Catalyst Bancorp (CLST) 10-K29 Mar 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Mar. 21, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 (par value $.01 per share)
Trading Symbol	CLST
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 0
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	FY
Amendment Flag	false
Auditor Name	Castaing, Hussey & Lolan, LLC
Auditor Firm ID	447
Auditor Location	New Iberia, LA

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Non-interest-bearing cash	$ 4,933	$ 5,507
Interest-bearing cash and due from banks	35,951	19,738
Total cash and cash equivalents	40,884	25,245
Investment securities:
Securities available-for-sale, at fair value	88,339	20,730
Securities held-to-maturity (fair values of $13,152 and $17,505, respectively)	13,498	17,523
Loans receivable, net of unearned income	131,842	151,800
Allowance for loan losses	(2,276)	(3,022)
Loans receivable, net	129,566	148,778
Accrued interest receivable	579	564
Foreclosed assets	340	415
Premises and equipment, net	6,577	5,489
Stock in Federal Home Loan Bank, at cost	1,399	1,394
Bank-owned life insurance	3,303	3,213
Other assets	864	1,337
TOTAL ASSETS	285,349	224,688
Deposits
Non-interest-bearing	30,299	26,169
Interest-bearing	146,496	138,429
Total deposits, Amount	176,795	164,598
Advances from Federal Home Loan Bank	9,018	8,838
Other liabilities	1,190	719
TOTAL LIABILITIES	187,003	174,155
SHAREHOLDERS' EQUITY
Preferred stock, $0.01 par value - 5,000,000 shares authorized; none issued
Common stock, $0.01 par value - 30,000,000 shares authorized; 5,290,000 issued and outstanding at December 31, 2021	53
Additional paid-in capital	50,802
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP")	(4,179)
Retained earnings	52,353	50,426
Accumulated other comprehensive income (loss)	(683)	107
TOTAL SHAREHOLDERS' EQUITY	98,346	50,533
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 285,349	$ 224,688

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Fair Value	$ 13,152	$ 17,505
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	30,000,000	30,000,000
Common Stock, Shares, Issued	5,290,000
Common Stock, Shares, Outstanding	5,290,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Dec. 31, 2021	Dec. 31, 2020
INTEREST INCOME
Loans receivable, including fees	$ 6,965,000	$ 7,827,000
Investment securities	674,000	568,000
Other	60,000	95,000
Total interest income	7,699,000	8,490,000
INTEREST EXPENSE
Deposits	523,000	920,000
Advances from Federal Home Loan Bank	272,000	785,000
Total interest expense	795,000	1,705,000
Net interest income	6,904,000	6,785,000
Provision for (reversal of) loan losses	(660,000)	985,000
Net interest income after provision for (reversal of) loan losses	7,564,000	5,800,000
NON-INTEREST INCOME
Service charges on deposit accounts	641,000	575,000
Gain on sale of fixed assets	24,000	16,000
Bank-owned life insurance	90,000	70,000
Federal community development grant	1,826,000	203,000
Other	45,000	102,000
Total non-interest income	2,626,000	966,000
NON-INTEREST EXPENSE
Salaries and employee benefits	4,631,000	3,644,000
Occupancy and equipment	818,000	678,000
Data processing and communication	790,000	612,000
Professional fees	388,000	273,000
Directors' fees	279,000	219,000
ATM and debit card	201,000	151,000
Foreclosed assets, net	75,000	287,000
Advertising and marketing	43,000	86,000
Prepayment penalties on FHLB advances		1,510,000
Other	551,000	483,000
Total non-interest expense	7,776,000	7,943,000
Income (loss) before income tax expense (benefit)	2,414,000	(1,177,000)
Income tax expense (benefit)	487,000	(474,000)
NET INCOME (LOSS)	$ 1,927,000	$ (703,000)
Earnings per share - basic	$ 0.40

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$ 1,927	$ (703)
Net unrealized gains (losses) on available-for-sale securities	(998)	150
Income tax effect	208	(31)
Total other comprehensive income (loss)	(790)	119
Total comprehensive income (loss)	$ 1,137	$ (584)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Unallocated Common Stock Held by ESOP	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2019				$ 51,129	$ (12)	$ 51,117
CHANGES IN EQUITY
Net income				(703)		(703)
Other comprehensive income (loss)					119	119
Ending Balance at Dec. 31, 2020				50,426	107	50,533
CHANGES IN EQUITY
Net income				1,927		1,927
Other comprehensive income (loss)					(790)	(790)
Issuance of common stock	$ 53	$ 50,782				50,835
Stock purchased by the ESOP			$ (4,232)			(4,232)
ESOP shares released for allocation		20	53			73
Ending Balance at Dec. 31, 2021	$ 53	$ 50,802	$ (4,179)	$ 52,353	$ (683)	$ 98,346

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 1,927	$ (703)
Adjustments to reconcile net income to net cash provided by operating activities:
Investment securities amortization, net	409	208
Dividends on Federal Home Loan Bank stock	(5)	(22)
Amortization of prepayment penalties on debt restructuring	180	15
Provision for (reversal of) loan losses	(660)	985
Net gain on sale of premises and equipment	(24)	(16)
Increase in cash surrender value of bank-owned life insurance	(90)	(70)
Stock-based compensation	73
Depreciation of premises and equipment	424	347
Net losses on foreclosed assets	58	264
(Increase) decrease in other assets	456	(86)
Increase (decrease) in other liabilities	680	(65)
Net cash provided by operating activities	3,428	857
Activity in available-for-sale securities:
Proceeds from maturities, calls, and paydowns	8,554	10,177
Purchases	(77,545)	(16,719)
Activity in held-to-maturity securities:
Proceeds from maturities and calls	4,000	13,000
Purchases		(17,420)
Net decrease in loans	19,674	11,597
Proceeds from sale of foreclosed assets	216	583
Purchases of premises and equipment	(1,512)	(547)
Proceeds from sale of premises and equipment	24	16
Purchase of bank owned life insurance		(1,000)
Net cash used in investing activities	(46,589)	(313)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	12,197	22,969
Repayments of Federal Home Loan Bank advances		(15,000)
Prepayment penalties on debt restructuring		(1,177)
Proceeds from the issuance of common stock, net of costs	50,835
Purchase of stock for ESOP	(4,232)
Net cash provided by financing activities	58,800	6,792
NET INCREASE IN CASH AND CASH EQUIVALENTS	15,639	7,336
CASH AND CASH EQUIVALENTS, beginning of period	25,245	17,909
CASH AND CASH EQUIVALENTS, end of period	40,884	25,245
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES
Loans originated to facilitate the sale of real estate owned	82	48
Acquisition of real estate in settlement of loans	215	228
SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID
Cash paid for interest	634	1,768
Cash paid for income taxes	$ 82	$ 75

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Catalyst Bancorp, Inc. (“Catalyst Bancorp” or the “Company”) was incorporated by St. Landry Homestead Federal Savings Bank (“St. Landry Homestead” or the “Bank”) in February 2021 as part of the conversion of St. Landry Homestead from the mutual to the stock-form of organization (the “Conversion). The Conversion was completed on October 12, 2021, at which time the Company acquired all of the issued and outstanding shares of common stock of the Bank and became the holding company for the Bank. St Landry Homestead Federal Savings Bank, which is the sole subsidiary of the Company, provides a variety of banking services to individuals and corporate customers within its principal market area consisting of St. Landry Parish, Evangeline Parish, Acadia Parish and Lafayette Parish, Louisiana, and is subject to competition from other financial institutions. The Bank is a federal savings association subject to examination and regulation by the Office of the Comptroller of the Currency (OCC), and is also subject to examination by the FDIC as deposit insurer. Effective October 16, 2019, the Bank elected to be a “covered association” pursuant to a provision of the Economic Growth Regulatory Relief and Consumer Protection Act (EGRRCPA), that permits a federal savings association to elect to exercise national bank powers without converting to a national bank charter. The Bank’s primary deposit products are savings accounts, demand and NOW accounts, money market accounts, and certificates of deposit. Its primary lending products are single family residential loans, commercial loans, and consumer loans. The Bank is also subject to the regulations of certain federal agencies and undergoes periodic examinations by those agencies. Summary of Significant Accounting Policies The accounting and reporting policies of the Company conform to generally accepted accounting principles and to predominant accounting practices within the banking industry. The more significant accounting and reporting policies are as follows: Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for losses on loans and the valuation for foreclosed assets. In connection with the determination of the estimated losses on loans and foreclosed assets, management obtains independent appraisals for significant properties. A substantial portion of the Company’s loans and foreclosed assets are secured by real estate in local markets which are largely rural and rely heavily upon agriculture and the oil and gas industry. Accordingly, the ultimate collectability of a substantial portion of the Company’s loan portfolio and the recovery of the carrying amount of foreclosed assets are susceptible to changes in local market conditions. While management uses available information to recognize losses on loans and foreclosed assets, further reductions in the carrying amount of loans and foreclosed assets may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s estimated losses on loans and foreclosed assets. While management is responsible for the establishment of the allowance for loan losses and for adjusting such allowance through provisions for loan losses, as a result of such regulatory reviews management may determine that an increase or decrease in the allowance or provision for loan losses may be necessary. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed assets may change materially in the near-term. However, the amount of the change that is reasonably possible cannot be estimated. Reclassifications 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. Cash and Cash Equivalents For the purpose of reporting cash flows, cash and cash equivalents include cash, interest-bearing deposits in other institutions, certificates of deposit purchased with original maturities of three months or less and highly liquid debt instruments with original maturities when purchased for three months or less. Investment Securities Investment securities that are acquired with the intention of being resold in the near term are classified as trading securities and are carried at fair value, with unrealized holding gains and losses recognized in current earnings. The Company did not hold any securities for trading purposes at or during the years ended December 31, 2021 or 2020. Government, federal agency and corporate debt securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and are reported at cost, adjusted for amortization of premiums and accretion of discounts that are recognized in interest income using methods approximating the interest method over the period to maturity. Available-for-sale securities consist of investment securities not classified as trading securities or held-to-maturity securities. Unrealized holding gains and losses, net of tax, on available-for-sale securities are included in other comprehensive income. Premiums and discounts are amortized using the interest method or the straight-line method when appropriate. The use of the straight-line method approximates the interest method and does not result in a material difference. Interest income is recognized when earned. Realized gains and losses on sales of securities are included in earnings and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. Gains and losses on the sale of securities are determined using the specific-identification method. The amortization of premiums and the accretion of discounts are recognized in interest income using methods approximating the interest method over the period of maturity. Declines in the estimated fair value of individual investment securities below their cost that are other-than-temporary are reflected as realized losses in the statement of income. Factors affecting the determination of whether an other-than-temporary impairment has occurred include, among other things, (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, (3) that the Company does not intend to sell these securities, and (4) it is more likely than not that the Company will not be required to sell before a period of time sufficient to allow for any anticipated recovery in fair value. Loans Receivable Loans receivable are carried at the amount of unpaid principal balances, net of deferred loan-origination fees and discounts and the allowance for loan losses. Interest income on loans receivable is accrued based on the unpaid principal balance. The accrual of interest is discontinued (“nonaccrual status”) when management determines doubt exists as to the collectability of the asset due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, or the depreciation of underlying collateral. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest income on loans. Interest payments received on nonaccrual loans are applied to reduce the principal balance. The allowance for the loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loans, or portions of loans, are charged off against the allowance in the period that such loans, or portions thereof, are deemed uncollectible. Subsequent recoveries, if any, are credited to the allowance. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Management measures impairment on a loan-by-loan basis for loans specifically identified for individual evaluation. Factors considered by management in identifying loans for evaluation include payment status, collateral value, and the probability of collecting scheduled principal payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not individually evaluated for impairment. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment on loans that are individually considered impaired is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Allowance for Loan Losses The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. An allowance for loan losses is established through a provision for loan losses charged to earnings in the period in which management determines loan losses are probable and reasonably estimable. The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are individually evaluated and considered impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers loans collectively evaluated for impairment. Loan collectively evaluated for impairment are segregated into large groups of homogenous loans to determine the allowance for loan losses for each group, which based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects that margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Foreclosed Assets Foreclosed assets includes real property and other assets that have been acquired as a result of foreclosure. At the time of foreclosure, foreclosed assets are recorded at fair value, less cost to sell, which becomes the property’s new basis. Any write-downs based on the assets fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds fair value. Costs incurred in maintaining foreclosed assets and subsequent adjustments to the carrying amount of the assets are included in foreclosed assets expense. At December 31, 2021, loans secured by residential real estate for which formal foreclosure proceedings were in process totaled $47,000 . Premises and Equipment Land is carried at cost. Buildings, furniture, fixtures and equipment are carried at cost, less accumulated depreciation. Buildings, furniture, fixtures and equipment are depreciated using the declining balance and straight-line methods over the estimated useful lives of the assets, which range from 3 to 39 years for buildings and improvements and 3 to 10 years for equipment, fixtures and automobiles. Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank (“FHLB”), the Bank is required to purchase and hold shares of capital stock in the FHLB. Bank-owned Life Insurance The Bank purchased single-premium life insurance on certain employees of the Bank. The investments in bank-owned life insurance are reported at their cash surrender and changes in the cash surrender value are classified as non-interest income. The insurance policies can be surrendered without penalties or charges imposed by the insurance carriers. Upon any surrender, a gain would be recognized as ordinary income. Government Assistance The Bank applies for and receives grant proceeds from the U.S. Department of the Treasury’s Community Development Financial Institutions (“CDFI”) Fund. The CDFI Fund helps promote access to capital and local economic growth in urban and rural low-income communities across the nation through monetary awards and the allocation of tax credits. ccounting Standard Codification (“ASC”) 105 describes the decision-making framework for determining the guidance to apply when guidance is not specified by GAAP. ASC 105 points to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, and ASC 958-605, Not-for-Profit Entities – Revenue Recognition, that require conditions of the grant to be met in order to recognize the income. During the year ended December 31, 2021, the Bank received and recognized into income a $1.8 million grant from the CDFI Rapid Response Program. The Bank met the conditions of the grant by deploying the proceeds to capital through income recognition and by originating the required amount of qualifying loans in its target markets. During the year ended December 31, 2020, the Bank received and recognized into income a $203,000 grant from the CDFI Bank Enterprise Award Program. The Bank met the conditions of the grant by providing loans and financial services directly to residents and businesses located in distressed communities. Income from the federal community development grants are reported in non-interest income on the Consolidated Statements of Income. Income Taxes Deferred taxes are provided for accumulated temporary differences due to basis differences for assets and liabilities for financial reporting and income tax purposes. The Company’s temporary differences relate primarily to differences between the basis of FHLB stock, available-for-sale securities, depreciation, allowance for loan losses, unearned profit on foreclosed assets for financial and income tax reporting, deferred fees and discount on restructuring of FHLB borrowings. ASC 740 requires that a tax position be recognized or derecognized based on a “more likely than not” threshold. This applies to positions taken or expected to be taken in a tax return where there is uncertainty about whether a tax position will ultimately be sustained upon examination. The Company has evaluated its tax position and determined that it does not have any uncertain tax positions that meet criteria under ASC 740. The Company’s management believes it is no longer subject to income tax examinations for fiscal years prior to December 31, 2018. Off-balance Sheet Financial Instruments In the ordinary course of business, the Company has entered in off-balance-sheet financial instruments consisting of commitments to extend credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded. Fair Values of Financial Instruments The Company 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 Company 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). Accounting Standards Codification 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities requires that the Company disclose estimated fair values for its financial instruments, whether or not recognized in the statement of financial condition. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Certain financial instruments and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. 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 The carrying amounts reported in the statements of financial condition for cash and cash equivalents approximate those assets’ fair values and are classified within Level 1 of the fair value hierarchy. Investment Securities The fair market values of investment securities are obtained from a third party service provider, whose prices are based on a combination of observed market prices for identical or similar instruments and various matrix pricing programs. The fair market values of investment securities are classified within Level 2 of the fair value hierarchy. Loans Receivable, net Loans are valued using the methodology developed for Economic Value of Equity pricing, with a build-up for loans based on the U.S. Treasury yield curve, a credit risk spread and an overhead coverage rate. Loans receivable are classified within Level 3 of the fair value hierarchy. Impaired Loans The fair value of impaired loans is measured by the fair value of the collateral if the loan is collateral dependent. Fair value of the collateral is determined by appraisals or by independent valuation. Impaired loans are classified within Level 3 of the fair value hierarchy. Foreclosed Assets Fair values of foreclosed real estate and other assets are determined by sales agreement or appraisal and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Updated appraisals are obtained on at least an annual basis. Foreclosed assets are classified within Level 3 of the fair value hierarchy. Bank-owned Life Insurance The cash surrender value of bank-owned life insurance approximates its fair value and is classified within Level 2 of the fair value hierarchy. Non-maturity Deposit Liabilities Under ASC 825-10, the fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, savings, NOW, money market and checking accounts, is equal to the amount payable on demand at the reporting date. These non-maturity deposit liabilities are classified within Level 2 of the fair value hierarchy. Certificates of Deposit All certificates are assumed to remain on the Company’s books until maturity without any change in coupon. Fair values are estimated using market pricing data for new CDs of similar structure and remaining maturity. Certificates of deposit are classified within Level 2 of the fair value hierarchy. Federal Home Loan Bank Borrowings Data is taken from the Company’s FHLB Customer Profile report. All borrowings are priced using current advance pricing data from the FHLB’s website for new borrowings of similar structure and remaining maturity. FHLB borrowings are classified within Level 2 of the fair value hierarchy. Other Assets and Liabilities All other assets and liabilities are reported at current book value unless noted otherwise. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. 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. Advertising Costs The Company expenses all advertising costs as incurred. There were no direct response advertising costs capitalized as of December 31, 2021 and December 31, 2020. Comprehensive Income Accounting principles generally require that recognized revenue, expense, gains, and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the statement of financial condition. Such items, along with net income, are components of comprehensive income. Earnings Per Share Basic earnings (loss) per share (“EPS”) represents income available or loss attributable to common shareholders divided by the weighted average number of common shares outstanding. No dilution for any potentially convertible shares is included in the calculation of basic EPS. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per shares until they are committed to be released. 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 Company has elected to delay implementation of the standard until January 2023. Currently, the Company has implemented a software application to assist in determining our allowance for loan losses under the CECL model and is in the process of evaluating certain methodologies. The impact upon adoption of this ASU is not known and may have a material effect on the Company’s Consolidated Financial Statements. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update require annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The disclosure requirements include (1) information about the nature of the transactions and the related accounting policy, (2) the line items on the financials statements that are impacted, and the amounts applicable to each line item and (3) significant terms and conditions of the transactions. The FASB is issued this update to increase the transparency of government assistance since diversity currently exists in the recognition, measurement, presentation and disclosure of government assistance received by business entities because of the lack of specific authoritative guidance in GAAP. The amendments in this update are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021, however the Company has elected early application of the amendments. The applicable disclosures are presented in this note under the subsection titled “Government Assistance”.

COMPLETION OF STOCK OFFERING

COMPLETION OF STOCK OFFERING	12 Months Ended
COMPLETION OF STOCK OFFERING	Dec. 31, 2021
COMPLETION OF STOCK OFFERING
COMPLETION OF STOCK OFFERING	NOTE 2. COMPLETION OF STOCK OFFERING On January 27, 2021, the Board of Directors of the Bank adopted a plan of conversion (“Plan of Conversion”). The Plan of Conversion was approved by the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System and by a majority of the eligible voting members of the Bank at a special meeting. The Plan of Conversion provided that the Bank convert from the mutual to the stock-form of ownership (the “Conversion”) and establish a holding company, Catalyst Bancorp, as parent of the Bank. Pursuant to the Plan of Conversion, the Bank converted to the stock form of ownership, followed by the issuance of all of the Bank’s outstanding stock to the Company. The Company has been organized as a corporation under the laws of the State of Louisiana and owns all outstanding common stock of the Bank. The Conversion was accounted for as a change in corporate form with the historic basis of the Bank’s assets, liabilities and equity unchanged as a result. In accordance with OCC regulations, at the time of the Conversion, the Bank established a liquidation account. The liquidation account must be maintained for the benefit of eligible account holders and supplemental eligible account holders who continue to maintain their accounts at the Bank after the Conversion. The liquidation account will be reduced annually to the extent that eligible holders and supplemental eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s or supplemental eligible account holder’s interest in the liquidation account. In the event of a complete liquidation by the Bank, and only in such event, each eligible account holder and supplemental eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. The Company 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. The Company 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. The Company completed its initial public offering (“IPO”) of stock in connection with the Bank’s conversion from the mutual to the stock form of organization on October 12, 2021. Information for periods prior to the completion of the Conversion are for the Bank only. The Company issued a total of 5,290,000 shares of its common stock, par value $0.01 per share, for an aggregate of $52.9 million in total offering proceeds, including shares issued to the Company’s employee stock ownership plan (“ESOP”). The Company made a loan to the ESOP in the amount of $4.2 million, which the ESOP used to purchase 423,200 shares. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “CLST”. The costs of issuing the common stock were deferred and deducted from the sales proceeds of the IPO at December 31, 2021. Conversion costs totaled $2.1 million and $21,000 at December 31, 2021 and 2020, respectively. The net proceeds of the IPO of $50.8 million are reflected in the Company’s shareholders’ equity at December 31, 2021.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 3. EARNINGS PER SHARE Year Ended December 31, (In thousands, except per share data) 2021 Numerator Net income available to common shareholders $ 1,927 Denominator Weighted average common shares outstanding 5,290 Weighted average unallocated ESOP shares (421) Weighted average shares 4,869 Basic earnings per common share $ 0.40 During the year ended December 31, 2021, there were no convertible securities or other contracts to issue common stock outstanding that if converted or exercised would result in potential dilution of earnings per share. At and during the year ended December 31, 2020, the Company did not have any common shares outstanding. The Company completed its initial public offering (“IPO”) of stock in connection with the Bank’s conversion from the mutual to the stock form of organization on October 12, 2021.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
INVESTMENT SECURITIES	Dec. 31, 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: December 31, 2021 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale Mortgage-backed securities $ 75,374 $ 87 $ (798) $ 74,663 U.S. Government and agency obligations 9,347 1 (111) 9,237 Municipal obligations 4,482 - (43) 4,439 Total available-for-sale $ 89,203 $ 88 $ (952) $ 88,339 Securities held-to-maturity U.S. Government and agency obligations $ 13,019 $ 23 $ (375) $ 12,667 Municipal obligations 479 6 - 485 Total held-to-maturity $ 13,498 $ 29 $ (375) $ 13,152 December 31, 2020 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 Total available-for-sale $ 20,596 $ 191 $ (57) $ 20,730 Securities held-to-maturity U.S. Government and agency obligations $ 17,034 $ 93 $ (121) $ 17,006 Municipal obligations 489 10 - 499 Total held-to-maturity $ 17,523 $ 103 $ (121) $ 17,505 There were no securities transferred between classifications during the years ended December 31, 2021 and 2020. Investment securities with a carrying amount of approximately $10.2 million and $6.9 million, respectively, were pledged to secure deposits as required or permitted by law at December 31, 2021 and December 31, 2020. The following is a summary of maturities of securities available-for-sale and held-to-maturity and at December 31, 2021 and December 31, 2020: December 31, 2021 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ - $ - $ - $ - After one through five years 8,431 8,396 - - After five through ten years 12,695 12,604 9,479 9,157 After ten years 68,077 67,339 4,019 3,995 Total $ 89,203 $ 88,339 $ 13,498 $ 13,152 December 31, 2020 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ - $ - $ - $ - After one through five years 1 1 - - After five through ten years 3,361 3,355 11,490 11,452 After ten years 17,234 17,374 6,033 6,053 Total $ 20,596 $ 20,730 $ 17,523 $ 17,505 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. Information pertaining to securities with gross unrealized losses at December 31, 2021 and December 31, 2020 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: December 31, 2021 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Securities available-for-sale Mortgage-backed securities $ 68,412 $ (746) $ 1,889 $ (52) $ 70,301 $ (798) U.S. Government and agency obligations 5,697 (24) 1,913 (87) 7,610 (111) Municipal obligations 3,283 (24) 1,156 (19) 4,439 (43) Total available-for-sale $ 77,392 $ (794) $ 4,958 $ (158) $ 82,350 $ (952) Securities held-to-maturity U.S. Government and agency obligations $ 1,940 $ (61) $ 7,685 $ (314) $ 9,625 $ (375) Municipal obligations - - - - - - Total held-to-maturity $ 1,940 $ (61) $ 7,685 $ (314) $ 9,625 $ (375) Total $ 79,332 $ (855) $ 12,643 $ (472) $ 91,975 $ (1,327) December 31, 2020 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses 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) Total available-for-sale $ 7,722 $ (57) $ - $ - $ 7,722 $ (57) Securities held-to-maturity U.S. Government and agency obligations $ 7,879 $ (121) $ - $ - $ 7,879 $ (121) Total held-to-maturity $ 7,879 $ (121) $ - $ - $ 7,879 $ (121) 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 Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2021, there were 67 securities with an unrealized loss, compared to 8 securities with an unrealized loss at December 31, 2020. All of those securities were 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 were deemed to be other-than-temporary.

LOANS RECEIVABLE

LOANS RECEIVABLE	12 Months Ended
LOANS RECEIVABLE	Dec. 31, 2021
LOANS RECEIVABLE
LOANS RECEIVABLE	NOTE 5. LOANS RECEIVABLE Loans receivable at December 31, 2021 and December 31, 2020 are summarized as follows: December 31, (Dollars in thousands) 2021 2020 Real estate loans One- to four-family residential $ 87,303 $ 99,869 Commercial real estate 23,112 30,304 Construction and land 4,079 5,591 Multi-family residential 4,589 4,801 Total real estate loans 119,083 140,565 Other loans Commercial and industrial 8,374 6,736 Consumer 4,385 4,499 Total other loans 12,759 11,235 Total loans 131,842 151,800 Less: Allowance for loan losses (2,276) (3,022) Net loans $ 129,566 $ 148,778 The following tables outline the changes in the allowance for loan losses by collateral type for the years ended December 31, 2021 and 2020. For the Year Ended December 31, 2021 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,910 $ (268) $ (123) $ 54 $ 1,573 Commercial real estate 744 (374) - - 370 Construction & land 82 (27) - - 55 Multi-family residential 68 5 - - 73 Commercial and industrial 101 36 - - 137 Consumer 78 7 (27) 10 68 Unallocated 39 (39) - - - Total $ 3,022 $ (660) $ (150) $ 64 $ 2,276 For the Year Ended December 31, 2020 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,162 $ 765 $ (84) $ 67 $ 1,910 Commercial real estate 637 107 - - 744 Construction & land 57 25 - - 82 Multi-family residential 76 (8) (1) 1 68 Commercial and industrial 12 89 (15) 15 101 Consumer 80 15 (40) 23 78 Unallocated 47 (8) - - 39 Total $ 2,071 $ 985 $ (140) $ 106 $ 3,022 The following tables outline the allowance for loan losses for loans individually and collectively evaluated for impairment, and the carrying amount loans individually and collectively evaluated for impairment at December 31, 2021 and December 31, 2020. December 31, 2021 December 31, 2020 (Dollars in thousands) Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total Allowance for loan losses One- to four-family residential $ 319 $ 1,254 $ 1,573 $ 599 $ 1,311 $ 1,910 Commercial real estate - 370 370 - 744 744 Construction & land - 55 55 - 82 82 Multi-family residential - 73 73 - 68 68 Commercial and industrial 17 120 137 - 101 101 Consumer - 68 68 - 78 78 Unallocated - - - - 39 39 Total $ 336 $ 1,940 $ 2,276 $ 599 $ 2,423 $ 3,022 Loans One- to four-family residential $ 2,266 $ 85,037 $ 87,303 $ 2,754 $ 97,115 $ 99,869 Commercial real estate - 23,112 23,112 - 30,304 30,304 Construction & land 37 4,042 4,079 41 5,550 5,591 Multi-family residential - 4,589 4,589 1,205 3,596 4,801 Commercial and industrial 18 8,356 8,374 3 6,733 6,736 Consumer - 4,385 4,385 - 4,499 4,499 Total $ 2,321 $ 129,521 $ 131,842 $ 4,003 $ 147,797 $ 151,800 A summary of current, past due and nonaccrual loans as of December 31, 2021 and December 31, 2020 follows: As of December 31, 2021 (Dollars in thousands) Past Due 30-89 Days and Accruing Past Due Over 90 Days and Accruing Past Due Over 30 Days and Non-accruing Total Past Due Current and Accruing Current and Non-accruing Total Loans One- to four-family residential $ 2,116 $ - $ 411 $ 2,527 $ 84,396 $ 380 $ 87,303 Commercial real estate 133 - - 133 22,979 - 23,112 Construction and land 62 - 31 93 3,949 37 4,079 Multi-family residential - - - - 4,589 - 4,589 Commercial & industrial - - 17 17 8,356 1 8,374 Consumer 32 1 13 46 4,339 - 4,385 Total $ 2,343 $ 1 $ 472 $ 2,816 $ 128,608 $ 418 $ 131,842 As of December 31, 2020 (Dollars in thousands) Past Due 30-89 Days and Accruing Past Due Over 90 Days and Accruing Past Due Over 30 Days and Non-accruing Total Past Due Current and Accruing Current and Non-accruing Total Loans One- to four-family residential $ 1,842 $ 367 $ 164 $ 2,373 $ 96,874 $ 622 $ 99,869 Commercial real estate 192 - - 192 30,112 - 30,304 Construction and land 154 - 41 195 5,396 - 5,591 Multi-family residential - - - - 4,801 - 4,801 Commercial & industrial 94 - - 94 6,639 3 6,736 Consumer 38 13 - 51 4,448 - 4,499 Total $ 2,320 $ 380 $ 205 $ 2,905 $ 148,270 $ 625 $ 151,800 The Company was not committed to lend any additional funds on nonaccrual loans at December 31, 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 and treated as TDRs during the years ended December 31, 2021 and 2020 follows: Recorded Investment (Dollars in thousands) Number of Contracts Pre-modification Post-modification December 31, 2021 One- to four-family residential 3 $ 186 $ 189 Total 3 $ 186 $ 189 Recorded Investment (Dollars in thousands) Number of Contracts Pre-modification Post-modification December 31, 2020 One- to four-family residential 17 $ 1,458 $ 1,487 Multi-family residential 1 1,185 1,216 Total 18 $ 2,643 $ 2,703 Troubled debt restructured loans were modified to defer principal and interest or extend maturity on average for three months. All three loans modified during the year ended December 31, 2021 defaulted after modification. During 2020, 14 one- to four-family residential loans totaling $1.0 million defaulted within twelve months of modification. The modifications and defaults did not have a significant impact on the determination of the allowance for loan losses. The Company has no commitments to loan additional funds to the borrowers whose loans have been modified. Information on impaired loans as of December 31, 2021 and December 31, 2020 follows: As of and for the Year Ended December 31, 2021 (Dollars in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized One- to four-family residential $ 1,153 $ 1,113 $ 3,128 $ 319 $ 2,365 $ 67 Commercial real estate - - - - - - Construction & land 37 - 44 - 39 - Multi-family residential - - - - - - Commercial & industrial 1 17 21 17 20 2 Consumer - - - - - - Total $ 1,191 $ 1,130 $ 3,193 $ 336 $ 2,424 $ 69 As of and for the Year Ended December 31, 2020 (Dollars in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized One- to four-family residential $ 1,640 $ 1,114 $ 3,586 $ 599 $ 2,824 $ 88 Commercial real estate - - - - - - Construction & land 41 - 46 - 43 - Multi-family residential 1,205 - 1,205 - 1,205 57 Commercial & industrial 3 - 7 - 4 - Consumer - - - - - - Total $ 2,889 $ 1,114 $ 4,844 $ 599 $ 4,076 $ 145 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 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. December 31, 2021 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total One- to four-family residential $ 83,405 $ 504 $ 3,394 $ - $ 87,303 Commercial real estate 20,995 2,058 59 - 23,112 Construction & land 3,990 - 89 - 4,079 Multi-family residential 3,419 1,170 - - 4,589 Commercial & industrial 8,356 - 18 - 8,374 Consumer 4,372 - 13 - 4,385 Total $ 124,537 $ 3,732 $ 3,573 $ - $ 131,842 December 31, 2020 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total One- to four-family residential $ 93,464 $ 1,843 $ 4,562 $ - $ 99,869 Commercial real estate 28,217 2,022 65 - 30,304 Construction & land 5,368 133 90 - 5,591 Multi-family residential 3,457 - 1,344 - 4,801 Commercial & industrial 6,543 171 22 - 6,736 Consumer 4,434 33 32 - 4,499 Total $ 141,483 $ 4,202 $ 6,115 $ - $ 151,800

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
PREMISES AND EQUIPMENT	Dec. 31, 2021
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT	NOTE 6. PREMISES AND EQUIPMENT Premises and equipment at December 31, 2021 and December 31, 2020 are summarized as follows: December 31, (Dollars in thousands) 2021 2020 Land $ 1,732 $ 1,443 Buildings and improvements 6,013 5,058 Furniture, fixtures and equipment 1,763 1,514 Automobiles 92 122 Renovation in process 13 5 Total premises and equipment 9,613 8,142 Accumulated depreciation (3,036) (2,653) Total premises and equipment, net $ 6,577 $ 5,489 Depreciation expense totaled $424,000 and $347,000 for the years ended December 31, 2021 and 2020.

DEPOSITS

DEPOSITS	12 Months Ended
DEPOSITS	Dec. 31, 2021
DEPOSITS.
DEPOSITS	NOTE 7. DEPOSITS Deposits at December 31, 2021 and 2020 are summarized as follows: December 31, 2021 December 31, 2020 (Dollars in thousands) Amount Percent Amount Percent Non-interest-bearing deposits $ 30,299 17.1 % $ 26,169 15.9 % Negotiable order of withdrawal (“NOW”) 34,357 19.4 30,890 18.8 Money market 18,878 10.7 15,989 9.7 Savings 26,698 15.1 22,209 13.5 Certificates of deposit 66,563 37.7 69,341 42.1 Total deposits $ 176,795 100.0 % $ 164,598 100.0 % Certificates of deposit and other time deposits issued in denominations that exceed FDIC insurance limit of $250,000 or more totaled $14.5 million and $14.4 million at December 31, 2021 and 2020, respectively, and are included in interest-bearing deposits in the statements of financial condition. At December 31, 2021 scheduled maturities of certificates of deposits were as follows: (Dollars in thousands) Amount 2022 $ 50,051 2023 12,976 2024 2,459 2025 1,077 2026 - Total $ 66,563

BORROWED FUNDS

BORROWED FUNDS	12 Months Ended
BORROWED FUNDS	Dec. 31, 2021
BORROWED FUNDS
BORROWED FUNDS	NOTE 8. BORROWED FUNDS Borrowed funds at December 31, 2021 and December 31, 2020 are summarized as follows: December 31, 2021 2020 (Dollars in thousands) Rate Amount Rate Amount Advances from Federal Home Loan Bank 0.65 % $ 3,000 0.65 % $ 3,000 0.96 % 3,000 0.96 % 3,000 1.12 % 4,000 1.12 % 4,000 10,000 10,000 Debt modification discount (982) (1,162) $ 9,018 $ 8,838 In December of 2020, the Bank undertook a restructuring of its FHLB long-term borrowings. A total of $15.0 million was paid off, with resulting prepayment penalties of $1.5 million being charged to earnings. The remaining $10.0 million of long-term debt was restructured to longer maturities at current interest rates. An additional prepayment penalty for the restructuring of $1.2 million was treated as a discount on the debt. The deferred prepayment penalty is amortized into interest expense using the interest method over the life of the restructured borrowings. Interest payments are due monthly, and maturities are as follows: (Dollars in thousands) Amount Amounts maturing in: 2022 $ — 2023 — 2024 — 2025 3,000 2026 — Thereafter 7,000 Total $ 10,000 At December 31, 2021 and December 31, 2020, the Company had the ability to borrow advances up to $50.5 million and $54.7 million, respectively, with Federal Home Loan Bank. Federal Home Loan Bank advances at December 31, 2021 and December 31, 2020 were secured by loans totaling $76.8 million and $78.7 million, respectively, through a blanket floating lien with the Federal Home Loan Bank. The Company has an Unsecured Federal Funds Master Purchase Agreement with First National Bankers Bank for $17.8 million. At December 31, 2021 and December 31, 2020, this credit facility was unused.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 9. INCOME TAXES Income tax expense (benefit) for the years ended December 31, 2021 and 2020 are summarized as follows: December 31, (Dollars in thousands) 2021 2020 Federal: Current $ 332 $ (587) Deferred 155 113 Total income tax expense (benefit) $ 487 $ (474) Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21 percent in 2021 and 2020 to income before income taxes as a result of the following: December 31, (Dollars in thousands) 2021 2020 Expected income tax expense (benefit) at federal tax rate $ 507 $ (247) Bank-owned life insurance income (19) (15) Tax free investment securities income (8) (10) Benefit from NOL carryback - (196) Nondeductible stock-based compensation expense 4 - Other 3 (6) Total income tax expense (benefit) $ 487 $ (474) Deferred taxes are recorded based upon differences between the financial statement and tax basis of assets and liabilities. The net deferred tax assets and liabilities in the accompanying statements of financial condition include the following components: December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Allowance for loan losses $ 77 $ 235 Net unrealized losses on available-for-sale securities 181 — Foreclosed assets 44 33 Other 95 58 Deferred tax assets 397 326 Deferred tax liabilities: Net unrealized gains on available-for-sale securities — (29) FHLB stock (119) (118) FHLB debt modification discount (206) (244) Premises and equipment, net (401) (357) Deferred tax liabilities: (726) (748) Net deferred tax asset (liability) $ (329) $ (422) Retained earnings at December 31, 2021 and 2020 include approximately $1.9 million accumulated prior to January 1, 1987, for which no deferred federal income tax liability has been recognized. This amount represents an allocation of income to bad-debt deductions for tax purposes only. Reduction of amounts so allocated for purposes other than tax bad-debt losses or adjustments arising from carryback of net operating losses would create income for tax purposes only, which would be subject to the then-current corporate income tax rate.

CAPITAL REQUIREMENTS AND OTHER

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	12 Months Ended
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	Dec. 31, 2021
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	NOTE 10. 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 December 31, 2021 and 2020, the Bank met all of the capital adequacy requirements to which it is subject. At December 31, 2021 and 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. The following table presents actual and required capital ratios for the Bank. Actual To be Well Capitalized under the Prompt Corrective Action Provision (Dollars in thousands) Amount Ratio Amount Ratio As of December 31, 2021 Common Equity Tier 1 Capital $ 77,819 63.51 % $ 7,965 >6.5 % Tier 1 Risk-Based Capital 77,819 63.51 9,803 >8.0 Total Risk-Based Capital 79,360 64.77 12,253 >10.0 Tier 1 Leverage Capital 77,819 27.38 14,210 >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

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 11. RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company has and expects to continue to have transactions, including borrowings, with its officers and directors. In the opinion of management, such transactions were on substantially the same terms, including collateral, as those prevailing at the time of comparable transactions with other persons and did not involve more than normal risk of collectability or present any other unfavorable features to the Company. Loans to such borrowers at December 31, 2021 and 2020 are summarized as follows: December 31, (Dollars in thousands) 2021 2020 Balance at beginning of year $ 1,846 $ 1,967 Changes in related party status (80) (279) Originations 954 300 Repayments (191) (142) Balance at end of year $ 2,529 $ 1,846 Deposits from directors and officers totaled $2.3 million and $2.1 million at December 31, 2021 and 2020, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 12. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company 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 Company 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 Company will be materially affected by the final outcome of these legal proceedings. The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments 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 Company’s involvement in particular classes of instruments.

FINANCIAL INSTRUMENTS WITH OFF-

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	12 Months Ended
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	Dec. 31, 2021
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	NOTE 13. FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Contract or Notional Amount at December 31, (Dollars in thousands) 2021 2020 Financial instruments with off-balance-sheet risk: Commitments to originate loans $ 4,865 $ 82 Unused lines of credit 2,740 1,971 Undisbursed portion of construction loans in process 1,122 1,007 Unused overdraft privilege amounts 1,075 1,004 Letters of credit 2 500 Total $ 9,804 $ 4,564 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since some of the commitments may possibly expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral usually consists of a first mortgage on the underlying properties. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing arrangements and are secured by passbook accounts or certificates of deposit. All letters of credit are required to be renewed annually, if applicable. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.

BENEFIT PLANS

BENEFIT PLANS	12 Months Ended
BENEFIT PLANS	Dec. 31, 2021
BENEFIT PLANS
BENEFIT PLANS	NOTE 14. BENEFIT PLANS 401(k) Plan The Company’s 401(k) defined contribution plan allows active participants to elect to contribute, in a tax deferred basis, a portion of their compensation not to exceed the dollar limit set by law. During the year ended December 31, 2020, all full-time employees over the age of 21 who worked more than 1,000 hours in a year and were employed for one year were eligible to participate in the plan. During the year ended December 31, 2021, the plan was amended to allow employees to become eligible participants after completing one month of service and enter the 401(k) plan on a monthly basis. For the years ended December 31, 2021 and 2020, participants were permitted to make salary deferral contributions in any amount up to 100% of their plan salary up to the maximum percentage of compensation allowed by law and the Company made matching contributions in amount equal to 50% of the participant’s elective deferral. The Company made matching contributions of $148,000 and $112,000 for the years ended December 31, 2021 and 2020, respectively, in connection with the plan, which are included in salaries and employee benefits expense in the Consolidated Statements of Income. Employee Stock Ownership Plan In October 2021, the Company established an employee stock ownership plan (“ESOP”) for the benefit of all employees of the Company. Employees of the Company who have worked at least 500 hours in the first six months of employment and who have attained the age of 18 are eligible to participate in the ESOP. The Company made a loan to the ESOP in the amount of $4.2 million, which the ESOP used to purchase 423,200 shares. It is anticipated that contributions will be made to the ESOP in amounts necessary to amortize the debt to the Company over a period of 20 years . The leveraged ESOP is accounted for in accordance with the guidance under ASC 718, Compensation Stock Compensation

CONCENTRATION OF CREDIT

CONCENTRATION OF CREDIT	12 Months Ended
CONCENTRATION OF CREDIT	Dec. 31, 2021
CONCENTRATION OF CREDIT
CONCENTRATION OF CREDIT	NOTE 15. CONCENTRATION OF CREDIT The Company’s lending activity is concentrated primarily in St. Landry Parish, Evangeline Parish, Acadia Parish, and Lafayette Parish, Louisiana, which are largely rural areas that rely heavily on the agricultural and oil and gas industries. The Company’s major emphasis in lending has been the origination of permanent single- family dwelling loans, and such loans comprise the majority of the Company’s loan portfolio. The Company maintains deposit accounts at other financial institutions which periodically exceed the federally insured limits. Management believes that the risk is limited because of the nature and financial strength of the institutions involved.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 16. FAIR VALUE MEASUREMENTS In accordance with fair value guidance, the Company 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 Company 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 value measurements of assets and liabilities measured on a recurring basis at December 31, 2021 and 2020 follow: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2021 Available-for-sale securities $ 88,339 $ - $ 88,339 $ - December 31, 2020 Available-for-sale securities $ 20,730 $ - $ 20,730 $ - Fair value measurements of assets and liabilities measured on a nonrecurring basis at December 31, 2021 and 2020 follow: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2021 Impaired loans $ 1,020 $ - $ - $ 1,020 Foreclosed assets 340 - - 340 Total $ 1,360 $ - $ - $ 1,360 December 31, 2020 Impaired loans $ 953 $ - $ - $ 953 Foreclosed assets 415 - - 415 Total $ 1,368 $ - $ - $ 1,368 At December 31, 2021 and 2020, impaired loans with a recorded investment of $1.4 million and $1.6 million, respectively, have been written down to their fair value by a charge to the allowance for loan losses. Foreclosed assets are written down to fair value by a charge to earnings through foreclosed asset expense. During the years ended The fair value of impaired loans and foreclosed assets are estimated using current appraised values less estimated costs to sell and discounts to reflect current market conditions. Accounting Standards Codification 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities The methods and assumptions used to estimate the fair value of each class of financial instruments of which it is practicable to estimate that value are described in Note 1 – Summary of Significant Accounting Policies The estimated fair values of the Company’s financial instruments as of December 31, 2021 and December 31, 2020 are as follows: December 31, 2021 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 40,884 $ 40,884 $ 40,884 $ - $ - Investment securities: Available-for-sale 88,339 88,339 - 88,339 - Held-to-maturity 13,498 13,152 - 13,152 - Loans receivable, net 129,566 128,591 - - 128,591 Bank-owned life insurance 3,303 3,303 - 3,303 - Financial Liabilities: Deposits 176,795 176,869 - 176,869 - Borrowed funds 9,018 8,720 - 8,720 - 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: Available-for-sale 20,730 20,730 - 20,730 - Held-to-maturity 17,523 17,505 - 17,505 - Loans receivable, net 148,778 148,674 - - 148,674 Bank-owned life insurance 3,213 3,213 - 3,213 - Financial Liabilities: Deposits 164,598 164,951 - 164,951 - Borrowed funds 8,838 9,052 - 9,052 - The carrying amounts in the preceding tables 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 without readily determinable fair value is reported in the statements of financial condition at historical cost.

CONDENSED PARENT COMPANY ONLY F

CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION	12 Months Ended
CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION	Dec. 31, 2021
CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION
CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION	NOTE 17. CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION Condensed financial statements of Catalyst Bancorp, Inc. (parent company only) are shown below. CONDENSED STATEMENT OF FINANCIAL CONDITION (Dollars in thousands) December 31, 2021 ASSETS Cash in bank subsidiary $ 9,592 Investment in bank subsidiary 77,195 Investment securities available-for-sale, at fair value 11,518 Other assets 41 TOTAL ASSETS $ 98,346 LIABILITIES Other liabilities - TOTAL LIABILITIES - SHAREHOLDERS' EQUITY Common stock 53 Additional paid-in capital 50,802 Unallocated common stock held by ESOP (4,179) Retained earnings 52,353 Accumulated other comprehensive income (loss) (683) TOTAL SHAREHOLDERS' EQUITY 98,346 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 98,346 CONDENSED STATEMENT OF INCOME Year Ended (Dollars in thousands) December 31, 2021 INTEREST INCOME Investment securities $ 16 NON-INTEREST EXPENSE Professional fees 22 Other 22 Total non-interest expense 44 Income (loss) before income tax expense (benefit) (28) Income tax expense (benefit) (6) Income (loss) before equity in undistributed earnings of subsidiary (22) Equity in undistributed earnings of subsidiary 1,949 NET INCOME $ 1,927 CONDENSED STATEMENT OF CASH FLOWS Year Ended (Dollars in thousands) December 31, 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,927 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (1,949) Investment securities amortization, net 2 (Increase) decrease in other assets (26) Net cash used in operating activities (46) CASH FLOWS FROM INVESTING ACTIVITIES Capital injection into subsidiary from stock offering (25,442) Payments received on ESOP loan 72 Activity in available-for-sale securities: Proceeds from maturities, calls, and paydowns 37 Purchases (11,632) Net cash used in investing activities (36,965) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from the issuance of common stock, net of costs 50,835 Purchase of stock for ESOP (4,232) Net cash provided by financing activities 46,603 NET INCREASE IN CASH AND CASH EQUIVALENTS 9,592 CASH AND CASH EQUIVALENTS, beginning of period - CASH AND CASH EQUIVALENTS, end of period $ 9,592

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and the Bank. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for losses on loans and the valuation for foreclosed assets. In connection with the determination of the estimated losses on loans and foreclosed assets, management obtains independent appraisals for significant properties. A substantial portion of the Company’s loans and foreclosed assets are secured by real estate in local markets which are largely rural and rely heavily upon agriculture and the oil and gas industry. Accordingly, the ultimate collectability of a substantial portion of the Company’s loan portfolio and the recovery of the carrying amount of foreclosed assets are susceptible to changes in local market conditions. While management uses available information to recognize losses on loans and foreclosed assets, further reductions in the carrying amount of loans and foreclosed assets may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s estimated losses on loans and foreclosed assets. While management is responsible for the establishment of the allowance for loan losses and for adjusting such allowance through provisions for loan losses, as a result of such regulatory reviews management may determine that an increase or decrease in the allowance or provision for loan losses may be necessary. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed assets may change materially in the near-term. However, the amount of the change that is reasonably possible cannot be estimated.
Reclassifications	Reclassifications 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.
Cash and Cash Equivalents	Cash and Cash Equivalents For the purpose of reporting cash flows, cash and cash equivalents include cash, interest-bearing deposits in other institutions, certificates of deposit purchased with original maturities of three months or less and highly liquid debt instruments with original maturities when purchased for three months or less.
Investment Securities	Investment Securities Investment securities that are acquired with the intention of being resold in the near term are classified as trading securities and are carried at fair value, with unrealized holding gains and losses recognized in current earnings. The Company did not hold any securities for trading purposes at or during the years ended December 31, 2021 or 2020. Government, federal agency and corporate debt securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and are reported at cost, adjusted for amortization of premiums and accretion of discounts that are recognized in interest income using methods approximating the interest method over the period to maturity. Available-for-sale securities consist of investment securities not classified as trading securities or held-to-maturity securities. Unrealized holding gains and losses, net of tax, on available-for-sale securities are included in other comprehensive income. Premiums and discounts are amortized using the interest method or the straight-line method when appropriate. The use of the straight-line method approximates the interest method and does not result in a material difference. Interest income is recognized when earned. Realized gains and losses on sales of securities are included in earnings and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. Gains and losses on the sale of securities are determined using the specific-identification method. The amortization of premiums and the accretion of discounts are recognized in interest income using methods approximating the interest method over the period of maturity. Declines in the estimated fair value of individual investment securities below their cost that are other-than-temporary are reflected as realized losses in the statement of income. Factors affecting the determination of whether an other-than-temporary impairment has occurred include, among other things, (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, (3) that the Company does not intend to sell these securities, and (4) it is more likely than not that the Company will not be required to sell before a period of time sufficient to allow for any anticipated recovery in fair value.
Loans Receivables	Loans Receivable Loans receivable are carried at the amount of unpaid principal balances, net of deferred loan-origination fees and discounts and the allowance for loan losses. Interest income on loans receivable is accrued based on the unpaid principal balance. The accrual of interest is discontinued (“nonaccrual status”) when management determines doubt exists as to the collectability of the asset due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, or the depreciation of underlying collateral. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest income on loans. Interest payments received on nonaccrual loans are applied to reduce the principal balance. The allowance for the loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loans, or portions of loans, are charged off against the allowance in the period that such loans, or portions thereof, are deemed uncollectible. Subsequent recoveries, if any, are credited to the allowance. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Management measures impairment on a loan-by-loan basis for loans specifically identified for individual evaluation. Factors considered by management in identifying loans for evaluation include payment status, collateral value, and the probability of collecting scheduled principal payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not individually evaluated for impairment. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment on loans that are individually considered impaired is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. An allowance for loan losses is established through a provision for loan losses charged to earnings in the period in which management determines loan losses are probable and reasonably estimable. The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are individually evaluated and considered impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers loans collectively evaluated for impairment. Loan collectively evaluated for impairment are segregated into large groups of homogenous loans to determine the allowance for loan losses for each group, which based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects that margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
Foreclosed Assets	Foreclosed Assets Foreclosed assets includes real property and other assets that have been acquired as a result of foreclosure. At the time of foreclosure, foreclosed assets are recorded at fair value, less cost to sell, which becomes the property’s new basis. Any write-downs based on the assets fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Impairment losses on property to be held and used are measured as the amount by which the carrying amount of a property exceeds fair value. Costs incurred in maintaining foreclosed assets and subsequent adjustments to the carrying amount of the assets are included in foreclosed assets expense. At December 31, 2021, loans secured by residential real estate for which formal foreclosure proceedings were in process totaled $47,000 .
Premises and Equipment	Premises and Equipment Land is carried at cost. Buildings, furniture, fixtures and equipment are carried at cost, less accumulated depreciation. Buildings, furniture, fixtures and equipment are depreciated using the declining balance and straight-line methods over the estimated useful lives of the assets, which range from 3 to 39 years for buildings and improvements and 3 to 10 years for equipment, fixtures and automobiles.
Federal Home Loan Bank Stock	Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank (“FHLB”), the Bank is required to purchase and hold shares of capital stock in the FHLB.
Bank-owned Life Insurance	Bank-owned Life Insurance The Bank purchased single-premium life insurance on certain employees of the Bank. The investments in bank-owned life insurance are reported at their cash surrender and changes in the cash surrender value are classified as non-interest income. The insurance policies can be surrendered without penalties or charges imposed by the insurance carriers. Upon any surrender, a gain would be recognized as ordinary income.
Government Assistance	Government Assistance The Bank applies for and receives grant proceeds from the U.S. Department of the Treasury’s Community Development Financial Institutions (“CDFI”) Fund. The CDFI Fund helps promote access to capital and local economic growth in urban and rural low-income communities across the nation through monetary awards and the allocation of tax credits. ccounting Standard Codification (“ASC”) 105 describes the decision-making framework for determining the guidance to apply when guidance is not specified by GAAP. ASC 105 points to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, and ASC 958-605, Not-for-Profit Entities – Revenue Recognition, that require conditions of the grant to be met in order to recognize the income. During the year ended December 31, 2021, the Bank received and recognized into income a $1.8 million grant from the CDFI Rapid Response Program. The Bank met the conditions of the grant by deploying the proceeds to capital through income recognition and by originating the required amount of qualifying loans in its target markets. During the year ended December 31, 2020, the Bank received and recognized into income a $203,000 grant from the CDFI Bank Enterprise Award Program. The Bank met the conditions of the grant by providing loans and financial services directly to residents and businesses located in distressed communities. Income from the federal community development grants are reported in non-interest income on the Consolidated Statements of Income.
Income Taxes	Income Taxes Deferred taxes are provided for accumulated temporary differences due to basis differences for assets and liabilities for financial reporting and income tax purposes. The Company’s temporary differences relate primarily to differences between the basis of FHLB stock, available-for-sale securities, depreciation, allowance for loan losses, unearned profit on foreclosed assets for financial and income tax reporting, deferred fees and discount on restructuring of FHLB borrowings. ASC 740 requires that a tax position be recognized or derecognized based on a “more likely than not” threshold. This applies to positions taken or expected to be taken in a tax return where there is uncertainty about whether a tax position will ultimately be sustained upon examination. The Company has evaluated its tax position and determined that it does not have any uncertain tax positions that meet criteria under ASC 740. The Company’s management believes it is no longer subject to income tax examinations for fiscal years prior to December 31, 2018.
Off-Balance Sheet Financial Instruments	Off-balance Sheet Financial Instruments In the ordinary course of business, the Company has entered in off-balance-sheet financial instruments consisting of commitments to extend credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded.
Fair Values of Financial Instruments	Fair Values of Financial Instruments The Company 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 Company 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). Accounting Standards Codification 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities requires that the Company disclose estimated fair values for its financial instruments, whether or not recognized in the statement of financial condition. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Certain financial instruments and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. 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 The carrying amounts reported in the statements of financial condition for cash and cash equivalents approximate those assets’ fair values and are classified within Level 1 of the fair value hierarchy. Investment Securities The fair market values of investment securities are obtained from a third party service provider, whose prices are based on a combination of observed market prices for identical or similar instruments and various matrix pricing programs. The fair market values of investment securities are classified within Level 2 of the fair value hierarchy. Loans Receivable, net Loans are valued using the methodology developed for Economic Value of Equity pricing, with a build-up for loans based on the U.S. Treasury yield curve, a credit risk spread and an overhead coverage rate. Loans receivable are classified within Level 3 of the fair value hierarchy. Impaired Loans The fair value of impaired loans is measured by the fair value of the collateral if the loan is collateral dependent. Fair value of the collateral is determined by appraisals or by independent valuation. Impaired loans are classified within Level 3 of the fair value hierarchy. Foreclosed Assets Fair values of foreclosed real estate and other assets are determined by sales agreement or appraisal and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Updated appraisals are obtained on at least an annual basis. Foreclosed assets are classified within Level 3 of the fair value hierarchy. Bank-owned Life Insurance The cash surrender value of bank-owned life insurance approximates its fair value and is classified within Level 2 of the fair value hierarchy. Non-maturity Deposit Liabilities Under ASC 825-10, the fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, savings, NOW, money market and checking accounts, is equal to the amount payable on demand at the reporting date. These non-maturity deposit liabilities are classified within Level 2 of the fair value hierarchy. Certificates of Deposit All certificates are assumed to remain on the Company’s books until maturity without any change in coupon. Fair values are estimated using market pricing data for new CDs of similar structure and remaining maturity. Certificates of deposit are classified within Level 2 of the fair value hierarchy. Federal Home Loan Bank Borrowings Data is taken from the Company’s FHLB Customer Profile report. All borrowings are priced using current advance pricing data from the FHLB’s website for new borrowings of similar structure and remaining maturity. FHLB borrowings are classified within Level 2 of the fair value hierarchy. Other Assets and Liabilities All other assets and liabilities are reported at current book value unless noted otherwise. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. 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.
Advertising Costs	Advertising Costs The Company expenses all advertising costs as incurred. There were no direct response advertising costs capitalized as of December 31, 2021 and December 31, 2020.
Comprehensive Income	Comprehensive Income Accounting principles generally require that recognized revenue, expense, gains, and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the equity section of the statement of financial condition. Such items, along with net income, are components of comprehensive income.
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share (“EPS”) represents income available or loss attributable to common shareholders divided by the weighted average number of common shares outstanding. No dilution for any potentially convertible shares is included in the calculation of basic EPS. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per shares until they are committed to be released.
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 Company has elected to delay implementation of the standard until January 2023. Currently, the Company has implemented a software application to assist in determining our allowance for loan losses under the CECL model and is in the process of evaluating certain methodologies. The impact upon adoption of this ASU is not known and may have a material effect on the Company’s Consolidated Financial Statements. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update require annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The disclosure requirements include (1) information about the nature of the transactions and the related accounting policy, (2) the line items on the financials statements that are impacted, and the amounts applicable to each line item and (3) significant terms and conditions of the transactions. The FASB is issued this update to increase the transparency of government assistance since diversity currently exists in the recognition, measurement, presentation and disclosure of government assistance received by business entities because of the lack of specific authoritative guidance in GAAP. The amendments in this update are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021, however the Company has elected early application of the amendments. The applicable disclosures are presented in this note under the subsection titled “Government Assistance”.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2021
EARNINGS PER SHARE
Schedule of Earnings Per Share, Basic	Year Ended December 31, (In thousands, except per share data) 2021 Numerator Net income available to common shareholders $ 1,927 Denominator Weighted average common shares outstanding 5,290 Weighted average unallocated ESOP shares (421) Weighted average shares 4,869 Basic earnings per common share $ 0.40

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
INVESTMENT SECURITIES (Tables)	Dec. 31, 2021
INVESTMENT SECURITIES
Schedule of amortized cost and fair values of securities	December 31, 2021 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale Mortgage-backed securities $ 75,374 $ 87 $ (798) $ 74,663 U.S. Government and agency obligations 9,347 1 (111) 9,237 Municipal obligations 4,482 - (43) 4,439 Total available-for-sale $ 89,203 $ 88 $ (952) $ 88,339 Securities held-to-maturity U.S. Government and agency obligations $ 13,019 $ 23 $ (375) $ 12,667 Municipal obligations 479 6 - 485 Total held-to-maturity $ 13,498 $ 29 $ (375) $ 13,152 December 31, 2020 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 Total available-for-sale $ 20,596 $ 191 $ (57) $ 20,730 Securities held-to-maturity U.S. Government and agency obligations $ 17,034 $ 93 $ (121) $ 17,006 Municipal obligations 489 10 - 499 Total held-to-maturity $ 17,523 $ 103 $ (121) $ 17,505
Schedule of maturities of securities held-to-maturity and available-for-sale	December 31, 2021 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ - $ - $ - $ - After one through five years 8,431 8,396 - - After five through ten years 12,695 12,604 9,479 9,157 After ten years 68,077 67,339 4,019 3,995 Total $ 89,203 $ 88,339 $ 13,498 $ 13,152 December 31, 2020 Available-for-Sale Held-to-Maturity (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amounts maturing in: One year or less $ - $ - $ - $ - After one through five years 1 1 - - After five through ten years 3,361 3,355 11,490 11,452 After ten years 17,234 17,374 6,033 6,053 Total $ 20,596 $ 20,730 $ 17,523 $ 17,505
Schedule of securities with gross unrealized losses	December 31, 2021 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Securities available-for-sale Mortgage-backed securities $ 68,412 $ (746) $ 1,889 $ (52) $ 70,301 $ (798) U.S. Government and agency obligations 5,697 (24) 1,913 (87) 7,610 (111) Municipal obligations 3,283 (24) 1,156 (19) 4,439 (43) Total available-for-sale $ 77,392 $ (794) $ 4,958 $ (158) $ 82,350 $ (952) Securities held-to-maturity U.S. Government and agency obligations $ 1,940 $ (61) $ 7,685 $ (314) $ 9,625 $ (375) Municipal obligations - - - - - - Total held-to-maturity $ 1,940 $ (61) $ 7,685 $ (314) $ 9,625 $ (375) Total $ 79,332 $ (855) $ 12,643 $ (472) $ 91,975 $ (1,327) December 31, 2020 Less than 12 Months 12 Months or Greater Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses 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) Total available-for-sale $ 7,722 $ (57) $ - $ - $ 7,722 $ (57) Securities held-to-maturity U.S. Government and agency obligations $ 7,879 $ (121) $ - $ - $ 7,879 $ (121) Total held-to-maturity $ 7,879 $ (121) $ - $ - $ 7,879 $ (121) Total $ 15,601 $ (178) $ - $ - $ 15,601 $ (178)

LOANS RECEIVABLE (Tables)

LOANS RECEIVABLE (Tables)	12 Months Ended
LOANS RECEIVABLE (Tables)	Dec. 31, 2021
LOANS RECEIVABLE
Schedule of loans receivable	December 31, (Dollars in thousands) 2021 2020 Real estate loans One- to four-family residential $ 87,303 $ 99,869 Commercial real estate 23,112 30,304 Construction and land 4,079 5,591 Multi-family residential 4,589 4,801 Total real estate loans 119,083 140,565 Other loans Commercial and industrial 8,374 6,736 Consumer 4,385 4,499 Total other loans 12,759 11,235 Total loans 131,842 151,800 Less: Allowance for loan losses (2,276) (3,022) Net loans $ 129,566 $ 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 years ended December 31, 2021 and 2020. For the Year Ended December 31, 2021 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,910 $ (268) $ (123) $ 54 $ 1,573 Commercial real estate 744 (374) - - 370 Construction & land 82 (27) - - 55 Multi-family residential 68 5 - - 73 Commercial and industrial 101 36 - - 137 Consumer 78 7 (27) 10 68 Unallocated 39 (39) - - - Total $ 3,022 $ (660) $ (150) $ 64 $ 2,276 For the Year Ended December 31, 2020 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,162 $ 765 $ (84) $ 67 $ 1,910 Commercial real estate 637 107 - - 744 Construction & land 57 25 - - 82 Multi-family residential 76 (8) (1) 1 68 Commercial and industrial 12 89 (15) 15 101 Consumer 80 15 (40) 23 78 Unallocated 47 (8) - - 39 Total $ 2,071 $ 985 $ (140) $ 106 $ 3,022 The following tables outline the allowance for loan losses for loans individually and collectively evaluated for impairment, and the carrying amount loans individually and collectively evaluated for impairment at December 31, 2021 and December 31, 2020. December 31, 2021 December 31, 2020 (Dollars in thousands) Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total Allowance for loan losses One- to four-family residential $ 319 $ 1,254 $ 1,573 $ 599 $ 1,311 $ 1,910 Commercial real estate - 370 370 - 744 744 Construction & land - 55 55 - 82 82 Multi-family residential - 73 73 - 68 68 Commercial and industrial 17 120 137 - 101 101 Consumer - 68 68 - 78 78 Unallocated - - - - 39 39 Total $ 336 $ 1,940 $ 2,276 $ 599 $ 2,423 $ 3,022 Loans One- to four-family residential $ 2,266 $ 85,037 $ 87,303 $ 2,754 $ 97,115 $ 99,869 Commercial real estate - 23,112 23,112 - 30,304 30,304 Construction & land 37 4,042 4,079 41 5,550 5,591 Multi-family residential - 4,589 4,589 1,205 3,596 4,801 Commercial and industrial 18 8,356 8,374 3 6,733 6,736 Consumer - 4,385 4,385 - 4,499 4,499 Total $ 2,321 $ 129,521 $ 131,842 $ 4,003 $ 147,797 $ 151,800
Summary of current, past due and nonaccrual loans	As of December 31, 2021 (Dollars in thousands) Past Due 30-89 Days and Accruing Past Due Over 90 Days and Accruing Past Due Over 30 Days and Non-accruing Total Past Due Current and Accruing Current and Non-accruing Total Loans One- to four-family residential $ 2,116 $ - $ 411 $ 2,527 $ 84,396 $ 380 $ 87,303 Commercial real estate 133 - - 133 22,979 - 23,112 Construction and land 62 - 31 93 3,949 37 4,079 Multi-family residential - - - - 4,589 - 4,589 Commercial & industrial - - 17 17 8,356 1 8,374 Consumer 32 1 13 46 4,339 - 4,385 Total $ 2,343 $ 1 $ 472 $ 2,816 $ 128,608 $ 418 $ 131,842 As of December 31, 2020 (Dollars in thousands) Past Due 30-89 Days and Accruing Past Due Over 90 Days and Accruing Past Due Over 30 Days and Non-accruing Total Past Due Current and Accruing Current and Non-accruing Total Loans One- to four-family residential $ 1,842 $ 367 $ 164 $ 2,373 $ 96,874 $ 622 $ 99,869 Commercial real estate 192 - - 192 30,112 - 30,304 Construction and land 154 - 41 195 5,396 - 5,591 Multi-family residential - - - - 4,801 - 4,801 Commercial & industrial 94 - - 94 6,639 3 6,736 Consumer 38 13 - 51 4,448 - 4,499 Total $ 2,320 $ 380 $ 205 $ 2,905 $ 148,270 $ 625 $ 151,800
Schedule of troubled debt restructuring	Recorded Investment (Dollars in thousands) Number of Contracts Pre-modification Post-modification December 31, 2021 One- to four-family residential 3 $ 186 $ 189 Total 3 $ 186 $ 189 Recorded Investment (Dollars in thousands) Number of Contracts Pre-modification Post-modification December 31, 2020 One- to four-family residential 17 $ 1,458 $ 1,487 Multi-family residential 1 1,185 1,216 Total 18 $ 2,643 $ 2,703
Schedule of impaired loans	Information on impaired loans as of December 31, 2021 and December 31, 2020 follows: As of and for the Year Ended December 31, 2021 (Dollars in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized One- to four-family residential $ 1,153 $ 1,113 $ 3,128 $ 319 $ 2,365 $ 67 Commercial real estate - - - - - - Construction & land 37 - 44 - 39 - Multi-family residential - - - - - - Commercial & industrial 1 17 21 17 20 2 Consumer - - - - - - Total $ 1,191 $ 1,130 $ 3,193 $ 336 $ 2,424 $ 69 As of and for the Year Ended December 31, 2020 (Dollars in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized One- to four-family residential $ 1,640 $ 1,114 $ 3,586 $ 599 $ 2,824 $ 88 Commercial real estate - - - - - - Construction & land 41 - 46 - 43 - Multi-family residential 1,205 - 1,205 - 1,205 57 Commercial & industrial 3 - 7 - 4 - Consumer - - - - - - Total $ 2,889 $ 1,114 $ 4,844 $ 599 $ 4,076 $ 145
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. December 31, 2021 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total One- to four-family residential $ 83,405 $ 504 $ 3,394 $ - $ 87,303 Commercial real estate 20,995 2,058 59 - 23,112 Construction & land 3,990 - 89 - 4,079 Multi-family residential 3,419 1,170 - - 4,589 Commercial & industrial 8,356 - 18 - 8,374 Consumer 4,372 - 13 - 4,385 Total $ 124,537 $ 3,732 $ 3,573 $ - $ 131,842 December 31, 2020 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total One- to four-family residential $ 93,464 $ 1,843 $ 4,562 $ - $ 99,869 Commercial real estate 28,217 2,022 65 - 30,304 Construction & land 5,368 133 90 - 5,591 Multi-family residential 3,457 - 1,344 - 4,801 Commercial & industrial 6,543 171 22 - 6,736 Consumer 4,434 33 32 - 4,499 Total $ 141,483 $ 4,202 $ 6,115 $ - $ 151,800

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
PREMISES AND EQUIPMENT (Tables)	Dec. 31, 2021
PREMISES AND EQUIPMENT
Schedule of premises and equipment	December 31, (Dollars in thousands) 2021 2020 Land $ 1,732 $ 1,443 Buildings and improvements 6,013 5,058 Furniture, fixtures and equipment 1,763 1,514 Automobiles 92 122 Renovation in process 13 5 Total premises and equipment 9,613 8,142 Accumulated depreciation (3,036) (2,653) Total premises and equipment, net $ 6,577 $ 5,489

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
DEPOSITS (Tables)	Dec. 31, 2021
DEPOSITS.
Schedule of deposits	December 31, 2021 December 31, 2020 (Dollars in thousands) Amount Percent Amount Percent Non-interest-bearing deposits $ 30,299 17.1 % $ 26,169 15.9 % Negotiable order of withdrawal (“NOW”) 34,357 19.4 30,890 18.8 Money market 18,878 10.7 15,989 9.7 Savings 26,698 15.1 22,209 13.5 Certificates of deposit 66,563 37.7 69,341 42.1 Total deposits $ 176,795 100.0 % $ 164,598 100.0 %
Schedule of maturities of certificates of deposit	(Dollars in thousands) Amount 2022 $ 50,051 2023 12,976 2024 2,459 2025 1,077 2026 - Total $ 66,563

BORROWED FUNDS (Tables)

BORROWED FUNDS (Tables)	12 Months Ended
BORROWED FUNDS (Tables)	Dec. 31, 2021
BORROWED FUNDS
Summary of borrowed funds	December 31, 2021 2020 (Dollars in thousands) Rate Amount Rate Amount Advances from Federal Home Loan Bank 0.65 % $ 3,000 0.65 % $ 3,000 0.96 % 3,000 0.96 % 3,000 1.12 % 4,000 1.12 % 4,000 10,000 10,000 Debt modification discount (982) (1,162) $ 9,018 $ 8,838
Summary of borrowed funds maturities	(Dollars in thousands) Amount Amounts maturing in: 2022 $ — 2023 — 2024 — 2025 3,000 2026 — Thereafter 7,000 Total $ 10,000

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2021
INCOME TAXES
Schedule of components of income tax expense	December 31, (Dollars in thousands) 2021 2020 Federal: Current $ 332 $ (587) Deferred 155 113 Total income tax expense (benefit) $ 487 $ (474)
Schedule of reconciliation of income tax expense (benefit)	December 31, (Dollars in thousands) 2021 2020 Expected income tax expense (benefit) at federal tax rate $ 507 $ (247) Bank-owned life insurance income (19) (15) Tax free investment securities income (8) (10) Benefit from NOL carryback - (196) Nondeductible stock-based compensation expense 4 - Other 3 (6) Total income tax expense (benefit) $ 487 $ (474)
Schedule of deferred tax asset and liabilities	December 31, (Dollars in thousands) 2021 2020 Deferred tax assets: Allowance for loan losses $ 77 $ 235 Net unrealized losses on available-for-sale securities 181 — Foreclosed assets 44 33 Other 95 58 Deferred tax assets 397 326 Deferred tax liabilities: Net unrealized gains on available-for-sale securities — (29) FHLB stock (119) (118) FHLB debt modification discount (206) (244) Premises and equipment, net (401) (357) Deferred tax liabilities: (726) (748) Net deferred tax asset (liability) $ (329) $ (422)

CAPITAL REQUIREMENTS AND OTHE_2

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Tables)	12 Months Ended
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Tables)	Dec. 31, 2021
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS
Schedule of actual and required capital amounts and ratios	Actual To be Well Capitalized under the Prompt Corrective Action Provision (Dollars in thousands) Amount Ratio Amount Ratio As of December 31, 2021 Common Equity Tier 1 Capital $ 77,819 63.51 % $ 7,965 >6.5 % Tier 1 Risk-Based Capital 77,819 63.51 9,803 >8.0 Total Risk-Based Capital 79,360 64.77 12,253 >10.0 Tier 1 Leverage Capital 77,819 27.38 14,210 >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

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Summary of loans to related party	December 31, (Dollars in thousands) 2021 2020 Balance at beginning of year $ 1,846 $ 1,967 Changes in related party status (80) (279) Originations 954 300 Repayments (191) (142) Balance at end of year $ 2,529 $ 1,846

FINANCIAL INSTRUMENTS WITH OF_2

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables)	12 Months Ended
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables)	Dec. 31, 2021
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
Schedule of financial instruments with off-balance-sheet risk	Contract or Notional Amount at December 31, (Dollars in thousands) 2021 2020 Financial instruments with off-balance-sheet risk: Commitments to originate loans $ 4,865 $ 82 Unused lines of credit 2,740 1,971 Undisbursed portion of construction loans in process 1,122 1,007 Unused overdraft privilege amounts 1,075 1,004 Letters of credit 2 500 Total $ 9,804 $ 4,564

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of fair values of assets and liabilities measured on a recurring and nonrecurring basis	Fair value measurements of assets and liabilities measured on a recurring basis at December 31, 2021 and 2020 follow: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2021 Available-for-sale securities $ 88,339 $ - $ 88,339 $ - December 31, 2020 Available-for-sale securities $ 20,730 $ - $ 20,730 $ - Fair value measurements of assets and liabilities measured on a nonrecurring basis at December 31, 2021 and 2020 follow: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 December 31, 2021 Impaired loans $ 1,020 $ - $ - $ 1,020 Foreclosed assets 340 - - 340 Total $ 1,360 $ - $ - $ 1,360 December 31, 2020 Impaired loans $ 953 $ - $ - $ 953 Foreclosed assets 415 - - 415 Total $ 1,368 $ - $ - $ 1,368
Schedule of estimated fair values of the Bank's financial instruments	December 31, 2021 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 40,884 $ 40,884 $ 40,884 $ - $ - Investment securities: Available-for-sale 88,339 88,339 - 88,339 - Held-to-maturity 13,498 13,152 - 13,152 - Loans receivable, net 129,566 128,591 - - 128,591 Bank-owned life insurance 3,303 3,303 - 3,303 - Financial Liabilities: Deposits 176,795 176,869 - 176,869 - Borrowed funds 9,018 8,720 - 8,720 - 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: Available-for-sale 20,730 20,730 - 20,730 - Held-to-maturity 17,523 17,505 - 17,505 - Loans receivable, net 148,778 148,674 - - 148,674 Bank-owned life insurance 3,213 3,213 - 3,213 - Financial Liabilities: Deposits 164,598 164,951 - 164,951 - Borrowed funds 8,838 9,052 - 9,052 -

CONDENSED PARENT COMPANY ONLY_2

CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION
Schedule of Condensed Statement of Financial Condition	CONDENSED STATEMENT OF FINANCIAL CONDITION (Dollars in thousands) December 31, 2021 ASSETS Cash in bank subsidiary $ 9,592 Investment in bank subsidiary 77,195 Investment securities available-for-sale, at fair value 11,518 Other assets 41 TOTAL ASSETS $ 98,346 LIABILITIES Other liabilities - TOTAL LIABILITIES - SHAREHOLDERS' EQUITY Common stock 53 Additional paid-in capital 50,802 Unallocated common stock held by ESOP (4,179) Retained earnings 52,353 Accumulated other comprehensive income (loss) (683) TOTAL SHAREHOLDERS' EQUITY 98,346 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 98,346
Schedule Of Condensed Statement of Income	CONDENSED STATEMENT OF INCOME Year Ended (Dollars in thousands) December 31, 2021 INTEREST INCOME Investment securities $ 16 NON-INTEREST EXPENSE Professional fees 22 Other 22 Total non-interest expense 44 Income (loss) before income tax expense (benefit) (28) Income tax expense (benefit) (6) Income (loss) before equity in undistributed earnings of subsidiary (22) Equity in undistributed earnings of subsidiary 1,949 NET INCOME $ 1,927
Schedule of Condensed Statement of Cash Flow	CONDENSED STATEMENT OF CASH FLOWS Year Ended (Dollars in thousands) December 31, 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,927 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiary (1,949) Investment securities amortization, net 2 (Increase) decrease in other assets (26) Net cash used in operating activities (46) CASH FLOWS FROM INVESTING ACTIVITIES Capital injection into subsidiary from stock offering (25,442) Payments received on ESOP loan 72 Activity in available-for-sale securities: Proceeds from maturities, calls, and paydowns 37 Purchases (11,632) Net cash used in investing activities (36,965) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from the issuance of common stock, net of costs 50,835 Purchase of stock for ESOP (4,232) Net cash provided by financing activities 46,603 NET INCREASE IN CASH AND CASH EQUIVALENTS 9,592 CASH AND CASH EQUIVALENTS, beginning of period - CASH AND CASH EQUIVALENTS, end of period $ 9,592

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Process of foreclosure amount	$ 47,000
Impairment recognized	0	$ 0
Grant received	1,826,000	203,000
Direct response advertising costs capitalized	$ 0	$ 0
Buildings and improvements \| Minimum
Estimated useful lives	3 years
Buildings and improvements \| Maximum
Estimated useful lives	39 years
Equipment, fixtures and automobiles \| Minimum
Estimated useful lives	3 years
Equipment, fixtures and automobiles \| Maximum
Estimated useful lives	10 years

COMPLETION OF STOCK OFFERING (D

COMPLETION OF STOCK OFFERING (Details) - USD ($)	Oct. 12, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Common stock par value (in dollars per share)		$ 0.01	$ 0.01
Total offering proceeds		$ 50,835,000
Loan to ESOP for purchase of common stock		4,232,000
IPO [Member]
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
Total offering proceeds	$ 52,900,000
Loan to ESOP for purchase of common stock	$ 4,200,000
Purchase of shares under ESOP	423,200
Net proceeds from offering		50,800,000
Deferred conversion costs		$ 2,100,000	$ 21,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net income available to common shareholders	$ 1,927	$ (703)
Denominator
Weighted average common shares outstanding	5,290
Weighted average unallocated ESOP shares	(421)
Weighted average shares	4,869
Earnings per share - basic	$ 0.40
Potential dilution of earnings per share.	0

INVESTMENT SECURITIES - Fair Va

INVESTMENT SECURITIES - Fair Value to Amortized Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Securities Available-for-Sale
Amortized cost	$ 89,203	$ 20,596
Gross Unrealized Gains	88	191
Gross Unrealized Losses	(952)	(57)
Fair Value	88,339	20,730
Securities Held-to-Maturity
Amortized cost	13,498	17,523
Gross Unrealized Gains	29	103
Gross Unrealized Losses	(375)	(121)
Fair Value	13,152	17,505
Securities transferred between classifications	0	0
Securities pledged as collateral	10,200	6,900
Mortgage-backed
Securities Available-for-Sale
Amortized cost	75,374	15,968
Gross Unrealized Gains	87	179
Gross Unrealized Losses	(798)	(7)
Fair Value	74,663	16,140
U.S. Government and agency obligations
Securities Available-for-Sale
Amortized cost	9,347	2,000
Gross Unrealized Gains	1
Gross Unrealized Losses	(111)	(39)
Fair Value	9,237	1,961
Securities Held-to-Maturity
Amortized cost	13,019	17,034
Gross Unrealized Gains	23	93
Gross Unrealized Losses	(375)	(121)
Fair Value	12,667	17,006
Municipal obligations
Securities Available-for-Sale
Amortized cost	4,482	2,628
Gross Unrealized Gains		12
Gross Unrealized Losses	(43)	(11)
Fair Value	4,439	2,629
Securities Held-to-Maturity
Amortized cost	479	489
Gross Unrealized Gains	6	10
Fair Value	$ 485	$ 499

INVESTMENT SECURITIES - Maturit

INVESTMENT SECURITIES - Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available-for-sale securities, Amortized cost
Due from one to five years	$ 8,431	$ 1
Due from five to ten years	12,695	3,361
After ten years	68,077	17,234
Total	89,203	20,596
Available-for-sale securities, Fair value
Due from one to five years	8,396	1
Due from five to ten years	12,604	3,355
After ten years	67,339	17,374
Total	88,339	20,730
Held-to-maturity securities, Amortized cost
Due from five to ten years	9,479	11,490
After ten years	4,019	6,033
Total	13,498	17,523
Held-to-maturity securities, Fair value
Due from five to ten years	9,157	11,452
After ten years	3,995	6,053
Total	$ 13,152	$ 17,505

INVESTMENT SECURITIES - Securit

INVESTMENT SECURITIES - Securities with Gross Unrealized Losses (Details)	12 Months Ended
	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Securities Held-to-Maturity, Fair Value
Less than 12 months	$ 1,940,000	$ 7,879,000
Over 12 months	7,685,000
Fair value	9,625,000	7,879,000
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(61,000)	(121,000)
Over 12 months	(314,000)
Gross unrealized losses	(375,000)	(121,000)
Securities Available-for-Sale, Fair Value
Less than 12 months	77,392,000	7,722,000
Over 12 months	4,958,000
Fair value	82,350,000	7,722,000
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(794,000)	(57,000)
Over 12 months	(158,000)
Gross unrealized losses	(952,000)	(57,000)
Total, Fair Value
Less than 12 months	79,332,000	15,601,000
Over 12 months	12,643,000
Fair value	91,975,000	15,601,000
Total, Gross Unrealized Losses
Less than 12 months	(855,000)	(178,000)
Over 12 months	(472,000)
Gross unrealized losses	$ (1,327,000)	$ (178,000)
Number of securities in unrealized loss position \| security	67	8
Other-than-temporary impairment	$ 0
Mortgage-backed
Securities Available-for-Sale, Fair Value
Less than 12 months	68,412,000	$ 4,010,000
Over 12 months	1,889,000
Fair value	70,301,000	4,010,000
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(746,000)	(7,000)
Over 12 months	(52,000)
Gross unrealized losses	(798,000)	(7,000)
U.S. Government and agency obligations
Securities Held-to-Maturity, Fair Value
Less than 12 months	1,940,000	7,879,000
Over 12 months	7,685,000
Fair value	9,625,000	7,879,000
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(61,000)	(121,000)
Over 12 months	(314,000)
Gross unrealized losses	(375,000)	(121,000)
Securities Available-for-Sale, Fair Value
Less than 12 months	5,697,000	1,961,000
Over 12 months	1,913,000
Fair value	7,610,000	1,961,000
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(24,000)	(39,000)
Over 12 months	(87,000)
Gross unrealized losses	(111,000)	(39,000)
Municipal obligations
Securities Available-for-Sale, Fair Value
Less than 12 months	3,283,000	1,751,000
Over 12 months	1,156,000
Fair value	4,439,000	1,751,000
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(24,000)	(11,000)
Over 12 months	(19,000)
Gross unrealized losses	$ (43,000)	$ (11,000)

LOANS RECEIVABLE (Details)

LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 131,842	$ 151,800
Less allowance for loan losses	(2,276)	(3,022)	$ (2,071)
Loans receivable, net	129,566	148,778
Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	119,083	140,565
One- to four-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	87,303	99,869
Less allowance for loan losses	(1,573)	(1,910)	(1,162)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	23,112	30,304
Less allowance for loan losses	(370)	(744)	(637)
Construction & land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,079	5,591
Less allowance for loan losses	(55)	(82)	(57)
Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,589	4,801
Less allowance for loan losses	(73)	(68)	(76)
Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	12,759	11,235
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	8,374	6,736
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,385	4,499
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,385	4,499
Less allowance for loan losses	(68)	(78)	(80)
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	8,374	6,736
Less allowance for loan losses	$ (137)	(101)	(12)
Unallocated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for loan losses		$ (39)	$ (47)

LOANS RECEIVABLE - Allowance fo

LOANS RECEIVABLE - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,022	$ 2,071
(Reversal of) provision for loan losses	(660)	985
Charge-offs	(150)	(140)
Recoveries	64	106
Ending balance	2,276	3,022
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	(268)	765
Charge-offs	(123)	(84)
Recoveries	54	67
Ending balance	1,573	1,910
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	744	637
(Reversal of) provision for loan losses	(374)	107
Ending balance	370	744
Construction & land
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	82	57
(Reversal of) provision for loan losses	(27)	25
Ending balance	55	82
Multi-family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	68	76
(Reversal of) provision for loan losses	5	(8)
Charge-offs		(1)
Recoveries		1
Ending balance	73	68
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	78	80
(Reversal of) provision for loan losses	7	15
Charge-offs	(27)	(40)
Recoveries	10	23
Ending balance	68	78
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	101	12
(Reversal of) provision for loan losses	36	89
Charge-offs		(15)
Recoveries		15
Ending balance	137	101
Unallocated
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	39	47
(Reversal of) provision for loan losses	$ (39)	(8)
Ending balance		$ 39

LOANS RECEIVABLE - Individually

LOANS RECEIVABLE - Individually and Collectively Evaluated (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses:
Individually evaluated for impairment	$ 336	$ 599
Collectively evaluated for impairment	1,940	2,423
Total	2,276	3,022	$ 2,071
Loans:
Individually evaluated for impairment	2,321	4,003
Collectively evaluated for impairment	129,521	147,797
Total loans	131,842	151,800
Real Estate
Loans:
Total loans	119,083	140,565
One- to four-family residential
Allowance for loan losses:
Individually evaluated for impairment	319	599
Collectively evaluated for impairment	1,254	1,311
Total	1,573	1,910	1,162
Loans:
Individually evaluated for impairment	2,266	2,754
Collectively evaluated for impairment	85,037	97,115
Total loans	87,303	99,869
Commercial real estate
Allowance for loan losses:
Collectively evaluated for impairment	370	744
Total	370	744	637
Loans:
Collectively evaluated for impairment	23,112	30,304
Total loans	23,112	30,304
Construction & land
Allowance for loan losses:
Collectively evaluated for impairment	55	82
Total	55	82	57
Loans:
Individually evaluated for impairment	37	41
Collectively evaluated for impairment	4,042	5,550
Total loans	4,079	5,591
Multi-family residential
Allowance for loan losses:
Collectively evaluated for impairment	73	68
Total	73	68	76
Loans:
Individually evaluated for impairment		1,205
Collectively evaluated for impairment	4,589	3,596
Total loans	4,589	4,801
Commercial and industrial
Loans:
Total loans	8,374	6,736
Consumer
Loans:
Total loans	4,385	4,499
Consumer
Allowance for loan losses:
Collectively evaluated for impairment	68	78
Total	68	78	80
Loans:
Collectively evaluated for impairment	4,385	4,499
Total loans	4,385	4,499
Commercial and industrial
Allowance for loan losses:
Individually evaluated for impairment	17
Collectively evaluated for impairment	120	101
Total	137	101	12
Loans:
Individually evaluated for impairment	18	3
Collectively evaluated for impairment	8,356	6,733
Total loans	$ 8,374	6,736
Unallocated
Allowance for loan losses:
Collectively evaluated for impairment		39
Total		$ 39	$ 47

LOANS RECEIVABLE - Current, Pas

LOANS RECEIVABLE - Current, Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total loans	$ 131,842	$ 151,800
Past due
Financing Receivable, Past Due [Line Items]
Total loans	2,816	2,905
Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	2,343	2,320
Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	1	380
Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	472	205
Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	128,608	148,270
Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	418	625
Real Estate
Financing Receivable, Past Due [Line Items]
Total loans	119,083	140,565
One- to four-family residential
Financing Receivable, Past Due [Line Items]
Total loans	87,303	99,869
One- to four-family residential \| Past due
Financing Receivable, Past Due [Line Items]
Total loans	2,527	2,373
One- to four-family residential \| Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	2,116	1,842
One- to four-family residential \| Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans		367
One- to four-family residential \| Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	411	164
One- to four-family residential \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	84,396	96,874
One- to four-family residential \| Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	380	622
Commercial real estate
Financing Receivable, Past Due [Line Items]
Total loans	23,112	30,304
Commercial real estate \| Past due
Financing Receivable, Past Due [Line Items]
Total loans	133	192
Commercial real estate \| Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	133	192
Commercial real estate \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	22,979	30,112
Construction & land
Financing Receivable, Past Due [Line Items]
Total loans	4,079	5,591
Construction & land \| Past due
Financing Receivable, Past Due [Line Items]
Total loans	93	195
Construction & land \| Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	62	154
Construction & land \| Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	31	41
Construction & land \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	3,949	5,396
Construction & land \| Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	37
Multi-family residential
Financing Receivable, Past Due [Line Items]
Total loans	4,589	4,801
Multi-family residential \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	4,589	4,801
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	4,385	4,499
Consumer \| Past due
Financing Receivable, Past Due [Line Items]
Total loans	46	51
Consumer \| Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	32	38
Consumer \| Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	1	13
Consumer \| Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	13
Consumer \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	4,339	4,448
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans	8,374	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		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	8,356	6,639
Commercial and industrial \| Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	1	3
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	4,385	4,499
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans	$ 8,374	$ 6,736

LOANS RECEIVABLE - Loans Modifi

LOANS RECEIVABLE - Loans Modification (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)contractloan	Dec. 31, 2020USD ($)contractloan
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 \| loan	3
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	17
Pre-modification Outstanding Recorded Investment	$ 186	$ 1,458
Post-modification Outstanding Recorded Investment	$ 189	$ 1,487
TDR modified maturity term		12 months
Modified loans payment default		$ 1,000
Number of payment defaults \| loan		14
Multi-family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of contracts \| contract		1
Pre-modification Outstanding Recorded Investment		$ 1,185
Post-modification Outstanding Recorded Investment		$ 1,216

LOANS RECEIVABLE - Impaired Loa

LOANS RECEIVABLE - Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance	$ 1,191	$ 2,889
Recorded Investment With an Allowance	1,130	1,114
Unpaid Principal Balance	3,193	4,844
Related Allowance	336	599
Average Recorded Investment	2,424	4,076
Interest Income Recognized	69	145
One- to four-family residential
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance	1,153	1,640
Recorded Investment With an Allowance	1,113	1,114
Unpaid Principal Balance	3,128	3,586
Related Allowance	319	599
Average Recorded Investment	2,365	2,824
Interest Income Recognized	67	88
Construction & land
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance	37	41
Unpaid Principal Balance	44	46
Average Recorded Investment	39	43
Multi-family residential
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance		1,205
Unpaid Principal Balance		1,205
Average Recorded Investment		1,205
Interest Income Recognized		57
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance	1
Recorded Investment With an Allowance	17
Unpaid Principal Balance	21
Related Allowance	17
Average Recorded Investment	20
Interest Income Recognized	$ 2
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance		3
Unpaid Principal Balance		7
Average Recorded Investment		$ 4

LOANS RECEIVABLE - Credit Quali

LOANS RECEIVABLE - Credit Quality Indicators (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Loans
Total loans	$ 131,842	$ 151,800
Pass
Loans
Total loans	124,537	141,483
Special Mention
Loans
Total loans	3,732	4,202
Substandard
Loans
Total loans	3,573	6,115
Real Estate
Loans
Total loans	119,083	140,565
One- to four-family residential
Loans
Total loans	87,303	99,869
One- to four-family residential \| Pass
Loans
Total loans	83,405	93,464
One- to four-family residential \| Special Mention
Loans
Total loans	504	1,843
One- to four-family residential \| Substandard
Loans
Total loans	3,394	4,562
Commercial real estate
Loans
Total loans	23,112	30,304
Commercial real estate \| Pass
Loans
Total loans	20,995	28,217
Commercial real estate \| Special Mention
Loans
Total loans	2,058	2,022
Commercial real estate \| Substandard
Loans
Total loans	59	65
Construction & land
Loans
Total loans	4,079	5,591
Construction & land \| Pass
Loans
Total loans	3,990	5,368
Construction & land \| Special Mention
Loans
Total loans		133
Construction & land \| Substandard
Loans
Total loans	89	90
Multi-family residential
Loans
Total loans	4,589	4,801
Multi-family residential \| Pass
Loans
Total loans	3,419	3,457
Multi-family residential \| Special Mention
Loans
Total loans	1,170
Multi-family residential \| Substandard
Loans
Total loans		1,344
Consumer
Loans
Total loans	4,385	4,499
Consumer \| Pass
Loans
Total loans	4,372
Consumer \| Substandard
Loans
Total loans	13
Commercial and industrial
Loans
Total loans	8,374	6,736
Commercial and industrial \| Pass
Loans
Total loans	8,356
Commercial and industrial \| Substandard
Loans
Total loans	18
Consumer
Loans
Total loans	4,385	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	$ 8,374	6,736
Commercial and industrial \| Pass
Loans
Total loans		6,543
Commercial and industrial \| Special Mention
Loans
Total loans		171
Commercial and industrial \| Substandard
Loans
Total loans		$ 22

PREMISES AND EQUIPMENT (Details

PREMISES AND EQUIPMENT (Details) - USD ($)	12 Months Ended
PREMISES AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Gross	$ 9,613,000	$ 8,142,000
Accumulated depreciation	(3,036,000)	(2,653,000)
Total	6,577,000	5,489,000
Depreciation expense	424,000	347,000
Land
Property, Plant and Equipment [Line Items]
Gross	1,732,000	1,443,000
Buildings and improvements.
Property, Plant and Equipment [Line Items]
Gross	6,013,000	5,058,000
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Gross	1,763,000	1,514,000
Automobiles
Property, Plant and Equipment [Line Items]
Gross	92,000	122,000
Renovation in process
Property, Plant and Equipment [Line Items]
Gross	$ 13,000	$ 5,000

DEPOSITS - Summary of Deposits

DEPOSITS - Summary of Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deposits, Amount:
Non-interest-bearing deposits, Amount	$ 30,299	$ 26,169
Negotiable order of withdrawal ("NOW"), Amount	34,357	30,890
Money market, Amount	18,878	15,989
Savings, Amount	26,698	22,209
Certificates of deposit, Amount	66,563	69,341
Total deposits, Amount	$ 176,795	$ 164,598
Deposits, Percentage:
Non-interest-bearing deposits, Percentage	17.10%	15.90%
Negotiable order of withdrawal ("NOW"), Percentage	19.40%	18.80%
Money market, Percentage	10.70%	9.70%
Savings, Percentage	15.10%	13.50%
Certificates of deposit, Percentage	37.70%	42.10%
Deposits, Percentage	100.00%	100.00%
Certificates of deposit and other time deposits issued in denominations that exceed the FDIC insurance limit	$ 14,500	$ 14,400

DEPOSITS - Schedule of Maturiti

DEPOSITS - Schedule of Maturities of Certificates of Deposit (Details) $ in Thousands	Dec. 31, 2021USD ($)
DEPOSITS.
2022	$ 50,051
2023	12,976
2024	2,459
2025	1,077
Total	$ 66,563

BORROWED FUNDS - Summary of Bor

BORROWED FUNDS - Summary of Borrowed Funds (Details) - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 10,000	$ 10,000
Less: Unamortized discount	(1,162)	(982)
Total	8,838	9,018
Repayment of FHLB	15,000
Prepayment penalties	1,500
Discount on debt	1,200
Federal Home Loan Bank Borrowings at 0.65 Percentage
Debt Instrument [Line Items]
Long-term debt	$ 3,000	$ 3,000
Federal Home Loan Bank Borrowings interest percentage	0.65%	0.65%
Federal Home Loan Bank Borrowings at 0.96 Percentage
Debt Instrument [Line Items]
Long-term debt	$ 3,000	$ 3,000
Federal Home Loan Bank Borrowings interest percentage	0.96%	0.96%
Federal Home Loan Bank Borrowings at 1.12 Percentage
Debt Instrument [Line Items]
Long-term debt	$ 4,000	$ 4,000
Federal Home Loan Bank Borrowings interest percentage	1.12%	1.12%

BORROWED FUNDS - Maturities (De

BORROWED FUNDS - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Maturities of Long-term Debt [Abstract]
2025	$ 3,000
Thereafter	7,000
Total	10,000	$ 10,000
Debt instrument maximum borrowing capacity	50,500	54,700
Loans pledged as security through blanket floating lien	76,800	78,700
Unsecured federal funds master purchase agreement with first national bankers bank	$ 17,800	$ 17,800

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Federal - Current	$ 332	$ (587)
Federal - Deferred	155	113
Total income tax expense (benefit)	$ 487	$ (474)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the U.S. Federal Income Tax Rate to Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Income tax rate	21.00%	21.00%
Income before income taxes
Expected income tax expense (benefit) at federal tax rate	$ 507	$ (247)
Bank-owned life insurance income	(19)	(15)
Tax free investment securities income	(8)	(10)
Benefit from NOL carryback		(196)
Nondeductible stock-based compensation expense	4
Other	3	(6)
Total income tax expense (benefit)	$ 487	$ (474)

INCOME TAXES - Net Deferred Tax

INCOME TAXES - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax asset:
Allowance for loan losses	$ 77	$ 235
Net unrealized losses on available-for-sale securities	181
Foreclosed assets	44	33
Other	95	58
Deferred tax assets	397	326
Deferred tax liabilities:
Net unrealized gains on available-for-sale securities		(29)
FHLB stock	(119)	(118)
FHLB debt modification discount	(206)	(244)
Premises and equipment, net	(401)	(357)
Deferred tax liabilities	(726)	(748)
Net deferred tax asset (liability)	$ (329)	$ (422)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Retained earnings	$ 1.9	$ 1.9
Deferred federal income tax liability	$ 0	$ 0

CAPITAL REQUIREMENTS AND OTHE_3

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Common Equity Tier 1 Capital
Actual, Amount	$ 77,819	$ 50,426
Actual, Ratio	63.51	40.92
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 7,965	$ 8,010
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	6.5	6.5
Tier 1 Risk-Based Capital
Actual, Amount	$ 77,819	$ 50,426
Actual, Ratio	63.51	40.92
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 9,803	$ 9,858
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	8	8
Total Risk-Based Capital
Actual, Amount	$ 79,360	$ 52,118
Actual, Ratio	64.77	42.29
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 12,253	$ 12,323
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	10	10
Tier 1 Leverage Capital
Actual, Amount	$ 77,819	$ 50,426
Actual, Ratio	27.38	21.06
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 14,210	$ 11,970
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	5	5

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable, Related Parties [Roll Forward]
Balance at beginning of year	$ 1,846	$ 1,967
Changes in related party status	(80)	(279)
Originations	954	300
Repayments	(191)	(142)
Balance at end of year	2,529	1,846
Due to Related Parties [Abstract]
Deposits received from related parties	$ 2,300	$ 2,100

FINANCIAL INSTRUMENTS WITH OF_3

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
Commitments to originate loans	$ 4,865	$ 82
Unused lines of credit	2,740	1,971
Undisbursed portion of construction loans in process	1,122	1,007
Unused overdraft privilege amounts	1,075	1,004
Letters of credit	2	500
Total	$ 9,804	$ 4,564

BENEFIT PLANS (Details)

BENEFIT PLANS (Details)	1 Months Ended	12 Months Ended
BENEFIT PLANS (Details)	Oct. 31, 2021USD ($)itemageshares	Dec. 31, 2021USD ($)ageitemshares	Dec. 31, 2020USD ($)
BENEFIT PLANS
Threshold age \| age		21
Number of hours to be worked per year \| item		1,000
Defined Contribution Plan, Threshold Service Period		1 month
Service period eligible to participate in plans		1 year
Percentage of maximum annual contribution by employee		100.00%	100.00%
Percentage of maximum annual contribution by employer		50.00%	50.00%
Company contributions to the plans		$ 148,000	$ 112,000
Number of hours to be worked in the first six months of employment to be an eligible participant \| item	500
Employee Stock Ownership Plan (ESOP), Eligible Participant Attained Age \| age	18
Loan to the employee stock ownership plan (ESOP)	$ 4,200,000
Stock issues under employee stock ownership plan (in shares) \| shares	423,200
E S O P Award Contributions, Amortization Period	20 years
Shares allocated under employee stock ownership plan \| shares		5,290
Employee stock ownership plan compensation expense		$ 73,000
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value		$ 417,910
Employee Stock Ownership Plan (ESOP), Number of Unallocated Shares \| shares		5,700,000

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Values of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	$ 88,339	$ 20,730
Foreclosed assets	340	415
Recurring Basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	88,339	20,730
Nonrecurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	1,020	953
Foreclosed assets	340	415
Total	1,360	1,368
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	88,339	20,730
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	88,339	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	88,339	20,730
Fair Value \| Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	88,339	20,730
Fair Value \| Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	1,020	953
Foreclosed assets	340	415
Total	$ 1,360	$ 1,368

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narratives (Details) - USD ($)	12 Months Ended
FAIR VALUE MEASUREMENTS - Narratives (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Impaired loans, carrying amount	$ 1,400,000	$ 1,600,000
Foreclosed real estate, impaired loans	$ 75,000	$ 166,000

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investment securities
Held-to-maturity	$ 13,152	$ 17,505
Securities available-for-sale, at fair value	88,339	20,730
Carrying Amount
Financial Assets:
Cash and cash equivalents	40,884	25,245
Investment securities
Held-to-maturity	13,498	17,523
Securities available-for-sale, at fair value	88,339	20,730
Loans receivable, net	129,566	148,778
Bank-owned life insurance	3,303	3,213
Financial Liabilities:
Deposits	176,795	164,598
Borrowed funds	9,018	8,838
Fair Value
Financial Assets:
Cash and cash equivalents	40,884	25,245
Investment securities
Held-to-maturity	13,152	17,505
Securities available-for-sale, at fair value	88,339	20,730
Loans receivable, net	128,591	148,674
Bank-owned life insurance	3,303	3,213
Financial Liabilities:
Deposits	176,869	164,951
Borrowed funds	8,720	9,052
Fair Value \| Level 1
Financial Assets:
Cash and cash equivalents	40,884	25,245
Fair Value \| Level 2
Investment securities
Held-to-maturity	13,152	17,505
Securities available-for-sale, at fair value	88,339	20,730
Bank-owned life insurance	3,303	3,213
Financial Liabilities:
Deposits	176,869	164,951
Borrowed funds	8,720	9,052
Fair Value \| Level 3
Investment securities
Loans receivable, net	$ 128,591	$ 148,674

CONDENSED PARENT COMPANY ONLY_3

CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION - CONDENSED STATEMENT OF FINANCIAL CONDITION (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Investment securities available-for-sale, at fair value	$ 88,339	$ 20,730
Other assets	864	1,337
TOTAL ASSETS	285,349	224,688
LIABILITIES
Other liabilities	1,190	719
TOTAL LIABILITIES	187,003	174,155
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	53
Additional paid-in capital	50,802
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP")	(4,179)
Retained earnings	52,353	50,426
Accumulated other comprehensive income (loss)	(683)	107
TOTAL SHAREHOLDERS' EQUITY	98,346	50,533	$ 51,117
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	285,349	$ 224,688
Catalyst Bancorp, Inc.
ASSETS
Cash in bank subsidiary	9,592
Investment in bank subsidiary	77,195
Investment securities available-for-sale, at fair value	11,518
Other assets	41
TOTAL ASSETS	98,346
SHAREHOLDERS' EQUITY
Common Stock, Value, Issued	53
Additional paid-in capital	50,802
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP")	(4,179)
Retained earnings	52,353
Accumulated other comprehensive income (loss)	(683)
TOTAL SHAREHOLDERS' EQUITY	98,346
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 98,346

CONDENSED PARENT COMPANY ONLY_4

CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION - CONDENSED STATEMENT OF INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INTEREST INCOME
Investment securities	$ 674	$ 568
NON-INTEREST EXPENSE
Professional fees	388	273
Other	551	483
Total non-interest expense	7,776	7,943
Income (loss) before income tax expense (benefit)	2,414	(1,177)
Income Tax Expense (Benefit)	487	(474)
NET INCOME (LOSS)	1,927	$ (703)
Catalyst Bancorp, Inc.
INTEREST INCOME
Investment securities	16
NON-INTEREST EXPENSE
Professional fees	22
Other	22
Total non-interest expense	44
Income (loss) before income tax expense (benefit)	(28)
Income Tax Expense (Benefit)	(6)
Income (loss) before equity in undistributed earnings of subsidiary	(22)
Equity in undistributed earnings of subsidiary	1,949
NET INCOME (LOSS)	$ 1,927

CONDENSED PARENT COMPANY ONLY_5

CONDENSED PARENT COMPANY ONLY FINANCIAL INFORMATION - CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,927	$ (703)
Adjustments to reconcile net income to net cash provided by operating activities:
Investment securities amortization, net	409	208
(Increase) decrease in other assets	456	(86)
Net cash provided by operating activities	3,428	857
Activity in available-for-sale securities:
Proceeds from maturities, calls, and paydowns	8,554	10,177
Purchases	(77,545)	(16,719)
Net cash used in investing activities	(46,589)	(313)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of common stock, net of costs	50,835
Purchase of stock for ESOP	(4,232)
Net cash provided by financing activities	58,800	6,792
NET INCREASE IN CASH AND CASH EQUIVALENTS	15,639	7,336
CASH AND CASH EQUIVALENTS, beginning of period	25,245
CASH AND CASH EQUIVALENTS, end of period	40,884	$ 25,245
Catalyst Bancorp, Inc.
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	1,927
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(1,949)
Investment securities amortization, net	2
(Increase) decrease in other assets	(26)
Net cash provided by operating activities	(46)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital injection into subsidiary from stock offering	(25,442)
Payments received on ESOP loan	72
Activity in available-for-sale securities:
Proceeds from maturities, calls, and paydowns	37
Purchases	(11,632)
Net cash used in investing activities	(36,965)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of common stock, net of costs	50,835
Purchase of stock for ESOP	(4,232)
Net cash provided by financing activities	46,603
NET INCREASE IN CASH AND CASH EQUIVALENTS	9,592
CASH AND CASH EQUIVALENTS, end of period	$ 9,592