Catalyst Bancorp (CLST) 10-Q 17 Sep 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Sep. 16, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	333-254200
Entity Registrant Name	CATALYST BANCORP, INC.
Entity Incorporation, State or Country Code	LA
Entity Tax Identification Number	86-2411762
Entity Address, Address Line One	235 N. Court Street
Entity Address, City or Town	Opelousas
Entity Address State Or Province	LA
Entity Address, Postal Zip Code	70570
City Area Code	337
Local Phone Number	948-3033
Title of 12(b) Security	None
No Trading Symbol Flag	true
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001849867
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

STATEMENTS OF FINANCIAL CONDITI

STATEMENTS OF FINANCIAL CONDITION - USD ($)	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Non-interest-bearing cash	$ 6,426,000	$ 5,507,000
Interest-bearing cash and due from banks	22,661,000	19,738,000
Total cash and cash equivalents	29,087,000	25,245,000
Investment securities -
Securities held-to-maturity (fair values of $15,320 and $17,505, respectively)	15,511,000	17,523,000
Available-for-sale securities	41,856,000	20,730,000
Loans receivable, net of unearned income	140,599,000	151,800,000
Allowance for loan losses	(2,649,000)	(3,022,000)
Loans receivable, net	137,950,000	148,778,000
Accrued interest receivable	558,000	564,000
Foreclosed real estate	590,000	415,000
Premises and equipment, net	6,545,000	5,489,000
Stock in Federal Home Loan Bank, at cost	1,398,000	1,394,000
Bank owned life insurance	3,258,000	3,213,000
Other assets	1,887,000	1,337,000
TOTAL ASSETS	238,640,000	224,688,000
Deposits
Non-interest-bearing	29,031,000	26,169,000
Interest-bearing	148,857,000	138,429,000
Total deposits	177,888,000	164,598,000
Advances from Federal Home Loan Bank	8,928,000	8,838,000
Other liabilities	1,092,000	719,000
Total liabilities	187,908,000	174,155,000
Commitments and Contingencies (Note 6)
EQUITY
Retained earnings	50,837,000	50,426,000
Accumulated other comprehensive income (loss)	(105,000)	107,000
TOTAL EQUITY	50,732,000	50,533,000
TOTAL LIABILITIES AND EQUITY	$ 238,640,000	$ 224,688,000

STATEMENTS OF FINANCIAL CONDI_2

STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
STATEMENTS OF FINANCIAL CONDITION
Fair Value	$ 15,320	$ 17,505

STATEMENTS OF INCOME

STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
INTEREST INCOME
Loans receivable, including fees	$ 1,691	$ 1,963	$ 3,463	$ 3,967
Investment securities	142	175	262	293
Other	10	13	24	69
Total interest income	1,843	2,151	3,749	4,329
INTEREST EXPENSE
Deposits	135	247	290	507
Advances from Federal Home Loan Bank	69	199	136	397
Total interest expense	204	446	426	904
Net interest income	1,639	1,705	3,323	3,425
(Reversal of) Provision for loan loss	(286)		(286)	65
Net interest income after (reversal) provision for loan losses	1,925	1,705	3,609	3,360
NON-INTEREST INCOME
Service charges on deposit accounts	160	121	283	281
Gain on sale of fixed assets		16	24	16
Bank owned life insurance income	22	17	45	33
Other	182	14	235	27
Total non-interest income	364	168	587	357
NON-INTEREST EXPENSE
Salaries and employee benefits	1,212	903	2,290	1,901
Occupancy and equipment	191	158	383	312
Computer services expense	156	130	307	257
Legal and accounting	94	49	167	101
Foreclosed assets expense, net	42	27	35	51
ATM and debit card expense	46	37	89	73
Advertising and marketing	12	22	21	56
Directors' fees	70	80	141	160
Other	144	118	259	252
Total non-interest expense	1,967	1,524	3,692	3,163
INCOME BEFORE INCOME TAX	322	349	504	554
Income Tax Expense	62	89	93	139
NET INCOME	$ 260	$ 260	$ 411	$ 415

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 260	$ 260	$ 411	$ 415
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gain (loss) on marketable securities	146	14	(268)	287
Less: deferred income tax effect	(31)	(3)	56	(60)
Total other comprehensive income (loss)	115	11	(212)	227
Total comprehensive income	$ 375	$ 271	$ 199	$ 642

STATEMENTS OF CHANGES IN EQUITY

STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2019	$ 51,129	$ (12)	$ 51,117
CHANGES IN EQUITY
Net income	415		415
Other comprehensive income (loss)		227	227
Ending Balance at Jun. 30, 2020	51,544	215	51,759
Beginning Balance at Dec. 31, 2020	50,426	107	50,533
CHANGES IN EQUITY
Net income	411		411
Other comprehensive income (loss)		(212)	(212)
Ending Balance at Jun. 30, 2021	$ 50,837	$ (105)	$ 50,732

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 411	$ 415
Adjustments to reconcile net income to net cash provided by operating activities:
Investment securities amortization net	191	67
Stock dividend on Federal Home Loan Bank stock	(4)	(16)
(Reversal) Provision for loan losses	(286)	65
Writedowns and (gains) losses on sales of foreclosed real estate	40	48
Net (gain) loss on sale of premises and equipment	(24)	(16)
Depreciation of premises and equipment	202	168
Increase (Decrease) in other assets and liabilities, net	(71)	930
Net cash provided by operating activities	459	1,661
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease in loans	10,899	1,453
Activity in held-to-maturity securities:
Proceeds from maturities and calls	2,000	12,000
Purchases		(19,828)
Activity in available-for-sale securities:
Proceeds from maturities, calls, and paydowns	3,846	6,485
Purchases	(25,418)	(5,097)
Proceeds from sale of foreclosed real estate		116
Purchases of premises and equipment	(1,258)	(378)
Proceeds from sale of premises and equipment	24	16
Net cash used in investing activities	(9,907)	(5,233)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	13,290	18,719
Net cash provided by financing activities	13,290	18,719
NET INCREASE IN CASH AND CASH EQUIVALENTS	3,842	15,147
CASH AND CASH EQUIVALENTS, beginning of period	25,245	17,909
CASH AND CASH EQUIVALENTS, end of period	29,087	33,056
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES
Loan principal reductions resulting from foreclosures on real estate	215
SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID
Cash paid for interest	$ 432	899
Cash paid for income taxes		$ 75

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1 BASIS OF PRESENTATION The accompanying unaudited financial statements of St. Landry Homestead Federal Savings Bank (the “Bank”) were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month and six-month periods ended June 30, 2021 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the Financial Statements and notes thereto for the year ended December 31, 2020 included in the Form S-1 of Catalyst Bancorp, Inc. as filed with the Securities and Exchange Commission (“SEC”). Reference is made to the accounting policies of the Bank described in the Notes to the Financial Statements contained in the Prospectus (SEC File No. 333-254200). In preparing the financial statements, the Bank is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Bank’s financial condition, results of operations, comprehensive income, changes in equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2021
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2 RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments introduce an impairment model that is based on current expected credit losses (“CECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (ex. Loans and held to maturity securities), including certain off-balance sheet financial instruments (ex. commitments to extend credit and standby letters of credit that are not unconditionally cancellable). The CECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Financial instruments with similar risk characteristics may be grouped together when estimating the CECL. The allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination that are measured at amortized cost basis is determined in a similar manner to other financial assets measured at amortized cost basis; however, the initial estimate of expected credit loss would be recognized through an allowance for credit losses with an offset to the purchase price at acquisition. Only subsequent changes in the allowance for credit losses are recorded as a credit loss expense for these assets. The ASU also amends the current available for sale security impairment model for debt securities whereby credit losses related to available for sale debt securities should be recorded through an allowance for credit losses. The amendments will be applied through a modified retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. On October 18, 2019, FASB approved an effective date delay applicable to smaller reporting companies and non-public business entities until January 2023. The Bank has elected to delay implementation of the standard. The future adoption of this ASU may have a material effect on the Bank’s financial statements.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	6 Months Ended
	Jun. 30, 2021
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 3 INVESTMENT SECURITIES Investment securities have been classified according to management’s intent. The amortized cost of securities and their approximate fair values are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (Dollars in thousands) ​ Cost Gains Losses Value Securities Held-to-Maturity ​ ​ ​ ​ U.S. Government and agency obligations ​ $ 15,027 ​ $ 64 ​ $ (262) ​ $ 14,829 Municipal obligations ​ 484 ​ 7 ​ — ​ 491 ​ ​ $ 15,511 ​ $ 71 ​ $ (262) ​ $ 15,320 Securities Available-for-Sale ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 37,381 ​ $ 148 ​ $ (185) ​ $ 37,344 U.S. Government and agency obligations ​ 2,000 ​ — ​ (71) ​ 1,929 Municipal obligations ​ 2,609 ​ — ​ (26) ​ 2,583 ​ ​ $ 41,990 ​ $ 148 ​ $ (282) ​ $ 41,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (Dollars in thousands) ​ Cost Gains Losses Value Securities Held-to-Maturity ​ ​ ​ ​ U.S. Government and agency obligations ​ $ 17,034 ​ $ 93 ​ $ (121) ​ $ 17,006 Municipal obligations ​ 489 ​ 10 ​ — ​ 499 ​ ​ $ 17,523 ​ $ 103 ​ $ (121) ​ $ 17,505 Securities Available-for-Sale ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 15,968 ​ $ 179 ​ $ (7) ​ $ 16,140 U.S. Government and agency obligations ​ 2,000 ​ — ​ (39) ​ 1,961 Municipal obligations ​ 2,628 ​ 12 ​ (11) ​ 2,629 ​ ​ $ 20,596 ​ $ 191 ​ $ (57) ​ $ 20,730 ​ Investment securities with a carrying amount of approximately $7.9 million and $6.9 million, respectively were pledged to secure deposits as required or permitted by law at June 30, 2021 and December 31, 2020. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments, or call options. The expected maturities may differ from its contractual maturities because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities. NOTE 3 INVESTMENT SECURITIES (Continued) The following is a summary of maturities of securities held-to-maturity and available-for-sale at June 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Held-to-Maturity ​ Available-for-Sale ​ ​ Amortized ​ Fair ​ Amortized ​ Fair (Dollars in thousands) Cost Value Cost Value Amounts maturing in: ​ ​ ​ ​ One year or less ​ $ — ​ $ — ​ $ — ​ $ — After one through five years ​ — ​ — ​ — ​ — After five through ten years ​ 11,483 ​ 11,261 ​ 3,445 ​ 3,418 After ten years ​ 4,028 ​ 4,059 ​ 38,545 ​ 38,438 ​ ​ $ 15,511 ​ $ 15,320 ​ $ 41,990 ​ $ 41,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Held-to-Maturity ​ Available-for-Sale ​ ​ Amortized ​ Fair ​ Amortized ​ Fair (Dollars in thousands) Cost Value Cost Value Amounts maturing in: ​ ​ ​ ​ One year or less ​ $ — ​ $ — ​ $ — ​ $ — After one through five years ​ — ​ — ​ 1 ​ 1 After five through ten years ​ 11,490 ​ 11,452 ​ 3,361 ​ 3,355 After ten years ​ 6,033 ​ 6,053 ​ 17,234 ​ 17,374 ​ ​ $ 17,523 ​ $ 17,505 ​ $ 20,596 ​ $ 20,730 ​ There were no securities transferred between classifications during the first six months of 2021 or in 2020. ​ NOTE 3 INVESTMENT SECURITIES (Continued) Information pertaining to securities with gross unrealized losses at June 30, 2021 and December 31, 2020 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Less than 12 Months ​ 12 Months or Greater ​ Total ​ ​ Fair ​ Gross Unrealized ​ Fair ​ Gross Unrealized ​ Fair ​ Gross Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Securities Held-to-Maturity ​ ​ ​ ​ ​ ​ U.S. Government and agency obligations ​ $ 11,738 ​ $ (262) ​ $ — ​ $ — ​ $ 11,738 ​ $ (262) Municipal obligations ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 11,738 ​ $ (262) ​ $ — ​ $ — ​ $ 11,738 ​ $ (262) Securities Available-for-Sale ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 22,640 ​ $ (185) ​ $ — ​ $ — ​ $ 22,640 ​ $ (185) U.S. Government and agency obligations ​ 1,929 ​ (71) ​ — ​ — ​ 1,929 ​ (71) Municipal obligations ​ 2,583 ​ (26) ​ — ​ — ​ 2,583 ​ (26) ​ ​ $ 27,152 ​ $ (282) ​ $ — ​ $ — ​ $ 27,152 ​ $ (282) Total ​ $ 38,890 ​ $ (544) ​ $ — ​ $ — ​ $ 38,890 ​ $ (544) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 Months ​ 12 Months or Greater ​ Total ​ ​ Fair ​ Gross Unrealized ​ Fair ​ Gross Unrealized ​ Fair ​ Gross Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Securities Held-to-Maturity ​ ​ ​ ​ ​ ​ U.S. Government and agency obligations ​ $ 7,879 ​ $ (121) ​ $ — ​ $ — ​ $ 7,879 ​ $ (121) ​ ​ $ 7,879 ​ $ (121) ​ $ — ​ $ — ​ $ 7,879 ​ $ (121) Securities Available-for-Sale ​ ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 4,010 ​ $ (7) ​ $ — ​ $ — ​ $ 4,010 ​ $ (7) U.S. Government and agency obligations ​ 1,961 ​ (39) ​ — ​ — ​ 1,961 ​ (39) Municipal obligations ​ 1,751 ​ (11) ​ — ​ — ​ 1,751 ​ (11) ​ ​ $ 7,722 ​ $ (57) ​ $ — ​ $ — ​ $ 7,722 ​ $ (57) Total ​ $ 15,601 ​ $ (178) ​ $ — ​ $ — ​ $ 15,601 ​ $ (178) ​ Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which that fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Bank to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At June 30, 2021, there were 26 securities with an unrealized loss, compared to 8 securities with an unrealized loss at December 31, 2020. All of those securities are either guaranteed by federal, state and local governments or secured by mortgage loans. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition. As management has the ability to hold securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary.

LOANS RECEIVABLE

LOANS RECEIVABLE	6 Months Ended
	Jun. 30, 2021
LOANS RECEIVABLE
LOANS RECEIVABLE	NOTE 4 LOANS RECEIVABLE Loans receivable at June 30, 2021 and December 31, 2020 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, (Dollars in thousands) ​ 2021 ​ 2020 Real Estate ​ ​ One- to four-family residential ​ $ 91,778 ​ $ 99,869 Commercial real estate ​ 28,217 ​ 30,304 Construction & land ​ 4,527 ​ 5,538 Multi-family residential ​ 4,344 ​ 4,801 Farmland ​ 27 ​ 53 Total Real Estate ​ 128,893 ​ 140,565 Consumer ​ 4,667 ​ 4,499 Commercial and industrial ​ 7,039 ​ 6,736 ​ ​ 140,599 ​ 151,800 Less allowance for loan losses ​ (2,649) ​ (3,022) ​ ​ $ 137,950 ​ $ 148,778 ​ The following tables outline the changes in the allowance for loan losses by collateral type for the six months ended June 30, 2021 and June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ (Reversal) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Provision for loan ​ ​ ​ ​ ​ ​ ​ Ending (Dollars in thousands) Balance losses Charge-offs Recoveries Balance Allowance for Loan Losses ​ ​ ​ ​ ​ One- to four-family residential ​ $ 1,910 ​ $ (199) ​ $ (117) ​ $ 35 ​ $ 1,629 Commercial real estate ​ 744 ​ (31) ​ — ​ — ​ 713 Construction & land ​ 81 ​ (26) ​ — ​ — ​ 55 Multi-family residential ​ 68 ​ (7) ​ — ​ — ​ 61 Farmland ​ 1 ​ (1) ​ — ​ — ​ — Consumer ​ 78 ​ (12) ​ (15) ​ 10 ​ 61 Commercial and industrial ​ 101 ​ 2 ​ — ​ — ​ 103 Unallocated ​ 39 ​ (12) ​ — ​ — ​ 27 Total ​ $ 3,022 ​ $ (286) ​ $ (132) ​ $ 45 ​ $ 2,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2020 ​ ​ Beginning ​ Provision for loan ​ ​ ​ ​ ​ ​ ​ Ending (Dollars in thousands) Balance losses Charge-offs Recoveries Balance Allowance for Loan Losses ​ ​ ​ ​ ​ One- to four-family residential ​ $ 1,162 ​ $ (58) ​ $ (20) ​ $ 27 ​ $ 1,111 Commercial real estate ​ 637 ​ 24 ​ — ​ — ​ 661 Construction & land ​ 56 ​ 3 ​ — ​ — ​ 59 Multi-family residential ​ 76 ​ (3) ​ — ​ 1 ​ 74 Farmland ​ 1 ​ — ​ — ​ — ​ 1 Consumer ​ 80 ​ (3) ​ (16) ​ 5 ​ 66 Commercial and industrial ​ 12 ​ 91 ​ (15) ​ — ​ 88 Unallocated ​ 47 ​ 11 ​ — ​ — ​ 58 Total ​ $ 2,071 ​ $ 65 ​ $ (51) ​ $ 33 ​ $ 2,118 ​ NOTE 4 LOANS RECEIVABLE (Continued) ​ The following tables outline the changes in the allowance for loan losses individually and collectively evaluated for impairment, and the amount of loans individually and collectively evaluated for impairment at June 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 As of December 31, 2020 ​ ​ Individually ​ Collectively ​ ​ ​ ​ Individually ​ Collectively ​ ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ (Dollars in thousands) Impairment Impairment Total Impairment Impairment Total Allowance for Loan Losses Ending Balance ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 556 ​ $ 1,073 ​ $ 1,629 ​ $ 599 ​ $ 1,311 ​ $ 1,910 Commercial real estate ​ ​ — ​ 713 ​ 713 ​ — ​ 744 ​ 744 Construction & land ​ ​ — ​ 55 ​ 55 ​ — ​ 81 ​ 81 Multi-family residential ​ ​ — ​ 61 ​ 61 ​ — ​ 68 ​ 68 Farmland ​ ​ — ​ — ​ — ​ — ​ 1 ​ 1 Consumer ​ ​ — ​ 61 ​ 61 ​ — ​ 78 ​ 78 Commercial and industrial ​ ​ — ​ 103 ​ 103 ​ — ​ 101 ​ 101 Unallocated ​ ​ — ​ 27 ​ 27 ​ — ​ 39 ​ 39 Total ​ $ 556 ​ $ 2,093 ​ $ 2,649 ​ $ 599 ​ $ 2,423 ​ $ 3,022 Loans Receivable Ending Balance ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 2,920 ​ $ 88,858 ​ $ 91,778 ​ $ 3,209 ​ $ 96,660 ​ $ 99,869 Commercial real estate ​ — ​ 28,217 ​ 28,217 ​ — ​ ​ 30,304 ​ 30,304 Construction & land ​ 46 ​ 4,481 ​ 4,527 ​ 46 ​ 5,492 ​ 5,538 Multi-family residential ​ 1,186 ​ 3,158 ​ 4,344 ​ 1,205 ​ 3,596 ​ 4,801 Farmland ​ — ​ 27 ​ 27 ​ — ​ ​ 53 ​ 53 Consumer ​ — ​ ​ 4,667 ​ 4,667 ​ — ​ 4,499 ​ 4,499 Commercial and industrial ​ 3 ​ 7,036 ​ 7,039 ​ 4 ​ 6,732 ​ 6,736 Total ​ $ 4,155 ​ $ 136,444 ​ $ 140,599 ​ $ 4,464 ​ $ 147,336 ​ $ 151,800 ​ A summary of current, past due and nonaccrual loans as of June 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ ​ Past Due ​ Past Due ​ Past Due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 Days ​ Over 90 Days ​ Over 30 Days ​ Total Past ​ Current and ​ Current and Non- ​ ​ ​ (Dollars in thousands) ​ Accruing and Accruing Non-Accruing Due Accruing Accruing Total Loans One- to four-family residential ​ $ 1,664 ​ $ 132 ​ $ 238 ​ $ 2,034 ​ $ 88,779 ​ $ 965 ​ $ 91,778 Commercial real estate ​ 54 ​ — ​ — ​ 54 ​ 28,163 ​ — ​ 28,217 Construction and land ​ 26 ​ — ​ 46 ​ 72 ​ 4,455 ​ — ​ 4,527 Multi-family residential ​ — ​ — ​ — ​ — ​ 4,344 ​ — ​ 4,344 Farmland ​ — ​ — ​ — ​ — ​ 27 ​ — ​ 27 Consumer ​ 24 ​ 11 ​ — ​ 35 ​ 4,632 ​ — ​ 4,667 Commercial & industrial ​ 17 ​ — ​ — ​ 17 ​ 7,019 ​ 3 ​ 7,039 Total ​ $ 1,785 ​ $ 143 ​ $ 284 ​ $ 2,212 ​ $ 137,419 ​ $ 968 ​ $ 140,599 ​ NOTE 4 LOANS RECEIVABLE (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Past Due ​ Past Due ​ Past Due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 Days ​ Over 90 Days ​ Over 30 Days ​ Total Past ​ Current and ​ Current and Non- ​ ​ ​ (Dollars in thousands) Accruing and Accruing Non-Accruing Due Accruing Accruing Total Loans One- to four-family residential ​ $ 1,842 ​ $ 367 ​ $ 235 ​ $ 2,444 ​ $ 96,419 ​ $ 1,006 ​ $ 99,869 Commercial real estate ​ 192 ​ — ​ — ​ 192 ​ 30,112 ​ — ​ 30,304 Construction and land ​ 154 ​ — ​ 47 ​ 201 ​ 5,337 ​ — ​ 5,538 Multi-family residential ​ — ​ — ​ — ​ — ​ 4,801 ​ — ​ 4,801 Farmland ​ — ​ — ​ — ​ — ​ 53 ​ — ​ 53 Consumer ​ 38 ​ 13 ​ — ​ 51 ​ 4,448 ​ — ​ 4,499 Commercial & industrial ​ 94 ​ — ​ — ​ 94 ​ 6,638 ​ 4 ​ 6,736 Total ​ $ 2,320 ​ $ 380 ​ $ 282 ​ $ 2,982 ​ $ 147,808 ​ $ 1,010 ​ $ 151,800 ​ The Bank was not committed to lend any additional funds on nonaccrual loans at June 30, 2021 or December 31, 2020. A Troubled Debt Restructuring (“TDR”) is considered such if the lender for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider. Information pertaining to loans modified during the six months ended June 30, 2021 and the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-modification Post-modification ​ ​ ​ ​ Outstanding ​ Outstanding ​ ​ Number of ​ Recorded ​ Recorded (Dollars in thousands) ​ Contracts ​ Investment ​ Investment June 30, 2021 ​ ​ One- to four-family residential 2 ​ $ 140 ​ $ 142 Total 2 ​ $ 140 ​ $ 142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-modification Post-modification ​ ​ ​ ​ Outstanding ​ Outstanding ​ ​ Number of ​ Recorded ​ Recorded (Dollars in thousands) ​ Contracts ​ Investment ​ Investment December 31, 2020 ​ ​ One- to four-family residential 18 ​ $ 2,643 ​ $ 2,703 Total 18 ​ $ 2,643 ​ $ 2,703 ​ ​ NOTE 4 LOANS RECEIVABLE (Continued) Troubled debt restructured loans were modified to defer principal and extend maturity on average for 3 months. There was one payment default as of June 30, 2021 and no payment defaults in 2020 for prior year modified loans. The Bank has no commitments to loan additional funds to the borrowers whose loans have been modified. Information on impaired loans as of June 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Average ​ Interest ​ Interest ​ ​ Recorded ​ Principal ​ Related ​ Recorded ​ Income ​ Income (Dollars in thousands) ​ Investment Balance Allowance Investment Recognized Collected Real Estate ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 2,920 ​ $ 3,270 ​ $ 556 ​ $ 2,962 ​ $ 39 ​ $ 38 Commercial real estate ​ — ​ — ​ — ​ — ​ — ​ — Construction & land ​ 46 ​ 46 ​ — ​ 46 ​ — ​ — Multi-family residential ​ 1,186 ​ 1,186 ​ — ​ 1,195 ​ 28 ​ 28 Farmland ​ — ​ — ​ — ​ — ​ — ​ — Total real estate loans ​ 4,152 ​ 4,502 ​ 556 ​ 4,203 ​ 67 ​ 66 Consumer ​ — ​ — ​ — ​ — ​ — ​ — Commercial & industrial ​ 3 ​ 6 ​ — ​ 4 ​ — ​ — ​ ​ $ 4,155 ​ $ 4,508 ​ $ 556 ​ $ 4,207 ​ $ 67 ​ $ 66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Year Ended December 31, 2020 ​ ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Average ​ Interest ​ Interest ​ ​ Recorded ​ Principal ​ Related ​ Recorded ​ Income ​ Income (Dollars in thousands) ​ Investment Balance Allowance Investment Recognized Collected Real Estate ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 3,209 ​ $ 3,586 ​ $ 599 ​ $ 3,266 ​ $ 86 ​ $ 78 Commercial real estate ​ — ​ — ​ — ​ — ​ — ​ — Construction & land ​ 46 ​ 46 ​ — ​ 48 ​ — ​ — Multi-family residential ​ 1,205 ​ 1,205 ​ — ​ 1,210 ​ 47 ​ 43 Farmland ​ — ​ — ​ — ​ — ​ — ​ — Total real estate loans ​ 4,460 ​ 4,837 ​ 599 ​ 4,524 ​ 133 ​ 121 Consumer ​ — ​ — ​ — ​ — ​ — ​ — Commercial & industrial ​ 4 ​ 7 ​ — ​ 5 ​ — ​ — ​ ​ $ 4,464 ​ $ 4,844 ​ $ 599 ​ $ 4,529 ​ $ 133 ​ $ 121 ​ Principal balances of loans receivable include approximately $101.9 million and $109.6 million of adjustable-rate loans and $38.7 million and $42.2 million of fixed rate loans at June 30, 2021 and December 31, 2020, respectively. Interest only loans amounted to approximately $1.9 million and $2.0 million at June 30, 2021 and December 31, 2020, respectively. Loans are categorized by credit quality indicators based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Internally assigned grade: Pass Special Mention NOTE 4 LOANS RECEIVABLE (Continued) Substandard Doubtful Loss The information for each of the credit quality indicators is updated on a quarterly basis in conjunction with the determination of the adequacy of the allowance for loan losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Six Months ended June 30, 2021 ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) Pass Mention Substandard Doubtful Total One- to four-family residential ​ $ 87,347 ​ $ 360 ​ $ 4,071 ​ $ — ​ $ 91,778 Commercial real estate ​ 27,172 ​ 983 ​ 62 ​ — ​ 28,217 Construction & land ​ 4,433 ​ — ​ 94 ​ — ​ 4,527 Multi-family residential ​ 3,157 ​ — ​ 1,187 ​ — ​ 4,344 Farmland ​ 27 ​ — ​ — ​ — ​ 27 Consumer ​ 4,658 ​ — ​ 9 ​ — ​ 4,667 Commercial & industrial ​ 7,036 ​ — ​ 3 ​ — ​ 7,039 Total ​ $ 133,830 ​ $ 1,343 ​ $ 5,426 ​ $ — ​ $ 140,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Year ended December 31, 2020 ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) Pass Mention Substandard Doubtful Total One- to four-family residential ​ $ 93,008 ​ $ 1,915 ​ $ 4,946 ​ $ — ​ $ 99,869 Commercial real estate ​ 28,217 ​ 2,022 ​ 65 ​ — ​ 30,304 Construction & land ​ 5,310 ​ 133 ​ 95 ​ — ​ 5,538 Multi-family residential ​ 3,457 ​ — ​ 1,344 ​ — ​ 4,801 Farmland ​ 53 ​ — ​ — ​ — ​ 53 Consumer ​ 4,434 ​ 33 ​ 32 ​ — ​ 4,499 Commercial & industrial ​ 6,542 ​ 171 ​ 23 ​ — ​ 6,736 Total ​ $ 141,021 ​ $ 4,274 ​ $ 6,505 ​ $ — ​ $ 151,800 ​

CAPITAL REQUIREMENTS AND OTHER

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	6 Months Ended
	Jun. 30, 2021
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	NOTE 5 CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by its primary federal regulator, the Office of the Comptroller of the Currency (“OCC”). Failure to meet minimum regulatory capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification under the prompt corrective action guidelines are also subject to qualitative judgements by the regulators about components, risk weightings, and other factors. ​ NOTE 5 CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Continued) Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of: total risk-based capital, Tier 1 Capital to risk-weighted assets, and Tier 1 Capital to adjusted total assets. As discussed in greater detail below, as of June 30, 2021 and December 31, 2020, the Bank does meet all of the capital adequacy requirements to which it is subject. At June 30, 2021 and December 31, 2020, the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. To be categorized as adequately capitalized, the Bank would have to maintain minimum total risk-based, Tier 1 risk based, Tier 1 leverage ratios and Common Equity Tier 1 capital as disclosed in the table below. There are no conditions or events since the most recent notification that management believes have changed the Bank’s prompt corrective action category. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be Well Capitalized under the ​ ​ Actual ​ Prompt Corrective Action Provision (Dollars in thousands) Amount Ratio Amount Ratio As of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Equity Tier 1 Capital ​ $ 50,837 ​ 41.81 % $ 7,903 ​ >6.5 % Tier 1 Risk-Based Capital ​ 50,837 ​ 41.81 % 9,727 ​ >8.0 % Total Risk-Based Capital ​ 52,371 ​ 43.07 % 12,159 ​ >10.0 % Tier 1 Leverage Capital ​ 50,837 ​ 21.34 % 11,911 ​ >5.0 % As of December 31, 2020 ​ ​ ​ ​ ​ Common Equity Tier 1 Capital ​ $ 50,426 ​ 40.92 % $ 8,010 ​ >6.5 % Tier 1 Risk-Based Capital ​ 50,426 ​ 40.92 % 9,858 ​ >8.0 % Total Risk-Based Capital ​ 52,118 ​ 42.29 % 12,323 ​ >10.0 % Tier 1 Leverage Capital ​ 50,426 ​ 21.06 % 11,970 ​ >5.0 % ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 6 COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Bank has various outstanding commitments and contingent liabilities that are not reflected in the accompanying financial statements. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the financial statements. In addition, the Bank is a defendant in various legal proceedings arising in connection with its business. It is the best judgment of management that neither the financial position nor results of operations of the Bank will be materially affected by the final outcome of these legal proceedings. The Bank 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 consist of commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amounts recognized in the statement of financial position. The contract or notional amounts of these instruments reflect the extent of the Bank’s involvement in particular classes of instruments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 7 FAIR VALUE MEASUREMENTS In accordance with fair value guidance, the Bank groups its financial assets and financial 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 quoted prices in active markets for identical assets or liabilities that the Bank 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 with 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 for the asset or liability. Level 3 — Valuation is based on unobservable income 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. NOTE 7 FAIR VALUE MEASUREMENTS (Continued) Fair values of assets and liabilities measured on a recurring basis at June 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Other ​ Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Identical Assets/Liabilities ​ Inputs ​ Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ $ 41,856 ​ $ — ​ $ 41,856 ​ $ — December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ $ 20,730 ​ $ — ​ $ 20,730 ​ $ — ​ Fair values of assets and liabilities measured on a nonrecurring basis at June 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices ​ Other ​ Significant ​ ​ ​ ​ ​ in Active Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Identical Assets/Liabilities ​ Inputs ​ Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ 1,282 ​ $ — ​ $ — ​ $ 1,282 Foreclosed real estate ​ ​ 590 ​ — ​ — ​ 590 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ 1,365 ​ $ — ​ $ — ​ $ 1,365 Foreclosed real estate ​ ​ 415 ​ ​ — ​ ​ — ​ ​ 415 ​ For the six months ended June 30, 2021, impaired loans with a carrying amount of $1.8 million were written down to their fair value of $1.3 million, resulting in an impairment charge of $556,000, which was included in the allowance for loan losses. Foreclosed real estate with a carrying amount of $630,000 was written down to its fair value of $590,000, resulting in an impairment charge of $40,000 which was included in earnings for the six months ended June 30, 2021. During the year ended December 31, 2020, impaired loans with a carrying amount of $2.0 million were written down to their fair value of $1.4 million, resulting in an impairment charge of $599,000, which was included in the allowance for loan losses. Foreclosed real estate with a carrying amount of $581,000 was written down to its fair value of $415,000, resulting in an impairment charge of $166,000, which was included in earnings for the year ended December 31, 2020. The fair value of impaired loans and real estate owned is estimated using current appraised values less costs to sell.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8 FAIR VALUE OF FINANCIAL INSTRUMENTS The Bank follows the guidance of FASB ASC 825, Financial Instruments, and FASB ASC 820, Fair Value Measurement. This guidance permits entities to measure many financial instruments and certain other items at fair value. No assets have been elected to be reported at fair value. The objective is to improve financial reporting by providing the Bank with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. This guidance clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or to transfer a liability in an orderly transaction between market participants. Under this guidance, fair value measurements are not adjusted for transaction costs. This guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quotes priced in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). ​ NOTE 8 FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) ​ Accounting Standards Codification 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities The following methods and assumptions were used to estimate the fair value of each class of financial instruments of which it is practicable to estimate that value: Cash and Cash Equivalents Investments and Mortgage-Backed Securities Loans Receivable, net Accrued Interest Receivable and Accrued Interest Payable Non-maturity Deposit Liabilities Certificates of Deposit Federal Home Loan Bank Borrowings Other Assets and Liabilities ​ NOTE 8 FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) ​ Limitations Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. The estimated fair values of the Bank’s financial instruments as of June 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 29,087 ​ $ 29,087 ​ $ 29,087 $ ​ $ ​ Investment securities ​ ​ ​ Held-to-maturity ​ 15,511 ​ 15,320 ​ ​ 15,320 Available-for-sale ​ 41,856 ​ 41,856 ​ ​ 41,856 Loans receivable, net ​ 137,950 ​ 137,356 ​ ​ 137,356 Accrued interest receivable ​ 558 ​ 558 ​ 558 Financial Liabilities: ​ ​ ​ Deposits ​ 177,888 ​ 178,114 ​ ​ 178,114 Borrowed funds ​ 8,928 ​ 8,847 ​ ​ 8,847 Accrued interest payable ​ 45 ​ 45 ​ 45 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: ​ ​ ​ Cash and cash equivalents ​ $ 25,245 ​ $ 25,245 ​ $ 25,245 $ $ Investment securities ​ ​ ​ Held-to-maturity ​ 17,523 ​ 17,505 ​ ​ 17,505 Available-for-sale ​ 20,730 ​ 20,730 ​ ​ 20,730 Loans receivable, net ​ 148,778 ​ 148,674 ​ ​ 148,674 Accrued interest receivable ​ 564 ​ 564 ​ 564 Financial Liabilities: ​ ​ ​ Deposits ​ 164,598 ​ 164,951 ​ ​ 164,951 Borrowed funds ​ 8,838 ​ 9,052 ​ ​ 9,052 Accrued interest payable ​ 51 ​ 51 ​ 51 ​ The carrying amounts in the preceding table are included in the statement of financial condition under the applicable captions. It is not practical to estimate the fair value of Federal Home Loan Bank (“FHLB”) and First National Bankers Bank stock because they are not marketable. The carrying amount of investments are reported in the statements of financial condition at historical cost.

PLAN OF CONVERSION AND CHANGE I

PLAN OF CONVERSION AND CHANGE IN CORPORATE FORM	6 Months Ended
	Jun. 30, 2021
PLAN OF CONVERSION AND CHANGE IN CORPORATE FORM
PLAN OF CONVERSION AND CHANGE IN CORPORATE FORM	NOTE 9 PLAN OF CONVERSION AND CHANGE IN CORPORATE FORM On January 27, 2021, the Board of Directors of the Bank adopted a plan of conversion (“Plan of Conversion”). The Plan of Conversion is subject to the approval of the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System and must be approved by the affirmative vote of at least a majority of the total votes eligible to be cast by the voting members of the Bank at a special meeting. The Plan of Conversion provides that the Bank will convert to the stock-form savings bank structure and establish a holding company, Catalyst Bancorp, Inc., as parent of the Bank. The Bank will convert to the stock form of ownership, followed by the issuance of all of the Bank’s outstanding stock to Catalyst Bancorp, Inc. Pursuant to the Plan of Conversion, the total offering value and number of shares of common stock of Catalyst Bancorp, Inc. to be offered and sold will be determined based upon an independent appraiser’s valuation. The stock will be priced at $10.00 per share. In addition, the Bank’s Board of Directors will adopt an employee stock ownership plan (“ESOP”) which will subscribe for up to 8% of the common stock sold in the offering. Catalyst Bancorp, Inc. has been organized as a corporation under the laws of the State of Louisiana and will own all of the outstanding common stock of the Bank upon completion of the conversion. The costs of issuing the common stock will be deferred and deducted from the sales proceeds of the offering. If the conversion is unsuccessful, all deferred costs will be charged to operations. Deferred conversion costs totaled approximately $21,431 at December 31, 2020 and $498,000 at June 30, 2021, respectively. At the completion of the conversion to stock form, the Bank will establish a liquidation account in the amount of retained earnings contained in the final prospectus. The liquidation account will be maintained for the benefits of eligible account holders and supplemental eligible account holders who maintain deposit accounts in the Bank after conversion. The conversion will be accounted for as a change in corporate form with the historic basis of the Bank’s assets, liabilities and equity unchanged as a result. Catalyst Bancorp is an emerging growth company, and, for as long as it continues to be an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to “emerging growth companies.” Catalyst Bancorp intends to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, its financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2021
RECENT ACCOUNTING PRONOUNCEMENTS
Recent Accounting Pronouncements	In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The amendments introduce an impairment model that is based on current expected credit losses (“CECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (ex. Loans and held to maturity securities), including certain off-balance sheet financial instruments (ex. commitments to extend credit and standby letters of credit that are not unconditionally cancellable). The CECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Financial instruments with similar risk characteristics may be grouped together when estimating the CECL. The allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination that are measured at amortized cost basis is determined in a similar manner to other financial assets measured at amortized cost basis; however, the initial estimate of expected credit loss would be recognized through an allowance for credit losses with an offset to the purchase price at acquisition. Only subsequent changes in the allowance for credit losses are recorded as a credit loss expense for these assets. The ASU also amends the current available for sale security impairment model for debt securities whereby credit losses related to available for sale debt securities should be recorded through an allowance for credit losses. The amendments will be applied through a modified retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. On October 18, 2019, FASB approved an effective date delay applicable to smaller reporting companies and non-public business entities until January 2023. The Bank has elected to delay implementation of the standard. The future adoption of this ASU may have a material effect on the Bank’s financial statements.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2021
INVESTMENT SECURITIES
Schedule of amortized cost and fair value of debt securities, with gross unrealized gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (Dollars in thousands) ​ Cost Gains Losses Value Securities Held-to-Maturity ​ ​ ​ ​ U.S. Government and agency obligations ​ $ 15,027 ​ $ 64 ​ $ (262) ​ $ 14,829 Municipal obligations ​ 484 ​ 7 ​ — ​ 491 ​ ​ $ 15,511 ​ $ 71 ​ $ (262) ​ $ 15,320 Securities Available-for-Sale ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 37,381 ​ $ 148 ​ $ (185) ​ $ 37,344 U.S. Government and agency obligations ​ 2,000 ​ — ​ (71) ​ 1,929 Municipal obligations ​ 2,609 ​ — ​ (26) ​ 2,583 ​ ​ $ 41,990 ​ $ 148 ​ $ (282) ​ $ 41,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (Dollars in thousands) ​ Cost Gains Losses Value Securities Held-to-Maturity ​ ​ ​ ​ U.S. Government and agency obligations ​ $ 17,034 ​ $ 93 ​ $ (121) ​ $ 17,006 Municipal obligations ​ 489 ​ 10 ​ — ​ 499 ​ ​ $ 17,523 ​ $ 103 ​ $ (121) ​ $ 17,505 Securities Available-for-Sale ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 15,968 ​ $ 179 ​ $ (7) ​ $ 16,140 U.S. Government and agency obligations ​ 2,000 ​ — ​ (39) ​ 1,961 Municipal obligations ​ 2,628 ​ 12 ​ (11) ​ 2,629 ​ ​ $ 20,596 ​ $ 191 ​ $ (57) ​ $ 20,730
Schedule of maturities of securities held-to-maturity and available-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Held-to-Maturity ​ Available-for-Sale ​ ​ Amortized ​ Fair ​ Amortized ​ Fair (Dollars in thousands) Cost Value Cost Value Amounts maturing in: ​ ​ ​ ​ One year or less ​ $ — ​ $ — ​ $ — ​ $ — After one through five years ​ — ​ — ​ — ​ — After five through ten years ​ 11,483 ​ 11,261 ​ 3,445 ​ 3,418 After ten years ​ 4,028 ​ 4,059 ​ 38,545 ​ 38,438 ​ ​ $ 15,511 ​ $ 15,320 ​ $ 41,990 ​ $ 41,856 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Held-to-Maturity ​ Available-for-Sale ​ ​ Amortized ​ Fair ​ Amortized ​ Fair (Dollars in thousands) Cost Value Cost Value Amounts maturing in: ​ ​ ​ ​ One year or less ​ $ — ​ $ — ​ $ — ​ $ — After one through five years ​ — ​ — ​ 1 ​ 1 After five through ten years ​ 11,490 ​ 11,452 ​ 3,361 ​ 3,355 After ten years ​ 6,033 ​ 6,053 ​ 17,234 ​ 17,374 ​ ​ $ 17,523 ​ $ 17,505 ​ $ 20,596 ​ $ 20,730
Schedule of securities with gross unrealized losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Less than 12 Months ​ 12 Months or Greater ​ Total ​ ​ Fair ​ Gross Unrealized ​ Fair ​ Gross Unrealized ​ Fair ​ Gross Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Securities Held-to-Maturity ​ ​ ​ ​ ​ ​ U.S. Government and agency obligations ​ $ 11,738 ​ $ (262) ​ $ — ​ $ — ​ $ 11,738 ​ $ (262) Municipal obligations ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 11,738 ​ $ (262) ​ $ — ​ $ — ​ $ 11,738 ​ $ (262) Securities Available-for-Sale ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 22,640 ​ $ (185) ​ $ — ​ $ — ​ $ 22,640 ​ $ (185) U.S. Government and agency obligations ​ 1,929 ​ (71) ​ — ​ — ​ 1,929 ​ (71) Municipal obligations ​ 2,583 ​ (26) ​ — ​ — ​ 2,583 ​ (26) ​ ​ $ 27,152 ​ $ (282) ​ $ — ​ $ — ​ $ 27,152 ​ $ (282) Total ​ $ 38,890 ​ $ (544) ​ $ — ​ $ — ​ $ 38,890 ​ $ (544) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Less than 12 Months ​ 12 Months or Greater ​ Total ​ ​ Fair ​ Gross Unrealized ​ Fair ​ Gross Unrealized ​ Fair ​ Gross Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses Securities Held-to-Maturity ​ ​ ​ ​ ​ ​ U.S. Government and agency obligations ​ $ 7,879 ​ $ (121) ​ $ — ​ $ — ​ $ 7,879 ​ $ (121) ​ ​ $ 7,879 ​ $ (121) ​ $ — ​ $ — ​ $ 7,879 ​ $ (121) Securities Available-for-Sale ​ ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 4,010 ​ $ (7) ​ $ — ​ $ — ​ $ 4,010 ​ $ (7) U.S. Government and agency obligations ​ 1,961 ​ (39) ​ — ​ — ​ 1,961 ​ (39) Municipal obligations ​ 1,751 ​ (11) ​ — ​ — ​ 1,751 ​ (11) ​ ​ $ 7,722 ​ $ (57) ​ $ — ​ $ — ​ $ 7,722 ​ $ (57) Total ​ $ 15,601 ​ $ (178) ​ $ — ​ $ — ​ $ 15,601 ​ $ (178)

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2021
LOANS RECEIVABLE
Schedule of loans receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, (Dollars in thousands) ​ 2021 ​ 2020 Real Estate ​ ​ One- to four-family residential ​ $ 91,778 ​ $ 99,869 Commercial real estate ​ 28,217 ​ 30,304 Construction & land ​ 4,527 ​ 5,538 Multi-family residential ​ 4,344 ​ 4,801 Farmland ​ 27 ​ 53 Total Real Estate ​ 128,893 ​ 140,565 Consumer ​ 4,667 ​ 4,499 Commercial and industrial ​ 7,039 ​ 6,736 ​ ​ 140,599 ​ 151,800 Less allowance for loan losses ​ (2,649) ​ (3,022) ​ ​ $ 137,950 ​ $ 148,778
Schedule of changes in the allowance for loan losses	The following tables outline the changes in the allowance for loan losses by collateral type for the six months ended June 30, 2021 and June 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ (Reversal) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Provision for loan ​ ​ ​ ​ ​ ​ ​ Ending (Dollars in thousands) Balance losses Charge-offs Recoveries Balance Allowance for Loan Losses ​ ​ ​ ​ ​ One- to four-family residential ​ $ 1,910 ​ $ (199) ​ $ (117) ​ $ 35 ​ $ 1,629 Commercial real estate ​ 744 ​ (31) ​ — ​ — ​ 713 Construction & land ​ 81 ​ (26) ​ — ​ — ​ 55 Multi-family residential ​ 68 ​ (7) ​ — ​ — ​ 61 Farmland ​ 1 ​ (1) ​ — ​ — ​ — Consumer ​ 78 ​ (12) ​ (15) ​ 10 ​ 61 Commercial and industrial ​ 101 ​ 2 ​ — ​ — ​ 103 Unallocated ​ 39 ​ (12) ​ — ​ — ​ 27 Total ​ $ 3,022 ​ $ (286) ​ $ (132) ​ $ 45 ​ $ 2,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2020 ​ ​ Beginning ​ Provision for loan ​ ​ ​ ​ ​ ​ ​ Ending (Dollars in thousands) Balance losses Charge-offs Recoveries Balance Allowance for Loan Losses ​ ​ ​ ​ ​ One- to four-family residential ​ $ 1,162 ​ $ (58) ​ $ (20) ​ $ 27 ​ $ 1,111 Commercial real estate ​ 637 ​ 24 ​ — ​ — ​ 661 Construction & land ​ 56 ​ 3 ​ — ​ — ​ 59 Multi-family residential ​ 76 ​ (3) ​ — ​ 1 ​ 74 Farmland ​ 1 ​ — ​ — ​ — ​ 1 Consumer ​ 80 ​ (3) ​ (16) ​ 5 ​ 66 Commercial and industrial ​ 12 ​ 91 ​ (15) ​ — ​ 88 Unallocated ​ 47 ​ 11 ​ — ​ — ​ 58 Total ​ $ 2,071 ​ $ 65 ​ $ (51) ​ $ 33 ​ $ 2,118 ​ NOTE 4 LOANS RECEIVABLE (Continued) ​ The following tables outline the changes in the allowance for loan losses individually and collectively evaluated for impairment, and the amount of loans individually and collectively evaluated for impairment at June 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 As of December 31, 2020 ​ ​ Individually ​ Collectively ​ ​ ​ ​ Individually ​ Collectively ​ ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ ​ Evaluated for ​ Evaluated for ​ ​ ​ (Dollars in thousands) Impairment Impairment Total Impairment Impairment Total Allowance for Loan Losses Ending Balance ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 556 ​ $ 1,073 ​ $ 1,629 ​ $ 599 ​ $ 1,311 ​ $ 1,910 Commercial real estate ​ ​ — ​ 713 ​ 713 ​ — ​ 744 ​ 744 Construction & land ​ ​ — ​ 55 ​ 55 ​ — ​ 81 ​ 81 Multi-family residential ​ ​ — ​ 61 ​ 61 ​ — ​ 68 ​ 68 Farmland ​ ​ — ​ — ​ — ​ — ​ 1 ​ 1 Consumer ​ ​ — ​ 61 ​ 61 ​ — ​ 78 ​ 78 Commercial and industrial ​ ​ — ​ 103 ​ 103 ​ — ​ 101 ​ 101 Unallocated ​ ​ — ​ 27 ​ 27 ​ — ​ 39 ​ 39 Total ​ $ 556 ​ $ 2,093 ​ $ 2,649 ​ $ 599 ​ $ 2,423 ​ $ 3,022 Loans Receivable Ending Balance ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 2,920 ​ $ 88,858 ​ $ 91,778 ​ $ 3,209 ​ $ 96,660 ​ $ 99,869 Commercial real estate ​ — ​ 28,217 ​ 28,217 ​ — ​ ​ 30,304 ​ 30,304 Construction & land ​ 46 ​ 4,481 ​ 4,527 ​ 46 ​ 5,492 ​ 5,538 Multi-family residential ​ 1,186 ​ 3,158 ​ 4,344 ​ 1,205 ​ 3,596 ​ 4,801 Farmland ​ — ​ 27 ​ 27 ​ — ​ ​ 53 ​ 53 Consumer ​ — ​ ​ 4,667 ​ 4,667 ​ — ​ 4,499 ​ 4,499 Commercial and industrial ​ 3 ​ 7,036 ​ 7,039 ​ 4 ​ 6,732 ​ 6,736 Total ​ $ 4,155 ​ $ 136,444 ​ $ 140,599 ​ $ 4,464 ​ $ 147,336 ​ $ 151,800
Summary of current, past due and nonaccrual loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 ​ ​ Past Due ​ Past Due ​ Past Due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 Days ​ Over 90 Days ​ Over 30 Days ​ Total Past ​ Current and ​ Current and Non- ​ ​ ​ (Dollars in thousands) ​ Accruing and Accruing Non-Accruing Due Accruing Accruing Total Loans One- to four-family residential ​ $ 1,664 ​ $ 132 ​ $ 238 ​ $ 2,034 ​ $ 88,779 ​ $ 965 ​ $ 91,778 Commercial real estate ​ 54 ​ — ​ — ​ 54 ​ 28,163 ​ — ​ 28,217 Construction and land ​ 26 ​ — ​ 46 ​ 72 ​ 4,455 ​ — ​ 4,527 Multi-family residential ​ — ​ — ​ — ​ — ​ 4,344 ​ — ​ 4,344 Farmland ​ — ​ — ​ — ​ — ​ 27 ​ — ​ 27 Consumer ​ 24 ​ 11 ​ — ​ 35 ​ 4,632 ​ — ​ 4,667 Commercial & industrial ​ 17 ​ — ​ — ​ 17 ​ 7,019 ​ 3 ​ 7,039 Total ​ $ 1,785 ​ $ 143 ​ $ 284 ​ $ 2,212 ​ $ 137,419 ​ $ 968 ​ $ 140,599 ​ NOTE 4 LOANS RECEIVABLE (Continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Past Due ​ Past Due ​ Past Due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30-89 Days ​ Over 90 Days ​ Over 30 Days ​ Total Past ​ Current and ​ Current and Non- ​ ​ ​ (Dollars in thousands) Accruing and Accruing Non-Accruing Due Accruing Accruing Total Loans One- to four-family residential ​ $ 1,842 ​ $ 367 ​ $ 235 ​ $ 2,444 ​ $ 96,419 ​ $ 1,006 ​ $ 99,869 Commercial real estate ​ 192 ​ — ​ — ​ 192 ​ 30,112 ​ — ​ 30,304 Construction and land ​ 154 ​ — ​ 47 ​ 201 ​ 5,337 ​ — ​ 5,538 Multi-family residential ​ — ​ — ​ — ​ — ​ 4,801 ​ — ​ 4,801 Farmland ​ — ​ — ​ — ​ — ​ 53 ​ — ​ 53 Consumer ​ 38 ​ 13 ​ — ​ 51 ​ 4,448 ​ — ​ 4,499 Commercial & industrial ​ 94 ​ — ​ — ​ 94 ​ 6,638 ​ 4 ​ 6,736 Total ​ $ 2,320 ​ $ 380 ​ $ 282 ​ $ 2,982 ​ $ 147,808 ​ $ 1,010 ​ $ 151,800
Schedule of troubled debt restructuring	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-modification Post-modification ​ ​ ​ ​ Outstanding ​ Outstanding ​ ​ Number of ​ Recorded ​ Recorded (Dollars in thousands) ​ Contracts ​ Investment ​ Investment June 30, 2021 ​ ​ One- to four-family residential 2 ​ $ 140 ​ $ 142 Total 2 ​ $ 140 ​ $ 142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-modification Post-modification ​ ​ ​ ​ Outstanding ​ Outstanding ​ ​ Number of ​ Recorded ​ Recorded (Dollars in thousands) ​ Contracts ​ Investment ​ Investment December 31, 2020 ​ ​ One- to four-family residential 18 ​ $ 2,643 ​ $ 2,703 Total 18 ​ $ 2,643 ​ $ 2,703
Schedule of impaired loans	Information on impaired loans as of June 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Six Months Ended June 30, 2021 ​ ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Average ​ Interest ​ Interest ​ ​ Recorded ​ Principal ​ Related ​ Recorded ​ Income ​ Income (Dollars in thousands) ​ Investment Balance Allowance Investment Recognized Collected Real Estate ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 2,920 ​ $ 3,270 ​ $ 556 ​ $ 2,962 ​ $ 39 ​ $ 38 Commercial real estate ​ — ​ — ​ — ​ — ​ — ​ — Construction & land ​ 46 ​ 46 ​ — ​ 46 ​ — ​ — Multi-family residential ​ 1,186 ​ 1,186 ​ — ​ 1,195 ​ 28 ​ 28 Farmland ​ — ​ — ​ — ​ — ​ — ​ — Total real estate loans ​ 4,152 ​ 4,502 ​ 556 ​ 4,203 ​ 67 ​ 66 Consumer ​ — ​ — ​ — ​ — ​ — ​ — Commercial & industrial ​ 3 ​ 6 ​ — ​ 4 ​ — ​ — ​ ​ $ 4,155 ​ $ 4,508 ​ $ 556 ​ $ 4,207 ​ $ 67 ​ $ 66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Year Ended December 31, 2020 ​ ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Average ​ Interest ​ Interest ​ ​ Recorded ​ Principal ​ Related ​ Recorded ​ Income ​ Income (Dollars in thousands) ​ Investment Balance Allowance Investment Recognized Collected Real Estate ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 3,209 ​ $ 3,586 ​ $ 599 ​ $ 3,266 ​ $ 86 ​ $ 78 Commercial real estate ​ — ​ — ​ — ​ — ​ — ​ — Construction & land ​ 46 ​ 46 ​ — ​ 48 ​ — ​ — Multi-family residential ​ 1,205 ​ 1,205 ​ — ​ 1,210 ​ 47 ​ 43 Farmland ​ — ​ — ​ — ​ — ​ — ​ — Total real estate loans ​ 4,460 ​ 4,837 ​ 599 ​ 4,524 ​ 133 ​ 121 Consumer ​ — ​ — ​ — ​ — ​ — ​ — Commercial & industrial ​ 4 ​ 7 ​ — ​ 5 ​ — ​ — ​ ​ $ 4,464 ​ $ 4,844 ​ $ 599 ​ $ 4,529 ​ $ 133 ​ $ 121
Schedule of credit quality indicators	The information for each of the credit quality indicators is updated on a quarterly basis in conjunction with the determination of the adequacy of the allowance for loan losses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Six Months ended June 30, 2021 ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) Pass Mention Substandard Doubtful Total One- to four-family residential ​ $ 87,347 ​ $ 360 ​ $ 4,071 ​ $ — ​ $ 91,778 Commercial real estate ​ 27,172 ​ 983 ​ 62 ​ — ​ 28,217 Construction & land ​ 4,433 ​ — ​ 94 ​ — ​ 4,527 Multi-family residential ​ 3,157 ​ — ​ 1,187 ​ — ​ 4,344 Farmland ​ 27 ​ — ​ — ​ — ​ 27 Consumer ​ 4,658 ​ — ​ 9 ​ — ​ 4,667 Commercial & industrial ​ 7,036 ​ — ​ 3 ​ — ​ 7,039 Total ​ $ 133,830 ​ $ 1,343 ​ $ 5,426 ​ $ — ​ $ 140,599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Year ended December 31, 2020 ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) Pass Mention Substandard Doubtful Total One- to four-family residential ​ $ 93,008 ​ $ 1,915 ​ $ 4,946 ​ $ — ​ $ 99,869 Commercial real estate ​ 28,217 ​ 2,022 ​ 65 ​ — ​ 30,304 Construction & land ​ 5,310 ​ 133 ​ 95 ​ — ​ 5,538 Multi-family residential ​ 3,457 ​ — ​ 1,344 ​ — ​ 4,801 Farmland ​ 53 ​ — ​ — ​ — ​ 53 Consumer ​ 4,434 ​ 33 ​ 32 ​ — ​ 4,499 Commercial & industrial ​ 6,542 ​ 171 ​ 23 ​ — ​ 6,736 Total ​ $ 141,021 ​ $ 4,274 ​ $ 6,505 ​ $ — ​ $ 151,800

CAPITAL REQUIREMENTS AND OTHE_2

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Tables)	6 Months Ended
	Jun. 30, 2021
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS
Schedule of actual and required capital amounts and ratios	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ To be Well Capitalized under the ​ ​ Actual ​ Prompt Corrective Action Provision (Dollars in thousands) Amount Ratio Amount Ratio As of June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Equity Tier 1 Capital ​ $ 50,837 ​ 41.81 % $ 7,903 ​ >6.5 % Tier 1 Risk-Based Capital ​ 50,837 ​ 41.81 % 9,727 ​ >8.0 % Total Risk-Based Capital ​ 52,371 ​ 43.07 % 12,159 ​ >10.0 % Tier 1 Leverage Capital ​ 50,837 ​ 21.34 % 11,911 ​ >5.0 % As of December 31, 2020 ​ ​ ​ ​ ​ Common Equity Tier 1 Capital ​ $ 50,426 ​ 40.92 % $ 8,010 ​ >6.5 % Tier 1 Risk-Based Capital ​ 50,426 ​ 40.92 % 9,858 ​ >8.0 % Total Risk-Based Capital ​ 52,118 ​ 42.29 % 12,323 ​ >10.0 % Tier 1 Leverage Capital ​ 50,426 ​ 21.06 % 11,970 ​ >5.0 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of fair values of assets and liabilities measured on a recurring and nonrecurring basis	Fair values of assets and liabilities measured on a recurring basis at June 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Other ​ Significant ​ ​ ​ ​ ​ Active Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Identical Assets/Liabilities ​ Inputs ​ Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ $ 41,856 ​ $ — ​ $ 41,856 ​ $ — December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ $ 20,730 ​ $ — ​ $ 20,730 ​ $ — ​ Fair values of assets and liabilities measured on a nonrecurring basis at June 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices ​ Other ​ Significant ​ ​ ​ ​ ​ in Active Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Identical Assets/Liabilities ​ Inputs ​ Inputs (Dollars in thousands) Fair Value (Level 1) (Level 2) (Level 3) June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ 1,282 ​ $ — ​ $ — ​ $ 1,282 Foreclosed real estate ​ ​ 590 ​ — ​ — ​ 590 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ 1,365 ​ $ — ​ $ — ​ $ 1,365 Foreclosed real estate ​ ​ 415 ​ ​ — ​ ​ — ​ ​ 415

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of estimated fair values of the Bank's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 29,087 ​ $ 29,087 ​ $ 29,087 $ ​ $ ​ Investment securities ​ ​ ​ Held-to-maturity ​ 15,511 ​ 15,320 ​ ​ 15,320 Available-for-sale ​ 41,856 ​ 41,856 ​ ​ 41,856 Loans receivable, net ​ 137,950 ​ 137,356 ​ ​ 137,356 Accrued interest receivable ​ 558 ​ 558 ​ 558 Financial Liabilities: ​ ​ ​ Deposits ​ 177,888 ​ 178,114 ​ ​ 178,114 Borrowed funds ​ 8,928 ​ 8,847 ​ ​ 8,847 Accrued interest payable ​ 45 ​ 45 ​ 45 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: ​ ​ ​ Cash and cash equivalents ​ $ 25,245 ​ $ 25,245 ​ $ 25,245 $ $ Investment securities ​ ​ ​ Held-to-maturity ​ 17,523 ​ 17,505 ​ ​ 17,505 Available-for-sale ​ 20,730 ​ 20,730 ​ ​ 20,730 Loans receivable, net ​ 148,778 ​ 148,674 ​ ​ 148,674 Accrued interest receivable ​ 564 ​ 564 ​ 564 Financial Liabilities: ​ ​ ​ Deposits ​ 164,598 ​ 164,951 ​ ​ 164,951 Borrowed funds ​ 8,838 ​ 9,052 ​ ​ 9,052 Accrued interest payable ​ 51 ​ 51 ​ 51

INVESTMENT SECURITIES - Fair Va

INVESTMENT SECURITIES - Fair Value to Amortized Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Securities Held-to-Maturity
Amortized cost	$ 15,511	$ 17,523
Gross Unrealized Gains	71	103
Gross Unrealized Losses	(262)	(121)
Fair Value	15,320	17,505
Securities Available-for-Sale
Amortized cost	41,990	20,596
Gross Unrealized Gains	148	191
Gross Unrealized Losses	(282)	(57)
Fair Value	41,856	20,730
Securities pledged as collateral	7,900	6,900
Mortgage-backed
Securities Available-for-Sale
Amortized cost	37,381	15,968
Gross Unrealized Gains	148	179
Gross Unrealized Losses	(185)	(7)
Fair Value	37,344	16,140
U.S. Government and agency obligations
Securities Held-to-Maturity
Amortized cost	15,027	17,034
Gross Unrealized Gains	64	93
Gross Unrealized Losses	(262)	(121)
Fair Value	14,829	17,006
Securities Available-for-Sale
Amortized cost	2,000	2,000
Gross Unrealized Losses	(71)	(39)
Fair Value	1,929	1,961
Municipal obligations
Securities Held-to-Maturity
Amortized cost	484	489
Gross Unrealized Gains	7	10
Fair Value	491	499
Securities Available-for-Sale
Amortized cost	2,609	2,628
Gross Unrealized Gains		12
Gross Unrealized Losses	(26)	(11)
Fair Value	$ 2,583	$ 2,629

INVESTMENT SECURITIES - Maturit

INVESTMENT SECURITIES - Maturity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Held-to-maturity securities, Amortized cost
Due from five to ten years	$ 11,483	$ 11,490
After ten years	4,028	6,033
Total	15,511	17,523
Held-to-maturity securities, Fair value
Due from five to ten years	11,261	11,452
After ten years	4,059	6,053
Total	15,320	17,505
Available-for-sale securities, Amortized cost
Due from one to five years		1
Due from five to ten years	3,445	3,361
After ten years	38,545	17,234
Total	41,990	20,596
Available-for-sale securities, Fair value
Due from one to five years		1
Due from five to ten years	3,418	3,355
After ten years	38,438	17,374
Total	41,856	20,730
Securities transferred between classifications	$ 0	$ 0

INVESTMENT SECURITIES - Securit

INVESTMENT SECURITIES - Securities with Gross Unrealized Losses (Details) $ in Thousands	Jun. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Securities Held-to-Maturity, Fair Value
Less than 12 months	$ 11,738	$ 7,879
Fair value	11,738	7,879
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(262)	(121)
Gross unrealized losses	(262)	(121)
Securities Available-for-Sale, Fair Value
Less than 12 months	27,152	7,722
Fair value	27,152	7,722
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(282)	(57)
Gross unrealized losses	(282)	(57)
Total, Fair Value
Less than 12 months	38,890	15,601
Fair value	38,890	15,601
Total, Gross Unrealized Losses
Less than 12 months	(544)	(178)
Gross unrealized losses	$ (544)	$ (178)
Number of securities in unrealized loss position | security	26	8
Mortgage-backed
Securities Available-for-Sale, Fair Value
Less than 12 months	$ 22,640	$ 4,010
Fair value	22,640	4,010
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(185)	(7)
Gross unrealized losses	(185)	(7)
U.S. Government and agency obligations
Securities Held-to-Maturity, Fair Value
Less than 12 months	11,738	7,879
Fair value	11,738	7,879
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(262)	(121)
Gross unrealized losses	(262)	(121)
Securities Available-for-Sale, Fair Value
Less than 12 months	1,929	1,961
Fair value	1,929	1,961
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(71)	(39)
Gross unrealized losses	(71)	(39)
Municipal obligations
Securities Available-for-Sale, Fair Value
Less than 12 months	2,583	1,751
Fair value	2,583	1,751
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(26)	(11)
Gross unrealized losses	$ (26)	$ (11)

LOANS RECEIVABLE (Details)

LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 140,599	$ 151,800
Less allowance for loan losses	(2,649)	(3,022)	$ (2,118)	$ (2,071)
Loans receivable, net	137,950	148,778
Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	128,893	140,565
One- to four-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	91,778	99,869
Less allowance for loan losses	(1,629)	(1,910)	(1,111)	(1,162)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	28,217	30,304
Less allowance for loan losses	(713)	(744)	(661)	(637)
Construction & land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,527	5,538
Less allowance for loan losses	(55)	(81)	(59)	(56)
Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,344	4,801
Less allowance for loan losses	(61)	(68)	(74)	(76)
Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	27	53
Less allowance for loan losses		(1)	(1)	(1)
Consumer.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,667	4,499
Commercial and industrial.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	7,039	6,736
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,667	4,499
Less allowance for loan losses	(61)	(78)	(66)	(80)
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	7,039	6,736
Less allowance for loan losses	(103)	(101)	(88)	(12)
Unallocated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for loan losses	$ (27)	$ (39)	$ (58)	$ (47)

LOANS RECEIVABLE - Allowance fo

LOANS RECEIVABLE - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,022	$ 2,071
(Reversal) Provision for loan losses	(286)	65
Charge-offs	(132)	(51)
Recoveries	45	33
Ending balance	2,649	2,118
One- to four-family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,910	1,162
(Reversal) Provision for loan losses	(199)	(58)
Charge-offs	(117)	(20)
Recoveries	35	27
Ending balance	1,629	1,111
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	744	637
(Reversal) Provision for loan losses	(31)	24
Ending balance	713	661
Construction & land
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	81	56
(Reversal) Provision for loan losses	(26)	3
Ending balance	55	59
Multi-family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	68	76
(Reversal) Provision for loan losses	(7)	(3)
Recoveries		1
Ending balance	61	74
Farmland
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1	1
(Reversal) Provision for loan losses	(1)
Ending balance		1
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	78	80
(Reversal) Provision for loan losses	(12)	(3)
Charge-offs	(15)	(16)
Recoveries	10	5
Ending balance	61	66
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	101	12
(Reversal) Provision for loan losses	2	91
Charge-offs		(15)
Ending balance	103	88
Unallocated
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	39	47
(Reversal) Provision for loan losses	(12)	11
Ending balance	$ 27	$ 58

LOANS RECEIVABLE - Individually

LOANS RECEIVABLE - Individually and Collectively Evaluated (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Allowance for loan losses:
Individually evaluated for impairment	$ 556	$ 599
Collectively evaluated for impairment	2,093	2,423
Total	2,649	3,022	$ 2,118	$ 2,071
Loans:
Individually evaluated for impairment	4,155	4,464
Collectively evaluated for impairment	136,444	147,336
Total loans	140,599	151,800
Real Estate
Loans:
Total loans	128,893	140,565
One- to four-family residential
Allowance for loan losses:
Individually evaluated for impairment	556	599
Collectively evaluated for impairment	1,073	1,311
Total	1,629	1,910	1,111	1,162
Loans:
Individually evaluated for impairment	2,920	3,209
Collectively evaluated for impairment	88,858	96,660
Total loans	91,778	99,869
Commercial real estate
Allowance for loan losses:
Collectively evaluated for impairment	713	744
Total	713	744	661	637
Loans:
Collectively evaluated for impairment	28,217	30,304
Total loans	28,217	30,304
Construction & land
Allowance for loan losses:
Collectively evaluated for impairment	55	81
Total	55	81	59	56
Loans:
Individually evaluated for impairment	46	46
Collectively evaluated for impairment	4,481	5,492
Total loans	4,527	5,538
Multi-family residential
Allowance for loan losses:
Collectively evaluated for impairment	61	68
Total	61	68	74	76
Loans:
Individually evaluated for impairment	1,186	1,205
Collectively evaluated for impairment	3,158	3,596
Total loans	4,344	4,801
Farmland
Allowance for loan losses:
Collectively evaluated for impairment		1
Total		1	1	1
Loans:
Collectively evaluated for impairment	27	53
Total loans	27	53
Consumer
Loans:
Total loans	4,667	4,499
Commercial and industrial
Loans:
Total loans	7,039	6,736
Consumer
Allowance for loan losses:
Collectively evaluated for impairment	61	78
Total	61	78	66	80
Loans:
Collectively evaluated for impairment	4,667	4,499
Total loans	4,667	4,499
Commercial and industrial
Allowance for loan losses:
Collectively evaluated for impairment	103	101
Total	103	101	88	12
Loans:
Individually evaluated for impairment	3	4
Collectively evaluated for impairment	7,036	6,732
Total loans	7,039	6,736
Unallocated
Allowance for loan losses:
Collectively evaluated for impairment	27	39
Total	$ 27	$ 39	$ 58	$ 47

LOANS RECEIVABLE - Current, Pas

LOANS RECEIVABLE - Current, Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total loans	$ 140,599	$ 151,800
Past due
Financing Receivable, Past Due [Line Items]
Total loans	2,212	2,982
Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	1,785	2,320
Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	143	380
Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	284	282
Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	137,419	147,808
Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	968	1,010
Real Estate
Financing Receivable, Past Due [Line Items]
Total loans	128,893	140,565
One- to four-family residential
Financing Receivable, Past Due [Line Items]
Total loans	91,778	99,869
One- to four-family residential | Past due
Financing Receivable, Past Due [Line Items]
Total loans	2,034	2,444
One- to four-family residential | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	1,664	1,842
One- to four-family residential | Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	132	367
One- to four-family residential | Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	238	235
One- to four-family residential | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	88,779	96,419
One- to four-family residential | Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	965	1,006
Commercial real estate
Financing Receivable, Past Due [Line Items]
Total loans	28,217	30,304
Commercial real estate | Past due
Financing Receivable, Past Due [Line Items]
Total loans	54	192
Commercial real estate | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	54	192
Commercial real estate | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	28,163	30,112
Construction & land
Financing Receivable, Past Due [Line Items]
Total loans	4,527	5,538
Construction & land | Past due
Financing Receivable, Past Due [Line Items]
Total loans	72	201
Construction & land | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	26	154
Construction & land | Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	46	47
Construction & land | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	4,455	5,337
Multi-family residential
Financing Receivable, Past Due [Line Items]
Total loans	4,344	4,801
Multi-family residential | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	4,344	4,801
Farmland
Financing Receivable, Past Due [Line Items]
Total loans	27	53
Farmland | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	27	53
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	4,667	4,499
Consumer | Past due
Financing Receivable, Past Due [Line Items]
Total loans	35	51
Consumer | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	24	38
Consumer | Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	11	13
Consumer | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	4,632	4,448
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans	7,039	6,736
Commercial and industrial | Past due
Financing Receivable, Past Due [Line Items]
Total loans	17	94
Commercial and industrial | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	17	94
Commercial and industrial | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	7,019	6,638
Commercial and industrial | Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	3	4
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	4,667	4,499
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans	$ 7,039	$ 6,736

LOANS RECEIVABLE - Loans Modifi

LOANS RECEIVABLE - Loans Modification (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)contractitem	Dec. 31, 2020USD ($)contractitem
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of contracts | contract	2	18
Pre-modification Outstanding Recorded Investment	$ 140	$ 2,643
Post-modification Outstanding Recorded Investment	$ 142	$ 2,703
TDR modified maturity term	3 months
Number of payment defaults | item	1	0
Commitment to lend additional fund	$ 0
One- to four-family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of contracts | contract	2	18
Pre-modification Outstanding Recorded Investment	$ 140	$ 2,643
Post-modification Outstanding Recorded Investment	$ 142	$ 2,703

LOANS RECEIVABLE - Impaired Loa

LOANS RECEIVABLE - Impaired Loans (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Recorded Investment	$ 4,155,000	$ 4,464,000
Unpaid Principal Balance	4,508,000	4,844,000
Related Allowance	556,000	599,000
Average Recorded Investment	4,207,000	4,529,000
Interest Income Recognized	67,000	133,000
Interest Income Collected	66,000	121,000
Adjustable-rate loans	101,900,000	109,600,000
Fixed rate loans	38,700,000	42,200,000
Interest only loans	1,900,000	2,000,000
Real Estate
Financing Receivable, Impaired [Line Items]
Recorded Investment	4,152,000	4,460,000
Unpaid Principal Balance	4,502,000	4,837,000
Related Allowance	556,000	599,000
Average Recorded Investment	4,203,000	4,524,000
Interest Income Recognized	67,000	133,000
Interest Income Collected	66,000	121,000
One- to four-family residential
Financing Receivable, Impaired [Line Items]
Recorded Investment	2,920,000	3,209,000
Unpaid Principal Balance	3,270,000	3,586,000
Related Allowance	556,000	599,000
Average Recorded Investment	2,962,000	3,266,000
Interest Income Recognized	39,000	86,000
Interest Income Collected	38,000	78,000
Construction & land
Financing Receivable, Impaired [Line Items]
Recorded Investment	46,000	46,000
Unpaid Principal Balance	46,000	46,000
Average Recorded Investment	46,000	48,000
Multi-family residential
Financing Receivable, Impaired [Line Items]
Recorded Investment	1,186,000	1,205,000
Unpaid Principal Balance	1,186,000	1,205,000
Average Recorded Investment	1,195,000	1,210,000
Interest Income Recognized	28,000	47,000
Interest Income Collected	28,000	43,000
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment	3,000	4,000
Unpaid Principal Balance	6,000	7,000
Average Recorded Investment	$ 4,000	$ 5,000

LOANS RECEIVABLE - Credit Quali

LOANS RECEIVABLE - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Loans
Total loans	$ 140,599	$ 151,800
Pass
Loans
Total loans	133,830	141,021
Special Mention
Loans
Total loans	1,343	4,274
Substandard
Loans
Total loans	5,426	6,505
Real Estate
Loans
Total loans	128,893	140,565
One- to four-family residential
Loans
Total loans	91,778	99,869
One- to four-family residential | Pass
Loans
Total loans	87,347	93,008
One- to four-family residential | Special Mention
Loans
Total loans	360	1,915
One- to four-family residential | Substandard
Loans
Total loans	4,071	4,946
Commercial real estate
Loans
Total loans	28,217	30,304
Commercial real estate | Pass
Loans
Total loans	27,172	28,217
Commercial real estate | Special Mention
Loans
Total loans	983	2,022
Commercial real estate | Substandard
Loans
Total loans	62	65
Construction & land
Loans
Total loans	4,527	5,538
Construction & land | Pass
Loans
Total loans	4,433	5,310
Construction & land | Special Mention
Loans
Total loans		133
Construction & land | Substandard
Loans
Total loans	94	95
Multi-family residential
Loans
Total loans	4,344	4,801
Multi-family residential | Pass
Loans
Total loans	3,157	3,457
Multi-family residential | Substandard
Loans
Total loans	1,187	1,344
Farmland
Loans
Total loans	27	53
Farmland | Pass
Loans
Total loans	27	53
Consumer
Loans
Total loans	4,667	4,499
Consumer | Pass
Loans
Total loans	4,658	4,434
Consumer | Special Mention
Loans
Total loans		33
Consumer | Substandard
Loans
Total loans	9	32
Commercial and industrial
Loans
Total loans	7,039	6,736
Commercial and industrial | Pass
Loans
Total loans	7,036	6,542
Commercial and industrial | Special Mention
Loans
Total loans		171
Commercial and industrial | Substandard
Loans
Total loans	3	23
Consumer
Loans
Total loans	4,667	4,499
Commercial and industrial
Loans
Total loans	$ 7,039	$ 6,736

CAPITAL REQUIREMENTS AND OTHE_3

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Details) $ in Thousands	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Common Equity Tier 1 Capital
Actual, Amount	$ 50,837	$ 50,426
Actual, Ratio	41.81	40.92
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 7,903	$ 8,010
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	6.5	6.5
Tier 1 Risk-Based Capital
Actual, Amount	$ 50,837	$ 50,426
Actual, Ratio	41.81	40.92
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 9,727	$ 9,858
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	8	8
Total Risk-Based Capital
Actual, Amount	$ 52,371	$ 52,118
Actual, Ratio	43.07	42.29
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 12,159	$ 12,323
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	10	10
Tier 1 Leverage Capital
Actual, Amount	$ 50,837	$ 50,426
Actual, Ratio	21.34	21.06
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 11,911	$ 11,970
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	5	5

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Values of Assets and Liabilities on a Recurring Basis (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 41,856,000	$ 20,730,000
Impaired loans	1,300,000	1,400,000
Foreclosed real estate	590,000	415,000
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	41,856,000	20,730,000
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	41,856,000	20,730,000
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	1,282,000	1,365,000
Foreclosed real estate	590,000	415,000
Nonrecurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	1,282,000	1,365,000
Foreclosed real estate	590,000	415,000
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	41,856,000	20,730,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	41,856,000	20,730,000
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 41,856,000	$ 20,730,000

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narratives (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Impaired loans, carrying amount	$ 1,800,000	$ 2,000,000
Impaired loans, fair value	1,300,000	1,400,000
Impaired loans, charges	556,000	599,000
Foreclosed real estate, carrying amount	630,000	581,000
Foreclosed real estate, fair value	590,000	415,000
Foreclosed real estate, impaired loans	$ 40,000	$ 166,000

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investment securities
Held-to-maturity	$ 15,320	$ 17,505
Available-for-sale securities	41,856	20,730
Carrying Amount
Financial Assets:
Cash and cash equivalents	29,087	25,245
Investment securities
Held-to-maturity	15,511	17,523
Available-for-sale securities	41,856	20,730
Loans receivable, net	137,950	148,778
Accrued interest receivable	558	564
Financial Liabilities:
Deposits	177,888	164,598
Borrowed funds	8,928	8,838
Accrued interest payable	45	51
Fair Value
Financial Assets:
Cash and cash equivalents	29,087	25,245
Investment securities
Held-to-maturity	15,320	17,505
Available-for-sale securities	41,856	20,730
Loans receivable, net	137,356	148,674
Accrued interest receivable	558	564
Financial Liabilities:
Deposits	178,114	164,951
Borrowed funds	8,847	9,052
Accrued interest payable	45	51
Fair Value | Level 1
Financial Assets:
Cash and cash equivalents	29,087	25,245
Investment securities
Accrued interest receivable	558	564
Financial Liabilities:
Accrued interest payable	45	51
Fair Value | Level 2
Investment securities
Held-to-maturity	15,320	17,505
Available-for-sale securities	41,856	20,730
Financial Liabilities:
Deposits	178,114	164,951
Borrowed funds	8,847	9,052
Fair Value | Level 3
Investment securities
Loans receivable, net	$ 137,356	$ 148,674

PLAN OF CONVERSION AND CHANGE_2

PLAN OF CONVERSION AND CHANGE IN CORPORATE FORM (Details) - USD ($)	Jan. 27, 2021	Jun. 30, 2021	Dec. 31, 2020
PLAN OF CONVERSION AND CHANGE IN CORPORATE FORM
Price of stock	$ 10
Percentage of common stock to be subscribed	8.00%
Deferred conversion costs		$ 498,000	$ 21,431