Loans, Allowance for Loan Losses and Credit Quality (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of Loans

Loans consisted of the following as of the dates indicated:

	At March 31,						At December 31,
	2022						2021
	Amount			Percent			Amount			Percent
	(Dollars in thousands)
Real estate loans:
One- to four-family residential	$	268,214			49.7	%	$	259,673			49.8	%
Multi-family		65,258			12.1	%		59,517			11.4	%
Commercial		103,561			19.2	%		99,953			19.2	%
Home equity lines of credit		26,626			4.9	%		26,050			5.0	%
Construction		71,302			13.2	%		70,668			13.5	%
Other loans
Commercial loans		4,181			0.8	%		5,439			1.0	%
Consumer		355			0.1	%		500			0.1	%
		539,497						521,800
Less:
Net deferred loan fees		(369	)					(433	)
Allowance for losses		(4,357	)					(4,236	)
Total loans, net	$	534,771					$	517,131

Summary of Activity for Loans

The following table sets forth the activity for the three months ended March 31, 2022 and 2021:

	Three Months Ended
	March 31,
	2022			2021
	(In Thousands)
Beginning Balance	$	1,257		$	1,268
New Loans		—			450
Advances		100			—
Paydowns		(37	)		(794	)
Ending Balance	$	1,320		$	924

Schedule of Information Regarding Allowance for Loan Losses

The following tables set forth information regarding the allowance for loan losses as of and for the three months ended March 31, 2022 and 2021:

	Real Estate
							Home Equity
	Residential		Multi-family		Commercial		Lines of Credit		Construction		Commercial			Consumer			Unallocated			Total
									(In Thousands)
As of March 31, 2022
Allowance for loan losses
Beginning balance	$	1,271	$	417	$	1,099	$	185	$	855	$	60		$	2		$	347		$	4,236
Charge-offs		—		—		—		—		—		—			—			—			—
Recoveries		—		—		—		—		—		—			—			—			—
Provision (benefit)		40		46		51		6		16		(10	)		(1	)		(27	)		121
Ending balance	$	1,311	$	463	$	1,150	$	191	$	871	$	50		$	1		$	320		$	4,357
Ending balance:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Collectively evaluated for impairment		1,311		463		1,150		191		871		50			1			320			4,357
Total allowance for loan losses    ending balance	$	1,311	$	463	$	1,150	$	191	$	871	$	50		$	1		$	320		$	4,357
Loans
Ending balance:
Individually evaluated for impairment	$	641	$	—	$	—	$	99	$	—	$	—		$	—		$	—		$	740
Collectively evaluated for impairment		267,573		65,258		103,561		26,527		71,302		4,181			355			—			538,757
Total Loans	$	268,214	$	65,258	$	103,561	$	26,626	$	71,302	$	4,181		$	355		$	—		$	539,497

	Real Estate
									Home Equity
	Residential			Multi-family		Commercial			Lines of Credit			Construction			Commercial		Consumer			Unallocated		Total
												(In Thousands)
As of March 31, 2021
Allowance for loan losses
Beginning balance	$	1,167		$	266	$	1,175		$	208		$	802		$	103	$	4		$	151	$	3,876
Charge-offs		—			—		—			—			—			—		—			—		—
Recoveries		—			—		—			—			—			—		—			—		—
Provision (benefit)		(3	)		56		(95	)		(28	)		(103	)		13		(3	)		253		90
Ending balance	$	1,164		$	322	$	1,080		$	180		$	699		$	116	$	1		$	404	$	3,966
Ending balance:
Individually evaluated for impairment	$	—		$	—	$	—		$	—		$	—		$	—	$	—		$	—	$	—
Collectively evaluated for impairment		1,164			322		1,080			180			699			116		1			404		3,966
Total allowance for loan losses ending    balance	$	1,164		$	322	$	1,080		$	180		$	699		$	116	$	1		$	404	$	3,966
Loans
Ending balance:
Individually evaluated for impairment	$	1,403		$	—	$	772		$	99		$	—		$	4	$	—		$	—	$	2,278
Collectively evaluated for impairment		240,914			47,313		90,025			26,047			61,318			11,500		399			—		477,516
Total Loans	$	242,317		$	47,313	$	90,797		$	26,146		$	61,318		$	11,504	$	399		$	—	$	479,794

Schedule of Information Regarding Nonaccrual Loans and Past Due Loans

The following tables set forth information regarding nonaccrual loans and past-due loans as of the dates indicated:

													90 days
							Total						or more		Loans on
	30–59 Days		60–89 Days		90 Days or More		Past Due		Total Current		Total Loans		and accruing		Non-accrual
	(in Thousands)
As of March 31, 2022
Real estate loans:
Residential	$	321	$	—	$	360	$	681	$	267,533	$	268,214	$	—	$	641
Multi-family		—		—		—		—		65,258		65,258		—		—
Commercial		—		—		—		—		103,561		103,561		—		—
Home equity lines of credit		—		99		—		99		26,527		26,626		—		99
Construction		—		—		—		—		71,302		71,302		—		—
Other loans:
Commercial		—		—		—		—		4,181		4,181		—		—
Consumer		—		—				—		355		355		—		—
	$	321	$	99	$	360	$	780	$	538,717	$	539,497	$	—	$	740

													90 days
							Total						or more		Loans on
	30–59 Days		60–89 Days		90 Days or More		Past Due		Total Current		Total Loans		and accruing		Non-accrual
	(in Thousands)
As of December 31, 2021
Real estate loans:
Residential	$	—	$	88	$	817	$	905	$	258,768	$	259,673	$	—	$	883
Multi-family		—		—		—		—		59,517		59,517		—		—
Commercial		—		—		—		—		99,953		99,953		—		—
Home equity lines of credit		99		—		—		99		25,951		26,050		—		99
Construction		—		—		—		—		70,668		70,668		—		—
Other loans:
Commercial		—		—		—		—		5,439		5,439		—		—
Consumer		1		—		—		1		499		500		—		—
	$	100	$	88	$	817	$	1,005	$	520,795	$	521,800	$	—	$	982

Schedule of Information About Impaired Loan

Information about loans that meet the definition of an impaired loan in Accounting Standards Codification (ASC) 310-10-35 is as follows as of and for the three months ended March 31 2022 and 2021:

	As of March 31, 2022						Three Months Ended March 31, 2022
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
March 31, 2022
With no related allowance recorded:
Real estate loans:
Residential	$	641	$	641	$	—	$	685	$	7
Multi-family		—		—		—		—		—
Commercial		—		—		—		—		—
Home equity lines of credit and loans		99		99		—		99		1
Construction		—		—		—		—		—
Other loans:
Commercial		—		—		—		—		—
Total impaired with no related allowance		740		740		—		784		8
With an allowance recorded:
Real estate loans:
Residential		—		—		—		—		—
Multi-family		—		—		—		—		—
Home equity lines of credit and loans		—		—		—		—		—
Commercial		—		—		—		—		—
Construction		—		—		—		—		—
Other loans:
Commercial		—		—		—		—		—
Total impaired with a related allowance		—		—		—		—		—
Total
Real estate loans:
Residential		641		641		—		685		7
Multi-family		—		—		—		—		—
Commercial		—		—		—		—		—
Home equity lines of credit and loans		99		99		—		99		1
Construction		—		—		—		—		—
Other loans:
Commercial		—		—		—		—		—
Total impaired loans	$	740	$	740	$	—	$	784	$	8

	As of March 31, 2021						Three Months Ended March 31, 2021
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
March 31, 2021
With no related allowance recorded:
Real estate loans:
Residential	$	1,403	$	1,403	$	—	$	906	$	6
Multi-family		—		—		—		—		—
Commercial		772		772		—		774		14
Home equity lines of credit and loans		99		99		—		99		1
Construction		—		—		—		—		—
Other loans:
Commercial		4		4		—		4		—
Total impaired with no related allowance		2,278		2,278		—		1,783		21
With an allowance recorded:
Real estate loans:
Residential		—		—		—		—		—
Multi-family		—		—		—		—		—
Home equity lines of credit and loans
Commercial		—		—		—		—		—
Construction		—		—		—		—		—
Other loans:
Commercial		—		—		—		—		—
Total impaired with a related allowance		—		—		—		—		—
Total
Real estate loans:
Residential		1,403		1,403		—		906		6
Multi-family		—		—		—		—		—
Commercial		772		772		—		774		14
Home equity lines of credit and loans		99		99		—		99		1
Construction		—		—		—		—		—
Other loans:
Commercial		4		4		—		4		—
Total impaired loans	$	2,278	$	2,278	$	—	$	1,783	$	21

Summary of Loans by Risk Rating

The following tables present the Bank’s loans by risk rating as of the dates indicated:

	Real Estate
							Home Equity
	Residential		Multi-family		Commercial		Lines of Credit		Construction		Commercial		Consumer		Total
									(In Thousands)
As of March 31, 2022
Grade
Pass	$	34,125	$	65,258	$	103,561	$	4,408	$	65,245	$	4,081	$	-	$	276,678
Special    mention		727		-		-		99		-		100		-		926
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-
Loans not    formally rated		233,362		-		-		22,119		6,057		-		355		261,893
	$	268,214	$	65,258	$	103,561	$	26,626	$	71,302	$	4,181	$	355	$	539,497

	Real Estate
							Home Equity
	Residential		Multi-family		Commercial		Lines of Credit		Construction		Commercial		Consumer		Total
									(In Thousands)
As of December 31, 2021
Grade
Pass	$	34,613	$	59,517	$	99,953	$	624	$	64,623	$	5,339	$	-	$	264,669
Special mention		970		-		-		99		394		100		-		1,563
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-
Loans not    formally rated		224,090		-		-		25,327		5,651		-		500		255,568
	$	259,673	$	59,517	$	99,953	$	26,050	$	70,668	$	5,439	$	500	$	521,800