Eureka Homestead Bancorp (ERKH) 10-Q 13 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 13, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Eureka Homestead Bancorp, Inc.
Entity Central Index Key	0001769725
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
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		1,429,676
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and Cash Equivalents	$ 9,621	$ 3,090
Interest-Bearing Deposits	1,998	750
Investment Securities	6,823	5,781
Loans Receivable, Net	80,520	81,072
Loans Held-for-Sale	2,702	533
Accrued Interest Receivable	337	337
Federal Home Loan Bank Stock	1,408	1,376
Premises and Equipment, Net	722	767
Cash Surrender Value of Life Insurance	4,020	3,950
Deferred Tax Asset	241	280
Prepaid Expenses and Other Assets	235	134
Total Assets	108,627	98,070
Liabilities:
Deposits	58,340	56,183
Advances from Federal Home Loan Bank	23,584	26,030
Advance Payments by Borrowers for Taxes and Insurance	1,447	1,447
Accrued Expenses and Other Liabilities	790	2,171
Total Liabilities	84,161	85,831
Commitments and Contingencies (Note 7)
Shareholders' Equity:
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued
Common Stock, $0.01 par value, 9,000,000 shares authorized, 1,429,676 shares issued and outstanding	14
Additional Paid-in Capital	13,115
Unallocated Common Stock Held by: Employee Stock Ownership Plan (ESOP)	(1,116)
Retained Earnings	12,455	12,335
Accumulated Other Comprehensive Loss	(2)	(96)
Total Shareholders' Equity	24,466	12,239
Total Liabilities and Shareholders' Equity	$ 108,627	$ 98,070

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	1,000,000	1,000,000
Preferred Stock, shares issued	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	9,000,000	9,000,000
Common Stock, shares issued	1,429,676	1,429,676
Common Stock, shares outstanding	1,429,676	1,429,676

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest Income:
Loans Receivable	$ 865	$ 896	$ 2,622	$ 2,581
Investment Securities	45	26	123	81
Interest-Bearing Deposits	69	26	105	48
Total Interest Income	979	948	2,850	2,710
Interest Expense:
Deposits	333	245	944	647
Advances from Federal Home Loan Bank	167	201	519	551
Total Interest Expense	500	446	1,463	1,198
Net Interest Income	479	502	1,387	1,512
Provision (Credit) for Loan Losses			(9)	(11)
Net Interest Income After Provision (Credit) for Loan Losses	479	502	1,396	1,523
Non-Interest Income:
Service Charges and Other Income	28	21	74	75
Fees on Loans Sold	236	140	405	243
Income from Life Insurance	23	24	71	82
Total Non-Interest Income	287	185	550	400
Non-Interest Expenses:
Salaries and Employee Benefits	475	367	1,162	1,093
Occupancy Expense	60	55	195	154
FDIC Deposit Insurance Premium and Examination Fees	5	20	42	59
Data Processing	34	29	94	85
Accounting and Consulting	50	22	98	79
Other Real Estate Expense				1
Insurance	20	18	57	52
Legal fees	8	7	9	7
Other	53	52	155	153
Total Non-Interest Expenses	705	570	1,812	1,683
Income Before Income Tax Expense	61	117	134	240
Income Tax Expense	8	18	14	36
Net Income	$ 53	$ 99	$ 120	$ 204
Earnings Per Share: Basic	$ 0.04		$ 0.09

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 53	$ 99	$ 120	$ 204
Other Comprehensive Income:
Unrealized Gain on Investment Securities	2	(25)	119	(108)
Income Tax Effect	(1)	5	(25)	23
Other Comprehensive Income, Net of Taxes	1	(20)	94	(85)
Comprehensive Income	$ 54	$ 79	$ 214	$ 119

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Unallocated ESOP Shares	Retained Earnings	Accumulated Other Comprehensive (Loss)	Total
Balance at the beginning at Dec. 31, 2017				$ 12,040	$ (103)	$ 11,937
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income				204		204
Other Comprehensive Income (Loss)					(85)	(85)
Balance at the end at Sep. 30, 2018				12,244	(188)	12,056
Balance at the beginning at Dec. 31, 2018				12,335	(96)	12,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from Issuance of Common Stock	$ 14	$ 13,102	$ (1,144)			11,972
ESOP shares earned		13	28			41
Net Income				120		120
Other Comprehensive Income (Loss)					94	94
Balance at the end at Sep. 30, 2019	$ 14	$ 13,115	$ (1,116)	$ 12,455	$ (2)	$ 24,466

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net Income	$ 120	$ 204
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities:
Provision (Credit) for Loan Losses	(9)	(11)
Depreciation Expense	64	30
Amortization of FHLB Advance Prepayment Penalty	54	54
Provision for Deferred Income Taxes	55
Net Amortization of Premium/Discount on Mortgage-Backed Securities	10	11
Stock Dividend on Federal Home Loan Bank Stock	(32)	(24)
Non-cash Compensation for ESOP	41
Net decrease (increase) in Loans Held-for-Sale	(2,169)	(161)
Changes in Assets and Liabilities:
Decrease (increase) in Accrued Interest Receivable		(1)
(Increase) in CSV of Life Insurance	(70)	(70)
(Increase) decrease in Prepaid Expenses and Other Assets	(101)	71
(Decrease) increase in Accrued Expenses and Other Liabilities	(1,416)	140
Net Cash (Used in) Provided by Operating Activities	(3,453)	243
Cash Flows from Investing Activities:
Net decrease (increase) in Loans	552	(2,181)
Purchases of Interest-Bearing Deposits	(1,748)	(1,000)
Proceeds from Maturities of Interest-Bearing Deposits	500	1,000
Purchases of Investment Securities	(1,991)	(1,976)
Proceeds from Sales, Calls and Principal Repayments of Investment Securities	1,061	909
Purchases of Premises and Equipment	(19)	(43)
Net Cash (Used in) Investing Activities	(1,645)	(3,291)
Cash Flows from Financing Activities:
Net Increase in Deposits	2,157	5,776
Proceeds from Stock Offering	13,116
Loan to ESOP for Purchase of Stock	(1,144)
Advances from Federal Home Loan Bank	5,000	11,500
Payments on Advances from Federal Home Loan Bank	(7,500)	(12,544)
Net (Decrease) in Advance Payments by Borrowers for Taxes and Insurance		126
Net Cash Provided by Financing Activities	11,629	4,858
Net (Decrease) Increase in Cash and Cash Equivalents	6,531	1,810
Cash and Cash Equivalents at Beginning of Period	3,090	713
Cash and Cash Equivalents at End of Period	9,621	2,523
Cash Paid for:
Interest	1,450	1,169
Supplemental Schedule for Noncash Investing and Financing Activities:
Change in the Unrealized Gain/Loss on Investment Securities	$ 119	$ 175

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Basis of Presentation
Basis of Presentation	Note 1 – Basis of Presentation - The accompanying unaudited consolidated financial statements of Eureka Homestead Bancorp, Inc. (the “Company”) were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three month and nine month periods ended September 30, 2019 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Financial Statements and notes thereto for the year ended December 31, 2018 included in the Form S-1 of Eureka Homestead Bancorp, Inc. as filed with the Securities and Exchange Commission (“SEC”). Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Form S-1. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2019
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 2 – Recent Accounting Pronouncements - Emerging Growth Company Status Eureka Homestead Bancorp, Inc. (the “Company”) qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company has elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers. The provisions of the update requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In March, 2016 the FASB issued ASU 2016‑08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the guidance in determining revenue recognition as principal versus agent. In April 2016, the FASB issued ASU 2016‑10, Identifying Performance Obligations and Licensing, which provides guidance in accounting for immaterial performance obligations and shipping and handling. In May 2016, the FASB issued ASU 2016‑12, Narrow-Scope Improvements and Practical Expedients which provides clarification on assessing the collectability criterion, presentation of sales taxes, measurement date for noncash consideration and completed contracts at transition. This ASU also provides a practical expedient for contract modifications. For an emerging growth company, the amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The Company is currently assessing the amendment but does not anticipate it will have a material impact on the Company’s Consolidated Financial Statements. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments - Overall (Subtopic 825‑ 10), Recognition and Measurement of Financial Assets and Financial Liabilities. The provisions of the update require equity investments to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. The update also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. It also eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities, and eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet. ASU No. 2016‑01 requires public business entities to use the price notion when measuring the fair value of financial instruments for disclosure purposes. It also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The update requires separate presentation of financial assets and financial liabilities by category and form on the balance sheet or the accompanying notes to the financial statements. In addition, the update clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. For an emerging growth company, the amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The adoption of this ASU is not expected to have a material impact on the Company’s Consolidated Financial Statements. In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842), Conforming Amendments Related to Leases . This ASU amends the codification regarding leases in order to increase transparency and comparability. The ASU requires companies to recognize lease assets and liabilities on the balance sheet and disclose key information about leasing arrangements. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the leased asset for the lease term. For an emerging growth company, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The FASB, in July 2019, discussed the issuance of a proposal to delay the effective date of this ASU for Emerging Growth Companies to fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The exposure draft is anticipated to be issued in the third quarter of 2019. The adoption of this ASU is not expected to have a material effect on the Company’s Consolidated Financial Statements. In September 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The amendments introduce an impairment model that is based on current expected credit losses (“CECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held to maturity securities), including certain off-balance sheet financial instruments (e.g., commitments to extend credit and standby letters of credit that are not unconditionally cancellable). The CECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Financial instruments with similar risk characteristics may be grouped together when estimating the CECL. The ASU also amends the current available for sale security impairment model for debt securities whereby credit losses relating to available for sale debt securities should be recorded through an allowance for credit losses. For an emerging growth company, the amendments in this update, as amended through more recent related ASUs, are effective for fiscal years beginning after December 15, 2022, and interim periods within fiscal years beginning after December 15, 2023. The amendments will be applied through a modified retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently planning for the implementation of this accounting standard. It is too early to assess the impact this ASU will have on the Company’s Consolidated Financial Statements. In August 2016, FASB issued ASU No. 2016‑15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The amendments in this ASU clarify the proper classification for certain cash receipts and cash payments, including clarification on debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, among others. For an emerging growth company, the amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The Company is currently assessing the amendment but does not anticipate it will have a material impact on the Company’s Consolidated Financial Statements. In September 2018, FASB issued ASU No. 2018‑07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment . The amendments in this ASU expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. For an emerging growth company, the amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The Company is currently assessing the amendment but does not anticipate it will have a material impact on the Company’s Consolidated Financial Statements. In August 2018, FASB issued ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . The amendments in this ASU modify the disclosure requirements related to fair value. Certain provisions under ASU 2018‑13 require prospective application, while other provisions require retrospective application to all period presented in the financial statements upon adoption. For an emerging growth company, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the amendment but does not anticipate it will have a material impact on the Company’s Consolidated Financial Statements.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share
Earnings Per Share	Note 3 – Earnings Per Share - Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options. Earnings per common share were computed based on the following: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2019 2019 Numerator: Net income available to common shareholders $ 53 $ 120 Denominator: Common shares outstanding (Total issued, less unallocated ESOP shares) 1,318 1,318 Basic earnings per common share $ 0.04 $ 0.09

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2019
Investment Securities
Investment Securities	Note 4 – Investment Securities - The amortized cost and fair values of investment securities available-for-sale were as follows: Gross Gross September 30, 2019: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 3,400 $ — $ (17) $ 3,383 FNMA 169 1 — 170 GNMA 526 12 — 538 SBA 7a Pools 2,731 7 (6) 2,732 Total Investment Securities Available-for-Sale $ 6,826 $ 20 $ (23) $ 6,823 Gross Gross December 31, 2018: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 3,139 $ — $ (117) $ 3,022 FNMA 232 — (2) 230 GNMA 612 8 — 620 SBA 7a Pools 1,920 — (11) 1,909 Total Investment Securities Available-for-Sale $ 5,903 $ 8 $ (130) $ 5,781 All investment securities held on September 30, 2019 and December 31, 2018, were government-sponsored mortgage-backed or SBA pool securities. The amortized cost and fair values of the investment securities available-for-sale at September 30, 2019, by contractual maturity, are shown below. For mortgage-backed securities and SBA 7a pools, expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale September 30, 2019 Amortized Fair (in thousands) Cost Value Amounts Maturing: After One Year through Five Years $ 828 $ 829 After Five Years through Ten Years 1,760 1,754 After Ten Years 4,238 4,240 $ 6,826 $ 6,823 No investment securities were pledged to secure advances from the FHLB at September 30, 2019 and December 31, 2018. Gross unrealized losses in investment securities at September 30, 2019 and December 31, 2018, existing for continuous periods of less than 12 months and for continuous periods of 12 months or more, are as follows: September 30, 2019 (in thousands) Less Than 12 Months 12 Months or More Totals Security Unrealized Unrealized Unrealized Description Fair Value (Losses) Fair Value (Losses) Fair Value (Losses) Mortgage-Backed Securities: FHLMC $ 1,231 $ (5) $ 2,152 $ (12) $ 3,383 $ (17) SBA 7a Pools — — 1,754 (6) 1,754 (6) $ 1,231 $ (5) $ 3,906 $ (18) $ 5,137 $ (23) December 31, 2018 (in thousands) Less Than 12 Months 12 Months or More Totals Security Unrealized Unrealized Unrealized Description Fair Value (Losses) Fair Value (Losses) Fair Value (Losses) Mortgage-Backed Securities: FHLMC $ — $ — $ 3,022 $ (117) $ 3,022 $ (117) FNMA 230 (2) — — 230 (2) SBA 7a Pools 1,909 (11) — — 1,909 (11) $ 2,139 $ (13) $ 3,022 $ (117) $ 5,161 $ (130) Management evaluates securities for other-than temporary impairment on a periodic and regular basis, as well as when economic or market concerns warrant such evaluation. No declines at September 30, 2019 and December 31, 2018, were deemed to be other-than-temporary. In analyzing an issuer’s financial condition, management considers whether the federal government or its agencies issued the securities, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial statements.

Loans Receivable and the Allowa

Loans Receivable and the Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2019
Loans Receivable and the Allowance for Loan Losses
Loans Receivable and the Allowance for Loan Losses	Note 5 – Loans Receivable and the Allowance for Loan Losses - Loans receivable at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, December 31, (in thousands) 2019 2018 Mortgage Loans 1-4 Family $ 75,225 $ 75,185 Multifamily 3,600 4,117 Commercial real estate 1,131 1,175 Consumer Loans 207 211 80,163 80,688 Plus (Less): Unamortized Loan Fees/Costs 1,207 1,234 Allowance for Loan Losses (850) (850) Net Loans Receivable $ 80,520 $ 81,072 The performing mortgage loans are pledged, under a blanket lien, as collateral securing advances from the FHLB at September 30, 2019 and December 31, 2018. Management segregates the loan portfolio into portfolio segments which is defined as the level at which the Company develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. The following tables set forth, as of September 30, 2019 and December 31, 2018, the balance of the allowance for loan losses by portfolio segment, disaggregated by impairment methodology, which is then further segregated by amounts evaluated for impairment collectively and individually. The allowance for loan losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments. Allowance for Loan Losses and Recorded Investment in Loans Receivable Mortgage- Mortgage- Mortgage- Commercial 1-4 Family Multifamily Real Estate Consumer Total Allowance for Loan Losses: Beginning Balance $ 807 $ 31 $ 12 $ — $ 850 Charge-Offs — — — — — Recoveries 9 — — — 9 Provision (4) (4) (1) — (9) Ending Balance $ 812 $ 27 $ 11 $ — $ 850 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 812 $ 27 $ 11 $ — $ 850 Loans Receivable: Ending Balance $ 75,225 $ 3,600 $ 1,131 $ 207 $ 80,163 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 75,225 $ 3,600 $ 1,131 $ 207 $ 80,163 The allowance for loan losses for Mortgage 1‑4 Family Loans of $812,000 includes an unallocated portion of $431,000 as of September 30, 2019. Allowance for Loan Losses and Recorded Investment in Loans Receivable Mortgage- Mortgage- Mortgage- Commercial 1-4 Family Multifamily Real Estate Consumer Total Allowance for Loan Losses: Beginning Balance $ 813 $ 20 $ 17 $ — $ 850 Charge-Offs — — — — — Recoveries 11 — — — 11 Provision (17) 11 (5) — (11) Ending Balance $ 807 $ 31 $ 12 $ — $ 850 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 807 $ 31 $ 12 $ — $ 850 Loans Receivable: Ending Balance $ 75,185 $ 4,117 $ 1,175 $ 211 $ 80,688 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 75,185 $ 4,117 $ 1,175 $ 211 $ 80,688 The allowance for loan losses for Mortgage 1‑4 Family Loans of $807,000 includes an unallocated portion of $433,000 as of December 31, 2018. Management further disaggregates the loan portfolio segments into classes of loans, which are based on the initial measurement of the loan, risk characteristics of the loan and the method for monitoring and assessing the credit risk of the loan. At September 30, 2019 and December 31, 2018, loan balances outstanding on non-accrual status amounted to $‑0‑ and $‑0‑, respectively. The Company considers loans more than 90 days past due and on nonaccrual as nonperforming loans. At September 30, 2019 and December 31, 2018, the credit quality indicators (performing and nonperforming loans), disaggregated by class of loan, are as follows: Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at September 30, 2019 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 75,225 $ — $ 75,225 Multifamily 3,600 — 3,600 Commercial real estate 1,131 — 1,131 Non-Mortgage Loans: Consumer 207 — 207 Total $ 80,163 $ — $ 80,163 Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at December 31, 2018 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 75,185 $ — $ 75,185 Multifamily 4,117 — 4,117 Commercial real estate 1,175 — 1,175 Non-Mortgage Loans: Consumer 211 — 211 Total $ 80,688 $ — $ 80,688 The following tables reflect certain information with respect to the loan portfolio delinquencies by loan class and amount as of September 30, 2019 and December 31, 2018. There were no loans over 90 days past due and still accruing as of September 30, 2019 and December 31, 2018. Aged Analysis of Past Due Loans Receivable at September 30, 2019 (in thousands) 30-59 60-89 90 Days or Total Days Days Greater Total Loans Past Due Past Due Past Due Past Due Current Receivable Mortgage Loans: 1 to 4 Family $ 228 $ — $ — $ 228 $ 74,997 $ 75,225 Multifamily — — — — 3,600 3,600 Commercial real estate — — — — 1,131 1,131 Non-Mortgage Loans: Consumer — — — — 207 207 Total $ 228 $ — $ — $ 228 $ 79,935 $ 80,163 Aged Analysis of Past Due Loans Receivable at December 31, 2018 (in thousands) 30-59 60-89 90 Days or Total Days Days Greater Total Loans Past Due Past Due Past Due Past Due Current Receivable Mortgage Loans: 1 to 4 Family $ 227 $ 171 $ — $ 398 $ 74,787 $ 75,185 Multifamily — — — — 4,117 4,117 Commercial real estate — — — — 1,175 1,175 Non-Mortgage Loans: Consumer — — — — 211 211 Total $ 227 $ 171 $ — $ 398 $ 80,290 $ 80,688 The following is a summary of information pertaining to impaired loans as of September 30, 2019 and December 31, 2018. Impaired Loans September 30, 2019 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans 1-4 Family $ — $ — $ — $ — $ — Impaired Loans December 31, 2018 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans 1-4 Family $ — $ — $ — $ 197 $ 98 The Company seeks to assist customers that are experiencing financial difficulty by renegotiating loans within lending regulations and guidelines. Once modified in a trouble debt restructuring, a loan is generally considered impaired until its contractual maturity. At the time of the restructuring, the loan is evaluated for an asset-specific allowance for credit losses. The Company continues to specifically reevaluate the loan in subsequent periods, regardless of the borrower’s performance under the modified terms. If a borrower subsequently defaults on the loan after it is restructured, the Company provides an allowance for credit losses for the amount of the loan that exceeds the value of the related collateral. The Company had no troubled debt restructurings as of September 30, 2019 and December 31, 2018 or any that defaulted subsequent to the restructuring through the date the financial statements were issued.

Regulatory Matters

Regulatory Matters	9 Months Ended
	Sep. 30, 2019
Regulatory Matters
Regulatory Matters	Note 6 – Regulatory Matters - The Bank is subject to various regulatory capital requirements administered by its primary Federal regulator, the Office of the Comptroller of the Currency (OCC). Failure to meet the minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and the financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory reporting requirements. The Bank’s capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios as of January 1, 2015, of total capital, tier 1 capital, and common equity tier 1 capital to risk-weighted assets (as defined in the regulations), and leverage capital, which is tier 1 capital to adjusted average total assets (as defined). Management believes, as of September 30, 2019 and December 31, 2018, that the Bank meets all the capital adequacy requirements to which it is subject. As of September 30, 2019 and December 31, 2018, the most recent notifications from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To remain categorized as well capitalized, the Bank will have to maintain minimum total capital, common equity tier 1 capital, tier 1 capital, and leveraged capital ratios as disclosed in the table below. There are no conditions or events since the most recent notification that management believes have changed the Bank’s category. The Bank’s actual and required capital amounts and ratios are as follows: To be Well Capitalized Under For Capital Prompt Corrective September 30, 2019: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Risk Based Capital (to Risk Weighted Assets) $ 19,709 38.49 % $ 4,096 8.00 % $ 5,120 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,067 37.24 % $ 3,072 6.00 % $ 4,096 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,067 37.24 % $ 2,304 4.50 % $ 3,328 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,067 17.72 % $ 4,305 4.00 % $ 5,381 5.00 % To be Well Capitalized Under For Capital Prompt Corrective December 31, 2018 : Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Risk Based Capital (to Risk Weighted Assets) $ 12,961 25.98 % $ 3,992 8.00 % $ 4,990 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 12,335 24.72 % $ 2,994 6.00 % $ 3,992 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 12,335 24.72 % $ 2,245 4.50 % $ 3,243 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 12,335 12.23 % $ 4,035 4.00 % $ 5,044 5.00 % A reconciliation of the Bank’s capital determined under GAAP to Total Capital, Tier 1 Capital, Common Equity Tier 1 Capital and Tier 1 Leverage Capital for September 30, 2019 and December 31, 2018, is as follows: (in thousands) September 30, 2019 December 31, 2018 Total Equity (Bank Only) $ 19,065 $ 12,239 Unrealized Losses on Securities Available for Sale, Net 2 96 Tangible, Tier 1 Capital and Common Equity Tier 1 19,067 12,335 Allowance for Loan Losses Included in Capital 642 626 Total Capital $ 19,709 $ 12,961 The specific reserves included in the Allowance for Loan Losses were not significant as of September 30, 2019 and December 31, 2018.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	Note 7 – Commitments and Contingencies - In the normal course of business, the Company has outstanding commitments, such as commitments to extend credit, which are not included in the accompanying financial statements. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making such commitments as it does for instruments that are included in the Balance Sheets. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. At September 30, 2019 and December 31, 2018, the Company had $835,000 and $793,000 of outstanding commitments to originate loans, respectively, all of which represents the balance of remaining funds to be disbursed on construction loans in process . In recent years we have sold loans on an industry-standard, servicing-released basis. At September 30, 2019, there were mortgage loans sold to investors with limited recourse for certain periods after the date of sale totaling $6.2 million at the sale date. Recourse would apply if the borrower(s) default on any payment within the first four months of the mortgage loan and it remains in default for a period of 90 days, or if the mortgage loan prepays in full within 180 days of the sale date. Should an early payment default occur, Eureka Homestead shall, at its sole discretion, repurchase such mortgage loan from the purchaser at its current amortized balance plus the service release premium received or indemnify the purchaser by paying the service release premium received plus $5,000. Should a mortgage loan prepay in full within 180 days of the sale date, Eureka Homestead shall refund to the purchaser the servicing release premium paid. There have been mortgage loans sold that had an early payment default or that prepaid in full during the recourse period. In the normal course of business, the Company is involved in various legal proceedings. In the opinion of management and counsel, the disposition or ultimate resolution of such proceedings would not have a material adverse effect on the Company's financial statements.

Fair Values of Financial Instru

Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Values of Financial Instruments
Fair Values of Financial Instruments	Note 8 – Fair Values of Financial Instruments - Fair Value Disclosures The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with FASB ASC 820, Fair Value Measurements , the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based on quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, fair value estimates may not be realized in an immediate settlement of the instrument. The fair value accounting guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under this guidance are described below. Level 1 - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include the following: a. Quoted prices for similar assets or liabilities in active markets; b. Quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers (for example, some brokered markets), or in which little information is released publicly (for example, a principal-to principal market); c. Inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates); and d. Inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level 3 - Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Therefore, unobservable inputs shall reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Unobservable inputs shall be developed based on the best information available in the circumstances, which might include the reporting entity’s own data. However, the reporting entity’s own data used to develop unobservable inputs shall be adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Recurring Basis Fair values of investment securities and mortgage-backed securities were primarily measured using information from a third-party pricing service. This pricing service provides information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data from market research publications. The following tables present the balances of assets measured on a recurring basis as of September 30, 2019 and December 31, 2018. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable September 30, 2019: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 3,383 $ — $ 3,383 $ — FNMA 170 — 170 — GNMA 538 — 538 — SBA 7a Pools 2,732 — 2,732 — Total Investment Securities $ 6,823 $ — $ 6,823 $ — Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable December 31, 2018 : Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 3,022 $ — $ 3,022 $ — FNMA 230 — 230 — GNMA 620 — 620 — SBA 7a Pools 1,909 — 1,909 — Total Investment Securities $ 5,781 $ — $ 5,781 $ — Non-recurring Basis The Company has segregated all financial assets and liabilities that are measured at fair value on a non-recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a non-recurring basis. The fair value of the impaired loans is measured at the fair value of the collateral for collateral-dependent loans. Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Repossessed assets are initially recorded at fair value less estimated costs to sell. The fair value of repossessed assets is based on property appraisals and an analysis of similar properties available. As such, the Company records repossessed assets as Level 2. FASB ASC 825, Financial Instruments , requires disclosure of fair value information about financial instruments for which it is practicable to estimate fair value, 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. The derived fair value estimates cannot be substantiated through comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. FASB ASC 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Further, the disclosures do not include estimated fair values for items which are not financial instruments but which represent significant value to the Company, including core deposit intangibles and other fee-generating operations of the business. Reasonable comparability of fair value estimates between financial institutions may not be possible due to the wide range of permitted valuation techniques and numerous assumptions involved. The aggregate fair value amounts presented do not, and are not intended to, represent an aggregate measure of the underlying fair value of the Company. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents - For those short-term instruments, the carrying amount is a reasonable estimate of fair value. Interest-Bearing Deposits - The carrying amount is a reasonable estimate of fair value. Investment Securities (including mortgage-backed securities) - For investment securities, including mortgage-backed securities, fair value equals quoted market price, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Loans - The fair value of loans is estimated using discounted cash flow analyses, using the interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans Held-for-Sale - The loans held-for sale are recorded at the lower of aggregate cost or market value which is a reasonable estimate of fair value. FHLB Stock - The carrying amount is a reasonable estimate of fair value. Cash Surrender Value of Life Insurance - The carrying amount is a reasonable estimate of fair value. Accrued Interest Receivable and Accrued Interest Payable - The carrying amounts of accrued interest receivable and accrued interest payable approximate the fair values. Deposits - The fair value of savings accounts and certain money market deposits is the amount payable on demand at the reporting date (carrying value). The fair value of fixed maturity certificates of deposit is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities. Advances from the FHLB - The fair values of the Advances from the FHLB are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Loan Commitments - For commitments to extend credit, fair value considers the difference between current levels of interest rates and the committed rates. The estimated fair values of the Company’s financial instruments are as follows as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and Cash Equivalents $ 9,621 $ 9,621 $ 3,090 $ 3,090 Interest-Bearing Deposits 1,998 1,998 750 750 Investment Securities 6,823 6,823 5,781 5,781 Loans - Net 80,520 84,025 81,072 81,442 Loans Held-for-Sale 2,702 2,702 533 533 Accrued Interest Receivable 337 337 337 337 FHLB Stock 1,408 1,408 1,376 1,376 Cash Surrender Value of Life Insurance 4,020 4,020 3,950 3,950 Financial Liabilities: Deposits 58,340 59,344 56,183 55,507 Advances from FHLB 23,584 24,131 26,030 25,907 Accrued Interest Payable 790 790 136 136 The carrying amounts in the preceding table are included in the balance sheet under the applicable captions; accrued interest payable is included in accrued expenses and other liabilities in the balance sheet. The contract or notional amounts of the Company’s financial instruments with off balance sheet risk are disclosed in Note 7.

Change in Corporate Form

Change in Corporate Form	9 Months Ended
	Sep. 30, 2019
Change in Corporate Form
Change in Corporate Form	Note 9 – Change in Corporate Form - On July 9, 2019, Eureka Homestead (the “Bank”) converted to a federal stock savings and loan association and established a stock holding company, Eureka Homestead Bancorp, Inc. (the “Company”), as parent of the Bank. The Bank converted to the stock form of ownership, followed by the issuance of all of the Bank’s outstanding stock to the Company. The Bank became the wholly owned subsidiary of the Company, and the Company issued and sold shares of its capital stock pursuant to an independent valuation appraisal of the Bank and the Company. The stock was priced at $10.00 per share. In addition, the Bank’s board of directors adopted an employee stock ownership plan (ESOP) which subscribed for 8% of the common stock sold in the offering. The Conversion was completed on July 9, 2019 and resulted in the issuance of 1,429,676 common shares by the Company. The cost of the Conversion and issuing the capital stock totaled $1.2 million and was deducted from the proceeds of the offering. In accordance with OCC regulations, at the time of the Conversion, the Bank substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after the Conversion. The liquidation account will be reduced annually to the extent that eligible holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation by the Bank, and only in such event, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. The Conversion was accounted for as a change in corporate form with the historic basis of the Bank’s assets, liabilities and equity unchanged as a result.

Employee Stock Ownership Plan

Employee Stock Ownership Plan	9 Months Ended
	Sep. 30, 2019
Employee Stock Ownership Plan
Employee Stock Ownership Plan	Note 10 – Employee Stock Ownership Plan - As part of the stock conversion, shares were purchased by the ESOP with a loan from Eureka Homestead Bancorp, Inc. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP. Compensation expense related to the ESOP was $ 41,000 for the three month period ended September 30, 2019. The stock price when issued was $10 per share. The fair value of the 112,000 unallocated shares was $1.4 million based on the average price of our common stock for the quarter ended September 30, 2019, of $12.13 per share.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share
Schedule of Earnings per common share	Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2019 2019 Numerator: Net income available to common shareholders $ 53 $ 120 Denominator: Common shares outstanding (Total issued, less unallocated ESOP shares) 1,318 1,318 Basic earnings per common share $ 0.04 $ 0.09

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2019
Investment Securities
Summary of amortized cost and fair values of investment securities available-for-sale	Gross Gross September 30, 2019: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 3,400 $ — $ (17) $ 3,383 FNMA 169 1 — 170 GNMA 526 12 — 538 SBA 7a Pools 2,731 7 (6) 2,732 Total Investment Securities Available-for-Sale $ 6,826 $ 20 $ (23) $ 6,823 Gross Gross December 31, 2018: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 3,139 $ — $ (117) $ 3,022 FNMA 232 — (2) 230 GNMA 612 8 — 620 SBA 7a Pools 1,920 — (11) 1,909 Total Investment Securities Available-for-Sale $ 5,903 $ 8 $ (130) $ 5,781
Summary of amortized cost and fair values of the investment securities available-for-sale by contractual maturity	Available-for-Sale September 30, 2019 Amortized Fair (in thousands) Cost Value Amounts Maturing: After One Year through Five Years $ 828 $ 829 After Five Years through Ten Years 1,760 1,754 After Ten Years 4,238 4,240 $ 6,826 $ 6,823
Summary of gross unrealized losses in investment securities	September 30, 2019 (in thousands) Less Than 12 Months 12 Months or More Totals Security Unrealized Unrealized Unrealized Description Fair Value (Losses) Fair Value (Losses) Fair Value (Losses) Mortgage-Backed Securities: FHLMC $ 1,231 $ (5) $ 2,152 $ (12) $ 3,383 $ (17) SBA 7a Pools — — 1,754 (6) 1,754 (6) $ 1,231 $ (5) $ 3,906 $ (18) $ 5,137 $ (23) December 31, 2018 (in thousands) Less Than 12 Months 12 Months or More Totals Security Unrealized Unrealized Unrealized Description Fair Value (Losses) Fair Value (Losses) Fair Value (Losses) Mortgage-Backed Securities: FHLMC $ — $ — $ 3,022 $ (117) $ 3,022 $ (117) FNMA 230 (2) — — 230 (2) SBA 7a Pools 1,909 (11) — — 1,909 (11) $ 2,139 $ (13) $ 3,022 $ (117) $ 5,161 $ (130)

Loans Receivable and the Allo_2

Loans Receivable and the Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2019
Loans Receivable and the Allowance for Loan Losses
Summary of loans receivable	September 30, December 31, (in thousands) 2019 2018 Mortgage Loans 1-4 Family $ 75,225 $ 75,185 Multifamily 3,600 4,117 Commercial real estate 1,131 1,175 Consumer Loans 207 211 80,163 80,688 Plus (Less): Unamortized Loan Fees/Costs 1,207 1,234 Allowance for Loan Losses (850) (850) Net Loans Receivable $ 80,520 $ 81,072
Summary of allowance for loan losses and recorded investment in loans receivable	Allowance for Loan Losses and Recorded Investment in Loans Receivable Mortgage- Mortgage- Mortgage- Commercial 1-4 Family Multifamily Real Estate Consumer Total Allowance for Loan Losses: Beginning Balance $ 807 $ 31 $ 12 $ — $ 850 Charge-Offs — — — — — Recoveries 9 — — — 9 Provision (4) (4) (1) — (9) Ending Balance $ 812 $ 27 $ 11 $ — $ 850 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 812 $ 27 $ 11 $ — $ 850 Loans Receivable: Ending Balance $ 75,225 $ 3,600 $ 1,131 $ 207 $ 80,163 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 75,225 $ 3,600 $ 1,131 $ 207 $ 80,163 The allowance for loan losses for Mortgage 1‑4 Family Loans of $812,000 includes an unallocated portion of $431,000 as of September 30, 2019. Allowance for Loan Losses and Recorded Investment in Loans Receivable Mortgage- Mortgage- Mortgage- Commercial 1-4 Family Multifamily Real Estate Consumer Total Allowance for Loan Losses: Beginning Balance $ 813 $ 20 $ 17 $ — $ 850 Charge-Offs — — — — — Recoveries 11 — — — 11 Provision (17) 11 (5) — (11) Ending Balance $ 807 $ 31 $ 12 $ — $ 850 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 807 $ 31 $ 12 $ — $ 850 Loans Receivable: Ending Balance $ 75,185 $ 4,117 $ 1,175 $ 211 $ 80,688 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 75,185 $ 4,117 $ 1,175 $ 211 $ 80,688
Summary of credit quality indicators (performing and nonperforming loans), disaggregated by class of loan	Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at September 30, 2019 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 75,225 $ — $ 75,225 Multifamily 3,600 — 3,600 Commercial real estate 1,131 — 1,131 Non-Mortgage Loans: Consumer 207 — 207 Total $ 80,163 $ — $ 80,163 Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at December 31, 2018 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 75,185 $ — $ 75,185 Multifamily 4,117 — 4,117 Commercial real estate 1,175 — 1,175 Non-Mortgage Loans: Consumer 211 — 211 Total $ 80,688 $ — $ 80,688
Summary of aged analysis of past due loans receivable	Aged Analysis of Past Due Loans Receivable at September 30, 2019 (in thousands) 30-59 60-89 90 Days or Total Days Days Greater Total Loans Past Due Past Due Past Due Past Due Current Receivable Mortgage Loans: 1 to 4 Family $ 228 $ — $ — $ 228 $ 74,997 $ 75,225 Multifamily — — — — 3,600 3,600 Commercial real estate — — — — 1,131 1,131 Non-Mortgage Loans: Consumer — — — — 207 207 Total $ 228 $ — $ — $ 228 $ 79,935 $ 80,163 Aged Analysis of Past Due Loans Receivable at December 31, 2018 (in thousands) 30-59 60-89 90 Days or Total Days Days Greater Total Loans Past Due Past Due Past Due Past Due Current Receivable Mortgage Loans: 1 to 4 Family $ 227 $ 171 $ — $ 398 $ 74,787 $ 75,185 Multifamily — — — — 4,117 4,117 Commercial real estate — — — — 1,175 1,175 Non-Mortgage Loans: Consumer — — — — 211 211 Total $ 227 $ 171 $ — $ 398 $ 80,290 $ 80,688
Summary of information pertaining to impaired loans	Impaired Loans September 30, 2019 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans 1-4 Family $ — $ — $ — $ — $ — Impaired Loans December 31, 2018 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans 1-4 Family $ — $ — $ — $ 197 $ 98

Regulatory Matters (Tables)

Regulatory Matters (Tables)	9 Months Ended
	Sep. 30, 2019
Regulatory Matters
Schedule of actual and required capital amounts and ratios	To be Well Capitalized Under For Capital Prompt Corrective September 30, 2019: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Risk Based Capital (to Risk Weighted Assets) $ 19,709 38.49 % $ 4,096 8.00 % $ 5,120 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,067 37.24 % $ 3,072 6.00 % $ 4,096 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,067 37.24 % $ 2,304 4.50 % $ 3,328 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,067 17.72 % $ 4,305 4.00 % $ 5,381 5.00 % To be Well Capitalized Under For Capital Prompt Corrective December 31, 2018 : Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Risk Based Capital (to Risk Weighted Assets) $ 12,961 25.98 % $ 3,992 8.00 % $ 4,990 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 12,335 24.72 % $ 2,994 6.00 % $ 3,992 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 12,335 24.72 % $ 2,245 4.50 % $ 3,243 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 12,335 12.23 % $ 4,035 4.00 % $ 5,044 5.00 %
Schedule of reconciliation of capital	(in thousands) September 30, 2019 December 31, 2018 Total Equity (Bank Only) $ 19,065 $ 12,239 Unrealized Losses on Securities Available for Sale, Net 2 96 Tangible, Tier 1 Capital and Common Equity Tier 1 19,067 12,335 Allowance for Loan Losses Included in Capital 642 626 Total Capital $ 19,709 $ 12,961

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Values of Financial Instruments
Summary of assets measured on a recurring basis	Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable September 30, 2019: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 3,383 $ — $ 3,383 $ — FNMA 170 — 170 — GNMA 538 — 538 — SBA 7a Pools 2,732 — 2,732 — Total Investment Securities $ 6,823 $ — $ 6,823 $ — Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable December 31, 2018 : Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 3,022 $ — $ 3,022 $ — FNMA 230 — 230 — GNMA 620 — 620 — SBA 7a Pools 1,909 — 1,909 — Total Investment Securities $ 5,781 $ — $ 5,781 $ —
Summary of estimated fair values of the Homestead’s financial instruments	September 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and Cash Equivalents $ 9,621 $ 9,621 $ 3,090 $ 3,090 Interest-Bearing Deposits 1,998 1,998 750 750 Investment Securities 6,823 6,823 5,781 5,781 Loans - Net 80,520 84,025 81,072 81,442 Loans Held-for-Sale 2,702 2,702 533 533 Accrued Interest Receivable 337 337 337 337 FHLB Stock 1,408 1,408 1,376 1,376 Cash Surrender Value of Life Insurance 4,020 4,020 3,950 3,950 Financial Liabilities: Deposits 58,340 59,344 56,183 55,507 Advances from FHLB 23,584 24,131 26,030 25,907 Accrued Interest Payable 790 790 136 136

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income available to common shareholders	$ 53	$ 99	$ 120	$ 204
Denominator
Common shares outstanding (Total issued, less unallocated ESOP shares)	1,318		1,318
Basic earnings per common share	$ 0.04		$ 0.09

Investment Securities - Amortiz

Investment Securities - Amortized cost and fair values (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 6,826	$ 5,903
Gross Unrealized Gains	20	8
Gross Unrealized Losses	(23)	(130)
Fair Value	6,823	5,781
SBA 7a Pools
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	2,731	1,920
Gross Unrealized Gains	7
Gross Unrealized Losses	(6)	(11)
Fair Value	2,732	1,909
FHLMC | Mortgage-Backed Securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	3,400	3,139
Gross Unrealized Losses	(17)	(117)
Fair Value	3,383	3,022
FNMA | Mortgage-Backed Securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	169	232
Gross Unrealized Gains	1
Gross Unrealized Losses		(2)
Fair Value	170	230
GNMA | Mortgage-Backed Securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	526	612
Gross Unrealized Gains	12	8
Fair Value	$ 538	$ 620

Investment Securities - Contrac

Investment Securities - Contractual maturity (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost
After One Year through Five Years	$ 828,000
After Five Years through Ten Years	1,760,000
After Ten Years	4,238,000
Amortized Cost	6,826,000
Fair Value
After One Year through Five Years	829,000
After Five Years through Ten Years	1,754,000
After Ten Years	4,240,000
Fair value	6,823,000
Securities pledged to secure advances from the FHLB	$ 0	$ 0

Investment Securities - Gross u

Investment Securities - Gross unrealized losses (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value
Less Than 12 Months	$ 1,231,000	$ 2,139,000
12 Months or More	3,906,000	3,022,000
Total fair value	5,137,000	5,161,000
Unrealized (Losses)
Less Than 12 Months	(5,000)	(13,000)
12 Months or More	(18,000)	(117,000)
Total unrealized (losses)	(23,000)	(130,000)
Declines deemed to be other-than-temporary	0	0
SBA 7a Pools
Fair Value
Less Than 12 Months		1,909,000
12 Months or More	1,754,000
Total fair value	1,754,000	1,909,000
Unrealized (Losses)
Less Than 12 Months		(11,000)
12 Months or More	(6,000)
Total unrealized (losses)	(6,000)	(11,000)
FHLMC | Mortgage-Backed Securities
Fair Value
Less Than 12 Months	1,231,000
12 Months or More	2,152,000	3,022,000
Total fair value	3,383,000	3,022,000
Unrealized (Losses)
Less Than 12 Months	(5,000)
12 Months or More	(12,000)	(117,000)
Total unrealized (losses)	$ (17,000)	(117,000)
FNMA | Mortgage-Backed Securities
Fair Value
Less Than 12 Months		230,000
Total fair value		230,000
Unrealized (Losses)
Less Than 12 Months		(2,000)
Total unrealized (losses)		$ (2,000)

Loans Receivable and the Allo_3

Loans Receivable and the Allowance for Loan Losses - Loans receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 80,163	$ 80,688
Unamortized Loan Fees/Costs	1,207	1,234
Allowance for Loan Losses	(850)	(850)
Net Loans Receivable	80,520	81,072
Mortgage - 1-4 Family
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	75,225	75,185
Mortgage - Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	3,600	4,117
Mortgage - Commercial real estate
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	1,131	1,175
Consumer Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 207	$ 211

Loans Receivable and the Allo_4

Loans Receivable and the Allowance for Loan Losses - Allowance (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2019	Dec. 31, 2018
Allowance for Loan Losses:
Beginning Balance	$ 850,000	$ 850,000
Recoveries	9,000	11,000
Provision	(9,000)	(11,000)
Ending Balance	850,000	850,000
Ending Balance: Collectively Evaluated for Impairment			$ 850,000	$ 850,000
Loans Receivable: Ending Balance			80,163,000	80,688,000
Ending Balance: Collectively Evaluated for Impairment			80,163,000	80,688,000
Allowance for loan losses, unallocated portion	850,000	850,000	850,000	850,000
Loan balances outstanding on non-accrual status			0	0
Mortgage - 1-4 Family
Allowance for Loan Losses:
Beginning Balance	807,000	813,000
Recoveries	9,000	11,000
Provision	(4,000)	(17,000)
Ending Balance	812,000	807,000
Ending Balance: Collectively Evaluated for Impairment			812,000	807,000
Loans Receivable: Ending Balance			75,225,000	75,185,000
Ending Balance: Collectively Evaluated for Impairment			75,225,000	75,185,000
Allowance for loan losses, unallocated portion	807,000	813,000	812,000	807,000
Mortgage - Multifamily
Allowance for Loan Losses:
Beginning Balance	31,000	20,000
Provision	(4,000)	11,000
Ending Balance	27,000	31,000
Ending Balance: Collectively Evaluated for Impairment			27,000	31,000
Loans Receivable: Ending Balance			3,600,000	4,117,000
Ending Balance: Collectively Evaluated for Impairment			3,600,000	4,117,000
Allowance for loan losses, unallocated portion	31,000	20,000	27,000	31,000
Mortgage - Commercial real estate
Allowance for Loan Losses:
Beginning Balance	12,000	17,000
Provision	(1,000)	(5,000)
Ending Balance	11,000	12,000
Ending Balance: Collectively Evaluated for Impairment			11,000	12,000
Loans Receivable: Ending Balance			1,131,000	1,175,000
Ending Balance: Collectively Evaluated for Impairment			1,131,000	1,175,000
Allowance for loan losses, unallocated portion	12,000	17,000	11,000	12,000
Consumer Loans
Allowance for Loan Losses:
Loans Receivable: Ending Balance			207,000	211,000
Ending Balance: Collectively Evaluated for Impairment			207,000	211,000
Unallocated finance receivable
Allowance for Loan Losses:
Beginning Balance	433,000
Ending Balance	431,000	433,000
Allowance for loan losses, unallocated portion	$ 433,000	$ 433,000	$ 431,000	$ 433,000

Loans Receivable and the Allo_5

Loans Receivable and the Allowance for Loan Losses - Aged analysis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	$ 80,163	$ 80,688
Loans over 90 days past due and still accruing	0	0
Performing
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	80,163	80,688
Mortgage - 1-4 Family
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	75,225	75,185
Mortgage - 1-4 Family | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	75,225	75,185
Mortgage - Multifamily
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	3,600	4,117
Mortgage - Multifamily | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	3,600	4,117
Mortgage - Commercial real estate
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	1,131	1,175
Mortgage - Commercial real estate | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	1,131	1,175
Consumer Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	207	211
Consumer Loans | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans receivable	$ 207	$ 211

Loans Receivable and the Allo_6

Loans Receivable and the Allowance for Loan Losses - Nonaccrual status (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 228,000	$ 398,000
Current	79,935,000	80,290,000
Total Loans Receivable	80,163,000	80,688,000
Loan balances outstanding on non-accrual status	0	0
Mortgage - 1-4 Family
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	228,000	398,000
Current	74,997,000	74,787,000
Total Loans Receivable	75,225,000	75,185,000
Mortgage - Multifamily
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	3,600,000	4,117,000
Total Loans Receivable	3,600,000	4,117,000
Mortgage - Commercial real estate
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	1,131,000	1,175,000
Total Loans Receivable	1,131,000	1,175,000
Consumer Loans
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	207,000	211,000
Total Loans Receivable	207,000	211,000
30-59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	228,000	227,000
30-59 Days Past Due | Mortgage - 1-4 Family
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 228,000	227,000
60-89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		171,000
60-89 Days Past Due | Mortgage - 1-4 Family
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		$ 171,000

Loans Receivable and the Allo_7

Loans Receivable and the Allowance for Loan Losses - Impaired (Details) - Mortgage - 1-4 Family $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	$ 197
Interest Income Recognized	$ 98

Loans Receivable and the Allo_8

Loans Receivable and the Allowance for Loan Losses - TDRs (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Loans Receivable and the Allowance for Loan Losses
Debt restructurings defaulted subsequent to the restructuring	$ 0	$ 0

Regulatory Matters - Capital am

Regulatory Matters - Capital amounts and ratios (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Total risk-based capital to risk-weighted assets
Actual amount	$ 19,709	$ 12,961
Actual ratio	38.49%	25.98%
Capital Adequacy Purposes, amount	$ 4,096	$ 3,992
Capital Adequacy Purposes, ratio	8.00%	8.00%
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 5,120	$ 4,990
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	10.00%	10.00%
Tier I capital to risk- weighted assets
Actual amount	$ 19,067	$ 12,335
Actual ratio	37.24%	24.72%
Capital Adequacy Purposes, amount	$ 3,072	$ 2,994
Capital Adequacy Purposes, ratio	6.00%	6.00%
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 4,096	$ 3,992
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	8.00%	8.00%
Common equity Tier 1 capital to risk-weighted assets
Actual amount	$ 19,067	$ 12,335
Actual ratio	37.24%	24.72%
Capital Adequacy Purposes, amount	$ 2,304	$ 2,245
Capital Adequacy Purposes, ratio	4.50%	4.50%
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 3,328	$ 3,243
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	6.50%	6.50%
Tier I Leverage capital to adjusted total assets
Actual amount	$ 19,067	$ 12,335
Actual ratio	17.72%	12.23%
Capital Adequacy Purposes, amount	$ 4,305	$ 4,035
Capital Adequacy Purposes, ratio	4.00%	4.00%
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 5,381	$ 5,044
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	5.00%	5.00%

Regulatory Matters - Reconcilia

Regulatory Matters - Reconciliation of capital (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Regulatory Matters
Total Equity (Bank Only)	$ 19,065	$ 12,239
Unrealized Losses On Securities Available For Sale, Net	2	96
Tangible Tier 1 Capital and Common Equity Tier 1	19,067	12,335
Allowance for Loan Losses Included in Capital	642	626
Total Capital	$ 19,709	$ 12,961

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Loan origination commitments
Commitments and Contingencies
Commitment to disburse amount on construction loans	$ 835,000	$ 793,000

Fair Values of Financial Inst_3

Fair Values of Financial Instruments - Recurring (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets measured on a recurring basis
Total Investment Securities	$ 6,823	$ 5,781
Mortgage-Backed Securities | FHLMC
Assets measured on a recurring basis
Total Investment Securities	3,383	3,022
Mortgage-Backed Securities | FNMA
Assets measured on a recurring basis
Total Investment Securities	170	230
Mortgage-Backed Securities | GNMA
Assets measured on a recurring basis
Total Investment Securities	538	620
SBA 7a Pools
Assets measured on a recurring basis
Total Investment Securities	2,732	1,909
Level 2
Assets measured on a recurring basis
Total Investment Securities	6,823	5,781
Level 2 | Mortgage-Backed Securities | FHLMC
Assets measured on a recurring basis
Total Investment Securities	3,383	3,022
Level 2 | Mortgage-Backed Securities | FNMA
Assets measured on a recurring basis
Total Investment Securities	170	230
Level 2 | Mortgage-Backed Securities | GNMA
Assets measured on a recurring basis
Total Investment Securities	538	620
Level 2 | SBA 7a Pools
Assets measured on a recurring basis
Total Investment Securities	$ 2,732	$ 1,909

Fair Values of Financial Inst_4

Fair Values of Financial Instruments - Estimated fair values (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Value
Financial Assets:
Cash and Cash Equivalents	$ 9,621	$ 3,090
Interest-Bearing Deposits	1,998	750
Investment Securities	6,823	5,781
Loans - Net	80,520	81,072
Loans Held-for-Sale	2,702	533
Accrued Interest Receivable	337	337
FHLB Stock	1,408	1,376
Cash Surrender Value of Life Insurance	4,020	3,950
Financial Liabilities:
Deposits	58,340	56,183
Advances from FHLB	23,584	26,030
Accrued Interest Payable	790	136
Fair Value
Financial Assets:
Cash and Cash Equivalents	9,621	3,090
Interest-Bearing Deposits	1,998	750
Investment Securities	6,823	5,781
Loans - Net	84,025	81,442
Loans Held-for-Sale	2,702	533
Accrued Interest Receivable	337	337
FHLB Stock	1,408	1,376
Cash Surrender Value of Life Insurance	4,020	3,950
Financial Liabilities:
Deposits	59,344	55,507
Advances from FHLB	24,131	25,907
Accrued Interest Payable	$ 790	$ 136

Change in Corporate Form (Detai

Change in Corporate Form (Details) $ / shares in Units, $ in Millions	Jul. 09, 2019USD ($)$ / sharesshares
Change in Corporate Form
Share price | $ / shares	$ 10
Percentage of common shares	8.00%
Common stock offering, shares issued | shares	1,429,676
Common stock offering | $	$ 1.2

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Details)	3 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares
Employee Stock Ownership Plan
ESOP compensation expense | $	$ 41,000
Stock price when issued | $ / shares	$ 10
ESOP, number of shares | shares	112,000
ESOP, fair value of shares | $	$ 1,400,000
ESOP, weighted average price of common stock | $ / shares	$ 12.13