Eureka Homestead Bancorp (ERKH) 10-K23 Mar 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2021	Mar. 23, 2022	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-56071
Entity Registrant Name	Eureka Homestead Bancorp, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	83-4051300
Entity Address, Address Line One	1922 Veterans Memorial Boulevard
Entity Address, City or Town	Metairie
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70005
City Area Code	504
Local Phone Number	834-0242
Title of 12(g) Security	Common Stock, par value $0.01 per share
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Auditor Name	T. E. Lott and Company, PA
Auditor Firm ID	6524
Auditor Location	Columbus, Mississippi
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Public Float			$ 15.1
Entity Common Stock, Shares Outstanding		1,136,627
Entity Central Index Key	0001769725
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and Cash Equivalents	$ 7,316,000	$ 3,952,000
Interest-Bearing Deposits in Banks	7,742,000	9,488,000
Investment Securities	5,329,000	6,050,000
Loans Receivable, Net	75,943,000	69,892,000
Loans Held-for-Sale	401,000	3,610,000
Accrued Interest Receivable	421,000	436,000
Federal Home Loan Bank Stock	1,448,000	1,440,000
Premises and Equipment, Net	626,000	661,000
Cash Surrender Value of Life Insurance	4,225,000	4,137,000
Prepaid Expenses and Other Assets	144,000	230,000
Total Assets	103,595,000	99,896,000
Liabilities:
Deposits	60,963,000	56,428,000
Advances from Federal Home Loan Bank	18,218,000	19,443,000
Advance Payments by Borrowers for Taxes and Insurance	1,902,000	1,309,000
Deferred Tax Liability	7,000	12,000
Accrued Expenses and Other Liabilities	659,000	764,000
Total Liabilities	81,749,000	77,956,000
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, 1,191,627 and 1,210,902 Shares Issued and Outstanding on December 31, 2021 and December 31, 2020, Respectively	12,000	12,000
Additional Paid-in Capital	10,498,000	10,765,000
Unallocated Common Stock Held by: Employee Stock Ownership Plan (ESOP)	(1,006,000)	(1,052,000)
Retained Earnings	12,317,000	12,171,000
Accumulated Other Comprehensive Income	25,000	44,000
Total Stockholders' Equity	21,846,000	21,940,000
Total Liabilities and Stockholders' Equity	$ 103,595,000	$ 99,896,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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	1,191,627	1,210,902
Common Stock, Shares Outstanding	1,191,627	1,210,902

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest Income:
Loans Receivable	$ 2,741	$ 2,827
Investment Securities	55	78
Interest-Bearing Deposits in Banks	17	82
Total Interest Income	2,813	2,987
Interest Expense:
Deposits	747	1,011
Advances from Federal Home Loan Bank	433	585
Total Interest Expense	1,180	1,596
Net Interest Income	1,633	1,391
(Credit) Provision for Loan Losses		(2)
Net Interest Income After (Credit) Provision for Loan Losses	1,633	1,393
Non-Interest Income:
Service Charges and Other Income	94	84
Fees on Loans Sold	861	799
Income from Life Insurance	88	92
Total Non-Interest Income	1,043	975
Non-Interest Expenses:
Salaries and Employee Benefits	1,657	1,557
Occupancy Expense	199	209
FDIC Deposit Insurance Premium and Examination Fees	67	66
Data Processing	75	113
Accounting and Consulting	154	197
Insurance	88	82
Legal fees	54	67
Other	236	242
Total Non-Interest Expenses	2,530	2,533
Income (Loss) Before Income Tax Expense	146	(165)
Income Tax Expense (Benefit)		(62)
Net Income (Loss)	$ 146	$ (103)
Earnings (Loss) Per Share: Basic	$ 0.13	$ (0.08)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net Income (Loss)	$ 146	$ (103)
Other Comprehensive (Loss) Income:
Unrealized (Losses) Gains on Investment Securities	(24)	79
Other Comprehensive (Loss) Income Before Income Taxes	(24)	79
Income Tax Effect	5	(17)
Other Comprehensive (Loss) Income, Net of Income Taxes	(19)	62
Comprehensive Income (Loss)	$ 127	$ (41)

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 Year at Dec. 31, 2019	$ 14	$ 13,112	$ (1,098)	$ 12,274	$ (18)	$ 24,284
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ESOP shares earned			46			46
Stock Shares Repurchased	(2)	(2,347)				(2,349)
Net Income (Loss)				(103)		(103)
Other Comprehensive Income (Loss)					62	62
Balance at end of Year at Dec. 31, 2020	12	10,765	(1,052)	12,171	44	21,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
ESOP shares earned		13	46			59
Stock Shares Repurchased		(280)				(280)
Net Income (Loss)				146		146
Other Comprehensive Income (Loss)					(19)	(19)
Balance at end of Year at Dec. 31, 2021	$ 12	$ 10,498	$ (1,006)	$ 12,317	$ 25	$ 21,846

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net Income (Loss)	$ 146	$ (103)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
Provision for Loan Losses		(2)
Depreciation Expense	41	58
Amortization of FHLB Advance Prepayment Penalty	25	59
Net Amortization (Accretion) of Premium/Discount on Mortgage-Backed Securities	13	(21)
Stock Dividend on Federal Home Loan Bank Stock	(8)	(22)
Non-cash Compensation for ESOP	59	46
Net Decrease (Increase) in Loans Held-for-Sale	3,209	(1,973)
Changes in Assets and Liabilities:
Decrease (Increase) in Accrued Interest Receivable	15	(115)
(Increase) in CSV of Life Insurance	(88)	(93)
Decrease (Increase) in Prepaid Expenses and Other Assets	86	(75)
(Decrease) Increase in Accrued Expenses and Other Liabilities	(105)	95
Net Cash Provided by (Used in) Operating Activities	3,393	(2,146)
Cash Flows from Investing Activities:
Net (Increase) Decrease in Loans	(6,051)	8,893
Proceeds from Maturities of Interest-Bearing Deposits in Banks	25,731	20,962
Purchases of Interest-Bearing Deposits in Banks	(23,985)	(28,710)
Purchases of Investment Securities	(1,001)	(1,919)
Proceeds from Sales, Calls and Principal Repayments of Investment Securities	1,685	1,291
Purchases of Premises and Equipment	(6)	(15)
Net Cash (Used in) Provided by Investing Activities	(3,627)	502
Cash Flows from Financing Activities:
Net Increase (Decrease) in Deposits	4,535	(1,617)
Shares Repurchased	(280)	(2,349)
Advances from Federal Home Loan Bank	2,000	4,000
Payments on Advances from Federal Home Loan Bank	(3,250)	(6,197)
Net Increase (Decrease) in Advance Payments by Borrowers for Taxes and Insurance	593	(116)
Net Cash Provided by (Used in) Financing Activities	3,598	(6,279)
Net Increase (Decrease) in Cash and Cash Equivalents	3,364	(7,923)
Cash and Cash Equivalents at Beginning of Period	3,952	11,875
Cash and Cash Equivalents at End of Period	7,316	3,952
Cash Paid (Received) for:
Interest	1,197	1,665
Income Taxes	(23)	(38)
Supplemental Schedule for Noncash Investing and Financing Activities:
Change in the Unrealized Gain/Loss on Investment Securities	$ (24)	$ 79

Nature of Operations, Principle

Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies
Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies	Note 1 - Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies - Nature of Operations Eureka Homestead Bancorp, Inc. (the “Company”) (OTC Pink Marketplace – ERKH) was formed to serve as the stock holding company for Eureka Homestead (the “Bank”) upon completion of its mutual-to-stock conversion. The conversion was effective July 9, 2019. In connection with the conversion, the Company sold 1,429,676 shares of its common stock, including 114,374 shares purchased by the Bank’s employee stock ownership plan, at a price of $10.00 per share. Unless otherwise indicated or the context otherwise requires, references in these financial statements to “we, “us”, “our”, “Company” and “Bank” refer collectively to Eureka Homestead Bancorp, Inc. and Eureka Homestead on a consolidated basis or to any of those entities, depending on the context. The Bank is a federal stock savings association subject to regulation by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. The Company conducts lending and deposit-taking activities from two locations in the New Orleans, Louisiana area. The Company provides service to customers in the New Orleans and surrounding areas. The accounting and reporting policies of the Company are in accordance with generally accepted accounting principles in the United States of America and conform to general practices within the industry. The Company’s loan portfolio consists mainly of loans to homeowners; however, the Company's loan portfolio does include loans secured by non-residential real estate. The majority of loans are secured by first mortgages on area real estate and are expected to be repaid from the cash flow of the borrower. Some of the activities upon which the economy of the New Orleans area is dependent include the petrochemical industry, the port of New Orleans and economic activity along that region of the Mississippi River, healthcare and tourism. Significant declines in these activities and the general economic conditions in the Company's market areas could affect the borrower’s ability to repay loans and cause a decline in value of the assets securing the loan portfolio. The Company’s operations are subject to customary business risks associated with activities of a financial institution. Some of those risks include competition from other institutions and changes in local or national economic conditions, interest rates and regulatory requirements. Principles of Consolidation The consolidated financial statements as of and for the years ended December 31, 2021 and 2020 include the Company and the Bank, together referred to as the Company. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for losses on loans, the valuation of other real estate acquired, the valuation of deferred tax assets, other than temporary impairments of securities and the fair value of financial instruments. The determination of the adequacy of the allowance for loan losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may have judgments different than management’s and we may determine to adjust our allowance as a result of these regulatory reviews. Because of these factors, it is reasonably possible that the estimated losses on loans may change in the near term. However, the amount of the change that is reasonably possible cannot be estimated. Investment Securities Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 320, Investments, requires the classification of securities as trading, available-for-sale, or held-to-maturity. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates this classification periodically. Securities classified as available-for-sale are equity securities with readily determinable fair values and those debt securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including significant movement in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. These securities are carried at estimated fair value based on information provided by a third party pricing service with any unrealized gains or losses excluded from net income and reported in accumulated other comprehensive income (loss), which is reported as a separate component of equity, net of the related deferred tax effect. Investment securities and mortgage-backed securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost. Investment securities and mortgage-backed securities that are bought and held by the Company primarily for the purpose of selling them in the near future are classified as trading securities and reported at fair value. Unrealized gains and losses are included in earnings. The Company did not have any trading or held-to-maturity securities at December 2021 or 2020. Premiums and discounts are amortized or accreted over the life of the related security, adjusted for anticipated prepayments, as an adjustment to yield using the effective interest method. Mortgage-backed securities are subject to prepayment and, accordingly, actual maturities could differ from contractual maturities. Interest income is recognized when earned. Gains and losses from the sale of securities are included in earnings when realized and are determined using the specific identification method for determining the cost of securities sold. Declines in the fair value of individual investment securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The written down amount then becomes the security’s new cost basis. T Loans Receivable The Company grants real estate mortgage and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances adjusted for unearned income, the allowance for loan losses, and any unamortized deferred fees or costs on originated loans, and premiums or discounts on purchased loans. When principal or interest is delinquent for 90 days or more, the Company evaluates the loan for nonaccrual status. Uncollectible interest on loans that are contractually past due is charged-off, or an allowance is established based on management's periodic evaluation. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. The allowance is established by a charge to interest income equal to all interest previously accrued, and income is subsequently recognized only to the extent that cash payments are received until, in management's judgment, the borrower has the ability to make timely periodic interest and principal payments, in which case the loan is returned to accrual status. Loan fees and certain direct loan origination costs are deferred and the net fee or cost is recognized as an adjustment to interest income using the interest method over the contractual life of the loans, adjusted for actual prepayments. Amortization of net deferred fees or costs is discontinued for the loans that are deemed to be non-performing. Additionally, the unamortized net fees or costs are recognized in income when loans are paid-off. Loans Held-for-Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. For these loans, gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Impaired Loans A loan is considered impaired, in accordance with the impairment accounting guidance of FASB ASC 310-10-35-16, Receivables , when based on current information and events it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of delay, the reasons for the delay, the borrower's prior payment record, and the amount of shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price of the fair value of the collateral if the loan is collateral dependent. The portion of increase in present value of the expected future cash flows of impaired loans that is attributable to the passage of time is reported as interest income. A change in the present value of the expected future cash flows related to impaired loans is reported as an increase or decrease in provision for loan losses. Allowance for Loan Losses The allowance for loan losses is maintained at a level which is considered to be adequate to reflect estimated credit losses associated with specifically identified loans, as well as estimated probable credit losses inherent in the remainder of the loan portfolio at the balance sheet date. The allowance for loan losses is determined based on consideration and assessment of the various credit risk characteristics of the loans that comprise the loan portfolio in accordance with FASB ASC 450, Contingencies, for pools of loans and FASB ASC 310, Receivables, for individually impaired loans. 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. Other Real Estate Real estate properties acquired through, or in lieu of, foreclosure are held for sale and are initially recorded at fair value on the date of acquisition. Any write-downs at the time of acquisition are charged to the allowance for loan losses. Costs relating to development and improvement of property are capitalized, whereas costs relating to holding property are expensed. At December 31, 2021 and 2020 there was no other real estate. Subsequent to acquisition, valuations are periodically performed by management to report these assets at the lower of fair value less costs to sell or cost. Any adjustments resulting from these periodic re-evaluations of property are reflected in a valuation allowance and charged to income. Premises and Equipment Land is carried at cost. Buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization, respectively. Depreciation and amortization are calculated on the straight-line basis and accelerated methods over the estimated useful lives of the assets which range from 3 to 39 years . Expenditures for improvements, which extend the life of an asset, are capitalized and depreciated over the asset’s remaining useful life. Gains or losses realized on the disposition of properties and equipment are reflected in the statements of (loss) income. Expenditures for repairs and maintenance are charged to operating expenses as incurred. Life Insurance The Company purchased life insurance on certain employees and directors of the Company. Appreciation in value of the insurance policies is included in noninterest income. Advertising The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising expense was approximately $15,000 for both years ended December 31, 2021 and 2020, respectively, and is included in other non-interest expenses. Income Taxes The Company accounts for income taxes in accordance with income tax guidance of FASB ASC 740, Income Taxes , and has adopted the recent accounting guidance related to accounting for uncertainty in income taxes, which sets forth a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The income tax guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of enacted tax law to the taxable income or excess deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the difference between the book and tax bases of assets and liabilities. Enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management's judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company evaluates all significant tax positions as required by accounting principles generally accepted in the United States of America. As of December 31, 2021 and 2020, the Company does not believe that it has taken any positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next year. With few exceptions, the Company is no longer subject to federal tax examinations by tax authorities for years before 2016. Any interest and penalties assessed by income taxing authorities are not significant and are included in non-interest expense in these financial statements. Comprehensive Income The Company reports comprehensive income in accordance with the accounting guidance related to FASB ASC 220, Comprehensive Income . FASB ASC 220 establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes net unrealized gains (losses) on securities and is presented, net of tax, in the statements of comprehensive (loss) income. Statement of Cash Flows For purposes of the statements of cash flows, cash and cash equivalents include cash on hand, due from banks and deposits with the FHLB. The Company considers all highly liquid debt instruments with original maturities of three months or less (excluding interest-bearing deposits in banks) to be cash equivalents. Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company’s primary sources of revenue are derived from interest, dividends and fees earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income (Loss) was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are fixed. The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from contracts with customers. Reclassifications Certain reclassifications may have been made to the 2020 financial statements to conform with the 2021 financial statement presentation. Such reclassifications had no effect on net income (loss) or retained earnings as previously reported. 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 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In - Reference Rate Reform (Topic 848 ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . . .

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
Earnings (Loss) Per Share	Dec. 31, 2021
Earnings (Loss) Per Share
Earnings (Loss) Per Share	Note 2 – Earnings (Loss) Per Share Basic earnings per share (“EPS”) represents income available or loss attributable to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The potential common shares that may be issued by the Company relate to outstanding stock options. Earnings per common share were computed based on the following: Year Ended December 31, (in thousands, except per share data) 2021 2020 Numerator: Net income (loss) available to common stockholders $ 146 $ (103) Denominator: Weighted average common shares outstanding 1,190 1,386 Less: Average unallocated ESOP shares 103 108 Weighted average shares 1,087 1,278 Basic earnings (loss) per common share $ 0.13 $ (0.08)

Investment Securities

Investment Securities	12 Months Ended
Investment Securities	Dec. 31, 2021
Investment Securities
Investment Securities	Note 3 - Investment Securities - The amortized cost and fair values of investment securities available-for-sale were as follows: Gross Gross December 31, 2021: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,766 $ 1 $ — $ 2,767 SBA 7a Pools 2,531 31 — 2,562 Total Investment Securities Available-for-Sale $ 5,297 $ 32 $ — $ 5,329 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 December 31, 2021 and 2020, were government-sponsored mortgage-backed or SBA pool securities. The amortized cost and fair values of the investment securities available-for-sale at December 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 December 31, 2021 Amortized Fair (in thousands) Cost Value Amounts Maturing: After One Year through Five Years $ — $ — After Five Years through Ten Years 2,373 2,391 After Ten Years 2,924 2,938 $ 5,297 $ 5,329 No investment securities were pledged to secure advances from the FHLB as of December 31, 2021 and 2020. There were no sales or calls of available-for-sale investment securities for the years ended December 31, 2021 or 2020. Gross unrealized losses in investment securities at December 31, 2021 and 2020, existing for continuous periods of less than 12 months and for continuous periods of 12 months or more, were as follows: December 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 $ 1,415 $ (21) $ — $ — $ 1,415 $ (21) SBA 7a Pools — — — — — — $ 1,415 $ (21) $ — $ — $ 1,415 $ (21) 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 as described in Note 1 to these financial statements. No declines at December 31, 2021 and 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.

Investment in FHLB Stock

Investment in FHLB Stock	12 Months Ended
Investment in FHLB Stock	Dec. 31, 2021
Investment in FHLB Stock
Investment in FHLB Stock	Note 4 - Investment in FHLB Stock - The Company maintains an investment in the membership stock of the Federal Home Loan Bank of Dallas. The carrying amount of this investment is stated at cost which was $1,448,000 and $1,440,000 at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the Company meets the required level of FHLB stock. The stock is pledged as collateral against the advances from the FHLB.

Loans Receivable and the Allowa

Loans Receivable and the Allowance for Loan Losses	12 Months Ended
Loans Receivable and the Allowance for Loan Losses	Dec. 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 December 31, 2021 and December 31, 2020 are summarized as follows: December 31, December 31, (in thousands) 2021 2020 Mortgage Loans 1-4 Family $ 66,356 $ 64,792 Multifamily 2,780 2,877 Construction and Land 4,576 1,356 Commercial Real Estate 1,480 364 Consumer Loans 239 214 75,431 69,603 Plus (Less): Unamortized Loan Fees/Costs 1,370 1,139 Allowance for Loan Losses (858) (850) Net Loans Receivable $ 75,943 $ 69,892 The performing mortgage loans are pledged, under a blanket lien, as collateral securing advances from the FHLB at December 31, 2021 and 2020. Management segregates the loan portfolio into portfolio segments which is defined as the level at which the Company develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. The following tables set forth, as of December 31, 2021 and 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 For the Year Ended December 31, 2021 (in thousands) 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 8 — — — — 8 Provision (Credit) (74) (1) 57 18 — — Ending Balance $ 752 $ 21 $ 63 $ 22 $ — $ 858 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 752 $ 21 $ 63 $ 22 $ — $ 858 Loans Receivable: Ending Balance $ 66,356 $ 2,780 $ 4,576 $ 1,480 $ 239 $ 75,431 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 66,356 $ 2,780 $ 4,576 $ 1,480 $ 239 $ 75,431 The allowance for loan losses for Mortgage 1-4 Family Loans of $752,000 includes an unallocated portion of $477,000 as of December 31, 2021. Allowance for Loan Losses and Recorded Investment in Loans Receivable For the Year Ended December 31, 2020 (in thousands) 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 Doubtful 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 December 31, 2021 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 66,356 $ — $ — $ — $ — $ 66,356 Multifamily 2,780 — — — — 2,780 Construction and Land 4,576 — — — — 4,576 Commercial Real Estate 1,480 — — — — 1,480 Non-Mortgage Loans: Consumer 239 — — — — 239 Total $ 75,431 $ — $ — $ — $ — $ 75,431 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 December 31, 2021 and 2020 , there were no loan balances outstanding on non-accrual status. The Company considers loans more than 90 days past due and on nonaccrual as nonperforming loans. At December 31, 2021 and 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 December 31, 2021 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 66,356 $ — $ 66,356 Multifamily 2,780 — 2,780 Construction and Land 4,576 — 4,576 Commercial Real Estate 1,480 — 1,480 Non-Mortgage Loans: Consumer 239 — 239 Total $ 75,431 $ — $ 75,431 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 December 31, 2021 and 2020. There were no loans over 90 days past due and still accruing as of December 31, 2021 and 2020. Aged Analysis of Past Due Loans Receivable at December 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 $ — $ — $ — $ — $ 66,356 $ 66,356 Multifamily — — — — 2,780 2,780 Construction and Land — — — — 4,576 4,576 Commercial Real Estate — — — — 1,480 1,480 Non-Mortgage Loans: Consumer — — — — 239 239 Total $ — $ — $ — $ — $ 75,431 $ 75,431 Aged Analysis of Past Due Loans Receivable at December 31, 2020 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 December 31, 2021 and December 31, 2020. Impaired Loans For the Year Ended December 31, 2021 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans $ — $ — $ — $ — $ — Non-Mortgage Loans $ — $ — $ — $ — $ — Impaired Loans For the Year Ended 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. For the years ended December 31, 2021 and 2020, The Company had no troubled debt restructurings that defaulted subsequent to the restructuring through the date the financial statements were issued. During the year ended December 31, 2020, the Company modified 73 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 made 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. As of December 31, 2021 , all of the modified loans have resumed normal monthly payments ( 48 ), been paid off ( 24 ) or paid the entire deferred amounts ( 1 ). The Company has received no requests for additional deferrals. On August 29, 2021, Hurricane Ida made landfall in southeast Louisiana between New Orleans and Baton Rouge. The Company did not sustain any significant damage to its locations, and our employees had no significant issues. Banking locations in the impacted markets closed as necessary prior to the hurricane's landfall and in our immediate market area in and around Metairie, Eureka Homestead and many banks, temporarily closed these office locations. We immediately staffed our disaster recovery location in Baton Rouge for five days after the hurricane made landfall and re-opened our main office in Metairie and our loan production office in New Orleans after five days. We assessed the impact from the hurricane on our customers and only one borrower sustained significant damage to the collateral securing a loan with a balance of $403,000 . We granted the borrower a three-month deferral in September 2021. The collateral is adequately insured and to our knowledge, the borrower is making necessary repairs to the property. The borrower resumed normal payments in December 2021. 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.

Accrued Interest Receivable

Accrued Interest Receivable	12 Months Ended
Accrued Interest Receivable	Dec. 31, 2021
Accrued Interest Receivable
Accrued Interest Receivable	Note 6 - Accrued Interest Receivable - Accrued interest receivable at December 31 is summarized as follows: (in thousands) 2021 2020 Loans Receivable $ 414 $ 427 Mortgage-Backed Securities 6 7 Interest-Bearing Deposits 1 2 $ 421 $ 436

Premises and Equipment

Premises and Equipment	12 Months Ended
Premises and Equipment	Dec. 31, 2021
Premises and Equipment
Premises and Equipment	Note 7 - Premises and Equipment – Major classes of premises and equipment at December 31 are summarized as follows: (in thousands) 2021 2020 Land $ 166 $ 166 Buildings 970 970 Furniture, Fixtures and Equipment 545 540 Automobiles 93 93 1,774 1,769 Less Accumulated Depreciation and Amortization (1,148) (1,108) $ 626 $ 661 Depreciation and amortization of premises and equipment amounted to $41,000 and $58,000 in 2021 and 2020, respectively.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2021
Income Taxes.
Income Taxes	Note 8 - Income Taxes - Income tax (benefit) expense for the years ended December 31 is summarized as follows: (in thousands) 2021 2020 Income Taxes from Continuing Operations: Current $ — $ — Deferred — (62) Income Tax (Benefit) Expense $ — $ (62) The following is a reconciliation between income tax expense based on federal statutory tax rates and income taxes reported in the statements of loss: 2021 2020 (in thousands) Amount % Amount % Expected Income Tax Expense at Statutory Rate $ 31 21 % $ (35) 21 % Tax Exempt Income (19) (13) % (19) 12 % Valuation Allowance for Deferred Tax Asset (Net Operating Loss) — — % — — % Other Adjustments - Net (12) (8) % (8) 5 % $ — — % $ (62) 38 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and (liabilities) were computed using currently enacted corporate tax rates of 21% at December 31, 2021 and 2020. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020, were as follows: (in thousands) 2021 2020 Deferred Loan Fees (Costs) $ (288) $ (239) Allowance for Loan Losses 134 134 Federal Home Loan Bank Stock (84) (83) Deferred Retirement Agreements 68 66 Tax Carryforward of Loss on Sale of Investment Securities — — Tax Carryforwards of Net Operating Losses 246 217 All Other Temporary Differences 170 122 246 217 Valuation Allowance for Deferred Tax Asset (Loss on Sale of Investment Securities) — — Valuation Allowance for Deferred Tax Asset (Net Operating Losses) (246) (217) — — Unrealized (Gains) Losses on Securities Available-for-Sale (7) (12) Net Deferred Tax (Liability) Asset $ (7) $ (12) Prior to 2020, a corporation could carry forward net operating losses generated in tax years beginning after December 31, 2017 indefinitely and could offset up to 80% of taxable income. To provide financial assistance and liquidity to taxpayers during the COVID-19 pandemic, the CARES Act amended the federal income tax rules with regard to the usage of net operating losses (“NOLs”) for corporate taxpayers. The CARES Act allows for the carryback of losses arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, to be carried back to each of the five taxable years preceding the taxable year of the loss. The CARES Act also temporarily repeals the 80% limitation for NOLs arising in tax years beginning after December 31, 2017 and beginning before January 1, 2021 and carried to another tax year. These NOLs are now permitted to fully offset the loss corporation’s pre-2021 taxable income. For the years ended December 31, 2021 and 2020, Eureka Homestead Bancorp and Subsidiary generated $195,000 and $182,000 federal net operating losses, respectively. The 2020 and prior year losses were available to carry back to previous tax years generating a refund of $62,000 recorded in 2020, and the remaining amounts totaling $1.8 million are available for future use. Although these net operating loss carryforwards have no expiration date, we believe that it is more likely than not that the benefit from a portion of the net operating loss carryforwards will not be realized within a reasonable time period. In recognition of this risk, we have provided a valuation adjustment of $246,000 on the deferred tax asset related to these net operating loss carryforwards. If or when recognized, the tax benefits related to any reversal of the valuation allowance on the deferred tax asset will be accounted for as a reduction of income tax expense and an increase in equity. Neither Eureka Homestead nor Eureka Homestead Bancorp generated any net operating loss carryforwards for Louisiana. Retained earnings at December 31, 2021 and 2020, include approximately $3,986,000 for which no deferred income tax liability has been recognized. These amounts represent an allocation of income to bad debt deductions for tax purposes only. Reduction of amounts so allocated for purposes other than tax bad debt losses or adjustments arising from carry back of net operating losses would create income for tax purposes only, which would be subject to the then current corporate income tax rate. The unrecorded deferred income tax liability on the above amount was approximately $837,000 at December 31, 2021 and 2020. The Small Business Protection Act of 1996 repealed Internal Revenue Code Section 593, which had allowed thrifts to use the percentage of income method as an alternative for computing their tax bad debt deductions. This act required small thrifts to change their method of computing reserves for bad debts to the experience method in accordance with the provisions of Internal Revenue Code Section 585. The repeal was effective for taxable years beginning after December 31, 1995. The Company implemented this change for the year ended December 31, 1996. As a result of the change, the Company is required to recapture the excess of the thrift’s qualifying and non-qualifying bad debt reserves as of December 31, 1995 over its contracted base year reserves. The Company had no excess amounts subject to recapture. In management’s opinion, the reversal of temporary differences and the results of the future operations will generate sufficient earnings to realize the deferred tax assets at December 31, 2021 after taking into account the valuation reserves.

Deposits

Deposits	12 Months Ended
Deposits	Dec. 31, 2021
Deposits
Deposits	Note 9 - Deposits - Deposits at December 31 are summarized below (in thousands): 2021 2020 Amount % Amount % Passbook Savings $ 3,447 5.7 $ 2,705 4.8 Money Market Accounts 686 1.1 146 0.3 Certificates of Deposit 56,830 93.2 53,577 94.9 $ 60,963 100.0 $ 56,428 100.0 The weighted average interest rate on deposits at December 31, 2021 and 2020, was 1.10% and 1.50% , respectively. Scheduled maturities and average interest rates of certificates of deposit at December 31, 2021 are summarized as follows (in thousands): Average Interest Amount Rate % 2022 $ 18,832 1.245 % 2023 7,591 1.284 % 2024 8,213 1.620 % 2025 11,861 0.773 % 2026 7,792 0.668 % Thereafter 2,541 2.043 % $ 56,830 1.163 % The aggregate amount of time deposits with a denomination of greater than $250,000 was approximately $3,032,000 and $2,589,000 at December 31, 2021 and 2020 , respectively. Generally, deposits in excess of $250,000 are not federally insured. Interest expense on deposits for the years ended December 31 is summarized as follows: (in thousands) 2021 2020 Passbook Savings $ 5 $ 7 Money Market Accounts 1 — Certificates of Deposit 741 1,004 $ 747 $ 1,011

Advances from Federal Home Loan

Advances from Federal Home Loan Bank (FHLB)	12 Months Ended
Advances from Federal Home Loan Bank (FHLB)	Dec. 31, 2021
Advances from Federal Home Loan Bank (FHLB)
Advances from Federal Home Loan Bank (FHLB)	Note 10 - Advances from Federal Home Loan Bank (FHLB) - The FHLB advances consist of the following obligations at December 31, 2021 and 2020 Effective Interest Rate 2021 2020 Less than 1.00% $ 4,000 $ 4,000 1.00% to 1.99% 4,000 2,250 2.00% to 2.99% 2,000 5,000 3.00% to 3.99% 8,218 8,193 4.00% to 4.99% — — 5.00% to 5.99% — — $ 18,218 $ 19,443 The scheduled maturities of FHLB advances at December 31, 2021, are summarized as follows: Due In Amount (in thousands) 2022 $ — 2023 500 2024 11,718 2025 4,000 Thereafter 2,000 $ 18,218 These advances are collateralized by a blanket lien on all of the Company’s mortgage loans and the investment in FHLB stock. The Company has unused advances available with the FHLB with an additional borrowing capacity at December 31, 2021, of approximately $18.3 million. The Company also has an unsecured federal funds agreement with FNBB for $6.6 million at a rate to be determined by FNBB when borrowed. At December 31, 2021 and 2020, there were no federal funds purchased.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2021
Employee Benefit Plans
Employee Benefit Plans	Note 11 - Employee Benefit Plans - 401(k) Plan The Company sponsors a 401(k) profit sharing plan. Substantially all employees 21 years of age or older who have at least six months of service and have worked 1,000 hours during the year may participate in the plan through salary deferral contributions subject to the plan provisions. The Company makes matching contributions based on a percentage of each participant’s contribution and may also make discretionary contributions to the plan. The Company matched 100% of the participant’s salary deferral contribution up to 3% and 50% of the participant’s salary deferral contribution of the next 2% of the participant’s annual compensation for 2021 and 2020. The Company’s contributions to the plan were approximately $62,000 and $49,000 for 2021 and 2020, respectively. Pension Plan The Company sponsors a defined contribution pension plan. Substantially all employees 21 years of age or older who have at least one year of service and are employed on the last day of the year may participate in the plan. The Company contributed 5.4% of the participant’s annual compensation to the plan for 2021 and 2020. The Company’s contributions to the plan were approximately $98,000 and $83,000 for 2021 and 2020, respectively. The employees vest in the employer’s contributions 20% a year after the first year in the plans and are fully vested at the completion of six years of service. The maximum combined employer contribution to both the 401(k) plan and the pension plan is 25% of the total annual compensation paid to each participant. Employee Stock Ownership Plan As part of the Company's stock conversion in 2019, an employee stock ownership plan ("ESOP") for eligible employees was established. The leveraged ESOP is accounted for in accordance with the requirements of ASC 718, Compensation Stock Compensation. Shares were purchased by the ESOP with a loan from Eureka Homestead Bancorp, Inc. The ESOP acquired 114,374 shares of the Company's common stock in the conversion. During each of the years ended December 31, 2021 and 2020, 4,575 shares were allocated to ESOP plan participants, leaving 100,649 unallocated shares in the ESOP at December 31, 2021. Compensation expense related to the ESOP was $61,000 for the year ended December 31, 2021 and $48,000 for the year ended December 31, 2020. The stock price at the formation date was $10.00. The aggregate fair value of the 100,649 unallocated shares was $1,404,000 based on the $13.95 closing price of the common stock on December 31, 2021. Under ASC 718, unearned ESOP shares are not considered outstanding and are shown as a reduction of stockholders' equity as unearned compensation. Dividends on unallocated ESOP shares are considered to be compensation expense. The Company recognizes compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company's ESOP shares differ from the cost of such shares, the differential is credited to stockholders' equity. The Company receives a tax deduction equal to the cost of the shares released. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a Company liability. The compensation expense resulting from the release of the common stock from the suspense account and allocation to plan participants results in a corresponding reduction in the earnings of Eureka Homestead Bancorp. Equity Incentive Plan In August 2020, the Company's stockholders authorized the adoption of the 2020 Eureka Homestead Bancorp, Inc. Equity Incentive Plan (the “2020 Plan” or the “Plan”). No more than 200,154 shares of the Company's common stock may be issued under the Plan, of which a maximum of 142,967 may be issued pursuant to the exercise of stock options and 57,187 may be issued pursuant to restricted stock awards, restricted stock units and unrestricted share awards. Stock options awarded to employees may be incentive stock options or non-qualified stock options. The shares that may be issued may be authorized but unissued shares or treasury shares. The Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The 2020 Plan contains limits on certain types of awards to individual participants. Awards may vest or become exercisable only upon the achievement of performance measures or based solely on the passage of time after award. Stock options and restricted stock awards provide for accelerated vesting upon death, disability or if there is an involuntary termination of service following a change in control (as defined in the Plan). On December 21, 2021, the Company made a grant of restricted shares for 3,225 shares, to a member of Management. The award vests over a three-year period. Restricted Shares Restricted shares are accounted for as fixed grants using the fair value of the Company's stock at the time of the grant. Unvested restricted shares may not be disposed of or transferred during the vesting period. The table below presents the restricted stock award activity for the period shown: Weighted Average Restricted Fair Value at Stock Awards Grant Date Non-vested at January 1, 2021 — $ — Granted 3,225 13.95 Vested — — Forfeited — — Non-vested at December 31, 2021 3,225 $ 13.95 As of December 31, 2021, the Company had $45,000 of unrecognized compensation expense related to restricted shares, having recognized $0 of compensation expense for the year ended December 31, 2021. The cost of the restricted shares will be amortized in monthly installments over the three-year vesting period Other Retirement Agreements The Company has entered into retirement agreements with certain directors. Under the director agreements, after ten years in the plan and attaining the age of 75 , the Company is to provide to each director the sum of $120,000 payable over a period of 10 years . (This benefit would be paid to the director’s beneficiaries in a lump sum upon the director’s death.). The estimated present value of future benefits to be paid is being accrued over the period from the effective date of the agreements until the dates payments are expected to expire. The expense incurred for this plan for the years ended December 31, 2021 and 2020, amounted to approximately $31,000 and $35,000 , respectively. The accrued liability at December 31, 2021 and 2020, amounted to approximately $310,000 and $312,000 , respectively. The Company is the beneficiary of life insurance policies, with death benefits totaling approximately $7,210,000 and $7,192,000 at December 31, 2021 and 2020, respectively that have been purchased as a method of financing benefits under the agreements. Split Dollar Life Insurance The Company entered into a split dollar life insurance agreement on March 1, 2019 with each of Messrs. Haskins and Heintzen to recognize the valuable services of the executives and to encourage them to continue in service with the Company. The split-dollar agreements divide the death proceeds of certain life insurance policies owned by the Company on the lives of the executives with their designated beneficiaries. The Company paid the life insurance premiums on the policies from its general assets. Under the agreements, Messrs. Haskins and Heintzen or their assignees have the right to designate the beneficiary an amount of death proceeds. Upon either executive’s death, his beneficiary will be entitled to a benefit equal to the lesser of $700,000 or the net death proceeds from the policies. The net death proceeds portion is the total death proceeds paid under the policy less the greater of the policy’s cash surrender value or the aggregate premiums paid by the Company on the policy. Each executive’s interest in the split-dollar agreement terminates under certain circumstances, including the executive’s cessation of all service with the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
Accumulated Other Comprehensive Income (Loss)	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	Note 12 - Accumulated Other Comprehensive Income (Loss) - The following is a summary of the changes in the balances of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020: (in thousands) 2021 2020 Unrealized Gains (Losses) on Securities Available-for-Sale: Balance at Beginning of Year $ 44 $ (18) Other Comprehensive (Loss) Income Before Reclassifications - Net of Tax (19) 62 Balance at End of Year $ 25 $ 44

Regulatory Matters

Regulatory Matters	12 Months Ended
Regulatory Matters	Dec. 31, 2021
Regulatory Matters
Regulatory Matters	Note 13 - 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 Bank and the financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines involving quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory reporting requirements. The Bank’s capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios as of January 1, 2015, of total capital, tier 1 capital, and common equity tier 1 capital to risk-weighted assets (as defined in the regulations), and leverage capital, which is tier 1 capital to adjusted average total assets (as defined). Management believes, as of December 31, 2021 and 2020, that the Bank meets all the capital adequacy requirements to which it is subject. As of December 31, 2021 and 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 December 31, 2021: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 20,098 39.49 % $ 4,071 8.00 % $ 5,089 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,460 38.24 % $ 3,054 6.00 % $ 4,071 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,460 38.24 % $ 2,290 4.50 % $ 3,308 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,460 18.72 % $ 4,159 4.00 % $ 5,198 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 December 31, 2021 and 2020, was as follows: December 31, December 31, (in thousands) 2021 2020 Total Equity (Bank Only) $ 19,485 $ 19,133 Unrealized (Gains) Losses on Securities Available-for-Sale, Net (25) (44) Tangible, Tier 1 Capital and Common Equity Tier 1 19,460 19,089 Allowance for Loan Losses Included in Capital 638 569 Total Capital $ 20,098 $ 19,658 The specific reserves included in the Allowance for Loan Losses were not significant as of December 31, 2021 and 2020.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions
Related Party Transactions	Note 14 - Related Party Transactions – In the ordinary course of business, the Company has granted loans to certain directors and officers. Such loans were made on substantially the same terms as those prevailing at the time for comparable transactions with other persons. Activity in loans to directors and officers is as follows: (in thousands) 2021 2020 Balance at Beginning of Year $ 135 $ 138 Add: New Loans or Advances — — Less: Payments (5) (3) Balance at End of Year $ 130 $ 135 The Company also has accepted deposits from certain directors and officers. Such deposits were accepted on substantially the same terms as those of other depositors and amounted to approximately $253,000 and $497,000 at December 31, 2021 and 2020 , respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 15 – Commitments and Contingencies – In the ordinary course of business, the Company has various outstanding commitments that are not reflected in the accompanying financial statements. The principal commitments of the Company are as follows: Lease Commitments In 2009, the Company entered into an operating lease pertaining to property used for a loan production office. The lease had an original term of three years , beginning April 15, 2009 and expiring March 31, 2012, with the option to extend the lease for six additional three-year periods. The Company exercised this option through March 31, 2024. Total rental expense was approximately $52,000 and $48,000 for the years ended December 31, 2021 and 2020, respectively. The future minimum rental commitments under the operating lease at relating to the loan production office are as follows: Year Ended December 31, Amount (in thousands) 2022 $ 53 2023 53 2024 13 Total Minimum Payments Required $ 119

Financial Instruments with Off-

Financial Instruments with Off-Balance-Sheet Risk	12 Months Ended
Financial Instruments with Off-Balance-Sheet Risk	Dec. 31, 2021
Financial Instruments with Off-Balance-Sheet Risk
Financial Instruments with Off-Balance-Sheet Risk	Note 16 - Financial Instruments with Off-Balance-Sheet Risk - 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 December 31, 2021 and December 31, 2020, the Company had $9.0 million and $2.0 million of outstanding commitments to originate loans, respectively, all of which represent 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 December 31, 2021, there were mortgage loans sold to investors with limited recourse for certain periods after the date of sale totaling $7.9 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, the Company 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, the Company shall refund to the purchaser the servicing release premium paid. There have been no mortgage loans sold that had an early payment default or that prepaid in full during the recourse period. In the normal course of business, the Company is involved in various legal proceedings. In the opinion of management and counsel, the disposition or ultimate resolution of such proceedings would not have a material adverse effect on the Company's financial statements.

Significant Concentration of Cr

Significant Concentration of Credit Risk	12 Months Ended
Significant Concentration of Credit Risk	Dec. 31, 2021
Significant Concentration of Credit Risk
Significant Concentration of Credit Risk	Note 17 - Significant Concentration of Credit Risk – The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage under defined limits. The Company maintains cash balances at various financial institutions which may periodically exceed the federally insured amount. Most of the Company’s lending activity is represented by loans receivable secured principally by first mortgages on real estate located within Louisiana. Additionally, the substantial portion of the real estate upon which the Company has extended credit is on residential properties; however, the Company has extended credit on non-residential properties.

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
Fair Values of Financial Instruments	Dec. 31, 2021
Fair Values of Financial Instruments
Fair Values of Financial Instruments	Note 18 - 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 - 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 - 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 December 31, 2021 and 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 December 31, 2021: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,767 $ — $ 2,767 $ — SBA 7a Pools 2,562 — 2,562 — Total Investment Securities $ 5,329 $ — $ 5,329 $ — 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. Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable December 31, 2021: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Assets: Impaired Loans $ — $ — $ — $ — Other Real Estate — — — — Total $ — $ — $ — $ — 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) Assets: Impaired Loans $ — $ — $ — $ — Other Real Estate — — — — Total $ — $ — $ — $ — FASB ASC 825, Financial Instruments , requires disclosure of fair value information about financial instruments for which it is practicable to estimate fair value, whether or not recognized in the balance sheet. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. The derived fair value estimates cannot be substantiated through comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. FASB ASC 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Further, the disclosures do not include estimated fair values for items which are not financial instruments but which represent significant value to the Company, including core deposit intangibles and other fee-generating operations of the business. Reasonable comparability of fair value estimates between financial institutions may not be possible due to the wide range of permitted valuation techniques and numerous assumptions involved. The aggregate fair value amounts presented do not, and are not intended to, represent an aggregate measure of the underlying fair value of the Company. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents - For those short-term instruments, the carrying amount is a reasonable estimate of fair value. Interest-Bearing Deposits - The carrying amount is a reasonable estimate of fair value. Investment Securities (including mortgage-backed securities) - For investment securities, including mortgage-backed securities, fair value equals quoted market price, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Loans - The fair value of loans is estimated using discounted cash flow analyses, using the interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans Held-for-Sale - The loans held-for sale are recorded at the lower of aggregate cost or market value which is a reasonable estimate of fair value. FHLB Stock - The carrying amount is a reasonable estimate of fair value. Cash Surrender Value of Life Insurance - The carrying amount is a reasonable estimate of fair value. Accrued Interest Receivable and Accrued Interest Payable - The carrying amounts of accrued interest receivable and accrued interest payable approximate the fair values. Deposits - The fair value of savings accounts and certain money market deposits is the amount payable on demand at the reporting date (carrying value). The fair value of fixed maturity certificates of deposit is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities. Advances from the FHLB - The fair values of the Advances from the FHLB are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Loan Commitments - For commitments to extend credit, fair value considers the difference between current levels of interest rates and the committed rates. The estimated fair values of the Company’s financial instruments were as follows as of December 31, 2021 and 2020 December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and Cash Equivalents $ 7,316 $ 7,316 $ 3,952 $ 3,952 Interest-Bearing Deposits in Banks 7,742 7,742 9,488 9,488 Investment Securities 5,329 5,329 6,050 6,050 Loans - Net 75,943 77,483 69,892 71,829 Loans Held-for-Sale 401 401 3,610 3,610 Accrued Interest Receivable 421 421 436 436 FHLB Stock 1,448 1,448 1,440 1,440 Cash Surrender Value of Life Insurance 4,225 4,225 4,137 4,137 Financial Liabilities: Deposits 60,963 60,756 56,428 57,931 Advances from FHLB 18,218 18,622 19,443 20,469 Accrued Interest Payable 51 51 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 16.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events
Subsequent Events	Note 19 - Subsequent Events - Management has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through March 23, 2022, the date the financial statements were issued. The outbreak of Coronavirus Disease 2020 (“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 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. In February and March 2022, the Company repurchased an additional 55,000 of its common shares for $804,000.

Change in Corporate Form

Change in Corporate Form	12 Months Ended
Change in Corporate Form	Dec. 31, 2021
Change in Corporate Form
Change in Corporate Form	Note 20 – 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 of 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, 2020 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.

Condensed Financial Information

Condensed Financial Information (Parent Company Only)	12 Months Ended
Condensed Financial Information (Parent Company Only)	Dec. 31, 2021
Condensed Financial Information (Parent Company Only)
Condensed Financial Information (Parent Company Only)	Note 21 - Condensed Financial Information (Parent Company Only) - Presented below is condensed financial information as to the financial position, results of operations and cash flows of the Parent Company: CONDENSED BALANCE SHEETS DECEMBER 31, 2021 AND 2020 (in thousands) 2021 2020 ASSETS Cash in Bank $ 2,388 $ 2,831 Investment in Subsidiary 19,485 19,146 Total Assets $ 21,873 $ 21,977 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities $ 27 $ 37 Shareholders' Equity 21,846 21,940 Total Liabilities and Shareholders' Equity $ 21,873 $ 21,977 CONDENSED STATEMENTS OF INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2021 (in thousands) 2021 2020 Income: Equity in Net Income of Subsidiary $ 371 $ 151 Total Income 371 151 Expenses: Professional Fees 135 172 Other Expense 98 95 Total Expenses 233 267 Income (Loss) Before Income Tax (Benefit) 138 (116) Income Tax (Benefit) (8) (13) Net Income (Loss) $ 146 $ (103) CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (in thousands) 2021 2020 Cash Flows from Operating Activities: Net Income (Loss) $ 146 $ (103) Adjustments to Reconcile Net Loss to Net Cash (Used in) Operating Activities: Cash (Used in) Operating Activities: (Increase) in Due from Subsidiary — (9) Non-cash Compensation for ESOP 59 48 (Increase) in Equity in Net Income of Subsidiary (358) (151) (Decrease) Increase in Liabilities (10) 5 Net Cash (Used in) Operating Activities (163) (210) Cash Flows from Investing Activities: Net Cash (Used in) Investing Activities — — Cash Flows from Financing Activities: Shares Repurchased (280) (2,351) Net Cash (Used in) Financing Activities (280) (2,351) Net (Decrease) in Cash and Cash Equivalents (443) (2,561) Cash and Cash Equivalents at Beginning of Period 2,831 5,392 Cash and Cash Equivalents at End of Period $ 2,388 $ 2,831

Nature of Operations, Princip_2

Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies
Nature of Operations	Nature of Operations Eureka Homestead Bancorp, Inc. (the “Company”) (OTC Pink Marketplace – ERKH) was formed to serve as the stock holding company for Eureka Homestead (the “Bank”) upon completion of its mutual-to-stock conversion. The conversion was effective July 9, 2019. In connection with the conversion, the Company sold 1,429,676 shares of its common stock, including 114,374 shares purchased by the Bank’s employee stock ownership plan, at a price of $10.00 per share. Unless otherwise indicated or the context otherwise requires, references in these financial statements to “we, “us”, “our”, “Company” and “Bank” refer collectively to Eureka Homestead Bancorp, Inc. and Eureka Homestead on a consolidated basis or to any of those entities, depending on the context. The Bank is a federal stock savings association subject to regulation by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. The Company conducts lending and deposit-taking activities from two locations in the New Orleans, Louisiana area. The Company provides service to customers in the New Orleans and surrounding areas. The accounting and reporting policies of the Company are in accordance with generally accepted accounting principles in the United States of America and conform to general practices within the industry. The Company’s loan portfolio consists mainly of loans to homeowners; however, the Company's loan portfolio does include loans secured by non-residential real estate. The majority of loans are secured by first mortgages on area real estate and are expected to be repaid from the cash flow of the borrower. Some of the activities upon which the economy of the New Orleans area is dependent include the petrochemical industry, the port of New Orleans and economic activity along that region of the Mississippi River, healthcare and tourism. Significant declines in these activities and the general economic conditions in the Company's market areas could affect the borrower’s ability to repay loans and cause a decline in value of the assets securing the loan portfolio. The Company’s operations are subject to customary business risks associated with activities of a financial institution. Some of those risks include competition from other institutions and changes in local or national economic conditions, interest rates and regulatory requirements.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements as of and for the years ended December 31, 2021 and 2020 include the Company and the Bank, together referred to as the Company. Intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for losses on loans, the valuation of other real estate acquired, the valuation of deferred tax assets, other than temporary impairments of securities and the fair value of financial instruments. The determination of the adequacy of the allowance for loan losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral. While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may have judgments different than management’s and we may determine to adjust our allowance as a result of these regulatory reviews. Because of these factors, it is reasonably possible that the estimated losses on loans may change in the near term. However, the amount of the change that is reasonably possible cannot be estimated.
Investment Securities	Investment Securities Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 320, Investments, requires the classification of securities as trading, available-for-sale, or held-to-maturity. Management determines the appropriate classification of debt securities at the time of purchase and re-evaluates this classification periodically. Securities classified as available-for-sale are equity securities with readily determinable fair values and those debt securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available-for-sale would be based on various factors, including significant movement in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. These securities are carried at estimated fair value based on information provided by a third party pricing service with any unrealized gains or losses excluded from net income and reported in accumulated other comprehensive income (loss), which is reported as a separate component of equity, net of the related deferred tax effect. Investment securities and mortgage-backed securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost. Investment securities and mortgage-backed securities that are bought and held by the Company primarily for the purpose of selling them in the near future are classified as trading securities and reported at fair value. Unrealized gains and losses are included in earnings. The Company did not have any trading or held-to-maturity securities at December 2021 or 2020. Premiums and discounts are amortized or accreted over the life of the related security, adjusted for anticipated prepayments, as an adjustment to yield using the effective interest method. Mortgage-backed securities are subject to prepayment and, accordingly, actual maturities could differ from contractual maturities. Interest income is recognized when earned. Gains and losses from the sale of securities are included in earnings when realized and are determined using the specific identification method for determining the cost of securities sold. Declines in the fair value of individual investment securities below their cost that are other than temporary result in write-downs of the individual securities to their fair value. The written down amount then becomes the security’s new cost basis. T
Loans Receivable	Loans Receivable The Company grants real estate mortgage and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balances adjusted for unearned income, the allowance for loan losses, and any unamortized deferred fees or costs on originated loans, and premiums or discounts on purchased loans. When principal or interest is delinquent for 90 days or more, the Company evaluates the loan for nonaccrual status. Uncollectible interest on loans that are contractually past due is charged-off, or an allowance is established based on management's periodic evaluation. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. The allowance is established by a charge to interest income equal to all interest previously accrued, and income is subsequently recognized only to the extent that cash payments are received until, in management's judgment, the borrower has the ability to make timely periodic interest and principal payments, in which case the loan is returned to accrual status. Loan fees and certain direct loan origination costs are deferred and the net fee or cost is recognized as an adjustment to interest income using the interest method over the contractual life of the loans, adjusted for actual prepayments. Amortization of net deferred fees or costs is discontinued for the loans that are deemed to be non-performing. Additionally, the unamortized net fees or costs are recognized in income when loans are paid-off.
Loans Held-for-Sale	Loans Held-for-Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. For these loans, gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan.
Impaired Loans	Impaired Loans A loan is considered impaired, in accordance with the impairment accounting guidance of FASB ASC 310-10-35-16, Receivables , when based on current information and events it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of delay, the reasons for the delay, the borrower's prior payment record, and the amount of shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price of the fair value of the collateral if the loan is collateral dependent. The portion of increase in present value of the expected future cash flows of impaired loans that is attributable to the passage of time is reported as interest income. A change in the present value of the expected future cash flows related to impaired loans is reported as an increase or decrease in provision for loan losses.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses is maintained at a level which is considered to be adequate to reflect estimated credit losses associated with specifically identified loans, as well as estimated probable credit losses inherent in the remainder of the loan portfolio at the balance sheet date. The allowance for loan losses is determined based on consideration and assessment of the various credit risk characteristics of the loans that comprise the loan portfolio in accordance with FASB ASC 450, Contingencies, for pools of loans and FASB ASC 310, Receivables, for individually impaired loans. 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.
Other Real Estate	Other Real Estate Real estate properties acquired through, or in lieu of, foreclosure are held for sale and are initially recorded at fair value on the date of acquisition. Any write-downs at the time of acquisition are charged to the allowance for loan losses. Costs relating to development and improvement of property are capitalized, whereas costs relating to holding property are expensed. At December 31, 2021 and 2020 there was no other real estate. Subsequent to acquisition, valuations are periodically performed by management to report these assets at the lower of fair value less costs to sell or cost. Any adjustments resulting from these periodic re-evaluations of property are reflected in a valuation allowance and charged to income.
Premises and Equipment	Premises and Equipment Land is carried at cost. Buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization, respectively. Depreciation and amortization are calculated on the straight-line basis and accelerated methods over the estimated useful lives of the assets which range from 3 to 39 years . Expenditures for improvements, which extend the life of an asset, are capitalized and depreciated over the asset’s remaining useful life. Gains or losses realized on the disposition of properties and equipment are reflected in the statements of (loss) income. Expenditures for repairs and maintenance are charged to operating expenses as incurred.
Life Insurance	Life Insurance The Company purchased life insurance on certain employees and directors of the Company. Appreciation in value of the insurance policies is included in noninterest income.
Advertising	Advertising The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising expense was approximately $15,000 for both years ended December 31, 2021 and 2020, respectively, and is included in other non-interest expenses.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with income tax guidance of FASB ASC 740, Income Taxes , and has adopted the recent accounting guidance related to accounting for uncertainty in income taxes, which sets forth a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The income tax guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of enacted tax law to the taxable income or excess deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the difference between the book and tax bases of assets and liabilities. Enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management's judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company evaluates all significant tax positions as required by accounting principles generally accepted in the United States of America. As of December 31, 2021 and 2020, the Company does not believe that it has taken any positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next year. With few exceptions, the Company is no longer subject to federal tax examinations by tax authorities for years before 2016. Any interest and penalties assessed by income taxing authorities are not significant and are included in non-interest expense in these financial statements.
Comprehensive Income	Comprehensive Income The Company reports comprehensive income in accordance with the accounting guidance related to FASB ASC 220, Comprehensive Income . FASB ASC 220 establishes standards for reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes net unrealized gains (losses) on securities and is presented, net of tax, in the statements of comprehensive (loss) income.
Statement of Cash Flows	Statement of Cash Flows For purposes of the statements of cash flows, cash and cash equivalents include cash on hand, due from banks and deposits with the FHLB. The Company considers all highly liquid debt instruments with original maturities of three months or less (excluding interest-bearing deposits in banks) to be cash equivalents.
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company’s primary sources of revenue are derived from interest, dividends and fees earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income (Loss) was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are fixed. The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from contracts with customers.
Reclassifications	Reclassifications Certain reclassifications may have been made to the 2020 financial statements to conform with the 2021 financial statement presentation. Such reclassifications had no effect on net income (loss) or retained earnings as previously reported.
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 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In - Reference Rate Reform (Topic 848 ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . . .

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
Earnings (Loss) Per Share (Tables)	Dec. 31, 2021
Earnings (Loss) Per Share
Schedule of earnings (loss) per common share	Year Ended December 31, (in thousands, except per share data) 2021 2020 Numerator: Net income (loss) available to common stockholders $ 146 $ (103) Denominator: Weighted average common shares outstanding 1,190 1,386 Less: Average unallocated ESOP shares 103 108 Weighted average shares 1,087 1,278 Basic earnings (loss) per common share $ 0.13 $ (0.08)

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
Investment Securities (Tables)	Dec. 31, 2021
Investment Securities
Summary of amortized cost and fair values of investment securities available-for-sale	Gross Gross December 31, 2021: Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Mortgage-Backed Securities: FHLMC $ 2,766 $ 1 $ — $ 2,767 SBA 7a Pools 2,531 31 — 2,562 Total Investment Securities Available-for-Sale $ 5,297 $ 32 $ — $ 5,329 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 December 31, 2021 Amortized Fair (in thousands) Cost Value Amounts Maturing: After One Year through Five Years $ — $ — After Five Years through Ten Years 2,373 2,391 After Ten Years 2,924 2,938 $ 5,297 $ 5,329
Summary of gross unrealized losses in investment securities	December 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 $ 1,415 $ (21) $ — $ — $ 1,415 $ (21) SBA 7a Pools — — — — — — $ 1,415 $ (21) $ — $ — $ 1,415 $ (21) 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)	12 Months Ended
Loans Receivable and the Allowance for Loan Losses (Tables)	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Summary of loans receivable	December 31, December 31, (in thousands) 2021 2020 Mortgage Loans 1-4 Family $ 66,356 $ 64,792 Multifamily 2,780 2,877 Construction and Land 4,576 1,356 Commercial Real Estate 1,480 364 Consumer Loans 239 214 75,431 69,603 Plus (Less): Unamortized Loan Fees/Costs 1,370 1,139 Allowance for Loan Losses (858) (850) Net Loans Receivable $ 75,943 $ 69,892
Summary of allowance for loan losses and recorded investment in loans receivable	Allowance for Loan Losses and Recorded Investment in Loans Receivable For the Year Ended December 31, 2021 (in thousands) 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 8 — — — — 8 Provision (Credit) (74) (1) 57 18 — — Ending Balance $ 752 $ 21 $ 63 $ 22 $ — $ 858 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 752 $ 21 $ 63 $ 22 $ — $ 858 Loans Receivable: Ending Balance $ 66,356 $ 2,780 $ 4,576 $ 1,480 $ 239 $ 75,431 Ending Balance: Individually Evaluated for Impairment $ — $ — $ — $ — $ — $ — Collectively Evaluated for Impairment $ 66,356 $ 2,780 $ 4,576 $ 1,480 $ 239 $ 75,431 The allowance for loan losses for Mortgage 1-4 Family Loans of $752,000 includes an unallocated portion of $477,000 as of December 31, 2021. Allowance for Loan Losses and Recorded Investment in Loans Receivable For the Year Ended December 31, 2020 (in thousands) 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 December 31, 2021 (in thousands) Non- Performing Performing Total Mortgage Loans: 1 to 4 Family $ 66,356 $ — $ 66,356 Multifamily 2,780 — 2,780 Construction and Land 4,576 — 4,576 Commercial Real Estate 1,480 — 1,480 Non-Mortgage Loans: Consumer 239 — 239 Total $ 75,431 $ — $ 75,431 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 December 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 $ — $ — $ — $ — $ 66,356 $ 66,356 Multifamily — — — — 2,780 2,780 Construction and Land — — — — 4,576 4,576 Commercial Real Estate — — — — 1,480 1,480 Non-Mortgage Loans: Consumer — — — — 239 239 Total $ — $ — $ — $ — $ 75,431 $ 75,431 Aged Analysis of Past Due Loans Receivable at December 31, 2020 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 loans receivable on nonaccrual status
Summary of information pertaining to impaired loans	Impaired Loans For the Year Ended December 31, 2021 (in thousands) Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized Mortgage Loans $ — $ — $ — $ — $ — Non-Mortgage Loans $ — $ — $ — $ — $ — Impaired Loans For the Year Ended 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 December 31, 2021 (in thousands) Special Pass Watch Mention Substandard Doubtful Total Mortgage Loans: 1 to 4 Family $ 66,356 $ — $ — $ — $ — $ 66,356 Multifamily 2,780 — — — — 2,780 Construction and Land 4,576 — — — — 4,576 Commercial Real Estate 1,480 — — — — 1,480 Non-Mortgage Loans: Consumer 239 — — — — 239 Total $ 75,431 $ — $ — $ — $ — $ 75,431 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

Accrued Interest Receivable (Ta

Accrued Interest Receivable (Tables)	12 Months Ended
Accrued Interest Receivable (Tables)	Dec. 31, 2021
Accrued Interest Receivable
Schedule of accrued interest receivable	(in thousands) 2021 2020 Loans Receivable $ 414 $ 427 Mortgage-Backed Securities 6 7 Interest-Bearing Deposits 1 2 $ 421 $ 436

Premises and Equipment (Tables)

Premises and Equipment (Tables)	12 Months Ended
Premises and Equipment (Tables)	Dec. 31, 2021
Premises and Equipment
Schedule of major classes of premises and equipment	(in thousands) 2021 2020 Land $ 166 $ 166 Buildings 970 970 Furniture, Fixtures and Equipment 545 540 Automobiles 93 93 1,774 1,769 Less Accumulated Depreciation and Amortization (1,148) (1,108) $ 626 $ 661

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2021
Income Taxes.
Schedule of income tax (benefit) expense from continuing operations	(in thousands) 2021 2020 Income Taxes from Continuing Operations: Current $ — $ — Deferred — (62) Income Tax (Benefit) Expense $ — $ (62)
Schedule of reconciliation of federal statutory rates and incomes tax rate and amount of income tax expense (benefit)	2021 2020 (in thousands) Amount % Amount % Expected Income Tax Expense at Statutory Rate $ 31 21 % $ (35) 21 % Tax Exempt Income (19) (13) % (19) 12 % Valuation Allowance for Deferred Tax Asset (Net Operating Loss) — — % — — % Other Adjustments - Net (12) (8) % (8) 5 % $ — — % $ (62) 38 %
Schedule of components of deferred tax assets and liabilities	(in thousands) 2021 2020 Deferred Loan Fees (Costs) $ (288) $ (239) Allowance for Loan Losses 134 134 Federal Home Loan Bank Stock (84) (83) Deferred Retirement Agreements 68 66 Tax Carryforward of Loss on Sale of Investment Securities — — Tax Carryforwards of Net Operating Losses 246 217 All Other Temporary Differences 170 122 246 217 Valuation Allowance for Deferred Tax Asset (Loss on Sale of Investment Securities) — — Valuation Allowance for Deferred Tax Asset (Net Operating Losses) (246) (217) — — Unrealized (Gains) Losses on Securities Available-for-Sale (7) (12) Net Deferred Tax (Liability) Asset $ (7) $ (12)

Deposits (Tables)

Deposits (Tables)	12 Months Ended
Deposits (Tables)	Dec. 31, 2021
Deposits
Schedule of deposits	Deposits at December 31 are summarized below (in thousands): 2021 2020 Amount % Amount % Passbook Savings $ 3,447 5.7 $ 2,705 4.8 Money Market Accounts 686 1.1 146 0.3 Certificates of Deposit 56,830 93.2 53,577 94.9 $ 60,963 100.0 $ 56,428 100.0
Schedule of maturities and average interest rate of certificates of deposits	Scheduled maturities and average interest rates of certificates of deposit at December 31, 2021 are summarized as follows (in thousands): Average Interest Amount Rate % 2022 $ 18,832 1.245 % 2023 7,591 1.284 % 2024 8,213 1.620 % 2025 11,861 0.773 % 2026 7,792 0.668 % Thereafter 2,541 2.043 % $ 56,830 1.163 %
Schedule of interest expense on deposits	(in thousands) 2021 2020 Passbook Savings $ 5 $ 7 Money Market Accounts 1 — Certificates of Deposit 741 1,004 $ 747 $ 1,011

Advances from Federal Home Lo_2

Advances from Federal Home Loan Bank (FHLB) (Tables)	12 Months Ended
Advances from Federal Home Loan Bank (FHLB) (Tables)	Dec. 31, 2021
Advances from Federal Home Loan Bank (FHLB)
Schedule of FHLB advances	The FHLB advances consist of the following obligations at December 31, 2021 and 2020 Effective Interest Rate 2021 2020 Less than 1.00% $ 4,000 $ 4,000 1.00% to 1.99% 4,000 2,250 2.00% to 2.99% 2,000 5,000 3.00% to 3.99% 8,218 8,193 4.00% to 4.99% — — 5.00% to 5.99% — — $ 18,218 $ 19,443
Schedule of maturities of FHLB advances	Due In Amount (in thousands) 2022 $ — 2023 500 2024 11,718 2025 4,000 Thereafter 2,000 $ 18,218

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
Employee Benefit Plans (Tables)	Dec. 31, 2021
Employee Benefit Plans
Schedule of restricted stock award activity	Weighted Average Restricted Fair Value at Stock Awards Grant Date Non-vested at January 1, 2021 — $ — Granted 3,225 13.95 Vested — — Forfeited — — Non-vested at December 31, 2021 3,225 $ 13.95

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Summary of the changes in the balances of each component of accumulated other comprehensive income (loss)	(in thousands) 2021 2020 Unrealized Gains (Losses) on Securities Available-for-Sale: Balance at Beginning of Year $ 44 $ (18) Other Comprehensive (Loss) Income Before Reclassifications - Net of Tax (19) 62 Balance at End of Year $ 25 $ 44

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
Regulatory Matters (Tables)	Dec. 31, 2021
Regulatory Matters
Schedule of actual and required capital amounts and ratios	To be Well Capitalized Under For Capital Prompt Corrective December 31, 2021: Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets) $ 20,098 39.49 % $ 4,071 8.00 % $ 5,089 10.00 % Tier 1 Capital (to Risk Weighted Assets) $ 19,460 38.24 % $ 3,054 6.00 % $ 4,071 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 19,460 38.24 % $ 2,290 4.50 % $ 3,308 6.50 % Tier 1 Leverage Capital (to Adjusted Total Assets) $ 19,460 18.72 % $ 4,159 4.00 % $ 5,198 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	December 31, December 31, (in thousands) 2021 2020 Total Equity (Bank Only) $ 19,485 $ 19,133 Unrealized (Gains) Losses on Securities Available-for-Sale, Net (25) (44) Tangible, Tier 1 Capital and Common Equity Tier 1 19,460 19,089 Allowance for Loan Losses Included in Capital 638 569 Total Capital $ 20,098 $ 19,658

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2021
Related Party Transactions
Schedule of activity in loans to directors, officers and employees	(in thousands) 2021 2020 Balance at Beginning of Year $ 135 $ 138 Add: New Loans or Advances — — Less: Payments (5) (3) Balance at End of Year $ 130 $ 135

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2021
Commitments and Contingencies
Schedule of future minimum rental commitments under the operating lease	Year Ended December 31, Amount (in thousands) 2022 $ 53 2023 53 2024 13 Total Minimum Payments Required $ 119

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	12 Months Ended
Fair Values of Financial Instruments (Tables)	Dec. 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 December 31, 2021: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Mortgage-Backed Securities FHLMC $ 2,767 $ — $ 2,767 $ — SBA 7a Pools 2,562 — 2,562 — Total Investment Securities $ 5,329 $ — $ 5,329 $ — 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 financial assets and liabilities that are measured at fair value on a non-recurring basis	Fair Value at Reporting Date Using Quoted Prices in Active Significant Markets Other Significant for Identical Observable Unobservable December 31, 2021: Fair Assets Inputs Inputs (in thousands) Value (Level 1) (Level 2) (Level 3) Assets: Impaired Loans $ — $ — $ — $ — Other Real Estate — — — — Total $ — $ — $ — $ — 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) Assets: Impaired Loans $ — $ — $ — $ — Other Real Estate — — — — Total $ — $ — $ — $ —
Summary of estimated fair values of the Homestead's financial instruments	December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value Financial Assets: Cash and Cash Equivalents $ 7,316 $ 7,316 $ 3,952 $ 3,952 Interest-Bearing Deposits in Banks 7,742 7,742 9,488 9,488 Investment Securities 5,329 5,329 6,050 6,050 Loans - Net 75,943 77,483 69,892 71,829 Loans Held-for-Sale 401 401 3,610 3,610 Accrued Interest Receivable 421 421 436 436 FHLB Stock 1,448 1,448 1,440 1,440 Cash Surrender Value of Life Insurance 4,225 4,225 4,137 4,137 Financial Liabilities: Deposits 60,963 60,756 56,428 57,931 Advances from FHLB 18,218 18,622 19,443 20,469 Accrued Interest Payable 51 51 69 69

Condensed Financial Informati_2

Condensed Financial Information (Parent Company Only) (Tables)	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information (Parent Company Only)
Schedule of Condensed Balance Sheets	CONDENSED BALANCE SHEETS DECEMBER 31, 2021 AND 2020 (in thousands) 2021 2020 ASSETS Cash in Bank $ 2,388 $ 2,831 Investment in Subsidiary 19,485 19,146 Total Assets $ 21,873 $ 21,977 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities $ 27 $ 37 Shareholders' Equity 21,846 21,940 Total Liabilities and Shareholders' Equity $ 21,873 $ 21,977
Schedule of Condensed Statements of Loss	CONDENSED STATEMENTS OF INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2021 (in thousands) 2021 2020 Income: Equity in Net Income of Subsidiary $ 371 $ 151 Total Income 371 151 Expenses: Professional Fees 135 172 Other Expense 98 95 Total Expenses 233 267 Income (Loss) Before Income Tax (Benefit) 138 (116) Income Tax (Benefit) (8) (13) Net Income (Loss) $ 146 $ (103)
Schedule of Condensed Statements of Cash Flows	CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (in thousands) 2021 2020 Cash Flows from Operating Activities: Net Income (Loss) $ 146 $ (103) Adjustments to Reconcile Net Loss to Net Cash (Used in) Operating Activities: Cash (Used in) Operating Activities: (Increase) in Due from Subsidiary — (9) Non-cash Compensation for ESOP 59 48 (Increase) in Equity in Net Income of Subsidiary (358) (151) (Decrease) Increase in Liabilities (10) 5 Net Cash (Used in) Operating Activities (163) (210) Cash Flows from Investing Activities: Net Cash (Used in) Investing Activities — — Cash Flows from Financing Activities: Shares Repurchased (280) (2,351) Net Cash (Used in) Financing Activities (280) (2,351) Net (Decrease) in Cash and Cash Equivalents (443) (2,561) Cash and Cash Equivalents at Beginning of Period 2,831 5,392 Cash and Cash Equivalents at End of Period $ 2,388 $ 2,831

Nature of Operations, Princip_3

Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies - Nature of Operations (Details)	Jul. 09, 2020shares	Jul. 09, 2019$ / sharesshares	Dec. 31, 2021location$ / sharesshares
Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies
Common stock offering, shares issued	1,429,676	1,429,676
ESOP, number of shares		114,374	114,374
Stock price when issued \| $ / shares		$ 10	$ 10
Number of locations \| location			2

Nature of Operations, Princip_4

Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies - Investment Securities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies
Trading securities	$ 0	$ 0
Held-to-maturity securities	$ 0	$ 0

Nature of Operations, Princip_5

Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies - Other Real Estate (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Other Real Estate
Other Real Estate	$ 0	$ 0

Nature of Operations, Princip_6

Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies - Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Premises and Equipment
Estimated useful lives	3 years
Maximum
Premises and Equipment
Estimated useful lives	39 years

Nature of Operations, Princip_7

Nature of Operations, Principles of Consolidation, Use of Estimates and Summary of Significant Accounting Policies - Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Marketing and Advertising Expense [Abstract]
Advertising expense	$ 15,000	$ 15,000

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss) available to common stockholders	$ 146	$ (103)
Denominator
Weighted average common shares outstanding	1,190	1,386
Less: Average unallocated ESOP shares	103	108
Weighted average shares	1,087	1,278
Basic earnings (loss) per common share	$ 0.13	$ (0.08)

Investment Securities - Amortiz

Investment Securities - Amortized cost and fair values (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 5,297	$ 5,994
Gross Unrealized Gains	32	63
Gross Unrealized (Losses)		(7)
Fair Value	5,329	6,050
SBA 7a Pools
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	2,531	3,183
Gross Unrealized Gains	31
Gross Unrealized (Losses)		(7)
Fair Value	2,562	3,176
FHLMC \| Mortgage-Backed Securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	2,766	2,811
Gross Unrealized Gains	1	63
Fair Value	$ 2,767	$ 2,874

Investment Securities - Contrac

Investment Securities - Contractual maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
After Five Years through Ten Years	$ 2,373
After Ten Years	2,924
Amortized Cost	5,297
Fair Value
After Five Years through Ten Years	2,391
After Ten Years	2,938
Fair value	5,329
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 ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Less Than 12 Months	$ 1,415	$ 873
12 Months or More		1,349
Total fair value	1,415	2,222
Unrealized (Losses)
Less Than 12 Months	(21)	(8)
12 Months or More		(1)
Total unrealized (losses)	(21)	(9)
Declines deemed to be other-than-temporary	0	0
SBA 7a Pools
Fair Value
Less Than 12 Months		873
12 Months or More		1,349
Total fair value		2,222
Unrealized (Losses)
Less Than 12 Months		(8)
12 Months or More		(1)
Total unrealized (losses)		$ (9)
FHLMC \| Mortgage-Backed Securities
Fair Value
Less Than 12 Months	1,415
Total fair value	1,415
Unrealized (Losses)
Less Than 12 Months	(21)
Total unrealized (losses)	$ (21)

Investment in FHLB Stock (Detai

Investment in FHLB Stock (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investment in FHLB Stock
Carrying amount of investment stated at cost	$ 1,448,000	$ 1,440,000

Loans Receivable and the Allo_3

Loans Receivable and the Allowance for Loan Losses - Loans receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 75,431	$ 69,603
Unamortized Loan Fees/Costs	1,370	1,139
Allowance for Loan Losses	(858)	(850)
Net Loans Receivable	75,943	69,892
Mortgage - 1-4 Family
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	66,356	64,792
Mortgage - Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	2,780	2,877
Mortgage - Construction and Land
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	4,576	1,356
Mortgage - Commercial real estate
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	1,480	364
Consumer Loans
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 239	$ 214

Loans Receivable and the Allo_4

Loans Receivable and the Allowance for Loan Losses - Allowance (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Allowance for Loan Losses:
Beginning Balance	$ 850,000	$ 850,000
Recoveries	8,000	2,000
Provision (Credit)		(2,000)
Ending Balance	858,000	850,000
Ending Balance: Collectively Evaluated for Impairment	858,000	850,000
Loans Receivable: Ending Balance	75,431,000	69,603,000
Ending Balance: Collectively Evaluated for Impairment	75,431,000	69,603,000
Allowance for loan losses, unallocated portion	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	8,000	2,000
Provision (Credit)	(74,000)	11,000
Ending Balance	752,000	818,000
Ending Balance: Collectively Evaluated for Impairment	752,000	818,000
Loans Receivable: Ending Balance	66,356,000	64,792,000
Ending Balance: Collectively Evaluated for Impairment	66,356,000	64,792,000
Allowance for loan losses, unallocated portion	752,000	818,000
Mortgage - Multifamily
Allowance for Loan Losses:
Beginning Balance	22,000	27,000
Provision (Credit)	(1,000)	(5,000)
Ending Balance	21,000	22,000
Ending Balance: Collectively Evaluated for Impairment	21,000	22,000
Loans Receivable: Ending Balance	2,780,000	2,877,000
Ending Balance: Collectively Evaluated for Impairment	2,780,000	2,877,000
Allowance for loan losses, unallocated portion	21,000	22,000
Mortgage - Construction and Land
Allowance for Loan Losses:
Beginning Balance	6,000	7,000
Provision (Credit)	57,000	(1,000)
Ending Balance	63,000	6,000
Ending Balance: Collectively Evaluated for Impairment	63,000	6,000
Loans Receivable: Ending Balance	4,576,000	1,356,000
Ending Balance: Collectively Evaluated for Impairment	4,576,000	1,356,000
Allowance for loan losses, unallocated portion	63,000	6,000
Mortgage - Commercial real estate
Allowance for Loan Losses:
Beginning Balance	4,000	11,000
Provision (Credit)	18,000	(7,000)
Ending Balance	22,000	4,000
Ending Balance: Collectively Evaluated for Impairment	22,000	4,000
Loans Receivable: Ending Balance	1,480,000	364,000
Ending Balance: Collectively Evaluated for Impairment	1,480,000	364,000
Allowance for loan losses, unallocated portion	22,000	4,000
Consumer Loans
Allowance for Loan Losses:
Loans Receivable: Ending Balance	239,000	214,000
Ending Balance: Collectively Evaluated for Impairment	239,000	214,000
Unallocated finance receivable
Allowance for Loan Losses:
Beginning Balance	495,000
Ending Balance	477,000	495,000
Allowance for loan losses, unallocated portion	$ 477,000	$ 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	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 75,431	$ 69,603
Loans over 90 days past due and still accruing	0	0
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	75,431	69,603
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	75,431	68,959
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable		30
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable		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	66,356	64,792
Mortgage - 1-4 Family \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	66,356	64,792
Mortgage - 1-4 Family \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	66,356	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		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	2,780	2,877
Mortgage - Multifamily \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	2,780	2,877
Mortgage - Multifamily \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	2,780	2,877
Mortgage - Construction and Land
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	4,576	1,356
Mortgage - Construction and Land \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	4,576	1,356
Mortgage - Construction and Land \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	4,576	1,356
Mortgage - Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,480	364
Mortgage - Commercial real estate \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,480	364
Mortgage - Commercial real estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,480	364
Consumer Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	239	214
Consumer Loans \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	239	214
Consumer Loans \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 239	$ 214

Loans Receivable and the Allo_6

Loans Receivable and the Allowance for Loan Losses - Past due (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans receivable	$ 75,431	$ 69,603
Loan balances outstanding on non-accrual status	0	0
Mortgage - 1-4 Family
Financing Receivable, Past Due [Line Items]
Loans receivable	66,356	64,792
Mortgage - Multifamily
Financing Receivable, Past Due [Line Items]
Loans receivable	2,780	2,877
Mortgage - Construction and Land
Financing Receivable, Past Due [Line Items]
Loans receivable	4,576	1,356
Mortgage - Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans receivable	1,480	364
Consumer Loans
Financing Receivable, Past Due [Line Items]
Loans receivable	239	214
Current, Not Past Due
Financing Receivable, Past Due [Line Items]
Loans receivable	75,431	69,603
Current, Not Past Due \| Mortgage - 1-4 Family
Financing Receivable, Past Due [Line Items]
Loans receivable	66,356	64,792
Current, Not Past Due \| Mortgage - Multifamily
Financing Receivable, Past Due [Line Items]
Loans receivable	2,780	2,877
Current, Not Past Due \| Mortgage - Construction and Land
Financing Receivable, Past Due [Line Items]
Loans receivable	4,576	1,356
Current, Not Past Due \| Mortgage - Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans receivable	1,480	364
Current, Not Past Due \| Consumer Loans
Financing Receivable, Past Due [Line Items]
Loans receivable	$ 239	$ 214

Loans Receivable and the Allo_7

Loans Receivable and the Allowance for Loan Losses - TDRs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Loans Receivable and the Allowance for Loan Losses
Debt restructurings defaulted subsequent to the restructuring	$ 0

Loans Receivable and the Allo_8

Loans Receivable and the Allowance for Loan Losses - Modifications (Details)	Aug. 29, 2021USD ($)borrower	Dec. 31, 2021contract	Dec. 31, 2020USD ($)contract
Resumed normal monthly payments
Loans and Leases Receivable Disclosure [Line Items]
Number of modified loans		48
Paid Off
Loans and Leases Receivable Disclosure [Line Items]
Number of modified loans		24
Paid entire deferred amounts
Loans and Leases Receivable Disclosure [Line Items]
Number of modified loans		1
Damage sustained from Hurricane Ida
Loans and Leases Receivable Disclosure [Line Items]
Number of borrowers sustaining damage to collateral securing loans \| borrower	1
Customers' loan balances with damage sustained to collateral \| $	$ 403,000
COVID-19 Loan Modification \| CARES Act
Loans and Leases Receivable Disclosure [Line Items]
Number of modified loans			73
Aggregate balance of modified loans \| $			$ 15,600,000

Accrued Interest Receivable (De

Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Interest Receivable
Accrued Interest Receivable	$ 421	$ 436
Loans Receivable
Accrued Interest Receivable
Accrued Interest Receivable	414	427
Mortgage-Backed Securities.
Accrued Interest Receivable
Accrued Interest Receivable	6	7
Interest-Bearing Deposits
Accrued Interest Receivable
Accrued Interest Receivable	$ 1	$ 2

Premises and Equipment (Details

Premises and Equipment (Details) - USD ($)	12 Months Ended
Premises and Equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Premises and Equipment
Premises and equipment, gross	$ 1,774,000	$ 1,769,000
Less Accumulated Depreciation and Amortization	(1,148,000)	(1,108,000)
Premises and equipment, net	626,000	661,000
Depreciation and amortization	41,000	58,000
Land
Premises and Equipment
Premises and equipment, gross	166,000	166,000
Buildings
Premises and Equipment
Premises and equipment, gross	970,000	970,000
Furniture, Fixtures and Equipment
Premises and Equipment
Premises and equipment, gross	545,000	540,000
Automobiles
Premises and Equipment
Premises and equipment, gross	$ 93,000	$ 93,000

Income Taxes - Income tax (bene

Income Taxes - Income tax (benefit) expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes from Continuing Operations:
Deferred		$ (62)
Income Tax (Benefit) Expense		$ (62)

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of income tax expense based on statutory rates and effective income tax rate
Expected Income Tax Expense at Statutory Rate	$ 31	$ (35)
Tax Exempt Income	(19)	(19)
Other Adjustments - Net	(12)	(8)
Income Tax (Benefit) Expense		$ (62)
Reconciliation of income tax expense rate to federal statutory rates
Expected Income Tax Expense at Statutory Rate	21.00%	21.00%
Tax Exempt Income	(13.00%)	12.00%
Other Adjustments - Net	(8.00%)	5.00%
Income Tax Expense		38.00%

Income Taxes - Components of de

Income Taxes - Components of deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Components of deferred tax assets and liabilities
Deferred Loan Fees (Costs)	$ (288,000)	$ (239,000)
Allowance for Loan Losses	134,000	134,000
Federal Home Loan Bank Stock	(84,000)	(83,000)
Deferred Retirement Agreements	68,000	66,000
Tax Carryforwards of Net Operating Losses	246,000	217,000
All Other Temporary Differences	170,000	122,000
Deferred Tax Assets	246,000	217,000
Valuation Allowance for Deferred Tax Asset (Net Operating Losses)	(246,000)	(217,000)
Deferred Tax Asset Net of Valuation Allowance
Unrealized (Gains) Losses on Securities Available-for-Sale	(7,000)	(12,000)
Net Deferred Tax (Liability)	(7,000)	(12,000)
Amount of bad debts deductions for which no deferred tax liability recognized	3,986,000	3,986,000
Deferred income tax liability	0	0
Unrecorded deferred income tax liability on bad debts reserve	$ 837,000	$ 837,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Valuation adjustment	$ 246,000
Federal
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	195,000	$ 182,000
Income taxes receivable, net operating loss, CARES act		$ 62,000
Operating loss carryforwards, without expiry	$ 1,800,000

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deposits
Passbook Savings	$ 3,447	$ 2,705
Money Market Accounts	686	146
Certificates of Deposit	56,830	53,577
Deposits	$ 60,963	$ 56,428
Percentage of deposits
Passbook Savings (percentage)	5.70%	4.80%
Money Market Accounts (percentage)	1.10%	0.30%
Certificates of Deposit (percentage)	93.20%	94.90%
Deposits (percentage)	100.00%	100.00%
Weighted average interest rate on deposits	1.10%	1.50%

Deposits - Maturities and avera

Deposits - Maturities and average interest rates of COD (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule of maturities of certificates of deposits
2022	$ 18,832,000
2023	7,591,000
2024	8,213,000
2025	11,861,000
2026	7,792,000
Thereafter	2,541,000
Certificates of Deposit	$ 56,830,000	$ 53,577,000
Schedule of average interest rate of Certificates of deposits
2022	1.245%
2023	1.284%
2024	1.62%
2025	0.773%
2026	0.668%
Thereafter	2.043%
Weighted average interest rate of certificates of deposit	1.163%
Aggregate amount of time deposits with a denomination greater than $250,000	$ 3,032,000	$ 2,589,000

Deposits - Interest expense on

Deposits - Interest expense on deposits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest expense on deposits
Passbook Savings	$ 5	$ 7
Money Market Accounts	1
Certificates of Deposit	741	1,004
Interest expense on deposits	$ 747	$ 1,011

Advances from Federal Home Lo_3

Advances from Federal Home Loan Bank (FHLB) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Advances from Federal Home Loan Bank (FHLB)
FHLB advances	$ 18,218	$ 19,443
Less than 1.00%
Advances from Federal Home Loan Bank (FHLB)
FHLB advances	4,000	4,000
1.00% to 1.99%
Advances from Federal Home Loan Bank (FHLB)
FHLB advances	4,000	2,250
2.00% to 2.99%
Advances from Federal Home Loan Bank (FHLB)
FHLB advances	2,000	5,000
3.00% to 3.99%
Advances from Federal Home Loan Bank (FHLB)
FHLB advances	$ 8,218	$ 8,193

Advances from Federal Home Lo_4

Advances from Federal Home Loan Bank (FHLB) - Maturities of FHLB (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Scheduled maturities of FHLB
2023	$ 500,000
2024	11,718,000
2025	4,000,000
Thereafter	2,000,000
FHLB advances	18,218,000	$ 19,443,000
Unused advances available with FHLB	18,300,000
Unsecured federal funds agreement with FNBB	6,600,000
Federal funds purchased	$ 0	$ 0

Employee Benefit Plans - 401(k)

Employee Benefit Plans - 401(k) Plan and Pension Plan (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
401(k) Plan
401(k) Plan
Threshold age, employees eligible for plan	21 years
Threshold period of service, employees eligible for plan	6 months
Threshold hours of service, employees eligible for plan	1,000
Employer's contributions to the plan	$ 62,000	$ 49,000
401(k) Plan \| First 3% of employees' salary deferral contribution
401(k) Plan
Employer's matching contribution percentage	100.00%	100.00%
Percentage of employee's gross pay for which employer contributes matching contribution	3.00%	3.00%
401(k) Plan \| Next 2% of annual compensation
401(k) Plan
Employer's matching contribution percentage	50.00%	50.00%
Percentage of employee's gross pay for which employer contributes matching contribution	2.00%	2.00%
Pension Plan
401(k) Plan
Percentage of employee's gross pay for which employer contributes matching contribution	25.00%
Threshold age, employees eligible for plan	21 years
Threshold period of service, employees eligible for plan	1 year
Employer's contributions to the plan	$ 98,000	$ 83,000
Employer's annual contributions to the plan	5.40%	5.40%
Employer's contributions, percentage per year after first year in the plan	20.00%
Employer's contributions, vesting period	6 years

Employee Benefit Plans - Employ

Employee Benefit Plans - Employee Stock Ownership Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 09, 2019
Employee Benefit Plans
ESOP, number of shares	114,374		114,374
ESOP, number of shares allocated	4,575	4,575
ESOP, number of shares unallocated	100,649
ESOP, compensation expense	$ 61,000	$ 48,000
Stock price when issued	$ 10		$ 10
ESOP, Aggregate fair value of unallocated shares	$ 1,404,000
Closing price	$ 13.95

Employee Benefit Plans - Equity

Employee Benefit Plans - Equity Incentive Plan (Details) - shares	Dec. 21, 2021	Dec. 31, 2021	Aug. 31, 2020
Restricted stock
Employee Benefit Plans
Number of shares granted		3,225
Vesting period		3 years
Restricted stock \| Non-employee
Employee Benefit Plans
Number of shares granted	3,225
Vesting period	3 years
Equity Incentive Plan ("2020 Plan")
Employee Benefit Plans
Exercise of stock options			200,154
Equity Incentive Plan ("2020 Plan") \| Stock options
Employee Benefit Plans
Exercise of stock options			142,967
Equity Incentive Plan ("2020 Plan") \| Restricted stock
Employee Benefit Plans
Exercise of stock options			57,187

Employee Benefit Plans - Restri

Employee Benefit Plans - Restricted Shares (Details) - Restricted stock	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Restricted Stock Awards
Granted (in shares) \| shares	3,225
Non-vested at ending balance (in shares) \| shares	3,225
Weighted Average Fair Value at Grant Date
Granted (in dollars per share) \| $ / shares	$ 13.95
Non-vested at ending balance (in dollars per share) \| $ / shares	$ 13.95
Unrecognized compensation expense \| $	$ 45,000
Compensation expense recognized \| $	$ 0
Vesting period	3 years

Employee Benefit Plans - Other

Employee Benefit Plans - Other Retirement Agreements (Details) - USD ($)	Mar. 01, 2019	Dec. 31, 2021	Dec. 31, 2020
Split Dollar Life Insurance
Employee Benefit Plans
Beneficiary amount of death proceeds from policies	$ 700,000
Other Retirement Agreements
Employee Benefit Plans
Threshold period of service of employee eligibility for plan		10 years
Threshold age of employee eligibility for plan		75 years
Payments to be made to each director		$ 120,000
Payment period (in years)		10 years
Expense incurred under the plan		$ 31,000	$ 35,000
Accrued liability		310,000	312,000
Life insurance policies
Employee Benefit Plans
Company beneficiary, aggregate death benefits of life insurance		$ 7,210,000	$ 7,192,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of Year	$ 21,940	$ 24,284
Balance at end of Year	21,846	21,940
Unrealized Gains (Losses) on Securities Available-for-Sale
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of Year	44	(18)
Other Comprehensive (Loss) Income Before Reclassifications - Net of Tax	(19)	62
Balance at end of Year	$ 25	$ 44

Regulatory Matters - Capital am

Regulatory Matters - Capital amounts and ratios (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Total risk-based capital to risk-weighted assets
Actual amount	$ 20,098	$ 19,658
Actual ratio	39.49	43.41
Capital Adequacy Purposes, amount	$ 4,071	$ 3,623
Capital Adequacy Purposes, ratio	8	8
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 5,089	$ 4,529
To be Well Capitalized Under Prompt Corrective Action Provisions, ratio	10	10
Tier I capital to risk- weighted assets
Actual amount	$ 19,460	$ 19,089
Actual ratio	38.24	42.15
Capital Adequacy Purposes, amount	$ 3,054	$ 2,717
Capital Adequacy Purposes, ratio	6	6
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 4,071	$ 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	$ 19,460	$ 19,089
Actual ratio	38.24%	42.15%
Capital Adequacy Purposes, amount	$ 2,290	$ 2,038
Capital Adequacy Purposes, ratio	4.50%	4.50%
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 3,308	$ 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	$ 19,460	$ 19,089
Actual ratio	18.72	18.94
Capital Adequacy Purposes, amount	$ 4,159	$ 4,030
Capital Adequacy Purposes, ratio	4	4
To be Well Capitalized Under Prompt Corrective Action Provisions, amount	$ 5,198	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Regulatory Matters
Total Equity (Bank Only)	$ 19,485	$ 19,133
Unrealized (Gains) Losses On Securities Available-for-Sale, Net	(25)	(44)
Tangible, Tier 1 Capital and Common Equity Tier 1	19,460	19,089
Allowance for Loan Losses Included in Capital	638	569
Total Capital	$ 20,098	$ 19,658

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Loans to directors, officers and employees
Balance at Beginning of Year	$ 135,000	$ 138,000
Less : Payments	(5,000)	(3,000)
Balance at End of Year	130,000	135,000
Related parties deposits	$ 253,000	$ 497,000

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Rental Commitments (Details)	12 Months Ended
	Dec. 31, 2021USD ($)lease	Dec. 31, 2020USD ($)
Lease Commitments
Operating lease, term of lease	3 years
Operating lease, number of options to extend \| lease	6
Operating lease, renewal term	3 years
Rental expense	$ 52,000	$ 48,000
Operating lease
2022	53,000
2023	53,000
2024	13,000
Total Minimum Payments Required	$ 119,000

Financial Instruments with Of_2

Financial Instruments with Off-Balance-Sheet Risk (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments with Off-Balance-Sheet Risk
Loans sold to investors	$ 7,900,000
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
Financial Instruments with Off-Balance-Sheet Risk
Off-balance-sheet risk, amount, liability	$ 9,000,000	$ 2,000,000

Fair Values of Financial Inst_3

Fair Values of Financial Instruments - Recurring (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets measured on a recurring basis
Total Investment Securities	$ 5,329	$ 6,050
Mortgage-Backed Securities \| FHLMC
Assets measured on a recurring basis
Total Investment Securities	2,767	2,874
SBA 7a Pools
Assets measured on a recurring basis
Total Investment Securities	2,562	3,176
Level 2
Assets measured on a recurring basis
Total Investment Securities	5,329	6,050
Level 2 \| Mortgage-Backed Securities \| FHLMC
Assets measured on a recurring basis
Total Investment Securities	2,767	2,874
Level 2 \| SBA 7a Pools
Assets measured on a recurring basis
Total Investment Securities	$ 2,562	$ 3,176

Fair Values of Financial Inst_4

Fair Values of Financial Instruments - Estimated fair values (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Financial Assets:
Cash and Cash Equivalents	$ 7,316	$ 3,952
Interest-Bearing Deposits in Banks	7,742	9,488
Investment Securities	5,329	6,050
Loans - Net	75,943	69,892
Loans Held-for-Sale	401	3,610
Accrued Interest Receivable	421	436
FHLB Stock	1,448	1,440
Cash Surrender Value of Life Insurance	4,225	4,137
Financial Liabilities:
Deposits	60,963	56,428
Advances from FHLB	18,218	19,443
Accrued Interest Payable	51	69
Fair Value
Financial Assets:
Cash and Cash Equivalents	7,316	3,952
Interest-Bearing Deposits in Banks	7,742	9,488
Investment Securities	5,329	6,050
Loans - Net	77,483	71,829
Loans Held-for-Sale	401	3,610
Accrued Interest Receivable	421	436
FHLB Stock	1,448	1,440
Cash Surrender Value of Life Insurance	4,225	4,137
Financial Liabilities:
Deposits	60,756	57,931
Advances from FHLB	18,622	20,469
Accrued Interest Payable	$ 51	$ 69

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended		12 Months Ended
Subsequent Events (Details) - USD ($)	Mar. 23, 2022	Feb. 28, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Stock Shares Repurchased			$ 280,000	$ 2,349,000
Common Stock
Subsequent Event [Line Items]
Stock Shares Repurchased				$ 2,000
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Stock Shares Repurchased (in Shares)		55,000
Stock Shares Repurchased	$ 804,000

Change in Corporate Form (Detai

Change in Corporate Form (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 09, 2020	Jul. 09, 2019
Change in Corporate Form
Share price		$ 10
Percentage of common shares		8.00%
Common stock offering, shares issued	1,429,676	1,429,676
Common stock offering	$ 1.2

Condensed Financial Informati_3

Condensed Financial Information - CONDENSED BALANCE SHEETS (Parent Company Only) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Total Assets	$ 103,595	$ 99,896
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities	81,749	77,956
Shareholders' Equity	21,846	21,940	$ 24,284
Total Liabilities and Stockholders' Equity	103,595	99,896
Parent Company
ASSETS
Cash in Bank	2,388	2,831
Investment in Subsidiary	19,485	19,146
Total Assets	21,873	21,977
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities	27	37
Shareholders' Equity	21,846	21,940
Total Liabilities and Stockholders' Equity	$ 21,873	$ 21,977

Condensed Financial Informati_4

Condensed Financial Information - CONDENSED STATEMENTS OF INCOME (LOSS) (Parent Company Only) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income:
Total Interest Income	$ 2,813	$ 2,987
Expenses:
Professional Fees	154	197
Other Expense	236	242
Income (Loss) Before Income Tax Expense	146	(165)
Income Tax (Benefit)		(62)
Net Income (Loss)	146	(103)
Parent Company
Income:
Equity in Net Income of Subsidiary	371	151
Total Interest Income	371	151
Expenses:
Professional Fees	135	172
Other Expense	98	95
Total Expenses	233	267
Income (Loss) Before Income Tax Expense	138	(116)
Income Tax (Benefit)	(8)	(13)
Net Income (Loss)	$ 146	$ (103)

Condensed Financial Informati_5

Condensed Financial Information - CONDENSED STATEMENTS OF CASH FLOWS (Parent Company Only) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net Income (Loss)	$ 146	$ (103)
Adjustments to Reconcile Net Loss to Net Cash (Used in) Operating Activities:
Net Cash (Used in) Operating Activities	3,393	(2,146)
Cash Flows from Investing Activities:
Net Cash (Used in) Investing Activities	(3,627)	502
Cash Flows from Financing Activities:
Shares Repurchased	(280)	(2,349)
Net Cash Provided by (Used in) Financing Activities	3,598	(6,279)
Net Increase (Decrease) in Cash and Cash Equivalents	3,364	(7,923)
Cash and Cash Equivalents at Beginning of Period	3,952	11,875
Cash and Cash Equivalents at End of Period	7,316	3,952
Parent Company
Cash Flows from Operating Activities:
Net Income (Loss)	146	(103)
Adjustments to Reconcile Net Loss to Net Cash (Used in) Operating Activities:
(Increase) in Due from Subsidiary		(9)
Non-cash Compensation for ESOP	59	48
(Increase) in Equity in Net Income of Subsidiary	(358)	(151)
(Decrease) Increase in Liabilities	(10)	5
Net Cash (Used in) Operating Activities	(163)	(210)
Cash Flows from Financing Activities:
Shares Repurchased	(280)	(2,351)
Net Cash Provided by (Used in) Financing Activities	(280)	(2,351)
Net Increase (Decrease) in Cash and Cash Equivalents	(443)	(2,561)
Cash and Cash Equivalents at Beginning of Period	2,831	5,392
Cash and Cash Equivalents at End of Period	$ 2,388	$ 2,831