XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.1
Loans Receivable Held for Investment (Tables)
 3 Months Ended
Mar. 31, 2022
Loans Receivable Held for Investment [Abstract]  
Loans Receivable Held for Investment

Loans receivable held for investment were as follows as of the dates indicated:
   
March 31, 2022
    
December 31, 2021
  
   
(In thousands)
  
Real estate:
            
Single family
  
$
40,145
    
$
45,372
  
Multi-family
    
401,252
      
393,704
  
Commercial real estate
    
90,402
      
93,193
  
Church
    
21,365
      
22,503
  
Construction
    
33,938
      
32,072
  
Commercial – other
    
53,880
      
46,539
  
SBA loans
     15,488       18,837  
Consumer
    
146
      
-
  
Gross loans receivable before deferred loan costs and premiums
    
656,616
      
652,220
  
Unamortized net deferred loan costs and premiums
    
1,674
      
1,526
  
Gross loans receivable
    
658,290
      
653,746
  
Credit and interest marks on purchased loans, net
     (1,376 )     (1,842 )
Allowance for loan losses
    
(3,539
)
    
(3,391
)
Loans receivable, net
  
$
653,375
    
$
648,513
  
Carrying Amount of Purchased Credit Impaired Loans The carrying amount of those loans as of March 31, 2022, and December 31, 2021, was as follows:

 
  
March 31, 2022
    
December 31, 2021
  
 
  
(In thousands)
  
Real estate:
            
Single family
  
$
56
    
$
558
  
Commercial real estate
    
-
      
221
  
Commercial – other
    
109
      
104
  
   
$
165
    
$
883
  
Accretable yield on Purchased Credit Impaired Loans

The following table summarizes the accretable yield on the PCI loans for the three months ended March 31, 2022:

 
  
March 31, 2022
  
   
(In thousands)
  
       
Balance at the beginning of the period
  
$
883
  
Deduction due to Payoffs
    
(707
)
Accretion
    
11
  
Balance at the end of the period
  
$
165
  
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 three months ended March 31, 2022
  
   
Real Estate
                    
   
Single
family
    
Multi-
family
    
Commercial
real estate
    
Church
    
Construction
    
Commercial - other
    
Consumer
    
Total
  
Beginning balance
  
$
145
    
$
2,657
    
$
236
    
$
103
    
$
212
    
$
23
    
$
15
    
$
3,391
  
Provision for (recapture of) loan losses
    
12
   
114
      
(20
)
    
(40
)
    
25
      
57
      
-
   
148
  
Recoveries
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Loans charged off
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Ending balance
  
$
157
    
$
2,771
    
$
217
    
$
63
    
$
236
    
$
95
    
$
-
    
$
3,539
  

   
For the three months ended March 31, 2021
  
   
Real Estate
                    
   
Single
family
    
Multi-
family
    
Commercial real estate
    
Church
    
Construction
    
Commercial - other
    
Consumer
    
Total
  
Beginning balance
  
$
296
    
$
2,433
    
$
222
    
$
237
    
$
22
    
$
4
    
$
1
    
$
3,215
  
Provision for (recapture of) loan losses
    
(21
)
    
40
      
(3
)
    
(16
)
    
-
      
1
      
(1
)
    
-
  
Recoveries
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Loans charged off
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Ending balance
  
$
275
    
$
2,473
    
$
219
    
$
221
    
$
-
    
$
5
    
$
-
    
$
3,215
  
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 the dates indicated:
   
March 31, 2022
  
   
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
    
154
      
2,771
      
217
      
59
      
236
      
95
      
-
      
3,532
  
Total ending allowance balance
  
$
157
    
$
2,771
    
$
217
    
$
63
    
$
236
    
$
95
    
$
-
    
$
3,539
  
Loans:
                                                                
Loans individually evaluated for impairment
  
$
64
    
$
277
    
$
-
    
$
1,907
    
$
-
    
$
-
    
$
-
    
$
2,248
  
Loans collectively evaluated for impairment
    
31,151
      
368,647
      
24,594
      
8,062
      
26,606
      
17,281
      
-
      
476,341
  
Subtotal
     31,215       368,924       24,594       9,969       26,606       17,281       -       478,589  
Loans acquired in the Merger
     8,930       34,002       65,808       11,396       7,332       36,599       15,488       179,701  
Total ending loans balance
  
$
40,145
    
$
402,926
    
$
90,402
    
$
21,365
    
$
33,938
    
$
53,880
    
$
15,488
    
$
658,290
  

   
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
  
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 dates indicated:
   
March 31, 2022
    
December 31, 2021
  
   
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:
                                    
Multi-family
   $
277
     $
277
     $
-
     $
282
     $
282
     $
-
  
Church
    
1,811
      
1,810
      
-
      
1,854
      
1,854
      
-
  
With an allowance recorded:
                                                
Single family
    
64
      
64
      
3
      
65
      
65
      
3
  
Church
    
96
      
96
      
4
      
100
      
100
      
4
  
Total
  
$
2,248
    
$
2,248
    
$
7
    
$
2,301
    
$
2,301
    
$
7
  
Average of Loans Individually Evaluated for Impairment by Loan Type and Related Interest Income

The following table presents the monthly average of loans individually evaluated for impairment by loan type and the related interest income for the periods indicated:
   
Three Months Ended March 31, 2022
    
Three Months Ended March 31, 2021
  
   
Average
Recorded
Investment
    
Cash Basis
Interest
Income
Recognized
    
Average
Recorded
Investment
    
Cash Basis
Interest
Income
Recognized
  
   
(In thousands)
  
Single family
  
$
64
    
$
1
    
$
571
    
$
7
  
Multi-family
    
279
      
5
      
296
      
5
  
Church
    
2,535
      
25
      
3,789
      
63
  
Commercial – other
    
-
      
-
      
46
      
1
  
Total
  
$
2,878
    
$
31
    
$
4,702
    
$
76
  
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 dates indicated:
   
March 31, 2022
  
   
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
  
$
-
    
$
-
    
$
-
    
$
-
    
$
40,145
    
$
40,145
  
Multi-family
    
-
      
-
      
-
      
-
      
402,926
      
402,926
  
Commercial real estate
    
2,944
      
-
      
-
      
2,944
      
87,458
      
90,402
  
Church
    
-
      
-
      
-
      
-
      
21,365
      
21,365
  
Construction
    
-
      
-
      
-
      
-
      
33,938
      
33,938
  
Commercial - other
    
-
      
-
      
-
      
-
      
53,880
      
53,880
  
SBA loans
     -       -       -       -       15,488       15,488  
Consumer
    
-
      
-
      
-
      
-
      
146
      
146
  
Total
  
$
2,944
    
$
-
    
$
-
    
$
2,944
    
$
655,346
    
$
658,290
  

   
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
    
-
      
-
      
-
      
-
      
18,837
      
18,837
  
Total
  
$
-
    
$
2,423
    
$
-
    
$
2,423
    
$
651,323
    
$
653,746
  
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 dates indicated:
   
March 31, 2022
    
December 31, 2021
  
   
(In thousands)
  
Loans receivable held for investment:
            
Church
    
653
      
684
  
Total non-accrual loans
  
$
653
    
$
684
  
Risk Categories of Loans by Loan Type Based on the most recent analysis performed, the risk categories of loans by loan type as of the periods indicated were as follows:

   
March 31, 2022
  
   
Pass
    
Watch
    
Special Mention
    
Substandard
    
Doubtful
    
Loss
       Total  
   
(In thousands)
  
Single family
  
$
38,135
    
$
1,328
    
$
268
    
$
414
    
$
-
    
$
-
     $
40,145  
Multi-family
    
385,748
      
6,428
      
2,540
      
8,210
      
-
      
-
       402,926  
Commercial real estate
    
70,078
      
9,589
      
5,970
      
4,765
      
-
      
-
       90,402  
Church
    
16,795
      
931
      
-
      
3,639
      
-
      
-
       21,365  
Construction
    
9,158
      
24,780
      
-
      
-
      
-
      
-
       33,938  
Commercial - other
    
41,397
      
12,167
      
-
      
307
      
9
      
-
       53,880  
SBA
     14,668       657       163       -       -       -       15,488  
Consumer
    
146
      
-
      
-
      
-
      
-
      
-
       146  
Total
  
$
576,125
    
$
55,880
    
$
8,941
    
$
17,335
    
$
9
    
$
-
     $
658,290  

 
  
December 31, 2021
  
 
  
Pass
    
Watch
    
Special Mention
    
Substandard
    
Doubtful
    
Loss
       Total  
 
  
(In thousands)
  
Single family
  
$
42,454
    
$
1,343
    
$
271
    
$
1,304
    
$
-
    
$
-
     $
45,372  
Multi-family
    
378,141
      
7,987
      
575
      
8,527
      
-
      
-
       395,230  
Commercial real estate
    
69,257
      
7,034
      
9,847
      
7,055
      
-
      
-
       93,193  
Church
    
20,021
      
-
      
-
      
2,482
      
-
      
-
       22,503  
Construction
    
10,522
      
21,550
      
-
      
-
      
-
      
-
       32,072  
Commercial - other
    
33,988
      
12,551
      
-
      
-
      
-
      
-
       46,539  
SBA
    
18,665
      
-
      
172
      
-
      
-
      
-
       18,837  
Total
  
$
573,048
    
$
50,465
    
$
10,865
    
$
19,368
    
$
-
    
$
-
     $
653,746