Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Entity File Number | 001-40612 | |
Entity Registrant Name | PB BANKSHARES, INC | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 86-3947794 | |
Entity Address, Address Line One | 185 E Lincoln Highway | |
Entity Address, City or Town | Coatesville | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19320 | |
City Area Code | 610 | |
Local Phone Number | 384-8282 | |
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 | |
Title of 12(b) Security | Common Shares, par value $0.01 per share | |
Trading Symbol | PBBK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 2,607,640 | |
Entity Central Index Key | 0001849670 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 59,625 | $ 18,256 |
Federal funds sold | 7,162 | 14,182 |
Cash and cash equivalents | 66,787 | 32,438 |
Debt securities available-for-sale, at fair value | 32,138 | 68,115 |
Equity securities, at fair value | 790 | 793 |
Restricted stocks, at cost | 2,416 | 2,590 |
Loans receivable, net of allowance for credit losses of $4,465 at March 31, 2004 and $4,511 at December 31, 2023 | 333,288 | 321,382 |
Premises and equipment, net | 2,019 | 2,057 |
Deferred income taxes, net | 1,652 | 1,732 |
Accrued interest receivable | 1,545 | 1,253 |
Bank owned life insurance | 8,283 | 8,230 |
Other assets | 1,516 | 1,158 |
Total Assets | 450,434 | 439,748 |
Liabilities | ||
Deposits | 348,389 | 332,966 |
Borrowings | 50,819 | 55,104 |
Accrued expenses and other liabilities | 4,457 | 4,689 |
Total Liabilities | 403,665 | 392,759 |
Commitments and contingencies | ||
Stockholders' Equity | ||
Preferred Stock, $0.01 par value, 10,000,000 shares authorized; -0- issued and outstanding at March 31, 2024 and December 31, 2023 | 0 | 0 |
Common Stock, $0.01 par value, 40,000,000 shares authorized; 2,629,967 (including 108,115 restricted shares) and 2,679,967 (including 108,115 restricted shares) issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 25 | 26 |
Additional paid-in capital | 23,582 | 24,115 |
Retained earnings | 26,875 | 26,558 |
Unearned ESOP shares, 188,853 shares at March 31, 2024 and December 31, 2023 | (2,463) | (2,463) |
Accumulated other comprehensive loss | (1,250) | (1,247) |
Total Stockholders' Equity | 46,769 | 46,989 |
Total Liabilities and Stockholders' Equity | $ 450,434 | $ 439,748 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for credit losses | $ 4,465 | $ 4,511 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 2,629,967 | 2,679,967 |
Common stock, shares outstanding | 2,629,967 | 2,679,967 |
Unearned ESOP shares | 188,853 | 188,853 |
Restricted stock | ||
Common stock, shares issued | 108,115 | 108,115 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and Dividend Income | ||
Loans, including fees | $ 4,551 | $ 3,798 |
Securities | 311 | 183 |
Other | 752 | 388 |
Total Interest and Dividend Income | 5,614 | 4,369 |
Interest Expense | ||
Deposits | 2,486 | 928 |
Borrowings | 496 | 396 |
Total Interest Expense | 2,982 | 1,324 |
Net interest income | 2,632 | 3,045 |
(Credit) Provision for Credit Losses | (84) | 183 |
Net interest income after provision for credit losses | 2,716 | 2,862 |
Noninterest Income | ||
Revenue under 606 | 142 | 83 |
(Loss) gain on equity securities | (8) | 12 |
Bank owned life insurance income | 53 | 43 |
Total Noninterest Income | 187 | 138 |
Noninterest Expenses | ||
Salaries and employee benefits | 1,356 | 1,349 |
Occupancy and equipment | 175 | 164 |
Data and item processing | 280 | 267 |
Advertising and marketing | 51 | 25 |
Professional fees | 165 | 180 |
Directors' fees | 107 | 107 |
FDIC insurance premiums | 49 | 40 |
Pennsylvania shares tax | 79 | 77 |
Debit card expenses | 41 | 35 |
Other | 195 | 221 |
Total Noninterest Expenses | 2,498 | 2,465 |
Income before income tax expense | 405 | 535 |
Income Tax Expense | 88 | 126 |
Net Income | $ 317 | $ 409 |
Earnings per common share - basic | $ 0.13 | $ 0.16 |
Earnings per common share - diluted | $ 0.13 | $ 0.16 |
Service charges on deposit accounts | ||
Noninterest Income | ||
Revenue under 606 | $ 55 | $ 47 |
Debit card income | ||
Noninterest Income | ||
Revenue under 606 | 50 | 50 |
Other service charges | ||
Noninterest Income | ||
Revenue under 606 | 17 | 19 |
Other income | ||
Noninterest Income | ||
Revenue under 606 | 20 | 7 |
Loss on disposal of premises and equipment | ||
Noninterest Income | ||
Revenue under 606 | $ 0 | $ (40) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ 317 | $ 409 |
Unrealized (losses) gains on debt securities available-for-sale: | ||
Unrealized holding (losses) gains arising during period | (4) | 505 |
Tax effect | 1 | (106) |
Other comprehensive (loss) income | (3) | 399 |
Total Comprehensive Income | $ 314 | $ 808 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Loss | Cumulative Effect, Period of Adoption, Adjustment | Total |
Beginning Balance at Dec. 31, 2022 | $ 27 | $ 25,721 | $ 24,779 | $ (2,608) | $ (1,932) | $ 45,987 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 409 | 409 | ||||||
Repurchased common stock, value | (498) | (498) | ||||||
Stock based compensation expense | 134 | 134 | ||||||
Other comprehensive income (loss) | 399 | 399 | ||||||
Ending Balance at Mar. 31, 2023 | 27 | 25,357 | $ (140) | 25,048 | (2,608) | (1,533) | $ (140) | 46,291 |
Beginning Balance at Dec. 31, 2023 | 26 | 24,115 | 26,558 | (2,463) | (1,247) | 46,989 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 317 | 317 | ||||||
Repurchased common stock, value | (1) | (667) | (668) | |||||
Stock based compensation expense | 134 | 134 | ||||||
Other comprehensive income (loss) | (3) | (3) | ||||||
Ending Balance at Mar. 31, 2024 | $ 25 | $ 23,582 | $ 26,875 | $ (2,463) | $ (1,250) | $ 46,769 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Repurchased common stock, shares | 50,000 | 35,651 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net income | $ 317 | $ 409 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Credit) Provision for Credit Losses | (84) | 183 |
Depreciation and amortization | 82 | 74 |
Loss on disposal of premises and equipment | 0 | 40 |
Net accretion of securities premiums and discounts | (165) | (86) |
Deferred income tax benefit | 81 | 46 |
Loss (gain) on equity securities | 8 | (12) |
Deferred loan fees, net | (11) | 52 |
Earnings on bank owned life insurance | (53) | (43) |
Stock-based compensation expense | 134 | 134 |
Increase in accrued interest receivable and other assets | (633) | (257) |
(Decrease) increase in accrued expenses and other liabilities | (236) | 7 |
Net Cash (Used in) Provided by Operating Activities | (560) | 547 |
Cash Flows from Investing Activities | ||
Maturities, calls, and principal repayments | 36,138 | 20,181 |
Dividends on equity securities reinvested | (5) | (5) |
Redemption of restricted stocks | 174 | 19 |
Net increase in loans receivable | (11,850) | (8,162) |
Purchases of premises and equipment | (18) | (337) |
Net Cash Provided by Investing Activities | 24,439 | 11,696 |
Cash Flows from Financing Activities | ||
Net increase in deposits | 15,423 | 5,942 |
Repurchased common stock | (668) | (498) |
Advances of borrowings | 0 | 6,900 |
Repayments of borrowings | (4,285) | (6,837) |
Net Cash Provided by Financing Activities | 10,470 | 5,507 |
Increase in cash and cash equivalents | 34,349 | 17,750 |
Cash and Cash Equivalents, Beginning of Period | 32,438 | 17,204 |
Cash and Cash Equivalents, End of Period | 66,787 | 34,954 |
Supplementary Cash Flows Information | ||
Interest paid | 2,886 | 1,231 |
Right-to-use lease assets and liability | (43) | 0 |
Income taxes paid | 0 | 0 |
Supplementary Non-Cash Flows Information | ||
Unrealized (loss) gain on debt securities available-for-sale | $ (4) | $ 505 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Organization and Nature of Operations PB Bankshares, Inc., a Maryland corporation (the “Company”) is the holding company of Presence Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On July 14, 2021, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. Shares of the Company began trading on the Nasdaq Capital Market on July 15, 2021. The Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”). The Bank is a state-chartered savings bank established in 1919. The main office is located in Coatesville, Pennsylvania with three other branches located in New Holland, Oxford, and Georgetown, Pennsylvania. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans primarily secured by real estate and, to a lesser extent, consumer loans. The Bank competes with other banking and financial institutions in its primary market communities encompassing Chester, Cumberland, Dauphin, Lancaster, and Lebanon Counties in Pennsylvania. The Bank is regulated by the Federal Deposit Insurance Corporation (the “FDIC”) and the Pennsylvania Department of Banking and Securities (the “PADOB”). Principles of Consolidation The consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank. The Bank also includes the accounts of CSB Investments, Inc. (“CSB”), a wholly-owned subsidiary of the Bank located in Wilmington, Delaware. The sole purpose of CSB is to maintain and manage the Bank’s investment portfolio. All significant intercompany accounts and transactions have been eliminated in consolidation. Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to the Securities and Exchange Commission’s Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary (consisting only of normal recurring accruals) for a fair presentation have been included. Operating results for the three month period ended March 31, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 or any other interim periods. For further information, refer to the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 as filed in the annual report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2024. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses on loans. While management uses available information to recognize estimated losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions and underlying collateral values, if any. In addition, the FDIC and PADOB, as an integral part of their examination process, periodically review the Bank’s allowance for credit losses. These agencies may require the Bank to recognize additions to the allowance based on their judgments of information available to them at the time of their examinations. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements This section provides a summary description of recent ASUs issued by the FASB to the ASC that had or that management expects may have an impact on the financial statements issued upon adoption. The Company is classified as an emerging growth company and has elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Effective dates reflect this election. Recently Issued, But Not Yet Effective Accounting Pronouncement In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024, for public business entities. For entities other than public business entities the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. |
Debt and Equity Securities
Debt and Equity Securities | 3 Months Ended |
Mar. 31, 2024 | |
Debt and Equity Securities | |
Debt and Equity Securities | 3. Debt and Equity Securities The amortized cost, gross unrealized gains and losses, and fair value of securities available-for-sale and equity securities are as follows (in thousands): Gross Unrealized Gross Unrealized March 31, 2024 Amortized Cost Gains Losses Fair Value Debt securities: Agency bonds $ 22,245 $ — $ (1,331) $ 20,914 Treasury securities 8,913 3 (12) 8,904 Mortgage-backed securities 80 1 — 81 Collateralized mortgage obligations 2,482 — (243) 2,239 Total available-for-sale debt securities $ 33,720 $ 4 $ (1,586) $ 32,138 Equity securities: Mutual funds (fixed income) $ 790 Gross Unrealized Gross Unrealized December 31, 2023 Amortized Cost Gains Losses Fair Value Debt securities: Agency bonds $ 23,244 $ — $ (1,384) $ 21,860 Treasury securities 43,750 32 — 43,782 Mortgage-backed securities 83 2 — 85 Collateralized mortgage obligations 2,616 — (228) 2,388 Total available-for-sale debt securities $ 69,693 $ 34 $ (1,612) $ 68,115 Equity securities: Mutual funds (fixed income) $ 793 The table below indicates the length of time individual available-for-sale securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Agency bonds $ 999 $ — $ 19,915 $ (1,331) $ 20,914 $ (1,331) Treasury securities 6,911 (12) — — 6,911 (12) Collateralized mortgage obligations — — 2,239 (243) 2,239 (243) Total $ 7,910 $ (12) $ 22,154 $ (1,574) $ 30,064 $ (1,586) December 31, 2023 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Agency bonds $ 1,998 $ (1) $ 19,862 $ (1,383) $ 21,860 $ (1,384) Collateralized mortgage obligations — — 2,388 (228) 2,388 (228) Total $ 1,998 $ (1) $ 22,250 $ (1,611) $ 24,248 $ (1,612) As of March 31, 2024 and December 31, 2023, the mortgage-backed securities and collateralized mortgage obligations included in the securities portfolio consisted of securities issued by U.S. government sponsored agencies. There were no private label mortgage-backed securities or collateralized mortgage obligations held in the securities portfolio as of March 31, 2024 and December 31, 2023. At March 31, 2024, 47 agency bonds, three treasury securities and 33 collateralized mortgage obligations were in an unrealized loss position. In analyzing an issuer’s financial condition, management considers whether downgrades by bond rating agencies have occurred and industry analysts’ reports. As of March 31, 2024, management believes that the estimated fair value of securities disclosed above is primarily dependent upon the movement in market interest rates particularly given the negligible inherent credit risk associated with these securities. Although the fair value will fluctuate as the market interest rates move, management believes that these fair values will recover as the underlying portfolios mature and are reinvested in market yielding investments. Additionally, all securities remain highly rated and all issuers have continued to make timely payments of interest and principal. As the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost basis, which may be maturity, the Company concluded that a credit loss did not exist in its portfolio at March 31, 2024, and therefore, no allowance for credit losses was recorded. There were no securities sold during the three months ended March 31, 2024 and 2023. The amortized cost and fair value of debt securities available-for-sale at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands). Available-for-Sale Amortized Cost Fair Value Yield Due less than one year $ 9,672 $ 9,591 3.82 % Due one year through five years 21,486 20,227 2.82 Due after five years through ten years — — — Mortgage-backed securities 80 81 5.50 Collateralized mortgage obligations 2,482 2,239 1.93 Total available-for-sale debt securities $ 33,720 $ 32,138 2.09 % At March 31, 2024 and December 31, 2023, the Company had securities with fair values totaling $1,811,000 and $1,878,000, respectively, pledged to secure borrowings. At March 31, 2024 and December 31, 2023, the Company had securities with fair values totaling $15,097,000 and $15,073,000, respectively, pledged primarily for public fund depositors. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2024 | |
Loans Receivable and Allowance for Loan Losses | |
Loans Receivable and Allowance for Credit Losses | 4. Loans Receivable and Allowance for Credit Losses The Company’s loans are stated at their face amount and consist of the classes of loans included in the table below. The Company has elected to exclude accrued interest receivable, totaling $1.5 million and $1.3 million at March 31, 2024 and December 31, 2023, respectively, from the amortized cost basis of loans. Major classifications of net loans receivable at March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, December 31, 2024 2023 Real estate: One-to four-family residential $ 109,083 $ 108,534 Commercial 195,140 184,868 Construction 11,378 10,805 Commercial and industrial 16,054 16,552 Consumer and other 6,715 5,836 338,370 326,595 Deferred loan fees, net (617) (702) Allowance for credit losses (4,465) (4,511) Total loans receivable, net $ 333,288 $ 321,382 The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended March 31, 2024 (in thousands): Allowance for Credit Losses - Loans Provisions for Credit Beginning Losses - Ending Balance Charge-offs Recoveries Loans Balance Real Estate: One- to four-family residential $ 1,267 $ — $ — $ (49) $ 1,218 Commercial 2,637 — — 145 2,782 Construction 112 — — (8) 104 Commercial and industrial 229 — 2 (30) 201 Consumer and other 71 (6) 2 2 69 Unallocated 195 — — (104) 91 Total $ 4,511 $ (6) $ 4 $ (44) $ 4,465 The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended March 31, 2023 (in thousands): Allowance for Credit Losses - Loans Balance Provisions Prior to Impact of for Credit Adoption of Adoption of Losses - Ending ASC 326 ASC 326 Charge-offs Recoveries Loans Balance Real Estate: One- to four-family residential $ 1,156 $ 45 $ — $ 15 $ (28) $ 1,188 Commercial 1,829 75 — — 122 2,026 Construction 316 (34) — — (42) 240 Commercial and industrial 308 (84) (75) 1 108 258 Consumer and other 87 3 — — 19 109 Unallocated 296 (5) — — (22) 269 Total $ 3,992 $ — $ (75) $ 16 $ 157 $ 4,090 The following table presents a breakdown of the provision for credit losses for the periods indicated (in thousands): Three Months Ended March 31, 2024 2023 Provision for credit losses: Provision for loans $ (44) $ 157 Provision for unfunded commitments (40) 26 Total provision for credit losses $ (84) $ 183 The following tables present the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Nonaccural Nonaccrual With No ACL Real estate: One- to four-family residential $ 134 $ 134 Commercial 1,011 1,011 Commercial and industrial 191 191 Total $ 1,336 $ 1,336 December 31, 2023 Nonaccural Nonaccrual With No ALL Real estate: One- to four-family residential $ 149 $ 149 Commercial 1,065 1,065 Commercial and industrial 207 207 Total $ 1,421 $ 1,421 The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of March 31, 2024 (in thousands): March 31, 2024 Total Real Estate Non-Real Estate Collateral Allowance for Secured Secured Dependent Credit Losses- Loans Loans Loans Loans Real estate: One- to four-family residential $ 338 $ — $ 338 $ — Commercial 1,521 — 1,521 114 Construction — — — — Commercial and industrial 192 — 192 — Consumer and other — — — — Total $ 2,051 $ — $ 2,051 $ 114 The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of December 31, 2023 (in thousands): December 31, 2023 Total Real Estate Non-Real Estate Collateral Allowance for Secured Secured Dependent Credit Losses- Loans Loans Loans Loans Real estate: One- to four-family residential $ 355 $ — $ 355 $ — Commercial 1,577 — 1,577 — Construction — — — — Commercial and industrial 207 — 207 — Consumer and other — — — — Total $ 2,139 $ — $ 2,139 $ — A loan is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” loans include those characterized by the “distinct possibility” that the Company will sustain “some loss” if the deficiencies are not corrected. Loans classified as “doubtful” have all of the weaknesses inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Loans classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific allowance for credit losses is not warranted. Loans that do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are designated as “special mention” by our management. Loans that are performing as agreed are classified as “pass”. The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2024 (in thousands); as well as gross charge-offs (in thousands) for the three months ended March 31, 2024: Year of Origination Revolving Loans Revolving Converted to 2024 2023 2022 2021 2020 Prior Loans Term Loans Total Real estate: one- to four-family residential Pass $ 2,065 $ 8,235 $ 17,571 $ 17,888 $ 12,123 $ 39,578 $ 8,947 $ 1,290 $ 107,697 Special Mention — — — 466 — 581 — — 1,047 Substandard — — — — — 339 — — 339 Total real estate: one- to four-family residential $ 2,065 $ 8,235 $ 17,571 $ 18,354 $ 12,123 $ 40,498 $ 8,947 $ 1,290 $ 109,083 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate: commercial Pass $ 10,148 $ 44,664 $ 44,644 $ 45,330 $ 20,574 $ 25,958 $ 2,036 $ — $ 193,354 Special Mention — — 265 — — — — — 265 Substandard — — — — — 1,521 — — 1,521 Total real estate: commercial $ 10,148 $ 44,664 $ 44,909 $ 45,330 $ 20,574 $ 27,479 $ 2,036 $ — $ 195,140 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate: construction Pass $ — $ — $ 3,703 $ 5,000 $ 83 $ 120 $ 2,472 $ — $ 11,378 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total real estate: construction $ — $ — $ 3,703 $ 5,000 $ 83 $ 120 $ 2,472 $ — $ 11,378 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass $ 432 $ 594 $ 2,277 $ 2,362 $ 653 $ 247 $ 9,236 $ 61 $ 15,862 Special Mention — — — — — — — — — Substandard — — — — — 192 — — 192 Total commercial and industrial $ 432 $ 594 $ 2,277 $ 2,362 $ 653 $ 439 $ 9,236 $ 61 $ 16,054 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other Pass $ 600 $ — $ 2,009 $ 2,000 $ 959 $ — $ 1,147 $ — $ 6,715 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total consumer and other $ 600 $ — $ 2,009 $ 2,000 $ 959 $ — $ 1,147 $ — $ 6,715 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans, gross Pass $ 13,245 $ 53,493 $ 70,204 $ 72,580 $ 34,392 $ 65,903 $ 23,838 $ 1,351 $ 335,006 Special Mention — — 265 466 — 581 — — 1,312 Substandard — — — — — 2,052 — — 2,052 Total loans, gross $ 13,245 $ 53,493 $ 70,469 $ 73,046 $ 34,392 $ 68,536 $ 23,838 $ 1,351 $ 338,370 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2023 (in thousands); as well as gross charge-offs (in thousands) for the year ended December 31, 2023: Year of Origination Revolving Loans Revolving Converted to 2023 2022 2021 2020 2019 Prior Loans Term Loans Total Real estate: one- to four-family residential Pass $ 8,452 $ 17,677 $ 18,152 $ 12,310 $ 8,188 $ 32,444 $ 9,077 $ 1,293 $ 107,593 Special Mention — — — — — 586 — — 586 Substandard — — — — — 355 — — 355 Total real estate: one- to four-family residential $ 8,452 $ 17,677 $ 18,152 $ 12,310 $ 8,188 $ 33,385 $ 9,077 $ 1,293 $ 108,534 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate: commercial Pass $ 44,872 $ 42,737 $ 46,182 $ 20,797 $ 4,025 $ 22,485 $ 2,193 $ — $ 183,291 Special Mention — — — — — — — — — Substandard — — — — — 1,577 — — 1,577 Total real estate: commercial $ 44,872 $ 42,737 $ 46,182 $ 20,797 $ 4,025 $ 24,062 $ 2,193 $ — $ 184,868 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate: construction Pass $ 269 $ 7,179 $ — $ 85 $ 116 $ 365 $ 2,233 $ — $ 10,247 Special Mention — 89 469 — — — — — 558 Substandard — — — — — — — — — Total real estate: construction $ 269 $ 7,268 $ 469 $ 85 $ 116 $ 365 $ 2,233 $ — $ 10,805 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass $ 616 $ 3,273 $ 1,631 $ 728 $ 19 $ 243 $ 9,773 $ 62 $ 16,345 Special Mention — — — — — — — — — Substandard — — — — — 207 — — 207 Total commercial and industrial $ 616 $ 3,273 $ 1,631 $ 728 $ 19 $ 450 $ 9,773 $ 62 $ 16,552 Current period gross charge-offs $ — $ — $ (144) $ — $ — $ — $ — $ — $ (144) Consumer and other Pass $ — $ 2,010 $ 2,000 $ 982 $ — $ — $ 844 $ — $ 5,836 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total consumer and other $ — $ 2,010 $ 2,000 $ 982 $ — $ — $ 844 $ — $ 5,836 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans, gross Pass $ 54,209 $ 72,876 $ 67,965 $ 34,902 $ 12,348 $ 55,537 $ 24,120 $ 1,355 $ 323,312 Special Mention — 89 469 — — 586 — — 1,144 Substandard — — — — — 2,139 — — 2,139 Total loans, gross $ 54,209 $ 72,965 $ 68,434 $ 34,902 $ 12,348 $ 58,262 $ 24,120 $ 1,355 $ 326,595 Current period gross charge-offs $ — $ — $ (144) $ — $ — $ — $ — $ — $ (144) The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of March 31, 2024 (in thousands): Loans Receivable Total 90 or More 30‑59 Days 60‑89 Days 90 or More Total Past Loans Days and Past Due Past Due Days Past Due Due Current Receivable Accruing Real estate: One- to four-family residential $ 106 $ — $ 34 $ 140 $ 108,943 $ 109,083 $ — Commercial 510 — — 510 194,630 195,140 — Construction — — — — 11,378 11,378 — Commercial and industrial — — — — 16,054 16,054 — Consumer and other — — — — 6,715 6,715 — Total loans, gross $ 616 $ — $ 34 $ 650 $ 337,720 $ 338,370 $ — The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2023 (in thousands): Loans Receivable Total 90 or More 30‑59 Days 60‑89 Days 90 or More Total Past Loans Days and Past Due Past Due Days Past Due Due Current Receivable Accruing Real estate: One- to four-family residential $ 89 $ — $ 28 $ 117 $ 108,417 $ 108,534 $ — Commercial — 655 — 655 184,213 184,868 — Construction — — — — 10,805 10,805 — Commercial and industrial — — — — 16,552 16,552 — Consumer and other — — — — 5,836 5,836 — Total loans, gross $ 89 $ 655 $ 28 $ 772 $ 325,823 $ 326,595 $ — The Company may grant a concession or modification for economic or legal reasons related to a borrower’s financial condition that it would not otherwise consider resulting in a modified loan. The Company may modify loans through rate reductions, extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers’ operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. The Company identifies loans for potential modification primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. No loans were modified during the three months ended March 31, 2024 and 2023 to borrowers experiencing financial difficulty. The Company closely monitors the performance of modified loans to understand the effectiveness of its modification efforts. Upon the determination that all or a portion of a modified loan is uncollectible, that amount is charged against the allowance for credit losses. There were no payment defaults during the three months ended March 31, 2024 and 2023 of modified loans. At March 31, 2024 and December 31, 2023, there was no other real estate owned. There was no real estate in process of foreclosure as of March 31, 2024 and December 31, 2023. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Leases | 5. Leases Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable prepaid rent, initial direct costs and any incentives received from the lessor. The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases as of March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (dollars in thousands): March 31, December 31, 2024 2023 Right-of-use assets $ 864 852 Lease liability $ 828 814 Weighted average remaining lease term 12.29 years 12.31 years Weighted average discount rate 4.79 % 4.73 % Three Months Three Months Ended Ended March 31, March 31, 2024 2023 Operating lease cost $ 25 $ 26 Short-term lease cost 4 20 Total lease costs $ 29 $ 46 Cash paid for amounts included in the measurement of lease liabilities $ 34 $ 33 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows: As of March 31, Lease payments due (in thousands): 2024 Nine months ending December 31, 2024 $ 105 2025 137 2026 85 2027 69 2028 66 Thereafter 647 Total undiscounted cash flows 1,109 Discount 281 Lease Liability $ 828 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Borrowings | |
Borrowings | 6. Borrowings The Company has an unsecured line of credit with Atlantic Community Bankers Bank (“ACBB”) of up to $7,500,000, expiring on June 30, 2024, which it intends to renew annually. Interest on the line of credit is charged at fed funds rate plus 0.25%. The Company had no outstanding borrowings under the ACBB line of credit at March 31, 2024 and December 31, 2023. The Company has an unsecured line of credit with SouthState Bank, N.A. of up to $5,000,000. There were no borrowings outstanding under the SouthState Bank, N.A. line of credit at March 31, 2024 and December 31, 2023. The Company also has the ability to borrow up to $2,000,000 through the Federal Reserve Bank’s discount window. Funds obtained through the discount window are secured by the Company’s U.S. Government and agency obligations. There were no borrowings outstanding through the discount window at March 31, 2024 and December 31, 2023. The Company has an open-ended line of credit (short-term borrowing) of $89,200,000 and $45,630,000 at March 31, 2024 and December 31, 2023, respectively, to obtain advances from the Federal Home Loan Bank (“FHLB”). Interest on the line of credit is charged at the FHLB’s overnight rate of 5.67% and 5.68% at March 31, 2024 and December 31, 2023 respectively. The Company had no outstanding borrowings under this line of credit at March 31, 2024 and December 31, 2023. Maximum borrowing capacity with the FHLB was approximately $202,068,000 and $178,468,000 at March 31, 2024 and December 31, 2023, respectively. The Company had three unfunded letters of credit with the FHLB for $13,400,000 at March 31, 2024 and three letters of credit with FHLB that totaled $13,850,000 at December 31, 2023 that were pledged to secure public funds. Borrowings from the FHLB at March 31, 2024 and December 31, 2023 consist of the following (dollars in thousands): March 31, December 31, 2024 2023 Weighted Weighted Maturity Amount Rate Amount Rate 2024 $ 7,500 5.19 % $ 11,500 5.41 % 2025 4,500 5.30 4,500 5.30 2026 3,034 3.13 3,241 3.02 2027 19,500 2.69 19,500 2.69 2028 13,650 4.00 13,650 4.00 2032 2,635 1.83 2,713 1.83 Total borrowings $ 50,819 3.62 % $ 55,104 3.77 % |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk | 7. Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The Company had the following off-balance sheet financial instruments whose contract amounts represent credit risk at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, 2024 2023 Commitments to grant loans $ 32,557 $ 31,481 Unfunded commitments under lines of credit 12,948 12,186 Standby letters of credit 4,402 1,808 Total off-balance sheet financial instruments $ 49,907 $ 45,475 Outstanding loan commitments represent the unused portion of loan commitments available to individuals and companies as long as there is no violation of any condition established in the contract. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based upon management’s credit evaluation of the customer. Various types of collateral may be held, including property and marketable securities. The credit risk involved in these financial instruments is essentially the same as that involved in extending loan facilities to customers. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Contingencies | |
Contingencies | 8. Contingencies In the normal course of business, the Company is subject to various lawsuits involving matters generally incidental to its business. As of March 31, 2024, management is of the opinion that the ultimate liability, if any, resulting from any pending actions or proceedings will not have a material effect on the consolidated balance sheet or results of operations and cash flows of the Company. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Compensation | |
Stock-Based Compensation | 9. Stock-Based Compensation The Company’s stockholders approved the PB Bankshares, Inc. 2022 Equity Incentive Plan (the “2022 Equity Incentive Plan”) at the Annual Meeting on September 28, 2022. An aggregate of 388,815 shares of authorized but unissued common stock of the Company was reserved for future grants of incentive and nonqualified stock options and restricted stock awards and restricted stock units under the 2022 Equity Incentive Plan. Of the 388,815 authorized shares, the maximum number of shares of the Company’s common stock that may be issued under the 2022 Equity Incentive Plan pursuant to the exercise of stock options is 277,725 shares, and the maximum number of shares of the Company’s common stock that may be issued as restricted stock awards or restricted stock units is 111,090 shares. The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2022 Equity Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of March 31, 2024 and December 31, 2023, there were 14,628 and 13,628 shares available for future awards under this plan, respectively. The shares available for future award includes 11,653 and 10,653 shares available for incentive and non-qualified stock options as of March 31, 2024 and December 31, 2023, respectively, and 2,975 shares available for restricted stock awards as of those same dates. The stock options and restricted shares vest over a five-year period. Stock option expense was $68,000 and $69,000 for the three month periods ended March 31, 2024 and March 31, 2023, respectively. At March 31, 2024, total unrecognized compensation cost related to stock options was $1,034,000. A summary of the Company’s stock option activity and related information for the three month period ended March 31, 2024 was as follows (dollars in thousands, except per share data): Weighted-Average Remaining Weighted-Average Contractual Life Aggregate Intrinsic Options Exercise Price (in years) Value Outstanding, January 1, 2024 267,072 $ 12.29 8.88 — Granted — — — — Exercised — — — — Forfeited (1,000) 13.80 8.80 — Outstanding, March 31, 2024 266,072 $ 12.28 8.63 $ 165 Exercisable, March 31, 2024 53,214 $ 12.28 8.63 $ 33 Restricted stock expense was $66,000 and $65,000 for the three month periods ended March 31, 2024 and March 31, 2023, respectively. At March 31, 2024, the unrecognized compensation expense relating to non-vested stock outstanding was $997,000. A summary of the Company’s restricted stock activity and related information for the three month period ended March 31, 2024 was as follows: Weighted-Average Number of Grant Date Shares Fair Value Non-vested, January 1, 2024 86,493 $ 12.28 Granted — — Vested — — Forfeited — — Non-vested at March 31, 2024 86,493 $ 12.28 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Matters | 10. Regulatory Matters The Bank is subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of March 31, 2024, the Bank met all capital adequacy requirements to which it was subject. Prompt corrective action regulations provide five classifications; well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At March 31, 2024, the most recent regulatory notification categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets above the minimum but below the conservation buffer will face limitations on dividends, stock repurchases and certain discretionary bonus payments to management based on the amount of the shortfall. Under Basel III rules, banks must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The required capital conservation buffer is 2.50%. On January 1, 2023, the Company adopted ASC 326. Regulatory capital rules permitted the Bank to phase-in the day-one effects of adopting ASC 326 over a three-year transition period. The Bank elected to take the phase-in for the amount of $140,000. The following tables present actual and required capital ratios as of March 31, 2024 and December 31, 2023 under the Basel III Capital Rules. Bank capital levels required to be considered well capitalized are based upon prompt corrective action regulations. Actual and required capital amounts (in thousands) and ratios are presented below at quarter-end. To be Well For Capital Capitalized under For Capital Adequacy Purposes Prompt Corrective March 31, 2024 Actual Adequacy Purposes with Capital Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 44,591 14.15 % $ 25,209 8.00 % $ 33,087 10.500 % $ 31,511 10.00 % Tier 1 capital (to risk-weighted assets) $ 40,645 12.90 % $ 18,907 6.00 % $ 26,784 8.500 % $ 25,209 8.00 % Common equity (to risk-weighted assets) $ 40,645 12.90 % $ 14,180 4.50 % $ 22,058 7.000 % $ 20,482 6.50 % Tier 1 capital (to average assets) $ 40,645 9.25 % $ 17,569 4.00 % N/A N/A $ 21,961 5.00 % To be Well For Capital Capitalized under For Capital Adequacy Purposes Prompt Corrective December 31, 2023 Actual Adequacy Purposes with Capital Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 44,168 14.20 % $ 24,875 8.00 % $ 32,649 10.500 % $ 31,094 10.00 % Tier 1 capital (to risk-weighted assets) $ 40,276 12.95 % $ 18,657 6.00 % $ 26,430 8.500 % $ 24,875 8.00 % Common equity (to risk-weighted assets) $ 40,276 12.95 % $ 13,992 4.50 % $ 21,766 7.000 % $ 20,211 6.50 % Tier 1 capital (to average assets) $ 40,276 9.78 % $ 16,467 4.00 % N/A N/A $ 20,584 5.00 % |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 11. Earnings Per Common Share The factors used in the earning per common share computation follow (dollars in thousands, except per share data): Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Net income $ 317 $ 409 Weighted average common shares outstanding 2,568,090 2,731,251 Less: Average unearned ESOP shares (188,853) (199,962) Weighted average shares outstanding (basic) 2,379,237 2,531,289 Dilutive common stock equivalents 33,287 15,469 Weighted average shares outstanding (diluted) 2,412,524 2,546,758 Basic earnings per common share $ 0.13 $ 0.16 Diluted earnings per common share $ 0.13 $ 0.16 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 12. Fair Value of Financial Instruments The Company groups its assets and liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 - Valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuation is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 - Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is determined at a reasonable point within the range that is most representative of fair value under current market conditions. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective quarter ends, and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each quarter end. An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following methods and assumptions were used by the Company in estimating fair value disclosures for its financial assets and liabilities: Debt and Equity Securities (Carried at Fair Value) The fair value of debt and equity securities (carried at fair value) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt and equity securities without relying exclusively on quoted market prices for the specific debt and equity securities but rather by relying on the securities’ relationship to other benchmark quoted prices. Individually Evaluated Collateral Dependent Loans (Generally Carried at Fair Value) The estimated fair value of individually evaluated collateral dependent loans is based on the value of the underlying collateral or the value of the underlying collateral, less estimated cost to sell, as appropriate. Collateral is generally real estate; however, collateral may include vehicles, equipment, inventory, accounts receivable, and/or other assets. The value of real estate collateral is generally determined using a market valuation approach based on an appraisal conducted by an independent, licensed appraiser. The value of other assets may also be based on an appraisal, market quotations, aging schedules or other sources. Any fair value adjustments are recorded in the period incurred as a provision for credit losses on the Consolidated Statements of Income. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. At March 31, 2024, the fair value consisted of the recorded investment in the collateral dependent loans of $396,000, which was net of a valuation allowance of $114,000. At December 31, 2023, there were no individually evaluated collateral dependent loans with a specific reserve. Collateral dependent individually evaluated loans are included in Loans Receivable in the table below, which details the fair value of all the Company’s financial instruments. For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024 and December 31, 2023 are as follows (in thousands): Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs March 31, 2024 Total (Level 1) (Level 2) (Level 3) Agency bonds $ 20,914 $ — $ 20,914 $ — Treasury securities 8,904 8,904 — — Mortgage-backed securities 81 — 81 — Collateralized mortgage obligations 2,239 — 2,239 — Mutual funds 790 790 — — Total assets measured at fair value on a recurring basis $ 32,928 $ 9,694 $ 23,234 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs December 31, 2023 Total (Level 1) (Level 2) (Level 3) Agency bonds $ 21,860 $ — $ 21,860 $ — Treasury securities 43,782 43,782 — — Mortgage-backed securities 85 — 85 — Collateralized mortgage obligations 2,388 — 2,388 — Mutual funds 793 793 — — Total assets measured at fair value on a recurring basis $ 68,908 $ 44,575 $ 24,333 $ — For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024 and December 31, 2023 are as follows (in thousands): Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs March 31, 2024 Total (Level 1) (Level 2) (Level 3) Individually evaluated collateral dependent loans $ 396 $ — $ — $ 396 Total assets measured at fair value on a nonrecurring basis $ 396 $ — $ — $ 396 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs December 31, 2023 Total (Level 1) (Level 2) (Level 3) Individually evaluated collateral dependent loans $ — $ — $ — $ — Total assets measured at fair value on a nonrecurring basis $ — $ — $ — $ — The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to measure fair value at March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Asset Description Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Individually evaluated collateral dependent loans $ 396 Appraisal of collateral Selling expenses and discounts (1) 22.3% (22.3%) December 31, 2023 Asset Description Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Individually evaluated collateral dependent loans $ — Appraisal of collateral Selling expenses and discounts (1) N/A (1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table: Fair Value March 31, 2024 December 31, 2023 Hierarchy Carrying Estimated Carrying Estimated (In thousands) Level Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 66,787 $ 66,787 $ 32,438 $ 32,438 Debt securities - available-for-sale 1 & 2 32,138 32,138 68,115 68,115 Equity securities 1 790 790 793 793 Restricted stocks 2 2,416 2,416 2,590 2,590 Loans, net 3 333,288 321,326 321,382 319,763 Accrued interest receivable 1 1,545 1,545 1,253 1,253 Bank owned life insurance 2 8,283 8,283 8,230 8,230 Financial liabilities: Demand deposits, savings, and money market 1 186,594 186,594 187,455 187,455 Certificates of deposit 2 161,795 160,835 145,511 138,418 Borrowings 2 50,819 50,001 55,104 54,428 Accrued interest payable 1 1,011 1,011 914 914 |
Noninterest Revenues
Noninterest Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Noninterest Revenues | |
Noninterest Revenues | 13. Noninterest Revenues Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and investments. In addition, certain noninterest income streams such as gains on equity investments, income associated with bank owned life insurance, and loan fees are also not in scope of the guidance. Topic 606 is applicable to noninterest revenue streams such as service charges on deposit accounts and gains on sale of other real estate owned. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Noninterest revenue streams in-scope of Topic 606 are discussed below. Service Fees on Deposit Accounts Service charges on deposit accounts consist of fees on depository accounts, which includes NSF fees, miscellaneous deposit-based service fees, monthly maintenance fees for consumer and commercial, and account analysis and related fees (commercial). Service charges and fees charged daily are a result of an event or service being provided on the day with the Company recognizing the revenue on the same day. The Company has determined that all performance obligations for daily service charges and fees are met on the same day as the transaction and, therefore, should be recognized as these occur. Monthly maintenance/service charges and fees are charged on the last day of the month (i.e. the same month as charges are incurred) after the system has completed its processing. The Company has determined that all performance obligations for monthly fees are typically met during the month or the same day as the customer has not met its obligation. As monthly fees are typically incurred by the customer throughout the month, the fees should be recognized upon completion of the month since the performance obligations have been met for those services. Account analysis service charges and fees are recorded on a monthly basis on the last day of the month. The Company has determined that all performance obligations for account analysis fees are met during the month. Debit Card Income Debit card income consists of interchange fees from consumer debit card networks and other card related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur. Gains on Sale of Other Real Estate Owned The sale of other real estate owned is currently recognized on the closing date of sale when all performance obligations have been met, and control of the asset has been transferred to the buyer. Any gains are included in noninterest expenses in the consolidated statements of income. For the Company, there are no other material revenue streams within the scope of Topic 606. The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, Noninterest income in scope of Topic 606 2024 2023 Service charges on deposit accounts $ 55 $ 47 Debit card income 50 50 Other service charges 17 19 Loss on disposal of premises and equipment — (40) Other noninterest income 20 7 Noninterest income (in scope for Topic 606) 142 83 Noninterest income (out of scope for Topic 606) 45 55 Total noninterest income $ 187 $ 138 Contract Balances A contract assets balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transaction activity, or standard month-end revenue accruals. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2024 and December 31, 2023, the Company did not have any significant contract balances. Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize as an expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the assets that would have resulted from capitalizing these costs would have been amortized in one year or less. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations PB Bankshares, Inc., a Maryland corporation (the “Company”) is the holding company of Presence Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On July 14, 2021, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. Shares of the Company began trading on the Nasdaq Capital Market on July 15, 2021. The Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”). The Bank is a state-chartered savings bank established in 1919. The main office is located in Coatesville, Pennsylvania with three other branches located in New Holland, Oxford, and Georgetown, Pennsylvania. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowings and other funds, to make loans primarily secured by real estate and, to a lesser extent, consumer loans. The Bank competes with other banking and financial institutions in its primary market communities encompassing Chester, Cumberland, Dauphin, Lancaster, and Lebanon Counties in Pennsylvania. The Bank is regulated by the Federal Deposit Insurance Corporation (the “FDIC”) and the Pennsylvania Department of Banking and Securities (the “PADOB”). |
Principles of Consolidation and Reclassifications | Principles of Consolidation The consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, the Bank. The Bank also includes the accounts of CSB Investments, Inc. (“CSB”), a wholly-owned subsidiary of the Bank located in Wilmington, Delaware. The sole purpose of CSB is to maintain and manage the Bank’s investment portfolio. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Interim Financial Information | Interim Financial Information The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to the Securities and Exchange Commission’s Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary (consisting only of normal recurring accruals) for a fair presentation have been included. Operating results for the three month period ended March 31, 2024 are not necessarily indicative of the results for the year ending December 31, 2024 or any other interim periods. For further information, refer to the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 as filed in the annual report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2024. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated balance sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses on loans. While management uses available information to recognize estimated losses on loans, future additions to the allowance for credit losses may be necessary based on changes in economic conditions and underlying collateral values, if any. In addition, the FDIC and PADOB, as an integral part of their examination process, periodically review the Bank’s allowance for credit losses. These agencies may require the Bank to recognize additions to the allowance based on their judgments of information available to them at the time of their examinations. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | This section provides a summary description of recent ASUs issued by the FASB to the ASC that had or that management expects may have an impact on the financial statements issued upon adoption. The Company is classified as an emerging growth company and has elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Effective dates reflect this election. Recently Issued, But Not Yet Effective Accounting Pronouncement In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024, for public business entities. For entities other than public business entities the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. |
Debt and Equity Securities (Tab
Debt and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt and Equity Securities | |
Schedule of amortized cost, gross unrealized gains and losses and fair value securities available-for-sale and equity securities | The amortized cost, gross unrealized gains and losses, and fair value of securities available-for-sale and equity securities are as follows (in thousands): Gross Unrealized Gross Unrealized March 31, 2024 Amortized Cost Gains Losses Fair Value Debt securities: Agency bonds $ 22,245 $ — $ (1,331) $ 20,914 Treasury securities 8,913 3 (12) 8,904 Mortgage-backed securities 80 1 — 81 Collateralized mortgage obligations 2,482 — (243) 2,239 Total available-for-sale debt securities $ 33,720 $ 4 $ (1,586) $ 32,138 Equity securities: Mutual funds (fixed income) $ 790 Gross Unrealized Gross Unrealized December 31, 2023 Amortized Cost Gains Losses Fair Value Debt securities: Agency bonds $ 23,244 $ — $ (1,384) $ 21,860 Treasury securities 43,750 32 — 43,782 Mortgage-backed securities 83 2 — 85 Collateralized mortgage obligations 2,616 — (228) 2,388 Total available-for-sale debt securities $ 69,693 $ 34 $ (1,612) $ 68,115 Equity securities: Mutual funds (fixed income) $ 793 |
Schedule of length of time individual available-for-sale securities in a continuous unrealized loss position | The table below indicates the length of time individual available-for-sale securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Agency bonds $ 999 $ — $ 19,915 $ (1,331) $ 20,914 $ (1,331) Treasury securities 6,911 (12) — — 6,911 (12) Collateralized mortgage obligations — — 2,239 (243) 2,239 (243) Total $ 7,910 $ (12) $ 22,154 $ (1,574) $ 30,064 $ (1,586) December 31, 2023 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses Agency bonds $ 1,998 $ (1) $ 19,862 $ (1,383) $ 21,860 $ (1,384) Collateralized mortgage obligations — — 2,388 (228) 2,388 (228) Total $ 1,998 $ (1) $ 22,250 $ (1,611) $ 24,248 $ (1,612) |
Schedule of debt securities by contractual maturity | Available-for-Sale Amortized Cost Fair Value Yield Due less than one year $ 9,672 $ 9,591 3.82 % Due one year through five years 21,486 20,227 2.82 Due after five years through ten years — — — Mortgage-backed securities 80 81 5.50 Collateralized mortgage obligations 2,482 2,239 1.93 Total available-for-sale debt securities $ 33,720 $ 32,138 2.09 % |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans Receivable and Allowance for Loan Losses | |
Summary of major classifications of net loans receivable | Major classifications of net loans receivable at March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, December 31, 2024 2023 Real estate: One-to four-family residential $ 109,083 $ 108,534 Commercial 195,140 184,868 Construction 11,378 10,805 Commercial and industrial 16,054 16,552 Consumer and other 6,715 5,836 338,370 326,595 Deferred loan fees, net (617) (702) Allowance for credit losses (4,465) (4,511) Total loans receivable, net $ 333,288 $ 321,382 |
Schedule of activity in the allowance for credit losses by loan class | The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended March 31, 2024 (in thousands): Allowance for Credit Losses - Loans Provisions for Credit Beginning Losses - Ending Balance Charge-offs Recoveries Loans Balance Real Estate: One- to four-family residential $ 1,267 $ — $ — $ (49) $ 1,218 Commercial 2,637 — — 145 2,782 Construction 112 — — (8) 104 Commercial and industrial 229 — 2 (30) 201 Consumer and other 71 (6) 2 2 69 Unallocated 195 — — (104) 91 Total $ 4,511 $ (6) $ 4 $ (44) $ 4,465 The following table summarizes the activity in the allowance for credit losses - loans by loan class for the three months ended March 31, 2023 (in thousands): Allowance for Credit Losses - Loans Balance Provisions Prior to Impact of for Credit Adoption of Adoption of Losses - Ending ASC 326 ASC 326 Charge-offs Recoveries Loans Balance Real Estate: One- to four-family residential $ 1,156 $ 45 $ — $ 15 $ (28) $ 1,188 Commercial 1,829 75 — — 122 2,026 Construction 316 (34) — — (42) 240 Commercial and industrial 308 (84) (75) 1 108 258 Consumer and other 87 3 — — 19 109 Unallocated 296 (5) — — (22) 269 Total $ 3,992 $ — $ (75) $ 16 $ 157 $ 4,090 |
Schedule of provision for credit losses | The following table presents a breakdown of the provision for credit losses for the periods indicated (in thousands): Three Months Ended March 31, 2024 2023 Provision for credit losses: Provision for loans $ (44) $ 157 Provision for unfunded commitments (40) 26 Total provision for credit losses $ (84) $ 183 |
Schedule of nonaccrual loans by classes of the loan portfolio | Three Months Ended March 31, 2024 2023 Provision for credit losses: Provision for loans $ (44) $ 157 Provision for unfunded commitments (40) 26 Total provision for credit losses $ (84) $ 183 |
Schedule of amortized cost basis of collateral-dependent loans by loan class | The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of March 31, 2024 (in thousands): March 31, 2024 Total Real Estate Non-Real Estate Collateral Allowance for Secured Secured Dependent Credit Losses- Loans Loans Loans Loans Real estate: One- to four-family residential $ 338 $ — $ 338 $ — Commercial 1,521 — 1,521 114 Construction — — — — Commercial and industrial 192 — 192 — Consumer and other — — — — Total $ 2,051 $ — $ 2,051 $ 114 The following table presents the amortized cost basis of collateral-dependent loans to borrowers experiencing financial difficulty by loan class as of December 31, 2023 (in thousands): December 31, 2023 Total Real Estate Non-Real Estate Collateral Allowance for Secured Secured Dependent Credit Losses- Loans Loans Loans Loans Real estate: One- to four-family residential $ 355 $ — $ 355 $ — Commercial 1,577 — 1,577 — Construction — — — — Commercial and industrial 207 — 207 — Consumer and other — — — — Total $ 2,139 $ — $ 2,139 $ — |
Summary of classes of the loan portfolio by Bank's internal risk rating system | The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of March 31, 2024 (in thousands); as well as gross charge-offs (in thousands) for the three months ended March 31, 2024: Year of Origination Revolving Loans Revolving Converted to 2024 2023 2022 2021 2020 Prior Loans Term Loans Total Real estate: one- to four-family residential Pass $ 2,065 $ 8,235 $ 17,571 $ 17,888 $ 12,123 $ 39,578 $ 8,947 $ 1,290 $ 107,697 Special Mention — — — 466 — 581 — — 1,047 Substandard — — — — — 339 — — 339 Total real estate: one- to four-family residential $ 2,065 $ 8,235 $ 17,571 $ 18,354 $ 12,123 $ 40,498 $ 8,947 $ 1,290 $ 109,083 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate: commercial Pass $ 10,148 $ 44,664 $ 44,644 $ 45,330 $ 20,574 $ 25,958 $ 2,036 $ — $ 193,354 Special Mention — — 265 — — — — — 265 Substandard — — — — — 1,521 — — 1,521 Total real estate: commercial $ 10,148 $ 44,664 $ 44,909 $ 45,330 $ 20,574 $ 27,479 $ 2,036 $ — $ 195,140 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate: construction Pass $ — $ — $ 3,703 $ 5,000 $ 83 $ 120 $ 2,472 $ — $ 11,378 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total real estate: construction $ — $ — $ 3,703 $ 5,000 $ 83 $ 120 $ 2,472 $ — $ 11,378 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass $ 432 $ 594 $ 2,277 $ 2,362 $ 653 $ 247 $ 9,236 $ 61 $ 15,862 Special Mention — — — — — — — — — Substandard — — — — — 192 — — 192 Total commercial and industrial $ 432 $ 594 $ 2,277 $ 2,362 $ 653 $ 439 $ 9,236 $ 61 $ 16,054 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other Pass $ 600 $ — $ 2,009 $ 2,000 $ 959 $ — $ 1,147 $ — $ 6,715 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total consumer and other $ 600 $ — $ 2,009 $ 2,000 $ 959 $ — $ 1,147 $ — $ 6,715 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans, gross Pass $ 13,245 $ 53,493 $ 70,204 $ 72,580 $ 34,392 $ 65,903 $ 23,838 $ 1,351 $ 335,006 Special Mention — — 265 466 — 581 — — 1,312 Substandard — — — — — 2,052 — — 2,052 Total loans, gross $ 13,245 $ 53,493 $ 70,469 $ 73,046 $ 34,392 $ 68,536 $ 23,838 $ 1,351 $ 338,370 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2023 (in thousands); as well as gross charge-offs (in thousands) for the year ended December 31, 2023: Year of Origination Revolving Loans Revolving Converted to 2023 2022 2021 2020 2019 Prior Loans Term Loans Total Real estate: one- to four-family residential Pass $ 8,452 $ 17,677 $ 18,152 $ 12,310 $ 8,188 $ 32,444 $ 9,077 $ 1,293 $ 107,593 Special Mention — — — — — 586 — — 586 Substandard — — — — — 355 — — 355 Total real estate: one- to four-family residential $ 8,452 $ 17,677 $ 18,152 $ 12,310 $ 8,188 $ 33,385 $ 9,077 $ 1,293 $ 108,534 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate: commercial Pass $ 44,872 $ 42,737 $ 46,182 $ 20,797 $ 4,025 $ 22,485 $ 2,193 $ — $ 183,291 Special Mention — — — — — — — — — Substandard — — — — — 1,577 — — 1,577 Total real estate: commercial $ 44,872 $ 42,737 $ 46,182 $ 20,797 $ 4,025 $ 24,062 $ 2,193 $ — $ 184,868 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Real estate: construction Pass $ 269 $ 7,179 $ — $ 85 $ 116 $ 365 $ 2,233 $ — $ 10,247 Special Mention — 89 469 — — — — — 558 Substandard — — — — — — — — — Total real estate: construction $ 269 $ 7,268 $ 469 $ 85 $ 116 $ 365 $ 2,233 $ — $ 10,805 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass $ 616 $ 3,273 $ 1,631 $ 728 $ 19 $ 243 $ 9,773 $ 62 $ 16,345 Special Mention — — — — — — — — — Substandard — — — — — 207 — — 207 Total commercial and industrial $ 616 $ 3,273 $ 1,631 $ 728 $ 19 $ 450 $ 9,773 $ 62 $ 16,552 Current period gross charge-offs $ — $ — $ (144) $ — $ — $ — $ — $ — $ (144) Consumer and other Pass $ — $ 2,010 $ 2,000 $ 982 $ — $ — $ 844 $ — $ 5,836 Special Mention — — — — — — — — — Substandard — — — — — — — — — Total consumer and other $ — $ 2,010 $ 2,000 $ 982 $ — $ — $ 844 $ — $ 5,836 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans, gross Pass $ 54,209 $ 72,876 $ 67,965 $ 34,902 $ 12,348 $ 55,537 $ 24,120 $ 1,355 $ 323,312 Special Mention — 89 469 — — 586 — — 1,144 Substandard — — — — — 2,139 — — 2,139 Total loans, gross $ 54,209 $ 72,965 $ 68,434 $ 34,902 $ 12,348 $ 58,262 $ 24,120 $ 1,355 $ 326,595 Current period gross charge-offs $ — $ — $ (144) $ — $ — $ — $ — $ — $ (144) |
Summary of classes of the loan portfolio by the past due status | The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of March 31, 2024 (in thousands): Loans Receivable Total 90 or More 30‑59 Days 60‑89 Days 90 or More Total Past Loans Days and Past Due Past Due Days Past Due Due Current Receivable Accruing Real estate: One- to four-family residential $ 106 $ — $ 34 $ 140 $ 108,943 $ 109,083 $ — Commercial 510 — — 510 194,630 195,140 — Construction — — — — 11,378 11,378 — Commercial and industrial — — — — 16,054 16,054 — Consumer and other — — — — 6,715 6,715 — Total loans, gross $ 616 $ — $ 34 $ 650 $ 337,720 $ 338,370 $ — The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of December 31, 2023 (in thousands): Loans Receivable Total 90 or More 30‑59 Days 60‑89 Days 90 or More Total Past Loans Days and Past Due Past Due Days Past Due Due Current Receivable Accruing Real estate: One- to four-family residential $ 89 $ — $ 28 $ 117 $ 108,417 $ 108,534 $ — Commercial — 655 — 655 184,213 184,868 — Construction — — — — 10,805 10,805 — Commercial and industrial — — — — 16,552 16,552 — Consumer and other — — — — 5,836 5,836 — Total loans, gross $ 89 $ 655 $ 28 $ 772 $ 325,823 $ 326,595 $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases | |
Schedule of information about leases | The following tables present information about the Company’s leases as of March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023 (dollars in thousands): March 31, December 31, 2024 2023 Right-of-use assets $ 864 852 Lease liability $ 828 814 Weighted average remaining lease term 12.29 years 12.31 years Weighted average discount rate 4.79 % 4.73 % Three Months Three Months Ended Ended March 31, March 31, 2024 2023 Operating lease cost $ 25 $ 26 Short-term lease cost 4 20 Total lease costs $ 29 $ 46 Cash paid for amounts included in the measurement of lease liabilities $ 34 $ 33 |
Schedule of maturity analysis of operating lease liabilities | As of March 31, Lease payments due (in thousands): 2024 Nine months ending December 31, 2024 $ 105 2025 137 2026 85 2027 69 2028 66 Thereafter 647 Total undiscounted cash flows 1,109 Discount 281 Lease Liability $ 828 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Borrowings | |
Schedule of borrowings maturity | Borrowings from the FHLB at March 31, 2024 and December 31, 2023 consist of the following (dollars in thousands): March 31, December 31, 2024 2023 Weighted Weighted Maturity Amount Rate Amount Rate 2024 $ 7,500 5.19 % $ 11,500 5.41 % 2025 4,500 5.30 4,500 5.30 2026 3,034 3.13 3,241 3.02 2027 19,500 2.69 19,500 2.69 2028 13,650 4.00 13,650 4.00 2032 2,635 1.83 2,713 1.83 Total borrowings $ 50,819 3.62 % $ 55,104 3.77 % |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk | |
Schedule of off-balance sheet financial instruments whose contract amounts represent credit risk | The Company had the following off-balance sheet financial instruments whose contract amounts represent credit risk at March 31, 2024 and December 31, 2023 (in thousands): March 31, December 31, 2024 2023 Commitments to grant loans $ 32,557 $ 31,481 Unfunded commitments under lines of credit 12,948 12,186 Standby letters of credit 4,402 1,808 Total off-balance sheet financial instruments $ 49,907 $ 45,475 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Compensation | |
Schedule of stock option activity | A summary of the Company’s stock option activity and related information for the three month period ended March 31, 2024 was as follows (dollars in thousands, except per share data): Weighted-Average Remaining Weighted-Average Contractual Life Aggregate Intrinsic Options Exercise Price (in years) Value Outstanding, January 1, 2024 267,072 $ 12.29 8.88 — Granted — — — — Exercised — — — — Forfeited (1,000) 13.80 8.80 — Outstanding, March 31, 2024 266,072 $ 12.28 8.63 $ 165 Exercisable, March 31, 2024 53,214 $ 12.28 8.63 $ 33 |
Schedule of restricted stock activity | Weighted-Average Number of Grant Date Shares Fair Value Non-vested, January 1, 2024 86,493 $ 12.28 Granted — — Vested — — Forfeited — — Non-vested at March 31, 2024 86,493 $ 12.28 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of actual and required capital amounts and ratios | Actual and required capital amounts (in thousands) and ratios are presented below at quarter-end. To be Well For Capital Capitalized under For Capital Adequacy Purposes Prompt Corrective March 31, 2024 Actual Adequacy Purposes with Capital Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 44,591 14.15 % $ 25,209 8.00 % $ 33,087 10.500 % $ 31,511 10.00 % Tier 1 capital (to risk-weighted assets) $ 40,645 12.90 % $ 18,907 6.00 % $ 26,784 8.500 % $ 25,209 8.00 % Common equity (to risk-weighted assets) $ 40,645 12.90 % $ 14,180 4.50 % $ 22,058 7.000 % $ 20,482 6.50 % Tier 1 capital (to average assets) $ 40,645 9.25 % $ 17,569 4.00 % N/A N/A $ 21,961 5.00 % To be Well For Capital Capitalized under For Capital Adequacy Purposes Prompt Corrective December 31, 2023 Actual Adequacy Purposes with Capital Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 44,168 14.20 % $ 24,875 8.00 % $ 32,649 10.500 % $ 31,094 10.00 % Tier 1 capital (to risk-weighted assets) $ 40,276 12.95 % $ 18,657 6.00 % $ 26,430 8.500 % $ 24,875 8.00 % Common equity (to risk-weighted assets) $ 40,276 12.95 % $ 13,992 4.50 % $ 21,766 7.000 % $ 20,211 6.50 % Tier 1 capital (to average assets) $ 40,276 9.78 % $ 16,467 4.00 % N/A N/A $ 20,584 5.00 % |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of factors used in earning per share computation | The factors used in the earning per common share computation follow (dollars in thousands, except per share data): Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Net income $ 317 $ 409 Weighted average common shares outstanding 2,568,090 2,731,251 Less: Average unearned ESOP shares (188,853) (199,962) Weighted average shares outstanding (basic) 2,379,237 2,531,289 Dilutive common stock equivalents 33,287 15,469 Weighted average shares outstanding (diluted) 2,412,524 2,546,758 Basic earnings per common share $ 0.13 $ 0.16 Diluted earnings per common share $ 0.13 $ 0.16 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value of Financial Instruments | |
Schedule of assets measured at fair value on a recurring basis | For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024 and December 31, 2023 are as follows (in thousands): Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs March 31, 2024 Total (Level 1) (Level 2) (Level 3) Agency bonds $ 20,914 $ — $ 20,914 $ — Treasury securities 8,904 8,904 — — Mortgage-backed securities 81 — 81 — Collateralized mortgage obligations 2,239 — 2,239 — Mutual funds 790 790 — — Total assets measured at fair value on a recurring basis $ 32,928 $ 9,694 $ 23,234 $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs December 31, 2023 Total (Level 1) (Level 2) (Level 3) Agency bonds $ 21,860 $ — $ 21,860 $ — Treasury securities 43,782 43,782 — — Mortgage-backed securities 85 — 85 — Collateralized mortgage obligations 2,388 — 2,388 — Mutual funds 793 793 — — Total assets measured at fair value on a recurring basis $ 68,908 $ 44,575 $ 24,333 $ — |
Schedule of assets measured at fair value on a nonrecurring basis | For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2024 and December 31, 2023 are as follows (in thousands): Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs March 31, 2024 Total (Level 1) (Level 2) (Level 3) Individually evaluated collateral dependent loans $ 396 $ — $ — $ 396 Total assets measured at fair value on a nonrecurring basis $ 396 $ — $ — $ 396 Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs December 31, 2023 Total (Level 1) (Level 2) (Level 3) Individually evaluated collateral dependent loans $ — $ — $ — $ — Total assets measured at fair value on a nonrecurring basis $ — $ — $ — $ — |
Schedule of quantitative information about assets measured at fair value on a nonrecurring basis | The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to measure fair value at March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 Asset Description Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Individually evaluated collateral dependent loans $ 396 Appraisal of collateral Selling expenses and discounts (1) 22.3% (22.3%) December 31, 2023 Asset Description Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Individually evaluated collateral dependent loans $ — Appraisal of collateral Selling expenses and discounts (1) N/A (1) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. |
Schedule of carrying amounts and fair values of the Bank's financial instruments | The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table: Fair Value March 31, 2024 December 31, 2023 Hierarchy Carrying Estimated Carrying Estimated (In thousands) Level Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 66,787 $ 66,787 $ 32,438 $ 32,438 Debt securities - available-for-sale 1 & 2 32,138 32,138 68,115 68,115 Equity securities 1 790 790 793 793 Restricted stocks 2 2,416 2,416 2,590 2,590 Loans, net 3 333,288 321,326 321,382 319,763 Accrued interest receivable 1 1,545 1,545 1,253 1,253 Bank owned life insurance 2 8,283 8,283 8,230 8,230 Financial liabilities: Demand deposits, savings, and money market 1 186,594 186,594 187,455 187,455 Certificates of deposit 2 161,795 160,835 145,511 138,418 Borrowings 2 50,819 50,001 55,104 54,428 Accrued interest payable 1 1,011 1,011 914 914 |
Noninterest Revenues (Tables)
Noninterest Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Noninterest Revenues | |
Schedule of noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606 | The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, Noninterest income in scope of Topic 606 2024 2023 Service charges on deposit accounts $ 55 $ 47 Debit card income 50 50 Other service charges 17 19 Loss on disposal of premises and equipment — (40) Other noninterest income 20 7 Noninterest income (in scope for Topic 606) 142 83 Noninterest income (out of scope for Topic 606) 45 55 Total noninterest income $ 187 $ 138 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2024 item | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of branches | 3 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Recent Accounting Pronouncements | ||||
Total loans receivable, net | $ 333,288 | $ 321,382 | ||
Deferred income taxes, net | 1,652 | 1,732 | ||
Total Stockholders' Equity | 46,769 | 46,989 | $ 46,291 | $ 45,987 |
Retained earnings | $ 26,875 | $ 26,558 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Recent Accounting Pronouncements | ||||
Total Stockholders' Equity | $ (140) |
Debt and Equity Securities - Sc
Debt and Equity Securities - Schedule of FV of AFS and Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | $ 33,720 | $ 69,693 |
Gross Unrealized Gains | 4 | 34 |
Gross Unrealized Losses | (1,586) | (1,612) |
Fair Value | 32,138 | 68,115 |
Equity Securities - Fair Value | 790 | 793 |
Agency Bonds | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 22,245 | 23,244 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,331) | (1,384) |
Fair Value | 20,914 | 21,860 |
Treasury Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 8,913 | 43,750 |
Gross Unrealized Gains | 3 | 32 |
Gross Unrealized Losses | (12) | |
Fair Value | 8,904 | 43,782 |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 80 | 83 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 81 | 85 |
Collateralized Mortgage Obligations | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized cost | 2,482 | 2,616 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (243) | (228) |
Fair Value | $ 2,239 | $ 2,388 |
Debt and Equity Securities - _2
Debt and Equity Securities - Schedule of AFS Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months | $ 7,910 | $ 1,998 |
12 Months or More | 22,154 | 22,250 |
Total Fair Value | 30,064 | 24,248 |
Debt and Equity Securities | ||
Less than 12 Months | (12) | (1) |
12 Months or More | (1,574) | (1,611) |
Total Unrealized Losses | (1,586) | (1,612) |
Agency Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months | 999 | 1,998 |
12 Months or More | 19,915 | 19,862 |
Total Fair Value | 20,914 | 21,860 |
Debt and Equity Securities | ||
Less than 12 Months | 0 | (1) |
12 Months or More | (1,331) | (1,383) |
Total Unrealized Losses | (1,331) | (1,384) |
Treasury Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months | 6,911 | |
12 Months or More | 0 | |
Total Fair Value | 6,911 | |
Debt and Equity Securities | ||
Less than 12 Months | (12) | |
12 Months or More | 0 | |
Total Unrealized Losses | (12) | |
Collateralized Mortgage Obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 Months | 0 | 0 |
12 Months or More | 2,239 | 2,388 |
Total Fair Value | 2,239 | 2,388 |
Debt and Equity Securities | ||
Less than 12 Months | 0 | 0 |
12 Months or More | (243) | (228) |
Total Unrealized Losses | $ (243) | $ (228) |
Debt and Equity Securities - Na
Debt and Equity Securities - Narrative (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) item security | Dec. 31, 2023 USD ($) item | |
Debt and Equity Securities | ||
Pledged primarily for public fund depositors | $ 15,097,000 | $ 15,073,000 |
Securities sold | 0 | |
Allowance for credit losses | 0 | |
Pledged to secure borrowings | $ 1,811,000 | $ 1,878,000 |
Private label mortgage-backed securities | ||
Debt and Equity Securities | ||
Number of debt securities available for sale | item | 0 | 0 |
Agency Bonds | ||
Debt and Equity Securities | ||
Number of unrealized loss positions | security | 47 | |
Treasury Securities | ||
Debt and Equity Securities | ||
Number of unrealized loss positions | security | 3 | |
Collateralized Mortgage Obligations | ||
Debt and Equity Securities | ||
Number of debt securities available for sale | item | 0 | 0 |
Number of unrealized loss positions | item | 33 |
Debt and Equity Securities - _3
Debt and Equity Securities - Schedule of debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Due less than one year | $ 9,672 | |
Due one year through five years | 21,486 | |
Due after five years through ten years | 0 | |
Amortized cost | 33,720 | $ 69,693 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due less than one year | 9,591 | |
Due one year through five years | 20,227 | |
Due after five years through ten years | 0 | |
Fair Value | $ 32,138 | 68,115 |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Due less than one year - yield | 3.82% | |
Due one year through five years - yield | 2.82% | |
Due after five years through ten years - yield | 0% | |
Available for sale - weighted average yield | 2.09% | |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Amortized cost | $ 80 | |
Amortized cost | 80 | 83 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value | 81 | |
Fair Value | $ 81 | 85 |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available for sale - yield | 5.50% | |
Collateralized Mortgage Obligations | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Amortized cost | $ 2,482 | |
Amortized cost | 2,482 | 2,616 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair Value | 2,239 | |
Fair Value | $ 2,239 | $ 2,388 |
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity [Abstract] | ||
Available for sale - yield | 1.93% |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses - Major classifications of net loans receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, After adoption of ASC 326 | |||
Total Loans Receivable | $ 338,370 | $ 326,595 | |
Deferred loan fees, net | (617) | (702) | |
Allowance for credit losses | (4,465) | (4,511) | $ (4,090) |
Total loans receivable, net | 333,288 | 321,382 | |
Real Estate | One-To-Four-Family Residential | |||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, After adoption of ASC 326 | |||
Total Loans Receivable | 109,083 | 108,534 | |
Allowance for credit losses | (1,218) | (1,267) | (1,188) |
Real Estate | Commercial | |||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, After adoption of ASC 326 | |||
Total Loans Receivable | 195,140 | 184,868 | |
Allowance for credit losses | (2,782) | (2,637) | (2,026) |
Real Estate | Construction | |||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, After adoption of ASC 326 | |||
Total Loans Receivable | 11,378 | 10,805 | |
Allowance for credit losses | (104) | (112) | (240) |
Commercial | Commercial and Industrial | |||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, After adoption of ASC 326 | |||
Total Loans Receivable | 16,054 | 16,552 | |
Allowance for credit losses | (201) | (229) | (258) |
Consumer | |||
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss, After adoption of ASC 326 | |||
Total Loans Receivable | 6,715 | 5,836 | |
Allowance for credit losses | $ (69) | $ (71) | $ (109) |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Loan Losses - Allowance for credit losses by loan class (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | $ 3,992 | $ 3,992 | |
Beginning Balance | $ 4,511 | ||
Charge-offs | 0 | (75) | (144) |
Recoveries | 4 | 16 | |
Provisions for Credit Losses- Loans | (44) | 157 | |
Ending Balance | 4,465 | 4,090 | 4,511 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 0 | 0 | |
Charge-offs | (6) | ||
Real Estate | One-To-Four-Family Residential | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 1,156 | 1,156 | |
Beginning Balance | 1,267 | ||
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 15 | |
Provisions for Credit Losses- Loans | (49) | (28) | |
Ending Balance | 1,218 | 1,188 | 1,267 |
Real Estate | One-To-Four-Family Residential | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 45 | 45 | |
Charge-offs | 0 | ||
Real Estate | Commercial | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 1,829 | 1,829 | |
Beginning Balance | 2,637 | ||
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Provisions for Credit Losses- Loans | 145 | 122 | |
Ending Balance | 2,782 | 2,026 | 2,637 |
Real Estate | Commercial | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 75 | 75 | |
Charge-offs | 0 | ||
Real Estate | Construction | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 316 | 316 | |
Beginning Balance | 112 | ||
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | |
Provisions for Credit Losses- Loans | (8) | (42) | |
Ending Balance | 104 | 240 | 112 |
Real Estate | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | (34) | (34) | |
Charge-offs | 0 | ||
Commercial | Commercial and Industrial | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 308 | 308 | |
Beginning Balance | 229 | ||
Charge-offs | 0 | (75) | (144) |
Recoveries | 2 | 1 | |
Provisions for Credit Losses- Loans | (30) | 108 | |
Ending Balance | 201 | 258 | 229 |
Commercial | Commercial and Industrial | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | (84) | (84) | |
Charge-offs | 0 | ||
Consumer | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 87 | 87 | |
Beginning Balance | 71 | ||
Charge-offs | 0 | ||
Recoveries | 2 | 0 | |
Provisions for Credit Losses- Loans | 2 | 19 | |
Ending Balance | 69 | 109 | 71 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 3 | 3 | |
Charge-offs | (6) | ||
Unallocated | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | 296 | 296 | |
Beginning Balance | 195 | ||
Charge-offs | 0 | ||
Recoveries | 0 | 0 | |
Provisions for Credit Losses- Loans | (104) | (22) | |
Ending Balance | 91 | 269 | 195 |
Unallocated | Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance, Prior to adoption of ASC 326 | $ (5) | $ (5) | |
Charge-offs | $ 0 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Loan Losses - Provision for credit losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Provision for credit losses: | ||
Provision for loans | $ (44) | $ 157 |
Recovery for unfunded commitments | (40) | 26 |
Total provision for credit losses | $ (84) | $ 183 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Loan Losses - Nonaccrual loans by classes of the loan portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans Receivable and Allowance for Credit Losses | ||
Nonaccrual | $ 1,336 | $ 1,421 |
Nonaccrual With No ACL | 1,336 | 1,421 |
Real Estate | One-To-Four-Family Residential | ||
Loans Receivable and Allowance for Credit Losses | ||
Nonaccrual | 134 | 149 |
Nonaccrual With No ACL | 134 | 149 |
Real Estate | Commercial | ||
Loans Receivable and Allowance for Credit Losses | ||
Nonaccrual | 1,011 | 1,065 |
Nonaccrual With No ACL | 1,011 | 1,065 |
Commercial | Commercial and Industrial | ||
Loans Receivable and Allowance for Credit Losses | ||
Nonaccrual | 191 | 207 |
Nonaccrual With No ACL | $ 191 | $ 207 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Loan Losses - Collateral-dependent loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Loans Receivable and Allowance for Credit Losses | |||
Allowance for Credit Losses - Loans | $ 4,465 | $ 4,511 | $ 4,090 |
Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 2,051 | 2,139 | |
Non-Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | 0 | |
Collateral Dependent | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 2,051 | 2,139 | |
Allowance for Credit Losses - Loans | 114 | ||
Consumer | |||
Loans Receivable and Allowance for Credit Losses | |||
Allowance for Credit Losses - Loans | 69 | 71 | 109 |
One-To-Four-Family Residential | Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Allowance for Credit Losses - Loans | 1,218 | 1,267 | 1,188 |
One-To-Four-Family Residential | Real Estate | Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 338 | 355 | |
One-To-Four-Family Residential | Real Estate | Non-Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | 0 | |
One-To-Four-Family Residential | Real Estate | Collateral Dependent | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 338 | 355 | |
Allowance for Credit Losses - Loans | 0 | ||
Commercial | Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Allowance for Credit Losses - Loans | 2,782 | 2,637 | 2,026 |
Commercial | Real Estate | Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 1,521 | 1,577 | |
Commercial | Real Estate | Non-Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | 0 | |
Commercial | Real Estate | Collateral Dependent | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 1,521 | 1,577 | |
Allowance for Credit Losses - Loans | 114 | ||
Construction | Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Allowance for Credit Losses - Loans | 104 | 112 | 240 |
Construction | Real Estate | Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | ||
Construction | Real Estate | Non-Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | 0 | |
Construction | Real Estate | Collateral Dependent | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | 0 | |
Allowance for Credit Losses - Loans | 0 | ||
Commercial and Industrial | Commercial | |||
Loans Receivable and Allowance for Credit Losses | |||
Allowance for Credit Losses - Loans | 201 | 229 | $ 258 |
Commercial and Industrial | Commercial | Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 192 | 207 | |
Commercial and Industrial | Commercial | Non-Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | 0 | |
Commercial and Industrial | Commercial | Collateral Dependent | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 192 | 207 | |
Allowance for Credit Losses - Loans | 0 | ||
Consumer and other | Consumer | Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | ||
Consumer and other | Consumer | Non-Real Estate | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | 0 | |
Consumer and other | Consumer | Collateral Dependent | |||
Loans Receivable and Allowance for Credit Losses | |||
Total loans | 0 | $ 0 | |
Allowance for Credit Losses - Loans | $ 0 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Loan Losses - Loan Internal Risk Rating System (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | $ 338,370 | $ 326,595 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 13,245 | 54,209 | |
2023/2022 | 53,493 | 72,965 | |
2022/2021 | 70,469 | 68,434 | |
2021/2020 | 73,046 | 34,902 | |
2020/2019 | 34,392 | 12,348 | |
Prior | 68,536 | 58,262 | |
Revolving Loans | 23,838 | 24,120 | |
Revolving Loans Converted to Term Loans | 1,351 | 1,355 | |
Total loans | 338,370 | 326,595 | |
Current period gross charge-offs | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | (144) | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | $ (75) | (144) |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 335,006 | 323,312 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 13,245 | 54,209 | |
2023/2022 | 53,493 | 72,876 | |
2022/2021 | 70,204 | 67,965 | |
2021/2020 | 72,580 | 34,902 | |
2020/2019 | 34,392 | 12,348 | |
Prior | 65,903 | 55,537 | |
Revolving Loans | 23,838 | 24,120 | |
Revolving Loans Converted to Term Loans | 1,351 | 1,355 | |
Total loans | 335,006 | 323,312 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 1,312 | 1,144 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 89 | |
2022/2021 | 265 | 469 | |
2021/2020 | 466 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 581 | 586 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 1,312 | 1,144 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 2,052 | 2,139 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 2,052 | 2,139 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 2,052 | 2,139 | |
Real Estate | One-To-Four-Family Residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 109,083 | 108,534 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 2,065 | 8,452 | |
2023/2022 | 8,235 | 17,677 | |
2022/2021 | 17,571 | 18,152 | |
2021/2020 | 18,354 | 12,310 | |
2020/2019 | 12,123 | 8,188 | |
Prior | 40,498 | 33,385 | |
Revolving Loans | 8,947 | 9,077 | |
Revolving Loans Converted to Term Loans | 1,290 | 1,293 | |
Total loans | 109,083 | 108,534 | |
Current period gross charge-offs | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | 0 |
Real Estate | One-To-Four-Family Residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 107,697 | 107,593 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 2,065 | 8,452 | |
2023/2022 | 8,235 | 17,677 | |
2022/2021 | 17,571 | 18,152 | |
2021/2020 | 17,888 | 12,310 | |
2020/2019 | 12,123 | 8,188 | |
Prior | 39,578 | 32,444 | |
Revolving Loans | 8,947 | 9,077 | |
Revolving Loans Converted to Term Loans | 1,290 | 1,293 | |
Total loans | 107,697 | 107,593 | |
Real Estate | One-To-Four-Family Residential | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 1,047 | 586 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 466 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 581 | 586 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 1,047 | 586 | |
Real Estate | One-To-Four-Family Residential | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 339 | 355 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 339 | 355 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 339 | 355 | |
Real Estate | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 195,140 | 184,868 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 10,148 | 44,872 | |
2023/2022 | 44,664 | 42,737 | |
2022/2021 | 44,909 | 46,182 | |
2021/2020 | 45,330 | 20,797 | |
2020/2019 | 20,574 | 4,025 | |
Prior | 27,479 | 24,062 | |
Revolving Loans | 2,036 | 2,193 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 195,140 | 184,868 | |
Current period gross charge-offs | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | 0 |
Real Estate | Commercial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 193,354 | 183,291 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 10,148 | 44,872 | |
2023/2022 | 44,664 | 42,737 | |
2022/2021 | 44,644 | 46,182 | |
2021/2020 | 45,330 | 20,797 | |
2020/2019 | 20,574 | 4,025 | |
Prior | 25,958 | 22,485 | |
Revolving Loans | 2,036 | 2,193 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 193,354 | 183,291 | |
Real Estate | Commercial | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 265 | 0 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 265 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 265 | 0 | |
Real Estate | Commercial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 1,521 | 1,577 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 1,521 | 1,577 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 1,521 | 1,577 | |
Real Estate | Construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 11,378 | 10,805 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 269 | |
2023/2022 | 0 | 7,268 | |
2022/2021 | 3,703 | 469 | |
2021/2020 | 5,000 | 85 | |
2020/2019 | 83 | 116 | |
Prior | 120 | 365 | |
Revolving Loans | 2,472 | 2,233 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 11,378 | 10,805 | |
Current period gross charge-offs | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | 0 |
Real Estate | Construction | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 11,378 | 10,247 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 269 | |
2023/2022 | 0 | 7,179 | |
2022/2021 | 3,703 | 0 | |
2021/2020 | 5,000 | 85 | |
2020/2019 | 83 | 116 | |
Prior | 120 | 365 | |
Revolving Loans | 2,472 | 2,233 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 11,378 | 10,247 | |
Real Estate | Construction | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 0 | 558 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 89 | |
2022/2021 | 0 | 469 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 558 | |
Real Estate | Construction | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial | Commercial and Industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 16,054 | 16,552 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 432 | 616 | |
2023/2022 | 594 | 3,273 | |
2022/2021 | 2,277 | 1,631 | |
2021/2020 | 2,362 | 728 | |
2020/2019 | 653 | 19 | |
Prior | 439 | 450 | |
Revolving Loans | 9,236 | 9,773 | |
Revolving Loans Converted to Term Loans | 61 | 62 | |
Total loans | 16,054 | 16,552 | |
Current period gross charge-offs | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | (144) | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | (75) | (144) |
Commercial | Commercial and Industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 15,862 | 16,345 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 432 | 616 | |
2023/2022 | 594 | 3,273 | |
2022/2021 | 2,277 | 1,631 | |
2021/2020 | 2,362 | 728 | |
2020/2019 | 653 | 19 | |
Prior | 247 | 243 | |
Revolving Loans | 9,236 | 9,773 | |
Revolving Loans Converted to Term Loans | 61 | 62 | |
Total loans | 15,862 | 16,345 | |
Commercial | Commercial and Industrial | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Commercial | Commercial and Industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 192 | 207 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 192 | 207 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 192 | 207 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 6,715 | 5,836 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Total loans | 6,715 | 5,836 | |
Current period gross charge-offs | |||
Total | $ 0 | ||
Consumer | Consumer and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 6,715 | 5,836 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 600 | 0 | |
2023/2022 | 0 | 2,010 | |
2022/2021 | 2,009 | 2,000 | |
2021/2020 | 2,000 | 982 | |
2020/2019 | 959 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 1,147 | 844 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 6,715 | 5,836 | |
Current period gross charge-offs | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 0 | 0 | |
Consumer | Consumer and other | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 6,715 | 5,836 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 600 | 0 | |
2023/2022 | 0 | 2,010 | |
2022/2021 | 2,009 | 2,000 | |
2021/2020 | 2,000 | 982 | |
2020/2019 | 959 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 1,147 | 844 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 6,715 | 5,836 | |
Consumer | Consumer and other | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | 0 | 0 | |
Consumer | Consumer and other | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans Receivable | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 0 | 0 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total loans | $ 0 | $ 0 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Loan Losses - Loan portfolio by the past due status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | $ 338,370 | $ 326,595 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Total Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 650 | 772 |
30-59 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 616 | 89 |
60-89 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 655 |
90 or More Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 34 | 28 |
Not past due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 337,720 | 325,823 |
Real Estate | One-To-Four-Family Residential | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 109,083 | 108,534 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate | One-To-Four-Family Residential | Total Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 140 | 117 |
Real Estate | One-To-Four-Family Residential | 30-59 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 106 | 89 |
Real Estate | One-To-Four-Family Residential | 60-89 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Real Estate | One-To-Four-Family Residential | 90 or More Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 34 | 28 |
Real Estate | One-To-Four-Family Residential | Not past due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 108,943 | 108,417 |
Real Estate | Commercial | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 195,140 | 184,868 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate | Commercial | Total Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 510 | 655 |
Real Estate | Commercial | 30-59 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 510 | 0 |
Real Estate | Commercial | 60-89 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 655 |
Real Estate | Commercial | 90 or More Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Real Estate | Commercial | Not past due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 194,630 | 184,213 |
Real Estate | Construction | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 11,378 | 10,805 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Real Estate | Construction | Total Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Real Estate | Construction | 30-59 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Real Estate | Construction | 60-89 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Real Estate | Construction | 90 or More Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Real Estate | Construction | Not past due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 11,378 | 10,805 |
Commercial | Commercial and Industrial | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 16,054 | 16,552 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Commercial | Commercial and Industrial | Total Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Commercial | Commercial and Industrial | 30-59 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Commercial | Commercial and Industrial | 60-89 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Commercial | Commercial and Industrial | 90 or More Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Commercial | Commercial and Industrial | Not past due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 16,054 | 16,552 |
Consumer | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 6,715 | 5,836 |
Consumer | Consumer and other | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 6,715 | 5,836 |
Recorded Investment > 90 Days and Accruing | 0 | 0 |
Consumer | Consumer and other | Total Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Consumer | Consumer and other | 30-59 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Consumer | Consumer and other | 60-89 Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Consumer | Consumer and other | 90 or More Days Past Due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | 0 | 0 |
Consumer | Consumer and other | Not past due | ||
Loans Receivable and Allowance for Credit Losses | ||
Total Loans Receivable | $ 6,715 | $ 5,836 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Loan Losses - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) contract loan | Mar. 31, 2023 loan contract | Dec. 31, 2023 USD ($) | |
Loans Receivable and Allowance for Loan Losses | |||
Accrued interest receivable | $ 1.5 | $ 1.3 | |
Number of loans modified as TDRs, After adoption of ASC 326 | loan | 0 | 0 | |
Number of TDR loans in default, After adoption of ASC 326 | contract | 0 | 0 | |
Other real estate owned that was related to residential real estate | $ 0 | 0 | |
Residential real estate in process of foreclosure | $ 0 | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Leases | ||
Right-of-use assets | $ 864 | $ 852 |
Lease liabilities | $ 828 | $ 814 |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true |
Leases - Schedule of informatio
Leases - Schedule of information about leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Lease, Cost [Abstract] | |||
Right-of-use assets | $ 864 | $ 852 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | |
Lease Liability | $ 828 | $ 814 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | |
Weighted average remaining lease term | 12 years 3 months 14 days | 12 years 3 months 21 days | |
Weighted average discount rate | 4.79% | 4.73% | |
Operating lease cost | $ 25 | $ 26 | |
Short-term lease cost | 4 | 20 | |
Total lease costs | 29 | 46 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 34 | $ 33 |
Leases - Schedule of maturity a
Leases - Schedule of maturity analysis of operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Nine months ending December 31, 2024 | $ 105 | |
2025 | 137 | |
2026 | 85 | |
2027 | 69 | |
2028 | 66 | |
Thereafter | 647 | |
Total undiscounted cash flows | 1,109 | |
Discount | 281 | |
Lease Liability | $ 828 | $ 814 |
Borrowings (Details)
Borrowings (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) item | Dec. 31, 2023 USD ($) item | |
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 202,068,000 | $ 178,468,000 |
FHLB | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 89,200,000 | $ 45,630,000 |
Interest on line of credit | 5.67% | 5.68% |
Line of credit | $ 0 | $ 0 |
Number of letters of credit | item | 3 | |
Number of unfunded letters of credit | item | 3 | |
Letters of credit outstanding | $ 13,400,000 | $ 13,850,000 |
Federal Reserve Bank | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 2,000,000 | |
Line of credit | 0 | 0 |
Atlantic Community Bankers Bank | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 7,500,000 | |
Line of credit | $ 0 | $ 0 |
Atlantic Community Bankers Bank | Fed funds rate | ||
Debt Instrument [Line Items] | ||
Interest on line of credit | 0.25% | |
SouthState Bank, N.A | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | |
Line of credit | $ 0 |
Borrowings - Schedule of maturi
Borrowings - Schedule of maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Maturities of Long-term Debt [Abstract] | ||
Amount. Total | $ 50,819 | $ 55,104 |
FHLB | ||
Maturities of Long-term Debt [Abstract] | ||
Amount, 2024 | 7,500 | 11,500 |
Amount, 2025 | 4,500 | 4,500 |
Amount, 2026 | 3,034 | 3,241 |
Amount, 2027 | 19,500 | 19,500 |
Amount, 2028 | 13,650 | 13,650 |
Amount, 2032 | 2,635 | 2,713 |
Amount. Total | $ 50,819 | $ 55,104 |
Weighted Rate, 2024 | 5.19% | 5.41% |
Weighted Rate, 2025 | 5.30% | 5.30% |
Weighted Rate, 2026 | 3.13% | 3.02% |
Weighted Rate, 2027 | 2.69% | 2.69% |
Weighted Rate, 2028 | 4% | 4% |
Weighted Rate, 2032 | 1.83% | 1.83% |
Weighted Rate | 3.62% | 3.77% |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Credit Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, face amount | $ 49,907 | $ 45,475 |
Commitments to grant loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, face amount | 32,557 | 31,481 |
Unfunded commitments under lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, face amount | 12,948 | 12,186 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet risks, face amount | $ 4,402 | $ 1,808 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - 2022 Equity Incentive Plan - USD ($) | 3 Months Ended | |||
Sep. 28, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of common shares authorized to be issued under plan | 388,815 | |||
Shares available for future award | 14,628 | 13,628 | ||
Vesting period | 5 years | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance | 277,725 | |||
Shares available for future award | 11,653 | 10,653 | ||
Stock based compensation expense | $ 68,000 | $ 69,000 | ||
Unrecognized compensation cost | $ 1,034,000 | |||
Restricted Stock and Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance | 111,090 | |||
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future award | 2,975 | |||
Stock based compensation expense | $ 66,000 | $ 65,000 | ||
Unrecognized compensation cost | $ 997,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - 2022 Equity Incentive Plan - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Options | ||
Outstanding, number of shares | 267,072 | |
Granted, number of shares | 0 | |
Exercised, number of shares | 0 | |
Forfeited, number of shares | (1,000) | |
Outstanding, number of shares | 266,072 | 267,072 |
Exercisable, number of shares | 53,214 | |
Weighted Average Exercise Price | ||
Outstanding, weighted average exercise price, (in dollars per share) | $ 12.29 | |
Granted, weighted average exercise price, (in dollars per share) | 0 | |
Exercised, weighted average exercise price, (in dollars per share) | 0 | |
Forfeited, weighted average exercise price, (in dollars per share) | 13.80 | |
Outstanding, weighted average exercise price, (in dollars per share) | 12.28 | $ 12.29 |
Exercisable, weighted average exercise price (in dollars per share) | $ 12.28 | |
Weighted-Average Remaining Contractual Life, (in years) | ||
Outstanding, weighted-average remaining contractual life (in years) | 8 years 7 months 17 days | 8 years 10 months 17 days |
Forfeited, weighted-average remaining contractual life (in years) | 8 years 9 months 18 days | |
Exercisable, weighted-average remaining contractual life (in years) | 8 years 7 months 17 days | |
Average Intrinsic Value | ||
Outstanding, average intrinsic value | $ 165 | |
Exercisable, average intrinsic value | $ 33 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Details) - 2022 Equity Incentive Plan - Restricted stock | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Shares | |
Non-vested, number of shares | shares | 86,493 |
Granted, number of shares | shares | 0 |
Vested, number of shares | shares | 0 |
Forfeited, number of shares | shares | 0 |
Non-vested, number of shares | shares | 86,493 |
Weighted-Average Grant Date Fair Value | |
Non-vested, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 12.28 |
Granted, Weighted-average grant date fair value (in dollars per share) | $ / shares | 0 |
Vested, Weighted-average grant date fair value (in dollars per share) | $ / shares | 0 |
Forfeited, Weighted-average grant date fair value (in dollars per share) | $ / shares | 0 |
Non-vested, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 12.28 |
Regulatory Matters (Details)
Regulatory Matters (Details) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jan. 01, 2023 USD ($) |
Banking Regulation, Total Capital [Abstract] | |||
Actual, Amount | $ 44,591,000 | $ 44,168,000 | |
Actual, Ratio | 0.1415 | 0.1420 | |
For Capital Adequacy Purposes, Amount | $ 25,209,000 | $ 24,875,000 | |
For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 | |
For Capital Adequacy Purposes with Capital Buffer, Amount | $ 33,087,000 | ||
For Capital Adequacy Purposes with Capital Buffer, Ratio | 0.10500 | 326.49 | |
To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 31,511,000 | ||
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 0.1000 | ||
Banking Regulation, Tier One Risk-Based Capital [Abstract] | |||
Actual, Amount | $ 40,645,000 | $ 40,276,000 | |
Actual, Ratio | 0.1290 | 0.1295 | |
For Capital Adequacy Purposes, Amount | $ 18,907,000 | $ 18,657,000 | |
For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 | |
For Capital Adequacy Purposes with Capital Buffer, Amount | $ 26,784,000 | ||
For Capital Adequacy Purposes with Capital Buffer, Ratio | 0.08500 | 264.30 | |
To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 25,209,000 | ||
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 0.0800 | ||
Banking Regulation, Common Equity Tier One Risk-Based Capital [Abstract] | |||
Actual, Amount | $ 40,645,000 | $ 40,276,000 | |
Actual, Ratio | 0.1290 | 0.1295 | |
For Capital Adequacy Purposes, Amount | $ 14,180,000 | $ 13,992,000 | |
For Capital Adequacy Purposes, Ratio | 0.0450 | 0.0450 | |
For Capital Adequacy Purposes with Capital Buffer, Amount | $ 22,058,000 | ||
For Capital Adequacy Purposes with Capital Buffer, Ratio | 0.07000 | 217.66 | |
To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 20,482,000 | ||
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 0.0650 | ||
Banking Regulation, Tier One Leverage Capital [Abstract] | |||
Actual, Amount | $ 40,645,000 | $ 40,276,000 | |
Actual, Ratio | 0.0925 | 0.0978 | |
For Capital Adequacy Purposes, Amount | $ 17,569,000 | $ 16,467,000 | |
For Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 | |
To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 21,961,000 | ||
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 0.0500 | ||
Percentage of capital conversion buffer | 0.0250 | ||
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-13 | |||
Banking Regulation, Total Capital [Abstract] | |||
Actual, Amount | $ (140,000) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 317 | $ 409 |
Weighted average common shares outstanding | 2,568,090 | 2,731,251 |
Less: Average unearned ESOP shares | (188,853) | (199,962) |
Weighted average shares outstanding (basic) | 2,379,237 | 2,531,289 |
Dilutive common stock equivalents | 33,287 | 15,469 |
Weighted average shares outstanding (diluted) | 2,412,524 | 2,546,758 |
Basic earnings per common share | $ 0.13 | $ 0.16 |
Earnings per common share - diluted | $ 0.13 | $ 0.16 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Narrative (Details) - Significant Unobservable Inputs (Level 3) - Individually evaluated collateral dependent loans - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of recorded investment in loans | $ 396,000 | $ 0 |
Valuation allowance on recorded investment in loans | $ 114,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Assets measured at fair value on a recurring basis (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 32,928 | $ 68,908 |
Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 20,914 | 21,860 |
Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 8,904 | 43,782 |
Mortgage-Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 81 | 85 |
Collateralized Mortgage Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 2,239 | 2,388 |
Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 790 | 793 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 9,694 | 44,575 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 8,904 | 43,782 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized Mortgage Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 790 | 793 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 23,234 | 24,333 |
Significant Other Observable Inputs (Level 2) | Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 20,914 | 21,860 |
Significant Other Observable Inputs (Level 2) | Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Mortgage-Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 81 | 85 |
Significant Other Observable Inputs (Level 2) | Collateralized Mortgage Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 2,239 | 2,388 |
Significant Other Observable Inputs (Level 2) | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateralized Mortgage Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 0 | $ 0 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Assets measured at fair value on a nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 396 | $ 0 |
Individually evaluated collateral dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 396 | |
Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Individually evaluated collateral dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Individually evaluated collateral dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Significant Other Observable Inputs (Level 2) | Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 396 | 0 |
Significant Unobservable Inputs (Level 3) | Individually evaluated collateral dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 396 | |
Significant Unobservable Inputs (Level 3) | Impaired Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Inputs for L3 Assets Measured at FV, Non-Recurring Basis (Details) - Nonrecurring $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value disclosure | $ 396 | $ 0 |
Individually evaluated collateral dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value disclosure | 396 | |
Impaired Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value disclosure | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value disclosure | 396 | 0 |
Significant Unobservable Inputs (Level 3) | Individually evaluated collateral dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value disclosure | $ 396 | |
Significant Unobservable Inputs (Level 3) | Impaired Loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value disclosure | $ 0 | |
Significant Unobservable Inputs (Level 3) | Minimum | Individually evaluated collateral dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | 0.223 | |
Significant Unobservable Inputs (Level 3) | Weighted Average | Individually evaluated collateral dependent loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range (Weighted Average) | (0.223) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Carrying amounts and fair values of the Bank's financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | $ 66,787 | $ 32,438 |
Debt securities available-for-sale | 32,138 | 68,115 |
Equity securities, at fair value | 790 | 793 |
Bank owned life insurance | 8,283 | 8,230 |
Carrying Amounts | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 66,787 | 32,438 |
Debt securities available-for-sale | 32,138 | 68,115 |
Equity securities, at fair value | 790 | 793 |
Restricted stocks | 2,416 | 2,590 |
Loans, net | 333,288 | 321,382 |
Accrued interest receivable | 1,545 | 1,253 |
Bank owned life insurance | 8,283 | 8,230 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Demand deposits, savings, and money market | 186,594 | 187,455 |
Certificates of deposit | 161,795 | 145,511 |
Borrowings | 50,819 | 55,104 |
Accrued interest payable | 1,011 | 914 |
Estimated Fair Values | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 66,787 | 32,438 |
Equity securities, at fair value | 790 | 793 |
Accrued interest receivable | 1,545 | 1,253 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Demand deposits, savings, and money market | 186,594 | 187,455 |
Accrued interest payable | 1,011 | 914 |
Estimated Fair Values | Quoted Prices in Active Markets for Identical Assets (Level 1) & Significant Other Observable Inputs (Level 2) | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Debt securities available-for-sale | 32,138 | 68,115 |
Estimated Fair Values | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Restricted stocks | 2,416 | 2,590 |
Bank owned life insurance | 8,283 | 8,230 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Certificates of deposit | 160,835 | 138,418 |
Borrowings | 50,001 | 54,428 |
Estimated Fair Values | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Loans, net | $ 321,326 | $ 319,763 |
Noninterest Revenues (Details)
Noninterest Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Noninterest income (in scope for Topic 606) | $ 142 | $ 83 |
Noninterest income (out of scope for Topic 606) | 45 | 55 |
Total Noninterest Income | $ 187 | 138 |
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false] | true | |
Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income (in scope for Topic 606) | $ 55 | 47 |
Debit card income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income (in scope for Topic 606) | 50 | 50 |
Other service charges | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income (in scope for Topic 606) | 17 | 19 |
(Loss) gain on disposal of premises and equipment | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income (in scope for Topic 606) | 0 | (40) |
Other Noninterest income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income (in scope for Topic 606) | $ 20 | $ 7 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 317 | $ 409 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |