $ | 2,373 | ​ | $ | 96,874 | ​ | $ | 622 | ​ | $ | 99,869
Commercial real estate | ​ |  | 192 | ​ |  | - | ​ |  | - | ​ |  | 192 | ​ |  | 30,112 | ​ |  | - | ​ |  | 30,304
Construction and land | ​ |  | 154 | ​ |  | - | ​ |  | 41 | ​ |  | 195 | ​ |  | 5,396 | ​ |  | - | ​ |  | 5,591
Multi-family residential | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | 4,801 | ​ |  | - | ​ |  | 4,801
Commercial & industrial | ​ |  | 94 | ​ |  | - | ​ |  | - | ​ |  | 94 | ​ |  | 6,639 | ​ |  | 3 | ​ |  | 6,736
Consumer | ​ |  | 38 | ​ |  | 13 | ​ |  | - | ​ |  | 51 | ​ |  | 4,448 | ​ |  | - | ​ |  | 4,499
Total | ​ | $ | 2,320 | ​ | $ | 380 | ​ | $ | 205 | ​ | $ | 2,905 | ​ | $ | 148,270 | ​ | $ | 625 | ​ | $ | 151,800
​ The Company was not committed to lend any additional funds on nonaccrual loans at December 31, 2021 or December 31, 2020. A troubled debt restructuring (“TDR”) is considered such if the lender, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. Information pertaining to loans modified and treated as TDRs during the years ended December 31, 2021 and 2020 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Recorded Investment
(Dollars in thousands) | ​ | Number of Contracts | ​ | Pre-modification | ​ | Post-modification
December 31, 2021 |  |  |  | ​ |  |  | ​ |
One- to four-family residential |  | 3 | ​ | $ | 186 | ​ | $ | 189
Total |  | 3 | ​ | $ | 186 | ​ | $ | 189
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Recorded Investment
(Dollars in thousands) | ​ | Number of Contracts | ​ | Pre-modification | ​ | Post-modification
December 31, 2020 |  |  |  | ​ |  |  | ​ |
One- to four-family residential |  | 17 | ​ | $ | 1,458 | ​ | $ | 1,487
Multi-family residential |  | 1 | ​ | ​ | 1,185 | ​ | ​ | 1,216
Total |  | 18 | ​ | $ | 2,643 | ​ | $ | 2,703
​ ​ Troubled debt restructured loans were modified to defer principal and interest or extend maturity on average for three months. All three loans modified during the year ended December 31, 2021 defaulted after modification. During 2020, 14 one- to four-family residential loans totaling $1.0 million defaulted within twelve months of modification. The modifications and defaults did not have a significant impact on the determination of the allowance for loan losses. The Company has no commitments to loan additional funds to the borrowers whose loans have been modified. ​ Information on impaired loans as of December 31, 2021 and December 31, 2020 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of and for the Year Ended December 31, 2021
(Dollars in thousands) | ​ | Recorded Investment Without an Allowance | ​ | Recorded Investment With an Allowance | ​ | Unpaid Principal | ​ | Related Allowance | ​ | Average Recorded Investment | ​ | Interest Income Recognized
One- to four-family residential | ​ | $ | 1,153 | ​ | $ | 1,113 | ​ | $ | 3,128 | ​ | $ | 319 | ​ | $ | 2,365 | ​ | $ | 67
Commercial real estate | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | -
Construction & land | ​ |  | 37 | ​ |  | - | ​ |  | 44 | ​ |  | - | ​ |  | 39 | ​ |  | -
Multi-family residential | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | -
Commercial & industrial | ​ |  | 1 | ​ |  | 17 | ​ |  | 21 | ​ |  | 17 | ​ |  | 20 | ​ |  | 2
Consumer | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | -
Total | ​ | $ | 1,191 | ​ | $ | 1,130 | ​ | $ | 3,193 | ​ | $ | 336 | ​ | $ | 2,424 | ​ | $ | 69
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of and for the Year Ended December 31, 2020
(Dollars in thousands) | ​ | Recorded Investment Without an Allowance | ​ | Recorded Investment With an Allowance | ​ | Unpaid Principal | ​ | Related Allowance | ​ | Average Recorded Investment | ​ | Interest Income Recognized
One- to four-family residential | ​ | $ | 1,640 | ​ | $ | 1,114 | ​ | $ | 3,586 | ​ | $ | 599 | ​ | $ | 2,824 | ​ | $ | 88
Commercial real estate | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | -
Construction & land | ​ |  | 41 | ​ |  | - | ​ |  | 46 | ​ |  | - | ​ |  | 43 | ​ |  | -
Multi-family residential | ​ |  | 1,205 | ​ |  | - | ​ |  | 1,205 | ​ |  | - | ​ |  | 1,205 | ​ |  | 57
Commercial & industrial | ​ |  | 3 | ​ |  | - | ​ |  | 7 | ​ |  | - | ​ |  | 4 | ​ |  | -
Consumer | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | - | ​ |  | -
Total | ​ | $ | 2,889 | ​ | $ | 1,114 | ​ | $ | 4,844 | ​ | $ | 599 | ​ | $ | 4,076 | ​ | $ | 145
​ ​ Loans are categorized by credit quality indicators based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Internally assigned grade: Pass – Loans in this category have strong asset quality and liquidity along with a multi-year track record of profitability. Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loss – Loans classified as loss have been identified as uncollectible and are generally charged-off in the period identified. The information for each of the credit quality indicators is updated on a quarterly basis in conjunction with the determination of the adequacy of the allowance for loan losses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
(Dollars in thousands) |  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
One- to four-family residential | ​ | $ | 83,405 | ​ | $ | 504 | ​ | $ | 3,394 | ​ | $ | - | ​ | $ | 87,303
Commercial real estate | ​ |  | 20,995 | ​ |  | 2,058 | ​ |  | 59 | ​ |  | - | ​ |  | 23,112
Construction & land | ​ |  | 3,990 | ​ |  | - | ​ |  | 89 | ​ |  | - | ​ |  | 4,079
Multi-family residential | ​ |  | 3,419 | ​ |  | 1,170 | ​ |  | - | ​ |  | - | ​ |  | 4,589
Commercial & industrial | ​ |  | 8,356 | ​ |  | - | ​ |  | 18 | ​ |  | - | ​ |  | 8,374
Consumer | ​ |  | 4,372 | ​ |  | - | ​ |  | 13 | ​ |  | - | ​ |  | 4,385
Total | ​ | $ | 124,537 | ​ | $ | 3,732 | ​ | $ | 3,573 | ​ | $ | - | ​ | $ | 131,842
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
(Dollars in thousands) |  | Pass |  | Special Mention |  | Substandard |  | Doubtful |  | Total
One- to four-family residential | ​ | $ | 93,464 | ​ | $ | 1,843 | ​ | $ | 4,562 | ​ | $ | - | ​ | $ | 99,869
Commercial real estate | ​ |  | 28,217 | ​ |  | 2,022 | ​ |  | 65 | ​ |  | - | ​ |  | 30,304
Construction & land | ​ |  | 5,368 | ​ |  | 133 | ​ |  | 90 | ​ |  | - | ​ |  | 5,591
Multi-family residential | ​ |  | 3,457 | ​ |  | - | ​ |  | 1,344 | ​ |  | - | ​ |  | 4,801
Commercial & industrial | ​ |  | 6,543 | ​ |  | 171 | ​ |  | 22 | ​ |  | - | ​ |  | 6,736
Consumer | ​ |  | 4,434 | ​ |  | 33 | ​ |  | 32 | ​ |  | - | ​ |  | 4,499
Total | ​ | $ | 141,483 | ​ | $ | 4,202 | ​ | $ | 6,115 | ​ | $ | - | ​ | $ | 151,800
​

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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