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Loans (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of Components of Loans

The components of loans are as follows (in thousands):

		March 31,				December 31,
		2021				2020
Residential real estate		$	29,001			$	30,254
Multi-family real estate			20,229				20,637
Commercial real estate			70,896				71,714
Land and construction			4,415				4,750
Commercial			36,515				21,849
Consumer			10,217				5,715
Total loans			171,273				154,919
Deduct:
Net deferred loan fees, costs and premiums			(1,074	)			(544	)
Allowance for loan losses			(1,890	)			(1,906	)
Loans, net		$	168,309			$	152,469

Schedule of Change in Allowance for Loan Losses

An analysis of the change in the allowance for loan losses follows (in thousands):

		Residential				Multi-Family				Commercial				Land and
		Real Estate				Real Estate				Real Estate				Construction				Commercial				Consumer				Unallocated				Total
Three Months Ended March 31, 2021:
Beginning balance			463				253				884				52				103				151				—				1,906
(Credit) Provision for loan losses			(91	)			(15	)			(41	)			(10	)			(4	)			137				—				(24	)
Charge-offs			—				—				—				—				—				(20	)			—				(20	)
Recoveries			24				—				—				4				—				—				—				28
Ending balance		$	396			$	238			$	843			$	46			$	99			$	268			$	—			$	1,890
Three Months Ended March 31, 2020:
Beginning balance		$	531			$	82			$	624			$	21			$	573			$	152			$	26			$	2,009
Provision (credit) for loan losses			47				41				105				23				5				(6	)			(26	)			189
Charge-offs			—				—				—				—				—				(10	)			—				(10	)
Recoveries			4				—				—				6				—				—				—				10
Ending balance		$	582			$	123			$	729			$	50			$	578			$	136			$	—			$	2,198

		Residential Real Estate				Multi-Family Real Estate				Commercial Real Estate				Land and Construction				Commercial				Consumer				Unallocated				Total
At March 31, 2021:
Individually evaluated for impairment:
Recorded investment		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Balance in allowance for loan losses		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Collectively evaluated for impairment:
Recorded investment		$	29,001			$	20,229			$	70,896			$	4,415			$	36,515			$	10,217			$	—			$	171,273
Balance in allowance for loan losses		$	396			$	238			$	843			$	46			$	99			$	268			$	—			$	1,890
At December 31, 2020:
Individually evaluated for impairment:
Recorded investment		$	—			$	—			$	2,193			$	—			$	—			$	—			$	—			$	2,193
Balance in allowance for loan losses		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Collectively evaluated for impairment:
Recorded investment		$	30,254			$	20,637			$	69,521			$	4,750			$	21,849			$	5,715			$	—			$	152,726
Balance in allowance for loan losses		$	463			$	253			$	884			$	52			$	103			$	151			$	—			$	1,906

Schedule of Loans by Credit Quality

The following summarizes the loan credit quality (in thousands):

		Pass				OLEM (Other Loans Especially Mentioned)				Sub- Standard				Doubtful				Loss				Total
At March 31, 2021:
Residential real estate		$	26,490			$	—			$	2,511			$	—			$	—			$	29,001
Multi-family real estate			20,229				—				—				—				—				20,229
Commercial real estate			66,403				4,493				—				—				—				70,896
Land and construction			4,415				—				—				—				—				4,415
Commercial			35,480				1,035				—				—				—				36,515
Consumer			10,217				—				—				—				—				10,217
Total		$	163,234			$	5,528			$	2,511			$	—			$	—			$	171,273
At December 31, 2020:
Residential real estate		$	29,408			$	—			$	846			$	—			$	—			$	30,254
Multi-family real estate			20,637				—				—				—				—				20,637
Commercial real estate			63,405				4,449				3,860				—				—				71,714
Land and construction			4,750				—				—				—				—				4,750
Commercial			20,735				1,114				—				—				—				21,849
Consumer			5,715				—				—				—				—				5,715
Total		$	144,650			$	5,563			$	4,706			$	—			$	—			$	154,919

Schedule of Age Analysis of Past-due Loans

Age analysis of past-due loans is as follows (in thousands):

		Accruing Loans
		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days Past Past				Total Past Due				Current				Nonaccrual Loans				Total Loans
At March 31, 2021:
Residential real estate		$	104			$	—			$	—			$	104			$	28,897			$	—			$	29,001
Multi-family real estate			124				—				—				124				20,105				—				20,229
Commercial real estate			—				—				—				—				70,896				—				70,896
Land and construction			—				—				—				—				4,415				—				4,415
Commercial			—				—				—				—				36,515				—				36,515
Consumer			7				20				—				27				10,190				—				10,217
Total		$	235			$	20			$	—			$	255			$	171,018			$	—			$	171,273

		Accruing Loans
		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days Past Due				Total Past Due				Current				Nonaccrual Loans				Total Loans
At December 31, 2020:
Residential real estate		$	977			$	—			$	—			$	977			$	29,277			$	—			$	30,254
Multi-family real estate			—				—				—				—				20,637				—				20,637
Commercial real estate			—				—				—				—				69,521				2,193				71,714
Land and construction			—				—				—				—				4,750				—				4,750
Commercial			—				—				—				—				21,849				—				21,849
Consumer			6				—				—				6				5,709				—				5,715
Total		$	983			$	—			$	—			$	983			$	151,743			$	2,193			$	154,919

Schedule of Impaired Loans

There were no impaired loans at March 31, 2021. The following summarizes the amount of impaired loans at December 31, 2020 (in thousands):

Unpaid

Recorded

Principal

Related

Investment

Balance

Allowance

With no related allowance recorded:

Commercial real estate

$

2,193

$

2,193

—

Schedule of Interest Income Recognized and Received on Impaired Loans

The average recorded investment in impaired loans and interest income recognized and received on impaired loans are as follows (in thousands):

		Three Months Ended												Three Months Ended
		March 31, 2021												March 31, 2020
		Average				Interest				Interest				Average				Interest				Interest
		Recorded				Income				Income				Recorded				Income				Income
		Investment				Recognized				Received				Investment				Recognized				Received
Residential real estate		$	—				—				—			$	940				18				11
Commercial real estate		$	1,644				7				7			$	2,200				26				30
Commercial		$	—				—				—			$	808				-				18
Total		$	1,644				7				7			$	3,948				44				59

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- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
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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.

+ References

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-Name Accounting Standards Codification
-Topic 326
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