Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 09, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Period End Date | Jun. 30, 2024 | |
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 $0.01 per share | |
Trading Symbol | LSBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,737,036 | |
Entity Central Index Key | 0001341318 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 3,283,000 | $ 4,648,000 |
Interest earning deposits | 57,704,000 | 49,082,000 |
Cash and Cash Equivalents | 60,987,000 | 53,730,000 |
Securities, at fair value | 57,309,000 | 60,442,000 |
Federal Home Loan Bank stock, at cost | 1,742,000 | 2,293,000 |
Loans receivable, net of allowance for credit losses of $5,916 at June 30, 2024 and $6,463 at December 31, 2023 | 544,337,000 | 555,828,000 |
Premises and equipment, net | 7,491,000 | 7,870,000 |
Accrued interest receivable | 2,835,000 | 2,835,000 |
Bank owned life insurance | 29,790,000 | 29,355,000 |
Other assets | 6,551,000 | 12,765,000 |
Total Assets | 711,042,000 | 725,118,000 |
Liabilities | ||
Deposits: Interest bearing | 492,981,000 | 495,738,000 |
Deposits: Non-interest bearing | 96,414,000 | 95,186,000 |
Total Deposits | 589,395,000 | 590,924,000 |
Long term debt | 23,250,000 | 35,250,000 |
Advances from borrowers for taxes and insurance | 3,376,000 | 3,307,000 |
Other liabilities | 8,089,000 | 9,364,000 |
Total Liabilities | 624,110,000 | 638,845,000 |
Stockholders' Equity | ||
Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,836,514 shares issued and 5,737,036 shares outstanding at June 30, 2024 and 6,836,514 shares issued and 5,686,288 shares outstanding at December 31, 2023 | 68,000 | 68,000 |
Additional paid-in capital | 31,476,000 | 31,456,000 |
Treasury stock, at cost (1,099,478 shares at June 30, 2024 and 1,150,226 shares at December 31, 2023) | (13,218,000) | (13,760,000) |
Unearned shares held by ESOP | (981,000) | (1,023,000) |
Unearned shares held by compensation plans | (534,000) | (39,000) |
Retained earnings | 80,725,000 | 78,956,000 |
Accumulated other comprehensive loss | (10,604,000) | (9,385,000) |
Total Stockholders' Equity | 86,932,000 | 86,273,000 |
Total Liabilities and Stockholders' Equity | $ 711,042,000 | $ 725,118,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Consolidated Statements of Financial Condition [Abstract] | ||
Allowance for credit losses | $ 5,916 | $ 6,463 |
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 | 5,737,036 | 5,686,288 |
Treasury Stock, Shares | 1,099,478 | 1,150,226 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income | ||||
Loans, including fees | $ 7,693,000 | $ 7,480,000 | $ 15,279,000 | $ 14,727,000 |
Investment securities, taxable | 198,000 | 236,000 | 405,000 | 464,000 |
Investment securities, tax-exempt | 216,000 | 265,000 | 433,000 | 575,000 |
Interest-earning deposits & federal funds sold | 647,000 | 489,000 | 1,246,000 | 655,000 |
Total Interest Income | 8,754,000 | 8,470,000 | 17,363,000 | 16,421,000 |
Interest Expense | ||||
Deposits | 3,371,000 | 1,915,000 | 6,615,000 | 3,228,000 |
Short-term borrowings | 9,000 | 87,000 | ||
Long-term debt | 166,000 | 319,000 | 386,000 | 575,000 |
Finance lease and Other | 11,000 | 13,000 | 23,000 | 26,000 |
Total Interest Expense | 3,548,000 | 2,256,000 | 7,024,000 | 3,916,000 |
Net Interest Income | 5,206,000 | 6,214,000 | 10,339,000 | 12,505,000 |
(Credit) Provision for Credit Losses | (285,000) | (187,000) | (637,000) | (812,000) |
Net Interest Income After (Credit) Provision for Credit Losses | 5,491,000 | 6,401,000 | 10,976,000 | 13,317,000 |
Non-Interest Income | ||||
Increase in cash surrender value of bank-owned life insurance | 220,000 | 109,000 | 435,000 | 214,000 |
Unrealized gain on equity securities | 1,000 | 11,000 | 2,000 | |
Unrealized (loss) on interest rate swap | (9,000) | (58,000) | ||
Recovery on previously impaired investment securities | 3,000 | 3,000 | 3,000 | 5,000 |
Loss on sale of securities available for sale | (49,000) | (49,000) | ||
Other | 18,000 | 20,000 | 39,000 | 37,000 |
Total Non-Interest Income | 738,000 | 553,000 | 1,445,000 | 1,107,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 2,656,000 | 2,811,000 | 5,413,000 | 5,590,000 |
Occupancy and equipment | 681,000 | 700,000 | 1,384,000 | 1,497,000 |
Data processing | 446,000 | 474,000 | 899,000 | 852,000 |
Professional services | 397,000 | 848,000 | 724,000 | 1,698,000 |
Advertising | 16,000 | 179,000 | 67,000 | 357,000 |
FDIC insurance | 284,000 | 436,000 | 563,000 | 531,000 |
Postage and supplies | 65,000 | 62,000 | 140,000 | 130,000 |
Other | 352,000 | 391,000 | 702,000 | 763,000 |
Total Non-Interest Expense | 4,897,000 | 5,901,000 | 9,892,000 | 11,418,000 |
Income before Income Taxes | 1,332,000 | 1,053,000 | 2,529,000 | 3,006,000 |
Income Tax Expense | 216,000 | 237,000 | 399,000 | 506,000 |
Net Income | $ 1,116,000 | $ 816,000 | $ 2,130,000 | $ 2,500,000 |
Earnings Per Common Share: Basic | $ 0.19 | $ 0.14 | $ 0.36 | $ 0.43 |
Earnings Per Common Share: Diluted | 0.19 | $ 0.14 | 0.36 | $ 0.43 |
Dividends Declared Per Share | $ 0.18 | $ 0.18 | ||
Service Charges and Fees [Member] | ||||
Non-Interest Income | ||||
Non-interest income | $ 287,000 | $ 263,000 | $ 552,000 | $ 536,000 |
Debit card fees [Member] | ||||
Non-Interest Income | ||||
Non-interest income | $ 210,000 | $ 215,000 | $ 405,000 | $ 420,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ||||
Net Income (Loss) | $ 1,116,000 | $ 816,000 | $ 2,130,000 | $ 2,500,000 |
Other Comprehensive (Loss) Income, net of tax benefit (expense): | ||||
Unrealized holding (losses) gains on securities available for sale, net of tax benefit (expense) | (419,000) | (826,000) | (1,217,000) | 428,000 |
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, net of tax expense | (2,000) | (3,000) | (2,000) | (4,000) |
Net loss on sale of securities included in net income, net of tax benefit | 39,000 | 39,000 | ||
Total Other Comprehensive (Loss) Income | (421,000) | (790,000) | (1,219,000) | 463,000 |
Total Comprehensive Income | $ 695,000 | $ 26,000 | $ 911,000 | $ 2,963,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | 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, 2022 | $ 81,184,000 | $ (723,000) | $ 68,000 | $ 31,459,000 | $ (13,571,000) | $ (1,108,000) | $ (191,000) | $ 74,859,000 | $ (723,000) | $ (10,332,000) |
Net Income (Loss) | 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 | $ (723,000) | 68,000 | 31,459,000 | (13,571,000) | (1,108,000) | (191,000) | 74,859,000 | $ (723,000) | (10,332,000) |
Net Income (Loss) | 2,500,000 | |||||||||
Other comprehensive Income (Loss), net of tax expense (benefit) | 463,000 | |||||||||
Ending Balance at Jun. 30, 2023 | 83,394 | 68 | 31,449 | (13,715) | (1,066) | (109) | 76,636 | (9,869) | ||
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 (Loss) | 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 | 68 | 31,449 | (13,715) | (1,066) | (109) | 76,636 | (9,869) | ||
Beginning Balance at Dec. 31, 2023 | 86,273,000 | 68,000 | 31,456,000 | (13,760,000) | (1,023,000) | (39,000) | 78,956,000 | (9,385,000) | ||
Net Income (Loss) | 1,014,000 | 1,014,000 | ||||||||
Other comprehensive Income (Loss), net of tax expense (benefit) | (798,000) | (798,000) | ||||||||
ESOP shares earned | 23,000 | 2,000 | 21,000 | |||||||
Compensation plan shares earned | 15,000 | 5,000 | 10,000 | |||||||
Common stock repurchased on vesting for payroll taxes | (17,000) | (17,000) | ||||||||
Ending Balance at Mar. 31, 2024 | 86,510,000 | 68,000 | 31,463,000 | (13,777,000) | (1,002,000) | (29,000) | 79,970,000 | (10,183,000) | ||
Beginning Balance at Dec. 31, 2023 | 86,273,000 | 68,000 | 31,456,000 | (13,760,000) | (1,023,000) | (39,000) | 78,956,000 | (9,385,000) | ||
Net Income (Loss) | 2,130,000 | |||||||||
Other comprehensive Income (Loss), net of tax expense (benefit) | (1,219,000) | |||||||||
Ending Balance at Jun. 30, 2024 | 86,932,000 | 68,000 | 31,476,000 | (13,218,000) | (981,000) | (534,000) | 80,725,000 | (10,604,000) | ||
Beginning Balance at Mar. 31, 2024 | 86,510,000 | 68,000 | 31,463,000 | (13,777,000) | (1,002,000) | (29,000) | 79,970,000 | (10,183,000) | ||
Net Income (Loss) | 1,116,000 | 1,116,000 | ||||||||
Other comprehensive Income (Loss), net of tax expense (benefit) | (421,000) | (421,000) | ||||||||
ESOP shares earned | 23,000 | 2,000 | 21,000 | |||||||
Compensation plan shares granted | 559,000 | (559,000) | ||||||||
Compensation plan shares earned | 65,000 | 11,000 | 54,000 | |||||||
Cash dividends declared | (361,000) | (361,000) | ||||||||
Ending Balance at Jun. 30, 2024 | $ 86,932,000 | $ 68,000 | $ 31,476,000 | $ (13,218,000) | $ (981,000) | $ (534,000) | $ 80,725,000 | $ (10,604,000) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Consolidated Statements of Stockholders' Equity [Abstract] | ||||
Other comprehensive Income (loss), tax expense (benefit) | $ (112) | $ (211) | $ (209) | $ 333 |
ESOP, shares earned | 1,984 | 1,984 | 1,984 | 1,984 |
Compensation plan shares granted | 52,252 | 8,282 | ||
Compensation plan shares forfeited | 2,382 | 15,385 | ||
Compensation plan shares earned | 5,720 | 1,086 | (2,328) | 2,510 |
Common stock repurchased on vesting for payroll taxes, shares | 1,504 | 4,764 | ||
Dividends declared per share | $ 0.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ 2,130,000 | $ 2,500,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization of investment securities | 36,000 | 27,000 |
Net amortization of deferred loan costs | 266,000 | 315,000 |
(Credit) provision for credit losses | (637,000) | (812,000) |
Recovery on previously impaired investment securities | (3,000) | (5,000) |
Unrealized gain on equity securities | (11,000) | (2,000) |
Loss on sale of investment securities | 49,000 | |
Unrealized loss on interest rate swap | 58,000 | |
Depreciation and amortization of premises and equipment | 385,000 | 400,000 |
Deferred income tax expense | 98,000 | |
Increase in cash surrender value of bank-owned life insurance | (435,000) | (214,000) |
ESOP shares committed to be released | 46,000 | 44,000 |
Stock based compensation expense | 80,000 | (18,000) |
Decrease in accrued interest receivable | 72,000 | |
Increase in other assets | (191,000) | (151,000) |
Impairment of foreclosed real estate | 8,000 | 16,000 |
(Decrease) increase in other liabilities | (1,230,000) | 1,143,000 |
Net Cash Provided by Operating Activities | 542,000 | 3,422,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Activity in debt securities: Sales | 5,951,000 | |
Activity in debt securities: Maturities, prepayments and calls | 1,569,000 | 2,236,000 |
Purchases of Federal Home Loan Bank Stock | (1,314,000) | |
Redemptions of Federal Home Loan Bank Stock | 551,000 | 1,297,000 |
Loan principal collections and origination, net | 11,862,000 | 3,748,000 |
Proceeds from surrender of bank-owned life insurance | 6,585,000 | |
Proceeds from sale of foreclosed real estate | 37,000 | |
Additions to premises and equipment | (6,000) | (323,000) |
Proceeds from sale of interest rate swaps | 214,000 | |
Net Cash Provided by Investing Activities | 20,598,000 | 11,809,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (decrease) increase in deposits | (1,529,000) | 11,846,000 |
Net increase in advances from borrowers for taxes and insurance | 69,000 | 61,000 |
Net decrease in short-term borrowings | (12,596,000) | |
Proceeds from issuance of long-term debt | 15,250,000 | |
Repayment of long-term debt | (12,000,000) | (3,750,000) |
Repayment of finance lease obligations | (45,000) | (37,000) |
Shares of common stock repurchased on vesting for payroll taxes | (17,000) | (56,000) |
Cash dividends paid | (361,000) | |
Net Cash (Used in) Provided by Financing Activities | (13,883,000) | 10,718,000 |
Net Increase in Cash and Cash Equivalents | 7,257,000 | 25,949,000 |
CASH AND CASH EQUIVALENTS - BEGINNING | 53,730,000 | 9,633,000 |
CASH AND CASH EQUIVALENTS - ENDING | 60,987,000 | 35,582,000 |
SUPPLEMENTARY CASH FLOWS INFORMATION | ||
Interest paid | 7,602,000 | 3,547,000 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Unrealized loss on securities available for sale | $ (1,539,000) | (1,045,000) |
Foreclosed real estate acquired in settlement of loans | $ 60,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 1,116,000 | $ 1,014,000 | $ 816,000 | $ 1,684,000 | $ 2,130,000 | $ 2,500,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies and Estimates | 6 Months Ended |
Jun. 30, 2024 | |
Basis of Presentation [Abstract] | |
Basis of Presentation and Significant Accounting Policies and Estimates | Note 1 – Basis of Presentation and Significant Accounting Policies and Estimates 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 June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 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 balance sheets, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated balance sheet at December 31, 2023 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, 2023. The consolidated statements of income for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results for any subsequent period or the entire year ending December 31, 2024. The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 2 of the audited financial statements and notes thereto for the year ended December 31, 2023 and are contained in the Company's 2023 Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023. Certain items in the prior period financial statements have been reclassified to conform to the current presentation. These reclassifications had no effect on prior year net income or shareholders' equity. 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. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2024 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | Note 2 – New Accounting Standards Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investment Securities [Abstract] | |
Investment Securities | Note 3 – Investment Securities The amortized cost and fair value of securities are as follows: June 30, 2024 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 $ — $ ( 165 ) 1,842 Municipal bonds 40,746 — ( 9,065 ) 31,681 Mortgage-backed securities: Collateralized mortgage obligations-private label 10 — ( 1 ) 9 Collateralized mortgage obligations-government 11,043 — ( 1,458 ) 9,585 Government National Mortgage Association 56 — ( 3 ) 53 Federal National Mortgage Association 11,356 — ( 1,781 ) 9,575 Federal Home Loan Mortgage Corporation 5,482 — ( 978 ) 4,504 Asset-backed securities-private label — 29 — 29 Asset-backed securities-government sponsored entities 1 — — 1 Total Debt Securities Available for Sale $ 70,701 $ 29 $ ( 13,451 ) $ 57,279 Equity Securities 22 8 — 30 Total Securities $ 70,723 $ 37 $ ( 13,451 ) $ 57,309 December 31, 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 $ — $ ( 133 ) $ 1,874 Municipal bonds 40,774 — ( 7,724 ) 33,050 Mortgage-backed securities: Collateralized mortgage obligations-private label 10 — — 10 Collateralized mortgage obligations-government 11,844 1 ( 1,445 ) 10,400 Government National Mortgage Association 57 — ( 2 ) 55 Federal National Mortgage Association 11,872 1 ( 1,684 ) 10,189 Federal Home Loan Mortgage Corporation 5,737 2 ( 926 ) 4,813 Asset-backed securities-private label — 31 — 31 Asset-backed securities-government sponsored entities 2 — — 2 Total Debt Securities Available for Sale $ 72,303 $ 35 $ ( 11,914 ) $ 60,424 Equity Securities 22 — ( 4 ) 18 Total Securities $ 72,325 $ 35 $ ( 11,918 ) $ 60,442 Debt Securities All of the Company's collateralized mortgage obligations are backed by one- to four-family residential mortgages. At June 30, 2024 and December 31, 2023 , sixteen municipal bonds with a cost of $ 4.9 million and fair value of $ 3.5 million and $ 3.7 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) June 30, 2024 U.S. government agencies $ — $ — $ 1,842 $ ( 165 ) $ 1,842 $ ( 165 ) Municipal bonds — — 31,681 ( 9,065 ) 31,681 ( 9,065 ) Mortgage-backed securities — — 23,632 ( 4,221 ) 23,632 ( 4,221 ) $ — $ — $ 57,155 $ ( 13,451 ) $ 57,155 $ ( 13,451 ) December 31, 2023 U.S. government agencies $ — $ — $ 1,874 $ ( 133 ) $ 1,874 $ ( 133 ) Municipal bonds 6,513 ( 1,065 ) 26,537 ( 6,659 ) 33,050 ( 7,724 ) Mortgage-backed securities 57 ( 2 ) 25,293 ( 4,055 ) 25,350 ( 4,057 ) $ 6,570 $ ( 1,067 ) $ 53,704 $ ( 10,847 ) $ 60,274 $ ( 11,914 ) As of June 30, 2024 , the Company's investment portfolio included no securities in the "unrealized losses less than twelve months" category and 173 securities in the "unrealized losses twelve months or more" category. As of June 30, 2024 , the Company had 173 securities with a fair value of $ 57.2 million in an unrealized loss position. The Company reviews securities in an unrealized loss position to evaluate credit risk. The Company considers payment history, risk ratings from external parties, financial statements for municipal and corporate securities, public statements from issuers and other available credible published sources in evaluating credit risk. No credit risk was found and no allowance for credit losses on securities available for sale was recorded as of June 30, 2024. The unrealized losses are attributed to noncredit-related factors, including changes in interest rates and other market conditions. The Company does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The contractual terms of the investments do not permit the issuers to settle the securities at a price less than the cost basis of the investments. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accrued interest of $ 257,000 as of June 30, 2024 and $ 260,000 as of December 31, 2023 on available-for-sale debt securities is included in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. The unrealized losses on debt securities shown in the previous tables were recorded as a component of accumulated other comprehensive loss, net of tax benefit on the Company’s consolidated statements of stockholders’ equity. During the three and six months ended June 30, 2024 , the Company did no t sell any debt securities. During the three and six months ended June 30, 2023, the Company sold twenty-three municipal bonds and two mortgage-backed securities resulting in gross realized losses of $ 49,000 , with an amortized cost of $ 6.0 million. Scheduled contractual maturities of debt securities are as follows: Amortized Fair Cost Value (Dollars in thousands) June 30, 2024: Less than one year $ — $ — After one year through five years 2,102 $ 1,939 After five years through ten years 9,900 $ 8,525 After ten years 30,751 $ 23,059 Mortgage-backed securities 27,947 $ 23,726 Asset-backed securities 1 $ 30 Total Debt Securities $ 70,701 $ 57,279 Equity Securities At June 30, 2024 and December 31, 2023 , equity securities consisted of 22,368 shares of Federal Home Loan Mortgage Corporation (“FHLMC”) common stock. During the three months ended June 30, 2024 and 2023 , the Company recognized an unrealized gain of $ 0 and $ 1,000 , respectively, on the equity securities, which was recorded in non-interest income in the consolidated statements of income. During the six months ended June 30, 2024 and 2023 , the Company recognized an unrealized gain of $ 11,000 and $ 2,000 , respectively, on the equity securities, which was recorded in non-interest income in the consolidated statements of income. There were no purchases or sales of equity securities during the three and six months ended June 30, 2024 and 2023 . |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family (1) $ 166,075 $ 172,005 Home Equity 48,612 51,869 Commercial (2) 312,396 316,986 Total real estate loans 527,083 540,860 Other Loans: Commercial 18,578 16,546 Consumer 1,047 1,130 Total gross loans 546,708 558,536 Net deferred loan costs 3,545 3,755 Allowance for credit losses on loans ( 5,916 ) ( 6,463 ) Loans receivable, net $ 544,337 $ 555,828 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. Real estate loans of approximately $ 53.0 million and $ 55.8 million in unpaid principal balance were pledged as collateral for Federal Home Loan Bank (FHLB) advances as of June 30, 2024 and December 31, 2023, respectively. Loans are stated at the principal amounts outstanding, net of unamortized loan fees and costs, with interest income accrued based upon the outstanding principal balance and the terms of the loans. 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. Accrued interest on loans of $ 2.5 million at both June 30, 2024 and December 31, 2023 is included in accrued interest receivable on the consolidated balance sheet and is excluded from the estimate of credit losses. Allowance for Credit Losses for Loans 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 tables detail the changes in the allowance for credit losses by loan segment for the three and six months ended June 30, 2024 and 2023. Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Real Estate (2) Commercial Consumer Total (Dollars in thousands) June 30, 2024 Allowance for Credit Loss on Loans Balance – April 1, 2024 $ 504 $ 249 $ 5,004 $ 467 $ 13 $ 6,237 Charge-offs — — — — ( 5 ) ( 5 ) Recoveries 2 — — — 3 5 (Credit) provision ( 33 ) ( 33 ) ( 315 ) 56 4 ( 321 ) Balance – June 30, 2024 $ 473 $ 216 $ 4,689 $ 523 $ 15 $ 5,916 Balance - January 1, 2024 $ 532 $ 213 $ 5,231 $ 471 $ 16 $ 6,463 Charge-offs — — — — ( 13 ) ( 13 ) Recoveries 5 — — — 5 10 (Credit) provision ( 64 ) 3 ( 542 ) 52 7 ( 544 ) Balance – June 30, 2024 $ 473 $ 216 $ 4,689 $ 523 $ 15 $ 5,916 Ending balance: individually evaluated $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated $ 473 $ 216 $ 4,689 $ 523 $ 15 $ 5,916 Gross Loans Receivable (3) : Ending balance $ 166,075 $ 48,612 $ 312,396 $ 18,578 $ 1,047 $ 546,708 Ending balance: individually evaluated $ 136 $ — $ 1,242 $ — $ — $ 1,378 Ending balance: collectively evaluated $ 165,939 $ 48,612 $ 311,154 $ 18,578 $ 1,047 $ 545,330 (1) There were no one-to four-family construction loans at June 30, 2024. (2) Includes commercial construction loans of $ 14.1 million. (3) Gross Loans Receivable does not include allowance for credit losses of $( 5,916 ) or deferred loan costs of $ 3,545 . Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Real Estate (2) Commercial Consumer Unallocated Total (Dollars in thousands) June 30, 2023 Allowance for Credit Loss on Loans Balance- April 1, 2023 $ 544 $ 261 $ 5,384 $ 519 $ — $ — $ 6,708 Charge-offs — — — — ( 15 ) — ( 15 ) Recoveries — — — 29 1 — 30 (Credit) provision ( 3 ) ( 4 ) 38 ( 28 ) 32 — 35 Balance – June 30, 2023 $ 541 $ 257 $ 5,422 $ 520 $ 18 $ — $ 6,758 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 — — — — ( 32 ) — ( 32 ) Recoveries — — — 29 4 — 33 (Credit) provision ( 71 ) ( 74 ) ( 379 ) ( 90 ) 24 — ( 590 ) Balance – June 30, 2023 $ 541 $ 257 $ 5,422 $ 520 $ 18 $ — $ 6,758 Ending balance: individually $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively $ 541 $ 257 $ 5,422 $ 520 $ 18 $ — $ 6,758 Gross Loans Receivable (3) : Ending balance $ 174,940 $ 50,750 $ 326,987 $ 18,585 $ 1,151 $ — $ 572,413 Ending balance: individually $ 146 $ 14 $ — $ — $ — $ — $ 160 Ending balance: collectively $ 174,794 $ 50,736 $ 326,987 $ 18,585 $ 1,151 $ — $ 572,253 (1) Includes one- to four-family construction loans of $ 3.0 million. (2) Includes commercial construction loans of $ 23.0 million. (3) Gross Loans Receivable does not include allowance for credit losses of $( 6,758 ) or deferred loan costs of $ 3,848 . The following table summarizes the distribution of the allowance for credit losses and loans receivable by loan segment and impairment method as of December 31, 2023: Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Real Estate (2) Commercial Consumer Total (Dollars in thousands) December 31, 2023 Allowance for Credit Losses on Loans Balance – December 31, 2023 $ 532 $ 213 $ 5,231 $ 471 $ 16 $ 6,463 Ending balance: individually $ — $ — $ — $ — $ — $ — Ending balance: collectively $ 532 $ 213 $ 5,231 $ 471 $ 16 $ 6,463 Gross Loans Receivable (3) : Ending Balance $ 172,005 $ 51,869 $ 316,986 $ 16,546 $ 1,130 $ 558,536 Ending balance: individually $ 140 $ — $ 1,242 $ — $ — $ 1,382 Ending balance: collectively $ 171,865 $ 51,869 $ 315,744 $ 16,546 $ 1,130 $ 557,154 (1) Includes one- to four-family construction loans of $ 466,000 . (2) Includes commercial construction loans of $ 16.4 million. (3) Gross Loans Receivable does not include allowance for credit losses of $( 6,463 ) or deferred loan costs of $ 3,755 . Allowance for Credit Losses on 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 balance sheets, 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 six months ended June 30, 2024 and the three and six months ended June 30, 2023 was as follows: For the Six Months Ended June 30, 2024 (Dollars in thousands) Balance at December 31, 2023 $ 487 Provision for Credit Losses ( 129 ) Balance at March 31, 2024 $ 358 Provision for Credit Losses 36 Balance at June 30, 2024 $ 394 For the Six Months Ended June 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 ( 222 ) Balance at June 30, 2023 $ 411 Non-accrual Loans and Delinquency Status The following table presents the amortized cost basis of loans on non-accrual status and loans on non-accrual status with no allowance for credit losses recorded. The Company did not have any loans past due 90 days or more and still accruing at June 30, 2024 and December 31, 2023. Total Non-accrual Non-accrual with no Allowance for Credit Losses June 30, December 31, June 30, December 31, 2024 2023 2024 2023 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family (1) $ 2,067 $ 1,904 $ 2,067 $ 1,904 Home Equity 678 196 678 196 Commercial Real Estate (2) 1,226 1,242 1,226 1,242 Other Loans: Commercial — — — — Consumer 21 5 21 5 Total loans $ 3,992 $ 3,347 $ 3,992 $ 3,347 (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 six months ended June 30, 2024 and the three and six months ended June 30, 2023. 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 Gross Loans Past Due Past Due Past Due Due Due Receivable (Dollars in thousands) June 30, 2024: Real Estate Loans: Residential, one- to four-family (1) $ 708 $ 444 $ 584 $ 1,736 $ 164,339 $ 166,075 Home equity 478 49 581 1,108 47,504 48,612 Commercial (2) — — 1,242 1,242 311,154 312,396 Other Loans: Commercial — — — — 18,578 18,578 Consumer 51 — 13 64 983 1,047 Total $ 1,237 $ 493 $ 2,420 $ 4,150 $ 542,558 $ 546,708 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Gross Loans Past Due Past Due Past Due Due Due Receivable (Dollars in thousands) December 31, 2023: Real Estate Loans: Residential, one- to four-family (1) $ 1,488 $ 3 $ 276 $ 1,767 $ 170,238 $ 172,005 Home equity 315 583 56 954 50,915 51,869 Commercial (2) — — 1,242 1,242 315,744 316,986 Other Loans: Commercial — — — — 16,546 16,546 Consumer 6 — 1 7 1,123 1,130 Total $ 1,809 $ 586 $ 1,575 $ 3,970 $ 554,566 $ 558,536 (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 June 30, 2024 and December 31, 2023 by collateral type and loan segment: Residential Business Commercial Total Properties Assets Land Property Other Loans June 30, 2024: (Dollars in thousands) Real Estate Loans: Residential, one- to four-family $ 139 $ — $ — $ — $ — $ 139 Home Equity — — — — — — Commercial 200 — 1,026 — — 1,226 Total $ 339 $ — $ 1,026 $ — $ — $ 1,365 December 31, 2023: Real Estate Loans: Residential, one- to four-family $ 143 $ — $ — $ — $ — $ 143 Home Equity — — — — — — Commercial 200 — 1,026 — — 1,226 Total $ 343 $ — $ 1,026 $ — $ — $ 1,369 There was no allowance for credit losses recorded on the above noted collateral-dependent loans as of June 30, 2024 and December 31, 2023. 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 June 30, 2024: YTD 2024 2023 2022 2021 2020 Prior Revolving Loans Total (Dollars in thousands) Residential, one-to four-family (1) : Pass $ 2,210 $ 11,992 $ 34,471 $ 28,049 $ 16,833 $ 70,106 $ — $ 163,661 Substandard — — 322 267 89 1,736 — 2,414 Doubtful — — — — — — — — Total $ 2,210 11,992 $ 34,793 $ 28,316 $ 16,922 $ 71,842 $ — $ 166,075 Current period gross charge-offs $ — — $ — $ — $ — $ — $ — $ — Home Equity: Pass $ — $ 3,158 $ 2,718 $ 89 $ 42 $ 685 $ 41,097 47,788 Substandard — — — — — — 824 824 Doubtful — — — — — — — — Total $ — $ 3,158 $ 2,718 $ 89 $ 42 $ 685 $ 41,921 $ 48,612 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate (2) : Pass $ 9,906 $ 16,574 $ 84,597 $ 44,088 $ 39,348 $ 105,822 $ 644 $ 300,979 Special mention — — — — 909 524 — 1,433 Substandard — — — — 1,242 8,742 — 9,984 Doubtful — — — — — — — — Total $ 9,906 $ 16,574 $ 84,597 $ 44,088 $ 41,499 $ 115,088 $ 644 $ 312,396 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Loans: Pass $ 327 $ 1,112 $ 2,196 $ 598 $ 414 $ 2,007 $ 8,268 $ 14,923 Special mention — — — 215 — 151 — 366 Substandard — — — — — 2,333 956 3,289 Doubtful — — — — — — — — Total $ 327 $ 1,112 $ 2,196 $ 813 $ 414 $ 4,491 $ 9,224 $ 18,578 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Loans: Pass $ 170 $ 185 $ 194 $ 49 $ 112 $ 121 $ 196 $ 1,027 Substandard 5 — 2 1 1 — 11 20 Doubtful — — — — — — — — Total $ 175 $ 185 $ 196 $ 50 $ 113 $ 121 $ 207 $ 1,047 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 13 $ 13 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. The following table presents loans by credit quality indicator by origination year at December 31, 2023: 2023 2022 2021 2020 2019 Prior Revolving Loans Total (Dollars in thousands) Residential, one-to four-family (1) : Pass $ 12,203 $ 36,103 $ 29,486 $ 17,975 $ 10,075 $ 63,928 $ — $ 169,770 Substandard — 262 39 92 270 1,572 — 2,235 Doubtful — — — — — — — — Total $ 12,203 $ 36,365 $ 29,525 $ 18,067 $ 10,345 $ 65,500 $ — $ 172,005 Current period gross charge-offs $ — $ — $ 3 $ — $ — $ — $ — $ 3 Home Equity: Pass $ 3,660 $ 3,120 $ 102 $ 47 $ 274 $ 511 $ 43,862 $ 51,576 Substandard — — — — — — 293 293 Doubtful — — — — — — — — Total $ 3,660 $ 3,120 $ 102 $ 47 $ 274 $ 511 $ 44,155 $ 51,869 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate (2) : Pass $ 15,396 $ 85,587 $ 50,797 $ 42,226 $ 38,694 $ 72,256 $ — $ 304,956 Special mention — — — 984 682 — — 1,666 Substandard — — — 1,242 5,386 3,736 — 10,364 Doubtful — — — — — — — — Total $ 15,396 $ 85,587 $ 50,797 $ 44,452 $ 44,762 $ 75,992 $ — $ 316,986 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Loans: Pass $ 1,243 $ 2,591 $ 732 $ 622 $ 1,901 $ 4,997 $ — $ 12,086 Special mention — — 263 — 764 — — 1,027 Substandard — — — — 3,114 319 — 3,433 Doubtful — — — — — — — — Total $ 1,243 $ 2,591 $ 995 $ 622 $ 5,779 $ 5,316 $ — $ 16,546 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Loans: Pass $ 269 $ 245 $ 79 $ 136 $ 2 $ 210 $ 184 $ 1,125 Substandard — — 2 1 — — 2 5 Doubtful — — — — — — — — Total $ 269 $ 245 $ 81 $ 137 $ 2 $ 210 $ 186 $ 1,130 Current period gross charge-offs $ — $ 8 $ 3 $ 3 $ 4 $ — $ 40 $ 58 (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. There were no loans modified to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024. The following table presents the amortized cost basis of loans at June 30, 2023 that were experiencing financial difficulty and were modified during the three and six months ended June 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 $ — 1.50 % Other loans Commercial — — — — — 1,114 5.80 % 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 loan. 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 June 30, 2024. There were no modified loans made during the three and six months ended June 30, 2024 and 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 $ 16,000 and $ 34,000 at June 30, 2024 and December 31, 2023 , respectively, and was included as a component of other assets on the consolidated balance sheet. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction was $ 797,000 at June 30, 2024 and $ 158,000 at December 31, 2023 . |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 5 – Earnings per Share Earnings per share was calculated for the three and six months ended June 30, 2024 and 2023. 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 June 30, 2024 2023 Numerator – net income $ 1,116,000 $ 816,000 Denominator: Basic weighted average shares outstanding 5,885,764 5,846,240 Increase in weighted average shares outstanding due to: Stock options (1) — — Diluted weighted average shares outstanding (1) 5,885,764 5,846,240 Earnings per share: Basic $ 0.19 $ 0.14 Diluted $ 0.19 $ 0.14 Six Months Ended June 30, 2024 2023 Numerator – net income $ 2,130,000 $ 2,500,000 Denominator: Basic weighted average shares outstanding 5,865,744 5,858,356 Increase in weighted average shares outstanding due to: Stock options (1) — — Diluted weighted average shares outstanding (1) 5,865,744 5,858,356 Earnings per share: Basic $ 0.36 $ 0.43 Diluted $ 0.36 $ 0.43 (1) Weighted average stock options to purchase 29,142 shares under the Company's 2006 Stock Option Plan and 17,750 shares under the EIP at $ 14.38 and $ 10.69 , respectively, were outstanding during the three months ended June 30, 2024 . Weighted average stock options to purchase 40,408 shares under the Company’s 2006 Stock Option Plan and 15,135 shares under the EIP at $ 14.38 and $ 10.69 , respectively, were outstanding during the six months ended June 30, 2024 , but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. Weighted average stock options to purchase 58,857 shares under the Company's 2006 Stock Option Plan and 20,000 shares under the EIP at $ 14.38 were outstanding during the three and six months ended June 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 balance sheets. Commitments to extend credit are generally agreements to lend to a customer as long as there is no violation of any condition established in the contract, and 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. The Company’s exposure to credit loss is represented by the contractual amount of the commitments which are not unconditionally cancellable. There was a $ 394,000 and $ 487,000 allowance for credit losses associated with these commitments at June 30, 2024 and December 31, 2023, 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 June 30, December 31, 2024 2023 (Dollars in thousands) Commitments to grant loans $ 6,743 $ 21,045 Unfunded commitments to fund loans and lines of credit 84,126 75,721 Commercial and Standby letters of credit 1,212 1,212 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | Note 7 – Stock-based Compensation As of June 30, 2024 , the Company had three active stock-based compensation plans, which are described below. The compensation cost related to these plans amounted to $ 88,000 and $ 53,000 for the three months ended June 30, 2024 and 2023, respectively, and $ 126,000 and $ 26,000 for the six months ended June 30, 2024 and 2023, respectively, and is included within salary and benefits expense in the non-interest expense section of the consolidated statements of income. 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 six months ended June 30, 2024 and 2023 is presented below: 2024 2023 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 58,857 $ 14.38 Granted — — — — Exercised — — — — Forfeited ( 29,715 ) 14.38 — — Outstanding at end of period 29,142 $ 14.38 2.3 years 58,857 $ 14.38 3.3 years Options exercisable at end of period 29,142 $ 14.38 2.3 years 58,857 $ 14.38 3.3 years Fair value of options granted — $ — — $ — : At June 30, 2024 , stock options had no intrinsic value and there were no remaining options available for grant under the Stock Option Plan. At June 30, 2024, 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 EIP expired on April 24, 2024 , and grants of awards can no longer be made. The Board of Directors granted restricted stock awards under the EIP during the six months ended June 30, 2024 as follows: Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees April 23, 2024 19,730 100 % on April 23, 2025 $ 10.69 Non-employee directors April 23, 2024 32,522 25 % per year for four years with first vesting on April 23, 2025 $ 10.69 Employees The Board of Directors granted stock options under the EIP during the six months ended June 30, 2024 as follows: Grant Date Number of Stock Option Awards Vesting Exercise Price Awardees April 23, 2024 9,306 20 % per year for five years with first vesting on April 23, 2025 $ 10.69 Non-employee directors A summary of the status of unvested restricted stock awards under the EIP for the six months ended June 30, 2024 and 2023 is as follows: For the Six Months Weighted Average Grant Price (per Share) For the Six Months Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 17,719 $ 13.94 43,866 $ 15.02 Granted 52,252 10.69 8,282 12.91 Vested ( 10,926 ) 13.64 ( 11,734 ) 15.39 Forfeited — — ( 17,767 ) 14.91 Unvested shares outstanding at end of period 59,045 $ 11.12 22,647 $ 14.14 As of June 30, 2024 , there were 120,946 shares of restricted stock that vested or were distributed to eligible participants under the EIP and the plan expired on April 24, 2024. Accordingly, there were no remaining shares available for grant. Compensation expense related to unvested restricted stock awards under the EIP amounted to $ 65,000 and $ 31,000 for the three months ended June 30, 2024 and 2023 , respectively. Compensation expense related to unvested restricted stock awards under the EIP amounted to $ 80,000 and $( 18,000 ) for the six months ended June 30, 2024 and 2023, respectively. At June 30, 2024 , $ 540,000 of unrecognized compensation cost related to unvested restricted stock awards is expected to be recognized over a period of 31 months. A summary of the status of stock options under the EIP for the six months ended June 30, 2024 and 2023 is presented below: 2024 2023 Options Exercise Price Intrinsic Value Remaining Contractual Life Options Exercise Price Remaining Contractual Life Outstanding at beginning of year 13,101 $ 14.38 20,000 $ 14.38 Granted 9,306 10.69 — — Exercised — — — — Forfeited ( 2,407 ) 14.38 — — Expired — — Outstanding at end of period 20,000 $ 12.66 $ 17,000 5.8 years 20,000 $ 14.38 3.3 years Options exercisable at end of period 10,694 $ 14.38 — 2.3 years 20,000 $ 14.38 3.3 years Options Exercise Price Fair Value Remaining Contractual Life Fair value of options granted 9,306 $ 10.69 $ 28,000 9.8 years Compensation expense related to unvested stock options under the EIP amounted to $ 1,000 for the three and six months ended June 30, 2024 . There was no compensation expense related to unvested stock options under the EIP for the three and six months ended June 30, 2023 . At June 30, 2024 $ 27,000 of unrecognized compensation cost related to unvested stock options is expected to be recognized over a period of 57 months. During April 2024, the Company granted all remaining options available under the EIP. The EIP expired on April 24, 2024 and no additional options were available for grant nor issued after this date. 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 June 30, 2024 , the balance of the loan to the ESOP was $ 1.3 million and the fair value of unallocated shares was $ 1.1 million. As of June 30, 2024 , there were 69,071 allocated shares and 95,219 unallocated shares compared to 74,895 allocated shares and 103,153 unallocated shares at December 31, 2023 . The ESOP compensation expense was $ 23,000 for the three months ended June 30, 2024 and $ 22,000 for the three months ended June 30, 2023 based on 1,984 shares earned in each of those quarters. The ESOP compensation expense was $ 46,000 for the six months ended June 30, 2024 and $ 44,000 for the six months ended June 30, 2023 based on 3,968 shares earned in each of those six month periods. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023 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. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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 balance sheets contain investment securities 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 June 30, 2024 and December 31, 2023 were as follows: Fair Value Measurements at June 30, 2024 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 $ 1,842 $ — $ 1,842 $ — Municipal bonds 31,681 — 31,681 — Mortgage-backed securities: Collateralized mortgage obligations-private label 9 — 9 — Collateralized mortgage obligations-government 9,585 — 9,585 — Government National Mortgage Association 53 — 53 — Federal National Mortgage Association 9,575 — 9,575 — Federal Home Loan Mortgage Corporation 4,504 — 4,504 — Asset-backed securities: Private label 29 — 29 — Government sponsored entities 1 — 1 — Total Debt Securities $ 57,279 $ — $ 57,279 $ — Equity securities 30 30 — — Total Securities $ 57,309 $ 30 $ 57,279 $ — Fair Value Measurements at December 31, 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 $ 1,874 $ — $ 1,874 $ — Municipal bonds 33,050 — 33,050 — Mortgage-backed securities: Collateralized mortgage obligations-private label 10 — 10 — Collateralized mortgage obligations-government 10,400 — 10,400 — Government National Mortgage Association 55 — 55 — Federal National Mortgage Association 10,189 — 10,189 — Federal Home Loan Mortgage Corporation 4,813 — 4,813 — Asset-backed securities: Private label 31 — 31 — Government sponsored entities 2 — 2 — Total Debt Securities $ 60,424 $ — $ 60,424 $ — Equity securities 18 18 — — Total Securities $ 60,442 $ 18 $ 60,424 $ — 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. 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 performed by a third-party independent appraiser or discounted cash flows based on current market conditions. Accordingly, collateral dependent loans are classified within Level 3 of the fair value hierarchy. The Company did no t record an allowance for credit losses for its collateral-dependent loans as of June 30, 2024 and December 31, 2023. 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 $ 16,000 and $ 34,000 at June 30, 2024 and December 31, 2023 , respectively and was included as a component of other assets on the consolidated balance sheets. The Company did no t have repossessed assets at June 30, 2024 and December 31, 2023. 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 amounted to $ 184,000 and $ 191,000 at June 30, 2024 and December 31, 2023, respectively, and was included as a component of other assets on the consolidated balance sheets. 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 June 30, 2024 and December 31, 2023 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 June 30, 2024 Foreclosed real estate $ 16 $ — $ — $ 16 Mortgage servicing rights 184 — — 184 At December 31, 2023 Foreclosed real estate 34 — — 34 Mortgage servicing rights 191 — — 191 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 June 30, 2024 Foreclosed real estate $ 16 Appraisal of collateral (1) Direct Disposal Costs (2) 8.00 % 8.00 % Mortgage servicing rights 184 Discounted Cash Flow Model (3) Servicing Fees 0.25 % 0.25 % Servicing Costs 0.10 % 0.10 % Estimated Life of Loans 5.38 years 5.38 years At December 31, 2023 Foreclosed real estate 34 Appraisal of collateral (1) Direct Disposal Costs (2) 8.00 % 8.00 % Mortgage servicing rights 191 Discounted Cash Flow Model (3) Servicing Fees 0.25 % 0.25 % Servicing Costs 0.09 % 0.09 % Estimated Life of Loans 5.32 years 5.32 years (1) Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. (2) The fair value basis of collateral-dependent loans and foreclosed real estate 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. (3) 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. The carrying amount and estimated fair value, based on the exit price notion, of the Company’s financial instruments, whether carried at cost or fair value, are as follows: Fair Value Measurements at June 30, 2024 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 $ 60,987 $ 60,987 $ 60,987 $ — $ — Securities 57,309 57,309 30 57,279 — Federal Home Loan Bank stock 1,742 1,742 — 1,742 — Loans receivable, net 544,337 522,204 — — 522,204 Accrued interest receivable 2,835 2,835 — 2,835 — Bank-owned life insurance 29,790 29,790 — 29,790 — Mortgage servicing rights 184 184 — — 184 Financial liabilities: Deposits 589,395 587,655 — 587,655 — Long-term debt 23,250 22,987 — 22,987 — Accrued interest payable 251 251 — 251 — Fair Value Measurements at December 31, 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 $ 53,730 $ 53,730 $ 53,730 $ — $ — Securities 60,442 60,442 18 60,424 — Federal Home Loan Bank stock 2,293 2,293 — 2,293 — Loans receivable, net 555,828 530,735 — — 530,735 Accrued interest receivable 2,835 2,835 2,835 Bank-owned life insurance 29,355 29,355 — 29,355 — Mortgage servicing rights 191 191 — — 191 Financial liabilities: Deposits 590,924 589,243 — 589,243 — Long-term debt 35,250 34,757 — 34,757 — Accrued interest payable 829 829 — 829 — |
Treasury Stock
Treasury Stock | 6 Months Ended |
Jun. 30, 2024 | |
Treasury Stock [Abstract] | |
Treasury Stock | Note 9 – Treasury Stock During the three and six months ended June 30, 2024 , the Company did no t repurchase any shares of common stock under the existing stock repurchase program. As of June 30, 2024 , there were 30,626 shares remaining to be repurchased under the existing stock repurchase program. During the six months ended June 30, 2024 , the Company transferred 52,252 shares of common stock out of treasury stock reserved for the 2012 Equity Incentive Plan, at an average cost of $ 10.69 per share to fund awards that had been granted under the plan. During the six months ended June 30, 2024 the Company repurchased 1,504 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 $ 11.62 per share. During the three and six months ended June 30, 2023 , the Company did no t repurchase any shares of common stock under the existing stock repurchase program. As of June 30, 2023 , there were 30,626 shares remaining to be repurchased under the existing stock repurchase program. During the six months ended June 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 six months ended June 30, 2023 , there were 17,767 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 six months ended June 30, 2023 . |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 6 Months Ended |
Jun. 30, 2024 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive (Loss) Income | Note 10 – Other Comprehensive (Loss) Income In addition to presenting the consolidated statements of other comprehensive (loss) income herein, the following table shows the tax effects allocated to the Company’s single component of other comprehensive (loss) income for the periods presented: For the Three Months Ended June 30, 2024 For The Three Months Ended June 30, 2023 Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized (losses) arising during the period $ ( 530 ) $ 111 $ ( 419 ) $ ( 1,045 ) $ 219 $ ( 826 ) Less: reclassification adjustment related to: Loss on sale of securities included in net income — — — 49 ( 10 ) 39 Recovery on previously impaired investment securities included in net income ( 3 ) 1 ( 2 ) ( 3 ) - ( 3 ) Total Other Comprehensive (Loss) Income $ ( 533 ) $ 112 $ ( 421 ) $ ( 999 ) $ 209 $ ( 790 ) For the Six Months Ended June 30, 2024 For The Six Months Ended June 30, 2023 Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized (losses) gains arising during the period $ ( 1,539 ) $ 322 $ ( 1,217 ) $ 542 $ ( 114 ) $ 428 Less: reclassification adjustment related to: Loss on sale of securities included in net income — — — 49 ( 10 ) 39 Recovery on previously impaired investment securities included in net income ( 3 ) 1 ( 2 ) ( 5 ) 1 ( 4 ) Total Other Comprehensive (Loss) Income $ ( 1,542 ) $ $ 323 $ ( 1,219 ) $ 586 $ ( 123 ) $ 463 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 June 30, on the Consolidated Components 2024 2023 Statements of Income (Dollars in thousands) Net unrealized (gains) losses on securities available for sale: Loss on sale of securities included in net income $ — $ 49 Loss on sale of securities available for sale Recovery on previously impaired investment securities ( 3 ) ( 3 ) Recovery on previously impaired investment securities Provision for income tax expense 1 ( 10 ) Income tax expense Total reclassification for the period $ ( 2 ) $ 36 Net Income Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive Loss Affected Line Item Comprehensive Loss for the six months ended June 30, on the Consolidated Components 2024 2023 Statements of Income (Dollars in thousands) Net unrealized losses on securities available for sale: Loss on sale of securities included in net income $ — $ 49 Loss on sale of securities available for sale Recovery on previously impaired investment securities ( 3 ) $ ( 5 ) Recovery on previously impaired investment securities Provision for income tax expense 1 ( 9 ) Income tax expense Total reclassification for the period $ ( 2 ) $ $ 35 Net Income |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 – Subsequent Events On July 31, 2024 , the Board of Directors of the Company declared a cash dividend of $ 0.18 per share on its outstanding common stock. The dividend is expected to be paid on August 16, 2024 to stockholders of record as of August 12, 2024 . The Company received the written approval from the Federal Reserve Bank of Philadelphia, (the "Reserve Bank") on July 8, 2024 to pay a cash dividend of $ 0.18 per share to its stockholders. Lake Shore, MHC (the "MHC"), the Company's mutual holding company parent, which holds 3,636,875 , or 63.4 % of the Company's total outstanding common stock as of June 30, 2024, has elected to waive receipt of the dividend on its shares. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment Securities [Abstract] | |
Amortized Cost and Fair Value of Securities | The amortized cost and fair value of securities are as follows: June 30, 2024 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 $ — $ ( 165 ) 1,842 Municipal bonds 40,746 — ( 9,065 ) 31,681 Mortgage-backed securities: Collateralized mortgage obligations-private label 10 — ( 1 ) 9 Collateralized mortgage obligations-government 11,043 — ( 1,458 ) 9,585 Government National Mortgage Association 56 — ( 3 ) 53 Federal National Mortgage Association 11,356 — ( 1,781 ) 9,575 Federal Home Loan Mortgage Corporation 5,482 — ( 978 ) 4,504 Asset-backed securities-private label — 29 — 29 Asset-backed securities-government sponsored entities 1 — — 1 Total Debt Securities Available for Sale $ 70,701 $ 29 $ ( 13,451 ) $ 57,279 Equity Securities 22 8 — 30 Total Securities $ 70,723 $ 37 $ ( 13,451 ) $ 57,309 December 31, 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 $ — $ ( 133 ) $ 1,874 Municipal bonds 40,774 — ( 7,724 ) 33,050 Mortgage-backed securities: Collateralized mortgage obligations-private label 10 — — 10 Collateralized mortgage obligations-government 11,844 1 ( 1,445 ) 10,400 Government National Mortgage Association 57 — ( 2 ) 55 Federal National Mortgage Association 11,872 1 ( 1,684 ) 10,189 Federal Home Loan Mortgage Corporation 5,737 2 ( 926 ) 4,813 Asset-backed securities-private label — 31 — 31 Asset-backed securities-government sponsored entities 2 — — 2 Total Debt Securities Available for Sale $ 72,303 $ 35 $ ( 11,914 ) $ 60,424 Equity Securities 22 — ( 4 ) 18 Total Securities $ 72,325 $ 35 $ ( 11,918 ) $ 60,442 |
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) June 30, 2024 U.S. government agencies $ — $ — $ 1,842 $ ( 165 ) $ 1,842 $ ( 165 ) Municipal bonds — — 31,681 ( 9,065 ) 31,681 ( 9,065 ) Mortgage-backed securities — — 23,632 ( 4,221 ) 23,632 ( 4,221 ) $ — $ — $ 57,155 $ ( 13,451 ) $ 57,155 $ ( 13,451 ) December 31, 2023 U.S. government agencies $ — $ — $ 1,874 $ ( 133 ) $ 1,874 $ ( 133 ) Municipal bonds 6,513 ( 1,065 ) 26,537 ( 6,659 ) 33,050 ( 7,724 ) Mortgage-backed securities 57 ( 2 ) 25,293 ( 4,055 ) 25,350 ( 4,057 ) $ 6,570 $ ( 1,067 ) $ 53,704 $ ( 10,847 ) $ 60,274 $ ( 11,914 ) As of June 30, 2024 , the Company's investment portfolio included no securities in the "unrealized losses less than twelve months" category and 173 securities in the "unrealized losses twelve months or more" category. |
Scheduled Contractual Maturities of Debt Securities | Scheduled contractual maturities of debt securities are as follows: Amortized Fair Cost Value (Dollars in thousands) June 30, 2024: Less than one year $ — $ — After one year through five years 2,102 $ 1,939 After five years through ten years 9,900 $ 8,525 After ten years 30,751 $ 23,059 Mortgage-backed securities 27,947 $ 23,726 Asset-backed securities 1 $ 30 Total Debt Securities $ 70,701 $ 57,279 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Loans and Allowance for Credit Losses [Abstract] | |
Schedule of Loan by Segment | June 30, December 31, 2024 2023 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family (1) $ 166,075 $ 172,005 Home Equity 48,612 51,869 Commercial (2) 312,396 316,986 Total real estate loans 527,083 540,860 Other Loans: Commercial 18,578 16,546 Consumer 1,047 1,130 Total gross loans 546,708 558,536 Net deferred loan costs 3,545 3,755 Allowance for credit losses on loans ( 5,916 ) ( 6,463 ) Loans receivable, net $ 544,337 $ 555,828 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. |
Summary of Activity in Allowance for Credit Losses | The following tables detail the changes in the allowance for credit losses by loan segment for the three and six months ended June 30, 2024 and 2023. Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Real Estate (2) Commercial Consumer Total (Dollars in thousands) June 30, 2024 Allowance for Credit Loss on Loans Balance – April 1, 2024 $ 504 $ 249 $ 5,004 $ 467 $ 13 $ 6,237 Charge-offs — — — — ( 5 ) ( 5 ) Recoveries 2 — — — 3 5 (Credit) provision ( 33 ) ( 33 ) ( 315 ) 56 4 ( 321 ) Balance – June 30, 2024 $ 473 $ 216 $ 4,689 $ 523 $ 15 $ 5,916 Balance - January 1, 2024 $ 532 $ 213 $ 5,231 $ 471 $ 16 $ 6,463 Charge-offs — — — — ( 13 ) ( 13 ) Recoveries 5 — — — 5 10 (Credit) provision ( 64 ) 3 ( 542 ) 52 7 ( 544 ) Balance – June 30, 2024 $ 473 $ 216 $ 4,689 $ 523 $ 15 $ 5,916 Ending balance: individually evaluated $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated $ 473 $ 216 $ 4,689 $ 523 $ 15 $ 5,916 Gross Loans Receivable (3) : Ending balance $ 166,075 $ 48,612 $ 312,396 $ 18,578 $ 1,047 $ 546,708 Ending balance: individually evaluated $ 136 $ — $ 1,242 $ — $ — $ 1,378 Ending balance: collectively evaluated $ 165,939 $ 48,612 $ 311,154 $ 18,578 $ 1,047 $ 545,330 (1) There were no one-to four-family construction loans at June 30, 2024. (2) Includes commercial construction loans of $ 14.1 million. (3) Gross Loans Receivable does not include allowance for credit losses of $( 5,916 ) or deferred loan costs of $ 3,545 . Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Real Estate (2) Commercial Consumer Unallocated Total (Dollars in thousands) June 30, 2023 Allowance for Credit Loss on Loans Balance- April 1, 2023 $ 544 $ 261 $ 5,384 $ 519 $ — $ — $ 6,708 Charge-offs — — — — ( 15 ) — ( 15 ) Recoveries — — — 29 1 — 30 (Credit) provision ( 3 ) ( 4 ) 38 ( 28 ) 32 — 35 Balance – June 30, 2023 $ 541 $ 257 $ 5,422 $ 520 $ 18 $ — $ 6,758 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 — — — — ( 32 ) — ( 32 ) Recoveries — — — 29 4 — 33 (Credit) provision ( 71 ) ( 74 ) ( 379 ) ( 90 ) 24 — ( 590 ) Balance – June 30, 2023 $ 541 $ 257 $ 5,422 $ 520 $ 18 $ — $ 6,758 Ending balance: individually $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively $ 541 $ 257 $ 5,422 $ 520 $ 18 $ — $ 6,758 Gross Loans Receivable (3) : Ending balance $ 174,940 $ 50,750 $ 326,987 $ 18,585 $ 1,151 $ — $ 572,413 Ending balance: individually $ 146 $ 14 $ — $ — $ — $ — $ 160 Ending balance: collectively $ 174,794 $ 50,736 $ 326,987 $ 18,585 $ 1,151 $ — $ 572,253 (1) Includes one- to four-family construction loans of $ 3.0 million. (2) Includes commercial construction loans of $ 23.0 million. (3) Gross Loans Receivable does not include allowance for credit losses of $( 6,758 ) or deferred loan costs of $ 3,848 . The following table summarizes the distribution of the allowance for credit losses and loans receivable by loan segment and impairment method as of December 31, 2023: Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Real Estate (2) Commercial Consumer Total (Dollars in thousands) December 31, 2023 Allowance for Credit Losses on Loans Balance – December 31, 2023 $ 532 $ 213 $ 5,231 $ 471 $ 16 $ 6,463 Ending balance: individually $ — $ — $ — $ — $ — $ — Ending balance: collectively $ 532 $ 213 $ 5,231 $ 471 $ 16 $ 6,463 Gross Loans Receivable (3) : Ending Balance $ 172,005 $ 51,869 $ 316,986 $ 16,546 $ 1,130 $ 558,536 Ending balance: individually $ 140 $ — $ 1,242 $ — $ — $ 1,382 Ending balance: collectively $ 171,865 $ 51,869 $ 315,744 $ 16,546 $ 1,130 $ 557,154 (1) Includes one- to four-family construction loans of $ 466,000 . (2) Includes commercial construction loans of $ 16.4 million. (3) Gross Loans Receivable does not include allowance for credit losses of $( 6,463 ) or deferred loan costs of $ 3,755 . |
Schedule of Activity in Allowance for Credit Losses on Unfunded Loan Commitments | For the Six Months Ended June 30, 2024 (Dollars in thousands) Balance at December 31, 2023 $ 487 Provision for Credit Losses ( 129 ) Balance at March 31, 2024 $ 358 Provision for Credit Losses 36 Balance at June 30, 2024 $ 394 For the Six Months Ended June 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 ( 222 ) Balance at June 30, 2023 $ 411 |
Schedule of Non-accrual by Loan Segment | Total Non-accrual Non-accrual with no Allowance for Credit Losses June 30, December 31, June 30, December 31, 2024 2023 2024 2023 (Dollars in thousands) Real Estate Loans: Residential, one- to four-family (1) $ 2,067 $ 1,904 $ 2,067 $ 1,904 Home Equity 678 196 678 196 Commercial Real Estate (2) 1,226 1,242 1,226 1,242 Other Loans: Commercial — — — — Consumer 21 5 21 5 Total loans $ 3,992 $ 3,347 $ 3,992 $ 3,347 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. |
Analysis of Past Due Loans and Non-Accruing Loans | 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 Gross Loans Past Due Past Due Past Due Due Due Receivable (Dollars in thousands) June 30, 2024: Real Estate Loans: Residential, one- to four-family (1) $ 708 $ 444 $ 584 $ 1,736 $ 164,339 $ 166,075 Home equity 478 49 581 1,108 47,504 48,612 Commercial (2) — — 1,242 1,242 311,154 312,396 Other Loans: Commercial — — — — 18,578 18,578 Consumer 51 — 13 64 983 1,047 Total $ 1,237 $ 493 $ 2,420 $ 4,150 $ 542,558 $ 546,708 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Gross Loans Past Due Past Due Past Due Due Due Receivable (Dollars in thousands) December 31, 2023: Real Estate Loans: Residential, one- to four-family (1) $ 1,488 $ 3 $ 276 $ 1,767 $ 170,238 $ 172,005 Home equity 315 583 56 954 50,915 51,869 Commercial (2) — — 1,242 1,242 315,744 316,986 Other Loans: Commercial — — — — 16,546 16,546 Consumer 6 — 1 7 1,123 1,130 Total $ 1,809 $ 586 $ 1,575 $ 3,970 $ 554,566 $ 558,536 (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 June 30, 2024: (Dollars in thousands) Real Estate Loans: Residential, one- to four-family $ 139 $ — $ — $ — $ — $ 139 Home Equity — — — — — — Commercial 200 — 1,026 — — 1,226 Total $ 339 $ — $ 1,026 $ — $ — $ 1,365 December 31, 2023: Real Estate Loans: Residential, one- to four-family $ 143 $ — $ — $ — $ — $ 143 Home Equity — — — — — — Commercial 200 — 1,026 — — 1,226 Total $ 343 $ — $ 1,026 $ — $ — $ 1,369 |
Loans by Credit Quality Indicator by Origination Year | The following table presents loans by credit quality indicator by origination year at June 30, 2024: YTD 2024 2023 2022 2021 2020 Prior Revolving Loans Total (Dollars in thousands) Residential, one-to four-family (1) : Pass $ 2,210 $ 11,992 $ 34,471 $ 28,049 $ 16,833 $ 70,106 $ — $ 163,661 Substandard — — 322 267 89 1,736 — 2,414 Doubtful — — — — — — — — Total $ 2,210 11,992 $ 34,793 $ 28,316 $ 16,922 $ 71,842 $ — $ 166,075 Current period gross charge-offs $ — — $ — $ — $ — $ — $ — $ — Home Equity: Pass $ — $ 3,158 $ 2,718 $ 89 $ 42 $ 685 $ 41,097 47,788 Substandard — — — — — — 824 824 Doubtful — — — — — — — — Total $ — $ 3,158 $ 2,718 $ 89 $ 42 $ 685 $ 41,921 $ 48,612 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate (2) : Pass $ 9,906 $ 16,574 $ 84,597 $ 44,088 $ 39,348 $ 105,822 $ 644 $ 300,979 Special mention — — — — 909 524 — 1,433 Substandard — — — — 1,242 8,742 — 9,984 Doubtful — — — — — — — — Total $ 9,906 $ 16,574 $ 84,597 $ 44,088 $ 41,499 $ 115,088 $ 644 $ 312,396 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Loans: Pass $ 327 $ 1,112 $ 2,196 $ 598 $ 414 $ 2,007 $ 8,268 $ 14,923 Special mention — — — 215 — 151 — 366 Substandard — — — — — 2,333 956 3,289 Doubtful — — — — — — — — Total $ 327 $ 1,112 $ 2,196 $ 813 $ 414 $ 4,491 $ 9,224 $ 18,578 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Loans: Pass $ 170 $ 185 $ 194 $ 49 $ 112 $ 121 $ 196 $ 1,027 Substandard 5 — 2 1 1 — 11 20 Doubtful — — — — — — — — Total $ 175 $ 185 $ 196 $ 50 $ 113 $ 121 $ 207 $ 1,047 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ 13 $ 13 (1) Includes one- to four-family construction loans. (2) Includes commercial construction loans. The following table presents loans by credit quality indicator by origination year at December 31, 2023: 2023 2022 2021 2020 2019 Prior Revolving Loans Total (Dollars in thousands) Residential, one-to four-family (1) : Pass $ 12,203 $ 36,103 $ 29,486 $ 17,975 $ 10,075 $ 63,928 $ — $ 169,770 Substandard — 262 39 92 270 1,572 — 2,235 Doubtful — — — — — — — — Total $ 12,203 $ 36,365 $ 29,525 $ 18,067 $ 10,345 $ 65,500 $ — $ 172,005 Current period gross charge-offs $ — $ — $ 3 $ — $ — $ — $ — $ 3 Home Equity: Pass $ 3,660 $ 3,120 $ 102 $ 47 $ 274 $ 511 $ 43,862 $ 51,576 Substandard — — — — — — 293 293 Doubtful — — — — — — — — Total $ 3,660 $ 3,120 $ 102 $ 47 $ 274 $ 511 $ 44,155 $ 51,869 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Real Estate (2) : Pass $ 15,396 $ 85,587 $ 50,797 $ 42,226 $ 38,694 $ 72,256 $ — $ 304,956 Special mention — — — 984 682 — — 1,666 Substandard — — — 1,242 5,386 3,736 — 10,364 Doubtful — — — — — — — — Total $ 15,396 $ 85,587 $ 50,797 $ 44,452 $ 44,762 $ 75,992 $ — $ 316,986 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Loans: Pass $ 1,243 $ 2,591 $ 732 $ 622 $ 1,901 $ 4,997 $ — $ 12,086 Special mention — — 263 — 764 — — 1,027 Substandard — — — — 3,114 319 — 3,433 Doubtful — — — — — — — — Total $ 1,243 $ 2,591 $ 995 $ 622 $ 5,779 $ 5,316 $ — $ 16,546 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Loans: Pass $ 269 $ 245 $ 79 $ 136 $ 2 $ 210 $ 184 $ 1,125 Substandard — — 2 1 — — 2 5 Doubtful — — — — — — — — Total $ 269 $ 245 $ 81 $ 137 $ 2 $ 210 $ 186 $ 1,130 Current period gross charge-offs $ — $ 8 $ 3 $ 3 $ 4 $ — $ 40 $ 58 (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 $ — 1.50 % Other loans Commercial — — — — — 1,114 5.80 % Total $ $ — $ — $ — $ 4,935 $ 1,114 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 2023 Numerator – net income $ 1,116,000 $ 816,000 Denominator: Basic weighted average shares outstanding 5,885,764 5,846,240 Increase in weighted average shares outstanding due to: Stock options (1) — — Diluted weighted average shares outstanding (1) 5,885,764 5,846,240 Earnings per share: Basic $ 0.19 $ 0.14 Diluted $ 0.19 $ 0.14 Six Months Ended June 30, 2024 2023 Numerator – net income $ 2,130,000 $ 2,500,000 Denominator: Basic weighted average shares outstanding 5,865,744 5,858,356 Increase in weighted average shares outstanding due to: Stock options (1) — — Diluted weighted average shares outstanding (1) 5,865,744 5,858,356 Earnings per share: Basic $ 0.36 $ 0.43 Diluted $ 0.36 $ 0.43 (1) Weighted average stock options to purchase 29,142 shares under the Company's 2006 Stock Option Plan and 17,750 shares under the EIP at $ 14.38 and $ 10.69 , respectively, were outstanding during the three months ended June 30, 2024 . Weighted average stock options to purchase 40,408 shares under the Company’s 2006 Stock Option Plan and 15,135 shares under the EIP at $ 14.38 and $ 10.69 , respectively, were outstanding during the six months ended June 30, 2024 , but were not included in the calculation of diluted earnings per share because to do so would have been anti-dilutive. Weighted average stock options to purchase 58,857 shares under the Company's 2006 Stock Option Plan and 20,000 shares under the EIP at $ 14.38 were outstanding during the three and six months ended June 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) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, December 31, 2024 2023 (Dollars in thousands) Commitments to grant loans $ 6,743 $ 21,045 Unfunded commitments to fund loans and lines of credit 84,126 75,721 Commercial and Standby letters of credit 1,212 1,212 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
2006 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Status of Stock Option Plan | 2024 2023 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 58,857 $ 14.38 Granted — — — — Exercised — — — — Forfeited ( 29,715 ) 14.38 — — Outstanding at end of period 29,142 $ 14.38 2.3 years 58,857 $ 14.38 3.3 years Options exercisable at end of period 29,142 $ 14.38 2.3 years 58,857 $ 14.38 3.3 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 | 2024 2023 Options Exercise Price Intrinsic Value Remaining Contractual Life Options Exercise Price Remaining Contractual Life Outstanding at beginning of year 13,101 $ 14.38 20,000 $ 14.38 Granted 9,306 10.69 — — Exercised — — — — Forfeited ( 2,407 ) 14.38 — — Expired — — Outstanding at end of period 20,000 $ 12.66 $ 17,000 5.8 years 20,000 $ 14.38 3.3 years Options exercisable at end of period 10,694 $ 14.38 — 2.3 years 20,000 $ 14.38 3.3 years Options Exercise Price Fair Value Remaining Contractual Life Fair value of options granted 9,306 $ 10.69 $ 28,000 9.8 years |
Schedule of Unvested Restricted Stock Activity | For the Six Months Weighted Average Grant Price (per Share) For the Six Months Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 17,719 $ 13.94 43,866 $ 15.02 Granted 52,252 10.69 8,282 12.91 Vested ( 10,926 ) 13.64 ( 11,734 ) 15.39 Forfeited — — ( 17,767 ) 14.91 Unvested shares outstanding at end of period 59,045 $ 11.12 22,647 $ 14.14 |
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 April 23, 2024 19,730 100 % on April 23, 2025 $ 10.69 Non-employee directors April 23, 2024 32,522 25 % per year for four years with first vesting on April 23, 2025 $ 10.69 Employees |
2012 Equity Incentive Plan [Member] | Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Awards Granted | Grant Date Number of Stock Option Awards Vesting Exercise Price Awardees April 23, 2024 9,306 20 % per year for five years with first vesting on April 23, 2025 $ 10.69 Non-employee directors |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Assets Measured on Recurring Basis | Fair Value Measurements at June 30, 2024 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 $ 1,842 $ — $ 1,842 $ — Municipal bonds 31,681 — 31,681 — Mortgage-backed securities: Collateralized mortgage obligations-private label 9 — 9 — Collateralized mortgage obligations-government 9,585 — 9,585 — Government National Mortgage Association 53 — 53 — Federal National Mortgage Association 9,575 — 9,575 — Federal Home Loan Mortgage Corporation 4,504 — 4,504 — Asset-backed securities: Private label 29 — 29 — Government sponsored entities 1 — 1 — Total Debt Securities $ 57,279 $ — $ 57,279 $ — Equity securities 30 30 — — Total Securities $ 57,309 $ 30 $ 57,279 $ — Fair Value Measurements at December 31, 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 $ 1,874 $ — $ 1,874 $ — Municipal bonds 33,050 — 33,050 — Mortgage-backed securities: Collateralized mortgage obligations-private label 10 — 10 — Collateralized mortgage obligations-government 10,400 — 10,400 — Government National Mortgage Association 55 — 55 — Federal National Mortgage Association 10,189 — 10,189 — Federal Home Loan Mortgage Corporation 4,813 — 4,813 — Asset-backed securities: Private label 31 — 31 — Government sponsored entities 2 — 2 — Total Debt Securities $ 60,424 $ — $ 60,424 $ — Equity securities 18 18 — — Total Securities $ 60,442 $ 18 $ 60,424 $ — |
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 June 30, 2024 Foreclosed real estate $ 16 $ — $ — $ 16 Mortgage servicing rights 184 — — 184 At December 31, 2023 Foreclosed real estate 34 — — 34 Mortgage servicing rights 191 — — 191 |
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 June 30, 2024 Foreclosed real estate $ 16 Appraisal of collateral (1) Direct Disposal Costs (2) 8.00 % 8.00 % Mortgage servicing rights 184 Discounted Cash Flow Model (3) Servicing Fees 0.25 % 0.25 % Servicing Costs 0.10 % 0.10 % Estimated Life of Loans 5.38 years 5.38 years At December 31, 2023 Foreclosed real estate 34 Appraisal of collateral (1) Direct Disposal Costs (2) 8.00 % 8.00 % Mortgage servicing rights 191 Discounted Cash Flow Model (3) Servicing Fees 0.25 % 0.25 % Servicing Costs 0.09 % 0.09 % Estimated Life of Loans 5.32 years 5.32 years (1) Fair value is generally determined through independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable. (2) The fair value basis of collateral-dependent loans and foreclosed real estate 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. (3) 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. |
Carrying Amount and Estimated Fair Value of Financial Instruments | Fair Value Measurements at June 30, 2024 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 $ 60,987 $ 60,987 $ 60,987 $ — $ — Securities 57,309 57,309 30 57,279 — Federal Home Loan Bank stock 1,742 1,742 — 1,742 — Loans receivable, net 544,337 522,204 — — 522,204 Accrued interest receivable 2,835 2,835 — 2,835 — Bank-owned life insurance 29,790 29,790 — 29,790 — Mortgage servicing rights 184 184 — — 184 Financial liabilities: Deposits 589,395 587,655 — 587,655 — Long-term debt 23,250 22,987 — 22,987 — Accrued interest payable 251 251 — 251 — Fair Value Measurements at December 31, 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 $ 53,730 $ 53,730 $ 53,730 $ — $ — Securities 60,442 60,442 18 60,424 — Federal Home Loan Bank stock 2,293 2,293 — 2,293 — Loans receivable, net 555,828 530,735 — — 530,735 Accrued interest receivable 2,835 2,835 2,835 Bank-owned life insurance 29,355 29,355 — 29,355 — Mortgage servicing rights 191 191 — — 191 Financial liabilities: Deposits 590,924 589,243 — 589,243 — Long-term debt 35,250 34,757 — 34,757 — Accrued interest payable 829 829 — 829 — |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Comprehensive Income (Loss) [Abstract] | |
Tax Effects Allocated to Single Component of Other Comprehensive (Loss) Income | For the Three Months Ended June 30, 2024 For The Three Months Ended June 30, 2023 Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized (losses) arising during the period $ ( 530 ) $ 111 $ ( 419 ) $ ( 1,045 ) $ 219 $ ( 826 ) Less: reclassification adjustment related to: Loss on sale of securities included in net income — — — 49 ( 10 ) 39 Recovery on previously impaired investment securities included in net income ( 3 ) 1 ( 2 ) ( 3 ) - ( 3 ) Total Other Comprehensive (Loss) Income $ ( 533 ) $ 112 $ ( 421 ) $ ( 999 ) $ 209 $ ( 790 ) For the Six Months Ended June 30, 2024 For The Six Months Ended June 30, 2023 Pre-Tax Amount Tax Benefit (Expense) Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized (losses) gains arising during the period $ ( 1,539 ) $ 322 $ ( 1,217 ) $ 542 $ ( 114 ) $ 428 Less: reclassification adjustment related to: Loss on sale of securities included in net income — — — 49 ( 10 ) 39 Recovery on previously impaired investment securities included in net income ( 3 ) 1 ( 2 ) ( 5 ) 1 ( 4 ) Total Other Comprehensive (Loss) Income $ ( 1,542 ) $ $ 323 $ ( 1,219 ) $ 586 $ ( 123 ) $ 463 |
Reclassification Out of Accumulated Other Comprehensive Loss | 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 June 30, on the Consolidated Components 2024 2023 Statements of Income (Dollars in thousands) Net unrealized (gains) losses on securities available for sale: Loss on sale of securities included in net income $ — $ 49 Loss on sale of securities available for sale Recovery on previously impaired investment securities ( 3 ) ( 3 ) Recovery on previously impaired investment securities Provision for income tax expense 1 ( 10 ) Income tax expense Total reclassification for the period $ ( 2 ) $ 36 Net Income Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive Loss Affected Line Item Comprehensive Loss for the six months ended June 30, on the Consolidated Components 2024 2023 Statements of Income (Dollars in thousands) Net unrealized losses on securities available for sale: Loss on sale of securities included in net income $ — $ 49 Loss on sale of securities available for sale Recovery on previously impaired investment securities ( 3 ) $ ( 5 ) Recovery on previously impaired investment securities Provision for income tax expense 1 ( 9 ) Income tax expense Total reclassification for the period $ ( 2 ) $ $ 35 Net Income |
New Accounting Standards (Narra
New Accounting Standards (Narratives) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued interest on loans | $ 2,500,000 | $ 2,500,000 |
Net Investment in Lease, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable |
Accrued interest receivable on available-for-sale debt securities | $ 257,000 | $ 260,000 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) Security shares | Jun. 30, 2023 USD ($) Security | Jun. 30, 2024 USD ($) Security shares | Jun. 30, 2023 USD ($) Security | Dec. 31, 2023 USD ($) Security shares | |
Schedule of Investments [Line Items] | |||||
Realized losses | $ (49,000) | $ (49,000) | |||
Amortization of debt securities | $ 6,000,000 | $ 6,000,000 | |||
Number of securities in unrealized losses less than twelve months category | Security | 0 | 0 | |||
Number of securities in unrealized losses twelve months or more category | Security | 173 | 173 | |||
Number of securities in unrealized losses | Security | 173 | 173 | |||
Fair value in an unrealized loss position | $ 57,155,000 | $ 57,155,000 | $ 60,274,000 | ||
Available for sale securities sold | 0 | 0 | |||
Accrued interest receivable on available-for-sale debt securities | $ 257,000 | $ 257,000 | $ 260,000 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Interest Receivable | Interest Receivable | Interest Receivable | ||
Municipal Bonds [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities sold | Security | 23 | 23 | |||
Fair value in an unrealized loss position | $ 31,681,000 | $ 31,681,000 | $ 33,050,000 | ||
Municipal Bonds [Member] | Securities Pledged As Collateral For Customer Deposits [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment owned balance, positions | Security | 16 | 16 | 16 | ||
Investment owned, at cost | $ 4,900,000 | $ 4,900,000 | $ 4,900,000 | ||
Investment owned, at fair value | 3,500,000 | 3,500,000 | 3,700,000 | ||
Mortgage-backed securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of investment securities sold | Security | 2 | 2 | |||
Fair value in an unrealized loss position | 23,632,000 | 23,632,000 | $ 25,350,000 | ||
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 | $ 0 | $ 1,000 | $ 11,000 | $ 2,000 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 70,723 | $ 72,325 |
Gross Unrealized Gains | 37 | 35 |
Gross Unrealized Losses | (13,451) | (11,918) |
Fair Value | 57,309 | 60,442 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 70,701 | 72,303 |
Gross Unrealized Gains | 29 | 35 |
Gross Unrealized Losses | (13,451) | (11,914) |
Fair Value | 57,279 | 60,424 |
U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,007 | 2,007 |
Gross Unrealized Losses | (165) | (133) |
Fair Value | 1,842 | 1,874 |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 40,746 | 40,774 |
Gross Unrealized Losses | (9,065) | (7,724) |
Fair Value | 31,681 | 33,050 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 10 | 10 |
Gross Unrealized Losses | (1) | |
Fair Value | 9 | 10 |
Collateralized Mortgage Obligations - Government Sponsored Entities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 11,043 | 11,844 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (1,458) | (1,445) |
Fair Value | 9,585 | 10,400 |
Government National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 56 | 57 |
Gross Unrealized Losses | (3) | (2) |
Fair Value | 53 | 55 |
Federal National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 11,356 | 11,872 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (1,781) | (1,684) |
Fair Value | 9,575 | 10,189 |
Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 5,482 | 5,737 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (978) | (926) |
Fair Value | 4,504 | 4,813 |
Asset-Backed Securities - Private label [Member] | ||
Schedule of Investments [Line Items] | ||
Gross Unrealized Gains | 29 | 31 |
Fair Value | 29 | 31 |
Asset-Backed Securities - Government sponsored entities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1 | 2 |
Fair Value | 1 | 2 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 22 | 22 |
Gross Unrealized Gains | 8 | |
Gross Unrealized Losses | (4) | |
Fair Value | $ 30 | $ 18 |
Investment Securities (Investme
Investment Securities (Investment in Debt Securities Gross Unrealized Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | $ 6,570 | |
Less than 12 Months, Gross Unrealized Losses | (1,067) | |
12 Months or More, Fair Value | $ 57,155 | 53,704 |
12 Months or More, Gross Unrealized Losses | (13,451) | (10,847) |
Fair Value | 57,155 | 60,274 |
Gross Unrealized Losses | (13,451) | (11,914) |
U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
12 Months or More, Fair Value | 1,842 | 1,874 |
12 Months or More, Gross Unrealized Losses | (165) | (133) |
Fair Value | 1,842 | 1,874 |
Gross Unrealized Losses | (165) | (133) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 6,513 | |
Less than 12 Months, Gross Unrealized Losses | (1,065) | |
12 Months or More, Fair Value | 31,681 | 26,537 |
12 Months or More, Gross Unrealized Losses | (9,065) | (6,659) |
Fair Value | 31,681 | 33,050 |
Gross Unrealized Losses | (9,065) | (7,724) |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 57 | |
Less than 12 Months, Gross Unrealized Losses | (2) | |
12 Months or More, Fair Value | 23,632 | 25,293 |
12 Months or More, Gross Unrealized Losses | (4,221) | (4,055) |
Fair Value | 23,632 | 25,350 |
Gross Unrealized Losses | $ (4,221) | $ (4,057) |
Investment Securities (Schedule
Investment Securities (Scheduled Contractual Maturities Debt Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
After one year through five years - Amortized Cost | $ 2,102 | |
After five years through ten years - Amortized Cost | 9,900 | |
After ten years - Amortized Cost | 30,751 | |
Amortized Cost | 70,723 | $ 72,325 |
After one year through five years - Fair Value | 1,939 | |
After five years through ten years - Fair Value | 8,525 | |
After ten years - Fair Value | 23,059 | |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 70,701 | $ 72,303 |
Fair Value | 57,279 | |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 27,947 | |
Other securities - Fair Value | 23,726 | |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 1 | |
Other securities - Fair Value | $ 30 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 USD ($) Loan | Jun. 30, 2023 USD ($) Loan | Jun. 30, 2024 USD ($) Loan | Jun. 30, 2023 USD ($) Loan | Dec. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Past Due [Line Items] | ||||||||
Loans pledged as collateral | $ 53,000,000 | $ 55,800,000 | ||||||
Accrued interest receivable | $ 2,835,000 | 2,835,000 | 2,835,000 | |||||
Accrued interest on loans | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | |||||
Net Investment in Lease, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | Accrued interest receivable | |||||
Interest income not recognized on non-accrual loans | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Allowance for credit losses | $ 5,916,000 | $ 6,758,000 | $ 5,916,000 | $ 6,758,000 | $ 6,463,000 | $ 6,237,000 | $ 6,708,000 | $ 7,065,000 |
Number of loans modified, subsequent default | Loan | 0 | 0 | 0 | 0 | ||||
Foreclosed real estate property | $ 16,000 | $ 16,000 | 34,000 | |||||
Mortgage loans in process of foreclosure | 797,000 | 797,000 | 158,000 | |||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | |||||||
Amortized cost basis of loans, experiencing financial difficulty and modified | 0 | 0 | ||||||
Collateral-Dependent [Member] | ||||||||
Financing Receivable, Past Due [Line Items] | ||||||||
Allowance for credit losses | $ 0 | $ 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 | $ 523,000 | $ 520,000 | $ 523,000 | $ 520,000 | $ 471,000 | $ 467,000 | $ 519,000 | $ 509,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Schedule of Loan by Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | $ 546,708 | $ 558,536 | ||||
Net deferred loan costs | 3,545 | 3,755 | ||||
Allowance for credit losses on loans | (5,916) | $ (6,237) | (6,463) | $ (6,758) | $ (6,708) | $ (7,065) |
Loans receivable, net | 544,337 | 555,828 | ||||
Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 527,083 | 540,860 | ||||
Real Estate Loans: One-to-Four Family [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 166,075 | 172,005 | ||||
Real Estate Loans: Home Equity [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 48,612 | 51,869 | ||||
Allowance for credit losses on loans | (216) | (249) | (213) | (257) | (261) | (217) |
Real Estate Loans: Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 312,396 | 316,986 | ||||
Allowance for credit losses on loans | (4,689) | (5,004) | (5,231) | (5,422) | (5,384) | (5,746) |
Other Loans: Commercial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 18,578 | 16,546 | ||||
Allowance for credit losses on loans | (523) | (467) | (471) | (520) | $ (519) | (509) |
Other Loans: Consumer [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 1,047 | 1,130 | ||||
Allowance for credit losses on loans | $ (15) | $ (13) | $ (16) | $ (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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | $ 6,237,000 | $ 6,708,000 | $ 6,463,000 | $ 7,065,000 | |
Charge-offs | (5,000) | (15,000) | (13,000) | (32,000) | |
Recoveries | 5,000 | 30,000 | 10,000 | 33,000 | |
(Credit) provision | (321,000) | 35,000 | (544,000) | (590,000) | |
Balance, ending | 5,916,000 | 6,758,000 | 5,916,000 | 6,758,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated | 5,916,000 | 6,758,000 | 5,916,000 | 6,758,000 | $ 6,463,000 |
Ending balance: Gross Loans Receivable | 546,708,000 | 572,413,000 | 546,708,000 | 572,413,000 | 558,536,000 |
Gross Loans Receivable: Ending balance: individually evaluated | 1,378,000 | 160,000 | 1,378,000 | 160,000 | 1,382,000 |
Gross Loans Receivable: Ending balance: collectively evaluated | 545,330,000 | 572,253,000 | 545,330,000 | 572,253,000 | 557,154,000 |
Loans Receivable | 546,708,000 | 546,708,000 | 558,536,000 | ||
Allowance for credit losses on loans | (5,916,000) | (6,758,000) | (5,916,000) | (6,758,000) | (6,463,000) |
Deferred loan costs | 3,545,000 | 3,848,000 | 3,545,000 | $ 3,848,000 | 3,755,000 |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | $ 282,000 | ||||
Allowance for credit losses on loans | |||||
Real Estate Loans: One-to Four-Family [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 504,000 | 544,000 | 532,000 | 411,000 | |
Recoveries | 2,000 | 5,000 | |||
(Credit) provision | (33,000) | (3,000) | (64,000) | (71,000) | |
Balance, ending | 473,000 | 541,000 | 473,000 | 541,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated | 473,000 | 541,000 | 473,000 | 541,000 | 532,000 |
Ending balance: Gross Loans Receivable | 166,075,000 | 174,940,000 | 166,075,000 | 174,940,000 | 172,005,000 |
Gross Loans Receivable: Ending balance: individually evaluated | 136,000 | 146,000 | 136,000 | 146,000 | 140,000 |
Gross Loans Receivable: Ending balance: collectively evaluated | 165,939,000 | 174,794,000 | 165,939,000 | 174,794,000 | 171,865,000 |
Allowance for credit losses on loans | (473,000) | (541,000) | (473,000) | (541,000) | (532,000) |
Real Estate Loans: One-to Four-Family [Member] | Construction Loans [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Loans Receivable | 0 | 3,000,000 | 0 | 3,000,000 | 466,000 |
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 | ||||
Allowance for credit losses on loans | |||||
Real Estate Loans: Home Equity [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 249,000 | 261,000 | 213,000 | 217,000 | |
(Credit) provision | (33,000) | (4,000) | 3,000 | (74,000) | |
Balance, ending | 216,000 | 257,000 | 216,000 | 257,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated | 216,000 | 257,000 | 216,000 | 257,000 | 213,000 |
Ending balance: Gross Loans Receivable | 48,612,000 | 50,750,000 | 48,612,000 | 50,750,000 | 51,869,000 |
Gross Loans Receivable: Ending balance: individually evaluated | 14,000 | 14,000 | |||
Gross Loans Receivable: Ending balance: collectively evaluated | 48,612,000 | 50,736,000 | 48,612,000 | 50,736,000 | 51,869,000 |
Loans Receivable | 48,612,000 | 48,612,000 | 51,869,000 | ||
Allowance for credit losses on loans | (216,000) | (257,000) | (216,000) | (257,000) | (213,000) |
Real Estate Loans: Home Equity [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 114,000 | ||||
Allowance for credit losses on loans | |||||
Real Estate Loans: Commercial [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 5,004,000 | 5,384,000 | 5,231,000 | 5,746,000 | |
(Credit) provision | (315,000) | 38,000 | (542,000) | (379,000) | |
Balance, ending | 4,689,000 | 5,422,000 | 4,689,000 | 5,422,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated | 4,689,000 | 5,422,000 | 4,689,000 | 5,422,000 | 5,231,000 |
Ending balance: Gross Loans Receivable | 312,396,000 | 326,987,000 | 312,396,000 | 326,987,000 | 316,986,000 |
Gross Loans Receivable: Ending balance: individually evaluated | 1,242,000 | 1,242,000 | 1,242,000 | ||
Gross Loans Receivable: Ending balance: collectively evaluated | 311,154,000 | 326,987,000 | 311,154,000 | 326,987,000 | 315,744,000 |
Loans Receivable | 312,396,000 | 312,396,000 | 316,986,000 | ||
Allowance for credit losses on loans | (4,689,000) | (5,422,000) | (4,689,000) | (5,422,000) | (5,231,000) |
Real Estate Loans: Commercial [Member] | Construction Loans [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | (6,463,000) | ||||
Balance, ending | 5,916,000 | (6,758,000) | 5,916,000 | (6,758,000) | |
Loans Receivable | 14,100,000 | 23,000,000 | 14,100,000 | 23,000,000 | 16,400,000 |
Allowance for credit losses on loans | (5,916,000) | 6,758,000 | (5,916,000) | 6,758,000 | 6,463,000 |
Real Estate Loans: Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 55,000 | ||||
Allowance for credit losses on loans | |||||
Other Loans: Commercial [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 467,000 | 519,000 | 471,000 | 509,000 | |
Recoveries | 29,000 | 29,000 | |||
(Credit) provision | 56,000 | (28,000) | 52,000 | (90,000) | |
Balance, ending | 523,000 | 520,000 | 523,000 | 520,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated | 523,000 | 520,000 | 523,000 | 520,000 | 471,000 |
Ending balance: Gross Loans Receivable | 18,578,000 | 18,585,000 | 18,578,000 | 18,585,000 | 16,546,000 |
Gross Loans Receivable: Ending balance: collectively evaluated | 18,578,000 | 18,585,000 | 18,578,000 | 18,585,000 | 16,546,000 |
Loans Receivable | 18,578,000 | 18,578,000 | 16,546,000 | ||
Allowance for credit losses on loans | (523,000) | (520,000) | (523,000) | (520,000) | (471,000) |
Other Loans: Commercial [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 72,000 | ||||
Allowance for credit losses on loans | |||||
Other Loans: Consumer [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 13,000 | 16,000 | 47,000 | ||
Charge-offs | (5,000) | (15,000) | (13,000) | (32,000) | |
Recoveries | 3,000 | 1,000 | 5,000 | 4,000 | |
(Credit) provision | 4,000 | 32,000 | 7,000 | 24,000 | |
Balance, ending | 15,000 | 18,000 | 15,000 | 18,000 | |
Allowance for Credit Loss: Ending balance: collectively evaluated | 15,000 | 18,000 | 15,000 | 18,000 | 16,000 |
Ending balance: Gross Loans Receivable | 1,047,000 | 1,151,000 | 1,047,000 | 1,151,000 | 1,130,000 |
Gross Loans Receivable: Ending balance: collectively evaluated | 1,047,000 | 1,151,000 | 1,047,000 | 1,151,000 | 1,130,000 |
Loans Receivable | 1,047,000 | 1,047,000 | 1,130,000 | ||
Allowance for credit losses on loans | $ (15,000) | $ (18,000) | $ (15,000) | (18,000) | $ (16,000) |
Other Loans: Consumer [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | (25,000) | ||||
Allowance for credit losses on loans | |||||
Other Loans: Unallocated [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | 135,000 | ||||
Allowance for credit losses on loans | |||||
Other Loans: Unallocated [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Allowance for Loan Losses [Line Items] | |||||
Balance, beginning | $ (135,000) | ||||
Allowance for credit losses on loans |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Schedule of Activity in Allowance for Credit Losses on Unfunded Loan Commitments) (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Allowance for Loan Losses [Line Items] | ||||
Beginning Balance | $ 487,000 | |||
Ending Balance | $ 394,000 | |||
Unfunded Loan Commitment [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Beginning Balance | 358,000 | 487,000 | $ 633,000 | |
Impact of CECL Adoption | $ 633,000 | |||
Provision for Credit Losses | 36,000 | (129,000) | (222,000) | |
Ending Balance | $ 394,000 | $ 358,000 | $ 411,000 | $ 633,000 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Schedule of Non-accrual by Loan Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | $ 3,992 | $ 3,347 |
Non-accrual with no Allowance for Credit Losses | 3,992 | 3,347 |
Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | 2,067 | 1,904 |
Non-accrual with no Allowance for Credit Losses | 2,067 | 1,904 |
Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | 678 | 196 |
Non-accrual with no Allowance for Credit Losses | 678 | 196 |
Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | 1,226 | 1,242 |
Non-accrual with no Allowance for Credit Losses | 1,226 | 1,242 |
Other Loans: Consumer [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total Non-accrual | 21 | 5 |
Non-accrual with no Allowance for Credit Losses | $ 21 | $ 5 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Analysis of Past Due Loans and Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | $ 546,708 | $ 558,536 |
Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 166,075 | 172,005 |
Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 48,612 | 51,869 |
Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 312,396 | 316,986 |
Other Loans: Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 18,578 | 16,546 |
Other Loans: Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 1,047 | 1,130 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 1,237 | 1,809 |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 708 | 1,488 |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 478 | 315 |
Financial Asset, 30 to 59 Days Past Due [Member] | Other Loans: Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 51 | 6 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 493 | 586 |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 444 | 3 |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 49 | 583 |
Financial Asset, 90 Days or More Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 2,420 | 1,575 |
Financial Asset, 90 Days or More Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 584 | 276 |
Financial Asset, 90 Days or More Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 581 | 56 |
Financial Asset, 90 Days or More Past Due [Member] | Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 1,242 | 1,242 |
Financial Asset, 90 Days or More Past Due [Member] | Other Loans: Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 13 | 1 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 4,150 | 3,970 |
Financial Asset, Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 1,736 | 1,767 |
Financial Asset, Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 1,108 | 954 |
Financial Asset, Past Due [Member] | Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 1,242 | 1,242 |
Financial Asset, Past Due [Member] | Other Loans: Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 64 | 7 |
Financial Asset, Current Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 542,558 | 554,566 |
Financial Asset, Current Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 164,339 | 170,238 |
Financial Asset, Current Due [Member] | Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 47,504 | 50,915 |
Financial Asset, Current Due [Member] | Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 311,154 | 315,744 |
Financial Asset, Current Due [Member] | Other Loans: Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | 18,578 | 16,546 |
Financial Asset, Current Due [Member] | Other Loans: Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Gross Loans Receivable | $ 983 | $ 1,123 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Schedule of Amortized Cost of Collateral-Dependent Loans by Loan Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | $ 546,708 | $ 558,536 |
Residential Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 339 | 343 |
Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 1,026 | 1,026 |
Collateral-Dependent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 1,365 | 1,369 |
Real Estate Loans: One-to-Four Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 166,075 | 172,005 |
Real Estate Loans: One-to-Four Family [Member] | Residential Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 139 | 143 |
Real Estate Loans: One-to-Four Family [Member] | Collateral-Dependent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 139 | 143 |
Real Estate Loans: Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 48,612 | 51,869 |
Real Estate Loans: Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 312,396 | 316,986 |
Real Estate Loans: Commercial [Member] | Residential Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 200 | 200 |
Real Estate Loans: Commercial [Member] | Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | 1,026 | 1,026 |
Real Estate Loans: Commercial [Member] | Collateral-Dependent [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable | $ 1,226 | $ 1,226 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Loans by Credit Quality Indicator by Origination Year) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 546,708 | $ 558,536 |
Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 2,210 | 12,203 |
Originated in one year before latest fiscal year | 11,992 | 36,365 |
Originated in two years before latest fiscal year | 34,793 | 29,525 |
Originated in three years before latest fiscal year | 28,316 | 18,067 |
Originated in four years before latest fiscal year | 16,922 | 10,345 |
Prior | 71,842 | 65,500 |
Total Loans | 166,075 | 172,005 |
Current period gross charge-offs, 2021 | 3 | |
Current period gross charge-offs, Total | 3 | |
Real Estate Loans: One-to-Four Family [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 2,210 | 12,203 |
Originated in one year before latest fiscal year | 11,992 | 36,103 |
Originated in two years before latest fiscal year | 34,471 | 29,486 |
Originated in three years before latest fiscal year | 28,049 | 17,975 |
Originated in four years before latest fiscal year | 16,833 | 10,075 |
Prior | 70,106 | 63,928 |
Total Loans | 163,661 | 169,770 |
Real Estate Loans: One-to-Four Family [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in one year before latest fiscal year | 262 | |
Originated in two years before latest fiscal year | 322 | 39 |
Originated in three years before latest fiscal year | 267 | 92 |
Originated in four years before latest fiscal year | 89 | 270 |
Prior | 1,736 | 1,572 |
Total Loans | 2,414 | 2,235 |
Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 3,660 | |
Originated in one year before latest fiscal year | 3,158 | 3,120 |
Originated in two years before latest fiscal year | 2,718 | 102 |
Originated in three years before latest fiscal year | 89 | 47 |
Originated in four years before latest fiscal year | 42 | 274 |
Prior | 685 | 511 |
Revolving Loans | 41,921 | 44,155 |
Total Loans | 48,612 | 51,869 |
Real Estate Loans: Home Equity [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 3,660 | |
Originated in one year before latest fiscal year | 3,158 | 3,120 |
Originated in two years before latest fiscal year | 2,718 | 102 |
Originated in three years before latest fiscal year | 89 | 47 |
Originated in four years before latest fiscal year | 42 | 274 |
Prior | 685 | 511 |
Revolving Loans | 41,097 | 43,862 |
Total Loans | 47,788 | 51,576 |
Real Estate Loans: Home Equity [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Revolving Loans | 824 | 293 |
Total Loans | 824 | 293 |
Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 9,906 | 15,396 |
Originated in one year before latest fiscal year | 16,574 | 85,587 |
Originated in two years before latest fiscal year | 84,597 | 50,797 |
Originated in three years before latest fiscal year | 44,088 | 44,452 |
Originated in four years before latest fiscal year | 41,499 | 44,762 |
Prior | 115,088 | 75,992 |
Revolving Loans | 644 | |
Total Loans | 312,396 | 316,986 |
Real Estate Loans: Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 9,906 | 15,396 |
Originated in one year before latest fiscal year | 16,574 | 85,587 |
Originated in two years before latest fiscal year | 84,597 | 50,797 |
Originated in three years before latest fiscal year | 44,088 | 42,226 |
Originated in four years before latest fiscal year | 39,348 | 38,694 |
Prior | 105,822 | 72,256 |
Revolving Loans | 644 | |
Total Loans | 300,979 | 304,956 |
Real Estate Loans: Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in three years before latest fiscal year | 984 | |
Originated in four years before latest fiscal year | 909 | 682 |
Prior | 524 | |
Total Loans | 1,433 | 1,666 |
Real Estate Loans: Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in three years before latest fiscal year | 1,242 | |
Originated in four years before latest fiscal year | 1,242 | 5,386 |
Prior | 8,742 | 3,736 |
Total Loans | 9,984 | 10,364 |
Other Loans: Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 327 | 1,243 |
Originated in one year before latest fiscal year | 1,112 | 2,591 |
Originated in two years before latest fiscal year | 2,196 | 995 |
Originated in three years before latest fiscal year | 813 | 622 |
Originated in four years before latest fiscal year | 414 | 5,779 |
Prior | 4,491 | 5,316 |
Revolving Loans | 9,224 | |
Total Loans | 18,578 | 16,546 |
Other Loans: Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 327 | 1,243 |
Originated in one year before latest fiscal year | 1,112 | 2,591 |
Originated in two years before latest fiscal year | 2,196 | 732 |
Originated in three years before latest fiscal year | 598 | 622 |
Originated in four years before latest fiscal year | 414 | 1,901 |
Prior | 2,007 | 4,997 |
Revolving Loans | 8,268 | |
Total Loans | 14,923 | 12,086 |
Other Loans: Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in two years before latest fiscal year | 263 | |
Originated in three years before latest fiscal year | 215 | |
Originated in four years before latest fiscal year | 764 | |
Prior | 151 | |
Total Loans | 366 | 1,027 |
Other Loans: Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in four years before latest fiscal year | 3,114 | |
Prior | 2,333 | 319 |
Revolving Loans | 956 | |
Total Loans | 3,289 | 3,433 |
Other Loans: Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 175 | 269 |
Originated in one year before latest fiscal year | 185 | 245 |
Originated in two years before latest fiscal year | 196 | 81 |
Originated in three years before latest fiscal year | 50 | 137 |
Originated in four years before latest fiscal year | 113 | 2 |
Prior | 121 | 210 |
Revolving Loans | 207 | 186 |
Total Loans | 1,047 | 1,130 |
Current period gross charge-offs, 2022 | 8 | |
Current period gross charge-offs, 2021 | 3 | |
Current period gross charge-offs, 2020 | 3 | |
Current period gross charge-offs, 2019 | 4 | |
Current period gross charge-offs, Revolving Loans | 13 | 40 |
Current period gross charge-offs, Total | 13 | 58 |
Other Loans: Consumer [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 170 | 269 |
Originated in one year before latest fiscal year | 185 | 245 |
Originated in two years before latest fiscal year | 194 | 79 |
Originated in three years before latest fiscal year | 49 | 136 |
Originated in four years before latest fiscal year | 112 | 2 |
Prior | 121 | 210 |
Revolving Loans | 196 | 184 |
Total Loans | 1,027 | 1,125 |
Other Loans: Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current year | 5 | |
Originated in two years before latest fiscal year | 2 | 2 |
Originated in three years before latest fiscal year | 1 | 1 |
Originated in four years before latest fiscal year | 1 | |
Revolving Loans | 11 | 2 |
Total Loans | $ 20 | $ 5 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Summary of Loans Classified as TDRs) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized cost basis of loans, experiencing financial difficulty and modified | $ 0 | $ 0 | |
Add Co-Borrower/Guarantor [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amortized cost basis of loans, experiencing financial difficulty and modified | $ 4,935,000 | ||
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 | $ 1,114,000 | ||
Real Estate Loans: Commercial [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Percentage of Total Class of Financing Receivable | 1.50% | ||
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 | $ 4,935,000 | ||
Other Loans: Commercial [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Percentage of Total Class of Financing Receivable | 5.80% | ||
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 | $ 1,114,000 |
Earnings Per Share (Calculated
Earnings Per Share (Calculated Basic and Diluted Earnings Per Share) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Numerator- net income | $ 1,116,000 | $ 1,014,000 | $ 816,000 | $ 1,684,000 | $ 2,130,000 | $ 2,500,000 |
Denominator: Basic weighted average shares outstanding | 5,885,764 | 5,846,240 | 5,865,744 | 5,858,356 | ||
Diluted weighted average shares outstanding | 5,885,764 | 5,846,240 | 5,865,744 | 5,858,356 | ||
Earnings per share: Basic | $ 0.19 | $ 0.14 | $ 0.36 | $ 0.43 | ||
Earnings per share: Diluted | $ 0.19 | $ 0.14 | $ 0.36 | $ 0.43 | ||
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 | 29,142 | 58,857 | 40,408 | 58,857 | ||
Stock options outstanding weighted average exercise price | $ 14.38 | $ 14.38 | ||||
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 | 17,750 | 20,000 | 15,135 | 20,000 | ||
Stock options outstanding weighted average exercise price | $ 10.69 | $ 14.38 | $ 10.69 | $ 14.38 |
Commitments to Extend Credit (D
Commitments to Extend Credit (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Other Commitments [Line Items] | ||
Off-balance sheet allowance for credit loss | $ 394,000 | $ 487,000 |
Commitments to Grant Loans [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | 6,743,000 | 21,045,000 |
Unfunded Commitments to Fund Loans and Lines of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | 84,126,000 | 75,721,000 |
Commercial and Standby Letters of Credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | $ 1,212,000 | $ 1,212,000 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Apr. 24, 2024 shares | Jun. 30, 2024 USD ($) Item shares | Mar. 31, 2024 shares | Jun. 30, 2023 USD ($) shares | Mar. 31, 2023 shares | Jun. 30, 2024 USD ($) Item shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2006 USD ($) $ / shares shares | Dec. 31, 2023 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 | $ | $ 46,000 | $ 44,000 | ||||||||
ESOP, shares earned | 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 payment award expiration date | Apr. 24, 2024 | |||||||||
Share-based compensation number of stock shares vested | 10,926 | 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 | $ | $ 1,300,000 | $ 1,300,000 | $ 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 | $ | $ 1,100,000 | $ 1,100,000 | ||||||||
ESOP, number of allocated shares | 69,071 | 69,071 | 74,895 | |||||||
ESOP, number of unallocated shares | 95,219 | 95,219 | 103,153 | |||||||
ESOP compensation expense | $ | $ 23,000 | $ 22,000 | $ 46,000 | $ 44,000 | ||||||
ESOP, shares earned | 1,984 | 1,984 | 3,968 | 3,968 | ||||||
Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation cost | $ | $ 65,000 | $ 31,000 | $ 80,000 | $ (18,000) | ||||||
Share-based compensation number of stock shares vested | 120,946 | |||||||||
Stock awards available for grant, shares | 0 | 0 | ||||||||
Unrecognized compensation cost, recognition period | 31 months | |||||||||
Unrecognized compensation cost related to awards | $ | $ 540,000 | $ 540,000 | ||||||||
Employee Stock Option | 2012 Equity Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation cost | $ | 1,000 | 0 | $ 1,000 | 0 | ||||||
Share-based payment award expiration date | Apr. 24, 2024 | |||||||||
Stock awards available for grant, shares | 0 | |||||||||
Unrecognized compensation cost, recognition period | 57 months | |||||||||
Unrecognized compensation cost related to awards | $ | 27,000 | $ 27,000 | ||||||||
Non-Interest Expense Section [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation expense | $ | $ 88,000 | $ 53,000 | $ 126,000 | $ 26,000 | ||||||
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] | Employee Stock Option | 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) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
2006 Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year | 58,857 | 58,857 |
Forfeited | (29,715) | |
Outstanding at end of period | 29,142 | 58,857 |
Options exercisable at end of period | 29,142 | 58,857 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Forfeited, Weighted Average Exercise Price | 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 | 2 years 3 months 18 days | 3 years 3 months 18 days |
Options Exercisable at end of period, Remaining Contractual Life | 2 years 3 months 18 days | 3 years 3 months 18 days |
2012 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year | 13,101 | 20,000 |
Granted | 9,306 | |
Forfeited | (2,407) | |
Outstanding at end of period | 20,000 | 20,000 |
Options exercisable at end of period | 10,694 | 20,000 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Granted, Weighted Average Exercise Price | 10.69 | |
Forfeited, Weighted Average Exercise Price | 14.38 | |
Outstanding at end of period, Weighted Average Exercise Price | 12.66 | 14.38 |
Options exercisable at end of period, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Options Outstanding, Intrinsic Value | $ 17,000 | |
Options Outstanding at end of period, Remaining Contractual Life | 5 years 9 months 18 days | 3 years 3 months 18 days |
Options Exercisable at end of period, Remaining Contractual Life | 2 years 3 months 18 days | 3 years 3 months 18 days |
Granted, Fair Value | 9,306 | |
Granted, Fair Value of Options Weighted Average Excerise Price | $ 10.69 | |
Granted, Fair Value of Options | $ 28,000 | |
Granted, Fair Value of Options Remaining Contractual Life | 9 years 9 months 18 days |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Unvested Restricted Stock Activity) (Details) - 2012 Equity Incentive Plan [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested shares outstanding at beginning of year | 17,719 | 43,866 |
Granted | 52,252 | 8,282 |
Vested | (10,926) | (11,734) |
Forfeited | (17,767) | |
Unvested shares outstanding at end of period | 59,045 | 22,647 |
Unvested shares outstanding at beginning of year, Weighted Average Grant Price | $ 13.94 | $ 15.02 |
Granted, Weighted Average Grant Price | 10.69 | 12.91 |
Vested, Weighted Average Grant Price | 13.64 | 15.39 |
Forfeited, Weighted average Grant Price | 14.91 | |
Unvested shares outstanding at end of period, Weighted Average Grant Price | $ 11.12 | $ 14.14 |
Stock-based Compensation (Sch_2
Stock-based Compensation (Schedule of Awards Granted ) (Details) - 2012 Equity Incentive Plan [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair Value per Share of Award on Grant Date | $ 10.69 | $ 12.91 |
Restricted Stock [Member] | April 23, 2024 [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Stock Awards | 19,730 | |
Percentage of Awards Vesting | 100% | |
Fair Value per Share of Award on Grant Date | $ 10.69 | |
Restricted Stock [Member] | April 23, 2024 [Member] | Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Stock Awards | 32,522 | |
Percentage of Awards Vesting | 25% | |
Vesting period | 4 years | |
Fair Value per Share of Award on Grant Date | $ 10.69 | |
Employee Stock Option | April 23, 2024 [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Stock Awards | 9,306 | |
Percentage of Awards Vesting | 20% | |
Vesting period | 5 years | |
Fair Value per Share of Award on Grant Date | $ 10.69 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Repossessed assets | $ 0 | $ 0 | ||||
Mortgage servicing rights | 184,000 | 191,000 | ||||
Allowance for credit losses | 5,916,000 | $ 6,237,000 | 6,463,000 | $ 6,758,000 | $ 6,708,000 | $ 7,065,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Foreclosed real estate | 16,000 | 34,000 | ||||
Collateral Dependent Loans [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Allowance for credit losses | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | $ 57,309 | $ 60,442 |
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 | 30 | 18 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,279 | 60,424 |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,279 | 60,424 |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1,842 | 1,874 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 31,681 | 33,050 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 9 | 10 |
Collateralized Mortgage Obligations - Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 9,585 | 10,400 |
Asset-Backed Securities - Private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 29 | 31 |
Asset-Backed Securities - Government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1 | 2 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 30 | 18 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,309 | 60,442 |
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 | 30 | 18 |
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 | 57,279 | 60,424 |
Fair Value, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 57,279 | 60,424 |
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 | 57,279 | 60,424 |
Fair Value, Recurring [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1,842 | 1,874 |
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 | 1,842 | 1,874 |
Fair Value, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 31,681 | 33,050 |
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 | 31,681 | 33,050 |
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 | 10 |
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 | 10 |
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 | 9,585 | 10,400 |
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 | 9,585 | 10,400 |
Fair Value, Recurring [Member] | Government National Mortgage Association [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 53 | 55 |
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 | 55 |
Fair Value, Recurring [Member] | Federal National Mortgage Association [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 9,575 | 10,189 |
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 | 9,575 | 10,189 |
Fair Value, Recurring [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 4,504 | 4,813 |
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 | 4,504 | 4,813 |
Fair Value, Recurring [Member] | Asset-Backed Securities - Private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 29 | 31 |
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 | 29 | 31 |
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 | 1 | 2 |
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 | 1 | 2 |
Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 30 | 18 |
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 | $ 30 | $ 18 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Foreclosed real estate | $ 16,000 | $ 34,000 |
Fair Value, Nonrecurring [Member] | Foreclosed Real Estate [Member] | ||
Fair Value Estimate | 16,000 | 34,000 |
Fair Value, Nonrecurring [Member] | Foreclosed Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Estimate | 16,000 | 34,000 |
Fair Value, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Estimate | 184,000 | 191,000 |
Fair Value, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Estimate | $ 184,000 | $ 191,000 |
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 | Jun. 30, 2024 USD ($) Items | Dec. 31, 2023 USD ($) Items |
Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | $ 184 | $ 191 |
Mortgage Servicing Rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | 184 | 191 |
Foreclosed Real Estate [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | 16 | 34 |
Foreclosed Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Estimate | $ | $ 16 | $ 34 |
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 | 0.001 | 0.0009 |
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 | 0.001 | 0.0009 |
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 4 months 17 days | 5 years 3 months 25 days |
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 4 months 17 days | 5 years 3 months 25 days |
Valuation Technique, Appraisal of Collateral [Member] | Foreclosed Real Estate [Member] | Measurement Input, Direct Disposal Costs [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value measurement unobservable inputs | 0.08 | 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 | 0.08 | 0.08 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Carrying Amount and Estimated Fair Value of Financial Instruments) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Cash and cash equivalents | $ 60,987,000 | $ 53,730,000 |
Financial assets: Securities | 57,309,000 | 60,442,000 |
Financial assets: Federal Home Loan Bank stock | 1,742,000 | 2,293,000 |
Financial assets: Loans receivable, net | 522,204,000 | 530,735,000 |
Financial assets: Accrued interest receivable | 2,835,000 | 2,835,000 |
Financial assests: Bank owned life insurance | 29,790,000 | 29,355,000 |
Financial assets: Mortgage Servicing Rights | 184,000 | 191,000 |
Financial liabilities: Deposits | 587,655,000 | 589,243,000 |
Financial liabilities: Long-term debt | 22,987,000 | 34,757,000 |
Financial liabilities: Accrued interest payable | 251,000 | 829,000 |
Financial assets: Cash and cash equivalents, Carrying Amount | 60,987,000 | 53,730,000 |
Financial assets: Federal Home Loan Bank stock, Carrying Amount | 1,742,000 | 2,293,000 |
Financial assets: Loans receivable, net, Carrying Amount | 544,337,000 | 555,828,000 |
Financial assets: Accrued interest receivable, Carrying Amount | 2,835,000 | 2,835,000 |
Financial assets:Bank-owned life insurance, Carrying Amount | 29,790,000 | 29,355,000 |
Financial assets: Mortgage Servicing Rights, Carrying Amount | 184,000 | 191,000 |
Financial liabilities: Deposits, Carrying Amount | 589,395,000 | 590,924,000 |
Financial liabilities: Long-term debt, Carrying Amount | 23,250,000 | 35,250,000 |
Financial liabilities: Accrued interest payable, Carrying Amount | 251,000 | 829,000 |
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 | 60,987,000 | 53,730,000 |
Financial assets: Securities | 30,000 | 18,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Securities | 57,279,000 | 60,424,000 |
Financial assets: Federal Home Loan Bank stock | 1,742,000 | 2,293,000 |
Financial assets: Accrued interest receivable | 2,835,000 | 2,835,000 |
Financial assests: Bank owned life insurance | 29,790,000 | 29,355,000 |
Financial liabilities: Deposits | 587,655,000 | 589,243,000 |
Financial liabilities: Long-term debt | 22,987,000 | 34,757,000 |
Financial liabilities: Accrued interest payable | 251,000 | 829,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Loans receivable, net | 522,204,000 | 530,735,000 |
Financial assets: Mortgage Servicing Rights | $ 184,000 | $ 191,000 |
Treasury Stock (Details)
Treasury Stock (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares of common stock repurchased at average cost | 1,504 | 4,764 | ||||
Common Stock Repurchase Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares of common stock repurchased at average cost | 0 | 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 | 1,504 | 4,764 | ||||
Repurchased shares of common stock average cost per share | $ 11.62 | $ 11.63 | ||||
Treasury stock transferred to fund awards granted | 52,252 | 8,282 | ||||
Treasury stock transferred, average cost per share | $ 10.69 | $ 9.39 | ||||
2012 Equity Incentive Plan [Member] | Stock Forfeitures [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock transferred to fund awards granted | 17,767 | |||||
Treasury stock transferred, average cost per share | $ 9.39 |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income (Tax Effects Allocated to Single Component of Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Comprehensive Income (Loss) [Abstract] | ||||||
Net unrealized (losses) gains on securities available for sale arising during the period, before tax | $ (530) | $ (1,045) | $ (1,539) | $ 542 | ||
Less: reclassification adjustments related to: Loss on sale of securities included in net income, before tax | 49 | 49 | ||||
Less: reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, before tax | (3) | (3) | (3) | (5) | ||
Total Other Comprehensive (Loss) Income, before tax | (533) | (999) | (1,542) | 586 | ||
Net unrealized (losses) gain on securities available for sale arising during the year, tax benefit (expense) | 111 | 219 | 322 | (114) | ||
Less: reclassification adjustments related to: Loss on sale of securities included in net income, tax benefit (expense) | (10) | (10) | ||||
Less: reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, tax benefit (expense) | 1 | 1 | 1 | |||
Total Other Comprehensive (Loss) Income, tax benefit (expense) | 112 | $ 211 | 209 | $ (333) | 323 | (123) |
Net unrealized (losses) gain on securities available for sale arising during the year, net of tax | (419) | (826) | (1,217) | 428 | ||
Reclassification adjustments related to: Loss on sale of securities included in net income, net of tax expense | 39 | 39 | ||||
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income of subsidiary, net of tax expense | (2) | (3) | (2) | (4) | ||
Total Other Comprehensive (Loss) Income | $ (421) | $ (798) | $ (790) | $ 1,253 | $ (1,219) | $ 463 |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income (Reclassification Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Loss on sale of securities included in net income | $ 49,000 | $ 49,000 | ||||
Recovery on previously impaired investment securities | $ 3,000 | 3,000 | $ 3,000 | 5,000 | ||
Provision for income tax expense | (216,000) | (237,000) | (399,000) | (506,000) | ||
Net Income (Loss) | 1,116,000 | $ 1,014,000 | 816,000 | $ 1,684,000 | 2,130,000 | 2,500,000 |
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 | 49,000 | 49,000 | ||||
Recovery on previously impaired investment securities | (3,000) | (3,000) | (3,000) | (5,000) | ||
Provision for income tax expense | 1,000 | (10,000) | 1,000 | (9,000) | ||
Net Income (Loss) | $ (2,000) | $ 36,000 | $ (2,000) | $ 35,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jul. 08, 2024 | Jun. 30, 2024 | Jun. 30, 2024 | |
Subsequent Event [Line Items] | ||||
Cash dividends declared, value per share | $ 0.18 | $ 0.18 | ||
Common Stock [Member] | Lake Shore Bancorp [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock outstanding | 3,636,875 | 3,636,875 | ||
MHC [Member] | Common Stock [Member] | Lake Shore Bancorp [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock outstanding percentage | 63.40% | 63.40% | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared, value per share | $ 0.18 | |||
Dividends payable, date of declared | Jul. 31, 2024 | |||
Dividends payable, date of paid | Aug. 16, 2024 | |||
Dividends payable, date of record | Aug. 12, 2024 | |||
Subsequent Event [Member] | Federal Reserve Bank Of Philadelphia [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared, value per share | $ 0.18 |