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Loans Receivable Held for Investment (Tables)
 12 Months Ended
Dec. 31, 2021
Loans Receivable Held for Investment [Abstract]  
Loans Receivable Held for Investment
Loans receivable held for investment were as follows as of the periods indicated:
 
   
December 31, 2021
    
December 31, 2020
  
   
(In thousands)
  
Real estate:
            
Single family
  
$
45,372
    
$
48,217
  
Multi‑family
    
393,704
      
272,387
  
Commercial real estate
    
93,193
      
24,289
  
Church
    
22,503
      
16,658
  
Construction
    
32,072
      
429
  
Commercial – other
    
46,539
      
57
  
SBA loans
     18,837       -  
Consumer
    
-
      
7
  
Gross loans receivable before deferred loan costs and premiums
    
652,220
      
362,044
  
Unamortized net deferred loan costs and premiums
    
1,526
      
1,300
  
      653,746       363,344  
Credit and interest marks on purchased loans, net
    (1,842 )     -  
Allowance for loan losses
    
(3,391
)
    
(3,215
)
Loans receivable, net
  
$
648,513
    
$
360,129
  
Activity in Allowance for Loan Losses by Loan Type
The following tables present the activity in the allowance for loan losses by loan type for the periods indicated:
 
   
For the year ended December 31, 2021
  
   
Real Estate
                    
   
Single
family
    
Multi‑
family
    
Commercial
real estate
    
Church
    
Construction
    
Commercial
– other
    
Consumer
    
Total
  
   
(In thousands)
  
Beginning balance
  
$
296
    
$
2,433
    
$
222
    
$
237
    
$
22
    
$
4
    
$
1
    
$
3,215
  
Provision for (recapture of) loan losses
    
(151
)
    
224
      
14
      
(134
)
    
190
   
19
   
14
      
176
  
Recoveries
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Loans charged off
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Ending balance (1)
  
$
145
    
$
2,657
    
$
236
    
$
103
    
$
212
    
$
23
    
$
15
    
$
3,391
  
(1)
Loans acquirqed in the City First Merger and PPP loans originated since the merger were not considered in this analysis.

   
For the year ended December 31, 2020
  
   
Real Estate
                    
   
Single
family
    
Multi‑
family
    
Commercial
real estate
    
Church
    
Construction
    
Commercial
– other
    
Consumer
    
Total
  
   
(In thousands)
  
Beginning balance
  
$
312
    
$
2,319
    
$
133
    
$
362
    
$
48
    
$
7
     $
1
    
$
3,182
  
Provision for (recapture of) loan losses
    
(20
)
    
114
      
89
      
(125
)
    
(26
)
    
(3
)
     -      
29
  
Recoveries
    
4
      
-
      
-
      
-
      
-
      
-
      
-
      
4
  
Loans charged off
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Ending balance
  
$
296
    
$
2,433
    
$
222
    
$
237
    
$
22
    
$
4
     $
1
    
$
3,215
  
Carrying Amount of Purchased Credit Impaired Loans The carrying amount of those loans as of December 31, 2021, was as follows:

    (In thousands)  
Real estate:
  

 
Single family
   $ 558  
Commercial real estate
     221  
Commercial – other
     104  
    $
883  
Accretable yield on Purchased Credit Impaired Loans
The following table summarizes the accretable yield on the PCI loans for the year ended December 31, 2021:

    (In thousands)  
Balance on acquisition date
  
$
-
  
Additions
     346  
Accretion
     (57 )
Balance at the end of the year
   $ 289  
Allowance for Loan Losses and Recorded Investment in Loans by Type of Loans and Based on Impairment Method
The following tables present the balance in the allowance for loan losses and the recorded investment (unpaid contractual principal balance less charge‑offs, less interest applied to principal, plus unamortized deferred costs and premiums) by loan type and based on impairment method as of and for the periods indicated:
 
   
December 31, 2021
  
   
Real Estate
                    
   
Single
family
    
Multi‑
family
    
Commercial
real estate
    
Church
    
Construction
    
Commercial
– other
    
SBA
    
Total
  
   
(In thousands)
  
Allowance for loan losses:
                                                
Ending allowance balance attributable to loans:
                                
Individually evaluated for impairment
  
$
3
    
$
-
     $
-
    
$
4
     $
-
    
$
-
     $
-
    
$
7
  
Collectively evaluated for impairment
    
142
      
2,657
      
236
      
99
      
212
      
23
      
15
      
3,384
  
Total ending allowance balance
  
$
145
    
$
2,657
     $
236
    
$
103
     $
212
    
$
23
     $
15
    
$
3,391
  
Loans:
                                                                
Loans individually evaluated for impairment
  
$
65
    
$
282
     $
-
    
$
1,954
     $
-
    
$
-
     $
-
    
$
2,301
  
Loans collectively evaluated for impairment
    
32,599
      
353,179
      
25,507
      
9,058
      
24,225
      
3,124
      
-
      
447,692
  
Subtotal
     32,664       353,461       25,507       11,012       24,225       3,124       -       449,993  
Loans acquired in the Merger
     12,708       41,769       67,686       11,491       7,847       43,415       18,837       203,753  
Total ending loans balance
  
$
45,372
    
$
395,230
     $
93,193
    
$
22,503
     $
32,072
    
$
46,539
     $
18,837
    
$
653,746
  

   
December 31, 2020
  
   
Real Estate
                    
   
Single
family
    
Multi‑
family
    
Commercial
real estate
    
Church
    
Construction
    
Commercial
– other
    
Consumer
    
Total
  
   
(In thousands)
  
Allowance for loan losses:
                                                
Ending allowance balance attributable to loans:
                                                
Individually evaluated for impairment
  
$
89
     $
-
     $
-
    
$
52
     $
-
    
$
-
     $
-
    
$
141
  
Collectively evaluated for impairment
    
207
      
2,433
      
222
      
185
      
22
      
4
      
1
      
3,074
  
Total ending allowance balance
  
$
296
     $
2,433
     $
222
    
$
237
     $
22
    
$
4
     $
1
    
$
3,215
  
Loans:
                                                                
Loans individually evaluated for impairment
  
$
573
     $
298
     $
-
    
$
3,813
     $
-
    
$
47
     $
-
    
$
4,731
  
Loans collectively evaluated for impairment
    
47,784
      
273,566
      
24,322
      
12,495
      
430
      
9
      
7
      
358,613
  
Total ending loans balance
  
$
48,357
     $
273,864
     $
24,322
    
$
16,308
     $
430
    
$
56
     $
7
    
$
363,344
  
Loans Individually Evaluated for Impairment by Loan Type
The following table presents information related to loans individually evaluated for impairment by loan type as of the periods indicated:
 
   
December 31, 2021
    
December 31, 2020
  
   
Unpaid
Principal
Balance
    
Recorded
Investment
    
Allowance
for Loan
Losses
Allocated
    
Unpaid
Principal
Balance
    
Recorded
Investment
    
Allowance
for Loan
Losses
Allocated
  
   
(In thousands)
  
With no related allowance recorded:
                                    
Single‑family
   $
-
     $
-
     $
-
     $
2
     $
1
     $
-
  
Multi‑family
    
282
      
282
      
-
      
298
      
298
      
-
  
Church
    
-
      
-
      
-
      
2,527
      
1,970
      
-
  
With an allowance recorded:
                                                
Single family
    
65
      
65
      
3
      
573
      
573
      
89
  
Church
    
1,954
      
1,954
      
4
      
1,842
      
1,842
      
52
  
Commercial – other
    
-
      
-
      
-
      
47
      
47
      
-
  
Total
   $
2,301
     $
2,301
     $
7
     $
5,289
     $
4,731
     $
141
  
Average of Loans Individually Evaluated for Impairment by Loan Type and Related Interest Income
The following tables present the monthly average of loans individually evaluated for impairment by loan type and the related interest income for the periods indicated:
 
   
For the year ended December 31, 2021
    
For the year ended December 31, 2020
  
   
Average
Recorded
Investment
    
Cash Basis
Interest
Income
Recognized
    
Average
Recorded
Investment
    
Cash Basis
Interest
Income
Recognized
  
   
(In thousands)
  
Single family
  
$
66
    
$
5
    
$
591
    
$
29
  
Multi‑family
    
290
      
19
      
306
      
21
  
Church
    
2,310
      
176
      
4,033
      
442
  
Commercial – other
    
-
      
-
      
55
      
4
  
Total
  
$
2,666
    
$
200
    
$
4,985
    
$
496
  
Aging of Recorded Investment in Past Due Loans by Loan Type
The following tables present the aging of the recorded investment in past due loans by loan type as of the periods indicated:
 
    December 31, 2021  
 
   
30‑59
Days
Past Due
    
60‑89
Days
Past Due
    
Greater than
90 Days
Past Due
   
Total
Past Due
    
Current
    
Total
  
   
(In thousands)
        
Loans receivable held for investment:
                                    
Single family
   $
-
    
$
-
    
$
-
     $
-
    
$
45,372
     $
45,372
  
Multi‑family
    
-
      
-
      
-
       -      
395,230
      
395,230
  
Commercial real estate
    
-
      
2,423
      
-
       2,423      
90,770
      
93,193
  
Church
    
-
      
-
      
-
       -      
22,503
      
22,503
  
Construction
    
-
      
-
      
-
       -      
32,072
      
32,072
  
Commercial – other
    
-
      
-
      
-
       -      
46,539
      
46,539
  
SBA loans
                                     18,837       18,837  
Consumer
    
-
      
-
      
-
       -      
-
      
-
  
Total
   $
-
    
$
2,423
    
$
-
     $
2,423
    
$
651,323
     $
653,746
  

   
December 31, 2020
  
   
30‑59
Days
Past Due
    
60‑89
Days
Past Due
    
Greater than
90 Days
Past Due
    
Total
Past Due
    
Current
    
Total
  
   
(In thousands)
        
Loans receivable held for investment:
                                    
Single family
   $
-
    
$
-
    
$
-
     $
-
     $
48,357
     $
48,357
  
Multi‑family
    
-
      
-
      
-
      
-
      
273,864
      
273,864
  
Commercial real estate
    
-
      
-
      
-
      
-
      
24,322
      
24,322
  
Church
    
-
      
-
      
-
      
-
      
16,308
      
16,308
  
Construction
    
-
      
-
      
-
      
-
      
430
      
430
  
Commercial – other
    
-
      
-
      
-
      
-
      
56
      
56
  
Consumer
    
-
      
-
      
-
      
-
      
7
      
7
  
Total
   $
-
    
$
-
    
$
-
     $
-
     $
363,344
     $
363,344
  
Recorded Investment in Non-accrual Loans by Loan Type
The following table presents the recorded investment in non‑accrual loans by loan type as of the periods indicated:
 
   
December 31, 2021
    
December 31, 2020
  
Loans receivable held for investment:
  
(In thousands)
  
Single family
  
$
-
    
$
1
  
Church
    
684
      
786
  
Total non-accrual loans
  
$
684
    
$
787
  
Risk Categories of Loans by Loan Type
The following table shows the risk categories of loans by type excluding loans acquired in the City First Merger as of  December 31, 2021:
 
    December 31, 2021
  
   
Pass
    
Watch
    
Special Mention
    
Substandard
    
Doubtful
    
Loss
     Total  
    (In thousands)        
Single family
  
$
32,664
     $ -    
$
-
    
$
-
    
$
-
    
$
-
     $
32,664  
Multi‑family
    
353,118
      
-
      
-
      
343
      
-
      
-
       353,461  
Commercial real estate
    
24,049
      
-
      
-
      
1,458
      
-
      
-
       25,507  
Church
    
8,530
      
-
      
-
      
2,482
      
-
      
-
       11,012  
Construction
    
8,275
       15,950      
-
      
-
      
-
      
-
       24,225  
Commercial – other
    
3,124
       -      
-
      
-
      
-
      
-
       3,124  
Consumer
    
-
       -      
-
      
-
      
-
      
-
       -  
Total
  
$
429,760
    
$
15,950
    
$
-
    
$
4,283
    
$
-
    
$
-
     $ 449,993  

The following table shows the risk categories of loans by type for loans acquired in the City First Merger as of December 31, 2021:
    December 31, 2021  
    Pass     Watch     Special Mention     Substandard     Doubtful     Loss     Total  
         
(In thousands)
  
Single family
  
$
9,790
    
$
1,343
    
$
271
    
$
1,304
    
$
-
    
$
-
    
$
12,708
  
Multi‑family
    
25,023
      
7,987
      
575
      
8,184
      
-
      
-
      
41,769
  
Commercial real estate
    
45,208
      
7,034
      
9,847
      
5,597
      
-
      
-
      
67,686
  
Church
     11,491       -       -       -      
-
      
-
       11,491  
Construction
    
2,247
      
5,600
       -       -      
-
      
-
      
7,847
  
Commercial – other
    
30,864
      
12,551
      
-
       -      
-
      
-
      
43,415
  
SBA
     18,665       -       172       -       -       -       18,837  
Total
  $ 143,288     $ 34,515     $ 10,865     $ 15,085     $ -     $ -     $ 203,753  

   
December 31, 2020
  
   
Pass
    
Watch
    
Special Mention
    
Substandard
    
Doubtful
    
Loss
       Total  
   
(In thousands)
  
Single family
  
$
48,357
     $ -    
$
-
    
$
-
    
$
-
    
$
-
     $
48,357  
Multi‑family
    
273,501
      
-
      
-
      
363
      
-
      
-
       273,864  
Commercial real estate
    
22,834
       1,488      
-
      
-
      
-
      
-
       24,322  
Church
    
12,899
      
657
      
-
      
2,752
      
-
      
-
       16,308  
Construction
    
430
       -      
-
      
-
      
-
      
-
       430  
Commercial – other
    
9
       -      
-
      
47
      
-
      
-
       56  
Consumer
    
7
       -      
-
      
-
      
-
      
-
       7  
Total
  
$
358,037
    
$
2,145
    
$
-
    
$
3,162
    
$
-
    
$
-
     $
363,344