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Note 4 - Loans and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2021

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 4: Loans and Allowance for Loan Losses

Categories of loans at June 30, 2021 and December 31, 2020 include:

	June 30,			December 31,
	2021			2020
Real estate - residential mortgage:
One to four family units	$	109,882,880		$	115,799,200
Multi-family		89,595,438			90,028,775
Real estate - construction		98,843,988			70,847,330
Real estate - commercial		358,349,985			305,673,212
Commercial loans		130,258,396			144,326,350
Consumer and other loans		23,772,893			26,733,546
Total loans		810,703,580			753,408,413
Less:
Allowance for loan losses		(10,525,640	)		(9,617,024	)
Deferred loan fees/costs, net		(1,411,140	)		(1,642,118	)
Net loans	$	798,766,800		$	742,149,271

Classes of loans by aging at June 30, 2021 and December 31, 2020 were as follows:

As of June 30, 2021
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable		Total Loans > 90 Days and Accruing
	(In Thousands)
Real estate - residential mortgage:
One to four family units	$	-	$	119	$	1,213	$	1,332	$	108,551	$	109,883	$	200
Multi-family		-		-		-		-		89,595		89,595		-
Real estate - construction		-		65		2,052		2,117		96,727		98,844		-
Real estate - commercial		-		149		248		397		357,953		358,350		-
Commercial loans		13		-		1,639		1,652		128,606		130,258		-
Consumer and other loans		4		-		8		12		23,761		23,773		-
Total	$	17	$	333	$	5,160	$	5,510	$	805,194	$	810,704	$	200

As of December 31, 2020
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Loans Receivable		Total Loans > 90 Days and Accruing
	(In Thousands)
Real estate - residential mortgage:
One to four family units	$	623	$	1,058	$	1,071	$	2,752	$	113,047	$	115,799	$	-
Multi-family		-		-		-		-		90,029		90,029		-
Real estate - construction		1,239		-		4,189		5,428		65,419		70,847		-
Real estate - commercial		264		76		161		501		305,172		305,673		-
Commercial loans		6		1		4,784		4,791		139,535		144,326		-
Consumer and other loans		10		1		21		32		26,702		26,734		-
Total	$	2,142	$	1,136	$	10,226	$	13,504	$	739,904	$	753,408	$	-

Nonaccruing loans are summarized as follows:

	June 30,		December 31,
	2021		2020
Real estate - residential mortgage:
One to four family units	$	1,503,495	$	3,086,159
Multi-family		-		-
Real estate - construction		2,891,243		6,239,326
Real estate - commercial		3,538,482		3,932,241
Commercial loans		2,079,678		5,249,782
Consumer and other loans		103,537		121,090
Total	$	10,116,435	$	18,628,598

The following tables present the activity in the allowance for loan losses based on portfolio segment for the three and six months ended June 30, 2021 and 2020:

Three months ended June 30, 2021	Construction		Commercial Real Estate			One to four family			Multi-family			Commercial		Consumer and Other			Unallocated			Total
Allowance for loan losses:	(In Thousands)
Balance, beginning of period	$	1,374	$	3,831		$	1,426		$	998		$	1,257	$	394		$	608		$	9,888
Provision charged to expense		278		618			(53	)		(31	)		1		(6	)		(507	)	$	300
Losses charged off		-		(1	)		(26	)		-			-		(29	)		-		$	(56	)
Recoveries		228		1			-			-			148		17			-		$	394
Balance, end of period	$	1,880	$	4,449		$	1,347		$	967		$	1,406	$	376		$	101		$	10,526

Six months ended June 30, 2021	Construction			Commercial Real Estate			One to four family			Multi-family			Commercial		Consumer and Other			Unallocated			Total
Allowance for loan losses:	(In Thousands)
Balance, beginning of period	$	1,132		$	3,624		$	1,445		$	1,058		$	1,129	$	571		$	658		$	9,617
Provision charged to expense		641			825			(76	)		(91	)		122		(164	)		(557	)	$	700
Losses charged off		(121	)		(1	)		(26	)		-			-		(66	)		-		$	(214	)
Recoveries		228			1			4			-			155		35			-		$	423
Balance, end of period	$	1,880		$	4,449		$	1,347		$	967		$	1,406	$	376		$	101		$	10,526

Three months ended June 30, 2020	Construction			Commercial Real Estate		One to four family		Multi-family		Commercial			Consumer and Other			Unallocated			Total
Allowance for loan losses:	(In Thousands)
Balance, beginning of period	$	1,629		$	2,577	$	1,154	$	755	$	1,349		$	449		$	136		$	8,049
Provision charged to expense		(60	)		421		385		39		(71	)		49			(13	)	$	750
Losses charged off		-			-		-		-		-			(51	)		-		$	(51	)
Recoveries		-			-		-		-		21			19			-		$	40
Balance, end of period	$	1,569		$	2,998	$	1,539	$	794	$	1,299		$	466		$	123		$	8,788

Six months ended June 30, 2020	Construction			Commercial Real Estate		One to four family		Multi-family		Commercial			Consumer and Other			Unallocated			Total
Allowance for loan losses:	(In Thousands)
Balance, beginning of period	$	1,749		$	2,267	$	1,001	$	746	$	1,129		$	443		$	273		$	7,608
Provision charged to expense		(180	)		725		537		48		167			103			(150	)	$	1,250
Losses charged off		-			-		-		-		(32	)		(113	)		-		$	(145	)
Recoveries		-			6		1		-		35			33			-		$	75
Balance, end of period	$	1,569		$	2,998	$	1,539	$	794	$	1,299		$	466		$	123		$	8,788

The following tables present the recorded investment in loans based on portfolio segment and impairment method as of June 30, 2021 and December 31, 2020:

As of June 30, 2021	Construction		Commercial Real Estate		One to four family		Multi-family		Commercial		Consumer and Other		Unallocated		Total
Allowance for loan losses:	(In Thousands)
Ending balance: individually evaluated for impairment	$	203	$	90	$	53	$	-	$	64	$	16	$	-	$	426
Ending balance: collectively evaluated for impairment	$	1,677	$	4,359	$	1,294	$	967	$	1,342	$	360	$	101	$	10,100
Ending balance: loans acquired with deteriorated credit quality	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Loans:
Ending balance: individually evaluated for impairment	$	2,891	$	1,529	$	1,485	$	-	$	1,958	$	192	$	-	$	8,055
Ending balance: collectively evaluated for impairment	$	95,953	$	354,536	$	108,398	$	89,595	$	128,189	$	23,581	$	-	$	800,253
Ending balance: loans acquired with deteriorated credit quality	$	-	$	2,285	$	-	$	-	$	111	$	-	$	-	$	2,396

As of December 31, 2020	Construction		Commercial Real Estate		One to four family		Multi-family		Commercial		Consumer and Other		Unallocated		Total
Allowance for loan losses:	(In Thousands)
Ending balance: individually evaluated for impairment	$	114	$	117	$	112	$	-	$	62	$	15	$	-	$	420
Ending balance: collectively evaluated for impairment	$	1,018	$	3,507	$	1,333	$	1,058	$	1,066	$	556	$	658	$	9,196
Ending balance: loans acquired with deteriorated credit quality	$	-	$	-	$	-	$	-	$	1	$	-	$	-	$	1
Loans:
Ending balance: individually evaluated for impairment	$	6,239	$	1,810	$	3,110	$	-	$	5,111	$	202	$	-	$	16,472
Ending balance: collectively evaluated for impairment	$	64,608	$	301,453	$	112,689	$	90,029	$	139,083	$	26,532	$	-	$	734,394
Ending balance: loans acquired with deteriorated credit quality	$	-	$	2,410	$	-	$	-	$	132	$	-	$	-	$	2,542

The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data.

Included in the Company’s loan portfolio are certain loans acquired in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. These loans were written down at acquisition to an amount estimated to be collectible. As a result, certain ratios regarding the Company’s loan portfolio and credit quality cannot be used to compare the Company to peer companies or to compare the Company’s current credit quality to prior periods. The ratios particularly affected by accounting under ASC 310-30 include the allowance for loan losses as a percentage of loans, nonaccrual loans, and performing assets, and nonaccrual loans and nonperforming loans as a percentage of total loans.

A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent.

Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans.

The following table summarizes the recorded investment in impaired loans at June 30, 2021 and December 31, 2020:

	June 30, 2021						December 31, 2020
	Recorded Balance		Unpaid Principal Balance		Specific Allowance		Recorded Balance		Unpaid Principal Balance		Specific Allowance
	(In Thousands)
*Loans without a specific valuation allowance*
Real estate - residential mortgage:
One to four family units	$	1,376	$	1,376	$	-	$	2,780	$	2,780	$	-
Multi-family		-		-		-		-		-		-
Real estate - construction		2,025		2,025		-		5,081		5,081		-
Real estate - commercial		3,298		3,298		-		3,419		3,419		-
Commercial loans		1,750		1,750		-		4,902		4,902		-
Consumer and other loans		95		95		-		100		100		-
*Loans with a specific valuation allowance*
Real estate - residential mortgage:
One to four family units	$	109	$	109	$	53	$	330	$	330	$	112
Multi-family		-		-		-		-		-		-
Real estate - construction		866		866		203		1,158		3,129		114
Real estate - commercial		516		516		90		801		801		117
Commercial loans		319		319		64		341		341		63
Consumer and other loans		97		97		16		102		102		15
Total
Real estate - residential mortgage:
One to four family units	$	1,485	$	1,485	$	53	$	3,110	$	3,110	$	112
Multi-family		-		-		-		-		-		-
Real estate - construction		2,891		2,891		203		6,239		8,210		114
Real estate - commercial		3,814		3,814		90		4,220		4,220		117
Commercial loans		2,069		2,069		64		5,243		5,243		63
Consumer and other loans		192		192		16		202		202		15
Total	$	10,451	$	10,451	$	426	$	19,014	$	20,985	$	421

The following table summarizes average impaired loans and related interest recognized on impaired loans for the three and six months ended June 30, 2021 and 2020:

	For the Three Months Ended				For the Three Months Ended
	June 30, 2021				June 30, 2020
	Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
	(In Thousands)
*Loans without a specific valuation allowance*
Real estate - residential mortgage:
One to four family units	$	2,065	$	-	$	1,122	$	-
Multi-family		-		-		-		-
Real estate - construction		4,007		-		-		-
Real estate - commercial		3,334		2		3,247		-
Commercial loans		2,816		-		-		-
Consumer and other loans		102		3		112		5
*Loans with a specific valuation allowance*
Real estate - residential mortgage:
One to four family units	$	144	$	-	$	1,274	$	-
Multi-family		-		-		-		-
Real estate - construction		867		-		4,437		-
Real estate - commercial		608		-		191		-
Commercial loans		320		-		928		-
Consumer and other loans		78		-		143		-
Total
Real estate - residential mortgage:
One to four family units	$	2,209	$	-	$	2,396	$	-
Multi-family		-		-		-		-
Real estate - construction		4,874		-		4,437		-
Real estate - commercial		3,942		2		3,438		-
Commercial loans		3,136		-		928		-
Consumer and other loans		180		3		255		5
Total	$	14,341	$	5	$	11,454	$	5

	For the Six Months Ended				For the Six Months Ended
	June 30, 2021				June 30, 2020
	Average Investment in Impaired Loans		Interest Income Recognized		Average Investment in Impaired Loans		Interest Income Recognized
	(In Thousands)
*Loans without a specific valuation allowance*
Real estate - residential mortgage:
One to four family units	$	2,372	$	-	$	1,106	$	-
Multi-family		-		-		-		-
Real estate - construction		4,544		-		-		-
Real estate - commercial		3,362		4		3,006		-
Commercial loans		3,860		-		9		-
Consumer and other loans		104		5		105		7
*Loans with a specific valuation allowance*
Real estate - residential mortgage:
One to four family units	$	183	$	-	$	1,224	$	-
Multi-family		-		-		-		-
Real estate - construction		916		-		4,188		-
Real estate - commercial		701		-		236		-
Commercial loans		324		-		916		-
Consumer and other loans		92		-		156		-
Total
Real estate - residential mortgage:
One to four family units	$	2,555	$	-	$	2,330	$	-
Multi-family		-		-		-		-
Real estate - construction		5,460		-		4,188		-
Real estate - commercial		4,063		4		3,242		-
Commercial loans		4,184		-		925		-
Consumer and other loans		196		5		261		7
Total	$	16,458	$	9	$	10,946	$	7

At June 30, 2021, the Bank’s impaired loans shown in the table above included loans that were classified as troubled debt restructurings (“TDR”). The restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession.

In assessing whether or not a borrower is experiencing financial difficulties, the Bank considers information currently available regarding the financial condition of the borrower. This information includes, but is not limited to, whether (i) the debtor is currently in payment default on any of its debt; (ii) a payment default is probable in the foreseeable future without the modification; (iii) the debtor has declared or is in the process of declaring bankruptcy and (iv) the debtor’s projected cash flow is sufficient to satisfy the contractual payments due under the original terms of the loan without a modification.

The Bank considers all aspects of the modification to loan terms to determine whether or not a concession has been granted to the borrower. Key factors considered by the Bank include the debtor’s ability to access funds at a market rate for debt with similar risk characteristics, the significance of the modification relative to unpaid principal balance or collateral value of the debt, and the significance of a delay in the timing of payments relative to the original contractual terms of the loan. The most common concessions granted by the Bank generally include one or more modifications to the terms of the debt, such as (i) a reduction in the interest rate for the remaining life of the debt, (ii) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (iii) a reduction on the face amount or maturity amount of the debt as stated in the original loan, (iv) a temporary period of interest-only payments, (v) a reduction in accrued interest, and (vi) an extension of amortization.

In March 2020, our regulators issued a statement titled “Interagency Statement on Loan Modifications and Reporting for Financial institutions with Customers Affected by the Coronavirus” that encouraged financial institutions to work prudently with borrowers who were expected to have difficulty in meeting payment obligations due to the effects of COVID-19. Additionally, Section 4013 of the CARES Act further clarifies that qualified loan modifications are exempt by law from being classified as a TDR as defined by GAAP from March 1, 2020 until December 31, 2020. In December 2020, the Economic Aid to Hard Hit Small Businesses, Non-Profits and Ventures Act was enacted, which extended the CARES Act provisions to the earlier of 60 days after the end of the National Emergency or until January 1, 2022. The Bank continues to work with impacted entities in the form of modifications, payment deferrals, extensions of repayment terms and/or other delays in payments, as necessary.

Due to the before mentioned regulatory changes, there were no troubled debt restructuring charge offs or increases to the allowance for loan losses related to TDRs during 2021 or 2020.

The following table presents the carrying balance of TDRs as of June 30, 2021 and December 31, 2020:

	June 30, 2021		December 31, 2020
Real estate - residential mortgage:
One to four family units	$	177,377	$	1,178,876
Multi-family		-		-
Real estate - construction		839,420		3,700,084
Real estate - commercial		728,810		893,992
Commercial loans		319,129		368,310
Total	$	2,064,736	$	6,141,262

The Bank has allocated $266,613 and $142,393 of specific reserves to customers whose loan terms have been modified as a TDR as of June 30, 2021 and December 31, 2020, respectively.

There were no TDRs for which there was a payment default within twelve months following the modification during the six months ending June 30, 2021 and 2020. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms.

As part of the on-going monitoring of the credit quality of the Bank’s loan portfolio, management tracks loans by an internal rating system. All loans are assigned an internal credit quality rating based on an analysis of the borrower’s financial condition. The criteria used to assign quality ratings to extensions of credit that exhibit potential problems or well-defined weaknesses are primarily based upon the degree of risk and the likelihood of orderly repayment, and their effect on the Bank’s safety and soundness. The following are the internally assigned ratings:

Pass: This rating represents loans that have strong asset quality and liquidity along with a multi-year track record of profitability.

Special mention: This rating represents loans that are currently protected but are potentially weak. The credit risk may be relatively minor, yet constitute an increased risk in light of the circumstances surrounding a specific loan.

Substandard: This rating represents loans that show signs of continuing negative financial trends and unprofitability and therefore, is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any.

Doubtful: This rating represents loans that have all the weaknesses of substandard classified loans with the additional characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

Risk characteristics applicable to each segment of the loan portfolio are described as follows.

Real estate-Residential 1-4 family: The residential 1-4 family real estate loans are generally secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. Credit risk in these loans can be impacted by economic conditions within the Bank’s market areas that might impact either property values or a borrower’s personal income. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.

Real estate-Multi-Family: Loans secured by multi-family residential real estate generally involve a greater degree of credit risk than one- to four-family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family residential real estate is typically dependent upon the successful operation of the related real estate property. If the cash flow from the project is reduced, the borrower's ability to repay the loan may be impaired. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economies in the Bank’s market areas.

Real estate-Construction: Construction and land development real estate loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may include permanent loans, sales of developed property or an interim loan commitment from the Bank until permanent financing is obtained. These loans are considered to be higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economies in the Bank’s market areas.

Real estate-Commercial: Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Credit risk in these loans may be impacted by the creditworthiness of a borrower, property values and the local economies in the Bank’s market areas.

Commercial: The commercial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations.

Consumer: The consumer loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Bank’s market area) and the creditworthiness of a borrower.

The following tables provide information about the credit quality of the loan portfolio using the Bank’s internal rating system as of June 30, 2021 and December 31, 2020:

June 30, 2021	Construction		Commercial Real Estate		One to four family		Multi-family		Commercial		Consumer and Other		Total
	(In Thousands)
Rating:
Pass	$	95,882	$	313,554	$	107,412	$	88,176	$	121,149	$	23,581	$	749,755
Special Mention		-		5,258		512		1,419		4,759		-		11,948
Substandard		2,962		39,538		1,959		-		4,350		192		49,001
Doubtful		-		-		-		-		-		-		-
Total	$	98,844	$	358,350	$	109,883	$	89,595	$	130,258	$	23,773	$	810,704

December 31, 2020	Construction		Commercial Real Estate		One to four family		Multi-family		Commercial		Consumer and Other		Total
	(In Thousands)
Rating:
Pass	$	64,531	$	262,771	$	110,615	$	90,029	$	130,874	$	26,532	$	685,352
Special Mention		-		4,442		-		-		123		-		4,565
Substandard		6,316		38,460		5,184		-		13,329		202		63,491
Doubtful		-		-		-		-		-		-		-
Total	$	70,847	$	305,673	$	115,799	$	90,029	$	144,326	$	26,734	$	753,408

The above amounts include purchased credit impaired loans. At June 30, 2021, purchased credit impaired loans comprised of $2.4 million were rated “Substandard”.

For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan.

The accrual of interest on loans is discontinued at the time the loan is 90 days past due unless the loan is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Commercial Loan Referral Income: In certain circumstances, the Company enters into variable-rate loan agreements (Assumable Rate Conversion “ARC” Master Servicing Agreements) with commercial loan customers, and the customer simultaneously enters into an interest swap agreement directly with a third-party (the “counterparty”). This allows the loan customer to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. The Company is required to enter into a transaction agreement as part of each loan. The agreement results in the assumption of credit and market risk equivalent by the Bank. The agreement states that in an event of default by the loan customer, the Bank must pay a termination amount to the extent it is positive. The termination value is defined by the Master Agreement, which is in essence the fair value of the derivative on the event date. The counterparty pays a fee to the Company for brokering the transaction and for servicing the loan/swap agreement between the customer and the counterparty. Fee income related to these agreements was $62,612 and $936,486 for the six months ended June 30, 2021 and 2020, respectively.