Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001391933 | |
Entity Registrant Name | QUAINT OAK BANCORP INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-52694 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 35-2293957 | |
Entity Address, Address Line One | 501 Knowles Avenue | |
Entity Address, City or Town | Southampton | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18966 | |
City Area Code | 215 | |
Local Phone Number | 364-4059 | |
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 | 2,227,072 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Due from banks, non-interest-bearing | $ 484 | $ 421 |
Due from banks, interest-bearing | 3,390 | 3,472 |
Cash and cash equivalents | 3,874 | 3,893 |
Investment in interest-earning time deposits | 2,662 | 3,833 |
Investment securities available for sale | 2,836 | 2,970 |
Loans held for sale | 141,206 | 133,222 |
Loans receivable, net of allowance for credit losses (2023 $7,658; 2022 $7,678) | 632,826 | 621,864 |
Accrued interest receivable | 3,540 | 3,462 |
Investment in Federal Home Loan Bank stock, at cost | 6,741 | 6,601 |
Bank-owned life insurance | 4,250 | 4,226 |
Premises and equipment, net | 2,911 | 2,775 |
Goodwill | 2,573 | 2,573 |
Other intangible, net of accumulated amortization | 162 | 174 |
Prepaid expenses and other assets | 8,019 | 6,757 |
Total Assets | 811,600 | 792,350 |
Liabilities | ||
Non-interest bearing | 95,214 | 88,728 |
Interest-bearing | 459,230 | 460,520 |
Total deposits | 554,444 | 549,248 |
Federal Home Loan Bank short-term borrowings | 113,200 | 93,200 |
Federal Home Loan Bank long-term borrowings | 46,022 | 66,022 |
Federal Reserve Bank short-term borrowings | 0 | 7,000 |
Other short-term borrowings | 11,117 | 5,489 |
Subordinated debt | 21,739 | 7,966 |
Accrued interest payable | 763 | 584 |
Advances from borrowers for taxes and insurance | 3,196 | 4,186 |
Accrued expenses and other liabilities | 11,698 | 9,573 |
Total Liabilities | 762,179 | 743,268 |
Stockholders’ Equity | ||
Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock – $0.01 par value; 9,000,000 shares authorized; 2,777,250 issued; 2,192,432 and 2,167,613 outstanding at March 31, 2023 and December 31, 2022, respectively | 28 | 28 |
Additional paid-in capital | 18,005 | 17,906 |
Treasury stock, at cost: 584,818 and 609,637 shares at March 31, 2023 and December 31, 2022, respectively | (3,888) | (3,992) |
Accumulated other comprehensive loss | (14) | (24) |
Retained earnings | 31,155 | 30,875 |
Total Quaint Oak Bancorp, Inc. Stockholders' Equity | 45,286 | 44,793 |
Noncontrolling Interest | 4,135 | 4,289 |
Total Stockholders' Equity | 49,421 | 49,082 |
Total Liabilities and Stockholders’ Equity | $ 811,600 | $ 792,350 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for Credit Loss | $ 7,658 | $ 7,678 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 2,777,250 | 2,777,250 |
Common stock, shares outstanding (in shares) | 2,192,432 | 2,167,613 |
Treasury stock, at cost, shares (in shares) | 584,818 | 609,637 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Income | ||
Interest on loans, including fees | $ 10,594,000 | $ 6,301,000 |
Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock | 224,000 | 73,000 |
Total Interest Income | 10,818,000 | 6,374,000 |
Interest Expense | ||
Interest on deposits | 3,510,000 | 620,000 |
Interest on Federal Home Loan Bank short-term borrowings | 1,300,000 | 22,000 |
Interest on Federal Home Loan Bank long-term borrowings | 277,000 | 112,000 |
Interest on Federal Reserve Bank short-term borrowings | 10,000 | 3,000 |
Interest on subordinated debt | 216,000 | 130,000 |
Interest on other short-term borrowings | 196,000 | 9,000 |
Total Interest Expense | 5,509,000 | 896,000 |
Net Interest Income | 5,309,000 | 5,478,000 |
Provision for Credit Losses | 392,000 | 679,000 |
Net Interest Income after Provision for Credit Losses | 4,917,000 | 4,799,000 |
Non-Interest Income | ||
Insurance commissions | 136,000 | 116,000 |
Income from bank-owned life insurance | 24,000 | 21,000 |
Net gain on loans held for sale | 880,000 | 4,210,000 |
Gain on the sale of SBA loans | 50,000 | 133,000 |
Total Non-Interest Income | 3,380,000 | 5,509,000 |
Non-Interest Expense | ||
Salaries and employee benefits | 5,342,000 | 4,591,000 |
Directors' fees and expenses | 105,000 | 71,000 |
Occupancy and equipment | 527,000 | 420,000 |
Data processing | 217,000 | 197,000 |
Professional fees | 175,000 | 184,000 |
FDIC deposit insurance assessment | 232,000 | 116,000 |
Advertising | 299,000 | 208,000 |
Amortization of other intangible | 12,000 | 12,000 |
Other | 721,000 | 384,000 |
Total Non-Interest Expense | 7,630,000 | 6,183,000 |
Income before Income Taxes | 667,000 | 4,125,000 |
Income Taxes | 218,000 | 861,000 |
Net Income | 449,000 | 3,264,000 |
Net (Loss) Income Attributable to Noncontrolling Interest | (114,000) | 1,016,000 |
Net Income Attributable to Quaint Oak Bancorp, Inc. | $ 563,000 | $ 2,248,000 |
Earnings per share - basic (in dollars per share) | $ 0.26 | $ 1.12 |
Average shares outstanding - basic (in shares) | 2,182,597 | 2,013,638 |
Earnings per share - diluted (in dollars per share) | $ 0.25 | $ 1.05 |
Average shares outstanding - diluted (in shares) | 2,272,530 | 2,137,122 |
Mortgage Banking and Abstract Fees [Member] | ||
Non-Interest Income | ||
Non-interest revenue | $ 806,000 | $ 637,000 |
Real Estate Sales Commissions [Member] | ||
Non-Interest Income | ||
Non-interest revenue | 24,000 | 61,000 |
Other Fees and Services Fees [Member] | ||
Non-Interest Income | ||
Non-interest revenue | 231,000 | 166,000 |
Loan Servicing Fee [Member] | ||
Non-Interest Income | ||
Non-interest revenue | $ 1,229,000 | $ 165,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Income | $ 449 | $ 3,264 |
Other Comprehensive Income (Loss): | ||
Unrealized gains (losses) on investment securities available-for-sale | 13 | (27) |
Income tax effect | (3) | 6 |
Other comprehensive income (loss) | 10 | (21) |
Total Comprehensive Income | 459 | 3,243 |
Comprehensive (Loss) Income Attributable to Noncontrolling Interest | (114) | 1,016 |
Comprehensive Income Attributable to Quaint Oak Bancorp, Inc. | $ 573 | $ 2,227 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | The 401(k) Plan [Member] Common Stock Outstanding [Member] | The 401(k) Plan [Member] Additional Paid-in Capital [Member] | The 401(k) Plan [Member] Treasury Stock, Common [Member] | The 401(k) Plan [Member] | The 2008 Stock Option Plan [Member] Common Stock Outstanding [Member] | The 2008 Stock Option Plan [Member] Additional Paid-in Capital [Member] | The 2008 Stock Option Plan [Member] Treasury Stock, Common [Member] | The 2008 Stock Option Plan [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 2,011,313 | ||||||||||||||
Balance at Dec. 31, 2021 | $ 28 | $ 15,685 | $ (4,977) | $ 23 | $ 24,030 | $ 2,120 | $ 36,909 | ||||||||
Reissuance of treasury stock (in shares) | 842 | 1,000 | |||||||||||||
Reissuance of treasury stock | $ 13 | $ 5 | $ 7 | $ 6 | $ 13 | ||||||||||
Stock based compensation expense | 42 | 42 | |||||||||||||
Cash dividends declared, per share | (221) | ||||||||||||||
Noncontrolling interest distribution | (117) | (117) | |||||||||||||
Net income | 2,248 | 1,016 | 3,264 | ||||||||||||
Total other comprehensive income (loss) | (21) | (21) | |||||||||||||
Balance (in shares) at Mar. 31, 2022 | 2,016,517 | ||||||||||||||
Balance at Mar. 31, 2022 | $ 28 | 15,813 | (4,955) | 2 | 26,057 | 3,019 | 39,964 | ||||||||
Contribution of shares to ESOP from Treasury (in shares) | 4,000 | ||||||||||||||
Contribution of shares to ESOP from Treasury | 66 | 25 | 91 | ||||||||||||
Treasury stock purchased (in shares) | (638) | ||||||||||||||
Treasury stock purchased | (14) | $ (14) | |||||||||||||
Balance (in shares) at Dec. 31, 2022 | 2,167,613 | 2,167,613 | |||||||||||||
Balance at Dec. 31, 2022 | $ 28 | 17,906 | (3,992) | (24) | 30,875 | 4,289 | $ 49,082 | ||||||||
Reissuance of treasury stock (in shares) | 1,819 | 23,000 | |||||||||||||
Reissuance of treasury stock | $ 29 | $ 11 | $ 40 | $ 28 | $ 93 | $ 121 | |||||||||
Stock based compensation expense | 42 | 42 | |||||||||||||
Cash dividends declared, per share | (283) | (283) | |||||||||||||
Noncontrolling interest distribution | (40) | ||||||||||||||
Net income | 563 | (114) | 449 | ||||||||||||
Total other comprehensive income (loss) | $ 10 | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 2,192,432 | 2,192,432 | |||||||||||||
Balance at Mar. 31, 2023 | $ 28 | $ 18,005 | $ (3,888) | $ (14) | $ 31,155 | $ 4,135 | $ 49,421 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 0.13 | $ 0.11 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |||
Cash Flows from Operating Activities | |||||
Net income | $ 449,000 | $ 3,264,000 | |||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||
Provision for credit losses | 211,000 | [1] | 679,000 | $ 2,475,000 | [1] |
Depreciation of premises and equipment | 121,000 | 89,000 | |||
Amortization (accretion), net of operating right-of-use assets | 31,000 | 71,000 | |||
Amortization (accretion), net of subordinated debt issuance costs | 30,000 | 8,000 | |||
Amortization (accretion), net of other intangible | 12,000 | 12,000 | |||
Amortization (accretion), net of securities premiums | 0 | (2,000) | |||
Amortization (accretion), net of deferred loan fees and costs, net | (279,000) | (832,000) | |||
Stock-based compensation expense | 42,000 | 133,000 | |||
Net gain on loans held for sale | (880,000) | (4,210,000) | |||
Loans held for sale-originations | (129,126,000) | (102,252,000) | |||
Loans held for sale-proceeds | 122,022,000 | 157,418,000 | |||
Gain on the sale of SBA loans | (50,000) | (133,000) | |||
Increase in the cash surrender value of bank-owned life insurance | (24,000) | (21,000) | |||
Changes in assets and liabilities which provided (used) cash: | |||||
Accrued interest receivable | (78,000) | 362,000 | |||
Prepaid expenses and other assets | (1,297,000) | 1,002,000 | |||
Accrued interest payable | 179,000 | 124,000 | |||
Accrued expenses and other liabilities | 2,126,000 | 2,354,000 | |||
Net Cash (Used in) Provided by Operating Activities | (6,511,000) | 58,066,000 | |||
Cash Flows from Investing Activities | |||||
Purchase of interest-earning time deposits | (619,000) | (590,000) | |||
Redemption of interest-earning time deposits | 1,790,000 | 1,553,000 | |||
Principal repayments of investment securities available for sale | 146,000 | 236,000 | |||
Net increase in loans receivable | (10,844,000) | (33,056,000) | |||
Purchase of Federal Home Loan Bank stock | (740,000) | (920,000) | |||
Redemption of Federal Home Loan Bank stock | 600,000 | 0 | |||
Purchase of premises and equipment | (256,000) | (139,000) | |||
Net Cash Used in Investing Activities | (9,923,000) | (32,916,000) | |||
Cash Flows from Financing Activities | |||||
Net (decrease) increase in demand deposits, money markets, and savings accounts | (11,544,000) | 6,507,000 | |||
Net increase in certificate accounts | 16,740,000 | 4,962,000 | |||
Decrease in advances from borrowers for taxes and insurance | (990,000) | (359,000) | |||
Repayments of Federal Home Loan Bank short-term borrowings | (13,500,000) | (26,000,000) | |||
Proceeds from Federal Home Loan Bank short-term borrowings | 33,500,000 | 23,000,000 | |||
Repayments of Federal Home Loan Bank long-term borrowings | (20,000,000) | 0 | |||
Repayments of Federal Reserve Bank short-term borrowings | (49,700,000) | (546,000) | |||
Proceeds from Federal Reserve Bank short-term borrowings | 42,700,000 | 0 | |||
Proceeds from other borrowings | 5,628,000 | 916,000 | |||
Net proceeds from subordinated debt | 13,743,000 | 0 | |||
Dividends paid | (283,000) | (221,000) | |||
Noncontrolling interest capital distribution | (40,000) | (117,000) | |||
Purchase of treasury stock | 0 | (14,000) | |||
Proceeds from the reissuance of treasury stock | 40,000 | 18,000 | |||
Proceeds from the exercise of stock options | 121,000 | 13,000 | |||
Net Cash Provided by Financing Activities | 16,415,000 | 8,159,000 | |||
Net (Decrease) Increase in Cash and Cash Equivalents | (19,000) | 33,309,000 | |||
Cash and Cash Equivalents – Beginning of Year | 3,893,000 | 10,705,000 | 10,705,000 | ||
Cash and Cash Equivalents – End of Year | 3,874,000 | 44,014,000 | $ 3,893,000 | ||
Supplementary Disclosure of Cash Flow and Non-Cash Information: | |||||
Cash payments for interest | 5,329,000 | 771,000 | |||
Cash payments for income taxes | 191,000 | 107,000 | |||
Initial recognition of operating lease right-of use assets | 1,563,000 | 0 | |||
Initial recognition of operating lease obligations | $ 1,563,000 | $ 0 | |||
[1]Provision included in the table only includes the portion related to loans receivable. The total provision for credit losses of $392,000 includes a provision of $181,000 for off balance sheet credit exposure, which is reflected in other liabilities on the balance sheet. |
Note 1 - Financial Statement Pr
Note 1 - Financial Statement Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 Financial Statement Presentation and Significant Accounting Policies Basis of Financial Presentation. March 31, 2023, six July 2009. February, 2019, July 2012 August 2016 October 2021 January 4, 2021, second The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10 three The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10 not The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2022 2022 10 three March 31, 2023 not may December 31, 2023. Use of Estimates in the Preparation of Financial Statements. Critical Accounting Policies. March 31, 2023, No. 2016 13 326. no March 31, 2023 Accounting Pronouncements Recently Adopted. January 2020, 2020 04, 848 March 2020, not not one December 31, 2022. December 2022, 2022 06, Reference Rate Reform (Topic 848 848 848 December 31, 2024. two 848 2022 06 not In January 2021, 2021 01, 848 848. 2021 01 848. 2021 01 may March 12, 2020, not December 31, 2022, December 31, 2022, December 31, 2022, not In January 2017, 2017 04, 2 2, not December 15, 2019. November 2019, 2019 10, 326 815 842 350, December 15, 2022, not In March 2022, 2022 02, 326 326 326 2016 13 December 15, 2022. The Company adopted ASU 326 January 1, 2023 326, January 1, 2023 326. The following table presents the impact of adopting ASU 2016 13 January 1, 2023 ( As Reported Under ASC 326 Impact of ASC 326 Adoption Prior to Adopting ASC 326 Allowance for credit losses - loans Real estate loans: One-to-four family residential: Owner occupied $ 123 $ - $ 123 Non-owner occupied 295 - 295 Total one-to-four family residential 418 - 418 Multi-family (five or more) residential 451 - 451 Commercial real estate 3,750 - 3,750 Construction 304 - 304 Home equity 33 - 33 Total real estate loans 4,956 - 4,956 Commercial business and other consumer 2,422 - 2,422 Unallocated 300 - 300 Total allowance for credit losses 7,678 - 7,678 Allowance for credit losses - unfunded commitments Reserve for unfunded commitments 27 - 27 Total $ 7,705 $ - $ 7,705 Loans are stated at their principal amount outstanding, except for loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. In general, loans are placed on non-accrual status once they become 90 may 90 not may six A loan that is 90 may one Loans deemed to be a loss are written off through a charge against the allowance for credit losses (ACL). All loans are evaluated for possible charge-off when it is probable that the balance will not Loan Origination Fees and Costs. Allowance for Credit Losses. 326 January 1, 2023. 2022 10 The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans. two 1 2 326 Loans Evaluated Collectively. Loans Evaluated Individually. Loans evaluated individually may one no may Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For all loans, an internal risk rating process is used. The Company believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings may The following is a summary of the Company's internal risk rating categories: ● Pass: These loans do not ● Special Mention: These loans have a heightened credit risk, but not ● Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Company considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to Allowance for Credit Losses: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not not not Off Balance Sheet Credit Exposures: The ACL for off balance sheet credit exposures is recorded in other liabilities on the Consolidated Balance Sheet. This ACL represents management’s estimate of expected losses in its unfunded loan commitments and other off balance sheet credit exposures, such as letters of credit and credit recourse on sold residential mortgage loans. The allowance for credit losses specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for off balance sheet credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. During the quarter ended March 31, 2023, No. 2016 13 326. no March 31, 2023 Reclassifications. 2022 2023 not no |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2 Earnings Per Share Earnings per share (“EPS”) consists of two two not three March 31, 2023 2022, 2008 2013 2018 The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations. For the Three Months Ended March 31, 2023 2022 Net Income Attributable to Quaint Oak Bancorp, Inc. $ 563,000 $ 2,248,000 Weighted average shares outstanding – basic 2,182,597 2,013,638 Effect of dilutive common stock equivalents 89,932 123,484 Adjusted weighted average shares outstanding – diluted 2,272,530 2,137,122 Basic earnings per share $ 0.26 $ 1.12 Diluted earnings per share $ 0.25 $ 1.05 |
Note 3 - Accumulated Other Comp
Note 3 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 3 Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax, for the three March 31, 2023 2022 Unrealized (Losses) Gains on Investment Securities Available for Sale (1) For the Three Months Ended March 31, 2023 2022 Balance at the beginning of the period $ (24 ) $ 23 Total other comprehensive income (loss) 10 (21 ) Balance at the end of the period $ (14 ) $ 2 _________________ ( 1 |
Note 4 - Investment in Interest
Note 4 - Investment in Interest-earning Time Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | Note 4 Investment in Interest-Earning Time Deposits The investment in interest-earning time deposits as of March 31, 2023 December 31, 2022, March 31, 2023 December 31, 2022 Due in one year or less $ 750 $ 2,541 Due after one year through five years 1,912 1,292 Total $ 2,662 $ 3,833 |
Note 5 - Investment Securities
Note 5 - Investment Securities Available for Sale | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 5 Investment Securities Available for Sale The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale at March 31, 2023 December 31, 2022 March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 2,757 $ - $ (17 ) $ 2,740 Federal National Mortgage Association securities 97 - (1 ) 96 Total available-for-sale-securities $ 2,854 $ - $ (18 ) $ 2,836 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 2,902 $ - $ (31 ) $ 2,871 Federal National Mortgage Association securities 98 1 - 99 Total available-for-sale-securities $ 3,000 $ 1 $ (31 ) $ 2,970 The amortized cost and fair value of mortgage-backed securities at March 31, 2023, may Available for Sale Amortized Cost Fair Value Due after ten years $ 2,854 $ 2,836 Total $ 2,854 $ 2,836 The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2023 ( March 31, 2023 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Government National Mortgage Association securities 11 $ 2,740 $ (17 ) $ - $ - $ 2,740 $ (17 ) Federal National Mortgage Association securities 1 96 (1 ) - - 96 (1 ) Total 12 $ 2,836 $ (18 ) $ - $ - $ 2,836 $ (18 ) The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2022 ( December 31, 2022 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Government National Mortgage Association securities 11 $ 2,871 $ (31 ) $ -- $ -- $ 2,871 $ (31 ) The Company’s mortgage-backed securities have contractual terms that generally do not not not not not not March 31, 2023. There were no impairment charges recognized during the three March 31, 2023 2022. |
Note 6 - Loans Receivable, Net
Note 6 - Loans Receivable, Net and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 6 The composition of net loans receivable is as follows (in thousands): March 31, 2023 December 31, 2022 Real estate loans: One-to-four family residential: Owner occupied $ 18,080 $ 18,070 Non-owner occupied 38,181 39,315 Total one-to-four family residential 56,261 57,385 Multi-family (five or more) residential 47,632 46,909 Commercial real estate 339,226 333,540 Construction 39,204 28,938 Home equity 5,321 4,918 Total real estate loans 487,644 471,690 Commercial business (1) 153,901 159,069 Other consumer 14 2 Total Loans 641,559 630,761 Deferred loan fees and costs (1,075 ) (1,219 ) Allowance for credit losses (7,658 ) (7,678 ) Net Loans $ 632,826 $ 621,864 ( 1 March 31, 2023 December 31, 2022, The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, as of March 31, 2023 ( Term Loans Amortized Cost by Origination Year As of March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total One-to-four family residential owner occupied Risk rating Pass $ 524 $ 9,035 $ 3,553 $ 1,950 $ 575 $ 2,443 $ - $ 18,080 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total one-to-four family residential owner occupied $ 524 $ 9,035 $ 3,553 $ 1,950 $ 575 $ 2,443 $ - $ 18,080 One-to-four family residential non-owner occupied Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Risk rating Pass $ - $ 6,972 $ 9,267 $ 3,333 $ 933 $ 17,676 $ - $ 38,181 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total one-to-four family residential non-owner occupied $ - $ 6,972 $ 9,267 $ 3,333 $ 933 $ 17,676 $ - $ 38,181 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Term Loans Amortized Cost by Origination Year Revolving Loans Amortized Cost Basis As of March 31, 2023 2023 2022 2021 2020 2019 Prior Total Multi-family residential Risk rating Pass $ 972 $ 17,363 $ 13,155 $ 4,574 $ 603 $ 9,388 $ - $ 46,055 Special mention - - - - - - - - Substandard - - - - - 1,577 - 1,577 Doubtful - - - - - - - - Total multi-family residential $ 972 $ 17,363 $ 13,155 $ 4,574 $ 603 $ 10,965 $ - $ 47,632 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate Risk rating Pass $ 18,789 $ 158,332 $ 73,192 $ 22,984 $ 15,985 $ 49,009 $ 935 $ 339,226 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total commercial real estate $ 18,789 $ 158,332 $ 73,192 $ 22,984 $ 15,985 $ 49,009 $ 935 $ 339,226 Current period gross charge-offs $ - $ - $ - $ 134 $ - $ - $ - $ 134 Construction Risk rating Pass $ 3,874 $ 16,783 $ 12,653 $ 3,767 $ - $ - $ - $ 37,077 Special mention - - - - - 2,127 - 2,127 Substandard - - - - - - - - Doubtful - - - - - - - - Total construction $ 3,874 $ 16,783 $ 12,653 $ 3,767 $ - $ 2,127 $ - $ 39,204 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Home equity Risk rating Pass $ 500 $ 64 $ - $ - $ - $ 240 $ 4,517 $ 5,321 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total home equity $ 500 $ 64 $ - $ - $ - $ 240 $ 4,517 $ 5,321 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial business Risk rating Pass $ 3,921 $ 85,027 $ 35,262 $ 5,748 $ 7,273 $ 743 $ 9,806 $ 147,780 Special mention - 893 925 - - - 1,999 3,817 Substandard - - 739 - 1,242 323 - 2,304 Doubtful - - - - - - - - Total commercial business $ 3,921 $ 85,920 $ 36,926 $ 5,748 $ 8,515 $ 1,066 $ 11,805 $ 153,901 Current period gross charge-offs $ - $ - $ - $ 97 $ - $ - $ - 97 Other consumer Risk rating Pass $ 14 $ - $ - $ - $ - $ - $ - $ 14 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total other consumer $ 14 $ - $ - $ - $ - $ - $ - $ 14 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Total Risk rating Pass $ 28,594 $ 293,576 $ 147,082 $ 42,356 $ 25,369 $ 79,499 $ 15,258 $ 631,734 Special mention - 893 925 - - 2,127 1,999 5,944 Substandard - - 739 - 1,242 1,900 - 3,881 Doubtful - - - - - - - - Total $ 28,594 $ 294,469 $ 148,746 $ 42,356 $ 26,611 $ 83,526 $ 17,257 $ 641,559 Current period gross charge-offs $ - $ - $ - $ 231 $ - $ - $ - 231 The information presented in the table above is not 326. December 31, 2022 ( December 31, 2022 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 17,663 $ 407 $ - $ - $ 18,070 One-to-four family residential non-owner occupied 39,315 - - - 39,315 Multi-family residential 45,201 - 1,708 - 46,909 Commercial real estate 333,406 - 134 - 333,540 Construction 28,938 - - - 28,938 Home equity 4,918 - - - 4,918 Commercial business 153,746 2,908 2,415 - 159,069 Other consumer 2 - - - 2 Total $ 623,189 $ 3,315 $ 4,257 $ - $ 630,761 The following table presents non-accrual loans by classes of the loan portfolio as of March 31, 2023 December 31, 2022 ( March 31, 2023 December 31, Non-accrual loans 2022 With a Related Allowance Without a Related Allowance Total 90 Days or More Past Due and Accruing Total Non- Performing Total Non- Accrual Loans One-to-four family residential owner occupied $ - $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied - - - - - - Multi-family residential 1,577 - 1,577 - $ 1,577 1,708 Commercial real estate - - - - - - Construction - - - - - - Home equity - - - - - - Commercial business - - - - - - Other consumer - - - - - - Total $ 1,577 $ - $ 1,577 - $ 1,577 $ 1,708 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not December 31, 2022 December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 9 - 7 - Multi-family residential 1,708 1,722 - 1,708 - Commercial real estate 129 129 - 130 12 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied - - - - - Multi-family residential - - - - - Commercial real estate 134 134 118 136 9 Construction - - - - - Home equity - - - - - Commercial business 97 97 96 102 6 Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 9 - 7 - Multi-family residential 1,708 1,722 - 1,708 - Commercial real estate 263 263 118 266 21 Construction - - - - - Home equity - - - - - Commercial business 97 97 96 102 6 Other consumer - - - - - Total $ 2,075 $ 2,091 $ 215 $ 2,083 $ 27 Prior to the adoption of ASU 2022 02, Financial Instruments Credit Losses (Topic 326 December 31, 2022, December 31, 2022. As of March 31, 2023, no may Following is a summary, by loan portfolio class, of changes in the allowance for credit losses for the three March 31, 2023 March 31, 2023 ( March 31, 2023 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for credit losses: Beginning balance $ 123 $ 295 $ 451 $ 3,750 $ 304 $ 33 $ 2,422 $ 300 $ 7,678 Impact of ASU - - - - - - - - - Charge-offs - - - (134 ) - - (97 ) - (231 ) Recoveries - - - - - - - - - Provision (1) 30 (39 ) (55 ) (249 ) 102 21 701 (300 ) 211 Ending balance $ 153 $ 256 $ 396 $ 3,367 $ 406 $ 54 $ 3,026 $ - $ 7,658 1. Provision included in the table only includes the portion related to loans receivable. The total provision for credit losses of $392,000 includes a provision of $181,000 for off balance sheet credit exposure, which is reflected in other liabilities on the balance sheet. The Bank allocated decreased allowance for credit loss provisions to the commercial real estate loan portfolio class for the three March 31, 2023, three March 31, 2023, three March 31, 2023, Following is a summary, by loan portfolio class, of changes in the allowance for credit losses for the year ended December 31, 2022 December 31, 2022 ( December 31, 2022 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for credit losses: Beginning balance $ 73 $ 292 $ 249 $ 2,475 $ 119 $ 29 $ 1,625 $ 400 $ 5,262 Charge-offs - - - - - - (59 ) - (59 ) Recoveries - - - - - - - - - Provision 50 3 202 1,275 185 4 856 (100 ) 2,475 Ending balance $ 123 $ 295 $ 451 $ 3,750 $ 304 $ 33 $ 2,422 $ 300 $ 7,678 Ending balance evaluated for impairment: Individually $ - $ - $ - $ 118 $ - $ - $ 97 $ - $ 215 Collectively $ 123 $ 295 $ 451 $ 3,632 $ 304 $ 33 2,325 $ 300 $ 7,463 Loans receivable: Ending balance $ 18,070 $ 39,315 $ 46,909 $ 333,540 $ 28,938 $ 4,918 $ 159,071 $ 630,761 Ending balance evaluated for impairment: Individually $ - $ 7 $ 1,708 $ 263 $ - $ - $ 97 $ 2,075 Collectively $ 18,070 $ 39,308 $ 45,201 $ 333,277 $ 28,938 $ 4,918 $ 158,974 $ 628,686 The Bank allocated increased allowance for credit loss provisions to the commercial real estate loan portfolio class for the year ended December 31, 2022, December 31, 2022, December 31, 2022, Following is a summary, by loan portfolio class, of changes in the allowance for credit losses for the three March 31, 2022 March 31, 2022 ( March 31, 2022 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for credit losses: Beginning balance $ 73 $ 292 $ 249 $ 2,475 $ 119 $ 29 $ 1,625 $ 400 $ 5,262 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision 26 13 215 162 13 (1 ) 251 - 679 Ending balance $ 99 $ 305 $ 464 $ 2,637 $ 132 $ 28 $ 1,876 $ 400 $ 5,941 Ending balance evaluated for impairment: Individually $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively $ 99 $ 305 $ 464 $ 2,637 $ 132 $ 28 $ 1,876 $ 400 $ 5,941 The Bank allocated increased allowance for credit loss provisions to the commercial business loan portfolio class for the three March 31, 2022, three March 31, 2022 three March 31, 2022, The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of March 31, 2023 December 31, 2022 ( March 31, 2023 30-89 Days Past Due 90 Days or More Past Due and Accruing 90 Days or More Past Due and on Non-Accrual Current Total Loans Receivable One-to-four family residential owner occupied $ 406 $ - $ - $ 17,674 $ 18,080 One-to-four family residential non-owner occupied 69 - - 38,112 38,181 Multi-family residential - - 1,577 46,055 47,632 Commercial real estate 739 - - 338,487 339,226 Construction - - - 39,204 39,204 Home equity 38 - - 5,283 5,321 Commercial business - - - 153,901 153,901 Other consumer - - - 14 14 Total $ 1,252 $ ,- $ 1,577 $ 638,730 $ 641,559 The information presented in the table above is not 326. 326 December 31, 2022 ( December 31, 2022 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable 90 Days or More Past Due and Accruing One-to-four family residential owner occupied $ 407 $ - $ 407 $ 17,663 $ 18,070 $ - One-to-four family residential non-owner occupied 23 - 23 39,292 39,315 - Multi-family residential - 1,708 1,708 45,201 46,909 - Commercial real estate 2,895 134 3,029 330,511 333,540 - Construction 2,062 - 2,062 26,876 28,938 - Home equity 39 - 39 4,879 4,918 - Commercial business 10 97 107 158,962 159,069 51 Other consumer - - - 2 2 - Total $ 5,436 $ 1,939 $ 7,375 $ 623,386 $ 630,761 $ 51 Non-performing loans, which consist of non-accruing loans plus accruing loans 90 March 31, 2023 December 31, 2022. For the three March 31, 2023 December 31, 2022 three March 31, 2023. December 31, 2022. |
Note 7 - Goodwill and Other Int
Note 7 - Goodwill and Other Intangible, Net | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 Goodwill and Other Intangible, Net On January 4, 2021, second August 1, 2016, ten March 31, 2023 three March 31, 2023 2022 |
Note 8 - Deposits
Note 8 - Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 8 Deposits Deposits consist of the following classifications (in thousands): March 31, 2023 December 31, 2022 Non-interest bearing checking accounts $ 95,214 $ 88,728 Savings accounts 1,536 1,597 Money market accounts 243,003 260,972 Certificates of deposit 214,691 197,951 Total deposits $ 554,444 $ 549,248 |
Note 9 - Borrowings
Note 9 - Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9 Borrowings Federal Home Loan Bank advances consist of the following at March 31, 2023 December 31, 2022 ( March 31, 2023 December 31, 2022 Amount Weighted Interest Rate Amount Weighted Interest Rate Short-term borrowings $ 113,200 5.15 % $ 93,200 4.45 % Fixed rate borrowings maturing: 2023 37,000 2.34 57,000 2.22 2024 6,167 2.05 6,167 2.05 2025 2,855 1.25 2,855 1.25 Total FHLB long-term debt $ 46,022 2.23 % $ 66,022 2.16 % Federal Home Loan Bank (FHLB) borrowings totaled $159.2 million at March 31, 2023 December 31, 2022. three March 31, 2023, March 31, 2023 On December 27, 2018, December 31, 2028, first five five may, December 31, 2023, On March 2, 2023, March 15, 2025 ( March 16, 2023, The Notes bear interest at a fixed annual rate of 8.50%, payable semi-annually in arrears on March 15 September 15 September 15, 2023. March 15, 2025. March 15, 2024, 100% The balance of subordinated debt, net of unamortized debt issuance costs, was $21.7 million at March 31, 2023 December 31, 2022. Other borrowings increased $5.6 million, or 102.5%, to $11.1 million at March 31, 2023 December 31, 2022. two two March 31, 2023. |
Note 10 - Stock Compensation Pl
Note 10 - Stock Compensation Plans | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 10 Stock Compensation Plans Employee Stock Ownership Plan The Company maintains an Employee Stock Ownership Plan (ESOP) for the benefit of employees who meet the eligibility requirements of the plan. The Bank may During the quarter ended March 31, 2023, not During the quarter ended March 31, 2022, three March 31, 2022, Stock Incentive Plans – Share Awards In May 2013, 2013 “2013 2013 March 13, 2023, five May 9, 2023. In May 2018, 2018 “2018 2018 May 2018 may As of March 31, 2023 2013 2018 2018 2013 2018 five A summary of share award activity under the Company’s 2013 2018 March 31, 2023 2022 three March 31, 2023 2022 March 31, 2023 2023 2022 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the period 9,122 $ 13.30 18,845 $ 13.30 Granted - - - - Vested - - - - Forfeited - - - - Unvested at the end of the period 9,122 $ 13.30 18,845 $ 13.30 Compensation expense on the restricted stock awards is recognized ratably over the five three March 31, 2023 2022, three March 31, 2023 2022, March 31, 2023, In May 2008, 2008 no February 13, 2018, 2013 10 May 8, 2023. 2013 May 2013 may 2013 March 13, 2023, ten 2018 May 2018 may All incentive stock options issued under the Option Plan and the 2013 2018 422 five ten As of March 31, 2023, 2013 2018 2018 five ten Stock Option and Stock Incentive Plans – Stock Options A summary of option activity under the Company’s Option Plan and 2013 2018 three March 31, 2023 2022 three March 31, 2023 2022 March 31, 2023 2022 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the period 195,936 $ 11.24 3.5 233,136 $ 10.96 4.2 Granted - - - - - - Exercised (23,000 ) 8.10 - (1,000 ) 13.30 - Forfeited - - - - - - Outstanding at end of period 172,936 $ 11.66 3.7 232,136 $ 10.95 4.1 Exercisable at end of period 147,009 $ 10.62 6.5 179,081 $ 10.26 5.6 During both the three March 31, 2023 2022, March 31, 2023, |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11 Fair Value Measurements and Fair Values of Financial Instruments Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair values estimates may not not may Fair value is determined at one not not not not The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one This hierarchy requires the use of observable market data when available. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 19 2022 10 3 The following is a discussion of assets and liabilities measured at fair value on a recurring and non-recurring basis and valuation techniques applied: Investment Securities Available For Sale: 2 We may Non-performing loans: 3 The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of March 31, 2023 ( March 31, 2023 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements: Investment securities available for sale Government National Mortgage Association mortgage-backed securities $ 2,740 $ - $ 2,740 $ - Federal National Mortgage Association mortgage- backed securities 96 - 96 - Total investment securities available for sale $ 2,836 $ - $ 2,836 $ - Total recurring fair value measurements $ 2,836 $ - $ 2,836 $ - Nonrecurring fair value measurements Collateral-dependent loans $ 1,577 $ - $ - $ 1,577 Total nonrecurring fair value measurements $ 1,577 $ - $ - $ 1,577 The table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2022 ( December 31, 2022 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements: Investment securities available for sale Government National Mortgage Association mortgage-backed securities $ 2,871 $ - $ 2,871 $ - Federal National Mortgage Association mortgage- backed securities 99 - 99 - Total investment securities available for sale $ 2,970 $ - $ 2,970 $ - Total recurring fair value measurements $ 2,970 $ - $ 2,970 $ - Nonrecurring fair value measurements Impaired loans $ 1,860 $ - $ - $ 1,860 Total nonrecurring fair value measurements $ 1,860 $ - $ - $ 1,860 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used Level 3 March 31, 2023 December 31, 2022 ( March 31, 2023 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Collateral-dependent loans $ 1,577 Appraisal of collateral (1) Appraisal adjustments (2) 8% (8%) December 31, 2022 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,860 Appraisal of collateral (1) Appraisal adjustments (2) 10% (10%) ______________________ ( 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 ( 2 Appraisals may The estimated fair values of the Company’s financial instruments that are not March 31, 2023 December 31, 2022 Fair Value Measurements at March 31, 2023 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 2,662 $ 2,742 $ - $ - $ 2,742 Loans held for sale 141,206 145,046 - 145,046 - Loans receivable, net 632,826 610,989 - - 610,989 Financial Liabilities Deposits 554,444 558,001 339,753 - 218,248 FHLB long-term borrowings 46,022 45,881 - - 45,881 Subordinated debt 21,739 21,165 - - 21,165 Fair Value Measurements at December 31, 2022 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 3,833 $ 3,907 $ - $ - $ 3,907 Loans held for sale 133,222 137,253 - 137,253 - Loans receivable, net 621,864 600,186 - - 600,186 Financial Liabilities Deposits 549,248 551,157 351,297 - 199,860 FHLB long-term borrowings 66,022 65,846 - - 65,846 FRB long-term borrowings 7,000 6,981 - - 6,981 Subordinated debt 7,966 7,886 - - 7,886 For cash and cash equivalents, accrued interest receivable, investment in FHLB stock, bank-owned life insurance, FHLB short-term borrowings, accrued interest payable, and advances from borrowers for taxes and insurance, the carrying value is a reasonable estimate of the fair value and are considered Level 1 |
Note 12 - Operating Segments
Note 12 - Operating Segments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 Operating Segments The Company's operations currently consist of two two The Banking Segment generates its revenues primarily from its lending, deposit gathering and fee business activities. The profitability of this segment's operations depends primarily on its net interest income after provision for credit losses, which is the difference between interest earned on interest earning assets and interest paid on interest bearing liabilities less provision for credit losses. The provision for credit losses is almost entirely dependent on changes in the Banking Segment's loan and investment portfolio and management’s assessment of the collectability of the loan and investment portfolio as well as prevailing economic and market conditions. The profitability of this segment’s operations also depends on the generation of non-interest income which includes fees and commissions generated by Quaint Oak Bank and its wholly-owned subsidiaries, Quaint Oak Mortgage, LLC, Quaint Oak Real Estate, LLC, Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, and Oakmont Commercial, LLC, which are included in the Banking Segment for segment reporting purposes. The Banking Segment is also subject to an extensive system of laws and regulations that are intended primarily for the protection of depositors and other customers, federal deposit insurance funds and the banking system as a whole. These laws and regulations govern such areas as capital, permissible activities, allowance for loan and lease losses, loans and investments, and rates of interest that can be charged on loans. For segment reporting purposes, Quaint Oak Bancorp, Inc. is included as part of the Company’s Banking segment. The Oakmont Capital Holdings, LLC Segment originates equipment loans which are generally sold to third The following table presents summary financial information for the reportable segments (in thousands): As of or for the Three Months Ended March 31, 2023 2022 Quaint Oak Bank(1) Oakmont Capital Holdings, LLC Consolidated Quaint Oak Bank(1) Oakmont Capital Holdings, LLC Consolidated Net Interest Income (Loss) $ 5,596 $ (287 ) $ 5,309 $ 5,501 $ (23 ) $ 5,478 Provision for Credit Losses 392 - 392 679 - 679 Net Interest Income (Loss) after Provision for Credit Losses 5,204 (287 ) 4,917 4,822 (23 ) 4,799 Non-Interest Income Mortgage banking, equipment lending and title abstract fees 137 669 806 204 433 637 Real estate sales commissions, net 24 - 24 61 - 61 Insurance commissions 136 - 136 116 - 116 Other fees and services charges 98 133 231 149 17 166 Net loan servicing income 143 1,086 1,229 5 160 165 Income from bank-owned life insurance 24 - 24 21 - 21 Net gain on loans held for sale 391 489 880 1,038 3,172 4,210 Gain on the sale of SBA loans 50 - 50 133 - 133 Total Non-Interest Income 1,003 2,377 3,380 1,727 3,782 5,509 Non-Interest Expense Salaries and employee benefits 3,576 1,766 5,342 3,238 1,353 4,591 Directors’ fees and expenses 105 - 105 71 - 71 Occupancy and equipment 342 185 527 308 112 420 Data processing 217 - 217 197 - 197 Professional fees 148 27 175 171 13 184 FDIC deposit insurance assessment 232 - 232 116 - 116 Advertising 83 216 299 85 123 208 Amortization of other intangible 12 - 12 12 - 12 Other 593 128 721 299 85 384 Total Non-Interest Expense 5,308 2,322 7,630 4,497 1,686 6,183 Pretax Segment Profit (Loss) $ 899 $ (232 ) $ 667 $ 2,052 $ 2,073 $ 4,125 Net (Loss) Income Attributable to Noncontrolling Interest $ (114 ) $ - $ (114 ) $ 1,016 $ - $ 1,016 Segment Assets $ 767,307 $ 44,293 $ 811,600 $ 514,970 $ 20,896 $ 535,866 ( 1 Includes Quaint Oak Bancorp, Inc. and the Bank’s subsidiaries, Quaint Oak Mortgage, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, QOB Properties, and Oakmont Commercial. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Financial Presentation. March 31, 2023, six July 2009. February, 2019, July 2012 August 2016 October 2021 January 4, 2021, second The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10 three The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim information and with the instructions to Form 10 not The foregoing consolidated financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2022 2022 10 three March 31, 2023 not may December 31, 2023. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements. |
Critical Accounting Policy [Policy Text Block] | Critical Accounting Policies. March 31, 2023, No. 2016 13 326. no March 31, 2023 |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements Recently Adopted. January 2020, 2020 04, 848 March 2020, not not one December 31, 2022. December 2022, 2022 06, Reference Rate Reform (Topic 848 848 848 December 31, 2024. two 848 2022 06 not In January 2021, 2021 01, 848 848. 2021 01 848. 2021 01 may March 12, 2020, not December 31, 2022, December 31, 2022, December 31, 2022, not In January 2017, 2017 04, 2 2, not December 15, 2019. November 2019, 2019 10, 326 815 842 350, December 15, 2022, not In March 2022, 2022 02, 326 326 326 2016 13 December 15, 2022. The Company adopted ASU 326 January 1, 2023 326, January 1, 2023 326. The following table presents the impact of adopting ASU 2016 13 January 1, 2023 ( As Reported Under ASC 326 Impact of ASC 326 Adoption Prior to Adopting ASC 326 Allowance for credit losses - loans Real estate loans: One-to-four family residential: Owner occupied $ 123 $ - $ 123 Non-owner occupied 295 - 295 Total one-to-four family residential 418 - 418 Multi-family (five or more) residential 451 - 451 Commercial real estate 3,750 - 3,750 Construction 304 - 304 Home equity 33 - 33 Total real estate loans 4,956 - 4,956 Commercial business and other consumer 2,422 - 2,422 Unallocated 300 - 300 Total allowance for credit losses 7,678 - 7,678 Allowance for credit losses - unfunded commitments Reserve for unfunded commitments 27 - 27 Total $ 7,705 $ - $ 7,705 Loans are stated at their principal amount outstanding, except for loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. In general, loans are placed on non-accrual status once they become 90 may 90 not may six A loan that is 90 may one Loans deemed to be a loss are written off through a charge against the allowance for credit losses (ACL). All loans are evaluated for possible charge-off when it is probable that the balance will not Loan Origination Fees and Costs. Allowance for Credit Losses. 326 January 1, 2023. 2022 10 The Company has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans. two 1 2 326 Loans Evaluated Collectively. Loans Evaluated Individually. Loans evaluated individually may one no may Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For all loans, an internal risk rating process is used. The Company believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. Risk ratings may The following is a summary of the Company's internal risk rating categories: ● Pass: These loans do not ● Special Mention: These loans have a heightened credit risk, but not ● Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Company considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to Allowance for Credit Losses: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not not not Off Balance Sheet Credit Exposures: The ACL for off balance sheet credit exposures is recorded in other liabilities on the Consolidated Balance Sheet. This ACL represents management’s estimate of expected losses in its unfunded loan commitments and other off balance sheet credit exposures, such as letters of credit and credit recourse on sold residential mortgage loans. The allowance for credit losses specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for off balance sheet credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. During the quarter ended March 31, 2023, No. 2016 13 326. no March 31, 2023 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications. 2022 2023 not no |
Note 1 - Financial Statement _2
Note 1 - Financial Statement Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | As Reported Under ASC 326 Impact of ASC 326 Adoption Prior to Adopting ASC 326 Allowance for credit losses - loans Real estate loans: One-to-four family residential: Owner occupied $ 123 $ - $ 123 Non-owner occupied 295 - 295 Total one-to-four family residential 418 - 418 Multi-family (five or more) residential 451 - 451 Commercial real estate 3,750 - 3,750 Construction 304 - 304 Home equity 33 - 33 Total real estate loans 4,956 - 4,956 Commercial business and other consumer 2,422 - 2,422 Unallocated 300 - 300 Total allowance for credit losses 7,678 - 7,678 Allowance for credit losses - unfunded commitments Reserve for unfunded commitments 27 - 27 Total $ 7,705 $ - $ 7,705 |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Net Income Attributable to Quaint Oak Bancorp, Inc. $ 563,000 $ 2,248,000 Weighted average shares outstanding – basic 2,182,597 2,013,638 Effect of dilutive common stock equivalents 89,932 123,484 Adjusted weighted average shares outstanding – diluted 2,272,530 2,137,122 Basic earnings per share $ 0.26 $ 1.12 Diluted earnings per share $ 0.25 $ 1.05 |
Note 3 - Accumulated Other Co_2
Note 3 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized (Losses) Gains on Investment Securities Available for Sale (1) For the Three Months Ended March 31, 2023 2022 Balance at the beginning of the period $ (24 ) $ 23 Total other comprehensive income (loss) 10 (21 ) Balance at the end of the period $ (14 ) $ 2 |
Note 4 - Investment in Intere_2
Note 4 - Investment in Interest-earning Time Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | March 31, 2023 December 31, 2022 Due in one year or less $ 750 $ 2,541 Due after one year through five years 1,912 1,292 Total $ 2,662 $ 3,833 |
Note 5 - Investment Securitie_2
Note 5 - Investment Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 2,757 $ - $ (17 ) $ 2,740 Federal National Mortgage Association securities 97 - (1 ) 96 Total available-for-sale-securities $ 2,854 $ - $ (18 ) $ 2,836 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Government National Mortgage Association securities $ 2,902 $ - $ (31 ) $ 2,871 Federal National Mortgage Association securities 98 1 - 99 Total available-for-sale-securities $ 3,000 $ 1 $ (31 ) $ 2,970 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due after ten years $ 2,854 $ 2,836 Total $ 2,854 $ 2,836 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2023 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Government National Mortgage Association securities 11 $ 2,740 $ (17 ) $ - $ - $ 2,740 $ (17 ) Federal National Mortgage Association securities 1 96 (1 ) - - 96 (1 ) Total 12 $ 2,836 $ (18 ) $ - $ - $ 2,836 $ (18 ) December 31, 2022 Less than Twelve Months Twelve Months or Greater Total Number of Securities Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Government National Mortgage Association securities 11 $ 2,871 $ (31 ) $ -- $ -- $ 2,871 $ (31 ) |
Note 6 - Loans Receivable, Ne_2
Note 6 - Loans Receivable, Net and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2023 December 31, 2022 Real estate loans: One-to-four family residential: Owner occupied $ 18,080 $ 18,070 Non-owner occupied 38,181 39,315 Total one-to-four family residential 56,261 57,385 Multi-family (five or more) residential 47,632 46,909 Commercial real estate 339,226 333,540 Construction 39,204 28,938 Home equity 5,321 4,918 Total real estate loans 487,644 471,690 Commercial business (1) 153,901 159,069 Other consumer 14 2 Total Loans 641,559 630,761 Deferred loan fees and costs (1,075 ) (1,219 ) Allowance for credit losses (7,658 ) (7,678 ) Net Loans $ 632,826 $ 621,864 |
Financing Receivable, Internal Risk Categories [Table Text Block] | Term Loans Amortized Cost by Origination Year As of March 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total One-to-four family residential owner occupied Risk rating Pass $ 524 $ 9,035 $ 3,553 $ 1,950 $ 575 $ 2,443 $ - $ 18,080 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total one-to-four family residential owner occupied $ 524 $ 9,035 $ 3,553 $ 1,950 $ 575 $ 2,443 $ - $ 18,080 One-to-four family residential non-owner occupied Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Risk rating Pass $ - $ 6,972 $ 9,267 $ 3,333 $ 933 $ 17,676 $ - $ 38,181 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total one-to-four family residential non-owner occupied $ - $ 6,972 $ 9,267 $ 3,333 $ 933 $ 17,676 $ - $ 38,181 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Term Loans Amortized Cost by Origination Year Revolving Loans Amortized Cost Basis As of March 31, 2023 2023 2022 2021 2020 2019 Prior Total Multi-family residential Risk rating Pass $ 972 $ 17,363 $ 13,155 $ 4,574 $ 603 $ 9,388 $ - $ 46,055 Special mention - - - - - - - - Substandard - - - - - 1,577 - 1,577 Doubtful - - - - - - - - Total multi-family residential $ 972 $ 17,363 $ 13,155 $ 4,574 $ 603 $ 10,965 $ - $ 47,632 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate Risk rating Pass $ 18,789 $ 158,332 $ 73,192 $ 22,984 $ 15,985 $ 49,009 $ 935 $ 339,226 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total commercial real estate $ 18,789 $ 158,332 $ 73,192 $ 22,984 $ 15,985 $ 49,009 $ 935 $ 339,226 Current period gross charge-offs $ - $ - $ - $ 134 $ - $ - $ - $ 134 Construction Risk rating Pass $ 3,874 $ 16,783 $ 12,653 $ 3,767 $ - $ - $ - $ 37,077 Special mention - - - - - 2,127 - 2,127 Substandard - - - - - - - - Doubtful - - - - - - - - Total construction $ 3,874 $ 16,783 $ 12,653 $ 3,767 $ - $ 2,127 $ - $ 39,204 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Home equity Risk rating Pass $ 500 $ 64 $ - $ - $ - $ 240 $ 4,517 $ 5,321 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total home equity $ 500 $ 64 $ - $ - $ - $ 240 $ 4,517 $ 5,321 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Commercial business Risk rating Pass $ 3,921 $ 85,027 $ 35,262 $ 5,748 $ 7,273 $ 743 $ 9,806 $ 147,780 Special mention - 893 925 - - - 1,999 3,817 Substandard - - 739 - 1,242 323 - 2,304 Doubtful - - - - - - - - Total commercial business $ 3,921 $ 85,920 $ 36,926 $ 5,748 $ 8,515 $ 1,066 $ 11,805 $ 153,901 Current period gross charge-offs $ - $ - $ - $ 97 $ - $ - $ - 97 Other consumer Risk rating Pass $ 14 $ - $ - $ - $ - $ - $ - $ 14 Special mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Total other consumer $ 14 $ - $ - $ - $ - $ - $ - $ 14 Current period gross charge-offs $ - $ - $ - $ - $ - $ - $ - $ - Total Risk rating Pass $ 28,594 $ 293,576 $ 147,082 $ 42,356 $ 25,369 $ 79,499 $ 15,258 $ 631,734 Special mention - 893 925 - - 2,127 1,999 5,944 Substandard - - 739 - 1,242 1,900 - 3,881 Doubtful - - - - - - - - Total $ 28,594 $ 294,469 $ 148,746 $ 42,356 $ 26,611 $ 83,526 $ 17,257 $ 641,559 Current period gross charge-offs $ - $ - $ - $ 231 $ - $ - $ - 231 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2022 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 17,663 $ 407 $ - $ - $ 18,070 One-to-four family residential non-owner occupied 39,315 - - - 39,315 Multi-family residential 45,201 - 1,708 - 46,909 Commercial real estate 333,406 - 134 - 333,540 Construction 28,938 - - - 28,938 Home equity 4,918 - - - 4,918 Commercial business 153,746 2,908 2,415 - 159,069 Other consumer 2 - - - 2 Total $ 623,189 $ 3,315 $ 4,257 $ - $ 630,761 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2023 December 31, Non-accrual loans 2022 With a Related Allowance Without a Related Allowance Total 90 Days or More Past Due and Accruing Total Non- Performing Total Non- Accrual Loans One-to-four family residential owner occupied $ - $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied - - - - - - Multi-family residential 1,577 - 1,577 - $ 1,577 1,708 Commercial real estate - - - - - - Construction - - - - - - Home equity - - - - - - Commercial business - - - - - - Other consumer - - - - - - Total $ 1,577 $ - $ 1,577 - $ 1,577 $ 1,708 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 9 - 7 - Multi-family residential 1,708 1,722 - 1,708 - Commercial real estate 129 129 - 130 12 Construction - - - - - Home equity - - - - - Commercial business - - - - - Other consumer - - - - - With an allowance recorded: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied - - - - - Multi-family residential - - - - - Commercial real estate 134 134 118 136 9 Construction - - - - - Home equity - - - - - Commercial business 97 97 96 102 6 Other consumer - - - - - Total: One-to-four family residential owner occupied $ - $ - $ - $ - $ - One-to-four family residential non-owner occupied 7 9 - 7 - Multi-family residential 1,708 1,722 - 1,708 - Commercial real estate 263 263 118 266 21 Construction - - - - - Home equity - - - - - Commercial business 97 97 96 102 6 Other consumer - - - - - Total $ 2,075 $ 2,091 $ 215 $ 2,083 $ 27 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | March 31, 2023 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for credit losses: Beginning balance $ 123 $ 295 $ 451 $ 3,750 $ 304 $ 33 $ 2,422 $ 300 $ 7,678 Impact of ASU - - - - - - - - - Charge-offs - - - (134 ) - - (97 ) - (231 ) Recoveries - - - - - - - - - Provision (1) 30 (39 ) (55 ) (249 ) 102 21 701 (300 ) 211 Ending balance $ 153 $ 256 $ 396 $ 3,367 $ 406 $ 54 $ 3,026 $ - $ 7,658 December 31, 2022 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for credit losses: Beginning balance $ 73 $ 292 $ 249 $ 2,475 $ 119 $ 29 $ 1,625 $ 400 $ 5,262 Charge-offs - - - - - - (59 ) - (59 ) Recoveries - - - - - - - - - Provision 50 3 202 1,275 185 4 856 (100 ) 2,475 Ending balance $ 123 $ 295 $ 451 $ 3,750 $ 304 $ 33 $ 2,422 $ 300 $ 7,678 Ending balance evaluated for impairment: Individually $ - $ - $ - $ 118 $ - $ - $ 97 $ - $ 215 Collectively $ 123 $ 295 $ 451 $ 3,632 $ 304 $ 33 2,325 $ 300 $ 7,463 Loans receivable: Ending balance $ 18,070 $ 39,315 $ 46,909 $ 333,540 $ 28,938 $ 4,918 $ 159,071 $ 630,761 Ending balance evaluated for impairment: Individually $ - $ 7 $ 1,708 $ 263 $ - $ - $ 97 $ 2,075 Collectively $ 18,070 $ 39,308 $ 45,201 $ 333,277 $ 28,938 $ 4,918 $ 158,974 $ 628,686 March 31, 2022 1-4 Family Residential Owner Occupied 1-4 Family Residential Non-Owner Occupied Multi-Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for credit losses: Beginning balance $ 73 $ 292 $ 249 $ 2,475 $ 119 $ 29 $ 1,625 $ 400 $ 5,262 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision 26 13 215 162 13 (1 ) 251 - 679 Ending balance $ 99 $ 305 $ 464 $ 2,637 $ 132 $ 28 $ 1,876 $ 400 $ 5,941 Ending balance evaluated for impairment: Individually $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively $ 99 $ 305 $ 464 $ 2,637 $ 132 $ 28 $ 1,876 $ 400 $ 5,941 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2023 30-89 Days Past Due 90 Days or More Past Due and Accruing 90 Days or More Past Due and on Non-Accrual Current Total Loans Receivable One-to-four family residential owner occupied $ 406 $ - $ - $ 17,674 $ 18,080 One-to-four family residential non-owner occupied 69 - - 38,112 38,181 Multi-family residential - - 1,577 46,055 47,632 Commercial real estate 739 - - 338,487 339,226 Construction - - - 39,204 39,204 Home equity 38 - - 5,283 5,321 Commercial business - - - 153,901 153,901 Other consumer - - - 14 14 Total $ 1,252 $ ,- $ 1,577 $ 638,730 $ 641,559 December 31, 2022 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable 90 Days or More Past Due and Accruing One-to-four family residential owner occupied $ 407 $ - $ 407 $ 17,663 $ 18,070 $ - One-to-four family residential non-owner occupied 23 - 23 39,292 39,315 - Multi-family residential - 1,708 1,708 45,201 46,909 - Commercial real estate 2,895 134 3,029 330,511 333,540 - Construction 2,062 - 2,062 26,876 28,938 - Home equity 39 - 39 4,879 4,918 - Commercial business 10 97 107 158,962 159,069 51 Other consumer - - - 2 2 - Total $ 5,436 $ 1,939 $ 7,375 $ 623,386 $ 630,761 $ 51 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | March 31, 2023 December 31, 2022 Non-interest bearing checking accounts $ 95,214 $ 88,728 Savings accounts 1,536 1,597 Money market accounts 243,003 260,972 Certificates of deposit 214,691 197,951 Total deposits $ 554,444 $ 549,248 |
Note 9 - Borrowings (Tables)
Note 9 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Federal Home Loan Bank Advances [Member] | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2023 December 31, 2022 Amount Weighted Interest Rate Amount Weighted Interest Rate Short-term borrowings $ 113,200 5.15 % $ 93,200 4.45 % Fixed rate borrowings maturing: 2023 37,000 2.34 57,000 2.22 2024 6,167 2.05 6,167 2.05 2025 2,855 1.25 2,855 1.25 Total FHLB long-term debt $ 46,022 2.23 % $ 66,022 2.16 % |
Note 10 - Stock Compensation _2
Note 10 - Stock Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | March 31, 2023 2023 2022 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the period 9,122 $ 13.30 18,845 $ 13.30 Granted - - - - Vested - - - - Forfeited - - - - Unvested at the end of the period 9,122 $ 13.30 18,845 $ 13.30 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | March 31, 2023 2022 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the period 195,936 $ 11.24 3.5 233,136 $ 10.96 4.2 Granted - - - - - - Exercised (23,000 ) 8.10 - (1,000 ) 13.30 - Forfeited - - - - - - Outstanding at end of period 172,936 $ 11.66 3.7 232,136 $ 10.95 4.1 Exercisable at end of period 147,009 $ 10.62 6.5 179,081 $ 10.26 5.6 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2023 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements: Investment securities available for sale Government National Mortgage Association mortgage-backed securities $ 2,740 $ - $ 2,740 $ - Federal National Mortgage Association mortgage- backed securities 96 - 96 - Total investment securities available for sale $ 2,836 $ - $ 2,836 $ - Total recurring fair value measurements $ 2,836 $ - $ 2,836 $ - Nonrecurring fair value measurements Collateral-dependent loans $ 1,577 $ - $ - $ 1,577 Total nonrecurring fair value measurements $ 1,577 $ - $ - $ 1,577 December 31, 2022 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements: Investment securities available for sale Government National Mortgage Association mortgage-backed securities $ 2,871 $ - $ 2,871 $ - Federal National Mortgage Association mortgage- backed securities 99 - 99 - Total investment securities available for sale $ 2,970 $ - $ 2,970 $ - Total recurring fair value measurements $ 2,970 $ - $ 2,970 $ - Nonrecurring fair value measurements Impaired loans $ 1,860 $ - $ - $ 1,860 Total nonrecurring fair value measurements $ 1,860 $ - $ - $ 1,860 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2023 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Collateral-dependent loans $ 1,577 Appraisal of collateral (1) Appraisal adjustments (2) 8% (8%) December 31, 2022 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,860 Appraisal of collateral (1) Appraisal adjustments (2) 10% (10%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at March 31, 2023 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 2,662 $ 2,742 $ - $ - $ 2,742 Loans held for sale 141,206 145,046 - 145,046 - Loans receivable, net 632,826 610,989 - - 610,989 Financial Liabilities Deposits 554,444 558,001 339,753 - 218,248 FHLB long-term borrowings 46,022 45,881 - - 45,881 Subordinated debt 21,739 21,165 - - 21,165 Fair Value Measurements at December 31, 2022 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Investment in interest-earning time deposits $ 3,833 $ 3,907 $ - $ - $ 3,907 Loans held for sale 133,222 137,253 - 137,253 - Loans receivable, net 621,864 600,186 - - 600,186 Financial Liabilities Deposits 549,248 551,157 351,297 - 199,860 FHLB long-term borrowings 66,022 65,846 - - 65,846 FRB long-term borrowings 7,000 6,981 - - 6,981 Subordinated debt 7,966 7,886 - - 7,886 |
Note 12 - Operating Segments (T
Note 12 - Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of or for the Three Months Ended March 31, 2023 2022 Quaint Oak Bank(1) Oakmont Capital Holdings, LLC Consolidated Quaint Oak Bank(1) Oakmont Capital Holdings, LLC Consolidated Net Interest Income (Loss) $ 5,596 $ (287 ) $ 5,309 $ 5,501 $ (23 ) $ 5,478 Provision for Credit Losses 392 - 392 679 - 679 Net Interest Income (Loss) after Provision for Credit Losses 5,204 (287 ) 4,917 4,822 (23 ) 4,799 Non-Interest Income Mortgage banking, equipment lending and title abstract fees 137 669 806 204 433 637 Real estate sales commissions, net 24 - 24 61 - 61 Insurance commissions 136 - 136 116 - 116 Other fees and services charges 98 133 231 149 17 166 Net loan servicing income 143 1,086 1,229 5 160 165 Income from bank-owned life insurance 24 - 24 21 - 21 Net gain on loans held for sale 391 489 880 1,038 3,172 4,210 Gain on the sale of SBA loans 50 - 50 133 - 133 Total Non-Interest Income 1,003 2,377 3,380 1,727 3,782 5,509 Non-Interest Expense Salaries and employee benefits 3,576 1,766 5,342 3,238 1,353 4,591 Directors’ fees and expenses 105 - 105 71 - 71 Occupancy and equipment 342 185 527 308 112 420 Data processing 217 - 217 197 - 197 Professional fees 148 27 175 171 13 184 FDIC deposit insurance assessment 232 - 232 116 - 116 Advertising 83 216 299 85 123 208 Amortization of other intangible 12 - 12 12 - 12 Other 593 128 721 299 85 384 Total Non-Interest Expense 5,308 2,322 7,630 4,497 1,686 6,183 Pretax Segment Profit (Loss) $ 899 $ (232 ) $ 667 $ 2,052 $ 2,073 $ 4,125 Net (Loss) Income Attributable to Noncontrolling Interest $ (114 ) $ - $ (114 ) $ 1,016 $ - $ 1,016 Segment Assets $ 767,307 $ 44,293 $ 811,600 $ 514,970 $ 20,896 $ 535,866 |
Note 1 - Financial Statement _3
Note 1 - Financial Statement Presentation and Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2021 USD ($) | |
Number of Wholly-Owned Subsidiaries | 6 | ||
Retained Earnings (Accumulated Deficit) | $ 31,155 | $ 30,875 | |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit) | $ 0 |
Note 1 - Financial Statement _4
Note 1 - Financial Statement Presentation and Significant Accounting Policies - ASU 2016-13 Impact (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for credit losses - loans | $ 7,658 | $ 0 | $ 7,678 | $ 5,941 | $ 5,262 |
Reserve for unfunded commitments | 0 | ||||
Total | 0 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 7,678 | ||||
Reserve for unfunded commitments | 27 | ||||
Total | 7,705 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 7,678 | ||||
Reserve for unfunded commitments | 27 | ||||
Total | 7,705 | ||||
Real Estate Portfolio Segment [Member] | |||||
Allowance for credit losses - loans | 0 | ||||
Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 4,956 | ||||
Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 4,956 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||||
Allowance for credit losses - loans | 153 | 0 | 123 | 99 | 73 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 123 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 123 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||||
Allowance for credit losses - loans | 256 | 0 | 295 | 305 | 292 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 295 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 295 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | |||||
Allowance for credit losses - loans | 0 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 418 | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 418 | ||||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||||
Allowance for credit losses - loans | 396 | 0 | 451 | 464 | 249 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 451 | ||||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 451 | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||||
Allowance for credit losses - loans | 0 | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 3,750 | ||||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 3,750 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowance for credit losses - loans | 406 | 0 | 304 | 132 | 119 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 304 | ||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 304 | ||||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowance for credit losses - loans | 54 | 0 | 33 | 28 | 29 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 33 | ||||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 33 | ||||
Commercial and Consumer Portfolio Segments [Member] | |||||
Allowance for credit losses - loans | 3,026 | 0 | 2,422 | 1,876 | 1,625 |
Commercial and Consumer Portfolio Segments [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 2,422 | ||||
Commercial and Consumer Portfolio Segments [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | 2,422 | ||||
Unallocated Financing Receivables [Member] | |||||
Allowance for credit losses - loans | $ 0 | 0 | $ 300 | $ 400 | $ 400 |
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||
Allowance for credit losses - loans | 300 | ||||
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for credit losses - loans | $ 300 |
Note 2 - Earnings Per Share - W
Note 2 - Earnings Per Share - Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Income Attributable to Quaint Oak Bancorp, Inc. | $ 563,000 | $ 2,248,000 |
Weighted average shares outstanding – basic (in shares) | 2,182,597 | 2,013,638 |
Effect of dilutive common stock equivalents (in shares) | 89,932 | 123,484 |
Adjusted weighted average shares outstanding – diluted (in shares) | 2,272,530 | 2,137,122 |
Basic earnings per share (in dollars per share) | $ 0.26 | $ 1.12 |
Diluted earnings per share (in dollars per share) | $ 0.25 | $ 1.05 |
Note 3 - Accumulated Other Co_3
Note 3 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Balance | $ 44,793 | |||
Total other comprehensive income (loss) | 10 | $ (21) | ||
Balance | 45,286 | |||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance | [1] | (24) | 23 | |
Total other comprehensive income (loss) | 10 | [1] | (21) | |
Balance | [1] | $ (14) | $ 2 | |
[1]All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 4 - Investment in Intere_3
Note 4 - Investment in Interest-earning Time Deposits - Investment in Interest-earnings Time Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Due in one year or less | $ 750 | $ 2,541 |
Due after one year through five years | 1,912 | 1,292 |
Total | $ 2,662 | $ 3,833 |
Note 5 - Investment Securitie_3
Note 5 - Investment Securities Available for Sale (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 |
Note 5 - Investment Securitie_4
Note 5 - Investment Securities Available for Sale - Amortized Cost and Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized cost | $ 2,854 | $ 3,000 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (18) | (31) |
Fair value | 2,836 | 2,970 |
Government National Mortgage Association (GNMA) [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 2,757 | 2,902 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (17) | (31) |
Fair value | 2,740 | 2,871 |
Federal National Mortgage Association (FNMA) [Member] | Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 97 | 98 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (1) | 0 |
Fair value | $ 96 | $ 99 |
Note 5 - Investment Securitie_5
Note 5 - Investment Securities Available for Sale - Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Due after ten years, amortized cost | $ 2,854 | |
Due after ten years, fair value | 2,836 | |
Total, amortized cost | 2,854 | $ 3,000 |
Total, fair value | $ 2,836 | $ 2,970 |
Note 5 - Investment Securitie_6
Note 5 - Investment Securities Available for Sale - Gross Unrealized Losses and Fair Value (Details) - Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Number of securities | 12 | |
Fair value, less than twelve months | $ 2,836 | |
Gross unrealized losses, less than twelve months | (18) | |
Fair value, twelve months or greater | 0 | |
Gross unrealized losses, twelve months or greater | 0 | |
Fair value | 2,836 | |
Gross unrealized losses | $ (18) | |
Government National Mortgage Association (GNMA) [Member] | ||
Number of securities | 11 | 11,000 |
Fair value, less than twelve months | $ 2,740 | $ 2,871 |
Gross unrealized losses, less than twelve months | (17) | (31) |
Fair value, twelve months or greater | 0 | |
Gross unrealized losses, twelve months or greater | 0 | |
Fair value | 2,740 | 2,871 |
Gross unrealized losses | $ (17) | $ (31) |
Federal National Mortgage Association (FNMA) [Member] | ||
Number of securities | 1 | |
Fair value, less than twelve months | $ 96 | |
Gross unrealized losses, less than twelve months | (1) | |
Fair value, twelve months or greater | 0 | |
Gross unrealized losses, twelve months or greater | 0 | |
Fair value | 96 | |
Gross unrealized losses | $ (1) |
Note 6 - Loans Receivable, Ne_3
Note 6 - Loans Receivable, Net and Allowance for Credit Losses (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 641,559,000 | $ 630,761,000 | ||
Troubled Debt Restructuring, Number of Contracts | 2 | |||
Financing Receivable, Modified, Accumulated | $ 136,000 | |||
Provision for Loan, Lease, and Other Losses | 392,000 | $ 679,000 | ||
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 181,000 | |||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | ||
Financing Receivable, Nonaccrual, Interest Income | 59,000 | 167,000 | ||
Nonperforming Financial Instruments [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,600,000 | 2,000,000 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | [1] | 153,901,000 | 159,069,000 | |
Paycheck Protection Loan Program [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 163,000 | $ 214,000 | ||
[1]Includes $163,000 and $214,000 of PPP loans at March 31, 2023 and December 31, 2022, respectively. |
Note 6 - Loans Receivable, Ne_4
Note 6 - Loans Receivable, Net and Allowance for Credit Losses - Composition of Net Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Loans | $ 641,559 | $ 630,761 | ||||
Deferred loan fees and costs | (1,075) | (1,219) | ||||
Allowance for credit losses | (7,658) | $ 0 | (7,678) | $ (5,941) | $ (5,262) | |
Net Loans | 632,826 | 621,864 | ||||
Real Estate Portfolio Segment [Member] | ||||||
Loans | 487,644 | 471,690 | ||||
Allowance for credit losses | 0 | |||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||||||
Loans | 18,080 | 18,070 | ||||
Allowance for credit losses | (153) | 0 | (123) | (99) | (73) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||||||
Loans | 38,181 | 39,315 | ||||
Allowance for credit losses | (256) | 0 | (295) | (305) | (292) | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | ||||||
Loans | 56,261 | 57,385 | ||||
Allowance for credit losses | 0 | |||||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||||||
Loans | 47,632 | 46,909 | ||||
Allowance for credit losses | (396) | 0 | (451) | (464) | (249) | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||||||
Loans | 339,226 | 333,540 | ||||
Allowance for credit losses | 0 | |||||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans | 39,204 | 28,938 | ||||
Allowance for credit losses | (406) | 0 | (304) | (132) | (119) | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loans | 5,321 | 4,918 | ||||
Allowance for credit losses | (54) | $ 0 | (33) | $ (28) | $ (29) | |
Commercial Portfolio Segment [Member] | ||||||
Loans | [1] | 153,901 | 159,069 | |||
Consumer Portfolio Segment [Member] | ||||||
Loans | $ 14 | $ 2 | ||||
[1]Includes $163,000 and $214,000 of PPP loans at March 31, 2023 and December 31, 2022, respectively. |
Note 6 - Loans Receivable, Ne_5
Note 6 - Loans Receivable, Net and Allowance for Credit Losses - Internal Risk Categories (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Year One | $ 28,594 | ||
Financing Receivable, Year Two | 294,469 | ||
Financing Receivable, Year Three | 148,746 | ||
Financing Receivable, Year Four | 42,356 | ||
Financing Receivable, Year Five | 26,611 | ||
Financing Receivable, Prior | 83,526 | ||
Financing Receivable, Revolving | 17,257 | ||
Financing Receivable, Total | 641,559 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 231 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | $ 0 | $ 59 | |
Pass [Member] | |||
Financing Receivable, Year One | 28,594 | ||
Financing Receivable, Year Two | 293,576 | ||
Financing Receivable, Year Three | 147,082 | ||
Financing Receivable, Year Four | 42,356 | ||
Financing Receivable, Year Five | 25,369 | ||
Financing Receivable, Prior | 79,499 | ||
Financing Receivable, Revolving | 15,258 | ||
Financing Receivable, Total | 631,734 | ||
Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 893 | ||
Financing Receivable, Year Three | 925 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 2,127 | ||
Financing Receivable, Revolving | 1,999 | ||
Financing Receivable, Total | 5,944 | ||
Substandard [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 739 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 1,242 | ||
Financing Receivable, Prior | 1,900 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 3,881 | ||
Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Residential Portfolio Segment [Member] | Multifamily [Member] | |||
Financing Receivable, Year One | 972 | ||
Financing Receivable, Year Two | 17,363 | ||
Financing Receivable, Year Three | 13,155 | ||
Financing Receivable, Year Four | 4,574 | ||
Financing Receivable, Year Five | 603 | ||
Financing Receivable, Prior | 10,965 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 47,632 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 0 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | 0 | ||
Residential Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | |||
Financing Receivable, Year One | 972 | ||
Financing Receivable, Year Two | 17,363 | ||
Financing Receivable, Year Three | 13,155 | ||
Financing Receivable, Year Four | 4,574 | ||
Financing Receivable, Year Five | 603 | ||
Financing Receivable, Prior | 9,388 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 46,055 | ||
Residential Portfolio Segment [Member] | Multifamily [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Residential Portfolio Segment [Member] | Multifamily [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 1,577 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 1,577 | ||
Residential Portfolio Segment [Member] | Multifamily [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||
Financing Receivable, Year One | 524 | ||
Financing Receivable, Year Two | 9,035 | ||
Financing Receivable, Year Three | 3,553 | ||
Financing Receivable, Year Four | 1,950 | ||
Financing Receivable, Year Five | 575 | ||
Financing Receivable, Prior | 2,443 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 18,080 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 0 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | 0 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | |||
Financing Receivable, Year One | 524 | ||
Financing Receivable, Year Two | 9,035 | ||
Financing Receivable, Year Three | 3,553 | ||
Financing Receivable, Year Four | 1,950 | ||
Financing Receivable, Year Five | 575 | ||
Financing Receivable, Prior | 2,443 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 18,080 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 6,972 | ||
Financing Receivable, Year Three | 9,267 | ||
Financing Receivable, Year Four | 3,333 | ||
Financing Receivable, Year Five | 933 | ||
Financing Receivable, Prior | 17,676 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 38,181 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 0 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | 0 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 6,972 | ||
Financing Receivable, Year Three | 9,267 | ||
Financing Receivable, Year Four | 3,333 | ||
Financing Receivable, Year Five | 933 | ||
Financing Receivable, Prior | 17,676 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 38,181 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Financing Receivable, Year One | 18,789 | ||
Financing Receivable, Year Two | 158,332 | ||
Financing Receivable, Year Three | 73,192 | ||
Financing Receivable, Year Four | 22,984 | ||
Financing Receivable, Year Five | 15,985 | ||
Financing Receivable, Prior | 49,009 | ||
Financing Receivable, Revolving | 935 | ||
Financing Receivable, Total | 339,226 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 134 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | 134 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | |||
Financing Receivable, Year One | 18,789 | ||
Financing Receivable, Year Two | 158,332 | ||
Financing Receivable, Year Three | 73,192 | ||
Financing Receivable, Year Four | 22,984 | ||
Financing Receivable, Year Five | 15,985 | ||
Financing Receivable, Prior | 49,009 | ||
Financing Receivable, Revolving | 935 | ||
Financing Receivable, Total | 339,226 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Construction [Member] | Construction Loans [Member] | |||
Financing Receivable, Year One | 3,874 | ||
Financing Receivable, Year Two | 16,783 | ||
Financing Receivable, Year Three | 12,653 | ||
Financing Receivable, Year Four | 3,767 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 2,127 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 39,204 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 0 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | 0 | ||
Construction [Member] | Construction Loans [Member] | Pass [Member] | |||
Financing Receivable, Year One | 3,874 | ||
Financing Receivable, Year Two | 16,783 | ||
Financing Receivable, Year Three | 12,653 | ||
Financing Receivable, Year Four | 3,767 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 37,077 | ||
Construction [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 2,127 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 2,127 | ||
Construction [Member] | Construction Loans [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Construction [Member] | Construction Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Home Equity Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Financing Receivable, Year One | 500 | ||
Financing Receivable, Year Two | 64 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 240 | ||
Financing Receivable, Revolving | 4,517 | ||
Financing Receivable, Total | 5,321 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 0 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | 0 | ||
Home Equity Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Financing Receivable, Year One | 500 | ||
Financing Receivable, Year Two | 64 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 240 | ||
Financing Receivable, Revolving | 4,517 | ||
Financing Receivable, Total | 5,321 | ||
Home Equity Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Home Equity Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Home Equity Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | |||
Financing Receivable, Year One | 3,921 | ||
Financing Receivable, Year Two | 85,920 | ||
Financing Receivable, Year Three | 36,926 | ||
Financing Receivable, Year Four | 5,748 | ||
Financing Receivable, Year Five | 8,515 | ||
Financing Receivable, Prior | 1,066 | ||
Financing Receivable, Revolving | 11,805 | ||
Financing Receivable, Total | 153,901 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 97 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | 97 | ||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Pass [Member] | |||
Financing Receivable, Year One | 3,921 | ||
Financing Receivable, Year Two | 85,027 | ||
Financing Receivable, Year Three | 35,262 | ||
Financing Receivable, Year Four | 5,748 | ||
Financing Receivable, Year Five | 7,273 | ||
Financing Receivable, Prior | 743 | ||
Financing Receivable, Revolving | 9,806 | ||
Financing Receivable, Total | 147,780 | ||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 893 | ||
Financing Receivable, Year Three | 925 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 1,999 | ||
Financing Receivable, Total | 3,817 | ||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Substandard [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 739 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 1,242 | ||
Financing Receivable, Prior | 323 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 2,304 | ||
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | |||
Financing Receivable, Year One | 14 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 14 | ||
Current period gross charge-offs, Year One | 0 | ||
Current period gross charge-offs, Year Two | 0 | ||
Current period gross charge-offs, Year Three | 0 | ||
Current period gross charge-offs, Year Four | 0 | ||
Current period gross charge-offs, Year Five | 0 | ||
Current period gross charge-offs, Prior | 0 | ||
Current period gross charge-offs, Revolving | 0 | ||
Current period gross charge-offs, Total | 0 | ||
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Pass [Member] | |||
Financing Receivable, Year One | 14 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 14 | ||
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | 0 | ||
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Year One | 0 | ||
Financing Receivable, Year Two | 0 | ||
Financing Receivable, Year Three | 0 | ||
Financing Receivable, Year Four | 0 | ||
Financing Receivable, Year Five | 0 | ||
Financing Receivable, Prior | 0 | ||
Financing Receivable, Revolving | 0 | ||
Financing Receivable, Total | $ 0 |
Note 6 - Loans Receivable, Ne_6
Note 6 - Loans Receivable, Net and Allowance for Credit Losses - Loan Portfolio by Credit Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Loans | $ 641,559 | $ 630,761 | |
Pass [Member] | |||
Loans | 623,189 | ||
Special Mention [Member] | |||
Loans | 3,315 | ||
Substandard [Member] | |||
Loans | 4,257 | ||
Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | |||
Loans | 487,644 | 471,690 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||
Loans | 18,080 | 18,070 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | |||
Loans | 17,663 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | |||
Loans | 407 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||
Loans | 38,181 | 39,315 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | |||
Loans | 39,315 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||
Loans | 47,632 | 46,909 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | |||
Loans | 45,201 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | |||
Loans | 1,708 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Loans | 339,226 | 333,540 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | |||
Loans | 333,406 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | |||
Loans | 134 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 39,204 | 28,938 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Loans | 28,938 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans | 5,321 | 4,918 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | |||
Loans | 4,918 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | |||
Loans | [1] | 153,901 | 159,069 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Loans | 153,746 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 2,908 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 2,415 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | |||
Loans | $ 14 | 2 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||
Loans | 2 | ||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | |||
Loans | $ 0 | ||
[1]Includes $163,000 and $214,000 of PPP loans at March 31, 2023 and December 31, 2022, respectively. |
Note 6 - Loans Receivable, Ne_7
Note 6 - Loans Receivable, Net and Allowance for Credit Losses - Non-accrual Loans by Class of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual, With Allowance | $ 1,577 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 1,577 | $ 1,708 |
Loans > 90 days and accruing | 0 | 51 |
Residential Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 0 |
Loans > 90 days and accruing | 0 | |
Residential Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 0 |
Loans > 90 days and accruing | 0 | |
Residential Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 1,577 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 1,577 | 1,708 |
Loans > 90 days and accruing | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 0 |
Loans > 90 days and accruing | 0 | |
Construction [Member] | Construction Loans [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 0 |
Loans > 90 days and accruing | 0 | |
Home Equity Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 0 |
Loans > 90 days and accruing | 0 | |
Commercial Portfolio Segment [Member] | ||
Loans > 90 days and accruing | 51 | |
Commercial Portfolio Segment [Member] | Commercial Loan [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 0 |
Loans > 90 days and accruing | 0 | |
Consumer Portfolio Segment [Member] | ||
Loans > 90 days and accruing | 0 | |
Consumer Portfolio Segment [Member] | Consumer Loan [Member] | ||
Financing Receivable, Nonaccrual, With Allowance | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | $ 0 |
Loans > 90 days and accruing | $ 0 |
Note 6 - Loans Receivable, Ne_8
Note 6 - Loans Receivable, Net and Allowance for Credit Losses - Impaired Loans by Loan Portfolio Class (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Related allowance | $ 215 |
Recorded investment | 2,075 |
Unpaid principal balance | 2,091 |
Average recorded investment | 2,083 |
Interest income recognized | 27 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |
Recorded investment, with no related allowance recorded | 0 |
Unpaid principal balance, with no related allowance recorded | 0 |
Average recorded investment, with no related allowance recorded | 0 |
Interest income recognized, with no related allowance recorded | 0 |
Recorded investment | 0 |
Unpaid principal balance | 0 |
Average recorded investment | 0 |
Interest income recognized | 0 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |
Recorded investment, with no related allowance recorded | 7 |
Unpaid principal balance, with no related allowance recorded | 9 |
Average recorded investment, with no related allowance recorded | 7 |
Interest income recognized, with no related allowance recorded | 0 |
Recorded investment | 7 |
Unpaid principal balance | 9 |
Average recorded investment | 7 |
Interest income recognized | 0 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |
Recorded investment, with no related allowance recorded | 1,708 |
Unpaid principal balance, with no related allowance recorded | 1,722 |
Average recorded investment, with no related allowance recorded | 1,708 |
Recorded investment | 1,708 |
Unpaid principal balance | 1,722 |
Average recorded investment | 1,708 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |
Recorded investment, with no related allowance recorded | 129 |
Unpaid principal balance, with no related allowance recorded | 129 |
Average recorded investment, with no related allowance recorded | 130 |
Interest income recognized, with no related allowance recorded | 12 |
Recorded investment, with an allowance recorded | 134 |
Unpaid principal balance, with an allowance recorded | 134 |
Related allowance | 118 |
Average recorded investment, with an allowance recorded | 136 |
Interest income recognized, with an allowance recorded | 9 |
Recorded investment | 263 |
Unpaid principal balance | 263 |
Average recorded investment | 266 |
Interest income recognized | 21 |
Commercial Portfolio Segment [Member] | |
Average recorded investment, with no related allowance recorded | 0 |
Recorded investment, with an allowance recorded | 97 |
Unpaid principal balance, with an allowance recorded | 97 |
Related allowance | 96 |
Average recorded investment, with an allowance recorded | 102 |
Interest income recognized, with an allowance recorded | 6 |
Recorded investment | 97 |
Unpaid principal balance | 97 |
Average recorded investment | 102 |
Interest income recognized | $ 6 |
Note 6 - Loans Receivable, Ne_9
Note 6 - Loans Receivable, Net and Allowance for Credit Losses - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |||
Allowance for loan losses, beginning balance | $ 7,678 | $ 5,262 | $ 5,262 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | 211 | [1] | 679 | 2,475 | [1] |
Allowance for loan losses, ending balance | 7,658 | 5,941 | 7,678 | ||
Charge-offs | 0 | (59) | |||
Individually | 0 | 215 | |||
Collectively | 5,941 | 7,463 | |||
Ending balance | 641,559 | 630,761 | |||
Individually | 2,075 | ||||
Collectively | 628,686 | ||||
Charge-offs | 0 | (59) | |||
Real Estate Portfolio Segment [Member] | |||||
Ending balance | 487,644 | 471,690 | |||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||||
Allowance for loan losses, beginning balance | 123 | 73 | 73 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | 30 | [1] | 26 | 50 | [1] |
Allowance for loan losses, ending balance | 153 | 99 | 123 | ||
Charge-offs | 0 | 0 | |||
Individually | 0 | 0 | |||
Collectively | 99 | 123 | |||
Ending balance | 18,080 | 18,070 | |||
Individually | 0 | ||||
Collectively | 18,070 | ||||
Charge-offs | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||||
Allowance for loan losses, beginning balance | 295 | 292 | 292 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | (39) | [1] | 13 | 3 | [1] |
Allowance for loan losses, ending balance | 256 | 305 | 295 | ||
Charge-offs | 0 | 0 | |||
Individually | 0 | 0 | |||
Collectively | 305 | 295 | |||
Ending balance | 38,181 | 39,315 | |||
Individually | 7 | ||||
Collectively | 39,308 | ||||
Charge-offs | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||||
Allowance for loan losses, beginning balance | 451 | 249 | 249 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | (55) | [1] | 215 | 202 | [1] |
Allowance for loan losses, ending balance | 396 | 464 | 451 | ||
Charge-offs | 0 | 0 | |||
Individually | 0 | 0 | |||
Collectively | 464 | 451 | |||
Ending balance | 47,632 | 46,909 | |||
Individually | 1,708 | ||||
Collectively | 45,201 | ||||
Charge-offs | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | |||||
Allowance for loan losses, beginning balance | 3,750 | 2,475 | 2,475 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | (249) | [1] | 162 | 1,275 | [1] |
Allowance for loan losses, ending balance | 3,367 | 2,637 | 3,750 | ||
Charge-offs | 0 | 0 | |||
Individually | 0 | 118 | |||
Collectively | 2,637 | 3,632 | |||
Ending balance | 333,540 | ||||
Individually | 263 | ||||
Collectively | 333,277 | ||||
Charge-offs | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Allowance for loan losses, beginning balance | 304 | 119 | 119 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | 102 | [1] | 13 | 185 | [1] |
Allowance for loan losses, ending balance | 406 | 132 | 304 | ||
Charge-offs | 0 | 0 | |||
Individually | 0 | 0 | |||
Collectively | 132 | 304 | |||
Ending balance | 39,204 | 28,938 | |||
Individually | 0 | ||||
Collectively | 28,938 | ||||
Charge-offs | 0 | 0 | |||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Allowance for loan losses, beginning balance | 33 | 29 | 29 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | 21 | [1] | (1) | 4 | [1] |
Allowance for loan losses, ending balance | 54 | 28 | 33 | ||
Charge-offs | 0 | 0 | |||
Individually | 0 | 0 | |||
Collectively | 28 | 33 | |||
Ending balance | 5,321 | 4,918 | |||
Individually | 0 | ||||
Collectively | 4,918 | ||||
Charge-offs | 0 | 0 | |||
Commercial and Consumer Portfolio Segments [Member] | |||||
Allowance for loan losses, beginning balance | 2,422 | 1,625 | 1,625 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | 701 | [1] | 251 | 856 | [1] |
Allowance for loan losses, ending balance | 3,026 | 1,876 | 2,422 | ||
Charge-offs | 0 | (59) | |||
Individually | 0 | 97 | |||
Collectively | 1,876 | 2,325 | |||
Ending balance | 159,071 | ||||
Individually | 97 | ||||
Collectively | 158,974 | ||||
Charge-offs | 0 | (59) | |||
Unallocated Financing Receivables [Member] | |||||
Allowance for loan losses, beginning balance | 300 | 400 | 400 | ||
Recoveries | 0 | 0 | 0 | ||
Provision(1) | (300) | [1] | 0 | (100) | [1] |
Allowance for loan losses, ending balance | $ 0 | 400 | 300 | ||
Charge-offs | 0 | 0 | |||
Individually | 0 | 0 | |||
Collectively | 400 | 300 | |||
Ending balance | |||||
Individually | |||||
Collectively | |||||
Charge-offs | $ 0 | $ 0 | |||
[1]Provision included in the table only includes the portion related to loans receivable. The total provision for credit losses of $392,000 includes a provision of $181,000 for off balance sheet credit exposure, which is reflected in other liabilities on the balance sheet. |
Note 6 - Loans Receivable, N_10
Note 6 - Loans Receivable, Net and Allowance for Credit Losses - Loan Portfolio Summarized by Past Due Status (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Loans | $ 641,559 | $ 630,761 | |
Loans > 90 days and accruing | 0 | 51 | |
The 30 to 89 Days Delinquent [Member] | |||
Loans | 1,252 | 5,436 | |
Financial Asset, Past Due [Member] | |||
Loans | 1,577 | 7,375 | |
Financial Asset, Not Past Due [Member] | |||
Loans | 638,730 | 623,386 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 1,939 | ||
Real Estate Portfolio Segment [Member] | |||
Loans | 487,644 | 471,690 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||
Loans | 18,080 | 18,070 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 406 | 407 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | 407 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 17,674 | 17,663 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||
Loans | 38,181 | 39,315 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 69 | 23 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | 23 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 38,112 | 39,292 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||
Loans | 47,632 | 46,909 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,577 | 1,708 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 46,055 | 45,201 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 1,708 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Loans | 339,226 | 333,540 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 739 | 2,895 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | 3,029 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 338,487 | 330,511 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 134 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | 39,204 | 28,938 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 2,062 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 2,062 | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 39,204 | 26,876 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans | 5,321 | 4,918 | |
Loans > 90 days and accruing | 0 | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 38 | 39 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | 39 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 5,283 | 4,879 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | |||
Loans | [1] | 153,901 | 159,069 |
Loans > 90 days and accruing | 51 | ||
Commercial Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 0 | 10 | |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | 107 | |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 153,901 | 158,962 | |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 97 | ||
Consumer Portfolio Segment [Member] | |||
Loans | 14 | 2 | |
Loans > 90 days and accruing | 0 | ||
Consumer Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | |||
Loans | 0 | ||
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | $ 14 | 2 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | $ 0 | ||
[1]Includes $163,000 and $214,000 of PPP loans at March 31, 2023 and December 31, 2022, respectively. |
Note 7 - Goodwill and Other I_2
Note 7 - Goodwill and Other Intangible, Net (Details Textual) - USD ($) | 3 Months Ended | ||||
Jan. 04, 2021 | Aug. 01, 2016 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Net | $ 162,000 | $ 174,000 | |||
Amortization of Intangible Assets | 12,000 | $ 12,000 | |||
Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets, Net | 162,000 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 253,000 | ||||
Oakmont Capital Holdings, LLC [Member] | |||||
Goodwill, Acquired During Period | $ 2,100,000 | ||||
Signature Insurance Services, LLC [Member] | |||||
Goodwill, Acquired During Period | $ 515,000 | ||||
Payments to Acquire Businesses, Gross | 1,000,000 | ||||
Signature Insurance Services, LLC [Member] | Other Intangible Assets [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 485,000 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 8 - Deposits - Summary of
Note 8 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Non-interest bearing checking accounts | $ 95,214 | $ 88,728 |
Money market accounts | 243,003 | 260,972 |
Certificates of deposit | 214,691 | 197,951 |
Total deposits | 554,444 | 549,248 |
Savings Accounts [Member] | ||
Interest-bearing deposits, amount | $ 1,536 | $ 1,597 |
Note 9 - Borrowings (Details Te
Note 9 - Borrowings (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 16, 2023 | Mar. 02, 2023 | Dec. 31, 2022 | Dec. 27, 2018 | |
Long-Term Federal Home Loan Bank Advances | $ 159,200 | $ 159,200 | ||||
Proceeds From Federal Home Loan Bank Borrowings, Short-term | 33,500 | $ 23,000 | ||||
Repayments of Federal Home Loan Bank Borrowings, Short-term | 13,500 | 26,000 | ||||
Payments of FHLBank Borrowings, Financing Activities | 20,000 | 0 | ||||
Increase (Decrease) in Loans from Federal Home Loan Banks | $ (7,000) | |||||
Long-term Federal Reserve Bank Advances, Increase (Decrease) Percentage | 100% | |||||
Long-term Federal Reserve Bank Advances | $ 0 | |||||
Proceeds From Federal Reserve Bank Long Term Borrowings | 42,700 | 0 | ||||
Repayments of Federal Reserve Bank Borrowings, Financing Activities | 49,700 | 546 | ||||
Subordinated Debt | 21,739 | 7,966 | $ 8,000 | |||
Proceeds from Other Short-Term Debt | $ 5,628 | $ 916 | ||||
Other Borrowings, Increase (Decrease), Percentage | 102.50% | |||||
Other Borrowings | $ 11,100 | 5,500 | ||||
Oakmont Capital Holdings, LLC Lines of Credit to Fund Equipment Loans [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||||
Subordinated Debt [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 6.50% | ||||
Debt Instrument, Face Amount | $ 2,000 | $ 12,000 | ||||
Long-Term Debt | $ 21,700 | $ 8,000 |
Note 9 - Borrowings - Federal H
Note 9 - Borrowings - Federal Home Loan Bank Long-term Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Short-term borrowings, amount | $ 113,200 | $ 93,200 |
Short-term borrowings, weighted interest rate | 5.15% | 4.45% |
2023, amount | $ 37,000 | |
2023, weighted interest rate | 2.34% | |
2023, amount | $ 6,167 | $ 57,000 |
2023, weighted interest rate | 2.05% | 2.22% |
2024, amount | $ 2,855 | $ 6,167 |
2024, weighted interest rate | 1.25% | 2.05% |
2025, amount | $ 2,855 | |
2025, weighted interest rate | 1.25% | |
Total FHLB long-term debt | $ 46,022 | $ 66,022 |
Total FHLB long-term debt, weighted interest rate | 2.23% | 2.16% |
Note 10 - Stock Compensation _3
Note 10 - Stock Compensation Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
May 31, 2013 | May 31, 2018 | May 31, 2013 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2018 | May 31, 2008 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 91,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 12,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 month 6 days | ||||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | 10 years | |||||
Share-Based Payment Arrangement, Expense, after Tax | $ 11,000 | 11,000 | |||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 1,000 | 1,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 month 6 days | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 195,936 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 6,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | 5 years | |||||
The 2013 Stock Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | 5 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 195,000 | 195,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||
The 2013 Stock Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 146,250 | 146,250 | |||||
The 2018 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 155,000 | ||||||
The 2018 Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 38,750 | ||||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 11,750 | ||||||
The 2018 Stock Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 116,250 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 37,250 | ||||||
Stock Incentive Plans [Member] | |||||||
Share-Based Payment Arrangement, Expense, after Tax | $ 31,000 | 31,000 | |||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 7,000 | $ 7,000 | |||||
Stock Incentive Plans [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||||||
Stock Incentive Plans [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 9,122 | ||||||
The 2008 Stock Option Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 277,726 | ||||||
Employee Stock Ownership Plan [Member] | |||||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares) | 0 | 4,000 | |||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 0 | $ 84,000 |
Note 10 - Stock Compensation _4
Note 10 - Stock Compensation Plans - Status of Shares Under the RRP and Stock Incentive Plan (Details) - The RRP and Stock Incentive Plan [Member] - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Unvested at the beginning of the period (in shares) | 9,122 | 18,845 |
Unvested at the beginning of the period (in dollars per share) | $ 13.30 | $ 13.30 |
Granted, number of shares (in shares) | 0 | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Vested, number of shares (in shares) | 0 | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Forfeited, number of shares (in shares) | 0 | 0 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Unvested at the end of the period (in shares) | 9,122 | 18,845 |
Unvested at the end of the period (in dollars per share) | $ 13.30 | $ 13.30 |
Note 10 - Stock Compensation _5
Note 10 - Stock Compensation Plans - Summary of Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding (in shares) | 195,936 | |||
The Option Plan and Stock Incentive Plan [Member] | ||||
Outstanding, number of shares (in shares) | 195,936 | 233,136 | 233,136 | |
Outstanding, weighted average (in dollars per share) | $ 11.24 | $ 10.96 | $ 10.96 | |
Outstanding at the beginning of the period (Year) | 3 years 8 months 12 days | 4 years 1 month 6 days | 3 years 6 months | 4 years 2 months 12 days |
Granted, number of shares (in shares) | 0 | 0 | ||
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | ||
Exercised, number of shares (in shares) | (23,000) | (1,000) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 8.10 | $ 13.30 | ||
Forfeited, number of shares (in shares) | 0 | 0 | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | ||
Outstanding (in shares) | 172,936 | 232,136 | 195,936 | 233,136 |
Outstanding, weighted average (in dollars per share) | $ 11.66 | $ 10.95 | $ 11.24 | $ 10.96 |
Exercisable at end of period (in shares) | 147,009 | 179,081 | ||
Exercisable at end of period, weighted average exercise price (in dollars per share) | $ 10.62 | $ 10.26 | ||
Exercisable at end of period, weighted average remaining contractual life (Year) | 6 years 6 months | 5 years 7 months 6 days |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments - Financial Assets and Liabilities on a Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment securities available for sale | $ 2,836 | $ 2,970 |
Fair Value, Recurring [Member] | ||
Investment securities available for sale | 2,836 | 2,970 |
Total fair value measurements | 2,836 | 2,970 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | 0 | 0 |
Total fair value measurements | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 2,836 | 2,970 |
Total fair value measurements | 2,836 | 2,970 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | 0 | 0 |
Total fair value measurements | 0 | 0 |
Fair Value, Nonrecurring [Member] | ||
Total fair value measurements | 1,577 | 1,860 |
Impaired loans | 1,860 | |
Fair Value, Nonrecurring [Member] | Nonperforming Financial Instruments [Member] | ||
Collateral-dependent loans | 1,577 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total fair value measurements | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Nonperforming Financial Instruments [Member] | ||
Collateral-dependent loans | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total fair value measurements | 0 | 0 |
Impaired loans | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Nonperforming Financial Instruments [Member] | ||
Collateral-dependent loans | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total fair value measurements | 1,577 | 1,860 |
Impaired loans | 1,860 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Nonperforming Financial Instruments [Member] | ||
Collateral-dependent loans | 1,577 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | ||
Investment securities available for sale | 2,740 | 2,871 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 2,740 | 2,871 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | 0 | 0 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 2,740 | 2,871 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | 0 | 0 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | ||
Investment securities available for sale | 96 | 99 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | Fair Value, Recurring [Member] | ||
Investment securities available for sale | 96 | 99 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | 0 | 0 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 96 | 99 |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | $ 0 | $ 0 |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments - Additional Information on Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Appraisal of Collateral [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Collateral-dependent loans | $ 1,577 | ||
Meaurement Input, Appraisal Adjustments Rate [Member] | |||
Collateral-dependent loans | $ 1,860 | ||
Collateral-dependent loans | 0.08 | ||
Meaurement Input, Appraisal Adjustments Rate [Member] | Impaired Loans [Member] | |||
Collateral-dependent loans | [1],[2] | 0.10 | |
Meaurement Input, Appraisal Adjustments Rate [Member] | Weighted Average [Member] | |||
Collateral-dependent loans | 0.08 | ||
[1]Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal.[2]Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements and Fair Values of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
FHLB long-term borrowings | $ 46,022 | $ 66,022 |
Reported Value Measurement [Member] | ||
Investment in interest-earning time deposits | 2,662 | 3,833 |
Loans held for sale | 141,206 | 133,222 |
Loans receivable, net | 632,826 | 621,864 |
Deposits | 554,444 | 549,248 |
FHLB long-term borrowings | 46,022 | 66,022 |
Subordinated debt | 21,739 | 7,966 |
FRB long-term borrowings | 7,000 | |
Estimate of Fair Value Measurement [Member] | ||
Investment in interest-earning time deposits | 2,742 | 3,907 |
Loans held for sale | 145,046 | 137,253 |
Loans receivable, net | 610,989 | 600,186 |
Deposits | 558,001 | 551,157 |
FHLB long-term borrowings | 45,881 | 65,846 |
Subordinated debt | 21,165 | 7,886 |
FRB long-term borrowings | 6,981 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment in interest-earning time deposits | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Deposits | 339,753 | 351,297 |
FHLB long-term borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
FRB long-term borrowings | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment in interest-earning time deposits | 0 | 0 |
Loans held for sale | 145,046 | 137,253 |
Loans receivable, net | 0 | 0 |
Deposits | 0 | 0 |
FHLB long-term borrowings | 0 | 0 |
Subordinated debt | 0 | 0 |
FRB long-term borrowings | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment in interest-earning time deposits | 2,742 | 3,907 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 610,989 | 600,186 |
Deposits | 218,248 | 199,860 |
FHLB long-term borrowings | 45,881 | 65,846 |
Subordinated debt | $ 21,165 | 7,886 |
FRB long-term borrowings | $ 6,981 |
Note 12 - Operating Segments (D
Note 12 - Operating Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 12 - Operating Segments -
Note 12 - Operating Segments - Summary of Financial Information for the Reportable Segments (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Net Interest Income (Loss) | $ 5,309,000 | $ 5,478,000 | ||
Provision for Loan, Lease, and Other Losses | 392,000 | 679,000 | ||
Net Interest Income (Loss) after Provision for Credit Losses | 4,917,000 | 4,799,000 | ||
Insurance commissions | 136,000 | 116,000 | ||
Income from bank-owned life insurance | 24,000 | 21,000 | ||
Net gain on loans held for sale | 880,000 | 4,210,000 | ||
Gain on the sale of SBA loans | 50,000 | 133,000 | ||
Total Non-Interest Income | 3,380,000 | 5,509,000 | ||
Salaries and employee benefits | 5,342,000 | 4,591,000 | ||
Directors’ fees and expenses | 105,000 | 71,000 | ||
Occupancy and equipment | 527,000 | 420,000 | ||
Data processing | 217,000 | 197,000 | ||
Professional fees | 175,000 | 184,000 | ||
FDIC deposit insurance assessment | 232,000 | 116,000 | ||
Advertising | 299,000 | 208,000 | ||
Amortization of Intangible Assets | 12,000 | 12,000 | ||
Other | 721,000 | 384,000 | ||
Total Non-Interest Expense | 7,630,000 | 6,183,000 | ||
Pretax Segment Profit (Loss) | 667,000 | 4,125,000 | ||
Net (Loss) Income Attributable to Noncontrolling Interest | (114,000) | 1,016,000 | ||
Segment Assets | 811,600,000 | 535,866,000 | $ 792,350,000 | |
Mortgage Banking and Abstract Fees [Member] | ||||
Non-interest revenue | 806,000 | 637,000 | ||
Real Estate Sales Commissions [Member] | ||||
Non-interest revenue | 24,000 | 61,000 | ||
Other Fees and Services Fees [Member] | ||||
Non-interest revenue | 231,000 | 166,000 | ||
Loan Servicing Fee [Member] | ||||
Non-interest revenue | 1,229,000 | 165,000 | ||
Quaint Oak Bank [Member] | ||||
Net Interest Income (Loss) | [1] | 5,596,000 | 5,501,000 | |
Provision for Loan, Lease, and Other Losses | 392,000 | 679,000 | ||
Net Interest Income (Loss) after Provision for Credit Losses | 5,204,000 | 4,822,000 | ||
Insurance commissions | [1] | 136,000 | 116,000 | |
Income from bank-owned life insurance | [1] | 24,000 | 21,000 | |
Net gain on loans held for sale | [1] | 391,000 | 1,038,000 | |
Gain on the sale of SBA loans | [1] | 50,000 | 133,000 | |
Total Non-Interest Income | [1] | 1,003,000 | 1,727,000 | |
Salaries and employee benefits | [1] | 3,576,000 | 3,238,000 | |
Directors’ fees and expenses | [1] | 105,000 | 71,000 | |
Occupancy and equipment | [1] | 342,000 | 308,000 | |
Data processing | [1] | 217,000 | 197,000 | |
Professional fees | [1] | 148,000 | 171,000 | |
FDIC deposit insurance assessment | [1] | 232,000 | 116,000 | |
Advertising | [1] | 83,000 | 85,000 | |
Amortization of Intangible Assets | [1] | 12,000 | 12,000 | |
Other | [1] | 593,000 | 299,000 | |
Total Non-Interest Expense | [1] | 5,308,000 | 4,497,000 | |
Pretax Segment Profit (Loss) | [1] | 899,000 | 2,052,000 | |
Net (Loss) Income Attributable to Noncontrolling Interest | (114,000) | 1,016,000 | ||
Segment Assets | [1] | 767,307,000 | 514,970,000 | |
Quaint Oak Bank [Member] | Mortgage Banking and Abstract Fees [Member] | ||||
Non-interest revenue | 137,000 | 204,000 | ||
Quaint Oak Bank [Member] | Real Estate Sales Commissions [Member] | ||||
Non-interest revenue | [1] | 24,000 | 61,000 | |
Quaint Oak Bank [Member] | Other Fees and Services Fees [Member] | ||||
Non-interest revenue | [1] | 98,000 | 149,000 | |
Quaint Oak Bank [Member] | Loan Servicing Fee [Member] | ||||
Non-interest revenue | 143,000 | 5,000 | ||
Quaint Oak Bank, Mortgage [Member] | ||||
Net Interest Income (Loss) | (287,000) | (23,000) | ||
Provision for Loan, Lease, and Other Losses | 0 | 0 | ||
Net Interest Income (Loss) after Provision for Credit Losses | (287,000) | (23,000) | ||
Insurance commissions | 0 | 0 | ||
Income from bank-owned life insurance | 0 | 0 | ||
Net gain on loans held for sale | 489,000 | 3,172,000 | ||
Gain on the sale of SBA loans | 0 | 0 | ||
Total Non-Interest Income | 2,377,000 | 3,782,000 | ||
Salaries and employee benefits | 1,766,000 | 1,353,000 | ||
Directors’ fees and expenses | 0 | 0 | ||
Occupancy and equipment | 185,000 | 112,000 | ||
Data processing | 0 | 0 | ||
Professional fees | 27,000 | 13,000 | ||
FDIC deposit insurance assessment | 0 | 0 | ||
Advertising | 216,000 | 123,000 | ||
Amortization of Intangible Assets | 0 | 0 | ||
Other | 128,000 | 85,000 | ||
Total Non-Interest Expense | 2,322,000 | 1,686,000 | ||
Pretax Segment Profit (Loss) | (232,000) | 2,073,000 | ||
Net (Loss) Income Attributable to Noncontrolling Interest | 0 | 0 | ||
Segment Assets | 44,293,000 | 20,896,000 | ||
Quaint Oak Bank, Mortgage [Member] | Mortgage Banking and Abstract Fees [Member] | ||||
Non-interest revenue | 669,000 | 433,000 | ||
Quaint Oak Bank, Mortgage [Member] | Real Estate Sales Commissions [Member] | ||||
Non-interest revenue | 0 | 0 | ||
Quaint Oak Bank, Mortgage [Member] | Other Fees and Services Fees [Member] | ||||
Non-interest revenue | 133,000 | 17,000 | ||
Quaint Oak Bank, Mortgage [Member] | Loan Servicing Fee [Member] | ||||
Non-interest revenue | $ 1,086,000 | 160,000 | ||
Mortgage Banking and Abstract Fees [Member] | ||||
Non-interest revenue | $ 637,000 | |||
[1]Includes Quaint Oak Bancorp, Inc. and the Bank’s subsidiaries, Quaint Oak Mortgage, Quaint Oak Real Estate, Quaint Oak Abstract, Quaint Oak Insurance Agency, QOB Properties, and Oakmont Commercial. |