Mid-Southern Bancorp (MSVB) 10-K24 Mar 232022 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, 2022	Mar. 10, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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			$ 35.4
Entity Common Stock, Shares Outstanding		2,885,039
Auditor Name	FORVIS, 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	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks	$ 979	$ 1,378
Interest-bearing deposits with banks	4,705	15,001
Cash and cash equivalents	5,684	16,379
Securities available for sale, at fair value	105,351	107,293
Securities held to maturity	17	21
Loans, net of allowance for loan losses of $1,692 and $1,523, respectively	144,379	122,568
Federal Home Loan Bank stock, at cost	1,778	778
Real estate held for sale		99
Premises and equipment	2,150	1,952
Accrued interest receivable:
Loans	437	296
Securities	886	701
Cash value of life insurance	3,826	3,930
Other assets	4,710	243
Total Assets	269,218	254,260
Deposits:
Noninterest-bearing	28,232	28,602
Interest-bearing	177,832	168,282
Total deposits	206,064	196,884
Advances from Federal Home Loan Bank	29,000	10,000
Accrued interest payable	12	11
Accrued expenses and other liabilities	820	836
Total Liabilities	235,896	207,731
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 2,885,039 shares outstanding (3,016,653 in 2021)	36	36
Additional paid-in-capital	30,777	30,694
Retained earnings, substantially restricted	24,916	23,527
Accumulated other comprehensive (loss) income	(10,831)	2,096
Unearned ESOP shares	(1,524)	(1,649)
Unearned stock compensation plan	(458)	(473)
Treasury stock, at cost - 680,391 shares (548,777 in 2021)	(9,594)	(7,702)
Total Stockholders' Equity	33,322	46,529
Total Liabilities and Stockholders' Equity	$ 269,218	$ 254,260

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Allowance for loan losses	$ 1,692	$ 1,523
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	2,885,039	3,016,653
Treasury stock, shares	680,391	548,777

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Dec. 31, 2022	Dec. 31, 2021
INTEREST INCOME
Loans, including fees	$ 6,041,000	$ 5,249,000
Investment securities:
Mortgage-backed securities	589,000	545,000
Municipal tax exempt	1,660,000	1,515,000
Other debt securities	442,000	253,000
Federal Home Loan Bank dividends	55,000	17,000
Interest-bearing deposits with banks and time deposits	30,000	3,000
Total interest income	8,817,000	7,582,000
INTEREST EXPENSE
Deposits	549,000	478,000
Borrowings	569,000	173,000
Total interest expense	1,118,000	651,000
Net interest income	7,699,000	6,931,000
Provision (credit) for loan losses	135,000	(120,000)
Net interest income after provision for loan losses	7,564,000	7,051,000
NONINTEREST INCOME
Fees and commission	1,119,000	1,129,000
Brokered loan fees	155,000	265,000
Increase in cash value of life insurance	58,000	62,000
Gain on settlement of life insurance	36,000
Other income	49,000	46,000
Total noninterest income	1,248,000	1,220,000
NONINTEREST EXPENSE
Compensation and benefits	3,710,000	3,847,000
Occupancy and equipment	594,000	542,000
Data processing	553,000	431,000
Professional fees	593,000	574,000
Loss on sale of real estate held for sale	37,000
Loss on disposal of premises and equipment	91,000
Directors' compensation	360,000	350,000
Stockholders' meeting expense	52,000	64,000
Supervisory examinations	71,000	68,000
Deposit insurance premiums	67,000	61,000
Marketing and business development	126,000	89,000
Other expenses	586,000	570,000
Total noninterest expense	6,840,000	6,596,000
Income before income taxes	1,972,000	1,675,000
Income tax expense	91,000	67,000
Net Income	$ 1,881,000	$ 1,608,000
Earnings per common share:
Basic	$ 0.69	$ 0.55
Diluted	$ 0.69	$ 0.55
Deposit account service charges
NONINTEREST INCOME
Fees and commission	$ 377,000	$ 295,000
ATM and debit card fee income
NONINTEREST INCOME
Fees and commission	$ 573,000	$ 552,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net Income	$ 1,881	$ 1,608
Unrealized losses on securities available for sale:
Net unrealized holding losses arising during the period	(17,207)	(1,487)
Income tax benefit	4,280	370
Net of tax amount	(12,927)	(1,117)
Other Comprehensive Loss, net of tax	(12,927)	(1,117)
Total Comprehensive (Loss) Income	$ (11,046)	$ 491

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, 2020	$ 36	$ 30,559	$ 22,299	$ 3,213	$ (1,769)	$ (422)		$ 49,004
Treasury Stock, beginning balance at Dec. 31, 2020							$ (4,912)
Net income			1,608					1,608
Other comprehensive 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)		46,529
Treasury Stock, ending balance at Dec. 31, 2021							(7,702)	(7,702)
Net income			1,881					1,881
Other comprehensive loss				(12,927)				(12,927)
Cash dividends			(492)					(492)
Shares released by ESOP trust		48			125			173
Purchase of treasury shares							(2,214)	(2,214)
Forfeiture of unearned stock awards						6	(6)
Exercise of stock options		(10)					114	104
Grant of treasury stock for stock compensation		(16)				(198)	214
Stock compensation expense		61				207		268
Balances at Dec. 31, 2022	$ 36	$ 30,777	$ 24,916	$ (10,831)	$ (1,524)	$ (458)		33,322
Treasury Stock, ending balance at Dec. 31, 2022							$ (9,594)	$ (9,594)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividend, per share amount	$ 0.18	$ 0.13
Treasury stock, shares, acquired	154,486	172,624

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,881,000	$ 1,608,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of premiums and accretion of discounts on securities, net	434,000	388,000
Provision (credit) for loan losses	135,000	(120,000)
Stock compensation expense	268,000	240,000
Depreciation expense	189,000	170,000
Loss on disposal of premises and equipment	91,000
ESOP compensation expense	173,000	184,000
Loss on sale of real estate held for sale	37,000
Deferred income taxes	46,000	(10,000)
Increase in cash value of life insurance	(58,000)	(62,000)
Gain on settlement of life insurance	(36,000)
Increase in accrued interest receivable	(326,000)	(99,000)
Increase in accrued interest payable	1,000	1,000
Net change in other assets and liabilities	(281,000)	112,000
Net Cash Provided By Operating Activities	2,554,000	2,412,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of securities available for sale	(25,951,000)	(15,394,000)
Principal collected on mortgage-backed securities available for sale	7,230,000	10,682,000
Proceeds from maturities of securities available for sale	3,022,000
Principal collected on mortgage-backed securities held to maturity	4,000	10,000
Purchase of Federal Home Loan Bank stock	(1,057,000)
Proceeds from redemption of Federal Home Loan Bank Stock	57,000
Net change in loans receivable	(21,946,000)	(9,189,000)
Proceeds from the sale of real estate held for sale	62,000
Purchase of premises and equipment	(446,000)	(181,000)
Proceeds from settlement of life insurance	203,000
Investment in cash value of life insurance	(5,000)	(3,000)
Net Cash Used In Investing Activities	(38,827,000)	(14,075,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	9,180,000	22,771,000
Repayments to Federal Home Loan Bank	(10,000,000)	(1,000,000)
Proceeds from Federal Home Loan Bank	29,000,000
Proceeds from issuance of common stock from the exercise of stock options	104,000	7,000
Purchase of treasury stock	(2,214,000)	(3,017,000)
Cash dividends paid	(492,000)	(380,000)
Net Cash Provided By Financing Activities	25,578,000	18,381,000
Net Increase (Decrease) in Cash and Cash Equivalents	(10,695,000)	6,718,000
Cash and cash equivalents at beginning of year	16,379,000	9,661,000
Cash and Cash Equivalents at End of Year	5,684,000	16,379,000
Supplemental Disclosures of Cash Flow Information
Interest	1,117,000	650,000
Net tax payments	$ 252,000	$ 62,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
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 from single-family residential mortgage loans, commercial real estate loans and commercial business 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, 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 the U.S. Treasury, 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. 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 12. Advertising Costs Advertising costs are charged to operations when incurred. Comprehensive Income (Loss) Comprehensive income (loss) consists of reported net income and other comprehensive income (loss). Other comprehensive income (loss), 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 comparative periods they present in their financial statements in the year of adoption. The practical expedient provides lessees 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 Company adopted Topic 842 effective January 1, 2022, using the transition method permitted by ASU 2018-11. The Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases and did not reassess any initial direct costs for existing leases. The Company elected to exclude short-term leases ( i.e. The FASB originally issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) transition adjustment to record the allowance for credit losses may fall outside of management’s estimated increase based on material changes in these items, specifically the economic forecast and conditions and loan composition, used in calculating the allowance for credit losses upon adoption of CECL. 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, 2022
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.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
INVESTMENT SECURITIES	Dec. 31, 2022
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, 2022 and 2021 are summarized as follows: Gross Gross (In thousands) Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Securities available for sale: Mortgage-backed securities: Agency MBS $ 13,257 $ — $ 1,868 $ 11,389 Agency CMO 21,233 18 2,257 18,994 34,490 18 4,125 30,383 Other debt securities: U.S. Treasury securities 9,840 — 401 9,439 U.S. Government agency obligations 1,996 — 183 1,813 Municipal obligations 73,442 18 9,744 63,716 85,278 18 10,328 74,968 Total securities available for sale $ 119,768 $ 36 $ 14,453 $ 105,351 Securities held to maturity: Mortgage-backed securities: Agency MBS $ 17 $ — $ — $ 17 Total securities held to maturity $ 17 $ — $ — $ 17 December 31, 2021 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 The amortized cost and fair value of debt securities as of December 31, 2022 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 $ 2,272 $ 2,240 $ — $ — Due after one year through five years 14,717 14,062 — — Due after five years through ten years 5,624 5,292 — — Due after ten years 62,665 53,374 — — 85,278 74,968 — — MBS and CMO 34,490 30,383 17 17 $ 119,768 $ 105,351 $ 17 $ 17 Information pertaining to securities with gross unrealized losses at December 31, 2022 and 2021, 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, 2022 Positions Value Losses Securities available for sale: Continuous loss position less than 12 months: U.S. Treasury securities 6 $ 9,439 $ 401 U.S. Government agency obligations 1 1,812 183 Agency MBS 8 4,701 559 Agency CMO 8 4,212 204 Municipal obligations 89 46,971 6,309 Total less than 12 months 112 67,135 7,656 Continuous loss position more than 12 months: Agency MBS 5 6,687 1,309 Agency CMO 12 13,357 2,053 Municipal obligations 25 12,588 3,435 Total more than 12 months 42 32,632 6,797 Total securities available for sale 154 $ 99,767 $ 14,453 December 31, 2021 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 At December 31, 2022 and 2021, the Company had no debt securities in the held to maturity classification in a loss position. At December 31, 2022 and 2021, the debt securities in the available for sale classification in a loss position were 94.7% and 26.7%, respectively, of the Company’s total available for sale securities portfolio. All of the debt securities in a loss position at December 31, 2022 and 2021 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, 2022, additional deterioration in market and economic conditions, may have an adverse impact on credit quality in the future.

LOANS AND ALLOWANCE FOR LOAN LO

LOANS AND ALLOWANCE FOR LOAN LOSSES	12 Months Ended
LOANS AND ALLOWANCE FOR LOAN LOSSES	Dec. 31, 2022
LOANS AND ALLOWANCE FOR LOAN LOSSES
LOANS AND ALLOWANCE FOR LOAN LOSSES	(4) LOANS AND ALLOWANCE FOR LOAN LOSSES Loans at December 31, 2022 and 2021 consisted of the following: (In thousands) 2022 2021 Real estate mortgage loans: One-to-four family residential $ 64,747 $ 64,098 Multi-family residential 8,271 9,385 Residential construction 1,156 1,406 Commercial real estate 48,590 36,678 Commercial real estate construction 6,691 1,632 Commercial business loans 14,675 8,804 Consumer loans 2,077 2,152 Total loans 146,207 124,155 Deferred loan origination fees and costs, net (136) (64) Allowance for loan losses (1,692) (1,523) Loans, net $ 144,379 $ 122,568 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, 2022. (In thousands) 2022 2021 Beginning Balance $ 386 $ 1,459 New loans — — Payments (16) (1,073) Ending Balance $ 370 $ 386 The Company has pledged certain loans to secure future advances or other borrowings from the FHLB. At December 31, 2022 and 2021, the eligible blanket collateral included residential mortgage loans with a carrying value of approximately $60.9 million and $61.1 million, respectively. See Note 9. The following table provides the components of the Company’s recorded investment in loans at December 31, 2022: 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 $ 64,747 $ 8,271 $ 7,847 $ 48,590 $ 14,675 $ 2,077 $ 146,207 Accrued interest receivable 178 14 19 182 36 8 437 Net deferred loan fees/costs 13 (24) (32) (106) (24) 37 (136) Recorded investment in loans $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 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 An analysis of the allowance for loan losses and recorded investment in loans as of and for the year ended December 31, 2022 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 $ 873 $ 102 $ 25 $ 363 $ 127 $ 33 $ 1,523 Provisions (credit) (216) (16) (7) 287 72 15 135 Charge-offs (3) — — — — (19) (22) Recoveries 51 — — — — 5 56 Ending balance $ 705 $ 86 $ 18 $ 650 $ 199 $ 34 $ 1,692 Ending allowance balance attributable to loans: Individually evaluated for impairment $ 21 $ — $ — $ — $ 14 $ — $ 35 Collectively evaluated for impairment 684 86 18 650 185 34 1,657 Ending balance $ 705 $ 86 $ 18 $ 650 $ 199 $ 34 $ 1,692 Recorded Investment in Loans as Evaluated for Impairment: Individually evaluated for impairment $ 490 $ — $ — $ 125 $ 279 $ — $ 894 Collectively evaluated for impairment 64,448 8,261 7,834 48,541 14,408 2,122 145,614 Ending balance $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 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 (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 Impairments: 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 At December 31, 2022 and 2021, 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. The following table summarizes the Company’s impaired loans as of and for the year ended December 31, 2022. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for the year ended December 31, 2022. 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 $ 762 $ 820 $ — $ 783 $ 1 Commercial real estate 60 60 — 83 4 Commercial business — — — — — Consumer — — — 2 — $ 822 $ 880 $ — $ 868 $ 5 Loans with an allowance recorded: One-to-four family residential $ 267 $ 274 $ 21 $ 259 $ 12 Commercial real estate 66 68 — 67 3 Commercial business 279 279 14 307 16 Consumer — — — — — $ 612 $ 621 $ 35 $ 633 $ 31 Total: One-to-four family residential $ 1,029 $ 1,094 $ 21 $ 1,042 $ 13 Commercial real estate 126 128 — 150 7 Commercial business 279 279 14 307 16 Consumer — — — 2 — $ 1,434 $ 1,501 $ 35 $ 1,501 $ 36 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 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, 2022 and 2021: Loans 90+ Days Total Nonaccrual Past Due Nonperforming Loans Still Accruing Loans (In thousands) December 31, 2022: One-to-four family residential $ 732 $ — $ 732 Commercial real estate — — — Consumer — — — Total $ 732 $ — $ 732 December 31, 2021: One-to-four family residential $ 735 $ — $ 735 Commercial real estate 15 — 15 Consumer 3 — 3 Total $ 753 $ — $ 753 The following table presents the aging of the recorded investment in loans at December 31, 2022 and 2021: 30 ‑ 59 Days 60 ‑ 89 Days Over 90 Days Total Total Past Due Past Due Past Due Past Due Current Loans December 31, 2022 (In thousands) One-to-four family residential $ 667 $ 152 $ 127 $ 946 $ 63,992 $ 64,938 Multi-family residential — — — — 8,261 8,261 Construction — — — — 7,834 7,834 Commercial real estate 444 — — 444 48,222 48,666 Commercial business 11 — — 11 14,676 14,687 Consumer — — — — 2,122 2,122 Total $ 1,122 $ 152 $ 127 $ 1,401 $ 145,107 $ 146,508 December 31, 2021 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 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, 2022 and 2021: One-to- Four Multi- Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total December 31, 2022 (In thousands) Pass $ 64,206 $ 8,261 $ 7,834 $ 45,256 $ 14,687 $ 2,122 $ 142,366 Special mention — — — 3,410 — — 3,410 Substandard 732 — — — — — 732 Doubtful — — — — — — — Loss — — — — — — — Total $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 December 31, 2021 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 Troubled Debt Restructurings The following table summarizes the recorded investment in the Company’s TDRs by accrual status at December 31, 2022 and 2021: Related Allowance for Accruing Nonaccrual Total Loan Losses December 31, 2022 (In thousands) One-to-four family residential $ 298 $ 85 $ 383 $ 21 Commercial real estate 125 — 125 — Commercial business 279 — 279 14 Total $ 702 $ 85 $ 787 $ 35 December 31, 2021 One-to-four family residential $ 306 $ 101 $ 407 $ 21 Commercial real estate 155 — 155 — Commercial business 328 — 328 19 Total $ 789 $ 101 $ 890 $ 40 There were no TDRs that were restructured during the year ended December 31, 2022. 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 TDR that was restructured during the year ended December 31, 2021 was modified related to bankruptcy. Charge-offs for loan losses of $6,000 were recorded as a result of TDRs during the year ended December 31, 2021. At December 31, 2022 and 2021, 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, 2022 and 2021. 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, 2022 and 2021.

FORECLOSED REAL ESTATE

FORECLOSED REAL ESTATE	12 Months Ended
FORECLOSED REAL ESTATE	Dec. 31, 2022
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, 2022 and 2021. At December 31, 2022, the recorded investment in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure was $116,000. 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. There was no net loss or gain on foreclosed real estate for the years ended December 31, 2022 and 2021.

REAL ESTATE HELD FOR SALE

REAL ESTATE HELD FOR SALE	12 Months Ended
REAL ESTATE HELD FOR SALE	Dec. 31, 2022
REAL ESTATE HELD FOR SALE
REAL ESTATE HELD FOR SALE	(6) REAL ESTATE HELD FOR SALE In December 2022, the Company sold the property for net proceeds of $62,000 and recognized a $37,000 loss on the disposal of the property. No impairment loss was recognized for the years 2022 and 2021. The carrying value of real estate held for sale was $0 and $99,000 at December 31, 2022 and 2021, respectively.

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
PREMISES AND EQUIPMENT	Dec. 31, 2022
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT	(7) PREMISES AND EQUIPMENT Premises and equipment as of December 31, 2022 and 2021 consisted of the following: 2022 2021 (In thousands) Land and land improvements $ 517 $ 507 Office buildings and leasehold improvements 2,373 2,371 Furniture, fixtures and equipment 1,441 1,249 4,331 4,127 Less accumulated depreciation 2,181 2,175 Total premises and equipment, net of accumulated depreciation $ 2,150 $ 1,952 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, 2022
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 were approximately $13.5 million and $4.3 million at December 31, 2022 and 2021, respectively. Additionally, the Company had $5.0 million and $0 in brokered deposits at December 31, 2022 and 2021, respectively, which are not included in the figures above, and comprised of various deposits below $250,000. At December 31, 2022, scheduled maturities of time deposits were as follows: ( In thousands) 2023 $ 33,032 2024 15,989 2025 4,440 2026 3,864 2027 1,467 Thereafter — Total $ 58,792 The Company held deposits of approximately $3.9 million and $5.1 million for related parties at December 31, 2022 and 2021, respectively. Interest expense on deposits is summarized as follows: (In thousands) 2022 2021 Savings and interest-bearing demand deposits $ 138 $ 118 Time deposits 411 360 Total $ 549 $ 478

ADVANCES FROM FEDERAL HOME LOAN

ADVANCES FROM FEDERAL HOME LOAN BANK	12 Months Ended
ADVANCES FROM FEDERAL HOME LOAN BANK	Dec. 31, 2022
Advances from Federal Home Loan Bank
Advances from Federal Home Loan Bank	(9) ADVANCES FROM FEDERAL HOME LOAN BANK At December 31, 2022 and 2021, the Bank had $29.0 million and $10.0 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 with an original maturity date of June 27, 2024 and bearing an interest rate of 1.73%. On June 27, 2022, the FHLB exercised its put option on this advance. During the year ended December 31, 2022, the Company utilized a series of short-term fixed-rate bullet advances from the FHLB in order to meet daily liquidity requirements and to fund growth in earning assets. The advances had an average term of nine days. The following table sets forth information on the short-term FHLB advances during the periods presented: 2022 2021 (Dollars in thousands) Outstanding at period-end $ 29,000 $ — Average amount outstanding 17,183 — Maximum amount outstanding at any month-end 32,500 — Weighted average interest rate: During period 2.79 % — % End of period 4.21 % — % In addition, during the year ended December 31, 2022, the Company utilized a $5.0 million line of credit with the FHLB. The following table sets forth information on the FHLB line of credit advances during the periods presented: 2022 2021 (Dollars in thousands) Outstanding at period-end $ — $ — Average amount outstanding 202 — Maximum amount outstanding at any month-end 3,566 — Weighted average interest rate: During period 2.45 % — % End of period — % — % The advances are secured under a blanket collateral agreement with the FHLB. At December 31, 2022, the carrying value of mortgage loans pledged as security for advances was $60.9 million.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	(10) INCOME TAXES The components of consolidated income tax expense for the years ended December 31, 2022 and 2021 were as follows: (In thousands) 2022 2021 Current $ 45 $ 77 Deferred 46 (10) Total $ 91 $ 67 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, 2022 and 2021, follows: (In thousands) 2022 2021 Provisions at federal statutory rate $ 414 $ 352 State income tax-net of federal tax benefit 36 33 Municipal interest income (353) (322) Bank-owned life insurance income (20) (13) Other 14 17 Total $ 91 $ 67 Effective tax rate 4.6 % 4.0 % 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, 2022 and 2021 were as follows: (In thousands) 2022 2021 Deferred tax assets (liabilities): Director deferred compensation plan $ 23 $ 31 Allowance for loan losses 409 369 Valuation allowance - real estate held for sale — 105 Nonaccrual loan interest income 49 53 Equity incentive plans 32 22 Employee stock ownership plan 30 25 Unrealized loss on securities available for sale 3,586 — Net deferred loan costs 32 15 Net operating loss carryover 64 8 Total deferred tax assets 4,225 628 Depreciation (117) (74) FHLB stock dividends (18) (18) Prepaid expenses (25) (11) Unrealized gain on securities available for sale — (694) Total deferred tax liabilities (160) (797) Net deferred tax asset (liability) $ 4,065 $ (169) The deferred tax asset as of December 31, 2022 is included as a component of other assets on the balance sheet. The deferred tax liability as of December 31, 2021 is included as a component of accrued expenses and other liabilities on the balance sheet. At December 31, 2022 and 2021, 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. During 2022, the Company generated a federal net operating loss (“NOL”) of $305,000. For federal income tax purposes, the NOL has no expiration period. The Company expects to generate sufficient taxable income in the future to utilize the loss generated. 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, 2022 and 2021 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, 2022 and 2021.

DEFERRED DIRECTORS COMPENSATION

DEFERRED DIRECTORS COMPENSATION PLAN	12 Months Ended
DEFERRED DIRECTORS COMPENSATION PLAN	Dec. 31, 2022
DEFERRED DIRECTORS COMPENSATION PLAN
DEFERRED DIRECTORS COMPENSATION PLAN	(11) 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 $95,000 and $130,000 at December 31, 2022 and 2021, respectively. Deferred compensation expense was $8,000 and $10,000 for the years ended December 31, 2022 and 2021, respectively.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	(12) 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 $67,000 and $61,000 to the plan for the years ended December 31, 2022 and 2021, 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, 2022 and 2021 was $173,000 and $184,000, respectively. Company common stock held by the ESOP trust at December 31, 2022 and 2021 was as follows: 2022 2021 Allocated shares 52,430 39,847 Unallocated shares 152,359 164,942 Total ESOP shares 204,789 204,789 Fair value of unallocated shares $ 1,982,000 $ 2,474,000

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
STOCK-BASED COMPENSATION PLANS	Dec. 31, 2022
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS	(13) 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 $268,000 and $240,000 for 2022 and 2021, respectively. The total income tax benefit recognized in the consolidated statements of income for stock-based compensation arrangements was $52,000 and $51,000 for the years ended December 31, 2022 and 2021, 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, 2022 and 2021, on an adjusted basis, awards for stock options totaling 78,010 shares and 93,254 shares, respectively, 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. No additional awards may be made under the 2010 Plan. 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, 2022, awards for stock options totaling 20,900 shares and awards for restricted stock totaling 48,319 shares of the Company common stock have been granted, net of any forfeitures, to participants in the 2019 Plan. 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 were 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 2022 and 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 2022 and 2021 to estimate the fair value of stock options granted: 2022 2021 Expected volatility 29.9 % 31.5 % Expected term (in years) 7.5 7.5 Expected dividends 1.79 % 1.02 % Risk-free rate 3.77 % 1.42 % The weighted-average grant-date fair value of options granted during the years ended December 31, 2022 and 2021 was $4.11 and $5.05, respectively. A summary of option activity as of December 31, 2022, 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 98,584 $ 13.42 Granted 16,000 13.00 Exercised (8,103) 12.90 Forfeited or expired (16,844) 13.53 Outstanding at end of period 89,637 $ 13.38 7.6 $ 2,000 Vested and expected to vest 89,637 $ 13.38 7.6 $ 2,000 Exercisable at end of period 60,438 $ 13.37 7.2 $ 1,000 At December 31, 2022, there was $109,000 of unrecognized compensation expense related to nonvested stock options. That compensation expense is expected to be recognized over a weighted-average period of 2.4 years. Restricted Stock: A summary of the activity for the Company’s nonvested restricted shares during the year ended December 31, 2022, is presented below: Weighted Average Number of Grant-Date Shares Fair Value Nonvested at beginning of year 32,578 $ 14.53 Granted 15,219 13.00 Vested (14,508) 14.00 Forfeited (450) 14.74 Nonvested at end of period 32,839 $ 14.05 The total fair value of shares expensed during each of the years ended December 31, 2022 and 2021, was $192,000 and $192,000, respectively. At December 31, 2022, unrecognized compensation expense related to nonvested restricted shares was $458,000. That compensation expense is expected to be recognized over the remaining weighted average vesting period of 2.8 years.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	(14) COMMITMENTS AND CONTINGENCIES 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 $41,000 and $26,000 in commitments under outstanding standby letters of credit at December 31, 2022 and December 31, 2021, respectively. The following is a summary of the commitments to extend credit at December 31, 2022 and 2021: (In thousands) 2022 2021 Loan commitments: Fixed rate $ 539 $ 1,874 Adjustable rate 1,020 961 Undisbursed commercial and personal lines of credit 9,915 15,770 Undisbursed portion of commercial construction loans 4,731 1,964 Undisbursed portion of residential construction loans 900 2,693 Total commitments to extend credit $ 17,105 $ 23,262

FINANCIAL INSTRUMENTS WITH OFF-

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	12 Months Ended
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	Dec. 31, 2022
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	(15) 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 14). 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, 2022 and 2021. 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 2022 or 2021.

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
REGULATORY MATTERS	Dec. 31, 2022
REGULATORY MATTERS
REGULATORY MATTERS	(16) 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 was 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 7.5% 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 opted into the CBLR framework as of January 1, 2020. At December 31, 2022, the Bank’s CBLR ratio was 15.4%. The Bank’s CBLR ratio was 16.3% at December 31, 2021. Management believes that the Bank met all capital adequacy requirements to which it was subject as of December 31, 2022 and 2021. As of December 31, 2022, 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, 2022: Community Bank Leverage Ratio $ 42,620 15.4 % N/A N/A $ 24,944 9.00 % As of December 31, 2021: Community Bank Leverage Ratio $ 41,264 16.3 % N/A N/A $ 21,520 8.50 %

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	(17) 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, 2022
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	(18) 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 20) in which the fair value measurements fall at December 31, 2022 and 2021: Fair Value Measurements Using Carrying (In thousands) Value Level 1 Level 2 Level 3 December 31, 2022 Financial assets: Cash and cash equivalents $ 5,684 $ 5,684 $ — $ — Securities available for sale 105,351 — 105,351 — Securities held to maturity 17 — 17 — Loans, net 144,379 — — 138,744 FHLB stock 1,778 N/A N/A N/A Accrued interest receivable 1,323 — 1,323 — Financial liabilities: Noninterest-bearing deposits 28,232 28,232 — — Interest-bearing deposits 177,832 — — 175,969 Advance from FHLB 29,000 — 29,000 — Accrued interest payable 12 — 12 — 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 — 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, 2022 and 2021 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, 2022
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE	(19) (Dollars in thousands, except per share data) 2022 2021 Basic Earnings: Net income $ 1,881 $ 1,608 Shares: Weighted average common shares outstanding 2,725,980 2,906,728 Net income per common share, basic $ 0.69 $ 0.55 Diluted Earnings: Net income $ 1,881 $ 1,608 Shares: Weighted average common shares outstanding 2,725,980 2,906,728 Add: Dilutive effect of stock options 703 4,009 Add: Dilutive effect of restricted stock 4,056 5,924 Weighted average common shares outstanding, as adjusted 2,730,739 2,916,661 Net income per common share, diluted $ 0.69 $ 0.55 Nonvested restricted stock shares and unallocated ESOP shares are not considered as outstanding for purposes of computing basic and diluted earnings per share. Weighted-average stock options of 4,900 and 286 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, 2022 and 2021, 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, 2022 and 2021.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(20) 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, 2022. There were no assets measured at fair value on a nonrecurring basis as of December 31, 2022. The Company had no liabilities measured at fair value as of December 31, 2022. Carrying Value Level 1 Level 2 Level 3 Total (In thousands) December 31, 2022 Assets Measured on a Recurring Basis Securities available for sale: Agency MBS $ — $ 11,389 $ — $ 11,389 Agency CMO — 18,994 — 18,994 U.S. Treasury securities — 9,439 — 9,439 U.S. Government agency obligations — 1,813 — 1,813 Municipal obligations — 63,716 — 63,716 Total securities available for sale $ — $ 105,351 $ — $ 105,351 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 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. 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, 2022 and 2021. There were no transfers in or out of the Company’s Level 3 financial assets for the years ended December 31, 2022 and 2021.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	12 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS	Dec. 31, 2022
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	(21) 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, 2022 and 2021: 2022 2021 (In thousands) Service charges on deposit accounts $ 377 $ 295 Brokered loan fees 155 265 ATM transaction and point-of-sale interchange fees 573 552 Other income 14 17 Revenue from contracts with customers 1,119 1,129 Increase in cash surrender value of life insurance 58 62 Gain on life insurance 36 — Other income 35 29 Other noninterest income 129 91 Total noninterest income $ 1,248 $ 1,220 A description of the Company’s revenue streams accounted for under FASB ASC 606 follows: Deposit Account Service Charges : and statement rendering, are recognized at the time the transaction is executed as that is the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Brokered Loan Fees ATM and Debit Card Fee Income : Other Income :

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	12 Months Ended
CONCENTRATION OF CREDIT RISK	Dec. 31, 2022
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK	(22) CONCENTRATION OF CREDIT RISK At December 31, 2022, the Company had a concentration of credit risk with correspondent banks in excess of the federal deposit insurance limit of $430,000. In addition, $2.7 million and $42,000 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, 2022
PARENT COMPANY CONDENSED FINANCIAL INFORMATION
PARENT COMPANY CONDENSED FINANCIAL INFORMATION	(23) PARENT COMPANY CONDENSED FINANCIAL INFORMATION Condensed financial information for the Company (parent company only) follows: BALANCE SHEETS (In thousands) As of December 31, 2022 2021 ASSETS Cash and cash equivalents $ 1,066 $ 3,063 Other assets 532 137 Investment in subsidiaries 31,789 43,360 $ 33,387 $ 46,560 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 65 $ 31 Stockholders’ equity 33,322 46,529 $ 33,387 $ 46,560 STATEMENTS OF INCOME (In thousands) Year Ended December 31, 2022 2021 Dividends from bank subsidiary $ 1,422 $ 379 Total income 1,422 379 Other operating expenses 597 576 Income (loss) before income taxes and equity in undistributed net income of subsidiaries 825 (197) Income tax benefit (142) (138) Income (loss) before equity in undistributed net income of subsidiaries 967 (59) Equity in undistributed net income of subsidiaries 914 1,667 Net Income $ 1,881 $ 1,608 STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,881 $ 1,608 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net income of subsidiaries (914) (1,667) Net change in other assets and liabilities (362) 13 Net Cash Provided By (Used In) Operating Activities 605 (46) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common stock 104 7 Purchase of treasury stock (2,214) (3,017) Cash dividends paid (492) (380) Net Cash Used In Financing Activities (2,602) (3,390) Net Decrease in Cash and Cash Equivalents (1,997) (3,436) Cash and cash equivalents at beginning of year 3,063 6,499 Cash and Cash Equivalents at End of Year $ 1,066 $ 3,063

SELECTED QUARTERLY FINANCIAL IN

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	Dec. 31, 2022
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	(24) First Second Third Fourth Quarter Quarter Quarter Quarter Total 2022 (In thousands, except per share data) Interest income $ 1,883 $ 2,153 $ 2,294 $ 2,487 $ 8,817 Interest expense 150 173 294 501 1,118 Net interest income 1,733 1,980 2,000 1,986 7,699 Provision for loan losses — 50 85 — 135 Net interest income after provision for loan losses 1,733 1,930 1,915 1,986 7,564 Noninterest income 285 364 295 304 1,248 Noninterest expense 1,517 1,744 1,667 1,912 6,840 Income before income taxes 501 550 543 378 1,972 Income tax expense 34 24 31 2 91 Net income $ 467 $ 526 $ 512 $ 376 $ 1,881 Earnings per common share Basic $ 0.17 $ 0.19 $ 0.19 $ 0.14 $ 0.69 Diluted $ 0.17 $ 0.19 $ 0.19 $ 0.14 $ 0.69 2021 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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
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 from single-family residential mortgage loans, commercial real estate loans and commercial business 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, 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 the U.S. Treasury, 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. 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 12.
Advertising Costs	Advertising Costs Advertising costs are charged to operations when incurred.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of reported net income and other comprehensive income (loss). Other comprehensive income (loss), 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 comparative periods they present in their financial statements in the year of adoption. The practical expedient provides lessees 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 Company adopted Topic 842 effective January 1, 2022, using the transition method permitted by ASU 2018-11. The Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases and did not reassess any initial direct costs for existing leases. The Company elected to exclude short-term leases ( i.e. The FASB originally issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) transition adjustment to record the allowance for credit losses may fall outside of management’s estimated increase based on material changes in these items, specifically the economic forecast and conditions and loan composition, used in calculating the allowance for credit losses upon adoption of CECL. 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, 2022
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, 2022 Cost Gains Losses Value Securities available for sale: Mortgage-backed securities: Agency MBS $ 13,257 $ — $ 1,868 $ 11,389 Agency CMO 21,233 18 2,257 18,994 34,490 18 4,125 30,383 Other debt securities: U.S. Treasury securities 9,840 — 401 9,439 U.S. Government agency obligations 1,996 — 183 1,813 Municipal obligations 73,442 18 9,744 63,716 85,278 18 10,328 74,968 Total securities available for sale $ 119,768 $ 36 $ 14,453 $ 105,351 Securities held to maturity: Mortgage-backed securities: Agency MBS $ 17 $ — $ — $ 17 Total securities held to maturity $ 17 $ — $ — $ 17 December 31, 2021 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
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 $ 2,272 $ 2,240 $ — $ — Due after one year through five years 14,717 14,062 — — Due after five years through ten years 5,624 5,292 — — Due after ten years 62,665 53,374 — — 85,278 74,968 — — MBS and CMO 34,490 30,383 17 17 $ 119,768 $ 105,351 $ 17 $ 17
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, 2022 Positions Value Losses Securities available for sale: Continuous loss position less than 12 months: U.S. Treasury securities 6 $ 9,439 $ 401 U.S. Government agency obligations 1 1,812 183 Agency MBS 8 4,701 559 Agency CMO 8 4,212 204 Municipal obligations 89 46,971 6,309 Total less than 12 months 112 67,135 7,656 Continuous loss position more than 12 months: Agency MBS 5 6,687 1,309 Agency CMO 12 13,357 2,053 Municipal obligations 25 12,588 3,435 Total more than 12 months 42 32,632 6,797 Total securities available for sale 154 $ 99,767 $ 14,453 December 31, 2021 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

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, 2022
LOANS AND ALLOWANCE FOR LOAN LOSSES
Schedule of loans	(In thousands) 2022 2021 Real estate mortgage loans: One-to-four family residential $ 64,747 $ 64,098 Multi-family residential 8,271 9,385 Residential construction 1,156 1,406 Commercial real estate 48,590 36,678 Commercial real estate construction 6,691 1,632 Commercial business loans 14,675 8,804 Consumer loans 2,077 2,152 Total loans 146,207 124,155 Deferred loan origination fees and costs, net (136) (64) Allowance for loan losses (1,692) (1,523) Loans, net $ 144,379 $ 122,568
Schedule of aggregate activity for related party loans	(In thousands) 2022 2021 Beginning Balance $ 386 $ 1,459 New loans — — Payments (16) (1,073) Ending Balance $ 370 $ 386
Schedule of components of Company's recorded investment in loans	The following table provides the components of the Company’s recorded investment in loans at December 31, 2022: 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 $ 64,747 $ 8,271 $ 7,847 $ 48,590 $ 14,675 $ 2,077 $ 146,207 Accrued interest receivable 178 14 19 182 36 8 437 Net deferred loan fees/costs 13 (24) (32) (106) (24) 37 (136) Recorded investment in loans $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 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
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, 2022 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 $ 873 $ 102 $ 25 $ 363 $ 127 $ 33 $ 1,523 Provisions (credit) (216) (16) (7) 287 72 15 135 Charge-offs (3) — — — — (19) (22) Recoveries 51 — — — — 5 56 Ending balance $ 705 $ 86 $ 18 $ 650 $ 199 $ 34 $ 1,692 Ending allowance balance attributable to loans: Individually evaluated for impairment $ 21 $ — $ — $ — $ 14 $ — $ 35 Collectively evaluated for impairment 684 86 18 650 185 34 1,657 Ending balance $ 705 $ 86 $ 18 $ 650 $ 199 $ 34 $ 1,692 Recorded Investment in Loans as Evaluated for Impairment: Individually evaluated for impairment $ 490 $ — $ — $ 125 $ 279 $ — $ 894 Collectively evaluated for impairment 64,448 8,261 7,834 48,541 14,408 2,122 145,614 Ending balance $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 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 (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 Impairments: 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
Schedule of impaired loans	The following table summarizes the Company’s impaired loans as of and for the year ended December 31, 2022. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for the year ended December 31, 2022. 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 $ 762 $ 820 $ — $ 783 $ 1 Commercial real estate 60 60 — 83 4 Commercial business — — — — — Consumer — — — 2 — $ 822 $ 880 $ — $ 868 $ 5 Loans with an allowance recorded: One-to-four family residential $ 267 $ 274 $ 21 $ 259 $ 12 Commercial real estate 66 68 — 67 3 Commercial business 279 279 14 307 16 Consumer — — — — — $ 612 $ 621 $ 35 $ 633 $ 31 Total: One-to-four family residential $ 1,029 $ 1,094 $ 21 $ 1,042 $ 13 Commercial real estate 126 128 — 150 7 Commercial business 279 279 14 307 16 Consumer — — — 2 — $ 1,434 $ 1,501 $ 35 $ 1,501 $ 36 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
Schedule of recorded investment in nonperforming loans	Loans 90+ Days Total Nonaccrual Past Due Nonperforming Loans Still Accruing Loans (In thousands) December 31, 2022: One-to-four family residential $ 732 $ — $ 732 Commercial real estate — — — Consumer — — — Total $ 732 $ — $ 732 December 31, 2021: One-to-four family residential $ 735 $ — $ 735 Commercial real estate 15 — 15 Consumer 3 — 3 Total $ 753 $ — $ 753
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, 2022 (In thousands) One-to-four family residential $ 667 $ 152 $ 127 $ 946 $ 63,992 $ 64,938 Multi-family residential — — — — 8,261 8,261 Construction — — — — 7,834 7,834 Commercial real estate 444 — — 444 48,222 48,666 Commercial business 11 — — 11 14,676 14,687 Consumer — — — — 2,122 2,122 Total $ 1,122 $ 152 $ 127 $ 1,401 $ 145,107 $ 146,508 December 31, 2021 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
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, 2022 (In thousands) Pass $ 64,206 $ 8,261 $ 7,834 $ 45,256 $ 14,687 $ 2,122 $ 142,366 Special mention — — — 3,410 — — 3,410 Substandard 732 — — — — — 732 Doubtful — — — — — — — Loss — — — — — — — Total $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 December 31, 2021 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
Schedule of TDRs by accrual status	Related Allowance for Accruing Nonaccrual Total Loan Losses December 31, 2022 (In thousands) One-to-four family residential $ 298 $ 85 $ 383 $ 21 Commercial real estate 125 — 125 — Commercial business 279 — 279 14 Total $ 702 $ 85 $ 787 $ 35 December 31, 2021 One-to-four family residential $ 306 $ 101 $ 407 $ 21 Commercial real estate 155 — 155 — Commercial business 328 — 328 19 Total $ 789 $ 101 $ 890 $ 40
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

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
PREMISES AND EQUIPMENT (Tables)	Dec. 31, 2022
PREMISES AND EQUIPMENT
Schedule of premises and equipment	2022 2021 (In thousands) Land and land improvements $ 517 $ 507 Office buildings and leasehold improvements 2,373 2,371 Furniture, fixtures and equipment 1,441 1,249 4,331 4,127 Less accumulated depreciation 2,181 2,175 Total premises and equipment, net of accumulated depreciation $ 2,150 $ 1,952

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
DEPOSITS (Tables)	Dec. 31, 2022
DEPOSITS
Schedule of maturities of time deposits	( In thousands) 2023 $ 33,032 2024 15,989 2025 4,440 2026 3,864 2027 1,467 Thereafter — Total $ 58,792
Schedule of interest expense on deposits	(In thousands) 2022 2021 Savings and interest-bearing demand deposits $ 138 $ 118 Time deposits 411 360 Total $ 549 $ 478

ADVANCES FROM FEDERAL HOME LO_2

ADVANCES FROM FEDERAL HOME LOAN BANK (Tables)	12 Months Ended
ADVANCES FROM FEDERAL HOME LOAN BANK (Tables)	Dec. 31, 2022
Advances from Federal Home Loan Bank
Schedule of federal home loan bank	2022 2021 (Dollars in thousands) Outstanding at period-end $ 29,000 $ — Average amount outstanding 17,183 — Maximum amount outstanding at any month-end 32,500 — Weighted average interest rate: During period 2.79 % — % End of period 4.21 % — % 2022 2021 (Dollars in thousands) Outstanding at period-end $ — $ — Average amount outstanding 202 — Maximum amount outstanding at any month-end 3,566 — Weighted average interest rate: During period 2.45 % — % End of period — % — %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2022
INCOME TAXES
Schedule of components of income tax expense	(In thousands) 2022 2021 Current $ 45 $ 77 Deferred 46 (10) Total $ 91 $ 67
Schedule of reconciliation of income tax expense	(In thousands) 2022 2021 Provisions at federal statutory rate $ 414 $ 352 State income tax-net of federal tax benefit 36 33 Municipal interest income (353) (322) Bank-owned life insurance income (20) (13) Other 14 17 Total $ 91 $ 67 Effective tax rate 4.6 % 4.0 %
Schedule of deferred tax assets and liabilities	(In thousands) 2022 2021 Deferred tax assets (liabilities): Director deferred compensation plan $ 23 $ 31 Allowance for loan losses 409 369 Valuation allowance - real estate held for sale — 105 Nonaccrual loan interest income 49 53 Equity incentive plans 32 22 Employee stock ownership plan 30 25 Unrealized loss on securities available for sale 3,586 — Net deferred loan costs 32 15 Net operating loss carryover 64 8 Total deferred tax assets 4,225 628 Depreciation (117) (74) FHLB stock dividends (18) (18) Prepaid expenses (25) (11) Unrealized gain on securities available for sale — (694) Total deferred tax liabilities (160) (797) Net deferred tax asset (liability) $ 4,065 $ (169)

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
Schedule of common stock held by the ESOP trust	2022 2021 Allocated shares 52,430 39,847 Unallocated shares 152,359 164,942 Total ESOP shares 204,789 204,789 Fair value of unallocated shares $ 1,982,000 $ 2,474,000

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
STOCK-BASED COMPENSATION PLANS (Tables)	Dec. 31, 2022
STOCK-BASED COMPENSATION PLANS
Schedule of significant assumptions used to estimate the fair value of stock options granted	2022 2021 Expected volatility 29.9 % 31.5 % Expected term (in years) 7.5 7.5 Expected dividends 1.79 % 1.02 % Risk-free rate 3.77 % 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 98,584 $ 13.42 Granted 16,000 13.00 Exercised (8,103) 12.90 Forfeited or expired (16,844) 13.53 Outstanding at end of period 89,637 $ 13.38 7.6 $ 2,000 Vested and expected to vest 89,637 $ 13.38 7.6 $ 2,000 Exercisable at end of period 60,438 $ 13.37 7.2 $ 1,000
Schedule of nonvested restricted shares activity	Weighted Average Number of Grant-Date Shares Fair Value Nonvested at beginning of year 32,578 $ 14.53 Granted 15,219 13.00 Vested (14,508) 14.00 Forfeited (450) 14.74 Nonvested at end of period 32,839 $ 14.05

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Schedule of summary of the commitments to extend credit	(In thousands) 2022 2021 Loan commitments: Fixed rate $ 539 $ 1,874 Adjustable rate 1,020 961 Undisbursed commercial and personal lines of credit 9,915 15,770 Undisbursed portion of commercial construction loans 4,731 1,964 Undisbursed portion of residential construction loans 900 2,693 Total commitments to extend credit $ 17,105 $ 23,262

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
REGULATORY MATTERS (Tables)	Dec. 31, 2022
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, 2022: Community Bank Leverage Ratio $ 42,620 15.4 % N/A N/A $ 24,944 9.00 % As of December 31, 2021: Community Bank Leverage Ratio $ 41,264 16.3 % N/A N/A $ 21,520 8.50 %

DISCLOSURES ABOUT FAIR VALUE _2

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 Financial assets: Cash and cash equivalents $ 5,684 $ 5,684 $ — $ — Securities available for sale 105,351 — 105,351 — Securities held to maturity 17 — 17 — Loans, net 144,379 — — 138,744 FHLB stock 1,778 N/A N/A N/A Accrued interest receivable 1,323 — 1,323 — Financial liabilities: Noninterest-bearing deposits 28,232 28,232 — — Interest-bearing deposits 177,832 — — 175,969 Advance from FHLB 29,000 — 29,000 — Accrued interest payable 12 — 12 — 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 —

SUPPLEMENTAL DISCLOSURE FOR E_2

SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE (Tables)	12 Months Ended
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE (Tables)	Dec. 31, 2022
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE
Schedule of supplemental disclosure for earnings per share	(Dollars in thousands, except per share data) 2022 2021 Basic Earnings: Net income $ 1,881 $ 1,608 Shares: Weighted average common shares outstanding 2,725,980 2,906,728 Net income per common share, basic $ 0.69 $ 0.55 Diluted Earnings: Net income $ 1,881 $ 1,608 Shares: Weighted average common shares outstanding 2,725,980 2,906,728 Add: Dilutive effect of stock options 703 4,009 Add: Dilutive effect of restricted stock 4,056 5,924 Weighted average common shares outstanding, as adjusted 2,730,739 2,916,661 Net income per common share, diluted $ 0.69 $ 0.55

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Dec. 31, 2022
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, 2022 Assets Measured on a Recurring Basis Securities available for sale: Agency MBS $ — $ 11,389 $ — $ 11,389 Agency CMO — 18,994 — 18,994 U.S. Treasury securities — 9,439 — 9,439 U.S. Government agency obligations — 1,813 — 1,813 Municipal obligations — 63,716 — 63,716 Total securities available for sale $ — $ 105,351 $ — $ 105,351 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

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	12 Months Ended
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	Dec. 31, 2022
REVENUE FROM CONTRACTS WITH CUSTOMERS
Summary of revenue from contracts with customers	2022 2021 (In thousands) Service charges on deposit accounts $ 377 $ 295 Brokered loan fees 155 265 ATM transaction and point-of-sale interchange fees 573 552 Other income 14 17 Revenue from contracts with customers 1,119 1,129 Increase in cash surrender value of life insurance 58 62 Gain on life insurance 36 — Other income 35 29 Other noninterest income 129 91 Total noninterest income $ 1,248 $ 1,220

PARENT COMPANY CONDENSED FINA_2

PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)	12 Months Ended
PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)	Dec. 31, 2022
PARENT COMPANY CONDENSED FINANCIAL INFORMATION
Schedule of condensed balance sheet	BALANCE SHEETS (In thousands) As of December 31, 2022 2021 ASSETS Cash and cash equivalents $ 1,066 $ 3,063 Other assets 532 137 Investment in subsidiaries 31,789 43,360 $ 33,387 $ 46,560 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 65 $ 31 Stockholders’ equity 33,322 46,529 $ 33,387 $ 46,560
Schedule of condensed income statement	STATEMENTS OF INCOME (In thousands) Year Ended December 31, 2022 2021 Dividends from bank subsidiary $ 1,422 $ 379 Total income 1,422 379 Other operating expenses 597 576 Income (loss) before income taxes and equity in undistributed net income of subsidiaries 825 (197) Income tax benefit (142) (138) Income (loss) before equity in undistributed net income of subsidiaries 967 (59) Equity in undistributed net income of subsidiaries 914 1,667 Net Income $ 1,881 $ 1,608
Schedule of condensed cash flow statement	STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,881 $ 1,608 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net income of subsidiaries (914) (1,667) Net change in other assets and liabilities (362) 13 Net Cash Provided By (Used In) Operating Activities 605 (46) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common stock 104 7 Purchase of treasury stock (2,214) (3,017) Cash dividends paid (492) (380) Net Cash Used In Financing Activities (2,602) (3,390) Net Decrease in Cash and Cash Equivalents (1,997) (3,436) Cash and cash equivalents at beginning of year 3,063 6,499 Cash and Cash Equivalents at End of Year $ 1,066 $ 3,063

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2022
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Schedule of selected quarterly financial information	First Second Third Fourth Quarter Quarter Quarter Quarter Total 2022 (In thousands, except per share data) Interest income $ 1,883 $ 2,153 $ 2,294 $ 2,487 $ 8,817 Interest expense 150 173 294 501 1,118 Net interest income 1,733 1,980 2,000 1,986 7,699 Provision for loan losses — 50 85 — 135 Net interest income after provision for loan losses 1,733 1,930 1,915 1,986 7,564 Noninterest income 285 364 295 304 1,248 Noninterest expense 1,517 1,744 1,667 1,912 6,840 Income before income taxes 501 550 543 378 1,972 Income tax expense 34 24 31 2 91 Net income $ 467 $ 526 $ 512 $ 376 $ 1,881 Earnings per common share Basic $ 0.17 $ 0.19 $ 0.19 $ 0.14 $ 0.69 Diluted $ 0.17 $ 0.19 $ 0.19 $ 0.14 $ 0.69 2021 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

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Appraisals or valuations obtained above threshold amount	$ 100,000
Aggregate recorded investment	1,434,000	$ 1,542,000
Aggregate unpaid principal balance	1,501,000	$ 1,628,000
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated increase of allowance for credit losses and off-balance sheet reserve at the time of adoption	750,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated increase of allowance for credit losses and off-balance sheet reserve at the time of adoption	$ 350,000

INVESTMENT SECURITIES - Availab

INVESTMENT SECURITIES - Available of sale (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Securities available for sale:
Amortized Cost	$ 119,768	$ 104,503
Gross Unrealized Gains	36	3,412
Gross Unrealized Losses	14,453	622
Fair Value	105,351	107,293
Agency MBS
Securities available for sale:
Amortized Cost	13,257	11,941
Gross Unrealized Gains		47
Gross Unrealized Losses	1,868	135
Fair Value	11,389	11,853
Agency CMO
Securities available for sale:
Amortized Cost	21,233	24,196
Gross Unrealized Gains	18	47
Gross Unrealized Losses	2,257	465
Fair Value	18,994	23,778
MBS and CMO
Securities available for sale:
Amortized Cost	34,490	36,137
Gross Unrealized Gains	18	94
Gross Unrealized Losses	4,125	600
Fair Value	30,383	35,631
Other debt securities
Securities available for sale:
Amortized Cost	85,278
Gross Unrealized Gains	18
Gross Unrealized Losses	10,328
Fair Value	74,968
U.S. Treasury securities
Securities available for sale:
Amortized Cost	9,840
Gross Unrealized Losses	401
Fair Value	9,439
U.S. Government agency obligations
Securities available for sale:
Amortized Cost	1,996
Gross Unrealized Losses	183
Fair Value	1,813
Municipal obligations
Securities available for sale:
Amortized Cost	73,442	68,366
Gross Unrealized Gains	18	3,318
Gross Unrealized Losses	9,744	22
Fair Value	$ 63,716	$ 71,662

INVESTMENT SECURITIES - Held to

INVESTMENT SECURITIES - Held to maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Securities held to maturity:
Amortized Cost	$ 17	$ 21
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	17	21
Agency MBS
Securities held to maturity:
Amortized Cost	17	21
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 17	$ 21

INVESTMENT SECURITIES - Amortiz

INVESTMENT SECURITIES - Amortized cost and fair value of debt securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available for Sale Amortized Cost
Due in one year or less, Amortized Cost	$ 2,272
Due after one year through five years, Amortized Cost	14,717
Due after five years through ten years, Amortized Cost	5,624
Due after ten years, Amortized Cost	62,665
Available for Sale, Amortized Cost	85,278
Amortized Cost	119,768	$ 104,503
Available for Sale Fair Value
Due in one year or less, Fair Value	2,240
Due after one year through five years, Fair Value	14,062
Due after five years through ten years, Fair Value	5,292
Due after ten years, Fair Value	53,374
Available for Sale, Fair value	74,968
Fair Value	105,351	107,293
MBS and CMO
Available for Sale Amortized Cost
Amortized Cost	34,490	36,137
Available for Sale Fair Value
Fair Value	$ 30,383	$ 35,631

INVESTMENT SECURITIES - Contrac

INVESTMENT SECURITIES - Contractual maturity of held to maturity securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
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	17	$ 21
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	17	$ 21
MBS and CMO
Held to Maturity, Amortized Cost
Amortized Cost	17
Held to Maturity, Fair Value
Fair Value	$ 17

INVESTMENT SECURITIES - Investm

INVESTMENT SECURITIES - Investment securities available for sale with gross unrealized loss (Details) $ in Thousands	Dec. 31, 2022 USD ($) position	Dec. 31, 2021 USD ($) position
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	112	11
Continuous loss position less than 12 months: Fair Value	$ 67,135	$ 15,208
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 7,656	$ 181
Continuous loss position more than 12 months: Number of Investment Positions \| position	42	9
Continuous loss position more than 12 months: Fair Value	$ 32,632	$ 13,432
Continuous loss position more than 12 months: Gross Unrealized Losses	$ 6,797	$ 441
Total securities available for sale: Number of Investment Positions \| position	154	20
Total securities available for sale: Fair Value	$ 99,767	$ 28,640
Total securities available for sale: Gross Unrealized Losses	$ 14,453	$ 622
U.S. Treasury securities
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	6
Continuous loss position less than 12 months: Fair Value	$ 9,439
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 401
Agency MBS
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	8	4
Continuous loss position less than 12 months: Fair Value	$ 4,701	$ 7,964
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 559	$ 113
Continuous loss position more than 12 months: Number of Investment Positions \| position	5	1
Continuous loss position more than 12 months: Fair Value	$ 6,687	$ 879
Continuous loss position more than 12 months: Gross Unrealized Losses	$ 1,309	$ 22
Agency CMO
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	8	4
Continuous loss position less than 12 months: Fair Value	$ 4,212	$ 4,792
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 204	$ 46
Continuous loss position more than 12 months: Number of Investment Positions \| position	12	8
Continuous loss position more than 12 months: Fair Value	$ 13,357	$ 12,553
Continuous loss position more than 12 months: Gross Unrealized Losses	$ 2,053	$ 419
U.S. Government agency obligations
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	1
Continuous loss position less than 12 months: Fair Value	$ 1,812
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 183
Municipal obligations
Securities available for sale:
Continuous loss position less than 12 months: Number of Investment Positions \| position	89	3
Continuous loss position less than 12 months: Fair Value	$ 46,971	$ 2,452
Continuous loss position less than 12 months: Gross Unrealized Losses	$ 6,309	$ 22
Continuous loss position more than 12 months: Number of Investment Positions \| position	25
Continuous loss position more than 12 months: Fair Value	$ 12,588
Continuous loss position more than 12 months: Gross Unrealized Losses	$ 3,435

INVESTMENT SECURITIES - Additio

INVESTMENT SECURITIES - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
INVESTMENT SECURITIES
Percentage of deprecation in loss position for available-for-sale debt securities from amortized cost basis	94.70%	26.70%
Debt securities held to maturity with unrealized loss	$ 0	$ 0

LOANS AND ALLOWANCE FOR LOAN _3

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Allowance for Loan Losses
Loans	$ 146,207	$ 124,155
Deferred loan origination fees and costs, net	(136)	(64)
Allowance for loan losses	(1,692)	(1,523)	$ (1,589)
Financing Receivable, after Allowance for Credit Loss, Total	144,379	122,568
Construction
Loans and Allowance for Loan Losses
Loans	7,847	3,038
Deferred loan origination fees and costs, net	(32)	(13)
Allowance for loan losses	(18)	(25)	(55)
Residential real estate \| One-to-four family residential
Loans and Allowance for Loan Losses
Loans	64,747	64,098
Deferred loan origination fees and costs, net	13	7
Allowance for loan losses	(705)	(873)	(992)
Residential real estate \| Multi-family residential
Loans and Allowance for Loan Losses
Loans	8,271	9,385
Deferred loan origination fees and costs, net	(24)	(24)
Allowance for loan losses	(86)	(102)	(98)
Residential real estate \| Construction
Loans and Allowance for Loan Losses
Loans	1,156	1,406
Commercial real estate
Loans and Allowance for Loan Losses
Loans	48,590	36,678
Deferred loan origination fees and costs, net	(106)	(52)
Allowance for loan losses	(650)	(363)	(306)
Commercial real estate \| Construction
Loans and Allowance for Loan Losses
Loans	6,691	1,632
Commercial business
Loans and Allowance for Loan Losses
Loans	14,675	8,804
Deferred loan origination fees and costs, net	(24)	(27)
Allowance for loan losses	(199)	(127)	(113)
Consumer
Loans and Allowance for Loan Losses
Loans	2,077	2,152
Deferred loan origination fees and costs, net	37	45
Allowance for loan losses	$ (34)	$ (33)	$ (25)

LOANS AND ALLOWANCE FOR LOAN _4

LOANS AND ALLOWANCE FOR LOAN LOSSES - Activity for related party loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loans and Leases Receivable, Related Parties [Roll Forward]
Beginning Balance	$ 386	$ 1,459
Payments	(16)	(1,073)
Ending Balance	$ 370	$ 386

LOANS AND ALLOWANCE FOR LOAN _5

LOANS AND ALLOWANCE FOR LOAN LOSSES - Components of Company's recorded investment in loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Recorded Investment in Loans:
Principal loan balance	$ 146,207	$ 124,155
Accrued interest receivable	437	296
Deferred loan origination fees and costs, net	(136)	(64)
Recorded investment in loans	146,508	124,387
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	894	1,542
Collectively evaluated for impairment	145,614	122,845
Total Loans	146,508	124,387
Construction
Recorded Investment in Loans:
Principal loan balance	7,847	3,038
Accrued interest receivable	19	7
Deferred loan origination fees and costs, net	(32)	(13)
Recorded investment in loans	7,834	3,032
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	7,834	3,032
Total Loans	7,834	3,032
Residential real estate \| One-to-four family residential
Recorded Investment in Loans:
Principal loan balance	64,747	64,098
Accrued interest receivable	178	158
Deferred loan origination fees and costs, net	13	7
Recorded investment in loans	64,938	64,263
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	490	1,041
Collectively evaluated for impairment	64,448	63,222
Total Loans	64,938	64,263
Residential real estate \| Multi-family residential
Recorded Investment in Loans:
Principal loan balance	8,271	9,385
Accrued interest receivable	14	11
Deferred loan origination fees and costs, net	(24)	(24)
Recorded investment in loans	8,261	9,372
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	8,261	9,372
Total Loans	8,261	9,372
Residential real estate \| Construction
Recorded Investment in Loans:
Principal loan balance	1,156	1,406
Commercial real estate
Recorded Investment in Loans:
Principal loan balance	48,590	36,678
Accrued interest receivable	182	76
Deferred loan origination fees and costs, net	(106)	(52)
Recorded investment in loans	48,666	36,702
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	125	170
Collectively evaluated for impairment	48,541	36,532
Total Loans	48,666	36,702
Commercial real estate \| Construction
Recorded Investment in Loans:
Principal loan balance	6,691	1,632
Commercial business
Recorded Investment in Loans:
Principal loan balance	14,675	8,804
Accrued interest receivable	36	38
Deferred loan origination fees and costs, net	(24)	(27)
Recorded investment in loans	14,687	8,815
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	279	328
Collectively evaluated for impairment	14,408	8,487
Total Loans	14,687	8,815
Consumer
Recorded Investment in Loans:
Principal loan balance	2,077	2,152
Accrued interest receivable	8	6
Deferred loan origination fees and costs, net	37	45
Recorded investment in loans	2,122	2,203
Recorded Investment in Loans as Evaluated for Impairment:
Individually evaluated for impairment	0	3
Collectively evaluated for impairment	2,122	2,200
Total Loans	$ 2,122	$ 2,203

LOANS AND ALLOWANCE FOR LOAN _6

LOANS AND ALLOWANCE FOR LOAN LOSSES - Analysis of allowance for loan losses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Allowance for Loan Losses
Individually evaluated for impairment	$ 35	$ 40
Collectively evaluated for impairment	1,657	1,483
Ending balance	1,692	1,523	$ 1,589
Construction
Loans and Allowance for Loan Losses
Individually evaluated for impairment		0
Collectively evaluated for impairment	18	25
Ending balance	18	25	55
Residential real estate \| One-to-four family residential
Loans and Allowance for Loan Losses
Individually evaluated for impairment	21	21
Collectively evaluated for impairment	684	852
Ending balance	705	873	992
Residential real estate \| Multi-family residential
Loans and Allowance for Loan Losses
Individually evaluated for impairment		0
Collectively evaluated for impairment	86	102
Ending balance	86	102	98
Commercial real estate
Loans and Allowance for Loan Losses
Individually evaluated for impairment		0
Collectively evaluated for impairment	650	363
Ending balance	650	363	306
Commercial business
Loans and Allowance for Loan Losses
Individually evaluated for impairment	14	19
Collectively evaluated for impairment	185	108
Ending balance	199	127	113
Consumer
Loans and Allowance for Loan Losses
Individually evaluated for impairment		0
Collectively evaluated for impairment	34	33
Ending balance	$ 34	$ 33	$ 25

LOANS AND ALLOWANCE FOR LOAN _7

LOANS AND ALLOWANCE FOR LOAN LOSSES - Analysis of the changes in the allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended						12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Allowance for Loan Losses:
Beginning balance						$ 1,589	$ 1,523	$ 1,589
Provision for loan losses	$ 85	$ 50	$ (120)	$ 0	$ 0	0	135	(120)
Charge-offs							(22)	(40)
Recoveries							56	94
Ending balance			1,523				1,692	1,523
Construction
Allowance for Loan Losses:
Beginning balance						55	25	55
Provision for loan losses							(7)	(30)
Charge-offs							0	0
Recoveries							0	0
Ending balance			25				18	25
Residential real estate \| One-to-four family residential
Allowance for Loan Losses:
Beginning balance						992	873	992
Provision for loan losses							(216)	(159)
Charge-offs							(3)	(6)
Recoveries							51	46
Ending balance			873				705	873
Residential real estate \| Multi-family residential
Allowance for Loan Losses:
Beginning balance						98	102	98
Provision for loan losses							(16)	4
Charge-offs							0	0
Recoveries							0	0
Ending balance			102				86	102
Commercial real estate
Allowance for Loan Losses:
Beginning balance						306	363	306
Provision for loan losses							287	57
Charge-offs							0	0
Recoveries							0	0
Ending balance			363				650	363
Commercial business
Allowance for Loan Losses:
Beginning balance						113	127	113
Provision for loan losses							72	(7)
Charge-offs							0	(21)
Recoveries							0	42
Ending balance			127				199	127
Consumer
Allowance for Loan Losses:
Beginning balance						$ 25	33	25
Provision for loan losses							15	15
Charge-offs							(19)	(13)
Recoveries							5	6
Ending balance			$ 33				$ 34	$ 33

LOANS AND ALLOWANCE FOR LOAN _8

LOANS AND ALLOWANCE FOR LOAN LOSSES - Impaired loans using the cash receipts method of accounting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loans with no related allowance recorded:
Recorded Investment	$ 822	$ 927
Unpaid Principal Balance	880	1,010
Average Recorded Investment	868	1,045
Interest Income Recognized	5	6
Loans with an allowance recorded:
Recorded Investment	612	615
Unpaid Principal Balance	621	618
Related Allowance	35	40
Average Recorded Investment	633	710
Interest Income Recognized	31	34
Total Recorded Investment	1,434	1,542
Total Unpaid Principal Balance	1,501	1,628
Total Related Allowance	35	40
Total Average Recorded Investment	1,501	1,755
Total Interest Income Recognized	36	40
Residential real estate \| One-to-four family residential
Loans with no related allowance recorded:
Recorded Investment	762	822
Unpaid Principal Balance	820	905
Average Recorded Investment	783	936
Interest Income Recognized	1	2
Loans with an allowance recorded:
Recorded Investment	267	219
Unpaid Principal Balance	274	218
Related Allowance	21	21
Average Recorded Investment	259	226
Interest Income Recognized	12	9
Total Recorded Investment	1,029	1,041
Total Unpaid Principal Balance	1,094	1,123
Total Related Allowance	21	21
Total Average Recorded Investment	1,042	1,162
Total Interest Income Recognized	13	11
Commercial real estate
Loans with no related allowance recorded:
Recorded Investment	60	102
Unpaid Principal Balance	60	102
Average Recorded Investment	83	104
Interest Income Recognized	4	4
Loans with an allowance recorded:
Recorded Investment	66	68
Unpaid Principal Balance	68	72
Average Recorded Investment	67	136
Interest Income Recognized	3	6
Total Recorded Investment	126	170
Total Unpaid Principal Balance	128	174
Total Average Recorded Investment	150	240
Total Interest Income Recognized	7	10
Commercial business
Loans with no related allowance recorded:
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Average Recorded Investment	0	4
Interest Income Recognized	0	0
Loans with an allowance recorded:
Recorded Investment	279	328
Unpaid Principal Balance	279	328
Related Allowance	14	19
Average Recorded Investment	307	348
Interest Income Recognized	16	19
Total Recorded Investment	279	328
Total Unpaid Principal Balance	279	328
Total Related Allowance	14	19
Total Average Recorded Investment	307	352
Total Interest Income Recognized	16	19
Consumer
Loans with no related allowance recorded:
Recorded Investment	0	3
Unpaid Principal Balance	0	3
Average Recorded Investment	2	1
Interest Income Recognized	0	0
Loans with an allowance recorded:
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Average Recorded Investment	0	0
Interest Income Recognized	0	0
Total Recorded Investment	0	3
Total Unpaid Principal Balance	0	3
Total Average Recorded Investment	2	1
Total Interest Income Recognized	$ 0	$ 0

LOANS AND ALLOWANCE FOR LOAN _9

LOANS AND ALLOWANCE FOR LOAN LOSSES - Nonperforming loans of nonaccrual loans and loans over 90 days past due recorded investment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans and Allowance for Loan Losses
Nonaccrual Loans	$ 732	$ 753
Total Nonperforming Loans	732	753
Residential real estate \| One-to-four family residential
Loans and Allowance for Loan Losses
Nonaccrual Loans	732	735
Loans 90+ Days Past Due Still Accruing		0
Total Nonperforming Loans	$ 732	735
Commercial real estate
Loans and Allowance for Loan Losses
Nonaccrual Loans		15
Loans 90+ Days Past Due Still Accruing		0
Total Nonperforming Loans		15
Consumer
Loans and Allowance for Loan Losses
Nonaccrual Loans		3
Total Nonperforming Loans		$ 3

LOANS AND ALLOWANCE FOR LOAN_10

LOANS AND ALLOWANCE FOR LOAN LOSSES - Aging of recorded investment in loans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans and Allowance for Loan Losses
Loans	$ 146,207	$ 124,155
Total Loans	146,508	124,387
Total past due
Loans and Allowance for Loan Losses
Loans	1,401	1,304
30-59 Days Past Due
Loans and Allowance for Loan Losses
Loans	1,122	996
60-89 Days Past Due
Loans and Allowance for Loan Losses
Loans	152	248
Over 90 Days Past Due
Loans and Allowance for Loan Losses
Loans	127	60
Current
Loans and Allowance for Loan Losses
Loans	145,107	123,083
Construction
Loans and Allowance for Loan Losses
Loans	7,847	3,038
Total Loans	7,834	3,032
Construction \| Total past due
Loans and Allowance for Loan Losses
Loans	0	0
Construction \| 30-59 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Construction \| 60-89 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Construction \| Over 90 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Construction \| Current
Loans and Allowance for Loan Losses
Loans	7,834	3,032
Residential real estate \| One-to-four family residential
Loans and Allowance for Loan Losses
Loans	64,747	64,098
Total Loans	64,938	64,263
Residential real estate \| One-to-four family residential \| Total past due
Loans and Allowance for Loan Losses
Loans	946	850
Residential real estate \| One-to-four family residential \| 30-59 Days Past Due
Loans and Allowance for Loan Losses
Loans	667	545
Residential real estate \| One-to-four family residential \| 60-89 Days Past Due
Loans and Allowance for Loan Losses
Loans	152	248
Residential real estate \| One-to-four family residential \| Over 90 Days Past Due
Loans and Allowance for Loan Losses
Loans	127	57
Residential real estate \| One-to-four family residential \| Current
Loans and Allowance for Loan Losses
Loans	63,992	63,413
Residential real estate \| Multi-family residential
Loans and Allowance for Loan Losses
Loans	8,271	9,385
Total Loans	8,261	9,372
Residential real estate \| Multi-family residential \| Total past due
Loans and Allowance for Loan Losses
Loans	0	0
Residential real estate \| Multi-family residential \| 30-59 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Residential real estate \| Multi-family residential \| 60-89 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Residential real estate \| Multi-family residential \| Over 90 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Residential real estate \| Multi-family residential \| Current
Loans and Allowance for Loan Losses
Loans	8,261	9,372
Residential real estate \| Construction
Loans and Allowance for Loan Losses
Loans	1,156	1,406
Commercial real estate
Loans and Allowance for Loan Losses
Loans	48,590	36,678
Total Loans	48,666	36,702
Commercial real estate \| Total past due
Loans and Allowance for Loan Losses
Loans	444	451
Commercial real estate \| 30-59 Days Past Due
Loans and Allowance for Loan Losses
Loans	444	451
Commercial real estate \| 60-89 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Commercial real estate \| Over 90 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Commercial real estate \| Current
Loans and Allowance for Loan Losses
Loans	48,222	36,251
Commercial real estate \| Construction
Loans and Allowance for Loan Losses
Loans	6,691	1,632
Commercial business
Loans and Allowance for Loan Losses
Loans	14,675	8,804
Total Loans	14,687	8,815
Commercial business \| Total past due
Loans and Allowance for Loan Losses
Loans	11	0
Commercial business \| 30-59 Days Past Due
Loans and Allowance for Loan Losses
Loans	11	0
Commercial business \| 60-89 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Commercial business \| Over 90 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Commercial business \| Current
Loans and Allowance for Loan Losses
Loans	14,676	8,815
Consumer
Loans and Allowance for Loan Losses
Loans	2,077	2,152
Total Loans	2,122	2,203
Consumer \| Total past due
Loans and Allowance for Loan Losses
Loans	0	3
Consumer \| 30-59 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Consumer \| 60-89 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	0
Consumer \| Over 90 Days Past Due
Loans and Allowance for Loan Losses
Loans	0	3
Consumer \| Current
Loans and Allowance for Loan Losses
Loans	$ 2,122	$ 2,200

LOANS AND ALLOWANCE FOR LOAN_11

LOANS AND ALLOWANCE FOR LOAN LOSSES - Recorded investment in loans by risk category (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	$ 146,508	$ 124,387
Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	142,366	123,411
Special mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	3,410	87
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	732	889
Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	7,834	3,032
Construction \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	7,834	3,032
Construction \| Special mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Construction \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Construction \| Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Construction \| Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Residential real estate \| One-to-four family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	64,938	64,263
Residential real estate \| One-to-four family residential \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	64,206	63,399
Residential real estate \| One-to-four family residential \| Special mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Residential real estate \| One-to-four family residential \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	732	864
Residential real estate \| One-to-four family residential \| Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Residential real estate \| One-to-four family residential \| Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Residential real estate \| Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	8,261	9,372
Residential real estate \| Multi-family residential \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	8,261	9,372
Residential real estate \| Multi-family residential \| Special mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Residential real estate \| Multi-family residential \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Residential real estate \| Multi-family residential \| Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Residential real estate \| Multi-family residential \| Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	48,666	36,702
Commercial real estate \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	45,256	36,593
Commercial real estate \| Special mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	3,410	87
Commercial real estate \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	22
Commercial real estate \| Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Commercial real estate \| Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Commercial business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	14,687	8,815
Commercial business \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	14,687	8,815
Commercial business \| Special mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Commercial business \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Commercial business \| Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Commercial business \| Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	2,122	2,203
Consumer \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	2,122	2,200
Consumer \| Special mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Consumer \| Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	3
Consumer \| Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Consumer \| Loss
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	$ 0	$ 0

LOANS AND ALLOWANCE FOR LOAN_12

LOANS AND ALLOWANCE FOR LOAN LOSSES - Troubled Debt Restructuring by accrual status (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans and Allowance for Loan Losses
Accruing	$ 702	$ 789
Nonaccrual	85	101
Total	787	890
Related Allowance for Loan Losses	35	40
Residential real estate \| One-to-four family residential
Loans and Allowance for Loan Losses
Accruing	298	306
Nonaccrual	85	101
Total	383	407
Related Allowance for Loan Losses	21	21
Commercial real estate
Loans and Allowance for Loan Losses
Accruing	125	155
Total	125	155
Commercial business
Loans and Allowance for Loan Losses
Accruing	279	328
Total	279	328
Related Allowance for Loan Losses	$ 14	$ 19

LOANS AND ALLOWANCE FOR LOAN_13

LOANS AND ALLOWANCE FOR LOAN LOSSES - Troubled Debt Restructuring that were restructured (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) contract
Loans and Allowance for Loan Losses
Number of Contracts \| contract	1
Pre-Modification Outstanding Balance	$ 49
Post-Modification Outstanding Balance	$ 48
Residential real estate \| One-to-four family residential
Loans and Allowance for Loan Losses
Number of Contracts \| contract	1
Pre-Modification Outstanding Balance	$ 49
Post-Modification Outstanding Balance	$ 48

LOANS AND ALLOWANCE FOR LOAN_14

LOANS AND ALLOWANCE FOR LOAN LOSSES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of allowance for loan losses of $1,692 and $1,523, respectively	$ 144,379,000	$ 122,568,000
Commitments to lend additional funds to debtors	$ 0	$ 0
Number of contracts in default \| loan	0	0
Allowance for loan losses	$ 1,692,000	$ 1,523,000	$ 1,589,000
Allowance for credit loss	0	0
Loans charged-off		6,000
Outstanding principal	0
Residential Mortgage \| Asset Pledged as Collateral [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of allowance for loan losses of $1,692 and $1,523, respectively	$ 60,900,000	$ 61,100,000

FORECLOSED REAL ESTATE (Details

FORECLOSED REAL ESTATE (Details) - USD ($)	12 Months Ended
FORECLOSED REAL ESTATE (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
FORECLOSED REAL ESTATE
Foreclosed real estate	$ 0	$ 0
Foreclosure in process	116,000	19,000
Net loss or gain on foreclosed real estate	$ 0	$ 0

REAL ESTATE HELD FOR SALE (Deta

REAL ESTATE HELD FOR SALE (Details) - USD ($)	1 Months Ended	12 Months Ended
REAL ESTATE HELD FOR SALE (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
REAL ESTATE HELD FOR SALE
Proceeds from the sale of real estate held for sale	$ 62,000	$ 62,000
Loss on sale of real estate held for sale	$ 37,000	37,000
Impairment loss on real estate held for sale		$ 0	$ 0
Real estate held for sale			$ 99,000

PREMISES AND EQUIPMENT (Details

PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 4,331	$ 4,127
Less accumulated depreciation	2,181	2,175
Total premises and equipment, net of accumulated depreciation	2,150	1,952
Land and land improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	517	507
Office buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	2,373	2,371
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 1,441	$ 1,249

DEPOSITS (Details)

DEPOSITS (Details) $ in Thousands	Dec. 31, 2022 USD ($)
DEPOSITS
2023	$ 33,032
2024	15,989
2025	4,440
2026	3,864
2027	1,467
Time deposits	$ 58,792

DEPOSITS - Summary of Interest

DEPOSITS - Summary of Interest expense on deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
DEPOSITS
Savings and interest-bearing demand deposits	$ 138	$ 118
Time deposits	411	360
Total	$ 549	$ 478

DEPOSITS - Additional Informati

DEPOSITS - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
DEPOSITS
Federal deposit insurance corporation insurance limit of $250,000	$ 13,500,000	$ 4,300,000
Brokered deposits	5,000,000	0
Held deposits for related party	$ 3,900,000	$ 5,100,000

ADVANCES FROM FEDERAL HOME LO_3

ADVANCES FROM FEDERAL HOME LOAN BANK (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jul. 27, 2019
Financial Instruments Owned and Pledged as Collateral [Line Items]
Federal home loan bank	$ 29,000	$ 10,000
Borrowed amount	29,000	$ 10,000	$ 10,000
Interest rate on FHLB			1.73%
Asset Pledged as Collateral [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying value of mortgage loans pledged as security for advances	$ 60,900

ADVANCES FROM FEDERAL HOME LO_4

ADVANCES FROM FEDERAL HOME LOAN BANK - Short-term FHLB Advances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding at period-end	$ 29,000	$ 10,000
Utilized amount of line of credit	5,000
FHLB advances
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Average amount outstanding	202
Maximum amount outstanding at any month-end	$ 3,566
During period	2.45%
FHLB advances
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Outstanding at period-end	$ 29,000
Average amount outstanding	17,183
Maximum amount outstanding at any month-end	$ 32,500
During period	2.79%
End of period	4.21%

INCOME TAXES - Components of in

INCOME TAXES - Components of income tax expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Current									$ 45	$ 77
Deferred									46	(10)
Total	$ 2	$ 31	$ 24	$ 34	$ 11	$ 33	$ 6	$ 17	$ 91	$ 67

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of income tax expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Provision at federal statutory rate									$ 414	$ 352
State income tax-net of federal tax benefit									36	33
Municipal interest income									(353)	(322)
Bank-owned life insurance income									(20)	(13)
Other									14	17
Total	$ 2	$ 31	$ 24	$ 34	$ 11	$ 33	$ 6	$ 17	$ 91	$ 67
Effective tax rate									4.60%	4%

INCOME TAXES - Components of th

INCOME TAXES - Components of the company's deferred tax and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets (liabilities):
Director deferred compensation plan	$ 23	$ 31
Allowance for loan losses	409	369
Valuation allowance - real estate held for sale		105
Nonaccrual loan interest income	49	53
Equity incentive plans	32	22
Employee stock ownership plan	30	25
Unrealized loss on securities available for sale	3,586
Net deferred loan costs	32	15
Net operating loss carryover	64	8
Total deferred tax assets	4,225	628
Depreciation	(117)	(74)
FHLB stock dividends	(18)	(18)
Prepaid expenses	(25)	(11)
Unrealized gain on securities available for sale		(694)
Total deferred tax liabilities	(160)	(797)
Net deferred tax asset (liability)	$ 4,065
Net deferred tax asset (liability)		$ (169)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
INCOME TAXES - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Federal corporate income tax rate	21%	21%
Unrecognized income tax benefits	$ 0	$ 0
Net operating loss ("NOL")	305,000
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, 2022	Dec. 31, 2021
DEFERRED DIRECTORS COMPENSATION PLAN
Balance of the accrued benefit plan	$ 95,000	$ 130,000
Deferred compensation expense	$ 8,000	$ 10,000

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Allocated shares	52,430	39,847
Unallocated shares	152,359	164,942
Total ESOP shares	204,789	204,789
Fair value of unallocated shares	$ 1,982,000	$ 2,474,000

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Defined contribution plan, employer contribution	$ 67,000	$ 61,000
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	$ 173,000	$ 184,000

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit recognized for stock-based compensation arrangements	$ 52,000	$ 51,000
Compensation expense	$ 268,000	$ 240,000
Weighted-average grant-date fair value of options granted	$ 4.11	$ 5.05
Unrecognized compensation expense related to nonvested stock options	$ 109,000
Unrecognized compensation expense to be recognized over a weighted-average period	2 years 4 months 24 days
Total fair value of shares expensed	$ 192,000	$ 192,000
Unrecognized compensation expense related to nonvested restricted shares	$ 458,000
Weighted average vesting period	2 years 9 months 18 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period	7 years 7 months 6 days
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	78,010	93,254
Common stock have been granted, net of forfeitures	34,250	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	20,900
Vesting period	5 years
2019 Equity Incentive Plan \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards adjusted for stock options		6,500
Stock granted	48,319	33,550

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS - Assumptions used to estimate the fair value of stock options granted (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Significant assumptions used to estimate the fair value of stock options granted
Expected volatility	29.90%	31.50%
Expected term (in years)	7 years 6 months	7 years 6 months
Expected dividends	1.79%	1.02%
Risk-free rate	3.77%	1.42%

STOCK-BASED COMPENSATION PLAN_4

STOCK-BASED COMPENSATION PLANS - Stock option activity (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Weighted Average Exercise Price
Weighted Average Remaining Contractual Term, options vested and expected to vest	2 years 9 months 18 days
Stock options
Number of shares
Outstanding at beginning of year \| shares	98,584
Granted \| shares	16,000
Exercised \| shares	(8,103)
Forfeited or expired \| shares	(16,844)
Outstanding at end of period \| shares	89,637
Vested and expected to vest \| shares	89,637
Exercisable at end of period \| shares	60,438
Weighted Average Exercise Price
Outstanding at beginning of year \| $ / shares	$ 13.42
Granted \| $ / shares	13
Exercised \| $ / shares	12.90
Forfeited or expired \| $ / shares	13.53
Outstanding at end of period \| $ / shares	13.38
Vested and expected to vest \| $ / shares	13.38
Exercisable at end of period \| $ / shares	$ 13.37
Weighted Average Remaining Contractual Term	7 years 7 months 6 days
Weighted Average Remaining Contractual Term, options vested and expected to vest	7 years 7 months 6 days
Weighted Average Remaining Contractual Term, options exercisable	7 years 2 months 12 days
Outstanding shares, Aggregate Intrinsic Value \| $	$ 2,000
Vested and expected to vest, Aggregate Intrinsic Value \| $	2,000
Exercisable at end of period Aggregate Intrinsic Value \| $	$ 1,000

STOCK-BASED COMPENSATION PLAN_5

STOCK-BASED COMPENSATION PLANS - Nonvested restricted shares activity (Details) - Restricted stock	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of shares
Nonvested at beginning of year \| shares	32,578
Granted \| shares	15,219
Vested \| shares	(14,508)
Forfeited \| shares	(450)
Nonvested at end of period \| shares	32,839
Weighted Average Grant-Date Fair Value
Nonvested at beginning of year \| $ / shares	$ 14.53
Granted \| $ / shares	13
Vested \| $ / shares	14
Forfeited \| $ / shares	14.74
Nonvested at end of period \| $ / shares	$ 14.05

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Summary of the commitments to extend credit (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loan commitments Fixed rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	$ 539	$ 1,874
Loan commitments Adjustable rate
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	1,020	961
Undisbursed commercial and personal lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	9,915	15,770
Undisbursed portion of commercial construction loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	4,731	1,964
Undisbursed portion of residential construction loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	900	2,693
Commitments to extend credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Total commitments to extend credit	$ 17,105	$ 23,262

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Standby letters of credit
Loss Contingencies [Line Items]
Outstanding standby letters of credit	$ 41,000	$ 26,000

FINANCIAL INSTRUMENTS WITH OF_2

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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, 2022 USD ($)	Dec. 31, 2021 USD ($)
REGULATORY MATTERS
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Actual Amount	$ 42,620	$ 41,264
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Actual Ratio	0.154	0.163
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Minimum to be Well Capitalized under Prompt Corrective Action Provisions: Amount	$ 24,944	$ 21,520
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Minimum to be Well Capitalized under Prompt Corrective Action Provisions: Ratio	0.0900	0.0850

REGULATORY MATTERS - Additional

REGULATORY MATTERS - Additional Information (Details)	Dec. 31, 2022	Dec. 31, 2021
REGULATORY MATTERS
Community Bank Leverage Ratio/Tier 1 Capital (to average adjusted total assets) Actual Ratio	0.154	0.163

DISCLOSURES ABOUT FAIR VALUE _3

DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Securities available for sale	$ 105,351	$ 107,293
Securities held to maturity	17	21
Loans, net	144,379	122,568
FHLB stock	1,778	778
Financial liabilities:
Noninterest-bearing deposits	28,232	28,602
Interest-bearing deposits	177,832	168,282
Accrued interest payable	12	11
Carrying Value
Financial assets:
Cash and cash equivalents	5,684	16,379
Securities available for sale	105,351	107,293
Securities held to maturity	17	21
Loans, net	144,379	122,568
FHLB stock	1,778	778
Accrued interest receivable	1,323	997
Financial liabilities:
Noninterest-bearing deposits	28,232	28,602
Interest-bearing deposits	177,832	168,282
Advance from FHLB	29,000	10,000
Accrued interest payable	12	11
Level 1
Financial assets:
Cash and cash equivalents	5,684	16,379
Financial liabilities:
Noninterest-bearing deposits	28,232	28,602
Level 2
Financial assets:
Securities available for sale	105,351	107,293
Securities held to maturity	17	21
Accrued interest receivable	1,323	997
Financial liabilities:
Advance from FHLB	29,000	10,162
Accrued interest payable	12	11
Level 3
Financial assets:
Loans, net	138,744	123,158
Financial liabilities:
Interest-bearing deposits	$ 175,969	$ 168,168

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, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings:
Net income	$ 376	$ 512	$ 526	$ 467	$ 377	$ 456	$ 397	$ 378	$ 1,881	$ 1,608
Shares:
Weighted average common shares outstanding									2,725,980	2,906,728
Net income per common share, basic (in dollars per share)	$ 0.14	$ 0.19	$ 0.19	$ 0.17	$ 0.13	$ 0.16	$ 0.13	$ 0.13	$ 0.69	$ 0.55
Earnings:
Net income	$ 376	$ 512	$ 526	$ 467	$ 377	$ 456	$ 397	$ 378	$ 1,881	$ 1,608
Shares:
Weighted average common shares outstanding									2,725,980	2,906,728
Add: Dilutive effect of stock options									703	4,009
Add: Dilutive effect of restricted stock									4,056	5,924
Weighted average common shares outstanding, as adjusted									2,730,739	2,916,661
Net income per common share, diluted (in dollars per share)	$ 0.14	$ 0.19	$ 0.19	$ 0.17	$ 0.13	$ 0.16	$ 0.13	$ 0.13	$ 0.69	$ 0.55

SUPPLEMENTAL DISCLOSURE FOR E_4

SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	4,900	286
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 ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value	$ 0	$ 0
Fair Value	105,351	107,293
Real estate held for sale		99
Agency MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,389	11,853
Agency CMO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,994	23,778
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,439
U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,813
Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	63,716	71,662
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	105,351	107,293
Measured on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	105,351	107,293
Measured on a Recurring Basis \| Agency MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,389	11,853
Measured on a Recurring Basis \| Agency CMO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,994	23,778
Measured on a Recurring Basis \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,439
Measured on a Recurring Basis \| U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,813
Measured on a Recurring Basis \| Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	63,716	71,662
Measured on a Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	105,351	107,293
Measured on a Recurring Basis \| Level 2 \| Agency MBS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	11,389	11,853
Measured on a Recurring Basis \| Level 2 \| Agency CMO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	18,994	23,778
Measured on a Recurring Basis \| Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	9,439
Measured on a Recurring Basis \| Level 2 \| U.S. Government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,813
Measured on a Recurring Basis \| Level 2 \| Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	63,716	71,662
Measured on a Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Proceeds from the sale of real estate held for sale	$ 62,000	$ 62,000
Loss on sale of real estate held for sale	$ 37,000	37,000
Recognized charges write down		0	$ 0
Transfers in or out of Level 3 financial assets		$ 0	$ 0

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 1,119	$ 1,129
Increase in cash surrender value of life insurance									58	62
Gain on life insurance									36
Other income									35	29
Other noninterest income									129	91
Total noninterest income	$ 304	$ 295	$ 364	$ 285	$ 320	$ 301	$ 325	$ 274	1,248	1,220
Deposit account service charges
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									377	295
Brokered loan fees.
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									155	265
ATM and debit card fee income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									573	552
Other income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers									$ 14	$ 17

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details)	Dec. 31, 2022 USD ($)
CONCENTRATION OF CREDIT RISK
Federal deposit insurance limit	$ 430,000
Cash held by FHLB	2,700,000
Cash held by federal reserve bank	$ 42,000

PARENT COMPANY CONDENSED FINA_3

PARENT COMPANY CONDENSED FINANCIAL INFORMATION - BALANCE SHEET (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 5,684	$ 16,379
Other assets	4,710	243
Total Assets	269,218	254,260
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	820	836
Stockholders' equity	33,322	46,529	$ 49,004
Total Liabilities and Stockholders' Equity	269,218	254,260
Parent company
ASSETS
Cash and cash equivalents	1,066	3,063	$ 6,499
Other assets	532	137
Investment in subsidiaries	31,789	43,360
Total Assets	33,387	46,560
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	65	31
Stockholders' equity	33,322	46,529
Total Liabilities and Stockholders' Equity	$ 33,387	$ 46,560

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, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Income tax benefit	$ 2	$ 31	$ 24	$ 34	$ 11	$ 33	$ 6	$ 17	$ 91	$ 67
Net Income	$ 376	$ 512	$ 526	$ 467	$ 377	$ 456	$ 397	$ 378	1,881	1,608
Parent company
Condensed Income Statements, Captions [Line Items]
Dividends from bank subsidiary									1,422	379
Total income									1,422	379
Other operating expenses									597	576
Income (loss) before income taxes and equity in undistributed net income of subsidiaries									825	(197)
Income tax benefit									(142)	(138)
Income (loss) before equity in undistributed net income of subsidiaries									967	(59)
Equity in undistributed net income of subsidiaries									914	1,667
Net Income									$ 1,881	$ 1,608

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, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 376	$ 512	$ 526	$ 467	$ 377	$ 456	$ 397	$ 378	$ 1,881	$ 1,608
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net change in other assets and liabilities									(281)	112
Net Cash Provided By Operating Activities									2,554	2,412
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock									104	7
Purchase of treasury stock									(2,214)	(3,017)
Cash dividends paid									(492)	(380)
Net Cash Provided By Financing Activities									25,578	18,381
Net Increase (Decrease) in Cash and Cash Equivalents									(10,695)	6,718
Cash and cash equivalents at beginning of year				16,379					16,379
Cash and Cash Equivalents at End of Period	5,684				16,379				5,684	16,379
Parent company
CASH FLOWS FROM OPERATING ACTIVITIES
Net income									1,881	1,608
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed net income of subsidiaries									(914)	(1,667)
Net change in other assets and liabilities									(362)	13
Net Cash Provided By Operating Activities									605	(46)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock									104	7
Purchase of treasury stock									(2,214)	(3,017)
Cash dividends paid									(492)	(380)
Net Cash Provided By Financing Activities									(2,602)	(3,390)
Net Increase (Decrease) in Cash and Cash Equivalents									(1,997)	(3,436)
Cash and cash equivalents at beginning of year				$ 3,063				$ 6,499	3,063	6,499
Cash and Cash Equivalents at End of Period	$ 1,066				$ 3,063				$ 1,066	$ 3,063

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Interest income	$ 2,487	$ 2,294	$ 2,153	$ 1,883	$ 1,939	$ 1,903	$ 1,875	$ 1,865	$ 8,817	$ 7,582
Interest expense	501	294	173	150	150	164	167	170	1,118	651
Net interest income	1,986	2,000	1,980	1,733	1,789	1,739	1,708	1,695	7,699	6,931
Provision for loan losses		85	50		(120)	0	0	0	135	(120)
Net interest income after provision for loan losses	1,986	1,915	1,930	1,733	1,909	1,739	1,708	1,695	7,564	7,051
Noninterest income	304	295	364	285	320	301	325	274	1,248	1,220
Noninterest expense	1,912	1,667	1,744	1,517	1,841	1,551	1,630	1,574	6,840	6,596
Income before income taxes	378	543	550	501	388	489	403	395	1,972	1,675
Income tax expense	2	31	24	34	11	33	6	17	91	67
Net Income	$ 376	$ 512	$ 526	$ 467	$ 377	$ 456	$ 397	$ 378	$ 1,881	$ 1,608
Earnings per common share:
Basic	$ 0.14	$ 0.19	$ 0.19	$ 0.17	$ 0.13	$ 0.16	$ 0.13	$ 0.13	$ 0.69	$ 0.55
Diluted	$ 0.14	$ 0.19	$ 0.19	$ 0.17	$ 0.13	$ 0.16	$ 0.13	$ 0.13	$ 0.69	$ 0.55