Catalyst Bancorp (CLST) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 09, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-40893
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	Common Stock
Trading Symbol	CLST
Security Exchange Name	NASDAQ
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		5,290,000
Entity Central Index Key	0001849867
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

STATEMENTS OF FINANCIAL CONDITI

STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Non-interest-bearing cash	$ 5,117	$ 5,507
Interest-bearing cash and due from banks	95,287	19,738
Total cash and cash equivalents	100,404	25,245
Investment securities -
Securities available-for-sale, at fair value	49,682	20,730
Securities held-to-maturity (fair values of $13,286 and $17,505, respectively)	13,504	17,523
Loans receivable, net of unearned income	136,720	151,800
Allowance for loan losses	(2,646)	(3,022)
Loans receivable, net	134,074	148,778
Accrued interest receivable	511	564
Foreclosed real estate	399	415
Premises and equipment, net	6,658	5,489
Stock in Federal Home Loan Bank, at cost	1,398	1,394
Bank owned life insurance	3,280	3,213
Other assets	1,653	1,337
TOTAL ASSETS	311,563	224,688
Deposits
Non-interest-bearing	102,091	26,169
Interest-bearing	147,369	138,429
Total deposits	249,460	164,598
Advances from Federal Home Loan Bank	8,973	8,838
Other liabilities	1,130	719
TOTAL LIABILITIES	259,563	174,155
Commitments and Contingencies (Note 7)
EQUITY
Retained earnings	52,270	50,426
Accumulated other comprehensive income (loss)	(270)	107
TOTAL EQUITY	52,000	50,533
TOTAL LIABILITIES AND EQUITY	$ 311,563	$ 224,688

STATEMENTS OF FINANCIAL CONDI_2

STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
STATEMENTS OF FINANCIAL CONDITION
Fair Value	$ 13,286	$ 17,505

STATEMENTS OF INCOME

STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
INTEREST INCOME
Loans receivable, including fees	$ 1,671	$ 1,971	$ 5,344	$ 5,938
Investment securities	172	182	434	475
Other	13	16	37	85
Total interest income	1,856	2,169	5,815	6,498
INTEREST EXPENSE
Deposits	124	231	414	738
Advances from Federal Home Loan Bank	68	199	204	596
Total interest expense	192	430	618	1,334
Net interest income	1,664	1,739	5,197	5,164
Provision for (reversal of) loan losses		600	(286)	665
Net interest income after provision for (reversal of) loan losses	1,664	1,139	5,483	4,499
NON-INTEREST INCOME
Service charges on deposit accounts	165	147	448	428
Gain on sale of fixed assets			24	16
Bank-owned life insurance	23	17	67	50
Federal community development grant	1,826		1,826
Other	11	24	37	51
Total non-interest income	2,025	188	2,402	545
NON-INTEREST EXPENSE
Salaries and employee benefits	1,084	945	3,331	2,832
Occupancy and equipment	215	178	598	490
Computer services	171	135	479	392
Legal, accounting and consulting	88	64	255	165
Foreclosed assets, net	39	220	74	271
ATM and debit card	48	38	137	111
Advertising and marketing	14	19	35	75
Directors' fees	70	80	211	240
Other	154	158	456	424
Total non-interest expense	1,883	1,837	5,576	5,000
Income (loss) before income tax expense	1,806	(510)	2,309	44
Income tax expense (benefit)	373	(106)	465	33
NET INCOME (LOSS)	$ 1,433	$ (404)	$ 1,844	$ 11

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
STATEMENTS OF COMPREHENSIVE INCOME
Net income (Loss)	$ 1,433	$ (404)	$ 1,844	$ 11
OTHER COMPREHENSIVE (LOSS) INCOME
Change in unrealized (loss) gain on marketable securities	(209)	(81)	(477)	205
Less: deferred income tax effect	44	17	100	(43)
Total other comprehensive (loss) income	(165)	(64)	(377)	162
Total comprehensive income (loss)	$ 1,268	$ (468)	$ 1,467	$ 173

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	11		11
Other comprehensive income (loss)		162	162
Ending Balance at Sep. 30, 2020	51,140	150	51,290
Beginning Balance at Dec. 31, 2020	50,426	107	50,533
CHANGES IN EQUITY
Net income	1,844		1,844
Other comprehensive income (loss)		(377)	(377)
Ending Balance at Sep. 30, 2021	$ 52,270	$ (270)	$ 52,000

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,844	$ 11
Adjustments to reconcile net income to net cash provided by operating activities:
Investment securities amortization net	295	141
Dividends on Federal Home Loan Bank stock	(4)	(19)
(Reversal of) provision for loan losses	(286)	665
Writedowns and losses on sales of foreclosed real estate	75	259
Net gain on sale of premises and equipment	(24)	(16)
Depreciation of premises and equipment	314	254
Increase in other assets and liabilities, net	294	801
Net cash provided by operating activities	2,508	2,096
CASH FLOWS FROM INVESTING ACTIVITIES
Net decrease in loans	14,791	3,969
Activity in held-to-maturity securities:
Proceeds from maturities and calls	4,000	15,000
Purchases		(26,195)
Activity in available-for-sale securities:
Proceeds from maturities, calls, and paydowns	5,967	10,102
Purchases	(35,672)	(12,424)
Proceeds from sale of foreclosed real estate	156	492
Purchases of premises and equipment	(1,477)	(441)
Proceeds from sale of premises and equipment	24	16
Net cash used in investing activities	(12,211)	(9,481)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	84,862	22,826
Net cash provided by financing activities	84,862	22,826
NET INCREASE IN CASH AND CASH EQUIVALENTS	75,159	15,441
CASH AND CASH EQUIVALENTS, beginning of period	25,245	17,909
CASH AND CASH EQUIVALENTS, end of period	100,404	33,350
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES
Loan principal reductions resulting from foreclosures on real estate	215	194
SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID
Cash paid for interest	637	1,326
Cash paid for income taxes	$ 82	$ 75

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1 BASIS OF PRESENTATION Catalyst Bancorp, Inc., a Louisiana Corporation (the “Company”), was organized by St Landry Homestead Federal Savings Bank (the “Bank”) in February 2021 to facilitate the conversion of the Bank from the mutual to the stock form (the “Conversion”) of ownership. The Conversion was completed on October 12, 2021, at which time the Company became the holding company for the Bank, with the Company owning all of the issued and outstanding shares of the Bank’s common stock. Shares of the Company’s common stock were issued and sold in an offering to certain depositors of the Bank and others. The Company filed a registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) on March 12, 2021 (File No. 333-254200), which was declared effective by the SEC on August 6, 2021. The registrant was not engaged in operations and had not issued any shares of stock as of September 30, 2021. Accordingly, no financial statements of the Company have been included herein. The accompanying unaudited financial statements of 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 nine-month periods ended September 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 audited financial statements and notes thereto for the year ended December 31, 2020, contained in the Company’s definitive prospectus, dated August 6, 2021 (the “Prospectus”), as filed with the SEC pursuant to Securities Act Rule 424(b)(3) on August 16, 2021 (File No. 333-25420). Reference is made to the accounting policies of the Bank described in the Notes to the Financial Statements contained in the Prospectus. 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. Certain amounts reported in prior periods may have been reclassified to conform to the current period presentation. Such reclassifications had no effect on previously reported equity or net income.

COMPLETION OF STOCK OFFERING

COMPLETION OF STOCK OFFERING	9 Months Ended
	Sep. 30, 2021
COMPLETION OF STOCK OFFERING
COMPLETION OF STOCK OFFERING	NOTE 2 COMPLETION OF STOCK OFFERING The Company completed its initial public stock offering in connection with the Bank’s conversion from the mutual to the stock form of organization on October 12, 2021. The Company issued a total of 5,290,000 shares of its common stock, par value $0.01 per share (the “Common Stock”) for an aggregate of $52,900,000 in total offering proceeds, including shares issued to the Company’s employee stock ownership plan. Trading in the Common Stock commenced on the Nasdaq Capital Market on October 13, 2021 under the symbol “CLST”. During August and September 2021, the Company began receiving cash for subscriptions to purchase shares of the Company’s common stock, which amounts were deposited into the Company’s account at the Bank. At September 30, 2021, $72.9 million in subscriptions to purchase shares of the Company’s Common Stock was included in deposits on the Bank’s Statement of Financial Condition. The net proceeds of the initial public offering of $50.9 million The costs of issuing the common stock was deferred and will be deducted from the sales proceeds of the offering. Deferred conversion costs totaled approximately $21,000 at December 31, 2020 and $692,000 at September 30, 2021, respectively.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2021
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 3 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, including loans, held-to-maturity securities and certain off-balance sheet financial instruments. 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 until January 2023. The future adoption of this ASU may have a material effect on the Bank’s financial statements.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Sep. 30, 2021
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 4 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ $ 13,023 ​ $ 52 ​ $ (275) ​ $ 12,800 Municipal obligations ​ 481 ​ 5 ​ — ​ 486 ​ ​ $ 13,504 ​ $ 57 ​ $ (275) ​ $ 13,286 Securities Available-for-Sale ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 45,425 ​ $ 144 ​ $ (365) ​ $ 45,204 U.S. Government and agency obligations ​ 2,000 ​ — ​ (71) ​ 1,929 Municipal obligations ​ 2,599 ​ — ​ (50) ​ 2,549 ​ ​ $ 50,024 ​ $ 144 ​ $ (486) ​ $ 49,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $10.3 million and $6.9 million, respectively, were pledged to secure deposits as required or permitted by law at September 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 contractual maturities because of the exercise of call options and potential paydowns. Accordingly, actual maturities may differ from contractual maturities. NOTE 4 INVESTMENT SECURITIES (Continued) The following is a summary of maturities of securities held-to-maturity and available-for-sale at September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ 9,481 ​ 9,246 ​ 3,298 ​ 3,270 After ten years ​ 4,023 ​ 4,040 ​ 46,726 ​ 46,412 ​ ​ $ 13,504 ​ $ 13,286 ​ $ 50,024 ​ $ 49,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 nine months of 2021 or in 2020. ​ NOTE 4 INVESTMENT SECURITIES (Continued) Information pertaining to securities with gross unrealized losses at September 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ $ 9,724 ​ $ (275) ​ $ — ​ $ — ​ $ 9,724 ​ $ (275) Municipal obligations ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 9,724 ​ $ (275) ​ $ — ​ $ — ​ $ 9,724 ​ $ (275) Securities Available-for-Sale ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 36,617 ​ $ (365) ​ $ — ​ $ — ​ $ 36,617 ​ $ (365) U.S. Government and agency obligations ​ 1,929 ​ (71) ​ — ​ — ​ 1,929 ​ (71) Municipal obligations ​ 2,549 ​ (50) ​ — ​ — ​ 2,549 ​ (50) ​ ​ $ 41,095 ​ $ (486) ​ $ — ​ $ — ​ $ 41,095 ​ $ (486) Total ​ $ 50,819 ​ $ (761) ​ $ — ​ $ — ​ $ 50,819 ​ $ (761) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 2021, there were 32 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 intent and 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	9 Months Ended
	Sep. 30, 2021
LOANS RECEIVABLE
LOANS RECEIVABLE	NOTE 5 LOANS RECEIVABLE Loans receivable at September 30, 2021 and December 31, 2020 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (unaudited) ​ ​ ​ ​ September 30, ​ December 31, (Dollars in thousands) ​ 2021 ​ 2020 Real Estate ​ ​ One- to four-family residential ​ $ 88,595 ​ $ 99,869 Commercial real estate ​ 28,135 ​ 30,304 Construction & land ​ 4,417 ​ 5,538 Multi-family residential ​ 4,648 ​ 4,801 Farmland ​ 26 ​ 53 Total Real Estate ​ 125,821 ​ 140,565 Consumer ​ 4,912 ​ 4,499 Commercial and industrial ​ 5,987 ​ 6,736 ​ ​ 136,720 ​ 151,800 Less allowance for loan losses ​ (2,646) ​ (3,022) ​ ​ $ 134,074 ​ $ 148,778 ​ The following tables outline the changes in the allowance for loan losses by collateral type for the nine months ended September 30, 2021 and September 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ (Reversal of) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ (220) ​ $ (123) ​ $ 51 ​ $ 1,618 Commercial real estate ​ 744 ​ (32) ​ — ​ — ​ 712 Construction & land ​ 81 ​ (31) ​ — ​ — ​ 50 Multi-family residential ​ 68 ​ — ​ — ​ — ​ 68 Farmland ​ 1 ​ (1) ​ — ​ — ​ — Consumer ​ 78 ​ 2 ​ (27) ​ 9 ​ 62 Commercial and industrial ​ 101 ​ (8) ​ — ​ — ​ 93 Unallocated ​ 39 ​ 4 ​ — ​ — ​ 43 Total ​ $ 3,022 ​ $ (286) ​ $ (150) ​ $ 60 ​ $ 2,646 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 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 ​ $ 488 ​ $ (39) ​ $ 61 ​ $ 1,672 Commercial real estate ​ 637 ​ 99 ​ — ​ — ​ 736 Construction & land ​ 56 ​ 14 ​ — ​ — ​ 70 Multi-family residential ​ 76 ​ (17) ​ — ​ 1 ​ 60 Farmland ​ 1 ​ — ​ — ​ — ​ 1 Consumer ​ 80 ​ 4 ​ (28) ​ 11 ​ 67 Commercial and industrial ​ 12 ​ 90 ​ (15) ​ 15 ​ 102 Unallocated ​ 47 ​ (13) ​ — ​ — ​ 34 Total ​ $ 2,071 ​ $ 665 ​ $ (82) ​ $ 88 ​ $ 2,742 ​ NOTE 5 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 September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 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 ​ $ 561 ​ $ 1,057 ​ $ 1,618 ​ $ 599 ​ $ 1,311 ​ $ 1,910 Commercial real estate ​ ​ — ​ 712 ​ 712 ​ — ​ 744 ​ 744 Construction & land ​ ​ — ​ 50 ​ 50 ​ — ​ 81 ​ 81 Multi-family residential ​ ​ — ​ 68 ​ 68 ​ — ​ 68 ​ 68 Farmland ​ ​ — ​ — ​ — ​ — ​ 1 ​ 1 Consumer ​ ​ — ​ 62 ​ 62 ​ — ​ 78 ​ 78 Commercial and industrial ​ ​ — ​ 93 ​ 93 ​ — ​ 101 ​ 101 Unallocated ​ ​ — ​ 43 ​ 43 ​ — ​ 39 ​ 39 Total ​ $ 561 ​ $ 2,085 ​ $ 2,646 ​ $ 599 ​ $ 2,423 ​ $ 3,022 Loans Receivable Ending Balance ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 2,938 ​ $ 85,657 ​ $ 88,595 ​ $ 3,209 ​ $ 96,660 ​ $ 99,869 Commercial real estate ​ — ​ 28,135 ​ 28,135 ​ — ​ ​ 30,304 ​ 30,304 Construction & land ​ 46 ​ 4,371 ​ 4,417 ​ 46 ​ 5,492 ​ 5,538 Multi-family residential ​ 1,178 ​ 3,470 ​ 4,648 ​ 1,205 ​ 3,596 ​ 4,801 Farmland ​ — ​ 26 ​ 26 ​ — ​ ​ 53 ​ 53 Consumer ​ — ​ ​ 4,912 ​ 4,912 ​ — ​ 4,499 ​ 4,499 Commercial and industrial ​ 19 ​ 5,968 ​ 5,987 ​ 4 ​ 6,732 ​ 6,736 Total ​ $ 4,181 ​ $ 132,539 ​ $ 136,720 ​ $ 4,464 ​ $ 147,336 ​ $ 151,800 ​ A summary of current, past due and nonaccrual loans as of September 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 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 ​ $ 2,378 ​ $ 129 ​ $ 276 ​ $ 2,783 ​ $ 84,889 ​ $ 923 ​ $ 88,595 Commercial real estate ​ 53 ​ — ​ — ​ 53 ​ 28,082 ​ — ​ 28,135 Construction and land ​ 16 ​ 36 ​ 46 ​ 98 ​ 4,319 ​ — ​ 4,417 Multi-family residential ​ — ​ — ​ — ​ — ​ 4,648 ​ — ​ 4,648 Farmland ​ — ​ — ​ — ​ — ​ 26 ​ — ​ 26 Consumer ​ 43 ​ — ​ — ​ 43 ​ 4,869 ​ — ​ 4,912 Commercial & industrial ​ 276 ​ — ​ 17 ​ 293 ​ 5,692 ​ 2 ​ 5,987 Total ​ $ 2,766 ​ $ 165 ​ $ 339 ​ $ 3,270 ​ $ 132,525 ​ $ 925 ​ $ 136,720 ​ NOTE 5 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 September 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 nine months ended September 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 September 30, 2021 ​ ​ One- to four-family residential 3 ​ $ 186 ​ $ 189 Total 3 ​ $ 186 ​ $ 189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 5 LOANS RECEIVABLE (Continued) Troubled debt restructured loans were modified to defer principal and extend maturity on average for 3 months. There were two payment defaults as of September 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 September 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Nine Months Ended September 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 ​ $ 2,938 ​ $ 3,275 ​ $ 561 ​ $ 2,875 ​ $ 60 ​ $ 59 Commercial real estate ​ — ​ — ​ — ​ — ​ — ​ — Construction & land ​ 46 ​ 46 ​ — ​ 46 ​ — ​ — Multi-family residential ​ 1,178 ​ 1,178 ​ — ​ 1,182 ​ 42 ​ 43 Farmland ​ — ​ — ​ — ​ — ​ — ​ — Total real estate loans ​ 4,162 ​ 4,499 ​ 561 ​ 4,103 ​ 102 ​ 102 Consumer ​ — ​ — ​ — ​ — ​ — ​ — Commercial & industrial ​ 19 ​ 23 ​ — ​ 3 ​ — ​ — ​ ​ $ 4,181 ​ $ 4,522 ​ $ 561 ​ $ 4,106 ​ $ 102 ​ $ 102 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 included approximately $98.9 million and $109.6 million of adjustable-rate loans and $37.8 million and $42.2 million of fixed-rate loans at September 30, 2021 and December 31, 2020, respectively. Interest only loans amounted to approximately $1.5 million and $2.0 million at September 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 5 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 Nine Months ended September 30, 2021 ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) Pass Mention Substandard Doubtful Total One- to four-family residential ​ $ 84,260 ​ $ 402 ​ $ 3,933 ​ $ — ​ $ 88,595 Commercial real estate ​ 27,099 ​ 975 ​ 61 ​ — ​ 28,135 Construction & land ​ 4,323 ​ — ​ 94 ​ — ​ 4,417 Multi-family residential ​ 3,470 ​ — ​ 1,178 ​ — ​ 4,648 Farmland ​ 26 ​ — ​ — ​ — ​ 26 Consumer ​ 4,903 ​ — ​ 9 ​ — ​ 4,912 Commercial & industrial ​ 5,968 ​ — ​ 19 ​ — ​ 5,987 Total ​ $ 130,049 ​ $ 1,377 ​ $ 5,294 ​ $ — ​ $ 136,720 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	9 Months Ended
	Sep. 30, 2021
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	NOTE 6 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 result in 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. 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 of September 30, 2021 and December 31, 2020, the Bank met all of the capital adequacy requirements to which it is subject. At September 30, 2021 and December 31, 2020, the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Equity Tier 1 Capital ​ $ 52,270 ​ 38.94 % $ 8,724 ​ >6.5 % Tier 1 Risk-Based Capital ​ 52,270 ​ 38.94 % 10,737 ​ >8.0 % Total Risk-Based Capital ​ 53,960 ​ 40.20 % 13,422 ​ >10.0 % Tier 1 Leverage Capital ​ 52,270 ​ 20.65 % 12,657 ​ >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	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 7 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	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 8 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. Fair values of assets and liabilities measured on a recurring basis at September 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 (Level 3 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ $ 49,682 ​ $ — ​ $ 49,682 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ $ 20,730 ​ $ — ​ $ 20,730 ​ $ — ​ NOTE 8 FAIR VALUE MEASUREMENTS (Continued) Fair values of assets and liabilities measured on a nonrecurring basis at September 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ 1,270 ​ $ — ​ $ — ​ $ 1,270 Foreclosed real estate ​ ​ 399 ​ — ​ — ​ 399 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ 1,365 ​ $ — ​ $ — ​ $ 1,365 Foreclosed real estate ​ ​ 415 ​ ​ — ​ ​ — ​ ​ 415 ​ The carrying amount of impaired loans totaled $1.8 million and $2.0 million at September 30, 2021 and December 31, 2020, respectively. Impaired loans are written down to their fair value by a charge to the allowance for loan losses. 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	9 Months Ended
	Sep. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 9 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 9 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 Non-maturity Deposit Liabilities Certificates of Deposit Federal Home Loan Bank Borrowings Other Assets and Liabilities ​ NOTE 9 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 September 30, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 100,404 ​ $ 100,404 ​ $ 100,404 $ ​ $ ​ Investment securities ​ ​ ​ Held-to-maturity ​ 13,504 ​ 13,286 ​ ​ 13,286 Available-for-sale ​ 49,682 ​ 49,682 ​ ​ 49,682 Loans receivable, net ​ 134,074 ​ 133,454 ​ ​ 133,454 Financial Liabilities: ​ ​ ​ Deposits ​ 249,460 ​ 249,612 ​ ​ 249,612 Borrowed funds ​ 8,973 ​ 8,699 ​ ​ 8,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Financial Liabilities: ​ ​ ​ Deposits ​ 164,598 ​ 164,951 ​ ​ 164,951 Borrowed funds ​ 8,838 ​ 9,052 ​ ​ 9,052 ​ 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.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 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, including loans, held-to-maturity securities and certain off-balance sheet financial instruments. 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 until January 2023. The future adoption of this ASU may have a material effect on the Bank’s financial statements.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2021
INVESTMENT SECURITIES
Schedule of amortized cost and fair value of debt securities, with gross unrealized gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ $ 13,023 ​ $ 52 ​ $ (275) ​ $ 12,800 Municipal obligations ​ 481 ​ 5 ​ — ​ 486 ​ ​ $ 13,504 ​ $ 57 ​ $ (275) ​ $ 13,286 Securities Available-for-Sale ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 45,425 ​ $ 144 ​ $ (365) ​ $ 45,204 U.S. Government and agency obligations ​ 2,000 ​ — ​ (71) ​ 1,929 Municipal obligations ​ 2,599 ​ — ​ (50) ​ 2,549 ​ ​ $ 50,024 ​ $ 144 ​ $ (486) ​ $ 49,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ 9,481 ​ 9,246 ​ 3,298 ​ 3,270 After ten years ​ 4,023 ​ 4,040 ​ 46,726 ​ 46,412 ​ ​ $ 13,504 ​ $ 13,286 ​ $ 50,024 ​ $ 49,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 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 ​ $ 9,724 ​ $ (275) ​ $ — ​ $ — ​ $ 9,724 ​ $ (275) Municipal obligations ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 9,724 ​ $ (275) ​ $ — ​ $ — ​ $ 9,724 ​ $ (275) Securities Available-for-Sale ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities ​ $ 36,617 ​ $ (365) ​ $ — ​ $ — ​ $ 36,617 ​ $ (365) U.S. Government and agency obligations ​ 1,929 ​ (71) ​ — ​ — ​ 1,929 ​ (71) Municipal obligations ​ 2,549 ​ (50) ​ — ​ — ​ 2,549 ​ (50) ​ ​ $ 41,095 ​ $ (486) ​ $ — ​ $ — ​ $ 41,095 ​ $ (486) Total ​ $ 50,819 ​ $ (761) ​ $ — ​ $ — ​ $ 50,819 ​ $ (761) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 30, 2021
LOANS RECEIVABLE
Schedule of loans receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ (unaudited) ​ ​ ​ ​ September 30, ​ December 31, (Dollars in thousands) ​ 2021 ​ 2020 Real Estate ​ ​ One- to four-family residential ​ $ 88,595 ​ $ 99,869 Commercial real estate ​ 28,135 ​ 30,304 Construction & land ​ 4,417 ​ 5,538 Multi-family residential ​ 4,648 ​ 4,801 Farmland ​ 26 ​ 53 Total Real Estate ​ 125,821 ​ 140,565 Consumer ​ 4,912 ​ 4,499 Commercial and industrial ​ 5,987 ​ 6,736 ​ ​ 136,720 ​ 151,800 Less allowance for loan losses ​ (2,646) ​ (3,022) ​ ​ $ 134,074 ​ $ 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 nine months ended September 30, 2021 and September 30, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 ​ ​ ​ ​ ​ (Reversal of) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ (220) ​ $ (123) ​ $ 51 ​ $ 1,618 Commercial real estate ​ 744 ​ (32) ​ — ​ — ​ 712 Construction & land ​ 81 ​ (31) ​ — ​ — ​ 50 Multi-family residential ​ 68 ​ — ​ — ​ — ​ 68 Farmland ​ 1 ​ (1) ​ — ​ — ​ — Consumer ​ 78 ​ 2 ​ (27) ​ 9 ​ 62 Commercial and industrial ​ 101 ​ (8) ​ — ​ — ​ 93 Unallocated ​ 39 ​ 4 ​ — ​ — ​ 43 Total ​ $ 3,022 ​ $ (286) ​ $ (150) ​ $ 60 ​ $ 2,646 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 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 ​ $ 488 ​ $ (39) ​ $ 61 ​ $ 1,672 Commercial real estate ​ 637 ​ 99 ​ — ​ — ​ 736 Construction & land ​ 56 ​ 14 ​ — ​ — ​ 70 Multi-family residential ​ 76 ​ (17) ​ — ​ 1 ​ 60 Farmland ​ 1 ​ — ​ — ​ — ​ 1 Consumer ​ 80 ​ 4 ​ (28) ​ 11 ​ 67 Commercial and industrial ​ 12 ​ 90 ​ (15) ​ 15 ​ 102 Unallocated ​ 47 ​ (13) ​ — ​ — ​ 34 Total ​ $ 2,071 ​ $ 665 ​ $ (82) ​ $ 88 ​ $ 2,742 ​ NOTE 5 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 September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 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 ​ $ 561 ​ $ 1,057 ​ $ 1,618 ​ $ 599 ​ $ 1,311 ​ $ 1,910 Commercial real estate ​ ​ — ​ 712 ​ 712 ​ — ​ 744 ​ 744 Construction & land ​ ​ — ​ 50 ​ 50 ​ — ​ 81 ​ 81 Multi-family residential ​ ​ — ​ 68 ​ 68 ​ — ​ 68 ​ 68 Farmland ​ ​ — ​ — ​ — ​ — ​ 1 ​ 1 Consumer ​ ​ — ​ 62 ​ 62 ​ — ​ 78 ​ 78 Commercial and industrial ​ ​ — ​ 93 ​ 93 ​ — ​ 101 ​ 101 Unallocated ​ ​ — ​ 43 ​ 43 ​ — ​ 39 ​ 39 Total ​ $ 561 ​ $ 2,085 ​ $ 2,646 ​ $ 599 ​ $ 2,423 ​ $ 3,022 Loans Receivable Ending Balance ​ ​ ​ ​ ​ ​ ​ ​ One- to four-family residential ​ $ 2,938 ​ $ 85,657 ​ $ 88,595 ​ $ 3,209 ​ $ 96,660 ​ $ 99,869 Commercial real estate ​ — ​ 28,135 ​ 28,135 ​ — ​ ​ 30,304 ​ 30,304 Construction & land ​ 46 ​ 4,371 ​ 4,417 ​ 46 ​ 5,492 ​ 5,538 Multi-family residential ​ 1,178 ​ 3,470 ​ 4,648 ​ 1,205 ​ 3,596 ​ 4,801 Farmland ​ — ​ 26 ​ 26 ​ — ​ ​ 53 ​ 53 Consumer ​ — ​ ​ 4,912 ​ 4,912 ​ — ​ 4,499 ​ 4,499 Commercial and industrial ​ 19 ​ 5,968 ​ 5,987 ​ 4 ​ 6,732 ​ 6,736 Total ​ $ 4,181 ​ $ 132,539 ​ $ 136,720 ​ $ 4,464 ​ $ 147,336 ​ $ 151,800
Summary of current, past due and nonaccrual loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 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 ​ $ 2,378 ​ $ 129 ​ $ 276 ​ $ 2,783 ​ $ 84,889 ​ $ 923 ​ $ 88,595 Commercial real estate ​ 53 ​ — ​ — ​ 53 ​ 28,082 ​ — ​ 28,135 Construction and land ​ 16 ​ 36 ​ 46 ​ 98 ​ 4,319 ​ — ​ 4,417 Multi-family residential ​ — ​ — ​ — ​ — ​ 4,648 ​ — ​ 4,648 Farmland ​ — ​ — ​ — ​ — ​ 26 ​ — ​ 26 Consumer ​ 43 ​ — ​ — ​ 43 ​ 4,869 ​ — ​ 4,912 Commercial & industrial ​ 276 ​ — ​ 17 ​ 293 ​ 5,692 ​ 2 ​ 5,987 Total ​ $ 2,766 ​ $ 165 ​ $ 339 ​ $ 3,270 ​ $ 132,525 ​ $ 925 ​ $ 136,720 ​ NOTE 5 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 September 30, 2021 ​ ​ One- to four-family residential 3 ​ $ 186 ​ $ 189 Total 3 ​ $ 186 ​ $ 189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Nine Months Ended September 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 ​ $ 2,938 ​ $ 3,275 ​ $ 561 ​ $ 2,875 ​ $ 60 ​ $ 59 Commercial real estate ​ — ​ — ​ — ​ — ​ — ​ — Construction & land ​ 46 ​ 46 ​ — ​ 46 ​ — ​ — Multi-family residential ​ 1,178 ​ 1,178 ​ — ​ 1,182 ​ 42 ​ 43 Farmland ​ — ​ — ​ — ​ — ​ — ​ — Total real estate loans ​ 4,162 ​ 4,499 ​ 561 ​ 4,103 ​ 102 ​ 102 Consumer ​ — ​ — ​ — ​ — ​ — ​ — Commercial & industrial ​ 19 ​ 23 ​ — ​ 3 ​ — ​ — ​ ​ $ 4,181 ​ $ 4,522 ​ $ 561 ​ $ 4,106 ​ $ 102 ​ $ 102 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Nine Months ended September 30, 2021 ​ ​ ​ ​ ​ Special ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) Pass Mention Substandard Doubtful Total One- to four-family residential ​ $ 84,260 ​ $ 402 ​ $ 3,933 ​ $ — ​ $ 88,595 Commercial real estate ​ 27,099 ​ 975 ​ 61 ​ — ​ 28,135 Construction & land ​ 4,323 ​ — ​ 94 ​ — ​ 4,417 Multi-family residential ​ 3,470 ​ — ​ 1,178 ​ — ​ 4,648 Farmland ​ 26 ​ — ​ — ​ — ​ 26 Consumer ​ 4,903 ​ — ​ 9 ​ — ​ 4,912 Commercial & industrial ​ 5,968 ​ — ​ 19 ​ — ​ 5,987 Total ​ $ 130,049 ​ $ 1,377 ​ $ 5,294 ​ $ — ​ $ 136,720 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 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 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Equity Tier 1 Capital ​ $ 52,270 ​ 38.94 % $ 8,724 ​ >6.5 % Tier 1 Risk-Based Capital ​ 52,270 ​ 38.94 % 10,737 ​ >8.0 % Total Risk-Based Capital ​ 53,960 ​ 40.20 % 13,422 ​ >10.0 % Tier 1 Leverage Capital ​ 52,270 ​ 20.65 % 12,657 ​ >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)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 (Level 3 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ $ 49,682 ​ $ — ​ $ 49,682 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ $ 20,730 ​ $ — ​ $ 20,730 ​ $ — ​ NOTE 8 FAIR VALUE MEASUREMENTS (Continued) Fair values of assets and liabilities measured on a nonrecurring basis at September 30, 2021 and December 31, 2020 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ 1,270 ​ $ — ​ $ — ​ $ 1,270 Foreclosed real estate ​ ​ 399 ​ — ​ — ​ 399 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of estimated fair values of the Bank's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 100,404 ​ $ 100,404 ​ $ 100,404 $ ​ $ ​ Investment securities ​ ​ ​ Held-to-maturity ​ 13,504 ​ 13,286 ​ ​ 13,286 Available-for-sale ​ 49,682 ​ 49,682 ​ ​ 49,682 Loans receivable, net ​ 134,074 ​ 133,454 ​ ​ 133,454 Financial Liabilities: ​ ​ ​ Deposits ​ 249,460 ​ 249,612 ​ ​ 249,612 Borrowed funds ​ 8,973 ​ 8,699 ​ ​ 8,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Financial Liabilities: ​ ​ ​ Deposits ​ 164,598 ​ 164,951 ​ ​ 164,951 Borrowed funds ​ 8,838 ​ 9,052 ​ ​ 9,052

COMPLETION OF STOCK OFFERING (D

COMPLETION OF STOCK OFFERING (Details) - IPO [Member] - USD ($)	Oct. 12, 2021	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock (in shares)	5,290,000
Common stock par value (in dollars per share)	$ 0.01
Aggregate proceeds	$ 52,900,000
Net proceeds from offering		$ 50,900,000
Deferred conversion costs			$ 692,000	$ 21,000
Deposits [Member]
Subsidiary, Sale of Stock [Line Items]
Subscriptions to purchase shares			$ 72,900,000

INVESTMENT SECURITIES - Fair Va

INVESTMENT SECURITIES - Fair Value to Amortized Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Securities Held-to-Maturity
Amortized cost	$ 13,504	$ 17,523
Gross Unrealized Gains	57	103
Gross Unrealized Losses	(275)	(121)
Fair Value	13,286	17,505
Securities Available-for-Sale
Amortized cost	50,024	20,596
Gross Unrealized Gains	144	191
Gross Unrealized Losses	(486)	(57)
Fair Value	49,682	20,730
Securities pledged as collateral	10,300	6,900
Mortgage-backed
Securities Available-for-Sale
Amortized cost	45,425	15,968
Gross Unrealized Gains	144	179
Gross Unrealized Losses	(365)	(7)
Fair Value	45,204	16,140
U.S. Government and agency obligations
Securities Held-to-Maturity
Amortized cost	13,023	17,034
Gross Unrealized Gains	52	93
Gross Unrealized Losses	(275)	(121)
Fair Value	12,800	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	481	489
Gross Unrealized Gains	5	10
Fair Value	486	499
Securities Available-for-Sale
Amortized cost	2,599	2,628
Gross Unrealized Gains		12
Gross Unrealized Losses	(50)	(11)
Fair Value	$ 2,549	$ 2,629

INVESTMENT SECURITIES - Maturit

INVESTMENT SECURITIES - Maturity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Held-to-maturity securities, Amortized cost
Due from five to ten years	$ 9,481	$ 11,490
After ten years	4,023	6,033
Total	13,504	17,523
Held-to-maturity securities, Fair value
Due from five to ten years	9,246	11,452
After ten years	4,040	6,053
Total	13,286	17,505
Available-for-sale securities, Amortized cost
Due from one to five years		1
Due from five to ten years	3,298	3,361
After ten years	46,726	17,234
Total	50,024	20,596
Available-for-sale securities, Fair value
Due from one to five years		1
Due from five to ten years	3,270	3,355
After ten years	46,412	17,374
Total	49,682	20,730
Securities transferred between classifications	$ 0	$ 0

INVESTMENT SECURITIES - Securit

INVESTMENT SECURITIES - Securities with Gross Unrealized Losses (Details) $ in Thousands	Sep. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Securities Held-to-Maturity, Fair Value
Less than 12 months	$ 9,724	$ 7,879
Fair value	9,724	7,879
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(275)	(121)
Gross unrealized losses	(275)	(121)
Securities Available-for-Sale, Fair Value
Less than 12 months	41,095	7,722
Fair value	41,095	7,722
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(486)	(57)
Gross unrealized losses	(486)	(57)
Total, Fair Value
Less than 12 months	50,819	15,601
Fair value	50,819	15,601
Total, Gross Unrealized Losses
Less than 12 months	(761)	(178)
Gross unrealized losses	$ (761)	$ (178)
Number of securities in unrealized loss position | security	32	8
Mortgage-backed
Securities Available-for-Sale, Fair Value
Less than 12 months	$ 36,617	$ 4,010
Fair value	36,617	4,010
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(365)	(7)
Gross unrealized losses	(365)	(7)
U.S. Government and agency obligations
Securities Held-to-Maturity, Fair Value
Less than 12 months	9,724	7,879
Fair value	9,724	7,879
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(275)	(121)
Gross unrealized losses	(275)	(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	2,549	1,751
Fair value	2,549	1,751
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(50)	(11)
Gross unrealized losses	$ (50)	$ (11)

LOANS RECEIVABLE (Details)

LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 136,720	$ 151,800
Less allowance for loan losses	(2,646)	(3,022)	$ (2,742)	$ (2,071)
Loans receivable, net	134,074	148,778
Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	125,821	140,565
One- to four-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	88,595	99,869
Less allowance for loan losses	(1,618)	(1,910)	(1,672)	(1,162)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	28,135	30,304
Less allowance for loan losses	(712)	(744)	(736)	(637)
Construction & land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,417	5,538
Less allowance for loan losses	(50)	(81)	(70)	(56)
Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,648	4,801
Less allowance for loan losses	(68)	(68)	(60)	(76)
Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	26	53
Less allowance for loan losses		(1)	(1)	(1)
Consumer.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,912	4,499
Commercial and industrial.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	5,987	6,736
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,912	4,499
Less allowance for loan losses	(62)	(78)	(67)	(80)
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	5,987	6,736
Less allowance for loan losses	(93)	(101)	(102)	(12)
Unallocated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for loan losses	$ (43)	$ (39)	$ (34)	$ (47)

LOANS RECEIVABLE - Allowance fo

LOANS RECEIVABLE - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,022	$ 2,071
(Reversal of) provision for loan losses	(286)	665
Charge-offs	(150)	(82)
Recoveries	60	88
Ending balance	2,646	2,742
One- to four-family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,910	1,162
(Reversal of) provision for loan losses	(220)	488
Charge-offs	(123)	(39)
Recoveries	51	61
Ending balance	1,618	1,672
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	744	637
(Reversal of) provision for loan losses	(32)	99
Ending balance	712	736
Construction & land
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	81	56
(Reversal of) provision for loan losses	(31)	14
Ending balance	50	70
Multi-family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	68	76
(Reversal of) provision for loan losses		(17)
Recoveries		1
Ending balance	68	60
Farmland
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1	1
(Reversal of) provision for loan losses	(1)
Ending balance		1
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	78	80
(Reversal of) provision for loan losses	2	4
Charge-offs	(27)	(28)
Recoveries	9	11
Ending balance	62	67
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	101	12
(Reversal of) provision for loan losses	(8)	90
Charge-offs		(15)
Recoveries		15
Ending balance	93	102
Unallocated
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	39	47
(Reversal of) provision for loan losses	4	(13)
Ending balance	$ 43	$ 34

LOANS RECEIVABLE - Individually

LOANS RECEIVABLE - Individually and Collectively Evaluated (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Allowance for loan losses:
Individually evaluated for impairment	$ 561	$ 599
Collectively evaluated for impairment	2,085	2,423
Total	2,646	3,022	$ 2,742	$ 2,071
Loans:
Individually evaluated for impairment	4,181	4,464
Collectively evaluated for impairment	132,539	147,336
Total loans	136,720	151,800
Real Estate
Loans:
Total loans	125,821	140,565
One- to four-family residential
Allowance for loan losses:
Individually evaluated for impairment	561	599
Collectively evaluated for impairment	1,057	1,311
Total	1,618	1,910	1,672	1,162
Loans:
Individually evaluated for impairment	2,938	3,209
Collectively evaluated for impairment	85,657	96,660
Total loans	88,595	99,869
Commercial real estate
Allowance for loan losses:
Collectively evaluated for impairment	712	744
Total	712	744	736	637
Loans:
Collectively evaluated for impairment	28,135	30,304
Total loans	28,135	30,304
Construction & land
Allowance for loan losses:
Collectively evaluated for impairment	50	81
Total	50	81	70	56
Loans:
Individually evaluated for impairment	46	46
Collectively evaluated for impairment	4,371	5,492
Total loans	4,417	5,538
Multi-family residential
Allowance for loan losses:
Collectively evaluated for impairment	68	68
Total	68	68	60	76
Loans:
Individually evaluated for impairment	1,178	1,205
Collectively evaluated for impairment	3,470	3,596
Total loans	4,648	4,801
Farmland
Allowance for loan losses:
Collectively evaluated for impairment		1
Total		1	1	1
Loans:
Collectively evaluated for impairment	26	53
Total loans	26	53
Consumer
Loans:
Total loans	4,912	4,499
Commercial and industrial
Loans:
Total loans	5,987	6,736
Consumer
Allowance for loan losses:
Collectively evaluated for impairment	62	78
Total	62	78	67	80
Loans:
Collectively evaluated for impairment	4,912	4,499
Total loans	4,912	4,499
Commercial and industrial
Allowance for loan losses:
Collectively evaluated for impairment	93	101
Total	93	101	102	12
Loans:
Individually evaluated for impairment	19	4
Collectively evaluated for impairment	5,968	6,732
Total loans	5,987	6,736
Unallocated
Allowance for loan losses:
Collectively evaluated for impairment	43	39
Total	$ 43	$ 39	$ 34	$ 47

LOANS RECEIVABLE - Current, Pas

LOANS RECEIVABLE - Current, Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total loans	$ 136,720	$ 151,800
Past due
Financing Receivable, Past Due [Line Items]
Total loans	3,270	2,982
Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	2,766	2,320
Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	165	380
Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	339	282
Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	132,525	147,808
Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	925	1,010
Real Estate
Financing Receivable, Past Due [Line Items]
Total loans	125,821	140,565
One- to four-family residential
Financing Receivable, Past Due [Line Items]
Total loans	88,595	99,869
One- to four-family residential | Past due
Financing Receivable, Past Due [Line Items]
Total loans	2,783	2,444
One- to four-family residential | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	2,378	1,842
One- to four-family residential | Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	129	367
One- to four-family residential | Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	276	235
One- to four-family residential | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	84,889	96,419
One- to four-family residential | Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	923	1,006
Commercial real estate
Financing Receivable, Past Due [Line Items]
Total loans	28,135	30,304
Commercial real estate | Past due
Financing Receivable, Past Due [Line Items]
Total loans	53	192
Commercial real estate | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	53	192
Commercial real estate | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	28,082	30,112
Construction & land
Financing Receivable, Past Due [Line Items]
Total loans	4,417	5,538
Construction & land | Past due
Financing Receivable, Past Due [Line Items]
Total loans	98	201
Construction & land | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	16	154
Construction & land | Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	36
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	4,319	5,337
Multi-family residential
Financing Receivable, Past Due [Line Items]
Total loans	4,648	4,801
Multi-family residential | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	4,648	4,801
Farmland
Financing Receivable, Past Due [Line Items]
Total loans	26	53
Farmland | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	26	53
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	4,912	4,499
Consumer | Past due
Financing Receivable, Past Due [Line Items]
Total loans	43	51
Consumer | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	43	38
Consumer | Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans		13
Consumer | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	4,869	4,448
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans	5,987	6,736
Commercial and industrial | Past due
Financing Receivable, Past Due [Line Items]
Total loans	293	94
Commercial and industrial | Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	276	94
Commercial and industrial | Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	17
Commercial and industrial | Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	5,692	6,638
Commercial and industrial | Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	2	4
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	4,912	4,499
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans	$ 5,987	$ 6,736

LOANS RECEIVABLE - Loans Modifi

LOANS RECEIVABLE - Loans Modification (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)itemcontract	Dec. 31, 2020USD ($)contractitem
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of contracts | contract	3	18
Pre-modification Outstanding Recorded Investment	$ 186	$ 2,643
Post-modification Outstanding Recorded Investment	$ 189	$ 2,703
TDR modified maturity term	3 months
Number of payment defaults | item	2	0
Commitment to lend additional fund	$ 0	$ 0
One- to four-family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of contracts | contract	3	18
Pre-modification Outstanding Recorded Investment	$ 186	$ 2,643
Post-modification Outstanding Recorded Investment	$ 189	$ 2,703

LOANS RECEIVABLE - Impaired Loa

LOANS RECEIVABLE - Impaired Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Recorded Investment	$ 4,181	$ 4,464
Unpaid Principal Balance	4,522	4,844
Related Allowance	561	599
Average Recorded Investment	4,106	4,529
Interest Income Recognized	102	133
Interest Income Collected	102	121
Adjustable-rate loans	98,900	109,600
Fixed rate loans	37,800	42,200
Interest only loans	1,500	2,000
Real Estate
Financing Receivable, Impaired [Line Items]
Recorded Investment	4,162	4,460
Unpaid Principal Balance	4,499	4,837
Related Allowance	561	599
Average Recorded Investment	4,103	4,524
Interest Income Recognized	102	133
Interest Income Collected	102	121
One- to four-family residential
Financing Receivable, Impaired [Line Items]
Recorded Investment	2,938	3,209
Unpaid Principal Balance	3,275	3,586
Related Allowance	561	599
Average Recorded Investment	2,875	3,266
Interest Income Recognized	60	86
Interest Income Collected	59	78
Construction & land
Financing Receivable, Impaired [Line Items]
Recorded Investment	46	46
Unpaid Principal Balance	46	46
Average Recorded Investment	46	48
Multi-family residential
Financing Receivable, Impaired [Line Items]
Recorded Investment	1,178	1,205
Unpaid Principal Balance	1,178	1,205
Average Recorded Investment	1,182	1,210
Interest Income Recognized	42	47
Interest Income Collected	43	43
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment	19
Unpaid Principal Balance	23
Average Recorded Investment	$ 3
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment		4
Unpaid Principal Balance		7
Average Recorded Investment		$ 5

LOANS RECEIVABLE - Credit Quali

LOANS RECEIVABLE - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans
Total loans	$ 136,720	$ 151,800
Pass
Loans
Total loans	130,049	141,021
Special Mention
Loans
Total loans	1,377	4,274
Substandard
Loans
Total loans	5,294	6,505
Real Estate
Loans
Total loans	125,821	140,565
One- to four-family residential
Loans
Total loans	88,595	99,869
One- to four-family residential | Pass
Loans
Total loans	84,260	93,008
One- to four-family residential | Special Mention
Loans
Total loans	402	1,915
One- to four-family residential | Substandard
Loans
Total loans	3,933	4,946
Commercial real estate
Loans
Total loans	28,135	30,304
Commercial real estate | Pass
Loans
Total loans	27,099	28,217
Commercial real estate | Special Mention
Loans
Total loans	975	2,022
Commercial real estate | Substandard
Loans
Total loans	61	65
Construction & land
Loans
Total loans	4,417	5,538
Construction & land | Pass
Loans
Total loans	4,323	5,310
Construction & land | Special Mention
Loans
Total loans		133
Construction & land | Substandard
Loans
Total loans	94	95
Multi-family residential
Loans
Total loans	4,648	4,801
Multi-family residential | Pass
Loans
Total loans	3,470	3,457
Multi-family residential | Substandard
Loans
Total loans	1,178	1,344
Farmland
Loans
Total loans	26	53
Farmland | Pass
Loans
Total loans	26	53
Consumer
Loans
Total loans	4,912	4,499
Consumer | Pass
Loans
Total loans	4,903
Consumer | Substandard
Loans
Total loans	9
Commercial and industrial
Loans
Total loans	5,987	6,736
Commercial and industrial | Pass
Loans
Total loans	5,968
Commercial and industrial | Substandard
Loans
Total loans	19
Consumer
Loans
Total loans	4,912	4,499
Consumer | Pass
Loans
Total loans		4,434
Consumer | Special Mention
Loans
Total loans		33
Consumer | Substandard
Loans
Total loans		32
Commercial and industrial
Loans
Total loans	$ 5,987	6,736
Commercial and industrial | Pass
Loans
Total loans		6,542
Commercial and industrial | Special Mention
Loans
Total loans		171
Commercial and industrial | Substandard
Loans
Total loans		$ 23

CAPITAL REQUIREMENTS AND OTHE_3

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Details) $ in Thousands	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Common Equity Tier 1 Capital
Actual, Amount	$ 52,270	$ 50,426
Actual, Ratio	38.94	40.92
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 8,724	$ 8,010
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	6.5	6.5
Tier 1 Risk-Based Capital
Actual, Amount	$ 52,270	$ 50,426
Actual, Ratio	38.94	40.92
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 10,737	$ 9,858
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	8	8
Total Risk-Based Capital
Actual, Amount	$ 53,960	$ 52,118
Actual, Ratio	40.20	42.29
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 13,422	$ 12,323
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	10	10
Tier 1 Leverage Capital
Actual, Amount	$ 52,270	$ 50,426
Actual, Ratio	20.65	21.06
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 12,657	$ 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 ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	$ 49,682	$ 20,730
Foreclosed real estate	399	415
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	49,682	20,730
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	49,682	20,730
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	1,270	1,365
Foreclosed real estate	399	415
Nonrecurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	1,270	1,365
Foreclosed real estate	399	415
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	49,682	20,730
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	49,682	20,730
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	$ 49,682	$ 20,730

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narratives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Impaired loans, carrying amount	$ 1,800	$ 2,000
Impaired loans, charges	561	599
Foreclosed real estate, fair value	$ 399	$ 415

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment securities
Held-to-maturity	$ 13,286	$ 17,505
Securities available-for-sale, at fair value	49,682	20,730
Carrying Amount
Financial Assets:
Cash and cash equivalents	100,404	25,245
Investment securities
Held-to-maturity	13,504	17,523
Securities available-for-sale, at fair value	49,682	20,730
Loans receivable, net	134,074	148,778
Financial Liabilities:
Deposits	249,460	164,598
Borrowed funds	8,973	8,838
Fair Value
Financial Assets:
Cash and cash equivalents	100,404	25,245
Investment securities
Held-to-maturity	13,286	17,505
Securities available-for-sale, at fair value	49,682	20,730
Loans receivable, net	133,454	148,674
Financial Liabilities:
Deposits	249,612	164,951
Borrowed funds	8,699	9,052
Fair Value | Level 1
Financial Assets:
Cash and cash equivalents	100,404	25,245
Fair Value | Level 2
Investment securities
Held-to-maturity	13,286	17,505
Securities available-for-sale, at fair value	49,682	20,730
Financial Liabilities:
Deposits	249,612	164,951
Borrowed funds	8,699	9,052
Fair Value | Level 3
Investment securities
Loans receivable, net	$ 133,454	$ 148,674