FFBW (FFBW) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-39182
Entity Registrant Name	FFBW, Inc. /MD/
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	37-1962248
Entity Address, Address Line One	1360 South Moorland Road
Entity Address, City or Town	Brookfield
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53005
City Area Code	262
Local Phone Number	542-4448
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FFBW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		5,554,311
Entity Central Index Key	0001787384
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 15,722	$ 52,483
Fed funds sold	327	14,519
Cash and cash equivalents	16,049	67,002
Available for sale securities, stated at fair value	47,472	48,398
Loans held for sale	0	500
Loans, net of allowance for loan and lease losses of $2,530 and $2,430, respectively	228,300	222,104
Premises and equipment, net	6,684	5,506
Other equity investments	1,463	1,353
Accrued interest receivable	901	813
Cash value of life insurance	10,238	10,029
Other assets	2,676	1,372
TOTAL ASSETS	313,783	357,077
Liabilities and Equity
Deposits	233,954	255,250
Advance payments by borrowers for taxes and insurance	1,313	102
FHLB advances	0	6,500
Accrued interest payable	139	7
Other liabilities	917	1,246
Total liabilities	236,323	263,105
Preferred stock ($0.01 par value, 50,000,000 authorized, no shares issued or outstanding as of September 30, 2022 and December 31, 2021, respectively)
Common stock ($0.01 par value, 100,000,000 authorized, 5,565,823 and 6,734,970 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)	55	67
Additional paid in capital	44,075	58,273
Unallocated common stock of Employee Stock Ownership Plan ("ESOP") (527,568 and 550,509 shares at September 30, 2022 and December 31, 2021, respectively)	(5,276)	(5,506)
Retained earnings	42,081	40,365
Accumulated other comprehensive income (loss), net of income taxes	(3,475)	773
Total equity	77,460	93,972
TOTAL LIABILITIES AND EQUITY	$ 313,783	$ 357,077

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Balance Sheets
Allowance for loan and lease losses	$ 2,530	$ 2,430
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	5,565,823	6,734,970
Common stock, outstanding (in shares)	5,565,823	6,734,970
Unallocated common stock of Employee Stock Ownership Plan, shares (in shares)	527,568	550,509

Statements of Income

Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest and dividend income:
Loans, including fees	$ 2,734	$ 2,392	$ 7,932	$ 7,862
Securities
Taxable	282	204	737	617
Tax-exempt	48	46	142	140
Other	103	32	207	64
Total interest and dividend income	3,167	2,674	9,018	8,683
Interest expense:
Interest-bearing deposits	247	236	629	733
Borrowed funds	3	10	16	44
Total interest expense	250	246	645	777
Interest Income (Expense), Net, Total	2,917	2,428	8,373	7,906
Provision for loan losses	93	0	93	0
Net interest income after provision for loan losses	2,824	2,428	8,280	7,906
Noninterest income:
Service charges and other fees	148	127	439	354
Net gain on sale of loans	0	12	31	232
Increase in cash surrender value of insurance	73	70	209	188
Other noninterest income	27	117	81	167
Total noninterest income	248	326	760	941
Noninterest expense:
Salaries and employee benefits	1,383	1,209	3,942	3,957
Occupancy and equipment	315	269	874	795
Data processing	240	258	626	853
Technology	77	84	200	203
Foreclosed assets	0	(1)	0	0
Professional fees	124	110	404	325
Other noninterest expense	255	247	705	728
Total noninterest expense	2,394	2,176	6,751	6,861
Income before income taxes	678	578	2,289	1,986
Provision for income taxes	168	119	573	405
Net income	$ 510	$ 459	$ 1,716	$ 1,581
Earnings per share
Basic (in dollars per share)	$ 0.10	$ 0.07	$ 0.31	$ 0.24
Diluted (in dollars per share)	$ 0.10	$ 0.07	$ 0.30	$ 0.24

Statements of Comprehensive Inc

Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statements of Comprehensive Income (Loss)
Net income	$ 510	$ 459	$ 1,716	$ 1,581
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period	(2,247)	(188)	(5,821)	(704)
Reclassification adjustment for (gains) losses realized in net income	0	0	0	0
Other comprehensive income (loss) before tax effect	(2,247)	(188)	(5,821)	(704)
Tax effect of other comprehensive income (loss) items	608	50	1,573	203
Other comprehensive income (loss), net of tax	(1,639)	(138)	(4,248)	(501)
Comprehensive income (loss)	$ (1,129)	$ 321	$ (2,532)	$ 1,080

Statements of Changes in Equity

Statements of Changes in Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Unallocated Common Stock of ESOP	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2020	$ 77	$ 69,090	$ (5,811)	$ 38,382	$ 1,527	$ 103,265
Balance (in shares) at Dec. 31, 2020	7,695,214
Net Income				670		670
ESOP shares committed to be released		6	76			82
Stock based compensation expense		81				81
Repurchase of common stock	$ (4)	(4,614)				(4,618)
Repurchase of common stock (in shares)	(408,753)
Other comprehensive income (loss)					(404)	(404)
Balance at Mar. 31, 2021	$ 73	64,563	(5,735)	39,052	1,123	99,076
Balance (in shares) at Mar. 31, 2021	7,286,461
Balance at Dec. 31, 2020	$ 77	69,090	(5,811)	38,382	1,527	103,265
Balance (in shares) at Dec. 31, 2020	7,695,214
Net Income						1,581
Other comprehensive income (loss)						(501)
Balance at Sep. 30, 2021	$ 69	60,350	(5,582)	39,963	1,026	95,826
Balance (in shares) at Sep. 30, 2021	6,915,539
Balance at Mar. 31, 2021	$ 73	64,563	(5,735)	39,052	1,123	99,076
Balance (in shares) at Mar. 31, 2021	7,286,461
Net Income				452		452
ESOP shares committed to be released		9	76			85
Stock based compensation expense		101				101
Stock based compensation expense (shares)	10,712
Repurchase of common stock	$ (3)	(2,983)				(2,986)
Repurchase of common stock (in shares)	(263,140)
Other comprehensive income (loss)					41	41
Balance at Jun. 30, 2021	$ 70	61,690	(5,659)	39,504	1,164	96,769
Balance (in shares) at Jun. 30, 2021	7,034,033
Net Income				459		459
ESOP shares committed to be released		13	77			90
Stock based compensation expense		118				118
Stock based compensation expense (shares)	7,296
Repurchase of common stock	$ (1)	(1,471)				(1,472)
Repurchase of common stock (in shares)	(125,790)
Other comprehensive income (loss)					(138)	(138)
Balance at Sep. 30, 2021	$ 69	60,350	(5,582)	39,963	1,026	95,826
Balance (in shares) at Sep. 30, 2021	6,915,539
Balance at Dec. 31, 2021	$ 67	58,273	(5,506)	40,365	773	93,972
Balance (in shares) at Dec. 31, 2021	6,734,970
Net Income				567		567
ESOP shares committed to be released		15	77			92
Stock based compensation expense		108				108
Repurchase of common stock	$ (5)	(5,878)				(5,883)
Repurchase of common stock (in shares)	(480,769)
Other comprehensive income (loss)					(1,670)	(1,670)
Balance at Mar. 31, 2022	$ 62	52,518	(5,429)	40,932	(897)	87,186
Balance (in shares) at Mar. 31, 2022	6,254,201
Balance at Dec. 31, 2021	$ 67	58,273	(5,506)	40,365	773	93,972
Balance (in shares) at Dec. 31, 2021	6,734,970
Net Income						1,716
Other comprehensive income (loss)						(4,248)
Balance at Sep. 30, 2022	$ 55	44,075	(5,276)	42,081	(3,475)	77,460
Balance (in shares) at Sep. 30, 2022	5,565,823
Balance at Mar. 31, 2022	$ 62	52,518	(5,429)	40,932	(897)	87,186
Balance (in shares) at Mar. 31, 2022	6,254,201
Net Income				639		639
ESOP shares committed to be released		15	76			91
Stock based compensation expense		120				120
Stock based compensation expense (shares)	17,500
Repurchase of common stock	$ (2)	(3,239)				(3,241)
Repurchase of common stock (in shares)	(265,769)
Other comprehensive income (loss)					(939)	(939)
Balance at Jun. 30, 2022	$ 60	49,414	(5,353)	41,571	(1,836)	83,856
Balance (in shares) at Jun. 30, 2022	6,005,932
Net Income				510		510
ESOP shares committed to be released		17	77			94
Stock based compensation expense		137				137
Repurchase of common stock	$ (5)	(5,493)				(5,498)
Repurchase of common stock (in shares)	(440,109)
Other comprehensive income (loss)					(1,639)	(1,639)
Balance at Sep. 30, 2022	$ 55	$ 44,075	$ (5,276)	$ 42,081	$ (3,475)	$ 77,460
Balance (in shares) at Sep. 30, 2022	5,565,823

Statements of Changes in Equi_2

Statements of Changes in Equity (Parenthetical) - shares	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statements of Changes in Equity
ESOP shares committed to be released	22,941	15,294	7,647	22,941	15,294	7,647

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 1,716	$ 1,581
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	93	0
Depreciation	244	220
Net accretion of loan portfolio discount and amortization of deposit premium	24	183
Net amortization on securities available for sale	247	405
Loss on sales and impairments of foreclosed assets	0	2
Increase in cash surrender value of life insurance	(209)	(188)
ESOP compensation	277	257
Stock based compensation	365	300
Changes in operating assets and liabilities:
Accrued interest receivable	(88)	152
Loans held for sale	500	1,708
Other assets	197	246
Accrued interest payable	132	195
Other liabilities	(329)	(424)
Net cash provided by operating activities	3,169	4,637
Cash flows from investing activities:
Proceeds from sales of available for sale securities	0	3
Maturities, calls, paydowns on available for sale securities	5,018	15,917
Purchases of available for sale securities	(10,269)	(2,655)
Net change in loans	(6,242)	8,307
Purchases of premises and equipment	(1,422)	(107)
Purchase of life insurance	0	(2,500)
Proceeds from sale of foreclosed assets	0	122
Net cash provided by (used in) investing activities	(12,915)	19,087
Cash flows from financing activities:
Net change in deposits and advance payments	(20,085)	24,975
Repayments of FHLB advances	(6,500)	(6,000)
Proceeds from FHLB advances	0	5,000
Repurchase of common stock	(14,622)	(9,076)
Net cash (used in) provided by financing activities	(41,207)	14,899
Net change in cash and cash equivalents	(50,953)	38,623
Cash and cash equivalents at beginning	67,002	41,479
Cash and cash equivalents at end	16,049	80,102
Supplemental Cash Flow Disclosures:
Cash paid for interest	513	581
Cash paid for income taxes	$ 507	$ 890

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Basis of Presentation
Basis of Presentation	NOTE 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of FFBW, Inc. and its wholly-owned subsidiary, First Federal Bank of Wisconsin, (collectively the “Company”) were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments necessary for a fair presentation of the financial statements have been included. The results of operations for the three and nine month period ended September 30, 2022 are not necessarily indicative of the results which may be expected for the entire year. These statements should be read in conjunction with the Financial Statements and notes thereto for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (“SEC”) as part of FFBW, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 2 - Summary of Significant Accounting Policies Organization FFBW, Inc. (the “Company”), a Maryland corporation, is a publicly traded stock holding company. The Company provides a variety of financial services to individual and corporate customers through its wholly owned subsidiary, First Federal Bank of Wisconsin (the “Bank”). The Bank is a community bank headquartered in Waukesha, Wisconsin, with offices in Waukesha, Brookfield and Milwaukee. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and 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 loan losses, the fair values of securities, fair value of financial instruments, the valuation of other real estate owned and the valuation of deferred income tax assets. Revenue Recognition ​ Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. ​ The majority of the Company's revenue-generating transactions are not subject to ASC 606, including all interest and dividend income generated from financial instruments. Certain noninterest income items, including loan servicing income, gain on sales of loans, gain on sales of securities, and other noninterest income have been evaluated and were determined to not fall within the scope of ASC 606. Elements of noninterest income that are within the scope of ASC 606, are as follows: ​ Service charges and other fees - The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Management reviewed the deposit account agreements and determined that the agreements can be terminated at any time by either the Company or the account holder. Transaction fees, such as balance transfers, wires and overdraft charges are settled the day the performance obligation is satisfied. The Company's monthly service charges and maintenance fees are for services provided to the customer on a monthly basis and are considered a series of services that have the same pattern of transfer each month. The review of service charges assessed on deposit accounts included the amount of variable consideration that is a part of the monthly charges. It was found that the waiver of service charges due to insufficient funds and dormant account fees is immaterial and would not require a change in the accounting treatment for these fees under the new revenue standards. ​ Interchange fees - Customers use a Bank-issued debit card to purchase goods and services, and the Company earns interchange fees on those transactions, typically a percentage of the sale amount of the transaction. The Company records the amount due when it receives the settlement from the payment network. Payments from the payment network are received and recorded into income on a daily basis. These fees are included in “service charges and other fees” on the Statements of Income. There are no contingent debit card interchange fees recorded by the Company that could be subject to a clawback in future periods. ​ Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and balances due from banks, non-maturity deposits in the Federal Home Loan Bank of Chicago (FHLB), and fed funds sold. The Company has not experienced any losses in such accounts. ​ Available for Sale Securities Securities classified as available for sale are those 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 movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital requirements, and other similar factors. Securities classified as available for sale are carried at fair value. Unrealized gains or losses are reported as increases or decreases in other comprehensive income, net of the related deferred tax effect. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Gains and losses on the sale of securities are recorded on the trade date and determined using the specific-identification method. ​ Declines in fair value of securities that are deemed to be other than temporary, if applicable, are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers the length of time and the extent to which fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient enough to allow for any anticipated recovery in fair value. ​ Loans Acquired in a Transfer The Company acquires loans (including debt securities) individually and in groups or portfolios. These loans are initially measured at fair value with no allowance for loan losses. The Company’s allowance for loan losses on all acquired loans reflect only those losses incurred subsequent to acquisition. Certain acquired loans may have experienced deterioration of credit quality between origination and the Company’s acquisition of the loans. At acquisition, the Company reviews each loan to determine whether there is evidence of deterioration of credit quality since origination and if it is probable that the Company will be unable to collect all amounts due according to the loan’s contractual terms. If both conditions exist, the Company determines whether each such loan is to be accounted for individually or whether such loans will be assembled into pools of loans based on common risk characteristics (for example, credit score, loan type, and date of origination). The Company considers expected prepayments and estimates the amount and timing of undiscounted principal, interest, and other cash flows expected at acquisition for each loan and aggregated pool of loans. The excess of the loan’s or pool’s scheduled contractual principal and interest payments over all cash flows expected at acquisition is calculated as the nonaccretable difference. The excess of cash flows expected to be collected over the fair value of each loan or pool (accretable yield) is accreted into interest income over the remaining life of the loan or pool. At each reporting date, the Company continues to estimate cash flows expected to be collected for each loan or pool. If expected cash flows have decreased from the acquisition date estimate, the Company recognizes an allowance for loan losses. If expected cash flows have increased from the acquisition date estimate, the Company increases the amount of accretable yield to be recognized as interest income over the remaining life of the loan or pool. Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold with the mortgage servicing rights released by the Company. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loan sold. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances adjusted for deferred loan fees and costs, charge-offs, and an allowance for loan losses. Interest on loans is accrued and credited to income based on the unpaid principal balance. Loan-origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is discontinued when, in the opinion of management, there is an indication that the borrower may be unable to make payments as they become due. When loans are placed on nonaccrual status or charged off, all unpaid accrued interest is reversed against interest income. The interest on these loans is subsequently accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is maintained at the level considered adequate by management to provide for losses that are probable as of the balance sheet date. The allowance for loan losses is established through a provision for loan losses charged to expense as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. In determining the adequacy of the allowance balance, the Company makes evaluations of the loan portfolio and related off-balance sheet commitments, considers current economic conditions and historical loss experience, and reviews specific problem loans and other factors. When establishing the allowance for loan losses, management categorizes loans into risk categories generally based on the nature of the collateral and the basis of repayment. These risk categories and their relevant risk characteristics are as follows: Commercial development: Commercial real estate: Commercial and industrial: One-to-four family owner-occupied: One-to-four family investor-owned: Multifamily real estate: Consumer: Management regularly evaluates the allowance for loan losses using the Company’s past loan loss experience, known and inherent risks in the loan portfolio, composition of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, current economic conditions, and other relevant factors. This evaluation is inherently subjective since it requires material estimates that may be susceptible to significant change. A loan is impaired when, based on current information, it is probable that the Company will not collect all amounts due in accordance with the contractual terms of the loan agreement. Management determines whether a loan is impaired on a case-by-case basis, taking into consideration the payment status, collateral value, length and reason of any payment delays, the borrower’s prior payment record, and any other relevant factors. Large groups of smaller-balance homogeneous loans, such as residential mortgage and consumer loans, are collectively evaluated in the allowance for loan losses analysis and are not subject to impairment analysis unless such loans have been subject to a restructuring agreement. Specific allowances for impaired loans are based on discounted cash flows of expected future payments using the loan’s initial effective interest rate or the fair value of the collateral if the loan is collateral dependent. In addition, various regulatory agencies periodically review the allowance for loan losses. These agencies may require the Company to make additions to the allowance for loan losses based on their judgments of collectability based on information available to them at the time of their examination. Troubled Debt Restructurings Loans are accounted for as troubled debt restructurings when a borrower is experiencing financial difficulties that lead to a restructuring of the loan and the Company grants a “concession” to the borrower that they would not otherwise consider. These concessions include a modification of terms, such as a reduction of the stated interest rate or loan balance, a reduction of accrued interest, an extension of the maturity date at an interest rate lower than a current market rate for a new loan with similar risk, or some combination thereof to facilitate repayment. Troubled debt restructurings are considered impaired loans. Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Provisions for depreciation are computed on straight-line and accelerated methods over the estimated useful lives of the assets. Other Equity Investments ​ Other Equity Investments consist of Federal Home Loan Bank of Chicago (“FHLB”) stock and Bankers’ Bank stock. The value. The Company is required to hold the stock as a member of the FHLB and transfer of the stock is substantially restricted. The stock is evaluated for impairment on an annual basis. The Company is required to Income Taxes ​ Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision for income taxes. The differences relate principally to the allowances for loan losses, deferred compensation, depreciation, FHLB stock dividends and non-accrual interest. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not to be sustained on audit, based on the technical merits of the position. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Based on its evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company’s policy is to recognize interest and penalties related to income tax issues as components of income tax expense. During the periods shown, the Company did not recognize any interest or penalties related to income tax expense in its statements of operations. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Advertising Advertising costs are expensed as incurred. Other Comprehensive Income (Loss) Other comprehensive income (loss) is shown on the statements of comprehensive income (loss). The Company’s accumulated other comprehensive income (loss) is composed of the unrealized gains (losses) on securities available for sale, net of tax and is shown on the statements of changes in equity. Reclassification adjustments out of other comprehensive income (loss) for gains/losses realized on sales of securities available for sale comprise the entire balance of “net gain/loss on sale of securities” on the statements of income. Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance-sheet financial instruments consisting of commitments to extend credit, unfunded commitments under lines of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. Life Insurance The Company has purchased life insurance policies on certain key members of the management team. Life insurance is measured at the amount that could be realized under the insurance contract as of the balance sheet date, which is generally the cash surrender value of the policy. Recent Accounting Pronouncements 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. The following ASUs have been issued by the FASB and may impact the Company's financial statements in future reporting periods: ​ ASU No. 2016-13, “Credit Losses (Topic 326).” ASU No. 2019-04, “Codification Improvements to Topic 326.” ASU No. 2019-05, “Financial Instruments-Credit Losses.” ​ ASU 2016-13 requires organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption will be permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is expecting to see an increase in its allowance for loan losses upon adoption but is still assessing the final impact of adopting ASU 2016-13 on its financial statements. ​ ASU No. 2016-02, “Leases (Topic 842): Amendments to the Leases Analysis.” ASU No. 2018-10, "Codification Improvements to Topic 842." ASU No. 2018-11, "Targeted Improvements" ​ For lessees, Topic 842 requires leases to be recognized on the balance sheet, along with disclosure of key information about leasing arrangements. Topic 842 was subsequently amended by ASU 2018-01, 2018-10 and 2018-11. The new standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification expense recognition in the income statement. ​ For lessors, Topic 842 requires lessors to classify leases as sales-type, direct financing or operating leases. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating the lessor has transferred substantially all the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases. ​ The new standard is effective for fiscal years beginning after December 15, 2021, and for interim periods beginning after December 15, 2022, with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) the new standard's effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company expects to adopt the new standard during the fourth quarter of 2022, with an effective date of January 1, 2022. The Company is expecting to record a right of use asset and corresponding lease obligation for its outstanding leases. ​ ​

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings per share
Earnings Per Share	NOTE 3 – Earnings Per Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock awards and restricted stock units, though no actual shares of common stock related to restricted stock units are issued until the settlement of such units, to the extent holders of these securities receive non-forfeitable dividends or dividend equivalents at the same rate as holders of the Company’s common stock. Diluted earnings per share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive options are disregarded in earnings per share calculations. ​ The following table presents the earnings per share calculations for the three and nine months ended September 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2022 2021 2022 2021 ​ Net income ​ $ 510 ​ $ 459 ​ $ 1,716 ​ $ 1,581 ​ Basic potential common shares ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 5,728,305 ​ 6,912,234 ​ 6,153,345 ​ 7,182,778 ​ Weighted average unallocated Employee Stock Ownership Plan Shares ​ (530,179) ​ (560,767) ​ (539,101) ​ (569,689) ​ Basic weighted average shares outstanding ​ 5,198,126 ​ 6,351,467 ​ 5,614,244 ​ 6,613,089 ​ Dilutive potential common shares ​ 36,120 ​ 22,535 ​ 25,368 ​ 15,713 ​ Dilutive weighted average shares outstanding ​ 5,234,246 ​ 6,374,002 ​ 5,639,612 ​ 6,628,802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 0.10 ​ $ 0.07 ​ $ 0.31 ​ $ 0.24 ​ Diluted earnings per share ​ $ 0.10 ​ $ 0.07 ​ $ 0.30 ​ $ 0.24 ​ ​

Available for Sale Securities

Available for Sale Securities	9 Months Ended
	Sep. 30, 2022
Available for Sale Securities
Available for Sale Securities	NOTE 4 – Available for Sale Securities Amortized costs and fair values of available for sale securities are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost ​ Gains ​ Losses ​ Value September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ 1,823 ​ $ - ​ $ (170) ​ $ 1,653 Obligations of states and political subdivisions ​ 14,163 ​ - ​ (1,847) ​ 12,316 Mortgage-backed securities ​ 25,442 ​ - ​ (2,076) ​ 23,366 Certificates of deposit ​ 500 ​ 3 ​ (12) ​ 491 Corporate debt securities ​ 10,307 ​ - ​ (661) ​ 9,646 Total available for sale securities ​ $ 52,235 ​ $ 3 ​ $ (4,766) ​ $ 47,472 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ 1,028 ​ $ 19 ​ $ (7) ​ $ 1,040 Obligations of states and political subdivisions ​ 14,289 ​ 376 ​ (41) ​ 14,624 Mortgage-backed securities ​ 25,452 ​ 658 ​ (54) ​ 26,056 Certificates of deposit ​ 750 ​ 22 ​ - ​ 772 Corporate debt securities ​ 5,821 ​ 111 ​ (26) ​ 5,906 Total available for sale securities ​ $ 47,340 ​ $ 1,186 ​ $ (128) ​ $ 48,398 ​ Fair values of securities are estimated based on financial models or prices paid for similar securities. It is possible interest rates could change considerably, resulting in a material change in estimated fair value. ​ The following table presents the portion of the Company’s portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ Fair Value Losses Fair Value Losses Fair Value Losses September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ 1,207 ​ $ (98) ​ $ 431 ​ $ (72) ​ $ 1,638 ​ $ (170) Obligations of states and political subdivisions ​ ​ 9,146 ​ ​ (1,166) ​ ​ 2,881 ​ ​ (681) ​ ​ 12,027 ​ ​ (1,847) Mortgage-backed securities ​ ​ 20,484 ​ (1,741) ​ 2,881 ​ (335) ​ 23,365 ​ (2,076) Certificates of deposit ​ ​ 238 ​ ​ (12) ​ ​ — ​ ​ — ​ ​ 238 ​ (12) Corporate debt securities ​ 7,752 ​ (531) ​ 1,270 ​ (130) ​ 9,022 ​ (661) Total ​ $ 38,827 ​ $ (3,548) ​ $ 7,463 ​ $ (1,218) ​ $ 46,290 ​ $ (4,766) December 31, 2021 ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ 497 ​ $ (7) ​ $ — ​ $ — ​ $ 497 ​ $ (7) Obligations of states and political subdivisions ​ ​ 3,129 ​ ​ (10) ​ ​ 937 ​ ​ (31) ​ $ 4,066 ​ ​ (41) Mortgage-backed securities ​ 4,116 ​ (24) ​ 1,881 ​ (30) ​ 5,997 ​ (54) Corporate debt securities ​ 2,874 ​ (26) ​ — ​ — ​ 2,874 ​ (26) Total ​ $ 10,616 ​ $ (67) ​ $ 2,818 ​ $ (61) ​ $ 13,434 ​ $ (128) ​ At September 30, 2022, the investment portfolio included 19 securities available for sale, which had been in an unrealized loss position for greater than twelve months, and 111 securities available for sale, which had been in an unrealized loss position for less than twelve months. At December 31, 2021, the investment portfolio included 5 securities available for sale, which had been in an unrealized loss position for greater than twelve months, and 15 securities available for sale, which had been in an unrealized loss position for less than twelve months. Because these securities have a fixed interest rate, their fair value is sensitive to movements in market interest rates. These unrealized losses are considered temporary because the Company does not currently have the intent to sell the securities before recovery of the losses; therefore we expect to collect all contractually due amounts from these securities. Accordingly, these investments were reduced to their fair values through accumulated other comprehensive income, not through earnings. ​ We regularly assess our securities portfolio for other than temporary impairment (“OTTI”). These assessments are based on the nature of the securities, the underlying collateral, the financial condition of the issuer, the extent and duration of the loss, our intent related to the individual securities, and the likelihood that we will have to sell securities prior to expected recovery. We did not have any impairment losses recognized in earnings for the three and nine months ended September 30, 2022 or September 30, 2021. ​ The amortized cost and fair value of available for sale securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities in mortgage-backed securities since the anticipated maturities are not readily determinable. Therefore, these securities are not included in the maturity categories in the following maturity summary listed below: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ Amortized Cost Fair Value Due in one year or less ​ $ 292 ​ $ 295 Due after one year through 5 years ​ 9,667 ​ 9,179 Due after 5 years through 10 years ​ 11,751 ​ 10,502 Due after 10 years ​ 5,083 ​ 4,130 Subtotal ​ $ 26,793 ​ $ 24,106 Mortgage-backed securities ​ 25,442 ​ 23,366 Total ​ $ 52,235 ​ $ 47,472 ​ There were no sales of available for sale securities during the nine months ended September 30, 2022 and 2021. ​ Available for sale securities with a carrying value of $936 and $1,038 were pledged at September 30, 2022 and December 31, 2021, respectively.

Loans

Loans	9 Months Ended
	Sep. 30, 2022
Loans
Loans	NOTE 5 - Loans Major classifications of loans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Commercial ​ ​ Development ​ $ 15,841 ​ $ 21,396 Real estate ​ 99,374 ​ 94,830 Commercial and industrial ​ 24,801 ​ 18,387 Residential real estate and consumer ​ ​ ​ ​ One-to-four family owner-occupied ​ 18,754 ​ 18,158 One-to-four family investor-owned ​ 27,737 ​ 26,234 Multifamily ​ 41,602 ​ 42,511 Consumer ​ 3,085 ​ 3,312 Subtotal ​ $ 231,194 ​ $ 224,828 Deferred loan fees ​ (364) ​ (294) Allowance for loan losses ​ (2,530) ​ (2,430) Net loans ​ $ 228,300 ​ $ 222,104 ​ Deposit accounts in an overdraft position and reclassified as loans approximated $9 and $23 at September 30, 2022 and December 31, 2021, respectively. ​ A summary of the activity in the allowance for loan losses by portfolio segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real ​ ​ ​ ​ ​ ​ ​ estate ​ ​ ​ Three Months Ended ​ Commercial ​ and consumer ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 30, 2022 ​ $ 1,375 ​ $ 1,058 ​ $ 2,433 Provision for loan losses ​ 204 ​ (111) ​ 93 Loans charged off ​ — ​ — ​ — Recoveries of loans previously charged off ​ — ​ 4 ​ 4 Balance at September 30, 2022 ​ $ 1,579 ​ $ 951 ​ $ 2,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 30, 2021 ​ $ 1,590 ​ $ 834 ​ $ 2,424 Provision for loan losses ​ (31) ​ 31 ​ — Loans charged off ​ (1) ​ — ​ (1) Recoveries of loans previously charged off ​ 1 ​ 2 ​ 3 Balance at September 30, 2021 ​ $ 1,559 ​ $ 867 ​ $ 2,426 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real ​ ​ ​ ​ ​ ​ ​ estate ​ ​ ​ Nine Months Ended ​ Commercial ​ and consumer ​ Total ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2021 ​ $ 1,516 ​ $ 914 ​ $ 2,430 Provision for loan losses ​ 63 ​ 30 ​ 93 Loans charged off ​ — ​ (3) ​ (3) Recoveries of loans previously charged off ​ — ​ 10 ​ 10 Total ending allowance balance ​ $ 1,579 ​ $ 951 ​ $ 2,530 ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2020 ​ $ 1,834 ​ $ 977 ​ $ 2,811 Provision for loan losses ​ 116 ​ (116) ​ — Loans charged off ​ (393) ​ — ​ (393) Recoveries of loans previously charged off ​ 2 ​ 6 ​ 8 Total ending allowance balance ​ $ 1,559 ​ $ 867 ​ $ 2,426 ​ Information about how loans were evaluated for impairment and the related allowance for loan losses follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Real ​ ​ ​ ​ ​ ​ ​ Estate and ​ ​ ​ September 30, 2022 ​ Commercial ​ Consumer ​ Total Loans: ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ 495 ​ $ 495 Collectively evaluated for impairment ​ 140,016 ​ 90,683 ​ 230,699 Total loans ​ $ 140,016 ​ $ 91,178 ​ $ 231,194 ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — Collectively evaluated for impairment ​ 1,579 ​ 951 ​ 2,530 Total allowance for loan losses ​ $ 1,579 ​ $ 951 ​ $ 2,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Real ​ ​ ​ ​ ​ ​ ​ Estate and ​ ​ ​ December 31, 2021 ​ Commercial ​ Consumer ​ Total Loans: ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ 112 ​ $ 817 ​ $ 929 Collectively evaluated for impairment ​ 134,501 ​ 89,398 ​ 223,899 Total loans ​ $ 134,613 ​ $ 90,215 ​ $ 224,828 ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — Collectively evaluated for impairment ​ 1,516 ​ 914 ​ 2,430 Total allowance for loan losses ​ $ 1,516 ​ $ 914 ​ $ 2,430 ​ ​ ​ Information regarding impaired loans follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Recorded Related Average Interest As of September 30, 2022 ​ Balance ​ Investment ​ Allowance ​ Investment ​ Recognized Loans with no related allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate and consumer ​ ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied ​ ​ 460 ​ ​ 451 ​ ​ — ​ ​ 460 ​ ​ 3 Consumer ​ 45 ​ 44 ​ — ​ 44 ​ — Total loans with no related allowance for loan losses ​ ​ 505 ​ ​ 495 ​ ​ — ​ ​ 504 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total impaired loans ​ $ 505 ​ $ 495 ​ $ — ​ $ 504 ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Recorded Related Average Interest As of December 31, 2021 ​ Balance ​ Investment ​ Allowance ​ Investment ​ Recognized Loans with no related allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 116 ​ ​ 112 ​ ​ — ​ ​ 77 ​ ​ — Residential real estate and consumer ​ ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied ​ ​ 819 ​ ​ 770 ​ ​ — ​ ​ 831 ​ ​ 7 Consumer ​ 47 ​ 47 ​ — ​ 49 ​ — Total loans with no related allowance for loan losses ​ ​ 982 ​ ​ 929 ​ ​ — ​ ​ 957 ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total impaired loans ​ $ 982 ​ $ 929 ​ $ — ​ $ 957 ​ $ 7 ​ There were no additional funds committed to impaired loans as of September 30, 2022 and December 31, 2021, respectively. ​ The Company regularly evaluates various attributes of loans to determine the appropriateness of the allowance for loan losses. The credit quality indicators monitored differ depending on the class of loan. Commercial loans and one-to-four family investor-owned and multifamily loans are generally evaluated using the following internally prepared ratings: “Pass” ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable. “Special mention” ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable. “Substandard” ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable. “Doubtful” ratings are assigned to loans that do not have adequate collateral and/or debt service ability, and collectability of the contractual loan payments is unlikely. Information regarding the credit quality indicators most closely monitored for commercial loans by class follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ Mention ​ Substandard ​ Doubtful ​ Totals September 30, 2022 ​ ​ ​ ​ ​ ​ Development ​ $ 15,841 ​ $ — ​ $ — ​ $ — ​ $ 15,841 Real estate ​ 96,897 ​ 2,321 ​ 156 ​ — ​ 99,374 Commercial and industrial ​ 19,763 ​ — ​ 5,038 ​ — ​ 24,801 One-to-four family investor-owned ​ 27,691 ​ — ​ 46 ​ — ​ 27,737 Multifamily ​ 41,602 ​ — ​ — ​ — ​ 41,602 Totals ​ $ 201,794 ​ $ 2,321 ​ $ 5,240 ​ $ — ​ $ 209,355 December 31, 2021 ​ ​ ​ ​ ​ Development ​ $ 21,396 ​ $ — ​ $ — ​ $ — ​ $ 21,396 Real estate ​ 93,653 ​ 843 ​ 334 ​ — ​ 94,830 Commercial and industrial ​ 18,387 ​ — ​ — ​ — ​ 18,387 One-to-four family investor-owned ​ 26,234 ​ — ​ — ​ — ​ 26,234 Multifamily ​ 42,511 ​ — ​ — ​ — ​ 42,511 Totals ​ $ 202,181 ​ $ 843 ​ $ 334 ​ $ — ​ $ 203,358 ​ Residential real estate and consumer loans are generally evaluated based on whether or not the loan is performing according to the contractual terms of the loan. Information regarding the credit quality indicators most closely monitored for residential real estate and consumer loans by class follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing Non-performing Totals September 30, 2022 ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied $ 18,605 ​ $ 149 $ 18,754 Consumer ​ 3,085 ​ — ​ 3,085 ​ ​ $ 21,690 ​ $ 149 ​ $ 21,839 December 31, 2021 ​ ​ ​ One-to-four family owner-occupied ​ $ 17,986 ​ $ 172 $ 18,158 Consumer ​ 3,312 ​ — ​ 3,312 ​ ​ $ 21,298 ​ $ 172 ​ $ 21,470 ​ Loan aging information follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Past Due ​ Loans Past Due ​ ​ ​ ​ Nonaccrual ​ Current Loans 30-89 Days 90+ Days Total Loans Loans September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development ​ $ 15,841 ​ $ — ​ $ — ​ $ 15,841 ​ $ — Real estate ​ 99,374 ​ — ​ — ​ 99,374 ​ — Commercial and industrial ​ 24,801 ​ — ​ — ​ 24,801 ​ — Residential real estate and consumer ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied ​ 18,754 ​ — ​ — ​ 18,754 ​ 149 One-to-four family investor-owned ​ 27,548 ​ 189 ​ — ​ 27,737 ​ — Multifamily ​ 41,602 ​ — ​ — ​ 41,602 ​ — Consumer ​ 3,085 ​ — ​ — ​ 3,085 ​ — Total ​ $ 231,005 ​ $ 189 ​ $ — ​ $ 231,194 ​ $ 149 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Past Due ​ Loans Past Due ​ ​ ​ ​ Nonaccrual ​ Current Loans 30-89 Days 90+ Days Total Loans Loans December 31, 2021 ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development ​ $ 21,396 ​ $ — ​ $ — ​ $ 21,396 ​ $ — Real estate ​ 94,830 ​ — ​ — ​ 94,830 ​ 112 Commercial and industrial ​ 18,387 ​ — ​ — ​ 18,387 ​ — Residential real estate and consumer ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied ​ 18,044 ​ 114 ​ — ​ 18,158 ​ 172 One-to-four family investor-owned ​ 26,234 ​ — ​ — ​ 26,234 ​ — Multifamily ​ 42,511 ​ — ​ — ​ 42,511 ​ — Consumer ​ 3,312 ​ — ​ — ​ 3,312 ​ — Total ​ $ 224,714 ​ $ 114 ​ $ — ​ $ 224,828 ​ $ 284 ​ There are no loans 90 or more days past due and accruing interest as of September 30, 2022 or December 31, 2021. When, for economic or legal reasons related to the borrower’s financial difficulties, the Company grants a concession to the borrower that the Company would not otherwise consider, the modified loan is classified as a troubled debt restructuring. Loan modifications may consist of forgiveness of interest and/or principal, a reduction of the interest rate, allowing interest-only payments for a period of time, and/or extending amortization terms. During the nine months ended and as of September 30, 2022, there were no new troubled debt restructurings. No troubled debt restructurings defaulted within 12 months of their modification date during the nine months ended September 30, 2022. During the year ended and as of December 31, 2021, there was one commercial real estate loan totaling $116 and one 1-4 family owner-occupied loan totaling $115 that were new troubled debt restructurings. During April 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law which provides optional, temporary relief from accounting for certain pandemic-related loan modifications as a TDR. During 2020, the Bank offered payment deferrals to loan customers that were excluded from TDR classification based on the CARES Act. There were no loans remaining on a modified status as of September 30, 2022. Management regularly monitors impaired loan relationships. In the event facts and circumstances change, an additional provision for loan losses may be necessary. ​

Deposits

Deposits	9 Months Ended
	Sep. 30, 2022
Deposits
Deposits	NOTE 6 - Deposits The composition of deposits are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Non interest-bearing checking ​ $ 52,044 ​ $ 54,243 Interest-bearing checking ​ 12,401 ​ 12,864 Money market ​ 77,858 ​ 87,585 Statement savings accounts ​ 34,121 ​ 33,968 Health savings accounts ​ 10,519 ​ 10,608 Certificates of deposit ​ 47,011 ​ 55,982 Total ​ $ 233,954 ​ $ 255,250 ​ Certificates of deposit that meet or exceed the FDIC insurance limit of $250 totaled $7,925 and $10,894 at September 30, 2022 and December 31, 2021, respectively. The scheduled maturities of certificates of deposit are as follows as of September 30, 2022: ​ ​ ​ ​ 2022 $ 11,174 2023 ​ 26,335 2024 ​ 8,409 2025 ​ 532 2026 ​ ​ 394 2027 ​ ​ 167 Total ​ $ 47,011 ​ The core deposit premium intangible had a net carrying value of $244 at September 30, 2022 and $316 at December 31, 2021. ​ ​ ​ ​

FHLB Advances

FHLB Advances	9 Months Ended
	Sep. 30, 2022
FHLB Advances
FHLB Advances	NOTE 7– FHLB Advances At September 30, 2022 there were no outstanding FHLB advances. At December 31, 2021, the Company had The Company has a master contract agreement with the FHLB that provides for a borrowing up to the lesser of a determined multiple of FHLB stock owned or a determined percentage of the book value of the Company’s qualifying one-to-four family, multifamily, commercial real estate and commercial business loans. The Company pledged approximately $160,026 and $154,649 of one-to-four family, multifamily, commercial real estate and commercial business loans to secure FHLB advances at September 30, 2022 and December 31, 2021, respectively. FHLB provides both fixed and floating rate advances. Floating rates are tied to short-term market rates of interest, such as Federal funds, FHLB discount note or prime rates. Fixed rate advances are priced in reference to market rates of interest at the time of the advance, namely the rates that FHLB pays to borrowers at various maturities. Certain FHLB advances are subject to a prepayment penalty if they are repaid prior to maturity. FHLB advances are also secured by $851 of FHLB stock owned by the Company at both September 30, 2022 and December 31, 2021. At September 30, 2022, the Company’s available and unused portion of this borrowing agreement based on the amount of FHLB stock was $18,903. In addition, the Company has a $7,000 federal funds line of credit through Bankers’ Bank of Wisconsin, which was not drawn on as of September 30, 2022. The Company also has the authority to borrow through the Federal Reserve’s Discount Window

Employee Stock Ownership Plan

Employee Stock Ownership Plan	9 Months Ended
	Sep. 30, 2022
Employee Stock Ownership Plan
Employee Stock Ownership Plan	NOTE 8 – Employee Stock Ownership Plan The Company maintains a leveraged employee stock ownership plan (“ESOP”) that covers substantially all employees. The Bank makes annual contributions to the ESOP equal to the ESOP’s debt service. The ESOP shares initially were pledged as collateral for this debt. As the debt is repaid, shares are released from collateral and allocated to active participants, based on the proportion of debt service paid in the year. Because the debt is intercompany, it is eliminated in consolidation for presentation in these financial statements. The shares pledged as collateral are reported as unearned ESOP shares in the balance sheet. As shares are committed to be released from collateral and allocated to active participants, the Company reports compensation expense equal to the current market price of the shares and the shares will become outstanding for earnings-per-shares (EPS) computations. During the nine months ended September 30, 2022 and 2021, 22,941 and 22,941 shares were committed to be released, respectively. During the nine months ended September 30, 2022 the average fair value per share of stock was $12.19 resulting in total ESOP compensation expense of $277 for the nine months ended September 30, 2022. During the nine months ended September 30, 2021 the average fair value per share of stock was $11.20 resulting in total ESOP compensation expense of $257 for the nine months ended September 30, 2021. The ESOP shares as of September 30, 2022 and December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Shares allocated to active participants ​ 92,889 ​ 62,305 Shares committed to be released and allocated to participants ​ 22,941 ​ 30,584 Shares distributed ​ ​ (4,414) ​ ​ — Total unallocated shares ​ 527,568 ​ 550,509 Total ESOP shares ​ 638,984 ​ 643,398 Fair value of unallocated shares (based on $11.90 and $11.80 share price at September 30, 2022 and December 31, 2021, respectively) ​ $ 6,278 ​ $ 6,496 ​

Share-based Compensation Plans

Share-based Compensation Plans	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Plans
Share-based Compensation Plans	NOTE 9 - Share-based Compensation Plans The Company adopted the FFBW, Inc. 2018 Equity Incentive Plan in 2018. In May 2021, the Company adopted the FFBW, Inc. 2021 Equity Incentive Plan. ASC Topic 718 requires that the grant date fair value of equity awards to employees and directors be recognized as compensation expense over the period during which they are required to provide service in exchange for such awards. The following table summarizes the impact of the Company’s share-based payment plans in the financial statements for the period shown: ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 30, ​ 2022 2021 Total cost of stock grant plan during the year $ 219 ​ $ 173 Total cost of stock option plan during the year 146 ​ 127 Total cost of share-based payment plans during the year $ 365 ​ $ 300 ​ ​ ​ ​ ​ ​ Amount of related income tax benefit recognized in income $ 90 ​ $ 71 ​ Options are granted with an exercise price equal to no less than the market price of the Company’s shares at the date of grant: those option awards generally vest pro-rata over five years of service and have 10-year Share amounts related to periods prior to the date of the closing of the Offering on January 16, 2020 have been restated to give retroactive recognition to the 1.1730 exchange ratio applied in the offering. ​ The following tables summarize stock options activity for the nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ Stock Option ​ Exercise ​ Contractual ​ Value ​ ​ Awards ​ Price ​ Term (years) ​ (in dollars) Options outstanding as of December 31, 2021 316,875 ​ $ 10.73 ​ ​ ​ ​ ​ ​ Granted 27,000 ​ 12.16 ​ ​ ​ ​ ​ ​ Exercised — ​ — ​ ​ ​ ​ ​ ​ Expired or cancelled ​ (400) ​ ​ 11.25 ​ ​ ​ ​ ​ ​ Forfeited — ​ — ​ ​ ​ ​ ​ ​ Options outstanding as of September 30, 2022 343,475 ​ $ 10.84 6.93 ​ $ 367,450 ​ Options exercisable as of September 30, 2022 152,482 ​ $ 10.69 ​ 6.61 ​ $ 184,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Stock Option ​ Exercise ​ Contractual ​ Value ​ ​ Awards ​ Price ​ Term (years) ​ (in dollars) Options outstanding as of December 31, 2020 269,220 ​ $ 10.51 ​ ​ ​ ​ ​ Granted 76,000 ​ 11.27 ​ ​ ​ ​ ​ Exercised — ​ — ​ ​ ​ ​ ​ Expired or canceled — ​ — ​ ​ ​ ​ ​ Forfeited (19,057) ​ 10.01 ​ ​ ​ ​ ​ Options outstanding as of September 30, 2021 326,163 ​ $ 10.72 8.00 ​ $ 207,476 Options exercisable as of September 30, 2021 134,066 ​ $ 10.80 7.50 ​ $ 63,140 ​ The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model based on certain assumptions. Since the Company does not have sufficient historical fair value estimates of its stock, the Company calculates expected volatility using the historical volatility of the Dow Jones U.S. Financial Services Index. The risk-free interest rate for periods within the contractual term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of options is estimated based on the assumption that options will be exercised evenly throughout their life after vesting and represents the period of time that options granted are expected to remain outstanding. ​ There were no options granted during the three months ended September 30, 2022. ​ The following is a summary of changes in restricted shares for the nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date Fair ​ ​ Shares Value Nonvested stock awards as of December 31, 2021 ​ 59,737 ​ $ 11.02 Granted ​ 17,500 ​ ​ 11.25 Vested ​ (8,923) ​ ​ 11.22 Forfeited (200) ​ 11.25 Nonvested stock awards as of September 30, 2022 68,114 ​ $ 11.05 ​ ​ ​ ​ ​ ​ Nonvested stock awards as of December 31, 2020 ​ 62,060 ​ $ 10.73 Granted ​ 22,750 ​ ​ 11.35 Vested ​ (19,561) ​ ​ 10.77 Forfeited (5,519) ​ 10.08 Nonvested stock awards as of September 30, 2021 59,730 ​ $ 11.02 ​ As of September 30, 2022, there was $1.0 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements (including share option and non-vested share awards) granted under the Company’s equity incentive plans. At September 30, 2022, the weighted-average period over which the unrecognized compensation expense is expected to be recognized was approximately 3.0 years.

Equity and Regulatory Matters

Equity and Regulatory Matters	9 Months Ended
	Sep. 30, 2022
Equity and Regulatory Matters
Equity and Regulatory Matters	​ NOTE 10 – Equity and Regulatory Matters The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification 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 (set forth in the table below) of Common Equity Tier 1, Tier 1, and Total capital to risk-weighted assets and of Tier 1 capital to average assets. It is management’s opinion, as of September 30, 2022, that the Bank met all applicable capital adequacy requirements. As of September 30, 2022, the Bank is categorized as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum regulatory capital ratios as set forth in the table. There are no conditions or events since September 30, 2022 that management believes have changed the category. The Bank’s actual capital amounts and ratios are presented in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To Be Well ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ For Capital Adequacy ​ Corrective ​ ​ Actual ​ Purposes ​ Action Provisions ​ Amount Ratio Amount ​ Ratio Amount ​ Ratio ​ September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Common Equity Tier 1 capital (to risk‑weighted assets) ​ $ 70,487 26.6 % $ ≥ 11,942 ≥ 4.5 % $ ≥ 17,249 ≥ 6.5 % Tier 1 capital (to risk‑weighted assets) ​ 70,487 26.6 ​ ≥ 15,922 ≥ 6.0 ​ ≥ 21,230 ≥ 8.0 ​ Total capital (to risk‑weighted assets) ​ 73,017 27.5 ​ ≥ 21,230 ≥ 8.0 ​ ≥ 26,537 ≥ 10.0 ​ Tier 1 capital (to average assets) ​ ​ 70,487 21.8 ​ ≥ 12,949 ≥ 4.0 ​ ≥ 16,186 ≥ 5.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Common Equity Tier 1 capital (to risk‑weighted assets) ​ $ 75,554 29.6 % $ ≥ 11,467 ≥ 4.5 % $ ≥ 16,564 ≥ 6.5 % Tier 1 capital (to risk‑weighted assets) ​ 75,554 29.6 ​ ≥ 15,290 ≥ 6.0 ​ ≥ 20,386 ≥ 8.0 ​ Total capital (to risk‑weighted assets) ​ 77,984 30.6 ​ ≥ 20,386 ≥ 8.0 ​ ≥ 25,483 ≥ 10.0 ​ Tier 1 capital (to average assets) ​ ​ 75,554 21.4 ​ ≥ 14,137 ≥ 4.0 ​ ≥ 17,671 ≥ 5.0 ​ ​

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2022
Fair Value
Fair Value	NOTE 11 – Fair Value Accounting standards describe three levels of inputs that may be used to measure fair value (the fair value hierarchy). The level of an asset or liability within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement of that asset or liability. Following is a brief description of each level of the fair value hierarchy: Level 1 - Fair value measurement is based on quoted prices for identical assets or liabilities in active markets. Level 2 - Fair value measurement is based on: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets or liabilities in markets that are not active; or (3) valuation models and methodologies for which all significant assumptions are or can be corroborated by observable market data. Level 3 - Fair value measurement is based on valuation models and methodologies that incorporate at least one significant assumption that cannot be corroborated by observable market data. Level 3 measurements reflect the Company’s estimates about assumptions market participants would use in measuring fair value of the asset or liability. Some assets and liabilities, such as securities available for sale, are measured at fair value on a recurring basis under accounting principles generally accepted in the United States. Other assets and liabilities, such as impaired loans, may be measured at fair value on a nonrecurring basis. Following is a description of the Company’s valuation methodology and significant inputs used for each asset and liability measured at fair value on a recurring or nonrecurring basis, as well as the classification of the asset or liability within the fair value hierarchy. Available for sale securities Loans Foreclosed assets Other equity investments Assets measured at fair value on a recurring basis are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements Using ​ ​ Quoted Prices ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Instruments ​ Inputs ​ Inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ — ​ $ 1,653 ​ $ — ​ $ 1,653 Obligations of states and political subdivisions ​ ​ — ​ ​ 12,316 ​ ​ — ​ ​ 12,316 Mortgage-backed securities ​ ​ — ​ ​ 23,366 ​ ​ — ​ ​ 23,366 Certificates of deposit ​ ​ — ​ ​ 491 ​ ​ — ​ ​ 491 Corporate debt securities ​ ​ — ​ ​ 9,646 ​ ​ — ​ ​ 9,646 Total available for sale securities ​ $ — ​ $ 47,472 ​ $ — ​ $ 47,472 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ — ​ $ 1,040 ​ $ — ​ $ 1,040 Obligations of states and political subdivisions ​ ​ — ​ ​ 14,624 ​ ​ — ​ ​ 14,624 Mortgage-backed securities ​ ​ — ​ ​ 26,056 ​ ​ — ​ ​ 26,056 Certificates of deposit ​ ​ — ​ ​ 772 ​ ​ — ​ ​ 772 Corporate debt securities ​ ​ — ​ ​ 5,906 ​ ​ — ​ ​ 5,906 Total available for sale securities ​ $ — ​ $ 48,398 ​ $ — ​ $ 48,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Information regarding the fair value of assets measured at fair value on a nonrecurring basis follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonrecurring Fair Value Measurements Using ​ ​ ​ ​ Quoted Prices ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ Assets ​ Identical ​ Observable ​ Unobservable ​ ​ Measured at ​ Instruments ​ Inputs ​ Inputs ​ Fair Value ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other equity investments ​ $ 503 ​ $ — ​ $ 503 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other equity investments ​ $ 503 ​ ​ — ​ $ 503 ​ ​ — ​ As of September 30, 2022 and December 31, 2021, there were no impaired loans requiring a write down to their estimated fair value. There were no foreclosed assets as of September 30, 2022 or December 31, 2021. The carrying value and estimated fair value of financial instruments as of September 30, 2022 and December 31, 2021 follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Carrying ​ Fair Value ​ ​ Value ​ Level 1 ​ Level 2 ​ Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 16,049 ​ $ 16,049 ​ $ — ​ $ — Available for sale securities ​ 47,472 ​ — ​ 47,472 ​ — Loans ​ 228,300 ​ — ​ — ​ 221,743 Accrued interest receivable ​ 901 ​ 901 ​ — ​ — Cash value of life insurance ​ 10,238 ​ 10,238 ​ — ​ — Other equity investments ​ ​ 1,463 ​ ​ — ​ ​ 503 ​ ​ 960 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 233,954 ​ 194,253 ​ — ​ 46,179 Advance payments by borrowers for taxes and insurance ​ 1,313 ​ 1,313 ​ — ​ — Accrued interest payable ​ 139 ​ 139 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Carrying ​ Fair Value ​ Value ​ Level 1 ​ Level 2 ​ Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 67,002 ​ $ 67,002 ​ $ — ​ $ — Available for sale securities ​ 48,398 ​ — ​ 48,398 ​ — Loans held for sale ​ 500 ​ — ​ 500 ​ ​ — Loans ​ 222,104 ​ — ​ — ​ 224,612 Accrued interest receivable ​ 813 ​ 813 ​ — ​ — Cash value of life insurance ​ 10,029 ​ 10,029 ​ — ​ — Other equity investments ​ ​ 1,353 ​ ​ — ​ ​ 503 ​ ​ 850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 255,250 ​ 199,238 ​ — ​ 55,970 Advance payments by borrowers for taxes and insurance ​ 102 ​ 102 ​ — ​ — FHLB advances ​ 6,500 ​ — ​ — ​ 6,489 Accrued interest payable ​ 7 ​ 7 ​ — ​ — ​ Limitations -

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Organization	Organization FFBW, Inc. (the “Company”), a Maryland corporation, is a publicly traded stock holding company. The Company provides a variety of financial services to individual and corporate customers through its wholly owned subsidiary, First Federal Bank of Wisconsin (the “Bank”). The Bank is a community bank headquartered in Waukesha, Wisconsin, with offices in Waukesha, Brookfield and Milwaukee.
Use of Estimates	Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and 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 loan losses, the fair values of securities, fair value of financial instruments, the valuation of other real estate owned and the valuation of deferred income tax assets.
Revenue Recognition	Revenue Recognition ​ Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. ​ The majority of the Company's revenue-generating transactions are not subject to ASC 606, including all interest and dividend income generated from financial instruments. Certain noninterest income items, including loan servicing income, gain on sales of loans, gain on sales of securities, and other noninterest income have been evaluated and were determined to not fall within the scope of ASC 606. Elements of noninterest income that are within the scope of ASC 606, are as follows: ​ Service charges and other fees - The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Management reviewed the deposit account agreements and determined that the agreements can be terminated at any time by either the Company or the account holder. Transaction fees, such as balance transfers, wires and overdraft charges are settled the day the performance obligation is satisfied. The Company's monthly service charges and maintenance fees are for services provided to the customer on a monthly basis and are considered a series of services that have the same pattern of transfer each month. The review of service charges assessed on deposit accounts included the amount of variable consideration that is a part of the monthly charges. It was found that the waiver of service charges due to insufficient funds and dormant account fees is immaterial and would not require a change in the accounting treatment for these fees under the new revenue standards. ​ Interchange fees - Customers use a Bank-issued debit card to purchase goods and services, and the Company earns interchange fees on those transactions, typically a percentage of the sale amount of the transaction. The Company records the amount due when it receives the settlement from the payment network. Payments from the payment network are received and recorded into income on a daily basis. These fees are included in “service charges and other fees” on the Statements of Income. There are no contingent debit card interchange fees recorded by the Company that could be subject to a clawback in future periods. ​
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and balances due from banks, non-maturity deposits in the Federal Home Loan Bank of Chicago (FHLB), and fed funds sold. The Company has not experienced any losses in such accounts. ​
Available for Sale Securities	Available for Sale Securities Securities classified as available for sale are those 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 movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital requirements, and other similar factors. Securities classified as available for sale are carried at fair value. Unrealized gains or losses are reported as increases or decreases in other comprehensive income, net of the related deferred tax effect. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Gains and losses on the sale of securities are recorded on the trade date and determined using the specific-identification method. ​ Declines in fair value of securities that are deemed to be other than temporary, if applicable, are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers the length of time and the extent to which fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient enough to allow for any anticipated recovery in fair value. ​
Loans Acquired in a Transfer	Loans Acquired in a Transfer The Company acquires loans (including debt securities) individually and in groups or portfolios. These loans are initially measured at fair value with no allowance for loan losses. The Company’s allowance for loan losses on all acquired loans reflect only those losses incurred subsequent to acquisition. Certain acquired loans may have experienced deterioration of credit quality between origination and the Company’s acquisition of the loans. At acquisition, the Company reviews each loan to determine whether there is evidence of deterioration of credit quality since origination and if it is probable that the Company will be unable to collect all amounts due according to the loan’s contractual terms. If both conditions exist, the Company determines whether each such loan is to be accounted for individually or whether such loans will be assembled into pools of loans based on common risk characteristics (for example, credit score, loan type, and date of origination). The Company considers expected prepayments and estimates the amount and timing of undiscounted principal, interest, and other cash flows expected at acquisition for each loan and aggregated pool of loans. The excess of the loan’s or pool’s scheduled contractual principal and interest payments over all cash flows expected at acquisition is calculated as the nonaccretable difference. The excess of cash flows expected to be collected over the fair value of each loan or pool (accretable yield) is accreted into interest income over the remaining life of the loan or pool. At each reporting date, the Company continues to estimate cash flows expected to be collected for each loan or pool. If expected cash flows have decreased from the acquisition date estimate, the Company recognizes an allowance for loan losses. If expected cash flows have increased from the acquisition date estimate, the Company increases the amount of accretable yield to be recognized as interest income over the remaining life of the loan or pool.
Loans Held for Sale	Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Mortgage loans held for sale are sold with the mortgage servicing rights released by the Company. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loan sold.
Loans	Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances adjusted for deferred loan fees and costs, charge-offs, and an allowance for loan losses. Interest on loans is accrued and credited to income based on the unpaid principal balance. Loan-origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is discontinued when, in the opinion of management, there is an indication that the borrower may be unable to make payments as they become due. When loans are placed on nonaccrual status or charged off, all unpaid accrued interest is reversed against interest income. The interest on these loans is subsequently accounted for on the cash-basis or cost-recovery method until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses is maintained at the level considered adequate by management to provide for losses that are probable as of the balance sheet date. The allowance for loan losses is established through a provision for loan losses charged to expense as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. In determining the adequacy of the allowance balance, the Company makes evaluations of the loan portfolio and related off-balance sheet commitments, considers current economic conditions and historical loss experience, and reviews specific problem loans and other factors. When establishing the allowance for loan losses, management categorizes loans into risk categories generally based on the nature of the collateral and the basis of repayment. These risk categories and their relevant risk characteristics are as follows: Commercial development: Commercial real estate: Commercial and industrial: One-to-four family owner-occupied: One-to-four family investor-owned: Multifamily real estate: Consumer: Management regularly evaluates the allowance for loan losses using the Company’s past loan loss experience, known and inherent risks in the loan portfolio, composition of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, current economic conditions, and other relevant factors. This evaluation is inherently subjective since it requires material estimates that may be susceptible to significant change. A loan is impaired when, based on current information, it is probable that the Company will not collect all amounts due in accordance with the contractual terms of the loan agreement. Management determines whether a loan is impaired on a case-by-case basis, taking into consideration the payment status, collateral value, length and reason of any payment delays, the borrower’s prior payment record, and any other relevant factors. Large groups of smaller-balance homogeneous loans, such as residential mortgage and consumer loans, are collectively evaluated in the allowance for loan losses analysis and are not subject to impairment analysis unless such loans have been subject to a restructuring agreement. Specific allowances for impaired loans are based on discounted cash flows of expected future payments using the loan’s initial effective interest rate or the fair value of the collateral if the loan is collateral dependent. In addition, various regulatory agencies periodically review the allowance for loan losses. These agencies may require the Company to make additions to the allowance for loan losses based on their judgments of collectability based on information available to them at the time of their examination.
Troubled Debt Restructurings	Troubled Debt Restructurings Loans are accounted for as troubled debt restructurings when a borrower is experiencing financial difficulties that lead to a restructuring of the loan and the Company grants a “concession” to the borrower that they would not otherwise consider. These concessions include a modification of terms, such as a reduction of the stated interest rate or loan balance, a reduction of accrued interest, an extension of the maturity date at an interest rate lower than a current market rate for a new loan with similar risk, or some combination thereof to facilitate repayment. Troubled debt restructurings are considered impaired loans.
Foreclosed Assets	Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets.
Premises and Equipment	Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Provisions for depreciation are computed on straight-line and accelerated methods over the estimated useful lives of the assets.
Other Equity Investments	Other Equity Investments ​ Other Equity Investments consist of Federal Home Loan Bank of Chicago (“FHLB”) stock and Bankers’ Bank stock. The value. The Company is required to hold the stock as a member of the FHLB and transfer of the stock is substantially restricted. The stock is evaluated for impairment on an annual basis. The Company is required to
Income Taxes	Income Taxes ​ Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision for income taxes. The differences relate principally to the allowances for loan losses, deferred compensation, depreciation, FHLB stock dividends and non-accrual interest. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not to be sustained on audit, based on the technical merits of the position. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Based on its evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company’s policy is to recognize interest and penalties related to income tax issues as components of income tax expense. During the periods shown, the Company did not recognize any interest or penalties related to income tax expense in its statements of operations.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Advertising	Advertising Advertising costs are expensed as incurred.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Other comprehensive income (loss) is shown on the statements of comprehensive income (loss). The Company’s accumulated other comprehensive income (loss) is composed of the unrealized gains (losses) on securities available for sale, net of tax and is shown on the statements of changes in equity. Reclassification adjustments out of other comprehensive income (loss) for gains/losses realized on sales of securities available for sale comprise the entire balance of “net gain/loss on sale of securities” on the statements of income.
Off-Balance Sheet Financial Instruments	Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance-sheet financial instruments consisting of commitments to extend credit, unfunded commitments under lines of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable.
Life Insurance	Life Insurance The Company has purchased life insurance policies on certain key members of the management team. Life insurance is measured at the amount that could be realized under the insurance contract as of the balance sheet date, which is generally the cash surrender value of the policy.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. The following ASUs have been issued by the FASB and may impact the Company's financial statements in future reporting periods: ​ ASU No. 2016-13, “Credit Losses (Topic 326).” ASU No. 2019-04, “Codification Improvements to Topic 326.” ASU No. 2019-05, “Financial Instruments-Credit Losses.” ​ ASU 2016-13 requires organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption will be permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is expecting to see an increase in its allowance for loan losses upon adoption but is still assessing the final impact of adopting ASU 2016-13 on its financial statements. ​ ASU No. 2016-02, “Leases (Topic 842): Amendments to the Leases Analysis.” ASU No. 2018-10, "Codification Improvements to Topic 842." ASU No. 2018-11, "Targeted Improvements" ​ For lessees, Topic 842 requires leases to be recognized on the balance sheet, along with disclosure of key information about leasing arrangements. Topic 842 was subsequently amended by ASU 2018-01, 2018-10 and 2018-11. The new standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification expense recognition in the income statement. ​ For lessors, Topic 842 requires lessors to classify leases as sales-type, direct financing or operating leases. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating the lessor has transferred substantially all the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type or direct financing leases are operating leases. ​ The new standard is effective for fiscal years beginning after December 15, 2021, and for interim periods beginning after December 15, 2022, with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) the new standard's effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company expects to adopt the new standard during the fourth quarter of 2022, with an effective date of January 1, 2022. The Company is expecting to record a right of use asset and corresponding lease obligation for its outstanding leases.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings per share
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the earnings per share calculations for the three and nine months ended September 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2022 2021 2022 2021 ​ Net income ​ $ 510 ​ $ 459 ​ $ 1,716 ​ $ 1,581 ​ Basic potential common shares ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 5,728,305 ​ 6,912,234 ​ 6,153,345 ​ 7,182,778 ​ Weighted average unallocated Employee Stock Ownership Plan Shares ​ (530,179) ​ (560,767) ​ (539,101) ​ (569,689) ​ Basic weighted average shares outstanding ​ 5,198,126 ​ 6,351,467 ​ 5,614,244 ​ 6,613,089 ​ Dilutive potential common shares ​ 36,120 ​ 22,535 ​ 25,368 ​ 15,713 ​ Dilutive weighted average shares outstanding ​ 5,234,246 ​ 6,374,002 ​ 5,639,612 ​ 6,628,802 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 0.10 ​ $ 0.07 ​ $ 0.31 ​ $ 0.24 ​ Diluted earnings per share ​ $ 0.10 ​ $ 0.07 ​ $ 0.30 ​ $ 0.24 ​

Available for Sale Securities (

Available for Sale Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Available for Sale Securities
Schedule of Amortized Costs and Fair Values of Available for Sale Securities	Amortized costs and fair values of available for sale securities are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross Estimated ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost ​ Gains ​ Losses ​ Value September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ 1,823 ​ $ - ​ $ (170) ​ $ 1,653 Obligations of states and political subdivisions ​ 14,163 ​ - ​ (1,847) ​ 12,316 Mortgage-backed securities ​ 25,442 ​ - ​ (2,076) ​ 23,366 Certificates of deposit ​ 500 ​ 3 ​ (12) ​ 491 Corporate debt securities ​ 10,307 ​ - ​ (661) ​ 9,646 Total available for sale securities ​ $ 52,235 ​ $ 3 ​ $ (4,766) ​ $ 47,472 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ 1,028 ​ $ 19 ​ $ (7) ​ $ 1,040 Obligations of states and political subdivisions ​ 14,289 ​ 376 ​ (41) ​ 14,624 Mortgage-backed securities ​ 25,452 ​ 658 ​ (54) ​ 26,056 Certificates of deposit ​ 750 ​ 22 ​ - ​ 772 Corporate debt securities ​ 5,821 ​ 111 ​ (26) ​ 5,906 Total available for sale securities ​ $ 47,340 ​ $ 1,186 ​ $ (128) ​ $ 48,398
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	The following table presents the portion of the Company’s portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ ​ Unrealized ​ ​ Fair Value Losses Fair Value Losses Fair Value Losses September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ 1,207 ​ $ (98) ​ $ 431 ​ $ (72) ​ $ 1,638 ​ $ (170) Obligations of states and political subdivisions ​ ​ 9,146 ​ ​ (1,166) ​ ​ 2,881 ​ ​ (681) ​ ​ 12,027 ​ ​ (1,847) Mortgage-backed securities ​ ​ 20,484 ​ (1,741) ​ 2,881 ​ (335) ​ 23,365 ​ (2,076) Certificates of deposit ​ ​ 238 ​ ​ (12) ​ ​ — ​ ​ — ​ ​ 238 ​ (12) Corporate debt securities ​ 7,752 ​ (531) ​ 1,270 ​ (130) ​ 9,022 ​ (661) Total ​ $ 38,827 ​ $ (3,548) ​ $ 7,463 ​ $ (1,218) ​ $ 46,290 ​ $ (4,766) December 31, 2021 ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ 497 ​ $ (7) ​ $ — ​ $ — ​ $ 497 ​ $ (7) Obligations of states and political subdivisions ​ ​ 3,129 ​ ​ (10) ​ ​ 937 ​ ​ (31) ​ $ 4,066 ​ ​ (41) Mortgage-backed securities ​ 4,116 ​ (24) ​ 1,881 ​ (30) ​ 5,997 ​ (54) Corporate debt securities ​ 2,874 ​ (26) ​ — ​ — ​ 2,874 ​ (26) Total ​ $ 10,616 ​ $ (67) ​ $ 2,818 ​ $ (61) ​ $ 13,434 ​ $ (128)
Investments Classified by Contractual Maturity Date	The amortized cost and fair value of available for sale securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities in mortgage-backed securities since the anticipated maturities are not readily determinable. Therefore, these securities are not included in the maturity categories in the following maturity summary listed below: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ Amortized Cost Fair Value Due in one year or less ​ $ 292 ​ $ 295 Due after one year through 5 years ​ 9,667 ​ 9,179 Due after 5 years through 10 years ​ 11,751 ​ 10,502 Due after 10 years ​ 5,083 ​ 4,130 Subtotal ​ $ 26,793 ​ $ 24,106 Mortgage-backed securities ​ 25,442 ​ 23,366 Total ​ $ 52,235 ​ $ 47,472

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2022
Loans
Schedule of loans by major classification	Major classifications of loans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Commercial ​ ​ Development ​ $ 15,841 ​ $ 21,396 Real estate ​ 99,374 ​ 94,830 Commercial and industrial ​ 24,801 ​ 18,387 Residential real estate and consumer ​ ​ ​ ​ One-to-four family owner-occupied ​ 18,754 ​ 18,158 One-to-four family investor-owned ​ 27,737 ​ 26,234 Multifamily ​ 41,602 ​ 42,511 Consumer ​ 3,085 ​ 3,312 Subtotal ​ $ 231,194 ​ $ 224,828 Deferred loan fees ​ (364) ​ (294) Allowance for loan losses ​ (2,530) ​ (2,430) Net loans ​ $ 228,300 ​ $ 222,104
Summary of the activity in the allowance for loan losses by portfolio segment	A summary of the activity in the allowance for loan losses by portfolio segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real ​ ​ ​ ​ ​ ​ ​ estate ​ ​ ​ Three Months Ended ​ Commercial ​ and consumer ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 30, 2022 ​ $ 1,375 ​ $ 1,058 ​ $ 2,433 Provision for loan losses ​ 204 ​ (111) ​ 93 Loans charged off ​ — ​ — ​ — Recoveries of loans previously charged off ​ — ​ 4 ​ 4 Balance at September 30, 2022 ​ $ 1,579 ​ $ 951 ​ $ 2,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at June 30, 2021 ​ $ 1,590 ​ $ 834 ​ $ 2,424 Provision for loan losses ​ (31) ​ 31 ​ — Loans charged off ​ (1) ​ — ​ (1) Recoveries of loans previously charged off ​ 1 ​ 2 ​ 3 Balance at September 30, 2021 ​ $ 1,559 ​ $ 867 ​ $ 2,426 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real ​ ​ ​ ​ ​ ​ ​ estate ​ ​ ​ Nine Months Ended ​ Commercial ​ and consumer ​ Total ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2021 ​ $ 1,516 ​ $ 914 ​ $ 2,430 Provision for loan losses ​ 63 ​ 30 ​ 93 Loans charged off ​ — ​ (3) ​ (3) Recoveries of loans previously charged off ​ — ​ 10 ​ 10 Total ending allowance balance ​ $ 1,579 ​ $ 951 ​ $ 2,530 ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2020 ​ $ 1,834 ​ $ 977 ​ $ 2,811 Provision for loan losses ​ 116 ​ (116) ​ — Loans charged off ​ (393) ​ — ​ (393) Recoveries of loans previously charged off ​ 2 ​ 6 ​ 8 Total ending allowance balance ​ $ 1,559 ​ $ 867 ​ $ 2,426 ​ Information about how loans were evaluated for impairment and the related allowance for loan losses follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Real ​ ​ ​ ​ ​ ​ ​ Estate and ​ ​ ​ September 30, 2022 ​ Commercial ​ Consumer ​ Total Loans: ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ 495 ​ $ 495 Collectively evaluated for impairment ​ 140,016 ​ 90,683 ​ 230,699 Total loans ​ $ 140,016 ​ $ 91,178 ​ $ 231,194 ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — Collectively evaluated for impairment ​ 1,579 ​ 951 ​ 2,530 Total allowance for loan losses ​ $ 1,579 ​ $ 951 ​ $ 2,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Real ​ ​ ​ ​ ​ ​ ​ Estate and ​ ​ ​ December 31, 2021 ​ Commercial ​ Consumer ​ Total Loans: ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ 112 ​ $ 817 ​ $ 929 Collectively evaluated for impairment ​ 134,501 ​ 89,398 ​ 223,899 Total loans ​ $ 134,613 ​ $ 90,215 ​ $ 224,828 ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — Collectively evaluated for impairment ​ 1,516 ​ 914 ​ 2,430 Total allowance for loan losses ​ $ 1,516 ​ $ 914 ​ $ 2,430
Schedule of impaired loans with no related allowance for loan losses	Information regarding impaired loans follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Recorded Related Average Interest As of September 30, 2022 ​ Balance ​ Investment ​ Allowance ​ Investment ​ Recognized Loans with no related allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate and consumer ​ ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied ​ ​ 460 ​ ​ 451 ​ ​ — ​ ​ 460 ​ ​ 3 Consumer ​ 45 ​ 44 ​ — ​ 44 ​ — Total loans with no related allowance for loan losses ​ ​ 505 ​ ​ 495 ​ ​ — ​ ​ 504 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total impaired loans ​ $ 505 ​ $ 495 ​ $ — ​ $ 504 ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Recorded Related Average Interest As of December 31, 2021 ​ Balance ​ Investment ​ Allowance ​ Investment ​ Recognized Loans with no related allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial ​ ​ 116 ​ ​ 112 ​ ​ — ​ ​ 77 ​ ​ — Residential real estate and consumer ​ ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied ​ ​ 819 ​ ​ 770 ​ ​ — ​ ​ 831 ​ ​ 7 Consumer ​ 47 ​ 47 ​ — ​ 49 ​ — Total loans with no related allowance for loan losses ​ ​ 982 ​ ​ 929 ​ ​ — ​ ​ 957 ​ ​ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total impaired loans ​ $ 982 ​ $ 929 ​ $ — ​ $ 957 ​ $ 7 ​
Information regarding the credit quality indicators	Information regarding the credit quality indicators most closely monitored for commercial loans by class follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ Mention ​ Substandard ​ Doubtful ​ Totals September 30, 2022 ​ ​ ​ ​ ​ ​ Development ​ $ 15,841 ​ $ — ​ $ — ​ $ — ​ $ 15,841 Real estate ​ 96,897 ​ 2,321 ​ 156 ​ — ​ 99,374 Commercial and industrial ​ 19,763 ​ — ​ 5,038 ​ — ​ 24,801 One-to-four family investor-owned ​ 27,691 ​ — ​ 46 ​ — ​ 27,737 Multifamily ​ 41,602 ​ — ​ — ​ — ​ 41,602 Totals ​ $ 201,794 ​ $ 2,321 ​ $ 5,240 ​ $ — ​ $ 209,355 December 31, 2021 ​ ​ ​ ​ ​ Development ​ $ 21,396 ​ $ — ​ $ — ​ $ — ​ $ 21,396 Real estate ​ 93,653 ​ 843 ​ 334 ​ — ​ 94,830 Commercial and industrial ​ 18,387 ​ — ​ — ​ — ​ 18,387 One-to-four family investor-owned ​ 26,234 ​ — ​ — ​ — ​ 26,234 Multifamily ​ 42,511 ​ — ​ — ​ — ​ 42,511 Totals ​ $ 202,181 ​ $ 843 ​ $ 334 ​ $ — ​ $ 203,358 ​ Information regarding the credit quality indicators most closely monitored for residential real estate and consumer loans by class follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing Non-performing Totals September 30, 2022 ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied $ 18,605 ​ $ 149 $ 18,754 Consumer ​ 3,085 ​ — ​ 3,085 ​ ​ $ 21,690 ​ $ 149 ​ $ 21,839 December 31, 2021 ​ ​ ​ One-to-four family owner-occupied ​ $ 17,986 ​ $ 172 $ 18,158 Consumer ​ 3,312 ​ — ​ 3,312 ​ ​ $ 21,298 ​ $ 172 ​ $ 21,470
Schedule of loans by aging	Loan aging information follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Past Due ​ Loans Past Due ​ ​ ​ ​ Nonaccrual ​ Current Loans 30-89 Days 90+ Days Total Loans Loans September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development ​ $ 15,841 ​ $ — ​ $ — ​ $ 15,841 ​ $ — Real estate ​ 99,374 ​ — ​ — ​ 99,374 ​ — Commercial and industrial ​ 24,801 ​ — ​ — ​ 24,801 ​ — Residential real estate and consumer ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied ​ 18,754 ​ — ​ — ​ 18,754 ​ 149 One-to-four family investor-owned ​ 27,548 ​ 189 ​ — ​ 27,737 ​ — Multifamily ​ 41,602 ​ — ​ — ​ 41,602 ​ — Consumer ​ 3,085 ​ — ​ — ​ 3,085 ​ — Total ​ $ 231,005 ​ $ 189 ​ $ — ​ $ 231,194 ​ $ 149 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Past Due ​ Loans Past Due ​ ​ ​ ​ Nonaccrual ​ Current Loans 30-89 Days 90+ Days Total Loans Loans December 31, 2021 ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development ​ $ 21,396 ​ $ — ​ $ — ​ $ 21,396 ​ $ — Real estate ​ 94,830 ​ — ​ — ​ 94,830 ​ 112 Commercial and industrial ​ 18,387 ​ — ​ — ​ 18,387 ​ — Residential real estate and consumer ​ ​ ​ ​ ​ ​ One-to-four family owner-occupied ​ 18,044 ​ 114 ​ — ​ 18,158 ​ 172 One-to-four family investor-owned ​ 26,234 ​ — ​ — ​ 26,234 ​ — Multifamily ​ 42,511 ​ — ​ — ​ 42,511 ​ — Consumer ​ 3,312 ​ — ​ — ​ 3,312 ​ — Total ​ $ 224,714 ​ $ 114 ​ $ — ​ $ 224,828 ​ $ 284 ​

Deposits (Tables)

Deposits (Tables)	9 Months Ended
	Sep. 30, 2022
Deposits
Schedule of deposits by composition	The composition of deposits are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Non interest-bearing checking ​ $ 52,044 ​ $ 54,243 Interest-bearing checking ​ 12,401 ​ 12,864 Money market ​ 77,858 ​ 87,585 Statement savings accounts ​ 34,121 ​ 33,968 Health savings accounts ​ 10,519 ​ 10,608 Certificates of deposit ​ 47,011 ​ 55,982 Total ​ $ 233,954 ​ $ 255,250
Scheduled maturities of certificates of deposit	The scheduled maturities of certificates of deposit are as follows as of September 30, 2022: ​ ​ ​ ​ 2022 $ 11,174 2023 ​ 26,335 2024 ​ 8,409 2025 ​ 532 2026 ​ ​ 394 2027 ​ ​ 167 Total ​ $ 47,011

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Tables)	9 Months Ended
	Sep. 30, 2022
Employee Stock Ownership Plan
Schedule of ESOP shares	The ESOP shares as of September 30, 2022 and December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Shares allocated to active participants ​ 92,889 ​ 62,305 Shares committed to be released and allocated to participants ​ 22,941 ​ 30,584 Shares distributed ​ ​ (4,414) ​ ​ — Total unallocated shares ​ 527,568 ​ 550,509 Total ESOP shares ​ 638,984 ​ 643,398 Fair value of unallocated shares (based on $11.90 and $11.80 share price at September 30, 2022 and December 31, 2021, respectively) ​ $ 6,278 ​ $ 6,496

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Plans
Schedule of share based compensation expense recognized in the financial statements	The following table summarizes the impact of the Company’s share-based payment plans in the financial statements for the period shown: ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 30, ​ 2022 2021 Total cost of stock grant plan during the year $ 219 ​ $ 173 Total cost of stock option plan during the year 146 ​ 127 Total cost of share-based payment plans during the year $ 365 ​ $ 300 ​ ​ ​ ​ ​ ​ Amount of related income tax benefit recognized in income $ 90 ​ $ 71
Summary of stock options activity	​ The following tables summarize stock options activity for the nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ ​ Stock Option ​ Exercise ​ Contractual ​ Value ​ ​ Awards ​ Price ​ Term (years) ​ (in dollars) Options outstanding as of December 31, 2021 316,875 ​ $ 10.73 ​ ​ ​ ​ ​ ​ Granted 27,000 ​ 12.16 ​ ​ ​ ​ ​ ​ Exercised — ​ — ​ ​ ​ ​ ​ ​ Expired or cancelled ​ (400) ​ ​ 11.25 ​ ​ ​ ​ ​ ​ Forfeited — ​ — ​ ​ ​ ​ ​ ​ Options outstanding as of September 30, 2022 343,475 ​ $ 10.84 6.93 ​ $ 367,450 ​ Options exercisable as of September 30, 2022 152,482 ​ $ 10.69 ​ 6.61 ​ $ 184,271 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Stock Option ​ Exercise ​ Contractual ​ Value ​ ​ Awards ​ Price ​ Term (years) ​ (in dollars) Options outstanding as of December 31, 2020 269,220 ​ $ 10.51 ​ ​ ​ ​ ​ Granted 76,000 ​ 11.27 ​ ​ ​ ​ ​ Exercised — ​ — ​ ​ ​ ​ ​ Expired or canceled — ​ — ​ ​ ​ ​ ​ Forfeited (19,057) ​ 10.01 ​ ​ ​ ​ ​ Options outstanding as of September 30, 2021 326,163 ​ $ 10.72 8.00 ​ $ 207,476 Options exercisable as of September 30, 2021 134,066 ​ $ 10.80 7.50 ​ $ 63,140 ​
Summary of changes in restricted shares	The following is a summary of changes in restricted shares for the nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date Fair ​ ​ Shares Value Nonvested stock awards as of December 31, 2021 ​ 59,737 ​ $ 11.02 Granted ​ 17,500 ​ ​ 11.25 Vested ​ (8,923) ​ ​ 11.22 Forfeited (200) ​ 11.25 Nonvested stock awards as of September 30, 2022 68,114 ​ $ 11.05 ​ ​ ​ ​ ​ ​ Nonvested stock awards as of December 31, 2020 ​ 62,060 ​ $ 10.73 Granted ​ 22,750 ​ ​ 11.35 Vested ​ (19,561) ​ ​ 10.77 Forfeited (5,519) ​ 10.08 Nonvested stock awards as of September 30, 2021 59,730 ​ $ 11.02

Equity and Regulatory Matters (

Equity and Regulatory Matters (Tables)	9 Months Ended
	Sep. 30, 2022
Equity and Regulatory Matters
Schedule of the Bank's actual Capital amounts and ratios	The Bank’s actual capital amounts and ratios are presented in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To Be Well ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ For Capital Adequacy ​ Corrective ​ ​ Actual ​ Purposes ​ Action Provisions ​ Amount Ratio Amount ​ Ratio Amount ​ Ratio ​ September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Common Equity Tier 1 capital (to risk‑weighted assets) ​ $ 70,487 26.6 % $ ≥ 11,942 ≥ 4.5 % $ ≥ 17,249 ≥ 6.5 % Tier 1 capital (to risk‑weighted assets) ​ 70,487 26.6 ​ ≥ 15,922 ≥ 6.0 ​ ≥ 21,230 ≥ 8.0 ​ Total capital (to risk‑weighted assets) ​ 73,017 27.5 ​ ≥ 21,230 ≥ 8.0 ​ ≥ 26,537 ≥ 10.0 ​ Tier 1 capital (to average assets) ​ ​ 70,487 21.8 ​ ≥ 12,949 ≥ 4.0 ​ ≥ 16,186 ≥ 5.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Common Equity Tier 1 capital (to risk‑weighted assets) ​ $ 75,554 29.6 % $ ≥ 11,467 ≥ 4.5 % $ ≥ 16,564 ≥ 6.5 % Tier 1 capital (to risk‑weighted assets) ​ 75,554 29.6 ​ ≥ 15,290 ≥ 6.0 ​ ≥ 20,386 ≥ 8.0 ​ Total capital (to risk‑weighted assets) ​ 77,984 30.6 ​ ≥ 20,386 ≥ 8.0 ​ ≥ 25,483 ≥ 10.0 ​ Tier 1 capital (to average assets) ​ ​ 75,554 21.4 ​ ≥ 14,137 ≥ 4.0 ​ ≥ 17,671 ≥ 5.0 ​

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value
Schedule of assets measured at fair value on a recurring basis	Assets measured at fair value on a recurring basis are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring Fair Value Measurements Using ​ ​ Quoted Prices ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Instruments ​ Inputs ​ Inputs ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ — ​ $ 1,653 ​ $ — ​ $ 1,653 Obligations of states and political subdivisions ​ ​ — ​ ​ 12,316 ​ ​ — ​ ​ 12,316 Mortgage-backed securities ​ ​ — ​ ​ 23,366 ​ ​ — ​ ​ 23,366 Certificates of deposit ​ ​ — ​ ​ 491 ​ ​ — ​ ​ 491 Corporate debt securities ​ ​ — ​ ​ 9,646 ​ ​ — ​ ​ 9,646 Total available for sale securities ​ $ — ​ $ 47,472 ​ $ — ​ $ 47,472 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Obligations of the US government and US government sponsored agencies ​ $ — ​ $ 1,040 ​ $ — ​ $ 1,040 Obligations of states and political subdivisions ​ ​ — ​ ​ 14,624 ​ ​ — ​ ​ 14,624 Mortgage-backed securities ​ ​ — ​ ​ 26,056 ​ ​ — ​ ​ 26,056 Certificates of deposit ​ ​ — ​ ​ 772 ​ ​ — ​ ​ 772 Corporate debt securities ​ ​ — ​ ​ 5,906 ​ ​ — ​ ​ 5,906 Total available for sale securities ​ $ — ​ $ 48,398 ​ $ — ​ $ 48,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of assets measured at fair value on a nonrecurring basis	Information regarding the fair value of assets measured at fair value on a nonrecurring basis follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonrecurring Fair Value Measurements Using ​ ​ ​ ​ Quoted Prices ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ Assets ​ Identical ​ Observable ​ Unobservable ​ ​ Measured at ​ Instruments ​ Inputs ​ Inputs ​ Fair Value ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other equity investments ​ $ 503 ​ $ — ​ $ 503 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other equity investments ​ $ 503 ​ ​ — ​ $ 503 ​ ​ —
Schedule of carrying value and estimated fair value of financial instruments	The carrying value and estimated fair value of financial instruments as of September 30, 2022 and December 31, 2021 follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Carrying ​ Fair Value ​ ​ Value ​ Level 1 ​ Level 2 ​ Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 16,049 ​ $ 16,049 ​ $ — ​ $ — Available for sale securities ​ 47,472 ​ — ​ 47,472 ​ — Loans ​ 228,300 ​ — ​ — ​ 221,743 Accrued interest receivable ​ 901 ​ 901 ​ — ​ — Cash value of life insurance ​ 10,238 ​ 10,238 ​ — ​ — Other equity investments ​ ​ 1,463 ​ ​ — ​ ​ 503 ​ ​ 960 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 233,954 ​ 194,253 ​ — ​ 46,179 Advance payments by borrowers for taxes and insurance ​ 1,313 ​ 1,313 ​ — ​ — Accrued interest payable ​ 139 ​ 139 ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Carrying ​ Fair Value ​ Value ​ Level 1 ​ Level 2 ​ Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 67,002 ​ $ 67,002 ​ $ — ​ $ — Available for sale securities ​ 48,398 ​ — ​ 48,398 ​ — Loans held for sale ​ 500 ​ — ​ 500 ​ ​ — Loans ​ 222,104 ​ — ​ — ​ 224,612 Accrued interest receivable ​ 813 ​ 813 ​ — ​ — Cash value of life insurance ​ 10,029 ​ 10,029 ​ — ​ — Other equity investments ​ ​ 1,353 ​ ​ — ​ ​ 503 ​ ​ 850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ 255,250 ​ 199,238 ​ — ​ 55,970 Advance payments by borrowers for taxes and insurance ​ 102 ​ 102 ​ — ​ — FHLB advances ​ 6,500 ​ — ​ — ​ 6,489 Accrued interest payable ​ 7 ​ 7 ​ — ​ —

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per share
Net income	$ 510	$ 639	$ 567	$ 459	$ 452	$ 670	$ 1,716	$ 1,581
Basic potential common shares
Weighted average shares outstanding	5,728,305			6,912,234			6,153,345	7,182,778
Weighted average unallocated Employee Stock Ownership Plan Shares	(530,179)			(560,767)			(539,101)	(569,689)
Basic weighted average shares outstanding	5,198,126			6,351,467			5,614,244	6,613,089
Dilutive potential common shares	36,120			22,535			25,368	15,713
Dilutive weighted average shares outstanding	5,234,246			6,374,002			5,639,612	6,628,802
Basic earnings per share (in dollars per share)	$ 0.10			$ 0.07			$ 0.31	$ 0.24
Diluted earnings per share (in dollars per share)	$ 0.10			$ 0.07			$ 0.30	$ 0.24

Available for Sale Securities -

Available for Sale Securities - Amortized cost and fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Available for Sale Securities
Total Amortized Cost	$ 52,235	$ 47,340
Gross Unrealized Gains	3	1,186
Gross Unrealized Losses	(4,766)	(128)
Estimated Fair Value	47,472	48,398
Obligations of the US government and US government sponsored agencies
Available for Sale Securities
Total Amortized Cost	1,823	1,028
Gross Unrealized Gains		19
Gross Unrealized Losses	(170)	(7)
Estimated Fair Value	1,653	1,040
Obligations of states and political subdivisions
Available for Sale Securities
Total Amortized Cost	14,163	14,289
Gross Unrealized Gains		376
Gross Unrealized Losses	(1,847)	(41)
Estimated Fair Value	12,316	14,624
Mortgage-backed securities
Available for Sale Securities
Total Amortized Cost	25,442	25,452
Gross Unrealized Gains		658
Gross Unrealized Losses	(2,076)	(54)
Estimated Fair Value	23,366	26,056
Certificates of deposit
Available for Sale Securities
Total Amortized Cost	500	750
Gross Unrealized Gains	3	22
Gross Unrealized Losses	(12)
Estimated Fair Value	491	772
Corporate debt securities
Available for Sale Securities
Total Amortized Cost	10,307	5,821
Gross Unrealized Gains		111
Gross Unrealized Losses	(661)	(26)
Estimated Fair Value	$ 9,646	$ 5,906

Available for Sale Securities_2

Available for Sale Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Available for Sale Securities
Less Than 12 Months Fair Value		$ 38,827	$ 10,616
Less Than 12 Months Unrealized Losses		(3,548)	(67)
12 Months or More Fair Value		7,463	2,818
12 Months or More Unrealized Losses		(1,218)	(61)
Total Fair Value		46,290	13,434
Total Unrealized Losses		$ (4,766)	(128)
Obligations of the US government and US government sponsored agencies
Available for Sale Securities
Less Than 12 Months Fair Value	$ 1,207		497
Less Than 12 Months Unrealized Losses	(98)		(7)
12 Months or More Fair Value	431
12 Months or More Unrealized Losses	(72)
Total Fair Value	1,638		497
Total Unrealized Losses	(170)		(7)
Obligations of states and political subdivisions
Available for Sale Securities
Less Than 12 Months Fair Value	9,146		3,129
Less Than 12 Months Unrealized Losses	(1,166)		(10)
12 Months or More Fair Value	2,881		937
12 Months or More Unrealized Losses	(681)		(31)
Total Fair Value	12,027		4,066
Total Unrealized Losses	(1,847)		(41)
Mortgage-backed securities
Available for Sale Securities
Less Than 12 Months Fair Value	20,484		4,116
Less Than 12 Months Unrealized Losses	(1,741)		(24)
12 Months or More Fair Value	2,881		1,881
12 Months or More Unrealized Losses	(335)		(30)
Total Fair Value	23,365		5,997
Total Unrealized Losses	(2,076)		(54)
Certificates of deposit
Available for Sale Securities
Less Than 12 Months Fair Value	238
Less Than 12 Months Unrealized Losses	(12)
Total Fair Value	238
Total Unrealized Losses	(12)
Corporate debt securities
Available for Sale Securities
Less Than 12 Months Fair Value	7,752		2,874
Less Than 12 Months Unrealized Losses	(531)		(26)
12 Months or More Fair Value	1,270
12 Months or More Unrealized Losses	(130)
Total Fair Value	9,022		2,874
Total Unrealized Losses	$ (661)		$ (26)

Available for Sale Securities_3

Available for Sale Securities - Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost
Due in one year or less	$ 292
Due after one year through 5 years	9,667
Due after 5 years through 10 years	11,751
Due after 10 years	5,083
Subtotal	26,793
Mortgage-backed securities	25,442
Total Amortized Cost	52,235	$ 47,340
Fair Value
Due in one year or less	295
Due after one year through 5 years	9,179
Due after 5 years through 10 years	10,502
Due after 10 years	4,130
Subtotal	24,106
Mortgage-backed securities	23,366
Total Fair Value	$ 47,472	$ 48,398

Available for Sale Securities_4

Available for Sale Securities - Additional disclosures (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) security	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) security
Available for Sale Securities
Number of available for sale securities in a continuous unrealized loss position greater than 12 months | security			5
Number of available for sale securities in a continuous unrealized loss position less than 12 months | security	111		15
Proceeds from sales of available for sale securities | $	$ 0	$ 3
Asset Pledged as Collateral
Available for Sale Securities
Securities pledged as collateral | $	$ 936		$ 1,038

Loans - Major classifications o

Loans - Major classifications of loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Loans
Subtotal loans	$ 231,194		$ 224,828
Deferred loan fees	(364)		(294)
Allowance for loan losses	(2,530)	$ (2,433)	(2,430)	$ (2,426)	$ (2,424)	$ (2,811)
Net loans	228,300		222,104
Deposit accounts in an overdraft position and reclassified as loans	9		23
Commercial
Loans
Subtotal loans	140,016		134,613
Allowance for loan losses	(1,579)	(1,375)	(1,516)	(1,559)	(1,590)	(1,834)
Commercial | Development
Loans
Subtotal loans	15,841		21,396
Commercial | Real estate
Loans
Subtotal loans	99,374		94,830
Commercial | Commercial and industrial
Loans
Subtotal loans	24,801		18,387
Residential real estate and consumer
Loans
Subtotal loans	91,178		90,215
Allowance for loan losses	(951)	$ (1,058)	(914)	$ (867)	$ (834)	$ (977)
Residential real estate and consumer | One-to-four family owner-occupied
Loans
Subtotal loans	18,754		18,158
Residential real estate and consumer | One-to-four family investor-owned
Loans
Subtotal loans	27,737		26,234
Residential real estate and consumer | Multifamily
Loans
Subtotal loans	41,602		42,511
Residential real estate and consumer | Consumer
Loans
Subtotal loans	$ 3,085		$ 3,312

Loans - Changes in allowance fo

Loans - Changes in allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Summary of the activity in the allowance for loan losses by portfolio segment
Beginning balance	$ 2,433	$ 2,424	$ 2,430	$ 2,811
Provision for loan losses	93	0	93	0
Loans charged off		(1)	(3)	(393)
Recoveries of loans previously charged off	4	3	10	8
Ending balance	2,530	2,426	2,530	2,426
Commercial
Summary of the activity in the allowance for loan losses by portfolio segment
Beginning balance	1,375	1,590	1,516	1,834
Provision for loan losses	204	(31)	63	116
Loans charged off		(1)	0	(393)
Recoveries of loans previously charged off		1		2
Ending balance	1,579	1,559	1,579	1,559
Residential real estate and consumer
Summary of the activity in the allowance for loan losses by portfolio segment
Beginning balance	1,058	834	914	977
Provision for loan losses	(111)	31	30	(116)
Loans charged off			(3)	0
Recoveries of loans previously charged off	4	2	10	6
Ending balance	$ 951	$ 867	$ 951	$ 867

Loans - Gross loans by method o

Loans - Gross loans by method of evaluation and related allowance for loan losses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Loans
Loans, individually evaluated for impairment	$ 495		$ 929
Loans, collectively evaluated for impairment	230,699		223,899
Total loans	231,194		224,828
Allowance for loan losses, individually evaluated for impairment	0		0
Allowance for loan losses, collectively evaluated for impairment	2,530		2,430
Total allowance for loan losses	2,530	$ 2,433	2,430	$ 2,426	$ 2,424	$ 2,811
Commercial
Loans
Loans, individually evaluated for impairment			112
Loans, collectively evaluated for impairment	140,016		134,501
Total loans	140,016		134,613
Allowance for loan losses, individually evaluated for impairment	0		0
Allowance for loan losses, collectively evaluated for impairment	1,579		1,516
Total allowance for loan losses	1,579	1,375	1,516	1,559	1,590	1,834
Residential real estate and consumer
Loans
Loans, individually evaluated for impairment	495		817
Loans, collectively evaluated for impairment	90,683		89,398
Total loans	91,178		90,215
Allowance for loan losses, individually evaluated for impairment	0		0
Allowance for loan losses, collectively evaluated for impairment	951		914
Total allowance for loan losses	$ 951	$ 1,058	$ 914	$ 867	$ 834	$ 977

Loans - Impaired Loans (Details

Loans - Impaired Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Loans with no related allowance for loan losses
Principal Balance	$ 505
Recorded Investment	495
Related Allowance	0
Average Investment	504
Interest Recognized	3
Total impaired loans
Principal Balance	505	$ 982
Recorded Investment	495	929
Average Investment	504	957
Interest Recognized	3	7
Commercial | Commercial and industrial
Loans with no related allowance for loan losses
Principal Balance		116
Recorded Investment		112
Average Investment		77
Residential real estate and consumer
Loans with no related allowance for loan losses
Principal Balance		982
Recorded Investment		929
Average Investment		957
Interest Recognized		7
Residential real estate and consumer | One-to-four family owner-occupied
Loans with no related allowance for loan losses
Principal Balance	460	819
Recorded Investment	451	770
Related Allowance	0
Average Investment	460	831
Interest Recognized	3	7
Residential real estate and consumer | Consumer
Loans with no related allowance for loan losses
Principal Balance	45	47
Recorded Investment	44	47
Related Allowance	0
Average Investment	44	$ 49
Interest Recognized	$ 0

Loans - Credit Quality Indicato

Loans - Credit Quality Indicators - Commercial (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loans
Total loans	$ 231,194	$ 224,828
Commercial
Loans
Total loans	209,355	203,358
Commercial | Pass
Loans
Total loans	201,794	202,181
Commercial | Special Mention
Loans
Total loans	2,321	843
Commercial | Substandard
Loans
Total loans	5,240	334
Commercial | Doubtful
Loans
Total loans	0	0
Commercial | Development
Loans
Total loans	15,841	21,396
Commercial | Development | Pass
Loans
Total loans	15,841	21,396
Commercial | Development | Special Mention
Loans
Total loans	0	0
Commercial | Development | Substandard
Loans
Total loans	0	0
Commercial | Development | Doubtful
Loans
Total loans	0	0
Commercial | Real estate
Loans
Total loans	99,374	94,830
Commercial | Real estate | Pass
Loans
Total loans	96,897	93,653
Commercial | Real estate | Special Mention
Loans
Total loans	2,321	843
Commercial | Real estate | Substandard
Loans
Total loans	156	334
Commercial | Real estate | Doubtful
Loans
Total loans	0	0
Commercial | Commercial and industrial
Loans
Total loans	24,801	18,387
Commercial | Commercial and industrial | Pass
Loans
Total loans	19,763	18,387
Commercial | Commercial and industrial | Special Mention
Loans
Total loans	0	0
Commercial | Commercial and industrial | Substandard
Loans
Total loans	5,038	0
Commercial | Commercial and industrial | Doubtful
Loans
Total loans	0	0
Commercial | One-to-four family investor-owned
Loans
Total loans	27,737	26,234
Commercial | One-to-four family investor-owned | Pass
Loans
Total loans	27,691	26,234
Commercial | One-to-four family investor-owned | Special Mention
Loans
Total loans	0	0
Commercial | One-to-four family investor-owned | Substandard
Loans
Total loans	46	0
Commercial | One-to-four family investor-owned | Doubtful
Loans
Total loans	0	0
Commercial | Multifamily
Loans
Total loans	41,602	42,511
Commercial | Multifamily | Pass
Loans
Total loans	41,602	42,511
Commercial | Multifamily | Special Mention
Loans
Total loans	0	0
Commercial | Multifamily | Substandard
Loans
Total loans	0	0
Commercial | Multifamily | Doubtful
Loans
Total loans	$ 0	$ 0

Loans - Credit Quality Indica_2

Loans - Credit Quality Indicators - Residential real estate and consumer (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loans
Total loans	$ 231,194	$ 224,828
Residential real estate and consumer
Loans
Total loans	21,839	21,470
Residential real estate and consumer | Performing
Loans
Total loans	21,690	21,298
Residential real estate and consumer | Non-performing
Loans
Total loans	149	172
Residential real estate and consumer | One-to-four family owner-occupied
Loans
Total loans	18,754	18,158
Residential real estate and consumer | One-to-four family owner-occupied | Performing
Loans
Total loans	18,605	17,986
Residential real estate and consumer | One-to-four family owner-occupied | Non-performing
Loans
Total loans	149	172
Residential real estate and consumer | Consumer
Loans
Total loans	3,085	3,312
Residential real estate and consumer | Consumer | Performing
Loans
Total loans	3,085	3,312
Residential real estate and consumer | Consumer | Non-performing
Loans
Total loans	$ 0	$ 0

Loans - Aging (Details)

Loans - Aging (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loans
Total Loans	$ 231,194	$ 224,828
Nonaccrual Loans	149	284
Current Loans
Loans
Total Loans	231,005	224,714
Loans Past Due 30-89 Days
Loans
Total Loans	189	114
Loans Past Due 90+ Days
Loans
Total Loans	0	0
Commercial | Development
Loans
Total Loans	15,841	21,396
Nonaccrual Loans	0	0
Commercial | Development | Current Loans
Loans
Total Loans	15,841	21,396
Commercial | Development | Loans Past Due 30-89 Days
Loans
Total Loans	0	0
Commercial | Development | Loans Past Due 90+ Days
Loans
Total Loans	0	0
Commercial | Real estate
Loans
Total Loans	99,374	94,830
Nonaccrual Loans	0	112
Commercial | Real estate | Current Loans
Loans
Total Loans	99,374	94,830
Commercial | Real estate | Loans Past Due 30-89 Days
Loans
Total Loans	0	0
Commercial | Real estate | Loans Past Due 90+ Days
Loans
Total Loans	0	0
Commercial | Commercial and industrial
Loans
Total Loans	24,801	18,387
Nonaccrual Loans	0	0
Commercial | Commercial and industrial | Current Loans
Loans
Total Loans	24,801	18,387
Commercial | Commercial and industrial | Loans Past Due 30-89 Days
Loans
Total Loans	0	0
Commercial | Commercial and industrial | Loans Past Due 90+ Days
Loans
Total Loans	0	0
Residential real estate and consumer | One-to-four family owner-occupied
Loans
Total Loans	18,754	18,158
Nonaccrual Loans	149	172
Residential real estate and consumer | One-to-four family owner-occupied | Current Loans
Loans
Total Loans	18,754	18,044
Residential real estate and consumer | One-to-four family owner-occupied | Loans Past Due 30-89 Days
Loans
Total Loans	0	114
Residential real estate and consumer | One-to-four family owner-occupied | Loans Past Due 90+ Days
Loans
Total Loans	0	0
Residential real estate and consumer | One-to-four family investor-owned
Loans
Total Loans	27,737	26,234
Nonaccrual Loans	0	0
Residential real estate and consumer | One-to-four family investor-owned | Current Loans
Loans
Total Loans	27,548	26,234
Residential real estate and consumer | One-to-four family investor-owned | Loans Past Due 30-89 Days
Loans
Total Loans	189	0
Residential real estate and consumer | One-to-four family investor-owned | Loans Past Due 90+ Days
Loans
Total Loans	0	0
Residential real estate and consumer | Multifamily
Loans
Total Loans	41,602	42,511
Nonaccrual Loans	0	0
Residential real estate and consumer | Multifamily | Current Loans
Loans
Total Loans	41,602	42,511
Residential real estate and consumer | Multifamily | Loans Past Due 30-89 Days
Loans
Total Loans	0	0
Residential real estate and consumer | Multifamily | Loans Past Due 90+ Days
Loans
Total Loans	0	0
Residential real estate and consumer | Consumer
Loans
Total Loans	3,085	3,312
Nonaccrual Loans	0	0
Residential real estate and consumer | Consumer | Current Loans
Loans
Total Loans	3,085	3,312
Residential real estate and consumer | Consumer | Loans Past Due 30-89 Days
Loans
Total Loans	0	0
Residential real estate and consumer | Consumer | Loans Past Due 90+ Days
Loans
Total Loans	$ 0	$ 0

Loans - Additional Disclosures

Loans - Additional Disclosures (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Loans
Loans 90 days or more past due and accruing interest | $	$ 0	$ 0
Number of new troubled debt restructurings	0
Number of troubled debt restructurings defaulted within 12 months of modification	0	0
Number of loans remaining on a modified status, CARES Act	0
Commercial | Real estate
Loans
Number of new troubled debt restructurings		1
Amount of new troubled debt restructurings | $		$ 116
Residential real estate and consumer | One-to-four family owner-occupied
Loans
Number of new troubled debt restructurings		1
Amount of new troubled debt restructurings | $		$ 115

Deposits - Composition of Depos

Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deposits
Non-interest bearing checking	$ 52,044	$ 54,243
Interest bearing checking	12,401	12,864
Money market	77,858	87,585
Statement savings accounts	34,121	33,968
Health savings accounts	10,519	10,608
Certificates of deposits	47,011	55,982
Total	233,954	255,250
Certificate of deposits at or above FDIC insurance limit	$ 7,925	$ 10,894

Deposits - Maturities of Certif

Deposits - Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deposits
2022	$ 11,174
2023	26,335
2024	8,409
2025	532
2026	394
2027	167
Total	47,011
Core deposit intangibles	$ 244	$ 316

FHLB Advances (Details)

FHLB Advances (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
FHLB Advances
FHLB advances outstanding	$ 0	$ 6,500,000
FHLB advances, collateral pledged	160,026,000	154,649,000
Amount secured by FHLB stock	851,000	851,000
FHLB advances, amount of available unused funds	18,903,000
Federal funds line of credit not withdrawn	$ 7,000,000
Minimum
FHLB Advances
FHLB fixed rate		0
Maximum
FHLB Advances
FHLB fixed rate		$ 1.7

Employee Stock Ownership Plan_2

Employee Stock Ownership Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021
Employee Stock Ownership Plan
ESOP shares committed to be released	22,941	22,941	15,294	7,647		15,294	7,647
Average fair value of per share	$ 12.19	$ 11.20
ESOP compensation expense	$ 277	$ 257
ESOP shares
Shares allocated to active participants	92,889				62,305
Shares committed to be released and allocated to participants	22,941				30,584
Shares distributed	(4,414)
Total unallocated shares	527,568				550,509
Total ESOP shares	638,984				643,398
Fair value of unallocated shares (based on $12.14 and $11.80 share price at June 30, 2022 and December 31, 2021, respectively)	$ 6,278				$ 6,496
Share price (in dollars per share)	$ 11.90				$ 11.80

Share-based Compensation Plan_2

Share-based Compensation Plans - Share-based compensation expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Plans
Total cost of share-based payment plans during the year	$ 365	$ 300
Amount of related income tax benefit recognized in income	90	71
Restricted Stock
Share-based Compensation Plans
Total cost of share-based payment plans during the year	219	173
Stock Options
Share-based Compensation Plans
Total cost of share-based payment plans during the year	$ 146	$ 127

Share-based Compensation Plan_3

Share-based Compensation Plans - Stock Options (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Plans
Exchange ratio applied in the offering	1.1730
Stock Options | 2018 Equity Incentive Plan
Share-based Compensation Plans
Vesting period	5 years
Expiration period	10 years
Restricted Stock
Share-based Compensation Plans
Granted (in shares)	17,500	22,750
Restricted Stock | 2018 Equity Incentive Plan
Share-based Compensation Plans
Vesting period	5 years
Vesting percentage	20%
Restricted Stock | 2021 Equity Incentive Plan | Director
Share-based Compensation Plans
Vesting period	1 year

Share-based Compensation Plan_4

Share-based Compensation Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Stock Option Awards
Outstanding, beginning balance (in shares)		316,875	269,220
Granted (in shares)	0	27,000	76,000
Exercised (in shares)		0	0
Expired or canceled, (in shares)		(400)	0
Forfeited, (in shares)		0	(19,057)
Outstanding, ending balance (in shares)	343,475	343,475	326,163
Exercisable (in shares)	152,482	152,482	134,066
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)		$ 10.73	$ 10.51
Granted, (in dollars per share)		12.16	11.27
Exercised, (in dollars per share)		0	0
Expired or canceled, (in dollars per share)		11.25	0
Forfeited, (in dollars per share)		0	10.01
Outstanding, beginning balance (in dollars per share)	$ 10.84	10.84	10.72
Exercisable (in dollars per share)	$ 10.69	$ 10.69	$ 10.80
Stock Option Awards, Additional Disclosures
Weighted Average Remaining Contractual Term, Options outstanding (years)		6 years 11 months 4 days	8 years
Weighted Average Remaining Contractual Term, Options exercisable (years)		6 years 7 months 9 days	7 years 6 months
Aggregate Intrinsic Value, Options outstanding	$ 367,450	$ 367,450	$ 207,476
Aggregate Intrinsic Value, Options exercisable	$ 184,271	$ 184,271	$ 63,140

Share-based Compensation Plan_5

Share-based Compensation Plans - Changes in restricted shares (Details) - Restricted Stock - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Number of shares
Nonvested stock awards, beginning balance (in shares)	59,737	62,060
Granted (in shares)	17,500	22,750
Vested (in shares)	(8,923)	(19,561)
Forfeited (in shares)	(200)	(5,519)
Nonvested stock awards, ending balance (in shares)	68,114	59,730
Weighted Average Grant Date Fair Value
Nonvested stock awards, beginning balance (in dollars per share)	$ 11.02	$ 10.73
Granted (in dollars per share)	11.25	11.35
Vested (in dollars per share)	11.22	10.77
Forfeitures (in dollars per share)	11.25	10.08
Nonvested stock awards, ending balance (in dollars per share)	$ 11.05	$ 11.02

Share-based Compensation Plan_6

Share-based Compensation Plans - Unrecognized compensation cost (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Plans
Total unrecognized compensation expense	$ 1
Unrecognized compensation expense, expected period of recognition	3 years

Equity and Regulatory Matters_2

Equity and Regulatory Matters (Capital Amounts and Ratios) (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Equity and Regulatory Matters
Common Equity Tier 1 capital (to risk-weighted assets)	$ 70,487	$ 75,554
Common Equity Tier 1 capital (to risk-weighted assets), ratio	0.266	0.296
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy	$ 11,942	$ 11,467
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy, ratio	0.045%	0.045%
Common Equity Tier 1 capital (to risk-weighted assets), to be capitalized	$ 17,249	$ 16,564
Common Equity Tier 1 capital (to risk-weighted assets), to be capitalized, ratio	0.065%	0.065%
Tier 1 capital (to risk-weighted assets)	$ 70,487	$ 75,554
Tier 1 capital (to risk-weighted assets), ratio	0.266	0.296
Tier 1 capital (to risk-weighted assets), for capital adequacy	$ 15,922	$ 15,290
Tier 1 capital (to risk-weighted assets), for capital adequacy, ratio	0.060	0.060
Tier 1 capital (to risk-weighted assets), to be capitalized	$ 21,230	$ 20,386
Tier 1 capital (to risk-weighted assets), to be capitalized, ratio	0.080	0.080
Total capital (to risk-weighted assets)	$ 73,017	$ 77,984
Total capital (to risk-weighted assets), ratio	0.275	0.306
Total capital (to risk-weighted assets), for capital adequacy	$ 21,230	$ 20,386
Total capital (to risk-weighted assets), for capital adequacy, ratio	0.080	0.080
Total capital (to risk-weighted assets), to be capitalized	$ 26,537	$ 25,483
Total capital (to risk-weighted assets), to be capitalized, ratio	0.100	0.100
Tier 1 capital (to average assets)	$ 70,487	$ 75,554
Tier 1 capital (to average assets), ratio	0.218	0.214
Tier 1 capital (to average assets), for capital adequacy	$ 12,949	$ 14,137
Tier 1 capital (to average assets), for capital adequacy, ratio	0.040	0.040
Tier 1 capital (to average assets), to be capitalized	$ 16,186	$ 17,671
Tier 1 capital (to average assets), to be capitalized, ratio	0.050	0.050

Fair Value - Fair Value of Asse

Fair Value - Fair Value of Assets on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Available for sale securities	$ 47,472	$ 48,398
Obligations of the US government and US government sponsored agencies
Fair Value
Available for sale securities	1,653	1,040
Obligations of states and political subdivisions
Fair Value
Available for sale securities	12,316	14,624
Mortgage-backed securities
Fair Value
Available for sale securities	23,366	26,056
Certificates of deposit
Fair Value
Available for sale securities	491	772
Corporate debt securities
Fair Value
Available for sale securities	9,646	5,906
Recurring
Fair Value
Available for sale securities	47,472	48,398
Recurring | Obligations of the US government and US government sponsored agencies
Fair Value
Available for sale securities	1,653	1,040
Recurring | Obligations of states and political subdivisions
Fair Value
Available for sale securities	12,316	14,624
Recurring | Mortgage-backed securities
Fair Value
Available for sale securities	23,366	26,056
Recurring | Certificates of deposit
Fair Value
Available for sale securities	491	772
Recurring | Corporate debt securities
Fair Value
Available for sale securities	9,646	5,906
Recurring | Level 1
Fair Value
Available for sale securities	0	0
Recurring | Level 1 | Obligations of the US government and US government sponsored agencies
Fair Value
Available for sale securities	0	0
Recurring | Level 1 | Obligations of states and political subdivisions
Fair Value
Available for sale securities	0	0
Recurring | Level 1 | Mortgage-backed securities
Fair Value
Available for sale securities	0	0
Recurring | Level 1 | Certificates of deposit
Fair Value
Available for sale securities	0	0
Recurring | Level 1 | Corporate debt securities
Fair Value
Available for sale securities	0	0
Recurring | Level 2
Fair Value
Available for sale securities	47,472	48,398
Recurring | Level 2 | Obligations of the US government and US government sponsored agencies
Fair Value
Available for sale securities	1,653	1,040
Recurring | Level 2 | Obligations of states and political subdivisions
Fair Value
Available for sale securities	12,316	14,624
Recurring | Level 2 | Mortgage-backed securities
Fair Value
Available for sale securities	23,366	26,056
Recurring | Level 2 | Certificates of deposit
Fair Value
Available for sale securities	491	772
Recurring | Level 2 | Corporate debt securities
Fair Value
Available for sale securities	9,646	5,906
Recurring | Level 3
Fair Value
Available for sale securities	0	0
Recurring | Level 3 | Obligations of the US government and US government sponsored agencies
Fair Value
Available for sale securities	0	0
Recurring | Level 3 | Obligations of states and political subdivisions
Fair Value
Available for sale securities	0	0
Recurring | Level 3 | Mortgage-backed securities
Fair Value
Available for sale securities	0	0
Recurring | Level 3 | Certificates of deposit
Fair Value
Available for sale securities	0	0
Recurring | Level 3 | Corporate debt securities
Fair Value
Available for sale securities	$ 0	$ 0

Fair Value - Fair Value of As_2

Fair Value - Fair Value of Assets on Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Impaired loans requiring a write down to their estimated fair value	$ 0	$ 0
Foreclosed assets	0	0
Nonrecurring
Fair Value
Other equity investments	503	503
Nonrecurring | Level 1
Fair Value
Other equity investments	0	0
Nonrecurring | Level 2
Fair Value
Other equity investments	503	503
Nonrecurring | Level 3
Fair Value
Other equity investments	$ 0	$ 0

Fair Value - Carrying value and

Fair Value - Carrying value and estimated fair value of financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets
Available for sale securities	$ 47,472	$ 48,398
Carrying Value
Financial assets
Cash and cash equivalents	16,049	67,002
Available for sale securities	47,472	48,398
Loans held for sale		500
Loans	228,300	222,104
Accrued interest receivable	901	813
Cash value of life insurance	10,238	10,029
Other equity investments	1,463	1,353
Financial liabilities
Deposits	233,954	255,250
Advance payments by borrowers for taxes and insurance	1,313	102
FHLB advances		6,500
Accrued interest payable	139	7
Estimated Fair Value | Level 1
Financial assets
Cash and cash equivalents	16,049	67,002
Available for sale securities	0	0
Loans held for sale		0
Loans	0	0
Accrued interest receivable	901	813
Cash value of life insurance	10,238	10,029
Other equity investments	0	0
Financial liabilities
Deposits	194,253	199,238
Advance payments by borrowers for taxes and insurance	1,313	102
FHLB advances		0
Accrued interest payable	139	7
Estimated Fair Value | Level 2
Financial assets
Cash and cash equivalents	0	0
Available for sale securities	47,472	48,398
Loans held for sale		500
Loans	0	0
Accrued interest receivable	0	0
Cash value of life insurance	0	0
Other equity investments	503	503
Financial liabilities
Deposits	0	0
Advance payments by borrowers for taxes and insurance	0	0
FHLB advances		0
Accrued interest payable	0	0
Estimated Fair Value | Level 3
Financial assets
Cash and cash equivalents	0	0
Available for sale securities	0	0
Loans held for sale		0
Loans	221,743	224,612
Accrued interest receivable	0	0
Cash value of life insurance	0	0
Other equity investments	960	850
Financial liabilities
Deposits	46,179	55,970
Advance payments by borrowers for taxes and insurance	0	0
FHLB advances		6,489
Accrued interest payable	$ 0	$ 0