Eureka Homestead Bancorp (ERKH) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 14, 2020
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	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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		1,429,676
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and Cash Equivalents	$ 12,911	$ 11,875
Interest-Bearing Deposits in Banks	8,740	1,740
Investment Securities	4,576	5,320
Loans Receivable, Net	70,868	78,785
Loans Held-for-Sale	801	1,637
Accrued Interest Receivable	470	321
Federal Home Loan Bank Stock	1,434	1,418
Premises and Equipment, Net	683	704
Cash Surrender Value of Life Insurance	4,091	4,044
Deferred Tax Asset		5
Prepaid Expenses and Other Assets	271	155
Total Assets	104,845	106,004
Liabilities:
Deposits	56,367	58,045
Advances from Federal Home Loan Bank	22,614	21,581
Advance Payments by Borrowers for Taxes and Insurance	868	1,425
Deferred Tax Liability	11
Accrued Expenses and Other Liabilities	661	669
Total Liabilities	80,521	81,720
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 on June 30, 2020 and December 31, 2019	14	14
Additional Paid-in Capital	13,111	13,112
Unallocated Common Stock Held by: Employee Stock Ownership Plan (ESOP)	(1,075)	(1,098)
Retained Earnings	12,231	12,274
Accumulated Other Comprehensive Income (Loss)	43	(18)
Total Shareholders' Equity	24,324	24,284
Total Liabilities and Shareholders' Equity	$ 104,845	$ 106,004

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest Income:
Loans Receivable	$ 725	$ 878	$ 1,526	$ 1,756
Investment Securities	15	41	47	78
Interest-Bearing Deposits in Banks	17	19	63	36
Total Interest Income	757	938	1,636	1,870
Interest Expense:
Deposits	261	330	553	611
Advances from Federal Home Loan Bank	160	166	317	352
Total Interest Expense	421	496	870	963
Net Interest Income	336	442	766	907
Provision (Credit) for Loan Losses				(9)
Net Interest Income After Provision (Credit) for Loan Losses	336	442	766	916
Non-Interest Income:
Service Charges and Other Income	21	22	33	43
Fees on Loans Sold	153	105	338	172
Income from Life Insurance	23	24	47	47
Total Non-Interest Income	197	151	418	262
Non-Interest Expenses:
Salaries and Employee Benefits	378	352	803	687
Occupancy Expense	50	74	102	135
FDIC Deposit Insurance Premium and Examination Fees	17	17	32	36
Data Processing	29	31	56	60
Accounting and Consulting	59	21	109	48
Insurance	20	19	41	37
Legal fees	21	1	32	1
Other	56	54	114	102
Total Non-Interest Expenses	630	569	1,289	1,106
(Loss) Income Before Income Tax (Benefit) Expense	(97)	24	(105)	72
Income Tax (Benefit) Expense	(62)		(62)	5
Net (Loss) Income	$ (35)	$ 24	$ (43)	$ 67

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net (Loss) Income	$ (35)	$ 24	$ (43)	$ 67
Other Comprehensive Income:
Unrealized Gains on Investment Securities	17	74	77	117
Income Tax Effect	(4)	(15)	(16)	(24)
Other Comprehensive Income, Net of Income Taxes	13	59	61	93
Comprehensive (Loss) Income	$ (22)	$ 83	$ 18	$ 160

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 Income/(Loss)	Total
Balance at Beginning of Period at Dec. 31, 2018				$ 12,335	$ (96)	$ 12,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income				67		67
Other Comprehensive Income					93	93
Balance at End of Period at Jun. 30, 2019				12,402	(3)	12,399
Balance at Beginning of Period at Dec. 31, 2019	$ 14	$ 13,112	$ (1,098)	12,274	(18)	24,284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ESOP shares earned		(1)	23			22
Net (Loss) Income				(43)		(43)
Other Comprehensive Income					61	61
Balance at End of Period at Jun. 30, 2020	$ 14	$ 13,111	$ (1,075)	$ 12,231	$ 43	$ 24,324

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net (Loss) Income	$ (43)	$ 67
Adjustments to Reconcile Net (Loss) Income to Net Cash (Used in) Operating Activities:
Provision (Credit) for Loan Losses		(9)
Depreciation Expense	28	41
Amortization of FHLB Advance Prepayment Penalty	33	36
Provision for Deferred Income Taxes		23
Net Amortization of Premium/Discount on Mortgage-Backed Securities	1	10
Stock Dividend on Federal Home Loan Bank Stock	(16)	(21)
Non-cash Compensation for ESOP	22
Net Decrease in Loans Held-for-Sale	836	333
Changes in Assets and Liabilities:
(Increase) in Accrued Interest Receivable	(149)	(15)
(Increase) in CSV of Life Insurance	(47)	(47)
(Increase) in Prepaid Expenses and Other Assets	(116)	(723)
(Decrease) in Accrued Expenses and Other Liabilities	(8)	(24)
Net Cash Provided by (Used in) Operating Activities	541	(329)
Cash Flows from Investing Activities:
Net Decrease in Loans	7,917	1,146
Proceeds from Maturities of Interest-Bearing Deposits in Banks	3,735
Purchases of Interest-Bearing Deposits in Banks	(10,735)
Purchases of Investment Securities		(1,991)
Proceeds from Sales, Calls and Principal Repayments of Investment Securities	820	577
Purchases of Premises and Equipment	(7)	(12)
Net Cash Provided by (Used in) Investing Activities	1,730	(280)
Cash Flows from Financing Activities:
Net (Decrease) Increase in Deposits	(1,678)	3,139
Net increase in Escrow from Stock Conversion		12,309
Advances from Federal Home Loan Bank	4,000	3,000
Payments on Advances from Federal Home Loan Bank	(3,000)	(6,000)
Net (Decrease) in Advance Payments by Borrowers for Taxes and Insurance	(557)	(345)
Net Cash (Used in) Provided by Financing Activities	(1,235)	12,103
Net Increase in Cash and Cash Equivalents	1,036	11,494
Cash and Cash Equivalents at Beginning of Period	11,875	3,090
Cash and Cash Equivalents at End of Period	12,911	14,584
Cash Paid for:
Interest	917	943
Supplemental Schedule for Noncash Investing and Financing Activities:
Change in the Unrealized Gain/Loss on Investment Securities	$ 77	$ 117

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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 six month periods ended June 30, 2020 are not necessarily indicative of the results which may be expected for the entire year. These statements should be read in conjunction with the Financial Statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 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 Annual Report. 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	6 Months Ended
	Jun. 30, 2020
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 2 – Recent Accounting Pronouncements - Emerging Growth Company Status 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 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, 2021, and interim periods within fiscal years beginning after December 15, 2022. 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 June 2018, the 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 amendments but does not anticipate they will have a material impact on the Company’s Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU are effective for fiscal years, and interim periods with those fiscal years, beginning after December 15, 2020, with early adopting permitted. The Company is currently assessing the impact of the adoption of this standard on the Company’s consolidated financial position.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share
Earnings Per Share	Note 3 – Earnings Per Share - Basic earnings per share (“EPS”) represents income (loss) 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. Earnings (loss) per common share were computed based on the following: Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share data) 2020 2020 Numerator: Net (loss) available to common shareholders $ (35) $ (43) Denominator: Common shares outstanding (Total issued, less unallocated ESOP shares) 1,322 1,322 Basic (loss) per common share $ (0.03) $ (0.03)

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,127 $ 65 $ — $ 2,192 SBA 7a Pools 2,395 1 (12) 2,384 Total Investment Securities Available-for-Sale $ 4,522 $ 66 $ (12) $ 4,576 Gross Gross December 31, 2019: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,664 $ — $ (19) $ 2,645 SBA 7a Pools 2,678 5 (8) 2,675 Total Investment Securities Available-for-Sale $ 5,342 $ 5 $ (27) $ 5,320 All investment securities held on June 30, 2020 and December 31, 2019, were government-sponsored mortgage-backed or SBA pool securities. The amortized cost and fair values of the investment securities available-for-sale at June 30, 2020, 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 June 30, 2020 Amortized Fair (in thousands) Cost Value Amounts Maturing: After One Year through Five Years $ 9 $ 9 After Five Years through Ten Years 1,457 1,445 After Ten Years 3,056 3,122 $ 4,522 $ 4,576 No investment securities were pledged to secure advances from the FHLB at June 30, 2020 and December 31, 2019. Gross unrealized losses in investment securities at June 30, 2020 and December 31, 2019, existing for continuous periods of less than 12 months and for continuous periods of 12 months or more, are as follows: June 30, 2020 (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 FHLMC $ — $ — $ 9 $ — $ 9 $ — SBA 7a Pools — — 1,445 (12) 1,445 (12) $ — $ — $ 1,454 $ (12) $ 1,454 $ (12) December 31, 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 FHLMC $ 655 $ (4) $ 1,990 $ (15) $ 2,645 $ (19) SBA 7a Pools — — 1,692 (8) 1,692 (8) $ 655 $ (4) $ 3,682 $ (23) $ 4,337 $ (27) 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 June 30, 2020 and December 31, 2019, 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	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 are summarized as follows: June 30, December 31, (in thousands) 2020 2019 Mortgage Loans 1-4 Family $ 66,186 $ 73,591 Multifamily 3,204 3,567 Commercial real estate 1,086 1,117 Consumer Loans 214 209 70,690 78,484 Plus (Less): Unamortized Loan Fees/Costs 1,028 1,151 Allowance for Loan Losses (850) (850) Net Loans Receivable $ 70,868 $ 78,785 The performing mortgage loans are pledged, under a blanket lien, as collateral securing advances from the FHLB at June 30, 2020 and December 31, 2019. Management evaluates the allowance for loan losses to assess the risk of loss in the loan portfolio and to determine the adequacy of the allowance for loan losses. For purposes of this evaluation, loans are aggregated into pools based on various characteristics. Some of those characteristics include payment status, concentrations, and loan to collateral value and the financial status of borrowers. The allowance allocated to each of these pools is based on historical charge-off rates, adjusted for changes in the credit risk characteristics within these pools, as determined from current information and analyses. In determining the appropriate level of the allowance, management also ensures that the overall allowance appropriately reflects current macroeconomic conditions, industry exposure and a margin for the imprecision inherent in most estimates of expected credit losses. In addition to these factors, management also considers the following for each segment of the loan portfolio when determining the allowance: • Residential mortgages - This category consists of loans secured by first and junior liens on residential real estate. The performance of these loans may be adversely affected by unemployment rates, local residential real estate market conditions and the interest rate environment. • Commercial real estate - This category consists of loans primarily secured by office buildings, and retail shopping facilities. The performance of commercial real estate loans may be adversely affected by conditions specific to the relevant industry, the real estate market for the property type and geographic region where the property or borrower is located. • Construction and land - This category consists of loans to finance the ground-up construction and/or improvement of construction of residential and commercial properties and loans secured by land. The performance of construction and land loans is generally dependent upon the successful completion of improvements and/or land development for the end user, the sale of the property to a third party, or a secondary source of cash flow from the owners. The successful completion of planned improvements and development maybe adversely affected by changes in the estimated property value upon completion of construction, projected costs and other conditions leading to project delays. • Multi-family residential - This category consists of loans secured by apartment or residential buildings with five or more units used to accommodate households on a temporary or permanent basis. The performance of multi-family loans is generally dependent on the receipt of rental income from the tenants who occupy the subject property. The occupancy rate of the subject property and the ability of the tenants to pay rent may be adversely affected by the location of the subject property and local economic conditions. • Consumer - This category consists of loans to individuals for household, family and other personal use. The performance of these loans may be adversely affected by national and local economic conditions, unemployment rates and other factors affecting the borrower's income available to service the debt. All of our consumer loans are secured by our customers’ savings accounts and/or certificates of deposit. As a result of the uncertainties inherent in the estimation process, management’s estimate of loan losses and the related allowance could change in the near term. Based on management’s periodic evaluation of the allowance for loan losses, a provision for loan losses is charged to operations if additions to the allowance are required. Actual loan charge-offs are deducted from the allowance and subsequent recoveries of previously charged-off loans are added to the allowance. The following tables set forth, as of June 30, 2020 and December 31, 2019, 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 $ 812 $ 27 $ 11 $ — $ 850 Charge-Offs — — — — — Recoveries — — — — — Provision (11) 7 4 — — Ending Balance $ 801 $ 34 $ 15 $ — $ 850 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 801 $ 34 $ 15 $ — $ 850 Loans Receivable: Ending Balance $ 66,186 $ 3,204 $ 1,086 $ 214 $ 70,690 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 66,186 $ 3,204 $ 1,086 $ 214 $ 70,690 The allowance for loan losses for Mortgage 1‑4 Family Loans of $801,000 includes an unallocated portion of $390,000 as of June 30, 2020. 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 $ 73,591 $ 3,567 $ 1,117 $ 209 $ 78,484 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 73,591 $ 3,567 $ 1,117 $ 209 $ 78,484 The allowance for loan losses for Mortgage 1‑4 Family Loans of $812,000 includes an unallocated portion of $437,000 as of December 31, 2019. 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. Loan Grades / Classification The primary purpose of grading loans is to assess credit quality and assist in identifying potential problem loans. Every loan in the portfolio is assigned a loan grade based on quality and level of risk. Loan grades are updated as events occur that bear on the collectability of the loan, such as change in payment flow or status of the obligor or collateral. Changes in loan grades are reported to the Board Loan Committee. Each credit reviewed is assigned a loan grade based on the following system: Loan Grade 1 Loans with no identified problems and do not require more than normal attention. The repayment source is well defined and the borrower/guarantor exhibits no inability of repaying the loan as agreed. The financial information is acceptable and the loan meets credit and policy requirements and exhibits no unusual elements of risk. The collateral is acceptable and adequate. Loan Grade 2 These are performing owner-occupied loans that exhibit diminished borrower capacity, such as sufficiently-aged Troubled Debt Restructurings or loans that are frequently delinquent more than 30 days but less than 60 days. Also included are performing investor loans with a good payment record but lack updated financial information but are judged from alternate sources to have satisfactory cash flows and a sufficiently strong guarantor. Loan Grade 3 Owner-occupied loans that are well-secured but are occasionally delinquent more than 60 days but less than 90. Also included are performing investor loans lacking required current financial information or that demonstrate diminished guarantor capacity and an estimated stressed debt service coverage ratio of less than 1.20. Loan Grade 4 Investment loans that have potential or identified weaknesses that deserve management’s close attention. If left uncorrected, these may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. These loans are not adversely classified and do not expose the institution to sufficient risk to warrant adverse classification. Default is not imminent. Adverse Classifications Loan Grade 5 A loan that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledge, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. Loan Grade 6 A loan that has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Credit Quality Indicators - Credit Risk Profile Based on Loan Grades at June 30, 2020 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 65,536 $ 31 $ 55 $ 564 $ — $ 66,186 Multifamily 3,204 — — — — 3,204 Commercial real estate 1,086 — — — — 1,086 Non-Mortgage Loans: Consumer 214 — — — — 214 Total $ 70,040 $ 31 $ 55 $ 564 $ — $ 70,690 Credit Quality Indicators - Credit Risk Profile Based on Loan Grades at December 31, 2019 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 72,937 $ 87 $ — $ 567 $ — $ 73,591 Multifamily 3,567 — — — — 3,567 Commercial real estate 1,117 — — — — 1,117 Non-Mortgage Loans: Consumer 209 — — — — 209 Total $ 77,830 $ 87 $ — $ 567 $ — $ 78,484 At June 30, 2020 and December 31, 2019, 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 June 30, 2020 and December 31, 2019, 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 June 30, 2020 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 66,186 $ — $ 66,186 Multifamily 3,204 — 3,204 Commercial real estate 1,086 — 1,086 Non-Mortgage Loans: Consumer 214 — 214 Total $ 70,690 $ — $ 70,690 Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at December 31, 2019 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 73,591 $ — $ 73,591 Multifamily 3,567 — 3,567 Commercial real estate 1,117 — 1,117 Non-Mortgage Loans: Consumer 209 — 209 Total $ 78,484 $ — $ 78,484 The following tables reflect certain information with respect to the loan portfolio delinquencies by loan class and amount as of June 30, 2020 and December 31, 2019. There were no loans over 90 days past due and still accruing as of June 30, 2020 and December 31, 2019. Aged Analysis of Past Due Loans Receivable at June 30, 2020 (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 $ — $ — $ — $ — $ 66,186 $ 66,186 Multifamily — — — — 3,204 3,204 Commercial real estate — — — — 1,086 1,086 Non-Mortgage Loans: Consumer — — — — 214 214 Total $ — $ — $ — $ — $ 70,690 $ 70,690 Aged Analysis of Past Due Loans Receivable at December 31, 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 $ — $ 89 $ — $ 89 $ 73,502 $ 73,591 Multifamily — — — — 3,567 3,567 Commercial real estate — — — — 1,117 1,117 Non-Mortgage Loans: Consumer — — — — 209 209 Total $ — $ 89 $ — $ 89 $ 78,395 $ 78,484 The following is a summary of information pertaining to impaired loans as of June 30, 2020 and December 31, 2019. Impaired Loans June 30, 2020 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans $ — $ — $ — $ — $ — Non-Mortgage Loans $ — $ — $ — $ — $ — Impaired Loans December 31, 2019 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans $ — $ — $ — $ — $ — Non-Mortgage Loans $ — $ — $ — $ — $ — The Company seeks to assist customers that are experiencing financial difficulty by renegotiating loans within lending regulations and guidelines. Once modified in a troubled 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 June 30, 2020 and December 31, 2019 or any that defaulted subsequent to the restructuring through the date the financial statements were issued. During the six months ended June 30, 2020, the Company modified 71 mortgage loans, with an aggregate balance of $15.3 million, in each case related to a hardship caused by the COVID-19 pandemic and responses thereto. The Company is working with borrowers and providing modifications in the form of principal, interest and escrow deferral, in each case, for initial periods of up to 90 days. The deferred payments will be collected at the original maturity date or at the time the loan is ultimately paid off. As necessary, the Company is making available a second 90 day principal, interest and escrow deferral bringing the total potential deferral period to six months. Modifications are structured in a manner to best address each individual customer's current situation. These modifications are excluded from TDR classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. Modified loans will be considered current and will continue to accrue interest during the deferral period. Detail of COVID-19 modifications on the Company’s loan portfolio during the six months ended June 30, 2020 follows. Number of Total Total Contracts Balance Percent Balance Modified Modified Modified Modifications as of June 30, 2020 (in thousands) Mortgage Loans 1-4 Family $ 66,186 66 $ 13,636 Multifamily 3,204 4 1,312 Commercial Real Estate 1,086 1 395 Total Loans $ 70,476 71 $ 15,343 As of July 31, 2020, all but 11 of the modified loans aggregating $3.1 million have resumed normal monthly payments. The Company has begun receiving requests for additional deferrals. Loans which have had multiple COVID-19 modifications though July 31, 2020 are detailed below. Total Number of Balance Modifications as of July 31, 2020 Contracts Multiple (in thousands) Modified Modifications Mortgage Loans 1-4 Family 9 $ 2,273 Multifamily 2 848 Commercial Real Estate — — Total Loans 11 $ 3,121 The Company is closely monitoring these loans. As additional information becomes available, management will continue to evaluate these loans to ensure appropriate risk classification.

Regulatory Matters

Regulatory Matters	6 Months Ended
	Jun. 30, 2020
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 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 June 30, 2020 and December 31, 2019, that the Bank meets all the capital adequacy requirements to which it is subject. As of June 30, 2020 and December 31, 2019, 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 June 30, 2020: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 19,580 42.90 % $ 3,651 8.00 % $ 4,564 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,007 41.64 % $ 2,739 6.00 % $ 3,651 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,007 41.64 % $ 2,054 4.50 % $ 2,967 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,007 17.84 % $ 4,261 4.00 % $ 5,326 5.00 % To be Well Capitalized Under For Capital Prompt Corrective December 31, 2019: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 19,568 38.94 % $ 4,020 8.00 % $ 5,026 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 18,938 37.68 % $ 3,015 6.00 % $ 4,020 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 18,938 37.68 % $ 2,262 4.50 % $ 3,267 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 18,938 17.47 % $ 4,336 4.00 % $ 5,420 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 June 30, 2020 and December 31, 2019, is as follows: June 30, December 31, (in thousands) 2020 2019 Total Equity (Bank Only) $ 19,050 $ 18,920 Unrealized (Gains) Losses on Securities Available-for-Sale, Net (43) 18 Tangible, Tier 1 Capital and Common Equity Tier 1 19,007 18,938 Allowance for Loan Losses Included in Capital 573 630 Total Capital $ 19,580 $ 19,568 The specific reserves included in the Allowance for Loan Losses were not significant as of June 30, 2020 and December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019, the Company had $102,000 and $524,000 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 June 30, 2020, there were mortgage loans sold to investors with limited recourse for certain periods after the date of sale totaling $ 8.7 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 consolidated financial statements.

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019. 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 June 30, 2020: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,192 $ — $ 2,192 $ — SBA 7a Pools 2,384 — 2,384 — Total Investment Securities $ 4,576 $ — $ 4,576 $ — Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable December 31, 2019: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,645 $ — $ 2,645 $ — SBA 7a Pools 2,675 — 2,675 — Total Investment Securities $ 5,320 $ — $ 5,320 $ — 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. The Company had no impaired loans or repossessed assets at June 30. 2020 or December 31, 2019. 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 in Banks- 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 June 30, 2020 and December 31, 2019 (in thousands): June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and Cash Equivalents $ 12,911 $ 12,911 $ 11,875 $ 11,875 Interest-Bearing Deposits in Banks 8,740 8,740 1,740 1,740 Investment Securities 4,576 4,576 5,320 5,320 Loans - Net 70,868 74,594 78,785 82,267 Loans Held-for-Sale 801 801 1,637 1,670 Accrued Interest Receivable 470 470 321 321 FHLB Stock 1,434 1,434 1,418 1,418 Cash Surrender Value of Life Insurance 4,091 4,091 4,044 4,044 Financial Liabilities: Deposits 56,367 58,332 58,045 59,053 Advances from FHLB 22,614 23,751 21,581 22,007 Accrued Interest Payable 105 105 137 137 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	6 Months Ended
	Jun. 30, 2020
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. In connection with the conversion, the Bank issued all of its common stock to the Company, becoming 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	6 Months Ended
	Jun. 30, 2020
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 for the three and six month periods ended June 30, 2020 was $21,000 and $41,000, respectively. The stock price when issued was $10 per share. The fair value of the 108,000 unallocated shares was $1.0 million based on the average price of our common stock for the quarter ended June 30, 2020, of $ 9.61 per share.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events
Subsequent Events	Note 11 - Subsequent Events - Management has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through August 14, 2020, the date the financial statements were issued. The outbreak of Coronavirus Disease 2019 (“COVID-19”) has adversely impacted a broad range of industries in which the Company’s customers operate and potentially impaired their ability to fulfill their obligations to the Company. The World Health Organization has declared COVID-19 to be a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The spread of the outbreak has caused disruptions in the U.S. economy and is highly likely to continue to disrupt banking and other financial activity in the areas in which the Company operates and could potentially create widespread business continuity issues for the Company. The full impact on our lending and other business activities as a result of new government and regulatory policies, programs and guidelines, as well as regulators’ reaction to such activities, remains uncertain. As shown in Note 5 to the Consolidated Financial Statements, the Company has begun receiving requests for additional COVID-19 deferrals. Loans which have had multiple COVID-19 modifications though July 31, 2020 total 11 loans with an aggregate balance of $3.1 million.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Emerging Growth Company Status 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 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, 2021, and interim periods within fiscal years beginning after December 15, 2022. 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 June 2018, the 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 amendments but does not anticipate they will have a material impact on the Company’s Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this ASU are effective for fiscal years, and interim periods with those fiscal years, beginning after December 15, 2020, with early adopting permitted. The Company is currently assessing the impact of the adoption of this standard on the Company’s consolidated financial position.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share
Schedule of earnings (loss) per common share	Three Months Ended Six Months Ended June 30, June 30, (in thousands, except per share data) 2020 2020 Numerator: Net (loss) available to common shareholders $ (35) $ (43) Denominator: Common shares outstanding (Total issued, less unallocated ESOP shares) 1,322 1,322 Basic (loss) per common share $ (0.03) $ (0.03)

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Investment Securities
Summary of amortized cost and fair values of investment securities available-for-sale	Gross Gross June 30, 2020: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,127 $ 65 $ — $ 2,192 SBA 7a Pools 2,395 1 (12) 2,384 Total Investment Securities Available-for-Sale $ 4,522 $ 66 $ (12) $ 4,576 Gross Gross December 31, 2019: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,664 $ — $ (19) $ 2,645 SBA 7a Pools 2,678 5 (8) 2,675 Total Investment Securities Available-for-Sale $ 5,342 $ 5 $ (27) $ 5,320
Summary of amortized cost and fair values of the investment securities available-for-sale by contractual maturity	Available-for-Sale June 30, 2020 Amortized Fair (in thousands) Cost Value Amounts Maturing: After One Year through Five Years $ 9 $ 9 After Five Years through Ten Years 1,457 1,445 After Ten Years 3,056 3,122 $ 4,522 $ 4,576
Summary of gross unrealized losses in investment securities	June 30, 2020 (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 FHLMC $ — $ — $ 9 $ — $ 9 $ — SBA 7a Pools — — 1,445 (12) 1,445 (12) $ — $ — $ 1,454 $ (12) $ 1,454 $ (12) December 31, 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 FHLMC $ 655 $ (4) $ 1,990 $ (15) $ 2,645 $ (19) SBA 7a Pools — — 1,692 (8) 1,692 (8) $ 655 $ (4) $ 3,682 $ (23) $ 4,337 $ (27)

Loans Receivable and the Allo_2

Loans Receivable and the Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Summary of loans receivable	June 30, December 31, (in thousands) 2020 2019 Mortgage Loans 1-4 Family $ 66,186 $ 73,591 Multifamily 3,204 3,567 Commercial real estate 1,086 1,117 Consumer Loans 214 209 70,690 78,484 Plus (Less): Unamortized Loan Fees/Costs 1,028 1,151 Allowance for Loan Losses (850) (850) Net Loans Receivable $ 70,868 $ 78,785
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 $ 812 $ 27 $ 11 $ — $ 850 Charge-Offs — — — — — Recoveries — — — — — Provision (11) 7 4 — — Ending Balance $ 801 $ 34 $ 15 $ — $ 850 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 801 $ 34 $ 15 $ — $ 850 Loans Receivable: Ending Balance $ 66,186 $ 3,204 $ 1,086 $ 214 $ 70,690 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 66,186 $ 3,204 $ 1,086 $ 214 $ 70,690 The allowance for loan losses for Mortgage 1‑4 Family Loans of $801,000 includes an unallocated portion of $390,000 as of June 30, 2020. 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 $ 73,591 $ 3,567 $ 1,117 $ 209 $ 78,484 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 73,591 $ 3,567 $ 1,117 $ 209 $ 78,484
Summary of credit quality indicators	Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at June 30, 2020 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 66,186 $ — $ 66,186 Multifamily 3,204 — 3,204 Commercial real estate 1,086 — 1,086 Non-Mortgage Loans: Consumer 214 — 214 Total $ 70,690 $ — $ 70,690 Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at December 31, 2019 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 73,591 $ — $ 73,591 Multifamily 3,567 — 3,567 Commercial real estate 1,117 — 1,117 Non-Mortgage Loans: Consumer 209 — 209 Total $ 78,484 $ — $ 78,484
Summary of aged analysis of past due loans receivable	Aged Analysis of Past Due Loans Receivable at June 30, 2020 (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 $ — $ — $ — $ — $ 66,186 $ 66,186 Multifamily — — — — 3,204 3,204 Commercial real estate — — — — 1,086 1,086 Non-Mortgage Loans: Consumer — — — — 214 214 Total $ — $ — $ — $ — $ 70,690 $ 70,690 Aged Analysis of Past Due Loans Receivable at December 31, 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 $ — $ 89 $ — $ 89 $ 73,502 $ 73,591 Multifamily — — — — 3,567 3,567 Commercial real estate — — — — 1,117 1,117 Non-Mortgage Loans: Consumer — — — — 209 209 Total $ — $ 89 $ — $ 89 $ 78,395 $ 78,484
Summary of information pertaining to impaired loans	Impaired Loans June 30, 2020 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans $ — $ — $ — $ — $ — Non-Mortgage Loans $ — $ — $ — $ — $ — Impaired Loans December 31, 2019 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans $ — $ — $ — $ — $ — Non-Mortgage Loans $ — $ — $ — $ — $ —
Based on Loan Grades
Financing Receivable, Credit Quality Indicator [Line Items]
Summary of credit quality indicators	Credit Quality Indicators - Credit Risk Profile Based on Loan Grades at June 30, 2020 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 65,536 $ 31 $ 55 $ 564 $ — $ 66,186 Multifamily 3,204 — — — — 3,204 Commercial real estate 1,086 — — — — 1,086 Non-Mortgage Loans: Consumer 214 — — — — 214 Total $ 70,040 $ 31 $ 55 $ 564 $ — $ 70,690 Credit Quality Indicators - Credit Risk Profile Based on Loan Grades at December 31, 2019 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 72,937 $ 87 $ — $ 567 $ — $ 73,591 Multifamily 3,567 — — — — 3,567 Commercial real estate 1,117 — — — — 1,117 Non-Mortgage Loans: Consumer 209 — — — — 209 Total $ 77,830 $ 87 $ — $ 567 $ — $ 78,484
COVID-19 Loan Modification
Financing Receivable, Credit Quality Indicator [Line Items]
Schedule of loan modifications due to Covid 19, not treated as TDRs	Number of Total Total Contracts Balance Percent Balance Modified Modified Modified Modifications as of June 30, 2020 (in thousands) Mortgage Loans 1-4 Family $ 66,186 66 $ 13,636 Multifamily 3,204 4 1,312 Commercial Real Estate 1,086 1 395 Total Loans $ 70,476 71 $ 15,343
Multiple COVID-19 Loan Modifications
Financing Receivable, Credit Quality Indicator [Line Items]
Schedule of loan modifications due to Covid 19, not treated as TDRs	Total Number of Balance Modifications as of July 31, 2020 Contracts Multiple (in thousands) Modified Modifications Mortgage Loans 1-4 Family 9 $ 2,273 Multifamily 2 848 Commercial Real Estate — — Total Loans 11 $ 3,121

Regulatory Matters (Tables)

Regulatory Matters (Tables)	6 Months Ended
	Jun. 30, 2020
Regulatory Matters
Schedule of actual and required capital amounts and ratios	To be Well Capitalized Under For Capital Prompt Corrective June 30, 2020: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 19,580 42.90 % $ 3,651 8.00 % $ 4,564 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,007 41.64 % $ 2,739 6.00 % $ 3,651 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,007 41.64 % $ 2,054 4.50 % $ 2,967 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,007 17.84 % $ 4,261 4.00 % $ 5,326 5.00 % To be Well Capitalized Under For Capital Prompt Corrective December 31, 2019: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 19,568 38.94 % $ 4,020 8.00 % $ 5,026 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 18,938 37.68 % $ 3,015 6.00 % $ 4,020 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 18,938 37.68 % $ 2,262 4.50 % $ 3,267 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 18,938 17.47 % $ 4,336 4.00 % $ 5,420 5.00 %
Schedule of reconciliation of capital	June 30, December 31, (in thousands) 2020 2019 Total Equity (Bank Only) $ 19,050 $ 18,920 Unrealized (Gains) Losses on Securities Available-for-Sale, Net (43) 18 Tangible, Tier 1 Capital and Common Equity Tier 1 19,007 18,938 Allowance for Loan Losses Included in Capital 573 630 Total Capital $ 19,580 $ 19,568

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,192 $ — $ 2,192 $ — SBA 7a Pools 2,384 — 2,384 — Total Investment Securities $ 4,576 $ — $ 4,576 $ — Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable December 31, 2019: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,645 $ — $ 2,645 $ — SBA 7a Pools 2,675 — 2,675 — Total Investment Securities $ 5,320 $ — $ 5,320 $ —
Summary of estimated fair values of the Homestead’s financial instruments	June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and Cash Equivalents $ 12,911 $ 12,911 $ 11,875 $ 11,875 Interest-Bearing Deposits in Banks 8,740 8,740 1,740 1,740 Investment Securities 4,576 4,576 5,320 5,320 Loans - Net 70,868 74,594 78,785 82,267 Loans Held-for-Sale 801 801 1,637 1,670 Accrued Interest Receivable 470 470 321 321 FHLB Stock 1,434 1,434 1,418 1,418 Cash Surrender Value of Life Insurance 4,091 4,091 4,044 4,044 Financial Liabilities: Deposits 56,367 58,332 58,045 59,053 Advances from FHLB 22,614 23,751 21,581 22,007 Accrued Interest Payable 105 105 137 137

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Numerator:
Net (loss) available to common shareholders	$ (35)	$ (43)
Denominator
Common shares outstanding (Total issued, less unallocated ESOP shares)	1,322	1,322
Basic (loss) per common share	$ (0.03)	$ (0.03)

Investment Securities - Amortiz

Investment Securities - Amortized cost and fair values (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 4,522	$ 5,342
Gross Unrealized Gains	66	5
Gross Unrealized (Losses)	(12)	(27)
Fair Value	4,576	5,320
SBA 7a Pools
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	2,395	2,678
Gross Unrealized Gains	1	5
Gross Unrealized (Losses)	(12)	(8)
Fair Value	2,384	2,675
FHLMC | Mortgage-Backed Securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	2,127	2,664
Gross Unrealized Gains	65
Gross Unrealized (Losses)		(19)
Fair Value	$ 2,192	$ 2,645

Investment Securities - Contrac

Investment Securities - Contractual maturity (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Amortized Cost
After One Year through Five Years	$ 9,000
After Five Years through Ten Years	1,457,000
After Ten Years	3,056,000
Amortized Cost	4,522,000
Fair Value
After One Year through Five Years	9,000
After Five Years through Ten Years	1,445,000
After Ten Years	3,122,000
Fair value	4,576,000
Securities pledged to secure advances from the FHLB	$ 0	$ 0

Investment Securities - Gross u

Investment Securities - Gross unrealized losses (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value
Less Than 12 Months		$ 655,000
12 Months or More	$ 1,454,000	3,682,000
Total fair value	1,454,000	4,337,000
Unrealized (Losses)
Less Than 12 Months		(4,000)
12 Months or More	(12,000)	(23,000)
Total unrealized (losses)	(12,000)	(27,000)
Declines deemed to be other-than-temporary	0	0
SBA 7a Pools
Fair Value
12 Months or More	1,445,000	1,692,000
Total fair value	1,445,000	1,692,000
Unrealized (Losses)
12 Months or More	(12,000)	(8,000)
Total unrealized (losses)	(12,000)	(8,000)
FHLMC | Mortgage-Backed Securities
Fair Value
Less Than 12 Months		655,000
12 Months or More	9,000	1,990,000
Total fair value	$ 9,000	2,645,000
Unrealized (Losses)
Less Than 12 Months		(4,000)
12 Months or More		(15,000)
Total unrealized (losses)		$ (19,000)

Loans Receivable and the Allo_3

Loans Receivable and the Allowance for Loan Losses - Loans receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 70,690	$ 78,484
Unamortized Loan Fees/Costs	1,028	1,151
Allowance for Loan Losses	(850)	(850)
Net Loans Receivable	70,868	78,785
Mortgage - 1-4 Family
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	66,186	73,591
Mortgage - Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	3,204	3,567
Mortgage - Commercial real estate
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	1,086	1,117
Consumer Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 214	$ 209

Loans Receivable and the Allo_4

Loans Receivable and the Allowance for Loan Losses - Allowance (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Allowance for Loan Losses:
Beginning Balance	$ 850,000	$ 850,000
Recoveries		9,000
Provision		(9,000)
Ending Balance	850,000	850,000
Ending Balance: Collectively Evaluated for Impairment			$ 850,000	$ 850,000
Loans Receivable: Ending Balance			70,690,000	78,484,000
Ending Balance: Collectively Evaluated for Impairment			70,690,000	78,484,000
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	812,000	807,000
Recoveries		9,000
Provision	(11,000)	(4,000)
Ending Balance	801,000	812,000
Ending Balance: Collectively Evaluated for Impairment			801,000	812,000
Loans Receivable: Ending Balance			66,186,000	73,591,000
Ending Balance: Collectively Evaluated for Impairment			66,186,000	73,591,000
Allowance for loan losses, unallocated portion	801,000	812,000	801,000	812,000
Mortgage - Multifamily
Allowance for Loan Losses:
Beginning Balance	27,000	31,000
Provision	7,000	(4,000)
Ending Balance	34,000	27,000
Ending Balance: Collectively Evaluated for Impairment			34,000	27,000
Loans Receivable: Ending Balance			3,204,000	3,567,000
Ending Balance: Collectively Evaluated for Impairment			3,204,000	3,567,000
Allowance for loan losses, unallocated portion	34,000	27,000	34,000	27,000
Mortgage - Commercial real estate
Allowance for Loan Losses:
Beginning Balance	11,000	12,000
Provision	4,000	(1,000)
Ending Balance	15,000	11,000
Ending Balance: Collectively Evaluated for Impairment			15,000	11,000
Loans Receivable: Ending Balance			1,086,000	1,117,000
Ending Balance: Collectively Evaluated for Impairment			1,086,000	1,117,000
Allowance for loan losses, unallocated portion	15,000	11,000	15,000	11,000
Consumer Loans
Allowance for Loan Losses:
Loans Receivable: Ending Balance			214,000	209,000
Ending Balance: Collectively Evaluated for Impairment			214,000	209,000
Unallocated finance receivable
Allowance for Loan Losses:
Beginning Balance	437,000
Ending Balance	390,000	437,000
Allowance for loan losses, unallocated portion	$ 390,000	$ 437,000	$ 390,000	$ 437,000

Loans Receivable and the Allo_5

Loans Receivable and the Allowance for Loan Losses - Aged analysis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 70,690	$ 78,484
Loans over 90 days past due and still accruing	0	0
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	70,690	78,484
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	70,040	77,830
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	31	87
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	55
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	564	567
Mortgage - 1-4 Family
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	66,186	73,591
Mortgage - 1-4 Family | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	66,186	73,591
Mortgage - 1-4 Family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	65,536	72,937
Mortgage - 1-4 Family | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	31	87
Mortgage - 1-4 Family | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	55
Mortgage - 1-4 Family | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	564	567
Mortgage - Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	3,204	3,567
Mortgage - Multifamily | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	3,204	3,567
Mortgage - Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	3,204	3,567
Mortgage - Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,086	1,117
Mortgage - Commercial real estate | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,086	1,117
Mortgage - Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,086	1,117
Consumer Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	214	209
Consumer Loans | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	214	209
Consumer Loans | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 214	$ 209

Loans Receivable and the Allo_6

Loans Receivable and the Allowance for Loan Losses - Nonaccrual status (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		$ 89,000
Current	$ 70,690,000	78,395,000
Total Loans Receivable	70,690,000	78,484,000
Loan balances outstanding on non-accrual status	0	0
Mortgage - 1-4 Family
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		89,000
Current	66,186,000	73,502,000
Total Loans Receivable	66,186,000	73,591,000
Mortgage - Multifamily
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	3,204,000	3,567,000
Total Loans Receivable	3,204,000	3,567,000
Mortgage - Commercial real estate
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	1,086,000	1,117,000
Total Loans Receivable	1,086,000	1,117,000
Consumer Loans
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	214,000	209,000
Total Loans Receivable	$ 214,000	209,000
60-89 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		89,000
60-89 Days Past Due | Mortgage - 1-4 Family
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		$ 89,000

Loans Receivable and the Allo_7

Loans Receivable and the Allowance for Loan Losses - TDRs (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Loans Receivable and the Allowance for Loan Losses
Debt restructurings defaulted subsequent to the restructuring	$ 0	$ 0

Loans Receivable and the Allo_8

Loans Receivable and the Allowance for Loan Losses - Covid 19 Loan modifications (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)contract	Dec. 31, 2019USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 70,690	$ 78,484
COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 70,476
Number of contracts Modified | contract	71
Total Balance Modified	$ 15,343
Percent Modified	21.80%
Mortgage - 1-4 Family
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 66,186	73,591
Mortgage - 1-4 Family | COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 66,186
Number of contracts Modified | contract	66
Total Balance Modified	$ 13,636
Percent Modified	20.60%
Mortgage - Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 3,204	3,567
Mortgage - Multifamily | COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 3,204
Number of contracts Modified | contract	4
Total Balance Modified	$ 1,312
Percent Modified	40.90%
Mortgage - Commercial real estate
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 1,086	$ 1,117
Mortgage - Commercial real estate | COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 1,086
Number of contracts Modified | contract	1
Total Balance Modified	$ 395
Percent Modified	36.40%

Loans Receivable and the Allo_9

Loans Receivable and the Allowance for Loan Losses - Multiple covid 19 Loan modifications program (Details) - Subsequent Event - Multiple COVID-19 Loan Modifications $ in Thousands	1 Months Ended
	Jul. 31, 2020USD ($)contract
Loans and Leases Receivable Disclosure [Line Items]
Number of contracts Modified | contract	11
Total Balance Modified | $	$ 3,121
Mortgage - 1-4 Family
Loans and Leases Receivable Disclosure [Line Items]
Number of contracts Modified | contract	9
Total Balance Modified | $	$ 2,273
Mortgage - Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Number of contracts Modified | contract	2
Total Balance Modified | $	$ 848

Regulatory Matters - Capital am

Regulatory Matters - Capital amounts and ratios (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Total risk-based capital to risk-weighted assets
Actual amount	$ 19,580	$ 19,568
Actual ratio	42.90	38.94
Capital Adequacy Purposes, amount	$ 3,651	$ 4,020
Capital Adequacy Purposes, ratio	8	8
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 4,564	$ 5,026
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	10	10
Tier I capital to risk- weighted assets
Actual amount	$ 19,007	$ 18,938
Actual ratio	41.64	37.68
Capital Adequacy Purposes, amount	$ 2,739	$ 3,015
Capital Adequacy Purposes, ratio	6	6
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 3,651	$ 4,020
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	8	8
Common equity Tier 1 capital to risk-weighted assets
Actual amount	$ 19,007	$ 18,938
Actual ratio	41.64%	37.68%
Capital Adequacy Purposes, amount	$ 2,054	$ 2,262
Capital Adequacy Purposes, ratio	4.50%	4.50%
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 2,967	$ 3,267
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	6.50%	6.50%
Tier I Leverage capital to adjusted total assets
Actual amount	$ 19,007	$ 18,938
Actual ratio	17.84	17.47
Capital Adequacy Purposes, amount	$ 4,261	$ 4,336
Capital Adequacy Purposes, ratio	4	4
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 5,326	$ 5,420
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	5	5

Regulatory Matters - Reconcilia

Regulatory Matters - Reconciliation of capital (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Regulatory Matters
Total Equity (Bank Only)	$ 19,050	$ 18,920
Unrealized (Gains) Losses On Securities Available-for-Sale, Net	(43)	18
Tangible Tier 1 Capital and Common Equity Tier 1	19,007	18,938
Allowance for Loan Losses Included in Capital	573	630
Total Capital	$ 19,580	$ 19,568

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Loans sold to investors	$ 8,700,000
Mortgage loan sold, recourse period from date of sale	4 months
Mortgage loan sold, continuous default period	90 days
Mortgage loan sold, prepayment period	180 days
Indemnification amount in addition to service lease premium	$ 5,000
Recourse for number of days after date of sale	180 days
Loan origination commitments
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Off-balance-sheet risk, amount, liability	$ 102,000	$ 524,000

Fair Values of Financial Inst_3

Fair Values of Financial Instruments - Recurring (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets measured on a recurring basis
Total Investment Securities	$ 4,576	$ 5,320
Mortgage-Backed Securities | FHLMC
Assets measured on a recurring basis
Total Investment Securities	2,192	2,645
SBA 7a Pools
Assets measured on a recurring basis
Total Investment Securities	2,384	2,675
Level 2
Assets measured on a recurring basis
Total Investment Securities	4,576	5,320
Level 2 | Mortgage-Backed Securities | FHLMC
Assets measured on a recurring basis
Total Investment Securities	2,192	2,645
Level 2 | SBA 7a Pools
Assets measured on a recurring basis
Total Investment Securities	$ 2,384	$ 2,675

Fair Values of Financial Inst_4

Fair Values of Financial Instruments - Estimated fair values (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Value
Financial Assets:
Cash and Cash Equivalents	$ 12,911	$ 11,875
Interest-Bearing Deposits in Banks	8,740	1,740
Investment Securities	4,576	5,320
Loans - Net	70,868	78,785
Loans Held-for-Sale	801	1,637
Accrued Interest Receivable	470	321
FHLB Stock	1,434	1,418
Cash Surrender Value of Life Insurance	4,091	4,044
Financial Liabilities:
Deposits	56,367	58,045
Advances from FHLB	22,614	21,581
Accrued Interest Payable	105	137
Fair Value
Financial Assets:
Cash and Cash Equivalents	12,911	11,875
Interest-Bearing Deposits in Banks	8,740	1,740
Investment Securities	4,576	5,320
Loans - Net	74,594	82,267
Loans Held-for-Sale	801	1,670
Accrued Interest Receivable	470	321
FHLB Stock	1,434	1,418
Cash Surrender Value of Life Insurance	4,091	4,044
Financial Liabilities:
Deposits	58,332	59,053
Advances from FHLB	23,751	22,007
Accrued Interest Payable	$ 105	$ 137

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) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Mar. 24, 2020
Employee Stock Ownership Plan
ESOP, compensation expense	$ 21,000	$ 41,000
Stock price when issued			$ 10
ESOP, number of shares	108,000	108,000
ESOP, fair value of shares	$ 1,000,000	$ 1,000,000
ESOP, weighted average price of common stock	$ 9.61

Subsequent Events - Multiple co

Subsequent Events - Multiple covid 19 Loan modifications program (Details) - Subsequent Event - Multiple COVID-19 Loan Modifications $ in Thousands	1 Months Ended
	Jul. 31, 2020USD ($)contract
Subsequent Event [Line Items]
Number of contracts Modified | contract	11
Total Balance Modified | $	$ 3,121