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LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2021

LOANS RECEIVABLE

Schedule of loans receivable

​

​	​	​	​	​	​	​
​	​	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

Schedule of changes in the allowance for loan losses

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

Summary of current, past due and nonaccrual loans

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		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

Schedule of troubled debt restructuring

​

​	​	​	​	​	​	​	​	​
​	​	​	​	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

Schedule of impaired loans

​

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

Schedule of credit quality indicators

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

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

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Tabular disclosure of aging analysis for financing receivable.

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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 modified as troubled debt restructuring.

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