Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 001-40893 | |
Entity Registrant Name | CATALYST BANCORP, INC. | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 86-2411762 | |
Entity Address, Address Line One | 235 N. Court Street | |
Entity Address, City or Town | Opelousas | |
Entity Address State Or Province | LA | |
Entity Address, Postal Zip Code | 70570 | |
City Area Code | 337 | |
Local Phone Number | 948-3033 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CLST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,290,000 | |
Entity Central Index Key | 0001849867 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Non-interest-bearing cash | $ 511 | $ 4,933 |
Interest-bearing cash and due from banks | 39,585 | 35,951 |
Total cash and cash equivalents | 40,096 | 40,884 |
Investment securities: | ||
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Securities held-to-maturity (fair values of $12,181 and $13,152, respectively) | 13,492 | 13,498 |
Loans receivable, net of unearned income | 132,003 | 131,842 |
Allowance for loan losses | (2,173) | (2,276) |
Loans receivable, net | 129,830 | 129,566 |
Accrued interest receivable | 536 | 579 |
Foreclosed assets | 320 | 340 |
Premises and equipment, net | 6,475 | 6,577 |
Stock in correspondent banks, at cost | 1,794 | 1,793 |
Bank-owned life insurance | 8,824 | 3,303 |
Other assets | 1,256 | 470 |
TOTAL ASSETS | 287,272 | 285,349 |
Deposits | ||
Non-interest-bearing | 33,056 | 30,299 |
Interest-bearing | 150,028 | 146,496 |
Total deposits | 183,084 | 176,795 |
Advances from Federal Home Loan Bank | 9,063 | 9,018 |
Other liabilities | 663 | 1,190 |
TOTAL LIABILITIES | 192,810 | 187,003 |
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 March 31, 2022 and December 31, 2021 | 53 | 53 |
Additional paid-in capital | 50,821 | 50,802 |
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") | (4,126) | (4,179) |
Retained earnings | 52,222 | 52,353 |
Accumulated other comprehensive income (loss) | (4,508) | (683) |
TOTAL SHAREHOLDERS' EQUITY | 94,462 | 98,346 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 287,272 | $ 285,349 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
Fair Value | $ 12,181 | $ 13,152 |
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 | 5,290,000 |
Common Stock, Shares, Outstanding | 5,290,000 | 5,290,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST INCOME | ||
Loans receivable, including fees | $ 1,563 | $ 1,808 |
Investment securities | 329 | 121 |
Other | 19 | 14 |
Total interest income | 1,911 | 1,943 |
INTEREST EXPENSE | ||
Deposits | 92 | 155 |
Advances from Federal Home Loan Bank | 68 | 68 |
Total interest expense | 160 | 223 |
Net interest income | 1,751 | 1,720 |
Provision for (reversal of) loan losses | (71) | |
Net interest income after provision for (reversal of) loan losses | 1,822 | 1,720 |
NON-INTEREST INCOME | ||
Service charges on deposit accounts | 168 | 123 |
Gain on sale of fixed assets | 25 | |
Bank-owned life insurance | 21 | 22 |
Other | 8 | 17 |
Total non-interest income | 197 | 187 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 1,261 | 1,067 |
Occupancy and equipment | 210 | 182 |
Data processing and communication | 208 | 174 |
Professional fees | 140 | 73 |
Directors' fees | 55 | 71 |
ATM and debit card | 49 | 43 |
Foreclosed assets, net | (17) | (7) |
Advertising and marketing | 42 | 9 |
Franchise and shares tax | 58 | |
Other | 182 | 114 |
Total non-interest expense | 2,188 | 1,726 |
Income (loss) before income tax expense (benefit) | (169) | 181 |
Income tax expense (benefit) | (38) | 30 |
NET INCOME (LOSS) | $ (131) | $ 151 |
Earnings (loss) per share - basic | $ (0.03) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net income (loss) | $ (131) | $ 151 |
Net unrealized gains (losses) on available-for-sale securities | (4,842) | (413) |
Income tax effect | 1,017 | 86 |
Total other comprehensive income (loss) | (3,825) | (327) |
Total comprehensive income (loss) | $ (3,956) | $ (176) |
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, 2020 | $ 50,426 | $ 107 | $ 50,533 | |||
CHANGES IN EQUITY | ||||||
Net income (loss) | 151 | 151 | ||||
Other comprehensive income (loss) | (327) | (327) | ||||
Ending Balance at Mar. 31, 2021 | 50,577 | (220) | 50,357 | |||
Beginning Balance at Dec. 31, 2021 | $ 53 | $ 50,802 | $ (4,179) | 52,353 | (683) | 98,346 |
CHANGES IN EQUITY | ||||||
Net income (loss) | (131) | (131) | ||||
Other comprehensive income (loss) | (3,825) | (3,825) | ||||
ESOP shares released for allocation | 19 | 53 | 72 | |||
Ending Balance at Mar. 31, 2022 | $ 53 | $ 50,821 | $ (4,126) | $ 52,222 | $ (4,508) | $ 94,462 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (131) | $ 151 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Investment securities amortization, net | 139 | 91 |
Federal Home Loan Bank stock dividends | (1) | (3) |
Amortization of prepayment penalties on debt restructuring | 45 | 45 |
Provision for (reversal of) loan losses | (71) | |
Net gain on sale of premises and equipment | (25) | |
Increase in cash surrender value of bank-owned life insurance | (21) | (22) |
Stock-based compensation | 72 | |
Depreciation of premises and equipment | 121 | 100 |
Net gains on the sale of foreclosed assets | (21) | |
Deferred income tax expense (benefit) | 11 | (25) |
(Increase) decrease in other assets | (68) | (212) |
Increase (decrease) in other liabilities | (198) | 202 |
Net cash provided by (used in) operating activities | (123) | 302 |
Activity in available-for-sale securities: | ||
Proceeds from maturities, calls, and paydowns | 3,056 | 1,903 |
Purchases | (4,340) | (8,164) |
Net (increase) decrease in loans | (180) | 5,752 |
Proceeds from sale of foreclosed assets | 29 | |
Purchases of premises and equipment | (19) | (63) |
Proceeds from sale of premises and equipment | 25 | |
Purchase of bank-owned life insurance | (5,500) | |
Net cash used in investing activities | (6,954) | (547) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 6,289 | 12,071 |
Net cash provided by financing activities | 6,289 | 12,071 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (788) | 11,826 |
CASH AND CASH EQUIVALENTS, beginning of period | 40,884 | 25,245 |
CASH AND CASH EQUIVALENTS, end of period | 40,096 | 37,071 |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES | ||
Acquisition of real estate in settlement of loans | 120 | |
SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID | ||
Cash paid for interest | $ 113 | $ 214 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE 1. BASIS OF PRESENTATION 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. Shares of the Company’s common stock were issued and sold in an offering to certain depositors of the Bank and others. The Company was not engaged in operations and had not issued any shares of stock prior to the completion of the Conversion. As used in this report, unless the context otherwise requires, the terms “we,” “our,” “us,” or the “Company” refer to Catalyst Bancorp, and the term the “Bank” refers to St. Landry Homestead, the wholly owned subsidiary of the Company. In addition, unless the context otherwise requires, references to the operations of the Company include the operations of the Bank. The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month periods ended March 31, 2022 and 2021 are not necessarily indicative of the results which may be expected for the entire fiscal year. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2021. There have been no material changes from the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions. Certain amounts reported in prior periods may have been reclassified to conform to the current period presentation. Such reclassifications had no effect on previously reported equity or net income. |
COMPLETION OF STOCK OFFERING
COMPLETION OF STOCK OFFERING | 3 Months Ended |
Mar. 31, 2022 | |
COMPLETION OF STOCK OFFERING | |
COMPLETION OF STOCK OFFERING | NOTE 2. COMPLETION OF STOCK OFFERING 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 at December 31, 2021. The net proceeds of the IPO of $50.8 million are reflected in the Company’s shareholders’ equity at December 31, 2021. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2022 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (ASC 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 March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (ASC 326), Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures. The amendments in this ASU respond to feedback received by the FASB during the post-implementation review of the amendments included in ASU 2016-13. The amendments in ASU 2022-02 eliminate the accounting guidance for TDRs by creditors in ASC 310-40, Receivables – Troubled Debt Restructurings by Creditors and enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Stakeholders have observed that the additional designation of a loan modification as a TDR and the related accounting under current GAAP are unnecessarily complex and do not provide decision-useful information after the adoption of ASU 2016-13 since credit losses from TDRs are incorporated under the CECL model. Under the amendments in ASU 2022-02, an entity must apply the guidance under ASC 310-20 to determine whether a modification results in a new loan or a continuation of an existing loan rather than applying the guidance for TDRs. For public business entities, the amendments in ASU 2022-02 also require an entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The amendments in ASU 2022-02 are effective at the time of adoption of the amendments in ASU 2016-13. The Company is currently evaluating the provisions of the amendment, however, we do not expect the adoption of ASU 2022-02 to have a material effect on the Company’s consolidated financial statements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | NOTE 4. EARNINGS PER SHARE Earnings (loss) per common share was computed based on the following: Three Months Ended March 31, (In thousands, except per share data) 2022 Numerator Net income (loss) available to common shareholders $ (131) Denominator Weighted average common shares outstanding 5,290 Weighted average unallocated ESOP shares (415) Weighted average shares 4,875 Basic earnings (loss) per common share $ (0.03) During the three months ended March 31, 2022, 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 three months ended March 31, 2021, 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 | 3 Months Ended |
Mar. 31, 2022 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | NOTE 5. 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: March 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale Mortgage-backed securities $ 74,914 $ 2 $ (4,767) $ 70,149 U.S. Government and agency obligations 10,974 - (594) 10,380 Municipal obligations 4,467 - (347) 4,120 Total available-for-sale $ 90,355 $ 2 $ (5,708) $ 84,649 Securities held-to-maturity U.S. Government and agency obligations $ 13,016 $ - $ (1,287) $ 11,729 Municipal obligations 476 - (24) 452 Total held-to-maturity $ 13,492 $ - $ (1,311) $ 12,181 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 There were no securities transferred between classifications during the first three months of 2022 or in 2021. Investment securities with a carrying amount of approximately $10.5 million and $10.2 million, respectively, were pledged to secure deposits as required or permitted by law at March 31, 2022 and December 31, 2021. The following is a summary of maturities of securities held-to-maturity and available-for-sale at March 31, 2022 and December 31, 2021: March 31, 2022 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 11,401 10,906 - - After five through ten years 13,363 12,653 9,476 8,498 After ten years 65,591 61,090 4,016 3,683 Total $ 90,355 $ 84,649 $ 13,492 $ 12,181 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 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 March 31, 2022 and December 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: March 31, 2022 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 $ 64,650 $ (4,256) $ 5,103 $ (511) $ 69,753 $ (4,767) U.S. Government and agency obligations 8,600 (374) 1,780 (220) 10,380 (594) Municipal obligations 3,051 (247) 1,069 (100) 4,120 (347) Total available-for-sale $ 76,301 $ (4,877) $ 7,952 $ (831) $ 84,253 $ (5,708) Securities held-to-maturity U.S. Government and agency obligations $ 2,831 $ (185) $ 8,898 $ (1,102) $ 11,729 $ (1,287) Municipal obligations 452 (24) - - 452 (24) Total held-to-maturity $ 3,283 $ (209) $ 8,898 $ (1,102) $ 12,181 $ (1,311) Total $ 79,584 $ (5,086) $ 16,850 $ (1,933) $ 96,434 $ (7,019) 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) 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 March 31, 2022, there were 86 securities with an unrealized loss, compared to 67 securities with an unrealized loss at December 31, 2021. The securities in unrealized loss positions consisted of government-sponsored mortgage-backed securities and debt obligations guaranteed by federal, state and local government entities. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer's financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition. As management has the intent and ability to hold securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other-than-temporary. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 3 Months Ended |
Mar. 31, 2022 | |
LOANS RECEIVABLE | |
LOANS RECEIVABLE | NOTE 6. LOANS RECEIVABLE Loans receivable at March 31, 2022 and December 31, 2021 are summarized as follows: March 31, December 31, (Dollars in thousands) 2022 2021 Real estate loans One- to four-family residential $ 87,144 $ 87,303 Commercial real estate 22,611 23,112 Construction and land 4,739 4,079 Multi-family residential 3,367 4,589 Total real estate loans 117,861 119,083 Other loans Commercial and industrial 10,119 8,374 Consumer 4,023 4,385 Total other loans 14,142 12,759 Total loans 132,003 131,842 Less: Allowance for loan losses (2,173) (2,276) Net loans $ 129,830 $ 129,566 The following tables outline the changes in the allowance for loan losses by collateral type for the three months ended March 31, 2022 and 2021. For the Three Months Ended March 31, 2022 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,573 $ (53) $ (55) $ 30 $ 1,495 Commercial real estate 370 (37) - - 333 Construction and land 55 4 - - 59 Multi-family residential 73 (22) - - 51 Commercial and industrial 137 41 (2) - 176 Consumer 68 (4) (6) 1 59 Total $ 2,276 $ (71) $ (63) $ 31 $ 2,173 For the Three Months Ended March 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 $ (48) $ (82) $ 24 $ 1,804 Commercial real estate 744 (7) - - 737 Construction and land 82 (15) - - 67 Multi-family residential 68 (1) - - 67 Commercial and industrial 101 5 - - 106 Consumer 78 41 (7) 5 117 Unallocated 39 25 - - 64 Total $ 3,022 $ - $ (89) $ 29 $ 2,962 The following tables outline the changes in the allowance for loan losses individually and collectively evaluated for impairment, and the amount of loans individually and collectively evaluated for impairment at March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (Dollars in thousands) Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total Allowance for loan losses One- to four-family residential $ 340 $ 1,155 $ 1,495 $ 319 $ 1,254 $ 1,573 Commercial real estate - 333 333 - 370 370 Construction and land - 59 59 - 55 55 Multi-family residential - 51 51 - 73 73 Commercial and industrial 17 159 176 17 120 137 Consumer - 59 59 - 68 68 Total $ 357 $ 1,816 $ 2,173 $ 336 $ 1,940 $ 2,276 Loans One- to four-family residential $ 2,901 $ 84,243 $ 87,144 $ 2,266 $ 85,037 $ 87,303 Commercial real estate 51 22,560 22,611 - 23,112 23,112 Construction and land 62 4,677 4,739 37 4,042 4,079 Multi-family residential - 3,367 3,367 - 4,589 4,589 Commercial and industrial 17 10,102 10,119 18 8,356 8,374 Consumer - 4,023 4,023 - 4,385 4,385 Total $ 3,031 $ 128,972 $ 132,003 $ 2,321 $ 129,521 $ 131,842 A summary of current, past due and nonaccrual loans as of March 31, 2022 and December 31, 2021 follows: As of March 31, 2022 (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 $ 1,798 $ - $ 571 $ 2,369 $ 84,211 $ 564 $ 87,144 Commercial real estate 261 - - 261 22,298 52 22,611 Construction and land 7 - 62 69 4,667 3 4,739 Multi-family residential - - - - 3,367 - 3,367 Commercial and industrial - - 17 17 10,102 - 10,119 Consumer 12 - - 12 4,011 - 4,023 Total $ 2,078 $ - $ 650 $ 2,728 $ 128,656 $ 619 $ 132,003 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 and 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 The Company was not committed to lend any additional funds on nonaccrual loans at March 31, 2022 or December 31, 2021. At March 31, 2022 and December 31, 2021, loans secured by residential real estate for which formal foreclosure proceedings were in process totaled $158,000 and $47,000, respectively. 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. During the three months ended March 31, 2022, no loans were modified in a manner deemed to constitute a TDR. Information pertaining to loans modified during the year ended December 31, 2021 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 Troubled debt restructured loans were modified to defer principal and extend maturity on average for three months. All three loans modified during the year ended December 31, 2021 defaulted after 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 March 31, 2022 and December 31, 2021 follows: As of and for the Three Months Ended March 31, 2022 (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 $ 2,117 $ 784 $ 3,502 $ 340 $ 2,911 $ 21 Commercial real estate 51 - 52 - 52 - Construction and land 62 - 70 - 62 - Multi-family residential - - - - - - Commercial and industrial - 17 17 17 17 - Consumer - - - - - - Total $ 2,230 $ 801 $ 3,641 $ 357 $ 3,042 $ 21 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 and land 37 - 44 - 39 - Multi-family residential - - - - - - Commercial and industrial 1 17 21 17 20 2 Consumer - - - - - - Total $ 1,191 $ 1,130 $ 3,193 $ 336 $ 2,424 $ 69 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. Credit quality classifications follow regulatory guidelines and can generally be described as follows: Pass Special Mention Substandard Doubtful Loss The information for each of the credit quality indicators is updated at least quarterly in conjunction with the determination of the adequacy of the allowance for loan losses. March 31, 2022 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total One- to four-family residential $ 83,237 $ 296 $ 3,611 $ - $ 87,144 Commercial real estate 20,492 2,010 109 - 22,611 Construction and land 4,654 - 85 - 4,739 Multi-family residential 3,367 - - - 3,367 Commercial and industrial 10,102 - 17 - 10,119 Consumer 4,021 2 - - 4,023 Total $ 125,873 $ 2,308 $ 3,822 $ - $ 132,003 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 and land 3,990 - 89 - 4,079 Multi-family residential 3,419 1,170 - - 4,589 Commercial and industrial 8,356 - 18 - 8,374 Consumer 4,372 - 13 - 4,385 Total $ 124,537 $ 3,732 $ 3,573 $ - $ 131,842 |
CAPITAL REQUIREMENTS AND OTHER
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2022 | |
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS | |
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS | NOTE 7. 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 judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of: total risk-based capital, Tier 1 Capital to risk-weighted assets, and Tier 1 Capital to adjusted total assets. As of March 31, 2022 and December 31, 2021, the Bank met all of the capital adequacy requirements to which it is subject. At March 31, 2022 and December 31, 2021, 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 March 31, 2022 Common Equity Tier 1 Capital $ 77,713 57.98 % $ 8,712 >6.5 % Tier 1 Risk-Based Capital 77,713 57.98 10,723 >8.0 Total Risk-Based Capital 79,394 59.23 13,403 >10.0 Tier 1 Leverage Capital 77,713 28.39 13,689 >5.0 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 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES. | |
COMMITMENTS AND CONTINGENCIES | NOTE 8. 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. The Company is not involved in any pending legal proceedings as a plaintiff or defendant other than routine legal proceedings occurring in the ordinary course of business, and at March 31, 2022, we were not involved in any legal proceedings, the outcome of which would be material to our financial condition or results of operations. 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. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2022 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | NOTE 9. 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 values of assets and liabilities measured on a recurring basis at March 31, 2022 and December 31, 2021 follows: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 March 31, 2022 Available-for-sale securities $ 84,649 $ - $ 84,649 $ - December 31, 2021 Available-for-sale securities $ 88,339 $ - $ 88,339 $ - Fair values of assets and liabilities measured on a nonrecurring basis at March 31, 2022 and December 31, 2021 follows: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 March 31, 2022 Impaired loans $ 689 $ - $ - $ 689 Foreclosed assets 320 - - 320 Total $ 1,009 $ - $ - $ 1,009 December 31, 2021 Impaired loans $ 1,020 $ - $ - $ 1,020 Foreclosed assets 340 - - 340 Total $ 1,360 $ - $ - $ 1,360 At March 31, 2022 and December 31, 2021, impaired loans with a recorded investment of $1.0 million and $1.4 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 three months ended March 31, 2022, no impairment losses on foreclosed assets were recognized. The fair value of impaired loans and real estate owned is estimated using current appraised values less estimated costs to sell and discounts to reflect current market conditions. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 10. FAIR VALUE 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 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 Investment Securities Loans Receivable, net Bank-owned Life Insurance Non-maturity Deposit Liabilities Certificates of Deposit Federal Home Loan Bank Borrowings Other Assets and Liabilities 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. The estimated fair values of the Bank’s financial instruments as of March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 40,096 $ 40,096 $ 40,096 $ - $ - Investment securities: Available-for-sale 84,649 84,649 - 84,649 - Held-to-maturity 13,492 12,181 - 12,181 - Loans receivable, net 129,830 128,464 - - 128,464 Bank-owned life insurance 8,824 8,824 - 8,824 - Financial Liabilities: Deposits 183,084 182,839 - 182,839 - Borrowed funds 9,063 8,170 - 8,170 - 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 - The carrying amounts in the preceding table are included in the statement of financial condition under the applicable captions. It is not practical to estimate the fair value of Federal Home Loan Bank (“FHLB”) and First National Bankers Bank stock because they are not marketable. The carrying amount of investments without readily determinable fair value are reported in the Consolidated Statements of Financial Condition at historical cost. |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Recent Accounting Pronouncements | In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (ASC 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 March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (ASC 326), Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures. The amendments in this ASU respond to feedback received by the FASB during the post-implementation review of the amendments included in ASU 2016-13. The amendments in ASU 2022-02 eliminate the accounting guidance for TDRs by creditors in ASC 310-40, Receivables – Troubled Debt Restructurings by Creditors and enhance disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Stakeholders have observed that the additional designation of a loan modification as a TDR and the related accounting under current GAAP are unnecessarily complex and do not provide decision-useful information after the adoption of ASU 2016-13 since credit losses from TDRs are incorporated under the CECL model. Under the amendments in ASU 2022-02, an entity must apply the guidance under ASC 310-20 to determine whether a modification results in a new loan or a continuation of an existing loan rather than applying the guidance for TDRs. For public business entities, the amendments in ASU 2022-02 also require an entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The amendments in ASU 2022-02 are effective at the time of adoption of the amendments in ASU 2016-13. The Company is currently evaluating the provisions of the amendment, however, we do not expect the adoption of ASU 2022-02 to have a material effect on the Company’s consolidated financial statements. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
EARNINGS PER SHARE | |
Schedule of Earnings Per Share, Basic | Three Months Ended March 31, (In thousands, except per share data) 2022 Numerator Net income (loss) available to common shareholders $ (131) Denominator Weighted average common shares outstanding 5,290 Weighted average unallocated ESOP shares (415) Weighted average shares 4,875 Basic earnings (loss) per common share $ (0.03) |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
INVESTMENT SECURITIES | |
Schedule of amortized cost and fair values of securities | March 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale Mortgage-backed securities $ 74,914 $ 2 $ (4,767) $ 70,149 U.S. Government and agency obligations 10,974 - (594) 10,380 Municipal obligations 4,467 - (347) 4,120 Total available-for-sale $ 90,355 $ 2 $ (5,708) $ 84,649 Securities held-to-maturity U.S. Government and agency obligations $ 13,016 $ - $ (1,287) $ 11,729 Municipal obligations 476 - (24) 452 Total held-to-maturity $ 13,492 $ - $ (1,311) $ 12,181 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 |
Schedule of maturities of securities held-to-maturity and available-for-sale | March 31, 2022 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 11,401 10,906 - - After five through ten years 13,363 12,653 9,476 8,498 After ten years 65,591 61,090 4,016 3,683 Total $ 90,355 $ 84,649 $ 13,492 $ 12,181 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 |
Schedule of securities with gross unrealized losses | March 31, 2022 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 $ 64,650 $ (4,256) $ 5,103 $ (511) $ 69,753 $ (4,767) U.S. Government and agency obligations 8,600 (374) 1,780 (220) 10,380 (594) Municipal obligations 3,051 (247) 1,069 (100) 4,120 (347) Total available-for-sale $ 76,301 $ (4,877) $ 7,952 $ (831) $ 84,253 $ (5,708) Securities held-to-maturity U.S. Government and agency obligations $ 2,831 $ (185) $ 8,898 $ (1,102) $ 11,729 $ (1,287) Municipal obligations 452 (24) - - 452 (24) Total held-to-maturity $ 3,283 $ (209) $ 8,898 $ (1,102) $ 12,181 $ (1,311) Total $ 79,584 $ (5,086) $ 16,850 $ (1,933) $ 96,434 $ (7,019) 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) |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
LOANS RECEIVABLE | |
Schedule of loans receivable | March 31, December 31, (Dollars in thousands) 2022 2021 Real estate loans One- to four-family residential $ 87,144 $ 87,303 Commercial real estate 22,611 23,112 Construction and land 4,739 4,079 Multi-family residential 3,367 4,589 Total real estate loans 117,861 119,083 Other loans Commercial and industrial 10,119 8,374 Consumer 4,023 4,385 Total other loans 14,142 12,759 Total loans 132,003 131,842 Less: Allowance for loan losses (2,173) (2,276) Net loans $ 129,830 $ 129,566 |
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 three months ended March 31, 2022 and 2021. For the Three Months Ended March 31, 2022 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,573 $ (53) $ (55) $ 30 $ 1,495 Commercial real estate 370 (37) - - 333 Construction and land 55 4 - - 59 Multi-family residential 73 (22) - - 51 Commercial and industrial 137 41 (2) - 176 Consumer 68 (4) (6) 1 59 Total $ 2,276 $ (71) $ (63) $ 31 $ 2,173 For the Three Months Ended March 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 $ (48) $ (82) $ 24 $ 1,804 Commercial real estate 744 (7) - - 737 Construction and land 82 (15) - - 67 Multi-family residential 68 (1) - - 67 Commercial and industrial 101 5 - - 106 Consumer 78 41 (7) 5 117 Unallocated 39 25 - - 64 Total $ 3,022 $ - $ (89) $ 29 $ 2,962 The following tables outline the changes in the allowance for loan losses individually and collectively evaluated for impairment, and the amount of loans individually and collectively evaluated for impairment at March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (Dollars in thousands) Individually Evaluated Collectively Evaluated Total Individually Evaluated Collectively Evaluated Total Allowance for loan losses One- to four-family residential $ 340 $ 1,155 $ 1,495 $ 319 $ 1,254 $ 1,573 Commercial real estate - 333 333 - 370 370 Construction and land - 59 59 - 55 55 Multi-family residential - 51 51 - 73 73 Commercial and industrial 17 159 176 17 120 137 Consumer - 59 59 - 68 68 Total $ 357 $ 1,816 $ 2,173 $ 336 $ 1,940 $ 2,276 Loans One- to four-family residential $ 2,901 $ 84,243 $ 87,144 $ 2,266 $ 85,037 $ 87,303 Commercial real estate 51 22,560 22,611 - 23,112 23,112 Construction and land 62 4,677 4,739 37 4,042 4,079 Multi-family residential - 3,367 3,367 - 4,589 4,589 Commercial and industrial 17 10,102 10,119 18 8,356 8,374 Consumer - 4,023 4,023 - 4,385 4,385 Total $ 3,031 $ 128,972 $ 132,003 $ 2,321 $ 129,521 $ 131,842 |
Summary of current, past due and nonaccrual loans | As of March 31, 2022 (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 $ 1,798 $ - $ 571 $ 2,369 $ 84,211 $ 564 $ 87,144 Commercial real estate 261 - - 261 22,298 52 22,611 Construction and land 7 - 62 69 4,667 3 4,739 Multi-family residential - - - - 3,367 - 3,367 Commercial and industrial - - 17 17 10,102 - 10,119 Consumer 12 - - 12 4,011 - 4,023 Total $ 2,078 $ - $ 650 $ 2,728 $ 128,656 $ 619 $ 132,003 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 and 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 |
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 |
Schedule of impaired loans | Information on impaired loans as of March 31, 2022 and December 31, 2021 follows: As of and for the Three Months Ended March 31, 2022 (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 $ 2,117 $ 784 $ 3,502 $ 340 $ 2,911 $ 21 Commercial real estate 51 - 52 - 52 - Construction and land 62 - 70 - 62 - Multi-family residential - - - - - - Commercial and industrial - 17 17 17 17 - Consumer - - - - - - Total $ 2,230 $ 801 $ 3,641 $ 357 $ 3,042 $ 21 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 and land 37 - 44 - 39 - Multi-family residential - - - - - - Commercial and industrial 1 17 21 17 20 2 Consumer - - - - - - Total $ 1,191 $ 1,130 $ 3,193 $ 336 $ 2,424 $ 69 |
Schedule of credit quality indicators | The information for each of the credit quality indicators is updated at least quarterly in conjunction with the determination of the adequacy of the allowance for loan losses. March 31, 2022 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total One- to four-family residential $ 83,237 $ 296 $ 3,611 $ - $ 87,144 Commercial real estate 20,492 2,010 109 - 22,611 Construction and land 4,654 - 85 - 4,739 Multi-family residential 3,367 - - - 3,367 Commercial and industrial 10,102 - 17 - 10,119 Consumer 4,021 2 - - 4,023 Total $ 125,873 $ 2,308 $ 3,822 $ - $ 132,003 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 and land 3,990 - 89 - 4,079 Multi-family residential 3,419 1,170 - - 4,589 Commercial and industrial 8,356 - 18 - 8,374 Consumer 4,372 - 13 - 4,385 Total $ 124,537 $ 3,732 $ 3,573 $ - $ 131,842 |
CAPITAL REQUIREMENTS AND OTHE_2
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Common Equity Tier 1 Capital $ 77,713 57.98 % $ 8,712 >6.5 % Tier 1 Risk-Based Capital 77,713 57.98 10,723 >8.0 Total Risk-Based Capital 79,394 59.23 13,403 >10.0 Tier 1 Leverage Capital 77,713 28.39 13,689 >5.0 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 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
FAIR VALUE MEASUREMENTS | |
Schedule of fair values of assets and liabilities measured on a recurring and nonrecurring basis | Fair values of assets and liabilities measured on a recurring basis at March 31, 2022 and December 31, 2021 follows: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 March 31, 2022 Available-for-sale securities $ 84,649 $ - $ 84,649 $ - December 31, 2021 Available-for-sale securities $ 88,339 $ - $ 88,339 $ - Fair values of assets and liabilities measured on a nonrecurring basis at March 31, 2022 and December 31, 2021 follows: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 March 31, 2022 Impaired loans $ 689 $ - $ - $ 689 Foreclosed assets 320 - - 320 Total $ 1,009 $ - $ - $ 1,009 December 31, 2021 Impaired loans $ 1,020 $ - $ - $ 1,020 Foreclosed assets 340 - - 340 Total $ 1,360 $ - $ - $ 1,360 |
FAIR VALUES OF FINANCIAL INSTRU
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of estimated fair values of the Bank's financial instruments | March 31, 2022 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 40,096 $ 40,096 $ 40,096 $ - $ - Investment securities: Available-for-sale 84,649 84,649 - 84,649 - Held-to-maturity 13,492 12,181 - 12,181 - Loans receivable, net 129,830 128,464 - - 128,464 Bank-owned life insurance 8,824 8,824 - 8,824 - Financial Liabilities: Deposits 183,084 182,839 - 182,839 - Borrowed funds 9,063 8,170 - 8,170 - 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 - |
COMPLETION OF STOCK OFFERING (D
COMPLETION OF STOCK OFFERING (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 12, 2021 | Dec. 31, 2021 | Mar. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | |
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 | $ 52.9 | ||
Loan to ESOP for purchase of common stock | $ 4.2 | ||
Purchase of shares under ESOP | 423,200 | ||
Net proceeds from offering | $ 50.8 | ||
Deferred conversion costs | $ 2.1 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator | ||
Net income available to common shareholders | $ (131) | $ 151 |
Denominator | ||
Weighted average common shares outstanding | 5,290,000 | |
Weighted average unallocated ESOP shares | (415,000) | |
Weighted average shares | 4,875,000 | |
Earnings (loss) per share - basic | $ (0.03) | |
Potential dilution of earnings per share. | 0 |
INVESTMENT SECURITIES - Fair Va
INVESTMENT SECURITIES - Fair Value to Amortized Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Securities Available-for-Sale | |||
Amortized cost | $ 90,355 | $ 89,203 | |
Gross Unrealized Gains | 2 | 88 | |
Gross Unrealized Losses | (5,708) | (952) | |
Fair Value | 84,649 | 88,339 | |
Securities Held-to-Maturity | |||
Amortized cost | 13,492 | 13,498 | |
Gross Unrealized Gains | 29 | ||
Gross Unrealized Losses | (1,311) | (375) | |
Fair Value | 12,181 | 13,152 | |
Securities transferred between classifications | 0 | $ 0 | |
Securities pledged as collateral | 10,500 | 10,200 | |
Mortgage-backed | |||
Securities Available-for-Sale | |||
Amortized cost | 74,914 | 75,374 | |
Gross Unrealized Gains | 2 | 87 | |
Gross Unrealized Losses | (4,767) | (798) | |
Fair Value | 70,149 | 74,663 | |
U.S. Government and agency obligations | |||
Securities Available-for-Sale | |||
Amortized cost | 10,974 | 9,347 | |
Gross Unrealized Gains | 1 | ||
Gross Unrealized Losses | (594) | (111) | |
Fair Value | 10,380 | 9,237 | |
Securities Held-to-Maturity | |||
Amortized cost | 13,016 | 13,019 | |
Gross Unrealized Gains | 23 | ||
Gross Unrealized Losses | (1,287) | (375) | |
Fair Value | 11,729 | 12,667 | |
Municipal obligations | |||
Securities Available-for-Sale | |||
Amortized cost | 4,467 | 4,482 | |
Gross Unrealized Losses | (347) | (43) | |
Fair Value | 4,120 | 4,439 | |
Securities Held-to-Maturity | |||
Amortized cost | 476 | 479 | |
Gross Unrealized Gains | 6 | ||
Gross Unrealized Losses | (24) | ||
Fair Value | $ 452 | $ 485 |
INVESTMENT SECURITIES - Maturit
INVESTMENT SECURITIES - Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale securities, Amortized cost | ||
Due from one to five years | $ 11,401 | $ 8,431 |
Due from five to ten years | 13,363 | 12,695 |
After ten years | 65,591 | 68,077 |
Total | 90,355 | 89,203 |
Available-for-sale securities, Fair value | ||
Due from one to five years | 10,906 | 8,396 |
Due from five to ten years | 12,653 | 12,604 |
After ten years | 61,090 | 67,339 |
Total | 84,649 | 88,339 |
Held-to-maturity securities, Amortized cost | ||
Due from five to ten years | 9,476 | 9,479 |
After ten years | 4,016 | 4,019 |
Total | 13,492 | 13,498 |
Held-to-maturity securities, Fair value | ||
Due from five to ten years | 8,498 | 9,157 |
After ten years | 3,683 | 3,995 |
Total | $ 12,181 | $ 13,152 |
INVESTMENT SECURITIES - Securit
INVESTMENT SECURITIES - Securities with Gross Unrealized Losses (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security | |
Securities Held-to-Maturity, Fair Value | ||
Less than 12 months | $ 3,283,000 | $ 1,940,000 |
Over 12 months | 8,898,000 | 7,685,000 |
Fair value | 12,181,000 | 9,625,000 |
Securities Held-to-Maturity, Gross Unrealized Losses | ||
Less than 12 months | (209,000) | (61,000) |
Over 12 months | (1,102,000) | (314,000) |
Gross unrealized losses | (1,311,000) | (375,000) |
Securities Available-for-Sale, Fair Value | ||
Less than 12 months | 76,301,000 | 77,392,000 |
Over 12 months | 7,952,000 | 4,958,000 |
Fair value | 84,253,000 | 82,350,000 |
Securities Available-for-Sale, Gross Unrealized Losses | ||
Less than 12 months | (4,877,000) | (794,000) |
Over 12 months | (831,000) | (158,000) |
Gross unrealized losses | (5,708,000) | (952,000) |
Total, Fair Value | ||
Less than 12 months | 79,584,000 | 79,332,000 |
Over 12 months | 16,850,000 | 12,643,000 |
Fair value | 96,434,000 | 91,975,000 |
Total, Gross Unrealized Losses | ||
Less than 12 months | (5,086,000) | (855,000) |
Over 12 months | (1,933,000) | (472,000) |
Gross unrealized losses | $ (7,019,000) | $ (1,327,000) |
Number of securities in unrealized loss position | security | 86 | 67 |
Other-than-temporary impairment | $ 0 | |
Mortgage-backed | ||
Securities Available-for-Sale, Fair Value | ||
Less than 12 months | 64,650,000 | $ 68,412,000 |
Over 12 months | 5,103,000 | 1,889,000 |
Fair value | 69,753,000 | 70,301,000 |
Securities Available-for-Sale, Gross Unrealized Losses | ||
Less than 12 months | (4,256,000) | (746,000) |
Over 12 months | (511,000) | (52,000) |
Gross unrealized losses | (4,767,000) | (798,000) |
U.S. Government and agency obligations | ||
Securities Held-to-Maturity, Fair Value | ||
Less than 12 months | 2,831,000 | 1,940,000 |
Over 12 months | 8,898,000 | 7,685,000 |
Fair value | 11,729,000 | 9,625,000 |
Securities Held-to-Maturity, Gross Unrealized Losses | ||
Less than 12 months | (185,000) | (61,000) |
Over 12 months | (1,102,000) | (314,000) |
Gross unrealized losses | (1,287,000) | (375,000) |
Securities Available-for-Sale, Fair Value | ||
Less than 12 months | 8,600,000 | 5,697,000 |
Over 12 months | 1,780,000 | 1,913,000 |
Fair value | 10,380,000 | 7,610,000 |
Securities Available-for-Sale, Gross Unrealized Losses | ||
Less than 12 months | (374,000) | (24,000) |
Over 12 months | (220,000) | (87,000) |
Gross unrealized losses | (594,000) | (111,000) |
Municipal obligations | ||
Securities Held-to-Maturity, Fair Value | ||
Less than 12 months | 452,000 | |
Fair value | 452,000 | |
Securities Held-to-Maturity, Gross Unrealized Losses | ||
Less than 12 months | (24,000) | |
Gross unrealized losses | (24,000) | |
Securities Available-for-Sale, Fair Value | ||
Less than 12 months | 3,051,000 | 3,283,000 |
Over 12 months | 1,069,000 | 1,156,000 |
Fair value | 4,120,000 | 4,439,000 |
Securities Available-for-Sale, Gross Unrealized Losses | ||
Less than 12 months | (247,000) | (24,000) |
Over 12 months | (100,000) | (19,000) |
Gross unrealized losses | $ (347,000) | $ (43,000) |
LOANS RECEIVABLE (Details)
LOANS RECEIVABLE (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 132,003,000 | $ 131,842,000 | ||
Less allowance for loan losses | (2,173,000) | (2,276,000) | $ (2,962,000) | $ (3,022,000) |
Loans receivable, net | 129,830,000 | 129,566,000 | ||
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 117,861,000 | 119,083,000 | ||
One- to four-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 87,144,000 | 87,303,000 | ||
Less allowance for loan losses | (1,495,000) | (1,573,000) | (1,804,000) | (1,910,000) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 22,611,000 | 23,112,000 | ||
Less allowance for loan losses | (333,000) | (370,000) | (737,000) | (744,000) |
Construction & land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 4,739,000 | 4,079,000 | ||
Less allowance for loan losses | (59,000) | (55,000) | (67,000) | (82,000) |
Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,367,000 | 4,589,000 | ||
Less allowance for loan losses | (51,000) | (73,000) | (67,000) | (68,000) |
Other loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 14,142,000 | 12,759,000 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 10,119,000 | 8,374,000 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 4,023,000 | 4,385,000 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 158,000 | 47,000 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 4,023,000 | 4,385,000 | ||
Less allowance for loan losses | (59,000) | (68,000) | (117,000) | (78,000) |
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 10,119,000 | 8,374,000 | ||
Less allowance for loan losses | $ (176,000) | $ (137,000) | (106,000) | (101,000) |
Unallocated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Less allowance for loan losses | $ (64,000) | $ (39,000) |
LOANS RECEIVABLE - Allowance fo
LOANS RECEIVABLE - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 2,276 | $ 3,022 |
(Reversal of) provision for loan losses | (71) | |
Charge-offs | (63) | (89) |
Recoveries | 31 | 29 |
Ending balance | 2,173 | 2,962 |
One- to four-family residential | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,573 | 1,910 |
(Reversal of) provision for loan losses | (53) | (48) |
Charge-offs | (55) | (82) |
Recoveries | 30 | 24 |
Ending balance | 1,495 | 1,804 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 370 | 744 |
(Reversal of) provision for loan losses | (37) | (7) |
Ending balance | 333 | 737 |
Construction & land | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 55 | 82 |
(Reversal of) provision for loan losses | 4 | (15) |
Ending balance | 59 | 67 |
Multi-family residential | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 73 | 68 |
(Reversal of) provision for loan losses | (22) | (1) |
Ending balance | 51 | 67 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 68 | 78 |
(Reversal of) provision for loan losses | (4) | 41 |
Charge-offs | (6) | (7) |
Recoveries | 1 | 5 |
Ending balance | 59 | 117 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 137 | 101 |
(Reversal of) provision for loan losses | 41 | 5 |
Charge-offs | (2) | |
Ending balance | $ 176 | 106 |
Unallocated | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 39 | |
(Reversal of) provision for loan losses | 25 | |
Ending balance | $ 64 |
LOANS RECEIVABLE - Individually
LOANS RECEIVABLE - Individually and Collectively Evaluated (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses: | ||||
Individually evaluated for impairment | $ 357,000 | $ 336,000 | ||
Collectively evaluated for impairment | 1,816,000 | 1,940,000 | ||
Total | 2,173,000 | 2,276,000 | $ 2,962,000 | $ 3,022,000 |
Loans: | ||||
Individually evaluated for impairment | 3,031,000 | 2,321,000 | ||
Collectively evaluated for impairment | 128,972,000 | 129,521,000 | ||
Total loans | 132,003,000 | 131,842,000 | ||
Real Estate | ||||
Loans: | ||||
Total loans | 117,861,000 | 119,083,000 | ||
One- to four-family residential | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 340,000 | 319,000 | ||
Collectively evaluated for impairment | 1,155,000 | 1,254,000 | ||
Total | 1,495,000 | 1,573,000 | 1,804,000 | 1,910,000 |
Loans: | ||||
Individually evaluated for impairment | 2,901,000 | 2,266,000 | ||
Collectively evaluated for impairment | 84,243,000 | 85,037,000 | ||
Total loans | 87,144,000 | 87,303,000 | ||
Commercial real estate | ||||
Allowance for loan losses: | ||||
Collectively evaluated for impairment | 333,000 | 370,000 | ||
Total | 333,000 | 370,000 | 737,000 | 744,000 |
Loans: | ||||
Individually evaluated for impairment | 51,000 | |||
Collectively evaluated for impairment | 22,560,000 | 23,112,000 | ||
Total loans | 22,611,000 | 23,112,000 | ||
Construction & land | ||||
Allowance for loan losses: | ||||
Collectively evaluated for impairment | 59,000 | 55,000 | ||
Total | 59,000 | 55,000 | 67,000 | 82,000 |
Loans: | ||||
Individually evaluated for impairment | 62,000 | 37,000 | ||
Collectively evaluated for impairment | 4,677,000 | 4,042,000 | ||
Total loans | 4,739,000 | 4,079,000 | ||
Multi-family residential | ||||
Allowance for loan losses: | ||||
Collectively evaluated for impairment | 51,000 | 73,000 | ||
Total | 51,000 | 73,000 | 67,000 | 68,000 |
Loans: | ||||
Collectively evaluated for impairment | 3,367,000 | 4,589,000 | ||
Total loans | 3,367,000 | 4,589,000 | ||
Commercial and industrial | ||||
Loans: | ||||
Total loans | 10,119,000 | 8,374,000 | ||
Consumer | ||||
Loans: | ||||
Total loans | 4,023,000 | 4,385,000 | ||
Residential real estate | ||||
Loans: | ||||
Total loans | 158,000 | 47,000 | ||
Consumer | ||||
Allowance for loan losses: | ||||
Collectively evaluated for impairment | 59,000 | 68,000 | ||
Total | 59,000 | 68,000 | 117,000 | 78,000 |
Loans: | ||||
Collectively evaluated for impairment | 4,023,000 | 4,385,000 | ||
Total loans | 4,023,000 | 4,385,000 | ||
Commercial and industrial | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 17,000 | 17,000 | ||
Collectively evaluated for impairment | 159,000 | 120,000 | ||
Total | 176,000 | 137,000 | 106,000 | 101,000 |
Loans: | ||||
Individually evaluated for impairment | 17,000 | 18,000 | ||
Collectively evaluated for impairment | 10,102,000 | 8,356,000 | ||
Total loans | $ 10,119,000 | $ 8,374,000 | ||
Unallocated | ||||
Allowance for loan losses: | ||||
Total | $ 64,000 | $ 39,000 |
LOANS RECEIVABLE - Current, Pas
LOANS RECEIVABLE - Current, Past Due and Nonaccrual Loans (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 132,003,000 | $ 131,842,000 |
Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,728,000 | 2,816,000 |
Past Due 30-89 Days Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,078,000 | 2,343,000 |
Past Due Over 90 Days and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,000 | |
Past Due Over 30 Days Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 650,000 | 472,000 |
Current and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 128,656,000 | 128,608,000 |
Current and Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 619,000 | 418,000 |
Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 117,861,000 | 119,083,000 |
One- to four-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 87,144,000 | 87,303,000 |
One- to four-family residential | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,369,000 | 2,527,000 |
One- to four-family residential | Past Due 30-89 Days Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,798,000 | 2,116,000 |
One- to four-family residential | Past Due Over 30 Days Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 571,000 | 411,000 |
One- to four-family residential | Current and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 84,211,000 | 84,396,000 |
One- to four-family residential | Current and Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 564,000 | 380,000 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 22,611,000 | 23,112,000 |
Commercial real estate | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 261,000 | 133,000 |
Commercial real estate | Past Due 30-89 Days Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 261,000 | 133,000 |
Commercial real estate | Current and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 22,298,000 | 22,979,000 |
Commercial real estate | Current and Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 52,000 | |
Construction & land | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,739,000 | 4,079,000 |
Construction & land | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 69,000 | 93,000 |
Construction & land | Past Due 30-89 Days Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 7,000 | 62,000 |
Construction & land | Past Due Over 30 Days Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 62,000 | 31,000 |
Construction & land | Current and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,667,000 | 3,949,000 |
Construction & land | Current and Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,000 | 37,000 |
Multi-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,367,000 | 4,589,000 |
Multi-family residential | Current and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,367,000 | 4,589,000 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,023,000 | 4,385,000 |
Consumer | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,000 | 46,000 |
Consumer | Past Due 30-89 Days Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,000 | 32,000 |
Consumer | Past Due Over 90 Days and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,000 | |
Consumer | Past Due Over 30 Days Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 13,000 | |
Consumer | Current and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,011,000 | 4,339,000 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 10,119,000 | 8,374,000 |
Commercial and industrial | Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,000 | 17,000 |
Commercial and industrial | Past Due Over 30 Days Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,000 | 17,000 |
Commercial and industrial | Current and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 10,102,000 | 8,356,000 |
Commercial and industrial | Current and Non-Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,000 | |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 158,000 | 47,000 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,023,000 | 4,385,000 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 10,119,000 | $ 8,374,000 |
LOANS RECEIVABLE - Loans Modifi
LOANS RECEIVABLE - Loans Modification (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)contract | Dec. 31, 2021USD ($)contractloan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of contracts | contract | 0 | 3 |
Pre-modification Outstanding Recorded Investment | $ 186 | |
Post-modification Outstanding Recorded Investment | $ 189 | |
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 | |
Pre-modification Outstanding Recorded Investment | $ 186 | |
Post-modification Outstanding Recorded Investment | $ 189 |
LOANS RECEIVABLE - Impaired Loa
LOANS RECEIVABLE - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 2,230 | $ 1,191 |
Unpaid Principal Balance | 801 | 1,130 |
Related Allowance | 3,641 | 3,193 |
Average Recorded Investment | 357 | 336 |
Interest Income Recognized | 3,042 | 2,424 |
Interest Income Collected | 21 | 69 |
One- to four-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 2,117 | 1,153 |
Unpaid Principal Balance | 784 | 1,113 |
Related Allowance | 3,502 | 3,128 |
Average Recorded Investment | 340 | 319 |
Interest Income Recognized | 2,911 | 2,365 |
Interest Income Collected | 21 | 67 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 51 | |
Related Allowance | 52 | |
Interest Income Recognized | 52 | |
Construction & land | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 62 | 37 |
Related Allowance | 70 | 44 |
Interest Income Recognized | 62 | 39 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 17 | |
Related Allowance | 17 | |
Average Recorded Investment | 17 | |
Interest Income Recognized | $ 17 | |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1 | |
Unpaid Principal Balance | 17 | |
Related Allowance | 21 | |
Average Recorded Investment | 17 | |
Interest Income Recognized | 20 | |
Interest Income Collected | $ 2 |
LOANS RECEIVABLE - Credit Quali
LOANS RECEIVABLE - Credit Quality Indicators (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | ||
Total loans | $ 132,003,000 | $ 131,842,000 |
Pass | ||
Loans | ||
Total loans | 125,873,000 | 124,537,000 |
Special Mention | ||
Loans | ||
Total loans | 2,308,000 | 3,732,000 |
Substandard | ||
Loans | ||
Total loans | 3,822,000 | 3,573,000 |
Real Estate | ||
Loans | ||
Total loans | 117,861,000 | 119,083,000 |
One- to four-family residential | ||
Loans | ||
Total loans | 87,144,000 | 87,303,000 |
One- to four-family residential | Pass | ||
Loans | ||
Total loans | 83,237,000 | 83,405,000 |
One- to four-family residential | Special Mention | ||
Loans | ||
Total loans | 296,000 | 504,000 |
One- to four-family residential | Substandard | ||
Loans | ||
Total loans | 3,611,000 | 3,394,000 |
Commercial real estate | ||
Loans | ||
Total loans | 22,611,000 | 23,112,000 |
Commercial real estate | Pass | ||
Loans | ||
Total loans | 20,492,000 | 20,995,000 |
Commercial real estate | Special Mention | ||
Loans | ||
Total loans | 2,010,000 | 2,058,000 |
Commercial real estate | Substandard | ||
Loans | ||
Total loans | 109,000 | 59,000 |
Construction & land | ||
Loans | ||
Total loans | 4,739,000 | 4,079,000 |
Construction & land | Pass | ||
Loans | ||
Total loans | 4,654,000 | 3,990,000 |
Construction & land | Substandard | ||
Loans | ||
Total loans | 85,000 | 89,000 |
Multi-family residential | ||
Loans | ||
Total loans | 3,367,000 | 4,589,000 |
Multi-family residential | Pass | ||
Loans | ||
Total loans | 3,367,000 | 3,419,000 |
Multi-family residential | Special Mention | ||
Loans | ||
Total loans | 1,170,000 | |
Consumer | ||
Loans | ||
Total loans | 4,023,000 | 4,385,000 |
Consumer | Pass | ||
Loans | ||
Total loans | 4,021,000 | |
Consumer | Special Mention | ||
Loans | ||
Total loans | 2,000 | |
Commercial and industrial | ||
Loans | ||
Total loans | 10,119,000 | 8,374,000 |
Commercial and industrial | Pass | ||
Loans | ||
Total loans | 10,102,000 | |
Commercial and industrial | Substandard | ||
Loans | ||
Total loans | 17,000 | |
Residential real estate | ||
Loans | ||
Total loans | 158,000 | 47,000 |
Consumer | ||
Loans | ||
Total loans | 4,023,000 | 4,385,000 |
Consumer | Pass | ||
Loans | ||
Total loans | 4,372,000 | |
Consumer | Substandard | ||
Loans | ||
Total loans | 13,000 | |
Commercial and industrial | ||
Loans | ||
Total loans | $ 10,119,000 | 8,374,000 |
Commercial and industrial | Pass | ||
Loans | ||
Total loans | 8,356,000 | |
Commercial and industrial | Substandard | ||
Loans | ||
Total loans | $ 18,000 |
CAPITAL REQUIREMENTS AND OTHE_3
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Common Equity Tier 1 Capital | ||
Actual, Amount | $ 77,713 | $ 77,819 |
Actual, Ratio | 57.98 | 63.51 |
To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 8,712 | $ 7,965 |
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.5 | 6.5 |
Tier 1 Risk-Based Capital | ||
Actual, Amount | $ 77,713 | $ 77,819 |
Actual, Ratio | 57.98 | 63.51 |
To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 10,723 | $ 9,803 |
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 8 | 8 |
Total Risk-Based Capital | ||
Actual, Amount | $ 79,394 | $ 79,360 |
Actual, Ratio | 59.23 | 64.77 |
To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 13,403 | $ 12,253 |
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 10 | 10 |
Tier 1 Leverage Capital | ||
Actual, Amount | $ 77,713 | $ 77,819 |
Actual, Ratio | 28.39 | 27.38 |
To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 13,689 | $ 14,210 |
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5 | 5 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Values of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 84,649 | $ 88,339 |
Foreclosed assets | 320 | 340 |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Nonrecurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 689 | 1,020 |
Foreclosed assets | 320 | 340 |
Total | 1,009 | 1,360 |
Nonrecurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 689 | 1,020 |
Foreclosed assets | 320 | 340 |
Total | 1,009 | 1,360 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 84,649 | $ 88,339 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
FAIR VALUE MEASUREMENTS | ||
Impaired loans, carrying amount | $ 1 | $ 1.4 |
Foreclosed real estate, impaired loans | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment securities | ||
Held-to-maturity | $ 12,181 | $ 13,152 |
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Carrying Amount | ||
Financial Assets: | ||
Cash and cash equivalents | 40,096 | 40,884 |
Investment securities | ||
Held-to-maturity | 13,492 | 13,498 |
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Loans receivable, net | 129,830 | 129,566 |
Bank-owned life insurance | 8,824 | 3,303 |
Financial Liabilities: | ||
Deposits | 183,084 | 176,795 |
Borrowed funds | 9,063 | 9,018 |
Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 40,096 | 40,884 |
Investment securities | ||
Held-to-maturity | 12,181 | 13,152 |
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Loans receivable, net | 128,464 | 128,591 |
Bank-owned life insurance | 8,824 | 3,303 |
Financial Liabilities: | ||
Deposits | 182,839 | 176,869 |
Borrowed funds | 8,170 | 8,720 |
Fair Value | Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | 40,096 | 40,884 |
Fair Value | Level 2 | ||
Investment securities | ||
Held-to-maturity | 12,181 | 13,152 |
Securities available-for-sale, at fair value | 84,649 | 88,339 |
Bank-owned life insurance | 8,824 | 3,303 |
Financial Liabilities: | ||
Deposits | 182,839 | 176,869 |
Borrowed funds | 8,170 | 8,720 |
Fair Value | Level 3 | ||
Investment securities | ||
Loans receivable, net | $ 128,464 | $ 128,591 |