Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 05, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $.01 per share | |
Trading Symbol | MSVB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,885,039 | |
Entity Central Index Key | 0001734875 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 1,249 | $ 979 |
Interest-bearing deposits with banks | 3,222 | 4,705 |
Cash and cash equivalents | 4,471 | 5,684 |
Securities available for sale, at fair value | 101,559 | 105,351 |
Securities held to maturity | 13 | 17 |
Loans, net of allowance for credit losses of $2,324 and $1,692, respectively | 147,198 | 144,379 |
Federal Home Loan Bank stock, at cost | 1,778 | 1,778 |
Foreclosed real estate | 16 | |
Premises and equipment | 2,156 | 2,150 |
Accrued interest receivable: | ||
Loans | 443 | 437 |
Securities | 599 | 886 |
Cash value of life insurance | 3,839 | 3,826 |
Other assets | 4,296 | 4,710 |
Total Assets | 266,368 | 269,218 |
Deposits: | ||
Noninterest-bearing | 27,936 | 28,232 |
Interest-bearing | 177,701 | 177,832 |
Total deposits | 205,637 | 206,064 |
Borrowings | 25,000 | 29,000 |
Accrued interest payable | 82 | 12 |
Accrued expenses and other liabilities | 706 | 820 |
Total Liabilities | 231,425 | 235,896 |
COMMITMENTS AND CONTINGENCIES | ||
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 (2,885,039 in 2022) | 36 | 36 |
Additional paid-in-capital | 30,800 | 30,777 |
Retained earnings, substantially restricted | 24,611 | 24,916 |
Accumulated other comprehensive loss | (9,006) | (10,831) |
Unearned ESOP shares | (1,497) | (1,524) |
Unearned stock compensation plan | (407) | (458) |
Treasury stock, at cost - 680,391 shares (680,391 in 2022) | (9,594) | (9,594) |
Total Stockholders' Equity | 34,943 | 33,322 |
Total Liabilities and Stockholders' Equity | $ 266,368 | $ 269,218 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Allowance for loan losses | $ 2,324 | $ 1,692 |
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 | 2,885,039 |
Treasury stock, shares | 680,391 | 680,391 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST INCOME | ||
Loans, including fees | $ 1,721 | $ 1,315 |
Investment securities: | ||
Mortgage-backed securities | 190 | 104 |
Municipal tax exempt | 413 | 381 |
Other debt securities | 115 | 75 |
Federal Home Loan Bank dividends | 27 | 4 |
Interest-bearing deposits with banks and time deposits | 17 | 4 |
Total interest income | 2,483 | 1,883 |
INTEREST EXPENSE | ||
Deposits | 346 | 107 |
Borrowings | 277 | 43 |
Total interest expense | 623 | 150 |
Net interest income | 1,860 | 1,733 |
Provision for credit losses | 52 | |
Net interest income after provision for credit losses | 1,808 | 1,733 |
NONINTEREST INCOME | ||
Fees and commission | 253 | 261 |
Brokered loan fees | 15 | 43 |
Net loss on sales of securities available for sale | (27) | |
Increase in cash value of life insurance | 14 | 14 |
Other income | 12 | 11 |
Total noninterest income | 244 | 285 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 891 | 833 |
Occupancy and equipment | 161 | 138 |
Data processing | 211 | 118 |
Professional fees | 169 | 144 |
Directors' compensation | 89 | 81 |
Stockholders' meeting expense | 18 | 18 |
Supervisory examinations | 15 | 18 |
Deposit insurance premiums | 20 | 16 |
Marketing and business development | 26 | 22 |
Other expenses | 149 | 129 |
Total noninterest expense | 1,749 | 1,517 |
Income before income taxes | 303 | 501 |
Income tax (benefit) expense | (37) | 34 |
Net Income | $ 340 | $ 467 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.13 | $ 0.17 |
Diluted (in dollars per share) | $ 0.13 | $ 0.17 |
Deposit account service charges | ||
NONINTEREST INCOME | ||
Fees and commission | $ 91 | $ 81 |
ATM and debit card fee income | ||
NONINTEREST INCOME | ||
Fees and commission | $ 139 | $ 136 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||
Net Income | $ 340 | $ 467 |
Unrealized gains (losses) on securities available for sale: | ||
Net unrealized holding gains (losses) arising during the period | 2,403 | (7,837) |
Income tax (expense) benefit | (598) | 1,949 |
Net of tax amount | 1,805 | (5,888) |
Reclassification adjustment for realized losses included in net income during the period | (27) | |
Income tax benefit | 7 | |
Net of tax amount | (20) | |
Other Comprehensive Income (Loss), net of tax | 1,825 | (5,888) |
Total Comprehensive Income (Loss) | $ 2,165 | $ (5,421) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings Impact of adoption | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unearned ESOP Shares | Unearned Stock Compensation Plan | Treasury Stock | Impact of adoption | Total |
Balances at Dec. 31, 2021 | $ 36 | $ 30,694 | $ 23,527 | $ 2,096 | $ (1,649) | $ (473) | $ 46,529 | |||
Treasury Stock, beginning balance at Dec. 31, 2021 | $ (7,702) | |||||||||
Net income | 467 | 467 | ||||||||
Other comprehensive loss | (5,888) | (5,888) | ||||||||
Cash dividends | (113) | (113) | ||||||||
ESOP shares committed to be released | 13 | 26 | 39 | |||||||
Purchase of treasury shares | (241) | (241) | ||||||||
Forfeiture of unearned stock awards | 2 | (2) | ||||||||
Exercise of stock options | (8) | 111 | 103 | |||||||
Stock compensation expense | 13 | 41 | 54 | |||||||
Balances at Mar. 31, 2022 | 36 | 30,712 | 23,881 | (3,792) | (1,623) | (430) | 40,950 | |||
Treasury Stock, ending balance at Mar. 31, 2022 | (7,834) | |||||||||
Balances (ASC 326) at Dec. 31, 2022 | $ (481) | $ (481) | ||||||||
Balances at Dec. 31, 2022 | 36 | 30,777 | 24,916 | (10,831) | (1,524) | (458) | 33,322 | |||
Treasury Stock, beginning balance at Dec. 31, 2022 | (9,594) | (9,594) | ||||||||
Net income | 340 | 340 | ||||||||
Other comprehensive loss | 1,825 | 1,825 | ||||||||
Cash dividends | (164) | (164) | ||||||||
ESOP shares committed to be released | 7 | 27 | 34 | |||||||
Stock compensation expense | 16 | 51 | 67 | |||||||
Balances at Mar. 31, 2023 | $ 36 | $ 30,800 | $ 24,611 | $ (9,006) | $ (1,497) | $ (407) | 34,943 | |||
Treasury Stock, ending balance at Mar. 31, 2023 | $ (9,594) | $ (9,594) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||
Cash dividend, per share amount | $ 0.06 | $ 0.04 |
Treasury stock, shares, acquired | 16,117 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 340,000 | $ 467,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of premiums and accretion of discounts on securities, net | 92,000 | 123,000 |
Provision for credit losses | 52,000 | |
Stock compensation expense | 67,000 | 54,000 |
Depreciation expense | 48,000 | 45,000 |
ESOP compensation expense | 34,000 | 39,000 |
Deferred income taxes | (19,000) | (32,000) |
Increase in cash value of life insurance | (14,000) | (14,000) |
Net loss on sales of securities available for sale | 27,000 | |
Decrease in accrued interest receivable | 281,000 | 58,000 |
Increase in accrued interest payable | 70,000 | |
Net change in other assets and liabilities | (183,000) | (101,000) |
Net Cash Provided By Operating Activities | 795,000 | 639,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of securities available for sale | (23,119,000) | |
Principal collected on mortgage-backed securities available for sale | 972,000 | 2,932,000 |
Proceeds from maturities of securities available for sale | 1,030,000 | 2,109,000 |
Proceeds from sales of securities available for sale | 4,101,000 | |
Principal collected on mortgage-backed securities held to maturity | 4,000 | 1,000 |
Proceeds from redemption of Federal Home Loan Bank Stock | 57,000 | |
Net (increase) decrease in loans receivable | (3,470,000) | (4,738,000) |
Purchase of premises and equipment | (54,000) | (40,000) |
Investment in cash value of life insurance | (2,000) | |
Net Cash Provided By (Used In) Investing Activities | 2,583,000 | (22,800,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | (427,000) | 12,774,000 |
Repayments to Federal Home Loan Bank | (29,000,000) | |
Proceeds from Federal Reserve | 25,000,000 | |
Proceeds from the exercise of stock options | 103,000 | |
Purchase of treasury stock | (241,000) | |
Cash dividends paid | (164,000) | (113,000) |
Net Cash Provided By (Used In) Financing Activities | (4,591,000) | 12,523,000 |
Net Decrease in Cash and Cash Equivalents | (1,213,000) | (9,638,000) |
Cash and cash equivalents at beginning of year | 5,684,000 | 16,379,000 |
Cash and Cash Equivalents at End of Period | 4,471,000 | 6,741,000 |
Supplemental Disclosures of Cash Flow Information | ||
Interest | $ 553,000 | $ 150,000 |
Presentation of Interim Informa
Presentation of Interim Information | 3 Months Ended |
Mar. 31, 2023 | |
Presentation of Interim Information | |
Presentation of Interim Information | 1. Presentation of Interim Information Mid-Southern Bancorp, Inc., (the "Company") was incorporated in January 2018 and became the holding company for Mid-Southern Savings Bank, FSB (the "Bank"), on July 11, 2018, upon the completion of the Bank’s conversion from the mutual holding company ownership structure and the Company’s related public stock offering. Please see Note 2 – Conversion and Stock Issuance for more information. The accompanying unaudited consolidated financial statements and notes have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed with the SEC on March 24, 2023 ("2022 Form 10-K"). In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the unaudited interim consolidated financial statements in accordance with GAAP. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period. The unaudited consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders’ equity. In preparing the unaudited consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the allowance for credit losses, the valuation of foreclosed real estate and the underlying collateral of individually analyzed loans, deferred tax assets, and the fair value of financial instruments. On April 5, 2012, the Jumpstart Our Business Startups Act ("JOBS Act") was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an "emerging growth company" we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our consolidated financial statements may not be comparable to companies that comply with such new or revised accounting standards. |
Conversion and Stock Issuance
Conversion and Stock Issuance | 3 Months Ended |
Mar. 31, 2023 | |
Conversion and Stock Issuance | |
Conversion and Stock Issuance | 2. Conversion and Stock Issuance The Company, an Indiana corporation, was organized by Mid-Southern, M.H.C. (the “MHC") and the Bank in connection with the MHC’s plan of conversion from mutual to stock form of ownership (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. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investment Securities | |
Investment Securities | 3. Investment Securities Investment securities have been classified in the consolidated balance sheets according to management’s intent. Debt securities held by the Company include U.S. Treasury and other U.S. government agency obligations, mortgage-backed securities and other debt securities issued by the Government National Mortgage Association ("GNMA"), a U.S. government agency, mortgage-backed securities and collateralized mortgage obligations issued by the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"), which are government-sponsored enterprises. Mortgage-backed securities ("MBS") represent participating interests in pools of long-term first mortgage loans originated and serviced by the issuers of the securities. Collateralized mortgage obligations ("CMO") are complex mortgage-backed securities that restructure the cash flows and risks of the underlying mortgage collateral. The Company also holds debt securities issued by municipalities and political subdivisions of state and local governments. Investment securities at March 31, 2023 and December 31, 2022 are summarized as follows: Gross Gross (In thousands) Amortized Unrealized Unrealized Fair March 31, 2023 Cost Gains Losses Value Securities available for sale: Mortgage-backed securities: Agency MBS $ 12,950 $ — $ 1,742 $ 11,208 Agency CMO 20,564 43 2,088 18,519 33,514 43 3,830 29,727 Other debt securities: U.S. Treasury securities 9,843 — 316 9,527 U.S. Government agency obligations 1,983 — 130 1,853 Municipal obligations 68,206 74 7,828 60,452 80,032 74 8,274 71,832 Total securities available for sale $ 113,546 $ 117 $ 12,104 $ 101,559 Securities held to maturity: Mortgage-backed securities: Agency MBS $ 13 $ — $ — $ 13 Total securities held to maturity $ 13 $ — $ — $ 13 December 31, 2022 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 The amortized cost and fair value of debt securities as of March 31, 2023, 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. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Due in one year or less $ 4,586 $ 4,481 $ — $ — Due after one year through five years 11,208 10,801 — — Due after five years through ten years 4,313 4,090 — — Due after ten years 59,925 52,460 — — 80,032 71,832 — — MBS and CMO 33,514 29,727 13 13 $ 113,546 $ 101,559 $ 13 $ 13 Information pertaining to investment securities available for sale with gross unrealized losses at March 31, 2023, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. Number of Gross (Dollars in thousands) Investment Fair Unrealized March 31, 2023 Positions Value Losses Securities available for sale: Continuous loss position less than 12 months: Agency CMO 4 $ 1,144 $ 16 Municipal obligations 10 5,287 236 Total less than 12 months 14 6,431 252 Continuous loss position more than 12 months: U.S. Treasury securities 6 9,527 316 U.S. Government agency obligations 1 1,852 130 Agency MBS 13 11,208 1,742 Agency CMO 15 15,948 2,072 Municipal obligations 82 45,997 7,592 Total more than 12 months 117 84,532 11,852 Total securities available for sale 131 $ 90,963 $ 12,104 Information pertaining to investment securities available for sale with gross unrealized losses at December 31, 2022, aggregated by investment category and the length of time that individual investment 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 At March 31, 2023, the Company had no debt securities in the held to maturity classification in a loss position. The debt securities available for sale in a loss position were 89.6% and 94.7% of the Company’s total available for sale securities portfolio at March 31, 2023 and December 31, 2022, respectively. All of the debt securities in a loss position at March 31, 2023 were backed by residential first mortgage loans or were obligations issued by federal or local government-sponsored enterprises. These unrealized losses occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. The Company does not consider available-for-sale securities with unrealized losses at March 31, 2023 to be experiencing credit losses and recognized no resulting allowance for credit losses. It is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities. During the three-month period ended March 31, 2023, the Company realized gross losses of $27,000 on the sale of available for sale municipal securities. There were no securities sales during the three-month period ended March 31, 2022. At March 31, 2023, U.S. agency mortgage-backed available for sale investment securities with a par value of $28.5 million were pledged as collateral for an advance from the Federal Reserve through the Bank Term Funding Program (“BTFP”). There were no investment securities pledged as collateral for any purpose as of December 31, 2022. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Allowance for Credit Losses | |
Loans and Allowance for Credit Losses | 4. Loans and Allowance for Credit Losses The Company’s loan and allowance for credit loss policies are as follows: Loans Held for Investment. A substantial portion of the loan portfolio is represented by mortgage loans to customers in southern Indiana. The ability of the Company’s customers to honor their contracts is dependent upon the real estate and general economic conditions in this area. 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. 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. Allowance for Credit Losses on Loans. On January 1, 2023, the Company implemented Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) as amended by ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2022-02 (collectively “ASC 326”), commonly referred to as the current expected credit loss methodology (“CECL”). Under the CECL model, the allowance for credit losses on loans represents a valuation allowance estimated at each balance sheet date in accordance with GAAP that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loan portfolio. As a result, the opening balances for the allowance for credit losses increased by $557,000 as of January 1, 2023. The adoption reduced the Company’s retained earnings on a tax-effected basis of $425,000, with no impact on earnings. The Company measures expected credit losses for its portfolio segments utilizing the Weighted Average Remaining Maturity (“WARM”) allowance for credit losses methodology. The WARM methodology uses an average loss rate for each loan segment and applies that rate to future expected outstanding balances of that segment. The Company selected the WARM methodology given the loan portfolio’s current size and complexity. The Company has elected to exclude accrued interest receivable and net deferred fees from its calculation of the allowance for credit losses. The Company uses a disciplined process and methodology to evaluate the allowance for credit losses on loans 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 or loans otherwise classified as doubtful or substandard. For such loans that are classified as individually analyzed, an allowance is established when the discounted cash flows or collateral value of the individually analyzed loan is lower than the carrying value of that loan. The general component covers non-classified loans and classified loans that are not individually analyzed. 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 since 2008 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 credit losses on loans considers changes and trends in the following qualitative loss factors: lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices and management experience, national and local economic conditions, new loan trends, past due and nonaccrual loans, loan reviews, collateral values, credit concentrations and other internal and external factors such as competition, legal and regulatory changes. Each loan pool’s historical loss rate is adjusted based on positive or negative changes in the qualitative loss factor. This adjustment determines the adjusted loss rate used in management’s allowance for credit loss 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 individually analyzed loans 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 credit losses 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. Also, included within the residential real estate loan portfolio are home equity loans and junior lien loans, which are secured by liens on the borrower’s personal residence. 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 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 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. Allowance for Credit Losses on Unfunded Loan Commitments. The following table summarizes the total impact of the adoption of ASC 326 on January 1, 2023: January 1 ,2023 As reported under Pre-ASC 326 Impact of ASC 326 (In thousands) ASC 326 Adoption Adoption Allowance for credit losses on loans: One-to-four family residential $ 717 $ 705 $ 12 Multi-family residential 389 86 303 Construction 101 18 83 Commercial real estate 775 650 125 Commercial business 207 199 8 Consumer 60 34 26 Total allowance for credit losses on loans $ 2,249 $ 1,692 $ 557 Total allowance for credit losses on unfunded loan commitments $ 73 $ — $ 73 Loan Charge-Offs. losses as discussed above. Specific reserves are not considered charge-offs in management’s evaluation of the general component of the allowance for credit 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. Individually Analyzed Loans. Values for individually evaluated 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 individually analyzed. 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 individually analyzed loan. In instances where it is not deemed necessary to obtain a new appraisal, management bases its evaluation on the original appraisal with adjustments for current conditions based on management’s assessment of market factors and inspection of the property. At March 31, 2023, the Company had $16,000 in foreclosed residential real estate properties where physical possession has occurred. The Company did not have any foreclosed residential real estate properties where physical possession had occurred at December 31, 2022. At March 31, 2023, there were five loans with an amortized cost of $168,000 that are secured by residential real estate property for which formal foreclosure proceedings are in process. The amortized cost of loans collateralized by residential real estate property in the process of foreclosure was $116,000 at December 31, 2022. Loans at March 31, 2023 and December 31, 2022 consisted of the following: March 31, December 31, (In thousands) 2023 2022 Real estate mortgage loans: One-to-four family residential $ 66,100 $ 64,747 Multi-family residential 8,660 8,271 Construction 4,559 7,847 Commercial real estate 54,349 48,590 Commercial business loans 14,143 14,675 Consumer loans 1,865 2,077 Total loans 149,676 146,207 Deferred loan origination fees and costs, net (154) (136) Allowance for credit losses on loans (2,324) (1,692) Loans, net $ 147,198 $ 144,379 The following table provides the components of the Company’s recorded investment in loans at December 31, 2022: One-to-Four Family Multi-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) Total $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 Recorded Investment in Loans as Evaluated: Individually evaluated $ 490 $ — $ — $ 125 $ 279 $ — $ 894 Collectively evaluated 64,448 8,261 7,834 48,541 14,408 2,122 145,614 Total $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 An analysis of the allowance for credit losses on loans as of December 31, 2022 is as follows: One-to-Four Family Multi-Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Ending allowance balance attributable to loans: Individually evaluated $ 21 $ — $ — $ — $ 14 $ — $ 35 Collectively evaluated 684 86 18 650 185 34 1,657 Total $ 705 $ 86 $ 18 $ 650 $ 199 $ 34 $ 1,692 An analysis of the changes in the allowance for credit losses on loans for the three months ended March 31, 2023 is as follows: One-to-Four Family Multi-Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Allowance for credit losses on loans: Beginning balance $ 705 $ 86 $ 18 $ 650 $ 199 $ 34 $ 1,692 Impact of adopting ASC 326 12 303 83 125 8 26 557 Provisions 4 25 (41) 104 (13) (1) 78 Charge-offs — — — — — (5) (5) Recoveries 2 — — — — — 2 Ending balance $ 723 $ 414 $ 60 $ 879 $ 194 $ 54 $ 2,324 An analysis of the changes in the allowance for credit losses on loans for the three months ended March 31, 2022 is as follows: One-to-Four Family Multi-Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Allowance for credit losses on loans: Beginning balance $ 873 $ 102 $ 25 $ 363 $ 127 $ 33 $ 1,523 Provisions (93) (8) (5) 112 (7) 1 — Charge-offs — — — — — (4) (4) Recoveries 2 — — — — 1 3 Ending balance $ 782 $ 94 $ 20 $ 475 $ 120 $ 31 $ 1,522 The following table summarizes the amortized cost and allowance for credit losses allocated to loans which are collaterally dependent to determine expected credit losses as of March 31, 2023: Allocated Real Estate Other Total Allowance (In thousands) One-to-four family residential $ 464 $ — $ 464 $ 21 Commercial real estate 113 — 113 — Commercial business — 261 261 10 Total $ 577 $ 261 $ 838 $ 31 The following table summarizes the Company’s individually analyzed loans for the three-month period ended March 31, 2022. The Company did not recognize any interest income on individually analyzed loans using the cash receipts method of accounting for the three-month period ended March 31, 2022. Three Months Ended March 31, 2022 Average Interest Recorded Income Investment Recognized Loans with no related allowance recorded: One-to-four family residential $ 717 $ — Commercial real estate 100 1 Commercial business — — Consumer 1 — $ 818 $ 1 Loans with an allowance recorded: One-to-four family residential $ 245 $ 3 Commercial real estate 68 1 Commercial business 326 4 Consumer — — $ 639 $ 8 Total: One-to-four family residential $ 962 $ 3 Commercial real estate 168 2 Commercial business 326 4 Consumer 1 — $ 1,457 $ 9 The following table summarizes the Company’s individually analyzed loans as of December 31, 2022: At December 31, 2022 Unpaid Recorded Principal Related Investment Balance Allowance (In thousands) Loans with no related allowance recorded: One-to-four family residential $ 762 $ 820 $ — Commercial real estate 60 60 — Commercial business — — — Consumer — — — $ 822 $ 880 $ — Loans with an allowance recorded: One-to-four family residential $ 267 $ 274 $ 21 Commercial real estate 66 68 — Commercial business 279 279 14 Consumer — — — $ 612 $ 621 $ 35 Total: One-to-four family residential $ 1,029 $ 1,094 $ 21 Commercial real estate 126 128 — Commercial business 279 279 14 Consumer — — — $ 1,434 $ 1,501 $ 35 The following table presents the amortized cost of nonaccrual loans and loans past due over 90 days and still accruing at March 31, 2023 and December 31, 2022: At March 31, 2023 At December 31, 2022 Nonaccrual Loans 90+ Nonaccrual Loans 90+ Loans Days Loans Days Nonaccrual Without an Past Due Nonaccrual Without an Past Due Loans Allowance Still Accruing Loans Allowance Still Accruing (In thousands) One-to-four family residential $ 612 $ 171 $ — $ 732 $ 193 $ — Construction 146 — — — — — Commercial real estate 320 — — — — — Total $ 1,078 $ 171 $ — $ 732 $ 193 $ — The following tables present the aging of the amortized cost of loans at March 31, 2023: Over Total 30 ‑ 59 Days 60 ‑ 89 Days 90 Days Total Accruing Nonaccrual Total Current Past Due Past Due Past Due Past Due Loans Loans Loans (In thousands) March 31, 2023 One-to-four family residential $ 65,022 $ 466 $ — $ — $ 466 $ 65,488 $ 612 $ 66,100 Multi-family residential 8,660 — — — — 8,660 — 8,660 Construction 4,413 — — — — 4,413 146 4,559 Commercial real estate 53,976 53 — — 53 54,029 320 54,349 Commercial business 14,143 — — — — 14,143 — 14,143 Consumer 1,846 19 — — 19 1,865 — 1,865 Total $ 148,060 $ 538 $ — $ — $ 538 $ 148,598 $ 1,078 $ 149,676 The following tables present the aging of the recorded investment in loans at December 31, 2022: Over Total 30 ‑ 59 Days 60 ‑ 89 Days 90 Days Total Accruing Nonaccrual Total Current Past Due Past Due Past Due Past Due Loans Loans Loans (In thousands) December 31, 2022 One-to-four family residential $ 63,610 $ 596 $ — $ — $ 596 $ 64,206 $ 732 $ 64,938 Multi-family residential 8,261 — — — — 8,261 — 8,261 Construction 7,834 — — — — 7,834 — 7,834 Commercial real estate 48,222 444 — — 444 48,666 — 48,666 Commercial business 14,676 11 — — 11 14,687 — 14,687 Consumer 2,122 — — — — 2,122 — 2,122 Total $ 144,725 $ 1,051 $ — $ — $ 1,051 $ 145,776 $ 732 $ 146,508 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: Pass Special Mention Substandard Doubtful Loss The following table shows the amortized cost of loans, segregated by portfolio segment, risk category and year of origination as of March 31, 2023 and gross charge-offs for the three months ended March 31, 2023: Revolving 2023 2022 2021 2020 2019 Prior Loans Total (In thousands) One-to-four family residential Pass $ 1,611 $ 13,417 $ 10,554 $ 6,491 $ 2,782 $ 26,300 $ 4,333 $ 65,488 Special mention — — — — — — — — Substandard — — — — — 612 — 612 Doubtful — — — — — — — — Loss — — — — — — — — Total one-to-four family residential 1,611 13,417 10,554 6,491 2,782 26,912 4,333 66,100 Current period gross charge-offs — — — — — — — — Multi-family residential Pass 498 2,395 3,107 2,210 — 450 — 8,660 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total multi-family residential 498 2,395 3,107 2,210 — 450 — 8,660 Current period gross charge-offs — — — — — — — — Construction Pass 1,246 481 — — — — 2,686 4,413 Special mention — — — — — — — — Substandard — — 146 — — — — 146 Doubtful — — — — — — — — Loss — — — — — — — — Total construction 1,246 481 146 — — — 2,686 4,559 Current period gross charge-offs — — — — — — — — Commercial real estate Pass 3,260 19,101 8,796 4,389 3,085 8,084 3,931 50,646 Special mention — — 3,383 — — — — 3,383 Substandard — — 320 — — — — 320 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial real estate 3,260 19,101 12,499 4,389 3,085 8,084 3,931 54,349 Current period gross charge-offs — — — — — — — — Commercial business Pass 490 1,842 7,783 260 192 335 3,241 14,143 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total commercial business 490 1,842 7,783 260 192 335 3,241 14,143 Current period gross charge-offs — — — — — — — — Consumer Pass 188 763 678 110 48 16 62 1,865 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total consumer 188 763 678 110 48 16 62 1,865 Current period gross charge-offs — — — — — — 5 5 Total loans Pass $ 7,293 $ 37,999 $ 30,918 $ 13,460 $ 6,107 $ 35,185 $ 14,253 $ 145,215 Special mention — — 3,383 — — — — 3,383 Substandard — — 466 — — 612 — 1,078 Doubtful — — — — — — — — Loss — — — — — — — — Total loans $ 7,293 $ 37,999 $ 34,767 $ 13,460 $ 6,107 $ 35,797 $ 14,253 $ 149,676 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 5 $ 5 The following table presents the recorded investment in loans by risk category as of December 31, 2022: One-to- Multi- Four Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (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 Loan Modification Disclosures Pursuant to ASU 2022-02 Financial Instruments – Credit Losses (Topic 326) – Troubled Debt Restructurings and Vintage Disclosures There were no loans that were both experiencing financial difficulty and modified as defined under ASU 2022-02 during the three months ended March 31, 2023. Troubled Debt Restructuring (“TDR”) Disclosures Prior to the Adoption of ASU 2022-02 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. The following table summarizes the Company’s TDRs by accrual status as of December 31, 2022: December 31, 2022 Related Accruing Nonaccrual Total Allowance (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 At December 31, 2022 there were no commitments to lend additional funds to debtors whose loan terms have been modified in a TDR (both accruing and nonaccruing). There were no TDRs that were restructured during the three months ended March 31, 2022. There were no principal charge-offs recorded as a result of TDRs and there was no specific allowance for loan credit losses related to TDRs modified during the three-month period ended March 31, 2022. There were no TDRs modified within the previous 12 months for which there was a subsequent payment 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 three-month period ended March 31, 2022. In the event that a TDR subsequently defaults, the Company evaluates the restructuring for possible impairment. As a result, the related allowance for credit losses may be increased or charge-offs may be taken to reduce the carrying amount of the loan. |
Advances
Advances | 3 Months Ended |
Mar. 31, 2023 | |
Advances | |
Advances | 5. Advances At March 31, 2023 and December 31, 2022, the Company had $25.0 million in advances outstanding from the Federal Reserve and $29.0 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 three-month period ended March 31, 2023, 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 six days. The following table sets forth information on the short-term FHLB advances during the periods presented: Three Months Ended March 31, 2023 2022 (Dollars in thousands) Outstanding at period-end $ — $ — Average amount outstanding 20,422 — Maximum amount outstanding at any month-end 26,000 — Weighted average interest rate: During period 4.57 % — End of period — % — In addition, during the three-month period ended March 31, 2023, 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: Three Months Ended March 31, 2023 2022 (Dollars in thousands) Outstanding at period-end $ — $ — Average amount outstanding 5 — Maximum amount outstanding at any month-end 339 — Weighted average interest rate: During period 4.77 % — End of period — % — The advances are secured under a blanket collateral agreement with the FHLB. At March 31, 2023, the carrying value of mortgage loans pledged as security for advances was $61.8 million. On March 12, 2023, the Federal Reserve created the BTFP to provide additional funding available to eligible depository institutions. The BTFP offers loans of up to one year in length to banks, savings associations, credit unions and other depository institutions which pledge collateral, such as U.S. Treasuries, U.S. agency securities and U.S. agency mortgage-backed securities. The collateral is valued at par, and advances under this program do not include any fees or prepayment penalties. With the introduction of the BTFP, the Company pledged as collateral U.S. agency mortgage-backed securities and borrowed $25.0 million from the BTFP at a fixed rate of 4.37% for a one-year |
Supplemental Disclosure for Ear
Supplemental Disclosure for Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Disclosure for Earnings Per Share | |
Supplemental Disclosure for Earnings Per Share | 6. Supplemental Disclosure for Earnings Per Share Nonvested restricted stock shares and unallocated ESOP shares are not considered as outstanding for purposes of computing weighted average common shares outstanding. Potential dilutive common shares are excluded from the computation of diluted net income per common share in the periods where the effect would be antidilutive. Excluded from the computation of diluted net income per common share were weighted-average antidilutive shares totaling 89,403 for the three months ended March 31, 2023. No stock options for common stock and no restricted stock awards were excluded from the calculation of diluted net income per common share because their effect was antidilutive for the three-month period ended March 31, 2022. Three Months Ended March 31, 2023 2022 (Dollars in thousands, except per share data) Basic Earnings: Net income $ 340 $ 467 Shares: Weighted average common shares outstanding 2,700,728 2,811,781 Net income per common share, basic $ 0.13 $ 0.17 Diluted Earnings: Net income $ 340 $ 467 Shares: Weighted average common shares outstanding 2,700,728 2,811,781 Add: Dilutive effect of stock options 101 2,519 Add: Dilutive effect of restricted stock — 2,167 Weighted average common shares outstanding, as adjusted 2,700,829 2,816,467 Net income per common share, diluted $ 0.13 $ 0.17 |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Mar. 31, 2023 | |
Employee Stock Ownership Plan | |
Employee Stock Ownership Plan | 7 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 st 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 three-month period ended March 31, 2023 was $34,000. Compensation expense recognized for the three-month period ended March 31, 2022 was $39,000. The ESOP trust held 52,430 allocated shares and 152,359 unallocated shares of Company common stock at March 31, 2023. The fair value of the unallocated shares was $1.7 million at March 31, 2023. |
Stock-based Compensation Plans
Stock-based Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Stock-based Compensation Plans | |
Stock-based Compensation Plans | 8 . Stock-based Compensation Plans The Company’s stock-based compensation plans are described below. 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 Conversion exchange ratio, were approved for awards of stock options and restricted stock. As of March 31, 2023, on an adjusted basis, awards for stock options totaling 78,010 shares and awards for restricted stock totaling 34,250 shares of Company common stock have been granted, net of any forfeitures, to participants in the 2010 Plan. 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. At March 31, 2023, 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 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. The fair value of stock options granted is determined 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. A summary of option activity as of March 31, 2023, and changes during the three-month period then ended is presented below: Weighted Average Number Weighted Remaining Aggregate of Average Exercise Contractual Intrinsic Shares Price Term Value Outstanding at beginning of year 89,637 $ 13.38 Granted — — Exercised — — Forfeited or expired — — Outstanding at end of period 89,637 $ 13.38 7.3 $ 1,000 Vested and expected to vest 89,637 $ 13.38 7.3 $ 1,000 Exercisable at end of period 60,438 $ 13.37 6.9 $ 1,000 For the three-month periods ended March 31, 2023 and 2022, the Company recognized $16,000 and $13,000, respectively, in compensation expense related to the stock option plan. At March 31, 2023, there was $94,000 of unrecognized compensation expense related to nonvested stock options. The compensation expense is expected to be recognized over a weighted average period of 2.2 years. A summary of the activity for the Company’s nonvested restricted shares as of March 31, 2023 and changes during the three-month period then ended is presented below: Weighted Number Average of Grant-Date Shares Fair Value Nonvested at beginning of year 32,839 $ 14.05 Granted — — Vested — — Forfeited — — Nonvested at end of period 32,839 $ 14.05 For the three-month periods ended March 31, 2023 and 2022, the Company recognized $51,000 and $41,000, respectively, in compensation expense related to the restricted stock plans. At March 31, 2023, unrecognized compensation expense related to nonvested restricted shares was $407,000. The compensation expense is expected to be recognized over the remaining weighted average vesting period of 2.5 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements | |
Fair Value Measurements | 9 FASB ASC Topic 820 , Fair Value Measurement, Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets 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. 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 on the following page. These valuation methodologies were applied to all of the Company’s financial and nonfinancial assets carried at fair value or the lower of cost or fair value. The table below presents the balances of assets measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022. There were no assets measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022. The Company had no liabilities measured at fair value as of March 31, 2023 and December 31, 2022. Carrying Value Level 1 Level 2 Level 3 Total (In thousands) March 31, 2023 Assets Measured on a Recurring Basis Securities available for sale: Agency MBS $ — $ 11,208 $ — $ 11,208 Agency CMO — 18,519 — 18,519 U.S. Treasury securities — 9,527 — 9,527 U.S. Government agency obligations — 1,853 — 1,853 Municipal obligations — 60,452 — 60,452 Total securities available for sale $ — $ 101,559 $ — $ 101,559 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 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 three months ended March 31, 2023 and 2022. There were no transfers into or out of the Company’s Level 3 financial assets for the three-month periods ended March 31, 2023 and 2022. GAAP requires disclosure of the fair value of financial assets and financial liabilities, whether or not recognized in the balance sheet. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The estimated fair values of the Company’s financial instruments are as follows: Carrying Fair Value Measurements Using Value Level 1 Level 2 Level 3 (In thousands) March 31, 2023 Financial assets: Cash and cash equivalents $ 4,471 $ 4,471 $ — $ — Securities available for sale 101,559 — 101,559 — Securities held to maturity 13 — 13 — Loans, net 147,198 — — 143,846 FHLB stock 1,778 N/A N/A N/A Accrued interest receivable 1,042 — 1,042 — Financial liabilities: Noninterest-bearing deposits 27,936 27,936 — — Interest-bearing deposits 177,701 — — 176,244 Advance from Federal Reserve 25,000 — 24,884 — Accrued interest payable 82 — 82 — 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 — |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | 10. 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 three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (In thousands) Deposit account service charges $ 91 $ 81 Brokered loan fees 15 43 ATM and debit card fee income 139 136 Other income 8 1 Revenue from contracts with customers 253 261 Net loss on sales of securities available for sale (27) — Increase in cash surrender value of life insurance 14 14 Other income 4 10 Other noninterest income (9) 24 Total noninterest income $ 244 $ 285 A description of the Company’s revenue streams accounted for under FASB ASC 606 follows: Deposit Account Service Charges Brokered Loan Fees ATM and Debit Card Fee Income Other Income |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | 11. Recent Accounting Pronouncements The following are summaries of recently issued or adopted 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 effective dates noted for private companies if they differ from the effective dates noted for public companies. In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credits Structures Using the Proportional Amortization Method 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. |
Presentation of Interim Infor_2
Presentation of Interim Information (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Presentation of Interim Information | |
Presentation of Interim Information | Mid-Southern Bancorp, Inc., (the "Company") was incorporated in January 2018 and became the holding company for Mid-Southern Savings Bank, FSB (the "Bank"), on July 11, 2018, upon the completion of the Bank’s conversion from the mutual holding company ownership structure and the Company’s related public stock offering. Please see Note 2 – Conversion and Stock Issuance for more information. The accompanying unaudited consolidated financial statements and notes have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed with the SEC on March 24, 2023 ("2022 Form 10-K"). In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the unaudited interim consolidated financial statements in accordance with GAAP. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period. The unaudited consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders’ equity. In preparing the unaudited consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the allowance for credit losses, the valuation of foreclosed real estate and the underlying collateral of individually analyzed loans, deferred tax assets, and the fair value of financial instruments. On April 5, 2012, the Jumpstart Our Business Startups Act ("JOBS Act") was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an "emerging growth company" we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our consolidated financial statements may not be comparable to companies that comply with such new or revised accounting standards. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | The following are summaries of recently issued or adopted 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 effective dates noted for private companies if they differ from the effective dates noted for public companies. In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2023-02, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credits Structures Using the Proportional Amortization Method 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) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Securities | |
Schedule of fair values of debt securities available-for-sale or held-to-maturity | Gross Gross (In thousands) Amortized Unrealized Unrealized Fair March 31, 2023 Cost Gains Losses Value Securities available for sale: Mortgage-backed securities: Agency MBS $ 12,950 $ — $ 1,742 $ 11,208 Agency CMO 20,564 43 2,088 18,519 33,514 43 3,830 29,727 Other debt securities: U.S. Treasury securities 9,843 — 316 9,527 U.S. Government agency obligations 1,983 — 130 1,853 Municipal obligations 68,206 74 7,828 60,452 80,032 74 8,274 71,832 Total securities available for sale $ 113,546 $ 117 $ 12,104 $ 101,559 Securities held to maturity: Mortgage-backed securities: Agency MBS $ 13 $ — $ — $ 13 Total securities held to maturity $ 13 $ — $ — $ 13 December 31, 2022 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 |
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 $ 4,586 $ 4,481 $ — $ — Due after one year through five years 11,208 10,801 — — Due after five years through ten years 4,313 4,090 — — Due after ten years 59,925 52,460 — — 80,032 71,832 — — MBS and CMO 33,514 29,727 13 13 $ 113,546 $ 101,559 $ 13 $ 13 |
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 March 31, 2023 Positions Value Losses Securities available for sale: Continuous loss position less than 12 months: Agency CMO 4 $ 1,144 $ 16 Municipal obligations 10 5,287 236 Total less than 12 months 14 6,431 252 Continuous loss position more than 12 months: U.S. Treasury securities 6 9,527 316 U.S. Government agency obligations 1 1,852 130 Agency MBS 13 11,208 1,742 Agency CMO 15 15,948 2,072 Municipal obligations 82 45,997 7,592 Total more than 12 months 117 84,532 11,852 Total securities available for sale 131 $ 90,963 $ 12,104 Information pertaining to investment securities available for sale with gross unrealized losses at December 31, 2022, aggregated by investment category and the length of time that individual investment 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 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Schedule of loans | March 31, December 31, (In thousands) 2023 2022 Real estate mortgage loans: One-to-four family residential $ 66,100 $ 64,747 Multi-family residential 8,660 8,271 Construction 4,559 7,847 Commercial real estate 54,349 48,590 Commercial business loans 14,143 14,675 Consumer loans 1,865 2,077 Total loans 149,676 146,207 Deferred loan origination fees and costs, net (154) (136) Allowance for credit losses on loans (2,324) (1,692) Loans, net $ 147,198 $ 144,379 |
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 Family Multi-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) Total $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 Recorded Investment in Loans as Evaluated: Individually evaluated $ 490 $ — $ — $ 125 $ 279 $ — $ 894 Collectively evaluated 64,448 8,261 7,834 48,541 14,408 2,122 145,614 Total $ 64,938 $ 8,261 $ 7,834 $ 48,666 $ 14,687 $ 2,122 $ 146,508 |
Schedule of analysis of allowance for loan losses | An analysis of the allowance for credit losses on loans as of December 31, 2022 is as follows: One-to-Four Family Multi-Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Ending allowance balance attributable to loans: Individually evaluated $ 21 $ — $ — $ — $ 14 $ — $ 35 Collectively evaluated 684 86 18 650 185 34 1,657 Total $ 705 $ 86 $ 18 $ 650 $ 199 $ 34 $ 1,692 An analysis of the changes in the allowance for credit losses on loans for the three months ended March 31, 2023 is as follows: One-to-Four Family Multi-Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Allowance for credit losses on loans: Beginning balance $ 705 $ 86 $ 18 $ 650 $ 199 $ 34 $ 1,692 Impact of adopting ASC 326 12 303 83 125 8 26 557 Provisions 4 25 (41) 104 (13) (1) 78 Charge-offs — — — — — (5) (5) Recoveries 2 — — — — — 2 Ending balance $ 723 $ 414 $ 60 $ 879 $ 194 $ 54 $ 2,324 An analysis of the changes in the allowance for credit losses on loans for the three months ended March 31, 2022 is as follows: One-to-Four Family Multi-Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (In thousands) Allowance for credit losses on loans: Beginning balance $ 873 $ 102 $ 25 $ 363 $ 127 $ 33 $ 1,523 Provisions (93) (8) (5) 112 (7) 1 — Charge-offs — — — — — (4) (4) Recoveries 2 — — — — 1 3 Ending balance $ 782 $ 94 $ 20 $ 475 $ 120 $ 31 $ 1,522 |
Schedule of amortized cost and allowance for credit losses allocated to loans | The following table summarizes the amortized cost and allowance for credit losses allocated to loans which are collaterally dependent to determine expected credit losses as of March 31, 2023: Allocated Real Estate Other Total Allowance (In thousands) One-to-four family residential $ 464 $ — $ 464 $ 21 Commercial real estate 113 — 113 — Commercial business — 261 261 10 Total $ 577 $ 261 $ 838 $ 31 The following table summarizes the Company’s individually analyzed loans for the three-month period ended March 31, 2022. The Company did not recognize any interest income on individually analyzed loans using the cash receipts method of accounting for the three-month period ended March 31, 2022. Three Months Ended March 31, 2022 Average Interest Recorded Income Investment Recognized Loans with no related allowance recorded: One-to-four family residential $ 717 $ — Commercial real estate 100 1 Commercial business — — Consumer 1 — $ 818 $ 1 Loans with an allowance recorded: One-to-four family residential $ 245 $ 3 Commercial real estate 68 1 Commercial business 326 4 Consumer — — $ 639 $ 8 Total: One-to-four family residential $ 962 $ 3 Commercial real estate 168 2 Commercial business 326 4 Consumer 1 — $ 1,457 $ 9 The following table summarizes the Company’s individually analyzed loans as of December 31, 2022: At December 31, 2022 Unpaid Recorded Principal Related Investment Balance Allowance (In thousands) Loans with no related allowance recorded: One-to-four family residential $ 762 $ 820 $ — Commercial real estate 60 60 — Commercial business — — — Consumer — — — $ 822 $ 880 $ — Loans with an allowance recorded: One-to-four family residential $ 267 $ 274 $ 21 Commercial real estate 66 68 — Commercial business 279 279 14 Consumer — — — $ 612 $ 621 $ 35 Total: One-to-four family residential $ 1,029 $ 1,094 $ 21 Commercial real estate 126 128 — Commercial business 279 279 14 Consumer — — — $ 1,434 $ 1,501 $ 35 |
Schedule of recorded investment in nonperforming loans | At March 31, 2023 At December 31, 2022 Nonaccrual Loans 90+ Nonaccrual Loans 90+ Loans Days Loans Days Nonaccrual Without an Past Due Nonaccrual Without an Past Due Loans Allowance Still Accruing Loans Allowance Still Accruing (In thousands) One-to-four family residential $ 612 $ 171 $ — $ 732 $ 193 $ — Construction 146 — — — — — Commercial real estate 320 — — — — — Total $ 1,078 $ 171 $ — $ 732 $ 193 $ — |
Schedule of aging of the recorded investment in past due loans | Over Total 30 ‑ 59 Days 60 ‑ 89 Days 90 Days Total Accruing Nonaccrual Total Current Past Due Past Due Past Due Past Due Loans Loans Loans (In thousands) March 31, 2023 One-to-four family residential $ 65,022 $ 466 $ — $ — $ 466 $ 65,488 $ 612 $ 66,100 Multi-family residential 8,660 — — — — 8,660 — 8,660 Construction 4,413 — — — — 4,413 146 4,559 Commercial real estate 53,976 53 — — 53 54,029 320 54,349 Commercial business 14,143 — — — — 14,143 — 14,143 Consumer 1,846 19 — — 19 1,865 — 1,865 Total $ 148,060 $ 538 $ — $ — $ 538 $ 148,598 $ 1,078 $ 149,676 The following tables present the aging of the recorded investment in loans at December 31, 2022: Over Total 30 ‑ 59 Days 60 ‑ 89 Days 90 Days Total Accruing Nonaccrual Total Current Past Due Past Due Past Due Past Due Loans Loans Loans (In thousands) December 31, 2022 One-to-four family residential $ 63,610 $ 596 $ — $ — $ 596 $ 64,206 $ 732 $ 64,938 Multi-family residential 8,261 — — — — 8,261 — 8,261 Construction 7,834 — — — — 7,834 — 7,834 Commercial real estate 48,222 444 — — 444 48,666 — 48,666 Commercial business 14,676 11 — — 11 14,687 — 14,687 Consumer 2,122 — — — — 2,122 — 2,122 Total $ 144,725 $ 1,051 $ — $ — $ 1,051 $ 145,776 $ 732 $ 146,508 |
Schedule of risk category of loans by recorded investment | The following table shows the amortized cost of loans, segregated by portfolio segment, risk category and year of origination as of March 31, 2023 and gross charge-offs for the three months ended March 31, 2023: Revolving 2023 2022 2021 2020 2019 Prior Loans Total (In thousands) One-to-four family residential Pass $ 1,611 $ 13,417 $ 10,554 $ 6,491 $ 2,782 $ 26,300 $ 4,333 $ 65,488 Special mention — — — — — — — — Substandard — — — — — 612 — 612 Doubtful — — — — — — — — Loss — — — — — — — — Total one-to-four family residential 1,611 13,417 10,554 6,491 2,782 26,912 4,333 66,100 Current period gross charge-offs — — — — — — — — Multi-family residential Pass 498 2,395 3,107 2,210 — 450 — 8,660 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total multi-family residential 498 2,395 3,107 2,210 — 450 — 8,660 Current period gross charge-offs — — — — — — — — Construction Pass 1,246 481 — — — — 2,686 4,413 Special mention — — — — — — — — Substandard — — 146 — — — — 146 Doubtful — — — — — — — — Loss — — — — — — — — Total construction 1,246 481 146 — — — 2,686 4,559 Current period gross charge-offs — — — — — — — — Commercial real estate Pass 3,260 19,101 8,796 4,389 3,085 8,084 3,931 50,646 Special mention — — 3,383 — — — — 3,383 Substandard — — 320 — — — — 320 Doubtful — — — — — — — — Loss — — — — — — — — Total commercial real estate 3,260 19,101 12,499 4,389 3,085 8,084 3,931 54,349 Current period gross charge-offs — — — — — — — — Commercial business Pass 490 1,842 7,783 260 192 335 3,241 14,143 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total commercial business 490 1,842 7,783 260 192 335 3,241 14,143 Current period gross charge-offs — — — — — — — — Consumer Pass 188 763 678 110 48 16 62 1,865 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total consumer 188 763 678 110 48 16 62 1,865 Current period gross charge-offs — — — — — — 5 5 Total loans Pass $ 7,293 $ 37,999 $ 30,918 $ 13,460 $ 6,107 $ 35,185 $ 14,253 $ 145,215 Special mention — — 3,383 — — — — 3,383 Substandard — — 466 — — 612 — 1,078 Doubtful — — — — — — — — Loss — — — — — — — — Total loans $ 7,293 $ 37,999 $ 34,767 $ 13,460 $ 6,107 $ 35,797 $ 14,253 $ 149,676 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 5 $ 5 The following table presents the recorded investment in loans by risk category as of December 31, 2022: One-to- Multi- Four Family Family Commercial Commercial Residential Residential Construction Real Estate Business Consumer Total (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 |
Schedule of TDRs by accrual status | December 31, 2022 Related Accruing Nonaccrual Total Allowance (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 |
ASC 326 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Schedule of total impact of the adoption | January 1 ,2023 As reported under Pre-ASC 326 Impact of ASC 326 (In thousands) ASC 326 Adoption Adoption Allowance for credit losses on loans: One-to-four family residential $ 717 $ 705 $ 12 Multi-family residential 389 86 303 Construction 101 18 83 Commercial real estate 775 650 125 Commercial business 207 199 8 Consumer 60 34 26 Total allowance for credit losses on loans $ 2,249 $ 1,692 $ 557 Total allowance for credit losses on unfunded loan commitments $ 73 $ — $ 73 |
Advances (Tables)
Advances (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Advances | |
Schedule of federal home loan bank | Three Months Ended March 31, 2023 2022 (Dollars in thousands) Outstanding at period-end $ — $ — Average amount outstanding 20,422 — Maximum amount outstanding at any month-end 26,000 — Weighted average interest rate: During period 4.57 % — End of period — % — Three Months Ended March 31, 2023 2022 (Dollars in thousands) Outstanding at period-end $ — $ — Average amount outstanding 5 — Maximum amount outstanding at any month-end 339 — Weighted average interest rate: During period 4.77 % — End of period — % — |
Supplemental Disclosure for E_2
Supplemental Disclosure for Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Disclosure for Earnings Per Share | |
Schedule of supplemental disclosure for earnings per share | Three Months Ended March 31, 2023 2022 (Dollars in thousands, except per share data) Basic Earnings: Net income $ 340 $ 467 Shares: Weighted average common shares outstanding 2,700,728 2,811,781 Net income per common share, basic $ 0.13 $ 0.17 Diluted Earnings: Net income $ 340 $ 467 Shares: Weighted average common shares outstanding 2,700,728 2,811,781 Add: Dilutive effect of stock options 101 2,519 Add: Dilutive effect of restricted stock — 2,167 Weighted average common shares outstanding, as adjusted 2,700,829 2,816,467 Net income per common share, diluted $ 0.13 $ 0.17 |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stock-based Compensation Plans | |
Schedule of stock option activity | Weighted Average Number Weighted Remaining Aggregate of Average Exercise Contractual Intrinsic Shares Price Term Value Outstanding at beginning of year 89,637 $ 13.38 Granted — — Exercised — — Forfeited or expired — — Outstanding at end of period 89,637 $ 13.38 7.3 $ 1,000 Vested and expected to vest 89,637 $ 13.38 7.3 $ 1,000 Exercisable at end of period 60,438 $ 13.37 6.9 $ 1,000 |
Schedule of nonvested restricted shares activity | Weighted Number Average of Grant-Date Shares Fair Value Nonvested at beginning of year 32,839 $ 14.05 Granted — — Vested — — Forfeited — — Nonvested at end of period 32,839 $ 14.05 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023 Assets Measured on a Recurring Basis Securities available for sale: Agency MBS $ — $ 11,208 $ — $ 11,208 Agency CMO — 18,519 — 18,519 U.S. Treasury securities — 9,527 — 9,527 U.S. Government agency obligations — 1,853 — 1,853 Municipal obligations — 60,452 — 60,452 Total securities available for sale $ — $ 101,559 $ — $ 101,559 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 |
Schedule of estimated fair values of financial instruments | Carrying Fair Value Measurements Using Value Level 1 Level 2 Level 3 (In thousands) March 31, 2023 Financial assets: Cash and cash equivalents $ 4,471 $ 4,471 $ — $ — Securities available for sale 101,559 — 101,559 — Securities held to maturity 13 — 13 — Loans, net 147,198 — — 143,846 FHLB stock 1,778 N/A N/A N/A Accrued interest receivable 1,042 — 1,042 — Financial liabilities: Noninterest-bearing deposits 27,936 27,936 — — Interest-bearing deposits 177,701 — — 176,244 Advance from Federal Reserve 25,000 — 24,884 — Accrued interest payable 82 — 82 — 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 — |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contracts with Customers | |
Summary of revenue from contracts with customers | Three Months Ended March 31, 2023 2022 (In thousands) Deposit account service charges $ 91 $ 81 Brokered loan fees 15 43 ATM and debit card fee income 139 136 Other income 8 1 Revenue from contracts with customers 253 261 Net loss on sales of securities available for sale (27) — Increase in cash surrender value of life insurance 14 14 Other income 4 10 Other noninterest income (9) 24 Total noninterest income $ 244 $ 285 |
Investment Securities - Availab
Investment Securities - Available of sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities available for sale: | ||
Amortized Cost | $ 113,546 | $ 119,768 |
Gross Unrealized Gains | 117 | 36 |
Gross Unrealized Losses | 12,104 | 14,453 |
Fair Value | 101,559 | 105,351 |
Agency MBS | ||
Securities available for sale: | ||
Amortized Cost | 12,950 | 13,257 |
Gross Unrealized Losses | 1,742 | 1,868 |
Fair Value | 11,208 | 11,389 |
Agency CMO | ||
Securities available for sale: | ||
Amortized Cost | 20,564 | 21,233 |
Gross Unrealized Gains | 43 | 18 |
Gross Unrealized Losses | 2,088 | 2,257 |
Fair Value | 18,519 | 18,994 |
MBS and CMO | ||
Securities available for sale: | ||
Amortized Cost | 33,514 | 34,490 |
Gross Unrealized Gains | 43 | 18 |
Gross Unrealized Losses | 3,830 | 4,125 |
Fair Value | 29,727 | 30,383 |
Other debt securities | ||
Securities available for sale: | ||
Amortized Cost | 80,032 | 85,278 |
Gross Unrealized Gains | 74 | 18 |
Gross Unrealized Losses | 8,274 | 10,328 |
Fair Value | 71,832 | 74,968 |
U.S. Treasury securities | ||
Securities available for sale: | ||
Amortized Cost | 9,843 | 9,840 |
Gross Unrealized Losses | 316 | 401 |
Fair Value | 9,527 | 9,439 |
U.S. Government agency obligations | ||
Securities available for sale: | ||
Amortized Cost | 1,983 | 1,996 |
Gross Unrealized Losses | 130 | 183 |
Fair Value | 1,853 | 1,813 |
Municipal obligations | ||
Securities available for sale: | ||
Amortized Cost | 68,206 | 73,442 |
Gross Unrealized Gains | 74 | 18 |
Gross Unrealized Losses | 7,828 | 9,744 |
Fair Value | $ 60,452 | $ 63,716 |
Investment Securities - Held to
Investment Securities - Held to maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities held to maturity: | ||
Amortized Cost | $ 13 | $ 17 |
Fair Value | 13 | 17 |
Agency MBS | ||
Securities held to maturity: | ||
Amortized Cost | 13 | 17 |
Fair Value | $ 13 | $ 17 |
Investment Securities - Amortiz
Investment Securities - Amortized cost and fair value of debt securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available for Sale Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 4,586 | |
Due after one year through five years, Amortized Cost | 11,208 | |
Due after five years through ten years, Amortized Cost | 4,313 | |
Due after ten years, Amortized Cost | 59,925 | |
Available for Sale, Amortized Cost | 80,032 | |
Amortized Cost | 113,546 | $ 119,768 |
Available for Sale Fair Value | ||
Due in one year or less, Fair Value | 4,481 | |
Due after one year through five years, Fair Value | 10,801 | |
Due after five years through ten years, Fair Value | 4,090 | |
Due after ten years, Fair Value | 52,460 | |
Available for Sale, Fair value | 71,832 | |
Fair Value | 101,559 | 105,351 |
MBS and CMO | ||
Available for Sale Amortized Cost | ||
Amortized Cost | 33,514 | 34,490 |
Available for Sale Fair Value | ||
Fair Value | $ 29,727 | $ 30,383 |
Investment Securities - Contrac
Investment Securities - Contractual maturity of held to maturity securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Held to Maturity, Amortized Cost | ||
Amortized Cost | $ 13 | $ 17 |
Held to Maturity, Fair Value | ||
Fair Value | 13 | $ 17 |
MBS and CMO | ||
Held to Maturity, Amortized Cost | ||
Amortized Cost | 13 | |
Held to Maturity, Fair Value | ||
Fair Value | $ 13 |
Investment Securities - Investm
Investment Securities - Investment securities available for sale with gross unrealized loss (Details) $ in Thousands | Mar. 31, 2023 USD ($) position | Dec. 31, 2022 USD ($) position |
Securities available for sale: | ||
Continuous loss position less than 12 months: Number of Investment Positions | position | 14 | 112 |
Continuous loss position less than 12 months: Fair Value | $ 6,431 | $ 67,135 |
Continuous loss position less than 12 months: Gross Unrealized Losses | $ 252 | $ 7,656 |
Continuous loss position more than 12 months: Number of Investment Positions | position | 117 | 42 |
Continuous loss position more than 12 months: Fair Value | $ 84,532 | $ 32,632 |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 11,852 | $ 6,797 |
Total securities available for sale: Number of Investment Positions | position | 131 | 154 |
Total securities available for sale: Fair Value | $ 90,963 | $ 99,767 |
Total securities available for sale: Gross Unrealized Losses | $ 12,104 | $ 14,453 |
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 | |
Continuous loss position more than 12 months: Number of Investment Positions | position | 6 | |
Continuous loss position more than 12 months: Fair Value | $ 9,527 | |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 316 | |
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 | |
Continuous loss position more than 12 months: Number of Investment Positions | position | 1 | |
Continuous loss position more than 12 months: Fair Value | $ 1,852 | |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 130 | |
Agency MBS | ||
Securities available for sale: | ||
Continuous loss position less than 12 months: Number of Investment Positions | position | 8 | |
Continuous loss position less than 12 months: Fair Value | $ 4,701 | |
Continuous loss position less than 12 months: Gross Unrealized Losses | $ 559 | |
Continuous loss position more than 12 months: Number of Investment Positions | position | 13 | 5 |
Continuous loss position more than 12 months: Fair Value | $ 11,208 | $ 6,687 |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 1,742 | $ 1,309 |
Agency CMO | ||
Securities available for sale: | ||
Continuous loss position less than 12 months: Number of Investment Positions | position | 4 | 8 |
Continuous loss position less than 12 months: Fair Value | $ 1,144 | $ 4,212 |
Continuous loss position less than 12 months: Gross Unrealized Losses | $ 16 | $ 204 |
Continuous loss position more than 12 months: Number of Investment Positions | position | 15 | 12 |
Continuous loss position more than 12 months: Fair Value | $ 15,948 | $ 13,357 |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 2,072 | $ 2,053 |
Municipal obligations | ||
Securities available for sale: | ||
Continuous loss position less than 12 months: Number of Investment Positions | position | 10 | 89 |
Continuous loss position less than 12 months: Fair Value | $ 5,287 | $ 46,971 |
Continuous loss position less than 12 months: Gross Unrealized Losses | $ 236 | $ 6,309 |
Continuous loss position more than 12 months: Number of Investment Positions | position | 82 | 25 |
Continuous loss position more than 12 months: Fair Value | $ 45,997 | $ 12,588 |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 7,592 | $ 3,435 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Debt securities held to maturity with unrealized loss | $ 0 | ||
Percentage of deprecation in loss position for available-for-sale debt securities from amortized cost basis | 89.60% | 94.70% | |
Realized gross gain loss | $ 27,000 | $ 0 | |
Securities available for sale, at fair value | 101,559,000 | $ 105,351,000 | |
Asset Pledged as Collateral | Federal Reserve Advances | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Par value of pledged securities | 28,500,000 | ||
Securities available for sale, at fair value | 0 | ||
Municipal obligations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, at fair value | 60,452,000 | 63,716,000 | |
MBS and CMO | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, at fair value | 29,727,000 | 30,383,000 | |
Agency MBS | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, at fair value | $ 11,208,000 | $ 11,389,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Details) - USD ($) | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | $ 2,324,000 | $ 1,692,000 | $ 1,522,000 | $ 1,523,000 | |
Retained earnings on a tax-effected basis | 24,611,000 | 24,916,000 | |||
Appraisals or valuations obtained above threshold amount | $ 100,000 | ||||
ASC 326 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | $ 2,249,000 | ||||
ASC 326 | Unfunded loan commitments | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Unfunded loan commitments | 73,000 | ||||
Impact of adoption | ASC 326 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses | 557,000 | $ 557,000 | |||
Retained earnings on a tax-effected basis | 425,000 | ||||
Impact of adoption | ASC 326 | Unfunded loan commitments | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Unfunded loan commitments | 73,000 | ||||
Retained earnings on a tax-effected basis | $ 56,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Unfunded loan commitment allowances activity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | $ 2,324 | $ 1,692 | $ 1,522 | $ 1,523 | |
Residential real estate | One-to-four family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 723 | 705 | 782 | 873 | |
Residential real estate | Multi-family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 414 | 86 | 94 | 102 | |
Residential real estate | Construction | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 60 | 18 | 20 | 25 | |
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 879 | 650 | 475 | 363 | |
Commercial business | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 194 | 199 | 120 | 127 | |
Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | $ 54 | 34 | $ 31 | $ 33 | |
ASC 326 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | $ 2,249 | ||||
ASC 326 | Unfunded loan commitments | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on unfunded loan commitments | 73 | ||||
ASC 326 | Residential real estate | One-to-four family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 717 | ||||
ASC 326 | Residential real estate | Multi-family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 389 | ||||
ASC 326 | Residential real estate | Construction | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 101 | ||||
ASC 326 | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 775 | ||||
ASC 326 | Commercial business | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 207 | ||||
ASC 326 | Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 60 | ||||
As reported | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 1,692 | ||||
As reported | Residential real estate | One-to-four family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 705 | ||||
As reported | Residential real estate | Multi-family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 86 | ||||
As reported | Residential real estate | Construction | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 18 | ||||
As reported | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 650 | ||||
As reported | Commercial business | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 199 | ||||
As reported | Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | $ 34 | ||||
Pre-adoption | ASC 326 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 557 | ||||
Pre-adoption | ASC 326 | Unfunded loan commitments | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on unfunded loan commitments | 73 | ||||
Pre-adoption | ASC 326 | Residential real estate | One-to-four family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 12 | ||||
Pre-adoption | ASC 326 | Residential real estate | Multi-family residential | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 303 | ||||
Pre-adoption | ASC 326 | Residential real estate | Construction | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 83 | ||||
Pre-adoption | ASC 326 | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 125 | ||||
Pre-adoption | ASC 326 | Commercial business | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | 8 | ||||
Pre-adoption | ASC 326 | Consumer | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total allowance for credit losses on loans | $ 26 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Foreclosed real estate (Details) - Residential real estate properties | Mar. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) |
Real Estate Owned [Line Items] | ||
Foreclosed real estate | $ 16,000 | |
Number of loans foreclosure | loan | 5 | |
Foreclosure in process | $ 168,000 | $ 116,000 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Loans, net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and Allowance for Credit Losses | ||||
Loans | $ 149,676 | $ 146,207 | ||
Deferred loan origination fees and costs, net | (154) | (136) | ||
Accrued interest receivable | 437 | |||
Allowance for credit losses on loans | (2,324) | (1,692) | $ (1,522) | $ (1,523) |
Loans, net | 147,198 | 144,379 | ||
Construction | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 4,559 | 7,847 | ||
Deferred loan origination fees and costs, net | (32) | |||
Accrued interest receivable | 19 | |||
Residential real estate | One-to-four family residential | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 66,100 | 64,747 | ||
Deferred loan origination fees and costs, net | 13 | |||
Accrued interest receivable | 178 | |||
Allowance for credit losses on loans | (723) | (705) | (782) | (873) |
Residential real estate | Multi-family residential | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 8,660 | 8,271 | ||
Deferred loan origination fees and costs, net | (24) | |||
Accrued interest receivable | 14 | |||
Allowance for credit losses on loans | (414) | (86) | (94) | (102) |
Residential real estate | Construction | ||||
Loans and Allowance for Credit Losses | ||||
Allowance for credit losses on loans | (60) | (18) | (20) | (25) |
Commercial real estate | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 54,349 | 48,590 | ||
Deferred loan origination fees and costs, net | (106) | |||
Accrued interest receivable | 182 | |||
Allowance for credit losses on loans | (879) | (650) | (475) | (363) |
Commercial business | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 14,143 | 14,675 | ||
Deferred loan origination fees and costs, net | (24) | |||
Accrued interest receivable | 36 | |||
Allowance for credit losses on loans | (194) | (199) | (120) | (127) |
Consumer | ||||
Loans and Allowance for Credit Losses | ||||
Loans | 1,865 | 2,077 | ||
Deferred loan origination fees and costs, net | 37 | |||
Accrued interest receivable | 8 | |||
Allowance for credit losses on loans | $ (54) | $ (34) | $ (31) | $ (33) |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Components of Company's recorded investment in loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost: | ||
Principal loan balance | $ 149,676 | $ 146,207 |
Accrued interest receivable | 443 | 437 |
Net deferred loan fees/ costs | (154) | (136) |
Total amortized cost | 149,676 | 146,508 |
Amortized Cost as Evaluated for Impairment: | ||
Individually evaluated for impairment | 894 | |
Collectively evaluated for impairment | 145,614 | |
Total amortized cost | 149,676 | 146,508 |
Construction | ||
Amortized Cost: | ||
Principal loan balance | 4,559 | 7,847 |
Net deferred loan fees/ costs | (32) | |
Total amortized cost | 7,834 | |
Amortized Cost as Evaluated for Impairment: | ||
Collectively evaluated for impairment | 7,834 | |
Total amortized cost | 7,834 | |
Residential real estate | One-to-four family residential | ||
Amortized Cost: | ||
Principal loan balance | 66,100 | 64,747 |
Net deferred loan fees/ costs | 13 | |
Total amortized cost | 66,100 | 64,938 |
Amortized Cost as Evaluated for Impairment: | ||
Individually evaluated for impairment | 490 | |
Collectively evaluated for impairment | 64,448 | |
Total amortized cost | 66,100 | 64,938 |
Residential real estate | Multi-family residential | ||
Amortized Cost: | ||
Principal loan balance | 8,660 | 8,271 |
Net deferred loan fees/ costs | (24) | |
Total amortized cost | 8,660 | 8,261 |
Amortized Cost as Evaluated for Impairment: | ||
Collectively evaluated for impairment | 8,261 | |
Total amortized cost | 8,660 | 8,261 |
Residential real estate | Construction | ||
Amortized Cost: | ||
Total amortized cost | 4,559 | 7,834 |
Amortized Cost as Evaluated for Impairment: | ||
Total amortized cost | 4,559 | 7,834 |
Commercial real estate | ||
Amortized Cost: | ||
Principal loan balance | 54,349 | 48,590 |
Net deferred loan fees/ costs | (106) | |
Total amortized cost | 54,349 | 48,666 |
Amortized Cost as Evaluated for Impairment: | ||
Individually evaluated for impairment | 125 | |
Collectively evaluated for impairment | 48,541 | |
Total amortized cost | 54,349 | 48,666 |
Commercial business | ||
Amortized Cost: | ||
Principal loan balance | 14,143 | 14,675 |
Net deferred loan fees/ costs | (24) | |
Total amortized cost | 14,143 | 14,687 |
Amortized Cost as Evaluated for Impairment: | ||
Individually evaluated for impairment | 279 | |
Collectively evaluated for impairment | 14,408 | |
Total amortized cost | 14,143 | 14,687 |
Consumer | ||
Amortized Cost: | ||
Principal loan balance | 1,865 | 2,077 |
Net deferred loan fees/ costs | 37 | |
Total amortized cost | 1,865 | 2,122 |
Amortized Cost as Evaluated for Impairment: | ||
Collectively evaluated for impairment | 2,122 | |
Total amortized cost | $ 1,865 | $ 2,122 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Analysis of allowance for loan losses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Ending allowance balance attributable to loans: | ||||
Total amortized cost | $ 2,324 | $ 1,692 | $ 1,522 | $ 1,523 |
Ending allowance balance attributable to loans. before adoption: | ||||
Individually evaluated for impairment | 35 | |||
Collectively evaluated for impairment | 1,657 | |||
Total amortized cost | 2,324 | 1,692 | 1,522 | 1,523 |
Residential real estate | One-to-four family residential | ||||
Ending allowance balance attributable to loans: | ||||
Total amortized cost | 723 | 705 | 782 | 873 |
Ending allowance balance attributable to loans. before adoption: | ||||
Individually evaluated for impairment | 21 | |||
Collectively evaluated for impairment | 684 | |||
Total amortized cost | 723 | 705 | 782 | 873 |
Residential real estate | Multi-family residential | ||||
Ending allowance balance attributable to loans: | ||||
Total amortized cost | 414 | 86 | 94 | 102 |
Ending allowance balance attributable to loans. before adoption: | ||||
Collectively evaluated for impairment | 86 | |||
Total amortized cost | 414 | 86 | 94 | 102 |
Residential real estate | Construction | ||||
Ending allowance balance attributable to loans: | ||||
Total amortized cost | 60 | 18 | 20 | 25 |
Ending allowance balance attributable to loans. before adoption: | ||||
Collectively evaluated for impairment | 18 | |||
Total amortized cost | 60 | 18 | 20 | 25 |
Commercial real estate | ||||
Ending allowance balance attributable to loans: | ||||
Total amortized cost | 879 | 650 | 475 | 363 |
Ending allowance balance attributable to loans. before adoption: | ||||
Collectively evaluated for impairment | 650 | |||
Total amortized cost | 879 | 650 | 475 | 363 |
Commercial business | ||||
Ending allowance balance attributable to loans: | ||||
Total amortized cost | 194 | 199 | 120 | 127 |
Ending allowance balance attributable to loans. before adoption: | ||||
Individually evaluated for impairment | 14 | |||
Collectively evaluated for impairment | 185 | |||
Total amortized cost | 194 | 199 | 120 | 127 |
Consumer | ||||
Ending allowance balance attributable to loans: | ||||
Total amortized cost | 54 | 34 | 31 | 33 |
Ending allowance balance attributable to loans. before adoption: | ||||
Collectively evaluated for impairment | 34 | |||
Total amortized cost | $ 54 | $ 34 | $ 31 | $ 33 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Analysis of the changes in the allowance for loan losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for credit losses on loans: | ||
Beginning balance | $ 1,692 | $ 1,523 |
Provisions | 78 | |
Charge-offs | (5) | |
Recoveries | 2 | |
Ending balance | 2,324 | 1,522 |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 1,692 | 1,523 |
Provision for loan losses | 52 | |
Charge-offs | (4) | |
Recoveries | 3 | |
Ending balance | 2,324 | 1,522 |
Impact of adoption | ASC 326 | ||
Allowance for credit losses on loans: | ||
Beginning balance | 557 | |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 557 | |
Residential real estate | One-to-four family residential | ||
Allowance for credit losses on loans: | ||
Beginning balance | 705 | 873 |
Provisions | 4 | |
Recoveries | 2 | |
Ending balance | 723 | 782 |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 705 | 873 |
Provision for loan losses | (93) | |
Recoveries | 2 | |
Ending balance | 723 | 782 |
Residential real estate | One-to-four family residential | Impact of adoption | ASC 326 | ||
Allowance for credit losses on loans: | ||
Beginning balance | 12 | |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 12 | |
Residential real estate | Multi-family residential | ||
Allowance for credit losses on loans: | ||
Beginning balance | 86 | 102 |
Provisions | 25 | |
Ending balance | 414 | 94 |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 86 | 102 |
Provision for loan losses | (8) | |
Ending balance | 414 | 94 |
Residential real estate | Multi-family residential | Impact of adoption | ASC 326 | ||
Allowance for credit losses on loans: | ||
Beginning balance | 303 | |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 303 | |
Residential real estate | Construction | ||
Allowance for credit losses on loans: | ||
Beginning balance | 18 | 25 |
Provisions | (41) | |
Ending balance | 60 | 20 |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 18 | 25 |
Provision for loan losses | (5) | |
Ending balance | 60 | 20 |
Residential real estate | Construction | Impact of adoption | ASC 326 | ||
Allowance for credit losses on loans: | ||
Beginning balance | 83 | |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 83 | |
Commercial real estate | ||
Allowance for credit losses on loans: | ||
Beginning balance | 650 | 363 |
Provisions | 104 | |
Ending balance | 879 | 475 |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 650 | 363 |
Provision for loan losses | 112 | |
Ending balance | 879 | 475 |
Commercial real estate | Impact of adoption | ASC 326 | ||
Allowance for credit losses on loans: | ||
Beginning balance | 125 | |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 125 | |
Commercial business | ||
Allowance for credit losses on loans: | ||
Beginning balance | 199 | 127 |
Provisions | (13) | |
Ending balance | 194 | 120 |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 199 | 127 |
Provision for loan losses | (7) | |
Ending balance | 194 | 120 |
Commercial business | Impact of adoption | ASC 326 | ||
Allowance for credit losses on loans: | ||
Beginning balance | 8 | |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 8 | |
Consumer | ||
Allowance for credit losses on loans: | ||
Beginning balance | 34 | 33 |
Provisions | (1) | |
Charge-offs | (5) | |
Ending balance | 54 | 31 |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | 34 | 33 |
Provision for loan losses | 1 | |
Charge-offs | (4) | |
Recoveries | 1 | |
Ending balance | 54 | $ 31 |
Consumer | Impact of adoption | ASC 326 | ||
Allowance for credit losses on loans: | ||
Beginning balance | 26 | |
Allowance for credit losses on loans, before adoption: | ||
Beginning balance | $ 26 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Impaired loans using the cash receipts method of accounting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | |
Loans with no related allowance recorded, before adoption: | ||
Recorded Investment | $ 822 | |
Unpaid Principal Balance | 880 | |
Average Recorded Investment | $ 818 | |
Interest Income Recognized | 1 | |
Loans with an allowance recorded, before adoption: | ||
Recorded Investment | 612 | |
Unpaid Principal Balance | 621 | |
Related Allowance | 35 | |
Average Recorded Investment | 639 | |
Interest Income Recognized | 8 | |
Total Recorded Investment | 1,434 | |
Total Unpaid Principal Balance | 1,501 | |
Total Related Allowance | 35 | |
Total Average Recorded Investment | 1,457 | |
Total Interest Income Recognized | 9 | |
Residential real estate | One-to-four family residential | ||
Loans with no related allowance recorded, before adoption: | ||
Recorded Investment | 762 | |
Unpaid Principal Balance | 820 | |
Average Recorded Investment | 717 | |
Loans with an allowance recorded, before adoption: | ||
Recorded Investment | 267 | |
Unpaid Principal Balance | 274 | |
Related Allowance | 21 | |
Average Recorded Investment | 245 | |
Interest Income Recognized | 3 | |
Total Recorded Investment | 1,029 | |
Total Unpaid Principal Balance | 1,094 | |
Total Related Allowance | 21 | |
Total Average Recorded Investment | 962 | |
Total Interest Income Recognized | 3 | |
Commercial real estate | ||
Loans with no related allowance recorded, before adoption: | ||
Recorded Investment | 60 | |
Unpaid Principal Balance | 60 | |
Average Recorded Investment | 100 | |
Interest Income Recognized | 1 | |
Loans with an allowance recorded, before adoption: | ||
Recorded Investment | 66 | |
Unpaid Principal Balance | 68 | |
Average Recorded Investment | 68 | |
Interest Income Recognized | 1 | |
Total Recorded Investment | 126 | |
Total Unpaid Principal Balance | 128 | |
Total Average Recorded Investment | 168 | |
Total Interest Income Recognized | 2 | |
Commercial business | ||
Loans with an allowance recorded, before adoption: | ||
Recorded Investment | 279 | |
Unpaid Principal Balance | 279 | |
Related Allowance | 14 | |
Average Recorded Investment | 326 | |
Interest Income Recognized | 4 | |
Total Recorded Investment | 279 | |
Total Unpaid Principal Balance | 279 | |
Total Related Allowance | $ 14 | |
Total Average Recorded Investment | 326 | |
Total Interest Income Recognized | 4 | |
Consumer | ||
Loans with no related allowance recorded, before adoption: | ||
Average Recorded Investment | 1 | |
Loans with an allowance recorded, before adoption: | ||
Total Average Recorded Investment | $ 1 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Nonperforming loans of nonaccrual loans and loans over 90 days past due recorded investment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Allowance for Credit Losses | ||
Nonaccrual Loans | $ 1,078 | $ 732 |
Loans 90+ Days Past Due Still Accruing | 171 | 193 |
Construction | ||
Loans and Allowance for Credit Losses | ||
Nonaccrual Loans | 146 | |
Residential real estate | One-to-four family residential | ||
Loans and Allowance for Credit Losses | ||
Nonaccrual Loans | 612 | 732 |
Loans 90+ Days Past Due Still Accruing | 171 | $ 193 |
Residential real estate | Construction | ||
Loans and Allowance for Credit Losses | ||
Nonaccrual Loans | 146 | |
Commercial real estate | ||
Loans and Allowance for Credit Losses | ||
Nonaccrual Loans | $ 320 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of amortized cost and allowance for credit losses (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | $ 838 |
Allotted Allowance | 31 |
Residential real estate | One-to-four family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 464 |
Allotted Allowance | 21 |
Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 113 |
Commercial business | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 261 |
Allotted Allowance | 10 |
Real Estate Sector [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 577 |
Real Estate Sector [Member] | Residential real estate | One-to-four family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 464 |
Real Estate Sector [Member] | Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 113 |
Other [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | 261 |
Other [Member] | Commercial business | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total | $ 261 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Aging of recorded investment in loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Allowance for Credit Losses | ||
Loans | $ 149,676 | $ 146,207 |
Total Accruing Loans | 148,598 | 145,776 |
Nonaccrual Loans | 1,078 | 732 |
Total amortized cost | 149,676 | 146,508 |
Total past due | ||
Loans and Allowance for Credit Losses | ||
Loans | 538 | 1,051 |
30-59 Days Past Due | ||
Loans and Allowance for Credit Losses | ||
Loans | 538 | 1,051 |
Current | ||
Loans and Allowance for Credit Losses | ||
Loans | 148,060 | 144,725 |
Construction | ||
Loans and Allowance for Credit Losses | ||
Loans | 4,559 | 7,847 |
Nonaccrual Loans | 146 | |
Total amortized cost | 7,834 | |
Residential real estate | One-to-four family residential | ||
Loans and Allowance for Credit Losses | ||
Loans | 66,100 | 64,747 |
Total Accruing Loans | 65,488 | 64,206 |
Nonaccrual Loans | 612 | 732 |
Total amortized cost | 66,100 | 64,938 |
Residential real estate | One-to-four family residential | Total past due | ||
Loans and Allowance for Credit Losses | ||
Loans | 466 | 596 |
Residential real estate | One-to-four family residential | 30-59 Days Past Due | ||
Loans and Allowance for Credit Losses | ||
Loans | 466 | 596 |
Residential real estate | One-to-four family residential | Current | ||
Loans and Allowance for Credit Losses | ||
Loans | 65,022 | 63,610 |
Residential real estate | Multi-family residential | ||
Loans and Allowance for Credit Losses | ||
Loans | 8,660 | 8,271 |
Total Accruing Loans | 8,660 | 8,261 |
Total amortized cost | 8,660 | 8,261 |
Residential real estate | Multi-family residential | Current | ||
Loans and Allowance for Credit Losses | ||
Loans | 8,660 | 8,261 |
Residential real estate | Construction | ||
Loans and Allowance for Credit Losses | ||
Total Accruing Loans | 4,413 | 7,834 |
Nonaccrual Loans | 146 | |
Total amortized cost | 4,559 | 7,834 |
Residential real estate | Construction | Current | ||
Loans and Allowance for Credit Losses | ||
Loans | 4,413 | 7,834 |
Commercial real estate | ||
Loans and Allowance for Credit Losses | ||
Loans | 54,349 | 48,590 |
Total Accruing Loans | 54,029 | 48,666 |
Nonaccrual Loans | 320 | |
Total amortized cost | 54,349 | 48,666 |
Commercial real estate | Total past due | ||
Loans and Allowance for Credit Losses | ||
Loans | 53 | 444 |
Commercial real estate | 30-59 Days Past Due | ||
Loans and Allowance for Credit Losses | ||
Loans | 53 | 444 |
Commercial real estate | Current | ||
Loans and Allowance for Credit Losses | ||
Loans | 53,976 | 48,222 |
Commercial business | ||
Loans and Allowance for Credit Losses | ||
Loans | 14,143 | 14,675 |
Total Accruing Loans | 14,143 | 14,687 |
Total amortized cost | 14,143 | 14,687 |
Commercial business | Total past due | ||
Loans and Allowance for Credit Losses | ||
Loans | 11 | |
Commercial business | 30-59 Days Past Due | ||
Loans and Allowance for Credit Losses | ||
Loans | 11 | |
Commercial business | Current | ||
Loans and Allowance for Credit Losses | ||
Loans | 14,143 | 14,676 |
Consumer | ||
Loans and Allowance for Credit Losses | ||
Loans | 1,865 | 2,077 |
Total Accruing Loans | 1,865 | 2,122 |
Total amortized cost | 1,865 | 2,122 |
Consumer | Total past due | ||
Loans and Allowance for Credit Losses | ||
Loans | 19 | |
Consumer | 30-59 Days Past Due | ||
Loans and Allowance for Credit Losses | ||
Loans | 19 | |
Consumer | Current | ||
Loans and Allowance for Credit Losses | ||
Loans | $ 1,846 | $ 2,122 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Amortized cost of loans, segregated by portfolio segment, risk category and year of origination (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Loans and Allowance for Credit Losses | ||
2023 | $ 7,293 | |
2022 | 37,999 | |
2021 | 34,767 | |
2020 | 13,460 | |
2019 | 6,107 | |
Prior | 35,797 | |
Revolving | 14,253 | |
Total amortized cost | 149,676 | $ 146,508 |
Current period gross charge-offs | ||
Revolving | 5 | |
Total | 5 | |
Pass | ||
Loans and Allowance for Credit Losses | ||
2023 | 7,293 | |
2022 | 37,999 | |
2021 | 30,918 | |
2020 | 13,460 | |
2019 | 6,107 | |
Prior | 35,185 | |
Revolving | 14,253 | |
Total amortized cost | 145,215 | |
Special mention | ||
Loans and Allowance for Credit Losses | ||
2021 | 3,383 | |
Total amortized cost | 3,383 | |
Substandard | ||
Loans and Allowance for Credit Losses | ||
2021 | 466 | |
Prior | 612 | |
Total amortized cost | 1,078 | |
Construction | ||
Loans and Allowance for Credit Losses | ||
Total amortized cost | 7,834 | |
Residential real estate | One-to-four family residential | ||
Loans and Allowance for Credit Losses | ||
2023 | 1,611 | |
2022 | 13,417 | |
2021 | 10,554 | |
2020 | 6,491 | |
2019 | 2,782 | |
Prior | 26,912 | |
Revolving | 4,333 | |
Total amortized cost | 66,100 | 64,938 |
Residential real estate | One-to-four family residential | Pass | ||
Loans and Allowance for Credit Losses | ||
2023 | 1,611 | |
2022 | 13,417 | |
2021 | 10,554 | |
2020 | 6,491 | |
2019 | 2,782 | |
Prior | 26,300 | |
Revolving | 4,333 | |
Total amortized cost | 65,488 | |
Residential real estate | One-to-four family residential | Substandard | ||
Loans and Allowance for Credit Losses | ||
Prior | 612 | |
Total amortized cost | 612 | |
Residential real estate | Multi-family residential | ||
Loans and Allowance for Credit Losses | ||
2023 | 498 | |
2022 | 2,395 | |
2021 | 3,107 | |
2020 | 2,210 | |
Prior | 450 | |
Total amortized cost | 8,660 | 8,261 |
Residential real estate | Multi-family residential | Pass | ||
Loans and Allowance for Credit Losses | ||
2023 | 498 | |
2022 | 2,395 | |
2021 | 3,107 | |
2020 | 2,210 | |
Prior | 450 | |
Total amortized cost | 8,660 | |
Residential real estate | Construction | ||
Loans and Allowance for Credit Losses | ||
2023 | 1,246 | |
2022 | 481 | |
2021 | 146 | |
Revolving | 2,686 | |
Total amortized cost | 4,559 | 7,834 |
Residential real estate | Construction | Pass | ||
Loans and Allowance for Credit Losses | ||
2023 | 1,246 | |
2022 | 481 | |
Revolving | 2,686 | |
Total amortized cost | 4,413 | |
Residential real estate | Construction | Substandard | ||
Loans and Allowance for Credit Losses | ||
2021 | 146 | |
Total amortized cost | 146 | |
Commercial real estate | ||
Loans and Allowance for Credit Losses | ||
2023 | 3,260 | |
2022 | 19,101 | |
2021 | 12,499 | |
2020 | 4,389 | |
2019 | 3,085 | |
Prior | 8,084 | |
Revolving | 3,931 | |
Total amortized cost | 54,349 | 48,666 |
Commercial real estate | Pass | ||
Loans and Allowance for Credit Losses | ||
2023 | 3,260 | |
2022 | 19,101 | |
2021 | 8,796 | |
2020 | 4,389 | |
2019 | 3,085 | |
Prior | 8,084 | |
Revolving | 3,931 | |
Total amortized cost | 50,646 | |
Commercial real estate | Special mention | ||
Loans and Allowance for Credit Losses | ||
2021 | 3,383 | |
Total amortized cost | 3,383 | |
Commercial real estate | Substandard | ||
Loans and Allowance for Credit Losses | ||
2021 | 320 | |
Total amortized cost | 320 | |
Commercial business | ||
Loans and Allowance for Credit Losses | ||
2023 | 490 | |
2022 | 1,842 | |
2021 | 7,783 | |
2020 | 260 | |
2019 | 192 | |
Prior | 335 | |
Revolving | 3,241 | |
Total amortized cost | 14,143 | 14,687 |
Commercial business | Pass | ||
Loans and Allowance for Credit Losses | ||
2023 | 490 | |
2022 | 1,842 | |
2021 | 7,783 | |
2020 | 260 | |
2019 | 192 | |
Prior | 335 | |
Revolving | 3,241 | |
Total amortized cost | 14,143 | |
Consumer | ||
Loans and Allowance for Credit Losses | ||
2023 | 188 | |
2022 | 763 | |
2021 | 678 | |
2020 | 110 | |
2019 | 48 | |
Prior | 16 | |
Revolving | 62 | |
Total amortized cost | 1,865 | $ 2,122 |
Current period gross charge-offs | ||
Revolving | 5 | |
Total | 5 | |
Consumer | Pass | ||
Loans and Allowance for Credit Losses | ||
2023 | 188 | |
2022 | 763 | |
2021 | 678 | |
2020 | 110 | |
2019 | 48 | |
Prior | 16 | |
Revolving | 62 | |
Total amortized cost | $ 1,865 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Amortized cost in loans by risk category (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | $ 146,508 |
Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 142,366 |
Special mention | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 3,410 |
Substandard | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 732 |
Residential real estate | One-to-four family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 64,938 |
Residential real estate | One-to-four family residential | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 64,206 |
Residential real estate | One-to-four family residential | Substandard | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 732 |
Residential real estate | Multi-family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 8,261 |
Residential real estate | Multi-family residential | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 8,261 |
Residential real estate | Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 7,834 |
Residential real estate | Construction | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 7,834 |
Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 48,666 |
Commercial real estate | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 45,256 |
Commercial real estate | Special mention | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 3,410 |
Commercial business | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 14,687 |
Commercial business | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 14,687 |
Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | 2,122 |
Consumer | Pass | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Total Loans | $ 2,122 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Troubled Debt Restructuring by accrual status (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Loans and Allowance for Credit Losses | |
Accruing | $ 702 |
Nonaccrual | 85 |
Total | 787 |
Residential real estate | One-to-four family residential | |
Loans and Allowance for Credit Losses | |
Accruing | 298 |
Nonaccrual | 85 |
Total | 383 |
Commercial real estate | |
Loans and Allowance for Credit Losses | |
Accruing | 125 |
Total | 125 |
Commercial business | |
Loans and Allowance for Credit Losses | |
Accruing | 279 |
Total | $ 279 |
Loans and Allowance for Cred_17
Loans and Allowance for Credit Losses - Modified TDRs (Details) | 3 Months Ended | |
Mar. 31, 2022 USD ($) loan | Dec. 31, 2022 USD ($) | |
Loans and Allowance for Credit Losses | ||
Commitments to lend additional funds to debtors | $ 0 | |
Outstanding principal | $ 0 | |
Loans charged-off | 0 | |
Allowance for credit loss | $ 0 | |
Number of contracts in default | loan | 0 |
Advances (Details)
Advances (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 20, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 27, 2019 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Advances outstanding from the FHLB | $ 29,000 | |||
Borrowed amount from the FHLB | $ 10,000 | |||
Amount borrowed from Federal Reserve | $ 25,000 | |||
Interest rate on FHLB | 1.73% | |||
Average term of short-term fixed-rate bullet advances from the FHLB | 6 days | |||
Asset Pledged as Collateral [Member] | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Carrying value of mortgage loans pledged as security for advances | $ 61,800 | |||
Asset Pledged as Collateral [Member] | Federal Reserve Advances | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Par value of pledged securities | 28,500 | |||
Federal Reserve Advances | ||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||||
Advances outstanding | $ 25,000 | |||
Amount borrowed from Federal Reserve | $ 25,000 | |||
Interest rate on FHLB | 4.37% | |||
Maturity period, fixed rate | 1 year |
Advances - Short-term and Long-
Advances - Short-term and Long-term FHLB Advances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Outstanding at period-end | $ 29,000 | |
Utilized amount of line of credit | $ 5,000 | |
FHLB advances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Average amount outstanding | 5 | |
Maximum amount outstanding at any month-end | $ 339 | |
During period | 4.77% | |
FHLB advances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Average amount outstanding | $ 20,422 | |
Maximum amount outstanding at any month-end | $ 26,000 | |
During period | 4.57% |
Supplemental Disclosure for E_3
Supplemental Disclosure for Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | 89,403 | |
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 | 0 | |
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 |
Supplemental Disclosure for E_4
Supplemental Disclosure for Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings: | ||
Net income | $ 340 | $ 467 |
Shares: | ||
Weighted average common shares outstanding | 2,700,728 | 2,811,781 |
Net income per common share, basic (in dollars per share) | $ 0.13 | $ 0.17 |
Earnings: | ||
Net income | $ 340 | $ 467 |
Shares: | ||
Weighted average common shares outstanding | 2,700,728 | 2,811,781 |
Add: Dilutive effect of stock options | 101 | 2,519 |
Add: Dilutive effect of restricted stock | 2,167 | |
Weighted average common shares outstanding, as adjusted | 2,700,829 | 2,816,467 |
Net income per common share, diluted (in dollars per share) | $ 0.13 | $ 0.17 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Stock Ownership Plan | ||
Plan of conversion from mutual to stock form of ownership, number of shares issued | 204,789 | |
Purchase price per share for shares issued in plan of conversion | $ 10 | |
Term of loan under ESOP | 20 years | |
ESOP compensation expense | $ 34,000 | $ 39,000 |
Allocated shares | 52,430 | |
Unallocated shares | 152,359 | |
Value of unallocated shares of common stock | $ 1,700,000 |
Stock-based Compensation Plan_2
Stock-based Compensation Plans - Additional information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2019 | Jul. 27, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to nonvested stock options | $ 94,000 | |||
Unrecognized compensation expense related to nonvested restricted shares | 407,000 | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 16,000 | $ 13,000 | ||
Unrecognized compensation expense to be recognized over a weighted-average period | 2 years 2 months 12 days | |||
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 51,000 | $ 41,000 | ||
Unrecognized compensation expense to be recognized over a weighted-average period | 2 years 6 months | |||
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 | |||
2010 Equity Incentive Plan | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards for stock options and restricted stock | 78,010 | |||
2010 Equity Incentive Plan | Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards for stock options and restricted stock | 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 | |||
Vesting period | 5 years | |||
2019 Equity Incentive Plan | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards for stock options and restricted stock | 20,900 | |||
2019 Equity Incentive Plan | Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards for stock options and restricted stock | 48,319 |
Stock-based Compensation Plan_3
Stock-based Compensation Plans - Stock option activity (Details) - Stock options | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Number of shares | |
Outstanding at beginning of year | shares | 89,637 |
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 | $ 13.38 |
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 3 months 18 days |
Weighted Average Remaining Contractual Term, options vested and expected to vest | 7 years 3 months 18 days |
Weighted Average Remaining Contractual Term, options exercisable | 6 years 10 months 24 days |
Outstanding shares, Aggregate Intrinsic Value | $ | $ 1,000 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | 1,000 |
Exercisable at end of period Aggregate Intrinsic Value | $ | $ 1,000 |
Stock-based Compensation Plan_4
Stock-based Compensation Plans - Nonvested restricted shares activity (Details) | Mar. 31, 2023 $ / shares shares |
Number of shares | |
Nonvested at beginning of year | shares | 32,839 |
Nonvested at end of period | shares | 32,839 |
Weighted Average Grant-Date Fair Value | |
Nonvested at beginning of year | $ / shares | $ 14.05 |
Nonvested at end of period | $ / shares | $ 14.05 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair value on a recurring and nonrecurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 101,559 | $ 105,351 |
Liabilities measured at fair value | 0 | 0 |
Agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 11,208 | 11,389 |
Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 18,519 | 18,994 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,527 | 9,439 |
U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 1,853 | 1,813 |
Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 60,452 | 63,716 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 101,559 | 105,351 |
Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 101,559 | 105,351 |
Measured on a Recurring Basis | Agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 11,208 | 11,389 |
Measured on a Recurring Basis | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 18,519 | 18,994 |
Measured on a Recurring Basis | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,527 | 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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 1,853 | 1,813 |
Measured on a Recurring Basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 60,452 | 63,716 |
Measured on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 101,559 | 105,351 |
Measured on a Recurring Basis | Level 2 | Agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 11,208 | 11,389 |
Measured on a Recurring Basis | Level 2 | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 18,519 | 18,994 |
Measured on a Recurring Basis | Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 9,527 | 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] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 1,853 | 1,813 |
Measured on a Recurring Basis | Level 2 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 60,452 | 63,716 |
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 ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Measurements | ||
Transfers in or out of Level 3 financial assets | $ 0 | $ 0 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Securities available for sale | $ 101,559 | $ 105,351 |
Securities held to maturity | 13 | 17 |
Loans, net | 147,198 | 144,379 |
FHLB stock | 1,778 | 1,778 |
Financial liabilities: | ||
Noninterest-bearing deposits | 27,936 | 28,232 |
Interest-bearing deposits | 177,701 | 177,832 |
Accrued interest payable | 82 | 12 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 4,471 | 5,684 |
Securities available for sale | 101,559 | 105,351 |
Securities held to maturity | 13 | 17 |
Loans, net | 147,198 | 144,379 |
FHLB stock | 1,778 | 1,778 |
Accrued interest receivable | 1,042 | 1,323 |
Financial liabilities: | ||
Noninterest-bearing deposits | 27,936 | 28,232 |
Interest-bearing deposits | 177,701 | 177,832 |
Advance from FHLB | 25,000 | 29,000 |
Accrued interest payable | 82 | 12 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 4,471 | 5,684 |
Financial liabilities: | ||
Noninterest-bearing deposits | 27,936 | 28,232 |
Level 2 | ||
Financial assets: | ||
Securities available for sale | 101,559 | 105,351 |
Securities held to maturity | 13 | 17 |
Accrued interest receivable | 1,042 | 1,323 |
Financial liabilities: | ||
Advance from FHLB | 24,884 | 29,000 |
Accrued interest payable | 82 | 12 |
Level 3 | ||
Financial assets: | ||
Loans, net | 143,846 | 138,744 |
Financial liabilities: | ||
Interest-bearing deposits | $ 176,244 | $ 175,969 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 253 | $ 261 |
Net loss on sales of securities available for sale | (27) | |
Increase in cash surrender value of life insurance | 14 | 14 |
Other income | 4 | 10 |
Other noninterest income | (9) | 24 |
Total noninterest income | 244 | 285 |
Deposit account service charges | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 91 | 81 |
Brokered loan fees. | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 15 | 43 |
ATM and debit card fee income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 139 | 136 |
Other income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 8 | $ 1 |