Loans and allowance for loan losses (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| Loans and allowance for loan losses |
|
| Summary of loans by major category |
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
December 31, 2020 |
|
|
|
(Dollars in thousands) |
First mortgage loans |
|
|
|
|
|
|
1-4 family residential |
|
$ |
87,184 |
|
$ |
87,197 |
Multi-family |
|
|
4,221 |
|
|
5,737 |
Commercial |
|
|
4,453 |
|
|
5,340 |
Total first mortgage loans |
|
|
95,858 |
|
|
98,274 |
Consumer loans |
|
|
324 |
|
|
385 |
Total loans |
|
|
96,182 |
|
|
98,659 |
Net deferred loan costs |
|
|
752 |
|
|
666 |
Allowance for loan losses |
|
|
(783) |
|
|
(870) |
Total loans, net |
|
$ |
96,151 |
|
$ |
98,455 |
|
| Schedule of changes in the allowance for loan losses and the related loan balance information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
|
1-4 family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
residential |
|
Multi-family |
|
Commercial |
|
Consumer |
|
Unallocated |
|
Total |
|
|
|
(Dollars in thousands) |
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
695 |
|
$ |
52 |
|
$ |
25 |
|
$ |
10 |
|
$ |
— |
|
$ |
792 |
Charge-offs |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Recoveries |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
Net recoveries (charge-offs) |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
(Release of) provision for loan losses |
|
|
1 |
|
|
(13) |
|
|
— |
|
|
— |
|
|
— |
|
|
(12) |
Ending balance |
|
$ |
679 |
|
$ |
39 |
|
$ |
25 |
|
$ |
10 |
|
$ |
30 |
|
$ |
783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
|
1-4 family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
residential |
|
Multi-family |
|
Commercial |
|
Consumer |
|
Unallocated |
|
Total |
|
|
|
(Dollars in thousands) |
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
538 |
|
$ |
24 |
|
$ |
13 |
|
$ |
1 |
|
$ |
40 |
|
$ |
616 |
Charge-offs |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Recoveries |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
Net recoveries |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
(Release of) provision for loan losses |
|
|
18 |
|
|
— |
|
|
(1) |
|
|
— |
|
|
73 |
|
|
90 |
Ending balance |
|
$ |
559 |
|
$ |
24 |
|
$ |
12 |
|
$ |
1 |
|
$ |
113 |
|
$ |
709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
|
1-4 family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
residential |
|
Multi-family |
|
Commercial |
|
Consumer |
|
Unallocated |
|
Total |
|
|
|
(Dollars in thousands) |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
798 |
|
$ |
29 |
|
$ |
38 |
|
$ |
5 |
|
$ |
— |
|
$ |
870 |
Charge-offs |
|
|
— |
|
|
— |
|
|
— |
|
|
(99) |
|
|
— |
|
|
(99) |
Recoveries |
|
|
7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
Net recoveries (charge-offs) |
|
|
7 |
|
|
— |
|
|
— |
|
|
(99) |
|
|
— |
|
|
(92) |
Provision for loan losses |
|
|
(126) |
|
|
10 |
|
|
(13) |
|
|
104 |
|
|
30 |
|
|
5 |
Ending balance |
|
$ |
679 |
|
$ |
39 |
|
$ |
25 |
|
$ |
10 |
|
$ |
30 |
|
$ |
783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
|
1-4 family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
residential |
|
Multi-family |
|
Commercial |
|
Consumer |
|
Unallocated |
|
Total |
|
|
|
(Dollars in thousands) |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
361 |
|
$ |
10 |
|
$ |
9 |
|
$ |
8 |
|
$ |
— |
|
$ |
388 |
Charge-offs |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Recoveries |
|
|
11 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11 |
Net recoveries |
|
|
11 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11 |
Provision for loan losses |
|
|
187 |
|
|
14 |
|
|
3 |
|
|
(7) |
|
|
113 |
|
|
310 |
Ending balance |
|
$ |
559 |
|
$ |
24 |
|
$ |
12 |
|
$ |
1 |
|
$ |
113 |
|
$ |
709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collectively evaluated |
|
Individually evaluated |
|
Total |
|
|
|
|
|
Recorded |
|
|
|
|
Recorded |
|
|
|
|
Recorded |
|
|
Allowance for |
|
investment in |
|
Allowance for |
|
investment in |
|
Allowance for |
|
investment in |
|
|
loan losses |
|
loans |
|
loan losses |
|
loans |
|
loan losses |
|
loans |
|
|
|
(Dollars in thousands) |
September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
555 |
|
$ |
85,205 |
|
$ |
124 |
|
$ |
1,979 |
|
$ |
679 |
|
$ |
87,184 |
Multi-family |
|
|
39 |
|
|
4,221 |
|
|
— |
|
|
— |
|
|
39 |
|
|
4,221 |
Commercial |
|
|
25 |
|
|
4,453 |
|
|
— |
|
|
— |
|
|
25 |
|
|
4,453 |
Consumer |
|
|
10 |
|
|
324 |
|
|
— |
|
|
— |
|
|
10 |
|
|
324 |
Unallocated |
|
|
30 |
|
|
— |
|
|
30 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
659 |
|
$ |
94,203 |
|
$ |
124 |
|
$ |
1,979 |
|
$ |
783 |
|
$ |
96,182 |
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
648 |
|
$ |
84,774 |
|
$ |
150 |
|
$ |
2,423 |
|
$ |
798 |
|
$ |
87,197 |
Multi-family |
|
|
29 |
|
|
5,737 |
|
|
— |
|
|
— |
|
|
29 |
|
|
5,737 |
Commercial |
|
|
38 |
|
|
5,340 |
|
|
— |
|
|
— |
|
|
38 |
|
|
5,340 |
Consumer |
|
|
5 |
|
|
286 |
|
|
— |
|
|
99 |
|
|
5 |
|
|
385 |
Total |
|
$ |
720 |
|
$ |
96,137 |
|
$ |
150 |
|
$ |
2,522 |
|
$ |
870 |
|
$ |
98,659 |
|
| Schedule of loan balances based on risk rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass |
|
Special Mention |
|
Substandard |
|
Doubtful |
|
Total loans |
|
|
|
(Dollars in thousands) |
September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
86,670 |
|
$ |
409 |
|
$ |
105 |
|
$ |
— |
|
$ |
87,184 |
Multi-family |
|
|
4,221 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,221 |
Commercial |
|
|
4,453 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,453 |
Consumer |
|
|
324 |
|
|
— |
|
|
— |
|
|
— |
|
|
324 |
Total |
|
$ |
95,668 |
|
$ |
409 |
|
$ |
105 |
|
$ |
— |
|
$ |
96,182 |
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
86,500 |
|
$ |
417 |
|
$ |
280 |
|
$ |
— |
|
$ |
87,197 |
Multi-family |
|
|
5,737 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,737 |
Commercial |
|
|
5,340 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,340 |
Consumer |
|
|
286 |
|
|
99 |
|
|
— |
|
|
— |
|
|
385 |
Total |
|
$ |
97,863 |
|
$ |
516 |
|
$ |
280 |
|
$ |
— |
|
$ |
98,659 |
|
| Schedule of aging of loan portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90 Days Past |
|
|
|
|
Total Past Due |
|
|
|
|
|
|
|
|
31-89 Days Past Due |
|
Due and |
|
|
|
|
and Non- |
|
|
|
|
Total Loan |
|
|
and Accruing |
|
Accruing |
|
Non-Accrual |
|
Accrual |
|
Current |
|
Balance |
|
|
|
(Dollars in thousands) |
September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
— |
|
$ |
43 |
|
$ |
105 |
|
$ |
148 |
|
$ |
87,036 |
|
$ |
87,184 |
Multi-family |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,221 |
|
|
4,221 |
Commercial |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,453 |
|
|
4,453 |
Consumer |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
324 |
|
|
324 |
Total |
|
$ |
— |
|
$ |
43 |
|
$ |
105 |
|
$ |
148 |
|
$ |
96,034 |
|
$ |
96,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
— |
|
$ |
75 |
|
$ |
280 |
|
$ |
355 |
|
$ |
86,842 |
|
$ |
87,197 |
Multi-family |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,737 |
|
|
5,737 |
Commercial |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,340 |
|
|
5,340 |
Consumer |
|
|
99 |
|
|
— |
|
|
— |
|
|
99 |
|
|
286 |
|
|
385 |
Total |
|
$ |
99 |
|
$ |
75 |
|
$ |
280 |
|
$ |
454 |
|
$ |
98,205 |
|
$ |
98,659 |
|
| Schedule of loans individually evaluated for impairment |
|
|
|
|
|
|
|
|
|
|
|
|
Recorded investment |
|
Unpaid principal balance |
|
Related allowance |
|
|
|
(Dollars in thousands) |
September 30, 2021 |
|
|
|
|
|
|
|
|
|
With no related allowance recorded |
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
1,135 |
|
$ |
1,457 |
|
$ |
— |
Multi-family |
|
|
— |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
|
|
— |
Total |
|
$ |
1,135 |
|
$ |
1,457 |
|
$ |
— |
With a related allowance recorded |
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
844 |
|
$ |
854 |
|
$ |
124 |
Multi-family |
|
|
— |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
|
|
— |
Total |
|
$ |
844 |
|
$ |
854 |
|
$ |
124 |
Balance at September 30, 2021 |
|
$ |
1,979 |
|
$ |
2,311 |
|
$ |
124 |
December 31, 2020 |
|
|
|
|
|
|
|
|
|
With no related allowance recorded |
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
1,348 |
|
$ |
1,676 |
|
$ |
— |
Multi-family |
|
|
— |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
|
|
— |
Consumer |
|
|
99 |
|
|
99 |
|
|
— |
Total |
|
$ |
1,447 |
|
$ |
1,775 |
|
$ |
— |
With a related allowance recorded |
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
$ |
1,075 |
|
$ |
1,120 |
|
$ |
150 |
Multi-family |
|
|
— |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
|
|
— |
Total |
|
$ |
1,075 |
|
$ |
1,120 |
|
$ |
150 |
Balance at December 31, 2020 |
|
$ |
2,522 |
|
$ |
2,895 |
|
$ |
150 |
|
|
|
|
|
|
|
|
|
Average recorded |
|
|
|
|
|
investment |
|
Interest income recognized |
|
|
|
(Dollars in thousands) |
September 30, 2021 |
|
|
|
|
|
|
With no related allowance recorded |
|
|
|
|
|
|
1-4 family residential |
|
$ |
1,141 |
|
$ |
15 |
Multi-family |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
Total |
|
$ |
1,141 |
|
$ |
15 |
With a related allowance recorded |
|
|
|
|
|
|
1-4 family residential |
|
$ |
850 |
|
$ |
10 |
Multi-family |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
Total |
|
$ |
850 |
|
$ |
10 |
Balance for the three months ended September 30, 2021 |
|
$ |
1,991 |
|
$ |
25 |
September 30, 2020 |
|
|
|
|
|
|
With no related allowance recorded |
|
|
|
|
|
|
1-4 family residential |
|
$ |
974 |
|
$ |
13 |
Multi-family |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
Total |
|
$ |
974 |
|
$ |
13 |
With a related allowance recorded |
|
|
|
|
|
|
1-4 family residential |
|
$ |
1,092 |
|
$ |
13 |
Multi-family |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
Total |
|
$ |
1,092 |
|
$ |
13 |
Balance for the three months ended September 30, 2020 |
|
$ |
2,066 |
|
$ |
26 |
|
|
|
|
|
|
|
|
|
Average recorded |
|
|
|
|
|
investment |
|
Interest income recognized |
|
|
|
(Dollars in thousands) |
September 30, 2021 |
|
|
|
|
|
|
With no related allowance recorded |
|
|
|
|
|
|
1-4 family residential |
|
$ |
1,155 |
|
$ |
52 |
Multi-family |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
Total |
|
$ |
1,155 |
|
$ |
52 |
With a related allowance recorded |
|
|
|
|
|
|
1-4 family residential |
|
$ |
860 |
|
$ |
29 |
Multi-family |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
Total |
|
$ |
860 |
|
$ |
29 |
Balance for the nine months ended September 30, 2021 |
|
$ |
2,015 |
|
$ |
81 |
September 30, 2020 |
|
|
|
|
|
|
With no related allowance recorded |
|
|
|
|
|
|
1-4 family residential |
|
$ |
988 |
|
$ |
39 |
Multi-family |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
Total |
|
$ |
988 |
|
$ |
39 |
With a related allowance recorded |
|
|
|
|
|
|
1-4 family residential |
|
$ |
1,100 |
|
$ |
37 |
Multi-family |
|
|
— |
|
|
— |
Commercial |
|
|
— |
|
|
— |
Consumer |
|
|
— |
|
|
— |
Total |
|
$ |
1,100 |
|
$ |
37 |
Balance for the nine months ended September 30, 2020 |
|
$ |
2,088 |
|
$ |
76 |
|