Catalyst Bancorp (CLST) 10-Q10 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 04, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Non-interest-bearing cash	$ 4,558	$ 4,933
Interest-bearing cash and due from banks	31,639	35,951
Total cash and cash equivalents	36,197	40,884
Investment securities:
Securities available-for-sale, at fair value	78,563	88,339
Securities held-to-maturity (fair values of $10,794 and $13,152, respectively)	13,480	13,498
Loans receivable, net of unearned income	131,701	131,842
Allowance for loan losses	(1,804)	(2,276)
Loans receivable, net	129,897	129,566
Accrued interest receivable	566	579
Foreclosed assets	320	340
Premises and equipment, net	6,392	6,577
Stock in correspondent banks, at cost	1,799	1,793
Bank-owned life insurance	13,519	3,303
Other assets	2,681	470
TOTAL ASSETS	283,414	285,349
Deposits
Non-interest-bearing	31,988	30,299
Interest-bearing	152,239	146,496
Total deposits	184,227	176,795
Advances from Federal Home Loan Bank	9,153	9,018
Other liabilities	706	1,190
TOTAL LIABILITIES	194,086	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	53	53
Additional paid-in capital	50,902	50,802
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP")	(4,020)	(4,179)
Retained earnings	52,379	52,353
Accumulated other comprehensive income (loss)	(9,986)	(683)
TOTAL SHAREHOLDERS' EQUITY	89,328	98,346
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 283,414	$ 285,349

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Fair Value	$ 10,794	$ 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		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INTEREST INCOME
Loans receivable, including fees	$ 1,466	$ 1,671	$ 4,584	$ 5,344
Investment securities	381	172	1,062	434
Other	185	13	262	37
Total interest income	2,032	1,856	5,908	5,815
INTEREST EXPENSE
Deposits	93	124	272	414
Advances from Federal Home Loan Bank	69	68	205	204
Total interest expense	162	192	477	618
Net interest income	1,870	1,664	5,431	5,197
Provision for (reversal of) loan losses	(115)		(375)	(286)
Net interest income after provision for (reversal of) loan losses	1,985	1,664	5,806	5,483
NON-INTEREST INCOME
Service charges on deposit accounts	192	165	542	448
Gain (loss) on disposals and sales of fixed assets			(77)	25
Bank-owned life insurance	97	22	216	67
Federal community development grant		1,826	171	1,826
Other	7	12	20	36
Total non-interest income	296	2,025	872	2,402
NON-INTEREST EXPENSE
Salaries and employee benefits	1,168	1,084	3,647	3,331
Occupancy and equipment	203	200	640	554
Data processing and communication	216	201	666	556
Professional fees	157	88	472	255
Directors' fees	75	70	185	211
ATM and debit card	76	48	184	137
Foreclosed assets, net	(2)	39	(21)	74
Advertising and marketing	36	14	187	35
Franchise and shares tax	15		131
Regulatory fees and assessments	35	32	104	95
Insurance	34	14	100	35
Printing, supplies and postage	37	27	117	82
Other	78	67	285	211
Total non-interest expense	2,128	1,884	6,697	5,576
Income (loss) before income tax expense (benefit)	153	1,805	(19)	2,309
Income tax expense (benefit)	14	372	(45)	465
NET INCOME	$ 139	$ 1,433	$ 26	$ 1,844
Earnings per share - basic	$ 0.03		$ 0.01
Earnings per share - diluted	$ 0.03		$ 0.01

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 139	$ 1,433	$ 26	$ 1,844
Net change in unrealized gains (losses) on available-for-sale securities	(4,229)	(209)	(11,776)	(477)
Income tax effect	888	44	2,473	100
Total other comprehensive income (loss)	(3,341)	(165)	(9,303)	(377)
Total comprehensive income (loss)	$ (3,202)	$ 1,268	$ (9,277)	$ 1,467

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				1,844		1,844
Other comprehensive income (loss)					(377)	(377)
Ending Balance at Sep. 30, 2021				52,270	(270)	52,000
Beginning Balance at Jun. 30, 2021				50,837	(105)	50,732
CHANGES IN EQUITY
Net income				1,433		1,433
Other comprehensive income (loss)					(165)	(165)
Ending Balance at Sep. 30, 2021				52,270	(270)	52,000
Beginning Balance at Dec. 31, 2021	$ 53	$ 50,802	$ (4,179)	52,353	(683)	98,346
CHANGES IN EQUITY
Net income				26		26
Other comprehensive income (loss)					(9,303)	(9,303)
ESOP shares released for allocation		53	159			212
Stock compensation expense		47				47
Ending Balance at Sep. 30, 2022	53	50,902	(4,020)	52,379	(9,986)	89,328
Beginning Balance at Jun. 30, 2022	53	50,838	(4,073)	52,240	(6,645)	92,413
CHANGES IN EQUITY
Net income				139		139
Other comprehensive income (loss)					(3,341)	(3,341)
ESOP shares released for allocation		17	53			70
Stock compensation expense		47				47
Ending Balance at Sep. 30, 2022	$ 53	$ 50,902	$ (4,020)	$ 52,379	$ (9,986)	$ 89,328

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 26	$ 1,844
Adjustments to reconcile net income to net cash provided by operating activities:
Investment securities amortization, net	370	295
Federal Home Loan Bank stock dividends	(6)	(4)
Amortization of prepayment penalties on debt restructuring	135	135
Provision for (reversal of) loan losses	(375)	(286)
Net loss (gain) on disposals and sales of premises and equipment	77	(25)
Increase in cash surrender value of bank-owned life insurance	(216)	(67)
Stock-based compensation	259
Depreciation of premises and equipment	343	308
Net writedowns and losses (gains) on the sale of foreclosed assets	(29)	59
Deferred income tax expense (benefit)	58	(24)
(Increase) decrease in other assets	(112)	(263)
Increase (decrease) in other liabilities	(154)	535
Net cash provided by operating activities	376	2,507
Activity in available-for-sale securities:
Proceeds from maturities, calls, and paydowns	8,547	5,967
Purchases	(10,900)	(35,672)
Activity in held-to-maturity securities:
Proceeds from maturities and calls		4,000
Net (increase) decrease in loans	54	14,791
Proceeds from sale of foreclosed assets	39	156
Purchases of premises and equipment	(235)	(1,477)
Proceeds from sale of premises and equipment		25
Purchase of bank-owned life insurance	(10,000)
Net cash used in investing activities	(12,495)	(12,210)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	7,432	84,862
Net cash provided by financing activities	7,432	84,862
NET CHANGE IN CASH AND CASH EQUIVALENTS	(4,687)	75,159
CASH AND CASH EQUIVALENTS, beginning of period	40,884	25,245
CASH AND CASH EQUIVALENTS, end of period	36,197	100,404
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES
Loans originated to facilitate the sale of real estate owned		82
Acquisition of real estate in settlement of loans	10	215
SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID
Cash paid for interest	345	502
Cash paid for income taxes	$ 243	$ 82

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2022
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1. BASIS OF PRESENTATION Catalyst Bancorp, Inc. (“Catalyst Bancorp” or the “Company”) is the holding company for Catalyst Bank (the “Bank”), formerly known as St. Landry Homestead Federal Savings Bank. The Bank has been in operation in the Acadiana region of south-central Louisiana since 1922 and offers commercial and retail banking products through six full-service locations. The Company was incorporated by the Bank in February 2021 as part of the conversion of the Bank 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 Catalyst Bank, 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 and nine months ended September 30, 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. Critical Accounting Policies and Estimates Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could reflect materially different results under different assumptions and conditions. Methodologies the Company uses when applying critical accounting policies and developing critical estimates are included in its Annual Report on Form 10-K for the year ended December 31, 2021. On March 23, 2022, the Board of Directors adopted the 2022 Stock Option Plan and the 2022 Recognition and Retention Plan and Trust Agreement (“2022 Recognition and Retention Plan”), which were approved by shareholders at our annual meeting on May 17, 2022. Under the terms of both plans, officers, employees and directors selected by the Compensation Committee of the Board of Directors are eligible to receive benefits. A total of 529,000 shares of common stock, or 10% of the shares sold in the conversion offering, have been reserved for the future issuance pursuant to the 2022 Stock Option Plan. Options to acquire shares of common stock will be awarded with an exercise price no less than the fair market value of the common stock on the grant date. Under the terms of the 2022 Recognition and Retention Plan, the Company will contribute sufficient funds to the Recognition and Retention Plan Trust so that the Trust can purchase 211,600 shares of common stock, or 4.0% of the shares sold in the conversion offering. During the fourth quarter of 2022, the 2022 Recognition and Retention Plan commenced purchasing shares in the open market to the extent available. On September 1, 2022, the Company granted a total of 295,340 awards under the 2022 Stock Option Plan and 119,336 awards under the 2022 Recognition and Retention Plan. In accordance with ASC 718, Compensation – Stock Compensation, the Company measures stock compensation expense based on the fair market value of the instrument as of the grant date and is recognized over the service period, which is usually the vesting period. All awards issued on September 1, 2022 were issued with a five year vesting period. There were no other 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	9 Months Ended
COMPLETION OF STOCK OFFERING	Sep. 30, 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.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 30, 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. The Company has completed the implementation of a vendor provided software application and is currently conducting parallel testing of several CECL estimation methodologies. The Company expects the adoption of the ASU to increase the allowance for loan losses. The extent of the impact upon adoption is not known and will depend on the characteristics of the Company’s loan portfolio and economic conditions on that date as well as forecasted conditions thereafter. 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 that the adoption of ASU 2022-02 will have a material effect on the Company’s consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 4. EARNINGS PER SHARE Earnings per common share was computed based on the following: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2022 2022 Numerator Net income available to common shareholders $ 139 $ 26 Denominator Weighted average common shares outstanding 5,290 5,290 Weighted average unallocated ESOP shares (405) (410) Weighted average shares 4,885 4,880 Effect of dilutive shares: Restricted stock - - Stock options - - Weighted average shares - assuming dilution 4,885 4,880 Basic earnings per common share $ 0.03 $ 0.01 Diluted earnings per common share $ 0.03 $ 0.01 During the three and nine months ended September 30, 2022, the number of convertible securities or other contracts to issue common stock outstanding that if converted or exercised would result in potential dilution of earnings per share was immaterial. At and during the three and nine months ended September 30, 2021, the Company did not have any common shares outstanding. The Company completed its 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	9 Months Ended
INVESTMENT SECURITIES	Sep. 30, 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: September 30, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale Mortgage-backed securities $ 74,762 $ - $ (10,834) $ 63,928 U.S. Government and agency obligations 10,977 - (1,098) 9,879 Municipal obligations 5,464 - (708) 4,756 Total available-for-sale $ 91,203 $ - $ (12,640) $ 78,563 Securities held-to-maturity U.S. Government and agency obligations $ 13,009 $ - $ (2,640) $ 10,369 Municipal obligations 471 - (46) 425 Total held-to-maturity $ 13,480 $ - $ (2,686) $ 10,794 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 nine months ended September 30, 2022 or 2021. Investment securities with a carrying amount of approximately $14.2 million and $10.2 million, respectively, were pledged to secure deposits as required or permitted by law at September 30, 2022 and December 31, 2021. The following is a summary of maturities of securities held-to-maturity and available-for-sale at September 30, 2022 and December 31, 2021: September 30, 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 12,392 11,455 1,345 1,172 After five through ten years 15,562 13,910 8,125 6,460 After ten years 63,249 53,198 4,010 3,162 Total $ 91,203 $ 78,563 $ 13,480 $ 10,794 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 September 30, 2022 and December 31, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: September 30, 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 $ 32,451 $ (4,669) $ 31,477 $ (6,165) $ 63,928 $ (10,834) U.S. Government and agency obligations 6,707 (521) 3,172 (577) 9,879 (1,098) Municipal obligations 2,408 (146) 2,348 (562) 4,756 (708) Total available-for-sale $ 41,566 $ (5,336) $ 36,997 $ (7,304) $ 78,563 $ (12,640) Securities held-to-maturity U.S. Government and agency obligations $ 2,443 $ (566) $ 7,926 $ (2,074) $ 10,369 $ (2,640) Municipal obligations 425 (46) - - 425 (46) Total held-to-maturity $ 2,868 $ (612) $ 7,926 $ (2,074) $ 10,794 $ (2,686) Total $ 44,434 $ (5,948) $ 44,923 $ (9,378) $ 89,357 $ (15,326) 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 quarterly, 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 September 30, 2022, the Company held 95 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	9 Months Ended
LOANS RECEIVABLE	Sep. 30, 2022
LOANS RECEIVABLE
LOANS RECEIVABLE	NOTE 6. LOANS RECEIVABLE Loans receivable at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, (Dollars in thousands) 2022 2021 Real estate loans One- to four-family residential $ 88,327 $ 87,303 Commercial real estate 21,073 23,112 Construction and land 4,450 4,079 Multi-family residential 3,252 4,589 Total real estate loans 117,102 119,083 Other loans Commercial and industrial 11,087 8,374 Consumer 3,512 4,385 Total other loans 14,599 12,759 Total loans 131,701 131,842 Less: Allowance for loan losses (1,804) (2,276) Net loans $ 129,897 $ 129,566 The following tables outline the changes in the allowance for loan losses by collateral type for the nine months ended September 30, 2022 and 2021. For the Nine Months Ended September 30, 2022 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,573 $ (232) $ (154) $ 70 $ 1,257 Commercial real estate 370 (101) - - 269 Construction and land 55 (10) - - 45 Multi-family residential 73 (33) - - 40 Commercial and industrial 137 4 (21) 19 139 Consumer 68 (3) (16) 5 54 Total $ 2,276 $ (375) $ (191) $ 94 $ 1,804 For the Nine Months Ended September 30, 2021 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,910 $ (220) $ (123) $ 51 $ 1,618 Commercial real estate 744 (32) - - 712 Construction and land 82 (32) - - 50 Multi-family residential 68 - - - 68 Commercial and industrial 101 (8) - - 93 Consumer 78 2 (27) 9 62 Unallocated 39 4 - - 43 Total $ 3,022 $ (286) $ (150) $ 60 $ 2,646 The following tables outline the allowance for loan losses for loans individually and collectively evaluated for impairment, and the balance of loans individually and collectively evaluated for impairment at September 30, 2022 and December 31, 2021. September 30, 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 $ 251 $ 1,006 $ 1,257 $ 319 $ 1,254 $ 1,573 Commercial real estate - 269 269 - 370 370 Construction and land - 45 45 - 55 55 Multi-family residential - 40 40 - 73 73 Commercial and industrial - 139 139 17 120 137 Consumer 6 48 54 - 68 68 Total $ 257 $ 1,547 $ 1,804 $ 336 $ 1,940 $ 2,276 Loans One- to four-family residential $ 2,631 $ 85,696 $ 88,327 $ 2,266 $ 85,037 $ 87,303 Commercial real estate 51 21,022 21,073 - 23,112 23,112 Construction and land 34 4,416 4,450 37 4,042 4,079 Multi-family residential - 3,252 3,252 - 4,589 4,589 Commercial and industrial - 11,087 11,087 18 8,356 8,374 Consumer 11 3,501 3,512 - 4,385 4,385 Total $ 2,727 $ 128,974 $ 131,701 $ 2,321 $ 129,521 $ 131,842 A summary of current, past due and nonaccrual loans as of September 30, 2022 and December 31, 2021 follows: As of September 30, 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 $ 1,981 $ 287 $ 699 $ 2,967 $ 84,935 $ 425 $ 88,327 Commercial real estate 65 92 50 207 20,866 - 21,073 Construction and land 44 - - 44 4,370 36 4,450 Multi-family residential - - - - 3,252 - 3,252 Commercial and industrial - - - - 11,087 - 11,087 Consumer 11 - 11 22 3,490 - 3,512 Total $ 2,101 $ 379 $ 760 $ 3,240 $ 128,000 $ 461 $ 131,701 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 September 30, 2022 or December 31, 2021. At September 30, 2022 and December 31, 2021, loans secured by residential real estate for which formal foreclosure proceedings were in process totaled $84,000 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 nine months ended September 30, 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 September 30, 2022 and December 31, 2021 follows: September 30, 2022 (Dollars in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Related Allowance One- to four-family residential $ 1,807 $ 824 $ 3,051 $ 251 Commercial real estate 51 - 52 - Construction and land 34 - 43 - Multi-family residential - - - - Commercial and industrial - - - - Consumer - 11 11 6 Total $ 1,892 $ 835 $ 3,157 $ 257 December 31, 2021 (Dollars in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Related Allowance One- to four-family residential $ 1,153 $ 1,113 $ 3,128 $ 319 Commercial real estate - - - - Construction and land 37 - 44 - Multi-family residential - - - - Commercial and industrial 1 17 21 17 Consumer - - - - Total $ 1,191 $ 1,130 $ 3,193 $ 336 The tables below present the average balances and interest income for impaired loans for the three and nine months ended September 30, 2022 and 2021. Three Months Ended September 30, 2022 September 30, 2021 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized One- to four-family residential $ 2,655 $ 16 $ 2,446 $ 19 Commercial real estate 50 - - - Construction and land 34 - 40 - Multi-family residential - - 1,182 14 Commercial and industrial - - 19 - Consumer 12 - - - Total $ 2,751 $ 16 $ 3,687 $ 33 Nine Months Ended September 30, 2022 September 30, 2021 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized One- to four-family residential $ 2,718 $ 49 $ 2,502 $ 57 Commercial real estate 51 - - - Construction and land 35 - 40 - Multi-family residential - - 1,190 42 Commercial and industrial - - 21 - Consumer 13 - - - Total $ 2,817 $ 49 $ 3,753 $ 99 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. September 30, 2022 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total One- to four-family residential $ 85,175 $ 173 $ 2,979 $ - $ 88,327 Commercial real estate 20,026 942 105 - 21,073 Construction and land 4,131 275 44 - 4,450 Multi-family residential 3,252 - - - 3,252 Commercial and industrial 11,087 - - - 11,087 Consumer 3,501 - 11 - 3,512 Total $ 127,172 $ 1,390 $ 3,139 $ - $ 131,701 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

DEPOSITS

DEPOSITS	9 Months Ended
DEPOSITS	Sep. 30, 2022
DEPOSITS.
DEPOSITS	NOTE 7. DEPOSITS Deposits at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 December 31, 2021 (Dollars in thousands) Amount Percent Amount Percent Non-interest-bearing demand deposits $ 31,988 17.4 % $ 30,299 17.1 % Negotiable order of withdrawal (“NOW”) 50,547 27.4 34,357 19.4 Money market 17,129 9.3 18,878 10.7 Savings 26,874 14.6 26,698 15.1 Certificates of deposit 57,689 31.3 66,563 37.7 Total deposits $ 184,227 100.0 % $ 176,795 100.0 % Certificates of deposit and other time deposits issued in denominations that exceed FDIC insurance limit of $250,000 or more totaled $10.2 million and $14.5 million at September 30, 2022 and December 31, 2021, respectively, and are included in interest-bearing deposits in the statements of financial condition. At September 30, 2022 scheduled maturities of certificates of deposits were as follows: (Dollars in thousands) Amount 2023 $ 49,023 2024 7,001 2025 1,131 2026 516 2027 18 Total $ 57,689

CAPITAL REQUIREMENTS AND OTHER

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	9 Months Ended
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	Sep. 30, 2022
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS	NOTE 8. 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 financial statements of the Company and the Bank. 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 September 30, 2022 and December 31, 2021, the Bank met all of the capital adequacy requirements to which it is subject. At September 30, 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 September 30, 2022 Common Equity Tier 1 Capital $ 77,997 57.84 % $ 8,765 >6.5 % Tier 1 Risk-Based Capital 77,997 57.84 10,788 >8.0 Total Risk-Based Capital 79,684 59.09 13,485 >10.0 Tier 1 Leverage Capital 77,997 28.29 13,784 >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	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 9. 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 our 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 September 30, 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	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 10. 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 September 30, 2022 and December 31, 2021 follows: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 September 30, 2022 Available-for-sale securities $ 78,563 $ - $ 78,563 $ - December 31, 2021 Available-for-sale securities $ 88,339 $ - $ 88,339 $ - Fair values of assets and liabilities measured on a nonrecurring basis at September 30, 2022 and December 31, 2021 follows: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 September 30, 2022 Impaired loans $ 837 $ - $ - $ 837 Foreclosed assets 320 - - 320 Total $ 1,157 $ - $ - $ 1,157 December 31, 2021 Impaired loans $ 1,020 $ - $ - $ 1,020 Foreclosed assets 340 - - 340 Total $ 1,360 $ - $ - $ 1,360 At September 30, 2022 and December 31, 2021, impaired loans with a recorded investment of $1.1 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 nine months ended September 30, 2022, no impairment losses on foreclosed assets were recognized. The fair value of impaired loans and foreclosed assets is estimated using third-party appraisals of the collateral or asset held less estimated costs to sell and discounts to reflect current conditions.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 11. 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 Company’s financial instruments as of September 30, 2022 and December 31, 2021 are as follows: September 30, 2022 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 36,197 $ 36,197 $ 36,197 $ - $ - Investment securities: Available-for-sale 78,563 78,563 - 78,563 - Held-to-maturity 13,480 10,794 - 10,794 - Loans receivable, net 129,897 121,981 - - 121,981 Bank-owned life insurance 13,519 13,519 - 13,519 - Financial Liabilities: Deposits 184,227 182,779 - 182,779 - Borrowed funds 9,153 7,532 - 7,532 - 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.

STOCK COMPENSATION

STOCK COMPENSATION	9 Months Ended
STOCK COMPENSATION	Sep. 30, 2022
STOCK COMPENSATION
STOCK COMPENSATION	NOTE 12. STOCK COMPENSATION On September 1, 2022, the Company granted a total of 295,340 awards under the 2022 Stock Option Plan and 119,336 awards under the 2022 Recognition and Retention Plan. In accordance with ASC 718, Compensation – Stock Compensation, the Company measures stock compensation expense based on the fair market value of the instrument as of the grant date and is recognized over the service period, which is usually the vesting period. Total stock compensation expense, allocated between salaries and employee benefits expense and directors’ fees, totaled $47,000 for the three and nine months ended September 30, 2022. All awards issued on September 1, 2022 were issued with a five year vesting period. Awards granted under the 2022 Stock Option Plan were issued with an exercise price of $13.30 and may be exercised at any time after vesting and within 10 years of the grant date. The Company estimated the fair value of each option granted to be $4.36 using the Black-Scholes option pricing model. Key management assumptions for the model included an expected life of 6.50 years, expected volatility of 32.55% and expected dividend yield of 1.50%. Awards granted under the 2022 Recognition and Retention Plan were issued with a fair value of $13.30 per share, which was based on the closing price per share of the Company’s common stock as of September 1, 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 13. SUBSEQUENT EVENTS On March 23, 2022, the Board of Directors adopted the 2022 Stock Option Plan and the 2022 Recognition and Retention, which were approved by shareholders at our annual meeting on May 17, 2022. Under the terms of the 2022 Recognition and Retention Plan, the Company will contribute sufficient funds to the Recognition and Retention Plan Trust so that the Trust can purchase 211,600 shares of common stock, or 4.0% of the shares sold in the conversion offering. On October 13, 2022, the 2022 Recognition and Retention Plan began purchasing shares of the Company’s common stock through open market purchases in accordance with the terms of the Plan.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	Sep. 30, 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. The Company has completed the implementation of a vendor provided software application and is currently conducting parallel testing of several CECL estimation methodologies. The Company expects the adoption of the ASU to increase the allowance for loan losses. The extent of the impact upon adoption is not known and will depend on the characteristics of the Company’s loan portfolio and economic conditions on that date as well as forecasted conditions thereafter. 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 that the adoption of ASU 2022-02 will have a material effect on the Company’s consolidated financial statements.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2022
EARNINGS PER SHARE
Schedule of Earnings (loss) per common share	Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2022 2022 Numerator Net income available to common shareholders $ 139 $ 26 Denominator Weighted average common shares outstanding 5,290 5,290 Weighted average unallocated ESOP shares (405) (410) Weighted average shares 4,885 4,880 Effect of dilutive shares: Restricted stock - - Stock options - - Weighted average shares - assuming dilution 4,885 4,880 Basic earnings per common share $ 0.03 $ 0.01 Diluted earnings per common share $ 0.03 $ 0.01

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
INVESTMENT SECURITIES (Tables)	Sep. 30, 2022
INVESTMENT SECURITIES
Schedule of amortized cost and fair values of securities	September 30, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities available-for-sale Mortgage-backed securities $ 74,762 $ - $ (10,834) $ 63,928 U.S. Government and agency obligations 10,977 - (1,098) 9,879 Municipal obligations 5,464 - (708) 4,756 Total available-for-sale $ 91,203 $ - $ (12,640) $ 78,563 Securities held-to-maturity U.S. Government and agency obligations $ 13,009 $ - $ (2,640) $ 10,369 Municipal obligations 471 - (46) 425 Total held-to-maturity $ 13,480 $ - $ (2,686) $ 10,794 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	September 30, 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 12,392 11,455 1,345 1,172 After five through ten years 15,562 13,910 8,125 6,460 After ten years 63,249 53,198 4,010 3,162 Total $ 91,203 $ 78,563 $ 13,480 $ 10,794 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	September 30, 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 $ 32,451 $ (4,669) $ 31,477 $ (6,165) $ 63,928 $ (10,834) U.S. Government and agency obligations 6,707 (521) 3,172 (577) 9,879 (1,098) Municipal obligations 2,408 (146) 2,348 (562) 4,756 (708) Total available-for-sale $ 41,566 $ (5,336) $ 36,997 $ (7,304) $ 78,563 $ (12,640) Securities held-to-maturity U.S. Government and agency obligations $ 2,443 $ (566) $ 7,926 $ (2,074) $ 10,369 $ (2,640) Municipal obligations 425 (46) - - 425 (46) Total held-to-maturity $ 2,868 $ (612) $ 7,926 $ (2,074) $ 10,794 $ (2,686) Total $ 44,434 $ (5,948) $ 44,923 $ (9,378) $ 89,357 $ (15,326) 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)	9 Months Ended
LOANS RECEIVABLE (Tables)	Sep. 30, 2022
LOANS RECEIVABLE
Schedule of loans receivable	September 30, December 31, (Dollars in thousands) 2022 2021 Real estate loans One- to four-family residential $ 88,327 $ 87,303 Commercial real estate 21,073 23,112 Construction and land 4,450 4,079 Multi-family residential 3,252 4,589 Total real estate loans 117,102 119,083 Other loans Commercial and industrial 11,087 8,374 Consumer 3,512 4,385 Total other loans 14,599 12,759 Total loans 131,701 131,842 Less: Allowance for loan losses (1,804) (2,276) Net loans $ 129,897 $ 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 nine months ended September 30, 2022 and 2021. For the Nine Months Ended September 30, 2022 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,573 $ (232) $ (154) $ 70 $ 1,257 Commercial real estate 370 (101) - - 269 Construction and land 55 (10) - - 45 Multi-family residential 73 (33) - - 40 Commercial and industrial 137 4 (21) 19 139 Consumer 68 (3) (16) 5 54 Total $ 2,276 $ (375) $ (191) $ 94 $ 1,804 For the Nine Months Ended September 30, 2021 (Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance Allowance for loan losses One- to four-family residential $ 1,910 $ (220) $ (123) $ 51 $ 1,618 Commercial real estate 744 (32) - - 712 Construction and land 82 (32) - - 50 Multi-family residential 68 - - - 68 Commercial and industrial 101 (8) - - 93 Consumer 78 2 (27) 9 62 Unallocated 39 4 - - 43 Total $ 3,022 $ (286) $ (150) $ 60 $ 2,646 The following tables outline the allowance for loan losses for loans individually and collectively evaluated for impairment, and the balance of loans individually and collectively evaluated for impairment at September 30, 2022 and December 31, 2021. September 30, 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 $ 251 $ 1,006 $ 1,257 $ 319 $ 1,254 $ 1,573 Commercial real estate - 269 269 - 370 370 Construction and land - 45 45 - 55 55 Multi-family residential - 40 40 - 73 73 Commercial and industrial - 139 139 17 120 137 Consumer 6 48 54 - 68 68 Total $ 257 $ 1,547 $ 1,804 $ 336 $ 1,940 $ 2,276 Loans One- to four-family residential $ 2,631 $ 85,696 $ 88,327 $ 2,266 $ 85,037 $ 87,303 Commercial real estate 51 21,022 21,073 - 23,112 23,112 Construction and land 34 4,416 4,450 37 4,042 4,079 Multi-family residential - 3,252 3,252 - 4,589 4,589 Commercial and industrial - 11,087 11,087 18 8,356 8,374 Consumer 11 3,501 3,512 - 4,385 4,385 Total $ 2,727 $ 128,974 $ 131,701 $ 2,321 $ 129,521 $ 131,842
Summary of current, past due and nonaccrual loans	As of September 30, 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 $ 1,981 $ 287 $ 699 $ 2,967 $ 84,935 $ 425 $ 88,327 Commercial real estate 65 92 50 207 20,866 - 21,073 Construction and land 44 - - 44 4,370 36 4,450 Multi-family residential - - - - 3,252 - 3,252 Commercial and industrial - - - - 11,087 - 11,087 Consumer 11 - 11 22 3,490 - 3,512 Total $ 2,101 $ 379 $ 760 $ 3,240 $ 128,000 $ 461 $ 131,701 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 September 30, 2022 and December 31, 2021 follows: September 30, 2022 (Dollars in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Related Allowance One- to four-family residential $ 1,807 $ 824 $ 3,051 $ 251 Commercial real estate 51 - 52 - Construction and land 34 - 43 - Multi-family residential - - - - Commercial and industrial - - - - Consumer - 11 11 6 Total $ 1,892 $ 835 $ 3,157 $ 257 December 31, 2021 (Dollars in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Related Allowance One- to four-family residential $ 1,153 $ 1,113 $ 3,128 $ 319 Commercial real estate - - - - Construction and land 37 - 44 - Multi-family residential - - - - Commercial and industrial 1 17 21 17 Consumer - - - - Total $ 1,191 $ 1,130 $ 3,193 $ 336 The tables below present the average balances and interest income for impaired loans for the three and nine months ended September 30, 2022 and 2021. Three Months Ended September 30, 2022 September 30, 2021 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized One- to four-family residential $ 2,655 $ 16 $ 2,446 $ 19 Commercial real estate 50 - - - Construction and land 34 - 40 - Multi-family residential - - 1,182 14 Commercial and industrial - - 19 - Consumer 12 - - - Total $ 2,751 $ 16 $ 3,687 $ 33 Nine Months Ended September 30, 2022 September 30, 2021 (Dollars in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized One- to four-family residential $ 2,718 $ 49 $ 2,502 $ 57 Commercial real estate 51 - - - Construction and land 35 - 40 - Multi-family residential - - 1,190 42 Commercial and industrial - - 21 - Consumer 13 - - - Total $ 2,817 $ 49 $ 3,753 $ 99
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. September 30, 2022 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total One- to four-family residential $ 85,175 $ 173 $ 2,979 $ - $ 88,327 Commercial real estate 20,026 942 105 - 21,073 Construction and land 4,131 275 44 - 4,450 Multi-family residential 3,252 - - - 3,252 Commercial and industrial 11,087 - - - 11,087 Consumer 3,501 - 11 - 3,512 Total $ 127,172 $ 1,390 $ 3,139 $ - $ 131,701 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

DEPOSITS (Tables)

DEPOSITS (Tables)	9 Months Ended
DEPOSITS (Tables)	Sep. 30, 2022
DEPOSITS.
Schedule of deposits	September 30, 2022 December 31, 2021 (Dollars in thousands) Amount Percent Amount Percent Non-interest-bearing demand deposits $ 31,988 17.4 % $ 30,299 17.1 % Negotiable order of withdrawal (“NOW”) 50,547 27.4 34,357 19.4 Money market 17,129 9.3 18,878 10.7 Savings 26,874 14.6 26,698 15.1 Certificates of deposit 57,689 31.3 66,563 37.7 Total deposits $ 184,227 100.0 % $ 176,795 100.0 %
Schedule of maturities of certificates of deposit	(Dollars in thousands) Amount 2023 $ 49,023 2024 7,001 2025 1,131 2026 516 2027 18 Total $ 57,689

CAPITAL REQUIREMENTS AND OTHE_2

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Tables)	9 Months Ended
CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Tables)	Sep. 30, 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 September 30, 2022 Common Equity Tier 1 Capital $ 77,997 57.84 % $ 8,765 >6.5 % Tier 1 Risk-Based Capital 77,997 57.84 10,788 >8.0 Total Risk-Based Capital 79,684 59.09 13,485 >10.0 Tier 1 Leverage Capital 77,997 28.29 13,784 >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)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 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 September 30, 2022 and December 31, 2021 follows: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 September 30, 2022 Available-for-sale securities $ 78,563 $ - $ 78,563 $ - December 31, 2021 Available-for-sale securities $ 88,339 $ - $ 88,339 $ - Fair values of assets and liabilities measured on a nonrecurring basis at September 30, 2022 and December 31, 2021 follows: Fair Value Measurements at Reporting Date Using (Dollars in thousands) Fair Value Level 1 Level 2 Level 3 September 30, 2022 Impaired loans $ 837 $ - $ - $ 837 Foreclosed assets 320 - - 320 Total $ 1,157 $ - $ - $ 1,157 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)	9 Months Ended
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of estimated fair values of the Bank's financial instruments	September 30, 2022 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and cash equivalents $ 36,197 $ 36,197 $ 36,197 $ - $ - Investment securities: Available-for-sale 78,563 78,563 - 78,563 - Held-to-maturity 13,480 10,794 - 10,794 - Loans receivable, net 129,897 121,981 - - 121,981 Bank-owned life insurance 13,519 13,519 - 13,519 - Financial Liabilities: Deposits 184,227 182,779 - 182,779 - Borrowed funds 9,153 7,532 - 7,532 - 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 -

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - shares	Sep. 01, 2022	Mar. 23, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	5 years
2022 Stock Option Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reserved for future issuance		529,000
Shares reserved for future issuance (in percent)		10%
Number of awards granted	295,340
2022 Recognition and Retention Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for purchase		211,600
Shares available for purchase (in percent)		4%
Number of awards granted	119,336

COMPLETION OF STOCK OFFERING (D

COMPLETION OF STOCK OFFERING (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 12, 2021	Dec. 31, 2021	Sep. 30, 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, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income available to common shareholders	$ 139	$ 1,433	$ 26	$ 1,844
Denominator
Weighted average common shares outstanding	5,290		5,290
Weighted average unallocated ESOP shares	(405)		(410)
Weighted average shares	4,885		4,880
Weighted average shares - assuming dilution	4,885		4,880
Basic earnings (loss) per common share	$ 0.03		$ 0.01
Diluted earnings (loss) per common share	$ 0.03		$ 0.01

INVESTMENT SECURITIES - Fair Va

INVESTMENT SECURITIES - Fair Value to Amortized Cost (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Securities Available-for-Sale
Amortized cost	$ 91,203		$ 89,203
Gross Unrealized Gains			88
Gross Unrealized Losses	(12,640)		(952)
Fair Value	78,563		88,339
Securities Held-to-Maturity
Amortized cost	13,480		13,498
Gross Unrealized Gains			29
Gross Unrealized Losses	(2,686)		(375)
Fair Value	10,794		13,152
Securities transferred between classifications	0	$ 0
Securities pledged as collateral	14,200		10,200
Mortgage-backed
Securities Available-for-Sale
Amortized cost	74,762		75,374
Gross Unrealized Gains			87
Gross Unrealized Losses	(10,834)		(798)
Fair Value	63,928		74,663
U.S. Government and agency obligations
Securities Available-for-Sale
Amortized cost	10,977		9,347
Gross Unrealized Gains			1
Gross Unrealized Losses	(1,098)		(111)
Fair Value	9,879		9,237
Securities Held-to-Maturity
Amortized cost	13,009		13,019
Gross Unrealized Gains			23
Gross Unrealized Losses	(2,640)		(375)
Fair Value	10,369		12,667
Municipal obligations
Securities Available-for-Sale
Amortized cost	5,464		4,482
Gross Unrealized Losses	(708)		(43)
Fair Value	4,756		4,439
Securities Held-to-Maturity
Amortized cost	471		479
Gross Unrealized Gains			6
Gross Unrealized Losses	(46)
Fair Value	$ 425		$ 485

INVESTMENT SECURITIES - Maturit

INVESTMENT SECURITIES - Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Available-for-sale securities, Amortized cost
Due from one to five years	$ 12,392	$ 8,431
Due from five to ten years	15,562	12,695
After ten years	63,249	68,077
Total	91,203	89,203
Available-for-sale securities, Fair value
Due from one to five years	11,455	8,396
Due from five to ten years	13,910	12,604
After ten years	53,198	67,339
Total	78,563	88,339
Held-to-maturity securities, Amortized cost
Due from one to five years	1,345
Due from five to ten years	8,125	9,479
After ten years	4,010	4,019
Total	13,480	13,498
Held-to-maturity securities, Fair value
Due from one to five years	1,172
Due from five to ten years	6,460	9,157
After ten years	3,162	3,995
Total	$ 10,794	$ 13,152

INVESTMENT SECURITIES - Securit

INVESTMENT SECURITIES - Securities with Gross Unrealized Losses (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Securities Held-to-Maturity, Fair Value
Less than 12 months	$ 2,868,000	$ 1,940,000
Over 12 months	7,926,000	7,685,000
Fair value	10,794,000	9,625,000
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(612,000)	(61,000)
Over 12 months	(2,074,000)	(314,000)
Gross unrealized losses	(2,686,000)	(375,000)
Securities Available-for-Sale, Fair Value
Less than 12 months	41,566,000	77,392,000
Over 12 months	36,997,000	4,958,000
Fair value	78,563,000	82,350,000
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(5,336,000)	(794,000)
Over 12 months	(7,304,000)	(158,000)
Gross unrealized losses	(12,640,000)	(952,000)
Total, Fair Value
Less than 12 months	44,434,000	79,332,000
Over 12 months	44,923,000	12,643,000
Fair value	89,357,000	91,975,000
Total, Gross Unrealized Losses
Less than 12 months	(5,948,000)	(855,000)
Over 12 months	(9,378,000)	(472,000)
Gross unrealized losses	$ (15,326,000)	$ (1,327,000)
Number of securities in unrealized loss position \| security	95	67
Other-than-temporary impairment	$ 0
Mortgage-backed
Securities Available-for-Sale, Fair Value
Less than 12 months	32,451,000	$ 68,412,000
Over 12 months	31,477,000	1,889,000
Fair value	63,928,000	70,301,000
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(4,669,000)	(746,000)
Over 12 months	(6,165,000)	(52,000)
Gross unrealized losses	(10,834,000)	(798,000)
U.S. Government and agency obligations
Securities Held-to-Maturity, Fair Value
Less than 12 months	2,443,000	1,940,000
Over 12 months	7,926,000	7,685,000
Fair value	10,369,000	9,625,000
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(566,000)	(61,000)
Over 12 months	(2,074,000)	(314,000)
Gross unrealized losses	(2,640,000)	(375,000)
Securities Available-for-Sale, Fair Value
Less than 12 months	6,707,000	5,697,000
Over 12 months	3,172,000	1,913,000
Fair value	9,879,000	7,610,000
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(521,000)	(24,000)
Over 12 months	(577,000)	(87,000)
Gross unrealized losses	(1,098,000)	(111,000)
Municipal obligations
Securities Held-to-Maturity, Fair Value
Less than 12 months	425,000
Fair value	425,000
Securities Held-to-Maturity, Gross Unrealized Losses
Less than 12 months	(46,000)
Gross unrealized losses	(46,000)
Securities Available-for-Sale, Fair Value
Less than 12 months	2,408,000	3,283,000
Over 12 months	2,348,000	1,156,000
Fair value	4,756,000	4,439,000
Securities Available-for-Sale, Gross Unrealized Losses
Less than 12 months	(146,000)	(24,000)
Over 12 months	(562,000)	(19,000)
Gross unrealized losses	$ (708,000)	$ (43,000)

LOANS RECEIVABLE (Details)

LOANS RECEIVABLE (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 131,701,000	$ 131,842,000
Less: Allowance for loan losses	(1,804,000)	(2,276,000)	$ (2,646,000)	$ (3,022,000)
Loans receivable, net	129,897,000	129,566,000
Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	117,102,000	119,083,000
One- to four-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	88,327,000	87,303,000
Less: Allowance for loan losses	(1,257,000)	(1,573,000)	(1,618,000)	(1,910,000)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	21,073,000	23,112,000
Less: Allowance for loan losses	(269,000)	(370,000)	(712,000)	(744,000)
Construction & land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	4,450,000	4,079,000
Less: Allowance for loan losses	(45,000)	(55,000)	(50,000)	(82,000)
Multi-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,252,000	4,589,000
Less: Allowance for loan losses	(40,000)	(73,000)	(68,000)	(68,000)
Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	14,599,000	12,759,000
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	11,087,000	8,374,000
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,512,000	4,385,000
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	84,000	47,000
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,512,000	4,385,000
Less: Allowance for loan losses	(54,000)	(68,000)	(62,000)	(78,000)
Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	11,087,000	8,374,000
Less: Allowance for loan losses	$ (139,000)	$ (137,000)	(93,000)	(101,000)
Unallocated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for loan losses			$ (43,000)	$ (39,000)

LOANS RECEIVABLE - Allowance fo

LOANS RECEIVABLE - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,276	$ 3,022
Provision (Reversal)	(375)	(286)
Charge-offs	(191)	(150)
Recoveries	94	60
Ending balance	1,804	2,646
One- to four-family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,573	1,910
Provision (Reversal)	(232)	(220)
Charge-offs	(154)	(123)
Recoveries	70	51
Ending balance	1,257	1,618
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	370	744
Provision (Reversal)	(101)	(32)
Ending balance	269	712
Construction & land
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	55	82
Provision (Reversal)	(10)	(32)
Ending balance	45	50
Multi-family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	73	68
Provision (Reversal)	(33)
Ending balance	40	68
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	68	78
Provision (Reversal)	(3)	2
Charge-offs	(16)	(27)
Recoveries	5	9
Ending balance	54	62
Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	137	101
Provision (Reversal)	4	(8)
Charge-offs	(21)
Recoveries	19
Ending balance	$ 139	93
Unallocated
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		39
Provision (Reversal)		4
Ending balance		$ 43

LOANS RECEIVABLE - Individually

LOANS RECEIVABLE - Individually and Collectively Evaluated (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Allowance for loan losses:
Individually evaluated for impairment	$ 257,000	$ 336,000
Collectively evaluated for impairment	1,547,000	1,940,000
Total	1,804,000	2,276,000	$ 2,646,000	$ 3,022,000
Loans:
Individually evaluated for impairment	2,727,000	2,321,000
Collectively evaluated for impairment	128,974,000	129,521,000
Total loans	131,701,000	131,842,000
Real Estate
Loans:
Total loans	117,102,000	119,083,000
One- to four-family residential
Allowance for loan losses:
Individually evaluated for impairment	251,000	319,000
Collectively evaluated for impairment	1,006,000	1,254,000
Total	1,257,000	1,573,000	1,618,000	1,910,000
Loans:
Individually evaluated for impairment	2,631,000	2,266,000
Collectively evaluated for impairment	85,696,000	85,037,000
Total loans	88,327,000	87,303,000
Commercial real estate
Allowance for loan losses:
Collectively evaluated for impairment	269,000	370,000
Total	269,000	370,000	712,000	744,000
Loans:
Individually evaluated for impairment	51,000
Collectively evaluated for impairment	21,022,000	23,112,000
Total loans	21,073,000	23,112,000
Construction & land
Allowance for loan losses:
Collectively evaluated for impairment	45,000	55,000
Total	45,000	55,000	50,000	82,000
Loans:
Individually evaluated for impairment	34,000	37,000
Collectively evaluated for impairment	4,416,000	4,042,000
Total loans	4,450,000	4,079,000
Multi-family residential
Allowance for loan losses:
Collectively evaluated for impairment	40,000	73,000
Total	40,000	73,000	68,000	68,000
Loans:
Collectively evaluated for impairment	3,252,000	4,589,000
Total loans	3,252,000	4,589,000
Commercial and industrial
Loans:
Total loans	11,087,000	8,374,000
Consumer
Loans:
Total loans	3,512,000	4,385,000
Residential real estate
Loans:
Total loans	84,000	47,000
Consumer
Allowance for loan losses:
Individually evaluated for impairment	6,000
Collectively evaluated for impairment	48,000	68,000
Total	54,000	68,000	62,000	78,000
Loans:
Individually evaluated for impairment	11,000
Collectively evaluated for impairment	3,501,000	4,385,000
Total loans	3,512,000	4,385,000
Commercial and industrial
Allowance for loan losses:
Individually evaluated for impairment		17,000
Collectively evaluated for impairment	139,000	120,000
Total	139,000	137,000	$ 93,000	$ 101,000
Loans:
Individually evaluated for impairment		18,000
Collectively evaluated for impairment	11,087,000	8,356,000
Total loans	$ 11,087,000	$ 8,374,000

LOANS RECEIVABLE - Current, Pas

LOANS RECEIVABLE - Current, Past Due and Nonaccrual Loans (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total loans	$ 131,701,000	$ 131,842,000
Past due
Financing Receivable, Past Due [Line Items]
Total loans	3,240,000	2,816,000
Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	2,101,000	2,343,000
Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	379,000	1,000
Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	760,000	472,000
Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	128,000,000	128,608,000
Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	461,000	418,000
Real Estate
Financing Receivable, Past Due [Line Items]
Total loans	117,102,000	119,083,000
One- to four-family residential
Financing Receivable, Past Due [Line Items]
Total loans	88,327,000	87,303,000
One- to four-family residential \| Past due
Financing Receivable, Past Due [Line Items]
Total loans	2,967,000	2,527,000
One- to four-family residential \| Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	1,981,000	2,116,000
One- to four-family residential \| Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	287,000
One- to four-family residential \| Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	699,000	411,000
One- to four-family residential \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	84,935,000	84,396,000
One- to four-family residential \| Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	425,000	380,000
Commercial real estate
Financing Receivable, Past Due [Line Items]
Total loans	21,073,000	23,112,000
Commercial real estate \| Past due
Financing Receivable, Past Due [Line Items]
Total loans	207,000	133,000
Commercial real estate \| Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	65,000	133,000
Commercial real estate \| Past Due Over 90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	92,000
Commercial real estate \| Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	50,000
Commercial real estate \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	20,866,000	22,979,000
Construction & land
Financing Receivable, Past Due [Line Items]
Total loans	4,450,000	4,079,000
Construction & land \| Past due
Financing Receivable, Past Due [Line Items]
Total loans	44,000	93,000
Construction & land \| Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	44,000	62,000
Construction & land \| Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans		31,000
Construction & land \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	4,370,000	3,949,000
Construction & land \| Current and Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans	36,000	37,000
Multi-family residential
Financing Receivable, Past Due [Line Items]
Total loans	3,252,000	4,589,000
Multi-family residential \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	3,252,000	4,589,000
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	3,512,000	4,385,000
Consumer \| Past due
Financing Receivable, Past Due [Line Items]
Total loans	22,000	46,000
Consumer \| Past Due 30-89 Days Accruing
Financing Receivable, Past Due [Line Items]
Total loans	11,000	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	11,000	13,000
Consumer \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	3,490,000	4,339,000
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans	11,087,000	8,374,000
Commercial and industrial \| Past due
Financing Receivable, Past Due [Line Items]
Total loans		17,000
Commercial and industrial \| Past Due Over 30 Days Non-Accruing
Financing Receivable, Past Due [Line Items]
Total loans		17,000
Commercial and industrial \| Current and Accruing
Financing Receivable, Past Due [Line Items]
Total loans	11,087,000	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	84,000	47,000
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	3,512,000	4,385,000
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total loans	$ 11,087,000	$ 8,374,000

LOANS RECEIVABLE - Loans Modifi

LOANS RECEIVABLE - Loans Modification (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract loan
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance	$ 1,892		$ 1,892		$ 1,191
Recorded Investment With an Allowance	835		835		1,130
Unpaid Principal Balance	3,157		3,157		3,193
Related Allowance	257		257		336
Average Recorded Investment	2,751	$ 3,687	2,817	$ 3,753
Interest Income Recognized	16	33	49	99
One- to four-family residential
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance	1,807		1,807		1,153
Recorded Investment With an Allowance	824		824		1,113
Unpaid Principal Balance	3,051		3,051		3,128
Related Allowance	251		251		319
Average Recorded Investment	2,655	2,446	2,718	2,502
Interest Income Recognized	16	19	49	57
Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance	51		51
Unpaid Principal Balance	52		52
Average Recorded Investment	50		51
Construction & land
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance	34		34		37
Unpaid Principal Balance	43		43		44
Average Recorded Investment	34	40	35	40
Multi-family residential
Financing Receivable, Impaired [Line Items]
Average Recorded Investment		1,182		1,190
Interest Income Recognized		14		42
Consumer
Financing Receivable, Impaired [Line Items]
Recorded Investment With an Allowance	11		11
Unpaid Principal Balance	11		11
Related Allowance	6		6
Average Recorded Investment	$ 12		$ 13
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Average Recorded Investment		$ 19		$ 21
Commercial and industrial
Financing Receivable, Impaired [Line Items]
Recorded Investment Without an Allowance					1
Recorded Investment With an Allowance					17
Unpaid Principal Balance					21
Related Allowance					$ 17

LOANS RECEIVABLE - Credit Quali

LOANS RECEIVABLE - Credit Quality Indicators (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Loans
Total loans	$ 131,701,000	$ 131,842,000
Pass
Loans
Total loans	127,172,000	124,537,000
Special Mention
Loans
Total loans	1,390,000	3,732,000
Substandard
Loans
Total loans	3,139,000	3,573,000
Real Estate
Loans
Total loans	117,102,000	119,083,000
One- to four-family residential
Loans
Total loans	88,327,000	87,303,000
One- to four-family residential \| Pass
Loans
Total loans	85,175,000	83,405,000
One- to four-family residential \| Special Mention
Loans
Total loans	173,000	504,000
One- to four-family residential \| Substandard
Loans
Total loans	2,979,000	3,394,000
Commercial real estate
Loans
Total loans	21,073,000	23,112,000
Commercial real estate \| Pass
Loans
Total loans	20,026,000	20,995,000
Commercial real estate \| Special Mention
Loans
Total loans	942,000	2,058,000
Commercial real estate \| Substandard
Loans
Total loans	105,000	59,000
Construction & land
Loans
Total loans	4,450,000	4,079,000
Construction & land \| Pass
Loans
Total loans	4,131,000	3,990,000
Construction & land \| Special Mention
Loans
Total loans	275,000
Construction & land \| Substandard
Loans
Total loans	44,000	89,000
Multi-family residential
Loans
Total loans	3,252,000	4,589,000
Multi-family residential \| Pass
Loans
Total loans	3,252,000	3,419,000
Multi-family residential \| Special Mention
Loans
Total loans		1,170,000
Consumer
Loans
Total loans	3,512,000	4,385,000
Consumer \| Pass
Loans
Total loans	3,501,000
Consumer \| Substandard
Loans
Total loans	11,000
Commercial and industrial
Loans
Total loans	11,087,000	8,374,000
Commercial and industrial \| Pass
Loans
Total loans	11,087,000
Residential real estate
Loans
Total loans	84,000	47,000
Consumer
Loans
Total loans	3,512,000	4,385,000
Consumer \| Pass
Loans
Total loans		4,372,000
Consumer \| Substandard
Loans
Total loans		13,000
Commercial and industrial
Loans
Total loans	$ 11,087,000	8,374,000
Commercial and industrial \| Pass
Loans
Total loans		8,356,000
Commercial and industrial \| Substandard
Loans
Total loans		$ 18,000

DEPOSITS - Summary of Deposits

DEPOSITS - Summary of Deposits (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Deposits, Amount:
Non-interest-bearing deposits, Amount	$ 31,988	$ 30,299
Negotiable order of withdrawal ("NOW"), Amount	50,547	34,357
Money market, Amount	17,129	18,878
Savings, Amount	26,874	26,698
Certificates of deposit, Amount	57,689	66,563
Total deposits	$ 184,227	$ 176,795
Deposits, Percentage:
Non-interest-bearing deposits, Percentage	17.40%	17.10%
Negotiable order of withdrawal ("NOW"), Percentage	27.40%	19.40%
Money market, Percentage	9.30%	10.70%
Savings, Percentage	14.60%	15.10%
Certificates of deposit, Percentage	31.30%	37.70%
Deposits, Percentage	100%	100%
Certificates of deposit and other time deposits issued in denominations that exceed the FDIC insurance limit	$ 10,200	$ 14,500

DEPOSITS - Schedule of Maturiti

DEPOSITS - Schedule of Maturities of Certificates of Deposit (Details) $ in Thousands	Sep. 30, 2022 USD ($)
DEPOSITS.
2023	$ 49,023
2024	7,001
2025	1,131
2026	516
2027	18
Total	$ 57,689

CAPITAL REQUIREMENTS AND OTHE_3

CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Common Equity Tier 1 Capital
Actual, Amount	$ 77,997	$ 77,819
Actual, Ratio	0.5784	0.6351
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 8,765	$ 7,965
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	0.065	0.065
Tier 1 Risk-Based Capital
Actual, Amount	$ 77,997	$ 77,819
Actual, Ratio	0.5784	0.6351
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 10,788	$ 9,803
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	0.080	0.080
Total Risk-Based Capital
Actual, Amount	$ 79,684	$ 79,360
Actual, Ratio	0.5909	0.6477
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 13,485	$ 12,253
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	0.100	0.100
Tier 1 Leverage Capital
Actual, Amount	$ 77,997	$ 77,819
Actual, Ratio	0.2829	0.2738
To be Well Capitalized under Prompt Corrective Action Provisions, Amount	$ 13,784	$ 14,210
To be Well Capitalized under Prompt Corrective Action Provisions, Ratio	0.050	0.050

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Values of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	$ 78,563	$ 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	78,563	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	78,563	88,339
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	837	1,020
Foreclosed assets	320	340
Total	1,157	1,360
Nonrecurring Basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	837	1,020
Foreclosed assets	320	340
Total	1,157	1,360
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	78,563	88,339
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale, at fair value	78,563	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	$ 78,563	$ 88,339

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narratives (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Impaired loans, carrying amount	$ 1.1	$ 1.4
Foreclosed real estate, impaired loans	$ 0

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investment securities
Held-to-maturity	$ 10,794	$ 13,152
Securities available-for-sale, at fair value	78,563	88,339
Carrying Amount
Financial Assets:
Cash and cash equivalents	36,197	40,884
Investment securities
Held-to-maturity	13,480	13,498
Securities available-for-sale, at fair value	78,563	88,339
Loans receivable, net	129,897	129,566
Bank-owned life insurance	13,519	3,303
Financial Liabilities:
Deposits	184,227	176,795
Borrowed funds	9,153	9,018
Fair Value
Financial Assets:
Cash and cash equivalents	36,197	40,884
Investment securities
Held-to-maturity	10,794	13,152
Securities available-for-sale, at fair value	78,563	88,339
Loans receivable, net	121,981	128,591
Bank-owned life insurance	13,519	3,303
Financial Liabilities:
Deposits	182,779	176,869
Borrowed funds	7,532	8,720
Fair Value \| Level 1
Financial Assets:
Cash and cash equivalents	36,197	40,884
Fair Value \| Level 2
Investment securities
Held-to-maturity	10,794	13,152
Securities available-for-sale, at fair value	78,563	88,339
Bank-owned life insurance	13,519	3,303
Financial Liabilities:
Deposits	182,779	176,869
Borrowed funds	7,532	8,720
Fair Value \| Level 3
Investment securities
Loans receivable, net	$ 121,981	$ 128,591

STOCK COMPENSATION (Details)

STOCK COMPENSATION (Details) - USD ($)		3 Months Ended	9 Months Ended
STOCK COMPENSATION (Details) - USD ($)	Sep. 01, 2022	Sep. 30, 2022	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense		$ 47,000	$ 47,000
Award vesting period (in years)	5 years
2022 Stock Option Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted	295,340
Exercise price (USD per share)	$ 13.30
Expiration period (in years)	10 years
Fair value of option granted	$ 4.36
Expected life (in years)	6 years 6 months
Expected volatility	32.55%
Expected dividend	1.50%
2022 Recognition and Retention Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted	119,336
Fair value of option granted	$ 13.30

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - shares	Sep. 01, 2022	Mar. 23, 2022
2022 Stock Option Plan
SUBSEQUENT EVENTS
Number of shares reserved for future issuance		529,000
Shares reserved for future issuance (in percent)		10%
Number of awards granted	295,340
2022 Recognition and Retention Plan
SUBSEQUENT EVENTS
Number of shares available for purchase		211,600
Shares available for purchase (in percent)		4%
Number of awards granted	119,336