Mid-Southern Bancorp (MSVB) 10-K25 Mar 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2021	Mar. 11, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-38491
Entity Registrant Name	MID-SOUTHERN BANCORP, INC.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	82-4821705
Entity Address, Address Line One	300 North Water Street
Entity Address, City or Town	Salem
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47167
City Area Code	812
Local Phone Number	883-2639
Title of 12(b) Security	Common Stock, Par Value $.01 per share
Trading Symbol	MSVB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 46.3
Entity Common Stock, Shares Outstanding		3,009,521
Auditor Name	BKD, LLP
Auditor Firm ID	686
Auditor Location	Indianapolis, Indiana
Entity Central Index Key	0001734875
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 1,378,000	$ 1,778,000
Interest-bearing deposits with banks	15,001,000	7,883,000
Cash and cash equivalents	16,379,000	9,661,000
Securities available for sale, at fair value	107,293,000	104,456,000
Securities held to maturity	21,000	31,000
Loans, net of allowance for loan losses of $1,523 and $1,589, respectively	122,568,000	113,259,000
Federal Home Loan Bank stock, at cost	778,000	778,000
Real estate held for sale	99,000	99,000
Premises and equipment	1,952,000	1,898,000
Accrued interest receivable:
Loans	296,000	314,000
Securities	701,000	584,000
Cash value of life insurance	3,930,000	3,865,000
Other assets	243,000	418,000
Total Assets	254,260,000	235,363,000
Deposits:
Noninterest-bearing	28,602,000	25,939,000
Interest-bearing	168,282,000	148,174,000
Total deposits	196,884,000	174,113,000
Advances from Federal Home Loan Bank	10,000,000	11,000,000
Accrued interest payable	11,000	10,000
Accrued expenses and other liabilities	836,000	1,236,000
Total Liabilities	207,731,000	186,359,000
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Preferred stock, 1,000,000 shares authorized, $0.01 par value, no shares issued and outstanding
Common stock, 30,000,000 shares authorized, $0.01 par value, 3,565,430 shares issued and 3,016,653 shares outstanding (3,173,057 in 2020)	36,000	36,000
Additional paid-in-capital	30,694,000	30,559,000
Retained earnings, substantially restricted	23,527,000	22,299,000
Accumulated other comprehensive income	2,096,000	3,213,000
Unearned ESOP shares	(1,649,000)	(1,769,000)
Unearned stock compensation plan	(473,000)	(422,000)
Treasury stock, at cost - 548,777 shares (392,373 in 2020)	(7,702,000)	(4,912,000)
Total Stockholders' Equity	46,529,000	49,004,000
Total Liabilities and Stockholders' Equity	$ 254,260,000	$ 235,363,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Allowance for loan losses	$ 1,523	$ 1,589
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	30,000,000	30,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	3,565,430	3,565,430
Common stock, shares outstanding	3,016,653	3,173,057
Treasury stock, shares	548,777	392,373

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
INTEREST INCOME
Loans, including fees	$ 5,249	$ 5,551
Investment securities:
Mortgage-backed securities	545	422
Municipal tax exempt	1,515	1,134
Other debt securities	253	259
Federal Home Loan Bank dividends	17	25
Interest-bearing deposits with banks and time deposits	3	60
Total interest income	7,582	7,451
INTEREST EXPENSE
Deposits	478	762
Borrowings	173	174
Total interest expense	651	936
Net interest income	6,931	6,515
Provision (credit) for loan losses	(120)	132
Net interest income after provision for loan losses	7,051	6,383
NONINTEREST INCOME
Fees and commission	1,129	630
Brokered loan fees	265	58
Net gain on sales of securities available for sale		104
Increase in cash value of life insurance	62	68
Other income	46	32
Total noninterest income	1,220	865
NONINTEREST EXPENSE
Compensation and benefits	3,847	3,453
Occupancy and equipment	542	455
Data processing	431	381
Professional fees	574	597
Impairment loss on real estate held for sale		37
Loss on disposal of premises and equipment		13
Directors' compensation	350	343
Stockholders' meeting expense	64	62
Supervisory examinations	68	64
Deposit insurance premiums	61	26
Other expenses	659	591
Total noninterest expense	6,596	6,022
Income before income taxes	1,675	1,226
Income tax expense	67	35
Net Income	$ 1,608	$ 1,191
Earnings per common share:
Basic	$ 0.55	$ 0.38
Diluted	$ 0.55	$ 0.38
Deposit account service charges
NONINTEREST INCOME
Fees and commission	$ 295	$ 184
ATM and debit card fee income
NONINTEREST INCOME
Fees and commission	$ 552	$ 419

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 1,608	$ 1,191
Unrealized gains (losses) on securities available for sale:
Net unrealized holding gains (losses) arising during the period	(1,487)	2,675
Income tax benefit (expense)	370	(665)
Net of tax amount	(1,117)	2,010
Reclassification adjustment for realized gains included in net income during the period		104
Income tax expense		(26)
Net of tax amount		78
Other Comprehensive Income (Loss), net of tax	(1,117)	1,932
Total Comprehensive Income	$ 491	$ 3,123

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Unearned ESOP Shares	Unearned Stock Compensation	Treasury Stock	Total
Balances at Dec. 31, 2019	$ 36	$ 30,415	$ 21,363	$ 1,281	$ (1,883)	$ (300)	$ (99)	$ 50,813
Net income			1,191					1,191
Other comprehensive income (loss)				1,932				1,932
Cash dividends			(255)					(255)
Shares released by ESOP trust		33			114			147
Purchase of treasury shares							(5,044)	(5,044)
Grant of treasury stock for stock compensation		42				(273)	231
Stock compensation expense		69				151		220
Balances at Dec. 31, 2020	36	30,559	22,299	3,213	(1,769)	(422)	(4,912)	49,004
Net income			1,608					1,608
Other comprehensive income (loss)				(1,117)				(1,117)
Cash dividends			(380)					(380)
Shares released by ESOP trust		64			120			184
Purchase of treasury shares							(3,017)	(3,017)
Forfeiture of unearned stock awards						3	(3)
Exercise of stock options		(9)					16	7
Grant of treasury stock for stock compensation		21				(235)	214
Stock compensation expense		59				181		240
Balances at Dec. 31, 2021	$ 36	$ 30,694	$ 23,527	$ 2,096	$ (1,649)	$ (473)	$ (7,702)	$ 46,529

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividend, per share amount	$ 0.13	$ 0.08
Treasury stock, shares, acquired	172,624	403,171

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,608,000	$ 1,191,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums and accretion of discounts on securities, net	388,000	242,000
Provision (credit) for loan losses	(120,000)	132,000
Stock compensation expense	240,000	220,000
Depreciation expense	170,000	156,000
Loss on disposal of premises and equipment		13,000
ESOP compensation expense	184,000	147,000
Impairment loss on real estate held for sale		37,000
Deferred income taxes	(10,000)	(15,000)
Increase in cash value of life insurance	(62,000)	(68,000)
Net gain on sales of securities available for sale		(104,000)
Increase in accrued interest receivable	(99,000)	(33,000)
Increase in accrued interest payable	1,000	3,000
Net change in other assets and liabilities	112,000	(74,000)
Net Cash Provided By Operating Activities	2,412,000	1,847,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of securities available for sale	(15,394,000)	(57,390,000)
Principal collected on mortgage-backed securities available for sale	10,682,000	7,039,000
Proceeds from maturities of securities available for sale		2,220,000
Proceeds from sales of securities available for sale		4,526,000
Principal collected on mortgage-backed securities held to maturity	10,000	11,000
Net change in loans receivable	(9,189,000)	9,881,000
Purchase of premises and equipment	(181,000)	(132,000)
Investment in cash value of life insurance	(3,000)	(3,000)
Net Cash Used In Investing Activities	(14,075,000)	(33,848,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	22,771,000	27,144,000
Repayments to Federal Home Loan Bank	(1,000,000)
Proceeds from Federal Home Loan Bank		1,000,000
Proceeds from issuance of common stock from the exercise of stock options	7,000
Purchase of treasury stock	(3,017,000)	(5,044,000)
Cash dividends paid	(380,000)	(255,000)
Net Cash Provided By Financing Activities	18,381,000	22,845,000
Net Increase (Decrease) in Cash and Cash Equivalents	6,718,000	(9,156,000)
Cash and cash equivalents at beginning of year	9,661,000	18,817,000
Cash and Cash Equivalents at End of Period	16,379,000	9,661,000
Supplemental Disclosures of Cash Flow Information
Interest	650,000	933,000
Net tax payments	$ 62,000	$ 81,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Conversion and Stock Issuance Mid-Southern Bancorp, Inc. (the "Company"), an Indiana corporation, was organized by Mid-Southern, M.H.C. (the "MHC") and Mid-Southern Savings Bank, FSB (the "Bank") to facilitate the "second-step" conversion of the Bank from the mutual holding company structure to the stock holding company structure (the "Conversion"). Upon consummation of the Conversion, which occurred on July 11, 2018, the Company became the holding company for the Bank and now owns all of the issued and outstanding shares of the Bank’s common stock. Nature of Operations The Company’s principal business is the ownership and operation of the Bank. The Bank is a federal savings bank that provides a variety of banking services to individuals and business customers through its main office, two full-service branch offices and loan production offices in New Albany, Indiana and Louisville, Kentucky. The Bank’s primary source of revenue is single-family residential mortgage loans. Mid-Southern Investments, Inc. (the "Subsidiary") is a wholly-owned subsidiary of the Bank that holds and manages an investment securities portfolio. Basis of Presentation, Consolidation and Reclassifications The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and conform to general practices within the banking industry. As an "emerging growth company" as defined in Title 1 of the Jumpstart Our Business Startups Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. The reclassifications had no effect on net income or stockholders’ equity. Statements of Cash Flows For purposes of the statement of cash flows, the Company has defined cash and cash equivalents as cash on hand, amounts due from banks (including cash items in process of clearing) and interest-bearing deposits with other banks having an original maturity of 90 days or less. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. In connection with the determination of the allowance for loan losses and foreclosed real estate, management obtains independent appraisals for significant properties. A majority of the loan portfolio consists of single-family residential and commercial real estate loans in the southern Indiana area. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio and the recovery of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. While management uses available information to recognize losses on loans and foreclosed real estate, further changes in the carrying amounts of loans and foreclosed real estate may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and foreclosed real estate. Such agencies may require the Company to recognize additional changes based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed real estate may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. Investment Securities Securities Available for Sale Securities Held to Maturity Debt securities held by the Company include mortgage-backed securities and other debt securities issued by the Government National Mortgage Association, a U.S. government agency, and mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMO”) issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, which are government-sponsored enterprises. MBS represent participating interests in pools of long-term first mortgage loans originated and serviced by the issuers of the securities. CMOs are complex mortgage-backed securities that restructure the cash flows and risks of the underlying mortgage collateral. The Company also holds debt securities issued by municipalities and political subdivisions of state and local governments. Declines in the fair value of individual available for sale and held to maturity securities below their amortized cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. The Bank is a member of the Federal Home Loan Bank of Indianapolis ("FHLB"). FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported in the consolidated statements of income. Loans and Allowance for Loan Losses Loans Held for Investment Loans are stated at unpaid principal balances, less net deferred loan fees and the allowance for loan losses. The Company grants real estate mortgages, commercial business and consumer loans. Loan origination and commitment fees, as well as certain direct costs of underwriting and closing loans, are deferred and amortized as a yield adjustment to interest income over the lives of the related loans using the interest method. Amortization of net deferred loan fees is discontinued when a loan is placed on nonaccrual status. Nonaccrual Loans The recognition of income on a loan is discontinued and previously accrued interest is reversed when interest or principal payments become 90 days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Generally, by applying the cash receipts method, interest income is subsequently recognized only as received until the loan is returned to accrual status. The cash receipts method is used when the likelihood of further loss on the loan is remote. Otherwise, the Company applies the cost recovery method and applies all payments as a reduction of the unpaid principal balance until the loan qualifies for return to accrual status. Interest income on impaired loans is recognized using the cost recovery method, unless the likelihood of further loss on the loan is remote. A loan is restored to accrual status when all principal and interest payments are brought current and the borrower has demonstrated the ability to make future payments of principal and interest as scheduled, which generally requires that the borrower demonstrate a period of performance of at least six consecutive months. Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Values for collateral dependent loans are generally based on appraisals obtained from independent licensed real estate appraisers, with adjustments applied for estimated costs to sell the property, costs to complete unfinished or repair damaged property and other factors. New appraisals or valuations are generally obtained for all significant properties (if the value is estimated to exceed $100,000) when a loan is identified as impaired. Subsequent appraisals are obtained or an internal evaluation is prepared annually, or more frequently if management believes there has been a significant change in the market value of a collateral property securing a collateral dependent impaired loan. In instances where it is not deemed necessary to obtain a new appraisal, management bases its impairment evaluation on the original appraisal with adjustments for current conditions based on management’s assessment of market factors and inspection of the property. Troubled Debt Restructurings Modification of a loan is considered to be a troubled debt restructuring ("TDR") if the debtor is experiencing financial difficulties and the Company grants a concession to the debtor that it would not otherwise consider. By granting the concession, the Company expects to obtain more cash or other value from the debtor, or to increase the probability of receipt, than would be expected by not granting the concession. The concession may include, but is not limited to, reduction of the stated interest rate of the loan, reduction of accrued interest, extension of the maturity date or reduction of the face amount of the debt. A concession will be granted when, as a result of the restructuring, the Company does not expect to collect all amounts due, including interest at the original stated rate. A concession may also be granted if the debtor is not able to access funds elsewhere at a market rate for debt with similar risk characteristics as the restructured debt. The Company’s determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification. A TDR can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the restructuring. A TDR on nonaccrual status is restored to accrual status when the borrower has demonstrated the ability to make future payments in accordance with the restructured terms, including consistent and timely payments for at least six consecutive months in accordance with the restructured terms. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Additions to the allowance for loan losses are made by the provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Company uses a disciplined process and methodology to evaluate the allowance for loan losses on at least a quarterly basis that is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment or loans otherwise classified as doubtful or substandard. For such loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and classified loans that are found, upon individual evaluation, to not be impaired. Such loans are pooled by portfolio segment and losses are modeled using annualized historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the Company’s actual loss history over the most recent 20 calendar quarters unless the historical loss experience is not considered indicative of the level of risk in the remaining balance of a particular portfolio segment, in which case an adjustment is determined by management. The Company’s historical loss experience is then adjusted for qualitative factors that are reviewed on a quarterly basis. Management’s determination of the allowance for loan losses considers changes and trends in the following qualitative loss factors: loan administration, national and local economic conditions, new loan trends, past due and nonaccrual loans, collateral values, credit concentrations and other internal and external factors such as competition, legal and regulatory changes. Each qualitative factor is assigned a rating and a factor weight in determining the adjusted loss factors used in management’s allowance for loan losses adequacy calculation. Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses for loans considered impaired in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary. The following portfolio segments are considered in the allowance for loan loss analysis: one-to-four family residential real estate, multi-family residential real estate, construction, commercial real estate, commercial business, and consumer loans. Residential real estate loans primarily consist of loans to individuals for the purchase or refinance of their primary residence, with a smaller portion of the segment secured by non-owner-occupied residential investment properties and multi-family residential investment properties. The risks associated with residential real estate loans are closely correlated to the local housing market and general economic conditions, as repayment of the loans is primarily dependent on the borrower’s or tenant’s personal cash flow and employment status. The Company’s construction loan portfolio consists of single-family residential properties, multi-family properties and commercial projects, and includes both owner-occupied and speculative investment properties. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, the borrower’s ability to use funds generated by a project to service a loan until a project is completed, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing. Commercial real estate loans are comprised of loans secured by various types of collateral including farmland, office buildings, warehouses, retail space and mixed-use buildings located in the Company’s primary lending area. Risks related to commercial real estate lending are related to the market value of the property taken as collateral, the underlying cash flows and general economic condition of the local real estate market. Repayment of these loans is generally dependent on the ability of the borrower to attract tenants at lease rates or general business operating cash flows that provide for adequate debt service and can be impacted by local economic conditions which impact vacancy rates and the general level of business activity. The Company generally obtains loan guarantees from financially capable parties for commercial real estate loans. Commercial business loans include lines of credit to businesses, term loans and letters of credit secured by business assets such as equipment, accounts receivable, inventory, or other assets excluding real estate and are generally made to finance capital expenditures or fund operations. Commercial loans contain risks related to the value of the collateral securing the loan and the repayment is primarily dependent upon the financial success and viability of the borrower. As with commercial real estate loans, the Company generally obtains loan guarantees from financially capable parties for commercial business loans. Consumer loans consist primarily of home equity lines of credit and other loans secured by junior liens on the borrower’s personal residence, home improvement loans, automobile and truck loans, boat loans, mobile home loans, loans secured by savings deposits, and other personal loans. The risks associated with these loans are related to the local housing market and local economic conditions including the unemployment level. Loan Charge-Offs For portfolio segments other than consumer loans, the Company’s practice is to charge-off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, the depreciation of the underlying collateral, the loan’s classification as a loss by regulatory examiners, or for other reasons. A partial charge-off is recorded on a loan when the collectability of a portion of the loan has been confirmed, such as when a loan is discharged in bankruptcy, the collateral is liquidated, a loan is restructured at a reduced principal balance, or other identifiable events that lead management to determine the full principal balance of the loan will not be repaid. A specific reserve is recognized as a component of the allowance for estimated losses on loans individually evaluated for impairment. Partial charge-offs on nonperforming and impaired loans are included in the Company’s historical loss experience used to estimate the general component of the allowance for loan losses as discussed above. Specific reserves are not considered charge-offs in management’s evaluation of the general component of the allowance for loan losses because they are estimates and the outcome of the loan relationship is undetermined. During 2021 and 2020, the Company recognized net partial charge-offs on loans totaling $6,000 and $2,000, respectively. At December 31, 2021, the Company had seven loans with an aggregate recorded investment of $242,000 and an aggregate unpaid principal balance of $367,000 on which net partial charge-offs of $122,000 had been recorded. At December 31, 2020, the Company had seven loans with an aggregate recorded investment of $280,000 and an aggregate unpaid principal balance of $430,000 on which net partial charge-offs of $159,000 had been recorded. Consumer loans not secured by real estate are typically charged off at 90 days past due, or earlier if deemed uncollectible, unless the loans are in the process of collection. Overdrafts are charged off after 60 days past due. A charge-off is typically recorded on a loan secured by real estate when the property is foreclosed upon when the carrying value of the loan exceeds the property’s fair value less the estimated costs to sell. Foreclosed Real Estate Foreclosed real estate includes formally foreclosed property and property obtained via a deed in lieu of foreclosure that is currently held for sale. At the time of acquisition, foreclosed real estate is recorded at fair value less estimated costs to sell, which becomes the property’s new basis. Any write-downs based on the property’s fair value at the date of acquisition are charged to the allowance for loan losses. After acquisition, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less costs to sell. Costs incurred in maintaining foreclosed real estate and subsequent impairment adjustments to the carrying amount of a property, if any, are included in net loss on foreclosed real estate in the accompanying consolidated statements of income. Real Estate Held for Sale Real estate held for sale includes unimproved land originally purchased for future office development and is initially recorded at fair value less estimated costs to sell, establishing a new cost basis. Real estate held for sale is subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Subsequent impairment loss adjustments to the carrying amount of the property, if any, are reported in noninterest expense in the accompanying consolidated statements of income. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. The Company uses the straight-line method of computing depreciation at rates adequate to amortize the cost of the applicable assets over their estimated useful lives. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings. Cash Value of Life Insurance Life insurance policies have been purchased on certain directors, officers and key employees to offset costs associated with compensation and benefit programs. The Bank is the owner and is a joint or sole beneficiary of the policies. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Income from the increase in cash surrender value of the policies and income from the realization of death benefits is reported in noninterest income. Treasury Stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Gains and losses on the subsequent reissuance of shares are credited or charged to paid-in capital in excess of par value using the average-cost method. Income Taxes When income tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while other positions are subject to some degree of uncertainty regarding the merits of the position taken or the amount of the position that would be sustained. The Company recognizes the benefits of a tax position in the financial statements of the period during which, based on all available evidence, management believes it is more-likely-than-not (more than 50 percent probable) that the tax position would be sustained upon examination. Income tax positions that meet the more-likely-than-not threshold are measured as the largest amount of income tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the income tax positions claimed on income tax returns that exceeds the amount measured as described above is reflected as a liability for unrecognized income tax benefits in the balance sheet, along with any associated interest and penalties that would be payable to the taxing authorities, if there were an examination. Interest and penalties associated with unrecognized income tax benefits are classified as additional income taxes in the consolidated statements of income. Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred income taxes. Income tax reporting and financial statement reporting rules differ in many respects. As a result, there will often be a difference between the carrying amount of an asset or liability as presented in the accompanying balance sheets and the amount that would be recognized as the tax basis of the same asset or liability computed based on the effects of tax positions recognized, as described in the preceding paragraph. These differences are referred to as temporary differences because they are expected to reverse in future years. Deferred income tax assets are recognized for temporary differences where their future reversal will result in future tax benefits. Deferred income tax assets are also recognized for the future tax benefits expected to be realized from net operating loss or tax credit carry forwards. Deferred income tax liabilities are recognized for temporary differences where their future reversal will result in the payment of future income taxes. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Stock-Based Compensation The Company has adopted the fair value based method of accounting for stock-based compensation prescribed in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718-20, Compensation – Stock Compensation Employee Stock Ownership Plan The Bank has an ESOP covering substantially all employees. The cost of shares issued to the ESOP but not allocated or committed to be released for allocation to participant accounts is presented in the consolidated balance sheets as a reduction of stockholders’ equity. Compensation expense is recognized for the fair value of shares committed to be released for allocation to participant accounts during the year. See Note 13. Advertising Costs Advertising costs are charged to operations when incurred. Comprehensive Income Comprehensive income consists of reported net income and other comprehensive income. Other comprehensive income, recognized as a separate component of equity, includes the change in unrealized gains or losses on securities available for sale. Amounts reclassified out of unrealized gains and losses on securities available for sale included in accumulated other comprehensive income or loss are included in net gain on sale of securities in the consolidated statements of income. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Earnings per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options, restricted stock and other potentially dilutive securities outstanding. Earnings and dividends per share are restated for stock splits and dividends through the date of issuance of the financial statements. Unallocated ESOP shares and nonvested restricted stock shares are not included as outstanding for either basic or diluted earnings per share calculations. Recent Accounting Pronouncements The following are summaries of recently issued accounting pronouncements that impact the accounting and reporting practices of the Company. The Company is an emerging growth company, and as such will be subject to the different dates noted for private companies if they differ from the effective dates noted for public companies. In February 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) Leases (Topic 842), Targeted Improvements transition option allows entities to not apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. The practical expedient provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with the new revenue standard if the associated non-lease components are the predominant components. The amendments have the same effective date as ASU 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842), Codification Improvements Leases (Topic 842) Fair Value Measurements and Disclosures (Topic 820) In addition, this ASU amended the new leases standard to clarify the presentation on the statement of cash flows principal payments received under leases for depository and lending institutions for Sales-Type and Direct Financing Leases. Specifically for these entities and leases, all principal payments received under leases will be presented within investing activities on the statement of cash flows. Finally, this ASU amended the new leases standard to explicitly provide an exception to paragraph 250-10-50-3 interim disclosure requirements for an entity electing the transition method of implementation. The amendments have the same effective date as ASU 2016-02. The effect of the adoption of these ASUs will depend on leases at the time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices under noncancelable operating lease agreements; however, based on current leases, the adoption is expected to increase our consolidated balance sheets by less than 5.0% and not to have a material impact on our regulatory capital ratios. The FASB originally issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations.

RESTRICTIONS ON CASH AND DUE FR

RESTRICTIONS ON CASH AND DUE FROM BANKS	12 Months Ended
RESTRICTIONS ON CASH AND DUE FROM BANKS	Dec. 31, 2021
RESTRICTIONS ON CASH AND DUE FROM BANKS
RESTRICTIONS ON CASH AND DUE FROM BANKS	(2) RESTRICTIONS ON CASH AND DUE FROM BANKS The Bank is typically required to maintain reserve balances on hand and with the Federal Reserve Bank (“FRB”). These funds are unavailable for investment but the reserve balances maintained with the FRB are interest-earning. In response to the COVID-19 pandemic, the FRB reduced the reserve requirement to 0% effective March 26, 2020. The average amount of those reserve balances for the year ended December 31, 2020 were approximately $72,000.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
INVESTMENT SECURITIES	Dec. 31, 2021
INVESTMENT SECURITIES
INVESTMENT SECURITIES	(3) INVESTMENT SECURITIES Investment securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at December 31, 2021 and 2020 are summarized as follows: Gross Gross (In thousands) Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Securities available for sale: Mortgage-backed securities: Agency MBS $ 11,941 $ 47 $ 135 $ 11,853 Agency CMO 24,196 47 465 23,778 36,137 94 600 35,631 Other debt securities: Municipal obligations 68,366 3,318 22 71,662 Total securities available for sale $ 104,503 $ 3,412 $ 622 $ 107,293 Securities held to maturity: Mortgage-backed securities: Agency MBS $ 21 $ — $ — $ 21 Total securities held to maturity $ 21 $ — $ — $ 21 December 31, 2020 Securities available for sale: Mortgage-backed securities: Agency MBS $ 10,094 $ 146 $ — $ 10,240 Agency CMO 27,588 207 24 27,771 37,682 353 24 38,011 Other debt securities: Municipal obligations 62,497 3,954 6 66,445 Total securities available for sale $ 100,179 $ 4,307 $ 30 $ 104,456 Securities held to maturity: Mortgage-backed securities: Agency MBS $ 31 $ — $ — $ 31 Total securities held to maturity $ 31 $ — $ — $ 31 The amortized cost and fair value of debt securities as of December 31, 2021 by contractual maturity are shown below. Expected maturities of MBS and CMO may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty and thus the contractual maturities are not presented below. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Due in one year or less $ 425 $ 428 $ — $ — Due after one year through five years 5,694 5,844 — — Due after five years through ten years 5,410 5,725 — — Due after ten years 56,837 59,665 — — 68,366 71,662 — — MBS and CMO 36,137 35,631 21 21 $ 104,503 $ 107,293 $ 21 $ 21 Information pertaining to securities with gross unrealized losses at December 31, 2021 and 2020, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, follows: Number of Gross (Dollars in thousands) Investment Fair Unrealized December 31, 2021 Positions Value Losses Securities available for sale: Continuous loss position less than 12 months: Agency MBS 4 $ 7,964 $ 113 Agency CMO 4 4,792 46 Municipal obligations 3 2,452 22 Total less than 12 months 11 15,208 181 Continuous loss position more than 12 months: Agency MBS 1 879 22 Agency CMO 8 12,553 419 Total more than 12 months 9 13,432 441 Total securities available for sale 20 $ 28,640 $ 622 December 31, 2020 Securities available for sale: Continuous loss position less than 12 months: Agency CMO 9 $ 16,223 $ 24 Municipal obligations 2 1,494 6 Total less than 12 months 11 17,717 30 Total securities available for sale 11 $ 17,717 $ 30 At December 31, 2021 and 2020, the Company had no debt securities in the held to maturity classification in a loss position. At December 31, 2021 and 2020, the debt securities in the available for sale classification in a loss position were 26.7% and 17.0%, respectively, of the Company’s total available for sale securities portfolio. All of the debt securities in a loss position at December 31, 2021 and 2020 were backed by residential first mortgage loans or were obligations issued by federal or local government-sponsored enterprises. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition for purposes of evaluating whether declines in value are other-than-temporary, management considers whether the securities are issued by the federal government, its agencies or sponsored enterprises or local governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the ability to hold the debt securities until maturity, or for the foreseeable future if classified as available for sale, no declines are deemed to be other-than-temporary. While management does not anticipate any credit-related impairment losses at December 31, 2021, additional deterioration in market and economic conditions, including those related to the COVID-19 pandemic, may have an adverse impact on credit quality in the future. During the year ended December 31, 2020, the Company realized gross gains of $109,000 and gross losses of $5,000 on the sale of securities available for sale.

LOANS AND ALLOWANCE FOR LOAN LO

LOANS AND ALLOWANCE FOR LOAN LOSSES	12 Months Ended
LOANS AND ALLOWANCE FOR LOAN LOSSES	Dec. 31, 2021
LOANS AND ALLOWANCE FOR LOAN LOSSES
LOANS AND ALLOWANCE FOR LOAN LOSSES	(4) LOANS AND ALLOWANCE FOR LOAN LOSSES Loans at December 31, 2021 and 2020 consisted of the following: (In thousands) 2021 2020 Real estate mortgage loans: One-to-four family residential $ 64,098 $ 66,130 Multi-family residential 9,385 8,964 Residential construction 1,406 2,083 Commercial real estate 36,678 30,171 Commercial real estate construction 1,632 851 Commercial business loans 8,804 5,212 Consumer loans 2,152 1,442 Total loans 124,155 114,853 Deferred loan origination fees and costs, net (64) (5) Allowance for loan losses (1,523) (1,589) Loans, net $ 122,568 $ 113,259 The Company has entered into loan transactions with certain directors, officers and their affiliates (related parties). In the opinion of management, such indebtedness was incurred in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons and does not involve more than normal risk of collectability or present other unfavorable features. The following represents the aggregate activity for related party loans during the year ended December 31, 2021. The beginning balance has been adjusted to reflect new directors and officers, as well as directors and officers that are no longer with the Company. (In thousands) Balance, January 1, 2021 $ 1,459 New loans — Payments (1,073) Balance, December 31, 2021 $ 386 The Company has pledged certain loans to secure future advances or other borrowings from the FHLB. At December 31, 2021 and 2020, the eligible blanket collateral included residential mortgage loans with a carrying value of approximately $61.1 million and $63.9 million, respectively. See Note 9. The following table provides the components of the Company’s recorded investment in loans at December 31, 2021: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Recorded Investment in Loans: Principal loan balance $ 64,098 $ 9,385 $ 3,038 $ 36,678 $ 8,804 $ 2,152 $ 124,155 Accrued interest receivable 158 11 7 76 38 6 296 Net deferred loan fees/costs 7 (24) (13) (52) (27) 45 (64) Recorded investment in loans $ 64,263 $ 9,372 $ 3,032 $ 36,702 $ 8,815 $ 2,203 $ 124,387 The following table provides the components of the Company’s recorded investment in loans at December 31, 2020: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Recorded Investment in Loans: Principal loan balance $ 66,130 $ 8,964 $ 2,934 $ 30,171 $ 5,212 $ 1,442 $ 114,853 Accrued interest receivable 183 13 7 92 14 5 314 Net deferred loan fees/costs 7 (6) (12) (40) 11 35 (5) Recorded investment in loans $ 66,320 $ 8,971 $ 2,929 $ 30,223 $ 5,237 $ 1,482 $ 115,162 An analysis of the allowance for loan losses and recorded investment in loans as of and for the year ended December 31, 2021 is as follows: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total Allowance for loan losses: (In thousands) Beginning balance $ 992 $ 98 $ 55 $ 306 $ 113 $ 25 $ 1,589 Provisions (credit) (159) 4 (30) 57 (7) 15 (120) Charge-offs (6) — — — (21) (13) (40) Recoveries 46 — — — 42 6 94 Ending balance $ 873 $ 102 $ 25 $ 363 $ 127 $ 33 $ 1,523 Ending allowance balance attributable to loans: Individually evaluated for impairment $ 21 $ — $ — $ — $ 19 $ — $ 40 Collectively evaluated for impairment 852 102 25 363 108 33 1,483 Ending balance $ 873 $ 102 $ 25 $ 363 $ 127 $ 33 $ 1,523 Recorded Investment in Loans as Evaluated for Impairment: Individually evaluated for impairment $ 1,041 $ — $ — $ 170 $ 328 $ 3 $ 1,542 Collectively evaluated for impairment 63,222 9,372 3,032 36,532 8,487 2,200 122,845 Ending balance $ 64,263 $ 9,372 $ 3,032 $ 36,702 $ 8,815 $ 2,203 $ 124,387 An analysis of the allowance for loan losses and recorded investment in loans as of and for the year ended December 31, 2020 is as follows: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total Allowance for loan losses: (In thousands) Beginning balance $ 955 $ 83 $ 44 $ 289 $ 102 $ 25 $ 1,498 Provisions 47 15 11 17 32 10 132 Charge-offs (14) — — — (21) (18) (53) Recoveries 4 — — — — 8 12 Ending balance $ 992 $ 98 $ 55 $ 306 $ 113 $ 25 $ 1,589 Ending allowance balance attributable to loans: Individually evaluated for impairment $ 21 $ — $ — $ 8 $ 26 $ — $ 55 Collectively evaluated for impairment 971 98 55 298 87 25 1,534 Ending balance $ 992 $ 98 $ 55 $ 306 $ 113 $ 25 $ 1,589 Recorded Investment in Loans as Evaluated for Impairments: Individually evaluated for impairment $ 1,489 $ — $ — $ 281 $ 382 $ — $ 2,152 Collectively evaluated for impairment 64,831 8,971 2,929 29,942 4,855 1,482 113,010 Ending balance $ 66,320 $ 8,971 $ 2,929 $ 30,223 $ 5,237 $ 1,482 $ 115,162 At December 31, 2021 and 2020, management applied qualitative factor adjustments to each portfolio segment as they determined that the historical loss experience was not indicative of the level of risk in the remaining balance of those portfolio segments. As part of their analysis of qualitative factors, management considers changes in underwriting standards, economic conditions, trends in the volume and term of new loan originations, changes in lending management, past due loan trends, the quality of the loan review system, collateral valuations, loan concentrations and other internal and external factors. During the year ended December 31, 2020, management adjusted the qualitative factors due to economic uncertainties related to the COVID-19 pandemic. At December 31, 2021, there was still uncertainty about how severely the COVID-19 pandemic had impacted the loan portfolio. The following table summarizes the Company’s impaired loans as of and for the year ended December 31, 2021. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for the year ended December 31, 2021. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Loans with no related allowance recorded: One-to-four family residential $ 822 $ 905 $ — $ 936 $ 2 Commercial real estate 102 102 — 104 4 Commercial business — — — 4 — Consumer 3 3 — 1 — $ 927 $ 1,010 $ — $ 1,045 $ 6 Loans with an allowance recorded: One-to-four family residential $ 219 $ 218 $ 21 $ 226 $ 9 Commercial real estate 68 72 — 136 6 Commercial business 328 328 19 348 19 Consumer — — — — — $ 615 $ 618 $ 40 $ 710 $ 34 Total: One-to-four family residential $ 1,041 $ 1,123 $ 21 $ 1,162 $ 11 Commercial real estate 170 174 — 240 10 Commercial business 328 328 19 352 19 Consumer 3 3 — 1 — $ 1,542 $ 1,628 $ 40 $ 1,755 $ 40 The following table summarizes the Company’s impaired loans as of and for the year ended December 31, 2020. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for the year ended December 31, 2020. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Loans with no related allowance recorded: One-to-four family residential $ 1,265 $ 1,380 $ — $ 1,204 $ 5 Commercial real estate 96 88 — 229 — Commercial business 15 16 — 25 1 $ 1,376 $ 1,484 $ — $ 1,458 $ 6 Loans with an allowance recorded: One-to-four family residential $ 224 $ 223 $ 21 $ 249 $ 8 Commercial real estate 185 195 8 313 15 Commercial business 367 381 26 376 20 $ 776 $ 799 $ 55 $ 938 $ 43 Total: One-to-four family residential $ 1,489 $ 1,603 $ 21 $ 1,453 $ 13 Commercial real estate 281 283 8 542 15 Commercial business 382 397 26 401 21 $ 2,152 $ 2,283 $ 55 $ 2,396 $ 49 Nonperforming loans consists of nonaccrual loans and loans over 90 days past due and still accruing interest. The following table presents the recorded investment in nonperforming loans at December 31, 2021 and 2020: Loans 90+ Days Total Nonaccrual Past Due Nonperforming Loans Still Accruing Loans (In thousands) December 31, 2021: One-to-four family residential $ 735 $ — $ 735 Commercial real estate 15 — 15 Consumer 3 — 3 Total $ 753 $ — $ 753 December 31, 2020: One-to-four family residential $ 1,160 $ — $ 1,160 Commercial real estate 96 — 96 Total $ 1,256 $ — $ 1,256 The following table presents the aging of the recorded investment in loans at December 31, 2021 and 2020: 30 ‑ 59 Days 60 ‑ 89 Days Over 90 Days Total Total Past Due Past Due Past Due Past Due Current Loans December 31, 2021 (In thousands) One-to-four family residential $ 545 $ 248 $ 57 $ 850 $ 63,413 $ 64,263 Multi-family residential — — — — 9,372 9,372 Construction — — — — 3,032 3,032 Commercial real estate 451 — — 451 36,251 36,702 Commercial business — — — — 8,815 8,815 Consumer — — 3 3 2,200 2,203 Total $ 996 $ 248 $ 60 $ 1,304 $ 123,083 $ 124,387 December 31, 2020 One-to-four family residential $ 1,097 $ 560 $ 75 $ 1,732 $ 64,588 $ 66,320 Multi-family residential — — — — 8,971 8,971 Construction — — — — 2,929 2,929 Commercial real estate 27 — — 27 30,196 30,223 Commercial business — — — — 5,237 5,237 Consumer 11 — — 11 1,471 1,482 Total $ 1,135 $ 560 $ 75 $ 1,770 $ 113,392 $ 115,162 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, public information, historical payment experience, credit documentation, and current economic trends, among other factors. The Company classifies loans based on credit risk at least quarterly. The Company uses the following regulatory definitions for risk ratings: Special Mention: Substandard: Doubtful: Loss: Loans not meeting the criteria above that are analyzed individually as part of the above-described process are considered to be pass rated loans. The following table presents the recorded investment in loans by risk category as of December 31, 2021 and 2020: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total December 31, 2021 (In thousands) Pass $ 63,399 $ 9,372 $ 3,032 $ 36,593 $ 8,815 $ 2,200 $ 123,411 Special mention — — — 87 — — 87 Substandard 864 — — 22 — 3 889 Doubtful — — — — — — — Loss — — — — — — — Total $ 64,263 $ 9,372 $ 3,032 $ 36,702 $ 8,815 $ 2,203 $ 124,387 December 31, 2020 Pass $ 64,992 $ 7,503 $ 2,929 $ 30,105 $ 5,237 $ 1,482 $ 112,248 Special mention — 1,468 — — — — 1,468 Substandard 1,328 — — 118 — — 1,446 Doubtful — — — — — — — Loss — — — — — — — Total $ 66,320 $ 8,971 $ 2,929 $ 30,223 $ 5,237 $ 1,482 $ 115,162 Troubled Debt Restructurings The following table summarizes the Company’s TDRs by accrual status at December 31, 2021 and 2020: Related Allowance for Accruing Nonaccrual Total Loan Losses December 31, 2021 (In thousands) One-to-four family residential $ 306 $ 101 $ 407 $ 21 Commercial real estate 155 — 155 — Commercial business 328 — 328 19 Total $ 789 $ 101 $ 890 $ 40 December 31, 2020 One-to-four family residential $ 329 $ 226 $ 555 $ 21 Commercial real estate 185 50 235 8 Commercial business 382 — 382 26 Total $ 896 $ 276 $ 1,172 $ 55 The following table summarizes information in regard to TDRs that were restructured during the year ended December 31, 2021: Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Balance Balance (Dollars in thousands) One-to-four family residential 1 $ 49 $ 48 Total 1 $ 49 $ 48 The following table summarizes information in regard to TDRs that were restructured during the year ended December 31, 2020: Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Balance Balance (Dollars in thousands) One-to-four family residential 5 $ 230 $ 230 Commercial real estate 1 51 51 Total 6 $ 281 $ 281 The TDR that was restructured during the year ended December 31, 2021 was modified related to bankruptcy. For TDRs that were restructured during the year ended December 31, 2020, four loans were modified related to the COVID-19 pandemic, and two loans were related to bankruptcies. Charge-offs for loan losses of $6,000 were recorded as a result of TDRs during the years ended December 31, 2021. No charge-offs or provisions At December 31, 2021 and 2020, the Company had no commitments to lend additional funds to debtors whose loan terms have been modified in a TDR. There were no TDRs modified within the previous 12 months for which there was a subsequent default (defined as the loan becoming more than 90 days past due, being moved to nonaccrual status, or the collateral being foreclosed upon) during the years ended December 31, 2021 and 2020. In the event that a TDR subsequently defaults, the Company evaluates the restructuring for possible impairment. As a result, the related allowance for loan losses may be increased or charge-offs may be taken to reduce the carrying amount of the loan. The Company did not recognize any provisions for loan losses or net charge-offs as a result of defaulted TDRs for the years ended December 31, 2021 and 2020. On March 22, 2020, the federal banking agencies issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus”. The guidance encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual obligations because of the effects of COVID-19. The guidance goes on to explain that in consultation with the FASB staff that the federal banking agencies concluded that short-term modifications (e.g., six months) made on a good faith basis to borrowers who were current as of the implementation date of a relief program are not TDRs. The CARES Act also addressed COVID-19 related modifications and specified that COVID-19 related modifications on loans that were current as of December 31, 2019 are not TDRs. The Consolidated Appropriations Act of 2021 further extended the relief from TDR accounting for qualified modifications to the earlier of January 1, 2022, or 60 days after the national emergency concerning COVID-19 terminates. The Bank has applied this guidance related to payment deferrals and other COVID-19 related loan modifications made through December 31, 2021. As of December 31, 2021, no loans were outstanding for which the Bank had granted payment extensions related to COVID-19 modifications. As of December 31, 2020, $16.2 million in loans were outstanding for which the Bank had granted payment extensions of primarily one

FORECLOSED REAL ESTATE

FORECLOSED REAL ESTATE	12 Months Ended
FORECLOSED REAL ESTATE	Dec. 31, 2021
FORECLOSED REAL ESTATE
FORECLOSED REAL ESTATE	(5) FORECLOSED REAL ESTATE The Company did not have any foreclosed residential real estate properties where physical possession has occurred at December 31, 2021 and 2020. At December 31, 2021, the recorded investment in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure was $19,000. At December 31, 2020, the recorded investment in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure was $36,000. There was no net loss or gain on foreclosed real estate for the years ended December 31, 2021 and 2020.

REAL ESTATE HELD FOR SALE

REAL ESTATE HELD FOR SALE	12 Months Ended
REAL ESTATE HELD FOR SALE	Dec. 31, 2021
REAL ESTATE HELD FOR SALE
REAL ESTATE HELD FOR SALE	(6) REAL ESTATE HELD FOR SALE The Company reclassified from premises and equipment the $325,000 carrying value of land originally held for development of a future branch office to real estate held for sale in June 2017 upon listing the property for sale. Based on subsequent impairment assessments, an impairment loss of $37,000 was recognized and is reported as a component of noninterest expense in the accompanying consolidated statements of income for the year 2020. No impairment loss was recognized for the year 2021. The carrying value of real estate held for sale was $99,000 at both December 31, 2021 and 2020.

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
PREMISES AND EQUIPMENT	Dec. 31, 2021
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT	(7) PREMISES AND EQUIPMENT Premises and equipment as of December 31, 2021 and 2020 consisted of the following: 2021 2020 (In thousands) Land and land improvements $ 507 $ 507 Office buildings and leasehold improvements 2,371 2,227 Furniture, fixtures and equipment 1,249 1,178 4,127 3,912 Less accumulated depreciation 2,175 2,014 Total premises and equipment, net of accumulated depreciation $ 1,952 $ 1,898 The carrying value of premises and equipment are assessed for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors.

DEPOSITS

DEPOSITS	12 Months Ended
DEPOSITS	Dec. 31, 2021
DEPOSITS
DEPOSITS	(8) DEPOSITS The aggregate amount of time deposit accounts with balances that met or exceeded the Federal Deposit Insurance Corporation ("FDIC") insurance limit of $250,000 was approximately $4.3 million and $3.3 million at December 31, 2021 and 2020, respectively. At December 31, 2021, scheduled maturities of time deposits were as follows: ( In thousands) 2022 $ 21,342 2023 9,758 2024 2,354 2025 4,446 2026 4,970 Thereafter 15 Total $ 42,885 The Company held deposits of approximately $5.1 million and $3.5 million for related parties at December 31, 2021 and 2020, respectively. Interest expense on deposits is summarized as follows: (In thousands) 2021 2020 Savings and interest-bearing demand deposits $ 118 $ 120 Time deposits 360 642 Total $ 478 $ 762

ADVANCES FROM FEDERAL HOME LOAN

ADVANCES FROM FEDERAL HOME LOAN BANK	12 Months Ended
ADVANCES FROM FEDERAL HOME LOAN BANK	Dec. 31, 2021
ADVANCES FROM FEDERAL HOME LOAN BANK
ADVANCES FROM FEDERAL HOME LOAN BANK	(9) ADVANCES FROM FEDERAL HOME LOAN BANK At December 31, 2021 and 2020, the Bank had $10.0 million and $11.0 million in advances outstanding from the FHLB, respectively. On June 27, 2019, the Company borrowed $10.0 million from the FHLB as a putable fixed-rate advance which matures on June 27, 2024 and bears an interest rate of 1.73%. On December 30, 2020, the Company borrowed $1.0 million from the FHLB as a fixed-rate bullet advance, bearing an interest rate of 0.26% and which matured on January 6, 2021. The advances are secured under a blanket collateral agreement with the FHLB. At December 31, 2021, the carrying value of mortgage loans pledged as security for advances was $61.1 million.

LEASE COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
LEASE COMMITMENTS	Dec. 31, 2021
LEASE COMMITMENTS
LEASE COMMITMENTS	(10) LEASE COMMITMENTS During 2019, the Company entered into a lease agreement expiring in July 2022 for loan production office space in New Albany, Indiana. At December 31, 2021, minimum lease payments remaining under this lease are $14,000 for the year ending December 31, 2022. During 2021, the Company entered into a lease agreement expiring in June 2025 for loan production office space in Louisville, Kentucky. At December 31, 2021, minimum lease payments remaining under this lease are $61,000 for the year ended December 31, 2022, $62,000 for the year ended December 31, 2023, $64,000 for the year ended December 31, 2024, and $32,000 for the year ended December 31, 2025. Total rental expense for the operating leases for each of the years ended December 31, 2021 and 2020 was $87,000 and $27,000, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	(11) INCOME TAXES The components of consolidated income tax expense for the years ended December 31, 2021 and 2020 were as follows: (In thousands) 2021 2020 Current $ 77 $ 50 Deferred (10) (15) Total $ 67 $ 35 The reconciliation of income tax expense with the amount which would have been provided at the federal statutory rate of 21%for the years ended December 31, 2021 and 2020, follows: (In thousands) 2021 2020 Provisions at federal statutory rate $ 352 $ 257 State income tax-net of federal tax benefit 33 27 Municipal interest income (322) (246) Bank-owned life insurance income (13) (14) Other 17 11 Total $ 67 $ 35 Effective tax rate 4.0 % 2.9 % Indiana tax laws enacted in 2013 and 2014 decreased the Indiana financial institutions franchise tax rate beginning in 2014 and ending in 2023. Deferred taxes have been adjusted to reflect the newly enacted rates and the period in which temporary differences are expected to reverse. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: (In thousands) 2021 2020 Deferred tax assets (liabilities): Director deferred compensation plan $ 31 $ 39 Allowance for loan losses 369 386 Valuation allowance - real estate held for sale 105 105 Nonaccrual loan interest income 53 57 Equity incentive plans 22 18 Employee stock ownership plan 25 20 Net deferred loan costs 15 2 Other 8 7 Total deferred tax assets 628 634 Depreciation (74) (79) FHLB stock dividends (18) (18) Prepaid expenses (11) (22) Unrealized gain on securities available for sale (694) (1,064) Total deferred tax liabilities (797) (1,183) Net deferred tax asset (liability) $ (169) $ (549) At December 31, 2021 and 2020, the Company had no liability for unrecognized income tax benefits related to uncertain tax positions and does not anticipate any increase in the liability for unrecognized tax benefits during the next twelve months. The Company believes that its income tax positions would be sustained upon examination and does not anticipate any adjustments that would result in a material change to its financial position or results of operations. The Company files a consolidated U.S. federal income tax return and a combined Indiana state income tax return. Returns filed in these jurisdictions for tax years ended on or after December 31, 2018 are subject to examination by the relevant taxing authorities. Prior to October 1, 1996, the Company was permitted by the Internal Revenue Code to deduct from taxable income an annual addition to a statutory bad debt reserve subject to certain limitations. Retained earnings at December 31, 2021 and 2020 include approximately $1.2 million of cumulative deductions for which no deferred federal income tax liability has been recorded. Reduction of these reserves for purposes other than tax bad debt losses or adjustments arising from carry back of net operating losses would create income for tax purposes subject to the then current corporate income tax rate. The unrecorded deferred tax liability on these amounts was approximately $294,000 at December 31, 2021 and 2020.

DEFERRED DIRECTORS COMPENSATION

DEFERRED DIRECTORS COMPENSATION PLAN	12 Months Ended
DEFERRED DIRECTORS COMPENSATION PLAN	Dec. 31, 2021
DEFERRED DIRECTORS COMPENSATION PLAN
DEFERRED DIRECTORS COMPENSATION PLAN	(12) DEFERRED DIRECTORS COMPENSATION PLAN The Company has a deferred compensation plan whereby certain directors defer into an account with the Company a portion of their monthly director fees to provide income for a period of ten years following retirement. The benefits under the contracts are fully vested and the Company accrues the interest cost on the deferred obligation. The balance of the accrued benefit for the plan, which is included as part of accrued expenses and other liabilities on the balance sheet, was $130,000 and $163,000 at December 31, 2021 and 2020, respectively. Deferred compensation expense was $10,000 and $12,000 for the years ended December 31, 2021 and 2020, respectively.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	(13) EMPLOYEE BENEFIT PLANS Defined Contribution Plan: The Company has a qualified defined contribution plan available to all eligible employees. The plan allows participating employees to make tax-deferred contributions under Internal Revenue Code Section 401(k). The Company contributed $61,000 and $73,000 to the plan for the years ended December 31, 2021 and 2020, respectively. Employee Stock Ownership Plan: In connection with the Conversion, the Bank established a leveraged ESOP for eligible employees of the Company and the Bank. The ESOP trust purchased 204,789 shares of Company common stock at the initial public offering price of $10.00 per share financed by a 20-year term loan with the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Company’s discretionary contributions to the ESOP and earnings on ESOP assets. The employer loan and the related interest income are not recognized in the consolidated financial statements as the debt is serviced by employer contributions. Dividends payable on allocated shares are charged to retained earnings and are satisfied by the allocation of cash dividends to participant accounts. Dividends payable on unallocated shares are not considered dividends for financial reporting purposes. Shares held by the ESOP trust are held in a suspense account and allocated to participant accounts as principal and interest payments are made by the ESOP to the Company. Payments of principal and interest are due annually on December 31, the Company’s fiscal year end. As shares are committed to be released for allocation to participant accounts from collateral, the Company reports compensation expense equal to the average fair value of shares committed to be released during the year with a corresponding credit to stockholders’ equity and the shares become outstanding for earnings per share computations. The compensation expense is accrued throughout the year. Compensation expense recognized for the years ended December 31, 2021 and 2020 was $184,000 and $147,000, respectively. Company common stock held by the ESOP trust at December 31, 2021 and 2020 was as follows: 2021 2020 Allocated shares 39,847 27,863 Unallocated shares 164,942 176,926 Total ESOP shares 204,789 204,789 Fair value of unallocated shares $ 2,474,000 $ 2,550,000

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
STOCK-BASED COMPENSATION PLANS	Dec. 31, 2021
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS	(14) STOCK-BASED COMPENSATION PLANS The Company’s stock-based compensation plans are described below. The compensation cost that has been charged against income for those plans was $240,000 and $220,000 for 2021 and 2020, respectively. The total income tax benefit recognized in the consolidated statements of income for stock-based compensation arrangements was $51,000 and $46,000 for the years ended December 31, 2021 and 2020, respectively. The Company accounts for any forfeitures when they occur, and any previously recognized compensation expense for an award is reversed in the period the award is forfeited. The Company generally reissues treasury shares or issues new shares from its authorized but unissued shares under the plans. 2010 Equity Incentive Plan The Bank had an equity incentive plan (the "2010 Plan") adopted on July 27, 2010 which was assumed by the Company in connection with the Conversion. Under the 2010 Plan, 127,849 shares of common stock, as adjusted for the exchange ratio applied in the Conversion, were approved for awards of stock options and restricted stock. As of December 31, 2021, on an adjusted basis, awards for stock options totaling 93,254 shares and awards for restricted stock totaling 34,250 shares of Company common stock have been granted, net of any forfeitures, to participants in the 2010 Plan. The 2010 Plan expired July 27, 2020. 2019 Equity Incentive Plan In September 2019, the Company's stockholders approved the 2019 Equity Incentive Plan (the "2019 Plan") which provides for the award of stock options and restricted stock. Under the 2019 Plan, the Compensation Committee may grant stock options that, upon exercise, result in the issuance of 255,987 shares of common stock and may grant 102,395 shares of restricted stock. As of December 31, 2021, awards for stock options totaling 6,500 shares and awards for restricted stock totaling 33,550 shares of the Company common stock have been granted, net of any forfeitures, to participants in the 2019 Plan. The vesting dates for stock option awards are determined by the Compensation Committee appointed by the board of directors. All unvested options become exercisable upon an option holder’s death or disability and in the event of a change in control. Option prices may not be less than the fair market value of the underlying stock at the date of the grant of the award. Restricted stock awards generally vest over a period of five years. The Plan provides that unvested restricted stock awards become fully vested upon a holder’s death or disability and in the event of a change in control. Compensation expense is recognized over the requisite service period with a corresponding credit to stockholders’ equity. The requisite service period for restricted shares is the vesting period. Stock Options: The fair value of stock options granted during 2021 under the 2019 Plan was estimated at the date of grant using the Black-Scholes option pricing model. Expected volatility is based on historical volatility of the Company’s stock. The expected term of options granted represents the period of time that options are expected to be outstanding and is based on the average of the vesting term and the original contractual term as the Company does not have sufficient historical exercise data to provide a reasonable basis on which to estimate the expected term due to the limited period of time its common shares have been publicly traded. The risk-free rate for the expected life of the options is based on the U.S. Treasury yield curve in effect at the time of grant. The following significant assumptions were used during 2021 to estimate the fair value of stock options granted: Expected volatility 31.5 % Expected term (in years) 7.5 Expected dividends 1.02 % Risk-free rate 1.42 % The weighted-average grant-date fair value of options granted during the year ended December 31, 2021 was $5.05. A summary of option activity as of December 31, 2021, and changes during the year then ended is presented below: Weighted Weighted Average Number Average Remaining Aggregate of Exercise Contractual Intrinsic Shares Price Term Value Outstanding at beginning of year 93,254 $ 13.18 Granted 6,500 15.39 Exercised (1,170) 5.11 Forfeited or expired — Outstanding at end of period 98,584 $ 13.42 8.0 $ 158,000 Vested and expected to vest 98,584 $ 13.42 8.0 $ 158,000 Exercisable at end of period 60,894 $ 13.30 7.9 $ 104,000 At December 31, 2021, there was $131,000 of unrecognized compensation expense related to nonvested stock options. That compensation expense is expected to be recognized over a weighted-average period of 2.2 years. Restricted Stock: A summary of the activity for the Company’s nonvested restricted shares during the year ended December 31, 2021, is presented below: Weighted Average Number of Grant-Date Shares Fair Value Nonvested at beginning of year 30,142 $ 14.00 Granted 15,250 15.39 Vested (12,614) 14.31 Forfeited (200) 14.74 Nonvested at end of period 32,578 $ 14.53 The total fair value of shares vested during each of the years ended December 31, 2021 and 2020, was $192,000 and $160,000, respectively. At December 31, 2021, unrecognized compensation expense related to nonvested restricted shares was $473,000. That compensation expense is expected to be recognized over the remaining weighted average vesting period of 3.0 years.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	(15) COMMITMENTS AND CONTINGENCIES COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which continues to spread throughout the United States and around the world. The COVID-19 pandemic has adversely affected, and may continue to adversely affect economic activity globally, nationally and locally. COVID-19 and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. Such events also may adversely affect business and consumer confidence, generally, and the Company and its customers, and their respective suppliers, vendors and processors, may be adversely affected. Due to the COVID-19 pandemic market interest rates have declined significantly, as the Federal Open Market Committee reduced the targeted federal funds interest rate range by 150 basis points during the month of March 2020 to 0% to 0.25%. These reductions in interest rates and other effects of the COVID-19 pandemic may adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the financial impact will be to the Company. It is reasonably possible that estimates made in the financial statements could be materially and adversely impacted in the near term as a result of these conditions, including expected credit losses on loans. Credit-Related Financial Instruments In the normal course of business, there are outstanding various commitments and contingent liabilities, such as commitments to extend credit and legal claims, which are not reflected in the financial statements. There were $26,000 in commitments under outstanding standby letters of credit at both December 31, 2021 and December 31, 2020. The following is a summary of the commitments to extend credit at December 31, 2021 and 2020: (In thousands) 2021 2020 Loan commitments: Fixed rate $ 1,874 $ 180 Adjustable rate 961 2,244 Undisbursed commercial and personal lines of credit 15,770 11,774 Undisbursed portion of commercial construction loans 1,964 2,928 Undisbursed portion of residential construction loans 2,693 429 Total commitments to extend credit $ 23,262 $ 17,555

FINANCIAL INSTRUMENTS WITH OFF-

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	12 Months Ended
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	Dec. 31, 2021
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	(16) The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments (see Note 15). The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount and type of collateral obtained, if deemed necessary by the Company upon extension of credit, varies and is based on management’s credit evaluation of the counter-party. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. The Company had no liabilities related to standby letters of credit guarantees at December 31, 2021 and 2020. The Company has not been required to perform on any financial guarantees during the past two years. The Company incurred no losses on its commitments in either 2021 or 2020.

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
REGULATORY MATTERS	Dec. 31, 2021
REGULATORY MATTERS
REGULATORY MATTERS	(17) REGULATORY MATTERS The Company is a bank holding company subject to capital adequacy requirements of the Board of Governors of the Federal Reserve ("Federal Reserve") under the Bank Holding Company Act of 1956, as amended, and the regulations of the Federal Reserve, except that, pursuant to the Economic Growth, Regulatory Relief and Consumer Protection Act, effective August 30, 2018, a bank holding company with consolidated assets of less than $3 billion is generally not subject to the Federal Reserve's capital regulations. The Bank is subject to various regulatory capital requirements administered by its primary federal regulator, the Office of the Comptroller of the Currency ("OCC"). Failure to meet minimum capital requirements can initiate certain mandatory-and possibly additional discretionary-actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Beginning in 2020, qualifying community banks with assets of less than $10 billion were eligible to opt in to the Community Bank Leverage Ratio (“CBLR”) framework. The CBLR is the ratio of a bank’s tangible equity capital to average total consolidated assets. A qualifying community bank that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under prompt corrective action statutes. The federal banking agencies may consider a financial institution’s risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies must set the minimum capital for the new CBLR at not less than 8% and not more than 10%, and had originally set the minimum ratio at 9%. However, pursuant to the CARES Act and related interim final rules, the minimum CBLR is set at 8% for calendar year 2020, 8.5% for calendar year 2021, and 9% thereafter. A financial institution that falls below the minimum CBLR generally has a two-quarter grace period to get back into compliance as long as it maintains a minimum CBLR of 7% for 2020, 7.5% for 2021 and 8% for 2022 and thereafter. A financial institution can elect to be subject to or opt out of the CBLR framework at any time. As a qualified community bank, the Bank has opted into the CBLR framework as of January 1, 2020. Management believes that the Bank met all capital adequacy requirements to which it was subject as of December 31, 2021 and 2020. At December 31, 2021, the Bank’s CBLR ratio was 16.3%. The Bank’s CBLR ratio was 17.6% at December 31, 2020. Management believes that the Bank met all capital adequacy requirements to which it was subject as of December 31, 2021 and 2020. As of December 31, 2021, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios are presented in the following table. No amounts were deducted from capital for interest-rate risk in either year. Minimum for Capital Minimum to be Well Adequacy Purposes Capitalized under with Capital Prompt Corrective Actual Conservation Buffer: Action Provisions: (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Community Bank Leverage Ratio $ 41,264 16.3 % N/A N/A $ 21,520 8.50 % As of December 31, 2020: Community Bank Leverage Ratio $ 39,174 17.6 % N/A N/A $ 17,772 8.00 %

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	(18) Dividends The payment of dividends by the Company and Bank are subject to regulation by the Federal Reserve and OCC, respectively. Under Indiana law, the Company is prohibited from paying a dividend if, as a result of its payment, the Company would be unable to pay its debts as they become due in the normal course of business, or if the Company's total liabilities would exceed its total assets. Under OCC regulations, the Bank generally may make capital distributions during any calendar year in an amount up to 100% of net income for the year-to-date plus retained net income for the two preceding years, so long as it is well-capitalized after the distribution. In addition, as noted above, if the Bank does not have the required capital conservation buffer, its ability to pay dividends to the Company would be limited.

DISCLOSURES ABOUT FAIR VALUE OF

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2021
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	(19) DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The following table summarizes the carrying value and estimated fair value of financial instruments and the level within the fair value hierarchy (see Note 21) in which the fair value measurements fall at December 31, 2021 and 2020: Fair Value Measurements Using Carrying (In thousands) Value Level 1 Level 2 Level 3 December 31, 2021 Financial assets: Cash and cash equivalents $ 16,379 $ 16,379 $ — $ — Securities available for sale 107,293 — 107,293 — Securities held to maturity 21 — 21 — Loans, net 122,568 — — 123,158 FHLB stock 778 N/A N/A N/A Accrued interest receivable 997 — 997 — Financial liabilities: Noninterest-bearing deposits 28,602 28,602 — — Interest-bearing deposits 168,282 — — 168,168 Advance from FHLB 10,000 — 10,162 — Accrued interest payable 11 — 11 — December 31, 2020 Financial assets: Cash and cash equivalents $ 9,661 $ 9,661 $ — $ — Securities available for sale 104,456 — 104,456 — Securities held to maturity 31 — 31 — Loans, net 113,259 — — 117,432 FHLB stock 778 N/A N/A N/A Accrued interest receivable 898 — 898 — Financial liabilities: Noninterest-bearing deposits 25,939 25,939 — — Interest-bearing deposits 148,174 — — 148,609 Advance from FHLB 11,000 — 11,450 — Accrued interest payable 10 — 10 — The carrying amounts in the preceding table are included in the consolidated balance sheets under the applicable captions. The contractual or notional amounts of financial instruments with off-balance-sheet risk are disclosed in Note 15, and the fair value of these instruments is considered immaterial. The methods and assumptions used to estimate fair value are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents, accrued interest receivable and payable, demand deposits and other transaction accounts. The fair value of securities is based on quoted market prices (where available) or values obtained from an independent pricing service. The fair value of loans and fixed-maturity certificates of deposit is based on discounted cash flows using current market rates applied to the estimated life and credit risk of the instrument. It is not practicable to determine the fair value of FHLB stock due to restrictions placed on its transferability. The methods utilized to measure the fair value of financial instruments at December 31, 2021 and 2020 represent an approximation of exit price, but an actual exit price may differ.

SUPPLEMENTAL DISCLOSURE FOR EAR

SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE	12 Months Ended
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE	Dec. 31, 2021
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE	(20) (Dollars in thousands, except per share data) 2021 2020 Basic Earnings: Net income $ 1,608 $ 1,191 Shares: Weighted average common shares outstanding 2,906,728 3,172,057 Net income per common share, basic $ 0.55 $ 0.38 Diluted Earnings: Net income $ 1,608 $ 1,191 Shares: Weighted average common shares outstanding 2,906,728 3,172,057 Add: Dilutive effect of stock options 4,009 1,058 Add: Dilutive effect of restricted stock 5,924 2,085 Weighted average common shares outstanding, as adjusted 2,916,661 3,175,200 Net income per common share, diluted $ 0.55 $ 0.38 Nonvested restricted stock shares and unallocated ESOP shares are not considered as outstanding for purposes of computing basic and diluted earnings per share. Stock options for 6,500 and 91,382 shares of common stock were excluded from the calculation of diluted net income per common share because their effect was antidilutive for the years ended December 31, 2021 and 2020, respectively. There were no antidilutive restricted stock awards excluded from the calculation of diluted net income per common share for the years ended December 31, 2021 and 2020.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(21) FAIR VALUE MEASUREMENTS FASB ASC Topic 820 , Fair Value Measurements, Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. Level 2: Inputs to the valuation methodology include quoted market prices for similar assets or liabilities in active markets; quoted market prices for identical or similar assets or liabilities in markets that are not active; or inputs that are derived principally from or can be corroborated by observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The table below presents the balances of assets measured at fair value on a recurring basis as of December 31, 2021. There were no assets measured at fair value on a nonrecurring basis as of December 31, 2021. The Company had no liabilities measured at fair value as of December 31, 2021. Carrying Value Level 1 Level 2 Level 3 Total (In thousands) December 31, 2021 Assets Measured on a Recurring Basis Securities available for sale: Agency MBS $ — $ 11,853 $ — $ 11,853 Agency CMO — 23,778 — 23,778 Municipal obligations — 71,662 — 71,662 Total securities available for sale $ — $ 107,293 $ — $ 107,293 The table below presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of December 31, 2020. The Company had no liabilities measured at fair value as of December 31, 2020. Carrying Value Level 1 Level 2 Level 3 Total (In thousands) December 31, 2020 Assets Measured on a Recurring Basis Securities available for sale: Agency MBS $ — $ 10,240 $ — $ 10,240 Agency CMO — 27,771 — 27,771 Municipal obligations — 66,445 — 66,445 Total securities available for sale $ — $ 104,456 $ — $ 104,456 Assets Measured on a Nonrecurring Basis Impaired loans: One-to-four family residential $ — $ — $ 1,468 $ 1,468 Commercial real estate — — 273 273 Commercial business — — 356 356 Total impaired loans $ — $ — $ 2,097 $ 2,097 Real estate held for sale $ — $ — $ 99 $ 99 A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets carried at fair value or the lower of cost or fair value. Fair value is based upon quoted market prices, where available. If quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters or a matrix pricing model that employs the Bond Market Association’s standard calculations for cash flow and price/yield analysis and observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, or the lower of cost or fair value. These adjustments may include unobservable parameters. Any such valuation adjustments have been applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Securities Available for Sale. Impaired Loans . Impaired loans are measured at the present value of estimated future cash flows using the loan’s effective interest rate or the fair value of collateral less estimated costs to sell if the loan is collateral dependent. At December 31, 2021 and 2020, all impaired loans other than performing TDRs were considered to be collateral dependent for the purpose of determining fair value. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable. The fair value of the collateral is generally determined based on real estate appraisals or other independent evaluations by qualified professionals, which are then discounted to reflect management’s estimate of the fair value of the collateral given the current market conditions and the condition of the collateral. At December 31, 2021 and 2020, the significant unobservable inputs used in the fair value measurement of collateral dependent impaired loans included a discount from appraised value (including estimated costs to sell the collateral) of 10%. Real Estate Held for Sale . At December 31, 2021 and 2020, the significant unobservable inputs used in the fair value measurement of real estate held for sale included a discount from appraised value (including estimated costs to sell the property) of 10%. The Company did not recognize a charge to write down real estate held for sale to fair value during the year ended December 31, 2021. The Company recognized charges to write down real estate held for sale to fair value $37,000 during the year ended December 31, 2020. There have been no changes in the valuation techniques and related inputs used for assets measured at fair value on a recurring and nonrecurring basis during the years ended December 31, 2021 and 2020. There were no transfers in or out of the Company’s Level 3 financial assets for the years ended December 31, 2021 and 2020.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	12 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS	Dec. 31, 2021
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	(22) REVENUE FROM CONTRACTS WITH CUSTOMERS Substantially all of the Company’s revenue from contracts with customers in the scope of FASB ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income and other income within the scope of FASB ASC 606 for the years ended December 31, 2021 and 2020: 2021 2020 (In thousands) Service charges on deposit accounts $ 295 $ 184 Brokered loan fees 265 58 ATM transaction and point-of-sale interchange fees 552 419 Other income 17 (31) Revenue from contracts with customers 1,129 630 Net gains on investments — 104 Increase in cash surrender value of life insurance 62 68 Other income 29 63 Other noninterest income 91 235 Total noninterest income $ 1,220 $ 865 A description of the Company’s revenue streams accounted for under FASB ASC 606 follows: Service Charges on Deposit Accounts : Brokered Loan Fees ATM Transaction and Point-of-Sale Interchange Fees : Other Income :

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	12 Months Ended
CONCENTRATION OF CREDIT RISK	Dec. 31, 2021
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK	(23) CONCENTRATION OF CREDIT RISK At December 31, 2021, the Company had a concentration of credit risk with correspondent banks in excess of the federal deposit insurance limit of $374,000. In addition, $12.6 million and $889,000 of cash was held by the FHLB of Indianapolis and the Federal Reserve Bank, respectively, which are not federally insured.

PARENT COMPANY CONDENSED FINANC

PARENT COMPANY CONDENSED FINANCIAL INFORMATION	12 Months Ended
PARENT COMPANY CONDENSED FINANCIAL INFORMATION	Dec. 31, 2021
PARENT COMPANY CONDENSED FINANCIAL INFORMATION
PARENT COMPANY CONDENSED FINANCIAL INFORMATION	(24) PARENT COMPANY CONDENSED FINANCIAL INFORMATION Condensed financial information for the Company (parent company only) follows: BALANCE SHEETS (In thousands) As of December 31, 2021 2020 ASSETS Cash and cash equivalents $ 3,063 $ 6,499 Other assets 137 166 Investment in subsidiaries 43,360 42,387 $ 46,560 $ 49,052 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 31 $ 48 Stockholders’ equity 46,529 49,004 $ 46,560 $ 49,052 STATEMENTS OF INCOME (In thousands) Year Ended December 31, 2021 2020 Dividends from bank subsidiary $ 379 $ 254 Interest income from bank subsidiary — 152 Total income 379 406 Other operating expenses (576) (558) Loss before income taxes and equity in undistributed net income of subsidiaries (197) (152) Income tax benefit (138) (99) Loss before equity in undistributed net income of subsidiaries (59) (53) Equity in undistributed net income of subsidiaries 1,667 1,244 Net Income $ 1,608 $ 1,191 STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,608 $ 1,191 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed net income of subsidiaries (1,667) (1,244) Net change in other assets and liabilities 13 (89) Net Cash Used In Operating Activities (46) (142) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common stock 7 — Purchase of treasury stock (3,017) (5,044) Cash dividends paid (380) (255) Net Cash Used In Financing Activities (3,390) (5,299) Net Decrease in Cash and Cash Equivalents (3,436) (5,441) Cash and cash equivalents at beginning of year 6,499 11,940 Cash and Cash Equivalents at End of Year $ 3,063 $ 6,499

SELECTED QUARTERLY FINANCIAL IN

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	Dec. 31, 2021
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	(25) First Second Third Fourth Quarter Quarter Quarter Quarter Total 2021 (In thousands, except per share data) Interest income $ 1,865 $ 1,875 $ 1,903 $ 1,939 $ 7,582 Interest expense 170 167 164 150 651 Net interest income 1,695 1,708 1,739 1,789 6,931 Credit for loan losses — — — (120) (120) Net interest income after provision for loan losses 1,695 1,708 1,739 1,909 7,051 Noninterest income 274 325 301 320 1,220 Noninterest expense 1,574 1,630 1,551 1,841 6,596 Income before income taxes 395 403 489 388 1,675 Income tax expense 17 6 33 11 67 Net income $ 378 $ 397 $ 456 $ 377 $ 1,608 Earnings per common share Basic $ 0.13 $ 0.13 $ 0.16 $ 0.13 $ 0.55 Diluted $ 0.13 $ 0.13 $ 0.16 $ 0.13 $ 0.55 2020 Interest income $ 1,933 $ 1,811 $ 1,833 $ 1,874 $ 7,451 Interest expense 263 249 226 198 936 Net interest income 1,670 1,562 1,607 1,676 6,515 Provision for loan losses 57 15 30 30 132 Net interest income after provision for loan losses 1,613 1,547 1,577 1,646 6,383 Noninterest income 172 283 202 208 865 Noninterest expense 1,348 1,455 1,526 1,693 6,022 Income before income taxes 437 375 253 161 1,226 Income tax expense (benefit) 52 33 (11) (39) 35 Net income $ 385 $ 342 $ 264 $ 200 $ 1,191 Earnings per common share Basic $ 0.12 $ 0.10 $ 0.09 $ 0.07 $ 0.38 Diluted $ 0.12 $ 0.10 $ 0.09 $ 0.07 $ 0.38

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Conversion and Stock Issuance	Conversion and Stock Issuance Mid-Southern Bancorp, Inc. (the "Company"), an Indiana corporation, was organized by Mid-Southern, M.H.C. (the "MHC") and Mid-Southern Savings Bank, FSB (the "Bank") to facilitate the "second-step" conversion of the Bank from the mutual holding company structure to the stock holding company structure (the "Conversion"). Upon consummation of the Conversion, which occurred on July 11, 2018, the Company became the holding company for the Bank and now owns all of the issued and outstanding shares of the Bank’s common stock.
Nature of Operations	Nature of Operations The Company’s principal business is the ownership and operation of the Bank. The Bank is a federal savings bank that provides a variety of banking services to individuals and business customers through its main office, two full-service branch offices and loan production offices in New Albany, Indiana and Louisville, Kentucky. The Bank’s primary source of revenue is single-family residential mortgage loans. Mid-Southern Investments, Inc. (the "Subsidiary") is a wholly-owned subsidiary of the Bank that holds and manages an investment securities portfolio.
Basis of Presentation, Consolidation and Reclassifications	Basis of Presentation, Consolidation and Reclassifications The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and conform to general practices within the banking industry. As an "emerging growth company" as defined in Title 1 of the Jumpstart Our Business Startups Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. The reclassifications had no effect on net income or stockholders’ equity.
Statements of Cash Flows	Statements of Cash Flows For purposes of the statement of cash flows, the Company has defined cash and cash equivalents as cash on hand, amounts due from banks (including cash items in process of clearing) and interest-bearing deposits with other banks having an original maturity of 90 days or less.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. In connection with the determination of the allowance for loan losses and foreclosed real estate, management obtains independent appraisals for significant properties. A majority of the loan portfolio consists of single-family residential and commercial real estate loans in the southern Indiana area. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio and the recovery of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. While management uses available information to recognize losses on loans and foreclosed real estate, further changes in the carrying amounts of loans and foreclosed real estate may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and foreclosed real estate. Such agencies may require the Company to recognize additional changes based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed real estate may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated.
Investment Securities	Investment Securities Securities Available for Sale Securities Held to Maturity Debt securities held by the Company include mortgage-backed securities and other debt securities issued by the Government National Mortgage Association, a U.S. government agency, and mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMO”) issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, which are government-sponsored enterprises. MBS represent participating interests in pools of long-term first mortgage loans originated and serviced by the issuers of the securities. CMOs are complex mortgage-backed securities that restructure the cash flows and risks of the underlying mortgage collateral. The Company also holds debt securities issued by municipalities and political subdivisions of state and local governments. Declines in the fair value of individual available for sale and held to maturity securities below their amortized cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. The Bank is a member of the Federal Home Loan Bank of Indianapolis ("FHLB"). FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported in the consolidated statements of income.
Loans and Allowance for Loan Losses	Loans and Allowance for Loan Losses Loans Held for Investment Loans are stated at unpaid principal balances, less net deferred loan fees and the allowance for loan losses. The Company grants real estate mortgages, commercial business and consumer loans. Loan origination and commitment fees, as well as certain direct costs of underwriting and closing loans, are deferred and amortized as a yield adjustment to interest income over the lives of the related loans using the interest method. Amortization of net deferred loan fees is discontinued when a loan is placed on nonaccrual status. Nonaccrual Loans The recognition of income on a loan is discontinued and previously accrued interest is reversed when interest or principal payments become 90 days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Generally, by applying the cash receipts method, interest income is subsequently recognized only as received until the loan is returned to accrual status. The cash receipts method is used when the likelihood of further loss on the loan is remote. Otherwise, the Company applies the cost recovery method and applies all payments as a reduction of the unpaid principal balance until the loan qualifies for return to accrual status. Interest income on impaired loans is recognized using the cost recovery method, unless the likelihood of further loss on the loan is remote. A loan is restored to accrual status when all principal and interest payments are brought current and the borrower has demonstrated the ability to make future payments of principal and interest as scheduled, which generally requires that the borrower demonstrate a period of performance of at least six consecutive months. Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Values for collateral dependent loans are generally based on appraisals obtained from independent licensed real estate appraisers, with adjustments applied for estimated costs to sell the property, costs to complete unfinished or repair damaged property and other factors. New appraisals or valuations are generally obtained for all significant properties (if the value is estimated to exceed $100,000) when a loan is identified as impaired. Subsequent appraisals are obtained or an internal evaluation is prepared annually, or more frequently if management believes there has been a significant change in the market value of a collateral property securing a collateral dependent impaired loan. In instances where it is not deemed necessary to obtain a new appraisal, management bases its impairment evaluation on the original appraisal with adjustments for current conditions based on management’s assessment of market factors and inspection of the property. Troubled Debt Restructurings Modification of a loan is considered to be a troubled debt restructuring ("TDR") if the debtor is experiencing financial difficulties and the Company grants a concession to the debtor that it would not otherwise consider. By granting the concession, the Company expects to obtain more cash or other value from the debtor, or to increase the probability of receipt, than would be expected by not granting the concession. The concession may include, but is not limited to, reduction of the stated interest rate of the loan, reduction of accrued interest, extension of the maturity date or reduction of the face amount of the debt. A concession will be granted when, as a result of the restructuring, the Company does not expect to collect all amounts due, including interest at the original stated rate. A concession may also be granted if the debtor is not able to access funds elsewhere at a market rate for debt with similar risk characteristics as the restructured debt. The Company’s determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification. A TDR can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the restructuring. A TDR on nonaccrual status is restored to accrual status when the borrower has demonstrated the ability to make future payments in accordance with the restructured terms, including consistent and timely payments for at least six consecutive months in accordance with the restructured terms. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Additions to the allowance for loan losses are made by the provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The Company uses a disciplined process and methodology to evaluate the allowance for loan losses on at least a quarterly basis that is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment or loans otherwise classified as doubtful or substandard. For such loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and classified loans that are found, upon individual evaluation, to not be impaired. Such loans are pooled by portfolio segment and losses are modeled using annualized historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the Company’s actual loss history over the most recent 20 calendar quarters unless the historical loss experience is not considered indicative of the level of risk in the remaining balance of a particular portfolio segment, in which case an adjustment is determined by management. The Company’s historical loss experience is then adjusted for qualitative factors that are reviewed on a quarterly basis. Management’s determination of the allowance for loan losses considers changes and trends in the following qualitative loss factors: loan administration, national and local economic conditions, new loan trends, past due and nonaccrual loans, collateral values, credit concentrations and other internal and external factors such as competition, legal and regulatory changes. Each qualitative factor is assigned a rating and a factor weight in determining the adjusted loss factors used in management’s allowance for loan losses adequacy calculation. Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses for loans considered impaired in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary. The following portfolio segments are considered in the allowance for loan loss analysis: one-to-four family residential real estate, multi-family residential real estate, construction, commercial real estate, commercial business, and consumer loans. Residential real estate loans primarily consist of loans to individuals for the purchase or refinance of their primary residence, with a smaller portion of the segment secured by non-owner-occupied residential investment properties and multi-family residential investment properties. The risks associated with residential real estate loans are closely correlated to the local housing market and general economic conditions, as repayment of the loans is primarily dependent on the borrower’s or tenant’s personal cash flow and employment status. The Company’s construction loan portfolio consists of single-family residential properties, multi-family properties and commercial projects, and includes both owner-occupied and speculative investment properties. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, the borrower’s ability to use funds generated by a project to service a loan until a project is completed, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing. Commercial real estate loans are comprised of loans secured by various types of collateral including farmland, office buildings, warehouses, retail space and mixed-use buildings located in the Company’s primary lending area. Risks related to commercial real estate lending are related to the market value of the property taken as collateral, the underlying cash flows and general economic condition of the local real estate market. Repayment of these loans is generally dependent on the ability of the borrower to attract tenants at lease rates or general business operating cash flows that provide for adequate debt service and can be impacted by local economic conditions which impact vacancy rates and the general level of business activity. The Company generally obtains loan guarantees from financially capable parties for commercial real estate loans. Commercial business loans include lines of credit to businesses, term loans and letters of credit secured by business assets such as equipment, accounts receivable, inventory, or other assets excluding real estate and are generally made to finance capital expenditures or fund operations. Commercial loans contain risks related to the value of the collateral securing the loan and the repayment is primarily dependent upon the financial success and viability of the borrower. As with commercial real estate loans, the Company generally obtains loan guarantees from financially capable parties for commercial business loans. Consumer loans consist primarily of home equity lines of credit and other loans secured by junior liens on the borrower’s personal residence, home improvement loans, automobile and truck loans, boat loans, mobile home loans, loans secured by savings deposits, and other personal loans. The risks associated with these loans are related to the local housing market and local economic conditions including the unemployment level. Loan Charge-Offs For portfolio segments other than consumer loans, the Company’s practice is to charge-off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, the depreciation of the underlying collateral, the loan’s classification as a loss by regulatory examiners, or for other reasons. A partial charge-off is recorded on a loan when the collectability of a portion of the loan has been confirmed, such as when a loan is discharged in bankruptcy, the collateral is liquidated, a loan is restructured at a reduced principal balance, or other identifiable events that lead management to determine the full principal balance of the loan will not be repaid. A specific reserve is recognized as a component of the allowance for estimated losses on loans individually evaluated for impairment. Partial charge-offs on nonperforming and impaired loans are included in the Company’s historical loss experience used to estimate the general component of the allowance for loan losses as discussed above. Specific reserves are not considered charge-offs in management’s evaluation of the general component of the allowance for loan losses because they are estimates and the outcome of the loan relationship is undetermined. During 2021 and 2020, the Company recognized net partial charge-offs on loans totaling $6,000 and $2,000, respectively. At December 31, 2021, the Company had seven loans with an aggregate recorded investment of $242,000 and an aggregate unpaid principal balance of $367,000 on which net partial charge-offs of $122,000 had been recorded. At December 31, 2020, the Company had seven loans with an aggregate recorded investment of $280,000 and an aggregate unpaid principal balance of $430,000 on which net partial charge-offs of $159,000 had been recorded. Consumer loans not secured by real estate are typically charged off at 90 days past due, or earlier if deemed uncollectible, unless the loans are in the process of collection. Overdrafts are charged off after 60 days past due. A charge-off is typically recorded on a loan secured by real estate when the property is foreclosed upon when the carrying value of the loan exceeds the property’s fair value less the estimated costs to sell.
Foreclosed Real Estate	Foreclosed Real Estate Foreclosed real estate includes formally foreclosed property and property obtained via a deed in lieu of foreclosure that is currently held for sale. At the time of acquisition, foreclosed real estate is recorded at fair value less estimated costs to sell, which becomes the property’s new basis. Any write-downs based on the property’s fair value at the date of acquisition are charged to the allowance for loan losses. After acquisition, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less costs to sell. Costs incurred in maintaining foreclosed real estate and subsequent impairment adjustments to the carrying amount of a property, if any, are included in net loss on foreclosed real estate in the accompanying consolidated statements of income.
Real Estate Held for Sale	Real Estate Held for Sale Real estate held for sale includes unimproved land originally purchased for future office development and is initially recorded at fair value less estimated costs to sell, establishing a new cost basis. Real estate held for sale is subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Subsequent impairment loss adjustments to the carrying amount of the property, if any, are reported in noninterest expense in the accompanying consolidated statements of income.
Premises and Equipment	Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. The Company uses the straight-line method of computing depreciation at rates adequate to amortize the cost of the applicable assets over their estimated useful lives. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings.
Cash Value of Life Insurance	Cash Value of Life Insurance Life insurance policies have been purchased on certain directors, officers and key employees to offset costs associated with compensation and benefit programs. The Bank is the owner and is a joint or sole beneficiary of the policies. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Income from the increase in cash surrender value of the policies and income from the realization of death benefits is reported in noninterest income.
Treasury Stock	Treasury Stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Gains and losses on the subsequent reissuance of shares are credited or charged to paid-in capital in excess of par value using the average-cost method.
Income Taxes	Income Taxes When income tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while other positions are subject to some degree of uncertainty regarding the merits of the position taken or the amount of the position that would be sustained. The Company recognizes the benefits of a tax position in the financial statements of the period during which, based on all available evidence, management believes it is more-likely-than-not (more than 50 percent probable) that the tax position would be sustained upon examination. Income tax positions that meet the more-likely-than-not threshold are measured as the largest amount of income tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the income tax positions claimed on income tax returns that exceeds the amount measured as described above is reflected as a liability for unrecognized income tax benefits in the balance sheet, along with any associated interest and penalties that would be payable to the taxing authorities, if there were an examination. Interest and penalties associated with unrecognized income tax benefits are classified as additional income taxes in the consolidated statements of income. Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred income taxes. Income tax reporting and financial statement reporting rules differ in many respects. As a result, there will often be a difference between the carrying amount of an asset or liability as presented in the accompanying balance sheets and the amount that would be recognized as the tax basis of the same asset or liability computed based on the effects of tax positions recognized, as described in the preceding paragraph. These differences are referred to as temporary differences because they are expected to reverse in future years. Deferred income tax assets are recognized for temporary differences where their future reversal will result in future tax benefits. Deferred income tax assets are also recognized for the future tax benefits expected to be realized from net operating loss or tax credit carry forwards. Deferred income tax liabilities are recognized for temporary differences where their future reversal will result in the payment of future income taxes. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.
Stock-Based Compensation	Stock-Based Compensation The Company has adopted the fair value based method of accounting for stock-based compensation prescribed in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718-20, Compensation – Stock Compensation
Employee Stock Ownership Plan	Employee Stock Ownership Plan The Bank has an ESOP covering substantially all employees. The cost of shares issued to the ESOP but not allocated or committed to be released for allocation to participant accounts is presented in the consolidated balance sheets as a reduction of stockholders’ equity. Compensation expense is recognized for the fair value of shares committed to be released for allocation to participant accounts during the year. See Note 13.
Advertising Costs	Advertising Costs Advertising costs are charged to operations when incurred.
Comprehensive Income	Comprehensive Income Comprehensive income consists of reported net income and other comprehensive income. Other comprehensive income, recognized as a separate component of equity, includes the change in unrealized gains or losses on securities available for sale. Amounts reclassified out of unrealized gains and losses on securities available for sale included in accumulated other comprehensive income or loss are included in net gain on sale of securities in the consolidated statements of income.
Loss Contingencies	Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options, restricted stock and other potentially dilutive securities outstanding. Earnings and dividends per share are restated for stock splits and dividends through the date of issuance of the financial statements. Unallocated ESOP shares and nonvested restricted stock shares are not included as outstanding for either basic or diluted earnings per share calculations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following are summaries of recently issued accounting pronouncements that impact the accounting and reporting practices of the Company. The Company is an emerging growth company, and as such will be subject to the different dates noted for private companies if they differ from the effective dates noted for public companies. In February 2016, FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) Leases (Topic 842), Targeted Improvements transition option allows entities to not apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. The practical expedient provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with the new revenue standard if the associated non-lease components are the predominant components. The amendments have the same effective date as ASU 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842), Codification Improvements Leases (Topic 842) Fair Value Measurements and Disclosures (Topic 820) In addition, this ASU amended the new leases standard to clarify the presentation on the statement of cash flows principal payments received under leases for depository and lending institutions for Sales-Type and Direct Financing Leases. Specifically for these entities and leases, all principal payments received under leases will be presented within investing activities on the statement of cash flows. Finally, this ASU amended the new leases standard to explicitly provide an exception to paragraph 250-10-50-3 interim disclosure requirements for an entity electing the transition method of implementation. The amendments have the same effective date as ASU 2016-02. The effect of the adoption of these ASUs will depend on leases at the time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices under noncancelable operating lease agreements; however, based on current leases, the adoption is expected to increase our consolidated balance sheets by less than 5.0% and not to have a material impact on our regulatory capital ratios. The FASB originally issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
INVESTMENT SECURITIES (Tables)	Dec. 31, 2021
INVESTMENT SECURITIES
Schedule of fair values of debt securities available-for-sale or held-to-maturity	Gross Gross (In thousands) Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Securities available for sale: Mortgage-backed securities: Agency MBS $ 11,941 $ 47 $ 135 $ 11,853 Agency CMO 24,196 47 465 23,778 36,137 94 600 35,631 Other debt securities: Municipal obligations 68,366 3,318 22 71,662 Total securities available for sale $ 104,503 $ 3,412 $ 622 $ 107,293 Securities held to maturity: Mortgage-backed securities: Agency MBS $ 21 $ — $ — $ 21 Total securities held to maturity $ 21 $ — $ — $ 21 December 31, 2020 Securities available for sale: Mortgage-backed securities: Agency MBS $ 10,094 $ 146 $ — $ 10,240 Agency CMO 27,588 207 24 27,771 37,682 353 24 38,011 Other debt securities: Municipal obligations 62,497 3,954 6 66,445 Total securities available for sale $ 100,179 $ 4,307 $ 30 $ 104,456 Securities held to maturity: Mortgage-backed securities: Agency MBS $ 31 $ — $ — $ 31 Total securities held to maturity $ 31 $ — $ — $ 31
Schedule of maturities of debt securities	Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Due in one year or less $ 425 $ 428 $ — $ — Due after one year through five years 5,694 5,844 — — Due after five years through ten years 5,410 5,725 — — Due after ten years 56,837 59,665 — — 68,366 71,662 — — MBS and CMO 36,137 35,631 21 21 $ 104,503 $ 107,293 $ 21 $ 21
Schedule of fair value and related unrealized losses of temporarily impaired investment securities, aggregated by investment category	Number of Gross (Dollars in thousands) Investment Fair Unrealized December 31, 2021 Positions Value Losses Securities available for sale: Continuous loss position less than 12 months: Agency MBS 4 $ 7,964 $ 113 Agency CMO 4 4,792 46 Municipal obligations 3 2,452 22 Total less than 12 months 11 15,208 181 Continuous loss position more than 12 months: Agency MBS 1 879 22 Agency CMO 8 12,553 419 Total more than 12 months 9 13,432 441 Total securities available for sale 20 $ 28,640 $ 622 December 31, 2020 Securities available for sale: Continuous loss position less than 12 months: Agency CMO 9 $ 16,223 $ 24 Municipal obligations 2 1,494 6 Total less than 12 months 11 17,717 30 Total securities available for sale 11 $ 17,717 $ 30

LOANS AND ALLOWANCE FOR LOAN _2

LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)	12 Months Ended
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)	Dec. 31, 2021
LOANS AND ALLOWANCE FOR LOAN LOSSES
Schedule of loans	(In thousands) 2021 2020 Real estate mortgage loans: One-to-four family residential $ 64,098 $ 66,130 Multi-family residential 9,385 8,964 Residential construction 1,406 2,083 Commercial real estate 36,678 30,171 Commercial real estate construction 1,632 851 Commercial business loans 8,804 5,212 Consumer loans 2,152 1,442 Total loans 124,155 114,853 Deferred loan origination fees and costs, net (64) (5) Allowance for loan losses (1,523) (1,589) Loans, net $ 122,568 $ 113,259
Schedule of aggregate activity for related party loans	(In thousands) Balance, January 1, 2021 $ 1,459 New loans — Payments (1,073) Balance, December 31, 2021 $ 386
Schedule of components of recorded investment in loans	The following table provides the components of the Company’s recorded investment in loans at December 31, 2021: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Recorded Investment in Loans: Principal loan balance $ 64,098 $ 9,385 $ 3,038 $ 36,678 $ 8,804 $ 2,152 $ 124,155 Accrued interest receivable 158 11 7 76 38 6 296 Net deferred loan fees/costs 7 (24) (13) (52) (27) 45 (64) Recorded investment in loans $ 64,263 $ 9,372 $ 3,032 $ 36,702 $ 8,815 $ 2,203 $ 124,387 The following table provides the components of the Company’s recorded investment in loans at December 31, 2020: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Recorded Investment in Loans: Principal loan balance $ 66,130 $ 8,964 $ 2,934 $ 30,171 $ 5,212 $ 1,442 $ 114,853 Accrued interest receivable 183 13 7 92 14 5 314 Net deferred loan fees/costs 7 (6) (12) (40) 11 35 (5) Recorded investment in loans $ 66,320 $ 8,971 $ 2,929 $ 30,223 $ 5,237 $ 1,482 $ 115,162
Schedule of analysis of allowance for loan losses	An analysis of the allowance for loan losses and recorded investment in loans as of and for the year ended December 31, 2021 is as follows: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total Allowance for loan losses: (In thousands) Beginning balance $ 992 $ 98 $ 55 $ 306 $ 113 $ 25 $ 1,589 Provisions (credit) (159) 4 (30) 57 (7) 15 (120) Charge-offs (6) — — — (21) (13) (40) Recoveries 46 — — — 42 6 94 Ending balance $ 873 $ 102 $ 25 $ 363 $ 127 $ 33 $ 1,523 Ending allowance balance attributable to loans: Individually evaluated for impairment $ 21 $ — $ — $ — $ 19 $ — $ 40 Collectively evaluated for impairment 852 102 25 363 108 33 1,483 Ending balance $ 873 $ 102 $ 25 $ 363 $ 127 $ 33 $ 1,523 Recorded Investment in Loans as Evaluated for Impairment: Individually evaluated for impairment $ 1,041 $ — $ — $ 170 $ 328 $ 3 $ 1,542 Collectively evaluated for impairment 63,222 9,372 3,032 36,532 8,487 2,200 122,845 Ending balance $ 64,263 $ 9,372 $ 3,032 $ 36,702 $ 8,815 $ 2,203 $ 124,387 An analysis of the allowance for loan losses and recorded investment in loans as of and for the year ended December 31, 2020 is as follows: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total Allowance for loan losses: (In thousands) Beginning balance $ 955 $ 83 $ 44 $ 289 $ 102 $ 25 $ 1,498 Provisions 47 15 11 17 32 10 132 Charge-offs (14) — — — (21) (18) (53) Recoveries 4 — — — — 8 12 Ending balance $ 992 $ 98 $ 55 $ 306 $ 113 $ 25 $ 1,589 Ending allowance balance attributable to loans: Individually evaluated for impairment $ 21 $ — $ — $ 8 $ 26 $ — $ 55 Collectively evaluated for impairment 971 98 55 298 87 25 1,534 Ending balance $ 992 $ 98 $ 55 $ 306 $ 113 $ 25 $ 1,589 Recorded Investment in Loans as Evaluated for Impairments: Individually evaluated for impairment $ 1,489 $ — $ — $ 281 $ 382 $ — $ 2,152 Collectively evaluated for impairment 64,831 8,971 2,929 29,942 4,855 1,482 113,010 Ending balance $ 66,320 $ 8,971 $ 2,929 $ 30,223 $ 5,237 $ 1,482 $ 115,162
Schedule of impaired loans	The following table summarizes the Company’s impaired loans as of and for the year ended December 31, 2021. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for the year ended December 31, 2021. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Loans with no related allowance recorded: One-to-four family residential $ 822 $ 905 $ — $ 936 $ 2 Commercial real estate 102 102 — 104 4 Commercial business — — — 4 — Consumer 3 3 — 1 — $ 927 $ 1,010 $ — $ 1,045 $ 6 Loans with an allowance recorded: One-to-four family residential $ 219 $ 218 $ 21 $ 226 $ 9 Commercial real estate 68 72 — 136 6 Commercial business 328 328 19 348 19 Consumer — — — — — $ 615 $ 618 $ 40 $ 710 $ 34 Total: One-to-four family residential $ 1,041 $ 1,123 $ 21 $ 1,162 $ 11 Commercial real estate 170 174 — 240 10 Commercial business 328 328 19 352 19 Consumer 3 3 — 1 — $ 1,542 $ 1,628 $ 40 $ 1,755 $ 40 The following table summarizes the Company’s impaired loans as of and for the year ended December 31, 2020. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for the year ended December 31, 2020. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) Loans with no related allowance recorded: One-to-four family residential $ 1,265 $ 1,380 $ — $ 1,204 $ 5 Commercial real estate 96 88 — 229 — Commercial business 15 16 — 25 1 $ 1,376 $ 1,484 $ — $ 1,458 $ 6 Loans with an allowance recorded: One-to-four family residential $ 224 $ 223 $ 21 $ 249 $ 8 Commercial real estate 185 195 8 313 15 Commercial business 367 381 26 376 20 $ 776 $ 799 $ 55 $ 938 $ 43 Total: One-to-four family residential $ 1,489 $ 1,603 $ 21 $ 1,453 $ 13 Commercial real estate 281 283 8 542 15 Commercial business 382 397 26 401 21 $ 2,152 $ 2,283 $ 55 $ 2,396 $ 49
Schedule of recorded investment in nonperforming loans	Loans 90+ Days Total Nonaccrual Past Due Nonperforming Loans Still Accruing Loans (In thousands) December 31, 2021: One-to-four family residential $ 735 $ — $ 735 Commercial real estate 15 — 15 Consumer 3 — 3 Total $ 753 $ — $ 753 December 31, 2020: One-to-four family residential $ 1,160 $ — $ 1,160 Commercial real estate 96 — 96 Total $ 1,256 $ — $ 1,256
Schedule of aging of the recorded investment in past due loans	30 ‑ 59 Days 60 ‑ 89 Days Over 90 Days Total Total Past Due Past Due Past Due Past Due Current Loans December 31, 2021 (In thousands) One-to-four family residential $ 545 $ 248 $ 57 $ 850 $ 63,413 $ 64,263 Multi-family residential — — — — 9,372 9,372 Construction — — — — 3,032 3,032 Commercial real estate 451 — — 451 36,251 36,702 Commercial business — — — — 8,815 8,815 Consumer — — 3 3 2,200 2,203 Total $ 996 $ 248 $ 60 $ 1,304 $ 123,083 $ 124,387 December 31, 2020 One-to-four family residential $ 1,097 $ 560 $ 75 $ 1,732 $ 64,588 $ 66,320 Multi-family residential — — — — 8,971 8,971 Construction — — — — 2,929 2,929 Commercial real estate 27 — — 27 30,196 30,223 Commercial business — — — — 5,237 5,237 Consumer 11 — — 11 1,471 1,482 Total $ 1,135 $ 560 $ 75 $ 1,770 $ 113,392 $ 115,162
Schedule of risk category of loans by recorded investment	One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total December 31, 2021 (In thousands) Pass $ 63,399 $ 9,372 $ 3,032 $ 36,593 $ 8,815 $ 2,200 $ 123,411 Special mention — — — 87 — — 87 Substandard 864 — — 22 — 3 889 Doubtful — — — — — — — Loss — — — — — — — Total $ 64,263 $ 9,372 $ 3,032 $ 36,702 $ 8,815 $ 2,203 $ 124,387 December 31, 2020 Pass $ 64,992 $ 7,503 $ 2,929 $ 30,105 $ 5,237 $ 1,482 $ 112,248 Special mention — 1,468 — — — — 1,468 Substandard 1,328 — — 118 — — 1,446 Doubtful — — — — — — — Loss — — — — — — — Total $ 66,320 $ 8,971 $ 2,929 $ 30,223 $ 5,237 $ 1,482 $ 115,162
Schedule of TDRs by accrual status	Related Allowance for Accruing Nonaccrual Total Loan Losses December 31, 2021 (In thousands) One-to-four family residential $ 306 $ 101 $ 407 $ 21 Commercial real estate 155 — 155 — Commercial business 328 — 328 19 Total $ 789 $ 101 $ 890 $ 40 December 31, 2020 One-to-four family residential $ 329 $ 226 $ 555 $ 21 Commercial real estate 185 50 235 8 Commercial business 382 — 382 26 Total $ 896 $ 276 $ 1,172 $ 55
Schedule of troubled debt restructurings	The following table summarizes information in regard to TDRs that were restructured during the year ended December 31, 2021: Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Balance Balance (Dollars in thousands) One-to-four family residential 1 $ 49 $ 48 Total 1 $ 49 $ 48 The following table summarizes information in regard to TDRs that were restructured during the year ended December 31, 2020: Pre-Modification Post-Modification Number of Outstanding Outstanding Contracts Balance Balance (Dollars in thousands) One-to-four family residential 5 $ 230 $ 230 Commercial real estate 1 51 51 Total 6 $ 281 $ 281

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
PREMISES AND EQUIPMENT (Tables)	Dec. 31, 2021
PREMISES AND EQUIPMENT
Schedule of premises and equipment	2021 2020 (In thousands) Land and land improvements $ 507 $ 507 Office buildings and leasehold improvements 2,371 2,227 Furniture, fixtures and equipment 1,249 1,178 4,127 3,912 Less accumulated depreciation 2,175 2,014 Total premises and equipment, net of accumulated depreciation $ 1,952 $ 1,898

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
DEPOSITS (Tables)	Dec. 31, 2021
DEPOSITS
Schedule of maturities of time deposits	( In thousands) 2022 $ 21,342 2023 9,758 2024 2,354 2025 4,446 2026 4,970 Thereafter 15 Total $ 42,885
Schedule of interest expense on deposits	(In thousands) 2021 2020 Savings and interest-bearing demand deposits $ 118 $ 120 Time deposits 360 642 Total $ 478 $ 762

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2021
INCOME TAXES
Schedule of components of income tax expense	(In thousands) 2021 2020 Current $ 77 $ 50 Deferred (10) (15) Total $ 67 $ 35
Schedule of reconciliation of income tax expense	(In thousands) 2021 2020 Provisions at federal statutory rate $ 352 $ 257 State income tax-net of federal tax benefit 33 27 Municipal interest income (322) (246) Bank-owned life insurance income (13) (14) Other 17 11 Total $ 67 $ 35 Effective tax rate 4.0 % 2.9 %
Schedule of deferred tax assets and liabilities	(In thousands) 2021 2020 Deferred tax assets (liabilities): Director deferred compensation plan $ 31 $ 39 Allowance for loan losses 369 386 Valuation allowance - real estate held for sale 105 105 Nonaccrual loan interest income 53 57 Equity incentive plans 22 18 Employee stock ownership plan 25 20 Net deferred loan costs 15 2 Other 8 7 Total deferred tax assets 628 634 Depreciation (74) (79) FHLB stock dividends (18) (18) Prepaid expenses (11) (22) Unrealized gain on securities available for sale (694) (1,064) Total deferred tax liabilities (797) (1,183) Net deferred tax asset (liability) $ (169) $ (549)

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Schedule of common stock held by the ESOP trust	2021 2020 Allocated shares 39,847 27,863 Unallocated shares 164,942 176,926 Total ESOP shares 204,789 204,789 Fair value of unallocated shares $ 2,474,000 $ 2,550,000

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
STOCK-BASED COMPENSATION PLANS (Tables)	Dec. 31, 2021
STOCK-BASED COMPENSATION PLANS
Schedule of significant assumptions used to estimate the fair value of stock options granted	Expected volatility 31.5 % Expected term (in years) 7.5 Expected dividends 1.02 % Risk-free rate 1.42 %
Schedule of stock option activity	Weighted Weighted Average Number Average Remaining Aggregate of Exercise Contractual Intrinsic Shares Price Term Value Outstanding at beginning of year 93,254 $ 13.18 Granted 6,500 15.39 Exercised (1,170) 5.11 Forfeited or expired — Outstanding at end of period 98,584 $ 13.42 8.0 $ 158,000 Vested and expected to vest 98,584 $ 13.42 8.0 $ 158,000 Exercisable at end of period 60,894 $ 13.30 7.9 $ 104,000
Schedule of nonvested restricted shares activity	Weighted Average Number of Grant-Date Shares Fair Value Nonvested at beginning of year 30,142 $ 14.00 Granted 15,250 15.39 Vested (12,614) 14.31 Forfeited (200) 14.74 Nonvested at end of period 32,578 $ 14.53

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Schedule of summary of the commitments to extend credit	(In thousands) 2021 2020 Loan commitments: Fixed rate $ 1,874 $ 180 Adjustable rate 961 2,244 Undisbursed commercial and personal lines of credit 15,770 11,774 Undisbursed portion of commercial construction loans 1,964 2,928 Undisbursed portion of residential construction loans 2,693 429 Total commitments to extend credit $ 23,262 $ 17,555

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
REGULATORY MATTERS (Tables)	Dec. 31, 2021
REGULATORY MATTERS
Schedule of Bank's actual and required capital amounts and ratios	Minimum for Capital Minimum to be Well Adequacy Purposes Capitalized under with Capital Prompt Corrective Actual Conservation Buffer: Action Provisions: (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Community Bank Leverage Ratio $ 41,264 16.3 % N/A N/A $ 21,520 8.50 % As of December 31, 2020: Community Bank Leverage Ratio $ 39,174 17.6 % N/A N/A $ 17,772 8.00 %

DISCLOSURES ABOUT FAIR VALUE _2

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of estimated fair values of financial instruments	Fair Value Measurements Using Carrying (In thousands) Value Level 1 Level 2 Level 3 December 31, 2021 Financial assets: Cash and cash equivalents $ 16,379 $ 16,379 $ — $ — Securities available for sale 107,293 — 107,293 — Securities held to maturity 21 — 21 — Loans, net 122,568 — — 123,158 FHLB stock 778 N/A N/A N/A Accrued interest receivable 997 — 997 — Financial liabilities: Noninterest-bearing deposits 28,602 28,602 — — Interest-bearing deposits 168,282 — — 168,168 Advance from FHLB 10,000 — 10,162 — Accrued interest payable 11 — 11 — December 31, 2020 Financial assets: Cash and cash equivalents $ 9,661 $ 9,661 $ — $ — Securities available for sale 104,456 — 104,456 — Securities held to maturity 31 — 31 — Loans, net 113,259 — — 117,432 FHLB stock 778 N/A N/A N/A Accrued interest receivable 898 — 898 — Financial liabilities: Noninterest-bearing deposits 25,939 25,939 — — Interest-bearing deposits 148,174 — — 148,609 Advance from FHLB 11,000 — 11,450 — Accrued interest payable 10 — 10 —

SUPPLEMENTAL DISCLOSURE FOR E_2

SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE (Tables)	12 Months Ended
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE (Tables)	Dec. 31, 2021
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE
Schedule of supplemental disclosure for earnings per share	(Dollars in thousands, except per share data) 2021 2020 Basic Earnings: Net income $ 1,608 $ 1,191 Shares: Weighted average common shares outstanding 2,906,728 3,172,057 Net income per common share, basic $ 0.55 $ 0.38 Diluted Earnings: Net income $ 1,608 $ 1,191 Shares: Weighted average common shares outstanding 2,906,728 3,172,057 Add: Dilutive effect of stock options 4,009 1,058 Add: Dilutive effect of restricted stock 5,924 2,085 Weighted average common shares outstanding, as adjusted 2,916,661 3,175,200 Net income per common share, diluted $ 0.55 $ 0.38

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of assets measured at fair value on a recurring and nonrecurring basis	Carrying Value Level 1 Level 2 Level 3 Total (In thousands) December 31, 2021 Assets Measured on a Recurring Basis Securities available for sale: Agency MBS $ — $ 11,853 $ — $ 11,853 Agency CMO — 23,778 — 23,778 Municipal obligations — 71,662 — 71,662 Total securities available for sale $ — $ 107,293 $ — $ 107,293 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) December 31, 2020 Assets Measured on a Recurring Basis Securities available for sale: Agency MBS $ — $ 10,240 $ — $ 10,240 Agency CMO — 27,771 — 27,771 Municipal obligations — 66,445 — 66,445 Total securities available for sale $ — $ 104,456 $ — $ 104,456 Assets Measured on a Nonrecurring Basis Impaired loans: One-to-four family residential $ — $ — $ 1,468 $ 1,468 Commercial real estate — — 273 273 Commercial business — — 356 356 Total impaired loans $ — $ — $ 2,097 $ 2,097 Real estate held for sale $ — $ — $ 99 $ 99

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	12 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	Dec. 31, 2021
REVENUE FROM CONTRACTS WITH CUSTOMERS
Summary of revenue from contracts with customers	2021 2020 (In thousands) Service charges on deposit accounts $ 295 $ 184 Brokered loan fees 265 58 ATM transaction and point-of-sale interchange fees 552 419 Other income 17 (31) Revenue from contracts with customers 1,129 630 Net gains on investments — 104 Increase in cash surrender value of life insurance 62 68 Other income 29 63 Other noninterest income 91 235 Total noninterest income $ 1,220 $ 865

PARENT COMPANY CONDENSED FINA_2

PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)	12 Months Ended
PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)	Dec. 31, 2021
PARENT COMPANY CONDENSED FINANCIAL INFORMATION
Schedule of condensed balance sheet	BALANCE SHEETS (In thousands) As of December 31, 2021 2020 ASSETS Cash and cash equivalents $ 3,063 $ 6,499 Other assets 137 166 Investment in subsidiaries 43,360 42,387 $ 46,560 $ 49,052 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 31 $ 48 Stockholders’ equity 46,529 49,004 $ 46,560 $ 49,052
Schedule of condensed income statement	STATEMENTS OF INCOME (In thousands) Year Ended December 31, 2021 2020 Dividends from bank subsidiary $ 379 $ 254 Interest income from bank subsidiary — 152 Total income 379 406 Other operating expenses (576) (558) Loss before income taxes and equity in undistributed net income of subsidiaries (197) (152) Income tax benefit (138) (99) Loss before equity in undistributed net income of subsidiaries (59) (53) Equity in undistributed net income of subsidiaries 1,667 1,244 Net Income $ 1,608 $ 1,191
Schedule of condensed cash flow statement	STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,608 $ 1,191 Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed net income of subsidiaries (1,667) (1,244) Net change in other assets and liabilities 13 (89) Net Cash Used In Operating Activities (46) (142) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common stock 7 — Purchase of treasury stock (3,017) (5,044) Cash dividends paid (380) (255) Net Cash Used In Financing Activities (3,390) (5,299) Net Decrease in Cash and Cash Equivalents (3,436) (5,441) Cash and cash equivalents at beginning of year 6,499 11,940 Cash and Cash Equivalents at End of Year $ 3,063 $ 6,499

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2021
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Schedule of selected quarterly financial information	First Second Third Fourth Quarter Quarter Quarter Quarter Total 2021 (In thousands, except per share data) Interest income $ 1,865 $ 1,875 $ 1,903 $ 1,939 $ 7,582 Interest expense 170 167 164 150 651 Net interest income 1,695 1,708 1,739 1,789 6,931 Credit for loan losses — — — (120) (120) Net interest income after provision for loan losses 1,695 1,708 1,739 1,909 7,051 Noninterest income 274 325 301 320 1,220 Noninterest expense 1,574 1,630 1,551 1,841 6,596 Income before income taxes 395 403 489 388 1,675 Income tax expense 17 6 33 11 67 Net income $ 378 $ 397 $ 456 $ 377 $ 1,608 Earnings per common share Basic $ 0.13 $ 0.13 $ 0.16 $ 0.13 $ 0.55 Diluted $ 0.13 $ 0.13 $ 0.16 $ 0.13 $ 0.55 2020 Interest income $ 1,933 $ 1,811 $ 1,833 $ 1,874 $ 7,451 Interest expense 263 249 226 198 936 Net interest income 1,670 1,562 1,607 1,676 6,515 Provision for loan losses 57 15 30 30 132 Net interest income after provision for loan losses 1,613 1,547 1,577 1,646 6,383 Noninterest income 172 283 202 208 865 Noninterest expense 1,348 1,455 1,526 1,693 6,022 Income before income taxes 437 375 253 161 1,226 Income tax expense (benefit) 52 33 (11) (39) 35 Net income $ 385 $ 342 $ 264 $ 200 $ 1,191 Earnings per common share Basic $ 0.12 $ 0.10 $ 0.09 $ 0.07 $ 0.38 Diluted $ 0.12 $ 0.10 $ 0.09 $ 0.07 $ 0.38

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Summary Of Significant Accounting Policies [Line Items]
Appraisals or valuations obtained above threshold amount	$ 100,000
Aggregate recorded investment	1,542,000	$ 2,152,000
Aggregate unpaid principal balance	1,628,000	2,283,000
Portfolio segments other than consumer loans
Summary Of Significant Accounting Policies [Line Items]
Net partial charge-offs on loans	$ 6,000	$ 2,000
Number of loans \| loan	7	7
Aggregate recorded investment	$ 242,000	$ 280,000
Aggregate unpaid principal balance	367,000	430,000
Net partial charge offs recorded for impaired financing receivable	$ 122,000	$ 159,000
ASU 2016-02, Leases (Topic 842) \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Expected change in balance sheets by adoption of standard	5.00%

RESTRICTIONS ON CASH AND DUE _2

RESTRICTIONS ON CASH AND DUE FROM BANKS (Details)	Dec. 31, 2020USD ($)
RESTRICTIONS ON CASH AND DUE FROM BANKS
Federal Reserve Bank reserves	$ 72,000

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Securities available for sale:
Amortized Cost	$ 104,503	$ 100,179
Gross Unrealized Gains	3,412	4,307
Gross Unrealized Losses	622	30
Fair Value	107,293	104,456
Agency MBS
Securities available for sale:
Amortized Cost	11,941	10,094
Gross Unrealized Gains	47	146
Gross Unrealized Losses	135	0
Fair Value	11,853	10,240
Agency CMO
Securities available for sale:
Amortized Cost	24,196	27,588
Gross Unrealized Gains	47	207
Gross Unrealized Losses	465	24
Fair Value	23,778	27,771
MBS and CMO
Securities available for sale:
Amortized Cost	36,137	37,682
Gross Unrealized Gains	94	353
Gross Unrealized Losses	600	24
Fair Value	35,631	38,011
Municipal obligations
Securities available for sale:
Amortized Cost	68,366	62,497
Gross Unrealized Gains	3,318	3,954
Gross Unrealized Losses	22	6
Fair Value	$ 71,662	$ 66,445

INVESTMENT SECURITIES - Held to

INVESTMENT SECURITIES - Held to maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Securities held to maturity:
Amortized Cost	$ 21	$ 31
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	21	31
Agency MBS
Securities held to maturity:
Amortized Cost	21	31
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 21	$ 31

INVESTMENT SECURITIES - Amortiz

INVESTMENT SECURITIES - Amortized cost and fair value of debt securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available for Sale Amortized Cost
Due in one year or less, Amortized Cost	$ 425
Due after one year through five years, Amortized Cost	5,694
Due after five years through ten years, Amortized Cost	5,410
Due after ten years, Amortized Cost	56,837
Available for Sale, Amortized Cost	68,366
Amortized Cost	104,503	$ 100,179
Available for Sale Fair Value
Due in one year or less, Fair Value	428
Due after one year through five years, Fair Value	5,844
Due after five years through ten years, Fair Value	5,725
Due after ten years, Fair Value	59,665
Due after ten years	71,662
Fair Value	107,293	104,456
MBS and CMO
Available for Sale Amortized Cost
Amortized Cost	36,137	37,682
Available for Sale Fair Value
Fair Value	$ 35,631	$ 38,011

INVESTMENT SECURITIES - Contrac

INVESTMENT SECURITIES - Contractual maturity of held to maturity securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Held to Maturity, Amortized Cost
Due in one year or less, Amortized Cost	$ 0
Due after one year through five years, Amortized Cost	0
Due after five years through ten years, Amortized Cost	0
Due after ten years, Amortized Cost	0
Total	0
Amortized Cost	21	$ 31
Held to Maturity, Fair Value
Due in one year or less, Fair Value	0
Due after one year through five years, Fair Value	0
Due after five years through ten years, Fair Value	0
Due after ten years, Fair Value	0
Total	0
Fair Value	21	$ 31
MBS and CMO
Held to Maturity, Amortized Cost
Amortized Cost	21
Held to Maturity, Fair Value
Fair Value	$ 21

INVESTMENT SECURITIES - Investm

INVESTMENT SECURITIES - Investment securities available for sale with gross unrealized loss (Details) $ in Thousands	Dec. 31, 2021USD ($)position	Dec. 31, 2020USD ($)position
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	11	11
Continuous loss position less than 12 months: Fair Value	$ 15,208	$ 17,717
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 181	$ 30
Continuous loss position more than 12 months: Number of Investment Positions \| position	9
Continuous loss position more than 12 months: Fair Value	$ 13,432
Continuous loss position more than 12 months: Gross Unrealized Losses	$ 441
Total securities available for sale: Number of Investment Positions \| position	20	11
Total securities available for sale: Fair Value	$ 28,640	$ 17,717
Total securities available for sale: Gross Unrealized Losses	$ 622	$ 30
Agency MBS
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	4
Continuous loss position less than 12 months: Fair Value	$ 7,964
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 113
Continuous loss position more than 12 months: Number of Investment Positions \| position	1
Continuous loss position more than 12 months: Fair Value	$ 879
Continuous loss position more than 12 months: Gross Unrealized Losses	$ 22
Agency CMO
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	4	9
Continuous loss position less than 12 months: Fair Value	$ 4,792	$ 16,223
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 46	$ 24
Continuous loss position more than 12 months: Number of Investment Positions \| position	8
Continuous loss position more than 12 months: Fair Value	$ 12,553
Continuous loss position more than 12 months: Gross Unrealized Losses	$ 419
Municipal obligations
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	3	2
Continuous loss position less than 12 months: Fair Value	$ 2,452	$ 1,494
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 22	$ 6

INVESTMENT SECURITIES - Additio

INVESTMENT SECURITIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
INVESTMENT SECURITIES
Percentage of deprecation in loss position for available-for-sale debt securities from amortized cost basis	17.00%	26.70%
Securities held to maturity with unrealized loss	$ 0	$ 0
Realized gross gains	109,000
Realized gross loss	$ 5,000

LOANS AND ALLOWANCE FOR LOAN _3

LOANS AND ALLOWANCE FOR LOAN LOSSES - Components of loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 124,155	$ 114,853
Deferred loan origination fees and costs, net	(64)	(5)
Allowance for loan losses	(1,523)	(1,589)	$ (1,498)
Loans, net	122,568	113,259
Construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans	3,038	2,934
Deferred loan origination fees and costs, net	(13)	(12)
Allowance for loan losses	(25)	(55)	(44)
Residential real estate \| One-to-four family residential
Loans and Leases Receivable Disclosure [Line Items]
Total loans	64,098	66,130
Deferred loan origination fees and costs, net	7	7
Allowance for loan losses	(873)	(992)	(955)
Residential real estate \| Multi-family residential
Loans and Leases Receivable Disclosure [Line Items]
Total loans	9,385	8,964
Deferred loan origination fees and costs, net	(24)	(6)
Allowance for loan losses	(102)	(98)	(83)
Residential real estate \| Construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans	1,406	2,083
Commercial Real Estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	36,678	30,171
Deferred loan origination fees and costs, net	(52)	(40)
Allowance for loan losses	(363)	(306)	(289)
Commercial Real Estate \| Construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans	1,632	851
Commercial business loans
Loans and Leases Receivable Disclosure [Line Items]
Total loans	8,804	5,212
Deferred loan origination fees and costs, net	(27)	11
Allowance for loan losses	(127)	(113)	(102)
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total loans	2,152	1,442
Deferred loan origination fees and costs, net	45	35
Allowance for loan losses	$ (33)	$ (25)	$ (25)

LOANS AND ALLOWANCE FOR LOAN _4

LOANS AND ALLOWANCE FOR LOAN LOSSES - Activity for related party loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Loans and Leases Receivable, Related Parties [Roll Forward]
Balance, January 1, 2021	$ 1,459
Payments	(1,073)
Balance, December 31, 2021	$ 386

LOANS AND ALLOWANCE FOR LOAN _5

LOANS AND ALLOWANCE FOR LOAN LOSSES - Components of recorded investment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Recorded Investment in Loans:
Principal loan balance	$ 124,155	$ 114,853
Accrued interest receivable	296	314
Net deferred loan fees/costs	(64)	(5)
Recorded investment in loans	124,387	115,162
Construction
Recorded Investment in Loans:
Principal loan balance	3,038	2,934
Accrued interest receivable	7	7
Net deferred loan fees/costs	(13)	(12)
Recorded investment in loans	3,032	2,929
Residential real estate \| One-to-four family residential
Recorded Investment in Loans:
Principal loan balance	64,098	66,130
Accrued interest receivable	158	183
Net deferred loan fees/costs	7	7
Recorded investment in loans	64,263	66,320
Residential real estate \| Multi-family residential
Recorded Investment in Loans:
Principal loan balance	9,385	8,964
Accrued interest receivable	11	13
Net deferred loan fees/costs	(24)	(6)
Recorded investment in loans	9,372	8,971
Residential real estate \| Construction
Recorded Investment in Loans:
Principal loan balance	1,406	2,083
Commercial Real Estate
Recorded Investment in Loans:
Principal loan balance	36,678	30,171
Accrued interest receivable	76	92
Net deferred loan fees/costs	(52)	(40)
Recorded investment in loans	36,702	30,223
Commercial Real Estate \| Construction
Recorded Investment in Loans:
Principal loan balance	1,632	851
Commercial business loans
Recorded Investment in Loans:
Principal loan balance	8,804	5,212
Accrued interest receivable	38	14
Net deferred loan fees/costs	(27)	11
Recorded investment in loans	8,815	5,237
Consumer
Recorded Investment in Loans:
Principal loan balance	2,152	1,442
Accrued interest receivable	6	5
Net deferred loan fees/costs	45	35
Recorded investment in loans	$ 2,203	$ 1,482

LOANS AND ALLOWANCE FOR LOAN _6

LOANS AND ALLOWANCE FOR LOAN LOSSES - Analysis of allowance for loan losses and recorded investment in loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for Loan Losses:
Beginning balance	$ 1,589	$ 1,498
Provisions (credit)	(120)	132
Charge-offs	(40)	(53)
Recoveries	94	12
Ending balance	1,523	1,589
Ending allowance balance attributable to loans:
Individually evaluated for impairment	40	55
Collectively evaluated for impairment	1,483	1,534
Ending balance	1,523	1,589
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	1,542	2,152
Collectively evaluated for impairment	122,845	113,010
Total Loans	124,387	115,162
Construction
Allowance for Loan Losses:
Beginning balance	55	44
Provisions (credit)	(30)	11
Charge-offs	0	0
Recoveries	0	0
Ending balance	25	55
Ending allowance balance attributable to loans:
Individually evaluated for impairment		0
Collectively evaluated for impairment	25	55
Ending balance	25	55
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	3,032	2,929
Total Loans	3,032	2,929
Residential real estate \| One-to-four family residential
Allowance for Loan Losses:
Beginning balance	992	955
Provisions (credit)	(159)	47
Charge-offs	(6)	(14)
Recoveries	46	4
Ending balance	873	992
Ending allowance balance attributable to loans:
Individually evaluated for impairment	21	21
Collectively evaluated for impairment	852	971
Ending balance	873	992
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	1,041	1,489
Collectively evaluated for impairment	63,222	64,831
Total Loans	64,263	66,320
Residential real estate \| Multi-family residential
Allowance for Loan Losses:
Beginning balance	98	83
Provisions (credit)	4	15
Charge-offs	0	0
Recoveries	0	0
Ending balance	102	98
Ending allowance balance attributable to loans:
Individually evaluated for impairment		0
Collectively evaluated for impairment	102	98
Ending balance	102	98
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	9,372	8,971
Total Loans	9,372	8,971
Commercial Real Estate
Allowance for Loan Losses:
Beginning balance	306	289
Provisions (credit)	57	17
Charge-offs	0	0
Recoveries	0	0
Ending balance	363	306
Ending allowance balance attributable to loans:
Individually evaluated for impairment		8
Collectively evaluated for impairment	363	298
Ending balance	363	306
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	170	281
Collectively evaluated for impairment	36,532	29,942
Total Loans	36,702	30,223
Commercial business loans
Allowance for Loan Losses:
Beginning balance	113	102
Provisions (credit)	(7)	32
Charge-offs	(21)	(21)
Recoveries	42	0
Ending balance	127	113
Ending allowance balance attributable to loans:
Individually evaluated for impairment	19	26
Collectively evaluated for impairment	108	87
Ending balance	127	113
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	328	382
Collectively evaluated for impairment	8,487	4,855
Total Loans	8,815	5,237
Consumer
Allowance for Loan Losses:
Beginning balance	25	25
Provisions (credit)	15	10
Charge-offs	(13)	(18)
Recoveries	6	8
Ending balance	33	25
Ending allowance balance attributable to loans:
Individually evaluated for impairment		0
Collectively evaluated for impairment	33	25
Ending balance	33	25
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	3	0
Collectively evaluated for impairment	2,200	1,482
Total Loans	$ 2,203	$ 1,482

LOANS AND ALLOWANCE FOR LOAN _7

LOANS AND ALLOWANCE FOR LOAN LOSSES - Summary of impaired loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loans with no related allowance recorded:
Recorded Investment	$ 927	$ 1,376
Unpaid Principal Balance	1,010	1,484
Average Recorded Investment	1,045	1,458
Interest Income Recognized	6	6
Loans with an allowance recorded:
Recorded Investment	615	776
Unpaid Principal Balance	618	799
Related Allowance	40	55
Average Recorded Investment	710	938
Interest Income Recognized	34	43
Total Recorded Investment	1,542	2,152
Total Unpaid Principal Balance	1,628	2,283
Total Related Allowance	40	55
Total Average Recorded Investment	1,755	2,396
Total Interest Income Recognized	40	49
Residential real estate \| One-to-four family residential
Loans with no related allowance recorded:
Recorded Investment	822	1,265
Unpaid Principal Balance	905	1,380
Average Recorded Investment	936	1,204
Interest Income Recognized	2	5
Loans with an allowance recorded:
Recorded Investment	219	224
Unpaid Principal Balance	218	223
Related Allowance	21	21
Average Recorded Investment	226	249
Interest Income Recognized	9	8
Total Recorded Investment	1,041	1,489
Total Unpaid Principal Balance	1,123	1,603
Total Related Allowance	21	21
Total Average Recorded Investment	1,162	1,453
Total Interest Income Recognized	11	13
Commercial Real Estate
Loans with no related allowance recorded:
Recorded Investment	102	96
Unpaid Principal Balance	102	88
Average Recorded Investment	104	229
Interest Income Recognized	4	0
Loans with an allowance recorded:
Recorded Investment	68	185
Unpaid Principal Balance	72	195
Related Allowance		8
Average Recorded Investment	136	313
Interest Income Recognized	6	15
Total Recorded Investment	170	281
Total Unpaid Principal Balance	174	283
Total Related Allowance		8
Total Average Recorded Investment	240	542
Total Interest Income Recognized	10	15
Commercial business loans
Loans with no related allowance recorded:
Recorded Investment	0	15
Unpaid Principal Balance	0	16
Average Recorded Investment	4	25
Interest Income Recognized	0	1
Loans with an allowance recorded:
Recorded Investment	328	367
Unpaid Principal Balance	328	381
Related Allowance	19	26
Average Recorded Investment	348	376
Interest Income Recognized	19	20
Total Recorded Investment	328	382
Total Unpaid Principal Balance	328	397
Total Related Allowance	19	26
Total Average Recorded Investment	352	401
Total Interest Income Recognized	19	$ 21
Consumer
Loans with no related allowance recorded:
Recorded Investment	3
Unpaid Principal Balance	3
Average Recorded Investment	1
Interest Income Recognized	0
Loans with an allowance recorded:
Recorded Investment	0
Unpaid Principal Balance	0
Average Recorded Investment	0
Interest Income Recognized	0
Total Recorded Investment	3
Total Unpaid Principal Balance	3
Total Average Recorded Investment	1
Total Interest Income Recognized	$ 0

LOANS AND ALLOWANCE FOR LOAN _8

LOANS AND ALLOWANCE FOR LOAN LOSSES - Recorded investment in nonperforming loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	$ 753	$ 1,256
Total Nonperforming Loans	753	1,256
Residential real estate \| One-to-four family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	735	1,160
Loans 90+ Days Past Due Still Accruing		0
Total Nonperforming Loans	735	1,160
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	15	96
Loans 90+ Days Past Due Still Accruing		0
Total Nonperforming Loans	15	$ 96
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	3
Total Nonperforming Loans	$ 3

LOANS AND ALLOWANCE FOR LOAN _9

LOANS AND ALLOWANCE FOR LOAN LOSSES - Aging of recorded investment in loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,304	$ 1,770
Total Loans	124,387	115,162
30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	996	1,135
60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	248	560
Over 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	60	75
Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	123,083	113,392
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Total Loans	3,032	2,929
Construction \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Construction \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Construction \| Over 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Construction \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3,032	2,929
Residential real estate \| One-to-four family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	850	1,732
Total Loans	64,263	66,320
Residential real estate \| One-to-four family residential \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	545	1,097
Residential real estate \| One-to-four family residential \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	248	560
Residential real estate \| One-to-four family residential \| Over 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	57	75
Residential real estate \| One-to-four family residential \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	63,413	64,588
Residential real estate \| Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Total Loans	9,372	8,971
Residential real estate \| Multi-family residential \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Residential real estate \| Multi-family residential \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Residential real estate \| Multi-family residential \| Over 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Residential real estate \| Multi-family residential \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	9,372	8,971
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	451	27
Total Loans	36,702	30,223
Commercial Real Estate \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	451	27
Commercial Real Estate \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Commercial Real Estate \| Over 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Commercial Real Estate \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	36,251	30,196
Commercial business loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Total Loans	8,815	5,237
Commercial business loans \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Commercial business loans \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Commercial business loans \| Over 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Commercial business loans \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	8,815	5,237
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3	11
Total Loans	2,203	1,482
Consumer \| 30-59 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	11
Consumer \| 60-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	0	0
Consumer \| Over 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	3	0
Consumer \| Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 2,200	$ 1,471

LOANS AND ALLOWANCE FOR LOAN_10

LOANS AND ALLOWANCE FOR LOAN LOSSES - Recorded investment in loans by risk category (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 124,387	$ 115,162
Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	123,411	112,248
Special mention
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	87	1,468
Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	889	1,446
Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Loss
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Construction
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	3,032	2,929
Construction \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	3,032	2,929
Construction \| Special mention
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Construction \| Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Construction \| Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Construction \| Loss
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Residential real estate \| One-to-four family residential
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	64,263	66,320
Residential real estate \| One-to-four family residential \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	63,399	64,992
Residential real estate \| One-to-four family residential \| Special mention
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Residential real estate \| One-to-four family residential \| Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	864	1,328
Residential real estate \| One-to-four family residential \| Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Residential real estate \| One-to-four family residential \| Loss
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Residential real estate \| Multi-family residential
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	9,372	8,971
Residential real estate \| Multi-family residential \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	9,372	7,503
Residential real estate \| Multi-family residential \| Special mention
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	1,468
Residential real estate \| Multi-family residential \| Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Residential real estate \| Multi-family residential \| Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Residential real estate \| Multi-family residential \| Loss
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Commercial Real Estate
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	36,702	30,223
Commercial Real Estate \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	36,593	30,105
Commercial Real Estate \| Special mention
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	87	0
Commercial Real Estate \| Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	22	118
Commercial Real Estate \| Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Commercial Real Estate \| Loss
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Commercial business loans
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	8,815	5,237
Commercial business loans \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	8,815	5,237
Commercial business loans \| Special mention
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Commercial business loans \| Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Commercial business loans \| Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Commercial business loans \| Loss
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	2,203	1,482
Consumer \| Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	2,200	1,482
Consumer \| Special mention
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Consumer \| Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	3	0
Consumer \| Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	0	0
Consumer \| Loss
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 0	$ 0

LOANS AND ALLOWANCE FOR LOAN_11

LOANS AND ALLOWANCE FOR LOAN LOSSES - Troubled Debt Restructuring by accrual status (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accruing	$ 789	$ 896
Nonaccrual	101	276
Total	890	1,172
Related Allowance for Loan Losses	40	55
Residential real estate \| One-to-four family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accruing	306	329
Nonaccrual	101	226
Total	407	555
Related Allowance for Loan Losses	21	21
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accruing	155	185
Nonaccrual		50
Total	155	235
Related Allowance for Loan Losses		8
Commercial business loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accruing	328	382
Total	328	382
Related Allowance for Loan Losses	$ 19	$ 26

LOANS AND ALLOWANCE FOR LOAN_12

LOANS AND ALLOWANCE FOR LOAN LOSSES - Troubled Debt Restructuring that were restructured (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)contract	Dec. 31, 2020USD ($)contractloan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts \| contract	1	6
Pre-Modification Outstanding Balance	$ 49	$ 281
Post-Modification Outstanding Balance	$ 48	$ 281
COVID-19
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts \| loan		4
Bankruptcies
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts \| loan		2
Residential real estate \| One-to-four family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts \| contract	1	5
Pre-Modification Outstanding Balance	$ 49	$ 230
Post-Modification Outstanding Balance	$ 48	$ 230
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Contracts \| contract		1
Pre-Modification Outstanding Balance		$ 51
Post-Modification Outstanding Balance		$ 51

LOANS AND ALLOWANCE FOR LOAN_13

LOANS AND ALLOWANCE FOR LOAN LOSSES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value of loans pledged as collateral	$ 61,100,000
Commitments to lend additional funds to debtors	$ 0	$ 0
Number of contracts in default \| loan	0	0
Allowance for loan losses	$ 1,523,000	$ 1,589,000	$ 1,498,000
Allowance for credit loss	0	0
Loans charged-off	6,000	0
Resumed payments		15,600,000
Loan outstanding amount		$ 16,200,000
COVID-19
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan outstanding amount	0
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment deferral loan, payment extension term		1 month
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment deferral loan, payment extension term		3 months
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying value of loans pledged as collateral	$ 61,100,000	$ 63,900,000

FORECLOSED REAL ESTATE (Details

FORECLOSED REAL ESTATE (Details) - USD ($)	12 Months Ended
FORECLOSED REAL ESTATE (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
FORECLOSED REAL ESTATE
Foreclosed real estate	$ 0	$ 0
Foreclosure in process	19,000	36,000
Net loss or gain on foreclosed real estate	$ 0	$ 0

REAL ESTATE HELD FOR SALE (Deta

REAL ESTATE HELD FOR SALE (Details) - USD ($)	12 Months Ended
REAL ESTATE HELD FOR SALE (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2017
REAL ESTATE HELD FOR SALE
Value of reclassification from premises and equipment to real estate held for sale			$ 325,000
Impairment loss on real estate held for sale	$ 0	$ 37,000
Real estate held for sale	$ 99,000	$ 99,000

PREMISES AND EQUIPMENT (Details

PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 4,127	$ 3,912
Less accumulated depreciation	2,175	2,014
Total premises and equipment, net of accumulated depreciation	1,952	1,898
Land and land improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	507	507
Office buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	2,371	2,227
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 1,249	$ 1,178

DEPOSITS (Details)

DEPOSITS (Details) $ in Thousands	Dec. 31, 2021USD ($)
DEPOSITS
2022	$ 21,342
2023	9,758
2024	2,354
2025	4,446
2026	4,970
Thereafter	15
Time deposits	$ 42,885

DEPOSITS - Summary of Interest

DEPOSITS - Summary of Interest expense on deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
DEPOSITS
Savings and interest-bearing demand deposits	$ 118	$ 120
Time deposits	360	642
Total	$ 478	$ 762

DEPOSITS - Additional Informati

DEPOSITS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
DEPOSITS
Federal deposit insurance corporation insurance limit of $250,000	$ 4.3	$ 3.3
Held deposits for related party	$ 5.1	$ 3.5

ADVANCES FROM FEDERAL HOME LO_2

ADVANCES FROM FEDERAL HOME LOAN BANK (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 30, 2020	Jul. 27, 2019
ADVANCES FROM FEDERAL HOME LOAN BANK
Federal home loan bank	$ 10,000	$ 11,000
Borrowed amount	10,000	$ 11,000	$ 1,000	$ 10,000
Interest rate on FHLB			0.26%	1.73%
Carrying value of mortgage loans pledged as security for advances	$ 61,100

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) - USD ($)	12 Months Ended
LEASE COMMITMENTS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating Lease, Expense	$ 87,000	$ 27,000
Office space in New Albany, Indiana
Lessee, Lease, Description [Line Items]
Minimum lease payments, 2022	14,000
Office space in Louisville, Kentucky
Lessee, Lease, Description [Line Items]
Minimum lease payments, 2022	61,000
Minimum lease payments, 2023	62,000
Minimum lease payments, 2024	64,000
Minimum lease payments, 2025	$ 32,000

INCOME TAXES - Components of in

INCOME TAXES - Components of income tax expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Current									$ 77	$ 50
Deferred									(10)	(15)
Total	$ 11	$ 33	$ 6	$ 17	$ (39)	$ (11)	$ 33	$ 52	$ 67	$ 35

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of income tax expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Provision at federal statutory rate									$ 352	$ 257
State income tax-net of federal tax benefit									33	27
Municipal interest income									(322)	(246)
Bank-owned life insurance income									(13)	(14)
Other									17	11
Total	$ 11	$ 33	$ 6	$ 17	$ (39)	$ (11)	$ 33	$ 52	$ 67	$ 35
Effective tax rate									4.00%	2.90%

INCOME TAXES - Components of th

INCOME TAXES - Components of the company's deferred tax and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets (liabilities):
Director deferred compensation plan	$ 31	$ 39
Allowance for loan losses	369	386
Valuation allowance - real estate held for sale	105	105
Nonaccrual loan interest income	53	57
Equity incentive plans	22	18
Employee stock ownership plan	25	20
Net deferred loan costs	15	2
Other	8	7
Total deferred tax assets	628	634
Depreciation	(74)	(79)
FHLB stock dividends	(18)	(18)
Prepaid expenses	(11)	(22)
Unrealized gain on securities available for sale	(694)	(1,064)
Total deferred tax liabilities	(797)	(1,183)
Net deferred tax asset (liability)	$ (169)	$ (549)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
INCOME TAXES - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Federal corporate income tax rate	21.00%	21.00%
Unrecognized income tax benefits	$ 0	$ 0
Cumulative deductions for which no deferred federal income tax liability not recognized	1,200,000	1,200,000
Reduction of reserves for purposes other than tax bad debt losses or adjustments for which deferred tax liability not recognized	$ 294,000	$ 294,000

DEFERRED DIRECTORS COMPENSATI_2

DEFERRED DIRECTORS COMPENSATION PLAN (Details) - USD ($)	12 Months Ended
DEFERRED DIRECTORS COMPENSATION PLAN (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
DEFERRED DIRECTORS COMPENSATION PLAN
Balance of the accrued benefit plan	$ 130,000	$ 163,000
Deferred compensation expense	$ 10,000	$ 12,000

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Allocated shares	39,847	27,863
Unallocated shares	164,942	176,926
Total ESOP shares	204,789	204,789
Fair value of unallocated shares	$ 2,474,000	$ 2,550,000

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Defined contribution plan, employer contribution	$ 61,000	$ 73,000
Number of shares purchased by ESOP trust	204,789
Purchase price per share for shares issued in plan of conversion	$ 10
Term of loan under ESOP	20 years
ESOP compensation expense	$ 184,000	$ 147,000

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS - Stock option activity (Details)	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term, options vested and expected to vest	3 years
Stock options
Number of shares
Outstanding at beginning of year \| shares	93,254
Granted \| shares	6,500
Exercised \| shares	(1,170)
Outstanding at end of period \| shares	98,584
Vested and expected to vest \| shares	98,584
Exercisable at end of period \| shares	60,894
Weighted Average Exercise Price
Outstanding at beginning of year \| $ / shares	$ 13.18
Granted \| $ / shares	15.39
Exercised \| $ / shares	5.11
Outstanding at end of period \| $ / shares	13.42
Vested and expected to vest \| $ / shares	13.42
Exercisable at end of period \| $ / shares	$ 13.30
Weighted Average Remaining Contractual Term	8 years
Weighted Average Remaining Contractual Term, options vested and expected to vest	8 years
Weighted Average Remaining Contractual Term, options exercisable	7 years 10 months 24 days
Outstanding shares, Aggregate Intrinsic Value \| $	$ 158,000
Vested and expected to vest, Aggregate Intrinsic Value \| $	158,000
Exercisable at end of period Aggregate Intrinsic Value \| $	$ 104,000

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS - Nonvested restricted shares activity (Details) - Restricted stock	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of shares
Nonvested at beginning of year \| shares	30,142
Granted \| shares	15,250
Vested \| shares	(12,614)
Forfeited \| shares	(200)
Nonvested at end of period \| shares	32,578
Weighted Average Grant-Date Fair Value
Nonvested at beginning of year \| $ / shares	$ 14
Granted \| $ / shares	15.39
Vested \| $ / shares	14.31
Forfeited \| $ / shares	14.74
Nonvested at end of period \| $ / shares	$ 14.53

STOCK-BASED COMPENSATION PLAN_4

STOCK-BASED COMPENSATION PLANS - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit recognized for stock-based compensation arrangements	$ 51,000	$ 46,000
Compensation expense	$ 240,000	220,000
Weighted-average grant-date fair value of options granted	$ 5.05
Unrecognized compensation expense related to nonvested stock options	$ 131,000
Unrecognized compensation expense to be recognized over a weighted-average period	2 years 2 months 12 days
Total fair value of shares vested	$ 192,000	$ 160,000
Unrecognized compensation expense related to nonvested restricted shares	$ 473,000
Weighted average vesting period	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period	8 years
2010 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares approved for awards of stock options and restricted stock	127,849
Awards adjusted for stock options	93,254
Common stock have been granted, net of forfeitures	34,250
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares approved for awards of stock options and restricted stock	255,987
Number of restricted stock available for grant	102,395
Awards adjusted for stock options	6,500
Common stock have been granted, net of forfeitures	33,550
Vesting period	5 years

STOCK-BASED COMPENSATION PLAN_5

STOCK-BASED COMPENSATION PLANS - Assumptions used to estimate the fair value of stock options granted (Details)	12 Months Ended
	Dec. 31, 2021
Significant assumptions used to estimate the fair value of stock options granted
Expected volatility	31.50%
Expected term (in years)	7 years 6 months
Expected dividends	1.02%
Risk-free rate	1.42%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Summary of the commitments to extend credit (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loan commitments Fixed rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	$ 1,874	$ 180
Loan commitments Adjustable rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	961	2,244
Undisbursed commercial and personal lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	15,770	11,774
Undisbursed portion of commercial construction loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	1,964	2,928
Undisbursed portion of residential construction loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	2,693	429
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	$ 23,262	$ 17,555

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Standby letters of credit
Loss Contingencies [Line Items]
Outstanding standby letters of credit	$ 26,000	$ 26,000

FINANCIAL INSTRUMENTS WITH OF_2

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
Liabilities related to standby letters of credit	$ 0	$ 0
Losses on commitments	$ 0	$ 0

REGULATORY MATTERS (Details)

REGULATORY MATTERS (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
REGULATORY MATTERS
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Actual Amount	$ 41,264	$ 39,174
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Actual Ratio	16.3	17.6
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Minimum to be Well Capitalized under Prompt Corrective Action Provisions: Amount	$ 21,520	$ 17,772
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Minimum to be Well Capitalized under Prompt Corrective Action Provisions: Ratio	8.50	8

REGULATORY MATTERS - Additional

REGULATORY MATTERS - Additional Information (Details)	Dec. 31, 2021	Dec. 31, 2020
REGULATORY MATTERS
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Actual Ratio	16.3	17.6

DISCLOSURES ABOUT FAIR VALUE _3

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Securities available for sale	$ 107,293	$ 104,456
Securities held to maturity	21	31
Loans, net	122,568	113,259
FHLB stock	778	778
Financial liabilities:
Noninterest-bearing deposits	28,602	25,939
Interest-bearing deposits	168,282	148,174
Carrying Value
Financial assets:
Cash and cash equivalents	16,379	9,661
Securities available for sale	107,293	104,456
Securities held to maturity	21	31
Loans, net	122,568	113,259
FHLB stock	778	778
Accrued interest receivable	997	898
Financial liabilities:
Advance from FHLB	10,000	11,000
Accrued interest payable	11	10
Noninterest-bearing deposits	28,602	25,939
Interest-bearing deposits	168,282	148,174
Level 1
Financial assets:
Cash and cash equivalents	16,379	9,661
Securities available for sale	0	0
Securities held to maturity	0	0
Loans, net	0	0
Accrued interest receivable	0	0
Financial liabilities:
Advance from FHLB	0	0
Accrued interest payable	0	0
Noninterest-bearing deposits	28,602	25,939
Interest-bearing deposits	0	0
Level 2
Financial assets:
Cash and cash equivalents	0	0
Securities available for sale	107,293	104,456
Securities held to maturity	21	31
Loans, net	0	0
Accrued interest receivable	997	898
Financial liabilities:
Advance from FHLB	10,162	11,450
Accrued interest payable	11	10
Noninterest-bearing deposits	0	0
Interest-bearing deposits	0	0
Level 3
Financial assets:
Cash and cash equivalents	0	0
Securities available for sale	0	0
Securities held to maturity	0	0
Loans, net	123,158	117,432
Accrued interest receivable	0	0
Financial liabilities:
Advance from FHLB	0	0
Accrued interest payable	0	0
Noninterest-bearing deposits	0	0
Interest-bearing deposits	$ 168,168	$ 148,609

SUPPLEMENTAL DISCLOSURE FOR E_3

SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings:
Net income	$ 377	$ 456	$ 397	$ 378	$ 200	$ 264	$ 342	$ 385	$ 1,608	$ 1,191
Shares:
Weighted average common shares outstanding									2,906,728	3,172,057
Net income per common share, basic (in dollars per share)	$ 0.13	$ 0.16	$ 0.13	$ 0.13	$ 0.07	$ 0.09	$ 0.10	$ 0.12	$ 0.55	$ 0.38
Earnings:
Net income	$ 377	$ 456	$ 397	$ 378	$ 200	$ 264	$ 342	$ 385	$ 1,608	$ 1,191
Shares:
Weighted average common shares outstanding									2,906,728	3,172,057
Add: Dilutive effect of stock options									4,009	1,058
Add: Dilutive effect of restricted stock									5,924	2,085
Weighted average common shares outstanding, as adjusted									2,916,661	3,175,200
Net income per common share, diluted (in dollars per share)	$ 0.13	$ 0.16	$ 0.13	$ 0.13	$ 0.07	$ 0.09	$ 0.10	$ 0.12	$ 0.55	$ 0.38

SUPPLEMENTAL DISCLOSURE FOR E_4

SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of common stock excluded from the calculation of diluted net income per common share	6,500	91,382
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of common stock excluded from the calculation of diluted net income per common share	0	0

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair value on a recurring and nonrecurring basis (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value	$ 0	$ 0
Total securities available for sale	107,293,000	104,456,000
Real estate held for sale	99,000	99,000
Agency MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	11,853,000	10,240,000
Agency CMO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	23,778,000	27,771,000
Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	71,662,000	66,445,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	107,293,000	104,456,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	107,293,000	104,456,000
Assets Measured on a Recurring Basis \| Agency MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	11,853,000	10,240,000
Assets Measured on a Recurring Basis \| Agency CMO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	23,778,000	27,771,000
Assets Measured on a Recurring Basis \| Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	71,662,000	66,445,000
Assets Measured on a Recurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Recurring Basis \| Level 1 \| Agency MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Recurring Basis \| Level 1 \| Agency CMO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Recurring Basis \| Level 1 \| Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	107,293,000	104,456,000
Assets Measured on a Recurring Basis \| Level 2 \| Agency MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	11,853,000	10,240,000
Assets Measured on a Recurring Basis \| Level 2 \| Agency CMO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	23,778,000	27,771,000
Assets Measured on a Recurring Basis \| Level 2 \| Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	71,662,000	66,445,000
Assets Measured on a Recurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Recurring Basis \| Level 3 \| Agency MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Recurring Basis \| Level 3 \| Agency CMO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Recurring Basis \| Level 3 \| Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total securities available for sale	0	0
Assets Measured on a Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0
Total impaired loans		2,097,000
Real estate held for sale		99,000
Assets Measured on a Nonrecurring Basis \| Residential real estate \| One-to-four family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		1,468,000
Assets Measured on a Nonrecurring Basis \| Commercial Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		273,000
Assets Measured on a Nonrecurring Basis \| Commercial business loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		356,000
Assets Measured on a Nonrecurring Basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		0
Real estate held for sale		0
Assets Measured on a Nonrecurring Basis \| Level 1 \| Residential real estate \| One-to-four family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		0
Assets Measured on a Nonrecurring Basis \| Level 1 \| Commercial Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		0
Assets Measured on a Nonrecurring Basis \| Level 1 \| Commercial business loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		0
Assets Measured on a Nonrecurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		0
Real estate held for sale		0
Assets Measured on a Nonrecurring Basis \| Level 2 \| Residential real estate \| One-to-four family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		0
Assets Measured on a Nonrecurring Basis \| Level 2 \| Commercial Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		0
Assets Measured on a Nonrecurring Basis \| Level 2 \| Commercial business loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		0
Assets Measured on a Nonrecurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		2,097,000
Real estate held for sale		99,000
Assets Measured on a Nonrecurring Basis \| Level 3 \| Residential real estate \| One-to-four family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		1,468,000
Assets Measured on a Nonrecurring Basis \| Level 3 \| Commercial Real Estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		273,000
Assets Measured on a Nonrecurring Basis \| Level 3 \| Commercial business loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impaired loans		$ 356,000

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Recognized charges write down	$ 0	$ 37,000
Transfers in or out of Level 3 financial assets	0	0
Real estate held for sale
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Recognized charges write down	$ 0	$ 37,000
Level 3 \| Cost approach \| Appraised value \| Impaired loans
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of discount from appraised value	10.00%	10.00%
Measurement inputs	estimated costs to sell the collateral	estimated costs to sell the collateral
Level 3 \| Cost approach \| Appraised value \| Real estate held for sale
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of discount from appraised value	10.00%	10.00%
Measurement inputs	estimated costs to sell the property	estimated costs to sell the property

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 1,129	$ 630
Net gains on investments										104
Increase in cash surrender value of life insurance									62	68
Other income									29	63
Other noninterest income									91	235
Total noninterest income	$ 320	$ 301	$ 325	$ 274	$ 208	$ 202	$ 283	$ 172	1,220	865
Deposit account service charges
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									295	184
Brokered loan fees.
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									265	58
ATM and debit card fee income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									552	419
Other income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 17	$ (31)

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details)	Dec. 31, 2021USD ($)
CONCENTRATION OF CREDIT RISK
Federal deposit insurance limit	$ 374,000
Cash held by FHLB	12,600,000
Cash held by federal reserve bank	$ 889,000

PARENT COMPANY CONDENSED FINA_3

PARENT COMPANY CONDENSED FINANCIAL INFORMATION - BALANCE SHEET (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 1,378	$ 1,778
Other assets	243	418
Total Assets	254,260	235,363
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	836	1,236
Stockholders' equity	46,529	49,004	$ 50,813
Total Liabilities and Stockholders' Equity	254,260	235,363
Parent company
ASSETS
Cash and cash equivalents	3,063	6,499
Other assets	137	166
Investment in subsidiaries	43,360	42,387
Total Assets	46,560	49,052
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	31	48
Stockholders' equity	46,529	49,004
Total Liabilities and Stockholders' Equity	$ 46,560	$ 49,052

PARENT COMPANY CONDENSED FINA_4

PARENT COMPANY CONDENSED FINANCIAL INFORMATION - STATEMENT OF INCOME (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Income tax benefit	$ 11	$ 33	$ 6	$ 17	$ (39)	$ (11)	$ 33	$ 52	$ 67	$ 35
Net Income	$ 377	$ 456	$ 397	$ 378	$ 200	$ 264	$ 342	$ 385	1,608	1,191
Parent company
Condensed Income Statements, Captions [Line Items]
Dividends from bank subsidiary									379	254
Interest income from bank subsidiary										152
Total income									379	406
Other operating expenses									(576)	(558)
Loss before income taxes and equity in undistributed net income of subsidiaries									(197)	(152)
Income tax benefit									(138)	(99)
Loss before equity in undistributed net income of subsidiaries									(59)	(53)
Equity in undistributed net income of subsidiaries									1,667	1,244
Net Income									$ 1,608	$ 1,191

PARENT COMPANY CONDENSED FINA_5

PARENT COMPANY CONDENSED FINANCIAL INFORMATION - STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 377	$ 456	$ 397	$ 378	$ 200	$ 264	$ 342	$ 385	$ 1,608	$ 1,191
Adjustments to reconcile net income to net cash used in operating activities:
Net change in other assets and liabilities									112	(74)
Net Cash Used In Operating Activities									2,412	1,847
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock									7
Purchase of treasury stock									(3,017)	(5,044)
Cash dividends paid									(380)	(255)
Net Cash Provided By Financing Activities									18,381	22,845
Net Increase (Decrease) in Cash and Cash Equivalents									6,718	(9,156)
Cash and cash equivalents at beginning of year				9,661					9,661
Cash and Cash Equivalents at End of Period	16,379				9,661				16,379	9,661
Parent company
CASH FLOWS FROM OPERATING ACTIVITIES
Net income									1,608	1,191
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed net income of subsidiaries									(1,667)	(1,244)
Net change in other assets and liabilities									13	(89)
Net Cash Used In Operating Activities									(46)	(142)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock									7
Purchase of treasury stock									(3,017)	(5,044)
Cash dividends paid									(380)	(255)
Net Cash Provided By Financing Activities									(3,390)	(5,299)
Net Increase (Decrease) in Cash and Cash Equivalents									(3,436)	(5,441)
Cash and cash equivalents at beginning of year				$ 6,499				$ 11,940	6,499	11,940
Cash and Cash Equivalents at End of Period	$ 3,063				$ 6,499				$ 3,063	$ 6,499

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Interest income	$ 1,939	$ 1,903	$ 1,875	$ 1,865	$ 1,874	$ 1,833	$ 1,811	$ 1,933	$ 7,582	$ 7,451
Interest Expense	150	164	167	170	198	226	249	263	651	936
Net interest income	1,789	1,739	1,708	1,695	1,676	1,607	1,562	1,670	6,931	6,515
Credit for loan losses	(120)	0	0	0	30	30	15	57	(120)	132
Net interest income after provision for loan losses	1,909	1,739	1,708	1,695	1,646	1,577	1,547	1,613	7,051	6,383
Noninterest income	320	301	325	274	208	202	283	172	1,220	865
Noninterest expenses	1,841	1,551	1,630	1,574	1,693	1,526	1,455	1,348	6,596	6,022
Income before income taxes	388	489	403	395	161	253	375	437	1,675	1,226
Income tax expense	11	33	6	17	(39)	(11)	33	52	67	35
Net Income	$ 377	$ 456	$ 397	$ 378	$ 200	$ 264	$ 342	$ 385	$ 1,608	$ 1,191
Earnings per common share:
Basic	$ 0.13	$ 0.16	$ 0.13	$ 0.13	$ 0.07	$ 0.09	$ 0.10	$ 0.12	$ 0.55	$ 0.38
Diluted	$ 0.13	$ 0.16	$ 0.13	$ 0.13	$ 0.07	$ 0.09	$ 0.10	$ 0.12	$ 0.55	$ 0.38