LOANS RECEIVABLE (Tables)

12 Months Ended

Dec. 31, 2022

LOANS RECEIVABLE

Schedule of loans receivable

	December 31,
(Dollars in thousands)	2022		2021
Real estate loans
One- to four-family residential	$	87,508	$	87,564
Commercial real estate		19,437		23,112
Construction and land		6,172		4,079
Multi-family residential		3,200		4,589
Total real estate loans		116,317		119,344
Other loans
Commercial and industrial		13,843		8,374
Consumer		3,447		4,385
Total other loans		17,290		12,759
Total loans		133,607		132,103
Less: Allowance for loan losses		(1,807)		(2,276)
Net loans	$	131,800	$	129,827

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 years ended December 31, 2022 and 2021.

	For the Year Ended December 31, 2022
(Dollars in thousands)	Beginning Balance		Provision (Reversal)		Charge-offs		Recoveries		Ending Balance
Allowance for loan losses
One- to four-family residential	$	1,573	$	(280)	$	(154)	$	85	$	1,224
Commercial real estate		370		(122)		-		-		248
Construction and land		55		19		-		-		74
Multi-family residential		73		(33)		-		-		40
Commercial and industrial		137		37		(21)		22		175
Consumer		68		4		(35)		9		46
Total	$	2,276	$	(375)	$	(210)	$	116	$	1,807

	For the Year Ended December 31, 2021
(Dollars in thousands)	Beginning Balance		Provision (Reversal)		Charge-offs		Recoveries		Ending Balance
Allowance for loan losses
One- to four-family residential	$	1,910	$	(268)	$	(123)	$	54	$	1,573
Commercial real estate		744		(374)		-		-		370
Construction and land		82		(27)		-		-		55
Multi-family residential		68		5		-		-		73
Commercial and industrial		101		36		-		-		137
Consumer		78		7		(27)		10		68
Unallocated		39		(39)		-		-		-
Total	$	3,022	$	(660)	$	(150)	$	64	$	2,276

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 December 31, 2022 and 2021.

	December 31, 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	$	216	$	1,008	$	1,224	$	319	$	1,254	$	1,573
Commercial real estate		-		248		248		-		370		370
Construction and land		-		74		74		-		55		55
Multi-family residential		-		40		40		-		73		73
Commercial and industrial		-		175		175		17		120		137
Consumer		-		46		46		-		68		68
Total	$	216	$	1,591	$	1,807	$	336	$	1,940	$	2,276
Loans
One- to four-family residential	$	2,712	$	84,796	$	87,508	$	2,266	$	85,298	$	87,564
Commercial real estate		51		19,386		19,437		-		23,112		23,112
Construction and land		33		6,139		6,172		37		4,042		4,079
Multi-family residential		-		3,200		3,200		-		4,589		4,589
Commercial and industrial		-		13,843		13,843		18		8,356		8,374
Consumer		-		3,447		3,447		-		4,385		4,385
Total	$	2,796	$	130,811	$	133,607	$	2,321	$	129,782	$	132,103

Summary of current, past due and nonaccrual loans

	As of December 31, 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	$	2,077	$	191	$	716	$	2,984	$	83,848	$	676	$	87,508
Commercial real estate		166		-		51		217		19,220		-		19,437
Construction and land		156		-		18		174		5,965		33		6,172
Multi-family residential		-		-		-		-		3,200		-		3,200
Commercial and industrial		-		-		-		-		13,843		-		13,843
Consumer		6		-		-		6		3,441		-		3,447
Total	$	2,405	$	191	$	785	$	3,381	$	129,517	$	709	$	133,607

	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	$	84,657	$	380	$	87,564
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	$	128,869	$	418	$	132,103

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

	December 31, 2022
(Dollars in thousands)	Recorded Investment Without an Allowance		Recorded Investment With an Allowance		Unpaid Principal		Related Allowance
One- to four-family residential	$	1,843	$	869	$	3,149	$	216
Commercial real estate		51		-		52		-
Construction and land		33		-		42		-
Multi-family residential		-		-		-		-
Commercial and industrial		-		-		-		-
Consumer		-		-		-		-
Total	$	1,927	$	869	$	3,243	$	216

	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 table below presents the average balances and interest income for impaired loans for the years ended December 31, 2022 and 2021.

	Year Ended
	December 31, 2022				December 31, 2021
(Dollars in thousands)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
One- to four-family residential	$	2,824	$	58	$	2,365	$	67
Commercial real estate		51		-		-		-
Construction and land		35		-		39		-
Multi-family residential		-		-		-		-
Commercial and industrial		-		-		20		2
Consumer		-		-		-		-
Total	$	2,910	$	58	$	2,424	$	69

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.

	December 31, 2022
(Dollars in thousands)	Pass		Special Mention		Substandard		Doubtful		Total
One- to four-family residential	$	84,219	$	171	$	3,118	$	-	$	87,508
Commercial real estate		19,334		-		103		-		19,437
Construction and land		5,822		291		59		-		6,172
Multi-family residential		3,200		-		-		-		3,200
Commercial and industrial		13,843		-		-		-		13,843
Consumer		3,447		-		-		-		3,447
Total	$	129,865	$	462	$	3,280	$	-	$	133,607

	December 31, 2021
(Dollars in thousands)	Pass		Special Mention		Substandard		Doubtful		Total
One- to four-family residential	$	83,666	$	504	$	3,394	$	-	$	87,564
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	$	124,798	$	3,732	$	3,573	$	-	$	132,103