Eureka Homestead Bancorp (ERKH) 10-Q 12 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 12, 2021
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	Mar. 31, 2021
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		1,188,402
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and Cash Equivalents	$ 7,839	$ 3,952
Interest-Bearing Deposits in Banks	3,497	9,488
Investment Securities	5,818	6,050
Loans Receivable, Net	76,153	69,892
Loans Held-for-Sale	1,795	3,610
Accrued Interest Receivable	445	436
Federal Home Loan Bank Stock	1,442	1,440
Premises and Equipment, Net	651	661
Cash Surrender Value of Life Insurance	4,159	4,137
Prepaid Expenses and Other Assets	178	230
Total Assets	101,977	99,896
Liabilities:
Deposits	59,457	56,428
Advances from Federal Home Loan Bank	19,449	19,443
Advance Payments by Borrowers for Taxes and Insurance	633	1,309
Deferred Tax Liability	11	12
Accrued Expenses and Other Liabilities	676	764
Total Liabilities	80,226	77,956
Commitments and Contingencies (Note 7)
Stockholders' 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, 1,188,402 and 1,210,902 Shares Issued and Outstanding on March 31, 2021 and December 31, 2020, Respectively	12	12
Additional Paid-in Capital	10,489	10,765
Unallocated Common Stock Held by: Employee Stock Ownership Plan (ESOP)	(1,041)	(1,052)
Retained Earnings	12,251	12,171
Accumulated Other Comprehensive Income	40	44
Total Stockholders' Equity	21,751	21,940
Total Liabilities and Stockholders' Equity	$ 101,977	$ 99,896

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	1,188,402	1,210,902
Common Stock, Shares Outstanding	1,188,402	1,210,902

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Income:
Loans Receivable	$ 706	$ 801
Investment Securities	14	32
Interest-Bearing Deposits in Banks	5	46
Total Interest Income	725	879
Interest Expense:
Deposits	200	291
Advances from Federal Home Loan Bank	116	157
Total Interest Expense	316	448
Net Interest Income	409	431
Provision for Loan Losses	8
Net Interest Income After Provision for Loan Losses	401	431
Non-Interest Income:
Service Charges and Other Income	28	12
Fees on Loans Sold	222	185
Income from Life Insurance	22	23
Total Non-Interest Income	272	220
Non-Interest Expenses:
Salaries and Employee Benefits	393	425
Occupancy Expense	51	53
FDIC Deposit Insurance Premium and Examination Fees	17	15
Data Processing	20	27
Accounting and Consulting	38	50
Insurance	21	20
Legal fees	12	11
Other	41	57
Total Non-Interest Expenses	593	658
Income (Loss) Before Income Tax Expense	80	(7)
Net Income (Loss)	$ 80	$ (7)
Earnings (Loss) Per Share: Basic	$ 0.07	$ (0.01)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ 80	$ (7)
Other Comprehensive (Loss) Income:
Unrealized (Losses) Gains on Investment Securities	(5)	59
Other Comprehensive (Loss) Income Before Income Taxes	(5)	59
Income Tax Effect	1	(12)
Other Comprehensive (Loss) Income, Net of Income Taxes	(4)	47
Comprehensive Income	$ 76	$ 40

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' 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, 2019	$ 14	$ 13,112	$ (1,098)	$ 12,274	$ (18)	$ 24,284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ESOP shares earned			21			21
Net Income (Loss)				(7)		(7)
Other Comprehensive Income (Loss)					47	47
Balance at end of period at Mar. 31, 2020	14	13,112	(1,077)	12,267	29	24,345
Balance at beginning of period at Dec. 31, 2020	12	10,765	(1,052)	12,171	44	21,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ESOP shares earned		4	11			15
Stock Shares Repurchased		(280)				(280)
Net Income (Loss)				80		80
Other Comprehensive Income (Loss)					(4)	(4)
Balance at end of period at Mar. 31, 2021	$ 12	$ 10,489	$ (1,041)	$ 12,251	$ 40	$ 21,751

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net Income (Loss)	$ 80	$ (7)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
Provision for Loan Losses	8
Depreciation Expense	10	14
Amortization of FHLB Advance Prepayment Penalty	6	16
Net Amortization of Premium/Discount on Mortgage-Backed Securities	9
Stock Dividend on Federal Home Loan Bank Stock	(2)	(8)
Non-cash Compensation for ESOP	15	21
Net Decrease (Increase) in Loans Held-for-Sale	1,815	(712)
Changes in Assets and Liabilities:
(Increase) in Accrued Interest Receivable	(9)	(10)
(Increase) in CSV of Life Insurance	(22)	(23)
Decrease (Increase) in Prepaid Expenses and Other Assets	52	(28)
(Decrease) in Accrued Expenses and Other Liabilities	(88)	(26)
Net Cash Provided by (Used in) Operating Activities	1,874	(763)
Cash Flows from Investing Activities:
Net (Increase) Decrease in Loans	(6,269)	4,523
Proceeds from Maturities of Interest-Bearing Deposits in Banks	6,741
Purchases of Interest-Bearing Deposits in Banks	(750)	(2,995)
Proceeds from Sales, Calls and Principal Repayments of Investment Securities	218	260
Net Cash (Used in) Provided by Investing Activities	(60)	1,788
Cash Flows from Financing Activities:
Net Increase (Decrease) in Deposits	3,029	(293)
Shares Repurchased	(280)
Advances from Federal Home Loan Bank		2,000
Net (Decrease) in Advance Payments by Borrowers for Taxes and Insurance	(676)	(657)
Net Cash Provided by Financing Activities	2,073	1,050
Net Increase in Cash and Cash Equivalents	3,887	2,075
Cash and Cash Equivalents at Beginning of Period	3,952	11,875
Cash and Cash Equivalents at End of Period	7,839	13,950
Cash Paid for:
Interest	316	480
Supplemental Schedule for Noncash Investing and Financing Activities:
Change in the Unrealized Gain/Loss on Investment Securities	$ (5)	$ 59

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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 period ended March 31, 2021 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, 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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	3 Months Ended
	Mar. 31, 2021
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 amendments did not 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 within those fiscal years, beginning after December 15, 2021, with early adopting permitted. The Company is currently assessing the impact of the adoption of this standard on the Company’s consolidated financial position. In March 2020 , the FASB issued ASU 2020 - 04, Reference Rate Reform (Topic 848 ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or derecognizing the effects of) reference rate reform on financial reporting. Specifically, the amendments provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These relate only to those contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU became effective March 12, 2020 an d can be adopted anytime during the period of January 1, 2020 through December 31, 2022. The Company is currently evaluating the impact of this guidance. There are only two relationship that have LIBOR pricing with a maturity date beyond December 31, 2022 . The loan documentation for the relationships contain language for an alternative pricing index when LIBOR is no longer available.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2021
Earnings (Loss) Per Share
Earnings (Loss) Per Share	Note 3 – Earnings (Loss) Per Share - Basic earnings per share (“EPS”) represents income available or loss attributable to common stockholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options. Earnings (loss) per common share were computed based on the following: Three Months Ended Three Months Ended March 31, March 31, (in thousands, except per share data) 2021 2020 Numerator: Net income (loss) available to common stockholders $ 80 $ (7) Denominator: Weighted average common shares outstanding 1,196 1,420 Less: Average unallocated ESOP shares 104 109 Weighted average shares 1,092 1,311 Basic earnings (loss) per common share $ 0.07 $ (0.01)

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,674 $ 60 $ — $ 2,734 SBA 7a Pools 3,093 — (9) 3,084 Total Investment Securities Available-for-Sale $ 5,767 $ 60 $ (9) $ 5,818 Gross Gross December 31, 2020: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,811 $ 63 $ — $ 2,874 SBA 7a Pools 3,183 — (7) 3,176 Total Investment Securities Available-for-Sale $ 5,994 $ 63 $ (7) $ 6,050 All investment securities held on March 31, 2021 and December 31, 2020, were government-sponsored mortgage-backed or SBA pool securities. The amortized cost and fair values of the investment securities available-for-sale at March 31, 2021, 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 March 31, 2021 Amortized Fair (in thousands) Cost Value Amounts Maturing: After One Year through Five Years $ — $ — After Five Years through Ten Years 3,187 3,181 After Ten Years 2,580 2,637 $ 5,767 $ 5,818 No investment securities were pledged to secure advances from the FHLB at March 31, 2021 and December 31, 2020. There were no sales or calls of available-for-sale investment securities for the three months ended March 31, 2021 and the year ended December 31, 2020. Gross unrealized losses in investment securities at March 31, 2021 and December 31, 2020, existing for continuous periods of less than 12 months and for continuous periods of 12 months or more, are as follows: March 31, 2021 (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 $ — $ — $ — $ — $ — $ — SBA 7a Pools 1,765 (8) 1,319 (1) 3,084 (9) $ 1,765 $ (8) $ 1,319 $ (1) $ 3,084 $ (9) December 31, 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 $ — $ — $ — $ — $ — $ — SBA 7a Pools 873 (8) 1,349 (1) 2,222 (9) $ 873 $ (8) $ 1,349 $ (1) $ 2,222 $ (9) 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 March 31, 2021 and December 31, 2020, 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	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 are summarized as follows: March 31, December 31, (in thousands) 2021 2020 Mortgage Loans 1-4 Family $ 68,870 $ 64,792 Multifamily 2,851 2,877 Construction and Land 1,961 1,356 Commercial Real Estate 1,859 364 Consumer Loans 203 214 75,744 69,603 Plus (Less): Unamortized Loan Fees/Costs 1,267 1,139 Allowance for Loan Losses (858) (850) Net Loans Receivable $ 76,153 $ 69,892 The performing mortgage loans are pledged, under a blanket lien, as collateral securing advances from the FHLB at March 31, 2021 and December 31, 2020. 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 March 31, 2021 and December 31, 2020, 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- Mortgage- Construction Commercial 1-4 Family Multifamily and Land Real Estate Consumer Total Allowance for Loan Losses: Beginning Balance $ 818 $ 22 $ 6 $ 4 $ — $ 850 Charge-Offs — — — — — — Recoveries — — — — — — Provision (Credit) (16) (1) 2 23 — 8 Ending Balance $ 802 $ 21 $ 8 $ 27 $ — $ 858 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 802 $ 21 $ 8 $ 27 $ — $ 858 Loans Receivable: Ending Balance $ 68,870 $ 2,851 $ 1,961 $ 1,859 $ 203 $ 75,744 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 68,870 $ 2,851 $ 1,961 $ 1,859 $ 203 $ 75,744 The allowance for loan losses for Mortgage 1‑4 Family Loans of $802,000 includes an unallocated portion of $467,000 as of March 31, 2021. Allowance for Loan Losses and Recorded Investment in Loans Receivable Mortgage- Mortgage- Mortgage- Mortgage- Construction Commercial 1-4 Family Multifamily and Land Real Estate Consumer Total Allowance for Loan Losses: Beginning Balance $ 805 $ 27 $ 7 $ 11 $ — $ 850 Charge-Offs — — — — — — Recoveries 2 — — — — 2 Provision (Credit) 11 (5) (1) (7) — (2) Ending Balance $ 818 $ 22 $ 6 $ 4 $ — $ 850 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 818 $ 22 $ 6 $ 4 $ — $ 850 Loans Receivable: Ending Balance $ 64,792 $ 2,877 $ 1,356 $ 364 $ 214 $ 69,603 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 64,792 $ 2,877 $ 1,356 $ 364 $ 214 $ 69,603 The allowance for loan losses for Mortgage 1‑4 Family Loans of $818,000 includes an unallocated portion of $495,000 as of December 31, 2020. 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 March 31, 2021 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 68,260 $ — $ 610 $ — $ — $ 68,870 Multifamily 2,851 — — — — 2,851 Construction and Land 1,961 — — — — 1,961 Commercial Real Estate 1,859 — — — — 1,859 Non-Mortgage Loans: Consumer 203 — — — — 203 Total $ 75,134 $ — $ 610 $ — $ — $ 75,744 Credit Quality Indicators - Credit Risk Profile Based on Loan Grades at December 31, 2020 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 64,148 $ 30 $ 55 $ 559 $ — $ 64,792 Multifamily 2,877 — — — — 2,877 Construction and Land 1,356 — — — — 1,356 Commercial Real Estate 364 — — — — 364 Non-Mortgage Loans: Consumer 214 — — — — 214 Total $ 68,959 $ 30 $ 55 $ 559 $ — $ 69,603 At March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 68,870 $ — $ 68,870 Multifamily 2,851 — 2,851 Construction and Land 1,961 — 1,961 Commercial Real Estate 1,859 — 1,859 Non-Mortgage Loans: Consumer 203 — 203 Total $ 75,744 $ — $ 75,744 Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at December 31, 2020 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 64,792 $ — $ 64,792 Multifamily 2,877 — 2,877 Construction and Land 1,356 — 1,356 Commercial Real Estate 364 — 364 Non-Mortgage Loans: Consumer 214 — 214 Total $ 69,603 $ — $ 69,603 The following tables reflect certain information with respect to the loan portfolio delinquencies by loan class and amount as of March 31, 2021 and December 31, 2020. There were no loans over 90 days past due and still accruing as of March 31, 2021 and December 31, 2020. Aged Analysis of Past Due Loans Receivable at March 31, 2021 (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 $ 130 $ — $ — $ 130 $ 68,740 $ 68,870 Multifamily — — — — 2,851 2,851 Construction and Land — — — — 1,961 1,961 Commercial Real Estate — — — — 1,859 1,859 Non-Mortgage Loans: Consumer — — — — 203 203 Total $ 130 $ — $ — $ 130 $ 75,614 $ 75,744 Aged Analysis of Past Due Loans Receivable at December 31, 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 $ — $ — $ — $ — $ 64,792 $ 64,792 Multifamily — — — — 2,877 2,877 Construction and Land — — — — 1,356 1,356 Commercial Real Estate — — — — 364 364 Non-Mortgage Loans: Consumer — — — — 214 214 Total $ — $ — $ — $ — $ 69,603 $ 69,603 The following is a summary of information pertaining to impaired loans as of March 31, 2021 and December 31, 2020. Impaired Loans March 31, 2021 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans $ — $ — $ — $ — $ — Non-Mortgage Loans $ — $ — $ — $ — $ — Impaired Loans December 31, 2020 (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 loan 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 loan losses for the amount of the loan that exceeds the value of the related collateral. The Company had no troubled debt restructurings as of March 31, 2021 and December 31, 2020 or any that defaulted subsequent to the restructuring through the date the financial statements were issued. During the year ended December 31, 2020, the Company modified 7 3 mortgage loans, with an aggregate balance of $15.6 million, in each case related to a hardship caused by the COVID-19 pandemic and responses thereto. The Company worked with borrowers and provided 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 were 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 are considered current and will continue to accrue interest during the deferral period. Detail of the remaining COVID-19 modifications on the Company’s loan portfolio as of March 31, 2021 follows. Remaining Remaining Number of Total Remaining Total Contracts Balance Percent Balance Modified Modified Modified Remaining Modifications as of March 31, 2021 (dollars in thousands) Mortgage Loans 1-4 Family $ 68,870 55 $ 10,921 Multifamily 2,851 4 1,270 Construction and Land 1,961 — — Commercial Real Estate 1,859 — — Total Loans $ 75,541 59 $ 12,191 As of March 31, 2021, all of the modified loans have resumed normal monthly payments (59), been paid off (13) or paid the entire deferred amounts (1). The Company has received no requests for additional deferrals. The Company is closely monitoring all loans that received deferrals. As additional information becomes available, management will continue to evaluate these loans to ensure appropriate risk classification.

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, that the Bank meets all the capital adequacy requirements to which it is subject. As of March 31, 2021 and December 31, 2020, 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 March 31, 2021: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 19,852 39.99 % $ 3,971 8.00 % $ 4,964 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,229 38.74 % $ 2,978 6.00 % $ 3,971 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,229 38.74 % $ 2,234 4.50 % $ 3,226 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,229 18.88 % $ 4,074 4.00 % $ 5,092 5.00 % To be Well Capitalized Under For Capital Prompt Corrective December 31, 2020: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 19,658 43.41 % $ 3,623 8.00 % $ 4,529 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,089 42.15 % $ 2,717 6.00 % $ 3,623 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,089 42.15 % $ 2,038 4.50 % $ 2,944 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,089 18.94 % $ 4,030 4.00 % $ 5,038 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 March 31, 2021 and December 31, 2020, is as follows: March 31, December 31, (in thousands) 2021 2020 Total Equity (Bank Only) $ 19,269 $ 19,133 Unrealized (Gains) Losses on Securities Available-for-Sale, Net (40) (44) Tangible, Tier 1 Capital and Common Equity Tier 1 19,229 19,089 Allowance for Loan Losses Included in Capital 623 569 Total Capital $ 19,852 $ 19,658 The specific reserves included in the Allowance for Loan Losses were not significant as of March 31, 2021 and December 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, the Company had $3,609,000 and $1,983,000 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 March 31, 2021, there were mortgage loans sold to investors with limited recourse for certain periods after the date of sale totaling $12.8 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	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020. 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 March 31, 2021: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,734 $ — $ 2,734 $ — SBA 7a Pools 3,084 — 3,084 — Total Investment Securities $ 5,818 $ — $ 5,818 $ — Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable December 31, 2020: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,874 $ — $ 2,874 $ — SBA 7a Pools 3,176 — 3,176 — Total Investment Securities $ 6,050 $ — $ 6,050 $ — 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 March 31, 2021 or December 31, 2020. 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 March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and Cash Equivalents $ 7,839 $ 7,839 $ 3,952 $ 3,952 Interest-Bearing Deposits in Banks 3,497 3,497 9,488 9,488 Investment Securities 5,818 5,818 6,050 6,050 Loans - Net 76,153 75,759 69,892 71,829 Loans Held-for-Sale 1,795 1,795 3,610 3,610 Accrued Interest Receivable 445 445 436 436 FHLB Stock 1,442 1,442 1,440 1,440 Cash Surrender Value of Life Insurance 4,159 4,159 4,137 4,137 Financial Liabilities: Deposits 59,457 60,523 56,428 57,931 Advances from FHLB 19,449 20,243 19,443 20,469 Accrued Interest Payable 69 69 69 69 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	3 Months Ended
	Mar. 31, 2021
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 account 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	3 Months Ended
	Mar. 31, 2021
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 month periods ended March 31, 2021 and 2020 was approximately $15,000 and $21,000, respectively. The stock price when issued was $10 per share. The fair value of the 104,000 unallocated shares was $1. 3 million based on the average price of our common stock for the quarter ended March 31, 2021, of $ 12.75 per share.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
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 May 12, 2021, the date the financial statements were issued.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings (Loss) Per Share
Schedule of earnings (loss) per common share	Three Months Ended Three Months Ended March 31, March 31, (in thousands, except per share data) 2021 2020 Numerator: Net income (loss) available to common stockholders $ 80 $ (7) Denominator: Weighted average common shares outstanding 1,196 1,420 Less: Average unallocated ESOP shares 104 109 Weighted average shares 1,092 1,311 Basic earnings (loss) per common share $ 0.07 $ (0.01)

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investment Securities
Summary of amortized cost and fair values of investment securities available-for-sale	Gross Gross March 31, 2021: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,674 $ 60 $ — $ 2,734 SBA 7a Pools 3,093 — (9) 3,084 Total Investment Securities Available-for-Sale $ 5,767 $ 60 $ (9) $ 5,818 Gross Gross December 31, 2020: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,811 $ 63 $ — $ 2,874 SBA 7a Pools 3,183 — (7) 3,176 Total Investment Securities Available-for-Sale $ 5,994 $ 63 $ (7) $ 6,050
Summary of amortized cost and fair values of the investment securities available-for-sale by contractual maturity	Available-for-Sale March 31, 2021 Amortized Fair (in thousands) Cost Value Amounts Maturing: After One Year through Five Years $ — $ — After Five Years through Ten Years 3,187 3,181 After Ten Years 2,580 2,637 $ 5,767 $ 5,818
Summary of gross unrealized losses in investment securities	March 31, 2021 (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 $ — $ — $ — $ — $ — $ — SBA 7a Pools 1,765 (8) 1,319 (1) 3,084 (9) $ 1,765 $ (8) $ 1,319 $ (1) $ 3,084 $ (9) December 31, 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 $ — $ — $ — $ — $ — $ — SBA 7a Pools 873 (8) 1,349 (1) 2,222 (9) $ 873 $ (8) $ 1,349 $ (1) $ 2,222 $ (9)

Loans Receivable and the Allo_2

Loans Receivable and the Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Summary of loans receivable	March 31, December 31, (in thousands) 2021 2020 Mortgage Loans 1-4 Family $ 68,870 $ 64,792 Multifamily 2,851 2,877 Construction and Land 1,961 1,356 Commercial Real Estate 1,859 364 Consumer Loans 203 214 75,744 69,603 Plus (Less): Unamortized Loan Fees/Costs 1,267 1,139 Allowance for Loan Losses (858) (850) Net Loans Receivable $ 76,153 $ 69,892
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- Mortgage- Construction Commercial 1-4 Family Multifamily and Land Real Estate Consumer Total Allowance for Loan Losses: Beginning Balance $ 818 $ 22 $ 6 $ 4 $ — $ 850 Charge-Offs — — — — — — Recoveries — — — — — — Provision (Credit) (16) (1) 2 23 — 8 Ending Balance $ 802 $ 21 $ 8 $ 27 $ — $ 858 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 802 $ 21 $ 8 $ 27 $ — $ 858 Loans Receivable: Ending Balance $ 68,870 $ 2,851 $ 1,961 $ 1,859 $ 203 $ 75,744 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 68,870 $ 2,851 $ 1,961 $ 1,859 $ 203 $ 75,744 The allowance for loan losses for Mortgage 1‑4 Family Loans of $802,000 includes an unallocated portion of $467,000 as of March 31, 2021. Allowance for Loan Losses and Recorded Investment in Loans Receivable Mortgage- Mortgage- Mortgage- Mortgage- Construction Commercial 1-4 Family Multifamily and Land Real Estate Consumer Total Allowance for Loan Losses: Beginning Balance $ 805 $ 27 $ 7 $ 11 $ — $ 850 Charge-Offs — — — — — — Recoveries 2 — — — — 2 Provision (Credit) 11 (5) (1) (7) — (2) Ending Balance $ 818 $ 22 $ 6 $ 4 $ — $ 850 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 818 $ 22 $ 6 $ 4 $ — $ 850 Loans Receivable: Ending Balance $ 64,792 $ 2,877 $ 1,356 $ 364 $ 214 $ 69,603 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 64,792 $ 2,877 $ 1,356 $ 364 $ 214 $ 69,603
Summary of credit quality indicators	Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at March 31, 2021 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 68,870 $ — $ 68,870 Multifamily 2,851 — 2,851 Construction and Land 1,961 — 1,961 Commercial Real Estate 1,859 — 1,859 Non-Mortgage Loans: Consumer 203 — 203 Total $ 75,744 $ — $ 75,744 Credit Quality Indicators - Credit Risk Profile Based on Payment Activity at December 31, 2020 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 64,792 $ — $ 64,792 Multifamily 2,877 — 2,877 Construction and Land 1,356 — 1,356 Commercial Real Estate 364 — 364 Non-Mortgage Loans: Consumer 214 — 214 Total $ 69,603 $ — $ 69,603
Summary of aged analysis of past due loans receivable	Aged Analysis of Past Due Loans Receivable at March 31, 2021 (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 $ 130 $ — $ — $ 130 $ 68,740 $ 68,870 Multifamily — — — — 2,851 2,851 Construction and Land — — — — 1,961 1,961 Commercial Real Estate — — — — 1,859 1,859 Non-Mortgage Loans: Consumer — — — — 203 203 Total $ 130 $ — $ — $ 130 $ 75,614 $ 75,744 Aged Analysis of Past Due Loans Receivable at December 31, 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 $ — $ — $ — $ — $ 64,792 $ 64,792 Multifamily — — — — 2,877 2,877 Construction and Land — — — — 1,356 1,356 Commercial Real Estate — — — — 364 364 Non-Mortgage Loans: Consumer — — — — 214 214 Total $ — $ — $ — $ — $ 69,603 $ 69,603
Summary of information pertaining to impaired loans	Impaired Loans March 31, 2021 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans $ — $ — $ — $ — $ — Non-Mortgage Loans $ — $ — $ — $ — $ — Impaired Loans December 31, 2020 (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 March 31, 2021 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 68,260 $ — $ 610 $ — $ — $ 68,870 Multifamily 2,851 — — — — 2,851 Construction and Land 1,961 — — — — 1,961 Commercial Real Estate 1,859 — — — — 1,859 Non-Mortgage Loans: Consumer 203 — — — — 203 Total $ 75,134 $ — $ 610 $ — $ — $ 75,744 Credit Quality Indicators - Credit Risk Profile Based on Loan Grades at December 31, 2020 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 64,148 $ 30 $ 55 $ 559 $ — $ 64,792 Multifamily 2,877 — — — — 2,877 Construction and Land 1,356 — — — — 1,356 Commercial Real Estate 364 — — — — 364 Non-Mortgage Loans: Consumer 214 — — — — 214 Total $ 68,959 $ 30 $ 55 $ 559 $ — $ 69,603
COVID-19 Loan Modification
Financing Receivable, Credit Quality Indicator [Line Items]
Schedule of remaining loan modifications due to Covid 19, not treated as TDRs	Remaining Remaining Number of Total Remaining Total Contracts Balance Percent Balance Modified Modified Modified Remaining Modifications as of March 31, 2021 (dollars in thousands) Mortgage Loans 1-4 Family $ 68,870 55 $ 10,921 Multifamily 2,851 4 1,270 Construction and Land 1,961 — — Commercial Real Estate 1,859 — — Total Loans $ 75,541 59 $ 12,191

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2021
Regulatory Matters
Schedule of actual and required capital amounts and ratios	To be Well Capitalized Under For Capital Prompt Corrective March 31, 2021: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 19,852 39.99 % $ 3,971 8.00 % $ 4,964 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,229 38.74 % $ 2,978 6.00 % $ 3,971 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,229 38.74 % $ 2,234 4.50 % $ 3,226 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,229 18.88 % $ 4,074 4.00 % $ 5,092 5.00 % To be Well Capitalized Under For Capital Prompt Corrective December 31, 2020: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 19,658 43.41 % $ 3,623 8.00 % $ 4,529 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,089 42.15 % $ 2,717 6.00 % $ 3,623 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,089 42.15 % $ 2,038 4.50 % $ 2,944 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,089 18.94 % $ 4,030 4.00 % $ 5,038 5.00 %
Schedule of reconciliation of capital	March 31, December 31, (in thousands) 2021 2020 Total Equity (Bank Only) $ 19,269 $ 19,133 Unrealized (Gains) Losses on Securities Available-for-Sale, Net (40) (44) Tangible, Tier 1 Capital and Common Equity Tier 1 19,229 19,089 Allowance for Loan Losses Included in Capital 623 569 Total Capital $ 19,852 $ 19,658

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,734 $ — $ 2,734 $ — SBA 7a Pools 3,084 — 3,084 — Total Investment Securities $ 5,818 $ — $ 5,818 $ — Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable December 31, 2020: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,874 $ — $ 2,874 $ — SBA 7a Pools 3,176 — 3,176 — Total Investment Securities $ 6,050 $ — $ 6,050 $ —
Summary of estimated fair values of the Homestead’s financial instruments	March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and Cash Equivalents $ 7,839 $ 7,839 $ 3,952 $ 3,952 Interest-Bearing Deposits in Banks 3,497 3,497 9,488 9,488 Investment Securities 5,818 5,818 6,050 6,050 Loans - Net 76,153 75,759 69,892 71,829 Loans Held-for-Sale 1,795 1,795 3,610 3,610 Accrued Interest Receivable 445 445 436 436 FHLB Stock 1,442 1,442 1,440 1,440 Cash Surrender Value of Life Insurance 4,159 4,159 4,137 4,137 Financial Liabilities: Deposits 59,457 60,523 56,428 57,931 Advances from FHLB 19,449 20,243 19,443 20,469 Accrued Interest Payable 69 69 69 69

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income (loss) available to common stockholders	$ 80	$ (7)
Denominator
Weighted average common shares outstanding	1,196	1,420
Less: Average unallocated ESOP shares	104	109
Weighted average shares	1,092	1,311
Basic earnings (loss) per common share	$ 0.07	$ (0.01)

Investment Securities - Amortiz

Investment Securities - Amortized cost and fair values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 5,767	$ 5,994
Gross Unrealized Gains	60	63
Gross Unrealized (Losses)	(9)	(7)
Fair Value	5,818	6,050
SBA 7a Pools
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	3,093	3,183
Gross Unrealized (Losses)	(9)	(7)
Fair Value	3,084	3,176
FHLMC | Mortgage-Backed Securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	2,674	2,811
Gross Unrealized Gains	60	63
Fair Value	$ 2,734	$ 2,874

Investment Securities - Contrac

Investment Securities - Contractual maturity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
After Five Years through Ten Years	$ 3,187,000
After Ten Years	2,580,000
Amortized Cost	5,767,000
Fair Value
After Five Years through Ten Years	3,181,000
After Ten Years	2,637,000
Fair value	5,818,000
Securities pledged to secure advances from the FHLB	0	$ 0
Sales and calls of available-for-sale investment securities	$ 0	$ 0

Investment Securities - Gross u

Investment Securities - Gross unrealized losses (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value
Less Than 12 Months	$ 1,765,000	$ 873,000
12 Months or More	1,319,000	1,349,000
Total fair value	3,084,000	2,222,000
Unrealized (Losses)
Less Than 12 Months	(8,000)	(8,000)
12 Months or More	(1,000)	(1,000)
Total unrealized (losses)	(9,000)	(9,000)
Declines deemed to be other-than-temporary	0	0
SBA 7a Pools
Fair Value
Less Than 12 Months	1,765,000	873,000
12 Months or More	1,319,000	1,349,000
Total fair value	3,084,000	2,222,000
Unrealized (Losses)
Less Than 12 Months	(8,000)	(8,000)
12 Months or More	(1,000)	(1,000)
Total unrealized (losses)	$ (9,000)	$ (9,000)

Loans Receivable and the Allo_3

Loans Receivable and the Allowance for Loan Losses - Loans receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 75,744	$ 69,603
Unamortized Loan Fees/Costs	1,267	1,139
Allowance for Loan Losses	(858)	(850)
Net Loans Receivable	76,153	69,892
Mortgage - 1-4 Family
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	68,870	64,792
Mortgage - Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	2,851	2,877
Morgage - Construction and Land
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	1,961	1,356
Mortgage - Commercial real estate
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	1,859	364
Consumer Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 203	$ 214

Loans Receivable and the Allo_4

Loans Receivable and the Allowance for Loan Losses - Allowance (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Allowance for Loan Losses:
Beginning Balance	$ 850,000	$ 850,000
Recoveries		2,000
Provision	8,000	(2,000)
Ending Balance	858,000	850,000
Ending Balance: Collectively Evaluated for Impairment			$ 858,000	$ 850,000
Loans Receivable: Ending Balance			75,744,000	69,603,000
Ending Balance: Collectively Evaluated for Impairment			75,744,000	69,603,000
Allowance for loan losses, unallocated portion	858,000	850,000	858,000	850,000
Loan balances outstanding on non-accrual status			0	0
Mortgage - 1-4 Family
Allowance for Loan Losses:
Beginning Balance	818,000	805,000
Recoveries		2,000
Provision	(16,000)	11,000
Ending Balance	802,000	818,000
Ending Balance: Collectively Evaluated for Impairment			802,000	818,000
Loans Receivable: Ending Balance			68,870,000	64,792,000
Ending Balance: Collectively Evaluated for Impairment			68,870,000	64,792,000
Allowance for loan losses, unallocated portion	802,000	818,000	802,000	818,000
Mortgage - Multifamily
Allowance for Loan Losses:
Beginning Balance	22,000	27,000
Provision	(1,000)	(5,000)
Ending Balance	21,000	22,000
Ending Balance: Collectively Evaluated for Impairment			21,000	22,000
Loans Receivable: Ending Balance			2,851,000	2,877,000
Ending Balance: Collectively Evaluated for Impairment			2,851,000	2,877,000
Allowance for loan losses, unallocated portion	21,000	22,000	21,000	22,000
Morgage - Construction and Land
Allowance for Loan Losses:
Beginning Balance	6,000	7,000
Provision	2,000	(1,000)
Ending Balance	8,000	6,000
Ending Balance: Collectively Evaluated for Impairment			8,000	6,000
Loans Receivable: Ending Balance			1,961,000	1,356,000
Ending Balance: Collectively Evaluated for Impairment			1,961,000	1,356,000
Allowance for loan losses, unallocated portion	8,000	6,000	8,000	6,000
Mortgage - Commercial real estate
Allowance for Loan Losses:
Beginning Balance	4,000	11,000
Provision	23,000	(7,000)
Ending Balance	27,000	4,000
Ending Balance: Collectively Evaluated for Impairment			27,000	4,000
Loans Receivable: Ending Balance			1,859,000	364,000
Ending Balance: Collectively Evaluated for Impairment			1,859,000	364,000
Allowance for loan losses, unallocated portion	27,000	4,000	27,000	4,000
Consumer Loans
Allowance for Loan Losses:
Loans Receivable: Ending Balance			203,000	214,000
Ending Balance: Collectively Evaluated for Impairment			203,000	214,000
Unallocated finance receivable
Allowance for Loan Losses:
Beginning Balance	495,000
Ending Balance	467,000	495,000
Allowance for loan losses, unallocated portion	$ 467,000	$ 495,000	$ 467,000	$ 495,000
Maximum
Allowance for Loan Losses:
Stressed debt service coverage ratio	1.20

Loans Receivable and the Allo_5

Loans Receivable and the Allowance for Loan Losses - Aged analysis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 75,744	$ 69,603
Loans over 90 days past due and still accruing	0	0
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	75,744	69,603
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	75,134	68,959
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable		30
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	610	55
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable		559
Mortgage - 1-4 Family
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	68,870	64,792
Mortgage - 1-4 Family | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	68,870	64,792
Mortgage - 1-4 Family | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	68,260	64,148
Mortgage - 1-4 Family | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable		30
Mortgage - 1-4 Family | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	610	55
Mortgage - 1-4 Family | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable		559
Mortgage - Multifamily
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	2,851	2,877
Mortgage - Multifamily | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	2,851	2,877
Mortgage - Multifamily | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	2,851	2,877
Morgage - Construction and Land
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,961	1,356
Morgage - Construction and Land | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,961	1,356
Morgage - Construction and Land | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,961	1,356
Mortgage - Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,859	364
Mortgage - Commercial real estate | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,859	364
Mortgage - Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,859	364
Consumer Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	203	214
Consumer Loans | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	203	214
Consumer Loans | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 203	$ 214

Loans Receivable and the Allo_6

Loans Receivable and the Allowance for Loan Losses - Nonaccrual status (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 130,000
Current	75,614,000	$ 69,603,000
Total Loans Receivable	75,744,000	69,603,000
Loan balances outstanding on non-accrual status	0	0
Mortgage - 1-4 Family
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	130,000
Current	68,740,000	64,792,000
Total Loans Receivable	68,870,000	64,792,000
Mortgage - Multifamily
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	2,851,000	2,877,000
Total Loans Receivable	2,851,000	2,877,000
Morgage - Construction and Land
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	1,961,000	1,356,000
Total Loans Receivable	1,961,000	1,356,000
Mortgage - Commercial real estate
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	1,859,000	364,000
Total Loans Receivable	1,859,000	364,000
Consumer Loans
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	203,000	214,000
Total Loans Receivable	203,000	$ 214,000
30-59 Days Past Due
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	130,000
30-59 Days Past Due | Mortgage - 1-4 Family
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 130,000

Loans Receivable and the Allo_7

Loans Receivable and the Allowance for Loan Losses - TDRs (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
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 - Remaining Covid 19 Loan modifications (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 75,744	$ 69,603
Resumed normal monthly payments
Loans and Leases Receivable Disclosure [Line Items]
Remaining Number of Contracts Modified | contract	59
Paid Off
Loans and Leases Receivable Disclosure [Line Items]
Remaining Number of Contracts Modified | contract	13
Paid entire deferred amounts
Loans and Leases Receivable Disclosure [Line Items]
Remaining Number of Contracts Modified | contract	1
COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 75,541
Remaining Number of Contracts Modified | contract	59
Remaining Total Balance Modified	$ 12,191
Remaining Percent Modified	16.10%
COVID-19 Loan Modification | CARES Act
Loans and Leases Receivable Disclosure [Line Items]
Remaining Number of Contracts Modified | contract		73
Remaining Total Balance Modified		$ 15,600
Mortgage - 1-4 Family
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 68,870	64,792
Mortgage - 1-4 Family | COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 68,870
Remaining Number of Contracts Modified | contract	55
Remaining Total Balance Modified	$ 10,921
Remaining Percent Modified	15.90%
Mortgage - Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 2,851	2,877
Mortgage - Multifamily | COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 2,851
Remaining Number of Contracts Modified | contract	4
Remaining Total Balance Modified	$ 1,270
Remaining Percent Modified	44.50%
Morgage - Construction and Land
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 1,961	1,356
Morgage - Construction and Land | COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 1,961
Remaining Percent Modified	0.00%
Mortgage - Commercial real estate
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 1,859	$ 364
Mortgage - Commercial real estate | COVID-19 Loan Modification
Loans and Leases Receivable Disclosure [Line Items]
Total Balance	$ 1,859
Remaining Percent Modified	0.00%

Regulatory Matters - Capital am

Regulatory Matters - Capital amounts and ratios (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Total risk-based capital to risk-weighted assets
Actual amount	$ 19,852	$ 19,658
Actual ratio	39.99	43.41
Capital Adequacy Purposes, amount	$ 3,971	$ 3,623
Capital Adequacy Purposes, ratio	8	8
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 4,964	$ 4,529
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	10	10
Tier I capital to risk- weighted assets
Actual amount	$ 19,229	$ 19,089
Actual ratio	38.74	42.15
Capital Adequacy Purposes, amount	$ 2,978	$ 2,717
Capital Adequacy Purposes, ratio	6	6
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 3,971	$ 3,623
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	8	8
Common equity Tier 1 capital to risk-weighted assets
Actual amount	$ 19,229	$ 19,089
Actual ratio	38.74%	42.15%
Capital Adequacy Purposes, amount	$ 2,234	$ 2,038
Capital Adequacy Purposes, ratio	4.50%	4.50%
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 3,226	$ 2,944
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	6.50%	6.50%
Tier I Leverage capital to adjusted total assets
Actual amount	$ 19,229	$ 19,089
Actual ratio	18.88	18.94
Capital Adequacy Purposes, amount	$ 4,074	$ 4,030
Capital Adequacy Purposes, ratio	4	4
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 5,092	$ 5,038
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	5	5

Regulatory Matters - Reconcilia

Regulatory Matters - Reconciliation of capital (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Regulatory Matters
Total Equity (Bank Only)	$ 19,269	$ 19,133
Unrealized (Gains) Losses On Securities Available-for-Sale, Net	(40)	(44)
Tangible, Tier 1 Capital and Common Equity Tier 1	19,229	19,089
Allowance for Loan Losses Included in Capital	623	569
Total Capital	$ 19,852	$ 19,658

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Loans sold to investors	$ 12,800,000
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	$ 3,609,000	$ 1,983,000

Fair Values of Financial Inst_3

Fair Values of Financial Instruments - Recurring (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets measured on a recurring basis
Total Investment Securities	$ 5,818	$ 6,050
Mortgage-Backed Securities | FHLMC
Assets measured on a recurring basis
Total Investment Securities	2,734	2,874
SBA 7a Pools
Assets measured on a recurring basis
Total Investment Securities	3,084	3,176
Level 2
Assets measured on a recurring basis
Total Investment Securities	5,818	6,050
Level 2 | Mortgage-Backed Securities | FHLMC
Assets measured on a recurring basis
Total Investment Securities	2,734	2,874
Level 2 | SBA 7a Pools
Assets measured on a recurring basis
Total Investment Securities	$ 3,084	$ 3,176

Fair Values of Financial Inst_4

Fair Values of Financial Instruments - Estimated fair values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying Value
Financial Assets:
Cash and Cash Equivalents	$ 7,839	$ 3,952
Interest-Bearing Deposits in Banks	3,497	9,488
Investment Securities	5,818	6,050
Loans - Net	76,153	69,892
Loans Held-for-Sale	1,795	3,610
Accrued Interest Receivable	445	436
FHLB Stock	1,442	1,440
Cash Surrender Value of Life Insurance	4,159	4,137
Financial Liabilities:
Deposits	59,457	56,428
Advances from FHLB	19,449	19,443
Accrued Interest Payable	69	69
Fair Value
Financial Assets:
Cash and Cash Equivalents	7,839	3,952
Interest-Bearing Deposits in Banks	3,497	9,488
Investment Securities	5,818	6,050
Loans - Net	75,759	71,829
Loans Held-for-Sale	1,795	3,610
Accrued Interest Receivable	445	436
FHLB Stock	1,442	1,440
Cash Surrender Value of Life Insurance	4,159	4,137
Financial Liabilities:
Deposits	60,523	57,931
Advances from FHLB	20,243	20,469
Accrued Interest Payable	$ 69	$ 69

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
	Mar. 31, 2021	Mar. 31, 2020	Mar. 24, 2020
Employee Stock Ownership Plan
ESOP, compensation expense	$ 15,000	$ 21,000
Stock price when issued			$ 10
ESOP, number of shares unallocated	104,000
ESOP, fair value of unallocated shares	$ 1,300,000
ESOP, weighted average price of common stock	$ 12.75