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Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Loans

Loans consisted of the following as of the dates indicated below:

 

   September 30,   December 31, 
(Dollars in thousands)  2024   2023 
         
One-to-four family residential real estate loans  $344,380   $302,544 
Construction and land loans   23,454    21,090 
Commercial real estate loans   324,016    320,962 
Commercial loans   181,652    180,942 
Agriculture loans   91,986    89,680 
Municipal loans   7,098    4,507 
Consumer loans   29,263    28,931 
Total gross loans   1,001,849    948,656 
Net deferred loan fees and loans in process   (63)   (429)
Allowance for credit losses   (11,544)   (10,608)
Loans, net  $990,242   $937,619 
Schedule of Allowance for Credit Losses on Financing Receivables

The following tables provide information on the Company’s allowance for credit losses by loan class and allowance methodology:

 

(Dollars in thousands)  One-to-four family residential real estate loans   Construction and land loans   Commercial real estate loans   Commercial loans   Agriculture loans   Municipal loans   Consumer loans   Total 
     
   Three and nine months and six months ended September 30, 2024 
(Dollars in thousands)  One-to-four family residential real estate loans   Construction and land loans   Commercial real estate loans   Commercial loans   Agriculture loans   Municipal loans   Consumer loans   Total 
                                 
Allowance for credit losses:                                        
Balance at July 1, 2024  $2,020   $220   $4,515   $2,778   $1,118   $55   $197   $10,903 
Charge-offs   -    -    -    (22)   -    -    (131)   (153)
Recoveries   -    45    -    8    54    -    37    144 
Provision for credit losses   (30)   (109)   38    611    50    2    88    650 
Balance at September 30, 2024  $1,990   $156   $4,553   $3,375   $1,222   $57   $191   $11,544 
                                         
Allowance for credit losses:                                        
Balance at January 1, 2024  $2,035   $150   $4,518   $2,486   $1,190   $15   $214   $10,608 
Charge-offs   -    -    -    (105)   -    -    (308)   (413)
Recoveries   -    245    -    28    54    12    110    449 
Provision for credit losses   (45)   (239)   112    889    (22)   30    175    900 
Balance at September 30, 2024  $1,990   $156   $4,553   $3,375   $1,222   $57   $191   $11,544 

 

(Dollars in thousands)  One-to-four family residential real estate loans   Construction and land loans   Commercial real estate loans   Commercial loans   Agriculture loans   Municipal loans   Consumer loans   Total 
     
   Three and nine months ended September 30, 2023 
(Dollars in thousands)  One-to-four family residential real estate loans   Construction and land loans   Commercial real estate loans   Commercial loans   Agriculture loans   Municipal loans   Consumer loans   Total 
                                 
Allowance for credit losses:                                        
Balance at July 1, 2023  $1,852   $161   $4,373   $2,710   $1,134   $16   $203   $10,449 
Charge-offs   -    -    -    (44)   -    -    (98)   (142)
Recoveries   -    626    -    9    1    -    27    663 
Provision for credit losses   38    (641)   81    469    (45)   (1)   99    - 
Balance at September 30, 2023  $1,890   $146   $4,454   $3,144   $1,090   $15   $231   $10,970 
                                         
Allowance for credit losses:                                        
Balance at January 1, 2023  $655   $117   $3,158   $2,753   $1,966   $5   $137   $8,791 
Impact of adopting ASC 326   1,022    49    1,063    145    (824)   11    57    1,523 
Charge-offs   -    -    -    (151)   -    -    (257)   (408)
Recoveries   -    626    -    28    74    -    86    814 
Provision for credit losses   213    (646)   233    369    (126)   (1)   208    250 
Balance at September 30, 2023  $1,890   $146   $4,454   $3,144   $1,090   $15   $231   $10,970 
Schedule of Non-accrual and Loans Past Due Over 89 Days Still Accruing

The following table presents information regarding non-accrual and loans past due over 89 days and still accruing as of the dates indicated:

 

   Non-accrual with no allowance for credit loss   Non-accrual with allowance for credit losses   Loans past due over 89 days still accruing 
(Dollars in thousands)  As of September 30, 2024 
   Non-accrual with no allowance for credit loss   Non-accrual with allowance for credit losses   Loans past due over 89 days still accruing 
             
One-to-four family residential real estate loans  $76   $-   $     - 
Commercial real estate loans   788    -    - 
Commercial loans   8,623    2,843    - 
Agriculture loans   1,085    -    - 
Total loans  $10,572   $2,843   $- 

 

   Non-accrual with no allowance for credit loss   Non-accrual with allowance for credit losses   Loans past due over 89 days still accruing 
(Dollars in thousands)  As of December 31, 2023 
   Non-accrual with no allowance for credit loss   Non-accrual with allowance for credit losses   Loans past due over 89 days still accruing 
             
One-to-four family residential real estate loans  $161   $31   $     - 
Commercial loans   363    1,517    - 
Agriculture loans   295    -    - 
Consumer loans   24    -    - 
Total loans  $843   $1,548   $- 
Schedule of Amortized Cost Basis and Collateral Type

 

(Dollars in thousands)  As of September 30, 2024
   Loan balance   Collateral Type
        
One-to-four family residential real estate loans  $76   First mortgage on residential real estate
Construction and land loans   189   First mortgage on residential or commercial real estate
Commercial real estate loans   1,972   First mortgage on commercial real estate
Commercial loans   11,626   Accounts receivable, equipment and real estate
Agriculture loans   1,517   Crops, livestock, machinery and real estate
Total loans  $15,380    

 

(Dollars in thousands)  As of December 31, 2023
   Loan balance   Collateral Type
        
One-to-four family residential real estate loans  $192   First mortgage on residential real estate
Construction and land loans   192   First mortgage on residential or commercial real estate
Commercial real estate loans   1,205   First mortgage on commercial real estate
Commercial loans   2,054   Accounts receivable, equipment and real estate
Agriculture loans   682   Crops, livestock, machinery and real estate
Consumer loans   24   Personal property or second mortgages on real estate
Total loans  $4,349    
Schedule of Past Due Financing Receivables

The following tables present information regarding the Company’s past due and non-accrual loans by loan class, as of the dates indicated:

 

   30-59 days delinquent and accruing   60-89 days delinquent and accruing   90 days or more delinquent and accruing   Total past due loans accruing   Non-accrual loans   Total past due and non-accrual loans   Total loans not past due 
(Dollars in thousands)  As of September 30, 2024 
   30-59 days delinquent and accruing   60-89 days delinquent and accruing   90 days or more delinquent and accruing   Total past due loans accruing   Non-accrual loans   Total past due and non-accrual loans   Total loans not past due 
                             
One-to-four family residential real estate loans  $-   $59   $-   $59   $76   $135   $344,245 
Construction and land loans   -    13    -    13    -    13    23,441 
Commercial real estate loans   -    -    -    -    788    788    323,228 
Commercial loans   2,589    1,031    -    3,620    11,466    15,086    166,566 
Agriculture loans   3,518    -    -    3,518    1,085    4,603    87,383 
Municipal loans   -    -    -    -    -    -    7,098 
Consumer loans   76    16    -    92    -    92    29,171 
Total  $6,183   $1,119   $-   $7,302   $13,415   $20,717   $981,132 
Percent of gross loans   0.62%   0.11%   0.00%   0.73%   1.34%   2.07%   97.93%

 

   30-59 days delinquent and accruing   60-89 days delinquent and accruing   90 days or more delinquent and accruing   Total past due loans accruing   Non-accrual loans   Total past due and non-accrual loans   Total loans not past due 
(Dollars in thousands)  As of December 31, 2023 
   30-59 days delinquent and accruing   60-89 days delinquent and accruing   90 days or more delinquent and accruing   Total past due loans accruing   Non-accrual loans   Total past due and non-accrual loans   Total loans not past due 
                             
One-to-four family residential real estate loans  $85   $247   $-   $332   $192   $524   $302,020 
Construction and land loans   -    -    -    -    -    -    21,090 
Commercial real estate loans   153    -    -    153    -    153    320,809 
Commercial loans   399    332    -    731    1,880    2,611    178,331 
Agriculture loans   256    -    -    256    295    551    89,129 
Municipal loans   -    -    -    -    -    -    4,507 
Consumer loans   110    -    -    110    24    134    28,797 
Total  $1,003   $579   $-   $1,582   $2,391   $3,973   $944,683 
Percent of gross loans   0.11%   0.06%   0.00%   0.17%   0.25%   0.42%   99.58%
Schedule of Troubled Debt Restructurings on Financings Receivables and Year of Origination

The following table presents information regarding the Company’s risk category of loans by type and year of origination, as of the dates indicated:

 

   2024   2023   2022   2021   2020   Prior   Revolving loans amortized cost   Revolving loans converted to term   Total 
(Dollars in thousands)  As of September 30, 2024 
   2024   2023   2022   2021   2020   Prior   Revolving loans amortized cost   Revolving loans converted to term   Total 
                                     
One-to-four family residential real estate loans                                             
Nonclassified  $69,036   $87,966   $77,175   $38,548   $28,686   $36,751   $6,009   $133   $344,304 
Classified   -    -    -    -    -    76    -    -    76 
Total  $69,036   $87,966   $77,175   $38,548   $28,686   $36,827   $6,009   $133   $344,380 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Construction and land loans                                             
Nonclassified  $4,264   $11,468   $1,951   $1,722   $2,594   $1,353   $102   $-   $23,454 
Classified   -    -    -    -    -    -    -    -    - 
Total  $4,264   $11,468   $1,951   $1,722   $2,594   $1,353   $102   $-   $23,454 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Commercial real estate loans                                             
Nonclassified  $39,708   $43,771   $69,510   $54,452   $42,825   $68,946   $1,744   $89    321,045 
Classified   879    -    -    477    -    1,615    -    -    2,971 
Total  $40,587   $43,771   $69,510   $54,929   $42,825   $70,561   $1,744   $89   $324,016 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Commercial loans                                             
Nonclassified  $21,221   $25,133   $25,238   $10,657   $8,622   $2,687   $65,215   $106   $158,879 
Classified   2,884    10,609    1,932    55    3,993    34    2,003    1,263    22,773 
Total  $24,105   $35,742   $27,170   $10,712   $12,615   $2,721   $67,218   $1,369   $181,652 
Gross charge-offs  $-   $-   $16   $86   $3   $-   $-   $-   $105 
Agriculture loans                                             
Nonclassified  $14,372   $3,839   $9,061   $3,887   $3,427   $14,533   $41,549   $233   $90,901 
Classified   -    182    241    402    9    86    165    -    1,085 
Total  $14,372   $4,021   $9,302   $4,289   $3,436   $14,619   $41,714   $233   $91,986 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Municipal loans                                             
Nonclassified  $-   $5,551   $97   $-   $-   $1,450   $-   $-   $7,098 
Classified   -    -    -    -    -    -    -    -    - 
Total  $-   $5,551   $97   $-   $-   $1,450   $-   $-   $7,098 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Consumer loans                                             
Nonclassified  $2,918   $3,483   $717   $1,139   $695   $3,257   $17,035   $19   $29,263 
Classified   -    -    -    -    -    -    -    -    - 
Total  $2,918   $3,483   $717   $1,139   $695   $3,257   $17,035   $19   $29,263 
Gross charge-offs  $275   $7   $1   $-   $-   $-   $25   $-   $308 
Total loans                                             
Nonclassified  $151,519   $181,211   $183,749   $110,405   $86,849   $128,977   $131,654   $580   $974,944 
Classified   3,763    10,791    2,173    934    4,002    1,811    2,168    1,263    26,905 
Total  $155,282   $192,002   $185,922   $111,339   $90,851   $130,788   $133,822   $1,843   $1,001,849 
Gross charge-offs for the nine months ending September 30, 2024  $275   $7   $17   $86   $3   $-   $25   $-   $413 

 

 

   2023   2022   2021   2020   2019   Prior   Revolving loans amortized cost   Revolving loans converted to term   Total 
(Dollars in thousands)  As of December 31, 2023 
   2023   2022   2021   2020   2019   Prior   Revolving loans amortized cost   Revolving loans converted to term   Total 
                                     
One-to-four family residential real estate loans                                             
Nonclassified  $95,290   $84,718   $42,533   $32,081   $12,776   $29,694   $5,097   $163   $302,352 
Classified  $-   $-   $-   $-   $-   $192   $-   $-   $192 
Total  $95,290   $84,718   $42,533   $32,081   $12,776   $29,886   $5,097   $163   $302,544 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Construction and land loans                                             
Nonclassified  $6,283   $5,267   $5,367   $2,665   $916   $492   $100   $-   $21,090 
Classified  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Total  $6,283   $5,267   $5,367   $2,665   $916   $492   $100   $-   $21,090 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Commercial real estate loans                                             
Nonclassified  $41,644   $77,427   $58,327   $50,744   $30,551   $57,502   $3,017   $92   $319,304 
Classified  $-   $-   $481   $22   $180   $975   $-   $-   $1,658 
Total  $41,644   $77,427   $58,808   $50,766   $30,731   $58,477   $3,017   $92   $320,962 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Commercial loans                                             
Nonclassified  $38,818   $32,764   $16,747   $15,511   $2,514   $4,386   $61,046   $4,121   $175,907 
Classified  $226   $2,000   $158   $460   $57   $-   $1,952   $182   $5,035 
Total  $39,044   $34,764   $16,905   $15,971   $2,571   $4,386   $62,998   $4,303   $180,942 
Gross charge-offs  $-   $28   $407   $44   $-   $-   $-   $-   $479 
Agriculture loans                                             
Nonclassified  $7,862   $11,718   $4,864   $4,092   $3,902   $12,114   $44,352   $214   $89,118 
Classified  $-   $16   $171   $-   $131   $113   $131   $-   $562 
Total  $7,862   $11,734   $5,035   $4,092   $4,033   $12,227   $44,483   $214   $89,680 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Municipal loans                                             
Nonclassified  $2,774   $128   $-   $-   $-   $1,605   $-   $-   $4,507 
Classified  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Total  $2,774   $128   $-   $-   $-   $1,605   $-   $-   $4,507 
Gross charge-offs  $-   $-   $-   $-   $-   $-   $-   $-   $- 
Consumer loans                                             
Nonclassified  $4,705   $1,332   $1,340   $1,380   $1   $4,906   $15,221   $21   $28,906 
Classified  $-   $-   $-   $-   $-   $-   $25   $-   $25 
Total  $4,705   $1,332   $1,340   $1,380   $1   $4,906   $15,246   $21   $28,931 
Gross charge-offs  $-   $-   $3   $-   $-   $-   $368   $-   $371 
Total loans                                             
Nonclassified  $197,376   $213,354   $129,178   $106,473   $50,660   $110,699   $128,833   $4,611   $941,184 
Classified  $226   $2,016   $810   $482   $368   $1,280   $2,108   $182   $7,472 
Total  $197,602   $215,370   $129,988   $106,955   $51,028   $111,979   $130,941   $4,793   $948,656 
Gross charge-offs for the year ending December 31, 2023  $-   $28   $410   $44   $-   $-   $368   $-   $850 
Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments

The following table provides information regarding the Company’s allowance for credit losses related to unfunded loan commitments for the periods indicated:

 

   2024   2023   2024   2023 
   Three months ended   Nine months ended 
(dollars in thousands)  September 30,   September 30, 
   2024   2023   2024   2023 
Balance at beginning of period  $300    200   $250    170 
Provision for credit losses   (150)   -    (100)   30 
Balance at end of period  $150   $200   $150   $200 
Schedule of Troubled Debt Restructurings

 

(Dollars in thousands)  As of September 30, 2023
   Amortized cost basis   % of loan class total   Financial effect
            
Term extension:             
Commercial  $145    0.1%   90 day payment deferral