Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 09, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-51821 | |
Entity Registrant Name | LAKE SHORE BANCORP, INC. | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 20-4729288 | |
Entity Address, Address Line One | 31 East Fourth Street | |
Entity Address, City or Town | Dunkirk | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14048 | |
City Area Code | 716 | |
Local Phone Number | 366-4070 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | LSBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,690,776 | |
Entity Central Index Key | 0001341318 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 4,562 | $ 9,091 |
Interest earning deposits | 41,437 | 542 |
Cash and Cash Equivalents | 45,999 | 9,633 |
Securities | 57,952 | 73,047 |
Federal Home Loan Bank stock, at cost | 2,347 | 2,330 |
Loans receivable, net of allowance for credit losses 2023 $6,642; 2022 $7,065 | 564,848 | 573,537 |
Premises and equipment, net | 8,043 | 8,286 |
Accrued interest receivable | 2,889 | 2,796 |
Bank owned life insurance | 23,546 | 23,218 |
Other assets | 7,939 | 7,067 |
Total Assets | 713,563 | 699,914 |
Liabilities | ||
Deposits: Interest bearing | 484,287 | 464,441 |
Deposits: Non-interest bearing | 99,871 | 105,678 |
Total Deposits | 584,158 | 570,119 |
Short-term borrowings | 12,596 | |
Long term debt | 36,450 | 24,950 |
Advances from borrowers for taxes and insurance | 2,219 | 3,308 |
Other liabilities | 8,879 | 7,757 |
Total Liabilities | 631,706 | 618,730 |
Stockholders' Equity | ||
Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,836,514 shares issued and 5,690,776 shares outstanding at September 30, 2023 and 6,836,514 shares issued and 5,705,225 shares outstanding at December 31, 2022 | 68 | 68 |
Additional paid-in capital | 31,462 | 31,459 |
Treasury stock, at cost (1,145,738 shares at September 30, 2023 and 1,131,289 shares at December 31, 2022) | (13,717) | (13,571) |
Unearned shares held by ESOP | (1,045) | (1,108) |
Unearned shares held by compensation plans | (79) | (191) |
Retained earnings | 78,207 | 74,859 |
Accumulated other comprehensive loss | (13,039) | (10,332) |
Total Stockholders' Equity | 81,857 | 81,184 |
Total Liabilities and Stockholders' Equity | $ 713,563 | $ 699,914 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Consolidated Statements of Financial Condition [Abstract] | ||
Allowance for credit losses | $ 6,642 | $ 7,065 |
Common stock par value per share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares Issued | 6,836,514 | 6,836,514 |
Common Stock, Shares Outstanding | 5,690,776 | 5,705,225 |
Treasury Stock, Shares | 1,145,738 | 1,131,289 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Income | ||||
Loans, including fees | $ 7,699,000 | $ 6,311,000 | $ 22,426,000 | $ 17,600,000 |
Investment securities, taxable | 223,000 | 210,000 | 687,000 | 610,000 |
Investment securities, tax-exempt | 240,000 | 309,000 | 815,000 | 935,000 |
Other | 559,000 | 88,000 | 1,214,000 | 138,000 |
Total Interest Income | 8,721,000 | 6,918,000 | 25,142,000 | 19,283,000 |
Interest Expense | ||||
Deposits | 2,104,000 | 419,000 | 5,332,000 | 1,095,000 |
Short-term borrowings | 87,000 | |||
Long-term debt | 309,000 | 141,000 | 884,000 | 354,000 |
Other | 13,000 | 13,000 | 39,000 | 43,000 |
Total Interest Expense | 2,426,000 | 573,000 | 6,342,000 | 1,492,000 |
Net Interest Income | 6,295,000 | 6,345,000 | 18,800,000 | 17,791,000 |
(Credit) Provision for Credit Losses | (199,000) | (1,011,000) | 500,000 | |
Net Interest Income After (Credit) Provision for Credit Losses | 6,494,000 | 6,345,000 | 19,811,000 | 17,291,000 |
Non-Interest Income | ||||
Increase in cash surrender value of bank-owned life insurance | 114,000 | 66,000 | 328,000 | 262,000 |
Unrealized gain (loss) on equity securities | 3,000 | 2,000 | 5,000 | (7,000) |
Unrealized gain (loss) on interest rate swap | 91,000 | (58,000) | 344,000 | |
Recovery on previously impaired investment securities | 1,000 | 2,000 | 6,000 | 12,000 |
Loss on sale of securities available for sale | (3,000) | (52,000) | ||
Net loss on sale of loans | (18,000) | |||
Other | 22,000 | 16,000 | 59,000 | 54,000 |
Total Non-Interest Income | 605,000 | 668,000 | 1,712,000 | 2,120,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 2,773,000 | 2,504,000 | 8,363,000 | 7,371,000 |
Occupancy and equipment | 715,000 | 738,000 | 2,212,000 | 2,273,000 |
Data processing | 432,000 | 403,000 | 1,284,000 | 1,094,000 |
Professional services | 389,000 | 562,000 | 2,087,000 | 1,196,000 |
Advertising | 157,000 | 197,000 | 514,000 | 456,000 |
FDIC insurance | 295,000 | 46,000 | 826,000 | 138,000 |
Postage and supplies | 59,000 | 54,000 | 189,000 | 168,000 |
Other | 376,000 | 366,000 | 1,139,000 | 1,283,000 |
Total Non-Interest Expense | 5,196,000 | 4,870,000 | 16,614,000 | 13,979,000 |
Income before Income Taxes | 1,903,000 | 2,143,000 | 4,909,000 | 5,432,000 |
Income Tax Expense | 332,000 | 372,000 | 838,000 | 916,000 |
Net Income | $ 1,571,000 | $ 1,771,000 | $ 4,071,000 | $ 4,516,000 |
Earnings per share: Basic | $ 0.27 | $ 0.3 | $ 0.69 | $ 0.77 |
Earnings per share: Diluted | $ 0.27 | 0.3 | $ 0.69 | 0.77 |
Dividends declared per share | $ 0.18 | $ 0.5 | ||
Service Charges and Fees [Member] | ||||
Non-Interest Income | ||||
Non-interest income | $ 256,000 | $ 277,000 | $ 792,000 | $ 834,000 |
Debit card fees [Member] | ||||
Non-Interest Income | ||||
Non-interest income | $ 212,000 | $ 214,000 | $ 632,000 | $ 639,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net income | $ 1,571,000 | $ 1,771,000 | $ 4,071,000 | $ 4,516,000 |
Other Comprehensive (Loss), net of tax benefit: | ||||
Unrealized holding (losses) on securities available for sale, net of tax benefit | (3,171,000) | (3,954,000) | (2,744,000) | (13,517,000) |
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, net of tax expense | (2,000) | (1,000) | (5,000) | (9,000) |
Net loss on sale of securities included in net income, net of tax benefit | 3,000 | 42,000 | ||
Total Other Comprehensive Loss | (3,170,000) | (3,955,000) | (2,707,000) | (13,526,000) |
Total Comprehensive Income (Loss) | $ (1,599,000) | $ (2,184,000) | $ 1,364,000 | $ (9,010,000) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Unearned Shares Held by ESOP [Member] | Unearned Shares Held by Compensation Plans [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2021 | $ 87,976,000 | $ 68,000 | $ 31,350,000 | $ (13,660,000) | $ (1,194,000) | $ (157,000) | $ 70,591,000 | $ 978,000 | |
Net income | 1,061,000 | 1,061,000 | |||||||
Other comprehensive income (loss), net of tax expense (benefit) | (6,134,000) | (6,134,000) | |||||||
ESOP shares earned | 30,000 | 8,000 | 22,000 | ||||||
Compensation plan shares granted | 255,000 | (255,000) | |||||||
Compensation plan shares earned | 42,000 | 16,000 | 26,000 | ||||||
Cash dividends declared | (312,000) | (312,000) | |||||||
Ending Balance at Mar. 31, 2022 | 82,663,000 | 68,000 | 31,374,000 | (13,405,000) | (1,172,000) | (386,000) | 71,340,000 | (5,156,000) | |
Beginning Balance at Dec. 31, 2021 | 87,976,000 | 68,000 | 31,350,000 | (13,660,000) | (1,194,000) | (157,000) | 70,591,000 | 978,000 | |
Net income | 4,516,000 | ||||||||
Other comprehensive income (loss), net of tax expense (benefit) | (13,526,000) | ||||||||
Ending Balance at Sep. 30, 2022 | 78,162,000 | 68,000 | 31,437,000 | (13,549,000) | (1,130,000) | (245,000) | 74,129,000 | (12,548,000) | |
Beginning Balance at Dec. 31, 2021 | 87,976,000 | 68,000 | 31,350,000 | (13,660,000) | (1,194,000) | (157,000) | 70,591,000 | 978,000 | |
Ending Balance at Dec. 31, 2022 | $ 81,184,000 | 68,000 | 31,459,000 | (13,571,000) | (1,108,000) | (191,000) | 74,859,000 | $ (723,000) | (10,332,000) |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||
Beginning Balance at Mar. 31, 2022 | $ 82,663,000 | 68,000 | 31,374,000 | (13,405,000) | (1,172,000) | (386,000) | 71,340,000 | (5,156,000) | |
Net income | 1,684,000 | 1,684,000 | |||||||
Other comprehensive income (loss), net of tax expense (benefit) | (3,437,000) | (3,437,000) | |||||||
ESOP shares earned | 28,000 | 7,000 | 21,000 | ||||||
Compensation plan shares earned | 74,000 | 29,000 | 45,000 | ||||||
Compensation plan shares forfeited | (29,000) | 29,000 | |||||||
Common stock repurchased on vesting for payroll taxes | (85,000) | (85,000) | |||||||
Cash dividends declared | (313,000) | (313,000) | |||||||
Ending Balance at Jun. 30, 2022 | 80,614,000 | 68,000 | 31,410,000 | (13,519,000) | (1,151,000) | (312,000) | 72,711,000 | (8,593,000) | |
Net income | 1,771,000 | 1,771,000 | |||||||
Other comprehensive income (loss), net of tax expense (benefit) | (3,955,000) | (3,955,000) | |||||||
ESOP shares earned | 26,000 | 5,000 | 21,000 | ||||||
Compensation plan shares earned | 59,000 | 22,000 | 37,000 | ||||||
Compensation plan shares forfeited | (30,000) | 30,000 | |||||||
Cash dividends declared | (353,000) | (353,000) | |||||||
Ending Balance at Sep. 30, 2022 | 78,162,000 | 68,000 | 31,437,000 | (13,549,000) | (1,130,000) | (245,000) | 74,129,000 | (12,548,000) | |
Beginning Balance at Dec. 31, 2022 | 81,184,000 | 68,000 | 31,459,000 | (13,571,000) | (1,108,000) | (191,000) | 74,859,000 | (723,000) | (10,332,000) |
Net income | 1,684,000 | 1,684,000 | |||||||
Other comprehensive income (loss), net of tax expense (benefit) | 1,253,000 | 1,253,000 | |||||||
ESOP shares earned | 22,000 | 1,000 | 21,000 | ||||||
Compensation plan shares granted | 78,000 | (78,000) | |||||||
Compensation plan shares earned | (49,000) | (21,000) | (28,000) | ||||||
Compensation plan shares forfeited | (144,000) | 144,000 | |||||||
Common stock repurchased on vesting for payroll taxes | (56,000) | (56,000) | |||||||
Ending Balance at Mar. 31, 2023 | 83,315,000 | 68,000 | 31,439,000 | (13,693,000) | (1,087,000) | (153,000) | 75,820,000 | (9,079,000) | |
Beginning Balance at Dec. 31, 2022 | 81,184,000 | 68,000 | 31,459,000 | (13,571,000) | (1,108,000) | (191,000) | 74,859,000 | $ (723,000) | (10,332,000) |
Net income | 4,071,000 | ||||||||
Other comprehensive income (loss), net of tax expense (benefit) | (2,707,000) | ||||||||
Ending Balance at Sep. 30, 2023 | $ 81,857,000 | 68,000 | 31,462,000 | (13,717,000) | (1,045,000) | (79,000) | 78,207,000 | (13,039,000) | |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||
Beginning Balance at Mar. 31, 2023 | $ 83,315,000 | 68,000 | 31,439,000 | (13,693,000) | (1,087,000) | (153,000) | 75,820,000 | (9,079,000) | |
Net income | 816,000 | 816,000 | |||||||
Other comprehensive income (loss), net of tax expense (benefit) | (790,000) | (790,000) | |||||||
ESOP shares earned | 22,000 | 1,000 | 21,000 | ||||||
Compensation plan shares earned | 31,000 | 9,000 | 22,000 | ||||||
Compensation plan shares forfeited | (22,000) | 22,000 | |||||||
Ending Balance at Jun. 30, 2023 | 83,394,000 | 68,000 | 31,449,000 | (13,715,000) | (1,066,000) | (109,000) | 76,636,000 | (9,869,000) | |
Net income | 1,571,000 | 1,571,000 | |||||||
Other comprehensive income (loss), net of tax expense (benefit) | (3,170,000) | (3,170,000) | |||||||
ESOP shares earned | 22,000 | 1,000 | 21,000 | ||||||
Compensation plan shares earned | 40,000 | 12,000 | 28,000 | ||||||
Compensation plan shares forfeited | (2,000) | 2,000 | |||||||
Ending Balance at Sep. 30, 2023 | $ 81,857,000 | $ 68,000 | $ 31,462,000 | $ (13,717,000) | $ (1,045,000) | $ (79,000) | $ 78,207,000 | $ (13,039,000) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Consolidated Statements of Stockholders' Equity [Abstract] | ||||||
Other comprehensive Income (loss), tax expense (benefit) | $ (843) | $ (209) | $ 333 | $ (1,051) | $ (914) | $ (1,630) |
ESOP, shares earned | 1,984 | 1,984 | 1,984 | 1,984 | 1,984 | 1,984 |
Compensation plan shares granted | 8,282 | 27,132 | ||||
Compensation plan shares forfeited | 200 | 2,382 | 15,385 | 3,192 | 3,062 | |
Compensation plan shares earned | 2,933 | 2,328 | 2,510 | 3,917 | 4,942 | 2,749 |
Common stock repurchased on vesting for payroll taxes, shares | 4,764 | 5,701 | ||||
Cash dividends declared, value per share | $ 0.18 | $ 0.16 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 4,071,000 | $ 4,516,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization of investment securities | 42,000 | 73,000 |
Net amortization of deferred loan costs | 392,000 | 323,000 |
(Credit) provision for credit losses | (1,011,000) | 500,000 |
Recovery on previously impaired investment securities | (6,000) | (12,000) |
Unrealized (gain) loss on equity securities | (5,000) | 7,000 |
Loss on sale of investment securities | 52,000 | |
Unrealized loss (gain) on interest rate swap | 58,000 | (344,000) |
Originations of loans held for sale | (1,309,000) | |
Proceeds from sales of loans held for sale | 1,291,000 | |
Loss on sale of loans held for sale | 18,000 | |
Depreciation and amortization | 607,000 | 652,000 |
Increase in cash surrender value of bank-owned life insurance | (328,000) | (262,000) |
ESOP shares committed to be released | 66,000 | 84,000 |
Stock based compensation expense | 22,000 | 175,000 |
Increase in accrued interest receivable | (93,000) | (104,000) |
(Increase) decrease in other assets | (380,000) | 635,000 |
Impairment of foreclosed real estate | 16,000 | 9,000 |
Increase in other liabilities | 1,122,000 | 99,000 |
Net Cash Provided by Operating Activities | 4,625,000 | 6,351,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Activity in debt securities: Sales | 8,478,000 | |
Activity in debt securities: Maturities, prepayments and calls | 3,107,000 | 6,495,000 |
Activity in debt securities: Purchases | (6,141,000) | |
Purchases of Federal Home Loan Bank Stock | (1,314,000) | (157,000) |
Redemptions of Federal Home Loan Bank Stock | 1,297,000 | |
Loan principal collections and origination, net | 8,525,000 | (45,003,000) |
Proceeds from sale of interest rate swaps | 214,000 | |
Proceeds from sale of foreclosed real estate | 143,000 | |
Additions to premises and equipment | (364,000) | (298,000) |
Net Cash Provided by (Used in) Investing Activities | 19,943,000 | (44,961,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 14,039,000 | (9,824,000) |
Net decrease in advances from borrowers for taxes and insurance | (1,089,000) | (1,412,000) |
Net decrease in short-term borrowings | (12,596,000) | |
Proceeds from issuance of long-term debt | 15,250,000 | 5,000,000 |
Repayment of long-term debt | (3,750,000) | (2,000,000) |
Purchase of treasury stock | (56,000) | (85,000) |
Cash dividends paid | (978,000) | |
Net Cash Provided by (Used in) Financing Activities | 11,798,000 | (9,299,000) |
Net Increase (Decrease) in Cash and Cash Equivalents | 36,366,000 | (47,909,000) |
CASH AND CASH EQUIVALENTS - BEGINNING | 9,633,000 | 67,585,000 |
CASH AND CASH EQUIVALENTS - ENDING | 45,999,000 | 19,676,000 |
SUPPLEMENTARY CASH FLOWS INFORMATION | ||
Interest paid | 5,842,000 | 1,492,000 |
Income taxes paid | 938,000 | 650,000 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Foreclosed real estate acquired in settlement of loans | $ 60,000 | $ 216,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The interim unaudited consolidated financial statements include the accounts of Lake Shore Bancorp, Inc. (the “Company”, “us”, “our”, or “we”) and Lake Shore Savings Bank (the “Bank”), its wholly owned subsidiary. All intercompany accounts and transactions of the consolidated subsidiary have been eliminated in consolidation. The interim unaudited consolidated financial statements included herein as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and therefore, do not include all information or footnotes necessary for a complete presentation of the consolidated statements of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated statement of financial condition at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information and to make the financial statements not misleading. These interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated statements of income for the three and nine months ended September 30, 2023 and 2022 are not necessarily indicative of the results for any subsequent period or the entire year ending December 31, 2023. To prepare these unaudited consolidated financial statements in conformity with GAAP, management of the Company made a number of estimates and assumptions relating to the reporting of assets and liabilities and the reporting of revenue and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, securities valuation estimates, evaluation of impairment of securities, and income taxes. Subsequent Events The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2023 for items that should potentially be recognized or disclosed in the unaudited consolidated financial statements. The evaluation was conducted through the date these unaudited consolidated financial statements were issued. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2023 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | Note 2 – New Accounting Standards Adoption of New Accounting Standards On January 1, 2023, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standard Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), as amended. ASU 2016-13 (also known as Accounting Standard Codification 326 or “ASC 326”) replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loans receivable. It also applies to certain off-balance sheet credit exposures, such as loan commitments and standby letters of credit. In addition, ASU 2016-13 updated the accounting for available for sale debt securities to require credit losses to be presented as an allowance rather than a write-down on available-for-sale debt securities that management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company utilized the modified retrospective method for all financial assets measured at amortized cost, specifically loans receivable and off-balance sheet credit exposures. Upon adoption, the Company recorded a decrease to retained earnings of $ 723,000 for the cumulative effect of adopting ASC 326. The transaction adjustment included a $ 282,000 impact to reflect the expected credit losses inherent within the Company’s loan portfolio for the life of the loan portfolio and a $ 633,000 impact to reflect the expected credit losses inherent with the Company’s off-balance sheet credit exposures, offset by a $ 192,000 deferred tax entry relating to the additional expected loss. The Company adopted ASC 326 using the prospective transition appropriate for available-for-sale debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2023. As a result, the amortized cost basis remains the same before and after the effective date of ASC 326. The effective interest rate on the debt securities was not changed. Recoveries of amounts previously written-off relating to improvements in cash flows after January 1, 2023 will be recorded in earnings as received. Allowance for Credit Losses – Loans : The allowance for credit losses is a valuation account that is deducted from or added to the loans receivable amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance for credit losses when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries recorded in the allowance for credit loss account should not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance for credit losses balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as change in unemployment rates, property values or other relevant factors. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss. The Company uses the vintage model to estimate expected credit losses for all loan segments. The vintage model measures the expected loss calculation for future periods based on the historical performance by the origination period of loans with similar life cycles and risk characteristics. For each loan segment, the Company utilizes historical loss data through the current period to calculate the actual loss percentage for each loan type by vintage year of loan origination. The calculated loss percentages are then applied to the remaining outstanding balance for each vintage year, for the estimated remaining life of the loans in the loan segment. In addition to this calculation, the Company applies qualitative factors for current conditions, including trends in the nature and volume of the loan portfolio, loan concentrations, changes in the experience, ability and depth of the Company’s lending management, and national and local economic conditions. In addition, the Company utilizes an economic forecast factor consisting of unemployment data and changes in gross domestic production (GDP) to determine the impact to the Bank’s loan portfolio. No reversion adjustments were necessary for our calculation as the starting point for the Company’s estimate was a cumulative loss rate covering the expected contractual term of the loan portfolio. The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Accrued interest on loans of $ 2.5 million at September 30, 2023 is included in accrued interest receivable on the consolidated statements of financial condition and is excluded from the estimate of credit losses. The Company's determination as to the amount of expected credit losses are subject to review by bank regulators, which can require the establishment of additional expected credit losses. Although the allowance for credit losses is allocated by loan type, the allowance for credit losses is general in nature and is available to offset losses from any loan in the Company’s portfolio. Allowance for Credit Losses – Off Balance Sheet Credit Exposure: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless the obligation is unconditionally cancellable by the Company. Off-balance sheet credit exposure includes loan commitments in which the Company has extended terms and all parties have accepted. The Company’s commercial overdraft line of credit and consumer overdraft line of credit products are unconditionally cancellable by the Company and therefore, the Company does not record an allowance for credit losses on these loan types. The allowance for credit losses for off balance sheet credit exposure is derived through the use of the vintage model and a utilization rate concept, applied to those commitments which are not unconditionally cancellable. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss. Allowance for Credit Losses – Available-for-Sale Securities: For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell the security before the recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company will evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, any excess cost is recorded as an allowance for credit losses. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major agencies and have a long history of no losses. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest of $ 358,000 as of September 30, 2023 on available-for-sale debt securities is included in accrued interest receivable on the consolidated statements of financial condition and is excluded from the estimate of credit losses. In March 2022, the FASB issued ASU No. 2022-02, " Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. " This ASU eliminates the separate recognition and measurement guidance for Troubled Debt Restructurings ("TDRs") by creditors. The amendments in this update require the Company to apply the general loan modification guidance in Subtopic 310-20 to all loan modifications, including modifications for borrowers experiencing financial difficulty. The Company must evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 may be adopted prospectively for loan modifications after adoption or on a modified retrospective basis, which would apply to loans previously modified, resulting in a cumulative effect adjustment to retained earnings in the period of adoption for changes in the allowance for credit losses. On January 1, 2023, the Company adopted ASU 2022-02 utilizing the prospective method, which did not have a material impact on its unaudited consolidated financial statements. The adoption of ASU-2022-02 required the Company to enhance the vintage disclosures to include gross charge-off by year of origination. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investment Securities [Abstract] | |
Investment Securities | Note 3 – Investment Securities The amortized cost and fair value of securities are as follows: September 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES Debt Securities Available for Sale U.S. government agencies $ 2,007 $ — $ ( 234 ) $ 1,773 Municipal bonds 42,086 — ( 10,939 ) 31,147 Mortgage-backed securities: Collateralized mortgage obligations-private label 10 — ( 1 ) 9 Collateralized mortgage obligations-government 12,290 — ( 1,787 ) 10,503 Government National Mortgage Association 58 — ( 5 ) 53 Federal National Mortgage Association 12,125 — ( 2,385 ) 9,740 Federal Home Loan Mortgage Corporation 5,865 — ( 1,246 ) 4,619 Asset-backed securities-private label — 92 — 92 Asset-backed securities-government sponsored entities 3 — — 3 Total Debt Securities Available for Sale $ 74,444 $ 92 $ ( 16,597 ) $ 57,939 Equity Securities 22 — ( 9 ) 13 Total Securities $ 74,466 $ 92 $ ( 16,606 ) $ 57,952 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES Debt Securities Available for Sale U.S. government agencies $ 2,008 $ — $ ( 175 ) $ 1,833 Municipal bonds 50,734 16 ( 8,336 ) 42,414 Mortgage-backed securities: Collateralized mortgage obligations-private label 12 — ( 1 ) 11 Collateralized mortgage obligations-government 13,790 1 ( 1,636 ) 12,155 Government National Mortgage Association 61 — ( 2 ) 59 Federal National Mortgage Association 13,232 1 ( 1,987 ) 11,246 Federal Home Loan Mortgage Corporation 6,277 — ( 1,056 ) 5,221 Asset-backed securities-private label — 96 — 96 Asset-backed securities-government sponsored entities 4 — — 4 Total Debt Securities Available for Sale $ 86,118 $ 114 $ ( 13,193 ) $ 73,039 Equity Securities 22 — ( 14 ) 8 Total Securities $ 86,140 $ 114 $ ( 13,207 ) $ 73,047 Debt Securities All of the Company's collateralized mortgage obligations are backed by one- to four-family residential mortgages. At September 30, 2023 , no securities were pledged as collateral to the Federal Reserve Bank ("FRB"), and at December 31, 2022 , thirty-eight municipal bonds with a cost of $ 14.4 million and fair value of $ 12.2 million were pledged under a collateral agreement with the FRB of New York for liquidity borrowing. In addition, at September 30, 2023 and December 31, 2022 , twenty-four and twenty-two municipal bonds with a cost of $ 6.9 million and $ 6.6 million and fair value of $ 4.8 million and $ 5.6 million, respectively, were pledged as collateral for customer deposits in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The following table sets forth the Company’s investment in securities with gross unrealized losses of less than twelve months and gross unrealized losses of twelve months or more and associated fair values for which an allowance for credit losses has not been recorded for the periods indicated: Less than 12 months 12 months or more Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) September 30, 2023 U.S. government agencies $ — $ — $ 1,773 $ ( 234 ) $ 1,773 $ ( 234 ) Municipal bonds 2,162 ( 300 ) 28,784 ( 10,639 ) 30,946 ( 10,939 ) Mortgage-backed securities 162 ( 8 ) 24,751 ( 5,416 ) 24,913 ( 5,424 ) $ 2,324 $ ( 308 ) $ 55,308 $ ( 16,289 ) $ 57,632 $ ( 16,597 ) December 31, 2022 U.S. government agencies $ 1,833 $ ( 175 ) $ — $ — $ 1,833 $ ( 175 ) Municipal bonds 12,227 ( 1,114 ) 23,259 ( 7,222 ) 35,486 ( 8,336 ) Mortgage-backed securities 6,981 ( 410 ) 21,561 ( 4,272 ) 28,542 ( 4,682 ) $ 21,041 $ ( 1,699 ) $ 44,820 $ ( 11,494 ) $ 65,861 $ ( 13,193 ) As of September 30, 2023, the Company determined that no individual securities in an unrealized loss position represented credit losses that would require an allowance for credit losses. The Company concluded that the unrealized losses were primarily attributed to increases in market interest rates since these securities were purchased and other market conditions. As of September 30, 2023 , the Company’s investment portfolio included 18 securities in the “unrealized losses less than twelve months” category and 167 securities in the “unrealized losses twelve months or more” category. As of December 31, 2022, the Company had the intent and ability to hold those securities in an unrealized loss position until maturity. Management believed the temporary impairments were due to declines in fair value resulting from changes in interest rates and/or increased credit liquidity spreads since the securities were purchased. Therefore, under the accounting principles effective at December 31, 2022, the Company did not consider these securities to have other-than-temporary impairment. The unrealized losses on debt securities shown in the previous tables were recorded as a component of other comprehensive loss, net of tax benefit on the Company’s consolidated statements of stockholders’ equity. During the nine months ended September 30, 2023 , the Company sold 35 municipal bonds and 2 mortgage-backed securities resulting in gross realized losses of $ 52,000 , with an amortized cost of $ 8.4 million. During the three months ended September 30, 2023 , the Company sold 12 municipal bonds resulting in gross realized losses of $ 3,000 , with an amortized cost of $ 2.5 million. During the three and nine months ended September 30, 2022 , the Company did no t sell any debt securities. Scheduled contractual maturities of debt securities are as follows: Amortized Fair Cost Value (Dollars in thousands) September 30, 2023: Less than one year $ 230 $ 228 After one year through five years 2,616 2,398 After five years through ten years 9,353 7,836 After ten years 31,894 22,458 Mortgage-backed securities 30,348 24,924 Asset-backed securities 3 95 $ 74,444 $ 57,939 The Company's mortgage-backed securities and asset-backed securities have stated maturities that may differ from actual maturities due to the borrowers' ability to prepay obligations. Cash flows from such investments are dependent upon the performance of the underlying assets and are generally influenced by interest rates. In the table above, mortgage-backed securities and asset-backed securities are shown in one period. Equity Securities At September 30, 2023 and December 31, 2022 , equity securities consisted of 22,368 shares of Federal Home Loan Mortgage Corporation (“FHLMC”) common stock. During the three months ended September 30, 2023 and 2022 , the Company recognized an unrealized gain of $ 3,000 and $ 2,000 , respectively, on the equity securities, which was recorded in non-interest income in the consolidated statements of income. During the nine months ended September 30, 2023 and 2022 , the Company recognized an unrealized gain of $ 5,000 and an unrealized loss of $ 7,000 , respectively, on the equity securities, which was recorded in non-interest income in the consolidated statements of income. There were no sales of equity securities during the three and nine months ended September 30, 2023 and 2022 . |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Loans and Allowance for Credit Losses [Abstract] | |
Loans and Allowance for Credit Losses | Note 4 - Loans and Allowance for Credit Losses Loans consisted of the following segments as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family (1) $ 172,974 $ 175,904 Home Equity 51,276 53,057 Commercial (2) 323,535 326,955 Total real estate loans 547,785 555,916 Other Loans: Commercial 18,749 19,576 Consumer 1,113 1,217 Total gross loans 567,647 576,709 Net deferred loan costs 3,843 3,893 Allowance for credit losses on loans ( 6,642 ) ( 7,065 ) Loans receivable, net $ 564,848 $ 573,537 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. Real estate loans of approximately $ 57.4 million and $ 147.4 million were pledged as collateral for Federal Home Loan Bank (FHLB) advances as of September 30, 2023 and December 31, 2022, respectively. Loans are stated at the principal amounts outstanding, net of unamortized loan fees and costs, with interest income recognized on the interest method based upon the terms of the loan. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Loans are reported by the portfolio segments identified above and are analyzed by management on this basis. All loan policies identified below apply to all segments of the loan portfolio. Allowance for Credit Losses for Loans The Company adopted ASU 2016-13 on January 1, 2023 at which time the Company implemented the current expected credit loss model in estimating the allowance for credit losses valuation account. Adjustments to the allowance for credit losses on loans is recognized in (credit) provision for credit losses on the unaudited consolidated statements of income. As part of the CECL calculation, the loan portfolio is segmented into the following loan types by risk level: Real Estate Loans: One- to Four-Family – are loans secured by first lien collateral on residential real estate primarily held in the Western New York region. These loans can be affected by economic conditions and the value of underlying properties. Western New York’s housing market has consistently demonstrated stability in home prices despite economic conditions. Furthermore, the Company has conservative underwriting standards and its residential lending policies and procedures verify that its one- to four-family residential mortgage loans generally conform to secondary market guidelines. Home Equity - are loans or lines of credit secured by first or second liens on owner-occupied residential real estate primarily held in the Western New York region. These loans can also be affected by economic conditions and the values of underlying properties. Home equity loans may have increased risk of loss if the Company does not hold the first mortgage resulting in the Company being in a secondary position in the event of collateral liquidation. The Company does not originate interest only home equity loans. Commercial Real Estate – are loans used to finance the purchase of real property, which generally consists of developed real estate that is held as first lien collateral for the loan. These loans are secured by real estate properties that are primarily held in the Western New York region. Commercial real estate lending involves additional risks compared with one- to four-family residential lending, because payments on loans secured by commercial real estate properties are often dependent on the successful operation or management of the properties, and/or the collateral value of the commercial real estate securing the loan, and repayment of such loans may be subject to adverse conditions in the real estate market or economic conditions to a greater extent than one- to four-family residential mortgage loans. Also, commercial real estate loans typically involve relatively large loan balances concentrated with single borrowers or groups of related borrowers. Other Loans: Commercial – includes business installment loans, lines of credit, and other commercial loans. Most of our commercial loans are for terms generally not in excess of 5 years . Whenever possible, we collateralize these loans with a lien on business assets and equipment and require the personal guarantees from principals of the borrower. Commercial loans generally involve a higher degree of credit risk, as commercial loans can involve relatively large loan balances to a single borrower or groups of related borrowers, with the repayment of such loans typically dependent on the successful operation of the commercial business and the income stream of the borrower. Such risks can be significantly affected by economic conditions. Although commercial loans may be collateralized by equipment or other business assets, the liquidation of collateral in the event of a borrower default may be an insufficient source of repayment because the equipment or other business assets may be obsolete or of limited use, among other things. Accordingly, the repayment of a commercial loan depends primarily on the credit worthiness of the borrowers (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Consumer – consist of loans secured by collateral such as an automobile or a deposit account, unsecured loans and lines of credit. Consumer loans tend to have a higher credit risk due to the loans being either unsecured or secured by rapidly depreciable assets. Furthermore, consumer loan payments are dependent on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. Included in the Real Estate Loans for one-to four-family and commercial real estate are loans to finance the construction of either a one- to four-family owner occupied home or commercial real estate. At the end of the construction period, the loan automatically converts to either a one- to four-family residential mortgage or a commercial real estate mortgage, as applicable. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion compared to the actual cost of construction. The Company limits its risk during construction as disbursements are not made until the required work for each advance has been completed and an updated lien search is performed. The completion of the construction progress is verified by a Company loan officer or inspections performed by an independent appraisal firm or other third party. Construction loans also expose us to the risk of construction delays which may impair the borrower’s ability to repay the loan. The following table details the changes in the allowance for credit losses by loan segment for the three and nine months ended September 30, 2023. Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Real Estate (2) Commercial Consumer Unallocated Total (Dollars in thousands) September 30, 2023 Allowance for Credit Loss: on Loans Balance – July 1, 2023 $ 541 $ 257 $ 5,422 $ 520 $ 18 $ — $ 6,758 Charge-offs — — — — ( 16 ) — ( 16 ) Recoveries — — 35 — 2 — 37 (Credit) provision ( 6 ) ( 47 ) ( 122 ) 25 13 — ( 137 ) Balance – September 30, 2023 $ 535 $ 210 $ 5,335 $ 545 $ 17 $ — $ 6,642 Balance - January 1, 2023 $ 411 $ 217 $ 5,746 $ 509 $ 47 $ 135 $ 7,065 Impact of adopting ASC 326 201 114 55 72 ( 25 ) ( 135 ) 282 Charge-offs — — — — ( 47 ) — ( 47 ) Recoveries — — 35 29 7 — 71 (Credit) provision ( 77 ) ( 121 ) ( 501 ) ( 65 ) 35 — ( 729 ) Balance – September 30, 2023 $ 535 $ 210 $ 5,335 $ 545 $ 17 $ — $ 6,642 Ending balance: individually evaluated $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated $ 535 $ 210 $ 5,335 $ 545 $ 17 $ — $ 6,642 Gross Loans Receivable (3) : Ending balance $ 172,974 $ 51,276 $ 323,535 $ 18,749 $ 1,113 $ — $ 567,647 Ending balance: individually evaluated $ 142 $ — $ 1,242 $ — $ — $ — $ 1,384 Ending balance: collectively evaluated $ 172,832 $ 51,276 $ 322,293 $ 18,749 $ 1,113 $ — $ 566,263 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans of $ 23.9 million. (3) Gross Loans Receivable does not include allowance for credit losses of $( 6,642 ) or deferred loan costs of $ 3,843 . Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses using the incurred loss methodology. The following tables summarize the activity in the allowance for loan losses for the three and nine months ended September 30, 2022 and the distribution of the allowance for loan losses and loans receivable by loan portfolio class and impairment method as of September 30, 2022 and December 31, 2022: Real Estate Loans Other Loans One- to Four-Family (2) Home Equity Commercial Construction - Commercial Commercial Consumer Unallocated Total (Dollars in thousands) September 30, 2022 Allowance for Loan Losses: Balance – July 1, 2022 $ 449 $ 330 $ 4,908 $ 373 $ 479 $ 24 $ 184 $ 6,747 Charge-offs — — - — — ( 17 ) — ( 17 ) Recoveries - — 115 — — 4 — 119 Provision (credit) 17 ( 62 ) 35 10 ( 1 ) 23 ( 22 ) - Balance – September 30, 2022 $ 466 $ 268 $ 5,058 $ 383 $ 478 $ 34 $ 162 $ 6,849 Balance – January 1, 2022 $ 383 $ 211 $ 4,377 $ 360 $ 531 $ 32 $ 224 $ 6,118 Charge-offs — — ( 4 ) — — ( 58 ) — ( 62 ) Recoveries 17 1 269 — — 6 — 293 Provision (credit) 66 56 416 23 ( 53 ) 54 ( 62 ) 500 Balance – September 30, 2022 $ 466 $ 268 $ 5,058 $ 383 $ 478 $ 34 $ 162 $ 6,849 Ending balance: individually $ — $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively $ 466 $ 268 $ 5,058 $ 383 $ 478 $ 34 $ 162 $ 6,849 Gross Loans Receivable (1) : Ending balance $ 171,570 $ 50,633 $ 295,582 $ 23,241 $ 21,950 $ 1,171 $ — $ 564,147 Ending balance: individually $ 216 $ 14 $ — $ — $ — $ — $ — $ 230 Ending balance: collectively $ 171,354 $ 50,619 $ 295,582 $ 23,241 $ 21,950 $ 1,171 $ — $ 563,917 (1) Gross Loans Receivable does not include allowance for loan losses of $( 6,849 ) or deferred loan costs of $ 3,872 . (2) Includes one- to four- family construction loans. Real Estate Loans Other Loans One- to Four-Family (2) Home Equity Commercial Commercial - Construction Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2022 Allowance for Loan Losses: Balance – December 31, 2022 $ 411 $ 217 $ 5,398 $ 348 $ 509 $ 47 $ 135 $ 7,065 Ending balance: individually $ — $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively $ 411 $ 217 $ 5,398 $ 348 $ 509 $ 47 $ 135 $ 7,065 Gross Loans Receivable (1) : Ending Balance $ 175,904 $ 53,057 $ 304,037 $ 22,918 $ 19,576 $ 1,217 $ — $ 576,709 Ending balance: individually $ 153 $ 14 $ — $ — $ — $ — $ — $ 167 Ending balance: collectively $ 175,751 $ 53,043 $ 304,037 $ 22,918 $ 19,576 $ 1,217 $ — $ 576,542 (1) Gross Loans Receivable does not include allowance for loan losses of $( 7,065 ) or deferred loan costs of $ 3,893 . (2) Includes one- to four-family construction loans. Unfunded Loan Commitments The Company’s allowance for credit losses on unfunded loan commitments is recognized as a liability and included within other liabilities on the unaudited consolidated statement of financial condition, with adjustments to the reserve recognized in (credit) provision for credit losses on the unaudited consolidated statements of income. The Company did not record an allowance on unfunded loan commitments prior to January 1, 2023. The Company’s activity in the allowance for credit losses on unfunded loan commitments for the three and nine months ended September 30, 2023 was as follows: For the Three and Nine Months Ended September 30, 2023 (Dollars in thousands) Balance at December 31, 2022 $ — Impact of CECL Adoption 633 Balance at March 31, 2023 633 Provision for Credit Losses ( 220 ) Balance at June 30, 2023 413 Provision for Credit Losses ( 62 ) Balance at September 30, 2023 $ 351 Non-accrual Loans and Delinquency Status The following table presents the amortized cost basis of loans on non-accrual status, loans on non-accrual status with no allowance for credit losses recorded and loans past due 90 days or more and still accruing by loan segment as of the periods indicated. Total Non-accrual Non-accrual with no Allowance for Credit Losses 90 Days or More Past Due and Accruing September 30, December 31, September 30, December 31, September 30, December 31, 2023 2022 2023 2022 2023 2022 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family (1) $ 2,004 $ 2,295 $ 2,004 $ 2,295 $ — $ 1 Home Equity 319 602 319 602 — — Commercial Real Estate (2) 1,226 — 1,226 — — — Other Loans: Commercial — — — — — — Consumer 8 34 8 34 — — Total loans $ 3,557 $ 2,931 $ 3,557 $ 2,931 $ — $ 1 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. There was no interest income recognized on non-accrual loans during the three and nine months ended September 30, 2023 and there was $ 4,000 of interest income recognized during the three and nine months ended September 30, 2022, respectively. The accrual of interest on loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due. A loan does not have to be 90 days delinquent in order to be classified as non-accrual. When interest accrual is discontinued, all unpaid accrued interest is reversed. If ultimate collection of principal is in doubt, all cash receipts on non-accrual loans are applied to reduce the principal balance. The following tables provide an analysis of past due loans as of the dates indicated: 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Loans Past Due Past Due Past Due Due Due Receivable (Dollars in thousands) September 30, 2023: Real Estate Loans: Residential, one- to four-family (1) $ 1,103 $ 123 $ 538 $ 1,764 $ 171,210 $ 172,974 Home equity 45 68 107 220 51,056 51,276 Commercial (2) 203 1,039 — 1,242 322,293 323,535 Other Loans: Commercial 117 — — 117 18,632 18,749 Consumer — 2 5 7 1,106 1,113 Total $ 1,468 $ 1,232 $ 650 $ 3,350 $ 564,297 $ 567,647 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Loans Past Due Past Due Past Due Due Due Receivable (Dollars in thousands) December 31, 2022: Real Estate Loans: Residential, one- to four-family (1) $ 1,173 $ 380 $ 1,649 $ 3,202 $ 172,702 $ 175,904 Home equity 137 287 468 892 52,165 53,057 Commercial (2) — — — — 326,955 326,955 Other Loans: Commercial — — — — 19,576 19,576 Consumer 15 — 17 32 1,185 1,217 Total $ 1,325 $ 667 $ 2,134 $ 4,126 $ 572,583 $ 576,709 (1) Includes one- to four-family construction loans. (2) Includes commercial real estate construction loans. Collateral-Dependent Loans Collateral-dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. Under CECL, for collateral-dependent loans, the Company has adopted the practical expedient to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is measured on an individual loan basis based on the difference between the fair value of the loan’s collateral, which is adjusted for liquidation costs, and the amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance for credit losses is required. Refer to Note 8 - Fair Value of Financial Instruments for additional information. The following table presents an analysis of the amortized cost of collateral-dependent loans of the Company as of September 30, 2023 by collateral type and loan segment: Residential Business Commercial Total Properties Assets Land Property Other Loans (Dollars in thousands) Real Estate Loans: Residential, one- to four-family $ 145 $ — $ — $ — $ — $ 145 Home Equity — — — — — — Commercial 200 — 1,026 — — 1,226 Total $ 345 $ — $ 1,026 $ — $ — $ 1,371 There was no allowance recorded on the above noted collateral-dependent loans as of September 30, 2023. Pre-Adoption of ASC 326 – Impaired Loans For periods prior to the adoption of ASC 326, a loan was considered impaired when, based on current information and events, it was probable that the Company would not be able to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting scheduled payments when due. Impairment was measured on a loan-by-loan basis for commercial real estate loans and commercial loans. Larger groups of smaller balance homogeneous loans were collectively evaluated for impairment. Accordingly, the Company did not separately identify individual consumer, home equity, or one- to four-family loans for impairment disclosure, unless they were subject to a troubled debt restructuring. The following is a summary of information pertaining to impaired loans at or for the periods indicated: Unpaid Recorded Principal Related Investment Balance Allowance At December 31, 2022 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 153 $ 153 $ — Home equity 14 14 — Commercial real estate (1) — — — Total impaired loans with no related allowance 167 167 — Average Interest Recorded Income Investment Recognized For the Nine Months Ended September 30, 2022 With no related allowance recorded: Residential, one- to four-family $ 252 $ 9 Home equity 22 — Commercial real estate (2) 3,262 — Total impaired loans $ 3,536 $ 9 (1) Commercial Real Estate loans consisted of one loan which was paid off during the year ended December 31, 2022. (2) Average Commercial Real Estate loans consisted of one loan which was paid off during the nine months ended September 30, 2022 . Credit Quality Indicators The Company’s policies provide for the classification of loans as follows: • Pass/Performing; • Special Mention – does not currently expose the Company to a sufficient degree of risk but does possess credit deficiencies or potential weaknesses deserving the Company’s close attention; • Substandard – has one or more well-defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. A substandard asset would be one inadequately protected by the current net worth and paying capacity of the obligor or pledged collateral, if applicable; • Doubtful – has all the weaknesses inherent in substandard loans with the additional characteristic that the weaknesses present make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss; and • Loss – loan is considered uncollectible and continuance without the establishment of a specific valuation reserve is not warranted. Each commercial loan is individually assigned a loan classification. The Company’s consumer loans, including residential one- to four-family loans and home equity loans, are classified by using the delinquency status as the basis for classifying these loans. Generally, all consumer loans more than 90 days past due are classified and placed in non-accrual. Such loans that are well-secured and in the process of collection will remain in accrual status. Asset quality indicators for all loans and the Company’s risk rating process are reviewed on a monthly basis. Risk ratings are updated as circumstances that could affect the repayment of individual loans are brought to management’s attention through an established monitoring process. Written action plans are maintained and reviewed on a quarterly basis for all classified commercial loans. In addition to the Company’s internal process, an outsourced independent credit review function is in place for commercial loans to further assess assigned risk classifications and monitor compliance with internal lending policies and procedures. The following table presents loans by credit quality indicator by origination year at September 30, 2023: YTD 2023 2022 2021 2020 2019 Prior Revolving Loans Total (Dollars in thousands) Residential, one-to four-family (1) : Pass $ 9,050 $ 36,486 $ 30,209 $ 18,234 $ 10,245 $ 66,389 $ — $ 170,613 Substandard — 266 40 94 275 1,686 — 2,361 Doubtful — — — — — — — — Total $ 9,050 $ 36,752 $ 30,249 $ 18,328 $ 10,520 $ 68,075 $ — $ 172,974 Current period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Home Equity: Pass $ 3,492 $ 3,212 $ 109 $ 50 $ 301 $ 532 $ 43,174 $ 50,870 Substandard — — — — — — 406 406 Doubtful — — — — — — — — Total $ 3,492 $ 3,212 $ 109 $ 50 $ 301 $ 532 $ 43,580 $ 51,276 Current period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate (2) : Pass $ 13,995 $ 85,751 $ 54,080 $ 42,579 $ 39,196 $ 75,789 $ — $ 311,390 Special mention — — — 989 689 — — 1,678 Substandard — — — 1,242 5,439 3,786 — 10,467 Doubtful — — — — — — — — Total $ 13,995 $ 85,751 $ 54,080 $ 44,810 $ 45,324 $ 79,575 $ — $ 323,535 Current period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Loans: Pass $ 1,223 $ 2,571 $ 800 $ 665 $ 1,965 $ 7,108 $ — $ 14,332 Special mention — — 287 — 790 — — 1,077 Substandard — — — — 3,015 325 — 3,340 Doubtful — — — — — — — — Total $ 1,223 $ 2,571 $ 1,087 $ 665 $ 5,770 $ 7,433 $ — $ 18,749 Current period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Loans: Pass $ 218 $ 280 $ 89 $ 152 $ 3 $ 133 $ 205 $ 1,080 Substandard — — 3 1 — — 29 33 Doubtful — — — — — — — — Total $ 218 $ 280 $ 92 $ 153 $ 3 $ 133 $ 234 $ 1,113 Current period gross chargeoffs $ — $ 8 $ 3 $ 3 $ — $ — $ 33 $ 47 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. The following table presents loans by credit quality indicator at December 31, 2022: Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) December 31, 2022 Real Estate Loans: Residential, one- to four-family (1) $ 173,857 $ — $ 2,047 $ — $ — $ 175,904 Home equity 52,269 — 788 — — 53,057 Commercial (2) 314,218 3,272 9,465 — — 326,955 Other Loans: Commercial 14,926 1,112 3,538 — — 19,576 Consumer 1,183 — 24 — 10 1,217 Total $ 556,453 $ 4,384 $ 15,862 $ — $ 10 $ 576,709 (1) Includes one- to four- family construction loans. (2) Includes commercial construction loans. Modifications with Borrowers Experiencing Financial Difficulty : Occasionally, the Company modifies loans to borrowers in financial distress by providing modifications to loans that it would not normally grant. Such modifications could include principal forgiveness, term extension, a significant payment delay, an interest rate reduction or the addition of a co-borrower or guarantor. When principal forgiveness is provided, the amount of the forgiveness is charged-off against the allowance for credit losses. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not recorded upon modification. In some cases, the Company provides multiple types of modifications on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another modification may be granted, such as principal forgiveness. The following table presents the amortized cost basis of loans at September 30, 2023 that were experiencing financial difficulty and were modified during the three and nine months ended September 30, 2023, by loan class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivables is also presented. Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Add Co-Borrower/ Combination Term Extension and Add Co-Borrower Percentage of Total Class of Financing Receivable (Dollars in thousands) Real Estate Loans Commercial real estate $ — $ — $ — $ — $ 4,935 $ — 1.53 % Other loans Commercial — — — — — 1,114 5.94 % Total $ — $ — $ — $ — $ 4,935 $ 1,114 The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension and Added Co-Borrower Loan Type Financial Effect Commercial Real Estate Added a co-borrower with financial ability to strengthen the credit risk related to this particular loans. No other modification was made to this loan that had a financial effect on the borrower(s). Other - Commercial Added a weighted-average of 5 years to the life of the loans, which reduced the monthly payment amount for the borrowers. Added a co-borrower with financial ability to strengthen the credit risk related to these particular loans. There were no modified loans past due or on non-accrual as of September 30, 2023. There were no modified loans made during the three and nine months ended September 30, 2023 that subsequently defaulted. The Company has not committed to lending additional amounts to the borrowers included in the previous tables. Foreclosed real estate consists of property acquired in settlement of loans which is carried at its fair value less estimated selling costs. Write-downs from cost to fair value less estimated selling costs are recorded at the date of acquisition or repossession and are charged to the allowance for credit losses. Foreclosed real estate was $ 100,000 and $ 95,000 at September 30, 2023 and December 31, 2022 , respectively, and was included as a component of other assets on the consolidated statements of financial condition. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction was $ 0.2 million at September 30, 2023 and $ 1.8 million at December 31, 2022 . |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 5 – Earnings per Share Earnings per share was calculated for the three and nine months ended September 30, 2023 and 2022. Basic earnings per share is based upon the weighted average number of common shares outstanding, exclusive of unearned shares held by the Employee Stock Ownership Plan of Lake Shore Bancorp, Inc. (the “ESOP”) and by the Lake Shore Bancorp, Inc. 2012 Equity Incentive Plan (“EIP”). Diluted earnings per share is based upon the weighted average number of common shares outstanding and common share equivalents that would arise from the exercise of dilutive securities. Stock options are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would be dilutive and computed using the treasury stock method. The calculated basic and diluted earnings per share are as follows: Three Months Ended September 30, 2023 2022 Numerator – net income $ 1,571,000 $ 1,771,000 Denominator: Basic weighted average shares outstanding 5,846,333 5,889,615 Increase in weighted average shares outstanding due to: Stock options (1) — — Diluted weighted average shares outstanding (1) 5,846,333 5,889,615 Earnings per share: Basic $ 0.27 $ 0.30 Diluted $ 0.27 $ 0.30 Nine Months Ended September 30, 2023 2022 Numerator – net income $ 4,071,000 $ 4,516,000 Denominator: Basic weighted average shares outstanding 5,858,054 5,875,155 Increase in weighted average shares outstanding due to: Stock options (1) — 483 Diluted weighted average shares outstanding (1) 5,858,054 5,875,638 Earnings per share: Basic $ 0.69 $ 0.77 Diluted $ 0.69 $ 0.77 (1) Stock options to purchase 58,857 shares under the Company’s 2006 Stock Option Plan and 13,101 shares under the EIP at $ 14.38 were outstanding during the three and nine months ended September 30, 2023 but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. |
Commitments to Extend Credit
Commitments to Extend Credit | 9 Months Ended |
Sep. 30, 2023 | |
Commitments to Extend Credit [Abstract] | |
Commitments to Extend Credit | Note 6 – Commitments to Extend Credit The Company has commitments to extend credit with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. There was a $ 351,000 and $ 0 allowance for credit losses on these commitments at September 30, 2023 and December 31, 2022, respectively. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The following commitments to extend credit were outstanding as of the dates specified: Contract Amount September 30, December 31, 2023 2022 (Dollars in thousands) Commitments to grant loans $ 13,873 $ 26,334 Unfunded commitments to fund loans and lines of credit 77,581 74,848 Commercial and Standby letters of credit 762 — Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. The commitments for lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | Note 7 – Stock-based Compensation As of September 30, 2023 , the Company had three active stock-based compensation plans, which are described below. The compensation cost that has been recorded under salary and benefits expense in the non-interest expense section of the consolidated statements of income for these plans was $ 62,000 and $ 85,000 for the three months ended September 30, 2023 and 2022, respectively. The compensation cost that has been recorded for the nine months ended September 30, 2023 and 2022 was $ 88,000 and $ 259,000 , respectively. 2006 Stock Option Plan The Company’s 2006 Stock Option Plan (the “Stock Option Plan”), which was approved by the Company’s stockholders, permitted the grant of options to its employees and non-employee directors for up to 297,562 shares of common stock. The Stock Option Plan expired on October 24, 2016 , and grants of options can no longer be awarded. Both incentive stock options and non-qualified stock options have been granted under the Stock Option Plan. The exercise price of each stock option equals the market price of the Company’s common stock on the date of grant and an option’s maximum term is ten years . The stock options generally vest over a five year period. A summary of the status of the Stock Option Plan during the nine months ended September 30, 2023 and 2022 is presented below: 2023 2022 Options Weighted Average Exercise Price Remaining Contractual Life Options Weighted Average Exercise Price Remaining Contractual Life Outstanding at beginning of year 58,857 $ 14.38 64,548 $ 14.38 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding at end of period 58,857 $ 14.38 3.0 years 64,548 $ 14.38 4.0 years Options exercisable at end of period 58,857 $ 14.38 3.0 years 64,548 $ 14.38 4.0 years Fair value of options granted — — — $ — : At September 30, 2023 , stock options had no intrinsic value and there were no remaining options available for grant under the Stock Option Plan. At September 30, 2023 and 2022, respectively, all compensation cost and expense related to the Stock Option Plan has been recognized in prior periods. 2012 Equity Incentive Plan The Company’s 2012 Equity Incentive Plan (the “EIP”), which was approved by the Company’s stockholders on May 23, 2012, authorizes the issuance of up to 180,000 shares of common stock pursuant to grants of restricted stock awards and up to 20,000 shares of common stock pursuant to grants of incentive stock options and non-qualified stock options, subject to permitted adjustments for certain corporate transactions. Employees and non-employee directors of Lake Shore Bancorp or its subsidiaries are eligible to receive awards under the EIP, except that non-employees may not be granted incentive stock options. The Board of Directors granted restricted stock awards under the EIP during the nine months ended September 30, 2023 as follows: Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees January 17, 2023 2,709 100 % on January 17, 2024 $ 12.92 Non-employee directors January 18, 2023 4,573 100 % on January 18, 2024 $ 12.90 Non-employee directors January 18, 2023 1,000 20 % per year with first vesting date on January 18, 2024 $ 12.90 Employees A summary of the status of unvested restricted stock awards under the EIP for the nine months ended September 30, 2023 and 2022 is as follows: At September 30, 2023 Weighted Average Grant Price (per Share) At September 30, 2022 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 43,866 $ 15.02 29,495 $ 15.24 Granted 8,282 12.91 27,132 14.97 Vested ( 11,734 ) 15.39 — — Forfeited ( 17,967 ) 14.91 ( 6,254 ) 15.12 Unvested shares outstanding at end of period 22,447 $ 14.13 50,373 $ 15.11 As of September 30, 2023 , there were 109,620 shares of restricted stock that vested or were distributed to eligible participants under the EIP and 47,933 remaining shares available for grant. Compensation expense related to unvested restricted stock awards under the EIP amounted to $ 40,000 and $ 59,000 for the three months ended September 30, 2023 and 2022 , respectively. Compensation expense related to unvested restricted stock awards under the EIP amounted to $ 22,000 and $ 175,000 for the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023 , $ 119,000 of unrecognized compensation cost related to unvested restricted stock awards is expected to be recognized over a period of 13.2 months. A summary of the status of stock options under the EIP for the nine months ended September 30, 2023 and 2022 is presented below: 2023 2022 Options Exercise Price Remaining Contractual Life Options Exercise Price Remaining Contractual Life Outstanding at beginning of year 20,000 $ 14.38 20,000 $ 14.38 Granted — — — — Exercised — — — — Forfeited — — — — Expired ( 6,899 ) $ 14.38 Outstanding at end of period 13,101 3.0 years 20,000 $ 14.38 4.0 years Options exercisable at end of period 13,101 $ 14.38 3.0 years 20,000 $ 14.38 4.0 years Fair value of options granted — — — — At September 30, 2023 , stock options had no intrinsic value and there were 6,899 remaining options available for grant under the EIP. At September 30, 2023 and 2022, all compensation cost and expense related to the stock options granted under the EIP has been recognized in prior periods. Employee Stock Ownership Plan (“ESOP”) The Company established the ESOP for the benefit of eligible employees of the Company and Bank. All Company and Bank employees meeting certain age and service requirements are eligible to participate in the ESOP. Participants’ benefits become fully vested after five years of service once the employee is eligible to participate in the ESOP. The Company utilized $ 2.6 million of the proceeds of its 2006 stock offering to extend a loan to the ESOP and the ESOP used such proceeds to purchase 238,050 shares of stock on the open market at an average price of $ 10.70 per share, plus commission expenses. As a result of the purchase of shares by the ESOP, total stockholders’ equity of the Company was reduced by $ 2.6 million. As of September 30, 2023 , the balance of the loan to the ESOP was $ 1.4 million and the fair value of unallocated shares was $ 1.0 million. As of September 30, 2023 , there were 76,815 allocated shares and 103,154 unallocated shares compared to 77,475 allocated shares and 111,089 unallocated shares at September 30, 2022 . The ESOP compensation expense was $ 22,000 for the three months ended September 30, 2023 and $ 26,000 for the three months ended September 30, 2022 based on 1,984 shares earned in each of those quarters. The ESOP compensation expense was $ 66,000 for the nine months ended September 30, 2023 and $ 84,000 for the nine months ended September 30, 2022 based on 5,952 shares earned in each of those nine month periods. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 8 - Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of September 30, 2023 and December 31, 2022 and have not been re-evaluated or updated for purposes of these unaudited consolidated financial statements subsequent to those respective dates. The estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported here. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities measurements (Level 1) and the lowest priority to unobservable input measurements (Level 3). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3: Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company’s consolidated statements of financial condition contain investment securities and derivative instruments that are recorded at fair value on a recurring basis. For financial instruments measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2023 and December 31, 2022 were as follows: Fair Value Measurements at September 30, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities: Debt Securities U.S. government agencies $ 1,773 $ — $ 1,773 $ — Municipal bonds 31,147 — 31,147 — Mortgage-backed securities: Collateralized mortgage obligations-private label 9 — 9 — Collateralized mortgage obligations-government 10,503 — 10,503 — Government National Mortgage Association 53 — 53 — Federal National Mortgage Association 9,740 — 9,740 — Federal Home Loan Mortgage Corporation 4,619 — 4,619 — Asset-backed securities: Private label 92 — 92 — Government sponsored entities 3 — 3 — Total Debt Securities $ 57,939 $ — $ 57,939 $ — Equity securities 13 13 — — Total Securities $ 57,952 $ 13 $ 57,939 $ — Fair Value Measurements at December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities: Debt Securities U.S. government agencies $ 1,833 $ — $ 1,833 $ — Municipal bonds 42,414 — 42,414 — Mortgage-backed securities: Collateralized mortgage obligations-private label 11 — 11 — Collateralized mortgage obligations-government 12,155 — 12,155 — Government National Mortgage Association 59 — 59 — Federal National Mortgage Association 11,246 — 11,246 — Federal Home Loan Mortgage Corporation 5,221 — 5,221 — Asset-backed securities: Private label 96 — 96 — Government sponsored entities 4 — 4 — Total Debt Securities $ 73,039 $ — $ 73,039 $ — Equity securities 8 8 — — Total Securities $ 73,047 $ 8 $ 73,039 $ — Interest Rate Swap (1) $ 273 $ — $ 273 $ — (1) Included in Other Assets on the consolidated statements of financial condition. Level 2 inputs for assets or liabilities measured at fair value on a recurring basis might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment projections, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. The following is a description of valuation methodologies used for financial assets recorded at fair value on a recurring basis: • Investment securities - the fair values are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1) or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted prices. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution date, market consensus prepayment projections, credit information, and the security’ terms and conditions, among other things. Level 2 securities which are fixed income instruments that are not quoted on an exchange, but are traded in active markets, are valued using prices obtained from our custodian, who use third party data service providers. • Interest Rate Swap – the fair value is based on a discounted cash flow model. The model’s key assumptions include the contractual term of the derivative contract, including the period to maturity, and the use of observable market based inputs, such as interest rates, yield curves, nonperformance risk and implied volatility. Assets Measured at Fair Value on a Non-Recurring Basis In addition to disclosure of the fair value of assets on a recurring basis, GAAP requires disclosures for assets and liabilities measured at fair value on a non-recurring basis. The following is a description of the valuation methods used for assets measured at fair value on a non-recurring basis. Collateral-Dependent Loans. Loans for which repayment is substantially expected to be provided through the operations or sale of collateral are considered collateral dependent. They are held at the lower of cost or fair value, and are considered to be measured at fair value when recorded below cost. Collateral-dependent loans are valued based on the estimated fair value of the collateral, less estimated costs to sell at the reporting date, based on either a recent appraisal or discounted cash flows based on current market conditions. Accordingly, collateral dependent loans are classified within Level 3 of the fair value hierarchy. As of September 30, 2023 and December 31, 2022, the Company did not record any non-recurring adjustments on collateral dependent loans. Foreclosed Real Estate and Repossessed Assets. Foreclosed real estate and repossessed assets are held at the lower of cost or fair value and are considered to be measured at fair value when recorded below cost. The fair value of foreclosed real estate is calculated using independent appraisals, less estimated selling costs. Certain repossessed assets may require assumptions about factors that are not observable in an active market when determining fair value. Accordingly, foreclosed real estate and repossessed assets are classified within Level 3 of the fair value hierarchy. Foreclosed real estate was $ 100,000 and $ 95,000 at September 30, 2023 and December 31, 2022 , respectively and was included as a component of other assets on the consolidated statements of financial condition. No non-recurring adjustments were made to foreclosed real estate at September 30, 2023 or December 31, 2022. Mortgage Servicing Rights . Mortgage servicing rights do not trade in an active market with readily observable market data. As a result, the Company estimates the fair value of loan servicing rights by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The key assumptions used in the model include the estimated life of loans sold with servicing retained and the estimated cost to service the loans. Loan servicing rights are classified as Level 3 measurements due to the use of unobservable inputs, as well as management judgment and estimation. Mortgage servicing rights are included as a component of other assets on the consolidated statements of financial condition. For assets subject to measurement at fair value on a non-recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2023 and December 31, 2022 were as follows: Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a non-recurring basis: At September 30, 2023 Collateral-dependent loans $ 1,371 $ — $ — $ 1,371 Foreclosed real estate 100 — — 100 Mortgage servicing rights 199 — — 199 At December 31, 2022 Mortgage servicing rights 209 — — 209 The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average At September 30, 2023 Collateral-dependent loans $ 1,371 Appraisal of collateral (1) Direct Disposal Costs (3) 8.00 - 10.00 % 9.75 % Foreclosed real estate 100 Appraisal of collateral (1) Direct Disposal Costs (3) 7.00 - 8.00 % 7.69 % Mortgage servicing rights 199 Discounted Cash Flow Model (2) Servicing Fees 0.25 % 0.25 % Servicing Costs 0.09 % 0.09 % Estimated Life of Loans 5.31 years 5.31 years At December 31, 2022 Mortgage servicing rights 209 Discounted Cash Flow Model (2) Servicing Fees 0.25 % 0.25 % Servicing Costs 0.15 % 0.15 % Estimated Life of Loans 5.0 years 5.0 years (1) Fair value is generally determined through independent third-party appraisals of the underlying collateral or by a purchase offer for the related property, which generally includes various Level 3 inputs which are not observable. (2) The fair value is based on a discounted cash flow model. The model's key assumptions are the estimated life of loans sold with servicing retained and the estimated cost to service the loans. (3) The fair value basis may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes. The carrying amount and estimated fair value of the Company’s financial instruments, whether carried at cost or fair value, are as follows: Fair Value Measurements at September 30, 2023 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 45,999 $ 45,999 $ 45,999 $ — $ — Securities 57,952 57,952 13 57,939 — Federal Home Loan Bank stock 2,347 2,347 — 2,347 — Loans receivable, net 564,848 546,849 — — 546,849 Accrued interest receivable 2,889 2,889 — 2,889 — Bank-owned life insurance 23,546 23,546 — 23,546 — Mortgage servicing rights 199 199 — — 199 Financial liabilities: Deposits 584,158 580,216 — 580,216 — Long-term debt 36,450 35,602 — 35,602 — Accrued interest payable 566 566 — 566 — Fair Value Measurements at December 31, 2022 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 9,633 $ 9,633 $ 9,633 $ — $ — Securities 73,047 73,047 8 73,039 — Federal Home Loan Bank stock 2,330 2,330 — 2,330 — Loans receivable, net 573,537 546,278 — — 546,278 Accrued interest receivable 2,796 2,796 2,796 Interest rate swap 273 273 — 273 — Mortgage servicing rights 209 209 — — 209 Financial liabilities: Deposits 570,119 571,521 — 571,521 — Short-term borrowings 12,596 12,596 — 12,596 — Long-term debt 24,950 23,946 — 23,946 — Accrued interest payable 66 66 — 66 — |
Treasury Stock
Treasury Stock | 6 Months Ended |
Jun. 30, 2023 | |
Treasury Stock [Abstract] | |
Treasury Stock | Note 9 – Treasury Stock During the three and nine months ended September 30, 2023 , the Company did no t repurchase any shares of common stock under the existing stock repurchase program. As of September 30, 2023 , there were 30,626 shares remaining to be repurchased under the existing stock repurchase program. During the nine months ended September 30, 2023 , the Company transferred 8,282 shares of common stock out of treasury stock reserved for the 2012 Equity Incentive Plan, at an average cost of $ 9.39 per share to fund awards that had been granted under the plan. During the nine months ended September 30, 2023, there were 17,967 shares transferred back into treasury stock reserved for the 2012 Equity Incentive Plan at an average cost of $ 9.39 per share due to forfeitures. The Company repurchased 4,764 shares upon vesting of shares under the 2012 Equity Incentive Plan for the purpose of remitting payroll taxes on behalf of awardees who were employees, at an average cost of $ 11.63 per share, during the nine months ended September 30, 2023. During the three months ended September 30, 2022 , the Company did no t repurchase any shares of common stock. During the nine months ended September 30, 2022 , the Company repurchased 5,701 shares of common stock at an average cost of $ 14.91 per share. These shares were repurchased pursuant to the Company's publicly announced common stock repurchase program. As of September 30, 2022 , there were 30,626 shares remaining to be repurchased under the existing stock repurchase program. During the nine months ended September 30, 2022 , the Company transferred 27,132 shares of common stock out of treasury stock reserved for the 2012 Equity Incentive Plan, at an average cost of $ 9.39 per share to fund awards that had been granted under the plan. During the nine months ended September 30, 2022, there were 6,254 shares transferred back into treasury stock reserved for the 2012 Equity Incentive Plan at an average cost of $ 9.39 per share due to forfeitures. |
Other Comprehensive Loss
Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Loss | Note 10 – Other Comprehensive Loss In addition to presenting the consolidated statements of comprehensive income (loss) herein, the following table shows the tax effects allocated to the Company’s single component of other comprehensive loss for the periods presented: For the Three Months Ended September 30, 2023 For The Three Months Ended September 30, 2022 Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Unaudited) (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ ( 4,014 ) $ 843 $ ( 3,171 ) $ ( 5,004 ) $ 1,050 $ ( 3,954 ) Less: reclassification adjustment related to: Loss on sale of securities included in net income 3 — 3 — — — Recovery on previously impaired investment securities included in net income ( 2 ) — ( 2 ) ( 2 ) 1 ( 1 ) Total Other Comprehensive Loss $ ( 4,013 ) $ 843 $ ( 3,170 ) $ ( 5,006 ) $ 1,051 $ ( 3,955 ) For the Nine Months Ended September 30, 2023 For The Nine Months Ended September 30, 2022 Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Unaudited) (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ ( 3,473 ) $ 729 $ ( 2,744 ) $ ( 17,109 ) $ 3,592 $ ( 13,517 ) Less: reclassification adjustment related to: Loss on sale of securities included in net income 52 ( 10 ) 42 — — — Recovery on previously impaired investment securities included in net income ( 6 ) 1 ( 5 ) ( 12 ) 3 ( 9 ) Total Other Comprehensive Loss $ ( 3,427 ) $ $ 720 $ ( 2,707 ) $ ( 17,121 ) $ 3,595 $ ( 13,526 ) The following table presents the amounts reclassified out of the single component of the Company’s accumulated other comprehensive loss for the indicated periods: Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive Loss Affected Line Item Comprehensive Loss for the three months ended September 30, on the Consolidated Components 2023 2022 Statements of Income (Dollars in thousands) Net unrealized losses on securities available for sale: Loss on sale of securities included in net income $ 3 $ — Loss on sale of securities available for sale Recovery on previously impaired investment securities ( 2 ) ( 2 ) Recovery on previously impaired investment securities Provision for income tax expense — 1 Income tax expense Total reclassification for the period $ 1 $ ( 1 ) Net Income Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive Loss Affected Line Item Comprehensive Loss for the nine months ended September 30, on the Consolidated Components 2023 2022 Statements of Income (Dollars in thousands) Net unrealized losses on securities available for sale: Loss on sale of securities included in net income $ 52 $ — Loss on sale of securities available for sale Recovery on previously impaired investment securities ( 6 ) ( 12 ) Recovery on previously impaired investment securities Provision for income tax expense ( 9 ) 3 Income tax expense Total reclassification for the period $ 37 $ ( 9 ) Net Income |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investment Securities [Abstract] | |
Amortized Cost and Fair Value of Securities | The amortized cost and fair value of securities are as follows: September 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES Debt Securities Available for Sale U.S. government agencies $ 2,007 $ — $ ( 234 ) $ 1,773 Municipal bonds 42,086 — ( 10,939 ) 31,147 Mortgage-backed securities: Collateralized mortgage obligations-private label 10 — ( 1 ) 9 Collateralized mortgage obligations-government 12,290 — ( 1,787 ) 10,503 Government National Mortgage Association 58 — ( 5 ) 53 Federal National Mortgage Association 12,125 — ( 2,385 ) 9,740 Federal Home Loan Mortgage Corporation 5,865 — ( 1,246 ) 4,619 Asset-backed securities-private label — 92 — 92 Asset-backed securities-government sponsored entities 3 — — 3 Total Debt Securities Available for Sale $ 74,444 $ 92 $ ( 16,597 ) $ 57,939 Equity Securities 22 — ( 9 ) 13 Total Securities $ 74,466 $ 92 $ ( 16,606 ) $ 57,952 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES Debt Securities Available for Sale U.S. government agencies $ 2,008 $ — $ ( 175 ) $ 1,833 Municipal bonds 50,734 16 ( 8,336 ) 42,414 Mortgage-backed securities: Collateralized mortgage obligations-private label 12 — ( 1 ) 11 Collateralized mortgage obligations-government 13,790 1 ( 1,636 ) 12,155 Government National Mortgage Association 61 — ( 2 ) 59 Federal National Mortgage Association 13,232 1 ( 1,987 ) 11,246 Federal Home Loan Mortgage Corporation 6,277 — ( 1,056 ) 5,221 Asset-backed securities-private label — 96 — 96 Asset-backed securities-government sponsored entities 4 — — 4 Total Debt Securities Available for Sale $ 86,118 $ 114 $ ( 13,193 ) $ 73,039 Equity Securities 22 — ( 14 ) 8 Total Securities $ 86,140 $ 114 $ ( 13,207 ) $ 73,047 |
Investment in Debt Securities Gross Unrealized Loss | The following table sets forth the Company’s investment in securities with gross unrealized losses of less than twelve months and gross unrealized losses of twelve months or more and associated fair values for which an allowance for credit losses has not been recorded for the periods indicated: Less than 12 months 12 months or more Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) September 30, 2023 U.S. government agencies $ — $ — $ 1,773 $ ( 234 ) $ 1,773 $ ( 234 ) Municipal bonds 2,162 ( 300 ) 28,784 ( 10,639 ) 30,946 ( 10,939 ) Mortgage-backed securities 162 ( 8 ) 24,751 ( 5,416 ) 24,913 ( 5,424 ) $ 2,324 $ ( 308 ) $ 55,308 $ ( 16,289 ) $ 57,632 $ ( 16,597 ) December 31, 2022 U.S. government agencies $ 1,833 $ ( 175 ) $ — $ — $ 1,833 $ ( 175 ) Municipal bonds 12,227 ( 1,114 ) 23,259 ( 7,222 ) 35,486 ( 8,336 ) Mortgage-backed securities 6,981 ( 410 ) 21,561 ( 4,272 ) 28,542 ( 4,682 ) $ 21,041 $ ( 1,699 ) $ 44,820 $ ( 11,494 ) $ 65,861 $ ( 13,193 ) |
Scheduled Contractual Maturities of Debt Securities | Scheduled contractual maturities of debt securities are as follows: Amortized Fair Cost Value (Dollars in thousands) September 30, 2023: Less than one year $ 230 $ 228 After one year through five years 2,616 2,398 After five years through ten years 9,353 7,836 After ten years 31,894 22,458 Mortgage-backed securities 30,348 24,924 Asset-backed securities 3 95 $ 74,444 $ 57,939 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Loans and Allowance for Credit Losses [Abstract] | |
Schedule of Loan by Segment | September 30, December 31, 2023 2022 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family (1) $ 172,974 $ 175,904 Home Equity 51,276 53,057 Commercial (2) 323,535 326,955 Total real estate loans 547,785 555,916 Other Loans: Commercial 18,749 19,576 Consumer 1,113 1,217 Total gross loans 567,647 576,709 Net deferred loan costs 3,843 3,893 Allowance for credit losses on loans ( 6,642 ) ( 7,065 ) Loans receivable, net $ 564,848 $ 573,537 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. |
Summary of Activity in Allowance for Credit Losses | Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Real Estate (2) Commercial Consumer Unallocated Total (Dollars in thousands) September 30, 2023 Allowance for Credit Loss: on Loans Balance – July 1, 2023 $ 541 $ 257 $ 5,422 $ 520 $ 18 $ — $ 6,758 Charge-offs — — — — ( 16 ) — ( 16 ) Recoveries — — 35 — 2 — 37 (Credit) provision ( 6 ) ( 47 ) ( 122 ) 25 13 — ( 137 ) Balance – September 30, 2023 $ 535 $ 210 $ 5,335 $ 545 $ 17 $ — $ 6,642 Balance - January 1, 2023 $ 411 $ 217 $ 5,746 $ 509 $ 47 $ 135 $ 7,065 Impact of adopting ASC 326 201 114 55 72 ( 25 ) ( 135 ) 282 Charge-offs — — — — ( 47 ) — ( 47 ) Recoveries — — 35 29 7 — 71 (Credit) provision ( 77 ) ( 121 ) ( 501 ) ( 65 ) 35 — ( 729 ) Balance – September 30, 2023 $ 535 $ 210 $ 5,335 $ 545 $ 17 $ — $ 6,642 Ending balance: individually evaluated $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated $ 535 $ 210 $ 5,335 $ 545 $ 17 $ — $ 6,642 Gross Loans Receivable (3) : Ending balance $ 172,974 $ 51,276 $ 323,535 $ 18,749 $ 1,113 $ — $ 567,647 Ending balance: individually evaluated $ 142 $ — $ 1,242 $ — $ — $ — $ 1,384 Ending balance: collectively evaluated $ 172,832 $ 51,276 $ 322,293 $ 18,749 $ 1,113 $ — $ 566,263 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans of $ 23.9 million. (3) Gross Loans Receivable does not include allowance for credit losses of $( 6,642 ) or deferred loan costs of $ 3,843 . Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses using the incurred loss methodology. The following tables summarize the activity in the allowance for loan losses for the three and nine months ended September 30, 2022 and the distribution of the allowance for loan losses and loans receivable by loan portfolio class and impairment method as of September 30, 2022 and December 31, 2022: Real Estate Loans Other Loans One- to Four-Family (2) Home Equity Commercial Construction - Commercial Commercial Consumer Unallocated Total (Dollars in thousands) September 30, 2022 Allowance for Loan Losses: Balance – July 1, 2022 $ 449 $ 330 $ 4,908 $ 373 $ 479 $ 24 $ 184 $ 6,747 Charge-offs — — - — — ( 17 ) — ( 17 ) Recoveries - — 115 — — 4 — 119 Provision (credit) 17 ( 62 ) 35 10 ( 1 ) 23 ( 22 ) - Balance – September 30, 2022 $ 466 $ 268 $ 5,058 $ 383 $ 478 $ 34 $ 162 $ 6,849 Balance – January 1, 2022 $ 383 $ 211 $ 4,377 $ 360 $ 531 $ 32 $ 224 $ 6,118 Charge-offs — — ( 4 ) — — ( 58 ) — ( 62 ) Recoveries 17 1 269 — — 6 — 293 Provision (credit) 66 56 416 23 ( 53 ) 54 ( 62 ) 500 Balance – September 30, 2022 $ 466 $ 268 $ 5,058 $ 383 $ 478 $ 34 $ 162 $ 6,849 Ending balance: individually $ — $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively $ 466 $ 268 $ 5,058 $ 383 $ 478 $ 34 $ 162 $ 6,849 Gross Loans Receivable (1) : Ending balance $ 171,570 $ 50,633 $ 295,582 $ 23,241 $ 21,950 $ 1,171 $ — $ 564,147 Ending balance: individually $ 216 $ 14 $ — $ — $ — $ — $ — $ 230 Ending balance: collectively $ 171,354 $ 50,619 $ 295,582 $ 23,241 $ 21,950 $ 1,171 $ — $ 563,917 (1) Gross Loans Receivable does not include allowance for loan losses of $( 6,849 ) or deferred loan costs of $ 3,872 . (2) Includes one- to four- family construction loans. Real Estate Loans Other Loans One- to Four-Family (2) Home Equity Commercial Commercial - Construction Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2022 Allowance for Loan Losses: Balance – December 31, 2022 $ 411 $ 217 $ 5,398 $ 348 $ 509 $ 47 $ 135 $ 7,065 Ending balance: individually $ — $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively $ 411 $ 217 $ 5,398 $ 348 $ 509 $ 47 $ 135 $ 7,065 Gross Loans Receivable (1) : Ending Balance $ 175,904 $ 53,057 $ 304,037 $ 22,918 $ 19,576 $ 1,217 $ — $ 576,709 Ending balance: individually $ 153 $ 14 $ — $ — $ — $ — $ — $ 167 Ending balance: collectively $ 175,751 $ 53,043 $ 304,037 $ 22,918 $ 19,576 $ 1,217 $ — $ 576,542 (1) Gross Loans Receivable does not include allowance for loan losses of $( 7,065 ) or deferred loan costs of $ 3,893 . (2) Includes one- to four-family construction loans. |
Schedule of Activity in Allowance for Credit Losses on Unfunded Loan Commitments | For the Three and Nine Months Ended September 30, 2023 (Dollars in thousands) Balance at December 31, 2022 $ — Impact of CECL Adoption 633 Balance at March 31, 2023 633 Provision for Credit Losses ( 220 ) Balance at June 30, 2023 413 Provision for Credit Losses ( 62 ) Balance at September 30, 2023 $ 351 |
Schedule of Non-accrual by Loan Segment | Total Non-accrual Non-accrual with no Allowance for Credit Losses 90 Days or More Past Due and Accruing September 30, December 31, September 30, December 31, September 30, December 31, 2023 2022 2023 2022 2023 2022 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family (1) $ 2,004 $ 2,295 $ 2,004 $ 2,295 $ — $ 1 Home Equity 319 602 319 602 — — Commercial Real Estate (2) 1,226 — 1,226 — — — Other Loans: Commercial — — — — — — Consumer 8 34 8 34 — — Total loans $ 3,557 $ 2,931 $ 3,557 $ 2,931 $ — $ 1 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. |
Analysis of Past Due Loans and Non-Accruing Loans | 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Loans Past Due Past Due Past Due Due Due Receivable (Dollars in thousands) September 30, 2023: Real Estate Loans: Residential, one- to four-family (1) $ 1,103 $ 123 $ 538 $ 1,764 $ 171,210 $ 172,974 Home equity 45 68 107 220 51,056 51,276 Commercial (2) 203 1,039 — 1,242 322,293 323,535 Other Loans: Commercial 117 — — 117 18,632 18,749 Consumer — 2 5 7 1,106 1,113 Total $ 1,468 $ 1,232 $ 650 $ 3,350 $ 564,297 $ 567,647 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Loans Past Due Past Due Past Due Due Due Receivable (Dollars in thousands) December 31, 2022: Real Estate Loans: Residential, one- to four-family (1) $ 1,173 $ 380 $ 1,649 $ 3,202 $ 172,702 $ 175,904 Home equity 137 287 468 892 52,165 53,057 Commercial (2) — — — — 326,955 326,955 Other Loans: Commercial — — — — 19,576 19,576 Consumer 15 — 17 32 1,185 1,217 Total $ 1,325 $ 667 $ 2,134 $ 4,126 $ 572,583 $ 576,709 (1) Includes one- to four-family construction loans. (2) Includes commercial real estate construction loans. |
Schedule of Amortized Cost of Collateral-Dependent Loans by Loan Segment | Residential Business Commercial Total Properties Assets Land Property Other Loans (Dollars in thousands) Real Estate Loans: Residential, one- to four-family $ 145 $ — $ — $ — $ — $ 145 Home Equity — — — — — — Commercial 200 — 1,026 — — 1,226 Total $ 345 $ — $ 1,026 $ — $ — $ 1,371 |
Summary of Information Pertaining to Impaired Loans | Unpaid Recorded Principal Related Investment Balance Allowance At December 31, 2022 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 153 $ 153 $ — Home equity 14 14 — Commercial real estate (1) — — — Total impaired loans with no related allowance 167 167 — Average Interest Recorded Income Investment Recognized For the Nine Months Ended September 30, 2022 With no related allowance recorded: Residential, one- to four-family $ 252 $ 9 Home equity 22 — Commercial real estate (2) 3,262 — Total impaired loans $ 3,536 $ 9 (1) Commercial Real Estate loans consisted of one loan which was paid off during the year ended December 31, 2022. (2) Average Commercial Real Estate loans consisted of one loan which was paid off during the nine months ended September 30, 2022 . |
Loans by Credit Quality Indicator by Origination Year | The following table presents loans by credit quality indicator by origination year at September 30, 2023: YTD 2023 2022 2021 2020 2019 Prior Revolving Loans Total (Dollars in thousands) Residential, one-to four-family (1) : Pass $ 9,050 $ 36,486 $ 30,209 $ 18,234 $ 10,245 $ 66,389 $ — $ 170,613 Substandard — 266 40 94 275 1,686 — 2,361 Doubtful — — — — — — — — Total $ 9,050 $ 36,752 $ 30,249 $ 18,328 $ 10,520 $ 68,075 $ — $ 172,974 Current period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Home Equity: Pass $ 3,492 $ 3,212 $ 109 $ 50 $ 301 $ 532 $ 43,174 $ 50,870 Substandard — — — — — — 406 406 Doubtful — — — — — — — — Total $ 3,492 $ 3,212 $ 109 $ 50 $ 301 $ 532 $ 43,580 $ 51,276 Current period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate (2) : Pass $ 13,995 $ 85,751 $ 54,080 $ 42,579 $ 39,196 $ 75,789 $ — $ 311,390 Special mention — — — 989 689 — — 1,678 Substandard — — — 1,242 5,439 3,786 — 10,467 Doubtful — — — — — — — — Total $ 13,995 $ 85,751 $ 54,080 $ 44,810 $ 45,324 $ 79,575 $ — $ 323,535 Current period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Loans: Pass $ 1,223 $ 2,571 $ 800 $ 665 $ 1,965 $ 7,108 $ — $ 14,332 Special mention — — 287 — 790 — — 1,077 Substandard — — — — 3,015 325 — 3,340 Doubtful — — — — — — — — Total $ 1,223 $ 2,571 $ 1,087 $ 665 $ 5,770 $ 7,433 $ — $ 18,749 Current period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Loans: Pass $ 218 $ 280 $ 89 $ 152 $ 3 $ 133 $ 205 $ 1,080 Substandard — — 3 1 — — 29 33 Doubtful — — — — — — — — Total $ 218 $ 280 $ 92 $ 153 $ 3 $ 133 $ 234 $ 1,113 Current period gross chargeoffs $ — $ 8 $ 3 $ 3 $ — $ — $ 33 $ 47 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. The following table presents loans by credit quality indicator at December 31, 2022: Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) December 31, 2022 Real Estate Loans: Residential, one- to four-family (1) $ 173,857 $ — $ 2,047 $ — $ — $ 175,904 Home equity 52,269 — 788 — — 53,057 Commercial (2) 314,218 3,272 9,465 — — 326,955 Other Loans: Commercial 14,926 1,112 3,538 — — 19,576 Consumer 1,183 — 24 — 10 1,217 Total $ 556,453 $ 4,384 $ 15,862 $ — $ 10 $ 576,709 (1) Includes one- to four- family construction loans. (2) Includes commercial construction loans. |
Summary of Loans Classified as TDRs | Principal Forgiveness Payment Delay Term Extension Interest Rate Reduction Add Co-Borrower/ Combination Term Extension and Add Co-Borrower Percentage of Total Class of Financing Receivable (Dollars in thousands) Real Estate Loans Commercial real estate $ — $ — $ — $ — $ 4,935 $ — 1.53 % Other loans Commercial — — — — — 1,114 5.94 % Total $ — $ — $ — $ — $ 4,935 $ 1,114 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings per Share [Abstract] | |
Calculated Basic and Diluted Earnings Per Share | The calculated basic and diluted earnings per share are as follows: Three Months Ended September 30, 2023 2022 Numerator – net income $ 1,571,000 $ 1,771,000 Denominator: Basic weighted average shares outstanding 5,846,333 5,889,615 Increase in weighted average shares outstanding due to: Stock options (1) — — Diluted weighted average shares outstanding (1) 5,846,333 5,889,615 Earnings per share: Basic $ 0.27 $ 0.30 Diluted $ 0.27 $ 0.30 Nine Months Ended September 30, 2023 2022 Numerator – net income $ 4,071,000 $ 4,516,000 Denominator: Basic weighted average shares outstanding 5,858,054 5,875,155 Increase in weighted average shares outstanding due to: Stock options (1) — 483 Diluted weighted average shares outstanding (1) 5,858,054 5,875,638 Earnings per share: Basic $ 0.69 $ 0.77 Diluted $ 0.69 $ 0.77 (1) Stock options to purchase 58,857 shares under the Company’s 2006 Stock Option Plan and 13,101 shares under the EIP at $ 14.38 were outstanding during the three and nine months ended September 30, 2023 but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. |
Commitments to Extend Credit (T
Commitments to Extend Credit (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments to Extend Credit [Abstract] | |
Outstanding Commitments to Extend Credit | The following commitments to extend credit were outstanding as of the dates specified: Contract Amount September 30, December 31, 2023 2022 (Dollars in thousands) Commitments to grant loans $ 13,873 $ 26,334 Unfunded commitments to fund loans and lines of credit 77,581 74,848 Commercial and Standby letters of credit 762 — |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
2006 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Status of Stock Option Plan | 2023 2022 Options Weighted Average Exercise Price Remaining Contractual Life Options Weighted Average Exercise Price Remaining Contractual Life Outstanding at beginning of year 58,857 $ 14.38 64,548 $ 14.38 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding at end of period 58,857 $ 14.38 3.0 years 64,548 $ 14.38 4.0 years Options exercisable at end of period 58,857 $ 14.38 3.0 years 64,548 $ 14.38 4.0 years Fair value of options granted — — — $ — |
2012 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Status of Stock Option Plan | 2023 2022 Options Exercise Price Remaining Contractual Life Options Exercise Price Remaining Contractual Life Outstanding at beginning of year 20,000 $ 14.38 20,000 $ 14.38 Granted — — — — Exercised — — — — Forfeited — — — — Expired ( 6,899 ) $ 14.38 Outstanding at end of period 13,101 3.0 years 20,000 $ 14.38 4.0 years Options exercisable at end of period 13,101 $ 14.38 3.0 years 20,000 $ 14.38 4.0 years Fair value of options granted — — — — |
Schedule of Unvested Restricted Stock Activity | At September 30, 2023 Weighted Average Grant Price (per Share) At September 30, 2022 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 43,866 $ 15.02 29,495 $ 15.24 Granted 8,282 12.91 27,132 14.97 Vested ( 11,734 ) 15.39 — — Forfeited ( 17,967 ) 14.91 ( 6,254 ) 15.12 Unvested shares outstanding at end of period 22,447 $ 14.13 50,373 $ 15.11 |
2012 Equity Incentive Plan [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Awards Granted | Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees January 17, 2023 2,709 100 % on January 17, 2024 $ 12.92 Non-employee directors January 18, 2023 4,573 100 % on January 18, 2024 $ 12.90 Non-employee directors January 18, 2023 1,000 20 % per year with first vesting date on January 18, 2024 $ 12.90 Employees |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Assets Measured on Recurring Basis | Fair Value Measurements at September 30, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities: Debt Securities U.S. government agencies $ 1,773 $ — $ 1,773 $ — Municipal bonds 31,147 — 31,147 — Mortgage-backed securities: Collateralized mortgage obligations-private label 9 — 9 — Collateralized mortgage obligations-government 10,503 — 10,503 — Government National Mortgage Association 53 — 53 — Federal National Mortgage Association 9,740 — 9,740 — Federal Home Loan Mortgage Corporation 4,619 — 4,619 — Asset-backed securities: Private label 92 — 92 — Government sponsored entities 3 — 3 — Total Debt Securities $ 57,939 $ — $ 57,939 $ — Equity securities 13 13 — — Total Securities $ 57,952 $ 13 $ 57,939 $ — Fair Value Measurements at December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities: Debt Securities U.S. government agencies $ 1,833 $ — $ 1,833 $ — Municipal bonds 42,414 — 42,414 — Mortgage-backed securities: Collateralized mortgage obligations-private label 11 — 11 — Collateralized mortgage obligations-government 12,155 — 12,155 — Government National Mortgage Association 59 — 59 — Federal National Mortgage Association 11,246 — 11,246 — Federal Home Loan Mortgage Corporation 5,221 — 5,221 — Asset-backed securities: Private label 96 — 96 — Government sponsored entities 4 — 4 — Total Debt Securities $ 73,039 $ — $ 73,039 $ — Equity securities 8 8 — — Total Securities $ 73,047 $ 8 $ 73,039 $ — Interest Rate Swap (1) $ 273 $ — $ 273 $ — (1) Included in Other Assets on the consolidated statements of financial condition. |
Assets Measured at Fair Value on Nonrecurring Basis | Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a non-recurring basis: At September 30, 2023 Collateral-dependent loans $ 1,371 $ — $ — $ 1,371 Foreclosed real estate 100 — — 100 Mortgage servicing rights 199 — — 199 At December 31, 2022 Mortgage servicing rights 209 — — 209 |
Additional Quantitative Information About Assets Measured at Fair Value | Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average At September 30, 2023 Collateral-dependent loans $ 1,371 Appraisal of collateral (1) Direct Disposal Costs (3) 8.00 - 10.00 % 9.75 % Foreclosed real estate 100 Appraisal of collateral (1) Direct Disposal Costs (3) 7.00 - 8.00 % 7.69 % Mortgage servicing rights 199 Discounted Cash Flow Model (2) Servicing Fees 0.25 % 0.25 % Servicing Costs 0.09 % 0.09 % Estimated Life of Loans 5.31 years 5.31 years At December 31, 2022 Mortgage servicing rights 209 Discounted Cash Flow Model (2) Servicing Fees 0.25 % 0.25 % Servicing Costs 0.15 % 0.15 % Estimated Life of Loans 5.0 years 5.0 years (1) Fair value is generally determined through independent third-party appraisals of the underlying collateral or by a purchase offer for the related property, which generally includes various Level 3 inputs which are not observable. (2) The fair value is based on a discounted cash flow model. The model's key assumptions are the estimated life of loans sold with servicing retained and the estimated cost to service the loans. (3) The fair value basis may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes. |
Carrying Amount and Estimated Fair Value of Financial Instruments | Fair Value Measurements at September 30, 2023 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 45,999 $ 45,999 $ 45,999 $ — $ — Securities 57,952 57,952 13 57,939 — Federal Home Loan Bank stock 2,347 2,347 — 2,347 — Loans receivable, net 564,848 546,849 — — 546,849 Accrued interest receivable 2,889 2,889 — 2,889 — Bank-owned life insurance 23,546 23,546 — 23,546 — Mortgage servicing rights 199 199 — — 199 Financial liabilities: Deposits 584,158 580,216 — 580,216 — Long-term debt 36,450 35,602 — 35,602 — Accrued interest payable 566 566 — 566 — Fair Value Measurements at December 31, 2022 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 9,633 $ 9,633 $ 9,633 $ — $ — Securities 73,047 73,047 8 73,039 — Federal Home Loan Bank stock 2,330 2,330 — 2,330 — Loans receivable, net 573,537 546,278 — — 546,278 Accrued interest receivable 2,796 2,796 2,796 Interest rate swap 273 273 — 273 — Mortgage servicing rights 209 209 — — 209 Financial liabilities: Deposits 570,119 571,521 — 571,521 — Short-term borrowings 12,596 12,596 — 12,596 — Long-term debt 24,950 23,946 — 23,946 — Accrued interest payable 66 66 — 66 — |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Comprehensive Income (Loss) [Abstract] | |
Tax Effects Allocated to Single Component of Other Comprehensive Loss | For the Three Months Ended September 30, 2023 For The Three Months Ended September 30, 2022 Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Unaudited) (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ ( 4,014 ) $ 843 $ ( 3,171 ) $ ( 5,004 ) $ 1,050 $ ( 3,954 ) Less: reclassification adjustment related to: Loss on sale of securities included in net income 3 — 3 — — — Recovery on previously impaired investment securities included in net income ( 2 ) — ( 2 ) ( 2 ) 1 ( 1 ) Total Other Comprehensive Loss $ ( 4,013 ) $ 843 $ ( 3,170 ) $ ( 5,006 ) $ 1,051 $ ( 3,955 ) For the Nine Months Ended September 30, 2023 For The Nine Months Ended September 30, 2022 Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Unaudited) (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ ( 3,473 ) $ 729 $ ( 2,744 ) $ ( 17,109 ) $ 3,592 $ ( 13,517 ) Less: reclassification adjustment related to: Loss on sale of securities included in net income 52 ( 10 ) 42 — — — Recovery on previously impaired investment securities included in net income ( 6 ) 1 ( 5 ) ( 12 ) 3 ( 9 ) Total Other Comprehensive Loss $ ( 3,427 ) $ $ 720 $ ( 2,707 ) $ ( 17,121 ) $ 3,595 $ ( 13,526 ) |
Reclassification Out of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified out of the single component of the Company’s accumulated other comprehensive loss for the indicated periods: Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive Loss Affected Line Item Comprehensive Loss for the three months ended September 30, on the Consolidated Components 2023 2022 Statements of Income (Dollars in thousands) Net unrealized losses on securities available for sale: Loss on sale of securities included in net income $ 3 $ — Loss on sale of securities available for sale Recovery on previously impaired investment securities ( 2 ) ( 2 ) Recovery on previously impaired investment securities Provision for income tax expense — 1 Income tax expense Total reclassification for the period $ 1 $ ( 1 ) Net Income Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive Loss Affected Line Item Comprehensive Loss for the nine months ended September 30, on the Consolidated Components 2023 2022 Statements of Income (Dollars in thousands) Net unrealized losses on securities available for sale: Loss on sale of securities included in net income $ 52 $ — Loss on sale of securities available for sale Recovery on previously impaired investment securities ( 6 ) ( 12 ) Recovery on previously impaired investment securities Provision for income tax expense ( 9 ) 3 Income tax expense Total reclassification for the period $ 37 $ ( 9 ) Net Income |
New Accounting Standards (Narra
New Accounting Standards (Narratives) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Stockholders' equity | $ 81,857,000 | $ 81,857,000 | $ 81,184,000 | $ 83,394,000 | $ 83,315,000 | $ 78,162,000 | $ 80,614,000 | $ 82,663,000 | $ 87,976,000 |
(Credit) Provision for Credit Losses | (137,000) | (729,000) | |||||||
Accrued interest on loans | 2,500,000 | 2,500,000 | |||||||
Accrued interest receivable on available-for-sale debt securities | 358,000,000 | 358,000,000 | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
(Credit) Provision for Credit Losses | 282,000 | ||||||||
Provision for credit losses on off-balance sheet credit exposures | 633,000 | ||||||||
Deferred Income Tax Liabilities | 192,000 | ||||||||
Retained Earnings [Member] | |||||||||
Stockholders' equity | $ 78,207,000 | $ 78,207,000 | 74,859,000 | $ 76,636,000 | $ 75,820,000 | $ 74,129,000 | $ 72,711,000 | $ 71,340,000 | $ 70,591,000 |
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Stockholders' equity | $ (723,000) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) Security shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Security shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) Security shares | |
Schedule of Investments [Line Items] | |||||
Realized losses | $ (3,000) | $ (52,000) | |||
Amortization of debt securities | $ 2,500,000 | $ 8,400,000 | |||
Number of securities in unrealized losses less than twelve months category | Security | 18 | 18 | |||
Number of securities in unrealized losses twelve months or more category | Security | 167 | 167 | |||
Available for sale securities sold | $ 0 | $ 0 | |||
Municipal Bonds [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities sold | Security | 12 | 35 | |||
Municipal Bonds [Member] | Securities Pledged As Collateral Agreement With Federal Reserve Bank Of New York [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment owned balance, positions | Security | 0 | 0 | 38 | ||
Investment owned, at cost | $ 14,400,000 | ||||
Investment owned, at fair value | $ 12,200,000 | ||||
Municipal Bonds [Member] | Securities Pledged As Collateral For Customer Deposits [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment owned balance, positions | Security | 24 | 24 | 22 | ||
Investment owned, at cost | $ 6,900,000 | $ 6,900,000 | $ 6,600,000 | ||
Investment owned, at fair value | 4,800,000 | $ 4,800,000 | $ 5,600,000 | ||
Mortgage-backed securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities sold | Security | 2 | ||||
Equity Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available for sale securities sold | $ 0 | 0 | $ 0 | 0 | |
Equity Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | |||||
Schedule of Investments [Line Items] | |||||
Equity securities common stock shares owned | shares | 22,368 | 22,368 | 22,368 | ||
Unrealized gain on equity securities | $ 3,000,000 | $ 5,000,000 | |||
Unrealized loss on equity securities | $ 2,000,000 | $ 7,000,000 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 74,466 | $ 86,140 |
Gross Unrealized Gains | 92 | 114 |
Gross Unrealized Losses | (16,606) | (13,207) |
Fair Value | 57,952 | 73,047 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 74,444 | 86,118 |
Gross Unrealized Gains | 92 | 114 |
Gross Unrealized Losses | (16,597) | (13,193) |
Fair Value | 57,939 | 73,039 |
U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,007 | 2,008 |
Gross Unrealized Losses | (234) | (175) |
Fair Value | 1,773 | 1,833 |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 42,086 | 50,734 |
Gross Unrealized Gains | 16 | |
Gross Unrealized Losses | (10,939) | (8,336) |
Fair Value | 31,147 | 42,414 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 10 | 12 |
Gross Unrealized Losses | (1) | (1) |
Fair Value | 9 | 11 |
Collateralized Mortgage Obligations - Government Sponsored Entities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 12,290 | 13,790 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (1,787) | (1,636) |
Fair Value | 10,503 | 12,155 |
Government National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 58 | 61 |
Gross Unrealized Losses | (5) | (2) |
Fair Value | 53 | 59 |
Federal National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 12,125 | 13,232 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (2,385) | (1,987) |
Fair Value | 9,740 | 11,246 |
Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 5,865 | 6,277 |
Gross Unrealized Losses | (1,246) | (1,056) |
Fair Value | 4,619 | 5,221 |
Asset-Backed Securities - Private label [Member] | ||
Schedule of Investments [Line Items] | ||
Gross Unrealized Gains | 92 | 96 |
Fair Value | 92 | 96 |
Asset-Backed Securities - Government sponsored entities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3 | 4 |
Fair Value | 3 | 4 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 22 | 22 |
Gross Unrealized Losses | (9) | (14) |
Fair Value | $ 13 | $ 8 |
Investment Securities (Investme
Investment Securities (Investment in Debt Securities Gross Unrealized Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | $ 2,324 | $ 21,041 |
Less than 12 Months, Gross Unrealized Losses | (308) | (1,699) |
12 Months or More, Fair Value | 55,308 | 44,820 |
12 Months or More, Gross Unrealized Losses | (16,289) | (11,494) |
Fair Value | 57,632 | 65,861 |
Gross Unrealized Losses | (16,597) | (13,193) |
U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 1,833 | |
Less than 12 Months, Gross Unrealized Losses | (175) | |
12 Months or More, Fair Value | 1,773 | |
12 Months or More, Gross Unrealized Losses | (234) | |
Fair Value | 1,773 | 1,833 |
Gross Unrealized Losses | (234) | (175) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 2,162 | 12,227 |
Less than 12 Months, Gross Unrealized Losses | (300) | (1,114) |
12 Months or More, Fair Value | 28,784 | 23,259 |
12 Months or More, Gross Unrealized Losses | (10,639) | (7,222) |
Fair Value | 30,946 | 35,486 |
Gross Unrealized Losses | (10,939) | (8,336) |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 162 | 6,981 |
Less than 12 Months, Gross Unrealized Losses | (8) | (410) |
12 Months or More, Fair Value | 24,751 | 21,561 |
12 Months or More, Gross Unrealized Losses | (5,416) | (4,272) |
Fair Value | 24,913 | 28,542 |
Gross Unrealized Losses | $ (5,424) | $ (4,682) |
Investment Securities (Schedule
Investment Securities (Scheduled Contractual Maturities Debt Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Less than one year- Amortized Cost | $ 230 | |
After one year through five years - Amortized Cost | 2,616 | |
After five years through ten years - Amortized Cost | 9,353 | |
After ten years - Amortized Cost | 31,894 | |
Amortized Cost | 74,466 | $ 86,140 |
Less than one year- Fair Value | 228 | |
After one year through five years - Fair Value | 2,398 | |
After five years through ten years - Fair Value | 7,836 | |
After ten years - Fair Value | 22,458 | |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 74,444 | $ 86,118 |
Fair Value | 57,939 | |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 30,348 | |
Other securities - Fair Value | 24,924 | |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 3 | |
Other securities - Fair Value | $ 95 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 USD ($) Loan | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Loan | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | |
Financing Receivable, Past Due [Line Items] | ||||||
Loans pledged as collateral | $ 57,400,000 | $ 147,400,000 | ||||
Interest income not recognized on non-accrual loans | $ 0 | $ 4,000 | 0 | $ 4,000 | ||
Allowance for credit losses | $ 6,642,000 | $ (6,849,000) | $ 6,642,000 | $ (6,849,000) | 7,065,000 | $ 6,758,000 |
Number of loans modified, subsequent default | Loan | 0 | 0 | ||||
Foreclosed real estate property | $ 100,000 | $ 100,000 | 95,000 | |||
Mortgage loans in process of foreclosure | 200,000 | 200,000 | 1,800,000 | |||
Collateral-Dependent [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Allowance for credit losses | $ 0 | $ 0 | ||||
Past Due or on Non-accrual [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Number of loans modified | Loan | 0 | 0 | ||||
Other Loans: Commercial [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Financing receivable term | 5 years | |||||
Allowance for credit losses | $ 545,000 | $ 545,000 | $ 509,000 | $ 520,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Schedule of Loan by Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | $ 567,647 | $ 576,709 | ||
Net deferred loan costs | 3,843 | 3,893 | $ 3,872 | |
Allowance for credit losses on loans | (6,642) | $ (6,758) | (7,065) | $ 6,849 |
Loans Receivable, Net | 564,848 | 573,537 | ||
Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 547,785 | 555,916 | ||
Real Estate Loans: One-to-Four Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 172,974 | 175,904 | ||
Allowance for credit losses on loans | (535) | (541) | (411) | |
Real Estate Loans: Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 51,276 | 53,057 | ||
Allowance for credit losses on loans | (210) | (257) | (217) | |
Real Estate Loans: Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 323,535 | 326,955 | ||
Allowance for credit losses on loans | (5,335) | (5,422) | (5,746) | |
Other Loans: Commercial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 18,749 | 19,576 | ||
Allowance for credit losses on loans | (545) | (520) | (509) | |
Other Loans: Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 1,113 | 1,217 | ||
Allowance for credit losses on loans | $ (17) | $ (18) | $ (47) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Summary of Activity in Allowance for Credit Losses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | $ 6,758,000 | $ 7,065,000 | ||
Charge-offs | (16,000) | (47,000) | ||
Recoveries | 37,000 | 71,000 | ||
(Credit) Provision | (137,000) | (729,000) | ||
Balance, ending | 6,642,000 | 6,642,000 | $ 7,065,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 6,642,000 | 6,642,000 | 7,065,000 | $ 6,849,000 |
Total Loans Receivable | 567,647,000 | 567,647,000 | 576,709,000 | |
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 1,384,000 | 1,384,000 | 167,000 | 230,000 |
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 566,263,000 | 566,263,000 | 576,542,000 | 563,917,000 |
Allowance for credit losses on loans | (6,642,000) | (6,642,000) | (7,065,000) | 6,849,000 |
Deferred loan costs | 3,843,000 | $ 3,843,000 | $ 3,893,000 | 3,872,000 |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | $ 282,000 | |||
(Credit) Provision | $ 282,000 | |||
Balance, ending | 282,000 | |||
Allowance for credit losses on loans | (282,000) | |||
Real Estate Loans: One-to-Four Family [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 541,000 | 411,000 | ||
(Credit) Provision | (6,000) | (77,000) | ||
Balance, ending | 535,000 | 535,000 | 411,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 535,000 | 535,000 | 411,000 | 466,000 |
Total Loans Receivable | 172,974,000 | 172,974,000 | 175,904,000 | |
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 142,000 | 142,000 | 153,000 | 216,000 |
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 172,832,000 | 172,832,000 | 175,751,000 | 171,354,000 |
Allowance for credit losses on loans | (535,000) | (535,000) | (411,000) | |
Real Estate Loans: One-to-Four Family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 201,000 | |||
Balance, ending | 201,000 | |||
Allowance for credit losses on loans | (201,000) | |||
Real Estate Loans: Home Equity [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 257,000 | 217,000 | ||
(Credit) Provision | (47,000) | (121,000) | ||
Balance, ending | 210,000 | 210,000 | 217,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 210,000 | 210,000 | 217,000 | 268,000 |
Total Loans Receivable | 51,276,000 | 51,276,000 | 53,057,000 | |
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 14,000 | 14,000 | ||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 51,276,000 | 51,276,000 | 53,043,000 | 50,619,000 |
Allowance for credit losses on loans | (210,000) | (210,000) | (217,000) | |
Real Estate Loans: Home Equity [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 114,000 | |||
Balance, ending | 114,000 | |||
Allowance for credit losses on loans | (114,000) | |||
Real Estate Loans: Commercial [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 5,422,000 | 5,746,000 | ||
Recoveries | 35,000 | 35,000 | ||
(Credit) Provision | (122,000) | (501,000) | ||
Balance, ending | 5,335,000 | 5,335,000 | 5,746,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 5,335,000 | 5,335,000 | 5,398,000 | 5,058,000 |
Total Loans Receivable | 323,535,000 | 323,535,000 | 326,955,000 | |
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 1,242,000 | 1,242,000 | ||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 322,293,000 | 322,293,000 | 304,037,000 | 295,582,000 |
Allowance for credit losses on loans | (5,335,000) | (5,335,000) | (5,746,000) | |
Real Estate Loans: Commercial [Member] | Construction Loans [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 348,000 | 383,000 | ||
Total Loans Receivable | 23,900,000 | 23,900,000 | ||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 22,918,000 | 23,241,000 | ||
Real Estate Loans: Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 55,000 | |||
Balance, ending | 55,000 | |||
Allowance for credit losses on loans | (55,000) | |||
Other Loans: Commercial [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 520,000 | 509,000 | ||
Recoveries | 29,000 | |||
(Credit) Provision | 25,000 | (65,000) | ||
Balance, ending | 545,000 | 545,000 | 509,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 545,000 | 545,000 | 509,000 | 478,000 |
Total Loans Receivable | 18,749,000 | 18,749,000 | 19,576,000 | |
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 18,749,000 | 18,749,000 | 19,576,000 | 21,950,000 |
Allowance for credit losses on loans | (545,000) | (545,000) | (509,000) | |
Other Loans: Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 72,000 | |||
Balance, ending | 72,000 | |||
Allowance for credit losses on loans | (72,000) | |||
Other Loans: Consumer [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 18,000 | 47,000 | ||
Charge-offs | (16,000) | (47,000) | ||
Recoveries | 2,000 | 7,000 | ||
(Credit) Provision | 13,000 | 35,000 | ||
Balance, ending | 17,000 | 17,000 | 47,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 17,000 | 17,000 | 47,000 | 34,000 |
Total Loans Receivable | 1,113,000 | 1,113,000 | 1,217,000 | |
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 1,113,000 | 1,113,000 | 1,217,000 | 1,171,000 |
Allowance for credit losses on loans | $ (17,000) | (17,000) | (47,000) | |
Other Loans: Consumer [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | (25,000) | |||
Balance, ending | (25,000) | |||
Allowance for credit losses on loans | 25,000 | |||
Other Loans: Unallocated [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | 135,000 | |||
Balance, ending | 135,000 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 135,000 | $ 162,000 | ||
Allowance for credit losses on loans | (135,000) | |||
Other Loans: Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Balance, beginning | $ (135,000) | |||
Balance, ending | (135,000) | |||
Allowance for credit losses on loans | $ 135,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Allowance for Loan and Lease Losses Prior to Adoption of ASC 326) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | $ 6,747 | $ 6,118 | |||
Charge-offs | (17) | (62) | |||
Recoveries | 119 | 293 | |||
Provision (credit) | 500 | ||||
Balance, ending | 6,849 | 6,849 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 6,849 | 6,849 | $ 6,642 | $ 7,065 | |
Gross Loans Receivable | 564,147 | 564,147 | 576,709 | ||
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 230 | 230 | 1,384 | 167 | |
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 563,917 | 563,917 | 566,263 | 576,542 | |
Allowance for credit losses on loans | 6,849 | 6,849 | (6,642) | $ (6,758) | (7,065) |
Deferred loan costs | 3,872 | 3,872 | 3,843 | 3,893 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Allowance for credit losses on loans | (282) | ||||
Real Estate Loans: One-to-Four Family [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 449 | 383 | |||
Recoveries | 17 | ||||
Provision (credit) | 17 | 66 | |||
Balance, ending | 466 | 466 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 466 | 466 | 535 | 411 | |
Gross Loans Receivable | 171,570 | 171,570 | 175,904 | ||
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 216 | 216 | 142 | 153 | |
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 171,354 | 171,354 | 172,832 | 175,751 | |
Allowance for credit losses on loans | (535) | (541) | (411) | ||
Real Estate Loans: One-to-Four Family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Allowance for credit losses on loans | (201) | ||||
Real Estate Loans: Home Equity [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 330 | 211 | |||
Recoveries | 1 | ||||
Provision (credit) | (62) | 56 | |||
Balance, ending | 268 | 268 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 268 | 268 | 210 | 217 | |
Gross Loans Receivable | 50,633 | 50,633 | 53,057 | ||
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 14 | 14 | 14 | ||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 50,619 | 50,619 | 51,276 | 53,043 | |
Allowance for credit losses on loans | (210) | (257) | (217) | ||
Real Estate Loans: Home Equity [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Allowance for credit losses on loans | (114) | ||||
Real Estate Loans: Commercial [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 4,908 | 4,377 | |||
Charge-offs | (4) | ||||
Recoveries | 115 | 269 | |||
Provision (credit) | 35 | 416 | |||
Balance, ending | 5,058 | 5,058 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 5,058 | 5,058 | 5,335 | 5,398 | |
Gross Loans Receivable | 295,582 | 295,582 | 304,037 | ||
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 1,242 | ||||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 295,582 | 295,582 | 322,293 | 304,037 | |
Allowance for credit losses on loans | (5,335) | (5,422) | (5,746) | ||
Real Estate Loans: Commercial [Member] | Construction Loans [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 373 | 360 | |||
Provision (credit) | 10 | 23 | |||
Balance, ending | 383 | 383 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 383 | 383 | 348 | ||
Gross Loans Receivable | 23,241 | 23,241 | 22,918 | ||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 23,241 | 23,241 | 22,918 | ||
Real Estate Loans: Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Allowance for credit losses on loans | (55) | ||||
Other Loans: Commercial [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 479 | 531 | |||
Provision (credit) | (1) | (53) | |||
Balance, ending | 478 | 478 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 478 | 478 | 545 | 509 | |
Gross Loans Receivable | 21,950 | 21,950 | 19,576 | ||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 21,950 | 21,950 | 18,749 | 19,576 | |
Allowance for credit losses on loans | (545) | (520) | (509) | ||
Other Loans: Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Allowance for credit losses on loans | (72) | ||||
Other Loans: Consumer [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 24 | 32 | |||
Charge-offs | (17) | (58) | |||
Recoveries | 4 | 6 | |||
Provision (credit) | 23 | 54 | |||
Balance, ending | 34 | 34 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 34 | 34 | 17 | 47 | |
Gross Loans Receivable | 1,171 | 1,171 | 1,217 | ||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 1,171 | 1,171 | 1,113 | 1,217 | |
Allowance for credit losses on loans | $ (17) | $ (18) | (47) | ||
Other Loans: Consumer [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Allowance for credit losses on loans | 25 | ||||
Other Loans: Unallocated [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 184 | 224 | |||
Provision (credit) | (22) | (62) | |||
Balance, ending | 162 | 162 | |||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | $ 162 | $ 162 | 135 | ||
Allowance for credit losses on loans | (135) | ||||
Other Loans: Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Allowance for credit losses on loans | $ 135 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Allowance for Loan and Lease Losses Prior to Adoption of ASC 326 II) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for Loan Losses [Line Items] | ||||||
Allowance for loan losses | $ 7,065 | $ 6,849 | $ 6,747 | $ 6,118 | ||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | $ 6,642 | 7,065 | 6,849 | |||
Gross Loans Receivable | 576,709 | 564,147 | ||||
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 1,384 | 167 | 230 | |||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 566,263 | 576,542 | 563,917 | |||
Allowance for credit losses on loans | (6,642) | $ (6,758) | (7,065) | 6,849 | ||
Deferred loan costs | 3,843 | 3,893 | 3,872 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for credit losses on loans | (282) | |||||
Real Estate Loans: One-to-Four Family [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for loan losses | 411 | 466 | 449 | 383 | ||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 535 | 411 | 466 | |||
Gross Loans Receivable | 175,904 | 171,570 | ||||
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 142 | 153 | 216 | |||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 172,832 | 175,751 | 171,354 | |||
Allowance for credit losses on loans | (535) | (541) | (411) | |||
Real Estate Loans: One-to-Four Family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for credit losses on loans | (201) | |||||
Real Estate Loans: Home Equity [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for loan losses | 217 | 268 | 330 | 211 | ||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 210 | 217 | 268 | |||
Gross Loans Receivable | 53,057 | 50,633 | ||||
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 14 | 14 | ||||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 51,276 | 53,043 | 50,619 | |||
Allowance for credit losses on loans | (210) | (257) | (217) | |||
Real Estate Loans: Home Equity [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for credit losses on loans | (114) | |||||
Real Estate Loans: Commercial [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for loan losses | 5,398 | 5,058 | 4,908 | 4,377 | ||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 5,335 | 5,398 | 5,058 | |||
Gross Loans Receivable | 304,037 | 295,582 | ||||
Gross Loans Receivable: Ending balance: individually evaluated for impairment | 1,242 | |||||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 322,293 | 304,037 | 295,582 | |||
Allowance for credit losses on loans | (5,335) | (5,422) | (5,746) | |||
Real Estate Loans: Commercial [Member] | Construction Loans [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for loan losses | 348 | 383 | 373 | 360 | ||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 348 | 383 | ||||
Gross Loans Receivable | 22,918 | 23,241 | ||||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 22,918 | 23,241 | ||||
Real Estate Loans: Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for credit losses on loans | (55) | |||||
Other Loans: Commercial [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for loan losses | 509 | 478 | 479 | 531 | ||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 545 | 509 | 478 | |||
Gross Loans Receivable | 19,576 | 21,950 | ||||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 18,749 | 19,576 | 21,950 | |||
Allowance for credit losses on loans | (545) | (520) | (509) | |||
Other Loans: Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for credit losses on loans | (72) | |||||
Other Loans: Consumer [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for loan losses | 47 | 34 | 24 | 32 | ||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 17 | 47 | 34 | |||
Gross Loans Receivable | 1,217 | 1,171 | ||||
Gross Loans Receivable: Ending balance: collectively evaluated for impairment | 1,113 | 1,217 | 1,171 | |||
Allowance for credit losses on loans | $ (17) | $ (18) | (47) | |||
Other Loans: Consumer [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for credit losses on loans | 25 | |||||
Other Loans: Unallocated [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for loan losses | 135 | 162 | $ 184 | $ 224 | ||
Allowance for Credit Loss: Ending balance: collectively evaluated for impairment | 135 | $ 162 | ||||
Allowance for credit losses on loans | (135) | |||||
Other Loans: Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Allowance for Loan Losses [Line Items] | ||||||
Allowance for credit losses on loans | $ 135 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Schedule of Activity in Allowance for Credit Losses on Unfunded Loan Commitments) (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Allowance for Loan Losses [Line Items] | |||
Beginning Balance | $ 0 | ||
Ending Balance | $ 351,000 | ||
Unfunded Loan Commitment [Member] | |||
Allowance for Loan Losses [Line Items] | |||
Beginning Balance | 413,000 | $ 633,000 | |
Impact of CECL Adoption | 633,000 | ||
Provision for Credit Losses | (62,000) | (220,000) | |
Ending Balance | $ 351,000 | $ 413,000 | $ 633,000 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Schedule of Non-accrual by Loan Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | $ 3,557 | $ 2,931 |
Non-accrual with no Allowance for Credit Losses | 3,557 | 2,931 |
90 Days or More Past Due and Accruing | 1 | |
Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | 2,004 | 2,295 |
Non-accrual with no Allowance for Credit Losses | 2,004 | 2,295 |
90 Days or More Past Due and Accruing | 1 | |
Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | 319 | 602 |
Non-accrual with no Allowance for Credit Losses | 319 | 602 |
Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | 1,226 | |
Non-accrual with no Allowance for Credit Losses | 1,226 | |
Other Loans: Consumer [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | 8 | 34 |
Non-accrual with no Allowance for Credit Losses | $ 8 | $ 34 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Analysis of Past Due Loans and Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 567,647 | $ 576,709 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,468 | 1,325 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,232 | 667 |
Financial Asset, 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 650 | 2,134 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 3,350 | 4,126 |
Financial Asset, Current Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 564,297 | 572,583 |
Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 172,974 | 175,904 |
Real Estate Loans: One-to-Four Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,103 | 1,173 |
Real Estate Loans: One-to-Four Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 123 | 380 |
Real Estate Loans: One-to-Four Family [Member] | Financial Asset, 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 538 | 1,649 |
Real Estate Loans: One-to-Four Family [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,764 | 3,202 |
Real Estate Loans: One-to-Four Family [Member] | Financial Asset, Current Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 171,210 | 172,702 |
Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 51,276 | 53,057 |
Real Estate Loans: Home Equity [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 45 | 137 |
Real Estate Loans: Home Equity [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 68 | 287 |
Real Estate Loans: Home Equity [Member] | Financial Asset, 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 107 | 468 |
Real Estate Loans: Home Equity [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 220 | 892 |
Real Estate Loans: Home Equity [Member] | Financial Asset, Current Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 51,056 | 52,165 |
Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 323,535 | 326,955 |
Real Estate Loans: Commercial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 203 | |
Real Estate Loans: Commercial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,039 | |
Real Estate Loans: Commercial [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,242 | |
Real Estate Loans: Commercial [Member] | Financial Asset, Current Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 322,293 | 326,955 |
Other Loans: Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 18,749 | 19,576 |
Other Loans: Commercial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 117 | |
Other Loans: Commercial [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 117 | |
Other Loans: Commercial [Member] | Financial Asset, Current Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 18,632 | 19,576 |
Other Loans: Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,113 | 1,217 |
Other Loans: Consumer [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 15 | |
Other Loans: Consumer [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2 | |
Other Loans: Consumer [Member] | Financial Asset, 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5 | 17 |
Other Loans: Consumer [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7 | 32 |
Other Loans: Consumer [Member] | Financial Asset, Current Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 1,106 | $ 1,185 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Schedule of Amortized Cost of Collateral-Dependent Loans by Loan Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 567,647 | $ 576,709 |
Residential Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 345 | |
Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 1,026 | |
Collateral-Dependent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 1,371 | |
Real Estate Loans: One-to-Four Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 172,974 | 175,904 |
Real Estate Loans: One-to-Four Family [Member] | Residential Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 145 | |
Real Estate Loans: One-to-Four Family [Member] | Collateral-Dependent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 145 | |
Real Estate Loans: Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 51,276 | 53,057 |
Real Estate Loans: Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 323,535 | $ 326,955 |
Real Estate Loans: Commercial [Member] | Residential Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 200 | |
Real Estate Loans: Commercial [Member] | Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | 1,026 | |
Real Estate Loans: Commercial [Member] | Collateral-Dependent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans Receivable | $ 1,226 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Summary of Information Pertaining to Impaired Loans ) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2022 Loan | Dec. 31, 2022 USD ($) Loan | |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, with no related allowance | $ 167 | ||
Unpaid principal balance, with no related allowance | 167 | ||
Average recorded investment, with no related allowance | $ 3,536 | ||
Interest income recognized, with no related allowance | 9 | ||
Real Estate Loans: One-to-Four Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, with no related allowance | 153 | ||
Unpaid principal balance, with no related allowance | 153 | ||
Average recorded investment, with no related allowance | 252 | ||
Interest income recognized, with no related allowance | 9 | ||
Real Estate Loans: Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment, with no related allowance | 14 | ||
Unpaid principal balance, with no related allowance | $ 14 | ||
Average recorded investment, with no related allowance | 22 | ||
Real Estate Loans: Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average recorded investment, with no related allowance | $ 3,262 | ||
Real Estate Loans: Commercial [Member] | Paid Off In Full [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Number of real estate loans | Loan | 1 | ||
Real Estate Loans: Average Commercial [Member] | Paid Off In Full [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Number of real estate loans | Loan | 1 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Loans by Credit Quality Indicator by Origination Year) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 567,647 | $ 576,709 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 556,453 | |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 4,384 | |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 15,862 | |
Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 10 | |
Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 9,050 | |
2022 | 36,752 | |
2021 | 30,249 | |
2020 | 18,328 | |
2019 | 10,520 | |
Prior | 68,075 | |
Total Loans | 172,974 | 175,904 |
Real Estate Loans: One-to-Four Family [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 9,050 | |
2022 | 36,486 | |
2021 | 30,209 | |
2020 | 18,234 | |
2019 | 10,245 | |
Prior | 66,389 | |
Total Loans | 170,613 | 173,857 |
Real Estate Loans: One-to-Four Family [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 266 | |
2021 | 40 | |
2020 | 94 | |
2019 | 275 | |
Prior | 1,686 | |
Total Loans | 2,361 | 2,047 |
Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,492 | |
2022 | 3,212 | |
2021 | 109 | |
2020 | 50 | |
2019 | 301 | |
Prior | 532 | |
Revolving Loans | 43,580 | |
Total Loans | 51,276 | 53,057 |
Real Estate Loans: Home Equity [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,492 | |
2022 | 3,212 | |
2021 | 109 | |
2020 | 50 | |
2019 | 301 | |
Prior | 532 | |
Revolving Loans | 43,174 | |
Total Loans | 50,870 | 52,269 |
Real Estate Loans: Home Equity [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 406 | |
Total Loans | 406 | 788 |
Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 13,995 | |
2022 | 85,751 | |
2021 | 54,080 | |
2020 | 44,810 | |
2019 | 45,324 | |
Prior | 79,575 | |
Total Loans | 323,535 | 326,955 |
Real Estate Loans: Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 13,995 | |
2022 | 85,751 | |
2021 | 54,080 | |
2020 | 42,579 | |
2019 | 39,196 | |
Prior | 75,789 | |
Total Loans | 311,390 | 314,218 |
Real Estate Loans: Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 989 | |
2019 | 689 | |
Total Loans | 1,678 | 3,272 |
Real Estate Loans: Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,242 | |
2019 | 5,439 | |
Prior | 3,786 | |
Total Loans | 10,467 | 9,465 |
Other Loans: Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,223 | |
2022 | 2,571 | |
2021 | 1,087 | |
2020 | 665 | |
2019 | 5,770 | |
Prior | 7,433 | |
Total Loans | 18,749 | 19,576 |
Other Loans: Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,223 | |
2022 | 2,571 | |
2021 | 800 | |
2020 | 665 | |
2019 | 1,965 | |
Prior | 7,108 | |
Total Loans | 14,332 | 14,926 |
Other Loans: Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 287 | |
2019 | 790 | |
Total Loans | 1,077 | 1,112 |
Other Loans: Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2019 | 3,015 | |
Prior | 325 | |
Total Loans | 3,340 | 3,538 |
Other Loans: Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 218 | |
2022 | 280 | |
2021 | 92 | |
2020 | 153 | |
2019 | 3 | |
Prior | 133 | |
Revolving Loans | 234 | |
Total Loans | 1,113 | 1,217 |
Current period gross chargeoffs, 2022 | 8 | |
Current period gross chargeoffs, 2021 | 3 | |
Current period gross chargeoffs, 2020 | 3 | |
Current period gross chargeoffs, Revolving Loans | 33 | |
Current period gross chargeoffs, Total | 47 | |
Other Loans: Consumer [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 218 | |
2022 | 280 | |
2021 | 89 | |
2020 | 152 | |
2019 | 3 | |
Prior | 133 | |
Revolving Loans | 205 | |
Total Loans | 1,080 | 1,183 |
Other Loans: Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 3 | |
2020 | 1 | |
Revolving Loans | 29 | |
Total Loans | $ 33 | 24 |
Other Loans: Consumer [Member] | Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 10 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses (Summary of Loans Classified as TDRs) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Add Co-Borrower/Guarantor [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost basis of loans, experiencing financial difficulty and modified | $ 4,935 |
Combination Term Extension and Add Co-Borrower [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost basis of loans, experiencing financial difficulty and modified | $ 1,114 |
Real Estate Loans: Commercial [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Percentage of Total Class of Financing Receivable | 1.53% |
Real Estate Loans: Commercial [Member] | Add Co-Borrower/Guarantor [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost basis of loans, experiencing financial difficulty and modified | $ 4,935 |
Other Loans: Commercial [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Percentage of Total Class of Financing Receivable | 5.94% |
Other Loans: Commercial [Member] | Combination Term Extension and Add Co-Borrower [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost basis of loans, experiencing financial difficulty and modified | $ 1,114 |
Earnings Per Share (Calculated
Earnings Per Share (Calculated Basic and Diluted Earnings Per Share) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Numerator- net income | $ 1,571,000 | $ 816,000 | $ 1,684,000 | $ 1,771,000 | $ 1,684,000 | $ 1,061,000 | $ 4,071,000 | $ 4,516,000 |
Denominator: Basic weighted average shares outstanding | 5,846,333 | 5,889,615 | 5,858,054 | 5,875,155 | ||||
Increase in weighted average shares outstanding due to: Stock options | 483 | |||||||
Diluted weighted average shares outstanding | 5,889,615 | 5,858,054 | 5,875,638 | |||||
Earnings per share: Basic | $ 0.27 | $ 0.3 | $ 0.69 | $ 0.77 | ||||
Earnings per share: Diluted | $ 0.27 | $ 0.3 | $ 0.69 | $ 0.77 | ||||
2006 Stock Option Plan [Member] | ||||||||
Earnings per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Antidilutive securities excluded from computation of earnings per share | 58,857 | 58,857 | ||||||
2012 Equity Incentive Plan [Member] | ||||||||
Earnings per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||
Antidilutive securities excluded from computation of earnings per share | 13,101 | 13,101 | ||||||
Stock options outstanding weighted average exercise price | $ 14.38 | $ 14.38 |
Commitments to Extend Credit (D
Commitments to Extend Credit (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Off-balance sheet allowance for credit loss | $ 351,000 | $ 0 |
Commitments to Grant Loans [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | 13,873,000 | 26,334,000 |
Unfunded Commitments to Fund Loans and Lines of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | 77,581,000 | $ 74,848,000 |
Commercial and Standby Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | $ 762,000 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) Item shares | Jun. 30, 2023 shares | Mar. 31, 2023 shares | Sep. 30, 2022 USD ($) shares | Jun. 30, 2022 shares | Mar. 31, 2022 shares | Sep. 30, 2023 USD ($) Item shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2006 USD ($) $ / shares shares | May 23, 2012 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of stock-based compensation plans | Item | 3 | 3 | ||||||||
ESOP compensation expense | $ | $ 66,000 | $ 84,000 | ||||||||
ESOP, shares earned | 1,984 | 1,984 | 1,984 | 1,984 | 1,984 | 1,984 | ||||
2006 Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based payment award expiration date | Oct. 24, 2016 | |||||||||
Stock option award vesting period | 5 years | |||||||||
Stock awards available for grant, shares | 0 | 0 | ||||||||
2012 Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation number of stock shares vested | 11,734 | |||||||||
Employee Stock Ownership Plan "ESOP" [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award requisite service period | 5 years | |||||||||
ESOP, loan amount | $ | $ 1,400,000 | $ 1,400,000 | $ 2,600,000 | |||||||
ESOP, shares acquired | 238,050 | |||||||||
ESOP, stock purchase price | $ / shares | $ 10.7 | |||||||||
ESOP, reduction to stockholders' equity from purchased shares | $ | $ 2,600,000 | |||||||||
ESOP, fair value of unallocated shares | $ | $ 1,000,000 | $ 1,000,000 | ||||||||
ESOP, number of allocated shares | 76,815 | 77,475 | 76,815 | 77,475 | ||||||
ESOP, number of unallocated shares | 103,154 | 111,089 | 103,154 | 111,089 | ||||||
ESOP compensation expense | $ | $ 22,000 | $ 26,000 | $ 66,000 | $ 84,000 | ||||||
ESOP, shares earned | 1,984 | 1,984 | 5,952 | 5,952 | ||||||
Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation cost | $ | $ 40,000 | $ 59,000 | $ 22,000 | $ 175,000 | ||||||
Share-based compensation number of stock shares vested | 109,620 | |||||||||
Stock awards available for grant, shares | 47,933 | 47,933 | ||||||||
Unrecognized compensation cost, recognition period | 13 months 6 days | |||||||||
Unrecognized compensation cost related to awards | $ | $ 119,000 | $ 119,000 | ||||||||
Stock Option [Member] | 2012 Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock awards available for grant, shares | 6,899 | 6,899 | ||||||||
Non-Interest Expense Section [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation expense | $ | $ 62,000 | $ 85,000 | $ 88,000 | $ 259,000 | ||||||
Maximum [Member] | 2006 Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation number of shares authorized | 297,562 | 297,562 | ||||||||
Share-based payment award expiration period | 10 years | |||||||||
Maximum [Member] | Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation number of shares authorized | 180,000 | |||||||||
Maximum [Member] | Stock Option [Member] | 2012 Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation number of shares authorized | 20,000 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Status of Stock Option Plan) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
2006 Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year | 58,857 | 64,548 |
Outstanding at end of period | 58,857 | 64,548 |
Options exercisable at end of period | 58,857 | 64,548 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Outstanding at end of period, Weighted Average Exercise Price | 14.38 | 14.38 |
Options exercisable at end of period, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Options Outstanding at end of period, Remaining Contractual Life | 3 years | 4 years |
Options Exercisable at end of period, Remaining Contractual Life | 3 years | 4 years |
2012 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year | 20,000 | 20,000 |
Expired | (6,899) | |
Outstanding at end of period | 13,101 | 20,000 |
Options exercisable at end of period | 13,101 | 20,000 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Expired, Weighted Average Exercise Price | 14.38 | |
Outstanding at end of period, Weighted Average Exercise Price | 14.38 | |
Options exercisable at end of period, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Options Outstanding at end of period, Remaining Contractual Life | 3 years | 4 years |
Options Exercisable at end of period, Remaining Contractual Life | 3 years | 4 years |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Unvested Restricted Stock Activity) (Details) - 2012 Equity Incentive Plan [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested shares outstanding at beginning of year | 43,866 | 29,495 |
Granted | 8,282 | 27,132 |
Vested | (11,734) | |
Forfeited | (17,967) | (6,254) |
Unvested shares outstanding at end of period | 22,447 | 50,373 |
Unvested shares outstanding at beginning of year, Weighted Average Grant Price | $ 15.02 | $ 15.24 |
Granted, Weighted Average Grant Price | 12.91 | 14.97 |
Vested, Weighted Average Grant Price | 15.39 | |
Forfeited, Weighted average Grant Price | 14.91 | 15.12 |
Unvested shares outstanding at end of period, Weighted Average Grant Price | $ 14.13 | $ 15.11 |
Stock-based Compensation (Sch_2
Stock-based Compensation (Schedule of Awards Granted ) (Details) - 2012 Equity Incentive Plan [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair Value per Share of Award on Grant Date | $ 12.91 | $ 14.97 |
Restricted Stock [Member] | January 17, 2023 [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Stock Awards | 2,709 | |
Percentage of Awards Vesting | 100% | |
Fair Value per Share of Award on Grant Date | $ 12.92 | |
Restricted Stock [Member] | January 18, 2023 [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Stock Awards | 4,573 | |
Percentage of Awards Vesting | 100% | |
Fair Value per Share of Award on Grant Date | $ 12.9 | |
Restricted Stock [Member] | January 18, 2023 [Member] | Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Stock Awards | 1,000 | |
Percentage of Awards Vesting | 20% | |
Fair Value per Share of Award on Grant Date | $ 12.9 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed real estate | $ 100,000 | $ 95,000 |
Foreclosed Real Estate [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired financing receivable, related allowance | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value of Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | $ 57,952 | $ 73,047 |
Derivative, Fair Value | 273 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 13 | 8 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,939 | 73,039 |
Derivative, Fair Value | 273 | |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,939 | 73,039 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1,773 | 1,833 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 31,147 | 42,414 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 9 | 11 |
Collateralized Mortgage Obligations - Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 10,503 | 12,155 |
Asset-Backed Securities - Private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 92 | 96 |
Asset-Backed Securities - Government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 3 | 4 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 13 | 8 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,952 | 73,047 |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 13 | 8 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,939 | 73,039 |
Fair Value, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,939 | 73,039 |
Fair Value, Recurring [Member] | Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,939 | 73,039 |
Fair Value, Recurring [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1,773 | 1,833 |
Fair Value, Recurring [Member] | U.S. Government Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1,773 | 1,833 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 31,147 | 42,414 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 31,147 | 42,414 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations - Private Label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 9 | 11 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations - Private Label [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 9 | 11 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations - Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 10,503 | 12,155 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations - Government Sponsored Entities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 10,503 | 12,155 |
Fair Value, Recurring [Member] | Government National Mortgage Association [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 53 | 59 |
Fair Value, Recurring [Member] | Government National Mortgage Association [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 53 | 59 |
Fair Value, Recurring [Member] | Federal National Mortgage Association [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 9,740 | 11,246 |
Fair Value, Recurring [Member] | Federal National Mortgage Association [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 9,740 | 11,246 |
Fair Value, Recurring [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 4,619 | 5,221 |
Fair Value, Recurring [Member] | Federal Home Loan Mortgage Corporation [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 4,619 | 5,221 |
Fair Value, Recurring [Member] | Asset-Backed Securities - Private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 92 | 96 |
Fair Value, Recurring [Member] | Asset-Backed Securities - Private label [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 92 | 96 |
Fair Value, Recurring [Member] | Asset-Backed Securities - Government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 3 | 4 |
Fair Value, Recurring [Member] | Asset-Backed Securities - Government sponsored entities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 3 | 4 |
Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 13 | 8 |
Fair Value, Recurring [Member] | Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | $ 13 | 8 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value | 273 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value | $ 273 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Foreclosed real estate | $ 100,000 | $ 95,000 |
Fair Value, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Estimate | 1,371,000 | |
Fair Value, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Estimate | 1,371,000 | |
Fair Value, Nonrecurring [Member] | Foreclosed Real Estate [Member] | ||
Fair Value Estimate | 100,000 | |
Fair Value, Nonrecurring [Member] | Foreclosed Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Estimate | 100,000 | |
Fair Value, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Estimate | 199,000 | 209,000 |
Fair Value, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Estimate | $ 199,000 | $ 209,000 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Additional Quantitative Information About Assets Measured at Fair Value) (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Sep. 30, 2023 USD ($) Items | Dec. 31, 2022 USD ($) Items |
Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | $ 199 | $ 209 |
Mortgage Servicing Rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | 199 | $ 209 |
Foreclosed Real Estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | 100 | |
Foreclosed Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | 100 | |
Collateral Dependent Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | 1,371 | |
Collateral Dependent Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | $ 1,371 | |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Servicing Fees [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.0025 | 0.0025 |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Servicing Fees [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.0025 | 0.0025 |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Servicing Costs [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.0009 | 0.0015 |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Servicing Costs [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.0009 | 0.0015 |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Estimated Life Of Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Securities, Available-for-Sale, Term | 5 years 3 months 21 days | 5 years |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Estimated Life Of Loans [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Securities, Available-for-Sale, Term | 5 years 3 months 21 days | 5 years |
Valuation Technique, Appraisal of Collateral [Member] | Foreclosed Real Estate [Member] | Measurement Input, Direct Disposal Costs [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.07 | |
Valuation Technique, Appraisal of Collateral [Member] | Foreclosed Real Estate [Member] | Measurement Input, Direct Disposal Costs [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.08 | |
Valuation Technique, Appraisal of Collateral [Member] | Foreclosed Real Estate [Member] | Measurement Input, Direct Disposal Costs [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.0769 | |
Valuation Technique, Appraisal of Collateral [Member] | Collateral Dependent Loans [Member] | Measurement Input, Direct Disposal Costs [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.08 | |
Valuation Technique, Appraisal of Collateral [Member] | Collateral Dependent Loans [Member] | Measurement Input, Direct Disposal Costs [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.10 | |
Valuation Technique, Appraisal of Collateral [Member] | Collateral Dependent Loans [Member] | Measurement Input, Direct Disposal Costs [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.0975 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Carrying Amount and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Cash and cash equivalents | $ 45,999 | $ 9,633 |
Financial assets: Securities | 57,952 | 73,047 |
Financial assets: Federal Home Loan Bank stock | 2,347 | 2,330 |
Financial assets: Loans receivable, net | 546,849 | 546,278 |
Financial assets: Accrued interest receivable | 2,889 | 2,796 |
Financial Assets: Interest rate swap | 273 | |
Financial assests: Bank owned life insurance | 23,546 | |
Financial assets: Mortgage Servicing Rights | 199 | 209 |
Financial liabilities: Deposits | 580,216 | 571,521 |
Financial liabilities: Short-term borrowings | 12,596 | |
Financial liabilities: Long-term debt | 35,602 | 23,946 |
Financial liabilities: Accrued interest payable | 566 | 66 |
Financial assets: Cash and cash equivalents, Carrying Amount | 45,999 | 9,633 |
Financial assets: Federal Home Loan Bank stock, Carrying Amount | 2,347 | 2,330 |
Financial assets: Loans receivable, net, Carrying Amount | 564,848 | 573,537 |
Financial assets: Accrued interest receivable, Carrying Amount | 2,889 | 2,796 |
Financial assets: Interest Rate Swap, Carrying Amount | 273 | |
Financial assets:Bank-owned life insurance, Carrying Amount | 23,546 | 23,218 |
Financial assets: Mortgage Servicing Rights, Carrying Amount | 199 | 209 |
Financial liabilities: Deposits, Carrying Amount | 584,158 | 570,119 |
Financial liabilities: Short-term borrowings, Carrying Amount | 12,596 | |
Financial liabilities: Long-term debt, Carrying Amount | 36,450 | 24,950 |
Financial liabilities: Accrued interest payable, Carrying Amount | 566 | 66 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Cash and cash equivalents | 45,999 | 9,633 |
Financial assets: Securities | 13 | 8 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Securities | 57,939 | 73,039 |
Financial assets: Federal Home Loan Bank stock | 2,347 | 2,330 |
Financial assets: Accrued interest receivable | 2,889 | 2,796 |
Financial Assets: Interest rate swap | 273 | |
Financial assests: Bank owned life insurance | 23,546 | |
Financial liabilities: Deposits | 580,216 | 571,521 |
Financial liabilities: Short-term borrowings | 12,596 | |
Financial liabilities: Long-term debt | 35,602 | 23,946 |
Financial liabilities: Accrued interest payable | 566 | 66 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Loans receivable, net | 546,849 | 546,278 |
Financial assets: Mortgage Servicing Rights | $ 199 | $ 209 |
Treasury Stock (Details)
Treasury Stock (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares of common stock repurchased at average cost | 4,764 | 5,701 | 5,701 | |||
Repurchased shares of common stock average cost per share | $ 14.91 | |||||
Treasury stock transferred to fund awards granted | 27,132 | |||||
Treasury stock transferred, average cost per share | $ 9.39 | |||||
Common Stock Repurchase Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares of common stock repurchased at average cost | 0 | 0 | 0 | |||
Remaining number of shares authorized to be repurchased under stock repurchase program | 30,626 | 30,626 | 30,626 | 30,626 | ||
2012 Equity Incentive Plan [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares of common stock repurchased at average cost | 4,764 | |||||
Repurchased shares of common stock average cost per share | $ 11.63 | |||||
Treasury stock transferred to fund awards granted | 8,282 | |||||
Treasury stock transferred, average cost per share | $ 9.39 | |||||
2012 Equity Incentive Plan [Member] | Stock Forfeitures [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock transferred to fund awards granted | 17,967 | 6,254 | ||||
Treasury stock transferred, average cost per share | $ 9.39 | $ 9.39 |
Other Comprehensive Loss Tax Ef
Other Comprehensive Loss Tax Effects Allocated to Single Component of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Comprehensive Income (Loss) [Abstract] | ||||||||
Net unrealized losses on securities available for sale arising during the year, before tax | $ (4,014) | $ (5,004) | $ (3,473) | $ (17,109) | ||||
Less: reclassification adjustments related to: Loss on sale of securities included in net income, before tax | 3 | 52 | ||||||
Less: reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, before tax | (2) | (2) | (6) | (12) | ||||
Total Other Comprehensive Loss, before tax | (4,013) | (5,006) | (3,427) | (17,121) | ||||
Net unrealized losses on securities available for sale arising during the year, tax benefit (expense) | 843 | 1,050 | 729 | 3,592 | ||||
Less: reclassification adjustments related to: Loss on sale of securities included in net income, tax benefit (expense) | (10) | |||||||
Less: reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, tax benefit (expense) | 1 | 1 | 3 | |||||
Total Other Comprehensive Loss, tax benefit (expense) | 843 | $ 209 | $ (333) | 1,051 | $ 914 | $ 1,630 | 720 | 3,595 |
Net unrealized losses on securities available for sale arising during the year, net of tax | (3,171) | (3,954) | (2,744) | (13,517) | ||||
Reclassification adjustments related to: Loss on sale of securities included in net income, net of tax expense | 3 | 42 | ||||||
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income of subsidiary, net of tax expense | (2) | (1) | (5) | (9) | ||||
Total Other Comprehensive Loss | $ (3,170) | $ (790) | $ 1,253 | $ (3,955) | $ (3,437) | $ (6,134) | $ (2,707) | $ (13,526) |
Other Comprehensive Loss Reclas
Other Comprehensive Loss Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Loss on sale of securities included in net income | $ 3,000 | $ 52,000 | ||||||
Recovery on previously impaired investment securities | 1,000 | $ 2,000 | 6,000 | $ 12,000 | ||||
Provision for income tax expense | (332,000) | (372,000) | (838,000) | (916,000) | ||||
Net income | 1,571,000 | $ 816,000 | $ 1,684,000 | 1,771,000 | $ 1,684,000 | $ 1,061,000 | 4,071,000 | 4,516,000 |
Net Unrealized Losses on Securities Available for Sale [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Loss on sale of securities included in net income | 3,000 | 52,000 | ||||||
Recovery on previously impaired investment securities | (2,000) | (2,000) | (6,000) | (12,000) | ||||
Provision for income tax expense | 1,000 | (9,000) | 3,000 | |||||
Net income | $ 1,000 | $ (1,000) | $ 37,000 | $ (9,000) |