| Louisiana | | | 6035 | | | 86-2411762 | |
| (State or Other Jurisdiction of Incorporation or Organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification Number) | |
| Hugh T. Wilkinson, Esquire Eric M. Marion, Esquire Silver, Freedman, Taff & Tiernan LLP 3299 K Street, N.W., Suite 100 Washington, D.C. 20007 (202) 295-4500 | | | Michael J. Brown, Esquire Thomas P. Hutton, Esquire Luse Gorman, PC 5335 Wisconsin Avenue, NW, Suite 780 Washington, DC 20015 202-274-2000 | |
| Large accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | |
| Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ | |
| | | | | | | Emerging growth company | | | ☒ | |
| | |||||||||||||||||||||||||
Title of each class of securities to be registered | | | | Amount to be registered(1) | | | | Proposed maximum offering price per share | | | | Proposed maximum aggregate offering price | | | | Amount of registration fee | | |||||||||
Common Stock, $0.01 par value per share | | | | 5,290,000 shares | | | | | $ | 10.00 | | | | | | $ | 52,900,000 | | | | | | $ | 5,771.39(2) | | |
| | | Minimum | | | Midpoint | | | Maximum | | | Adjusted Maximum | | ||||||||||||
Number of shares | | | | | 3,400,000 | | | | | | 4,000,000 | | | | | | 4,600,000 | | | | | | 5,290,000 | | |
Gross offering proceeds | | | | $ | 34,000,000 | | | | | $ | 40,000,000 | | | | | $ | 46,000,000 | | | | | $ | 52,900,000 | | |
Estimated offering expenses, excluding selling agent fees | | | | $ | 1,170,000 | | | | | $ | 1,170,000 | | | | | $ | 1,170,000 | | | | | $ | 1,170,000 | | |
Selling agent fees(1)(2) | | | | $ | 267,795 | | | | | $ | 317,475 | | | | | $ | 367,155 | | | | | $ | 424,287 | | |
Estimated net proceeds | | | | $ | 32,562,205 | | | | | $ | 38,512,525 | | | | | $ | 44,462,845 | | | | | $ | 51,305,713 | | |
Estimated net proceeds per share | | | | $ | 9.58 | | | | | $ | 9.63 | | | | | $ | 9.67 | | | | | $ | 9.70 | | |
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Company Name | | | Ticker Symbol | | | Headquarters | | | Total Assets at March 31, 2021 | | ||||||
| | | | | | | | | | | | (In millions) | | |||
CBM Bancorp, Inc. | | | | | CBMB | | | | Baltimore, MD | | | | $ | 240 | | |
Cincinnati Bancorp, Inc. | | | | | CNNB | | | | Cincinnati, OH | | | | $ | 241 | | |
Elmira Savings Bank | | | | | ESBK | | | | Elmira, NY | | | | $ | 645(1) | | |
FFBW, Inc. | | | | | FFBW | | | | Brookfield, WI | | | | $ | 338 | | |
Home Federal Bancorp, Inc. of Louisiana | | | | | HFBL | | | | Shreveport, LA | | | | $ | 563 | | |
HV Bancorp, Inc. | | | | | HVBC | | | | Doylestown, PA | | | | $ | 596 | | |
IF Bancorp, Inc. | | | | | IROQ | | | | Watseka, IL | | | | $ | 745 | | |
Mid-Southern Bancorp, Inc. | | | | | MSVB | | | | Salem, IN | | | | $ | 245 | | |
Randolph Bancorp, Inc. | | | | | RNDB | | | | Stoughton, MA | | | | $ | 738 | | |
WVS Financial Corp. | | | | | WVFC | | | | Pittsburgh, PA | | | | $ | 314 | | |
| | | Price-to- earnings multiple(1) | | | Price-to- book value ratio | | | Price-to- tangible book value ratio | | |||||||||
Catalyst Bancorp (pro forma assuming completion of offering)(2) | | | | | | | | | | | | | | | | | | | |
Adjusted Maximum | | | | | NM | | | | | | 55.49% | | | | | | 55.49% | | |
Maximum | | | | | NM | | | | | | 51.52% | | | | | | 51.52% | | |
Midpoint | | | | | NM | | | | | | 47.57% | | | | | | 47.57% | | |
Minimum | | | | | NM | | | | | | 43.12% | | | | | | 43.12% | | |
Valuation of peer group companies (historical) | | | | | | | | | | | | | | | | | | | |
Averages | | | | | 10.57x | | | | | | 94.95% | | | | | | 97.15% | | |
Medians | | | | | 11.04x | | | | | | 98.69% | | | | | | 100.18% | | |
| | | Number of Shares to be Granted or Purchased | | | | | | | | | Value of Grants(1) | | ||||||||||||||||||||||||||||||
| | | At Minimum of Offering Range | | | At Adjusted Maximum of Offering Range | | | As a Percentage of Common Stock to be Sold in the Offering | | | As a Percentage of Common Stock to be Outstanding | | | Dilution Resulting From Issuance of Shares for Stock-Based Benefit Plans | | | At Minimum of Offering Range | | | At Adjusted Maximum of Offering Range | | |||||||||||||||||||||
Employee stock ownership plan(2) | | | | | 272,000 | | | | | | 423,200 | | | | | | 8.00% | | | | | | 8.00% | | | | | | 0.00% | | | | | $ | 2,720,000 | | | | | $ | 4,232,000 | | |
Restricted stock awards | | | | | 136,000 | | | | | | 211,600 | | | | | | 4.00 | | | | | | 4.00 | | | | | | 3.85 | | | | | | 1,360,000 | | | | | | 2,116,000 | | |
Stock options | | | | | 340,000 | | | | | | 529,000 | | | | | | 10.00 | | | | | | 10.00 | | | | | | 9.09 | | | | | | 1,207,000 | | | | | | 1,877,950 | | |
Total | | | | | 748,000 | | | | | | 1,163,800 | | | | | | 22.00% | | | | | | 22.00% | | | | | | 12.28% | | | | | $ | 5,287,000 | | | | | $ | 8,225,950 | | |
| | You should consider carefully the following risk factors, in addition to all other information in this prospectus, in evaluating an investment in our common stock. | | |
| | | At March 31, 2021 | | | At December 31, | | ||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||
| | | (In thousands) | | |||||||||||||||
Selected Financial Condition Data: | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 236,742 | | | | | $ | 224,688 | | | | | $ | 218,499 | | |
Cash and cash equivalents | | | | | 37,071 | | | | | | 25,245 | | | | | | 17,909 | | |
Investment securities: | | | | | | | | | | | | | | | | | | | |
Held to maturity | | | | | 17,517 | | | | | | 17,523 | | | | | | 13,129 | | |
Available for sale | | | | | 26,493 | | | | | | 20,730 | | | | | | 14,221 | | |
FHLB stock | | | | | 1,397 | | | | | | 1,394 | | | | | | 1,372 | | |
Loans receivable, net | | | | | 142,929 | | | | | | 148,778 | | | | | | 161,582 | | |
Total deposits | | | | | 176,669 | | | | | | 164,598 | | | | | | 141,629 | | |
FHLB advances | | | | | 8,883 | | | | | | 8,838 | | | | | | 25,000 | | |
Total equity | | | | | 50,357 | | | | | | 50,533 | | | | | | 51,117 | | |
| | | For the Three Months Ended March 31, | | | For the Year Ended December 31, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Selected Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest income | | | | $ | 1,907 | | | | | $ | 2,178 | | | | | $ | 8,490 | | | | | $ | 8,968 | | |
Total interest expense | | | | | 223 | | | | | | 458 | | | | | | 1,705 | | | | | | 1,907 | | |
Net interest income | | | | | 1,684 | | | | | | 1,720 | | | | | | 6,785 | | | | | | 7,061 | | |
Provision for loan losses | | | | | — | | | | | | 65 | | | | | | 985 | | | | | | 75 | | |
Net interest income after provision for loan losses | | | | | 1,684 | | | | | | 1,655 | | | | | | 5,800 | | | | | | 6,986 | | |
Total non-interest income | | | | | 223 | | | | | | 190 | | | | | | 966 | | | | | | 954 | | |
Total non-interest expense | | | | | 1,726 | | | | | | 1,640 | | | | | | 7,943 | | | | | | 6,283 | | |
Income (loss) before income taxes | | | | | 181 | | | | | | 205 | | | | | | (1,177) | | | | | | 1,657 | | |
Income taxes | | | | | 30 | | | | | | 50 | | | | | | (474) | | | | | | 329 | | |
Net income (loss) | | | | $ | 151 | | | | | $ | 155 | | | | | $ | (703) | | | | | $ | 1,328 | | |
Selected Performance Ratios:(1) | | | | | | | | | | | | | | | | | | | | | | | | | |
Average yield on interest-earning assets | | | | | 3.64% | | | | | | 4.29% | | | | | | 3.90% | | | | | | 4.31% | | |
Average rate on interest-bearing liabilities | | | | | 0.60% | | | | | | 1.23% | | | | | | 1.09% | | | | | | 1.24% | | |
Average interest rate spread(2) | | | | | 3.04% | | | | | | 3.06% | | | | | | 2.81% | | | | | | 3.07% | | |
Net interest margin(2) | | | | | 3.21% | | | | | | 3.39% | | | | | | 3.12% | | | | | | 3.39% | | |
Average interest-earning assets to average interest-bearing liabilities | | | | | 140.58% | | | | | | 136.27% | | | | | | 138.83% | | | | | | 135.07% | | |
Net interest income after provision for loan losses to non-interest expense | | | | | 97.57% | | | | | | 100.91% | | | | | | 73.02% | | | | | | 111.19% | | |
(Footnotes on next page) | |
| | | For the Three Months Ended March 31, | | | For the Year Ended December 31, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Total non-interest expense to average assets | | | | | 3.05% | | | | | | 3.01% | | | | | | 3.41% | | | | | | 2.84% | | |
Efficiency ratio(3) | | | | | 90.51% | | | | | | 85.86% | | | | | | 102.48% | | | | | | 78.39% | | |
Return on average assets (ratio of net income to average total assets) | | | | | 0.27% | | | | | | 0.28% | | | | | | -0.30% | | | | | | 0.60% | | |
Return on average equity (ratio of net income to average total equity) | | | | | 1.21% | | | | | | 1.22% | | | | | | -1.36% | | | | | | 2.64% | | |
| | | At or For the Three Months Ended March 31, | | | At or For the Year Ended December 31, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||
Asset Quality Ratios:(4) | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans as a percent of total loans outstanding | | | | | 0.98% | | | | | | 1.01% | | | | | | 0.85% | | | | | | 0.97% | | |
Non-performing assets as a percent of total assets(5) | | | | | 0.94% | | | | | | 1.31% | | | | | | 0.93% | | | | | | 1.31% | | |
Non-performing assets and troubled debt restructurings as a percent of total assets(5) | | | | | 2.33% | | | | | | 1.87% | | | | | | 2.60% | | | | | | 1.97% | | |
Allowance for loan losses as a percent of total loans outstanding | | | | | 2.03% | | | | | | 1.31% | | | | | | 1.99% | | | | | | 1.27% | | |
Allowance for loan losses as a percent of non-performing loans | | | | | 174.85% | | | | | | 106.95% | | | | | | 180.74% | | | | | | 114.55% | | |
Net charge-offs to average loans receivable | | | | | 0.16% | | | | | | 0.03% | | | | | | 0.02% | | | | | | 0.08% | | |
Capital Ratios:(4) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common equity Tier 1 capital (to risk-weighted assets) | | | | | 41.09% | | | | | | 39.70% | | | | | | 40.92% | | | | | | 40.00% | | |
Tier 1 leverage (core) capital (to adjusted tangible assets) | | | | | 22.01% | | | | | | 23.24% | | | | | | 21.06% | | | | | | 23.19% | | |
Tier 1 risk-based capital (to risk-weighted assets) | | | | | 41.09% | | | | | | 39.70% | | | | | | 40.92% | | | | | | 40.00% | | |
Total risk-based capital (to risk-weighted assets) | | | | | 42.36% | | | | | | 40.96% | | | | | | 42.29% | | | | | | 41.21% | | |
Average equity to average assets | | | | | 22.06% | | | | | | 23.30% | | | | | | 22.18% | | | | | | 22.71% | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Banking offices | | | | | 5 | | | | | | 4 | | | | | | 5 | | | | | | 4 | | |
Full-time equivalent employees | | | | | 54 | | | | | | 52 | | | | | | 52 | | | | | | 48 | | |
| | | At June 30, 2021 | | | At December 31, 2020 | | ||||||
| | | (In thousands) | | |||||||||
Selected Financial Condition Data: | | | | | | | | | | | | | |
Total assets | | | | $ | 238,640 | | | | | $ | 224,688 | | |
Cash and cash equivalents | | | | | 29,087 | | | | | | 25,245 | | |
Investment securities: | | | | | | | | | | | | | |
Held to maturity | | | | | 15,511 | | | | | | 17,523 | | |
Available for sale | | | | | 41,856 | | | | | | 20,730 | | |
FHLB stock | | | | | 1,398 | | | | | | 1,394 | | |
Loans receivable, net | | | | | 137,950 | | | | | | 148,778 | | |
Total deposits | | | | | 177,888 | | | | | | 164,598 | | |
FHLB advances | | | | | 8,928 | | | | | | 8,838 | | |
Total equity | | | | | 50,732 | | | | | | 50,533 | | |
| | | For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Selected Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest income | | | | $ | 1,843 | | | | | $ | 2,151 | | | | | $ | 3,749 | | | | | $ | 4,329 | | |
Total interest expense | | | | | 204 | | | | | | 446 | | | | | | 426 | | | | | | 904 | | |
Net interest income | | | | | 1,639 | | | | | | 1,705 | | | | | | 3,323 | | | | | | 3,425 | | |
(Reversal)/Provision for loan losses | | | | | (286) | | | | | | — | | | | | | (286) | | | | | | 65 | | |
Net interest income after provision for loan losses | | | | | 1,925 | | | | | | 1,705 | | | | | | 3,609 | | | | | | 3,360 | | |
Total non-interest income | | | | | 364 | | | | | | 168 | | | | | | 587 | | | | | | 357 | | |
Total non-interest expense | | | | | 1,967 | | | | | | 1,524 | | | | | | 3,692 | | | | | | 3,163 | | |
Income before income taxes | | | | | 322 | | | | | | 349 | | | | | | 504 | | | | | | 554 | | |
Income taxes | | | | | 62 | | | | | | 89 | | | | | | 93 | | | | | | 139 | | |
Net income | | | | $ | 260 | | | | | $ | 260 | | | | | | 411 | | | | | | 415 | | |
Selected Performance Ratios:(1) | | | | | | | | | | | | | | | | | | | | | | | | | |
Average yield on interest-earning assets | | | | | 3.35% | | | | | | 3.99% | | | | | | 3.49% | | | | | | 4.12% | | |
Average rate on interest-bearing liabilities | | | | | 0.52% | | | | | | 1.15% | | | | | | .56% | | | | | | 1.18% | | |
Average interest rate spread(2) | | | | | 2.83% | | | | | | 2.84% | | | | | | 2.93% | | | | | | 2.94% | | |
Net interest margin(2) | | | | | 2.98% | | | | | | 3.17% | | | | | | 3.09% | | | | | | 3.26% | | |
Average interest-earning assets to average interest-bearing liabilities | | | | | 140.70% | | | | | | 138.77% | | | | | | 140.64% | | | | | | 137.54% | | |
Net interest income after provision for loan losses to non-interest expense | | | | | 97.86% | | | | | | 111.88% | | | | | | 97.75% | | | | | | 106.23% | | |
Total non-interest expense to average assets | | | | | 3.31% | | | | | | 2.65% | | | | | | 3.18% | | | | | | 2.82% | | |
(Footnotes on next page) | |
| | | For the Three Months Ended June 30, | | | For the Six Months Ended June 30, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Efficiency ratio(3) | | | | | 98.20% | | | | | | 81.37% | | | | | | 94.42% | | | | | | 83.63% | | |
Return on average assets (ratio of net income to average total assets) | | | | | 0.44% | | | | | | 0.45% | | | | | | 0.35% | | | | | | 0.37% | | |
Return on average equity (ratio of net income to average total equity) | | | | | 2.07% | | | | | | 2.02% | | | | | | 1.64% | | | | | | 1.62% | | |
| | | At or For the Three Months Ended June 30, | | | At or For the Six Months Ended June 30, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
Asset Quality Ratios:(4) | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans as a percent of total loans outstanding | | | | | 0.89% | | | | | | 1.03% | | | | | | 0.89% | | | | | | 1.03% | | |
Non-performing assets as a percent of total assets(5) | | | | | 0.83% | | | | | | 1.35% | | | | | | 0.83% | | | | | | 1.35% | | |
Non-performing assets and troubled debt restructurings as a percent of total assets(5) | | | | | 2.19% | | | | | | 2.88% | | | | | | 2.19% | | | | | | 2.88% | | |
Allowance for loan losses as a percent of total loans outstanding | | | | | 1.88% | | | | | | 1.31% | | | | | | 1.88% | | | | | | 1.31% | | |
Allowance for loan losses as a percent of non-performing loans | | | | | 189.89% | | | | | | 90.86% | | | | | | 189.89% | | | | | | 90.86% | | |
Net charge-offs to average loans receivable | | | | | 0.12% | | | | | | 0.02% | | | | | | 0.16% | | | | | | 0.03% | | |
Capital Ratios:(4) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common equity Tier 1 capital (to risk-weighted assets) | | | | | 41.81% | | | | | | 36.71% | | | | | | 41.81% | | | | | | 36.71% | | |
Tier 1 leverage (core) capital (to adjusted tangible assets) | | | | | 21.34% | | | | | | 22.30% | | | | | | 21.34% | | | | | | 22.30% | | |
Tier 1 risk-based capital (to risk-weighted assets) | | | | | 41.81% | | | | | | 36.71% | | | | | | 41.81% | | | | | | 36.71% | | |
Total risk-based capital (to risk-weighted assets) | | | | | 43.07% | | | | | | 37.97% | | | | | | 43.07% | | | | | | 37.97% | | |
Average equity to average assets | | | | | 21.15% | | | | | | 22.40% | | | | | | 21.59% | | | | | | 22.84% | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Banking offices | | | | | 5 | | | | | | 4 | | | | | | 5 | | | | | | 4 | | |
Full-time equivalent employees | | | | | 53 | | | | | | 51 | | | | | | 53 | | | | | | 51 | | |
| | | Based Upon the Sale at $10.00 Per Share of | | |||||||||||||||||||||||||||||||||||||||||||||
| | | 3,400,000 Shares | | | 4,000,000 Shares | | | 4,600,000 Shares | | | 5,290,000 Shares(1) | | ||||||||||||||||||||||||||||||||||||
| | | Amount | | | Percent of Net Proceeds | | | Amount | | | Percent of Net Proceeds | | | Amount | | | Percent of Net Proceeds | | | Amount | | | Percent of Net Proceeds | | ||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
Gross offering proceeds | | | | $ | 34,000 | | | | | | | | | | | $ | 40,000 | | | | | | | | | | | $ | 46,000 | | | | | | | | | | | $ | 52,900 | | | | | | | | |
Less: offering expenses | | | | | (1,438) | | | | | | | | | | | | (1,487) | | | | | | | | | | | | (1,537) | | | | | | | | | | | | (1,594) | | | | | | | | |
Net offering proceeds | | | | $ | 32,562 | | | | | | 100.0% | | | | | $ | 38,513 | | | | | | 100.0% | | | | | $ | 44,463 | | | | | | 100.0% | | | | | $ | 51,306 | | | | | | 100.0% | | |
Distribution of net proceeds: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds contributed to St. Landry Homestead Federal Savings Bank | | | | $ | 16,281 | | | | | | 50.0% | | | | | $ | 19,257 | | | | | | 50.0% | | | | | $ | 22,232 | | | | | | 50.0% | | | | | $ | 25,653 | | | | | | 50.0% | | |
Loan to employee stock ownership plan | | | | | 2,720 | | | | | | 8.4 | | | | | | 3,200 | | | | | | 8.3 | | | | | | 3,680 | | | | | | 8.3 | | | | | | 4,232 | | | | | | 8.2 | | |
Proceeds retained by Catalyst Bancorp | | | | $ | 13,561 | | | | | | 41.6% | | | | | $ | 16,057 | | | | | | 41.7% | | | | | $ | 18,552 | | | | | | 41.7% | | | | | $ | 21,421 | | | | | | 41.8% | | |
| | | St. Landry Homestead Federal Savings Bank Historical at March 31, 2021 | | | St. Landry Homestead Federal Savings Bank Pro Forma at March 31, 2021 Based Upon the Sale in the Offering of: | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 3,400,000 Shares | | | 4,000,000 Shares | | | 4,600,000 Shares | | | 5,290,000 Shares(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Amount | | | Percent of Assets | | | Amount | | | Percent of Assets | | | Amount | | | Percent of Assets | | | Amount | | | Percent of Assets | | | Amount | | | Percent of Assets | | ||||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | | | | $ | 50,357 | | | | | | 21.27% | | | | | $ | 62,558 | | | | | | 24.72% | | | | | $ | 64,814 | | | | | | 25.32% | | | | | $ | 67,069 | | | | | | 25.90% | | | | | $ | 69,662 | | | | | | 26.55% | | |
Tier 1 leverage capital(2)(3) | | | | $ | 50,577 | | | | | | 22.01% | | | | | $ | 62,778 | | | | | | 25.51% | | | | | $ | 65,034 | | | | | | 26.11% | | | | | $ | 67,289 | | | | | | 26.69% | | | | | $ | 69,882 | | | | | | 27.35% | | |
Tier 1 leverage requirement | | | | | 11,492 | | | | | | 5.00 | | | | | | 12,306 | | | | | | 5.00 | | | | | | 12,455 | | | | | | 5.00 | | | | | | 12,603 | | | | | | 5.00 | | | | | | 12,775 | | | | | | 5.00 | | |
Excess | | | | $ | 39,085 | | | | | | 17.01% | | | | | $ | 50,472 | | | | | | 20.51% | | | | | $ | 52,579 | | | | | | 21.11% | | | | | $ | 54,686 | | | | | | 21.69% | | | | | $ | 57,107 | | | | | | 22.35% | | |
Tier 1 risk-based capital(2)(3) | | | | $ | 50,577 | | | | | | 41.09% | | | | | $ | 62,778 | | | | | | 49.69% | | | | | $ | 65,034 | | | | | | 51.23% | | | | | $ | 67,289 | | | | | | 52.76% | | | | | $ | 69,882 | | | | | | 54.51% | | |
Tier 1 risk-based requirement | | | | | 9,846 | | | | | | 8.00 | | | | | | 10,107 | | | | | | 8.00 | | | | | | 10,155 | | | | | | 8.00 | | | | | | 10,202 | | | | | | 8.00 | | | | | | 10,257 | | | | | | 8.00 | | |
Excess | | | | $ | 40,731 | | | | | | 33.09% | | | | | $ | 52,671 | | | | | | 41.69% | | | | | $ | 54,879 | | | | | | 43.23% | | | | | $ | 57,087 | | | | | | 44.76% | | | | | $ | 59,625 | | | | | | 46.51% | | |
Common equity tier 1 risk-based capital(2)(3) | | | | $ | 50,577 | | | | | | 41.09% | | | | | $ | 62,778 | | | | | | 49.69% | | | | | $ | 65,034 | | | | | | 51.23% | | | | | $ | 67,289 | | | | | | 52.76% | | | | | $ | 69,882 | | | | | | 54.51% | | |
Common equity tier 1 risk-based requirement | | | | | 8,000 | | | | | | 6.50 | | | | | | 8,212 | | | | | | 6.50 | | | | | | 8,251 | | | | | | 6.50 | | | | | | 8,289 | | | | | | 6.50 | | | | | | 8,334 | | | | | | 6.50 | | |
Excess | | | | $ | 42,577 | | | | | | 34.59% | | | | | $ | 54,566 | | | | | | 43.19% | | | | | $ | 56,783 | | | | | | 44.73% | | | | | $ | 59,000 | | | | | | 46.26% | | | | | $ | 61,548 | | | | | | 48.01% | | |
Total risk-based capital(2)(3) | | | | $ | 52,134 | | | | | | 42.36% | | | | | $ | 64,335 | | | | | | 50.92% | | | | | $ | 66,591 | | | | | | 52.46% | | | | | $ | 68,846 | | | | | | 53.98% | | | | | $ | 71,439 | | | | | | 55.72% | | |
Total risk-based requirement | | | | | 12,308 | | | | | | 10.00 | | | | | | 12,634 | | | | | | 10.00 | | | | | | 12,693 | | | | | | 10.00 | | | | | | 12,753 | | | | | | 10.00 | | | | | | 12,821 | | | | | | 10.00 | | |
Excess | | | | $ | 39,826 | | | | | | 32.36% | | | | | $ | 51,701 | | | | | | 40.92% | | | | | $ | 53,898 | | | | | | 42.46% | | | | | $ | 56,093 | | | | | | 43.98% | | | | | $ | 58,618 | | | | | | 45.72% | | |
Reconciliation of capital infused into St. Landry Homestead Federal Savings Bank: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds | | | | | | | | | | | | | | | | $ | 16,281 | | | | | | | | | | | $ | 19,257 | | | | | | | | | | | $ | 22,232 | | | | | | | | | | | $ | 25,653 | | | | | | | | |
Less: Common stock acquired by employee stock ownership plan | | | | | | | | | | | | | | | | | (2,720) | | | | | | | | | | | | (3,200) | | | | | | | | | | | | (3,680) | | | | | | | | | | | | (4,232) | | | | | | | | |
Less: Common stock acquired by recognition and retention plan | | | | | | | | | | | | | | | | | (1,360) | | | | | | | | | | | | (1,600) | | | | | | | | | | | | (1,840) | | | | | | | | | | | | (2,116) | | | | | | | | |
Pro forma increase | | | | | | | | | | | | | | | | $ | 12,201 | | | | | | | | | | | $ | 14,457 | | | | | | | | | | | $ | 16,712 | | | | | | | | | | | $ | 19,305 | | | | | | | | |
| | | St. Landry Homestead Federal Savings Bank Historical at March 31, 2021 | | | Catalyst Bancorp Pro Forma at March 31, 2021 Based upon the Sale in the Offering at $10.00 per Share of: | | ||||||||||||||||||||||||
| | | 3,400,000 Shares | | | 4,000,000 Shares | | | 4,600,000 Shares | | | 5,290,000 Shares(1) | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||
Deposits(2) | | | | $ | 176,669 | | | | | $ | 176,669 | | | | | $ | 176,669 | | | | | $ | 176,669 | | | | | $ | 176,669 | | |
Borrowings | | | | | 8,883 | | | | | | 8,883 | | | | | | 8,883 | | | | | | 8,883 | | | | | | 8,883 | | |
Total deposits and borrowed funds | | | | $ | 185,552 | | | | | $ | 185,552 | | | | | $ | 185,552 | | | | | $ | 185,552 | | | | | $ | 185,552 | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock, $0.01 par value, 5,000,000 shares authorized | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Common stock, $0.01 par value, 30,000,000 shares authorized; shares to be issued as reflected(3) | | | | | — | | | | | | 34 | | | | | | 40 | | | | | | 46 | | | | | | 53 | | |
Additional paid-in capital | | | | | — | | | | | | 32,528 | | | | | | 38,473 | | | | | | 44,417 | | | | | | 51,253 | | |
Retained earnings(4) | | | | | 50,577 | | | | | | 50,577 | | | | | | 50,577 | | | | | | 50,577 | | | | | | 50,577 | | |
Accumulated other comprehensive income (loss) | | | | | (220) | | | | | | (220) | | | | | | (220) | | | | | | (220) | | | | | | (220) | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock to be acquired by employee stock ownership plan(5) | | | | | — | | | | | | (2,720) | | | | | | (3,200) | | | | | | (3,680) | | | | | | (4,232) | | |
Common stock to be acquired by stock-based benefit plans(6) | | | | | — | | | | | | (1,360) | | | | | | (1,600) | | | | | | (1,840) | | | | | | (2,116) | | |
Total shareholders’ equity | | | | $ | 50,357 | | | | | $ | 78,839 | | | | | $ | 84,070 | | | | | $ | 89,300 | | | | | $ | 95,315 | | |
Pro Forma Shares Outstanding | | | | | — | | | | | | 3,400,000 | | | | | | 4,000,000 | | | | | | 4,600,000 | | | | | | 5,290,000 | | |
Total shareholders’ equity as a percentage of total assets | | | | | 21.27% | | | | | | 29.73% | | | | | | 31.08% | | | | | | 32.39% | | | | | | 33.84% | | |
| | | At or for the Three Months Ended March 31, 2021 Based upon the Sale at $10.00 Per Share of | | |||||||||||||||||||||
| | | 3,400,000 Shares | | | 4,000,000 Shares | | | 4,600,000 Shares | | | 5,290,000 Shares | | ||||||||||||
| | | (Dollars in thousands, except per share amounts) | | |||||||||||||||||||||
Gross proceeds of offering: | | | | $ | 34,000 | | | | | $ | 40,000 | | | | | $ | 46,000 | | | | | $ | 52,900 | | |
Expenses | | | | | (1,438) | | | | | | (1,487) | | | | | | (1,537) | | | | | | (1,594) | | |
Estimated net proceeds | | | | | 32,562 | | | | | | 38,513 | | | | | | 44,463 | | | | | | 51,306 | | |
Common stock purchased by ESOP(1) | | | | | (2,720) | | | | | | (3,200) | | | | | | (3,680) | | | | | | (4,232) | | |
Common stock purchased by RRP(2) | | | | | (1,360) | | | | | | (1,600) | | | | | | (1,840) | | | | | | (2,116) | | |
Estimated net proceeds, as adjusted | | | | $ | 28,482 | | | | | $ | 33,713 | | | | | $ | 38,943 | | | | | $ | 44,958 | | |
For the Three Months Ended March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated net income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 151 | | | | | $ | 151 | | | | | $ | 151 | | | | | $ | 151 | | |
Income on net proceeds | | | | | 52 | | | | | | 61 | | | | | | 71 | | | | | | 82 | | |
Less: state shares tax(3) | | | | | (78) | | | | | | (82) | | | | | | (87) | | | | | | (92) | | |
Employee stock ownership plan(1) | | | | | (27) | | | | | | (32) | | | | | | (36) | | | | | | (42) | | |
RRP awards(2) | | | | | (54) | | | | | | (63) | | | | | | (73) | | | | | | (84) | | |
Stock options(4) | | | | | (57) | | | | | | (67) | | | | | | (77) | | | | | | (89) | | |
Pro forma net income (loss) | | | | $ | (13) | | | | | $ | (32) | | | | | $ | (51) | | | | | $ | (74) | | |
Net income (loss) per share(5): | | | | | | | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 0.05 | | | | | $ | 0.04 | | | | | $ | 0.04 | | | | | $ | 0.03 | | |
Income on net proceeds | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Less: state shares tax(3) | | | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | |
Employee stock ownership plan(1) | | | | | (0.01) | | | | | | (0.01) | | | | | | (0.01) | | | | | | (0.01) | | |
RRP awards(2) | | | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | |
Stock options(4) | | | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | | | | | (0.02) | | |
Pro forma net income (loss) per share(5) | | | | $ | (0.00) | | | | | $ | (0.01) | | | | | $ | (0.01) | | | | | $ | (0.02) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Offering price to pro forma net earnings per share | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | |
Number of shares used in earnings per share calculations | | | | | 3,131,400 | | | | | | 3,684,000 | | | | | | 4,263,600 | | | | | | 4,872,090 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
At March 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 50,357 | | | | | $ | 50,357 | | | | | $ | 50,357 | | | | | $ | 50,357 | | |
Estimated net proceeds | | | | | 32,562 | | | | | | 38,513 | | | | | | 44,463 | | | | | | 51,306 | | |
Common stock acquired by ESOP(1) | | | | | (2,720) | | | | | | (3,200) | | | | | | (3,680) | | | | | | (4,232) | | |
RRP awards(2) | | | | | (1,360) | | | | | | (1,600) | | | | | | (1,840) | | | | | | (2,116) | | |
Pro forma shareholders’ equity | | | | $ | 78,839 | | | | | $ | 84,070 | | | | | $ | 89,300 | | | | | $ | 95,315 | | |
Shareholders’ equity per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 14.81 | | | | | $ | 12.59 | | | | | $ | 10.95 | | | | | $ | 9.52 | | |
Estimated net proceeds | | | | | 9.58 | | | | | | 9.63 | | | | | | 9.66 | | | | | | 9.70 | | |
Common stock acquired by ESOP(1) | | | | | (0.80) | | | | | | (0.80) | | | | | | (0.80) | | | | | | (0.80) | | |
Common stock acquired by RRP(2) | | | | | (0.40) | | | | | | (0.40) | | | | | | (0.40) | | | | | | (0.40) | | |
Pro forma shareholders’ equity per share(6) | | | | | 23.19 | | | | | | 21.02 | | | | | | 19.41 | | | | | | 18.02 | | |
Less: Intangibles | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pro forma tangible shareholders’ equity per share(6) | | | | $ | 23.19 | | | | | $ | 21.02 | | | | | $ | 19.41 | | | | | $ | 18.02 | | |
Pro forma price to book value | | | | | 43.12% | | | | | | 47.57% | | | | | | 51.52% | | | | | | 55.49% | | |
Pro forma price to tangible book value | | | | | 43.12% | | | | | | 47.57% | | | | | | 51.52% | | | | | | 55.49% | | |
Number of shares outstanding for pro forma book value per share calculations | | | | | 3,400,000 | | | | | | 4,000,000 | | | | | | 4,600,000 | | | | | | 5,290,000 | | |
| | | At or for the Year Ended December 31, 2020 Based upon the Sale at $10.00 Per Share of | | |||||||||||||||||||||
| | | 3,400,000 Shares | | | 4,000,000 Shares | | | 4,600,000 Shares | | | 5,290,000 Shares | | ||||||||||||
| | | (Dollars in thousands, except per share amounts) | | |||||||||||||||||||||
Gross proceeds of offering: | | | | $ | 34,000 | | | | | $ | 40,000 | | | | | $ | 46,000 | | | | | $ | 52,900 | | |
Expenses | | | | | (1,438) | | | | | | (1,487) | | | | | | (1,537) | | | | | | (1,594) | | |
Estimated net proceeds | | | | | 32,562 | | | | | | 38,513 | | | | | | 44,463 | | | | | | 51,306 | | |
Common stock purchased by ESOP(1) | | | | | (2,720) | | | | | | (3,200) | | | | | | (3,680) | | | | | | (4,232) | | |
Common stock purchased by RRP(2) | | | | | (1,360) | | | | | | (1,600) | | | | | | (1,840) | | | | | | (2,116) | | |
Estimated net proceeds, as adjusted | | | | $ | 28,482 | | | | | $ | 33,713 | | | | | $ | 38,943 | | | | | $ | 44,958 | | |
For the Year Ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated net income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | (703) | | | | | $ | (703) | | | | | $ | (703) | | | | | $ | (703) | | |
Income on net proceeds | | | | | 207 | | | | | | 245 | | | | | | 283 | | | | | | 327 | | |
Less: state shares tax(3) | | | | | (258) | | | | | | (267) | | | | | | (277) | | | | | | (288) | | |
Employee stock ownership plan(1) | | | | | (107) | | | | | | (126) | | | | | | (145) | | | | | | (167) | | |
RRP awards(2) | | | | | (215) | | | | | | (253) | | | | | | (291) | | | | | | (334) | | |
Stock options(4) | | | | | (229) | | | | | | (269) | | | | | | (309) | | | | | | (356) | | |
Pro forma net income (loss) | | | | $ | (1,305) | | | | | $ | (1.373) | | | | | $ | (1,442) | | | | | $ | (1,521) | | |
Net income (loss) per share(5): | | | | | | | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | (0.22) | | | | | $ | (0.19) | | | | | $ | (0.17) | | | | | $ | (0.14) | | |
Income on net proceeds | | | | | 0.06 | | | | | | 0.07 | | | | | | 0.07 | | | | | | 0.06 | | |
Less: state shares tax(3) | | | | | (0.08) | | | | | | (0.07) | | | | | | (0.07) | | | | | | (0.06) | | |
Employee stock ownership plan(1) | | | | | (0.03) | | | | | | (0.03) | | | | | | (0.03) | | | | | | (0.03) | | |
RRP awards(2) | | | | | (0.07) | | | | | | (0.07) | | | | | | (0.07) | | | | | | (0.07) | | |
Stock options(4) | | | | | (0.07) | | | | | | (0.08) | | | | | | (0.07) | | | | | | (0.07) | | |
Pro forma net income (loss) per share(5) | | | | $ | (0.41) | | | | | $ | (0.37) | | | | | $ | (0.34) | | | | | $ | (0.31) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Offering price to pro forma net earnings per share | | | | | NM | | | | | | NM | | | | | | NM | | | | | | NM | | |
Number of shares used in earnings per share calculations | | | | | 3,141,600 | | | | | | 3,696,000 | | | | | | 4,250,400 | | | | | | 4,887,960 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
At December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 50,533 | | | | | $ | 50,533 | | | | | $ | 50,533 | | | | | $ | 50,533 | | |
Estimated net proceeds | | | | | 32,562 | | | | | | 38,513 | | | | | | 44,463 | | | | | | 51,306 | | |
Common stock acquired by ESOP(1) | | | | | (2,720) | | | | | | (3,200) | | | | | | (3,680) | | | | | | (4,232) | | |
RRP awards(2) | | | | | (1,360) | | | | | | (1,600) | | | | | | (1,840) | | | | | | (2,116) | | |
Pro forma shareholders’ equity | | | | $ | 79,015 | | | | | $ | 84,246 | | | | | $ | 89,476 | | | | | $ | 95,491 | | |
Shareholders’ equity per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Historical | | | | $ | 14.86 | | | | | $ | 12.63 | | | | | $ | 10.99 | | | | | $ | 9.55 | | |
Estimated net proceeds | | | | | 9.58 | | | | | | 9.63 | | | | | | 9.66 | | | | | | 9.70 | | |
Common stock acquired by ESOP(1) | | | | | (0.80) | | | | | | (0.80) | | | | | | (0.80) | | | | | | (0.80) | | |
Common stock acquired by RRP(2) | | | | | (0.40) | | | | | | (0.40) | | | | | | (0.40) | | | | | | (0.40) | | |
Pro forma shareholders’ equity per share(6) | | | | | 23.24 | | | | | | 21.06 | | | | | | 19.45 | | | | | | 18.05 | | |
Less: Intangibles | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pro forma tangible shareholders’ equity per share(6) | | | | $ | 23.24 | | | | | $ | 21.06 | | | | | $ | 19.45 | | | | | $ | 18.05 | | |
Pro forma price to book value | | | | | 43.03% | | | | | | 47.48% | | | | | | 51.41% | | | | | | 55.40% | | |
Pro forma price to tangible book value | | | | | 43.03% | | | | | | 47.48% | | | | | | 51.41% | | | | | | 55.40% | | |
Number of shares outstanding for pro forma book value per share calculations | | | | | 3,400,000 | | | | | | 4,000,000 | | | | | | 4,600,000 | | | | | | 5,290,000 | | |
| | | | | | | | | Three Months Ended March 31, | | |||||||||||||||||||||||||||||||||
| | | | | | | | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
| | | Yield/Rate at March 31, 2021 | | | Average Balance | | | Interest | | | Average Yield/ Rate | | | Average Balance | | | Interest | | | Average Yield/ Rate | | |||||||||||||||||||||
| | | | | | | | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable(1) | | | | | 4.61% | | | | | $ | 146,358 | | | | | $ | 1,772 | | | | | | 4.91% | | | | | $ | 160,762 | | | | | $ | 2,003 | | | | | | 5.05% | | |
Investment securities | | | | | 1.21 | | | | | | 40,551 | | | | | | 121 | | | | | | 1.21 | | | | | | 26,710 | | | | | | 118 | | | | | | 1.80 | | |
Other interest-earning assets | | | | | 0.20 | | | | | | 25,901 | | | | | | 14 | | | | | | 0.22 | | | | | | 18,192 | | | | | | 57 | | | | | | 1.26 | | |
Total interest-earning assets | | | | | 3.27 | | | | | | 212,810 | | | | | | 1,907 | | | | | | 3.64 | | | | | | 205,664 | | | | | | 2,178 | | | | | | 4.29 | | |
Non-interest-earning assets | | | | | | | | | | | 17,027 | | | | | | | | | | | | | | | | | | 14,969 | | | | | | | | | | | | | | |
Total assets | | | | | | | | | | $ | 229,837 | | | | | | | | | | | | | | | | | $ | 220,633 | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Savings, NOW and money market accounts | | | | | 0.15 | | | | | | 73,444 | | | | | | 32 | | | | | | 0.18 | | | | | | 61,717 | | | | | | 59 | | | | | | 0.39 | | |
Certificates of deposit | | | | | 0.68 | | | | | | 69,082 | | | | | | 123 | | | | | | 0.72 | | | | | | 64,206 | | | | | | 201 | | | | | | 1.27 | | |
Total deposits | | | | | 0.40 | | | | | | 142,526 | | | | | | 155 | | | | | | 0.44 | | | | | | 125,923 | | | | | | 260 | | | | | | 0.84 | | |
FHLB advances | | | | | 0.93(2) | | | | | | 8,854 | | | | | | 68 | | | | | | 3.07 | | | | | | 25,006 | | | | | | 198 | | | | | | 3.18 | | |
Total interest-bearing liabilities | | | | | 0.43 | | | | | | 151,380 | | | | | | 223 | | | | | | 0.60 | | | | | | 150,929 | | | | | | 458 | | | | | | 1.23 | | |
Non-interest-bearing liabilities | | | | | | | | | | | 27,753 | | | | | | | | | | | | | | | | | | 18,291 | | | | | | | | | | | | | | |
Total liabilities | | | | | | | | | | | 179,133 | | | | | | | | | | | | | | | | | | 169,220 | | | | | | | | | | | | | | |
Retained earnings | | | | | | | | | | | 50,704 | | | | | | | | | | | | | | | | | | 51,413 | | | | | | | | | | | | | | |
Total liabilities and retained earnings | | | | | | | | | | $ | 229,837 | | | | | | | | | | | | | | | | | $ | 220,633 | | | | | | | | | | | | | | |
Net interest-earning assets | | | | | | | | | | $ | 61,430 | | | | | | | | | | | | | | | | | $ | 54,735 | | | | | | | | | | | | | | |
Net interest income; average interest rate spread | | | | | 2.84% | | | | | | | | | | | $ | 1,684 | | | | | | 3.04% | | | | | | | | | | | $ | 1,720 | | | | | | 3.06% | | |
Net interest margin(3) | | | | | | | | | | | | | | | | | | | | | | | 3.21% | | | | | | | | | | | | | | | | | | 3.39% | | |
Average interest-earning assets to average interest-bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | 140.58% | | | | | | | | | | | | | | | | | | 136.27% | | |
| | | Year Ended December 31, | | | |||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | ||||||||||||||||||||||||||||||||
| | | Average Balance | | | Interest | | | Average Yield/ Rate | | | Average Balance | | | Interest | | | Average Yield/ Rate | | | ||||||||||||||||||||
| | | (Dollars in thousands) | | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Loans receivable(1) | | | | $ | 158,909 | | | | | $ | 7,827 | | | | | | 4.93% | | | | | $ | 161,568 | | | | | $ | 7,943 | | | | | | 4.92% | | | | ||
Investment securities | | | | | 34,663 | | | | | | 568 | | | | | | 1.64 | | | | | | 30,914 | | | | | | 688 | | | | | | 2.22 | | | | ||
Other interest-earning assets | | | | | 24,038 | | | | | | 95 | | | | | | 0.39 | | | | | | 15,520 | | | | | | 337 | | | | | | 2.17 | | | | ||
Total interest-earning assets | | | | | 217,610 | | | | | | 8,490 | | | | | | 3.90 | | | | | | 208,002 | | | | | | 8,968 | | | | | | 4.31 | | | | ||
Non-interest-earning assets | | | | | 15,056 | | | | | | | | | | | | | | | | | | 13,576 | | | | | | | | | | | | | | | | ||
Total assets | | | | $ | 232,666 | | | | | | | | | | | | | | | | | $ | 221,578 | | | | | | | | | | | | | | | | ||
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Savings, NOW and money market accounts | | | | | 65,833 | | | | | | 191 | | | | | | 0.29 | | | | | | 59,804 | | | | | | 315 | | | | | | 0.53 | | | | ||
Certificates of deposit | | | | | 66,525 | | | | | | 729 | | | | | | 1.10 | | | | | | 69,195 | | | | | | 797 | | | | | | 1.15 | | | | ||
Total deposits | | | | | 132,358 | | | | | | 920 | | | | | | 0.69 | | | | | | 128,999 | | | | | | 1,112 | | | | | | 0.86 | | | | ||
FHLB advances | | | | | 24,382 | | | | | | 785 | | | | | | 3.22 | | | | | | 25,000 | | | | | | 795 | | | | | | 3.18 | | | | ||
Total interest-bearing liabilities | | | | | 156,740 | | | | | | 1,705 | | | | | | 1.09 | | | | | | 153,999 | | | | | | 1,907 | | | | | | 1.24 | | | | ||
Non-interest-bearing liabilities | | | | | 24,331 | | | | | | | | | | | | | | | | | | 17,259 | | | | | | | | | | | | | | | | ||
Total liabilities | | | | | 181,071 | | | | | | | | | | | | | | | | | | 171,258 | | | | | | | | | | | | | | | | ||
Retained earnings | | | | | 51,595 | | | | | | | | | | | | | | | | | | 50,320 | | | | | | | | | | | | | | | | ||
Total liabilities and retained earnings | | | | $ | 232,666 | | | | | | | | | | | | | | | | | $ | 221,578 | | | | | | | | | | | | | | | | ||
Net interest-earning assets | | | | $ | 60,870 | | | | | | | | | | | | | | | | | $ | 54,003 | | | | | | | | | | | | | | | | ||
Net interest income; average interest rate spread | | | | | | | | | | $ | 6,785 | | | | | | 2.81% | | | | | | | | | | | $ | 7,061 | | | | | | 3.07% | | | | ||
Net interest margin(2) | | | | | | | | | | | | | | | | | 3.12% | | | | | | | | | | | | | | | | | | 3.39% | | | | ||
Average interest-earning assets to average interest-bearing liabilities | | | | | | | | | | | | | | | | | 138.83% | | | | | | | | | | | | | | | | | | 135.07% | | | |
| | | Three Months Ended March 31, 2021 compared to Three Months Ended March 31, 2020 | | |||||||||||||||
| | | Increase (Decrease) Due to | | |||||||||||||||
| | | Rate | | | Volume | | | Total Increase (Decrease) | | |||||||||
| | | (In thousands) | | |||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | |
Loans receivable | | | | $ | (56) | | | | | $ | (175) | | | | | $ | (231) | | |
Investment securities | | | | | (46) | | | | | | 49 | | | | | | 3 | | |
Other interest-earning assets | | | | | (60) | | | | | | 17 | | | | | | (43) | | |
Total interest income | | | | | (162) | | | | | | (109) | | | | | | (271) | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Savings, NOW and money market accounts | | | | | (37) | | | | | | 10 | | | | | | (27) | | |
Certificates of deposit | | | | | (92) | | | | | | 14 | | | | | | (78) | | |
Total deposits | | | | | (129) | | | | | | 24 | | | | | | (105) | | |
FHLB advances and other borrowings | | | | | (7) | | | | | | (123) | | | | | | (130) | | |
Total interest expense | | | | | (136) | | | | | | (99) | | | | | | (235) | | |
Increase (decrease) in net interest income | | | | $ | (26) | | | | | $ | (10) | | | | | $ | (36) | | |
| | | Year Ended December 31, 2020 compared to 2019 | | |||||||||||||||
| | | Increase (Decrease) Due to | | |||||||||||||||
| | | Rate | | | Volume | | | Total Increase (Decrease) | | |||||||||
| | | (In thousands) | | |||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | |
Loans receivable | | | | $ | 15 | | | | | $ | (131) | | | | | $ | (116) | | |
Investment securities | | | | | (196) | | | | | | 76 | | | | | | (120) | | |
Other interest-earning assets | | | | | (366) | | | | | | 124 | | | | | | (242) | | |
Total interest income | | | | | (547) | | | | | | 69 | | | | | | (478) | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Savings, NOW and money market accounts | | | | | (153) | | | | | | 29 | | | | | | (124) | | |
Certificates of deposit | | | | | (38) | | | | | | (30) | | | | | | (68) | | |
Total deposits | | | | | (191) | | | | | | (1) | | | | | | (192) | | |
FHLB advances and other borrowings | | | | | 10 | | | | | | (20) | | | | | | (10) | | |
Total interest expense | | | | | (181) | | | | | | (21) | | | | | | (202) | | |
Increase (decrease) in net interest income | | | | $ | (366) | | | | | $ | 90 | | | | | $ | (276) | | |
Change in Interest Rates In Basis Points (Rate Shock) | | | Net Portfolio Value | | | NPV as % of Portfolio Value of Assets | | ||||||||||||||||||||||||
| Amount | | | $ Change | | | % Change | | | NPV Ratio | | | Change | | |||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||
300bp | | | | $ | 50,787 | | | | | $ | (3,837) | | | | | | -7.0% | | | | | | 22.9% | | | | | | -0.2% | | |
200 | | | | | 50,341 | | | | | | (4,283) | | | | | | -7.8 | | | | | | 22.2 | | | | | | -0.9 | | |
100 | | | | | 52,789 | | | | | | (1,835) | | | | | | -3.4 | | | | | | 22.8 | | | | | | -0.3 | | |
Static | | | | | 54,624 | | | | | | | | | | | | | | | | | | 23.1 | | | | | | | | |
(100) | | | | | 51,145 | | | | | | (3,479) | | | | | | -6.4 | | | | | | 21.4 | | | | | | -1.7 | | |
(200) | | | | | 49,293 | | | | | | (5,331) | | | | | | -9.8 | | | | | | 20.4 | | | | | | -2.7 | | |
Change in Interest Rates in Basis Points (Rate Shock) | | | Net Interest Income | | | $ Change | | | % Change | | |||||||||
| | | (Dollars in thousands) | | |||||||||||||||
300bp | | | | $ | 7,116 | | | | | $ | 298 | | | | | | 4.37% | | |
200 | | | | | 7,149 | | | | | | 331 | | | | | | 4.85 | | |
100 | | | | | 6,994 | | | | | | 176 | | | | | | 2.58 | | |
Static | | | | | 6,743 | | | | | | (75) | | | | | | -1.10 | | |
(100) | | | | | 6,351 | | | | | | (467) | | | | | | -6.85 | | |
(200) | | | | | 6,208 | | | | | | (610) | | | | | | -8.95 | | |
| | | Total Amounts Committed at March 31, 2021 | | | Amount of Commitment Expiration — Per Period | | ||||||||||||||||||||||||
| | | To 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Letters of credit | | | | $ | 500 | | | | | $ | 500 | | | | | $ | — | | | | | $ | — | | | | �� | $ | — | | |
Unused overdraft privilege amounts | | | | | 990 | | | | | | — | | | | | | — | | | | | | — | | | | | | 990 | | |
Lines of credit | | | | | 1,771 | | | | | | 537 | | | | | | — | | | | | | — | | | | | | 1,234 | | |
Unused lines of credit | | | | | 206 | | | | | | 201 | | | | | | — | | | | | | 5 | | | | | | — | | |
Undisbursed portion of loans in process | | | | | 1,474 | | | | | | 1,474 | | | | | | — | | | | | | — | | | | | | — | | |
Commitments to originate loans | | | | | 665 | | | | | | 665 | | | | | | — | | | | | | — | | | | | | — | | |
Total commitments | | | | $ | 5,606 | | | | | $ | 3,377 | | | | | $ | — | | | | | $ | 5 | | | | | $ | 2,224 | | |
| | | Total Amounts Committed at December 31, 2020 | | | Amount of Commitment Expiration — Per Period | | ||||||||||||||||||||||||
| | | To 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Letters of credit | | | | $ | 500 | | | | | $ | 500 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Unused overdraft privilege amounts | | | | | 1,004 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,004 | | |
Lines of credit | | | | | 1,815 | | | | | | 581 | | | | | | — | | | | | | — | | | | | | 1,234 | | |
Unused lines of credit | | | | | 156 | | | | | | 151 | | | | | | — | | | | | | 5 | | | | | | — | | |
Undisbursed portion of loans in process | | | | | 1,007 | | | | | | 1,007 | | | | | | — | | | | | | — | | | | | | — | | |
Commitments to originate loans | | | | | 82 | | | | | | 82 | | | | | | — | | | | | | — | | | | | | — | | |
Total commitments | | | | $ | 4,564 | | | | | $ | 2,321 | | | | | $ | — | | | | | $ | 5 | | | | | $ | 2,238 | | |
| | | Total at March 31, 2021 | | | Payments Due By Period | | ||||||||||||||||||||||||
| | | To 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Certificates of deposit | | | | $ | 69,217 | | | | | $ | 53,928 | | | | | $ | 13,169 | | | | | $ | 2,120 | | | | | $ | — | | |
FHLB advances | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | 3,000 | | | | | | 7,000 | | |
Total long-term debt | | | | | 79,217 | | | | | | 53,928 | | | | | | 13,169 | | | | | | 5,120 | | | | | | 7,000 | | |
Operating lease obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total contractual obligations | | | | $ | 79,217 | | | | | $ | 53,928 | | | | | $ | 13,169 | | | | | $ | 5,120 | | | | | $ | 7,000 | | |
| | | Total at December 31, 2020 | | | Payments Due By Period | | ||||||||||||||||||||||||
| | | To 1 Year | | | 1 – 3 Years | | | 4 – 5 Years | | | After 5 Years | | ||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
Certificates of deposit | | | | $ | 69,341 | | | | | $ | 53,232 | | | | | $ | 13,854 | | | | | $ | 2,255 | | | | | $ | — | | |
FHLB advances | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | 3,000 | | | | | | 7,000 | | |
Total long-term debt | | | | | 79,341 | | | | | | 53,232 | | | | | | 13,854 | | | | | | 5,255 | | | | | | 7,000 | | |
Operating lease obligations | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total contractual obligations | | | | $ | 79,341 | | | | | $ | 53,232 | | | | | $ | 13,854 | | | | | $ | 5,255 | | | | | $ | 7,000 | | |
| | | At March 31, 2021 | | | At December 31, | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
| | | Amount | | | % | | | Amount | | | % | | | Amount | | | % | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
One- to four-family residential | | | | $ | 95,053 | | | | | | 65.1% | | | | | $ | 99,869 | | | | | | 65.8% | | | | | $ | 112,616 | | | | | | 68.8% | | |
Commercial real estate | | | | | 29,982 | | | | | | 20.6 | | | | | | 30,304 | | | | | | 20.0 | | | | | | 28,840 | | | | | | 17.6 | | |
Construction and land | | | | | 4,910 | | | | | | 3.4 | | | | | | 5,538 | | | | | | 3.6 | | | | | | 8,306 | | | | | | 5.1 | | |
Multi-family residential | | | | | 4,731 | | | | | | 3.2 | | | | | | 4,801 | | | | | | 3.2 | | | | | | 5,492 | | | | | | 3.4 | | |
Farmland | | | | | 27 | | | | | | — | | | | | | 53 | | | | | | — | | | | | | 61 | | | | | | — | | |
Total real estate loans | | | | | 134,703 | | | | | | 92.3 | | | | | | 140,565 | | | | | | 92.6 | | | | | | 155,315 | | | | | | 94.9 | | |
Other loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer | | | | | 4,234 | | | | | | 2.9 | | | | | | 4,499 | | | | | | 3.0 | | | | | | 5,477 | | | | | | 3.4 | | |
Commercial and industrial | | | | | 6,954 | | | | | | 4.8 | | | | | | 6,736 | | | | | | 4.4 | | | | | | 2,861 | | | | | | 1.7 | | |
Total other loans | | | | | 11,188 | | | | | | 7.7 | | | | | | 11,235 | | | | | | 7.4 | | | | | | 8,338 | | | | | | 5.1 | | |
Total loans | | | | | 145,891 | | | | | | 100.0% | | | | | | 151,800 | | | | | | 100.0% | | | | | | 163,653 | | | | | | 100.0% | | |
Less: Allowance for loan losses | | | | | (2,962) | | | | | | | | | | | | (3,022) | | | | | | | | | | | | (2,071) | | | | | | | | |
Net loans | | | | $ | 142,929 | | | | | | | | | | | $ | 148,778 | | | | | | | | | | | $ | 161,582 | | | | | | | | |
| | | One- to Four- Family Residential | | | Commercial Real Estate | | | Construction and Land | | | Multi-Family Residential | | | Farmland | | | Consumer | | | Commercial and Industrial | | | Total | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
Amounts due after March 31, 2021 in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less | | | | $ | 578 | | | | | $ | 2,017 | | | | | $ | 2,162 | | | | | $ | — | | | | | $ | — | | | | | $ | 185 | | | | | $ | 997 | | | | | $ | 5,939 | | |
After one year through two years | | | | | 195 | | | | | | 1,898 | | | | | | 49 | | | | | | 27 | | | | | | — | | | | | | 499 | | | | | | 1,198 | | | | | | 3,866 | | |
After two years through three years | | | | | 1,001 | | | | | | 2,245 | | | | | | 169 | | | | | | 391 | | | | | | — | | | | | | 783 | | | | | | 506 | | | | | | 5,095 | | |
After three years through five years | | | | | 1,680 | | | | | | 1,628 | | | | | | 544 | | | | | | 146 | | | | | | — | | | | | | 1,207 | | | | | | 3,623 | | | | | | 8,828 | | |
After five years through ten years | | | | | 12,446 | | | | | | 6,362 | | | | | | 1,215 | | | | | | — | | | | | | — | | | | | | 1,107 | | | | | | 330 | | | | | | 21,460 | | |
After ten years through 15 years | | | | | 21,481 | | | | | | 5,537 | | | | | | 377 | | | | | | 2,363 | | | | | | 27 | | | | | | 253 | | | | | | 38 | | | | | | 30,076 | | |
After 15 years | | | | | 57,672 | | | | | | 10,295 | | | | | | 394 | | | | | | 1,804 | | | | | | — | | | | | | 200 | | | | | | 262 | | | | | | 70,627 | | |
Total | | | | $ | 95,053 | | | | | $ | 29,982 | | | | | $ | 4,910 | | | | | $ | 4,731 | | | | | $ | 27 | | | | | $ | 4,234 | | | | | $ | 6,954 | | | | | $ | 145,891 | | |
| | | One- to Four- Family Residential | | | Commercial Real Estate | | | Construction and Land | | | Multi-Family Residential | | | Farmland | | | Consumer | | | Commercial and Industrial | | | Total | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||
Amounts due after December 31, 2020 in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less | | | | $ | 473 | | | | | $ | 1,343 | | | | | $ | 2,608 | | | | | $ | — | | | | | $ | — | | | | | $ | 355 | | | | | $ | 916 | | | | | $ | 5,695 | | |
After one year through two years | | | | | 322 | | | | | | 2,908 | | | | | | 48 | | | | | | 31 | | | | | | — | | | | | | 407 | | | | | | 3,534 | | | | | | 7,250 | | |
After two years through three years | | | | | 958 | | | | | | 2,036 | | | | | | 197 | | | | | | — | | | | | | — | | | | | | 789 | | | | | | 396 | | | | | | 4,376 | | |
After three years through five years | | | | | 1,882 | | | | | | 1,961 | | | | | | 404 | | | | | | 557 | | | | | | 26 | | | | | | 1,422 | | | | | | 1,312 | | | | | | 7,564 | | |
After five years through ten years | | | | | 12,565 | | | | | | 6,347 | | | | | | 1,386 | | | | | | — | | | | | | — | | | | | | 1,068 | | | | | | 275 | | | | | | 21,641 | | |
After ten years through 15 years | | | | | 23,359 | | | | | | 5,578 | | | | | | 497 | | | | | | 2,393 | | | | | | 27 | | | | | | 256 | | | | | | 39 | | | | | | 32,149 | | |
After 15 years | | | | | 60,310 | | | | | | 10,131 | | | | | | 398 | | | | | | 1,820 | | | | | | — | | | | | | 202 | | | | | | 264 | | | | | | 73,125 | | |
Total | | | | $ | 99,869 | | | | | $ | 30,304 | | | | | $ | 5,538 | | | | | $ | 4,801 | | | | | $ | 53 | | | | | $ | 4,499 | | | | | $ | 6,736 | | | | | $ | 151,800 | | |
| | | Fixed-Rate | | | Floating or Adjustable-Rate | | | Total at March 31, 2021 | | |||||||||
| | | (In thousands) | | |||||||||||||||
One- to four-family residential | | | | $ | 18,919 | | | | | $ | 75,556 | | | | | $ | 94,475 | | |
Commercial real estate | | | | | 5,560 | | | | | | 22,405 | | | | | | 27,965 | | |
Construction and land | | | | | 1,677 | | | | | | 1,071 | | | | | | 2,748 | | |
Multi-family residential | | | | | 391 | | | | | | 4,340 | | | | | | 4,731 | | |
Farmland | | | | | — | | | | | | 27 | | | | | | 27 | | |
Consumer | | | | | 2,053 | | | | | | 1,996 | | | | | | 4,049 | | |
Commercial and industrial | | | | | 5,237 | | | | | | 720 | | | | | | 5,957 | | |
Total | | | | $ | 33,837 | | | | | $ | 106,115 | | | | | $ | 139,952 | | |
| | | Three Months Ended March 31, | | | Year Ended December 31, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||
| | | (In thousands) | | |||||||||||||||||||||
Loan originations: | | | | | | | | | | | | | | | | ||||||||||
One- to four-family residential | | | | $ | 619 | | | | | $ | 1,102 | | | | | $ | 3,793 | | | | | $ | 7,601 | | |
Commercial real estate | | | | | 371 | | | | | | 635 | | | | | | 1,322 | | | | | | 5,349 | | |
Construction and land | | | | | 1,012 | | | | | | 28 | | | | | | 2,349 | | | | | | 1,576 | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | — | | | | | | 1,675 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 387 | | | | | | 640 | | | | | | 2,302 | | | | | | 3,133 | | |
Commercial and industrial | | | | | 3,098 | | | | | | 919 | | | | | | 7,331 | | | | | | 1,910 | | |
Total loan originations | | | | | 5,487 | | | | | | 3,324 | | | | | | 17,097 | | | | | | 21,244 | | |
Loans purchased | | | | | — | | | | | | — | | | | | | 1,250 | | | | | | 3,100 | | |
Loans sold | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loan principal repayments | | | | | (10,728) | | | | | | (6,948) | | | | | | (33,166) | | | | | | (25,446) | | |
Total loans sold and principal repayments | | | | | (10,728) | | | | | | (6,948) | | | | | | (33,166) | | | | | | (25,446) | | |
Increase or (decrease) due to other items, net(1) | | | | | (608) | | | | | | 1,930 | | | | | | 2,015 | | | | | | 1,767 | | |
Net increase (decrease) in total loans | | | | $ | (5,849) | | | | | $ | (1,694) | | | | | $ | (12,804) | | | | | $ | 665 | | |
| | | March 31, 2021 | | | December 31, 2020 | | | December 31, 2019 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 30-89 Days Overdue | | | 90 or More Days Overdue | | | 30-89 Days Overdue | | | 90 or More Days Overdue | | | 30-89 Days Overdue | | | 90 or More Days Overdue | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | | Number of Loans | | | Principal Balance | | ||||||||||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One- to four-family residential | | | | | 24 | | | | | $ | 1,368 | | | | | | 12 | | | | | $ | 560 | | | | | | 39 | | | | | $ | 1,949 | | | | | | 9 | | | | | $ | 495 | | | | | | 73 | | | | | $ | 3,658 | | | | | | 16 | | | | | $ | 952 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 192 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 584 | | | | | | — | | | | | | — | | |
Construction and land | | | | | 2 | | | | | | 36 | | | | | | — | | | | | | — | | | | | | 4 | | | | | | 201 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 49 | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 122 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 5 | | | | | | 39 | | | | | | 6 | | | | | | 23 | | | | | | 8 | | | | | | 38 | | | | | | 2 | | | | | | 13 | | | | | | 18 | | | | | | 93 | | | | | | 4 | | | | | | 6 | | |
Commercial and industrial | | | | | 1 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 95 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 3 | | | | | | — | | | | | | — | | |
Total delinquent loans | | | | | 32 | | | | | $ | 1,464 | | | | | | 18 | | | | | $ | 583 | | | | | | 55 | | | | | $ | 2,475 | | | | | | 11 | | | | | $ | 508 | | | | | | 96 | | | | | $ | 4,338 | | | | | | 22 | | | | | $ | 1,129 | | |
Delinquent loans to total net loans | | | | | | | | | | | 1.02% | | | | | | | | | | | | 0.41% | | | | | | | | | | | | 1.66% | | | | | | | | | | | | 0.34% | | | | | | | | | | | | 2.68% | | | | | | | | | | | | 0.70% | | |
Delinquent loans to total loans | | | | | | | | | | | 1.00% | | | | | | | | | | | | 0.40% | | | | | | | | | | | | 1.63% | | | | | | | | | | | | 0.33% | | | | | | | | | | | | 2.65% | | | | | | | | | | | | 0.69% | | |
| | | At March 31, 2021 | | | At December 31, | | ||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||
Substandard loans | | | | $ | 5,926 | | | | | $ | 6,505 | | | | | $ | 5,586 | | |
Doubtful loans | | | | | — | | | | | | — | | | | | | — | | |
Loss loans | | | | | — | | | | | | — | | | | | | — | | |
Total classified loans | | | | $ | 5,926 | | | | | $ | 6,505 | | | | | $ | 5,586 | | |
| | | At March 31, 2021 | | | At December 31, | | ||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||
Non-accruing loans: | | | | | | | | | | | | | | | |||||
One- to four-family residential | | | | $ | 1,383 | | | | | $ | 1,241 | | | | | $ | 1,412 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | 46 | | | | | | 47 | | | | | | 49 | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | 122 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | |
Commercial and industrial | | | | | 4 | | | | | | 4 | | | | | | 6 | | |
Total non-accruing loans | | | | | 1,433 | | | | | | 1,292 | | | | | | 1,589 | | |
Accruing loans 90 days or more past due: | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | | 239 | | | | | | 367 | | | | | | 213 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | — | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 22 | | | | | | 13 | | | | | | 6 | | |
Commercial and industrial | | | | | — | | | | | | — | | | | | | — | | |
Total accruing loans 90 days or more past due | | | | | 261 | | | | | | 380 | | | | | | 219 | | |
Total non-performing loans | | | | | 1,694 | | | | | | 1,672 | | | | | | 1,808 | | |
Real estate owned | | | | | 535 | | | | | | 415 | | | | | | 1,059 | | |
Total non-performing assets | | | | | 2,229 | | | | | | 2,087 | | | | | | 2,867 | | |
Performing troubled debt restructurings | | | | | 3,294 | | | | | | 3,625 | | | | | | 1,284 | | |
Total non-performing assets and performing TDRs | | | | $ | 5,523 | | | | | $ | 5,712 | | | | | $ | 4,151 | | |
Total loans outstanding | | | | $ | 145,891 | | | | | $ | 151,800 | | | | | $ | 163,653 | | |
Total assets outstanding | | | | $ | 236,742 | | | | | $ | 224,688 | | | | | $ | 218,499 | | |
Total non-accruing loans as a percentage of total loans outstanding | | | | | 0.98% | | | | | | 0.85% | | | | | | 0.97% | | |
Total non-performing loans as a percentage of total loans outstanding | | | | | 1.16% | | | | | | 1.10% | | | | | | 1.10% | | |
Total non-performing loans as a percentage of total assets | | | | | 0.72% | | | | | | 0.74% | | | | | | 0.83% | | |
Total non-performing assets as a percentage of total assets | | | | | 0.94% | | | | | | 0.93% | | | | | | 1.31% | | |
| | | At or for the Three Months Ended March 31, | | | At or for the Year Ended December 31, | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||
Total loans outstanding at end of period | | | | $ | 145,891 | | | | | $ | 162,012 | | | | | $ | 151,800 | | | | | $ | 163,653 | | |
Total non-accrual loans at end of period | | | | | 1,433 | | | | | | 1,642 | | | | | | 1,292 | | | | | | 1,589 | | |
Total non-performing loans at end of period | | | | | 1,694 | | | | | | 1,986 | | | | | | 1,672 | | | | | | 1,808 | | |
Average loans outstanding: | | | | | | | | | | | | | | | | ||||||||||
One- to four-family residential | | | | | 98,081 | | | | | | 111,789 | | | | | | 107,295 | | | | | | 114,780 | | |
Commercial real estate | | | | | 30,034 | | | | | | 28,655 | | | | | | 30,012 | | | | | | 26,539 | | |
Construction and land | | | | | 5,076 | | | | | | 8,524 | | | | | | 7,824 | | | | | | 8,677 | | |
Multi-family residential | | | | | 4,763 | | | | | | 5,437 | | | | | | 5,235 | | | | | | 5,103 | | |
Farmland | | | | | 30 | | | | | | 61 | | | | | | 58 | | | | | | 66 | | |
Consumer | | | | | 4,387 | | | | | | 5,408 | | | | | | 4,973 | | | | | | 5,625 | | |
Commercial and industrial | | | | | 7,035 | | | | | | 2,998 | | | | | | 5,784 | | | | | | 2,840 | | |
Total average loans outstanding | | | | $ | 149,406 | | | | | $ | 162,872 | | | | | $ | 161,181 | | | | | $ | 163,630 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses, beginning of period | | | | $ | 3,022 | | | | | $ | 2,071 | | | | | $ | 2,071 | | | | | $ | 2,125 | | |
Provision for loan losses | | | | | — | | | | | | 65 | | | | | | 985 | | | | | | 75 | | |
Charge-offs: | | | | | | | | | | | | | | | | ||||||||||
One- to four-family residential | | | | | 82 | | | | | | 14 | | | | | | 84 | | | | | | 201 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 7 | | | | | | 4 | | | | | | 40 | | | | | | 31 | | |
Commercial and industrial | | | | | — | | | | | | 15 | | | | | | 15 | | | | | | — | | |
Total charge-offs | | | | | 89 | | | | | | 33 | | | | | | 140 | | | | | | 235 | | |
Recoveries on loans previously charged-off: | | | | | | | | | | | | | | | | ||||||||||
One- to-four-family residential | | | | | 24 | | | | | | 17 | | | | | | 67 | | | | | | 80 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction and land | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 5 | | | | | | 4 | | | | | | 23 | | | | | | 14 | | |
Commercial and industrial | | | | | — | | | | | | — | | | | | | 15 | | | | | | 3 | | |
Total recoveries | | | | | 29 | | | | | | 21 | | | | | | 106 | | | | | | 106 | | |
Net charge-offs | | | | | 60 | | | | | | 12 | | | | | | 34 | | | | | | 129 | | |
Allowance for loan losses, end of period | | | | $ | 2,962 | | | | | $ | 2,124 | | | | | $ | 3,022 | | | | | $ | 2,071 | | |
Allowance for loan losses as a percent of non-performing loans | | | | | 174.85% | | | | | | 106.95% | | | | | | 180.74% | | | | | | 114.55% | | |
Allowance for loan losses as a percent of total loans outstanding | | | | | 2.03% | | | | | | 1.31% | | | | | | 1.99% | | | | | | 1.27% | | |
Allowance for loan losses as a percent of total non-accrual loans | | | | | 206.70% | | | | | | 129.35% | | | | | | 233.90% | | | | | | 130.33% | | |
Ratio of net charge-offs during the period to average loans outstanding during the period | | | | | 0.16% | | | | | | 0.03% | | | | | | 0.02% | | | | | | 0.08% | | |
| | | | | | December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | March 31, 2021 | | | 2020 | | | 2019 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Amount of Allowance | | | Percent of Allowance to Total Allowance | | | Percent of Loans in Category to Total Loans | | | Amount of Allowance | | | Percent of Allowance to Total Allowance | | | Percent of Loans in Category to Total Loans | | | Amount of Allowance | | | Percent of Allowance to Total Allowance | | | Percent of Loans in Category to Total Loans | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | (Dollars in thousands) | | | | |||||||||||||||||||||||||||||||||||||
One-to four-family residential | | | | $ | 1,804 | | | | | | 60.9% | | | | | | 65.1% | | | | | $ | 1,910 | | | | | | 63.2% | | | | | | 65.8% | | | | | $ | 1,162 | | | | | | 56.1% | | | | | | 68.8% | | |
Commercial real estate | | | | | 737 | | | | | | 24.9 | | | | | | 20.6 | | | | | | 744 | | | | | | 24.6 | | | | | | 20.0 | | | | | | 637 | | | | | | 30.8 | | | | | | 17.6 | | |
Construction and land | | | | | 67 | | | | | | 2.3 | | | | | | 3.4 | | | | | | 81 | | | | | | 2.7 | | | | | | 3.6 | | | | | | 56 | | | | | | 2.7 | | | | | | 5.1 | | |
Multi-family residential | | | | | 67 | | | | | | 2.3 | | | | | | 3.2 | | | | | | 68 | | | | | | 2.3 | | | | | | 3.2 | | | | | | 76 | | | | | | 3.7 | | | | | | 3.4 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | |
Consumer | | | | | 117 | | | | | | 3.9 | | | | | | 2.9 | | | | | | 78 | | | | | | 2.6 | | | | | | 3.0 | | | | | | 80 | | | | | | 3.9 | | | | | | 3.4 | | |
Commercial and industrial | | | | | 106 | | | | | | 3.6 | | | | | | 4.8 | | | | | | 101 | | | | | | 3.3 | | | | | | 4.4 | | | | | | 12 | | | | | | 0.6 | | | | | | 1.7 | | |
Unallocated | | | | | 64 | | | | | | 2.1 | | | | | | N/A | | | | | | 39 | | | | | | 1.3 | | | | | | N/A | | | | | | 47 | | | | | | 2.2 | | | | | | N/A | | |
Total | | | | $ | 2,962 | | | | | | 100.0% | | | | | | 100.0% | | | | | $ | 3,022 | | | | | | 100.0% | | | | | | 100.0% | | | | | $ | 2,071 | | | | | | 100.0% | | | | | | 100.0% | | |
| | | | | | December 31, | | ||||||||||||||||||||||||||||||
| | | March 31, 2021 | | | 2020 | | | 2019 | | |||||||||||||||||||||||||||
| | | Amortized Cost | | | Market Value | | | Amortized Cost | | | Market Value | | | Amortized Cost | | | Market Value | | ||||||||||||||||||
| | | | | | | | | (In thousands) | | | ||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Mortgage-backed securities | | | | $ | 22,154 | | | | | $ | 22,041 | | | | | $ | 15,968 | | | | | $ | 16,140 | | | | | $ | 9,236 | | | | | $ | 9,230 | | |
U.S. Government and agency obligations | | | | | 2,000 | | | | | | 1,899 | | | | | | 2,000 | | | | | | 1,961 | | | | | | 5,000 | | | | | | 4,991 | | |
Municipal obligations | | | | | 2,618 | | | | | | 2,553 | | | | | | 2,628 | | | | | | 2,629 | | | | | | — | | | | | | — | | |
Total securities available-for-sale | | | | | 26,772 | | | | | | 26,493 | | | | | | 20,596 | | | | | | 20,730 | | | | | | 14,236 | | | | | | 14,221 | | |
Securities held to maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Mortgage-backed securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
U.S. Government and agency obligations | | | | | 17,031 | | | | | | 16,556 | | | | | | 17,034 | | | | | | 17,006 | | | | | | 13,000 | | | | | | 12,866 | | |
Municipal obligations | | | | | 486 | | | | | | 491 | | | | | | 489 | | | | | | 499 | | | | | | 129 | | | | | | 129 | | |
Total securities held to maturity | | | | | 17,517 | | | | | | 17,047 | | | | | | 17,523 | | | | | | 17,505 | | | | | | 13,129 | | | | | | 12,995 | | |
Total investment securities | | | | $ | 44,289 | | | | | $ | 43,540 | | | | | $ | 38,119 | | | | | $ | 38,235 | | | | | $ | 27,365 | | | | | $ | 27,216 | | |
| | | Amounts at March 31, 2021, Which Mature In | | |||||||||||||||||||||||||||
| | | One Year or Less | | | After One through Five Years | | | After Five through 10 Years | | | Over 10 Years | | | Total | | |||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||
Total investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | — | | | | | $ | 1,650 | | | | | $ | 20,391 | | | | | $ | 22,041 | | |
U.S. Government and agency obligations | | | | | — | | | | | | — | | | | | | 14,899 | | | | | | 4,031 | | | | | | 18,930 | | |
Municipal obligations | | | | | — | | | | | | — | | | | | | 486 | | | | | | 2,553 | | | | | | 3,039 | | |
Total | | | | $ | — | | | | | $ | — | | | | | $ | 17,035 | | | | | $ | 26,975 | | | | | $ | 44,010 | | |
Weighted average yield: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | | —% | | | | | | —% | | | | | | 1.77% | | | | | | 0.85% | | | | | | 0.92% | | |
U.S. Government and agency obligations | | | | | — | | | | | | — | | | | | | 1.39 | | | | | | 2.04 | | | | | | 1.53 | | |
Municipal obligations | | | | | — | | | | | | — | | | | | | 1.11 | | | | | | 1.36 | | | | | | 1.32 | | |
Total weighted average yield | | | | | —% | | | | | | —% | | | | | | 1.42% | | | | | | 1.08% | | | | | | 1.21% | | |
| | | Amounts at December 31, 2020, Which Mature In | | |||||||||||||||||||||||||||
| | | One Year or Less | | | After One through Five Years | | | After Five through 10 Years | | | Over 10 Years | | | Total | | |||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||
Total investment securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | — | | | | | $ | 1 | | | | | $ | 1,394 | | | | | $ | 14,745 | | | | | $ | 16,140 | | |
U.S. Government and agency obligations | | | | | — | | | | | | — | | | | | | 12,962 | | | | | | 6,033 | | | | | | 18,995 | | |
Municipal obligations | | | | | — | | | | | | — | | | | | | 489 | | | | | | 2,629 | | | | | | 3,118 | | |
Total | | | | $ | — | | | | | $ | 1 | | | | | $ | 14,845 | | | | | $ | 23,407 | | | | | $ | 38,253 | | |
Weighted average yield: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | | —% | | | | | | 2.85% | | | | | | 2.45% | | | | | | 2.81% | | | | | | 2.78% | | |
U.S. Government and agency obligations | | | | | — | | | | | | — | | | | | | 1.33 | | | | | | 2.23 | | | | | | 1.62 | | |
Municipal obligations | | | | | — | | | | | | — | | | | | | 3.18 | | | | | | 2.83 | | | | | | 2.89 | | |
Total weighted average yield | | | | | —% | | | | | | 2.85% | | | | | | 1.49% | | | | | | 2.66% | | | | | | 2.19% | | |
| | | | | | | | | December 31, | | |||||||||
| | | March 31, 2021 | | | 2020 | | | 2019 | | |||||||||
| | | (In thousands) | | |||||||||||||||
Fixed-rate: | | | | | | | | | | | | | | | |||||
Available for sale | | | | $ | 26,415 | | | | | $ | 20,649 | | | | | $ | 14,092 | | |
Held to maturity | | | | | 17,517 | | | | | | 17,523 | | | | | | 13,129 | | |
Total fixed-rate | | | | | 43,932 | | | | | | 38,172 | | | | | | 27,221 | | |
Adjustable-rate: | | | | | | | | | | | | | | | |||||
Available for sale | | | | | 78 | | | | | | 81 | | | | | | 129 | | |
Held to maturity | | | | | — | | | | | | — | | | | | | — | | |
Total adjustable-rate | | | | | 78 | | | | | | 81 | | | | | | 129 | | |
Total investment securities | | | | $ | 44,010 | | | | | $ | 38,253 | | | | | $ | 27,350 | | |
| | | | | | December 31, | | ||||||||||||||||||||||||||||||
| | | March 31, 2021 | | | 2020 | | | 2019 | | |||||||||||||||||||||||||||
| | | Amount | | | % | | | Amount | | | % | | | Amount | | | % | | ||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Certificate accounts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
0.00% – 0.99% | | | | $ | 53,979 | | | | | | 30.55% | | | | | $ | 46,672 | | | | | | 28.36% | | | | | $ | 21,975 | | | | | | 15.52% | | |
1.00% – 1.99% | | | | | 15,238 | | | | | | 8.63 | | | | | | 21,502 | | | | | | 13.06 | | | | | | 25,488 | | | | | | 18.00 | | |
2.00% – 2.99% | | | | | — | | | | | | — | | | | | | 1,167 | | | | | | 0.71 | | | | | | 17,441 | | | | | | 12.31 | | |
3.00% or more | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total certificate accounts | | | | | 69,217 | | | | | | 39.18 | | | | | | 69,341 | | | | | | 42.13 | | | | | | 64,904 | | | | | | 45.83 | | |
Transaction accounts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Savings | | | | | 23,320 | | | | | | 13.20% | | | | | | 22,209 | | | | | | 13.49% | | | | | | 19,180 | | | | | | 13.54% | | |
Checking: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Interest-bearing | | | | | 36,691 | | | | | | 20.77 | | | | | | 30,890 | | | | | | 18.77 | | | | | | 26,421 | | | | | | 18.66 | | |
Non-interest-bearing | | | | | 30,277 | | | | | | 17.14 | | | | | | 26,169 | | | | | | 15.90 | | | | | | 17,438 | | | | | | 12.31 | | |
Money market | | | | | 17,164 | | | | | | 9.71 | | | | | | 15,989 | | | | | | 9.71 | | | | | | 13,686 | | | | | | 9.66 | | |
Total transaction accounts | | | | | 107,452 | | | | | | 60.82 | | | | | | 95,257 | | | | | | 57.87 | | | | | | 76,725 | | | | | | 54.17 | | |
Total deposits | | | | $ | 176,669 | | | | | | 100.00% | | | | | $ | 164,598 | | | | | | 100.00% | | | | | $ | 141,629 | | | | | | 100.00% | | |
| | | Three Months Ended March 31, 2021 | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Average Balance | | | Interest Expense | | | Average Rate Paid | | | Average Balance | | | Interest Expense | | | Average Rate Paid | | | Average Balance | | | Interest Expense | | | Average Rate Paid | | |||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | | | | $ | 22,355 | | | | | $ | 8 | | | | | | 0.15% | | | | | $ | 20,544 | | | | | $ | 59 | | | | | | 0.29% | | | | | $ | 18,937 | | | | | $ | 105 | | | | | | 0.55% | | |
Checking-interest bearing | | | | | 34,291 | | | | | | 14 | | | | | | 0.17 | | | | | | 30,550 | | | | | | 78 | | | | | | 0.25 | | | | | | 26,678 | | | | | | 120 | | | | | | 0.45 | | |
Money market | | | | | 16,798 | | | | | | 10 | | | | | | 0.23 | | | | | | 14,739 | | | | | | 54 | | | | | | 0.37 | | | | | | 14,189 | | | | | | 90 | | | | | | 0.63 | | |
Certificates of deposit | | | | | 69,082 | | | | | | 123 | | | | | | 0.72 | | | | | | 66,525 | | | | | | 729 | | | | | | 1.10 | | | | | | 69,195 | | | | | | 797 | | | | | | 1.15 | | |
Total interest-bearing deposits | | | | $ | 142,526 | | | | | $ | 155 | | | | | | 0.44 | | | | | $ | 132,358 | | | | | $ | 920 | | | | | | 0.69 | | | | | $ | 128,999 | | | | | $ | 1,112 | | | | | | 0.86 | | |
Total deposits | | | | $ | 169,524 | | | | | $ | 155 | | | | | | 0.37% | | | | | $ | 155,697 | | | | | $ | 920 | | | | | | 0.59% | | | | | $ | 145,489 | | | | | $ | 1,112 | | | | | | 0.76% | | |
| | | Three Months Ended March 31, 2021 | | | Year Ended December 31, | | ||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||
| | | (In thousands) | | |||||||||||||||
Total deposits | | | | $ | 100,309 | | | | | $ | 333,009 | | | | | $ | 260,122 | | |
Total withdrawals | | | | | (88,390) | | | | | | (310,969) | | | | | | (266,048) | | |
Interest credited | | | | | 152 | | | | | | 929 | | | | | | 1,120 | | |
Total increase (decrease) in deposits | | | | $ | 12,071 | | | | | $ | 22,969 | | | | | $ | (4,806) | | |
| | | Balance at March 31, 2021 Maturing in the 12 Months Ending March 31, | | |||||||||||||||||||||||||||
Certificates of Deposit | | | 2022 | | | 2023 | | | 2024 | | | Thereafter | | | Total | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
0.00% - 0.99% | | | | $ | 43,077 | | | | | $ | 10,300 | | | | | $ | 208 | | | | | $ | 394 | | | | | $ | 53,979 | | |
1.00% - 1.99% | | | | | 10,851 | | | | | | 1,971 | | | | | | 690 | | | | | | 1,726 | | | | | | 15,238 | | |
2.00% - 2.99% | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
3.00% or more | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total certificate accounts | | | | $ | 53,928 | | | | | $ | 12,271 | | | | | $ | 898 | | | | | $ | 2,120 | | | | | $ | 69,217 | | |
| | | Balance at December 31, 2020 Maturing in the 12 Months Ending December 31, | | |||||||||||||||||||||||||||
Certificates of Deposit | | | 2021 | | | 2022 | | | 2023 | | | Thereafter | | | Total | | |||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||
0.00% - 0.99% | | | | $ | 37,722 | | | | | $ | 8,443 | | | | | $ | 309 | | | | | $ | 198 | | | | | $ | 46,672 | | |
1.00% - 1.99% | | | | | 15,348 | | | | | | 3,196 | | | | | | 901 | | | | | | 2,057 | | | | | | 21,502 | | |
2.00% - 2.99% | | | | | 162 | | | | | | 1,005 | | | | | | — | | | | | | — | | | | | | 1,167 | | |
3.00% or more | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total certificate accounts | | | | $ | 53,232 | | | | | $ | 12,644 | | | | | $ | 1,210 | | | | | $ | 2,255 | | | | | $ | 69,341 | | |
Quarter Ending: | | | Amount | | | Weighted Average Rate | | | ||||||||
| | | (Dollars in thousands) | | | | | |||||||||
June 30, 2021 | | | | $ | 8,235 | | | | | | 0.68% | | | | ||
September 30, 2021 | | | | | 11,166 | | | | | | 0.66 | | | | ||
December 31, 2021 | | | | | 11,454 | | | | | | 0.79 | | | | ||
March 31, 2022 | | | | | 6,643 | | | | | | 0.63 | | | | ||
After March 31, 2022 | | | | | 9,785 | | | | | | 0.79 | | | | ||
Total certificates of deposit with balances of $100,000 or more | | | | $ | 47,283 | | | | | | 0.72% | | | |
Quarter Ending: | | | Amount | | | Weighted Average Rate | | ||||||
| | | (Dollars in thousands) | | |||||||||
March 31, 2021 | | | | $ | 10,762 | | | | | | 0.93% | | |
June 30, 2021 | | | | | 8,569 | | | | | | 0.65 | | |
September 30, 2021 | | | | | 6,544 | | | | | | 0.84 | | |
December 31, 2021 | | | | | 11,348 | | | | | | 0.80 | | |
After December 31, 2021 | | | | | 10,258 | | | | | | 0.99 | | |
Total certificates of deposit with balances of $100,000 or more | | | | $ | 47,481 | | | | | | 0.85% | | |
Quarter Ending: | | | Amount | | | Weighted Average Rate | | ||||||
| | | (Dollars in thousands) | | |||||||||
June 30, 2021 | | | | $ | 2,702 | | | | | | 0.52% | | |
September 30, 2021 | | | | | 4,047 | | | | | | 0.49 | | |
December 31, 2021 | | | | | 1,582 | | | | | | 0.75 | | |
March 31, 2022 | | | | | 1,734 | | | | | | 0.58 | | |
After March 31, 2022 | | | | | 3,995 | | | | | | 0.70 | | |
Total certificates of deposit with balances in excess of $250,000 | | | | $ | 14,060 | | | | | | 0.61% | | |
Quarter Ending: | | | Amount | | | Weighted Average Rate | | ||||||
| | | (Dollars in thousands) | | |||||||||
March 31, 2021 | | | | $ | 4,280 | | | | | | 1.09% | | |
June 30, 2021 | | | | | 3,280 | | | | | | 0.53 | | |
September 30, 2021 | | | | | 2,164 | | | | | | 0.66 | | |
December 31, 2021 | | | | | 1,581 | | | | | | 0.80 | | |
After December 31, 2021 | | | | | 3,074 | | | | | | 1.28 | | |
Total certificates of deposit with balances in excess of $250,000 | | | | $ | 14,379 | | | | | | 0.91% | | |
| | | At or For the Three Months Ended March 31, 2021 | | | At or For the Year Ended December 31, | | ||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||
FHLB advances and other borrowings: | | | | | | | | | | | | | | | |||||
Average balance outstanding | | | | $ | 8,854 | | | | | $ | 24,382 | | | | | $ | 25,000 | | |
Maximum amount outstanding at any month-end during the period | | | | | 8,883 | | | | | | 25,000 | | | | | | 25,000 | | |
Balance outstanding at end of period | | | | | 8,883 | | | | | | 8,838 | | | | | | 25,000 | | |
Average interest rate during the period | | | | | 3.07% | | | | | | 3.22% | | | | | | 3.18% | | |
Weighted average interest rate at end of period | | | | | 0.93%(1) | | | | | | 0.93%(1) | | | | | | 3.18% | | |
Description/Address | | | Net Book Value of Property | | | Amount of Deposits | | ||||||
| | | (In thousands) | | |||||||||
Main Office: | | | | | | | | | | | | | |
235 N. Court Street Opelousas, Louisiana 70570 | | | | $ | 1,397 | | | | | $ | 146,036 | | |
Branch Offices: | | | | | | | | | | | | | |
840 E. Laurel Avenue Eunice, Louisiana 70535 | | | | | 272 | | | | | | 18,231 | | |
341 Saizan Avenue Port Barre, Louisiana 70577 | | | | | 776 | | | | | | 7,218 | | |
231 Harry Guilbeau Road Opelousas, Louisiana 70570(1) | | | | | 1,702 | | | | | | 3,919 | | |
800 Veterans Drive Carencro, Louisiana 70520(2) | | | | | 1,305 | | | | | | 1,265 | | |
Total | | | | $ | 5,452 | | | | | $ | 176,669 | | |
Name | | | Age | | | Principal Occupation During the Past Five Years/ Public Directorships | | | Year Term Expires | | | | ||||
Todd A. Kidder | | | 56 | | | Chairman of the Board of St. Landry Homestead Federal Savings Bank since December 2016. Engineering Technician, Louisiana State Department of Transportation since July 1987. | | | 2022 | | | | ||||
| | | | | | Mr. Kidder brings management expertise to the board as a utility relocation specialist responsible for coordinating the relocation of utilities in connection with state highway projects in an eight Parish area in Louisiana. Mr. Kidder serves as a committee member of the Opelousas Chapter of Ducks Unlimited and has served on the Board of Directors of Indian Hills Country Club, Opelousas, Louisiana. Director of St. Landry Homestead since 2009. | | | | | | | | | | |
Ted D. Bellard | | | 52 | | | Director and Secretary. President and owner of Targil, Inc., a seasoning supply company located in Opelousas, Louisiana since July 1995 and President and owner of Juneau’s Cajun Meats, Mansura, Louisiana since July 2002. | | | 2024 | | | | ||||
| | | | | | Mr. Bellard brings business and management expertise to the board as the owner of local businesses in the communities served by St. Landry Homestead Federal Savings Bank. Director of St. Landry Homestead since 2014. | | | | | | | | | | |
Kirk E. Kleiser | | | 65 | | | Director. Senior Managing Principal and founder, K&G On the Geaux LLC, a convenience store located in Lafayette, Louisiana and Kleiser Enterprises, Carencro, Louisiana. | | | 2022 | | | | ||||
| | | | | | Mr. Kleiser brings to the board experience in business planning and small business development as well as knowledge of the communities served by St. Landry Homestead. Mr. Kleiser serves on the Chevron National Dealer Council and is a member of both the Crowley and Carencro Chambers of Commerce. Director of St. Landry Homestead since January 2021. | | | | | | | | | | |
Frederick R. Lafleur, CPA | | | 62 | | | Director. President and Chief Executive Officer of Savoie’s Sausage & Food Products, Inc. (“Savoie’s”) since October | | | 2023 | | | |
Name | | | Age | | | Principal Occupation During the Past Five Years/ Public Directorships | | | Year Term Expires | | | | ||||
| | | | | | 2019. Prior thereto, Executive Vice President and Chief Operations Officer of Savoie’s from January 2016 through September 2019. | | | | | | | ||||
| | | | | | Mr. Lafleur brings management and leadership experience to the board as the Chief Executive Officer of a food processing and distribution company located in Opelousas, Louisiana. Mr. Lafleur serves on the Board of Directors of Vision St. Landry. He is a member of the American Institute of CPAs (“AICPA”) and the Society of Louisiana CPAs (“LCPA”). Director of St. Landry Homestead since 2016. | | | | | | | | | | |
Craig C. LeBouef, MBA,CPA, CFP | | | 62 | | | Director. Partner of Going, Sebastien, Fisher & LeBouef, LLP and Owner of Craig C. LeBouef CPA, LLC Opelousas, Louisiana, since September 1994 and December 2008, respectively. | | | 2024 | | | | ||||
| | | | | | Mr. LeBouef brings to the board a broad knowledge in accounting and financial management and expertise in investment management and personal financial planning. Mr. LeBouef serves on the Board of Directors and was past President of the St. Landry-Evangeline United Way. Mr. LeBouef is a member of the Board of Directors of the Louisiana Citizens Property Insurance Corporation (Chair of Audit and Investment Committee). He is a member of the AICPA and LCPA. He is a current member and past President of the Rotary Club of Opelousas. Director of St. Landry Homestead since 2017. | | | | | | | | | | |
Matthew L. Scruggins | | | 52 | | | Director. Supervisor of Personnel, St. Landry Parish School System since 2009. | | | 2023 | | | | ||||
| | | | | | Mr. Scruggins brings oversight experience to the board as supervisor of employees and staffing and oversight of payroll and benefits for the local St. Landry Parish School System. Mr. Scruggins is a member of the Louisiana Association of School Executives and the Louisiana State Association of School Personnel Administrators. Director of St. Landry Homestead since 2014. | | | | | | | | | | |
Joseph B. Zanco, CPA, CIA | | | 50 | | | Director, President and Chief Executive Officer of St. Landry Homestead Federal Savings Bank since August 2020. Prior thereto, Executive Vice President and Chief Financial Officer of Home Bancorp, Inc. and Home Bank, National Association, Lafayette, Louisiana from April 2008 until August 2020. Mr. Zanco served as Controller and Principal Accounting Officer of IBERIABANK from February 2005 to April 2008. | | | 2024 | | | | ||||
| | | | | | Mr. Zanco brings public company experience to the board as a former Chief Financial Officer of a publicly traded company headquartered in Lafayette, Louisiana. Mr. Zanco serves on the Board of Trustees of Ochsner Lafayette General, the Board of Directors of the Louisiana Association of Business and Industry and is the Past Chairman of the Board of Directors of One Acadiana (the Greater Lafayette Chamber of Commerce). Director of St. Landry Homestead since January 2021. | | | | | | |
Name | | | Age | | | Principal Occupation During the Past Five Years | |
Jutta A. Codori | | | 58 | | | Senior Vice President of Deposit Operations and Chief Financial Officer of St. Landry Homestead Federal Savings Bank since October 2006. Previously, Assistant Vice President of Teche Federal Savings Bank, a subsidiary of Teche Holding Co. Prior thereto, Assistant Vice President and Chief Financial Officer of First Federal Savings and Loan, a subsidiary of St. Landry Financial Co. from 1997 to 2004. | |
Simone S. Perry | | | 48 | | | Senior Vice President and Chief Credit Officer of St. Landry Homestead Federal Savings Bank since April 2021. Previously, Senior Vice President and Commercial Underwriting Manager for Iberiabank, Lafayette , Louisiana, from October 2009 through March 2021. Prior thereto, Business Lender, Commercial Underwriter and Portfolio Manager for Whitney Bank in Lafayette and Baton Rouge , Louisiana from October 1999 through October 2009. | |
Name | | | Board/Committee Fees Earned or Paid in Cash | | | All Other Compensation(1) | | | Total | | |||||||||
Todd A. Kidder | | | | $ | 39,000 | | | | | $ | 7,275 | | | | | $ | 46,275 | | |
Ted D. Bellard | | | | | 39,000 | | | | | | 5,690 | | | | | | 44,690 | | |
Frederick K. Lafleur | | | | | 31,200 | | | | | | 5,788 | | | | | | 36,988 | | |
Craig C. LeBouef | | | | | 31,200 | | | | | | 5,788 | | | | | | 36,988 | | |
Matthew L. Scruggins | | | | | 36,000 | | | | | | 7,751 | | | | | | 43,751 | | |
Name and Principal Position | | | Year | | | Salary | | | Bonus(1) | | | All Other Compensation(2) | | | Total | | |||||||||||||||
Joseph B. Zanco President and Chief Executive Officer (since August 17, 2020) | | | | | 2020 | | | | | $ | 90,000 | | | | | $ | 54,500 | | | | | $ | 44,661 | | | | | $ | 189,161 | | |
Anthony K. Bertrand President and Chief Executive Officer (through May 15, 2020) | | | | | 2020 | | | | | | 131,846 | | | | | | — | | | | | | — | | | | | | 131,846 | | |
Jutta A. Codori Chief Financial Officer | | | | | 2020 | | | | | | 108,334 | | | | | | 5,000 | | | | | | 13,559 | | | | | | 126,893 | | |
Kevin J. Brown(3) Chief Lending Officer | | | | | 2020 | | | | | | 97,279 | | | | | | 3,000 | | | | | | 14,468 | | | | | | 114,747 | | |
Name | | | Number of Shares | | | Amount ($) | | | Percent at the Minimum of the Offering Range | | | Percent at the Maximum of the Offering Range | | ||||||||||||
Directors and their associates(1): | | | | | | | | | | | | | | | | | | | | | | | | | |
Ted D. Bellard | | | | | 25,000 | | | | | $ | 250,000 | | | | | | * | | | | | | * | | |
Todd A. Kidder | | | | | 10,000 | | | | | | 100,000 | | | | | | * | | | | | | * | | |
Kirk E. Kleiser | | | | | 25,000 | | | | | | 250,000 | | | | | | * | | | | | | * | | |
Frederick R. Lafleur | | | | | 25,000 | | | | | | 250,000 | | | | | | * | | | | | | * | | |
Craig C. LeBouef | | | | | 25,000 | | | | | | 250,000 | | | | | | * | | | | | | * | | |
Matthew L. Scruggins | | | | | 10,000 | | | | | | 100,000 | | | | | | * | | | | | | * | | |
Joseph B. Zanco | | | | | 25,000 | | | | | | 250,000 | | | | | | * | | | | | | * | | |
Other executive officers and their associates(1): | | | | | | | | | | | | | | | | | | | | | | | | | |
Jutta Codori | | | | | 5,000 | | | | | | 50,000 | | | | | | * | | | | | | * | | |
Simone S. Perry | | | | | 2,500 | | | | | | 25,000 | | | | | | * | | | | | | * | | |
All directors and executive officers as a group (9 persons) | | | | | 152,500 | | | | | $ | 1,525,000 | | | | | | 4.5% | | | | | | 3.3% | | |
| | | Price-to-earnings multiple(1) | | | Price-to-book value ratio | | | Price-to-tangible book value ratio | | | | | |||||||||
Catalyst Bancorp (on a pro forma basis, assuming completion of the offering)(2) | | | | | | | | | | | | | | | | | | | | | ||
Adjusted Maximum | | | | | NM | | | | | | 55.49% | | | | | | 55.49% | | | | ||
Maximum | | | | | NM | | | | | | 51.52% | | | | | | 51.52% | | | | ||
Midpoint | | | | | NM | | | | | | 47.57% | | | | | | 47.57% | | | | ||
Minimum | | | | | NM | | | | | | 43.12% | | | | | | 43.12% | | | | ||
Valuation of peer group companies, all of which are fully converted (on an historical basis) | | | | | | | | | | | | | | | | | | | | | ||
Averages | | | | | 10.57× | | | | | | 94.95% | | | | | | 97.15% | | | | ||
Medians | | | | | 11.04× | | | | | | 98.69% | | | | | | 100.18% | | | |
| | | | | F-1 | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
(Dollars in thousands) | | | (unaudited) March 31, 2021 | | | December 31, 2020 | | | December 31, 2019 | | |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Non-interest-bearing cash | | | | $ | 5,790 | | | | | $ | 5,507 | | | | | $ | 5,237 | | |
Interest-bearing cash and due from banks | | | | | 31,281 | | | | | | 19,738 | | | | | | 12,672 | | |
Total cash and cash equivalents | | | | | 37,071 | | | | | | 25,245 | | | | | | 17,909 | | |
Investment securities - | | | | | | | | | | | | | | | | | | | |
Securities held-to-maturity (fair values of $17,047, $17,505, and $12,995, respectively) | | | | | 17,517 | | | | | | 17,523 | | | | | | 13,129 | | |
Securities available-for-sale, at fair value | | | | | 26,493 | | | | | | 20,730 | | | | | | 14,221 | | |
Loans receivable, net of unearned income | | | | | 145,891 | | | | | | 151,800 | | | | | | 163,653 | | |
Allowance for loan losses | | | | | (2,962) | | | | | | (3,022) | | | | | | (2,071) | | |
Loans receivable, net | | | | | 142,929 | | | | | | 148,778 | | | | | | 161,582 | | |
Accrued interest receivable | | | | | 532 | | | | | | 564 | | | | | | 577 | | |
Foreclosed real estate | | | | | 535 | | | | | | 415 | | | | | | 1,059 | | |
Premises and equipment, net | | | | | 5,452 | | | | | | 5,489 | | | | | | 5,289 | | |
Stock in Federal Home Loan Bank, at cost | | | | | 1,397 | | | | | | 1,394 | | | | | | 1,372 | | |
Bank owned life insurance | | | | | 3,235 | | | | | | 3,213 | | | | | | 2,143 | | |
Other assets | | | | | 1,581 | | | | | | 1,337 | | | | | | 1,218 | | |
TOTAL ASSETS | | | | $ | 236,742 | | | | | $ | 224,688 | | | | | $ | 218,499 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | | | | | | | | |
Non-interest-bearing | | | | $ | 30,277 | | | | | $ | 26,169 | | | | | $ | 17,438 | | |
Interest-bearing | | | | | 146,392 | | | | | | 138,429 | | | | | | 124,191 | | |
Total deposits | | | | | 176,669 | | | | | | 164,598 | | | | | | 141,629 | | |
Advances from Federal Home Loan Bank | | | | | 8,883 | | | | | | 8,838 | | | | | | 25,000 | | |
Other liabilities | | | | | 833 | | | | | | 719 | | | | | | 753 | | |
Total liabilities | | | | | 186,385 | | | | | | 174,155 | | | | | | 167,382 | | |
Commitments and Contingencies (Note 10) | | | | | | | | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | | | 50,577 | | | | | | 50,426 | | | | | | 51,129 | | |
Accumulated other comprehensive income (loss) | | | | | (220) | | | | | | 107 | | | | | | (12) | | |
Total equity | | | | | 50,357 | | | | | | 50,533 | | | | | | 51,117 | | |
TOTAL LIABILITIES AND EQUITY | | | | $ | 236,742 | | | | | $ | 224,688 | | | | | $ | 218,499 | | |
(Dollars in thousands) | | | (unaudited) Three Months Ended March 31, | | | Years Ended December 31, | | ||||||||||||||||||
| 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||||
INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable, including fees | | | | $ | 1,772 | | | | | $ | 2,003 | | | | | $ | 7,827 | | | | | $ | 7,943 | | |
Investment securities | | | | | 121 | | | | | | 118 | | | | | | 568 | | | | | | 688 | | |
Other | | | | | 14 | | | | | | 57 | | | | | | 95 | | | | | | 337 | | |
Total interest income | | | | | 1,907 | | | | | | 2,178 | | | | | | 8,490 | | | | | | 8,968 | | |
INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 155 | | | | | | 260 | | | | | | 920 | | | | | | 1,112 | | |
Advances from Federal Home Loan Bank | | | | | 68 | | | | | | 198 | | | | | | 785 | | | | | | 795 | | |
Total interest expense | | | | | 223 | | | | | | 458 | | | | | | 1,705 | | | | | | 1,907 | | |
Net interest income | | | | | 1,684 | | | | | | 1,720 | | | | | | 6,785 | | | | | | 7,061 | | |
PROVISION FOR LOAN LOSSES | | | | | — | | | | | | 65 | | | | | | 985 | | | | | | 75 | | |
Net interest income after provision for loan losses | | | | | 1,684 | | | | | | 1,655 | | | | | | 5,800 | | | | | | 6,986 | | |
NON-INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | | | 123 | | | | | | 160 | | | | | | 575 | | | | | | 587 | | |
Gain on sale of fixed assets | | | | | 25 | | | | | | — | | | | | | 16 | | | | | | — | | |
Bank owned life insurance income | | | | | 22 | | | | | | 17 | | | | | | 70 | | | | | | 70 | | |
Federal Community Development Grant | | | | | — | | | | | | — | | | | | | 203 | | | | | | 246 | | |
Other | | | | | 53 | | | | | | 13 | | | | | | 102 | | | | | | 51 | | |
Total non-interest income | | | | | 223 | | | | | | 190 | | | | | | 966 | | | | | | 954 | | |
NON-INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | | | 1,067 | | | | | | 987 | | | | | | 3,644 | | | | | | 3,527 | | |
Occupancy and equipment | | | | | 192 | | | | | | 154 | | | | | | 678 | | | | | | 630 | | |
Computer services expense | | | | | 151 | | | | | | 127 | | | | | | 541 | | | | | | 499 | | |
Legal and accounting | | | | | 73 | | | | | | 53 | | | | | | 273 | | | | | | 234 | | |
Foreclosed assets expense, net | | | | | (7) | | | | | | 24 | | | | | | 287 | | | | | | 299 | | |
ATM and debit card expense | | | | | 43 | | | | | | 36 | | | | | | 151 | | | | | | 138 | | |
Advertising and marketing | | | | | 9 | | | | | | 35 | | | | | | 86 | | | | | | 144 | | |
Prepayment penalties on FHLB advances | | | | | — | | | | | | — | | | | | | 1,510 | | | | | | — | | |
Directors’ fees | | | | | 71 | | | | | | 80 | | | | | | 219 | | | | | | 251 | | |
Other | | | | | 127 | | | | | | 144 | | | | | | 554 | | | | | | 561 | | |
Total non-interest expense | | | | | 1,726 | | | | | | 1,640 | | | | | | 7,943 | | | | | | 6,283 | | |
Income (loss) before income taxes | | | | | 181 | | | | | | 205 | | | | | | (1,177) | | | | | | 1,657 | | |
INCOME TAX EXPENSE (BENEFIT) | | | | | 30 | | | | | | 50 | | | | | | (474) | | | | | | 329 | | |
NET INCOME (LOSS) | | | | $ | 151 | | | | | $ | 155 | | | | | $ | (703) | | | | | $ | 1,328 | | |
(Dollars in thousands) | | | (unaudited) Three Months Ended March 31, | | | Years Ended December 31, | | ||||||||||||||||||
| 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||||
Net income (loss) | | | | $ | 151 | | | | | $ | 155 | | | | | $ | (703) | | | | | $ | 1,328 | | |
OTHER COMPREHENSIVE INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in unrealized gain (loss) on marketable securities | | | | | (413) | | | | | | 273 | | | | | | 150 | | | | | | 233 | | |
Less: deferred income tax effect | | | | | 86 | | | | | | (57) | | | | | | (31) | | | | | | (49) | | |
Total other comprehensive income | | | | | (327) | | | | | | 216 | | | | | | 119 | | | | | | 184 | | |
Total comprehensive income (loss) | | | | $ | (176) | | | | | $ | 371 | | | | | $ | (584) | | | | | $ | 1,512 | | |
(Dollars in thousands) | | | Retained Earnings | | | Accumulated Other Comprehensive Income (Loss) | | | Total Equity | | |||||||||
BALANCE, December 31, 2018 | | | | $ | 49,801 | | | | | $ | (196) | | | | | $ | 49,605 | | |
Net income | | | | | 1,328 | | | | | | — | | | | | | 1,328 | | |
Other comprehensive income | | | | | | | | | | | 184 | | | | | | 184 | | |
BALANCE, December 31, 2019 | | | | | 51,129 | | | | | | (12) | | | | | | 51,117 | | |
Net loss | | | | | (703) | | | | | | — | | | | | | (703) | | |
Other comprehensive income | | | | | | | | | | | 119 | | | | | | 119 | | |
BALANCE, December 31, 2020 | | | | | 50,426 | | | | | | 107 | | | | | | 50,533 | | |
Net income (unaudited) | | | | | 151 | | | | | | — | | | | | | 151 | | |
Other comprehensive income (unaudited) | | | | | | | | | | | (327) | | | | | | (327) | | |
BALANCE, March 31, 2021 (unaudited) | | | | $ | 50,577 | | | | | $ | (220) | | | | | $ | 50,357 | | |
(Dollars in thousands) | | | (unaudited) Three Months Ended March 31, | | | Years Ended December 31, | | ||||||||||||||||||
| 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | | $ | 151 | | | | | $ | 155 | | | | | $ | (703) | | | | | $ | 1,328 | | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities amortization (accretion) net | | | | | 91 | | | | | | 23 | | | | | | 208 | | | | | | (161) | | |
Stock dividend on Federal Home Loan Bank stock | | | | | (3) | | | | | | (8) | | | | | | (22) | | | | | | (41) | | |
Provision for loan losses | | | | | — | | | | | | 65 | | | | | | 985 | | | | | | 75 | | |
Writedowns and (gains) losses on sales of foreclosed real estate | | | | | — | | | | | | 23 | | | | | | 286 | | | | | | 276 | | |
Net (gain) loss on sale of premises and equipment | | | | | (25) | | | | | | — | | | | | | (16) | | | | | | — | | |
Depreciation of premises and equipment | | | | | 100 | | | | | | 83 | | | | | | 347 | | | | | | 296 | | |
Increase (Decrease) in other assets and liabilities, net | | | | | (12) | | | | | | 389 | | | | | | (228) | | | | | | (62) | | |
Net cash provided by operating activities | | | | | 302 | | | | | | 730 | | | | | | 857 | | | | | | 1,711 | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Net (increase) decrease in loans | | | | | 5,752 | | | | | | 1,632 | | | | | | 11,597 | | | | | | (1,672) | | |
Activity in held-to-maturity securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from maturities and calls | | | | | — | | | | | | 9,986 | | | | | | 13,000 | | | | | | 10,000 | | |
Purchases | | | | | — | | | | | | (9,829) | | | | | | (17,420) | | | | | | (4,129) | | |
Activity in available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from maturities, calls, and paydowns | | | | | 1,903 | | | | | | 4,449 | | | | | | 10,177 | | | | | | 7,794 | | |
Purchases | | | | | (8,164) | | | | | | (5,097) | | | | | | (16,719) | | | | | | (6,450) | | |
Proceeds from sale of foreclosed real estate | | | | | — | | | | | | 70 | | | | | | 583 | | | | | | 907 | | |
Purchases of premises and equipment | | | | | (63) | | | | | | (141) | | | | | | (547) | | | | | | (2,292) | | |
Proceeds from sale of premises and equipment | | | | | 25 | | | | | | 16 | | | | | | 16 | | | | | | 5 | | |
Purchase of bank owned life insurance | | | | | — | | | | | | — | | | | | | (1,000) | | | | | | — | | |
Net cash provided by (used in) investing activities | | | | | (547) | | | | | | 1,086 | | | | | | (313) | | | | | | 4,163 | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in deposits | | | | | 12,071 | | | | | | 6,210 | | | | | | 22,969 | | | | | | (4,806) | | |
Repayments of Federal Home Loan Bank advances | | | | | — | | | | | | — | | | | | | (15,000) | | | | | | — | | |
Prepayment penalties on debt restructuring | | | | | — | | | | | | — | | | | | | (1,177) | | | | | | — | | |
Net cash provided by (used in) financing activities | | | | | 12,071 | | | | | | 6,210 | | | | | | 6,792 | | | | | | (4,806) | | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | | | | | 11,826 | | | | | | 8,026 | | | | | | 7,336 | | | | | | 1,068 | | |
CASH AND CASH EQUIVALENTS, beginning of period | | | | | 25,245 | | | | | | 17,909 | | | | | | 17,909 | | | | | | 16,841 | | |
CASH AND CASH EQUIVALENTS, end of period | | | | $ | 37,071 | | | | | $ | 25,935 | | | | | $ | 25,245 | | | | | $ | 17,909 | | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans originated to facilitate the sale of real estate owned | | | | $ | — | | | | | $ | — | | | | | $ | 48 | | | | | $ | 146 | | |
Loan principal reductions resulting from foreclosures on real estate | | | | $ | 120 | | | | | $ | — | | | | | $ | 228 | | | | | $ | 958 | | |
SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash paid for interest | | | | $ | 214 | | | | | $ | 444 | | | | | $ | 1,768 | | | | | $ | 1,897 | | |
Cash paid for income taxes | | | | $ | — | | | | | $ | — | | | | | $ | 75 | | | | | $ | 112 | | |
| | | March 31, 2021 (unaudited) | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | 17,031 | | | | | $ | 47 | | | | | $ | (522) | | | | | $ | 16,556 | | |
Municipal obligations | | | | | 486 | | | | | | 5 | | | | | | — | | | | | | 491 | | |
| | | | $ | 17,517 | | | | | $ | 52 | | | | | $ | (522) | | | | | $ | 17,047 | | |
Securities Available-for-Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 22,154 | | | | | $ | 151 | | | | | $ | (264) | | | | | $ | 22,041 | | |
U.S. Government and agency obligations | | | | | 2,000 | | | | | | — | | | | | | (101) | | | | | | 1,899 | | |
Municipal obligations | | | | | 2,618 | | | | | | — | | | | | | (65) | | | | | | 2,553 | | |
| | | | $ | 26,772 | | | | | $ | 151 | | | | | $ | (430) | | | | | $ | 26,493 | | |
| | | December 31, 2020 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | 17,034 | | | | | $ | 93 | | | | | $ | (121) | | | | | $ | 17,006 | | |
Municipal obligations | | | | | 489 | | | | | | 10 | | | | | | — | | | | | | 499 | | |
| | | | $ | 17,523 | | | | | $ | 103 | | | | | $ | (121) | | | | | $ | 17,505 | | |
Securities Available-for-Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 15,968 | | | | | $ | 179 | | | | | $ | (7) | | | | | $ | 16,140 | | |
U.S. Government and agency obligations | | | | | 2,000 | | | | | | — | | | | | | (39) | | | | | | 1,961 | | |
Municipal obligations | | | | | 2,628 | | | | | | 12 | | | | | | (11) | | | | | | 2,629 | | |
| | | | $ | 20,596 | | | | | $ | 191 | | | | | $ | (57) | | | | | $ | 20,730 | | |
| | | December 31, 2019 | | |||||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | 13,000 | | | | | $ | — | | | | | $ | (134) | | | | | $ | 12,866 | | |
Municipal obligations | | | | | 129 | | | | | | — | | | | | | — | | | | | | 129 | | |
| | | | $ | 13,129 | | | | | $ | — | | | | | $ | (134) | | | | | $ | 12,995 | | |
Securities Available-for-Sale | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 9,236 | | | | | $ | 32 | | | | | $ | (38) | | | | | $ | 9,230 | | |
U.S. Government and agency obligations | | | | | 5,000 | | | | | | — | | | | | | (9) | | | | | | 4,991 | | |
| | | | $ | 14,236 | | | | | $ | 32 | | | | | $ | (47) | | | | | $ | 14,221 | | |
| | | March 31, 2021 (unaudited) | | |||||||||||||||||||||
| | | Held-to-Maturity | | | Available-for-Sale | | ||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Amounts maturing in: | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
After one through five years | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
After five through ten years | | | | | 13,486 | | | | | | 13,030 | | | | | | 3,603 | | | | | | 3,549 | | |
After ten years | | | | | 4,031 | | | | | | 4,017 | | | | | | 23,169 | | | | | | 22,944 | | |
| | | | $ | 17,517 | | | | | $ | 17,047 | | | | | $ | 26,772 | | | | | $ | 26,493 | | |
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Held-to-Maturity | | | Available-for-Sale | | ||||||||||||||||||
(Dollars in thousands) | | | Amortized Cost | | | Fair Value | | | Amortized Cost | | | Fair Value | | ||||||||||||
Amounts maturing in: | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
After one through five years | | | | | — | | | | | | — | | | | | | 1 | | | | | | 1 | | |
After five through ten years | | | | | 11,490 | | | | | | 11,452 | | | | | | 3,361 | | | | | | 3,355 | | |
After ten years | | | | | 6,033 | | | | | | 6,053 | | | | | | 17,234 | | | | | | 17,374 | | |
| | | | $ | 17,523 | | | | | $ | 17,505 | | | | | $ | 20,596 | | | | | $ | 20,730 | | |
| | | March 31, 2021 (unaudited) | | |||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | 12 Months or Greater | | | Total | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Gross Fair Value | | | Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | 11,478 | | | | | $ | (522) | | | | | $ | — | | | | | $ | — | | | | | $ | 11,478 | | | | | $ | (522) | | |
Municipal obligations | | | | | 359 | | | | | | — | | | | | | — | | | | | | — | | | | | | 359 | | | | | | — | | |
| | | | $ | 11,837 | | | | | $ | (522) | | | | | $ | — | | | | | $ | — | | | | | $ | 11,837 | | | | | $ | (522) | | |
| | | March 31, 2021 (unaudited) | | |||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | 12 Months or Greater | | | Total | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Gross Fair Value | | | Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Securities Available-for-Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 13,130 | | | | | $ | (264) | | | | | $ | — | | | | | $ | — | | | | | $ | 13,130 | | | | | $ | (264) | | |
U.S. Government and agency obligations | | | | | 1,899 | | | | | | (101) | | | | | | — | | | | | | — | | | | | | 1,899 | | | | | | (101) | | |
Municipal obligations | | | | | 2,553 | | | | | | (65) | | | | | | — | | | | | | — | | | | | | 2,553 | | | | | | (65) | | |
| | | | $ | 17,582 | | | | | $ | (430) | | | | | $ | — | | | | | $ | — | | | | | $ | 17,582 | | | | | $ | (430) | | |
Total | | | | $ | 29,419 | | | | | $ | (952) | | | | | $ | — | | | | | $ | — | | | | | $ | 29,419 | | | | | $ | (952) | | |
|
| | | December 31, 2020 | | |||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | 12 Months or Greater | | | Total | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | 7,879 | | | | | $ | (121) | | | | | $ | — | | | | | $ | — | | | | | $ | 7,879 | | | | | $ | (121) | | |
| | | | $ | 7,879 | | | | | $ | (121) | | | | | $ | — | | | | | $ | — | | | | | $ | 7,879 | | | | | $ | (121) | | |
Securities Available-for-Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 4,010 | | | | | $ | (7) | | | | | $ | — | | | | | $ | — | | | | | $ | 4,010 | | | | | $ | (7) | | |
U.S. Government and agency obligations | | | | | 1,961 | | | | | | (39) | | | | | | — | | | | | | — | | | | | | 1,961 | | | | | | (39) | | |
Municipal obligations | | | | | 1,751 | | | | | | (11) | | | | | | — | | | | | | — | | | | | | 1,751 | | | | | | (11) | | |
| | | | $ | 7,722 | | | | | $ | (57) | | | | | $ | — | | | | | $ | — | | | | | $ | 7,722 | | | | | $ | (57) | | |
Total | | | | $ | 15,601 | | | | | $ | (178) | | | | | $ | — | | | | | $ | — | | | | | $ | 15,601 | | | | | $ | (178) | | |
| | | December 31, 2019 | | |||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | 12 Months or Greater | | | Total | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | | Fair Value | | | Gross Unrealized Losses | | ||||||||||||||||||
Securities Held-to-Maturity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Government and agency obligations | | | | $ | 3,966 | | | | | $ | (34) | | | | | $ | 5,900 | | | | | $ | (100) | | | | | $ | 9,866 | | | | | $ | (134) | | |
| | | | $ | 3,966 | | | | | $ | (34) | | | | | $ | 5,900 | | | | | $ | (100) | | | | | $ | 9,866 | | | | | $ | (134) | | |
Securities Available-for-Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities | | | | $ | 5,450 | | | | | $ | (24) | | | | | $ | 1,937 | | | | | $ | (14) | | | | | $ | 7,387 | | | | | $ | (38) | | |
U.S. Government and agency obligations | | | | | — | | | | | | — | | | | | | 4,991 | | | | | | (9) | | | | | | 4,991 | | | | | | (9) | | |
| | | | $ | 5,450 | | | | | $ | (24) | | | | | $ | 6,928 | | | | | $ | (23) | | | | | $ | 12,378 | | | | | $ | (47) | | |
Total | | | | $ | 9,416 | | | | | $ | (58) | | | | | $ | 12,828 | | | | | $ | (123) | | | | | $ | 22,244 | | | | | $ | (181) | | |
(Dollars in thousands) | | | (unaudited) March 31, 2021 | | | December 31, 2020 | | | December 31, 2019 | | |||||||||
Real Estate | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | $ | 95,053 | | | | | $ | 99,869 | | | | | $ | 112,616 | | |
Commercial real estate | | | | | 29,982 | | | | | | 30,304 | | | | | | 28,840 | | |
Construction & land | | | | | 4,910 | | | | | | 5,538 | | | | | | 8,306 | | |
Multi-family residential | | | | | 4,731 | | | | | | 4,801 | | | | | | 5,492 | | |
Farmland | | | | | 27 | | | | | | 53 | | | | | | 61 | | |
Total Real Estate | | | | | 134,703 | | | | | | 140,565 | | | | | | 155,315 | | |
Consumer | | | | | 4,234 | | | | | | 4,499 | | | | | | 5,477 | | |
Commercial and industrial | | | | | 6,954 | | | | | | 6,736 | | | | | | 2,861 | | |
| | | | | 145,891 | | | | | | 151,800 | | | | | | 163,653 | | |
Less allowance for loan losses | | | | | (2,962) | | | | | | (3,022) | | | | | | (2,071) | | |
| | | | $ | 142,929 | | | | | $ | 148,778 | | | | | $ | 161,582 | | |
| | | For the Three Months Ended March 31, 2021 (unaudited) | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Beginning Balance | | | Provision for loan losses | | | Charge-offs | | | Recoveries | | | Ending Balance | | |||||||||||||||
Allowance for Loan Losses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | $ | 1,910 | | | | | $ | (48) | | | | | $ | (82) | | | | | $ | 24 | | | | | $ | 1,804 | | |
Commercial real estate | | | | | 744 | | | | | | (7) | | | | | | — | | | | | | — | | | | | | 737 | | |
Construction & land | | | | | 81 | | | | | | (14) | | | | | | — | | | | | | — | | | | | | 67 | | |
Multi-family residential | | | | | 68 | | | | | | (1) | | | | | | — | | | | | | — | | | | | | 67 | | |
Farmland | | | | | 1 | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | 78 | | | | | | 41 | | | | | | (7) | | | | | | 5 | | | | | | 117 | | |
Commercial and industrial | | | | | 101 | | | | | | 5 | | | | | | — | | | | | | — | | | | | | 106 | | |
Unallocated | | | | | 39 | | | | | | 25 | | | | | | — | | | | | | — | | | | | | 64 | | |
Total | | | | $ | 3,022 | | | | | $ | — | | | | | $ | (89) | | | | | $ | 29 | | | | | $ | 2,962 | | |
| | | For the Year Ended December 31, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Beginning Balance | | | Provision for loan losses | | | 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 | | | | | 56 | | | | | | 25 | | | | | | — | | | | | | — | | | | | | 81 | | |
Multi-family residential | | | | | 76 | | | | | | (8) | | | | | | (1) | | | | | | 1 | | | | | | 68 | | |
Farmland | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Consumer | | | | | 80 | | | | | | 15 | | | | | | (40) | | | | | | 23 | | | | | | 78 | | |
Commercial and industrial | | | | | 12 | | | | | | 89 | | | | | | (15) | | | | | | 15 | | | | | | 101 | | |
Unallocated | | | | | 47 | | | | | | (8) | | | | | | — | | | | | | — | | | | | | 39 | | |
Total | | | | $ | 2,071 | | | | | $ | 985 | | | | | $ | (140) | | | | | $ | 106 | | | | | $ | 3,022 | | |
| | | For the Year Ended December 31, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Beginning Balance | | | Provision for loan losses | | | Charge-offs | | | Recoveries | | | Ending Balance | | |||||||||||||||
Allowance for Loan Losses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | $ | 1,156 | | | | | $ | 127 | | | | | $ | (201) | | | | | $ | 80 | | | | | $ | 1,162 | | |
Commercial real estate | | | | | 636 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 637 | | |
Construction & land | | | | | 50 | | | | | | — | | | | | | (3) | | | | | | 9 | | | | | | 56 | | |
Multi-family residential | | | | | 58 | | | | | | 18 | | | | | | — | | | | | | — | | | | | | 76 | | |
Farmland | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Consumer | | | | | 112 | | | | | | (15) | | | | | | (31) | | | | | | 14 | | | | | | 80 | | |
Commercial and industrial | | | | | 9 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 12 | | |
Unallocated | | | | | 103 | | | | | | (56) | | | | | | — | | | | | | — | | | | | | 47 | | |
Total | | | | $ | 2,125 | | | | | $ | 75 | | | | | $ | (235) | | | | | $ | 106 | | | | | $ | 2,071 | | |
| | | As of March 31, 2021 (unaudited) | | | As of December 31, 2020 | | | As of December 31, 2019 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Individually Evaluated for Impairment | | | Collectively Evaluated for Impairment | | | Total | | | Individually Evaluated for Impairment | | | Collectively Evaluated for Impairment | | | Total | | | Individually Evaluated for Impairment | | | Collectively Evaluated for Impairment | | | Total | | |||||||||||||||||||||||||||
Allowance for Loan Losses Ending Balance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | $ | 573 | | | | | $ | 1,231 | | | | | $ | 1,804 | | | | | $ | 599 | | | | | $ | 1,311 | | | | | $ | 1,910 | | | | | $ | 98 | | | | | $ | 1,064 | | | | | $ | 1,162 | | |
Commercial real estate | | | | | | | | | | | 737 | | | | | | 737 | | | | | | | | | | | | 744 | | | | | | 744 | | | | | | | | | | | | 637 | | | | | | 637 | | |
Construction & land | | | | | | | | | | | 67 | | | | | | 67 | | | | | | | | | | | | 81 | | | | | | 81 | | | | | | | | | | | | 56 | | | | | | 56 | | |
Multi-family residential | | | | | | | | | | | 67 | | | | | | 67 | | | | | | | | | | | | 68 | | | | | | 68 | | | | | | | | | | | | 76 | | | | | | 76 | | |
Farmland | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | 1 | | | | | | 1 | | | | | | | | | | | | 1 | | | | | | 1 | | |
Consumer | | | | | | | | | | | 117 | | | | | | 117 | | | | | | | | | | | | 78 | | | | | | 78 | | | | | | | | | | | | 80 | | | | | | 80 | | |
Commercial and industrial | | | | | | | | | | | 106 | | | | | | 106 | | | | | | | | | | | | 101 | | | | | | 101 | | | | | | | | | | | | 12 | | | | | | 12 | | |
Unallocated | | | | | | | | | | | 64 | | | | | | 64 | | | | | | | | | | | | 39 | | | | | | 39 | | | | | | | | | | | | 47 | | | | | | 47 | | |
Total | | | | $ | 573 | | | | | $ | 2,389 | | | | | $ | 2,962 | | | | | $ | 599 | | | | | $ | 2,423 | | | | | $ | 3,022 | | | | | $ | 98 | | | | | $ | 1,973 | | | | | $ | 2,071 | | |
Loans Receivable Ending Balance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | $ | 3,197 | | | | | $ | 91,856 | | | | | $ | 95,053 | | | | | $ | 3,209 | | | | | $ | 96,660 | | | | | $ | 99,869 | | | | | $ | 2,946 | | | | | $ | 109,670 | | | | | $ | 112,616 | | |
Commercial real estate | | | | | | | | | | | 29,982 | | | | | | 29,982 | | | | | | — | | | | | | 30,304 | | | | | | 30,304 | | | | | | | | | | | | 28,840 | | | | | | 28,840 | | |
Construction & land | | | | | 46 | | | | | | 4,864 | | | | | | 4,910 | | | | | | 46 | | | | | | 5,492 | | | | | | 5,538 | | | | | | 49 | | | | | | 8,257 | | | | | | 8,306 | | |
Multi-family residential | | | | | 1,196 | | | | | | 3,535 | | | | | | 4,731 | | | | | | 1,205 | | | | | | 3,596 | | | | | | 4,801 | | | | | | 122 | | | | | | 5,370 | | | | | | 5,492 | | |
Farmland | | | | | | | | | | | 27 | | | | | | 27 | | | | | | — | | | | | | 53 | | | | | | 53 | | | | | | | | | | | | 61 | | | | | | 61 | | |
Consumer | | | | | | | | | | | 4,234 | | | | | | 4,234 | | | | | | | | | | | | 4,499 | | | | | | 4,499 | | | | | | 8 | | | | | | 5,469 | | | | | | 5,477 | | |
Commercial and industrial | | | | | 4 | | | | | | 6,950 | | | | | | 6,954 | | | | | | 4 | | | | | | 6,732 | | | | | | 6,736 | | | | | | 6 | | | | | | 2,855 | | | | | | 2,861 | | |
Total | | | | $ | 4,443 | | | | | $ | 141,448 | | | | | $ | 145,891 | | | | | $ | 4,464 | | | | | $ | 147,336 | | | | | $ | 151,800 | | | | | $ | 3,131 | | | | | $ | 160,522 | | | | | $ | 163,653 | | |
| | | March 31, 2021 (unaudited) | | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Past Due 30-89 Days Accruing | | | Past Due Over 90 Days and Accruing | | | Past Due Over 30 Days Non-Accruing | | | Total Past Due | | | Current and Accruing | | | Current and Non-Accruing | | | Total Loans | | |||||||||||||||||||||
One- to four-family residential | | | | $ | 1,368 | | | | | $ | 239 | | | | | $ | 321 | | | | | $ | 1,928 | | | | | $ | 92,063 | | | | | $ | 1,062 | | | | | $ | 95,053 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,982 | | | | | | — | | | | | | 29,982 | | |
Construction and land | | | | | 36 | | | | | | — | | | | | | — | | | | | | 36 | | | | | | 4,828 | | | | | | 46 | | | | | | 4,910 | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,731 | | | | | | — | | | | | | 4,731 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27 | | | | | | — | | | | | | 27 | | |
Consumer | | | | | 39 | | | | | | 23 | | | | | | — | | | | | | 62 | | | | | | 4,172 | | | | | | — | | | | | | 4,234 | | |
Commercial & industrial | | | | | 21 | | | | | | — | | | | | | — | | | | | | 21 | | | | | | 6,929 | | | | | | 4 | | | | | | 6,954 | | |
Total | | | | $ | 1,464 | | | | | $ | 262 | | | | | $ | 321 | | | | | $ | 2,047 | | | | | $ | 142,732 | | | | | $ | 1,112 | | | | | $ | 145,891 | | |
| | | December 31, 2020 | | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Past Due 30-89 Days Accruing | | | Past Due Over 90 Days and Accruing | | | Past Due Over 30 Days Non-Accruing | | | Total Past Due | | | Current and Accruing | | | Current and Non-Accruing | | | Total Loans | | |||||||||||||||||||||
One- to four-family residential | | | | $ | 1,842 | | | | | $ | 367 | | | | | $ | 235 | | | | | $ | 2,444 | | | | | $ | 96,419 | | | | | $ | 1,006 | | | | | $ | 99,869 | | |
Commercial real estate | | | | | 192 | | | | | | — | | | | | | — | | | | | | 192 | | | | | | 30,112 | | | | | | — | | | | | | 30,304 | | |
Construction and land | | | | | 154 | | | | | | — | | | | | | 47 | | | | | | 201 | | | | | | 5,337 | | | | | | — | | | | | | 5,538 | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,801 | | | | | | — | | | | | | 4,801 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 53 | | | | | | — | | | | | | 53 | | |
Consumer | | | | | 38 | | | | | | 13 | | | | | | — | | | | | | 51 | | | | | | 4,448 | | | | | | — | | | | | | 4,499 | | |
Commercial & industrial | | | | | 94 | | | | | | — | | | | | | — | | | | | | 94 | | | | | | 6,638 | | | | | | 4 | | | | | | 6,736 | | |
Total | | | | $ | 2,320 | | | | | $ | 380 | | | | | $ | 282 | | | | | $ | 2,982 | | | | | $ | 147,808 | | | | | $ | 1,010 | | | | | $ | 151,800 | | |
| | | December 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Past Due 30-89 Days Accruing | | | Past Due Over 90 Days and Accruing | | | Past Due Over 30 Days Non-Accruing | | | Total Past Due | | | Current and Accruing | | | Current and Non-Accruing | | | Total Loans | | |||||||||||||||||||||
One- to four-family residential | | | | $ | 3,529 | | | | | $ | 213 | | | | | $ | 868 | | | | | $ | 4,610 | | | | | $ | 107,462 | | | | | $ | 544 | | | | | $ | 112,616 | | |
Commercial real estate | | | | | 584 | | | | | | — | | | | | | — | | | | | | 584 | | | | | | 28,256 | | | | | | — | | | | | | 28,840 | | |
Construction and land | | | | | — | | | | | | — | | | | | | 49 | | | | | | 49 | | | | | | 8,257 | | | | | | — | | | | | | 8,306 | | |
Multi-family residential | | | | | — | | | | | | — | | | | | | 122 | | | | | | 122 | | | | | | 5,370 | | | | | | — | | | | | | 5,492 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 61 | | | | | | — | | | | | | 61 | | |
Consumer | | | | | 93 | | | | | | 6 | | | | | | — | | | | | | 99 | | | | | | 5,378 | | | | | | — | | | | | | 5,477 | | |
Commercial & industrial | | | | | 3 | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 2,852 | | | | | | 6 | | | | | | 2,861 | | |
Total | | | | $ | 4,209 | | | | | $ | 219 | | | | | $ | 1,039 | | | | | $ | 5,467 | | | | | $ | 157,636 | | | | | $ | 550 | | | | | $ | 163,653 | | |
(Dollars in thousands) | | | Number of Contracts | | | Pre-modification Outstanding Recorded Investment | | | Post-modification Outstanding Recorded Investment | | |||||||||
March 31, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | | 1 | | | | | $ | 92 | | | | | $ | 94 | | |
Total | | | | | 1 | | | | | $ | 92 | | | | | $ | 94 | | |
(Dollars in thousands) | | | Number of Contracts | | | Pre-modification Outstanding Recorded Investment | | | Post-modification Outstanding Recorded Investment | | |||||||||
December 31, 2020 | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | | 18 | | | | | $ | 2,643 | | | | | $ | 2,703 | | |
Total | | | | | 18 | | | | | $ | 2,643 | | | | | $ | 2,703 | | |
(Dollars in thousands) | | | Number of Contracts | | | Pre-modification Outstanding Recorded Investment | | | Post-modification Outstanding Recorded Investment | | |||||||||
December 31, 2019 | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | | 2 | | | | | $ | 276 | | | | | $ | 281 | | |
Total | | | | | 2 | | | | | $ | 276 | | | | | $ | 281 | | |
| | | As of and for the Three Months Ended March 31, 2021 (unaudited) | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | | Interest Income Collected | | ||||||||||||||||||
Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | $ | 3,197 | | | | | $ | 3,584 | | | | | $ | 573 | | | | | $ | 3,210 | | | | | $ | 19 | | | | | $ | 19 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction & land | | | | | 46 | | | | | | 46 | | | | | | — | | | | | | 46 | | | | | | — | | | | | | — | | |
Multi-family residential | | | | | 1,196 | | | | | | 1,196 | | | | | | — | | | | | | 1,199 | | | | | | 15 | | | | | | 14 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total real estate loans | | | | | 4,439 | | | | | | 4,826 | | | | | | 573 | | | | | | 4,455 | | | | | | 34 | | | | | | 33 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial & industrial | | | | | 4 | | | | | | 7 | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | |
| | | | $ | 4,443 | | | | | $ | 4,833 | | | | | $ | 573 | | | | | $ | 4,459 | | | | | $ | 34 | | | | | $ | 33 | | |
| | | As of and for the Year Ended December 31, 2020 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | | Interest Income Collected | | ||||||||||||||||||
Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | $ | 3,209 | | | | | $ | 3,586 | | | | | $ | 599 | | | | | $ | 3,266 | | | | | $ | 86 | | | | | $ | 78 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction & land | | | | | 46 | | | | | | 46 | | | | | | — | | | | | | 48 | | | | | | — | | | | | | — | | |
Multi-family residential | | | | | 1,205 | | | | | | 1,205 | | | | | | — | | | | | | 1,210 | | | | | | 47 | | | | | | 43 | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total real estate loans | | | | | 4,460 | | | | | | 4,837 | | | | | | 599 | | | | | | 4,524 | | | | | | 133 | | | | | | 121 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial & industrial | | | | | 4 | | | | | | 7 | | | | | | — | | | | | | 5 | | | | | | — | | | | | | — | | |
| | | | $ | 4,464 | | | | | $ | 4,844 | | | | | $ | 599 | | | | | $ | 4,529 | | | | | $ | 133 | | | | | $ | 121 | | |
| | | As of and for the Year Ended December 31, 2019 | | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | | Interest Income Collected | | ||||||||||||||||||
Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family residential | | | | $ | 2,946 | | | | | $ | 3,387 | | | | | $ | 98 | | | | | $ | 3,013 | | | | | $ | 76 | | | | | $ | 64 | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Construction & land | | | | | 49 | | | | | | 49 | | | | | | — | | | | | | 49 | | | | | | — | | | | | | — | | |
Multi-family residential | | | | | 122 | | | | | | 122 | | | | | | — | | | | | | 247 | | | | | | — | | | | | | — | | |
Farmland | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total real estate loans | | | | | 3,117 | | | | | | 3,558 | | | | | | 98 | | | | | | 3,309 | | | | | | 76 | | | | | | 64 | | |
Consumer | | | | | 8 | | | | | | 8 | | | | | | — | | | | | | 9 | | | | | | 1 | | | | | | 1 | | |
Commercial & industrial | | | | | 6 | | | | | | 9 | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | |
| | | | $ | 3,131 | | | | | $ | 3,575 | | | | | $ | 98 | | | | | $ | 3,325 | | | | | $ | 77 | | | | | $ | 65 | | |
| | | As of and for the Three Months Ended March 31, 2021 (unaudited) | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
One- to four-family residential | | | | $ | 90,269 | | | | | $ | 362 | | | | | $ | 4,422 | | | | | $ | — | | | | | $ | 95,053 | | |
Commercial real estate | | | | | 28,585 | | | | | | 1,334 | | | | | | 63 | | | | | | — | | | | | | 29,982 | | |
Construction & land | | | | | 4,816 | | | | | | — | | | | | | 94 | | | | | | — | | | | | | 4,910 | | |
Multi-family residential | | | | | 3,404 | | | | | | — | | | | | | 1,327 | | | | | | — | | | | | | 4,731 | | |
Farmland | | | | | 27 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27 | | |
Consumer | | | | | 4,218 | | | | | | — | | | | | | 16 | | | | | | — | | | | | | 4,234 | | |
Commercial & industrial | | | | | 6,934 | | | | | | 16 | | | | | | 4 | | | | | | — | | | | | | 6,954 | | |
Total | | | | $ | 138,253 | | | | | $ | 1,712 | | | | | $ | 5,926 | | | | | $ | — | | | | | $ | 145,891 | | |
| | | As of and for the Year Ended December 31, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
One- to four-family residential | | | | $ | 93,008 | | | | | $ | 1,915 | | | | | $ | 4,946 | | | | | $ | — | | | | | $ | 99,869 | | |
Commercial real estate | | | | | 28,217 | | | | | | 2,022 | | | | | | 65 | | | | | | — | | | | | | 30,304 | | |
Construction & land | | | | | 5,310 | | | | | | 133 | | | | | | 95 | | | | | | — | | | | | | 5,538 | | |
Multi-family residential | | | | | 3,457 | | | | | | — | | | | | | 1,344 | | | | | | — | | | | | | 4,801 | | |
Farmland | | | | | 53 | | | | | | — | | | | | | — | | | | | | — | | | | | | 53 | | |
Consumer | | | | | 4,434 | | | | | | 33 | | | | | | 32 | | | | | | — | | | | | | 4,499 | | |
Commercial & industrial | | | | | 6,542 | | | | | | 171 | | | | | | 23 | | | | | | — | | | | | | 6,736 | | |
Total | | | | $ | 141,021 | | | | | $ | 4,274 | | | | | $ | 6,505 | | | | | $ | — | | | | | $ | 151,800 | | |
| | | As of and for the Year Ended December 31, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | |||||||||||||||
One- to four-family residential | | | | $ | 104,078 | | | | | $ | 3,266 | | | | | $ | 5,272 | | | | | $ | — | | | | | $ | 112,616 | | |
Commercial real estate | | | | | 27,877 | | | | | | 963 | | | | | | — | | | | | | — | | | | | | 28,840 | | |
Construction & land | | | | | 8,200 | | | | | | 6 | | | | | | 100 | | | | | | — | | | | | | 8,306 | | |
Multi-family residential | | | | | 5,370 | | | | | | — | | | | | | 122 | | | | | | — | | | | | | 5,492 | | |
Farmland | | | | | 61 | | | | | | — | | | | | | — | | | | | | — | | | | | | 61 | | |
Consumer | | | | | 5,369 | | | | | | 84 | | | | | | 24 | | | | | | — | | | | | | 5,477 | | |
Commercial & industrial | | | | | 2,766 | | | | | | 27 | | | | | | 68 | | | | | | — | | | | | | 2,861 | | |
Total | | | | $ | 153,721 | | | | | $ | 4,346 | | | | | $ | 5,586 | | | | | $ | — | | | | | $ | 163,653 | | |
(Dollars in thousands) | | | (unaudited) March 31, 2021 | | | December 31, 2020 | | | December 31, 2019 | | |||||||||
Land | | | | $ | 1,443 | | | | | $ | 1,443 | | | | | $ | 898 | | |
Buildings and improvements | | | | | 5,072 | | | | | | 5,058 | | | | | | 4,433 | | |
Furniture, fixtures and equipment | | | | | 1,537 | | | | | | 1,514 | | | | | | 1,340 | | |
Automobiles | | | | | 122 | | | | | | 122 | | | | | | 94 | | |
Renovation in process | | | | | 31 | | | | | | 5 | | | | | | 900 | | |
| | | | | 8,205 | | | | | | 8,142 | | | | | | 7,665 | | |
Accumulated depreciation | | | | | (2,753) | | | | | | (2,653) | | | | | | (2,376) | | |
| | | | $ | 5,452 | | | | | $ | 5,489 | | | | | $ | 5,289 | | |
(Dollars in thousands) | | | March 31, 2021 (unaudited) | | | December 31, 2020 | | | December 31, 2019 | | |||||||||||||||||||||||||||
| Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||||
Non-interest-bearing deposits | | | | $ | 30,277 | | | | | | 17.14% | | | | | $ | 26,169 | | | | | | 15.90% | | | | | $ | 17,438 | | | | | | 12.31% | | |
Negotiable order of withdrawal (“NOW”) | | | | | 36,691 | | | | | | 20.77% | | | | | | 30,890 | | | | | | 18.77% | | | | | | 26,421 | | | | | | 18.66% | | |
Money market | | | | | 17,164 | | | | | | 9.71% | | | | | | 15,989 | | | | | | 9.71% | | | | | | 13,686 | | | | | | 9.66% | | |
Savings | | | | | 23,320 | | | | | | 13.20% | | | | | | 22,209 | | | | | | 13.49% | | | | | | 19,180 | | | | | | 13.54% | | |
Certificates of deposit | | | | | 69,217 | | | | | | 39.18% | | | | | | 69,341 | | | | | | 42.13% | | | | | | 64,904 | | | | | | 45.83% | | |
| | | | $ | 176,669 | | | | | | 100.00% | | | | | $ | 164,598 | | | | | | 100.00% | | | | | $ | 141,629 | | | | | | 100.00% | | |
(Dollars in thousands) | | | (unaudited) March 31, 2021 | | | December 31, 2020 | | ||||||
2021 | | | | $ | 43,937 | | | | | $ | 53,232 | | |
2022 | | | | | 21,467 | | | | | | 12,644 | | |
2023 | | | | | 1,369 | | | | | | 1,210 | | |
2024 | | | | | 2,232 | | | | | | 2,239 | | |
2025 | | | | | 212 | | | | | | 16 | | |
Total | | | | $ | 69,217 | | | | | $ | 69,341 | | |
(Dollars in thousands) | | | (unaudited) March 31, 2021 | | | December 31, 2020 | | | December 31, 2019 | | |||||||||||||||||||||||||||
| Rate | | | Amount | | | Rate | | | Amount | | | Rate | | | Amount | | ||||||||||||||||||||
Advances from Federal Home Loan Bank | | | | | 0.649% | | | | | $ | 3,000 | | | | | | 0.649% | | | | | $ | 3,000 | | | | | | 3.173% | | | | | $ | 5,000 | | |
| | | | | 0.955% | | | | | | 3,000 | | | | | | 0.955% | | | | | | 3,000 | | | | | | 3.207% | | | | | | 5,000 | | |
| | | | | 1.118% | | | | | | 4,000 | | | | | | 1.118% | | | | | | 4,000 | | | | | | 3.142% | | | | | | 10,000 | | |
| | | | | | | | | | | | | | | | | | | | | | | — | | | | | | 3.243% | | | | | | 5,000 | | |
| | | | | | | | | | | 10,000 | | | | | | | | | | | | 10,000 | | | | | | | | | | | | 25,000 | | |
Debt Modification Discount | | | | | | | | | | | (1,117) | | | | | | | | | | | | (1,162) | | | | | | | | | | | | — | | |
| | | | | | | | | | $ | 8,883 | | | | | | | | | | | $ | 8,838 | | | | | | | | | | | $ | 25,000 | | |
| | | (unaudited) March 31, 2021 | | | December 31, 2020 | | ||||||
(Dollars in thousands) | | | Amount | | | Amount | | ||||||
Amounts maturing in: | | | | | | | | | | | | | |
1 year or less | | | | $ | — | | | | | $ | — | | |
Over 1 through 3 years | | | | | — | | | | | | — | | |
Over 3 through 5 years | | | | | 3,000 | | | | | | 3,000 | | |
Over 5 years | | | | | 7,000 | | | | | | 7,000 | | |
| | | | $ | 10,000 | | | | | $ | 10,000 | | |
| | | (unaudited) March 31, | | | December 31, | | ||||||||||||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||
Federal: | | | | | | | | | | | | | | | | | | | | | |||||
Current | | | | $ | 55 | | | | | $ | 131 | | | | | $ | (587) | | | | | $ | 53 | | |
Deferred | | | | | (25) | | | | | | (81) | | | | | | 113 | | | | | | 276 | | |
| | | | $ | 30 | | | | | $ | 50 | | | | | $ | (474) | | | | | $ | 329 | | |
| | | (unaudited) March 31, | | | December 31, | | ||||||||||||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||
Expected income tax expense at federal tax rate | | | | $ | 38 | | | | | $ | 43 | | | | | $ | (247) | | | | | $ | 348 | | |
Life insurance income | | | | | (5) | | | | | | (4) | | | | | | (15) | | | | | | (15) | | |
Tax free investments | | | | | (2) | | | | | | — | | | | | | (10) | | | | | | — | | |
Benefit from NOL carryback | | | | | — | | | | | | — | | | | | | (196) | | | | | | — | | |
Other | | | | | (1) | | | | | | 11 | | | | | | (6) | | | | | | (4) | | |
| | | | $ | 30 | | | | | $ | 50 | | | | | $ | (474) | | | | | $ | 329 | | |
| | | (unaudited) March 31, 2021 | | | December 31, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||||||||
Deferred tax asset: | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | | $ | 232 | | | | | $ | 235 | | | | | $ | 32 | | |
Unrealized losses on securities | | | | | 59 | | | | | | — | | | | | | 3 | | |
OREO | | | | | 28 | | | | | | 33 | | | | | | 69 | | |
Other | | | | | 109 | | | | | | 58 | | | | | | 63 | | |
| | | | | 428 | | | | | | 326 | | | | | | 167 | | |
Deferred tax liability: | | | | | | | | | | | | | | | | | | | |
Unrealized gains on securities | | | | | — | | | | | | (29) | | | | | | — | | |
FHLB Stock | | | | | (118) | | | | | | (118) | | | | | | (113) | | |
FHLB Debt Discount | | | | | (235) | | | | | | (244) | | | | | | — | | |
Premises and equipment | | | | | (347) | | | | | | (357) | | | | | | (293) | | |
| | | | | (700) | | | | | | (748) | | | | | | (406) | | |
Net deferred tax asset (liability) | | | | $ | (272) | | | | | $ | (422) | | | | | $ | (239) | | |
| | | Actual | | | To be Well Capitalized under the Prompt Corrective Action Provisions | | ||||||||||||||||||
(Dollars in thousands) | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||
As of March 31, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 Capital | | | | $ | 50,577 | | | | | | 41.09% | | | | | $ | 8,000 | | | | | | >6.5% | | |
Tier 1 Capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 50,577 | | | | | | 41.09% | | | | | | 9,846 | | | | | | >8.0% | | |
Total Risk- Based Capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 52,134 | | | | | | 42.36% | | | | | | 12,308 | | | | | | >10.0% | | |
Leverage Capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 50,577 | | | | | | 22.01% | | | | | | 11,492 | | | | | | >5.0% | | |
As of December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 Capital | | | | $ | 50,426 | | | | | | 40.92% | | | | | $ | 8,010 | | | | | | >6.5% | | |
Tier 1 Capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 50,426 | | | | | | 40.92% | | | | | | 9,858 | | | | | | >8.0% | | |
Total Risk- Based Capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 52,118 | | | | | | 42.29% | | | | | | 12,323 | | | | | | >10.0% | | |
Leverage Capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 50,426 | | | | | | 21.06% | | | | | | 11,970 | | | | | | >5.0% | | |
As of December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Tier 1 Capital | | | | $ | 51,129 | | | | | | 40.00% | | | | | $ | 8,309 | | | | | | >6.5% | | |
Tier 1 Capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 51,129 | | | | | | 40.00% | | | | | | 10,226 | | | | | | >8.0% | | |
Total Risk- Based Capital | | | | | | | | | | | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 52,683 | | | | | | 41.21% | | | | | | 12,783 | | | | | | >10.0% | | |
Leverage Capital | | | | | | | | | | ��� | | | | | | | | | | | | | | | |
(to Risk-Weighted Assets) | | | | | 51,129 | | | | | | 23.19% | | | | | | 11,023 | | | | | | >5.0% | | |
| | | (unaudited) March 31, 2021 | | | December 31, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||||||||
Balance at beginning of year | | | | $ | 1,846 | | | | | $ | 1,967 | | | | | $ | 415 | | |
Originations | | | | | — | | | | | | 300 | | | | | | 3,007 | | |
Repayments | | | | | (36) | | | | | | (421) | | | | | | (1,455) | | |
Balance at end of year | | | | $ | 1,810 | | | | | $ | 1,846 | | | | | $ | 1,967 | | |
| | | (unaudited) Contract or Notional Amount at March 31, 2021 | | | Contract or Notional Amount at December 31, | | ||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||||||||
Financial instruments the contract amounts of which represent credit risk: | | | | | | | | | | | | | | | | | | | |
Commitments to extend credit | | | | $ | 665 | | | | | $ | 82 | | | | | $ | 803 | | |
Letters of credit | | | | | 500 | | | | | | 500 | | | | | | — | | |
Unused lines of credit | | | | | 2,967 | | | | | | 2,975 | | | | | | 1,375 | | |
Unfunded construction loans in process | | | | | 1,474 | | | | | | 1,007 | | | | | | 4,606 | | |
| | | | $ | 5,606 | | | | | $ | 4,564 | | | | | $ | 6,784 | | |
| | | (unaudited) March 31, | | | December 31, | | ||||||||||||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | | 2020 | | | 2019 | | ||||||||||||
Profit sharing plan | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 96 | | |
401(k) plan | | | | | 47 | | | | | | 92 | | | | | | 112 | | | | | | 119 | | |
| | | | $ | 47 | | | | | $ | 92 | | | | | $ | 112 | | | | | $ | 215 | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
(Dollars in thousands) | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
March 31, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | |
Available-for-sale securities | | | | $ | 26,493 | | | | | $ | — | | | | | $ | 26,493 | | | | | $ | — | | |
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Available-for-sale securities | | | | $ | 20,730 | | | | | $ | — | | | | | $ | 20,730 | | | | | $ | — | | |
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Available-for-sale securities | | | | $ | 14,221 | | | | | $ | — | | | | | $ | 14,221 | | | | | $ | — | | |
| | | Fair Value Measurements at Reporting Date Using | | |||||||||||||||||||||
(Dollars in thousands) | | | Fair Value | | | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | ||||||||||||
March 31, 2021 (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 1,372 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,372 | | |
Foreclosed real estate | | | | | 535 | | | | | | — | | | | | | — | | | | | | 535 | | |
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 1,365 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,365 | | |
Foreclosed real estate | | | | | 415 | | | | | | — | | | | | | — | | | | | | 415 | | |
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans | | | | $ | 1,596 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,596 | | |
Foreclosed real estate | | | | | 1,059 | | | | | | — | | | | | | — | | | | | | 1,059 | | |
| | | March 31, 2021 (unaudited) | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 37,071 | | | | | $ | 37,071 | | | | | $ | 37,071 | | | | | | | | | | | | | | |
Investment securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Held-to-maturity | | | | | 17,517 | | | | | | 17,047 | | | | | | | | | | | | 17,047 | | | | | | | | |
Available-for-sale | | | | | 26,493 | | | | | | 26,493 | | | | | | | | | | | | 26,493 | | | | | | | | |
Loans receivable, net | | | | | 142,929 | | | | | | 142,621 | | | | | | | | | | | | | | | | | | 142,621 | | |
Accrued interest receivable | | | | | 532 | | | | | | 532 | | | | | | 532 | | | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 176,669 | | | | | | 176,953 | | | | | | | | | | | | 176,953 | | | | | | | | |
Borrowed funds | | | | | 8,883 | | | | | | 8,764 | | | | | | | | | | | | 8,764 | | | | | | | | |
Accrued interest payable | | | | | 60 | | | | | | 60 | | | | | | 60 | | | | | | | | | | | | | | |
| | | December 31, 2020 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 25,245 | | | | | $ | 25,245 | | | | | $ | 25,245 | | | | | | | | | | | | | | |
Investment securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Held-to-maturity | | | | | 17,523 | | | | | | 17,505 | | | | | | | | | | | | 17,505 | | | | | | | | |
Available-for-sale | | | | | 20,730 | | | | | | 20,730 | | | | | | | | | | | | 20,730 | | | | | | | | |
Loans receivable, net | | | | | 148,778 | | | | | | 148,674 | | | | | | | | | | | | | | | | | | 148,674 | | |
Accrued interest receivable | | | | | 564 | | | | | | 564 | | | | | | 564 | | | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 164,598 | | | | | | 164,951 | | | | | | | | | | | | 164,951 | | | | | | | | |
Borrowed funds | | | | | 8,838 | | | | | | 9,052 | | | | | | | | | | | | 9,052 | | | | | | | | |
Accrued interest payable | | | | | 51 | | | | | | 51 | | | | | | 51 | | | | | | | | | | | | | | |
| | | December 31, 2019 | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Carrying Amount | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 17,909 | | | | | $ | 17,909 | | | | | $ | 17,909 | | | | | | | | | | | | | | |
Investment securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Held-to-maturity | | | | | 13,129 | | | | | | 12,995 | | | | | | | | | | | | 12,995 | | | | | | | | |
Available-for-sale | | | | | 14,221 | | | | | | 14,221 | | | | | | | | | | | | 14,221 | | | | | | | | |
Loans receivable, net | | | | | 161,582 | | | | | | 158,594 | | | | | | | | | | | | | | | | | | 158,594 | | |
Accrued interest receivable | | | | | 577 | | | | | | 577 | | | | | | 577 | | | | | | | | | | | | | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 141,629 | | | | | | 140,043 | | | | | | | | | | | | 140,043 | | | | | | | | |
Borrowed funds | | | | | 25,000 | | | | | | 26,630 | | | | | | | | | | | | 26,630 | | | | | | | | |
Accrued interest payable | | | | | 114 | | | | | | 114 | | | | | | 114 | | | | | | | | | | | | | | |
| | | Estimated Amount | | |||
Registrant’s Legal Fees and Expenses | | | | $ | 475,000 | | |
Registrant’s Accounting Fees and Expenses | | | | | 147,500 | | |
Marketing Agent Fees(1) | | | | | 424,287 | | |
Marketing Agent Expenses (including legal fees and expenses) | | | | | 100,000 | | |
Records Management Fees and Expenses | | | | | 70,000 | | |
Appraisal Fees and Expenses | | | | | 66,500 | | |
Printing, Postage, Mailing and EDGAR Fees | | | | | 150,000 | | |
Filing Fees (NASDAQ, FINRA, SEC) | | | | | 70,000 | | |
Transfer Agent Fees and Expenses | | | | | 15,000 | | |
Business Plan Fees and Expenses | | | | | 50,000 | | |
Other | | | | | 26,000 | | |
Total | | | | $ | 1,594,287 | | |
No. | | | Description | | |||
| | 1.1 | | | | | |
| | 1.2 | | | | | |
| | 2.1 | | | | | |
| | 3.1 | | | | | |
| | 3.2 | | | | |
No. | | | Description | | |||
| | 4.1 | | | | | |
| | 5.1 | | | | | |
| | 8.1 | | | | | |
| | 8.2 | | | | | |
| | 10.1 | | | | | |
| | 10.2 | | | | | |
| | 10.3 | | | | | |
| | 16.0 | | | | | |
| | 23.1 | | | | Consent of Silver, Freedman, Taff & Tiernan LLP (contained in Opinions included as Exhibits 5.1 and 8.1)* | |
| | 23.2 | | | | | |
| | 23.3 | | | | | |
| | 23.4 | | | | | |
| | 24.1 | | | | | |
| | 99.1 | | | | | |
| | 99.2 | | | | | |
| | 99.4 | | | | | |
| | 99.5 | | | | | |
| | 99.6 | | | | | |
| | 99.7 | | | | |
| | | | CATALYST BANCORP, INC. a Louisiana corporation | |
| | | | By: /s/ Joseph B. Zanco Joseph B. Zanco President and Chief Executive Officer (Duly Authorized Representative) | |
| Signatures | | | Title | | | Date | |
| /s/ Joseph B. Zanco Joseph B. Zanco | | | Director, President and Chief Executive Officer (Principal Executive Officer) | | | July | |
| /s/ Todd A. Todd A. Kidder | | | Chairman of the Board | | | July | |
| /s/ Kirk E. Kirk E. Kleiser | | | Director | | | July | |
| /s/ Ted D. Ted D. Bellard | | | Director | | | July | |
| /s/ Frederick L. Frederick L. Lafleur | | | Director | | | July | |
| /s/ Craig C. Le Craig C. Le Bouef | | | Director | | | July | |
| /s/ Matthew L. Matthew L. Scruggins | | | Director | | | July | |
| /s/ Jutta A. Codori Jutta A. Codori | | | Chief Financial Officer (Principal Financial and Accounting Officer) | | | July | |